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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05371
Russell Investment Funds
(Exact name of registrant as specified in charter)
1301 2nd Avenue 18th Floor, Seattle Washington 98101
(Address of principal executive offices) (Zip code)
(Address of principal executive offices) (Zip code)
Mary Beth R. Albaneze, Secretary and Chief Legal Officer
Russell Investment Funds
1301 2nd Avenue
18th Floor
Seattle, Washington 98101
206-505-4846
______________________________________________
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-787-7354
Date of fiscal year end: December 31
Date of reporting period: January 1, 2022 to June 30, 2022
Item 1. Reports to Stockholders
2022
SEMI-ANNUAL
REPORT
Russell
Investment
Funds
JUNE
30,
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.
These
financial
statements
report
on
five
of
these
Funds.
Page
U.S.
Strategic
Equity
Fund
3
U.S.
Small
Cap
Equity
Fund
17
International
Developed
Markets
Fund
43
Strategic
Bond
Fund
65
Global
Real
Estate
Securities
Fund
113
Notes
to
Schedules
of
Investments
129
Notes
to
Financial
Highlights
131
Notes
to
Financial
Statements
132
Affiliated
Brokerage
Transactions
152
Basis
for
Approval
of
Investment
Advisory
Agreement
153
Liquidity
Risk
Management
Program
163
Shareholder
Requests
for
Additional
Information
164
Disclosure
of
Information
about
Fund
Trustees
and
Officers
165
Adviser,
Money
Managers
and
Service
Providers
172
Russell
Investment
Funds
Semi-annual
Report
June
30,
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
trademark
contained
in
this
material
and
all
trademark
rights
related
to
the
Russell
trademarks,
which
the
members
of
the
Russell
Investment
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
and
part
of
Russell
Investments.
Performance
quoted
represents
past
performance
and
does
not
guarantee
future
results.
The
investment
return
and
principal
value
of
an
investment
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Shareholder
Expense
Example
—
June
30,
2022
(Unaudited)
U.S.
Strategic
Equity
Fund
3
Fund
Expenses
The
following
disclosure
provides
important
information
regarding
the
Fund’s
Shareholder
Expense
Example
(“Example”).
Example
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transaction
costs,
and
(2)
ongoing
costs,
including
advisory
and
administrative
fees
and
other
Fund
expenses.
The
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
indicated,
which
for
this
Fund
is
from
January
1,
2022
to
June
30,
2022
.
Actual
Expenses
The
information
in
the
table
under
the
heading
“Actual
Performance”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
column,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
column
in
the
row
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
in
the
table
under
the
heading
“Hypothetical
Performance
(5%
return
before
expenses)”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs.
Therefore,
the
information
under
the
heading
“Hypothetical
Performance
(5%
return
before
expenses)”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
The
fees
and
expenses
shown
in
this
section
do
not
reflect
any
Insurance
Company
Separate
Account
Policy
Charges.
Actual
Performance
Hypothetical
Performance
(5%
return
before
expenses)
Beginning
Account
Value
January
1,
2022
$
1,000
.00
$
1,000
.00
Ending
Account
Value
June
30,
2022
$
782
.20
$
1,020
.68
Expenses
Paid
During
Period*
$
3
.67
$
4
.16
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio
of
0.83%
(representing
the
six
month
period
annualized),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
4
U.S.
Strategic
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
95.4%
Consumer
Discretionary
-
13.5%
Advance
Auto
Parts,
Inc.
2,971
514
Amazon.com,
Inc.
(Æ)
123,600
13,127
Autoliv,
Inc.
21,767
1,558
AutoZone,
Inc.
(Æ)
312
671
Charter
Communications,
Inc.
Class
A
(Æ)
10,964
5,136
Comcast
Corp.
Class
A
46,090
1,809
Costco
Wholesale
Corp.
3,673
1,760
Dollar
General
Corp.
2,285
561
Dollar
Tree,
Inc.
(Æ)
1,409
220
DR
Horton,
Inc.
41,368
2,738
FactSet
Research
Systems,
Inc.
2,140
823
Fortune
Brands
Home
&
Security,
Inc.
7,617
456
Garmin,
Ltd.
8,518
837
General
Motors
Co.
(Æ)
91,055
2,892
Genuine
Parts
Co.
9,591
1,276
Home
Depot,
Inc.
(The)
4,440
1,218
Lithia
Motors,
Inc.
Class
A
7,427
2,041
LKQ
Corp.
11,524
566
Lowe's
Cos.,
Inc.
2,832
495
McDonald's
Corp.
2,612
645
Nike,
Inc.
Class
B
46,839
4,787
NVR,
Inc.
(Æ)
440
1,762
O'Reilly
Automotive,
Inc.
(Æ)
1,639
1,035
PulteGroup,
Inc.
63,730
2,526
Ross
Stores,
Inc.
3,695
259
Target
Corp.
5,588
789
Tesla,
Inc.
(Æ)
4,261
2,869
Thor
Industries,
Inc.
28,379
2,121
TJX
Cos.,
Inc.
(The)
4,823
269
Tractor
Supply
Co.
1,938
376
Walmart,
Inc.
11,189
1,360
Walt
Disney
Co.
(The)
(Æ)
43,926
4,147
Yum
China
Holdings,
Inc.
54,371
2,637
Yum!
Brands,
Inc.
2,507
285
64,565
Consumer
Staples
-
5.4%
Archer-Daniels-Midland
Co.
12,342
958
Church
&
Dwight
Co.,
Inc.
2,403
223
Coca-Cola
Co.
(The)
13,306
837
ConAgra
Foods,
Inc.
66,452
2,275
CVS
Health
Corp.
61,190
5,671
Estee
Lauder
Cos.,
Inc.
(The)
Class
A
1,871
476
General
Mills,
Inc.
6,290
475
Hershey
Co.
(The)
3,472
747
Ingredion,
Inc.
32,129
2,832
JM
Smucker
Co.
(The)
1,477
189
Kraft
Heinz
Co.
(The)
8,658
330
Kroger
Co.
(The)
47,829
2,264
Monster
Beverage
Corp.
(Æ)
5,785
536
PepsiCo,
Inc.
8,004
1,334
Philip
Morris
International,
Inc.
7,760
766
Procter
&
Gamble
Co.
(The)
12,624
1,815
Sysco
Corp.
5,225
443
Tyson
Foods,
Inc.
Class
A
33,760
2,905
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Walgreens
Boots
Alliance,
Inc.
21,717
823
25,899
Energy
-
3.1%
BP
PLC
-
ADR
101,997
2,892
Canadian
Natural
Resources,
Ltd.
35,792
1,921
Chevron
Corp.
32,425
4,694
Exxon
Mobil
Corp.
4,827
413
Kinder
Morgan,
Inc.
107,131
1,796
ONEOK,
Inc.
3,764
209
Shell
PLC
-
ADR
35,487
1,856
Williams
Cos.,
Inc.
(The)
35,797
1,117
14,898
Financial
Services
-
18.0%
AerCap
Holdings,
Ltd.
/
AerCap
Global
Aviation
Trust
(Æ)
54,225
2,220
Aflac,
Inc.
16,630
920
American
Express
Co.
3,379
468
American
Tower
Corp.
(ö)
1,721
440
Arch
Capital
Group,
Ltd.
(Æ)
10,742
489
Assurant,
Inc.
4,299
743
Bank
of
America
Corp.
100,108
3,116
Bank
of
New
York
Mellon
Corp.
(The)
11,916
497
Berkshire
Hathaway,
Inc.
Class
B
(Æ)
24,057
6,568
BlackRock,
Inc.
Class
A
1,047
638
Brown
&
Brown,
Inc.
7,123
416
CBRE
Group,
Inc.
Class
A
9,292
684
Charles
Schwab
Corp.
(The)
31,003
1,959
Chubb,
Ltd.
3,710
729
Citigroup,
Inc.
143,802
6,613
CNA
Financial
Corp.
6,557
294
Crown
Castle
International
Corp.
(ö)
4,648
783
Equinix,
Inc.
(ö)
815
535
Equity
Residential
(ö)
5,559
401
First
American
Financial
Corp.
9,824
520
Gaming
and
Leisure
Properties,
Inc.
(ö)
11,986
550
Globe
Life,
Inc.
(Æ)
5,881
573
Hanover
Insurance
Group,
Inc.
(The)
1,520
222
Hartford
Financial
Services
Group,
Inc.
10,568
691
Howard
Hughes
Corp.
(The)
(Æ)
13,320
906
Intercontinental
Exchange,
Inc.
4,783
450
Invitation
Homes,
Inc.
(ö)
9,380
334
Janus
Henderson
Group
PLC
10,486
247
JPMorgan
Chase
&
Co.
42,564
4,793
KKR
&
Co.,
Inc.
Class
A
86,128
3,987
Lamar
Advertising
Co.
Class
A
(ö)
8,309
731
M&T
Bank
Corp.
1,614
257
Marsh
&
McLennan
Cos.,
Inc.
2,460
382
MasterCard,
Inc.
Class
A
29,887
9,429
Morgan
Stanley
10,770
819
New
York
Community
Bancorp,
Inc.
209,300
1,911
Northern
Trust
Corp.
7,074
682
PNC
Financial
Services
Group,
Inc.
(The)
3,320
524
Popular,
Inc.
34,003
2,616
Principal
Financial
Group,
Inc.
3,044
203
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Strategic
Equity
Fund
5
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Progressive
Corp.
(The)
13,573
1,578
Prologis,
Inc.
(ö)
3,241
381
Public
Storage
(ö)
1,423
445
Raymond
James
Financial,
Inc.
11,025
986
Realty
Income
Corp.
(ö)
12,837
876
Reinsurance
Group
of
America,
Inc.
Class
A
21,397
2,510
Rexford
Industrial
Realty,
Inc.
(ö)
6,133
353
SLM
Corp.
110,828
1,767
T.
Rowe
Price
Group,
Inc.
6,626
753
Travelers
Cos.,
Inc.
(The)
3,760
636
Truist
Financial
Corp.
9,758
463
US
Bancorp
10,857
500
Visa,
Inc.
Class
A
46,570
9,169
Wells
Fargo
&
Co.
77,809
3,048
Willis
Towers
Watson
PLC
(Æ)
13,281
2,622
WR
Berkley
Corp.
7,531
514
85,941
Health
Care
-
13.7%
10X
Genomics,
Inc.
Class
A
(Æ)
37,280
1,687
Abbott
Laboratories
9,056
984
AbbVie,
Inc.
7,842
1,201
Agilent
Technologies,
Inc.
8,337
990
Align
Technology,
Inc.
(Æ)
9,082
2,149
Amgen,
Inc.
3,064
745
Anthem,
Inc.
(Æ)
3,478
1,678
AstraZeneca
PLC
-
ADR
28,462
1,880
Baxter
International,
Inc.
3,823
246
Boston
Scientific
Corp.
(Æ)
8,757
326
Bristol-Myers
Squibb
Co.
47,545
3,661
Catalent,
Inc.
(Æ)
53,084
5,696
Centene
Corp.
(Æ)
13,497
1,142
Cigna
Corp.
6,510
1,716
Edwards
Lifesciences
Corp.
(Æ)
64,772
6,160
Gilead
Sciences,
Inc.
13,397
828
GlaxoSmithKline
PLC
-
ADR
67,817
2,952
HCA
Healthcare,
Inc.
1,536
258
Intuitive
Surgical,
Inc.
(Æ)
18,135
3,640
Jazz
Pharmaceuticals
PLC
(Æ)
16,636
2,595
Johnson
&
Johnson
34,427
6,112
Medtronic
PLC
27,445
2,463
Pfizer,
Inc.
55,139
2,891
ResMed,
Inc.
800
168
Stryker
Corp.
1,826
363
Thermo
Fisher
Scientific,
Inc.
1,966
1,068
UnitedHealth
Group,
Inc.
6,486
3,331
Veeva
Systems,
Inc.
Class
A
(Æ)
24,153
4,783
Viatris,
Inc.
135,604
1,420
West
Pharmaceutical
Services,
Inc.
1,387
419
Zimmer
Biomet
Holdings,
Inc.
18,769
1,972
65,524
Materials
and
Processing
-
2.5%
Copart,
Inc.
(Æ)
1,489
162
Crown
Holdings,
Inc.
16,431
1,514
DuPont
de
Nemours,
Inc.
38,383
2,133
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Eagle
Materials,
Inc.
3,984
438
Eastman
Chemical
Co.
13,945
1,252
Huntsman
Corp.
53,890
1,528
Linde
PLC
(Æ)
541
156
LyondellBasell
Industries
NV
Class
A
2,943
257
Newmont
Corp.
43,440
2,591
PPG
Industries,
Inc.
1,582
181
Sherwin-Williams
Co.
(The)
1,521
341
Southern
Copper
Corp.
29,226
1,456
12,009
Producer
Durables
-
11.3%
3M
Co.
5,803
751
Alaska
Air
Group,
Inc.
(Æ)
36,371
1,457
Ametek,
Inc.
3,651
401
AO
Smith
Corp.
11,901
651
Automatic
Data
Processing,
Inc.
1,848
388
Canadian
Pacific
Railway,
Ltd.
67,415
4,707
Carlisle
Cos.,
Inc.
1,102
263
CH
Robinson
Worldwide,
Inc.
2,832
287
Cintas
Corp.
1,009
377
Crane
Holdings
Co.
6,538
572
CSX
Corp.
8,078
235
Cummins,
Inc.
4,199
813
Danaher
Corp.
2,360
598
Deere
&
Co.
830
249
Delta
Air
Lines,
Inc.
(Æ)
75,994
2,202
Dover
Corp.
5,107
620
Eaton
Corp.
PLC
6,814
858
Emerson
Electric
Co.
18,605
1,480
Expeditors
International
of
Washington,
Inc.
7,725
753
FedEx
Corp.
16,304
3,696
Fortive
Corp.
7,523
409
FTI
Consulting,
Inc.
(Æ)
4,274
773
General
Dynamics
Corp.
4,468
989
Gentex
Corp.
36,840
1,030
Global
Payments,
Inc.
25,434
2,814
JB
Hunt
Transport
Services,
Inc.
2,571
405
Johnson
Controls
International
PLC
(Æ)
7,753
371
Keysight
Technologies,
Inc.
(Æ)
2,095
289
L3Harris
Technologies,
Inc.
4,653
1,125
Landstar
System,
Inc.
4,058
590
Littelfuse,
Inc.
3,149
800
Lockheed
Martin
Corp.
3,036
1,305
Magna
International,
Inc.
Class
A
22,660
1,244
Mettler-Toledo
International,
Inc.
(Æ)
276
317
Moody's
Corp.
1,240
337
Old
Dominion
Freight
Line,
Inc.
1,990
510
Oshkosh
Corp.
2,901
238
PACCAR,
Inc.
5,044
415
Paychex,
Inc.
3,302
376
Pentair
PLC
13,889
636
Raytheon
Co.
(Æ)
8,939
859
Regal
Rexnord
Corp.
5,722
650
Robert
Half
International,
Inc.
3,696
277
S&P
Global,
Inc.
12,574
4,238
Snap-on,
Inc.
4,129
814
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
6
U.S.
Strategic
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Stanley
Black
&
Decker,
Inc.
3,174
333
TE
Connectivity,
Ltd.
13,183
1,492
Teledyne
Technologies,
Inc.
(Æ)
2,014
755
Textron,
Inc.
7,429
454
Verisk
Analytics,
Inc.
Class
A
2,030
351
Vontier
Corp.
115,605
2,658
Waste
Management,
Inc.
28,432
4,349
WW
Grainger,
Inc.
1,027
467
54,028
Technology
-
23.2%
Accenture
PLC
Class
A
3,419
949
Adobe,
Inc.
(Æ)
8,096
2,964
Airbnb,
Inc.
Class
A
(Æ)
17,885
1,593
Alphabet,
Inc.
Class
A
(Æ)
2,371
5,167
Alphabet,
Inc.
Class
C
(Æ)
1,212
2,651
Amphenol
Corp.
Class
A
4,211
271
Analog
Devices,
Inc.
11,513
1,682
Apple,
Inc.
96,034
13,130
Arrow
Electronics,
Inc.
(Æ)
3,325
373
Avnet,
Inc.
23,682
1,015
Booking
Holdings,
Inc.
(Æ)
867
1,516
Broadcom,
Inc.
2,889
1,404
Cadence
Design
Systems,
Inc.
(Æ)
2,603
391
Cisco
Systems,
Inc.
35,075
1,496
Cognizant
Technology
Solutions
Corp.
Class
A
11,617
784
Coupa
Software,
Inc.
(Æ)
28,409
1,622
Datadog,
Inc.
Class
A
(Æ)
30,782
2,932
Gitlab,
Inc.
Class
A
(Æ)(Ñ)
40,196
2,136
Hewlett
Packard
Enterprise
Co.
44,644
592
HP,
Inc.
(Æ)
30,916
1,013
Intel
Corp.
66,299
2,480
International
Business
Machines
Corp.
8,854
1,250
Juniper
Networks,
Inc.
86,424
2,463
KLA
Corp.
1,315
420
Leidos
Holdings,
Inc.
2,828
285
Match
Group,
Inc.
(Æ)
42,981
2,995
Meta
Platforms,
Inc.
Class
A
(Æ)
30,856
4,976
Micron
Technology,
Inc.
32,810
1,814
Microsoft
Corp.
100,267
25,752
NetApp,
Inc.
14,825
967
NVIDIA
Corp.
22,476
3,407
Oracle
Corp.
5,784
404
ServiceNow,
Inc.
(Æ)
10,379
4,935
Skyworks
Solutions,
Inc.
7,216
668
Snowflake,
Inc.
Class
A
(Æ)
17,114
2,380
SS&C
Technologies
Holdings,
Inc.
11,081
643
Synopsys,
Inc.
(Æ)
1,566
476
Teradyne,
Inc.
27,302
2,445
Texas
Instruments,
Inc.
12,982
1,995
Twilio,
Inc.
Class
A
(Æ)
22,947
1,923
Uber
Technologies,
Inc.
(Æ)
208,418
4,264
110,623
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Utilities
-
4.7%
AT&T,
Inc.
87,738
1,839
ConocoPhillips
Co.
20,219
1,816
Edison
International
45,625
2,885
FirstEnergy
Corp.
62,228
2,389
NiSource,
Inc.
95,767
2,824
PPL
Corp.
61,380
1,665
T-Mobile
US,
Inc.
(Æ)
42,959
5,780
UGI
Corp.
51,900
2,004
Verizon
Communications,
Inc.
27,680
1,405
22,607
Total
Common
Stocks
(cost
$408,525)
456,094
Short-Term
Investments
-
4.4%
U.S.
Cash
Management
Fund(@)
21,072,911
(∞)
21,065
Total
Short-Term
Investments
(cost
$21,066)
21,065
Other
Securities
-
0.4%
U.S.
Cash
Collateral
Fund(@)(×)
1,902,050
(∞)
1,902
Total
Other
Securities
(cost
$1,902)
1,902
Total
Investments
-
100.2%
(identified
cost
$431,493)
479,061
Other
Assets
and
Liabilities,
Net
-
(0.2)%
(1,001)
Net
Assets
-
100.0%
478,060
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
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
107
USD
20,274
09/22
(281)
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(281)
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
%
of
Net
Assets
Common
Stocks
Consumer
Discretionary
$
64,565
$
—
$
—
$
—
$
64,565
13.5
Consumer
Staples
25,899
—
—
—
25,899
5.4
Energy
14,898
—
—
—
14,898
3.1
Financial
Services
85,941
—
—
—
85,941
18.0
Health
Care
65,524
—
—
—
65,524
13.7
Materials
and
Processing
12,009
—
—
—
12,009
2.5
Producer
Durables
54,028
—
—
—
54,028
11.3
Technology
110,623
—
—
—
110,623
23.2
Utilities
22,607
—
—
—
22,607
4.7
Short-Term
Investments
—
—
—
21,065
21,065
4.4
Other
Securities
—
—
—
1,902
1,902
0.4
Total
Investments
456,094
—
—
22,967
479,061
100.2
Other
Assets
and
Liabilities,
Net
(0.2)
100.0
Other
Financial
Instruments
Liabilities
Futures
Contracts
(281)
—
—
—
(281)
(0.1)
Total
Other
Financial
Instruments
*
$
(281)
$
—
$
—
$
—
$
(281)
*
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
Financial
Statements.
For
a
disclosure
on
transfers
into
and
out
of
Level
3
during
the
period
ended
June
30,
2022,
see
note
2
in
the
Notes
to
Financial
Statements.
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
8
U.S.
Strategic
Equity
Fund
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Fair
Value
of
Derivative
Instruments
—
June
30,
2022
(Unaudited)
ts
Amounts
in
thousands
Derivatives
not
accounted
for
as
hedging
instruments
Equity
Contracts
Location:
Statement
of
Assets
and
Liabilities
-
Liabilities
Variation
margin
on
futures
contracts*
$
281
Derivatives
not
accounted
for
as
hedging
instruments
Equity
Contracts
Location:
Statement
of
Operations
-
Net
realized
gain
(loss)
Futures
contracts
$
(3,995)
Location:
Statement
of
Operations
-
Net
change
in
unrealized
appreciation
(depreciation)
Futures
contracts
$
(550)
*
Includes
cumulative
appreciation
(depreciation)
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.
Only
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
For
further
disclosure
on
derivatives
see
note
2
in
the
Notes
to
Financial
Statements.
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Balance
Sheet
Offsetting
of
Financial
and
Derivative
Instruments
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Strategic
Equity
Fund
9
Amounts
in
thousands
Offsetting
of
Financial
Assets
and
Derivative
Assets
Description
Location:
Statement
of
Assets
and
Liabilities
-
Assets
Gross
Amounts
of
Recognized
Assets
Gross
Amounts
Offset
in
the
Statement
of
Assets
and
Liabilities
Net
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Securities
on
Loan*
Investments,
at
fair
value
$
1,855
$
—
$
1,855
Total
Financial
and
Derivative
Assets
1,855
—
1,855
Financial
and
Derivative
Assets
not
subject
to
a
netting
agreement
—
—
—
Total
Financial
and
Derivative
Assets
subject
to
a
netting
agreement
$
1,855
$
—
$
1,855
Financial
Assets,
Derivative
Assets,
and
Collateral
Held
by
Counterparty
Gross
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Counterparty
Net
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
and
Derivative
Instruments
Collateral
Received^
Net
Amount
Goldman
Sachs
$
1,855
$
—
$
1,855
$
—
Total
$
1,855
$
—
$
1,855
$
—
*
Fair
value
of
securities
on
loan
as
reported
in
the
footnotes
to
the
Statement
of
Assets
and
Liabilities.
^ Collateral
received
or
pledged
amounts
may
not
reconcile
to
those
disclosed
in
the
Statement
of
Assets
and
Liabilities
due
to
the
inclusion
of
off-Balance
Sheet
collateral
and
adjustments
made
to
exclude
overcollateralization.
For
further
disclosure
on
derivatives
and
counterparty
risk
see
note
2
in
the
Notes
to
Financial
Statements.
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
10
U.S.
Strategic
Equity
Fund
Statement
of
Assets
and
Liabilities
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Assets
Investments,
at
identified
cost
........................................................................................................................................................
$
431,493
Investments,
at
fair
value(*)(>)
......................................................................................................................................................
479,061
Receivables:
Dividends
and
interest
.......................................................................................................................................................
371
Dividends
from
affiliated
funds
..........................................................................................................................................
17
Investments
sold
................................................................................................................................................................
181
Fund
shares
sold
................................................................................................................................................................
16
From
broker
(a)
...................................................................................................................................................................
1,234
Prepaid
expenses
...........................................................................................................................................................................
5
Total
assets
.................................................................................................................................................
480,885
Liabilities
Payables:
Investments
purchased
......................................................................................................................................................
214
Fund
shares
redeemed
.......................................................................................................................................................
8
Accrued
fees
to
affiliates
....................................................................................................................................................
318
Other
accrued
expenses
.....................................................................................................................................................
103
Variation
margin
on
futures
contracts
.................................................................................................................................
280
Payable
upon
return
of
securities
loaned
.......................................................................................................................................
1,902
Total
liabilities
.............................................................................................................................................
2,825
Net
Assets
............................................................................................................................................................
$
478,060
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Strategic
Equity
Fund
11
Statement
of
Assets
and
Liabilities,
continued
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
...............................................................................................................................................
$
74,80
4
Shares
of
beneficial
interest
...........................................................................................................................................................
294
Additional
paid-in
capital
..............................................................................................................................................................
402,96
2
Net
Assets
............................................................................................................................................................
$
478,060
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.........................................................................................................................................................
$
16.28
Net
assets
...............................................................................................................................................................................
$
478,060,098
Shares
outstanding
($.01
par
value)
.......................................................................................................................................
29,356,558
Amounts
in
thousands
(*)
Securities
on
loan
included
in
investments
$
1,855
(>)
Investments
in
affiliates,
U.S.
Cash
Management
Fund
and
U.S.
Cash
Collateral
Fund
$
22,967
(a)
Receivable
from
Broker
for
Futures
$
1,234
(#)
Net
asset
value
per
share
equals
net
assets
divided
by
shares
of
beneficial
interest
outstanding.
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
12
U.S.
Strategic
Equity
Fund
Statement
of
Operations
—
For
the
Period
Ended
June
30,
2022
(Unaudited)
Amounts
in
thousands
Investment
Income
Dividends
..........................................................................................................................................................................
$
3,697
Dividends
from
affiliated
funds
.........................................................................................................................................
42
Securities
lending
income
(net)
.........................................................................................................................................
3
Total
investment
income
...............................................................................................................................................................
3,742
Expenses
Advisory
fees
....................................................................................................................................................................
1,995
Administrative
fees
...........................................................................................................................................................
137
Custodian
fees
...................................................................................................................................................................
37
Transfer
agent
fees
............................................................................................................................................................
12
Professional
fees
...............................................................................................................................................................
56
Trustees’
fees
....................................................................................................................................................................
13
Printing
fees
......................................................................................................................................................................
22
Miscellaneous
...................................................................................................................................................................
8
Total
expenses
...............................................................................................................................................................................
2,280
Net
investment
income
(loss)
........................................................................................................................................................
1,462
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
......................................................................................................................................................................
35,759
Investments
in
affiliated
funds
..........................................................................................................................................
(3)
Futures
contracts
..............................................................................................................................................................
(3,995)
Net
realized
gain
(loss)
..................................................................................................................................................................
31,761
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
......................................................................................................................................................................
(166,805)
Futures
contracts
..............................................................................................................................................................
(550)
Net
change
in
unrealized
appreciation
(depreciation)
...................................................................................................................
(167,355)
Net
realized
and
unrealized
gain
(loss)
.........................................................................................................................................
(135,594)
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
..........................................................................................
$
(134,132)
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Strategic
Equity
Fund
13
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
Period
Ended
June
30,
2022
(Unaudited)
Fiscal
Year
Ended
December
31,
2021
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
............................................................................................................
$
1,462
$
1,914
Net
realized
gain
(loss)
......................................................................................................................
31,761
70,048
Net
change
in
unrealized
appreciation
(depreciation)
.......................................................................
(167,355)
38,784
Net
increase
(decrease)
in
net
assets
from
operations
.............................................................................
(134,132)
110,746
Distributions
To
shareholders
.................................................................................................................................
(17,193)
(55,150)
Net
decrease
in
net
assets
from
distributions
..........................................................................................
(17,193)
(55,150)
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
.................................................................
5,218
7,466
Total
Net
Increase
(Decrease)
in
Net
Assets
..........................................................................
(146,107)
63,062
Net
Assets
Beginning
of
period
.................................................................................................................................
624,167
561,105
End
of
period
..........................................................................................................................................
$
478,060
$
624,167
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
June
30,
2022
and
December
31,
2021
were
as
follows:
2022
(Unaudited)
2021
Shares
Dollars
Shares
Dollars
Proceeds
from
shares
sold
267
$
4,943
1,108
$
23,948
Proceeds
from
reinvestment
of
distributions
898
17,193
2,623
55,150
Payments
for
shares
redeemed
(900)
(16,918)
(3,297)
(71,632)
Total
increase
(decrease)
265
$
5,218
434
$
7,466
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Financial
Highlights
—
For
the
Periods
Ended
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
14
U.S.
Strategic
Equity
Fund
For
a
Share
Outstanding
Throughout
Each
Period.
$
Net
Asset
Value,
Beginning
of
Period
$
Net
Investment
Income
(Loss)
(a)
$
Net
Realized
and
Unrealized
Gain
(Loss)
$
Total
from
Investment
Operations
$
Distributions
from
Net
Investment
Income
$
Distributions
from
Net
Realized
Gain
June
30,
2022(1)
21.46
.05
(4.64)
(4.59)
(.0
2
)
(.5
7
)
December
31,
2021
19.58
.07
3.87
3.94
(.12)
(1.94)
December
31,
2020
16.03
.09
3.67
3.76
(.07)
(.14)
December
31,
2019
13.12
.16
3.77
3.93
(.16)
(.86)
December
31,
2018
18.53
.17
(1.97)
(1.80)
(.21)
(3.40)
December
31,
2017
17.08
.17
3.29
3.46
(.19)
(1.82)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Strategic
Equity
Fund
15
$
Total
Distributions
$
Net
Asset
Value,
End
of
Period
%
Total
Return
(d)(f)
$
Net
Assets,
End
of
Period
(000)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Gross
(e)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Net
(e)
%
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
(e)
%
Portfolio
Turnover
Rate
(d)
(.59)
16.28
(21.78)
478,060
.83
.83
.53
33
(2.06)
21.46
20.40
624,167
.84
.84
.32
33
(.21)
19.58
23.84
561,105
.84
.84
.58
44
(1.02)
16.03
30.26
513,362
.85
.85
1.07
100
(3.61)
13.12
(9.64)
379,576
.84
.84
.93
150
(2.01)
18.53
20.80
461,727
.83
.83
.94
80
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
16
U.S.
Strategic
Equity
Fund
Related
Party
Transactions,
Fees
and
Expenses
(Unaudited)
Accrued
fees
payable
to
affiliates
for
the
period
ended
June
30,
2022
were
as
follows:
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2022
with
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
(Unaudited)
At
June
30,
2022
,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Advisory
fees
$
296,246
Administration
fees
20,291
Transfer
agent
fees
1,785
$
318,322
Fair
Value,
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Change
in
Unrealized
Gain
(Loss)
Fair
Value,
End
of
Period
Income
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
26,470
$
60,460
$
65,862
$
(3
)
$
—
$
21,065
$
42
$
—
U.S.
Cash
Collateral
Fund
149
13,633
11,880
—
—
1,902
—
—
$
26,619
$
74,093
$
77,742
$
(3
)
$
—
$
22,967
$
42
$
—
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
$
435,707,661
$
76,583,705
$
(33,510,898)
$
43,072,807
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Shareholder
Expense
Example
—
June
30,
2022
(Unaudited)
U.S.
Small
Cap
Equity
Fund
17
Fund
Expenses
The
following
disclosure
provides
important
information
regarding
the
Fund’s
Shareholder
Expense
Example
(“Example”).
Example
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transaction
costs,
and
(2)
ongoing
costs,
including
advisory
and
administrative
fees
and
other
Fund
expenses.
The
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
indicated,
which
for
this
Fund
is
from
January
1,
2022
to
June
30,
2022
.
Actual
Expenses
The
information
in
the
table
under
the
heading
“Actual
Performance”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
column,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
column
in
the
row
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
in
the
table
under
the
heading
“Hypothetical
Performance
(5%
return
before
expenses)”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs.
Therefore,
the
information
under
the
heading
“Hypothetical
Performance
(5%
return
before
expenses)”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
The
fees
and
expenses
shown
in
this
section
do
not
reflect
any
Insurance
Company
Separate
Account
Policy
Charges.
Actual
Performance
Hypothetical
Performance
(5%
return
before
expenses)
Beginning
Account
Value
January
1,
2022
$
1,000
.00
$
1,000
.00
Ending
Account
Value
June
30,
2022
$
803
.40
$
1,019
.29
Expenses
Paid
During
Period*
$
4
.96
$
5
.56
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio
of
1.11%
(representing
the
six
month
period
annualized),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
May
reflect
amounts
waived
and/or
reimbursed.
Without
any
waivers
and/or
reimbursements,
expenses
would
have
been
higher.
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
18
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
99.0%
Consumer
Discretionary
-
10.0%
2U,
Inc.
(Æ)(Ð)
8,356
87
Abercrombie
&
Fitch
Co.
Class
A
(Æ)
8,717
147
Academy
Sports
&
Outdoors,
Inc.
3,050
108
Altice
USA,
Inc.
Class
A
(Æ)
7,697
71
American
Axle
&
Manufacturing
Holdings,
Inc.
(Æ)
36,902
278
American
Eagle
Outfitters,
Inc.
4,614
52
American
Outdoor
Brands,
Inc.
(Æ)
862
8
American
Public
Education,
Inc.
(Æ)
4,046
65
America's
Car-Mart,
Inc.
(Æ)
7,931
798
Asbury
Automotive
Group,
Inc.
(Æ)
765
130
Aspen
Aerogels,
Inc.
(Æ)
3,693
36
Atkore
,
Inc.
(Æ)
871
72
BARK,
Inc.
(Æ)
4,300
6
Barnes
&
Noble
Education,
Inc.
(Æ)
23,471
68
Bassett
Furniture
Industries,
Inc.
623
11
Beazer
Homes
USA,
Inc.
(Æ)
3,026
37
Big
Lots,
Inc.
(Ð)
1,136
24
BJ's
Restaurants,
Inc.
(Æ)
13,536
293
BJ's
Wholesale
Club
Holdings,
Inc.
(Æ)
4,305
268
Bloomin
'
Brands,
Inc.
8,090
134
Bluegreen
Vacations
Holding
Corp.
764
19
BlueLinx
Holdings,
Inc.
(Æ)
437
29
Boot
Barn
Holdings,
Inc.
(Æ)
12,781
880
Boston
Omaha
Corp.
Class
A
(Æ)
4,689
97
Buckle,
Inc.
(The)
4,266
118
Cadre
Holdings,
Inc.
16,834
331
Caleres
,
Inc.
4,489
118
Carrols
Restaurant
Group,
Inc.
32,949
67
Celestica,
Inc.
(Æ)
30,289
294
Century
Casinos,
Inc.
(Æ)
5,479
39
Century
Communities,
Inc.
4,284
193
Chegg
,
Inc.
(Æ)
9,941
187
Chuy's
Holdings,
Inc.
(Æ)
1,818
36
Citi
Trends,
Inc.
(Æ)
497
12
Comtech
Telecommunications
Corp.
687
6
Conn's,
Inc.
(Æ)
4,692
38
Container
Store
Group,
Inc.
(The)
(Æ)
3,205
20
Cooper-Standard
Holdings,
Inc.
(Æ)
1,232
6
Cracker
Barrel
Old
Country
Store,
Inc.
2,969
248
Crocs,
Inc.
(Æ)
1,634
80
Curtiss-Wright
Corp.
292
39
Dana
Holding
Corp.
39,115
550
Designer
Brands,
Inc.
Class
A
26,490
346
Dillard's,
Inc.
Class
A
797
176
Drive
Shack,
Inc.
(Æ)
25,304
35
Driven
Brands,
Inc.
(Æ)
2,037
56
Duolingo
,
Inc.
(Æ)
329
29
Ethan
Allen
Interiors,
Inc.
5,625
114
Everi
Holdings,
Inc.
(Æ)
12,450
203
Foot
Locker,
Inc.
8,046
203
Full
House
Resorts,
Inc.
(Æ)
8,954
54
Genesco,
Inc.
(Æ)
3,791
189
GMS,
Inc.
(Æ)
3,230
144
Goodyear
Tire
&
Rubber
Co.
(The)
(Æ)
46,794
502
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
GoPro,
Inc.
Class
A
(Æ)(Ð)
14,037
78
Grand
Canyon
Education,
Inc.
(Æ)(Ð)
2,948
278
Group
1
Automotive,
Inc.
1,451
247
H&R
Block,
Inc.
1,644
58
Haverty
Furniture
Cos.,
Inc.
1,007
23
HealthStream
,
Inc.
(Æ)
1,488
32
Hibbett,
Inc.
1,592
70
Hillenbrand,
Inc.
9,026
370
Horizon
Global
Corp.
(Æ)
5,064
8
iMedia
Brands,
Inc.
(Æ)
21,422
26
International
Game
Technology
PLC
26,146
485
KB
Home
2,223
63
Kura
Sushi
USA,
Inc.
Class
A
(Æ)
9,487
470
Landsea
Homes
Corp.
(Æ)
28,689
191
La-Z-Boy,
Inc.
3,254
77
Lear
Corp.
(Û)
5,774
727
Levi
Strauss
&
Co.
Class
A
10,429
170
Liberty
Latin
America,
Ltd.
Class
C
(Æ)
13,885
108
Light
&
Wonder,
Inc.
Class
A
(Æ)
6,256
294
Lindblad
Expeditions
Holdings,
Inc.
(Æ)(Ñ)
7,003
57
Lithia
Motors,
Inc.
Class
A
609
167
LL
Flooring
Holdings,
Inc.
(Æ)
2,885
27
Lulu's
Fashion
Lounge
Holdings,
Inc.
(Æ)
7,558
82
Macy's,
Inc.
18,240
334
MarineMax
,
Inc.
(Æ)
3,765
136
MasterCraft
Boat
Holdings,
Inc.
(Æ)
3,206
68
Monarch
Casino
&
Resort,
Inc.
(Æ)
588
34
Monro
Muffler
Brake,
Inc.
22,448
962
Motorcar
Parts
of
America,
Inc.
(Æ)
7,749
102
Movado
Group,
Inc.
801
25
Nordstrom,
Inc.
(Û)
4,852
103
ODP
Corp.
(The)
(Æ)
2,335
71
Ollie's
Bargain
Outlet
Holdings,
Inc.
(Æ)
485
28
ONE
Group
Hospitality,
Inc.
(The)
(Æ)
2,539
19
OptimizeRx
Corp.
(Æ)
4,790
131
Papa
John's
International,
Inc.
1,390
116
Patrick
Industries,
Inc.
1,142
59
Perdoceo
Education
Corp.
(Æ)(Ð)
2,852
34
Poshmark
,
Inc.
Class
A
(Æ)(Ñ)
29,174
295
Potbelly
Corp.
(Æ)
16,394
93
PVH
Corp.
(Û)
2,988
170
QuinStreet
,
Inc.
(Æ)(Û)
8,561
86
RealReal
,
Inc.
(The)
(Æ)
24,939
62
Red
Robin
Gourmet
Burgers,
Inc.
(Æ)(Ð)
856
7
REV
Group,
Inc.
33,341
362
Ruth's
Hospitality
Group,
Inc.
9,699
158
Sally
Beauty
Holdings,
Inc.
(Æ)
6,785
81
Scholastic
Corp.
14,649
527
Shake
Shack,
Inc.
Class
A
(Æ)
1,930
76
Signet
Jewelers,
Ltd.
2,336
125
Six
Flags
Entertainment
Corp.
(Æ)
3,423
74
Solo
Brands,
Inc.
Class
A
(Æ)(Ñ)
49,850
202
Sonic
Automotive,
Inc.
Class
A
4,354
160
Sportsman's
Warehouse
Holdings,
Inc.
(Æ)
4,261
41
Standard
Motor
Products,
Inc.
2,854
128
Steven
Madden,
Ltd.
11,470
369
TEGNA,
Inc.
5,607
118
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
19
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Texas
Roadhouse,
Inc.
Class
A
11,808
864
Tilly's,
Inc.
Class
A
2,575
18
Toll
Brothers,
Inc.
(Û)
3,538
158
Tri
Pointe
Homes,
Inc.
(Æ)
4,637
78
Tupperware
Brands
Corp.
(Æ)
13,225
84
Udemy
,
Inc.
(Æ)
22,808
233
Universal
Electronics,
Inc.
(Æ)
8,896
228
Universal
Technical
Institute,
Inc.
(Æ)
508
4
Urban
Outfitters,
Inc.
(Æ)
2,414
45
Vera
Bradley,
Inc.
(Æ)
617
3
Vista
Outdoor,
Inc.
(Æ)
4,544
127
Vroom,
Inc.
(Æ)(Ð)
15,100
19
Wingstop
,
Inc.
1,094
82
Xponential
Fitness,
Inc.
Class
A
(Æ)
7,342
92
YETI
Holdings,
Inc.
(Æ)
6,173
267
Zillow
Group,
Inc.
Class
A
(Æ)(Û)
5,725
182
Zumiez
,
Inc.
(Æ)
3,057
79
20,178
Consumer
Staples
-
4.7%
Albertsons
Cos.
LLC
/
Safeway,
Inc.
/
New
Albertsons,
LP
/
Albertson's
LLC
Class
A
(Û)
9,318
249
Alico
,
Inc.
2,940
105
Andersons,
Inc.
(The)
1,955
64
Boston
Beer
Co.,
Inc.
Class
A
(Æ)(Ð)(Û)
698
211
Calavo
Growers,
Inc.
740
31
Celsius
Holdings,
Inc.
(Æ)
4,732
309
Chefs'
Warehouse
Holdings,
Inc.
(Æ)
3,045
118
Dole
PLC
10,754
91
elf
Beauty,
Inc.
(Æ)
54,827
1,683
Energizer
Holdings,
Inc.
-
GDR
(Æ)
11,196
386
Fresh
Del
Monte
Produce,
Inc.
1,277
38
Grocery
Outlet
Holding
Corp.
(Æ)
27,040
1,153
Hain
Celestial
Group,
Inc.
(The)
(Æ)(Û)
6,957
165
Healthcare
Services
Group,
Inc.
42,057
732
Helen
of
Troy,
Ltd.
(Æ)
923
150
Herbalife
Nutrition,
Ltd.
(Æ)
11,960
245
Honest
Co.,
Inc.
(The)
(Æ)
5,600
16
Ingles
Markets,
Inc.
Class
A
1,056
92
Ingredion,
Inc.
5,365
473
J&J
Snack
Foods
Corp.
3,468
484
Medifast
,
Inc.
(Û)
1,501
271
MGP
Ingredients,
Inc.
1,374
138
Nathan's
Famous,
Inc.
1,589
93
National
Vision
Holdings,
Inc.
(Æ)(Ñ)
3,613
99
Natural
Grocers
by
Vitamin
Cottage,
Inc.
15,551
248
Nomad
Foods,
Ltd.
(Æ)
6,036
121
Performance
Food
Group
Co.
(Æ)
3,719
171
Pilgrim's
Pride
Corp.
(Æ)(Û)
388
12
Post
Holdings,
Inc.
(Æ)(Û)
550
45
Primo
Water
Corp.
7,385
99
Quanex
Building
Products
Corp.
16,159
368
Rite
Aid
Corp.
(Æ)
6,659
45
Sovos
Brands,
Inc.
(Æ)
33,935
539
Spectrum
Brands
Holdings,
Inc.
1,322
108
Turning
Point
Brands,
Inc.
4,904
133
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
United
Natural
Foods,
Inc.
(Æ)
4,554
179
USANA
Health
Sciences,
Inc.
(Æ)
606
44
9,508
Energy
-
4.0%
Antero
Resources
Corp.
(Æ)
4,810
147
Arch
Resources,
Inc.
1,703
244
Aris
Water
Solution,
Inc.
Class
A
6,782
113
ChampionX
Corp.
22,735
452
CVR
Energy,
Inc.
(Û)
2,216
74
Delek
US
Holdings,
Inc.
(Æ)
14,637
378
Euro
Manganese,
Inc.
(Æ)
132,500
26
Expro
Group
Holdings
NV
(Æ)
11,671
134
Green
Brick
Partners,
Inc.
(Æ)
22,566
442
Green
Plains,
Inc.
(Æ)
9,294
253
HF
Sinclair
Corp.
4,698
212
Hostess
Brands,
Inc.
Class
A
(Æ)
2,325
49
Infrastructure
and
Energy
Alternatives,
Inc.
(Æ)
23,234
187
Liberty
Energy,
Inc.
Class
A
(Æ)
16,795
214
Matador
Resources
Co.
4,737
221
Matrix
Service
Co.
(Æ)
19,968
101
Murphy
Oil
Corp.
2,973
90
Nabors
Industries,
Inc.
(Æ)
785
105
National
Energy
Services
Reunited
Corp.
(Æ)
40,473
274
Natural
Gas
Services
Group,
Inc.
(Æ)
13,253
146
Newpark
Resources,
Inc.
(Æ)
5,058
16
NexTier
Oilfield
Solutions,
Inc.
(Æ)
50,894
484
NOV,
Inc.
(Æ)
23,878
404
NOW,
Inc.
(Æ)
5,762
56
Oceaneering
International,
Inc.
(Æ)
3,386
36
Oil
States
International,
Inc.
(Æ)
23,765
129
Par
Pacific
Holdings,
Inc.
(Æ)
4,582
71
Patterson-UTI
Energy,
Inc.
25,238
398
PBF
Energy,
Inc.
Class
A
(Æ)(Ð)
4,141
120
PDC
Energy,
Inc.
1,584
98
ProFrac
Holding
Corp.
Class
A
(Æ)
1,645
30
ProPetro
Holding
Corp.
(Æ)
12,428
124
Range
Resources
Corp.
(Æ)
14,269
353
REX
American
Resources
Corp.
(Æ)
367
31
RPC,
Inc.
(Æ)
8,087
56
SM
Energy
Co.
12,037
412
Solaris
Oilfield
Infrastructure,
Inc.
Class
A
41,701
454
Southwestern
Energy
Co.
(Æ)
57,513
359
SunCoke
Energy,
Inc.
4,958
34
Talon
Metals
Corp.
(Æ)
268,500
106
US
Silica
Holdings,
Inc.
(Æ)
5,709
65
Warrior
Met
Coal,
Inc.
10,355
317
World
Fuel
Services
Corp.
(Û)
3,877
79
8,094
Financial
Services
-
22.8%
AerCap
Holdings,
Ltd.
/
AerCap
Global
Aviation
Trust
(Æ)
1,516
62
Agree
Realty
Corp.
(ö)
8,685
626
Alpine
Income
Property
Trust,
Inc.
(ö)
38,431
690
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
20
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Amalgamated
Financial
Corp.
523
10
American
Equity
Investment
Life
Holding
Co.
6,807
249
Ameris
Bancorp
5,156
207
Amerisafe
,
Inc.
6,929
360
Anywhere
Real
Estate,
Inc.
(Æ)
12,494
122
Apple
Hospitality
REIT,
Inc.
(ö)
48,669
714
Argo
Group
International
Holdings,
Ltd.
2,228
82
Armada
Hoffler
Properties,
Inc.
(ö)
1,136
15
Associated
Banc-Corp.
2,293
42
Atlantic
Union
Bankshares
Corp.
(Æ)
4,010
136
Axis
Capital
Holdings,
Ltd.
8,072
461
Axos
Financial,
Inc.
(Æ)
1,510
54
Banc
of
California,
Inc.
32,316
569
Bancorp,
Inc.
(The)
(Æ)
3,618
71
Bank
of
Marin
Bancorp
6,222
198
BankUnited
,
Inc.
9,156
326
Blucora
,
Inc.
(Æ)
31,317
578
Braemar
Hotels
&
Resorts,
Inc.
(Ð)(ö)
2,685
12
Brighthouse
Financial,
Inc.
(Æ)
4,843
199
Brixmor
Property
Group,
Inc.
(ö)
18,753
379
Byline
Bancorp,
Inc.
9,815
234
Cadence
Bank
42,894
1,007
Cambridge
Bancorp
2,036
168
Camden
Property
Trust
(ö)(Û)
1,950
262
Capital
Bancorp,
Inc.
10,341
224
Capital
City
Bank
Group,
Inc.
8,274
231
Capstar
Financial
Holdings,
Inc.
39,485
776
Carter
Bankshares
,
Inc.
(Æ)
663
9
CatchMark
Timber
Trust,
Inc.
Class
A
(ö)
48,762
491
Cathay
General
Bancorp
3,692
145
Chatham
Lodging
Trust
(Æ)(Ð)(ö)
2,276
24
Citizens
Financial
Group,
Inc.
2,466
88
City
Holding
Co.
4,619
369
City
Office
REIT,
Inc.
(ö)
5,919
77
Civista
Bancshares,
Inc.
15,764
335
CNO
Financial
Group,
Inc.
8,113
146
Columbia
Banking
System,
Inc.
16,364
469
Comerica,
Inc.
(Û)
3,727
273
Community
Bank
System,
Inc.
2,166
137
Compass,
Inc.
Class
A
(Æ)
24,820
90
Corporate
Office
Properties
Trust
(ö)
3,719
97
Cousins
Properties,
Inc.
(ö)
13,103
383
Cowen
Group,
Inc.
Class
A
9,793
232
CTO
Realty
Growth,
Inc.
(ö)
6,041
370
Curo
Group
Holdings
Corp.
10,723
59
Cushman
&
Wakefield
PLC
(Æ)
4,476
68
Customers
Bancorp,
Inc.
(Æ)
2,807
95
DiamondRock
Hospitality
Co.
(Æ)(ö)
24,342
200
Diversified
Healthcare
Trust
(Æ)
14,231
26
Donegal
Group,
Inc.
Class
A
7,866
134
Douglas
Elliman
,
Inc.
8,925
43
Easterly
Government
Properties,
Inc.
(ö)
26,675
508
Eastern
Bankshares
,
Inc.
7,588
140
EastGroup
Properties,
Inc.
(ö)
1,009
156
eHealth,
Inc.
(Æ)(Ð)
2,200
21
Emerald
Holding,
Inc.
(Æ)
10,353
42
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Enova
International,
Inc.
(Æ)(Ð)
1,892
55
Enterprise
Financial
Services
Corp.
6,756
280
Equity
Commonwealth
(Æ)(ö)
6,266
173
Essent
Group,
Ltd.
12,109
471
Essential
Properties
Realty
Trust,
Inc.
(ö)
3,539
76
European
Wax
Center,
Inc.
Class
A
8,306
146
eXp
World
Holdings,
Inc.
(Ñ)
7,194
85
EZCORP,
Inc.
Class
A
(Æ)
41,167
309
Federated
Hermes,
Inc.
Class
B
3,494
111
First
BanCorp
6,287
81
First
Commonwealth
Financial
Corp.
893
12
First
Financial
Bankshares
,
Inc.
2,823
111
First
Financial
Corp.
593
26
First
Foundation,
Inc.
26,241
537
First
Interstate
BancSystem
,
Inc.
Class
A
14,837
565
First
Merchants
Corp.
9,239
329
First
Mid
Bancshares,
Inc.
6,838
244
Five
Star
Bancorp
12,681
335
Flagstar
Bancorp,
Inc.
3,337
118
Forestar
Group,
Inc.
(Æ)
681
9
Franklin
Street
Properties
Corp.
(ö)
2,926
12
Genworth
Financial,
Inc.
Class
A
(Æ)(Ð)
34,474
122
German
American
Bancorp,
Inc.
7,857
269
Getty
Realty
Corp.
(ö)
7,399
196
Glacier
Bancorp,
Inc.
7,133
338
Greenlight
Capital
Re,
Ltd.
Class
A
(Æ)
512
4
Guaranty
Bancshares,
Inc.
4,389
159
Hamilton
Lane,
Inc.
Class
A
3,946
265
Hancock
Holding
Co.
7,892
350
Hanmi
Financial
Corp.
1,156
26
Hanover
Insurance
Group,
Inc.
(The)
1,614
236
HarborOne
Bancorp,
Inc.
16,052
221
HCI
Group,
Inc.
(Ð)
439
30
Healthcare
Realty
Trust,
Inc.
(ö)
14,685
399
Heritage
Commerce
Corp.
16,292
174
Heritage
Financial
Corp.
7,360
185
Heritage
Insurance
Holdings,
Inc.
191
1
Hersha
Hospitality
Trust
Class
A
(Æ)(ö)
2,240
22
Highwoods
Properties,
Inc.
(ö)
2,804
96
Hilltop
Holdings,
Inc.
3,725
99
Home
Bancorp,
Inc.
2,640
90
Home
BancShares
,
Inc.
32,091
667
HomeStreet
,
Inc.
12,866
446
HomeTrust
Bancshares,
Inc.
357
9
Horace
Mann
Educators
Corp.
11,842
454
Houlihan
Lokey
,
Inc.
Class
A
(Û)
711
56
Howard
Hughes
Corp.
(The)
(Æ)
1,642
112
Hudson
Pacific
Properties,
Inc.
(ö)
25,678
381
Independent
Bank
Corp.
7,109
137
Innovative
Industrial
Properties,
Inc.
(ö)
2,830
311
International
Bancshares
Corp.
2,742
110
International
Money
Express,
Inc.
(Æ)
23,290
477
Investar
Holding
Corp.
9,943
218
Jackson
Financial,
Inc.
Class
A
6,542
175
James
River
Group
Holdings,
Ltd.
9,973
247
JBG
Smith
Properties
(Ð)(ö)
5,533
131
JER
Investment
Trust,
Inc.
(Æ)(Š)(Þ)
1,771
—
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
21
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Kemper
Corp.
(Ð)
2,142
103
Kennedy-Wilson
Holdings,
Inc.
2,380
45
Kinsale
Capital
Group,
Inc.
2,730
627
Kite
Realty
Group
Trust
(ö)
4,500
78
Ladder
Capital
Corp.
Class
A
(ö)
13,162
139
LendingTree
,
Inc.
(Æ)
1,168
51
Lincoln
National
Corp.
(Û)
264
12
Live
Oak
Bancshares,
Inc.
2,524
86
LiveRamp
Holdings,
Inc.
(Æ)
2,133
55
LPL
Financial
Holdings,
Inc.
1,822
336
LTC
Properties,
Inc.
(ö)
5,327
205
Macerich
Co.
(The)
(ö)
8,086
70
Marcus
&
Millichap,
Inc.
3,772
139
Merchants
Bancorp
1,579
36
Metropolitan
Bank
Holding
Corp.
(Æ)
6,725
467
MFA
Financial,
Inc.
(ö)
7,701
83
Mr.
Cooper
Group,
Inc.
(Æ)
2,876
106
National
Bank
Holdings
Corp.
Class
A
20,241
775
National
Health
Investors,
Inc.
(ö)
1,993
121
National
Retail
Properties,
Inc.
(ö)
10,700
460
National
Storage
Affiliates
Trust
(ö)
2,363
118
Navient
Corp.
(Ð)
14,749
206
NETSTREIT
Corp.
(ö)
4,157
78
NexPoint
Residential
Trust,
Inc.
(ö)
211
13
Nicolet
Bankshares
,
Inc.
(Æ)
350
25
NMI
Holdings,
Inc.
Class
A
(Æ)
18,059
301
Northeast
Bank
6,273
229
Northrim
BanCorp
,
Inc.
191
8
OceanFirst
Financial
Corp.
27,496
526
Office
Properties
Income
Trust
(ö)
2,610
52
OFG
Bancorp
1,825
46
Old
National
Bancorp
25,678
380
Old
Second
Bancorp,
Inc.
22,169
297
Oportun
Financial
Corp.
(Æ)
8,593
71
Origin
Bancorp,
Inc.
352
14
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
(ö)
6,662
113
Pacific
Premier
Bancorp,
Inc.
4,364
128
Paramount
Group,
Inc.
(ö)
19,118
138
Park
Hotels
&
Resorts,
Inc.
(ö)
12,932
175
Peapack
-Gladstone
Financial
Corp.
216
6
Pebblebrook
Hotel
Trust
(ö)
7,338
122
PennyMac
Financial
Services,
Inc.
1,782
78
Peoples
Bancorp,
Inc.
4,470
119
Perella
Weinberg
Partners
5,398
31
Physicians
Realty
Trust
(ö)
9,882
172
Piedmont
Office
Realty
Trust,
Inc.
Class
A
(ö)
6,317
83
Plymouth
Industrial
REIT,
Inc.
(ö)
15,210
267
Popular,
Inc.
8,495
653
Potlatch
Corp.
(ö)
1,747
77
PRA
Group,
Inc.
(Æ)
749
27
Premier
Financial
Corp.
17,410
441
ProAssurance
Corp.
1,658
39
PS
Business
Parks,
Inc.
(ö)
731
137
Pzena
Investment
Management,
Inc.
Class
A
23,688
156
QCR
Holdings,
Inc.
1,953
105
Radian
Group,
Inc.
7,249
142
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
RE/MAX
Holdings,
Inc.
Class
A
5,584
137
Redfin
Corp.
(Æ)(Ñ)
20,770
172
Regional
Management
Corp.
536
20
Reinsurance
Group
of
America,
Inc.
Class
A
(Û)
5,971
701
RenaissanceRe
Holdings,
Ltd.
1,674
262
Renasant
Corp.
3,427
99
Riverview
Bancorp,
Inc.
15,940
105
RLJ
Lodging
Trust
(ö)
17,112
189
RMR
Group,
Inc.
(The)
Class
A
7,739
220
Ryman
Hospitality
Properties,
Inc.
(Æ)(ö)
3,771
287
Sabra
Health
Care
REIT,
Inc.
(ö)
6,900
96
Sculptor
Capital
Management,
Inc.
14,878
124
Selective
Insurance
Group,
Inc.
2,007
174
ServisFirst
Bancshares,
Inc.
1,339
106
Silvergate
Capital
Corp.
Class
A
(Æ)
1,073
57
Simmons
First
National
Corp.
Class
A
4,118
88
SiriusPoint
,
Ltd.
(Æ)
982
5
SL
Green
Realty
Corp.
(Ð)(ö)
372
17
SLM
Corp.
(Û)
13,850
221
SmartFinancial
,
Inc.
3,498
85
Southern
Missouri
Bancorp,
Inc.
1,100
50
SouthState
Corp.
5,827
450
SP
Plus
Corp.
(Æ)
1,615
50
Spirit
Realty
Capital,
Inc.
(ö)
2,601
98
St.
Joe
Co.
(The)
1,936
77
STAG
Industrial,
Inc.
(ö)
6,620
204
Stewart
Information
Services
Corp.
5,000
249
StoneX
Group,
Inc.
(Æ)(Ð)
593
46
Summit
Hotel
Properties,
Inc.
(Æ)(ö)
22,597
164
Sunstone
Hotel
Investors,
Inc.
(Æ)(ö)
22,673
225
Tanger
Factory
Outlet
Centers,
Inc.
(ö)
5,518
78
Terreno
Realty
Corp.
(ö)
1,687
94
Texas
Capital
Bancshares,
Inc.
(Æ)(Ð)
2,324
122
Tiptree,
Inc.
Class
A
20,956
223
TriCo
Bancshares
7,853
358
Triumph
Bancorp,
Inc.
(Æ)
9,744
610
UMB
Financial
Corp.
1,247
107
UMH
Properties,
Inc.
(ö)
26,228
463
United
Bankshares
,
Inc.
5,253
184
United
Community
Banks,
Inc.
15,509
468
United
Fire
Group,
Inc.
710
24
United
Insurance
Holdings
Corp.
2,046
3
Universal
Insurance
Holdings,
Inc.
10,779
140
Univest
Financial
Corp.
5,989
152
Unum
Group
11,014
375
Valley
National
Bancorp
36,314
378
Velocity
Financial,
Inc.
(Æ)
10,405
114
Veris
Residential,
Inc.
(Æ)(Ð)(ö)
3,885
51
Virtus
Investment
Partners,
Inc.
431
74
Walker
&
Dunlop,
Inc.
990
95
Washington
Trust
Bancorp,
Inc.
7,151
346
Waterstone
Financial,
Inc.
809
14
Webster
Financial
Corp.
12,591
531
Westamerica
BanCorp
6,344
353
Westwood
Holdings
Group,
Inc.
20,647
285
Wintrust
Financial
Corp.
1,759
141
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
22
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
WSFS
Financial
Corp.
4,070
163
WW
International,
Inc.
(Æ)
6,468
41
Xenia
Hotels
&
Resorts,
Inc.
(Æ)(ö)
8,499
124
Zions
Bancorp
NA
(Û)
1,617
82
46,127
Health
Care
-
16.7%
Acadia
Healthcare
Co.,
Inc.
(Æ)
3,669
248
Acadia
Pharmaceuticals,
Inc.
(Æ)
6,884
97
Accuray
,
Inc.
(Æ)
7,800
15
Adicet
Bio,
Inc.
(Æ)
3,761
55
Aerie
Pharmaceuticals,
Inc.
(Æ)
4,225
32
Agios
Pharmaceuticals,
Inc.
(Æ)(Ð)
3,421
76
Akebia
Therapeutics,
Inc.
(Æ)
14,335
5
Alkermes
PLC
(Æ)(Û)
9,668
288
Allscripts
Healthcare
Solutions,
Inc.
(Æ)(Û)
12,705
188
Alpha
Teknova
,
Inc.
(Æ)
23,093
194
ALX
Oncology
Holdings,
Inc.
(Æ)
3,622
29
Amedisys
,
Inc.
(Æ)
2,361
248
AMN
Healthcare
Services,
Inc.
(Æ)
1,872
205
Amneal
Pharmaceuticals,
Inc.
(Æ)
51,909
165
Amphastar
Pharmaceuticals,
Inc.
(Æ)
17,178
598
ANI
Pharmaceuticals,
Inc.
(Æ)
9,957
295
Anika
Therapeutics,
Inc.
(Æ)
11,630
260
Apellis
Pharmaceuticals,
Inc.
(Æ)
4,169
189
Argenx
SE
-
ADR
(Æ)
2,929
1,109
Arrowhead
Pharmaceuticals,
Inc.
(Æ)
19,020
670
Arvinas
,
Inc.
(Æ)
5,339
225
Ascendis
Pharma
A/S
-
ADR
(Æ)
3,749
349
Aveanna
Healthcare
Holdings,
Inc.
(Æ)
5,909
13
Avid
Bioservices
,
Inc.
(Æ)
74,251
1,133
Axogen
,
Inc.
(Æ)
2,909
24
Axonics
Modulation
Technologies,
Inc.
(Æ)
2,988
169
Beam
Therapeutics,
Inc.
(Æ)
6,634
257
Berkeley
Lights,
Inc.
(Æ)
5,300
26
BioCryst
Pharmaceuticals,
Inc.
(Æ)
30,021
318
Biohaven
Pharmaceutical
Holding
Co.,
Ltd.
(Æ)
5,221
761
BioLife
Solutions,
Inc.
(Æ)
25,314
350
Bluebird
Bio,
Inc.
(Æ)(Ð)
2,818
12
Blueprint
Medicines
Corp.
(Æ)
3,831
194
BridgeBio
Pharma,
Inc.
(Æ)
16,953
154
C4
Therapeutics,
Inc.
(Æ)
3,093
23
Cardiovascular
Systems,
Inc.
(Æ)
1,782
26
CareDx
,
Inc.
(Æ)
2,808
60
Catalyst
Pharmaceuticals,
Inc.
(Æ)
4,331
30
Coherus
Biosciences,
Inc.
(Æ)(Ð)
6,267
45
Collegium
Pharmaceutical,
Inc.
(Æ)
9,854
175
Computer
Programs
&
Systems,
Inc.
(Æ)
5,253
168
CONMED
Corp.
5,876
563
Cross
Country
Healthcare,
Inc.
(Æ)
1,696
35
Cue
Health,
Inc.
(Æ)
3,500
11
Curis
,
Inc.
(Æ)(Ñ)
17,091
17
Cytokinetics,
Inc.
(Æ)
18,631
732
CytomX
Therapeutics,
Inc.
(Æ)
5,342
10
DaVita
HealthCare
Partners,
Inc.
(Æ)
2,430
194
Deciphera
Pharmaceuticals,
Inc.
(Æ)
6,619
87
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Denali
Therapeutics,
Inc.
(Æ)
7,282
214
Eagle
Pharmaceuticals,
Inc.
(Æ)(Ð)
637
28
Emergent
BioSolutions
,
Inc.
(Æ)
10,151
315
Enanta
Pharmaceuticals,
Inc.
(Æ)(Ð)
1,145
54
Encompass
Health
Corp.
(Æ)
10,728
601
Endo
International
PLC
(Æ)(Ñ)
119,272
56
Exelixis
,
Inc.
(Æ)
12,854
268
FibroGen
,
Inc.
(Æ)
7,244
76
F-Star
Therapeutics,
Inc.
(Æ)
32,279
202
Gritstone
Oncology,
Inc.
(Æ)
5,800
14
Haemonetics
Corp.
(Æ)(Û)
1,881
123
Halozyme
Therapeutics,
Inc.
(Æ)
13,221
582
Hanger,
Inc.
(Æ)
2,358
34
Harmony
Biosciences
Holdings,
Inc.
(Æ)
1,943
95
Homology
Medicines,
Inc.
(Æ)(Ð)
3,635
7
Inari
Medical,
Inc.
(Æ)
2,926
199
InfuSystem
Holdings,
Inc.
(Æ)
47,193
454
Inhibrx
,
Inc.
(Æ)
19,175
218
Innoviva
,
Inc.
(Æ)
18,647
275
Inogen
,
Inc.
(Æ)
1,282
31
Inotiv
,
Inc.
(Æ)
2,530
24
Inspire
Medical
Systems,
Inc.
(Æ)
2,107
385
Intellia
Therapeutics,
Inc.
(Æ)
9,058
469
Intercept
Pharmaceuticals,
Inc.
(Æ)(Ð)
3,701
51
Intra-Cellular
Therapies,
Inc.
Class
A
(Æ)
3,471
198
Ionis
Pharmaceuticals,
Inc.
(Æ)(Ð)
7,457
276
Iovance
Biotherapeutics
,
Inc.
(Æ)
2,174
24
iRadimed
Corp.
19,909
676
iRhythm
Technologies,
Inc.
(Æ)
3,186
344
Jazz
Pharmaceuticals
PLC
(Æ)(Û)
2,036
318
Karuna
Therapeutics,
Inc.
(Æ)
848
107
Karyopharm
Therapeutics,
Inc.
(Æ)
9,702
44
Kezar
Life
Sciences,
Inc.
(Æ)
11,883
98
Kura
Oncology,
Inc.
(Æ)
8,027
147
Kymera
Therapeutics,
Inc.
(Æ)
2,206
43
Landec
Corp.
(Æ)
25,566
255
Lantheus
Holdings,
Inc.
(Æ)
2,997
198
Legend
Biotech
Corp.
-
ADR
(Æ)
1,057
58
LeMaitre
Vascular,
Inc.
29,505
1,344
LHC
Group,
Inc.
(Æ)
2,935
457
LivaNova
PLC
(Æ)(Û)
2,220
139
Masimo
Corp.
(Æ)(Û)
1,935
253
MEDNAX,
Inc.
(Æ)
9,604
202
Medpace
Holdings,
Inc.
(Æ)
7,298
1,092
MeiraGTx
Holdings
PLC
(Æ)
4,978
38
Mirati
Therapeutics,
Inc.
(Æ)
1,723
116
Mirum
Pharmaceuticals,
Inc.
(Æ)
3,018
59
Molecular
Templates,
Inc.
(Æ)
1,234
1
NanoString
Technologies,
Inc.
(Æ)
5,001
64
Natus
Medical,
Inc.
(Æ)
7,638
250
Neogen
Corp.
(Æ)(Ñ)
9,072
219
Neurocrine
Biosciences,
Inc.
(Æ)
3,490
340
Nevro
Corp.
(Æ)
3,734
164
NextGen
Healthcare,
Inc.
(Æ)
2,760
48
Omnicell
,
Inc.
(Æ)
6,836
778
Ontrak
,
Inc.
(Æ)(Ñ)
176,880
187
Option
Care
Health,
Inc.
(Æ)
1,063
30
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
23
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
OraSure
Technologies,
Inc.
(Æ)(Ð)
2,858
8
Organon
&
Co.
(Ð)(Û)
7,093
239
Orthofix
Medical,
Inc.
(Æ)
1,226
29
Oscar
Health,
Inc.
Class
A
(Æ)
5,000
21
Ovid
Therapeutics,
Inc.
(Æ)
21,212
46
Owens
&
Minor,
Inc.
3,832
121
Pacira
BioSciences
,
Inc.
(Æ)
6,084
355
Paragon
28,
Inc.
(Æ)(Ñ)
5,892
94
Perrigo
Co.
PLC
12,504
507
Personalis
,
Inc.
(Æ)(Ð)
1,161
4
PetIQ
,
Inc.
(Æ)
8,726
147
Phibro
Animal
Health
Corp.
Class
A
20,680
396
Pliant
Therapeutics,
Inc.
(Æ)
2,442
20
Poseida
Therapeutics,
Inc.
(Æ)
1,711
4
Prestige
Brands
Holdings,
Inc.
(Æ)
2,899
170
Privia
Health
Group,
Inc.
(Æ)
8,349
243
Progenics
Pharmaceuticals,
Inc.
(Æ)(Š)
1,808
—
Prometheus
Biosciences,
Inc.
(Æ)
2,870
81
Protagonist
Therapeutics,
Inc.
(Æ)
19,792
157
PTC
Therapeutics,
Inc.
(Æ)
18,254
731
Quipt
Home
Medical
Corp.
(Æ)
35,784
164
Radius
Health,
Inc.
(Æ)
36,750
381
Recursion
Pharmaceuticals,
Inc.
Class
A
(Æ)
7,622
62
REGENXBIO,
Inc.
(Æ)(Ð)
1,790
44
Repligen
Corp.
(Æ)
4,576
743
Revance
Therapeutics,
Inc.
(Æ)(Ð)
3,095
43
Rocket
Pharmaceuticals,
Inc.
(Æ)
12,078
166
RxSight
,
Inc.
(Æ)(Ñ)
3,894
55
Sarepta
Therapeutics,
Inc.
(Æ)(Ð)
2,881
216
Schrodinger,
Inc.
(Æ)
13,611
359
Select
Medical
Holdings
Corp.
9,384
222
Selecta
Biosciences,
Inc.
(Æ)
5,417
7
Semler
Scientific,
Inc.
(Æ)
600
17
Seres
Therapeutics,
Inc.
(Æ)(Ð)
4,405
15
ShockWave
Medical,
Inc.
(Æ)
2,215
423
SIGA
Technologies,
Inc.
15,221
176
Societal
CDMO,
Inc.
(Æ)
64,285
51
SpringWorks
Therapeutics,
Inc.
(Æ)
5,302
131
STAAR
Surgical
Co.
(Æ)
1,541
109
Surmodics
,
Inc.
(Æ)
263
10
Sutro
Biopharma,
Inc.
(Æ)
3,860
20
Tabula
Rasa
HealthCare,
Inc.
(Æ)
893
2
Tactile
Systems
Technology,
Inc.
(Æ)
700
5
Talkspace
,
Inc.
(Æ)
36,290
62
Tenet
Healthcare
Corp.
(Æ)
2,879
151
Theravance
Biopharma,
Inc.
(Æ)
3,982
36
TransMedics
Group,
Inc.
(Æ)
3,161
99
Travere
Therapeutics,
Inc.
(Æ)
3,186
77
Tricida
,
Inc.
(Æ)
1,267
12
Twist
Bioscience
Corp.
(Æ)
3,810
133
United
Therapeutics
Corp.
(Æ)(Û)
1,371
323
Utah
Medical
Products,
Inc.
6,068
521
Vanda
Pharmaceuticals,
Inc.
(Æ)(Ð)
2,768
30
Varex
Imaging
Corp.
(Æ)(Ð)
2,382
51
Verastem
,
Inc.
(Æ)(Ñ)
26,960
31
Vivos
Therapeutics,
Inc.
(Æ)(Ñ)
28,109
36
Xencor
,
Inc.
(Æ)
13,513
369
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Xenon
Pharmaceuticals,
Inc.
(Æ)
9,162
279
Zai
Lab,
Ltd.
-
ADR
(Æ)
2,827
98
Zentalis
Pharmaceuticals,
Inc.
(Æ)
6,325
178
Zymeworks
,
Inc.
(Æ)
9,138
48
33,797
Materials
and
Processing
-
7.0%
Advanced
Drainage
Systems,
Inc.
1,502
135
AdvanSix
,
Inc.
1,357
45
Allegheny
Technologies,
Inc.
(Æ)
4,645
105
A-Mark
Precious
Metals,
Inc.
3,806
123
American
Vanguard
Corp.
1,232
28
Amyris
,
Inc.
(Æ)(Ñ)
30,999
57
Apogee
Enterprises,
Inc.
1,505
59
AZEK
Co.,
Inc.
(The)
(Æ)
16,707
280
Beacon
Roofing
Supply,
Inc.
(Æ)
1,950
100
Belden,
Inc.
1,232
66
Boise
Cascade
Co.
1,841
110
BrightView
Holdings,
Inc.
(Æ)
12,188
146
Caesarstone
,
Ltd.
10,674
97
Capstone
Copper
Corp.
(Æ)
40,290
102
Carpenter
Technology
Corp.
13,076
365
Chemours
Co.
(The)
(Û)
7,752
248
Clearwater
Paper
Corp.
(Æ)
767
26
Coeur
Mining,
Inc.
(Æ)
36,834
112
Commercial
Metals
Co.
3,340
111
Constellium
SE
(Æ)
7,394
98
Critical
Elements
Lithium
Corp.
(Æ)
82,146
89
Ecovyst
,
Inc.
(Æ)
3,544
35
Element
Solutions,
Inc.
(Æ)
24,107
429
European
Metals
Holdings,
Ltd.
(Æ)
83,066
37
EVI
Industries,
Inc.
(Æ)(Ñ)
19,967
199
Glatfelter
Corp.
1,340
9
Hecla
Mining
Co.
33,108
130
Horizonte
Minerals
PLC
(Æ)
60,425
82
Huntsman
Corp.
(Û)
8,805
250
Insteel
Industries,
Inc.
14,985
505
ITT,
Inc.
5,755
387
JELD-WEN
Holding,
Inc.
(Æ)
6,471
94
Kaiser
Aluminum
Corp.
4,031
319
Koppers
Holdings,
Inc.
764
17
Livent
Corp.
(Æ)
5,999
136
Louisiana-Pacific
Corp.
4,548
238
Matthews
International
Corp.
Class
A
7,110
204
MDU
Resources
Group,
Inc.
14,829
400
Mercer
International,
Inc.
1,199
16
Modine
Manufacturing
Co.
(Æ)
1,890
20
Mosaic
Co.
(The)
1,796
85
MRC
Global,
Inc.
(Æ)
9,527
95
Neenah
Paper,
Inc.
13,170
450
NN,
Inc.
(Æ)(Ð)
2,433
6
Northwest
Pipe
Co.
(Æ)
5,518
165
Nouveau
Monde
Graphite,
Inc.
(Æ)(Ñ)
8,125
39
O-I
Glass,
Inc.
(Æ)
24,982
350
Oil-
Dri
Corp.
of
America
7,376
226
Olin
Corp.
(Û)
719
33
Omega
Flex,
Inc.
2,616
282
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
24
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Orion
Engineered
Carbons
SA
2,560
40
Pactiv
Evergreen,
Inc.
691
7
Perimeter
Solutions
SA
(Æ)
7,747
84
Piedmont
Lithium,
Inc.
(Æ)
2,044
74
Quaker
Chemical
Corp.
2,364
353
Rayonier
Advanced
Materials,
Inc.
(Æ)
2,621
7
RBC
Bearings,
Inc.
(Æ)
1,417
262
Rogers
Corp.
(Æ)
682
179
Schnitzer
Steel
Industries,
Inc.
Class
A
2,200
72
Schweitzer-Mauduit
International,
Inc.
25,716
646
Silgan
Holdings,
Inc.
6,596
273
Simpson
Manufacturing
Co.,
Inc.
1,324
133
SiteOne
Landscape
Supply,
Inc.
(Æ)
2,608
310
Sonoco
Products
Co.
6,000
342
Stelco
Holdings,
Inc.
2,969
74
Stepan
Co.
603
61
Summit
Materials,
Inc.
Class
A
(Æ)
4,596
107
Tecnoglass
,
Inc.
8,956
157
TimkenSteel
Corp.
(Æ)
4,601
86
Trinseo
PLC
2,951
113
Tronox
Holdings
PLC
Class
A
40,769
685
UFP
Industries,
Inc.
(Æ)
2,479
169
UFP
Technologies,
Inc.
(Æ)
7,854
625
Unifi,
Inc.
(Æ)
7,519
106
Univar
Solutions,
Inc.
-
ADR
(Æ)
18,528
461
Universal
Stainless
&
Alloy
Products,
Inc.
(Æ)
12,525
93
Valvoline,
Inc.
14,817
427
Venator
Materials
PLC
(Æ)
49,139
102
Veritiv
Corp.
(Æ)
2,332
254
Westrock
Co.
(Û)
823
33
14,075
Producer
Durables
-
17.4%
AAR
Corp.
(Æ)
788
33
Aaron's
Co.,
Inc.
(The)
1,345
20
ABM
Industries,
Inc.
5,385
234
ACCO
Brands
Corp.
4,543
30
ADT,
Inc.
44,448
273
Aerojet
Rocketdyne
Holdings,
Inc.
(Æ)(Ð)
3,753
152
AGCO
Corp.
(Û)
2,513
248
Alarm.com
Holdings,
Inc.
(Æ)
1,648
102
Allegiant
Travel
Co.
Class
A
(Æ)
525
59
Allied
Motion
Technologies,
Inc.
13,772
315
Allison
Transmission
Holdings,
Inc.
Class
A
2,348
90
Altra
Industrial
Motion
Corp.
11,907
420
Applied
Industrial
Technologies,
Inc.
2,832
272
ArcBest
Corp.
3,195
225
Ardmore
Shipping
Corp.
(Æ)
39,910
278
Argan
,
Inc.
12,208
455
ASGN,
Inc.
(Æ)
1,771
160
Astec
Industries,
Inc.
4,538
185
Astronics
Corp.
(Æ)
1,296
13
Atlas
Air
Worldwide
Holdings,
Inc.
(Æ)
1,375
85
Barnes
Group,
Inc.
6,114
190
Barrett
Business
Services,
Inc.
5,867
428
Bloom
Energy
Corp.
Class
A
(Æ)
14,803
244
Bowman
Consulting
Group,
Ltd.
(Æ)
5,869
72
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Brady
Corp.
Class
A
2,169
102
Cactus,
Inc.
Class
A
3,293
133
Chart
Industries,
Inc.
(Æ)
3,046
510
Cimpress
PLC
(Æ)
685
27
CompoSecure
,
Inc.
(Æ)(Ñ)
5,958
31
Copa
Holdings
SA
Class
A
(Æ)
1,125
71
CoreCivic
,
Inc.
(Æ)(Ð)
5,729
64
Covenant
Logistics
Group,
Inc.
Class
A
8,812
221
Daseke
,
Inc.
(Æ)
1,304
8
Deluxe
Corp.
27,686
600
DHT
Holdings,
Inc.
76,395
468
Donaldson
Co.,
Inc.
5,701
274
Dorian
LPG,
Ltd.
1,303
20
Ducommun,
Inc.
(Æ)
424
18
Dycom
Industries,
Inc.
(Æ)
839
78
EMCOR
Group,
Inc.
2,937
302
Encore
Wire
Corp.
1,307
136
EnerSys
11,744
692
Ennis,
Inc.
5,013
101
Entravision
Communications
Corp.
Class
A
1,429
7
Euronav
NV
18,332
219
Evo
Payments,
Inc.
Class
A
(Æ)
35,002
823
ExlService
Holdings,
Inc.
(Æ)
2,100
309
Flowserve
Corp.
21,663
620
Fluor
Corp.
(Æ)(Ð)
6,604
161
Franklin
Covey
Co.
(Æ)
469
22
Franklin
Electric
Co.,
Inc.
1,936
142
Frontdoor
,
Inc.
(Æ)
5,715
138
FTI
Consulting,
Inc.
(Æ)
398
72
GATX
Corp.
3,643
343
Green
Dot
Corp.
Class
A
(Æ)
4,522
114
Greenbrier
Cos.,
Inc.
19,584
705
Hackett
Group,
Inc.
(The)
1,132
21
HealthEquity
,
Inc.
(Æ)
5,801
356
Heidrick
&
Struggles
International,
Inc.
763
25
Hertz
Global
Holdings,
Inc.
Class
W
(Æ)
928
84
Hillman
Solutions
Corp.
(Æ)
8,550
74
HNI
Corp.
2,591
90
Hub
Group,
Inc.
Class
A
(Æ)
2,739
195
Hyster
-Yale
Materials
Handling,
Inc.
1,635
52
I3
Verticals,
Inc.
Class
A
(Æ)
32,447
812
ICF
International,
Inc.
2,686
255
Information
Services
Group,
Inc.
871
6
Insperity
,
Inc.
1,378
138
Itron
,
Inc.
(Æ)
2,078
103
JetBlue
Airways
Corp.
(Æ)
8,979
75
Kaman
Corp.
Class
A
15,677
490
Kennametal,
Inc.
11,646
271
Kforce
,
Inc.
(Ð)
837
51
Kimball
International,
Inc.
Class
B
61,313
470
Kirby
Corp.
(Æ)
6,243
380
Knight-Swift
Transportation
Holdings,
Inc.
(Æ)
6,348
294
Korn
Ferry
2,579
150
Kratos
Defense
&
Security
Solutions,
Inc.
(Æ)
9,508
132
Landstar
System,
Inc.
1,753
255
Latham
Group,
Inc.
(Æ)
27,599
191
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
25
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Lovesac
Co.
(The)
(Æ)
2,358
65
Luxfer
Holdings
PLC
-
ADR
33,469
506
Manitowoc
Co.,
Inc.
(The)
(Æ)
16,426
173
ManpowerGroup
,
Inc.
3,223
246
Marten
Transport,
Ltd.
6,505
109
Matson,
Inc.
2,308
168
Maximus,
Inc.
1,927
120
Mercury
Systems,
Inc.
(Æ)
9,867
635
Mesa
Air
Group,
Inc.
(Æ)
31,651
69
Mesa
Laboratories,
Inc.
6,046
1,234
Methode
Electronics,
Inc.
12,991
481
MillerKnoll
,
Inc.
19,465
511
Mirion
Technologies,
Inc.
(Æ)
7,214
42
Mistras
Group,
Inc.
(Æ)
5,922
35
Mitek
Systems,
Inc.
(Æ)
53,140
491
Murphy
USA,
Inc.
(Û)
3,826
891
MYR
Group,
Inc.
(Æ)
872
77
Neo
Performance
Materials,
Inc.
10,217
99
Nikola
Corp.
(Æ)(Ñ)
20,224
96
Orion
Group
Holdings,
Inc.
(Æ)
45,723
104
Oshkosh
Corp.
(Ð)
2,477
203
PAM
Transportation
Services,
Inc.
(Æ)
595
16
Park-Ohio
Holdings
Corp.
143
2
Paya
Holdings,
Inc.
Class
A
(Æ)
54,788
360
Paysafe
,
Ltd.
(Æ)
30,100
59
Pitney
Bowes,
Inc.
19,514
71
Powell
Industries,
Inc.
352
8
Primoris
Services
Corp.
16,651
362
PROG
Holdings,
Inc.
(Æ)
5,994
99
Quotient
Technology,
Inc.
(Æ)
5,391
16
Radiant
Logistics,
Inc.
(Æ)
43,867
325
Ranpak
Holdings
Corp.
(Æ)
35,194
246
Repay
Holdings
Corp.
(Æ)
70,992
912
Resources
Connection,
Inc.
20,910
426
Ryder
System,
Inc.
(Û)
3,204
228
Ryerson
Holding
Corp.
893
19
Saia,
Inc.
(Æ)
3,795
713
Schneider
National,
Inc.
Class
B
3,737
84
Scorpio
Tankers,
Inc.
6,549
226
SFL
Corp.,
Ltd.
(Æ)(Û)
4,108
39
Sight
Sciences,
Inc.
(Æ)
18,307
165
Skyline
Champion
Corp.
(Æ)
6,260
297
SkyWest,
Inc.
(Æ)
1,884
40
Smith
&
Wesson
Brands,
Inc.
(Æ)
15,374
202
Spirit
AeroSystems
Holdings,
Inc.
Class
A
12,293
360
Spirit
Airlines,
Inc.
(Æ)(Ñ)
13,626
325
SPX
Corp.
(Æ)
3,857
204
Steelcase,
Inc.
Class
A
4,812
52
Stoneridge,
Inc.
(Æ)
22,610
388
Sun
Country
Airlines
Holdings,
Inc.
(Æ)
6,700
123
Teekay
Tankers,
Ltd.
Class
A
(Æ)
12,296
217
Tennant
Co.
8,107
480
Terex
Corp.
2,501
68
Tetra
Tech,
Inc.
1,926
263
Textron,
Inc.
(Ð)(Û)
4,190
256
Thermon
Group
Holdings,
Inc.
(Æ)
6,312
89
Titan
International,
Inc.
(Æ)
5,820
88
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Titan
Machinery,
Inc.
(Æ)
815
18
TopBuild
Corp.
(Æ)
1,849
309
Travel
+
Leisure
Co.
(Æ)(Ð)
2,077
81
TreeHouse
Foods,
Inc.
(Æ)
1,120
47
TriNet
Group,
Inc.
(Æ)
2,052
159
Trinity
Industries,
Inc.
4,555
110
TrueBlue
,
Inc.
(Æ)
5,616
101
Tutor
Perini
Corp.
(Æ)
42,945
377
Universal
Truckload
Services,
Inc.
5,634
154
Vectrus
,
Inc.
(Æ)
3,263
109
Wabash
National
Corp.
14,044
190
Werner
Enterprises,
Inc.
3,043
117
WESCO
International,
Inc.
(Æ)
3,378
362
WillScot
Mobile
Mini
Holdings
Corp.
(Æ)
7,977
259
WNS
Holdings,
Ltd.
-
ADR
(Æ)
15,899
1,187
Xerox
Holdings
Corp.
15,403
229
Yellow
Corp.
(Æ)
2,098
6
ZipRecruiter,
Inc.
Class
A
(Æ)(Û)
786
12
Zurn
Water
Solutions
Corp.
4,230
115
35,209
Technology
-
11.4%
8x8,
Inc.
(Æ)
12,564
65
ADTRAN,
Inc.
2,379
42
Agilysys
,
Inc.
(Æ)
4,419
209
Ambarella
,
Inc.
(Æ)
3,907
256
American
Software,
Inc.
Class
A
57,907
936
Amkor
Technology,
Inc.
4,264
72
Amplitude,
Inc.
Class
A
(Æ)
1,057
15
Appfolio
,
Inc.
Class
A
(Æ)
2,588
235
Arlo
Technologies,
Inc.
(Æ)(Ð)
9,073
57
Arrow
Electronics,
Inc.
(Æ)(Û)
2,561
287
Asure
Software,
Inc.
(Æ)
14,366
82
Augmedix
,
Inc.
(Æ)(Ñ)
25,701
46
Avaya
Holdings
Corp.
(Æ)
6,763
15
Aviat
Networks,
Inc.
(Æ)
670
17
Avid
Technology,
Inc.
(Æ)
1,998
52
Avnet,
Inc.
(Û)
5,804
249
Axcelis
Technologies,
Inc.
(Æ)
2,296
126
Azenta
,
Inc.
1,258
91
Bandwidth,
Inc.
Class
A
(Æ)(Ð)
2,512
47
Benchmark
Electronics,
Inc.
3,428
77
Benefitfocus
,
Inc.
(Æ)
865
7
Blackline,
Inc.
(Æ)
1,550
103
Box,
Inc.
Class
A
(Æ)
9,358
235
Brightcove
,
Inc.
(Æ)
1,230
8
CalAmp
Corp.
(Æ)
1,298
5
Calix,
Inc.
(Æ)
2,270
77
Cardlytics,
Inc.
(Æ)
6,067
135
Cerence
,
Inc.
(Æ)(Ð)
1,700
43
ChannelAdvisor
Corp.
(Æ)
7,908
115
CI&T,
Inc.
Class
A
(Æ)(Ñ)
27,435
277
Ciena
Corp.
(Æ)(Û)
447
20
Cirrus
Logic,
Inc.
(Æ)(Û)
3,473
252
Cohu
,
Inc.
(Æ)
6,132
170
CommScope
Holding
Co.,
Inc.
(Æ)
14,631
90
CommVault
Systems,
Inc.
(Æ)
1,746
110
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
26
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
comScore,
Inc.
(Æ)
2,257
5
Conduent
,
Inc.
(Æ)
8,873
38
CSG
Systems
International,
Inc.
1,592
95
CyberArk
Software,
Ltd.
(Æ)
1,181
151
Daily
Journal
Corp.
(Æ)
226
58
Diebold
Nixdorf,
Inc.
(Æ)(Ð)
1,237
3
DigitalBridge
Group,
Inc.
(Æ)
47,101
230
Domo,
Inc.
Class
B
(Æ)
899
25
Donnelley
Financial
Solutions,
Inc.
(Æ)
3,227
95
DoubleVerify
Holdings,
Inc.
(Æ)
12,945
293
Dropbox,
Inc.
Class
A
(Æ)(Û)
12,819
269
DXC
Technology
Co.
(Æ)(Û)
1,939
59
Edgio
,
Inc.
(Æ)(Ð)
5,138
12
eGain
Corp.
(Æ)
10,193
99
EMCORE
Corp.
(Æ)
20,415
62
Endava
PLC
-
ADR
(Æ)
5,209
460
Everbridge
,
Inc.
(Æ)
4,000
112
Expensify,
Inc.
Class
A
(Æ)(Ñ)
12,814
228
Extreme
Networks,
Inc.
(Æ)(Ð)
6,923
62
Frontier
Communications
Parent,
Inc.
(Æ)(Ð)
1,843
43
Genasys
,
Inc.
(Æ)
59,828
194
GoDaddy
,
Inc.
Class
A
(Æ)(Û)
1,056
73
Harmonic,
Inc.
(Æ)
5,902
51
IDT
Corp.
Class
B
(Æ)
5,121
129
II-VI,
Inc.
(Æ)(Ñ)
7,476
381
Immersion
Corp.
(Æ)
8,285
44
Infinera
Corp.
(Æ)
18,468
99
Inseego
Corp.
(Æ)(Ñ)
81,338
154
Inspired
Entertainment,
Inc.
(Æ)
9,707
84
Jabil
Circuit,
Inc.
(Û)
4,733
242
JFrog
,
Ltd.
(Æ)
3,630
76
Kaltura
,
Inc.
(Æ)(Ñ)
199,530
397
KBR,
Inc.
8,219
398
Kimball
Electronics,
Inc.
(Æ)
276
6
Kulicke
&
Soffa
Industries,
Inc.
(Ñ)
14,205
608
Kyndryl
Holdings,
Inc.
(Æ)
14,377
141
Lantronix
,
Inc.
(Æ)
6,887
37
Lattice
Semiconductor
Corp.
(Æ)
4,054
197
LivePerson
,
Inc.
(Æ)(Ð)
3,450
49
Loyalty
Ventures,
Inc.
(Æ)
1,000
4
Lyft,
Inc.
Class
A
(Æ)
9,722
129
Maxar
Technologies,
Inc.
16,209
423
MaxLinear
,
Inc.
Class
A
(Æ)
4,006
136
Model
N,
Inc.
(Æ)
22,077
565
Momentive
Global,
Inc.
(Æ)
7,978
70
NAPCO
Security
Technologies,
Inc.
(Æ)
40,725
839
NETGEAR,
Inc.
(Æ)
3,968
73
NetScout
Systems,
Inc.
(Æ)
2,730
92
nLight
,
Inc.
(Æ)
34,460
352
Nutanix
,
Inc.
Class
A
(Æ)
12,566
184
ON24,
Inc.
(Æ)
30,249
287
One
Stop
Systems,
Inc.
(Æ)
24,597
97
OneSpan
,
Inc.
(Æ)
1,722
20
Ooma
,
Inc.
(Æ)
20,891
248
Ouster,
Inc.
(Æ)(Ñ)
11,639
19
Outbrain
,
Inc.
(Æ)
2,862
14
Parsons
Corp.
(Æ)
1,422
57
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
PDF
Solutions,
Inc.
(Æ)
32,092
690
Pegasystems
,
Inc.
9,169
439
PlayAGS
,
Inc.
(Æ)
2,141
11
Power
Integrations,
Inc.
1,764
132
Qualys
,
Inc.
(Æ)
7,051
890
Quantum
Corp.
(Æ)
935
1
RADCOM,
Ltd.
(Æ)
10,957
126
Rambus,
Inc.
(Æ)
24,587
528
Ribbon
Communications,
Inc.
(Æ)
5,919
18
Rimini
Street,
Inc.
(Æ)
3,306
20
SailPoint
Technologies
Holding,
Inc.
(Æ)
3,336
209
ScanSource
,
Inc.
(Æ)
580
18
SecureWorks
Corp.
Class
A
(Æ)
864
9
Semtech
Corp.
(Æ)
1,854
102
Shutterstock
,
Inc.
1,626
93
Sierra
Wireless,
Inc.
(Æ)
4,158
97
Silicon
Laboratories,
Inc.
(Æ)
4,256
597
Simulations
Plus,
Inc.
29,643
1,463
SiTime
Corp.
(Æ)
2,361
385
SMART
Global
Holdings,
Inc.
(Æ)
17,086
280
SolarWinds
Corp.
2,277
23
Sonos
,
Inc.
(Æ)
3,721
67
Sprout
Social,
Inc.
Class
A
(Æ)
4,594
267
SPS
Commerce,
Inc.
(Æ)
1,486
168
Stratasys
,
Ltd.
(Æ)
4,193
79
Super
Micro
Computer,
Inc.
(Æ)
2,921
118
Synaptics
,
Inc.
(Æ)
866
102
Tenable
Holdings,
Inc.
(Æ)
4,578
208
TrueCar
,
Inc.
(Æ)
8,702
23
Unisys
Corp.
(Æ)
3,091
37
Upland
Software,
Inc.
(Æ)
1,560
23
Upwork
,
Inc.
(Æ)
3,893
81
UserTesting
,
Inc.
(Æ)(Ñ)
4,096
21
Varonis
Systems,
Inc.
(Æ)
7,318
215
Verint
Systems,
Inc.
(Æ)
2,649
112
Vishay
Intertechnology
,
Inc.
10,567
188
VTEX
Class
A
(Æ)
8,340
26
Wix.com,
Ltd.
(Æ)
3,056
200
Workiva
,
Inc.
(Æ)
9,796
646
Xperi
Holding
Corp.
11,083
160
Yelp,
Inc.
Class
A
(Æ)(Û)
3,146
87
Zeta
Global
Holdings
Corp.
Class
A
(Æ)
5,089
23
22,973
Utilities
-
5.0%
Allete
,
Inc.
12,286
722
Allot,
Ltd.
(Æ)
19,053
93
American
States
Water
Co.
1,064
87
APA
Corp.
(Û)
1,233
43
Artesian
Resources
Corp.
Class
A
4,093
201
Avista
Corp.
5,709
248
Black
Hills
Corp.
3,572
260
Brigham
Minerals,
Inc.
Class
A
42,952
1,057
California
Resources
Corp.
4,302
166
Chesapeake
Energy
Corp.
7,964
646
Civitas
Resources,
Inc.
1,724
90
Cogent
Communications
Holdings,
Inc.
2,596
158
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
27
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Denbury,
Inc.
(Æ)
2,211
133
Earthstone
Energy,
Inc.
Class
A
(Æ)(Ñ)
38,000
519
Evolution
Petroleum
Corp.
40,169
219
Gogo
,
Inc.
(Æ)
11,558
187
Gulfport
Energy
Corp.
(Æ)
1,103
88
IDACORP,
Inc.
(Ð)
1,439
152
Iridium
Communications,
Inc.
(Æ)
4,142
156
Lumen
Technologies,
Inc.
(Ð)
2,125
23
Mammoth
Energy
Services,
Inc.
(Æ)
19,488
43
MGE
Energy,
Inc.
932
73
New
Jersey
Resources
Corp.
2,763
123
Northern
Oil
and
Gas,
Inc.
8,689
219
Northwest
Natural
Holding
Co.
(Ð)
445
24
NorthWestern
Corp.
6,311
372
NRG
Energy,
Inc.
(Û)
7,769
297
Oasis
Petroleum,
Inc.
868
106
ONE
Gas,
Inc.
1,102
89
Ovintiv
,
Inc.
11,289
499
Pinnacle
West
Capital
Corp.
(Ð)
4,472
327
Plains
GP
Holdings,
LP
Class
A
(Æ)(Û)
10,389
107
PNM
Resources,
Inc.
1,441
69
Portland
General
Electric
Co.
6,442
311
RGC
Resources,
Inc.
15,218
290
Saturn
Oil
&
Gas,
Inc.
(Æ)
6,400
13
SilverBow
Resources,
Inc.
(Æ)
7,884
224
South
Jersey
Industries,
Inc.
9,618
328
Spire,
Inc.
1,668
124
Spok
Holdings,
Inc.
21,070
133
Telephone
&
Data
Systems,
Inc.
5,094
80
UGI
Corp.
6,051
234
US
Cellular
Corp.
(Æ)
6,627
192
Vonage
Holdings
Corp.
(Æ)
7,357
139
Whiting
Petroleum
Corp.
2,002
136
York
Water
Co.
(The)
7,887
319
Ziff
Davis,
Inc.
(Æ)
1,235
92
10,211
Total
Common
Stocks
(cost
$207,709)
200,172
Short-Term
Investments
-
4.5%
U.S.
Cash
Management
Fund(@)
9,139,683
(∞)
9,136
Total
Short-Term
Investments
(cost
$9,137)
9,136
Other
Securities
-
2.3%
U.S.
Cash
Collateral
Fund(@)(×)
4,638,426
(∞)
4,638
Total
Other
Securities
(cost
$4,638)
4,638
Total
Investments
-
105.8%
(identified
cost
$221,484)
213,946
Securities
Sold
Short
-
(3.6)%
Consumer
Discretionary
-
(0.4)%
1847
Goedeker
,
Inc.
(Æ)
(4,800)
(6)
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Akoustis
Technologies,
Inc.
(Æ)
(4,423)
(16)
AMC
Entertainment
Holdings,
Inc.
Class
A
(Æ)
(5,754)
(78)
America's
Car-Mart,
Inc.
(Æ)
(140)
(14)
AMMO,
Inc.
(Æ)
(3,033)
(12)
Aspen
Aerogels,
Inc.
(Æ)
(2,569)
(25)
Astra
Space,
Inc.
(Æ)
(10,817)
(14)
Byrna
Technologies,
Inc.
(Æ)
(1,000)
(9)
Callaway
Golf
Co.
(Æ)
(7,281)
(149)
CarParts.com,
Inc.
(Æ)
(4,842)
(34)
Carvana
Co.
(Æ)
(671)
(15)
CuriosityStream
,
Inc.
(Æ)
(1,339)
(2)
Dream
Finders
Homes,
Inc.
Class
A
(Æ)
(1,657)
(18)
fuboTV
,
Inc.
(Æ)
(1,026)
(3)
GameStop
Corp.
Class
A
(Æ)
(409)
(50)
GrowGeneration
Corp.
(Æ)
(1,332)
(5)
Lordstown
Motors
Corp.
Class
A
(Æ)
(5,968)
(9)
MicroVision
,
Inc.
(Æ)
(4,132)
(16)
OptimizeRx
Corp.
(Æ)
(2,094)
(57)
Party
City
Holdco,
Inc.
(Æ)
(8,844)
(12)
Pool
Corp.
(356)
(123)
Target
Hospitality
Corp.
Class
A
(Æ)
(1,245)
(7)
Virgin
Galactic
Holdings,
Inc.
(Æ)
(1,145)
(7)
XPEL,
Inc.
(Æ)
(1,693)
(78)
YETI
Holdings,
Inc.
(Æ)
(1,752)
(76)
(835)
Consumer
Staples
-
(0.2)%
22nd
Century
Group,
Inc.
(Æ)
(11,026)
(23)
Beauty
Health
Co.
(The)
(Æ)
(3,372)
(43)
Cadiz,
Inc.
(Æ)
(847)
(2)
Celsius
Holdings,
Inc.
(Æ)
(1,185)
(77)
Chefs'
Warehouse
Holdings,
Inc.
(Æ)
(271)
(11)
Freshpet
,
Inc.
(Æ)
(2,059)
(106)
Limoneira
Co.
(200)
(3)
MGP
Ingredients,
Inc.
(977)
(98)
PetMed
Express,
Inc.
(2,910)
(58)
Utz
Brands,
Inc.
(1,705)
(24)
Vital
Farms,
Inc.
(Æ)
(651)
(6)
(451)
Energy
-
(0.3)%
Aemetis
,
Inc.
(Æ)
(1,006)
(5)
Archaea
Energy,
Inc.
(Æ)
(4,158)
(65)
Array
Technologies,
Inc.
(Æ)
(7,460)
(82)
Cleanspark
,
Inc.
(Æ)
(1,523)
(6)
Fluence
Energy,
Inc.
(Æ)
(6,517)
(62)
FuelCell
Energy,
Inc.
(Æ)
(1,794)
(7)
Gevo
,
Inc.
(Æ)
(3,659)
(9)
Liberty
Energy,
Inc.
Class
A
(Æ)
(9,603)
(121)
Shoals
Technologies
Group,
Inc.
Class
A
(Æ)
(2,409)
(40)
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
28
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Southwestern
Energy
Co.
(Æ)
(8,031)
(50)
Sunrun
,
Inc.
(Æ)
(1,976)
(46)
Uranium
Energy
Corp.
(Æ)
(25,657)
(79)
(572)
Financial
Services
-
(0.3)%
AFC
Gamma,
Inc.
(ö)
(1,485)
(23)
BRP
Group,
Inc.
Class
A
(Æ)
(3,390)
(82)
Cohen
&
Steers,
Inc.
(1,028)
(65)
Doma
Holdings,
Inc.
(Æ)
(1,460)
(2)
Franchise
Group,
Inc.
(Æ)
(2,899)
(102)
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
(ö)
(3,396)
(129)
Kite
Realty
Group
Trust
(ö)
(5,050)
(87)
Orchid
Island
Capital,
Inc.
(ö)
(25,640)
(73)
Performant
Financial
Corp.
(Æ)
(3,009)
(8)
StepStone
Group,
Inc.
Class
A
(3,475)
(90)
(661)
Health
Care
-
(1.0)%
1Life
Healthcare,
Inc.
(Æ)
(16,460)
(129)
Aadi
Bioscience,
Inc.
(Æ)
(561)
(7)
Absci
Corp.
(Æ)
(2,543)
(8)
Accelerate
Diagnostics,
Inc.
(Æ)
(3,800)
(4)
AdaptHealth
Corp.
(Æ)
(7,310)
(132)
Alaunos
Therapeutics,
Inc.
(Æ)
(4,584)
(6)
Aligos
Therapeutics,
Inc.
(Æ)
(2,000)
(2)
Alpha
Teknova
,
Inc.
(Æ)
(838)
(7)
Alphatec
Holdings,
Inc.
(Æ)
(6,317)
(41)
Altimmune
,
Inc.
(Æ)
(340)
(4)
Anavex
Life
Sciences
Corp.
(Æ)
(1,152)
(12)
Apollo
Medical
Holdings,
Inc.
(Æ)
(185)
(7)
Asensus
Surgical,
Inc.
(Æ)
(1,724)
(1)
Aspira
Women's
Health,
Inc.
(Æ)
(5,382)
(3)
Atossa
Therapeutics,
Inc.
(Æ)
(8,605)
(9)
aTyr
Pharma,
Inc.
(Æ)
(2,613)
(7)
AVEO
Pharmaceuticals,
Inc.
(Æ)
(317)
(2)
BioLife
Solutions,
Inc.
(Æ)
(2,816)
(39)
Biomea
Fusion,
Inc.
(Æ)
(1,476)
(18)
Bionano
Genomics,
Inc.
(Æ)
(19,982)
(28)
Brooklyn
ImmunoTherapeutics
,
Inc.
(Æ)
(3,376)
(2)
Cano
Health,
Inc.
(Æ)
(10,443)
(46)
CEL-SCI
Corp.
(Æ)
(293)
(1)
Cerevel
Therapeutics
Holdings,
Inc.
(Æ)
(284)
(8)
ChemoCentryx
,
Inc.
(Æ)
(1,069)
(26)
Citius
Pharmaceuticals,
Inc.
(Æ)
(13,650)
(13)
ClearPoint
Neuro,
Inc.
(Æ)
(1,260)
(16)
Clene
,
Inc.
(Æ)
(1,602)
(4)
Clover
Health
Investments
Corp.
(Æ)
(5,189)
(11)
CorMedix
,
Inc.
(Æ)
(3,398)
(14)
Crinetics
Pharmaceuticals,
Inc.
(Æ)
(1,354)
(25)
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Cytokinetics,
Inc.
(Æ)
(3,202)
(126)
DarioHealth
Corp.
(Æ)
(1,199)
(7)
Evolus
,
Inc.
(Æ)
(1,789)
(21)
EyePoint
Pharmaceuticals,
Inc.
(Æ)
(1,384)
(11)
Fate
Therapeutics,
Inc.
(Æ)
(1,682)
(42)
Geron
Corp.
(Æ)
(19,920)
(31)
ImmunityBio
,
Inc.
(Æ)
(3,225)
(12)
Inmune
Bio,
Inc.
(Æ)
(1,004)
(9)
Inotiv
,
Inc.
(Æ)
(2,261)
(22)
Inovio
Pharmaceuticals,
Inc.
(Æ)
(4,846)
(8)
Intra-Cellular
Therapies,
Inc.
Class
A
(Æ)
(1,954)
(112)
iRhythm
Technologies,
Inc.
(Æ)
(693)
(75)
Joint
Corp.
(The)
(Æ)
(2,064)
(32)
Kinnate
Biopharma,
Inc.
(Æ)
(1,610)
(20)
Kronos
Bio,
Inc.
(Æ)
(212)
(1)
Krystal
Biotech,
Inc.
(Æ)
(1,411)
(93)
Lantheus
Holdings,
Inc.
(Æ)
(2,368)
(155)
Matinas
BioPharma
Holdings,
Inc.
(Æ)
(3,996)
(3)
Mustang
Bio,
Inc.
(Æ)
(912)
(1)
Nkarta
,
Inc.
(Æ)
(851)
(10)
OncoCyte
Corp.
(Æ)
(3,342)
(3)
Outlook
Therapeutics,
Inc.
(Æ)
(9,487)
(10)
Point
Biopharma
Global,
Inc.
(Æ)
(1,000)
(7)
Pulse
Biosciences,
Inc.
(Æ)
(1,700)
(3)
Recursion
Pharmaceuticals,
Inc.
Class
A
(Æ)
(6,205)
(51)
Relay
Therapeutics,
Inc.
(Æ)
(4,289)
(72)
Seelos
Therapeutics,
Inc.
(Æ)
(7,700)
(5)
Sema4
Holdings
Corp.
(Æ)
(4,309)
(5)
Sharecare
,
Inc.
(Æ)
(2,800)
(4)
Sorrento
Therapeutics,
Inc.
(Æ)
(473)
(1)
Syndax
Pharmaceuticals,
Inc.
(Æ)
(2,848)
(55)
Teladoc
Health,
Inc.
(Æ)
(839)
(28)
TFF
Pharmaceuticals,
Inc.
(Æ)
(775)
(4)
TransMedics
Group,
Inc.
(Æ)
(692)
(22)
Twist
Bioscience
Corp.
(Æ)
(669)
(23)
Vaxart
,
Inc.
(Æ)
(4,214)
(15)
Veracyte
,
Inc.
(Æ)
(5,659)
(111)
Verastem
,
Inc.
(Æ)
(10,334)
(12)
Vericel
Corp.
(Æ)
(1,642)
(41)
Vincerx
Pharma,
Inc.
(Æ)
(705)
(1)
VistaGen
Therapeutics,
Inc.
(Æ)
(5,878)
(5)
Xeris
Biopharma
Holdings,
Inc.
(Æ)
(5,600)
(9)
Y-
mAbs
Therapeutics,
Inc.
(Æ)
(4,940)
(75)
(1,985)
Materials
and
Processing
-
(0.3)%
AAON,
Inc.
(2,469)
(135)
Allegheny
Technologies,
Inc.
(Æ)
(3,117)
(71)
Amyris
,
Inc.
(Æ)
(4,779)
(9)
Carpenter
Technology
Corp.
(1,150)
(32)
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
29
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Griffon
Corp.
(1,467)
(41)
Haynes
International,
Inc.
(674)
(22)
Hudson
Technologies,
Inc.
(Æ)
(3,203)
(24)
Lawson
Products,
Inc.
(Æ)
(169)
(9)
Leslie's,
Inc.
(Æ)
(6,856)
(105)
Origin
Materials,
Inc.
(Æ)
(2,099)
(11)
Quaker
Chemical
Corp.
(503)
(75)
SmartRent
,
Inc.
(Æ)
(9,398)
(42)
ThredUp
,
Inc.
Class
A
(Æ)
(4,153)
(10)
(586)
Producer
Durables
-
(0.3)%
908
Devices,
Inc.
(Æ)
(2,335)
(48)
Aeva
Technologies,
Inc.
(Æ)
(5,268)
(16)
Affirm
Holdings,
Inc.
(Æ)
(530)
(10)
Aurora
Innovation,
Inc.
(Æ)
(8,205)
(16)
Berkshire
Grey,
Inc.
(Æ)
(600)
(1)
CryoPort
,
Inc.
(Æ)
(1,574)
(49)
DMC
Global,
Inc.
(Æ)
(500)
(9)
Fox
Factory
Holding
Corp.
(Æ)
(1,500)
(121)
Hydrofarm
Holdings
Group,
Inc.
(Æ)
(4,885)
(17)
Hyzon
Motors,
Inc.
(Æ)
(912)
(3)
Luminar
Technologies,
Inc.
(Æ)
(1,752)
(10)
Magnite
,
Inc.
(Æ)
(924)
(8)
National
CineMedia
,
Inc.
(4,646)
(4)
Paymentus
Holdings,
Inc.
Class
A
(Æ)
(2,500)
(33)
Proterra
,
Inc.
(Æ)
(1,052)
(5)
PureCycle
Technologies,
Inc.
(Æ)
(4,733)
(35)
Transphorm
,
Inc.
(Æ)
(567)
(2)
Volta,
Inc.
(Æ)
(10,775)
(14)
Wheels
Up
Experience,
Inc.
(Æ)
(7,665)
(15)
Workhorse
Group,
Inc.
(Æ)
(3,336)
(9)
Xometry
,
Inc.
Class
A
(Æ)
(3,986)
(135)
(560)
Technology
-
(0.7)%
3D
Systems
Corp.
(Æ)
(912)
(9)
Aehr
Test
Systems
(Æ)
(1,525)
(11)
Appian
Corp.
(Æ)
(110)
(5)
AppLovin
Corp.
Class
A
(Æ)
(3,844)
(132)
Atomera
,
Inc.
(Æ)
(941)
(9)
Azenta
,
Inc.
(1,716)
(124)
Bentley
Systems,
Inc.
Class
B
(3,589)
(120)
Bill.com
Holdings,
Inc.
(Æ)
(314)
(35)
Bumble,
Inc.
Class
A
(Æ)
(5,256)
(148)
Cardlytics,
Inc.
(Æ)
(630)
(14)
Cargurus
,
Inc.
(Æ)
(5,783)
(124)
Digimarc
Corp.
(Æ)
(1,295)
(18)
Digital
Turbine,
Inc.
(Æ)
(411)
(7)
E2open
Parent
Holdings,
Inc.
(Æ)
(15,046)
(117)
II-VI,
Inc.
(Æ)
(286)
(15)
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Latch,
Inc.
(Æ)
(4,106)
(5)
Luna
Innovations,
Inc.
(Æ)
(129)
(1)
Matterport
,
Inc.
(Æ)
(2,465)
(9)
NAPCO
Security
Technologies,
Inc.
(Æ)
(900)
(19)
nCino
,
Inc.
(Æ)
(3,287)
(102)
Olo
,
Inc.
Class
A
(Æ)
(4,204)
(41)
Ondas
Holdings,
Inc.
(Æ)
(2,672)
(14)
Ouster,
Inc.
(Æ)
(12,398)
(20)
PAR
Technology
Corp.
(Æ)
(3,234)
(121)
Porch
Group,
Inc.
(Æ)
(10,218)
(26)
Rekor
Systems,
Inc.
(Æ)
(5,138)
(9)
Skillz
,
Inc.
(Æ)
(25,508)
(32)
Vuzix
Corp.
(Æ)
(1,957)
(14)
Wolfspeed
,
Inc.
(Æ)
(1,464)
(93)
(1,394)
Utilities
-
(0.1)%
Civitas
Resources,
Inc.
(2,089)
(109)
Crescent
Energy
Co.
Class
A
(630)
(8)
Globalstar
,
Inc.
(Æ)
(17,900)
(22)
New
Fortress
Energy,
Inc.
(1,008)
(40)
NextDecade
Corp.
(Æ)
(2,642)
(12)
Stronghold
Digital
Mining,
Inc.
Class
A
(Æ)
(2,464)
(4)
Tellurian,
Inc.
(Æ)
(4,573)
(14)
(209)
Total
Securities
Sold
Short
(proceeds
$9,352)
(7,253)
Other
Assets
and
Liabilities,
Net
-
(2.2)%
(4,522)
Net
Assets
-
100.0%
202,171
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
30
U.S.
Small
Cap
Equity
Fund
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
0.0%
JER
Investment
Trust,
Inc.
05/27/04
1,771
82.03
145
—
—
For
a
description
of
restricted
securities
see
note
7
in
the
Notes
to
Financial
Statements.
Futures
Contracts
Amounts
in
thousands
(except
contract
amounts
)
Number
of
Contracts
Notional
Amount
Expiration
Date
Value
and
Unrealized
Appreciation
(Depreciation)
$
Long
Positions
E-Mini
Russell
2000
Index
Futures
108
USD
9,223
09/22
(293)
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(293)
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
%
of
Net
Assets
Common
Stocks
Consumer
Discretionary
$
20,178
$
—
$
—
$
—
$
20,178
10.0
Consumer
Staples
9,508
—
—
—
9,508
4.7
Energy
8,094
—
—
—
8,094
4.0
Financial
Services
46,127
—
—
—
46,127
22.8
Health
Care
33,797
—
—
—
33,797
16.7
Materials
and
Processing
14,075
—
—
—
14,075
7.0
Producer
Durables
35,209
—
—
—
35,209
17.4
Technology
22,973
—
—
—
22,973
11.4
Utilities
10,211
—
—
—
10,211
5.0
Short-Term
Investments
—
—
—
9,136
9,136
4.5
Other
Securities
—
—
—
4,638
4,638
2.3
Total
Investments
200,172
—
—
13,774
213,946
105.8
Securities
Sold
Short
**
(7,253)
—
—
—
(7,253)
(3.6)
Other
Assets
and
Liabilities,
Net
(2.2)
100.0
Other
Financial
Instruments
Liabilities
Futures
Contracts
(293)
—
—
—
(293)
(0.1)
Total
Other
Financial
Instruments
*
$
(293)
$
—
$
—
$
—
$
(293)
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
31
*
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
Financial
Statements.
For
a
disclosure
on
transfers
into
and
out
of
Level
3
during
the
period
ended
June
30,
2022,
see
note
2
in
the
Notes
to
Financial
Statements.
Investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
a
fair
value
for
the
period
ended
June
30,
2022,
were
less
than
1%
of
net
assets.
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
32
U.S.
Small
Cap
Equity
Fund
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Fair
Value
of
Derivative
Instruments
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Derivatives
not
accounted
for
as
hedging
instruments
Equity
Contracts
Location:
Statement
of
Assets
and
Liabilities
-
Liabilities
Variation
margin
on
futures
contracts*
$
293
Derivatives
not
accounted
for
as
hedging
instruments
Equity
Contracts
Location:
Statement
of
Operations
-
Net
realized
gain
(loss)
Futures
contracts
$
(2,387
)
Location:
Statement
of
Operations
-
Net
change
in
unrealized
appreciation
(depreciation)
Futures
contracts
$
(519)
*
Includes
cumulative
appreciation
(depreciation)
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.
Only
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
For
further
disclosure
on
derivatives
see
note
2
in
the
Notes
to
Financial
Statements.
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Balance
Sheet
Offsetting
of
Financial
and
Derivative
Instruments
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
33
Amounts
in
thousands
Offsetting
of
Financial
Assets
and
Derivative
Assets
Description
Location:
Statement
of
Assets
and
Liabilities
-
Assets
Gross
Amounts
of
Recognized
Assets
Gross
Amounts
Offset
in
the
Statement
of
Assets
and
Liabilities
Net
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Securities
on
Loan*
Investments,
at
fair
value
$
4,321
$
—
$
4,321
Total
Financial
and
Derivative
Assets
4,321
—
4,321
Financial
and
Derivative
Assets
not
subject
to
a
netting
agreement
—
—
—
Total
Financial
and
Derivative
Assets
subject
to
a
netting
agreement
$
4,321
$
—
$
4,321
Financial
Assets,
Derivative
Assets,
and
Collateral
Held
by
Counterparty
Gross
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Counterparty
Net
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
and
Derivative
Instruments
Collateral
Received^
Net
Amount
Bank
of
America
$
390
$
—
$
390
$
—
Barclays
21
—
21
—
Citigroup
524
—
524
—
Goldman
Sachs
641
—
641
—
HSBC
343
—
343
—
Morgan
Stanley
1,121
—
1,121
—
National
Bank
of
Canada
906
—
906
—
Societe
Generale
214
—
214
—
Wells
Fargo
161
—
161
—
Total
$
4,321
$
—
$
4,321
$
—
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Balance
Sheet
Offsetting
of
Financial
and
Derivative
Instruments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
34
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
Offsetting
of
Financial
Liabilities
and
Derivative
Liabilities
Description
Location:
Statement
of
Assets
and
Liabilities
-
Liabilities
Gross
Amounts
of
Recognized
Liabilities
Gross
Amounts
Offset
in
the
Statement
of
Assets
and
Liabilities
Net
Amounts
of
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Short
Sales
Securities
sold
short,
at
fair
value
$
7,253
$
—
$
7,253
Total
Financial
and
Derivative
Liabilities
7,253
—
7,253
Financial
and
Derivative
Liabilities
not
subject
to
a
netting
agreement
—
—
—
Total
Financial
and
Derivative
Liabilities
subject
to
a
netting
agreement
$
7,253
$
—
$
7,253
Financial
Liabilities,
Derivative
Liabilities,
and
Collateral
Pledged
by
Counterparty
Gross
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Counterparty
Net
Amounts
of
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
and
Derivative
Instruments
Collateral
Pledged^
Net
Amount
State
Street
$
7,253
$
—
$
7,253
$
—
Total
$
7,253
$
—
$
7,253
$
—
*
Fair
value
of
securities
on
loan
as
reported
in
the
footnotes
to
the
Statement
of
Assets
and
Liabilities.
^ Collateral
received
or
pledged
amounts
may
not
reconcile
to
those
disclosed
in
the
Statement
of
Assets
and
Liabilities
due
to
the
inclusion
of
off-Balance
Sheet
collateral
and
adjustments
made
to
exclude
overcollateralization.
For
further
disclosure
on
derivatives
and
counterparty
risk
see
note
2
in
the
Notes
to
Financial
Statements.
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
35
Statement
of
Assets
and
Liabilities
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Assets
Investments,
at
identified
cost
........................................................................................................................................................
$
221,484
Investments,
at
fair
value(*)(>)
......................................................................................................................................................
213,946
Foreign
currency
holdings(^)
.........................................................................................................................................................
7
Receivables:
Dividends
and
interest
.......................................................................................................................................................
153
Dividends
from
affiliated
funds
..........................................................................................................................................
9
Investments
sold
................................................................................................................................................................
324
From
broker(a)
...................................................................................................................................................................
839
Prepaid
expenses
...........................................................................................................................................................................
2
Total
assets
.................................................................................................................................................
215,280
Liabilities
Payables:
Investments
purchased
......................................................................................................................................................
565
Fund
shares
redeemed
.......................................................................................................................................................
93
Accrued
fees
to
affiliates
....................................................................................................................................................
158
Other
accrued
expenses
.....................................................................................................................................................
109
Variation
margin
on
futures
contracts
.................................................................................................................................
293
Securities
sold
short,
at
fair
value(‡)
..............................................................................................................................................
7,253
Payable
upon
return
of
securities
loaned
.......................................................................................................................................
4,638
Total
liabilities
.............................................................................................................................................
13,109
Net
Assets
............................................................................................................................................................
$
202,171
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
36
U.S.
Small
Cap
Equity
Fund
Statement
of
Assets
and
Liabilities,
continued
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
...............................................................................................................................................
$
(8,933)
Shares
of
beneficial
interest
...........................................................................................................................................................
168
Additional
paid-in
capital
..............................................................................................................................................................
210,936
Net
Assets
............................................................................................................................................................
$
202,171
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.........................................................................................................................................................
$
12.03
Net
assets
...............................................................................................................................................................................
$
202,170,579
Shares
outstanding
($.01
par
value)
.......................................................................................................................................
16,811,386
Amounts
in
thousands
(^)
Foreign
currency
holdings
-
cost
$
7
(*)
Securities
on
loan
included
in
investments
$
4,321
(‡)
Proceeds
on
securities
sold
short
$
9,352
(>)
Investments
in
affiliates,
U.S.
Cash
Management
Fund
and
U.S.
Cash
Collateral
Fund
$
13,774
(a)
Receivable
from
Broker
for
Futures
$
839
(#)
Net
asset
value
per
share
equals
net
assets
divided
by
shares
of
beneficial
interest
outstanding.
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
37
Statement
of
Operations
—
For
the
Period
Ended
June
30,
2022
(Unaudited)
Amounts
in
thousands
Investment
Income
Dividends
..........................................................................................................................................................................
$
1,474
Dividends
from
affiliated
funds
.........................................................................................................................................
19
Securities
lending
income
(net)
.........................................................................................................................................
25
Total
investment
income
...............................................................................................................................................................
1,518
Expenses
Advisory
fees
....................................................................................................................................................................
1,025
Administrative
fees
...........................................................................................................................................................
57
Custodian
fees
...................................................................................................................................................................
57
Transfer
agent
fees
............................................................................................................................................................
5
Professional
fees
...............................................................................................................................................................
42
Trustees’
fees
....................................................................................................................................................................
5
Printing
fees
......................................................................................................................................................................
11
Dividends
from
securities
sold
short
.................................................................................................................................
34
Interest
expense
paid
on
securities
sold
short
...................................................................................................................
49
Proxy
fees
.........................................................................................................................................................................
1
Miscellaneous
...................................................................................................................................................................
4
Expenses
before
reductions
..............................................................................................................................................
1,290
Expense
reductions
...........................................................................................................................................................
(21)
Net
expenses
.................................................................................................................................................................................
1,269
Net
investment
income
(loss)
........................................................................................................................................................
249
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
......................................................................................................................................................................
3,924
Investments
in
affiliated
funds
..........................................................................................................................................
(1)
Futures
contracts
..............................................................................................................................................................
(2,387)
Securities
sold
short
..........................................................................................................................................................
1,756
Foreign
currency-related
transactions
...............................................................................................................................
2
Net
realized
gain
(loss)
..................................................................................................................................................................
3,294
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
......................................................................................................................................................................
(55,272)
Investments
in
affiliated
funds
..........................................................................................................................................
(1)
Futures
contracts
..............................................................................................................................................................
(519)
Securities
sold
short
..........................................................................................................................................................
1,959
Net
change
in
unrealized
appreciation
(depreciation)
...................................................................................................................
(53,833)
Net
realized
and
unrealized
gain
(loss)
.........................................................................................................................................
(50,539)
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
..........................................................................................
$
(50,290)
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
38
U.S.
Small
Cap
Equity
Fund
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
Period
Ended
June
30,
2022
(Unaudited)
Fiscal
Year
Ended
December
31,
2021
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
............................................................................................................
$
249
$
115
Net
realized
gain
(loss)
......................................................................................................................
3,294
65,174
Net
change
in
unrealized
appreciation
(depreciation)
.......................................................................
(53,833)
(6,951)
Net
increase
(decrease)
in
net
assets
from
operations
.............................................................................
(50,290)
58,338
Distributions
To
shareholders
.................................................................................................................................
(4,593)
(57,621)
Net
decrease
in
net
assets
from
distributions
..........................................................................................
(4,593)
(57,621)
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
.................................................................
(499)
20,572
Total
Net
Increase
(Decrease)
in
Net
Assets
..........................................................................
(55,382)
21,289
Net
Assets
Beginning
of
period
.................................................................................................................................
257,553
236,264
End
of
period
..........................................................................................................................................
$
202,171
$
257,553
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
June
30,
2022
and
December
31,
2021
were
as
follows:
2022
(Unaudited)
2021
Shares
Dollars
Shares
Dollars
Proceeds
from
shares
sold
310
$
4,275
978
$
18,542
Proceeds
from
reinvestment
of
distributions
333
4,593
3,876
57,621
Payments
for
shares
redeemed
(70
1
)
(9,36
7
)
(2,990)
(55,591)
Total
increase
(decrease)
(58)
$
(499)
1,864
$
20,572
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Financial
Highlights
—
For
the
Periods
Ended
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
40
U.S.
Small
Cap
Equity
Fund
For
a
Share
Outstanding
Throughout
Each
Period.
$
Net
Asset
Value,
Beginning
of
Period
$
Net
Investment
Income
(Loss)
(a)(b)
$
Net
Realized
and
Unrealized
Gain
(Loss)
$
Total
from
Investment
Operations
$
Distributions
from
Net
Investment
Income
$
Distributions
from
Net
Realized
Gain
June
30,
2022(1)
15.27
.01
(2.98)
(2.97)
(
—
)(c)
(.27)
December
31,
2021
15.75
.01
3.92
3.93
(.04)
(4.37)
December
31,
2020
14.30
.02
1.75
1.77
(.01)
(.31)
December
31,
2019
11.86
.05
2.68
2.73
(.07)
(.22)
December
31,
2018
16.40
.07
(1.94)
(1.87)
(.08)
(2.59)
December
31,
2017
15.21
.03
2.33
2.36
(.03)
(1.14)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
41
$
Total
Distributions
$
Net
Asset
Value,
End
of
Period
%
Total
Return
(d)(f)
$
Net
Assets,
End
of
Period
(000)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Gross
(e)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Net
(b)(e)
%
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
(b)(e)
%
Portfolio
Turnover
Rate
(d)
(.27)
12.03
(19.66)
202,171
1.13
1.11
.22
54
(4.41)
15.27
25.79
257,553
1.14
1.13
.05
114
(.32)
15.75
12.70
236,264
1.25
1.25
.12
125
(.29)
14.30
23.07
227,899
1.19
1.19
.34
127
(2.67)
11.86
(11.97)
204,490
1.04
1.04
.45
80
(1.17)
16.40
15.48
254,854
1.03
1.03
.17
135
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
42
U.S.
Small
Cap
Equity
Fund
Related
Party
Transactions,
Fees
and
Expenses
(Unaudited)
Accrued
fees
payable
to
affiliates
for
the
period
ended
June
30,
2022
were
as
follows:
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2022
with
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
(Unaudited)
At
June
30,
2022
,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Advisory
fees
$
148,399
Administration
fees
8,628
Transfer
agent
fees
759
$
157,786
Fair
Value,
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Change
in
Unrealized
Gain
(Loss)
Fair
Value,
End
of
Period
Income
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
12,575
$
37,010
$
40,447
$
(1
)
$
(1
)
$
9,136
$
19
—
U.S.
Cash
Collateral
Fund
5,045
22,278
22,685
—
—
$
4,638
—
$
—
$
17,620
$
59,288
$
63,132
$
(1
)
$
(1
)
$
13,774
$
19
$
—
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
$
219,146,427
$
49,122,305
$
(61,868,462)
$
(12,746,157)
Russell
Investment
Funds
International
Developed
Markets
Fund
Shareholder
Expense
Example
—
June
30,
2022
(Unaudited)
International
Developed
Markets
Fund
43
Fund
Expenses
The
following
disclosure
provides
important
information
regarding
the
Fund’s
Shareholder
Expense
Example
(“Example”).
Example
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transaction
costs,
and
(2)
ongoing
costs,
including
advisory
and
administrative
fees
and
other
Fund
expenses.
The
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
indicated,
which
for
this
Fund
is
from
January
1,
2022
to
June
30,
2022
.
Actual
Expenses
The
information
in
the
table
under
the
heading
“Actual
Performance”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
column,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
column
in
the
row
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
in
the
table
under
the
heading
“Hypothetical
Performance
(5%
return
before
expenses)”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs.
Therefore,
the
information
under
the
heading
“Hypothetical
Performance
(5%
return
before
expenses)”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
The
fees
and
expenses
shown
in
this
section
do
not
reflect
any
Insurance
Company
Separate
Account
Policy
Charges.
Actual
Performance
Hypothetical
Performance
(5%
return
before
expenses)
Beginning
Account
Value
January
1,
2022
$
1,000.00
$
1,000.00
Ending
Account
Value
June
30,
2022
$
820.40
$
1,019.74
Expenses
Paid
During
Period*
$
4.60
$
5.11
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio
of
1.02%
(representing
the
six
month
period
annualized),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
May
reflect
amounts
waived
and/or
reimbursed.
Without
any
waivers
and/or
reimbursements,
expenses
would
have
been
higher.
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
44
International
Developed
Markets
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
93.6%
Argentina
-
0.0%
YPF
SA
-
ADR(Æ)
17,193
56
Australia
-
2.1%
Ampol,
Ltd.
8,836
208
APA
Group
479
4
ASX,
Ltd.
-
ADR
567
32
Australia
&
New
Zealand
Banking
Group,
Ltd.
-
ADR
7,830
119
BHP
Group,
Ltd.
30,627
856
BHP
Group,
Ltd.
-
ADR
35,652
1,027
BlueScope
Steel,
Ltd.
8,785
96
Commonwealth
Bank
of
Australia
-
ADR
21,539
1,346
CSL,
Ltd.
1,402
261
Dexus
Property
Group(ö)
15,596
95
Fortescue
Metals
Group,
Ltd.
35,403
435
Insurance
Australia
Group,
Ltd.(Æ)
100,462
302
Macquarie
Group,
Ltd.
1,403
159
Magellan
Financial
Group,
Ltd.
-
ADR
3,288
29
Medibank
Pvt,
Ltd.
114,309
257
National
Australia
Bank,
Ltd.
-
ADR
8,328
157
Rio
Tinto,
Ltd.
-
ADR
1,934
139
South32,
Ltd.
Class
B
158,088
436
Wesfarmers,
Ltd.(Æ)
3,132
91
Westpac
Banking
Corp.
11,123
150
Woodside
Energy
Group,
Ltd.
6,442
141
Woodside
Energy
Group,
Ltd.(Æ)
5,534
117
6,457
Austria
-
0.4%
Erste
Group
Bank
AG
32,746
831
Mondi
PLC
17,109
304
1,135
Belgium
-
0.3%
Ageas
SA
11,060
488
Etablissements
Franz
Colruyt
NV
5,680
154
KBC
Groep
NV
1,407
79
UCB
SA
960
81
802
Bermuda
-
0.0%
VEON,
Ltd.(Æ)
134,442
62
Brazil
-
0.8%
Ambev
SA
455,900
1,168
Atacadao
SA
30,200
96
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo(Æ)
66,400
535
Telefonica
Brasil
SA
49,319
443
Ultrapar
Participacoes
SA
83,200
196
2,438
Canada
-
4.6%
Agnico
Eagle
Mines,
Ltd.
1,706
78
Alimentation
Couche-Tard,
Inc.
3,568
139
ARC
Resources,
Ltd.
21,202
267
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
B2Gold
Corp.
80,860
274
Bank
of
Montreal
2,496
240
Bank
of
Nova
Scotia
(The)
5,649
334
Barrick
Gold
Corp.
32,708
578
CAE,
Inc.(Æ)
83,015
2,047
Cameco
Corp.
Class
A
15,323
322
Canadian
Imperial
Bank
of
Commerce
3,336
162
Canadian
National
Railway
Co.
14,564
1,638
CGI
Group,
Inc.(Æ)
1,863
148
Dollarama,
Inc.
10,476
603
Emera,
Inc.
1,665
78
Enbridge,
Inc.
8,919
377
George
Weston,
Ltd.
1,055
123
Great-West
Lifeco,
Inc.
3,162
77
iA
Financial
Corp.,
Inc.
1,405
70
Kinross
Gold
Corp.
67,247
241
Loblaw
Cos.,
Ltd.
2,236
202
Metro,
Inc.
Class
A
5,571
299
National
Bank
of
Canada
4,041
265
Open
Text
Corp.
2,344
89
Royal
Bank
of
Canada
-
GDR
18,544
1,796
Stantec,
Inc.
10,911
478
Sun
Life
Financial,
Inc.
24,322
1,114
TC
Energy
Corp.(Æ)
5,675
294
TELUS
Corp.
8,789
196
Thomson
Reuters
Corp.(Æ)
1,222
127
Toronto-Dominion
Bank
(The)
23,758
1,558
14,214
China
-
1.8%
Alibaba
Group
Holding,
Ltd.(Æ)
77,200
1,101
Dongfeng
Motor
Group
Co.,
Ltd.
Class
H
626,000
476
Tencent
Holdings,
Ltd.
57,284
2,602
Trip.com
Group,
Ltd.
-
ADR(Æ)
26,270
721
Wilmar
International,
Ltd.
176,300
513
5,413
Denmark
-
1.1%
AP
Moller
-
Maersk
A/S
Class
B
323
759
Carlsberg
A/S
Class
B
1,393
178
Chr
Hansen
Holding
A/S
1,924
140
Coloplast
A/S
Class
B
975
111
Danske
Bank
A/S
42,174
598
DSV
A/S
5,143
720
Novo
Nordisk
A/S
Class
B
5,294
588
Novozymes
A/S
Class
B
1,505
91
Tryg
A/S
3,314
74
3,259
Finland
-
1.8%
Elisa
OYJ
8,413
473
Kone
OYJ
Class
B
12,150
581
Neste
OYJ
1,690
75
Nokia
OYJ
490,385
2,284
Nordea
Bank
Abp
21,407
189
Orion
OYJ
Class
B
1,887
84
Sampo
OYJ
Class
A
14,622
637
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
45
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
UPM-Kymmene
OYJ
23,472
718
Wartsila
OYJ
Abp
Class
B
44,784
349
5,390
France
-
8.5%
Accor
SA(Æ)
41,080
1,128
Air
Liquide
SA
Class
A
1,798
243
Airbus
Group
SE
7,900
776
Amundi
SA(Þ)
13,696
758
AXA
SA
45,410
1,032
BNP
Paribas
SA
14,317
682
Bouygues
SA
-
ADR
16,761
518
Bureau
Veritas
SA
24,489
628
Capgemini
SE
3,767
651
Carrefour
SA(Ñ)
28,444
505
Cie
de
Saint-Gobain
SA
18,147
788
Danone
SA
2,699
152
Dassault
Aviation
SA
2,196
343
Dassault
Systemes
SE
2,279
84
Edenred
2,958
140
Eiffage
SA
1,346
122
Engie
SA
71,764
833
Euroapi
SA(Æ)
823
13
Gecina
SA(ö)
699
66
Hermes
International
176
199
Legrand
SA
-
ADR
1,065
79
L'Oreal
SA
3,739
1,292
LVMH
Moet
Hennessy
Louis
Vuitton
SE
-
ADR
3,810
2,352
Michelin
(CGDE)
49,933
1,373
Orange
SA
-
ADR
74,138
872
Pernod
Ricard
SA
936
173
Publicis
Groupe
SA
-
ADR
18,065
892
Remy
Cointreau
SA
591
104
Renault
SA(Æ)
14,776
374
Rexel
SA
Class
H(Æ)
146,163
2,251
Sanofi
-
ADR
19,740
1,996
Schneider
Electric
SE
7,657
907
SCOR
SE
-
ADR
26,641
573
SEB
SA
673
65
Societe
Generale
SA
26,038
571
Teleperformance
-
GDR
506
156
TotalEnergies
SE
38,193
2,013
Vinci
SA
2,561
230
Vivendi
SE
-
ADR
17,094
174
26,108
Germany
-
4.4%
adidas
AG
7,680
1,358
Allianz
SE
1,463
279
BASF
SE
25,724
1,119
Beiersdorf
AG
1,398
143
Brenntag
SE
2,346
153
CECONOMY
AG
49,527
138
Continental
AG
6,637
463
Covestro
AG(Þ)
42,641
1,474
Daimler
Truck
Holding
AG(Æ)
19,126
499
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Deutsche
Boerse
AG
5,411
905
Deutsche
Telekom
AG
18,000
357
E.ON
SE
16,754
141
Fresenius
Medical
Care
AG
&
Co.
27,748
1,386
Fresenius
SE
&
Co.
KGaA
23,920
725
Hannover
Rueck
SE
3,132
454
HeidelbergCement
AG
12,026
578
Henkel
AG
&
Co.
KGaA
1,723
105
Infineon
Technologies
AG
-
ADR
19,987
484
LEG
Immobilien
SE
1,567
130
Mercedes-Benz
Group
AG
7,426
430
Muenchener
Rueckversicherungs-
Gesellschaft
AG
3,841
903
SAP
SE
-
ADR
2,452
223
Siemens
AG
5,640
574
Symrise
AG
1,220
133
Vonovia
SE
2,792
86
Zalando
SE(Æ)(Þ)
12,938
338
13,578
Hong
Kong
-
3.5%
AIA
Group,
Ltd.
265,808
2,919
CK
Asset
Holdings,
Ltd.
114,049
808
CK
Hutchison
Holdings,
Ltd.
Class
B
13,313
91
CK
Infrastructure
Holdings,
Ltd.
7,500
46
CLP
Holdings,
Ltd.
98,000
814
Galaxy
Entertainment
Group,
Ltd.
252,000
1,508
Hang
Seng
Bank,
Ltd.
34,400
608
Hong
Kong
Exchanges
&
Clearing,
Ltd.
10,000
499
Link
Real
Estate
Investment
Trust(ö)
17,200
140
Power
Assets
Holdings,
Ltd.
65,500
413
Sun
Hung
Kai
Properties,
Ltd.
11,500
136
Techtronic
Industries
Co.,
Ltd.
225,271
2,355
WH
Group,
Ltd.(Þ)
290,500
225
Xinyi
Glass
Holdings,
Ltd.
74,000
178
10,740
India
-
1.4%
Canara
Bank
95,649
220
Housing
Development
Finance
Corp.,
Ltd.
105,884
2,918
Oil
&
Natural
Gas
Corp.,
Ltd.
109,584
210
Reliance
Industries,
Ltd.
-
GDR(Æ)(Þ)
12,031
784
Zee
Entertainment
Enterprises,
Ltd.
27,087
74
4,206
Indonesia
-
0.2%
Bank
Mandiri
Persero
Tbk
PT
1,189,600
635
Ireland
-
4.5%
Accenture
PLC
Class
A
9,777
2,715
AIB
Group
PLC
128,535
293
Allegion
PLC
20,273
1,985
Aon
PLC
Class
A
6,316
1,703
Bank
of
Ireland
Group
PLC
180,721
1,142
CRH
PLC
2,291
79
Flutter
Entertainment
PLC(Æ)
5,517
554
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
46
International
Developed
Markets
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
James
Hardie
Industries
PLC
15,048
330
Kerry
Group
PLC
Class
A
18,136
1,737
Linde
PLC
9,489
2,724
Ryanair
Holdings
PLC
-
ADR(Æ)
6,937
467
13,729
Israel
-
0.2%
Bank
Hapoalim
BM
14,903
125
Bank
Leumi
Le-Israel
BM
12,839
115
Check
Point
Software
Technologies,
Ltd.
(Æ)
1,425
173
Israel
Discount
Bank,
Ltd.
Class
A
18,095
95
Mizrahi
Tefahot
Bank,
Ltd.
2,374
79
587
Italy
-
1.7%
Assicurazioni
Generali
SpA
43,552
698
BPER
Banca
143,561
236
Davide
Campari-Milano
NV(Æ)
67,623
714
Enel
SpA
166,065
913
Eni
SpA
-
ADR
79,867
949
FinecoBank
Banca
Fineco
SpA
18,788
226
Moncler
SpA
9,504
411
Recordati
SpA
1,796
78
Snam
Rete
Gas
SpA
27,986
147
Terna
Rete
Elettrica
Nazionale
SpA
4,731
37
UniCredit
SpA
73,502
705
5,114
Japan
-
18.7%
Ajinomoto
Co.,
Inc.
6,400
156
Alfresa
Holdings
Corp.
15,500
208
Alps
Alpine
Co.,
Ltd.
25,300
257
Astellas
Pharma,
Inc.
59,000
919
Benesse
Holdings,
Inc.
3,100
50
Bridgestone
Corp.
16,100
588
Brother
Industries,
Ltd.
8,600
151
Canon,
Inc.
43,500
990
Casio
Computer
Co.,
Ltd.
6,000
56
Concordia
Financial
Group,
Ltd.
34,900
121
Dai-ichi
Life
Holdings,
Inc.
33,750
623
Daiichi
Sankyo
Co.,
Ltd.
28,900
730
Daito
Trust
Construction
Co.,
Ltd.
3,000
259
Daiwa
House
Industry
Co.,
Ltd.
7,500
175
Daiwa
House
REIT
Investment
Corp.(ö)
26
59
Daiwa
Securities
Group,
Inc.
29,000
130
DeNA
Co.,
Ltd.
19,800
276
Eisai
Co.,
Ltd.
8,640
365
Fuji
Media
Holdings,
Inc.
12,900
109
FUJIFILM
Holdings
Corp.
2,000
107
Fukuoka
Financial
Group,
Inc.
28,500
514
Hino
Motors,
Ltd.
64,900
334
Honda
Motor
Co.,
Ltd.
102,400
2,478
Iida
Group
Holdings
Co.,
Ltd.
27,100
417
Inpex
Corp.
42,700
461
Isuzu
Motors,
Ltd.
150,400
1,658
ITOCHU
Corp.
9,000
243
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Japan
Airlines
Co.,
Ltd.(Æ)
27,300
478
Japan
Exchange
Group,
Inc.
22,000
318
Japan
Post
Bank
Co.,
Ltd.
Class
A
4,600
36
Japan
Post
Holdings
Co.,
Ltd.
33,900
242
Japan
Real
Estate
Investment
Corp.(ö)
13
60
Japan
Tobacco,
Inc.
64,500
1,116
JGC
Holdings
Corp.
35,000
455
Kajima
Corp.
9,000
103
Kamigumi
Co.,
Ltd.
14,900
289
Kansai
Electric
Power
Co.,
Inc.
(The)
18,000
178
Kao
Corp.
20,300
819
KDDI
Corp.
40,000
1,265
Keyence
Corp.
4,700
1,608
Kirin
Holdings
Co.,
Ltd.
28,100
443
Komatsu,
Ltd.
79,400
1,768
Kyocera
Corp.
17,900
958
Lion
Corp.
7,900
87
Makita
Corp.
11,300
282
McDonald's
Holdings
Co.
Japan,
Ltd.
5,200
189
Medipal
Holdings
Corp.
13,000
183
MEIJI
Holdings
Co.,
Ltd.
10,500
516
Menicon
Co.,
Ltd.
57,500
1,322
Mitsubishi
Corp.
6,200
184
Mitsubishi
Electric
Corp.
68,400
732
Mitsubishi
Estate
Co.,
Ltd.
43,200
627
Mitsubishi
Heavy
Industries,
Ltd.
9,900
347
Mitsubishi
Motors
Corp.(Æ)
65,200
221
Mitsubishi
UFJ
Financial
Group,
Inc.
187,300
1,002
Mitsubishi
UFJ
Lease
&
Finance
Co.,
Ltd.
45,800
211
Mitsui
&
Co.,
Ltd.
21,200
468
Mizuho
Financial
Group,
Inc.
10,800
123
MS&AD
Insurance
Group
Holdings,
Inc.
35,900
1,101
Murata
Manufacturing
Co.,
Ltd.
8,800
477
Nidec
Corp.
8,300
513
Nikon
Corp.
28,100
325
Nintendo
Co.,
Ltd.
1,710
739
Nippon
Building
Fund,
Inc.(ö)
24
119
Nippon
Prologis,
Inc.(Æ)(ö)
23
57
Nippon
Telegraph
&
Telephone
Corp.
6,306
181
Nippon
Television
Holdings,
Inc.
21,200
189
Nissan
Motor
Co.,
Ltd.
102,700
400
Nitori
Holdings
Co.,
Ltd.
600
57
Nitto
Denko
Corp.
5,800
376
Nomura
Holdings,
Inc.
50,800
186
Obayashi
Corp.
11,200
81
Oji
Holdings
Corp.
40,700
176
Ono
Pharmaceutical
Co.,
Ltd.
52,200
1,340
ORIX
Corp.
1,200
20
Orix
JREIT,
Inc.(ö)
47
64
Osaka
Gas
Co.,
Ltd.
9,800
188
Otsuka
Corp.
3,600
106
Otsuka
Holdings
Co.,
Ltd.
23,200
824
Panasonic
Holdings
Corp.
117,000
946
Pigeon
Corp.
4,700
65
Resona
Holdings,
Inc.
367,500
1,377
SCSK
Corp.
2,200
37
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
47
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Secom
Co.,
Ltd.
2,600
161
Sekisui
Chemical
Co.,
Ltd.
15,700
215
Sekisui
House,
Ltd.
12,800
224
Seven
&
i
Holdings
Co.,
Ltd.
5,300
205
Shimamura
Co.,
Ltd.
5,800
509
Shimizu
Corp.
19,500
108
Shin-Etsu
Chemical
Co.,
Ltd.
19,735
2,229
Shiseido
Co.,
Ltd.
27,300
1,097
Shizuoka
Bank,
Ltd.
(The)
13,000
78
SMC
Corp.
1,000
446
SoftBank
Group
Corp.
11,500
128
Sohgo
Security
Services
Co.,
Ltd.
5,100
142
Sony
Group
Corp.
8,410
687
Stanley
Electric
Co.,
Ltd.
14,500
238
Subaru
Corp.
34,300
610
Sumitomo
Electric
Industries,
Ltd.
46,600
515
Sumitomo
Heavy
Industries,
Ltd.
14,200
314
Sumitomo
Mitsui
Financial
Group,
Inc.
33,800
1,004
Sumitomo
Mitsui
Trust
Holdings,
Inc.
24,200
746
Sumitomo
Rubber
Industries,
Ltd.
21,900
187
Suntory
Beverage
&
Food,
Ltd.
2,100
79
T&D
Holdings,
Inc.
94,900
1,134
Taiheiyo
Cement
Corp.
14,200
211
Taisei
Corp.
4,100
128
Takeda
Pharmaceutical
Co.,
Ltd.
48,900
1,374
THK
Co.,
Ltd.
18,700
352
Tokio
Marine
Holdings,
Inc.
2,500
146
Tokyo
Electron,
Ltd.
3,700
1,200
Tokyo
Gas
Co.,
Ltd.
9,600
199
Toray
Industries,
Inc.
129,200
725
Toyota
Industries
Corp.
13,100
812
Toyota
Motor
Corp.
27,800
428
Trend
Micro,
Inc.
6,100
297
Tsuruha
Holdings,
Inc.
4,400
239
USS
Co.,
Ltd.
8,100
140
Yakult
Honsha
Co.,
Ltd.
1,300
75
Yamaha
Motor
Co.,
Ltd.
20,200
370
Yamato
Holdings
Co.,
Ltd.
27,600
441
57,201
Luxembourg
-
0.5%
ArcelorMittal
SA(Æ)
10,297
234
Eurofins
Scientific
SE
13,735
1,086
RTL
Group
SA
6,660
278
1,598
Malaysia
-
0.1%
CIMB
Group
Holdings
BHD
284,410
320
Mexico
-
0.6%
America
Movil
SAB
de
CV
Class
L
-
ADR
9,965
204
Grupo
Televisa
SAB
-
ADR
205,072
1,677
1,881
Netherlands
-
4.8%
ABN
AMRO
Bank
NV(Þ)
40,611
457
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Adyen
NV(Æ)(Þ)
324
476
Akzo
Nobel
NV
6,660
440
ASML
Holding
NV
2,509
1,211
Euronext
NV(Þ)
1,693
139
Ferrari
NV
3,512
648
Heineken
Holding
NV
1,598
117
Heineken
NV
31,774
2,909
ING
Groep
NV
193,615
1,921
Koninklijke
Ahold
Delhaize
NV
7,662
200
Koninklijke
DSM
NV
358
52
Koninklijke
KPN
NV
90,187
322
Koninklijke
Philips
NV
16,866
366
NN
Group
NV
2,396
110
PostNL
NV
-
ADR
55,011
168
Randstad
NV
31,192
1,521
Shell
PLC
95,292
2,486
Universal
Music
Group
NV
47,460
959
Wolters
Kluwer
NV
1,740
169
14,671
New
Zealand
-
0.4%
Fisher
&
Paykel
Healthcare
Corp.,
Ltd.
78,108
973
Spark
New
Zealand,
Ltd.
67,788
203
1,176
Norway
-
0.5%
DNB
Bank
ASA
6,002
108
Gjensidige
Forsikring
ASA
3,802
77
Mowi
ASA
23,919
546
Norsk
Hydro
ASA
13,400
76
Orkla
ASA
43,997
352
Telenor
ASA
15,024
200
Yara
International
ASA
2,286
96
1,455
Portugal
-
0.1%
Energias
de
Portugal
SA
7,648
36
Jeronimo
Martins
SGPS
SA
6,794
147
183
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(Æ)(Š)
88,440
—
—
Singapore
-
0.4%
DBS
Group
Holdings,
Ltd.
32,409
693
Oversea-Chinese
Banking
Corp.,
Ltd.
15,292
126
Singapore
Exchange,
Ltd.
7,900
54
Singapore
Technologies
Engineering,
Ltd.
21,600
64
United
Overseas
Bank,
Ltd.
6,400
121
Venture
Corp.,
Ltd.
20,800
249
1,307
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
48
International
Developed
Markets
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
South
Africa
-
0.1%
MTN
Group,
Ltd.
12,114
98
Old
Mutual,
Ltd.
353,626
241
339
South
Korea
-
1.7%
Coway
Co.,
Ltd.
7,405
365
Hankook
Tire
&
Technology
Co.,
Ltd.
9,991
254
Hyundai
Mobis
Co.,
Ltd.
2,747
421
KB
Financial
Group,
Inc.
16,646
618
KT
Corp.
-
ADR
47,852
668
LG
Energy
Solution,
Ltd.(Æ)
893
256
POSCO
Holdings,
Inc.
4,315
768
Samsung
Electronics
Co.,
Ltd.
14,466
634
Shinhan
Financial
Group
Co.,
Ltd.
43,394
1,241
5,225
Spain
-
2.1%
Amadeus
IT
Group
SA
Class
A(Æ)
19,195
1,078
CaixaBank
SA
498,013
1,734
Cellnex
Telecom
SA(Þ)
39,894
1,555
Enagas
SA
6,702
148
Endesa
SA
-
ADR
16,318
308
Iberdrola
SA
30,886
320
Industria
de
Diseno
Textil
SA
42,187
955
Red
Electrica
Corp.
SA
9,691
183
Telefonica
SA
-
ADR
27,730
141
6,422
Sweden
-
2.0%
Assa
Abloy
AB
Class
B
35,058
750
Atlas
Copco
AB(Æ)
30,444
285
Boliden
AB(Æ)
14,255
453
Essity
Aktiebolag
Class
B
8,098
211
Hexagon
AB(Æ)
109,643
1,140
Investor
AB
Class
B
5,909
97
Kinnevik
AB
Class
B(Æ)
2,854
46
Sandvik
AB
71,060
1,154
Securitas
AB
Class
B
9,746
85
Skandinaviska
Enskilda
Banken
AB
Class
A
10,055
99
Skanska
AB
Class
B
4,372
67
SKF
AB
Class
B
30,696
452
Svenska
Handelsbanken
AB
Class
A
12,929
111
Swedbank
AB
Class
A
4,857
61
Swedish
Match
AB
99,555
1,017
6,028
Switzerland
-
9.5%
ABB,
Ltd.
22,232
594
Adecco
Group
AG
20,614
701
Alcon,
Inc.
8,908
622
Baloise
Holding
AG
608
100
Barry
Callebaut
AG
32
72
Chocoladefabriken
Lindt
&
Spruengli
AG
15
247
Cie
Financiere
Richemont
SA
Class
A
6,616
705
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Credit
Suisse
Group
AG
Class
A
83,144
473
EMS-Chemie
Holding
AG
340
253
Geberit
AG
193
93
Givaudan
SA
37
131
Glencore
PLC(Æ)
82,979
450
Julius
Baer
Group,
Ltd.
18,899
873
Kuehne
&
Nagel
International
AG
320
76
LafargeHolcim,
Ltd.(Æ)
21,666
928
Lonza
Group
AG
1,144
610
Nestle
SA
43,533
5,107
Novartis
AG
42,375
3,585
Partners
Group
Holding
AG
1,407
1,269
Roche
Holding
AG
10,264
3,436
Schindler
Holding
AG
827
150
SGS
SA
294
673
Sika
AG
608
140
Swatch
Group
AG
(The)
Class
B
1,793
425
Swiss
Life
Holding
AG
189
92
Swiss
Prime
Site
AG
Class
A
1,844
162
Swisscom
AG
1,574
871
UBS
Group
AG
319,395
5,157
Zurich
Insurance
Group
AG
2,500
1,088
29,083
Taiwan
-
2.3%
Catcher
Technology
Co.,
Ltd.
76,513
427
Hon
Hai
Precision
Industry
Co.,
Ltd.
680,184
2,488
MediaTek,
Inc.
20,000
436
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
107,000
1,704
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
-
ADR
24,215
1,980
7,035
Thailand
-
0.3%
Kasikornbank
PCL
183,600
783
Turkey
-
0.1%
Turk
Telekomunikasyon
AS
230,967
122
Turkcell
Iletisim
Hizmetleri
AS
150,487
146
268
United
Kingdom
-
11.5%
Allfunds
Group
PLC
22,831
176
Anglo
American
PLC
40,255
1,437
AstraZeneca
PLC
12,507
1,639
Aviva
PLC(Æ)
108,723
531
Babcock
International
Group
PLC(Æ)
73,961
279
BAE
Systems
PLC
68,447
692
Barclays
PLC
310,912
582
Barratt
Developments
PLC
13,355
74
Berkeley
Group
Holdings
PLC(Æ)
6,373
289
BP
PLC
316,952
1,493
British
American
Tobacco
PLC
304
13
British
Land
Co.
PLC
(The)(ö)
52,154
284
BT
Group
PLC
309,294
702
Centrica
PLC(Æ)
277,283
272
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
49
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Compass
Group
PLC
64,595
1,322
Croda
International
PLC(Æ)
1,764
139
Diageo
PLC
25,269
1,090
Direct
Line
Insurance
Group
PLC
51,660
158
easyJet
PLC(Æ)
76,177
341
Endeavour
Mining
PLC
12,698
263
Experian
PLC
7,454
219
Ferguson
PLC
621
70
GlaxoSmithKline
PLC
-
ADR
14,663
315
Halma
PLC
3,228
80
HSBC
Holdings
PLC
287,491
1,876
Intermediate
Capital
Group
PLC(Æ)
35,112
560
Intertek
Group
PLC
2,244
115
J
Sainsbury
PLC
669,474
1,663
John
Wood
Group
PLC(Æ)
326,364
620
Johnson
Matthey
PLC
2,355
55
Kingfisher
PLC
88,472
263
Land
Securities
Group
PLC(ö)
34,795
281
Legal
&
General
Group
PLC
40,525
118
Lloyds
Banking
Group
PLC
177,653
92
Marks
&
Spencer
Group
PLC(Æ)
74,307
123
NatWest
Group
PLC
208,347
554
Persimmon
PLC
Class
A
12,329
280
Reckitt
Benckiser
Group
PLC
9,842
739
RELX
PLC
10,932
295
Rio
Tinto
PLC
19,126
1,144
Sage
Group
PLC
(The)
14,612
113
Scottish
&
Southern
Energy
PLC
10,967
217
Segro
PLC(ö)
55,749
663
Shell
PLC
91,876
2,383
Smith
&
Nephew
PLC
43,573
609
Spirax-Sarco
Engineering
PLC
668
80
St.
James's
Place
PLC
29,413
395
Standard
Chartered
PLC
259,910
1,961
Taylor
Wimpey
PLC
46,913
67
TechnipFMC
PLC(Æ)
124,754
840
Tesco
PLC
460,198
1,431
Travis
Perkins
PLC
76,186
904
Unilever
PLC
27,199
1,238
United
Utilities
Group
PLC
5,357
67
Vodafone
Group
PLC
623,724
962
Wausau
Paper
Corp.
74,622
750
Weir
Group
PLC
(The)
82,803
1,374
35,292
United
States
-
0.6%
Amdocs,
Ltd.
10,712
893
Lululemon
Athletica,
Inc.(Æ)
2,256
615
Schlumberger,
Ltd.
10,938
391
1,899
Total
Common
Stocks
(cost
$319,527)
286,089
Preferred
Stocks
-
1.6%
Germany
-
1.1%
Henkel
AG
&
Co.
KGaA
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.034%
(Ÿ)
9,097
560
Porsche
Automobil
Holding
SE
3.681%
(Ÿ)
959
63
Sartorius
AG
0.331%
(Ÿ)
2,987
1,043
Volkswagen
AG
5.426%
(Ÿ)
12,099
1,617
3,283
South
Korea
-
0.5%
Samsung
Electronics
Co.,
Ltd.
1.929%
(Ÿ)
40,508
1,625
Total
Preferred
Stocks
(cost
$5,942)
4,908
Warrants
and
Rights
-
0.0%
Australia
-
0.0%
Magellan
Financial
Group,
Ltd.
(Æ)
2027
Warrants
411
—
Total
Warrants
and
Rights
(cost
$—)
—
Short-Term
Investments
-
3.1%
United
States
-
3.1%
U.S.
Cash
Management
Fund(@)
9,376,449
(∞)
9,373
Total
Short-Term
Investments
(cost
$9,373)
9,373
Other
Securities
-
0.2%
U.S.
Cash
Collateral
Fund(@)(×)
507,870
(∞)
508
Total
Other
Securities
(cost
$508)
508
Total
Investments
-
98.5%
(identified
cost
$335,350)
300,878
Other
Assets
and
Liabilities,
Net
-
1.5%
4,708
Net
Assets
-
100.0%
305,586
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
50
International
Developed
Markets
Fund
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
2.0%
ABN
AMRO
Bank
NV
10/03/19
EUR
40,611
17.41
707
457
Adyen
NV
07/25/19
EUR
324
946.15
307
476
Amundi
SA
02/21/19
EUR
13,696
64.95
890
758
Cellnex
Telecom
SA
08/07/17
EUR
39,894
41.94
1,673
1,555
Covestro
AG
08/15/19
EUR
42,641
45.20
1,928
1,474
Euronext
NV
04/29/22
EUR
1,693
81.03
137
139
Reliance
Industries,
Ltd.
10/21/20
12,031
58.25
701
784
WH
Group,
Ltd.
06/26/19
HKD
290,500
0.83
241
225
Zalando
SE
12/12/19
EUR
12,938
49.95
646
338
6,206
For
a
description
of
restricted
securities
see
note
7
in
the
Notes
to
Financial
Statements.
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
10
EUR
1,318
07/22
3
CAC
40
Euro
Index
Futures
55
EUR
3,253
07/22
(58)
Dow
Jones
Index
Futures
7
EUR
2,235
09/22
(95)
EURO
STOXX
50
Index
Futures
53
EUR
1,824
09/22
(35)
FTSE
100
Index
Futures
38
GBP
2,706
09/22
(28)
FTSE/MIB
Index
Futures
7
EUR
742
09/22
(17)
Hang
Seng
Index
Futures
3
HKD
3,262
07/22
(6)
IBEX
35
Index
Futures
10
EUR
804
07/22
(6)
MSCI
Singapore
Index
Futures
6
SGD
168
07/22
(5)
OMXS30
Index
Futures
43
SEK
8,043
07/22
(29)
S&P/TSX
60
Index
Futures
94
CAD
21,479
09/22
(1,083)
SPI
200
Index
Futures
94
AUD
15,183
09/22
(292)
TOPIX
Index
Futures
26
JPY
486,330
09/22
(132)
Short
Positions
MSCI
Emerging
Markets
Index
Futures
483
USD
24,215
09/22
101
S&P
500
E-Mini
Index
Futures
51
USD
9,663
09/22
151
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(1,531)
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Bank
of
America
USD
2,792
AUD
3,865
09/21/22
(122)
Bank
of
America
USD
4,703
CAD
5,894
09/21/22
(124)
Bank
of
America
USD
794
DKK
5,470
09/21/22
(19)
Bank
of
America
USD
803
GBP
639
09/21/22
(24)
Bank
of
America
USD
30
JPY
4,121
07/01/22
—
Bank
of
America
USD
1,722
JPY
229,485
09/21/22
(21)
Bank
of
America
USD
804
SEK
7,844
09/21/22
(35)
Bank
of
America
CHF
1,274
USD
1,315
09/21/22
(27)
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
51
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Bank
of
America
GBP
76
USD
93
07/01/22
—
Bank
of
America
JPY
41,372
USD
305
07/01/22
—
HSBC
USD
2,789
AUD
3,865
09/21/22
(120)
HSBC
USD
4,698
CAD
5,894
09/21/22
(118)
HSBC
USD
794
DKK
5,470
09/21/22
(19)
HSBC
USD
802
GBP
639
09/21/22
(23)
HSBC
USD
1,723
JPY
229,485
09/21/22
(22)
HSBC
USD
804
SEK
7,844
09/21/22
(35)
HSBC
CHF
1,274
USD
1,316
09/21/22
(26)
JPMorgan
Chase
USD
2,792
AUD
3,865
09/21/22
(122)
JPMorgan
Chase
USD
4,702
CAD
5,894
09/21/22
(122)
JPMorgan
Chase
USD
794
DKK
5,470
09/21/22
(19)
JPMorgan
Chase
USD
803
GBP
639
09/21/22
(24)
JPMorgan
Chase
USD
1,725
JPY
229,485
09/21/22
(24)
JPMorgan
Chase
USD
805
SEK
7,844
09/21/22
(36)
JPMorgan
Chase
CHF
1,274
USD
1,316
09/21/22
(26)
Royal
Bank
of
Canada
USD
2,788
AUD
3,865
09/21/22
(119)
Royal
Bank
of
Canada
USD
4,701
CAD
5,894
09/21/22
(121)
Royal
Bank
of
Canada
USD
794
DKK
5,470
09/21/22
(19)
Royal
Bank
of
Canada
USD
802
GBP
639
09/21/22
(23)
Royal
Bank
of
Canada
USD
1,719
JPY
229,485
09/21/22
(18)
Royal
Bank
of
Canada
USD
805
SEK
7,844
09/21/22
(36)
Royal
Bank
of
Canada
AUD
1,226
USD
851
09/21/22
4
Royal
Bank
of
Canada
CAD
1,439
USD
1,113
09/21/22
(5)
Royal
Bank
of
Canada
CHF
1,274
USD
1,314
09/21/22
(28)
Royal
Bank
of
Canada
EUR
1,871
USD
1,990
09/21/22
18
Royal
Bank
of
Canada
JPY
86,912
USD
642
09/21/22
(2)
Royal
Bank
of
Canada
SEK
1,739
USD
173
09/21/22
3
State
Street
USD
2,421
EUR
2,246
09/21/22
(54)
State
Street
USD
1,158
NOK
10,950
09/21/22
(45)
State
Street
HKD
2,630
USD
336
09/21/22
—
Toronto
Dominion
Bank
USD
2,793
AUD
3,865
09/21/22
(122)
Toronto
Dominion
Bank
USD
4,704
CAD
5,894
09/21/22
(123)
Toronto
Dominion
Bank
USD
794
DKK
5,470
09/21/22
(19)
Toronto
Dominion
Bank
USD
803
GBP
639
09/21/22
(24)
Toronto
Dominion
Bank
USD
1,722
JPY
229,485
09/21/22
(22)
Toronto
Dominion
Bank
USD
805
SEK
7,844
09/21/22
(36)
Toronto
Dominion
Bank
CHF
1,274
USD
1,315
09/21/22
(27)
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
(1,926)
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
52
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
%
of
Net
Assets
Common
Stocks
Argentina
$
56
$
—
$
—
$
—
$
56
—
*
Australia
117
6,340
—
—
6,457
2
.1
Austria
—
1,135
—
—
1,135
0
.4
Belgium
—
802
—
—
802
0
.3
Bermuda
62
—
—
—
62
—
*
Brazil
2,438
—
—
—
2,438
0
.8
Canada
14,214
—
—
—
14,214
4
.6
China
721
4,692
—
—
5,413
1
.8
Denmark
—
3,259
—
—
3,259
1
.1
Finland
—
5,390
—
—
5,390
1
.8
France
13
26,095
—
—
26,108
8
.5
Germany
—
13,578
—
—
13,578
4
.4
Hong
Kong
—
10,740
—
—
10,740
3
.5
India
—
4,206
—
—
4,206
1
.4
Indonesia
—
635
—
—
635
0
.2
Ireland
6,870
6,859
—
—
13,729
4
.5
Israel
173
414
—
—
587
0
.2
Italy
—
5,114
—
—
5,114
1
.7
Japan
—
57,201
—
—
57,201
18
.7
Luxembourg
—
1,598
—
—
1,598
0
.5
Malaysia
—
320
—
—
320
0
.1
Mexico
1,881
—
—
—
1,881
0
.6
Netherlands
—
14,671
—
—
14,671
4
.8
New
Zealand
—
1,176
—
—
1,176
0
.4
Norway
—
1,455
—
—
1,455
0
.5
Portugal
—
183
—
—
183
0
.1
Russia
—
—
—
—
—
—
Singapore
—
1,307
—
—
1,307
0
.4
South
Africa
—
339
—
—
339
0
.1
South
Korea
668
4,557
—
—
5,225
1
.7
Spain
—
6,422
—
—
6,422
2
.1
Sweden
—
6,028
—
—
6,028
2
.0
Switzerland
—
29,083
—
—
29,083
9
.5
Taiwan
1,980
5,055
—
—
7,035
2
.3
Thailand
—
783
—
—
783
0
.3
Turkey
—
268
—
—
268
0
.1
United
Kingdom
1,103
34,189
—
—
35,292
11
.5
United
States
1,508
391
—
—
1,899
0
.6
Preferred
Stocks
—
4,908
—
—
4,908
1
.6
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
53
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
%
of
Net
Assets
Warrants
and
Rights
—
—
—
—
—
—
Short-Term
Investments
—
—
—
9,373
9,373
3
.1
Other
Securities
—
—
—
508
508
0
.2
Total
Investments
31,804
259,193
—
9,881
300,878
98
.5
Other
Assets
and
Liabilities,
Net
1
.5
100
.0
Other
Financial
Instruments
Assets
Futures
Contracts
255
—
—
—
255
0
.1
Foreign
Currency
Exchange
Contracts
—
25
—
—
25
—
*
A
Liabilities
Futures
Contracts
(1,786
)
—
—
—
(1,786
)
(0
.6)
Foreign
Currency
Exchange
Contracts
—
(1,951
)
—
—
(1,951
)
(0
.6)
Total
Other
Financial
Instruments
**
$
(1,531
)
$
(1,926
)
$
—
$
—
$
(3,457
)
*
Less
than
0.05%
of
net
assets.
**
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
Financial
Statements.
For
a
disclosure
on
transfers
into
and
out
of
Level
3
during
the
period
ended
June
30,
2022,
see
note
2
in
the
Notes
to
Financial
Statements.
Investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
a
fair
value
for
the
period
ended
June
30,
2022,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Sector
Exposure
Fair
Value
$
Common
Stocks
Consumer
Discretionary
..........................................................
44,913
Consumer
Staples
...................................................................
21,006
Energy
....................................................................................
14,475
Financial
Services
...................................................................
69,731
Health
Care
.............................................................................
26,178
Materials
and
Processing
........................................................
28,817
Producer
Durables
..................................................................
38,324
Technology
..............................................................................
28,090
Utilities
...................................................................................
14,555
Preferred
Stocks
Consumer
Discretionary
..........................................................
1,679
Consumer
Staples
...................................................................
560
Technology
..............................................................................
2,669
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
54
International
Developed
Markets
Fund
Warrants
and
Rights
....................................................................
—
Short-Term
Investments
................................................................
9,373
Other
Securities
...........................................................................
508
Total
Investments
....................................................................
300,878
Russell
Investment
Funds
International
Developed
Markets
Fund
Fair
Value
of
Derivative
Instruments
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
55
Amounts
in
thousands
Derivatives
not
accounted
for
as
hedging
instruments
Equity
Contracts
Foreign
Currency
Contracts
Location:
Statement
of
Assets
and
Liabilities
-
Assets
Unrealized
appreciation
on
foreign
currency
exchange
contracts
$
—
$
25
Variation
margin
on
futures
contracts*
255
—
Total
$
255
$
25
Location:
Statement
of
Assets
and
Liabilities
-
Liabilities
Variation
margin
on
futures
contracts*
$
1,786
$
—
Unrealized
depreciation
on
foreign
currency
exchange
contracts
—
1,951
Total
$
1,786
$
1,951
Derivatives
not
accounted
for
as
hedging
instruments
Equity
Contracts
Foreign
Currency
Contracts
Location:
Statement
of
Operations
-
Net
realized
gain
(loss)
Futures
contracts
$
4,362
$
—
Foreign
currency
exchange
contracts
—
(2,058)
Total
$
4,362
$
(2,058)
Location:
Statement
of
Operations
-
Net
change
in
unrealized
appreciation
(depreciation)
Futures
contracts
$
(2,621)
$
—
Foreign
currency
exchange
contracts
—
(2,148)
Total
$
(2,621)
$
(2,148)
*
Includes
cumulative
appreciation
(depreciation)
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.
Only
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
For
further
disclosure
on
derivatives
see
note
2
in
the
Notes
to
Financial
Statements.
Russell
Investment
Funds
International
Developed
Markets
Fund
Balance
Sheet
Offsetting
of
Financial
and
Derivative
Instruments
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
56
International
Developed
Markets
Fund
Amounts
in
thousands
Offsetting
of
Financial
Assets
and
Derivative
Assets
Description
Location:
Statement
of
Assets
and
Liabilities
-
Assets
Gross
Amounts
of
Recognized
Assets
Gross
Amounts
Offset
in
the
Statement
of
Assets
and
Liabilities
Net
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Securities
on
Loan*
Investments,
at
fair
value
$
479
$
—
$
479
Foreign
Currency
Exchange
Contracts
Unrealized
appreciation
on
foreign
currency
exchange
contracts
25
—
25
Total
Financial
and
Derivative
Assets
504
—
504
Financial
and
Derivative
Assets
not
subject
to
a
netting
agreement
—
—
—
Total
Financial
and
Derivative
Assets
subject
to
a
netting
agreement
$
504
$
—
$
504
Financial
Assets,
Derivative
Assets,
and
Collateral
Held
by
Counterparty
Gross
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Counterparty
Net
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
and
Derivative
Instruments
Collateral
Received^
Net
Amount
Bank
of
America
$
479
$
—
$
479
$
—
Royal
Bank
of
Canada
25
25
—
—
Total
$
504
$
25
$
479
$
—
Russell
Investment
Funds
International
Developed
Markets
Fund
Balance
Sheet
Offsetting
of
Financial
and
Derivative
Instruments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
57
Amounts
in
thousands
Offsetting
of
Financial
Liabilities
and
Derivative
Liabilities
Description
Location:
Statement
of
Assets
and
Liabilities
-
Liabilities
Gross
Amounts
of
Recognized
Liabilities
Gross
Amounts
Offset
in
the
Statement
of
Assets
and
Liabilities
Net
Amounts
of
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Foreign
Currency
Exchange
Contracts
Unrealized
depreciation
on
foreign
currency
exchange
contracts
$
1,951
$
—
$
1,951
Total
Financial
and
Derivative
Liabilities
1,951
—
1,951
Financial
and
Derivative
Liabilities
not
subject
to
a
netting
agreement
—
—
—
Total
Financial
and
Derivative
Liabilities
subject
to
a
netting
agreement
$
1,951
$
—
$
1,951
Financial
Liabilities,
Derivative
Liabilities,
and
Collateral
Pledged
by
Counterparty
Gross
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Counterparty
Net
Amounts
of
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
and
Derivative
Instruments
Collateral
Pledged^
Net
Amount
Bank
of
America
$
371
$
—
$
—
$
371
HSBC
363
—
—
363
JPMorgan
Chase
373
—
—
373
Royal
Bank
of
Canada
371
25
—
346
State
Street
99
—
—
99
Toronto
Dominion
Bank
374
—
—
374
Total
$
1,951
$
25
$
—
$
1,926
*
Fair
value
of
securities
on
loan
as
reported
in
the
footnotes
to
the
Statement
of
Assets
and
Liabilities.
^ Collateral
received
or
pledged
amounts
may
not
reconcile
to
those
disclosed
in
the
Statement
of
Assets
and
Liabilities
due
to
the
inclusion
of
off-Balance
Sheet
collateral
and
adjustments
made
to
exclude
overcollateralization.
For
further
disclosure
on
derivatives
and
counterparty
risk
see
note
2
in
the
Notes
to
Financial
Statements.
Russell
Investment
Funds
International
Developed
Markets
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
58
International
Developed
Markets
Fund
Statement
of
Assets
and
Liabilities
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Assets
Investments,
at
identified
cost
........................................................................................................................................................
$
335,350
Investments,
at
fair
value(*)(>)
......................................................................................................................................................
300,878
Foreign
currency
holdings(^)
.........................................................................................................................................................
841
Unrealized
appreciation
on
foreign
currency
exchange
contracts
...................................................................................................
25
Receivables:
Dividends
and
interest
.......................................................................................................................................................
599
Dividends
from
affiliated
funds
..........................................................................................................................................
9
Investments
sold
................................................................................................................................................................
413
Fund
shares
sold
................................................................................................................................................................
326
Foreign
capital
gains
taxes
recoverable
.............................................................................................................................
1,135
From
broker(a)
...................................................................................................................................................................
6,155
Prepaid
expenses
...........................................................................................................................................................................
3
Total
assets
.................................................................................................................................................
310,384
Liabilities
Payables:
Investments
purchased
......................................................................................................................................................
423
Fund
shares
redeemed
.......................................................................................................................................................
16
Accrued
fees
to
affiliates
....................................................................................................................................................
246
Other
accrued
expenses
.....................................................................................................................................................
125
Variation
margin
on
futures
contracts
.................................................................................................................................
1,528
Deferred
capital
gains
tax
liability
.....................................................................................................................................
1
Unrealized
depreciation
on
foreign
currency
exchange
contracts
...................................................................................................
1,951
Payable
upon
return
of
securities
loaned
.......................................................................................................................................
508
Total
liabilities
.............................................................................................................................................
4,798
Net
Assets
............................................................................................................................................................
$
305,586
Russell
Investment
Funds
International
Developed
Markets
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
59
Statement
of
Assets
and
Liabilities,
continued
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
...............................................................................................................................................
$
(35,430)
Shares
of
beneficial
interest
...........................................................................................................................................................
304
Additional
paid-in
capital
..............................................................................................................................................................
340,712
Net
Assets
............................................................................................................................................................
$
305,586
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.........................................................................................................................................................
$
10.05
Net
assets
...............................................................................................................................................................................
$
305,586,217
Shares
outstanding
($.01
par
value)
.......................................................................................................................................
30,411,330
Amounts
in
thousands
(^)
Foreign
currency
holdings
-
cost
$
853
(*)
Securities
on
loan
included
in
investments
$
479
(>)
Investments
in
affiliates,
U.S.
Cash
Management
Fund
and
U.S.
Cash
Collateral
Fund
$
9,881
(a)
Receivable
from
Broker
for
Futures
$
6,155
(#)
Net
asset
value
per
share
equals
net
assets
divided
by
shares
of
beneficial
interest
outstanding.
Russell
Investment
Funds
International
Developed
Markets
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
60
International
Developed
Markets
Fund
Statement
of
Operations
—
For
the
Period
Ended
June
30,
2022
(Unaudited)
Amounts
in
thousands
Investment
Income
Dividends
..........................................................................................................................................................................
$
7,633
Dividends
from
affiliated
funds
.........................................................................................................................................
22
Securities
lending
income
(net)
.........................................................................................................................................
21
Less
foreign
taxes
withheld
...............................................................................................................................................
(790)
Total
investment
income
...............................................................................................................................................................
6,886
Expenses
Advisory
fees
....................................................................................................................................................................
1,554
Administrative
fees
...........................................................................................................................................................
86
Custodian
fees
...................................................................................................................................................................
75
Transfer
agent
fees
............................................................................................................................................................
8
Professional
fees
...............................................................................................................................................................
50
Trustees’
fees
....................................................................................................................................................................
8
Printing
fees
......................................................................................................................................................................
16
Miscellaneous
...................................................................................................................................................................
6
Expenses
before
reductions
..............................................................................................................................................
1,803
Expense
reductions
...........................................................................................................................................................
(3
4
)
Net
expenses
.................................................................................................................................................................................
1,
769
Net
investment
income
(loss)
........................................................................................................................................................
5,
117
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
(net
of
foreign
capital
gains
taxes
of
$14)
......................................................................................................
55
Investments
in
affiliated
funds
..........................................................................................................................................
(1)
Futures
contracts
..............................................................................................................................................................
4,362
Foreign
currency
exchange
contracts
................................................................................................................................
(2,058)
Foreign
currency-related
transactions
...............................................................................................................................
(206)
Net
realized
gain
(loss)
..................................................................................................................................................................
2,152
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
(net
of
deferred
tax
liability
for
foreign
capital
gains
taxes
of
$9)
..................................................................
(69,665)
Investments
in
affiliated
funds
..........................................................................................................................................
1
Futures
contracts
..............................................................................................................................................................
(2,621)
Foreign
currency
exchange
contracts
................................................................................................................................
(2,148)
Foreign
currency-related
transactions
...............................................................................................................................
(68)
Net
change
in
unrealized
appreciation
(depreciation)
...................................................................................................................
(74,501)
Net
realized
and
unrealized
gain
(loss)
.........................................................................................................................................
(72,349)
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
..........................................................................................
$
(67,
232
)
Russell
Investment
Funds
International
Developed
Markets
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
61
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
Period
Ended
June
30,
2022
(Unaudited)
Fiscal
Year
Ended
December
31,
2021
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
............................................................................................................
$
5,
117
$
6,906
Net
realized
gain
(loss)
......................................................................................................................
2,152
33,490
Net
change
in
unrealized
appreciation
(depreciation)
.......................................................................
(74,501)
8,198
Net
increase
(decrease)
in
net
assets
from
operations
.............................................................................
(67,
232
)
48,594
Distributions
To
shareholders
.................................................................................................................................
(2,
966
)
(37,914)
Net
decrease
in
net
assets
from
distributions
..........................................................................................
(2,
966
)
(37,914)
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
.................................................................
(1,
679
)
(28,735)
Total
Net
Increase
(Decrease)
in
Net
Assets
..........................................................................
(71,
877
)
(18,055)
Net
Assets
Beginning
of
period
.................................................................................................................................
377,463
395,518
End
of
period
..........................................................................................................................................
$
305,
586
$
377,463
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
June
30,
2022
and
December
31,
2021
were
as
follows:
2022
(Unaudited)
2021
Shares
Dollars
Shares
Dollars
Proceeds
from
shares
sold
671
$
7,
616
1,021
$
13,580
Proceeds
from
reinvestment
of
distributions
245
2,
966
3,119
37,914
Payments
for
shares
redeemed
(1,056)
(12,
261
)
(6,056)
(80,229)
Total
increase
(decrease)
(140)
$
(1,
679
)
(1,916)
$
(28,735)
Russell
Investment
Funds
International
Developed
Markets
Fund
Financial
Highlights
—
For
the
Periods
Ended
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
62
International
Developed
Markets
Fund
For
a
Share
Outstanding
Throughout
Each
Period.
$
Net
Asset
Value,
Beginning
of
Period
$
Net
Investment
Income
(Loss)
(a)(b)
$
Net
Realized
and
Unrealized
Gain
(Loss)
$
Total
from
Investment
Operations
$
Distributions
from
Net
Investment
Income
$
Distributions
from
Net
Realized
Gain
June
30,
2022(1)
12.35
.17
(2.37)
(2.20)
—
(.10)
December
31,
2021
12.18
.23
1.
27
1.
50
(.
33
)
(1.00)
December
31,
2020
11.72
.12
.47
.59
(.13)
—
December
31,
2019
10.04
.22
1.76
1.98
(.30)
—
December
31,
2018
13.12
.22
(2.11)
(1.89)
(.22)
(.97)
December
31,
2017
11.15
.19
2.58
2.77
(.34)
(.46)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
63
$
Total
Distributions
$
Net
Asset
Value,
End
of
Period
%
Total
Return
(d)(f)
$
Net
Assets,
End
of
Period
(000)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Gross
(e)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Net
(b)(e)
%
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
(b)(e)
%
Portfolio
Turnover
Rate
(d)
(.10)
10.05
(17.96)
305,586
1.04
1.02
2.96
12
(1.33)
12.35
12.66
377,463
1.
04
1.
03
1.
78
32
(.13)
12.18
5.08
395,518
1.06
1.06
1.17
59
(.30)
11.72
19.72
397,106
1.06
1.06
2.03
72
(1.19)
10.04
(14.87)
357,596
1.08
1.08
1.76
65
(.80)
13.12
24.98
436,310
1.08
1.08
1.59
117
Russell
Investment
Funds
International
Developed
Markets
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
64
International
Developed
Markets
Fund
Related
Party
Transactions,
Fees
and
Expenses
(Unaudited)
Accrued
fees
payable
to
affiliates
for
the
period
ended
June
30,
2022
were
as
follows:
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2022
with
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
(Unaudited)
At
June
30,
2022,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Advisory
fees
$
232,141
Administration
fees
13,190
Transfer
agent
fees
1,161
$
246,492
Fair
Value,
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Change
in
Unrealized
Gain
(Loss)
Fair
Value,
End
of
Period
Income
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
12,139
$
47,887
$
50,653
$
(1
)
$
1
$
9,373
$
22
$
—
U.S.
Cash
Collateral
Fund
473
17,708
17,673
—
—
508
—
—
$
12,612
$
65,595
$
68,326
$
(1
)
$
1
$
9,881
$
22
$
—
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
$
337,803,643
$
14,773,980
$
(55,156,744)
$
(40,382,764)
Russell
Investment
Funds
Strategic
Bond
Fund
Shareholder
Expense
Example
—
June
30,
2022
(Unaudited)
Strategic
Bond
Fund
65
Fund
Expenses
The
following
disclosure
provides
important
information
regarding
the
Fund’s
Shareholder
Expense
Example
(“Example”).
Example
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transaction
costs,
and
(2)
ongoing
costs,
including
advisory
and
administrative
fees
and
other
Fund
expenses.
The
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
indicated,
which
for
this
Fund
is
from
January
1,
2022
to
June
30,
2022
.
Actual
Expenses
The
information
in
the
table
under
the
heading
“Actual
Performance”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
column,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
column
in
the
row
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
in
the
table
under
the
heading
“Hypothetical
Performance
(5%
return
before
expenses)”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs.
Therefore,
the
information
under
the
heading
“Hypothetical
Performance
(5%
return
before
expenses)”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
The
fees
and
expenses
shown
in
this
section
do
not
reflect
any
Insurance
Company
Separate
Account
Policy
Charges.
Actual
Performance
Hypothetical
Performance
(5%
return
before
expenses)
Beginning
Account
Value
January
1,
2022
$
1,000
.00
$
1,000
.00
Ending
Account
Value
June
30,
2022
$
884
.80
$
1,021
.52
Expenses
Paid
During
Period*
$
3
.08
$
3
.31
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio
of
0.66%
(representing
the
six
month
period
annualized),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
66
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Long-Term
Investments
-
79.1%
Asset-Backed
Securities
-
2.3%
BDS,
Ltd.
Series
2022-FL11
Class
ATS
2.100%
due
03/19/39
(CME
Term
SOFR
1
Month
+
1.800%)(Ê)(Þ)
3,822
3,715
Conseco
Financial
Corp.
Series
1998-2
Class
M1
6.940%
due
12/01/28
(~)(Ê)
812
770
Countrywide
Asset-Backed
Certificates
Trust
Series
2007-4
Class
A4W
4.640%
due
04/25/47
1,504
1,378
Elmwood
CLO
15,
Ltd.
Series
2022-2A
Class
A1
1.981%
due
04/22/35
(CME
Term
SOFR
3
Month
+
1.340%)(Ê)(Þ)
2,723
2,627
Goldentree
Loan
Management
US
CLO
7,
Ltd.
Series
2021-7A
Class
AR
2.133%
due
04/20/34
(USD
3
Month
LIBOR
+
1.070%)(Ê)(Þ)
1,147
1,102
GoodLeap
Sustainable
Home
Improvements
Series
2021-5CS
Class
A
2.310%
due
10/20/48
(Þ)
1,016
882
GoodLeap
Sustainable
Home
Solutions
Trust
Series
2022-1GS
Class
A
2.700%
due
01/20/49
(Þ)
935
837
Greenpoint
Manufactured
Housing
Contract
Trust
Series
2000-4
Class
A3
2.190%
due
08/21/31
(USD
1
Month
LIBOR
+
2.000%)(Ê)
550
555
MF1
LLC
Series
2022-FL9
Class
A
2.960%
due
06/19/37
(CME
Term
SOFR
1
Month
+
2.150%)(Ê)(Þ)
3,993
3,931
Option
One
Mortgage
Loan
Trust
Series
2007-FXD1
Class
3A4
5.860%
due
01/25/37
(~)(Ê)
460
437
SpringCastle
America
Funding
LLC
Series
2020-AA
Class
A
1.970%
due
09/25/37
(Þ)
2,234
2,074
TAL
Advantage
VII
LLC
Series
2020-1A
Class
A
2.050%
due
09/20/45
(Þ)
495
448
Towd
Point
Mortgage
Trust
Series
2020-MH1
Class
A1
2.250%
due
02/25/60
(~)(Ê)(Þ)
1,991
1,887
20,643
Corporate
Bonds
and
Notes
-
19.5%
3M
Co.
3.700%
due
04/15/50
30
26
Abbott
Laboratories
4.750%
due
11/30/36
80
85
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.900%
due
11/30/46
30
31
AbbVie,
Inc.
3.600%
due
05/14/25
60
59
Series
WI
2.600%
due
11/21/24
856
829
2.950%
due
11/21/26
670
635
3.200%
due
11/21/29
770
708
4.550%
due
03/15/35
10
10
4.050%
due
11/21/39
710
633
4.250%
due
11/21/49
10
9
Air
Lease
Corp.
0.700%
due
02/15/24
570
538
3.375%
due
07/01/25
480
452
1.875%
due
08/15/26
350
302
Aircastle
,
Ltd.
4.400%
due
09/25/23
879
868
Alexandria
Real
Estate
Equities,
Inc.
3.450%
due
04/30/25
840
827
2.000%
due
05/18/32
210
166
3.000%
due
05/18/51
150
101
Allied
World
Assurance
Co.
Holdings,
Ltd.
4.350%
due
10/29/25
849
837
Ally
Financial,
Inc.
8.000%
due
11/01/31
554
606
Alphabet,
Inc.
1.900%
due
08/15/40
130
93
2.250%
due
08/15/60
80
52
Altria
Group,
Inc.
4.400%
due
02/14/26
112
110
4.800%
due
02/14/29
40
38
2.450%
due
02/04/32
560
422
10.200%
due
02/06/39
22
29
3.400%
due
02/04/41
460
304
5.375%
due
01/31/44
643
547
3.875%
due
09/16/46
70
47
Amazon.com,
Inc.
2.100%
due
05/12/31
350
300
3.600%
due
04/13/32
120
116
2.500%
due
06/03/50
140
99
3.100%
due
05/12/51
210
165
3.950%
due
04/13/52
50
46
Series
WI
5.200%
due
12/03/25
778
816
3.875%
due
08/22/37
50
47
Ambac
Assurance
Corp.
5.100%
due
12/31/99
(~)(Ê)(ƒ)(Þ)
1
1
American
Airlines
Group,
Inc.
11.750%
due
07/15/25
(Þ)
190
197
5.500%
due
04/20/26
(Þ)
160
147
5.750%
due
04/20/29
(Þ)
40
34
American
Airlines,
Inc.
Pass-Through
Certificates
Trust
Series
2017-1B
Class
B
4.950%
due
02/15/25
174
161
American
Express
Co.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
67
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.550%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.854%)(Ê)(ƒ)
80
65
American
International
Group,
Inc.
4.750%
due
04/01/48
40
37
Series
A-9
5.750%
due
04/01/48
(USD
3
Month
LIBOR
+
2.868%)(Ê)
861
769
American
Tower
Corp.
5.000%
due
02/15/24
805
814
American
Transmission
Systems,
Inc.
2.650%
due
01/15/32
(Þ)
190
161
Americo
Life,
Inc.
3.450%
due
04/15/31
(Þ)
70
57
AmFam
Holdings,
Inc.
2.805%
due
03/11/31
(Þ)
120
101
3.833%
due
03/11/51
(Þ)
100
80
Amgen,
Inc.
4.400%
due
05/01/45
100
90
Series
WI
4.663%
due
06/15/51
50
47
Andeavor
LLC
Series
WI
5.125%
due
12/15/26
225
223
Aon
Corp.
8.205%
due
01/01/27
172
182
Apache
Corp.
7.750%
due
12/15/29
30
32
4.750%
due
04/15/43
80
62
4.250%
due
01/15/44
120
87
Apple,
Inc.
4.500%
due
02/23/36
691
720
4.650%
due
02/23/46
100
103
2.650%
due
05/11/50
110
81
Ares
Capital
Corp.
3.250%
due
07/15/25
914
845
AT&T,
Inc.
3.800%
due
02/15/27
150
147
6.950%
due
01/15/28
450
491
1.650%
due
02/01/28
200
173
4.300%
due
02/15/30
70
68
4.500%
due
05/15/35
150
143
4.350%
due
06/15/45
26
23
3.300%
due
02/01/52
10
7
3.500%
due
02/01/61
220
160
Series
WI
2.550%
due
12/01/33
40
32
6.375%
due
03/01/41
30
34
3.500%
due
09/15/53
450
341
3.550%
due
09/15/55
83
62
3.800%
due
12/01/57
330
255
Aviation
Capital
Group
LLC
5.500%
due
12/15/24
(Þ)
170
169
Bank
of
America
Corp.
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.841%
due
04/25/25
(SOFR
+
1.110%)(Ê)
70
70
4.376%
due
04/27/28
(SOFR
+
1.580%)(Ê)
200
197
2.592%
due
04/29/31
(SOFR
+
2.150%)(Ê)
140
119
2.687%
due
04/22/32
(SOFR
+
1.320%)(Ê)
430
361
2.299%
due
07/21/32
(SOFR
+
1.220%)(Ê)
330
267
2.572%
due
10/20/32
(SOFR
+
1.210%)(Ê)
270
223
4.571%
due
04/27/33
(SOFR
+
1.830%)(Ê)
290
282
2.482%
due
09/21/36
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.200%)(Ê)
500
388
3.311%
due
04/22/42
(SOFR
+
1.580%)(Ê)
470
369
Series
GMTN
3.500%
due
04/19/26
80
78
Series
MTN
4.000%
due
01/22/25
45
45
4.450%
due
03/03/26
30
30
4.271%
due
07/23/29
(USD
3
Month
LIBOR
+
1.310%)(Ê)
110
106
3.974%
due
02/07/30
(USD
3
Month
LIBOR
+
1.210%)(Ê)
500
472
2.884%
due
10/22/30
(USD
3
Month
LIBOR
+
1.190%)(Ê)
200
175
1.922%
due
10/24/31
(SOFR
+
1.370%)(Ê)
870
695
2.676%
due
06/19/41
(SOFR
+
1.930%)(Ê)
90
65
5.000%
due
01/21/44
555
545
4.330%
due
03/15/50
(USD
3
Month
LIBOR
+
1.520%)(Ê)
30
27
4.083%
due
03/20/51
(USD
3
Month
LIBOR
+
3.150%)(Ê)
330
284
Bank
of
America
NA
Series
BKNT
6.000%
due
10/15/36
734
802
BankUnited
,
Inc.
4.875%
due
11/17/25
280
283
Baxter
International,
Inc.
Series
WI
0.868%
due
12/01/23
936
898
Becton
Dickinson
and
Co.
3.363%
due
06/06/24
900
891
3.734%
due
12/15/24
188
187
4.685%
due
12/15/44
8
7
Bed
Bath
&
Beyond,
Inc.
3.749%
due
08/01/24
270
108
Berkshire
Hathaway
Energy
Co.
Series
WI
4.050%
due
04/15/25
699
703
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
68
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Berkshire
Hathaway,
Inc.
3.125%
due
03/15/26
684
670
Berry
Global,
Inc.
Series
WI
0.950%
due
02/15/24
949
899
Berry
Petroleum
Corp.
7.000%
due
02/15/26
(Þ)
350
308
Blackstone
Holdings
Finance
Co.
LLC
3.200%
due
01/30/52
(Þ)
220
160
Blackstone
Mortgage
Trust,
Inc.
5.500%
due
03/15/27
100
91
Boardwalk
Pipelines,
LP
4.800%
due
05/03/29
710
688
Boeing
Co.
(The)
4.875%
due
05/01/25
220
219
2.196%
due
02/04/26
870
784
3.100%
due
05/01/26
20
19
2.700%
due
02/01/27
40
36
2.800%
due
03/01/27
30
27
3.200%
due
03/01/29
120
104
5.150%
due
05/01/30
310
298
3.250%
due
02/01/35
160
121
5.705%
due
05/01/40
160
149
3.750%
due
02/01/50
210
148
5.805%
due
05/01/50
460
422
3.950%
due
08/01/59
290
195
Bon
Secours
Mercy
Health,
Inc.
3.464%
due
06/01/30
90
84
BP
Capital
Markets
America,
Inc.
3.410%
due
02/11/26
200
196
3.000%
due
02/24/50
740
537
Bristol-Myers
Squibb
Co.
2.350%
due
11/13/40
230
170
Series
WI
3.900%
due
02/20/28
380
380
3.400%
due
07/26/29
53
51
Broadcom,
Inc.
3.187%
due
11/15/36
(Þ)
290
220
Brown
&
Brown,
Inc.
4.200%
due
09/15/24
864
861
Burlington
Northern
Santa
Fe
LLC
4.400%
due
03/15/42
100
95
Cameron
LNG
LLC
3.701%
due
01/15/39
(Þ)
30
25
Capital
One
Financial
Corp.
3.900%
due
01/29/24
823
822
Carrier
Global
Corp.
Series
WI
2.242%
due
02/15/25
867
824
3.577%
due
04/05/50
40
30
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
4.500%
due
08/15/30
(Þ)
10
8
Series
WI
4.500%
due
05/01/32
250
202
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
CDW
LLC
/
CDW
Finance
Corp.
4.125%
due
05/01/25
900
875
Centene
Corp.
Series
WI
4.250%
due
12/15/27
80
75
4.625%
due
12/15/29
270
252
3.375%
due
02/15/30
110
93
CenterPoint
Energy
Houston
Electric
LLC
4.500%
due
04/01/44
190
183
Charles
Schwab
Corp.
(The)
2.000%
due
03/20/28
140
125
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
185
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2.250%
due
01/15/29
410
337
5.050%
due
03/30/29
170
164
3.500%
due
06/01/41
150
105
3.500%
due
03/01/42
190
132
5.750%
due
04/01/48
350
314
5.250%
due
04/01/53
330
279
3.850%
due
04/01/61
60
39
3.950%
due
06/30/62
170
114
5.500%
due
04/01/63
130
110
Series
WI
4.908%
due
07/23/25
70
70
6.384%
due
10/23/35
20
20
6.484%
due
10/23/45
639
621
6.834%
due
10/23/55
20
20
Cheniere
Energy
Partners,
LP
3.250%
due
01/31/32
(Þ)
210
165
Chesapeake
Energy
Corp.
5.500%
due
02/01/26
(Þ)
130
124
Chevron
Corp.
1.554%
due
05/11/25
894
848
0.687%
due
08/12/25
946
869
2.954%
due
05/16/26
70
68
3.078%
due
05/11/50
10
8
2.343%
due
08/12/50
130
90
CHS/Community
Health
Systems,
Inc.
6.875%
due
04/15/29
(Þ)
140
90
Cigna
Corp.
2.400%
due
03/15/30
110
95
3.200%
due
03/15/40
410
324
Series
WI
4.375%
due
10/15/28
460
456
4.800%
due
08/15/38
220
214
Cimarex
Energy
Co.
4.375%
due
03/15/29
130
115
Cintas
Corp.
No.
2
3.450%
due
05/01/25
50
50
3.700%
due
04/01/27
70
69
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
69
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Cisco
Systems,
Inc.
3.625%
due
03/04/24
832
837
CIT
Bank
NA
Series
BKNT
2.969%
due
09/27/25
(CME
Term
SOFR
3
Month
+
1.715%)(Ê)
812
782
Citigroup,
Inc.
3.106%
due
04/08/26
(SOFR
+
2.842%)(Ê)
100
96
2.976%
due
11/05/30
(SOFR
+
1.422%)(Ê)
400
349
2.572%
due
06/03/31
(SOFR
+
2.107%)(Ê)
220
185
2.561%
due
05/01/32
(SOFR
+
1.167%)(Ê)
920
757
2.520%
due
11/03/32
(SOFR
+
1.177%)(Ê)
330
268
3.785%
due
03/17/33
(SOFR
+
1.939%)(Ê)
430
387
4.910%
due
05/24/33
(SOFR
+
2.086%)(Ê)
360
355
8.125%
due
07/15/39
370
481
4.650%
due
07/23/48
838
780
Series
Y
4.150%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.000%)(Ê)(ƒ)
230
185
Clorox
Co.
(The)
1.800%
due
05/15/30
220
180
CNH
Industrial
Capital
LLC
3.950%
due
05/23/25
844
835
Coca-Cola
Co.
(The)
1.375%
due
03/15/31
90
73
4.125%
due
03/25/40
120
114
2.500%
due
06/01/40
10
8
Comcast
Corp.
3.700%
due
04/15/24
901
903
4.150%
due
10/15/28
110
110
4.250%
due
10/15/30
120
118
7.050%
due
03/15/33
150
180
6.500%
due
11/15/35
19
22
3.250%
due
11/01/39
10
8
3.750%
due
04/01/40
10
9
3.400%
due
07/15/46
20
16
4.000%
due
03/01/48
80
70
Series
WI
2.887%
due
11/01/51
364
260
2.937%
due
11/01/56
30
21
2.987%
due
11/01/63
117
80
CommonSpirit
Health
2.782%
due
10/01/30
80
69
3.910%
due
10/01/50
90
72
Commonwealth
Edison
Co.
6.450%
due
01/15/38
120
140
Constellation
Brands,
Inc.
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.750%
due
11/15/24
836
848
Consumers
Energy
Co.
2.500%
due
05/01/60
30
19
Continental
Resources,
Inc.
2.268%
due
11/15/26
(Þ)
80
71
2.875%
due
04/01/32
(Þ)
120
94
Series
WI
4.375%
due
01/15/28
260
244
Corning,
Inc.
3.900%
due
11/15/49
40
32
Costco
Wholesale
Corp.
2.750%
due
05/18/24
904
898
1.600%
due
04/20/30
120
101
Coterra
Energy,
Inc.
4.375%
due
06/01/24
(Þ)
150
150
3.900%
due
05/15/27
(Þ)
260
249
4.375%
due
03/15/29
(Þ)
330
324
Crown
Castle
International
Corp.
3.200%
due
09/01/24
855
837
CVS
Health
Corp.
3.625%
due
04/01/27
40
39
4.300%
due
03/25/28
101
100
3.250%
due
08/15/29
70
64
3.750%
due
04/01/30
110
103
2.125%
due
09/15/31
200
162
4.780%
due
03/25/38
260
246
4.125%
due
04/01/40
40
35
2.700%
due
08/21/40
310
224
5.050%
due
03/25/48
185
177
Daimler
Trucks
Finance
NA
LLC
1.625%
due
12/13/24
(Þ)
876
824
Danaher
Corp.
3.350%
due
09/15/25
831
821
2.800%
due
12/10/51
120
86
DCP
Midstream
Operating,
LP
3.250%
due
02/15/32
110
86
6.450%
due
11/03/36
(Þ)
50
49
Series
A
7.375%
due
12/31/99
(USD
3
Month
LIBOR
+
5.148%)(Ê)(ƒ)
80
70
Deere
&
Co.
3.750%
due
04/15/50
40
37
Dell
International
LLC
/
EMC
Corp.
Series
WI
8.100%
due
07/15/36
65
76
Delta
Air
Lines,
Inc.
7.000%
due
05/01/25
(Þ)
280
283
7.375%
due
01/15/26
110
110
3.750%
due
10/28/29
30
24
Delta
Air
Lines,
Inc.
/
SkyMiles
IP,
Ltd.
4.500%
due
10/20/25
(Þ)
250
243
4.750%
due
10/20/28
(Þ)
670
633
Devon
Energy
Corp.
5.850%
due
12/15/25
140
146
5.600%
due
07/15/41
90
89
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
70
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
5.000%
due
06/15/45
410
380
Series
WI
5.250%
due
10/15/27
19
19
5.875%
due
06/15/28
153
156
4.500%
due
01/15/30
220
208
DH
Europe
Finance
II
SARL
3.400%
due
11/15/49
684
550
Diamondback
Energy,
Inc.
3.500%
due
12/01/29
340
311
4.400%
due
03/24/51
160
136
DISH
DBS
Corp.
5.750%
due
12/01/28
(Þ)
150
111
Series
WI
7.750%
due
07/01/26
10
8
DISH
Network
Corp.
2.375%
due
03/15/24
240
211
Dollar
General
Corp.
4.150%
due
11/01/25
821
821
Dominion
Energy,
Inc.
Series
C
3.375%
due
04/01/30
80
73
DR
Horton,
Inc.
2.500%
due
10/15/24
280
268
Duke
Energy
Carolinas
LLC
6.100%
due
06/01/37
190
209
4.000%
due
09/30/42
100
89
Duke
Energy
Indiana
LLC
Series
YYY
3.250%
due
10/01/49
80
62
Eaton
Corp.
4.150%
due
11/02/42
20
18
eBay,
Inc.
2.600%
due
05/10/31
70
58
Edison
International
4.950%
due
04/15/25
160
160
Series
A
5.375%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.698%)(Ê)(ƒ)
200
163
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
88
El
Paso
Natural
Gas
Co.
LLC
7.500%
due
11/15/26
350
383
Elevance
Health,
Inc.
4.101%
due
03/01/28
50
49
4.100%
due
05/15/32
340
331
4.375%
due
12/01/47
20
18
4.850%
due
08/15/54
783
751
Enbridge
Energy
Partners,
LP
7.375%
due
10/15/45
484
577
Energy
Transfer,
LP
7.600%
due
02/01/24
50
52
4.250%
due
04/01/24
875
875
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.500%
due
04/15/24
290
290
2.900%
due
05/15/25
30
29
5.500%
due
06/01/27
280
284
5.250%
due
04/15/29
30
30
3.750%
due
05/15/30
140
126
5.300%
due
04/01/44
10
9
6.125%
due
12/15/45
60
57
6.250%
due
04/15/49
30
29
Series
10Y
4.950%
due
06/15/28
40
39
Series
B
6.625%
due
12/31/99
(USD
3
Month
LIBOR
+
4.155%)(Ê)(ƒ)
110
81
Series
F
6.750%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.134%)(Ê)(ƒ)
280
234
Series
G
7.125%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.306%)(Ê)(ƒ)
890
764
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
141
EnLink
Midstream
LLC
5.625%
due
01/15/28
(Þ)
180
165
Enterprise
Products
Operating
LLC
3.900%
due
02/15/24
30
30
4.150%
due
10/16/28
150
147
2.800%
due
01/31/30
100
88
7.550%
due
04/15/38
20
24
5.700%
due
02/15/42
40
40
4.850%
due
03/15/44
60
55
3.700%
due
01/31/51
140
109
3.300%
due
02/15/53
160
116
3.950%
due
01/31/60
160
127
5.375%
due
02/15/78
(USD
3
Month
LIBOR
+
2.570%)(Ê)
470
371
Series
D
6.875%
due
03/01/33
844
962
EOG
Resources,
Inc.
4.150%
due
01/15/26
40
40
4.375%
due
04/15/30
190
191
4.950%
due
04/15/50
50
52
EQM
Midstream
Partners,
LP
7.500%
due
06/01/27
(Þ)
160
154
EQT
Corp.
3.125%
due
05/15/26
(Þ)
80
75
3.900%
due
10/01/27
160
149
5.000%
due
01/15/29
10
10
7.000%
due
02/01/30
100
107
3.625%
due
05/15/31
(Þ)
30
26
Equifax,
Inc.
2.350%
due
09/15/31
350
280
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
71
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Equities
Corp.
6.125%
due
02/01/25
250
257
Exelon
Corp.
Series
WI
3.950%
due
06/15/25
489
487
Extra
Space
Storage,
LP
3.900%
due
04/01/29
70
66
Exxon
Mobil
Corp.
2.992%
due
03/19/25
859
846
3.482%
due
03/19/30
120
115
4.227%
due
03/19/40
230
217
4.114%
due
03/01/46
40
36
4.327%
due
03/19/50
10
9
3.452%
due
04/15/51
30
25
Fidelity
&
Guaranty
Life
Holdings,
Inc.
5.500%
due
05/01/25
(Þ)
50
51
Fifth
Third
Bancorp
3.650%
due
01/25/24
883
879
FirstEnergy
Corp.
Series
B
3.900%
due
07/15/27
180
170
Series
C
4.850%
due
07/15/47
50
42
Florida
Gas
Transmission
Co.
LLC
2.300%
due
10/01/31
(Þ)
520
422
Florida
Power
&
Light
Co.
3.150%
due
10/01/49
40
32
Ford
Motor
Co.
3.250%
due
02/12/32
300
224
4.750%
due
01/15/43
40
28
Ford
Motor
Credit
Co.
LLC
2.300%
due
02/10/25
500
449
2.700%
due
08/10/26
400
341
4.950%
due
05/28/27
200
186
4.000%
due
11/13/30
200
162
Fortinet,
Inc.
2.200%
due
03/15/31
130
105
Fox
Corp.
Series
WI
5.476%
due
01/25/39
110
107
Freeport-McMoRan,
Inc.
5.400%
due
11/14/34
120
117
FS
KKR
Capital
Corp.
3.400%
due
01/15/26
921
817
General
Dynamics
Corp.
3.250%
due
04/01/25
876
869
3.625%
due
04/01/30
100
97
4.250%
due
04/01/40
220
210
4.250%
due
04/01/50
50
48
General
Electric
Co.
Series
MTNA
6.750%
due
03/15/32
22
25
General
Motors
Co.
5.400%
due
10/02/23
40
41
6.125%
due
10/01/25
270
279
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
6.250%
due
10/02/43
110
105
6.750%
due
04/01/46
100
100
Genting
New
York
LLC
3.300%
due
02/15/26
(Þ)
440
394
Gilead
Sciences,
Inc.
5.650%
due
12/01/41
50
53
GlaxoSmithKline
Capital
PLC
3.625%
due
05/15/25
831
832
GLP
Capital,
LP
/
GLP
Financing
II,
Inc.
5.375%
due
04/15/26
653
639
Goldman
Sachs
Group,
Inc.
(The)
4.250%
due
10/21/25
140
139
3.500%
due
11/16/26
90
86
3.615%
due
03/15/28
(SOFR
+
1.846%)(Ê)
760
719
3.691%
due
06/05/28
(USD
3
Month
LIBOR
+
1.510%)(Ê)
200
190
4.223%
due
05/01/29
(USD
3
Month
LIBOR
+
1.301%)(Ê)
50
48
3.800%
due
03/15/30
410
380
2.650%
due
10/21/32
(SOFR
+
1.264%)(Ê)
480
396
5.150%
due
05/22/45
140
133
Series
DMTN
2.383%
due
07/21/32
(SOFR
+
1.248%)(Ê)
800
647
Halliburton
Co.
4.850%
due
11/15/35
60
58
5.000%
due
11/15/45
20
18
Hawaiian
Brand
Intellectual
Property,
Ltd.
/
HawaiianMiles
Loyalty,
Ltd.
5.750%
due
01/20/26
(Þ)
850
762
HCA,
Inc.
5.125%
due
06/15/39
50
44
Hershey
Co.
(The)
1.700%
due
06/01/30
160
135
Home
Depot,
Inc.
(The)
2.500%
due
04/15/27
867
818
3.900%
due
12/06/28
10
10
2.700%
due
04/15/30
80
73
3.300%
due
04/15/40
50
42
3.350%
due
04/15/50
90
73
HSBC
Holdings
PLC
7.200%
due
07/15/97
457
566
Humana,
Inc.
4.500%
due
04/01/25
20
20
4.625%
due
12/01/42
20
19
4.950%
due
10/01/44
20
19
Huntington
Bancshares,
Inc.
Series
WI
2.487%
due
08/15/36
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.170%)(Ê)
1,012
792
Intel
Corp.
2.800%
due
08/12/41
110
84
3.200%
due
08/12/61
170
124
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
72
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
WI
3.734%
due
12/08/47
10
8
Intercontinental
Exchange,
Inc.
4.600%
due
03/15/33
410
409
4.950%
due
06/15/52
50
49
International
Flavors
&
Fragrances,
Inc.
1.230%
due
10/01/25
(Þ)
919
829
International
Paper
Co.
7.300%
due
11/15/39
669
781
Invitation
Homes,
Inc.
4.150%
due
04/15/32
310
281
Jefferies
Financial
Group,
Inc.
6.625%
due
10/23/43
761
753
Jefferies
Group
LLC
6.500%
due
01/20/43
635
628
Johnson
&
Johnson
2.100%
due
09/01/40
210
153
2.450%
due
09/01/60
160
108
JPMorgan
Chase
&
Co.
4.203%
due
07/23/29
(USD
3
Month
LIBOR
+
1.260%)(Ê)
40
39
4.452%
due
12/05/29
(USD
3
Month
LIBOR
+
1.330%)(Ê)
40
39
8.750%
due
09/01/30
280
342
2.739%
due
10/15/30
(SOFR
+
1.510%)(Ê)
140
122
2.522%
due
04/22/31
(SOFR
+
2.040%)(Ê)
120
102
2.956%
due
05/13/31
(SOFR
+
2.515%)(Ê)
330
285
1.953%
due
02/04/32
(SOFR
+
1.065%)(Ê)
600
480
2.580%
due
04/22/32
(SOFR
+
1.250%)(Ê)
390
328
2.545%
due
11/08/32
(SOFR
+
1.180%)(Ê)
80
66
4.586%
due
04/26/33
(SOFR
+
1.800%)(Ê)
310
304
4.950%
due
06/01/45
80
76
4.260%
due
02/22/48
(USD
3
Month
LIBOR
+
1.580%)(Ê)
110
98
3.109%
due
04/22/51
(SOFR
+
2.440%)(Ê)
60
44
3.328%
due
04/22/52
(SOFR
+
1.580%)(Ê)
460
350
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
180
Kaiser
Foundation
Hospitals
4.150%
due
05/01/47
30
28
Series
2019
3.266%
due
11/01/49
30
24
Series
2021
2.810%
due
06/01/41
80
62
3.002%
due
06/01/51
20
15
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Keurig
Dr
Pepper,
Inc.
3.400%
due
11/15/25
833
813
Kimco
Realty
Corp.
2.250%
due
12/01/31
310
249
Kinder
Morgan
Energy
Partners,
LP
7.300%
due
08/15/33
50
56
6.550%
due
09/15/40
600
624
5.500%
due
03/01/44
20
19
Kinder
Morgan,
Inc.
4.300%
due
06/01/25
90
90
5.550%
due
06/01/45
80
75
5.050%
due
02/15/46
30
27
5.200%
due
03/01/48
10
9
KKR
Group
Finance
Co.
II
LLC
5.500%
due
02/01/43
(Þ)
10
10
3.250%
due
12/15/51
(Þ)
30
21
KLA
Corp.
4.650%
due
07/15/32
130
133
4.950%
due
07/15/52
20
20
Kroger
Co.
(The)
5.150%
due
08/01/43
20
20
Kyndryl
Holdings,
Inc.
3.150%
due
10/15/31
(Þ)
320
237
4.100%
due
10/15/41
(Þ)
230
152
L3Harris
Technologies,
Inc.
2.900%
due
12/15/29
350
310
Laboratory
Corp.
of
America
Holdings
3.250%
due
09/01/24
886
873
Lam
Research
Corp.
1.900%
due
06/15/30
140
118
2.875%
due
06/15/50
60
44
Las
Vegas
Sands
Corp.
3.200%
due
08/08/24
1,002
946
2.900%
due
06/25/25
940
839
Lennar
Corp.
4.500%
due
04/30/24
882
880
Series
WI
5.000%
due
06/15/27
10
10
Lennox
International,
Inc.
1.700%
due
08/01/27
110
96
Lithia
Motors,
Inc.
4.625%
due
12/15/27
(Þ)
110
101
3.875%
due
06/01/29
(Þ)
120
102
Lockheed
Martin
Corp.
1.850%
due
06/15/30
140
119
3.900%
due
06/15/32
200
197
4.500%
due
05/15/36
842
837
4.150%
due
06/15/53
70
65
4.300%
due
06/15/62
80
75
Loews
Corp.
6.000%
due
02/01/35
601
651
Lowe's
Cos.,
Inc.
4.500%
due
04/15/30
50
49
1.700%
due
10/15/30
150
120
2.800%
due
09/15/41
90
65
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
73
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.000%
due
10/15/50
190
132
Series
3-RD
3.375%
due
09/15/25
834
820
M&T
Bank
Corp.
3.500%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.679%)(Ê)(ƒ)
30
23
Magallanes,
Inc.
4.279%
due
03/15/32
(Þ)
140
125
5.050%
due
03/15/42
(Þ)
760
647
5.141%
due
03/15/52
(Þ)
900
755
Main
Street
Capital
Corp.
5.200%
due
05/01/24
728
726
Markel
Corp.
4.300%
due
11/01/47
699
602
Marriott
International,
Inc.
Series
FXD
3.600%
due
04/15/24
120
119
Mars,
Inc.
2.375%
due
07/16/40
(Þ)
240
175
Marsh
&
McLennan
Cos.,
Inc.
3.875%
due
03/15/24
876
878
2.375%
due
12/15/31
220
184
Massachusetts
Mutual
Life
Insurance
Co.
3.375%
due
04/15/50
(Þ)
70
54
Mastercard
,
Inc.
3.300%
due
03/26/27
130
128
3.850%
due
03/26/50
120
110
McDonald's
Corp.
1.450%
due
09/01/25
20
19
3.500%
due
03/01/27
10
10
3.800%
due
04/01/28
50
49
4.700%
due
12/09/35
716
713
Series
MTN
3.500%
due
07/01/27
60
59
3.600%
due
07/01/30
70
67
4.450%
due
03/01/47
40
37
4.450%
due
09/01/48
80
74
3.625%
due
09/01/49
10
8
4.200%
due
04/01/50
140
125
MDC
Holdings,
Inc.
2.500%
due
01/15/31
160
118
6.000%
due
01/15/43
50
41
Merck
&
Co.,
Inc.
1.450%
due
06/24/30
70
58
2.350%
due
06/24/40
120
90
Micron
Technology,
Inc.
2.703%
due
04/15/32
140
112
Microsoft
Corp.
3.300%
due
02/06/27
871
865
3.450%
due
08/08/36
130
123
2.525%
due
06/01/50
174
128
2.921%
due
03/17/52
176
139
Mid-America
Apartments,
LP
3.750%
due
06/15/24
890
887
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
MidAmerican
Energy
Co.
3.650%
due
04/15/29
50
49
3.150%
due
04/15/50
110
86
Midwest
Connector
Capital
Co.
LLC
4.625%
due
04/01/29
(Þ)
863
814
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets,
Ltd.
6.500%
due
06/20/27
(Þ)
300
295
Molson
Coors
Beverage
Co.
4.200%
due
07/15/46
40
33
Mondelez
International,
Inc.
1.875%
due
10/15/32
981
761
2.625%
due
09/04/50
40
27
Morgan
Stanley
2.188%
due
04/28/26
(SOFR
+
1.990%)(Ê)
70
66
1.593%
due
05/04/27
(SOFR
+
0.879%)(Ê)
70
62
2.484%
due
09/16/36
(SOFR
+
1.360%)(Ê)
420
323
5.297%
due
04/20/37
(SOFR
+
2.620%)(Ê)
130
126
3.217%
due
04/22/42
(SOFR
+
1.485%)(Ê)
630
496
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
138
Series
MTN
3.622%
due
04/01/31
(SOFR
+
3.120%)(Ê)
180
165
1.794%
due
02/13/32
(SOFR
+
1.034%)(Ê)
80
63
2.511%
due
10/20/32
(SOFR
+
1.200%)(Ê)
50
41
Motiva
Enterprises
LLC
6.850%
due
01/15/40
(Þ)
788
755
MPLX,
LP
4.000%
due
03/15/28
40
38
4.800%
due
02/15/29
50
49
4.500%
due
04/15/38
170
149
4.700%
due
04/15/48
70
59
Series
0006
5.200%
due
03/01/47
30
27
MPT
Operating
Partnership,
LP
/
MPT
Finance
Corp.
5.000%
due
10/15/27
90
82
4.625%
due
08/01/29
70
61
Nasdaq,
Inc.
2.500%
due
12/21/40
130
91
NBCUniversal
Media
LLC
4.450%
due
01/15/43
7
6
Nestle
Holdings,
Inc.
0.606%
due
09/14/24
(Þ)
882
832
New
York
Life
Insurance
Co.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
74
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.750%
due
05/15/50
(Þ)
150
123
4.450%
due
05/15/69
(Þ)
50
43
NextEra
Energy
Capital
Holdings,
Inc.
3.800%
due
03/15/82
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.547%)(Ê)
978
785
NextEra
Energy
Operating
Partners,
LP
4.250%
due
07/15/24
(Þ)
60
57
NGPL
PipeCo
LLC
7.768%
due
12/15/37
(Þ)
553
602
Northrop
Grumman
Corp.
5.150%
due
05/01/40
160
162
5.050%
due
11/15/40
30
30
5.250%
due
05/01/50
60
64
Series
000N
4.030%
due
10/15/47
160
142
Northwest
Pipeline
LLC
7.125%
due
12/01/25
250
265
Series
WI
4.000%
due
04/01/27
60
58
Northwestern
Mutual
Life
Insurance
Co.
(The)
3.450%
due
03/30/51
(Þ)
480
366
3.625%
due
09/30/59
(Þ)
80
60
NRG
Energy,
Inc.
2.450%
due
12/02/27
(Þ)
390
335
Nucor
Corp.
2.000%
due
06/01/25
878
826
NVIDIA
Corp.
3.500%
due
04/01/40
30
26
3.500%
due
04/01/50
50
42
Occidental
Petroleum
Corp.
6.950%
due
07/01/24
10
10
8.000%
due
07/15/25
130
137
5.550%
due
03/15/26
110
109
7.950%
due
06/15/39
50
57
4.625%
due
06/15/45
30
25
4.100%
due
02/15/47
20
15
Oncor
Electric
Delivery
Co.
LLC
4.150%
due
06/01/32
(Þ)
40
40
3.100%
due
09/15/49
80
62
OneSky
Class
A
Loan
Trust
Series
A
3.875%
due
07/15/29
3,044
2,712
Oracle
Corp.
2.875%
due
03/25/31
50
41
4.300%
due
07/08/34
648
565
4.000%
due
07/15/46
270
200
3.950%
due
03/25/51
40
29
Otis
Worldwide
Corp.
Series
WI
2.056%
due
04/05/25
872
826
2.565%
due
02/15/30
60
52
Owl
Rock
Capital
Corp.
4.250%
due
01/15/26
939
864
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Pacific
Gas
and
Electric
Co.
4.250%
due
08/01/23
140
139
2.100%
due
08/01/27
110
92
3.000%
due
06/15/28
90
78
2.500%
due
02/01/31
50
38
3.300%
due
08/01/40
20
14
4.750%
due
02/15/44
70
54
4.950%
due
07/01/50
60
48
3.500%
due
08/01/50
20
13
Park-Ohio
Industries,
Inc.
Series
WI
6.625%
due
04/15/27
240
190
Parsley
Energy
LLC
/
Parsley
Finance
Corp.
4.125%
due
02/15/28
(Þ)
10
9
PayPal
Holdings,
Inc.
2.300%
due
06/01/30
110
94
4.400%
due
06/01/32
210
208
3.250%
due
06/01/50
60
45
5.050%
due
06/01/52
20
20
PepsiCo,
Inc.
2.625%
due
03/19/27
897
861
1.625%
due
05/01/30
10
8
2.875%
due
10/15/49
40
32
Pfizer,
Inc.
2.550%
due
05/28/40
60
47
Philip
Morris
International,
Inc.
2.100%
due
05/01/30
70
57
1.750%
due
11/01/30
280
217
6.375%
due
05/16/38
664
694
Pioneer
Natural
Resources
Co.
2.150%
due
01/15/31
320
263
Plains
All
American
Pipeline,
LP
/
PAA
Finance
Corp.
Series
WI
6.700%
due
05/15/36
10
10
PNC
Bank
NA
Series
BKNT
3.300%
due
10/30/24
819
812
Procter
&
Gamble
Co.
(The)
2.850%
due
08/11/27
870
842
3.000%
due
03/25/30
60
57
1.200%
due
10/29/30
170
139
5.500%
due
02/01/34
100
113
Progress
Energy,
Inc.
7.000%
due
10/30/31
559
628
Prologis,
LP
1.250%
due
10/15/30
230
182
Prospect
Capital
Corp.
3.706%
due
01/22/26
1,003
889
QUALCOMM,
Inc.
4.250%
due
05/20/32
120
122
4.500%
due
05/20/52
50
49
Range
Resources
Corp.
Series
WI
4.875%
due
05/15/25
230
224
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
75
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Raymond
James
Financial,
Inc.
3.750%
due
04/01/51
110
89
Raytheon
Technologies
Corp.
3.650%
due
08/16/23
3
3
3.950%
due
08/16/25
30
30
4.625%
due
11/16/48
130
127
Series
WI
3.200%
due
03/15/24
708
702
Republic
Services,
Inc.
2.500%
due
08/15/24
928
898
3.375%
due
11/15/27
360
344
Roche
Holdings,
Inc.
3.000%
due
11/10/25
(Þ)
842
827
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
2.875%
due
10/15/26
(Þ)
160
132
S&P
Global,
Inc.
1.250%
due
08/15/30
40
32
3.250%
due
12/01/49
20
16
Salesforce.com,
Inc.
3.700%
due
04/11/28
10
10
1.500%
due
07/15/28
60
52
1.950%
due
07/15/31
50
42
2.900%
due
07/15/51
190
144
3.050%
due
07/15/61
70
51
San
Diego
Gas
&
Electric
Co.
Series
RRR
3.750%
due
06/01/47
100
84
Series
VVV
1.700%
due
10/01/30
240
197
Santander
Holdings
USA,
Inc.
4.500%
due
07/17/25
738
731
Schlumberger
Holdings
Corp.
4.000%
due
12/21/25
(Þ)
40
40
Sempra
Energy
4.125%
due
04/01/52
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.868%)(Ê)
953
764
Senior
Housing
Properties
Trust
4.750%
due
05/01/24
120
108
Sherwin-Williams
Co.
(The)
3.450%
due
06/01/27
861
821
Shire
Acquisitions
Investments
Ireland
DAC
2.875%
due
09/23/23
362
358
Simon
Property
Group,
LP
3.500%
due
09/01/25
100
97
Southern
California
Edison
Co.
2.250%
due
06/01/30
290
243
3.650%
due
02/01/50
110
84
Series
C
4.125%
due
03/01/48
130
107
Series
G
2.500%
due
06/01/31
120
101
Southern
Co.
Gas
Capital
Corp.
6.000%
due
10/01/34
196
204
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Southwest
Airlines
Co.
5.250%
due
05/04/25
70
71
Southwestern
Energy
Co.
4.750%
due
02/01/32
60
51
Spectra
Energy
Partners,
LP
4.750%
due
03/15/24
671
676
Stryker
Corp.
1.150%
due
06/15/25
894
825
Sunoco
Logistics
Partners
Operations,
LP
3.900%
due
07/15/26
90
86
SVB
Financial
Group
4.570%
due
04/29/33
(SOFR
+
1.967%)(Ê)
470
441
Synchrony
Financial
3.950%
due
12/01/27
793
723
SYNNEX
Corp.
1.250%
due
08/09/24
(Þ)
510
476
Targa
Resources
Corp.
5.200%
due
07/01/27
230
231
4.200%
due
02/01/33
280
254
Targa
Resources
Partners,
LP
/
Targa
Resources
Partners
Finance
Corp.
5.500%
due
03/01/30
30
29
4.875%
due
02/01/31
220
201
4.000%
due
01/15/32
230
197
Target
Corp.
3.375%
due
04/15/29
140
135
Teachers
Insurance
&
Annuity
Association
of
America
4.900%
due
09/15/44
(Þ)
140
134
Tennessee
Gas
Pipeline
Co.
LLC
2.900%
due
03/01/30
(Þ)
630
544
7.625%
due
04/01/37
608
680
Texas
Instruments,
Inc.
2.250%
due
09/04/29
210
189
1.750%
due
05/04/30
70
60
3.875%
due
03/15/39
150
141
Thermo
Fisher
Scientific,
Inc.
5.300%
due
02/01/44
703
754
Time
Warner
Cable
LLC
6.550%
due
05/01/37
90
90
7.300%
due
07/01/38
180
188
6.750%
due
06/15/39
20
20
5.500%
due
09/01/41
666
581
Time
Warner
Entertainment
Co.,
LP
8.375%
due
07/15/33
100
116
T-Mobile
USA,
Inc.
2.625%
due
02/15/29
60
51
2.875%
due
02/15/31
70
58
Series
WI
3.875%
due
04/15/30
300
280
2.550%
due
02/15/31
824
694
2.700%
due
03/15/32
460
386
3.000%
due
02/15/41
100
75
3.300%
due
02/15/51
190
138
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
76
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Transcontinental
Gas
Pipe
Line
Co.
LLC
4.450%
due
08/01/42
240
212
Series
WI
7.850%
due
02/01/26
410
453
3.250%
due
05/15/30
50
45
TSMC
Arizona
Corp.
2.500%
due
10/25/31
200
171
3.125%
due
10/25/41
420
345
TWDC
Enterprises
18
Corp.
Series
MTNB
7.000%
due
03/01/32
552
657
Tyson
Foods,
Inc.
4.875%
due
08/15/34
826
831
Union
Pacific
Corp.
3.150%
due
03/01/24
831
825
2.150%
due
02/05/27
50
46
3.750%
due
02/05/70
40
32
Series
WI
2.891%
due
04/06/36
250
207
3.839%
due
03/20/60
140
117
United
Airlines
Pass-Through
Trust
Series
2020-1
Class
Class
B
4.875%
due
01/15/26
241
229
United
Airlines,
Inc.
4.375%
due
04/15/26
(Þ)
330
291
4.625%
due
04/15/29
(Þ)
30
25
United
Parcel
Service,
Inc.
3.900%
due
04/01/25
817
823
UnitedHealth
Group,
Inc.
3.500%
due
02/15/24
836
840
3.850%
due
06/15/28
70
70
2.000%
due
05/15/30
180
154
4.625%
due
07/15/35
100
101
5.700%
due
10/15/40
60
66
4.750%
due
05/15/52
240
240
Unum
Group
5.750%
due
08/15/42
796
744
Valeant
Pharmaceuticals
International,
Inc.
5.500%
due
11/01/25
(Þ)
160
141
Verizon
Communications,
Inc.
2.100%
due
03/22/28
80
71
3.875%
due
02/08/29
120
116
7.750%
due
12/01/30
100
120
2.550%
due
03/21/31
160
137
4.500%
due
08/10/33
450
439
5.250%
due
03/16/37
80
83
2.650%
due
11/20/40
90
66
3.400%
due
03/22/41
70
57
2.850%
due
09/03/41
40
30
4.125%
due
08/15/46
60
53
5.500%
due
03/16/47
10
11
4.000%
due
03/22/50
40
35
2.875%
due
11/20/50
120
85
3.000%
due
11/20/60
390
265
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.700%
due
03/22/61
530
416
Series
WI
4.329%
due
09/21/28
53
53
4.862%
due
08/21/46
50
49
2.987%
due
10/30/56
60
42
VICI
Properties,
Inc.
4.950%
due
02/15/30
80
76
5.125%
due
05/15/32
300
283
Visa,
Inc.
2.050%
due
04/15/30
60
53
2.700%
due
04/15/40
70
56
Vontier
Corp.
Series
WI
1.800%
due
04/01/26
170
148
2.400%
due
04/01/28
350
293
Voya
Financial,
Inc.
Series
WI
4.700%
due
01/23/48
(USD
3
Month
LIBOR
+
2.084%)(Ê)
944
763
Wachovia
Corp.
5.500%
due
08/01/35
802
816
Walmart,
Inc.
1.800%
due
09/22/31
150
127
2.650%
due
09/22/51
120
90
Walt
Disney
Co.
(The)
Series
WI
3.700%
due
09/15/24
827
829
6.650%
due
11/15/37
40
48
5.400%
due
10/01/43
130
138
Waste
Management,
Inc.
3.150%
due
11/15/27
210
201
WEA
Finance
LLC
/
Westfield
UK
&
Europe
Finance
PLC
3.750%
due
09/17/24
(Þ)
200
193
Wells
Fargo
&
Co.
0.805%
due
05/19/25
(SOFR
+
0.510%)(Ê)
80
75
3.000%
due
04/22/26
140
133
3.000%
due
10/23/26
260
245
3.068%
due
04/30/41
(SOFR
+
2.530%)(Ê)
170
132
5.375%
due
11/02/43
130
127
4.650%
due
11/04/44
10
9
4.750%
due
12/07/46
90
82
5.013%
due
04/04/51
(SOFR
+
4.502%)(Ê)
400
392
4.611%
due
04/25/53
(SOFR
+
2.130%)(Ê)
350
324
Welltower
,
Inc.
3.850%
due
06/15/32
80
73
Western
Midstream
Operating,
LP
3.100%
due
02/01/25
90
83
4.650%
due
07/01/26
130
123
4.500%
due
03/01/28
50
45
4.050%
due
02/01/30
250
216
5.450%
due
04/01/44
150
125
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
77
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
5.300%
due
03/01/48
140
113
5.500%
due
08/15/48
40
33
5.250%
due
02/01/50
60
48
Western
Union
Co.
(The)
6.200%
due
11/17/36
832
845
Westinghouse
Air
Brake
Technologies
Corp.
Series
WI
3.450%
due
11/15/26
963
877
Williams
Cos.,
Inc.
(The)
3.750%
due
06/15/27
60
57
7.750%
due
06/15/31
130
152
5.800%
due
11/15/43
35
35
3.500%
due
10/15/51
10
7
Workday,
Inc.
3.800%
due
04/01/32
480
439
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
7.750%
due
04/15/25
(Þ)
210
204
174,430
International
Debt
–
20.0%
ABN
AMRO
Bank
NV
4.750%
due
07/28/25
(Þ)
861
857
Abu
Dhabi
National
Energy
Co.
PJSC
4.375%
due
04/23/25
(Þ)
200
201
Adani
Ports
&
Special
Economic
Zone,
Ltd.
3.375%
due
07/24/24
(Þ)
515
502
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
4.500%
due
09/15/23
150
149
3.150%
due
02/15/24
310
300
3.300%
due
01/30/32
150
120
3.400%
due
10/29/33
150
118
3.850%
due
10/29/41
300
216
Africa
Finance
Corp.
Series
REGS
4.375%
due
04/17/26
801
777
African
Export-Import
Bank
(The)
2.634%
due
05/17/26
(Þ)
1,530
1,350
Series
eMTN
4.125%
due
06/20/24
1,614
1,582
Series
REGS
2.634%
due
05/17/26
786
694
Air
Liquide
Finance
SA
2.250%
due
09/27/23
(Þ)
916
905
Alibaba
Group
Holding,
Ltd.
2.125%
due
02/09/31
200
165
3.150%
due
02/09/51
290
198
Alimentation
Couche-Tard,
Inc.
3.550%
due
07/26/27
(Þ)
702
655
Anglo
American
Capital
PLC
3.625%
due
09/11/24
(Þ)
881
864
4.500%
due
03/15/28
(Þ)
360
350
Anheuser-Busch
Cos.
LLC
/
Anheuser-
Busch
InBev
Worldwide,
Inc.
4.900%
due
02/01/46
70
66
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Anheuser-Busch
InBev
Worldwide,
Inc.
5.550%
due
01/23/49
50
51
4.500%
due
06/01/50
270
243
AP
Moller
-
Maersk
A/S
3.875%
due
09/28/25
(Þ)
828
826
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
1,000
Series
2021-FL4
Class
A
1.440%
due
11/15/36
(USD
1
Month
LIBOR
+
1.350%)(Ê)(Þ)
1,223
1,183
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
2,973
Arbor
Realty
Commercial
Real
Estate
Notes,
Ltd.
Series
2022-FL2
Class
A
3.129%
due
05/15/37
(CME
Term
SOFR
1
Month
+
1.850%)(Ê)(Þ)
2,638
2,581
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
4,814
Ares
LXI
CLO,
Ltd.
Series
2021-61A
Class
A
2.213%
due
10/20/34
(USD
3
Month
LIBOR
+
1.150%)(Ê)(Þ)
4,022
3,878
Argentine
Republic
Government
International
Bond
1.000%
due
07/09/29
34
8
0.750%
due
07/09/30
(~)(Ê)
388
91
3.500%
due
07/09/41
(~)(Ê)
160
43
Australia
&
New
Zealand
Banking
Group,
Ltd.
4.500%
due
03/19/24
(Þ)
871
872
Avolon
Holdings
Funding,
Ltd.
3.950%
due
07/01/24
(Þ)
20
19
2.875%
due
02/15/25
(Þ)
150
138
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
829
Banco
Inbursa
SA
Institucion
de
Banca
Multiple
4.125%
due
06/06/24
(Þ)
711
702
Banco
Internacional
del
Peru
SAA
Interbank
3.250%
due
10/04/26
(Þ)
928
852
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
232
Banco
Santander
Chile
2.700%
due
01/10/25
(Þ)
703
672
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
78
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santander
5.375%
due
04/17/25
(Þ)
810
813
Banco
Santander
SA
5.179%
due
11/19/25
705
705
4.175%
due
03/24/28
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.000%)(Ê)
800
763
Bancolombia
SA
3.000%
due
01/29/25
991
912
Bank
of
China,
Ltd.
5.000%
due
11/13/24
(Þ)
833
852
Bank
of
Montreal
Series
MTN
0.400%
due
09/15/23
953
920
Bank
of
Nova
Scotia
(The)
0.550%
due
09/15/23
957
925
3.450%
due
04/11/25
390
385
4.588%
due
05/04/37
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.050%)(Ê)
30
28
Barclays
PLC
5.088%
due
06/20/30
(USD
3
Month
LIBOR
+
3.054%)(Ê)
290
274
4.950%
due
01/10/47
660
621
Barrick
NA
Finance
LLC
5.700%
due
05/30/41
130
135
BAT
Capital
Corp.
2.259%
due
03/25/28
40
34
3.734%
due
09/25/40
110
77
Series
WI
3.557%
due
08/15/27
385
352
Bayer
US
Finance
II
LLC
3.875%
due
12/15/23
(Þ)
961
959
Bayer
US
Finance
LLC
3.375%
due
10/08/24
(Þ)
726
708
BBVA
Bancomer
SA
4.375%
due
04/10/24
(Þ)
862
856
BDS,
Ltd.
Series
2021-FL7
Class
A
1.180%
due
06/16/36
(USD
1
Month
LIBOR
+
1.070%)(Ê)(Þ)
1,558
1,494
Bellemeade
Re,
Ltd.
2.859%
due
10/25/28
(USD
1
Month
LIBOR
+
2.750%)(Ê)(Þ)
1,780
1,743
Series
2017-1
Class
M2
4.297%
due
10/25/27
(USD
1
Month
LIBOR
+
3.350%)(Ê)(Þ)
537
537
Series
2019-3A
Class
M1C
2.099%
due
07/25/29
(USD
1
Month
LIBOR
+
1.950%)(Ê)(Þ)
2,224
2,182
Series
2020-4A
Class
M2B
3.750%
due
06/25/30
(USD
1
Month
LIBOR
+
3.600%)(Ê)(Þ)
568
566
Series
2021-2A
Class
M1A
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
1.210%
due
06/25/31
(SOFR
30
Day
Average
+
1.200%)(Ê)(Þ)
2,308
2,268
Series
2021-2A
Class
M1B
1.510%
due
06/25/31
(SOFR
30
Day
Average
+
1.500%)(Ê)(Þ)
1,759
1,689
Series
2021-3A
Class
A2
1.050%
due
09/25/31
(SOFR
30
Day
Average
+
1.000%)(Ê)(Þ)
2,380
2,318
Bermuda
Government
International
Bond
2.375%
due
08/20/30
(Þ)
380
317
Bharti
Airtel,
Ltd.
4.375%
due
06/10/25
(Þ)
877
873
BHP
Billiton
Finance
USA,
Ltd.
3.850%
due
09/30/23
880
887
BNP
Paribas
SA
2.219%
due
06/09/26
(SOFR
+
2.074%)(Ê)(Þ)
680
628
4.625%
due
03/13/27
(Þ)
722
707
1.675%
due
06/30/27
(SOFR
+
0.912%)(Ê)(Þ)
210
185
4.400%
due
08/14/28
(Þ)
200
191
2.159%
due
09/15/29
(SOFR
+
1.218%)(Ê)(Þ)
270
226
2.824%
due
01/26/41
(Þ)
400
276
BOC
Aviation
USA
Corp.
1.625%
due
04/29/24
(Þ)
200
192
BPCE
SA
3.116%
due
10/19/32
(SOFR
+
1.730%)(Ê)(Þ)
300
242
British
Telecommunications
PLC
9.625%
due
12/15/30
70
87
Brookfield
Finance
LLC
3.450%
due
04/15/50
827
592
Brookfield
Finance,
Inc.
4.000%
due
04/01/24
841
841
Canadian
Imperial
Bank
of
Commerce
3.100%
due
04/02/24
834
825
Canadian
Natural
Resources,
Ltd.
5.850%
due
02/01/35
661
671
Canadian
Pacific
Railway
Co.
2.450%
due
12/02/31
250
214
3.000%
due
12/02/41
70
55
3.100%
due
12/02/51
80
59
6.125%
due
09/15/15
656
680
Cedar
Funding,
Ltd.
Series
2018-5A
Class
A1R
2.235%
due
07/17/31
(USD
3
Month
LIBOR
+
1.100%)(Ê)(Þ)
1,600
1,568
Celulosa
Arauco
y
Constitucion
SA
Series
WI
4.500%
due
08/01/24
884
877
CI
Financial
Corp.
3.200%
due
12/17/30
500
391
Comision
Federal
de
Electricidad
3.348%
due
02/09/31
(Þ)
200
153
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
79
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Commonwealth
Bank
of
Australia
2.688%
due
03/11/31
(Þ)
200
163
3.743%
due
09/12/39
(Þ)
200
163
Cooperatieve
Rabobank
UA
4.375%
due
08/04/25
400
397
3.758%
due
04/06/33
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.420%)(Ê)(Þ)
360
325
Credicorp
,
Ltd.
2.750%
due
06/17/25
(Þ)
922
856
Credit
Agricole
SA
4.375%
due
03/17/25
(Þ)
734
722
1.907%
due
06/16/26
(SOFR
+
1.676%)(Ê)(Þ)
928
853
8.125%
due
12/29/49
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
6.185%)(Ê)
(ƒ)(Þ)
200
205
Credit
Suisse
Group
AG
4.282%
due
01/09/28
(Þ)
699
653
3.091%
due
05/14/32
(SOFR
+
1.730%)(Ê)(Þ)
480
382
5.250%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.889%)(Ê)(ƒ)(Þ)
200
154
6.375%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.822%)(Ê)(ƒ)(Þ)
360
297
7.250%
due
12/31/99
(USD
ICE
Swap
Rate
NY
5
Year
Rate
+
4.332%)
(Ê)(ƒ)(Þ)
200
174
7.500%
due
12/31/99
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
4.600%)(Ê)
(ƒ)(Þ)
200
185
9.750%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
6.383%)(Ê)(ƒ)(Þ)
950
970
CSL
UK
Holdings,
Ltd.
3.850%
due
04/27/27
(Þ)
60
59
4.050%
due
04/27/29
(Þ)
120
118
4.250%
due
04/27/32
(Þ)
100
98
4.750%
due
04/27/52
(Þ)
50
48
DAE
Funding
LLC
1.550%
due
08/01/24
(Þ)
220
206
Danone
SA
2.589%
due
11/02/23
(Þ)
718
709
Danske
Bank
A/S
3.875%
due
09/12/23
(Þ)
200
199
3.773%
due
03/28/25
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.450%)(Ê)(Þ)
200
197
0.976%
due
09/10/25
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.550%)(Ê)(Þ)
935
861
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
1.549%
due
09/10/27
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.730%)(Ê)(Þ)
200
175
4.298%
due
04/01/28
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.750%)(Ê)(Þ)
1,100
1,043
Delhaize
America,
Inc.
9.000%
due
04/15/31
154
207
Deutsche
Bank
AG
3.700%
due
05/30/24
890
879
1.447%
due
04/01/25
(SOFR
+
1.131%)(Ê)
1,024
957
Deutsche
Telekom
International
Finance
BV
8.750%
due
06/15/30
50
62
Dryden
85
CLO,
Ltd.
Series
2021-85A
Class
AR
2.194%
due
10/15/35
(USD
3
Month
LIBOR
+
1.150%)(Ê)(Þ)
1,159
1,117
E.ON
International
Finance
BV
6.650%
due
04/30/38
(Þ)
621
678
Eagle
Re,
Ltd.
Series
2018-1
Class
M2
3.947%
due
11/25/28
(USD
1
Month
LIBOR
+
3.000%)(Ê)(Þ)
732
725
Series
2020-1
Class
M1A
1.068%
due
01/25/30
(USD
1
Month
LIBOR
+
0.900%)(Ê)(Þ)
272
271
Series
2021-1
Class
M1B
2.165%
due
10/25/33
(SOFR
30
Day
Average
+
2.150%)(Ê)(Þ)
1,268
1,264
Series
2021-2
Class
M1B
2.099%
due
04/25/34
(SOFR
30
Day
Average
+
2.050%)(Ê)(Þ)
1,515
1,463
Ecopetrol
SA
4.625%
due
11/02/31
130
98
5.875%
due
05/28/45
80
54
5.875%
due
11/02/51
110
72
Enbridge,
Inc.
3.700%
due
07/15/27
687
658
Enel
Finance
International
NV
3.500%
due
04/06/28
(Þ)
706
653
Eni
SpA
Series
X-R
4.000%
due
09/12/23
(Þ)
892
888
Eni
USA,
Inc.
7.300%
due
11/15/27
711
796
Equinor
ASA
2.650%
due
01/15/24
899
889
Fairfax
Financial
Holdings,
Ltd.
Series
WI
4.850%
due
04/17/28
810
805
First
Quantum
Minerals,
Ltd.
7.500%
due
04/01/25
(Þ)
200
189
6.875%
due
10/15/27
(Þ)
280
250
Fresnillo
PLC
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
80
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.250%
due
10/02/50
(Þ)
260
191
Garda
World
Security
Corp.
2021
Term
Loan
B
5.900%
due
10/30/26
(USD
1
Month
LIBOR
+
4.250%)(Ê)
69
63
GFL
Environmental,
Inc.
2020
Term
Loan
4.239%
due
05/31/25
(USD
3
Month
LIBOR
+
3.000%)(Ê)
15
15
GlaxoSmithKline
Capital
PLC
0.534%
due
10/01/23
956
924
Glencore
Funding
LLC
4.125%
due
03/12/24
(Þ)
550
547
4.625%
due
04/29/24
(Þ)
40
40
1.625%
due
09/01/25
(Þ)
140
128
4.000%
due
03/27/27
(Þ)
220
212
3.875%
due
10/27/27
(Þ)
50
47
2.625%
due
09/23/31
(Þ)
70
56
Grifols
Worldwide
Operations
USA,
Inc.
Term
Loan
B
3.666%
due
11/15/27
(USD
1
Month
LIBOR
+
2.000%)(Ê)
178
168
Grupo
Bimbo
SAB
de
CV
3.875%
due
06/27/24
(Þ)
879
868
Hana
Bank
4.375%
due
09/30/24
(Þ)
874
878
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
2,112
Series
2021-FL2
Class
A
1.200%
due
09/19/26
(USD
1
Month
LIBOR
+
1.000%)(Ê)(Þ)
2,486
2,371
Highlands
Holdings
Bond
Issuer,
Ltd.
/
Highlands
Holdings
Bond
Co.-Issuer,
Inc.
7.625%
due
10/15/25
(Þ)
502
485
HOM
RE,
Ltd.
Series
2021-1
Class
M1A
1.173%
due
07/25/33
(USD
1
Month
LIBOR
+
1.050%)(Ê)(Þ)
240
240
HSBC
Holdings
PLC
3.900%
due
05/25/26
220
215
2.099%
due
06/04/26
(SOFR
+
1.929%)(Ê)
200
185
4.041%
due
03/13/28
(USD
3
Month
LIBOR
+
1.546%)(Ê)
410
389
4.755%
due
06/09/28
(SOFR
+
2.110%)(Ê)
400
389
7.625%
due
05/17/32
669
781
2.804%
due
05/24/32
(SOFR
+
1.187%)(Ê)
430
353
2.871%
due
11/22/32
(SOFR
+
1.410%)(Ê)
290
237
4.762%
due
03/29/33
(SOFR
+
2.530%)(Ê)
410
378
ICICI
Bank,
Ltd.
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.000%
due
03/18/26
(Þ)
782
769
ING
Bank
NV
5.800%
due
09/25/23
(Þ)
754
767
ING
Groep
NV
4.100%
due
10/02/23
897
899
4.252%
due
03/28/33
(SOFR
+
2.070%)(Ê)
380
355
Intercorp
Financial
Services,
Inc.
4.125%
due
10/19/27
(Þ)
938
847
Intesa
Sanpaolo
SpA
5.017%
due
06/26/24
(Þ)
200
191
4.198%
due
06/01/32
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.600%)(Ê)(Þ)
210
154
4.950%
due
06/01/42
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.750%)(Ê)(Þ)
200
135
Johnson
Controls
International
PLC
0.387%
due
07/02/24
(~)(Ê)
839
833
Jordan
Government
International
Bond
4.950%
due
07/07/25
(Þ)
230
207
KazMunayGas
National
Co.
JSC
5.375%
due
04/24/30
(Þ)
200
176
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
874
LCM
XXIII,
Ltd.
Series
2020-23A
Class
A1R
2.205%
due
10/20/29
(USD
3
Month
LIBOR
+
1.070%)(Ê)(Þ)
1,012
996
Lloyds
Banking
Group
PLC
3.511%
due
03/18/26
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.600%)(Ê)
330
321
7.500%
due
12/31/99
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
4.496%)(Ê)(ƒ)
200
195
Lukoil
International
Finance
BV
2.800%
due
04/26/27
(Þ)
350
212
Madison
Park
Funding
XLVIII,
Ltd.
Series
2021-48A
Class
A
2.194%
due
04/19/33
(USD
3
Month
LIBOR
+
1.150%)(Ê)(Þ)
1,158
1,132
Madison
Park
Funding
XVIII,
Ltd.
Series
2021-18A
Class
ARR
1.195%
due
10/21/30
(USD
3
Month
LIBOR
+
0.940%)(Ê)(Þ)
1,922
1,887
Magnetite
XXXIII
Ltd.
Series
2022-33A
Class
A
1.000%
due
07/20/35
(CME
Term
SOFR
3
Month
+
1.500%)(Ê)(Þ)
3,893
3,832
MEG
Energy
Corp.
7.125%
due
02/01/27
(Þ)
140
141
Meituan
2.125%
due
10/28/25
(Þ)
976
879
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
81
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Melco
Resorts
Finance,
Ltd.
5.375%
due
12/04/29
(Þ)
240
144
MercadoLibre
,
Inc.
3.125%
due
01/14/31
210
151
Mexico
Government
International
Bond
3.500%
due
02/12/34
240
198
4.350%
due
01/15/47
610
465
Mitsubishi
UFJ
Financial
Group,
Inc.
3.837%
due
04/17/26
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.125%)(Ê)
200
197
4.080%
due
04/19/28
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.300%)(Ê)
200
195
Mondelez
International
Holdings
Netherlands
BV
2.250%
due
09/19/24
(Þ)
690
668
National
Bank
of
Canada
Series
MTN
0.550%
due
11/15/24
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.400%)(Ê)
926
883
NatWest
Group
PLC
3.875%
due
09/12/23
200
199
5.125%
due
05/28/24
800
804
3.754%
due
11/01/29
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.100%)(Ê)
200
192
Neuberger
Berman
CLO
XV,
Ltd.
Series
2021-15A
Class
A1R2
1.964%
due
10/15/29
(USD
3
Month
LIBOR
+
0.920%)(Ê)(Þ)
2,766
2,719
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
580
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
202
Nissan
Motor
Acceptance
Corp.
3.043%
due
09/15/23
(Þ)
1,540
1,514
Nissan
Motor
Co.,
Ltd.
3.522%
due
09/17/25
(Þ)
480
454
Nomura
Holdings,
Inc.
1.851%
due
07/16/25
891
816
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
876
Novartis
Capital
Corp.
3.400%
due
05/06/24
815
818
NTT
Finance
Corp.
0.583%
due
03/01/24
(Þ)
950
903
2.065%
due
04/03/31
(Þ)
200
167
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Nutrien
,
Ltd.
3.000%
due
04/01/25
535
522
NYACK
Park
CLO,
Ltd.
Series
2021-1A
Class
A
2.183%
due
10/20/34
(USD
3
Month
LIBOR
+
1.120%)(Ê)(Þ)
5,290
5,110
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
1,341
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
1,447
Oaktown
Re
VII,
Ltd.
Series
2021-2
Class
M1A
1.650%
due
04/25/34
(SOFR
30
Day
Average
+
1.600%)(Ê)(Þ)
821
806
Oaktown
Re,
Ltd.
Series
2021-1A
Class
M1C
3.010%
due
10/25/33
(SOFR
30
Day
Average
+
3.000%)(Ê)(Þ)
1,475
1,410
OCP
SA
3.750%
due
06/23/31
(Þ)
200
151
Oversea-Chinese
Banking
Corp.,
Ltd.
4.250%
due
06/19/24
(Þ)
646
649
Panama
Government
International
Bond
2.252%
due
09/29/32
260
203
Panasonic
Corp.
2.679%
due
07/19/24
(Þ)
912
887
Paraguay
Government
International
Bond
5.400%
due
03/30/50
(Þ)
200
155
Peruvian
Government
International
Bond
2.783%
due
01/23/31
130
111
Petrobras
Global
Finance
BV
6.900%
due
03/19/49
160
143
5.500%
due
06/10/51
100
76
Series
WI
5.999%
due
01/27/28
100
99
Petroleos
del
Peru
SA
5.625%
due
06/19/47
(Þ)
200
136
Prodigy
Finance
Designated
Activity
Co.
Series
2021-1A
Class
A
1.437%
due
07/25/51
(USD
1
Month
LIBOR
+
1.250%)(Ê)(Þ)
775
762
Prosus
NV
4.027%
due
08/03/50
(Þ)
909
565
Provincia
de
Buenos
Aires
5.250%
due
09/01/37
(~)(Ê)(Þ)
372
113
Provincia
de
Cordoba
7.125%
due
12/10/25
(~)(Ê)(Þ)
200
152
7.450%
due
06/01/27
(~)(Ê)(Þ)
230
148
Radnor
RE,
Ltd.
Series
2019-2
Class
M1B
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
82
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
1.935%
due
06/25/29
(USD
1
Month
LIBOR
+
1.750%)(Ê)(Þ)
636
633
Series
2021-1
Class
M1B
1.710%
due
12/27/33
(SOFR
30
Day
Average
+
1.700%)(Ê)(Þ)
2,072
2,025
Series
2021-2
Class
M1A
1.898%
due
11/25/31
(SOFR
30
Day
Average
+
1.850%)(Ê)(Þ)
1,014
1,004
Reliance
Industries,
Ltd.
4.125%
due
01/28/25
(Þ)
863
862
2.875%
due
01/12/32
(Þ)
480
398
Republic
of
Chile
Government
International
Bond
2.550%
due
07/27/33
200
163
3.100%
due
05/07/41
200
152
Resorts
World
Las
Vegas
LLC
/
RWLV
Capital,
Inc.
4.625%
due
04/16/29
(Þ)
809
658
Reynolds
American,
Inc.
4.850%
due
09/15/23
865
874
5.850%
due
08/15/45
70
59
Riserva
CLO,
Ltd.
Series
2021-3A
Class
ARR
2.104%
due
01/18/34
(USD
3
Month
LIBOR
+
1.060%)(Ê)(Þ)
940
902
SABIC
Capital
II
BV
4.000%
due
10/10/23
(Þ)
737
737
Sands
China,
Ltd.
5.125%
due
08/08/25
(Þ)
200
168
2.550%
due
03/08/27
(Þ)
200
146
Series
WI
5.125%
due
08/08/25
600
503
3.800%
due
01/08/26
400
320
5.400%
due
08/08/28
600
462
Santander
UK
Group
Holdings
PLC
5.000%
due
11/07/23
(Þ)
909
915
Class
N
4.750%
due
09/15/25
(Þ)
701
692
Saudi
Arabian
Oil
Co.
1.625%
due
11/24/25
(Þ)
908
838
Shell
International
Finance
BV
4.375%
due
05/11/45
140
130
4.000%
due
05/10/46
50
45
3.250%
due
04/06/50
20
16
Siemens
Financieringsmaatschappij
NV
2.000%
due
09/15/23
(Þ)
891
878
SK
Hynix,
Inc.
1.000%
due
01/19/24
(Þ)
952
909
Sky,
Ltd.
3.750%
due
09/16/24
(Þ)
941
938
Sociedad
Quimica
y
Minera
de
Chile
SA
3.500%
due
09/10/51
(Þ)
470
347
Societe
Generale
SA
5.000%
due
01/17/24
(Þ)
700
703
Southern
Copper
Corp.
3.875%
due
04/23/25
832
821
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
6.750%
due
04/16/40
10
11
5.250%
due
11/08/42
60
59
Standard
Chartered
PLC
5.700%
due
03/26/44
(Þ)
754
703
State
Bank
of
India
4.375%
due
01/24/24
(Þ)
883
888
Sumitomo
Mitsui
Financial
Group,
Inc.
3.936%
due
10/16/23
895
899
Suncor
Energy,
Inc.
6.500%
due
06/15/38
607
671
SURA
Asset
Management
SA
4.875%
due
04/17/24
(Þ)
877
869
Suzano
Austria
GmbH
7.000%
due
03/16/47
(Þ)
200
191
Series
DM3N
3.125%
due
01/15/32
230
173
Takeda
Pharmaceutical
Co.,
Ltd.
Series
WI
4.400%
due
11/26/23
875
882
Teck
Resources,
Ltd.
6.250%
due
07/15/41
60
62
5.400%
due
02/01/43
60
56
Series
WI
3.900%
due
07/15/30
200
184
Telefonica
Emisiones
SA
5.213%
due
03/08/47
150
133
Tencent
Holdings,
Ltd.
3.280%
due
04/11/24
(Þ)
891
883
Tesco
PLC
6.150%
due
11/15/37
(Þ)
623
646
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.150%
due
10/01/26
480
394
Toronto-Dominion
Bank
(The)
2.650%
due
06/12/24
853
837
4.456%
due
06/08/32
440
435
TotalEnergies
Capital
International
SA
3.700%
due
01/15/24
877
880
TransAlta
Corp.
6.500%
due
03/15/40
60
55
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
151
4.500%
due
06/26/48
(Þ)
200
190
7.000%
due
12/31/99
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
4.344%)(Ê)
(ƒ)(Þ)
460
448
Unilever
Capital
Corp.
0.375%
due
09/14/23
888
860
Vale
Overseas,
Ltd.
8.250%
due
01/17/34
636
746
Vodafone
Group
PLC
6.150%
due
02/27/37
50
54
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
83
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
WEA
Finance
LLC
/
Westfield
UK
&
Europe
Finance
PLC
4.750%
due
09/17/44
(Þ)
200
154
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
119
3.020%
due
11/18/36
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.530%)(Ê)
100
80
3.133%
due
11/18/41
310
227
Woori
Bank
4.750%
due
04/30/24
(Þ)
734
742
Wynn
Macau,
Ltd.
5.500%
due
01/15/26
(Þ)
200
138
5.625%
due
08/26/28
(Þ)
310
191
Yamana
Gold,
Inc.
2.630%
due
08/15/31
30
24
Series
WI
4.625%
due
12/15/27
310
298
ZF
NA
Capital,
Inc.
4.750%
due
04/29/25
(Þ)
670
618
178,570
Loan
Agreements
-
0.2%
Alterra
Mountain
Co.
2021
Term
Loan
B2
5.166%
due
07/30/28
(USD
1
Month
LIBOR
+
3.500%)(Ê)
66
63
Caesars
Resort
Collection
LLC
1st
Lien
Term
Loan
B
4.416%
due
12/22/24
(USD
1
Month
LIBOR
+
2.750%)(Ê)
135
130
Caesars
Resort
Collection
LLC
2020
Term
Loan
5.166%
due
06/19/25
(USD
1
Month
LIBOR
+
3.500%)(Ê)
78
75
Carnival
Corp.
Term
Loan
B
5.877%
due
06/30/25
(USD
6
Month
LIBOR
+
3.000%)(Ê)
198
183
CSC
Holdings
LLC
2018
Incremental
Term
Loan
3.574%
due
01/15/26
(USD
1
Month
LIBOR
+
2.250%)(Ê)
30
28
Eyecare
Partners
LLC
Term
Loan
6.000%
due
02/20/27
(USD
3
Month
LIBOR
+
3.750%)(Ê)
98
90
First
Eagle
Holdings,
Inc.
Term
Loan
B
4.750%
due
02/02/27
(USD
3
Month
LIBOR
+
2.500%)(Ê)
37
35
Focus
Financial
Partners
LLC
Term
Loan
3.666%
due
07/03/24
(USD
1
Month
LIBOR
+
2.000%)(Ê)
146
140
Genesee
&
Wyoming,
Inc.
New
Term
Loan
4.250%
due
12/30/26
(USD
3
Month
LIBOR
+
2.000%)(Ê)
77
74
Harbor
Freight
Tools
USA,
Inc.
2021
Term
Loan
B
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.416%
due
10/19/27
(USD
1
Month
LIBOR
+
2.750%)(Ê)
69
60
McAfee
LLC
Term
Loan
B
6.230%
due
07/27/28
(USD
3
Month
LIBOR
+
5.000%)(Ê)
99
89
Nexstar
Broadcasting,
Inc.
Term
Loan
B4
4.166%
due
09/19/26
(USD
1
Month
LIBOR
+
2.500%)(Ê)
231
228
Petco
Health
and
Wellness
Co.
2021
Term
Loan
B
5.500%
due
02/24/28
(USD
3
Month
LIBOR
+
3.250%)(Ê)
39
36
Phoenix
Guarantor,
Inc.
Term
Loan
B
4.916%
due
03/05/26
(USD
1
Month
LIBOR
+
3.250%)(Ê)
120
112
Prime
Security
Services
Borrower
LLC
2021
Term
Loan
3.557%
due
09/23/26
(USD
6
Month
LIBOR
+
2.750%)(Ê)
107
99
Quikrete
Holdings,
Inc.
2021
Term
Loan
B1
4.666%
due
06/11/28
(USD
1
Month
LIBOR
+
3.000%)(Ê)
60
56
Southwestern
Energy
Co.
Term
Loan
4.704%
due
06/22/27
(USD
3
Month
LIBOR
+
2.500%)(Ê)
119
116
UFC
Holdings
LLC
2021
Term
Loan
B
3.500%
due
04/29/26
(USD
6
Month
LIBOR
+
2.750%)(Ê)
107
99
United
Airlines,
Inc.
2021
Term
Loan
B
5.392%
due
04/21/28
(USD
1
Month
LIBOR
+
3.750%)(Ê)
69
64
Verscend
Holding
Corp.
2021
Term
Loan
B
5.666%
due
08/27/25
(USD
1
Month
LIBOR
+
4.000%)(Ê)
99
94
Virgin
Media
Secured
Finance
PLC
Term
Loan
3.824%
due
01/31/28
(USD
1
Month
LIBOR
+
2.500%)(Ê)
147
137
Zebra
Buyer
LLC
Term
Loan
B
5.482%
due
11/01/28
(USD
3
Month
LIBOR
+
3.250%)(Ê)
95
91
2,099
Mortgage-Backed
Securities
-
13.4%
Alternative
Loan
Trust
Series
2007-16CB
Class
1A5
0.568%
due
08/25/37
(USD
1
Month
LIBOR
+
0.400%)(Ê)
259
176
Banc
of
America
Funding
Trust
Series
2006-6
Class
2A1
6.000%
due
08/25/36
408
356
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
1,159
Series
2021-CIP
Class
D
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
84
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
1.771%
due
12/15/28
(USD
1
Month
LIBOR
+
1.671%)(Ê)(Þ)
2,674
2,506
CAMB
Commercial
Mortgage
Trust
Series
2019-LIFE
Class
F
2.735%
due
12/15/37
(USD
1
Month
LIBOR
+
2.550%)(Ê)(Þ)
987
940
Series
2021-CX2
Class
A
2.700%
due
11/10/46
(Þ)
3,322
2,779
Citigroup
Commercial
Mortgage
Trust
Series
2013-375P
Class
D
3.635%
due
05/10/35
(~)(Ê)(Þ)
1,418
1,320
CORE
Mortgage
Trust
Series
2019-CORE
Class
D
1.835%
due
12/15/31
(USD
1
Month
LIBOR
+
1.650%)(Ê)(Þ)
1,216
1,145
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
1,230
DBGS
Mortgage
Trust
Series
2019-1735
Class
D
4.334%
due
04/10/37
(~)(Ê)(Þ)
985
831
Deutsche
Mortgage
Securities,
Inc.
Re-
REMIC
Trust
Series
2007-WM1
Class
A1
3.658%
due
06/27/37
(~)(Ê)(Þ)
240
231
ELP
Commercial
Mortgage
Trust
Series
2021-ELP
Class
D
1.619%
due
11/15/36
(USD
1
Month
LIBOR
+
1.518%)(Ê)(Þ)
926
882
Fannie
Mae
2.560%
due
2028
366
348
2.600%
due
2031
375
343
6.000%
due
2032
11
12
5.000%
due
2033
3
3
5.500%
due
2034
9
9
4.500%
due
2035
197
208
5.500%
due
2037
58
62
5.500%
due
2038
252
269
6.000%
due
2039
21
23
4.000%
due
2040
159
161
5.500%
due
2040
278
293
6.000%
due
2040
64
70
4.000%
due
2041
235
238
6.000%
due
2041
102
112
3.500%
due
2043
510
499
4.000%
due
2044
530
535
3.500%
due
2045
592
579
3.000%
due
2046
85
81
3.500%
due
2046
122
120
4.000%
due
2046
609
614
4.500%
due
2046
203
209
3.000%
due
2047
1,783
1,688
3.500%
due
2047
270
265
4.000%
due
2047
49
50
4.500%
due
2048
702
716
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
5.000%
due
2048
147
152
3.000%
due
2049
3,751
3,518
4.000%
due
2049
672
673
5.000%
due
2049
343
352
2.500%
due
2050
6,873
6,214
3.000%
due
2050
7,263
6,823
2.000%
due
2051
12,850
11,204
2.500%
due
2051
1,803
1,626
4.000%
due
2052
5,670
5,599
Fannie
Mae
Connecticut
Avenue
Securities
Trust
Series
2018-C03
Class
1M2
2.318%
due
10/25/30
(USD
1
Month
LIBOR
+
2.150%)(Ê)
418
419
Fannie
Mae
REMICS
Series
1999-56
Class
Z
7.000%
due
12/18/29
4
5
Series
2004-W5
Class
A1
6.000%
due
02/25/47
111
121
Series
2005-24
Class
ZE
5.000%
due
04/25/35
102
106
Series
2020-75
Class
LI
Interest
Only
STRIPS
2.500%
due
11/25/50
1,350
195
Series
2020-97
Class
EI
Interest
Only
STRIPS
2.000%
due
01/25/51
2,620
317
Series
2021-1
Class
IM
Interest
Only
STRIPS
2.000%
due
02/25/51
2,127
251
Series
2021-3
Class
KI
Interest
Only
STRIPS
2.500%
due
02/25/51
1,226
168
Series
2021-3
Class
NI
Interest
Only
STRIPS
2.500%
due
02/25/51
1,447
209
Series
2021-8
Class
EI
Interest
Only
STRIPS
3.500%
due
03/25/51
515
93
Series
2021-8
Class
GI
Interest
Only
STRIPS
3.000%
due
03/25/51
643
102
Freddie
Mac
5.500%
due
2038
189
203
6.000%
due
2038
46
50
5.000%
due
2040
94
99
4.000%
due
2041
678
686
4.500%
due
2041
89
92
5.500%
due
2041
104
112
3.500%
due
2043
343
339
4.000%
due
2044
231
233
3.500%
due
2045
478
470
4.000%
due
2045
221
223
3.000%
due
2046
1,631
1,551
4.000%
due
2046
111
112
3.000%
due
2047
575
547
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
85
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.000%
due
2048
88
84
4.000%
due
2048
640
642
4.500%
due
2048
161
163
3.000%
due
2049
197
186
2.500%
due
2050
1,748
1,591
3.000%
due
2050
3,017
2,829
2.000%
due
2051
5,432
4,733
2.500%
due
2051
82
74
3.000%
due
2052
5,931
5,531
3.500%
due
2052
3,964
3,817
Freddie
Mac
REMICS
Series
2003-2624
Class
QH
5.000%
due
06/15/33
35
37
Series
2006-R007
Class
ZA
6.000%
due
05/15/36
115
124
Series
2010-3632
Class
PK
5.000%
due
02/15/40
60
62
Series
2010-3653
Class
B
4.500%
due
04/15/30
100
103
Series
2012-4010
Class
KM
3.000%
due
01/15/42
42
41
Series
2017-4734
Class
IO
Interest
Only
STRIPS
4.000%
due
12/15/47
711
135
Series
2020-5008
Class
IE
Interest
Only
STRIPS
2.000%
due
09/25/50
860
105
Series
2020-5038
Class
NI
Interest
Only
STRIPS
2.000%
due
11/25/50
1,252
151
Series
2020-5050
Class
IP
Interest
Only
STRIPS
3.000%
due
10/25/50
2,267
369
Series
2020-5052
Class
IO
Interest
Only
STRIPS
3.500%
due
12/25/50
821
153
Series
2020-5052
Class
KI
Interest
Only
STRIPS
4.000%
due
12/25/50
996
172
Series
2021-5072
Class
IQ
Interest
Only
STRIPS
3.500%
due
10/25/50
1,277
220
Series
2021-5072
Class
QI
Interest
Only
STRIPS
3.500%
due
10/25/50
985
179
Ginnie
Mae
REMICS
Series
2020-134
Class
IL
Interest
Only
STRIPS
2.500%
due
09/20/50
433
57
Series
2020-146
Class
EI
Interest
Only
STRIPS
2.500%
due
10/20/50
1,276
177
Series
2020-160
Class
GI
Interest
Only
STRIPS
2.000%
due
10/20/50
2,172
236
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
2020-167
Class
BI
Interest
Only
STRIPS
2.500%
due
11/20/50
1,358
175
Series
2020-167
Class
IA
Interest
Only
STRIPS
2.500%
due
11/20/50
2,503
320
Series
2020-167
Class
IW
Interest
Only
STRIPS
2.000%
due
11/20/50
1,560
169
Series
2020-173
Class
MI
Interest
Only
STRIPS
2.500%
due
11/20/50
4,667
616
Series
2021-1
Class
AI
Interest
Only
STRIPS
2.000%
due
01/20/51
898
116
Series
2021-1
Class
PI
Interest
Only
STRIPS
2.500%
due
12/20/50
495
65
Series
2021-9
Class
MI
Interest
Only
STRIPS
2.500%
due
01/20/51
1,348
177
Series
2021-23
Class
IA
Interest
Only
STRIPS
2.500%
due
02/20/51
1,007
128
Series
2021-23
Class
KI
Interest
Only
STRIPS
3.000%
due
02/20/51
736
115
Hilton
USA
Trust
Series
2016-HHV
Class
D
4.333%
due
11/05/38
(~)(Ê)(Þ)
1,240
1,126
Series
2016-HHV
Class
E
4.333%
due
11/05/38
(~)(Ê)(Þ)
600
535
HMH
Trust
Series
2017-NSS
Class
E
6.292%
due
07/05/31
(Þ)
1,170
1,101
Hospitality
Mortgage
Trust
Series
2019-HIT
Class
D
2.185%
due
11/15/36
(USD
1
Month
LIBOR
+
2.000%)(Ê)(Þ)
1,160
1,090
JPMorgan
Mortgage
Trust
Series
2018-3
Class
A3
3.500%
due
09/25/48
(~)(Ê)(Þ)
108
103
Series
2020-3
Class
A15
3.500%
due
08/25/50
(~)(Ê)(Þ)
155
146
Series
2021-6
Class
A6
2.500%
due
10/25/51
(~)(Ê)(Þ)
3,832
3,562
Series
2021-7
Class
A6
2.500%
due
11/25/51
(~)(Ê)(Þ)
3,879
3,617
Series
2021-8
Class
A6
2.500%
due
12/25/51
(~)(Ê)(Þ)
3,450
3,214
Series
2022-1
Class
A4
2.500%
due
07/25/52
(~)(Ê)(Þ)
3,134
2,851
Series
2022-2
Class
A4A
2.500%
due
08/25/52
(~)(Ê)(Þ)
1,442
1,312
Series
2022-3
Class
A4A
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
86
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.500%
due
08/25/52
(~)(Ê)(Þ)
3,205
2,918
Series
2022-4
Class
A4
3.000%
due
10/25/52
(~)(Ê)(Þ)
1,509
1,415
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
2,217
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
Series
2017-237P
Class
D
3.865%
due
09/13/39
(~)(Ê)(Þ)
1,500
1,321
Series
2017-237P
Class
XA
Interest
Only
STRIPS
0.468%
due
09/13/39
(~)(Ê)(Þ)
8,761
143
Series
2017-237P
Class
XB
Interest
Only
STRIPS
0.175%
due
09/13/39
(~)(Ê)(Þ)
5,418
24
Preston
Ridge
Partners
Mortgage
LLC
Series
2020-6
Class
A1
2.363%
due
11/25/25
(~)(Ê)(Þ)
440
421
Series
2021-3
Class
A1
1.867%
due
04/25/26
(~)(Ê)(Þ)
973
917
Radnor
RE,
Ltd.
Series
2020-1
Class
M1A
1.118%
due
02/25/30
(USD
1
Month
LIBOR
+
0.950%)(Ê)(Þ)
510
499
Sequoia
Mortgage
Trust
Series
2015-1
Class
A1
3.500%
due
01/25/45
(~)(Ê)(Þ)
72
68
Series
2021-4
Class
A10
2.500%
due
06/25/51
(~)(Ê)(Þ)
2,295
2,148
Washington
Mutual
Mortgage
Pass-
Through
Certificates
Trust
Series
2005-10
Class
3CB1
6.000%
due
11/25/35
409
333
Wells
Fargo
Mortgage
Backed
Securities
Trust
Series
2020-3
Class
A1
3.000%
due
06/25/50
(~)(Ê)(Þ)
1,045
966
WinWater
Mortgage
Loan
Trust
Series
2014-1
Class
A1
3.847%
due
06/20/44
(~)(Ê)(Þ)
116
114
119,939
Municipal
Bonds
-
0.1%
American
Municipal
Power,
Inc.
Revenue
Bonds
8.084%
due
02/15/50
70
103
Port
Authority
of
New
York
&
New
Jersey
Revenue
Bonds
4.926%
due
10/01/51
110
117
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
Bonds
4.132%
due
05/15/32
140
139
3.006%
due
05/15/50
220
166
State
of
California
General
Obligation
Unlimited
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
7.300%
due
10/01/39
10
13
538
Non-US
Bonds
-
5.8%
Alba
PLC
Series
2006-2
Class
A3A
0.363%
due
12/15/38
(GBP
3
Month
LIBOR
+
0.170%)(Ê)
GBP
492
571
Andorra
Government
International
Bond
Series
EMTN
1.250%
due
05/06/31
EUR
4,400
3,942
Banna
RMBS
DAC
Series
2019-1
Class
B
1.809%
due
12/30/63
(SONIA +
1.750%)(Ê)
GBP
500
603
Banque
Centrale
de
Tunisie
Government
International
Bond
Series
REGS
6.750%
due
10/31/23
EUR
838
604
6.375%
due
07/15/26
EUR
1,013
568
Banque
Ouest
Africaine
de
Developpement
Series
REGS
2.750%
due
01/22/33
EUR
456
379
Brazil
Notas
do
Tesouro
Nacional
Series
NTNB
6.000%
due
08/15/30
BRL
1,200
951
Bundesrepublik
Deutschland
Bundesanleihe
1.125%
due
02/15/32
EUR
920
847
China
Government
International
Bond
0.625%
due
11/17/33
EUR
1,360
1,093
0.625%
due
11/25/35
EUR
174
130
EMF-UK
PLC
Series
2014-1X
Class
A1A
1.173%
due
03/13/46
(GBP
3
Month
LIBOR
+
0.980%)(Ê)
GBP
628
752
European
Union
Series
NGEU
0.282%
due
07/04/31
EUR
1,616
1,417
0.400%
due
02/04/37
EUR
972
779
0.450%
due
07/04/41
EUR
1,349
984
Eurosail
PLC
Series
2006-4X
Class
A3C
0.946%
due
12/10/44
(GBP
3
Month
LIBOR
+
0.160%)(Ê)
GBP
55
66
Eurosail
PRIME-UK
PLC
Series
2007-PR1X
Class
A1
0.598%
due
09/13/45
(GBP
3
Month
LIBOR
+
0.400%)(Ê)
GBP
517
609
Eurosail
-UK
PLC
Series
2007-6NCX
Class
A3A
0.795%
due
09/13/45
(GBP
3
Month
LIBOR
+
0.700%)(Ê)
GBP
661
782
Indonesia
Government
International
Bond
Series
FR87
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
87
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
6.500%
due
02/15/31
IDR
7,466,000
478
Italy
Buoni
Poliennali
Del
Tesoro
0.500%
due
07/15/28
EUR
1,124
1,036
Japan
20
Year
Government
International
Bond
Series
68
2.200%
due
03/20/24
JPY
907,950
6,952
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
1,106
Mexican
Bonos
de
Desarrollo
Series
M
30
8.500%
due
11/18/38
MXN
13,850
653
Mexico
Government
International
Bond
2.125%
due
10/25/51
EUR
2,058
1,179
4.000%
due
03/15/15
EUR
1,011
743
Newgate
Funding
PLC
Series
2006-1
Class
A4
1.086%
due
12/01/50
(GBP
3
Month
LIBOR
+
0.190%)(Ê)
GBP
578
677
Series
2006-3X
Class
A3B
3.732%
due
12/01/50
(3
Month
EURIBOR
+
0.170%)(Ê)
EUR
2,358
2,319
Paragon
Mortgages
(No.
12)
PLC
0.293%
due
11/15/38
(GBP
3
Month
LIBOR
+
0.240%)(Ê)
GBP
1,531
1,771
Series
2006-12X
Class
A2A
0.342%
due
11/15/38
(SONIA +
0.359%)(Ê)
GBP
928
1,076
Petroleos
Mexicanos
Series
14-2
7.470%
due
11/12/26
MXN
51,280
2,216
Series
REGS
7.190%
due
09/12/24
MXN
66,598
3,039
Republic
of
South
Africa
Government
Bond
Series
2037
8.500%
due
01/31/37
ZAR
44,712
2,171
RMAC
Securities
No.
1
PLC
Series
2006-NS1X
Class
A2A
1.050%
due
06/12/44
(SONIA +
0.269%)(Ê)
GBP
353
415
Series
2006-NS3X
Class
A2A
0.245%
due
06/12/44
(SONIA +
0.269%)(Ê)
GBP
425
496
Series
2006-NS4X
Class
A3A
0.368%
due
06/12/44
(GBP
3
Month
LIBOR
+
0.170%)(Ê)
GBP
783
909
Romania
Government
International
Bond
Series
REGS
2.875%
due
05/26/28
EUR
198
177
1.750%
due
07/13/30
EUR
627
467
2.124%
due
07/16/31
EUR
213
158
3.875%
due
10/29/35
EUR
166
129
3.375%
due
02/08/38
EUR
137
96
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.625%
due
12/02/40
EUR
1,465
891
2.750%
due
04/14/41
EUR
1,124
686
2.875%
due
04/13/42
EUR
1,166
714
4.625%
due
04/03/49
EUR
293
218
3.375%
due
01/28/50
EUR
614
380
Taurus
CMBS
Series
2021-UK4A
Class
B
1.655%
due
08/17/31
(SONIA +
1.500%)(Ê)(Þ)
GBP
478
551
Taurus
UK
Designated
Activity
Co.
Series
2021-UK1A
Class
B
1.992%
due
05/17/31
(3
Month
SONIA
Deposit
Rate
+
1.300%)(Ê)(Þ)
GBP
496
576
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
1,073
Towd
Point
Mortgage
Funding
2019
-
Granite4
PLC
Series
2019-GR4A
Class
A1
1.111%
due
10/20/51
(GBP
3
Month
LIBOR
+
1.025%)(Ê)(Þ)
GBP
2,130
2,584
Warwick
Finance
Residential
Mortgages
Number
Three
PLC
0.854%
due
12/21/49
(SONIA +
0.950%)(Ê)(Þ)
GBP
828
1,006
52,019
United
States
Government
Treasuries
-
17.8%
United
States
Treasury
Notes
0.125%
due
07/15/23
3,460
3,360
1.250%
due
07/31/23
2,700
2,651
1.625%
due
10/31/23
4,360
4,285
2.125%
due
11/30/23
3,870
3,826
0.125%
due
01/15/24
18,549
17,755
0.250%
due
05/15/24
3,750
3,564
1.250%
due
08/31/24
3,615
3,483
2.000%
due
02/15/25
3,895
3,795
0.375%
due
04/30/25
2,421
2,247
2.125%
due
05/15/25
3,485
3,400
2.750%
due
05/15/25
180
179
2.875%
due
06/15/25
50
50
0.250%
due
06/30/25
2,391
2,201
2.000%
due
08/15/25
4,068
3,941
0.250%
due
09/30/25
1,886
1,723
3.000%
due
10/31/25
2,925
2,920
2.250%
due
11/15/25
3,660
3,565
1.625%
due
02/15/26
3,338
3,173
2.250%
due
03/31/26
2,855
2,774
1.625%
due
05/15/26
3,050
2,890
1.500%
due
08/15/26
6,980
6,555
2.375%
due
05/15/27
3,125
3,025
0.500%
due
05/31/27
6,160
5,440
0.375%
due
07/31/27
1,822
1,593
0.750%
due
01/31/28
3,272
2,882
2.750%
due
02/15/28
4,612
4,531
2.875%
due
05/15/28
909
898
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
88
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.875%
due
08/15/28
3,410
3,368
3.125%
due
11/15/28
3,397
3,404
5.250%
due
11/15/28
4,825
5,428
2.375%
due
05/15/29
2,630
2,520
1.750%
due
11/15/29
3,692
3,388
0.625%
due
08/15/30
6,577
5,453
0.875%
due
11/15/30
6,182
5,220
1.125%
due
05/15/40
2,905
2,022
1.125%
due
08/15/40
2,972
2,053
1.375%
due
11/15/40
2,804
2,019
1.875%
due
02/15/41
4,783
3,751
2.750%
due
11/15/42
1,365
1,222
2.875%
due
05/15/43
1,490
1,359
3.625%
due
02/15/44
1,949
2,000
3.125%
due
08/15/44
1,425
1,350
2.875%
due
08/15/45
1,365
1,240
3.000%
due
05/15/47
1,424
1,331
2.750%
due
11/15/47
2,010
1,801
3.000%
due
02/15/48
1,784
1,681
3.125%
due
05/15/48
1,828
1,769
3.375%
due
11/15/48
1,984
2,016
2.875%
due
05/15/49
2,170
2,023
2.375%
due
11/15/49
2,552
2,155
1.250%
due
05/15/50
4,930
3,137
2.000%
due
08/15/51
800
618
159,034
Total
Long-Term
Investments
(cost
$785,187
)
707,272
Common
Stocks
-
0.0%
Technology
-
0.0%
Sungard
Availability
Services
Capital,
LP
(Æ)(Š)
1,760
—
Total
Common
Stocks
(cost
$44)
—
Short-Term
Investments
-
18.2%
Aetna,
Inc.
2.750%
due
11/15/22
50
50
Apollo
Commercial
Real
Estate
Finance,
Inc.
4.750%
due
08/23/22
740
736
Continental
Resources,
Inc.
4.500%
due
04/15/23
120
120
DISH
DBS
Corp.
5.000%
due
03/15/23
380
362
Federal
Home
Loan
Bank
Discount
Notes
0.000%
due
07/01/22
(ç)(ž)
500
500
Ford
Motor
Credit
Co.
LLC
Series
FXD
3.350%
due
11/01/22
200
199
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
General
Motors
Financial
Co.,
Inc.
4.250%
due
05/15/23
10
10
International
Lease
Finance
Corp.
5.875%
due
08/15/22
410
411
Intesa
Sanpaolo
SpA
3.375%
due
01/12/23
(Þ)
200
199
Japan
2
Year
Government
International
Bond
Series
423
0.005%
due
04/01/23
JPY
1,300,000
9,591
Japan
20
Year
Government
International
Bond
Series
61
1.000%
due
03/20/23
JPY
1,460,200
10,848
Newell
Brands,
Inc.
3.850%
due
04/01/23
40
40
Park
Aerospace
Holdings,
Ltd.
5.250%
due
08/15/22
(Þ)(ç)
4
4
Plains
All
American
Pipeline,
LP
Series
B
6.125%
due
06/16/23
(USD
3
Month
LIBOR
+
4.110%)(Ê)
390
277
Service
Properties
Trust
4.500%
due
06/15/23
160
149
Southwest
Airlines
Co.
4.750%
due
05/04/23
440
443
Teva
Pharmaceutical
Finance
Co.
BV
2.950%
due
12/18/22
23
23
U.S.
Cash
Management
Fund(@)
127,669,262(∞)
127,616
United
States
Treasury
Notes
1.750%
due
05/15/23
4,440
4,397
0.125%
due
05/31/23
1,020
995
2.750%
due
05/31/23
80
80
1.375%
due
06/30/23
5,420
5,337
Western
Midstream
Operating,
LP
2.621%
due
01/13/23
(USD
3
Month
LIBOR
+
1.850%)(Ê)
180
179
Total
Short-Term
Investments
(cost
$165,838)
162,566
Total
Investments
-
97.3%
(identified
cost
$951,069)
869,838
Other
Assets
and
Liabilities,
Net
-
2.7%
24,108
Net
Assets
-
100.0%
893,946
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
89
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
24.3%
ABN
AMRO
Bank
NV
02/04/22
861,000
105.95
912
857
Abu
Dhabi
National
Energy
Co.
PJSC
04/15/21
200,000
108.75
217
201
Adani
Ports
&
Special
Economic
Zone,
Ltd.
09/10/21
515,000
103.40
533
502
African
Export-Import
Bank
(The)
05/10/21
1,530,000
100.00
1,530
1,350
Air
Liquide
Finance
SA
07/13/21
916,000
102.08
935
905
Alimentation
Couche-Tard,
Inc.
09/19/17
702,000
102.09
717
655
Ambac
Assurance
Corp.
02/09/17
881
168.77
1
1
American
Airlines
Group,
Inc.
04/12/21
160,000
103.62
166
147
American
Airlines
Group,
Inc.
04/12/21
40,000
106.33
43
34
American
Airlines
Group,
Inc.
05/31/22
190,000
113.13
215
197
American
Transmission
Systems,
Inc.
11/29/21
190,000
99.74
190
161
Americo
Life,
Inc.
04/12/21
70,000
99.75
70
57
AmFam
Holdings,
Inc.
04/09/21
100,000
103.43
103
80
AmFam
Holdings,
Inc.
04/12/21
120,000
100.14
120
101
Anglo
American
Capital
PLC
04/12/21
360,000
111.31
401
350
Anglo
American
Capital
PLC
02/03/22
881,000
103.08
908
864
AP
Moller
-
Maersk
A/S
06/02/22
828,000
100.60
833
826
Arbor
Realty
CLO,
Ltd.
05/26/21
1,029,000
100.00
1,029
1,000
Arbor
Realty
CLO,
Ltd.
04/29/22
1,223,000
98.79
1,208
1,183
Arbor
Realty
Collateralized
Loan
Obligation,
Ltd.
01/26/22
3,050,000
100.00
3,049
2,973
Arbor
Realty
Commercial
Real
Estate
Notes,
Ltd.
05/05/22
2,638,000
100.00
2,637
2,581
Arbor
Realty
Commercial
Real
Estate,
Ltd.
09/20/21
5,030,000
100.00
5,029
4,814
Ares
LXI
CLO,
Ltd.
08/20/21
4,022,000
100.00
4,021
3,878
Australia
&
New
Zealand
Banking
Group,
Ltd.
01/06/22
871,000
104.99
914
872
Aviation
Capital
Group
LLC
04/13/21
170,000
108.59
185
169
Avolon
Holdings
Funding,
Ltd.
04/12/21
150,000
100.65
151
138
Avolon
Holdings
Funding,
Ltd.
04/12/21
20,000
103.22
21
19
Banco
de
Credito
del
Peru
03/03/22
946,000
94.70
896
829
Banco
Inbursa
SA
Institucion
de
Banca
Multiple
01/06/20
711,000
101.87
724
702
Banco
Internacional
del
Peru
SAA
Interbank
09/09/21
928,000
101.74
944
852
Banco
Mercantil
del
Norte
SA
04/09/21
240,000
117.44
282
232
Banco
Santander
Chile
01/06/22
703,000
101.84
716
672
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santander
06/03/22
810,000
102.64
831
813
Bank
of
China,
Ltd.
04/12/21
833,000
107.85
898
852
Bayer
US
Finance
II
LLC
06/18/21
961,000
104.23
1,002
959
Bayer
US
Finance
LLC
08/02/18
726,000
100.29
728
708
BBVA
Bancomer
SA
10/07/21
862,000
105.70
911
856
BDS,
Ltd.
05/14/21
1,558,000
100.00
1,558
1,494
BDS,
Ltd.
04/04/22
3,822,000
100.00
3,822
3,715
Bellemeade
Re,
Ltd.
02/08/21
536,564
101.12
543
537
Bellemeade
Re,
Ltd.
04/13/21
1,780,000
100.62
1,791
1,743
Bellemeade
Re,
Ltd.
04/23/21
568,145
100.93
573
566
Bellemeade
Re,
Ltd.
06/11/21
2,308,028
100.00
2,308
2,268
Bellemeade
Re,
Ltd.
06/11/21
1,759,000
100.11
1,761
1,689
Bellemeade
Re,
Ltd.
09/23/21
2,380,000
100.00
2,379
2,318
Bellemeade
Re,
Ltd.
01/12/22
2,224,000
100.50
2,235
2,182
Bermuda
Government
International
Bond
04/12/21
380,000
98.59
375
317
Berry
Petroleum
Corp.
04/13/21
350,000
98.63
345
308
Bharti
Airtel,
Ltd.
09/13/21
877,000
106.85
937
873
Blackstone
Holdings
Finance
Co.
LLC
01/03/22
220,000
99.71
219
160
BNP
Paribas
SA
08/07/18
200,000
99.64
199
191
BNP
Paribas
SA
06/02/20
680,000
101.61
691
628
BNP
Paribas
SA
06/10/20
722,000
108.28
782
707
BNP
Paribas
SA
04/09/21
400,000
91.43
366
276
BNP
Paribas
SA
06/23/21
210,000
100.00
210
185
BNP
Paribas
SA
09/08/21
270,000
100.00
270
226
BOC
Aviation
USA
Corp.
05/06/21
200,000
100.12
200
192
BPCE
SA
10/12/21
300,000
100.00
300
242
Broadcom,
Inc.
04/12/21
290,000
99.89
290
220
BX
Commercial
Mortgage
Trust
12/02/21
2,674,000
99.86
2,670
2,506
BX
Commercial
Mortgage
Trust
12/17/21
1,201,050
99.98
1,201
1,159
CAMB
Commercial
Mortgage
Trust
01/25/19
987,000
100.12
988
940
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
90
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
$
$
$
CAMB
Commercial
Mortgage
Trust
10/22/21
3,322,000
102.92
3,419
2,779
Cameron
LNG
LLC
04/09/21
30,000
107.63
32
25
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
04/14/20
10,000
101.64
10
8
Cedar
Funding,
Ltd.
07/03/18
1,600,000
100.00
1,600
1,568
Cheniere
Energy
Partners,
LP
09/13/21
210,000
100.00
210
165
Chesapeake
Energy
Corp.
05/12/22
130,000
99.26
129
124
CHS/Community
Health
Systems,
Inc.
04/12/21
140,000
103.51
145
90
Citigroup
Commercial
Mortgage
Trust
02/12/19
1,418,000
0.99
1,404
1,320
Comision
Federal
de
Electricidad
04/12/21
200,000
97.09
194
153
Commonwealth
Bank
of
Australia
04/09/21
200,000
105.14
210
163
Commonwealth
Bank
of
Australia
04/12/21
200,000
98.13
196
163
Continental
Resources,
Inc.
11/09/21
80,000
100.00
80
71
Continental
Resources,
Inc.
11/09/21
120,000
99.93
120
94
Cooperatieve
Rabobank
UA
03/30/22
360,000
100.00
360
325
CORE
Mortgage
Trust
03/01/19
1,216,000
100.00
1,216
1,145
Coterra
Energy,
Inc.
04/11/17
260,000
102.09
265
249
Coterra
Energy,
Inc.
02/13/19
150,000
105.28
158
150
Coterra
Energy,
Inc.
12/04/19
330,000
107.17
354
324
Credicorp
,
Ltd.
04/12/21
922,000
101.04
932
856
Credit
Agricole
SA
06/11/20
734,000
105.90
777
722
Credit
Agricole
SA
03/03/22
928,000
97.37
904
853
Credit
Agricole
SA
06/13/22
200,000
104.63
209
205
Credit
Suisse
Group
AG
07/07/20
699,000
109.39
765
653
Credit
Suisse
Group
AG
04/14/21
200,000
107.41
215
185
Credit
Suisse
Group
AG
04/14/21
360,000
108.48
391
297
Credit
Suisse
Group
AG
05/10/21
480,000
100.00
480
382
Credit
Suisse
Group
AG
03/07/22
200,000
98.00
196
174
Credit
Suisse
Group
AG
03/21/22
200,000
92.38
185
154
Credit
Suisse
Group
AG
06/16/22
950,000
100.00
950
970
Credit
Suisse
Mortgage
Trust
05/28/19
1,282,000
100.00
1,282
1,230
CSL
UK
Holdings,
Ltd.
04/20/22
100,000
99.65
100
98
CSL
UK
Holdings,
Ltd.
04/20/22
50,000
99.71
50
48
CSL
UK
Holdings,
Ltd.
04/20/22
120,000
99.79
120
118
CSL
UK
Holdings,
Ltd.
04/20/22
60,000
99.90
60
59
DAE
Funding
LLC
06/15/21
220,000
99.61
219
206
Daimler
Trucks
Finance
NA
LLC
05/05/22
876,000
95.24
834
824
Danone
SA
04/22/19
718,000
100.04
718
709
Danske
Bank
A/S
09/17/19
200,000
101.02
202
199
Danske
Bank
A/S
09/07/21
200,000
100.00
200
175
Danske
Bank
A/S
03/03/22
935,000
96.43
902
861
Danske
Bank
A/S
03/28/22
200,000
100.00
200
197
Danske
Bank
A/S
03/28/22
1,100,000
100.43
1,105
1,043
DBGS
Mortgage
Trust
04/03/19
985,000
101.20
997
831
DCP
Midstream
Operating,
LP
12/11/19
50,000
107.49
54
49
Delta
Air
Lines,
Inc.
05/11/20
280,000
98.41
276
283
Delta
Air
Lines,
Inc.
/
SkyMiles
IP,
Ltd.
09/16/20
250,000
101.83
255
243
Delta
Air
Lines,
Inc.
/
SkyMiles
IP,
Ltd.
09/16/20
670,000
103.22
692
633
Deutsche
Mortgage
Securities,
Inc.
Re-REMIC
Trust
01/04/17
239,861
100.51
241
231
DISH
DBS
Corp.
11/10/21
150,000
100.00
150
111
Dryden
85
CLO,
Ltd.
09/20/21
1,159,000
100.00
1,159
1,117
E.ON
International
Finance
BV
12/02/20
621,000
143.95
894
678
Eagle
Re,
Ltd.
01/27/20
272,318
100.00
272
271
Eagle
Re,
Ltd.
12/17/20
732,000
100.22
734
725
Eagle
Re,
Ltd.
04/09/21
1,268,000
100.00
1,268
1,264
Eagle
Re,
Ltd.
10/29/21
1,515,000
100.00
1,515
1,463
Elmwood
CLO
15,
Ltd.
03/08/22
2,723,000
99.41
2,707
2,627
ELP
Commercial
Mortgage
Trust
11/01/21
926,000
99.62
923
882
Enel
Finance
International
NV
01/05/18
706,000
100.81
712
653
Eni
SpA
08/04/21
892,000
103.88
927
888
EnLink
Midstream
LLC
04/13/21
180,000
99.66
179
165
EQM
Midstream
Partners,
LP
05/31/22
160,000
100.00
160
154
EQT
Corp.
05/10/21
30,000
100.00
30
26
EQT
Corp.
05/10/21
80,000
96.33
77
75
Fidelity
&
Guaranty
Life
Holdings,
Inc.
04/16/21
50,000
110.65
55
51
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
91
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
$
$
$
First
Quantum
Minerals,
Ltd.
04/12/21
200,000
102.89
206
189
First
Quantum
Minerals,
Ltd.
04/13/21
280,000
107.75
302
250
Florida
Gas
Transmission
Co.
LLC
09/15/21
520,000
99.93
520
422
Fresnillo
PLC
04/09/21
260,000
98.43
256
191
Genting
New
York
LLC
04/13/21
440,000
100.28
441
394
Glencore
Funding
LLC
10/12/16
40,000
100.48
40
40
Glencore
Funding
LLC
09/13/17
220,000
100.34
221
212
Glencore
Funding
LLC
01/16/19
50,000
95.84
48
47
Glencore
Funding
LLC
03/05/19
550,000
101.60
559
547
Glencore
Funding
LLC
04/13/21
140,000
100.34
140
128
Glencore
Funding
LLC
09/15/21
70,000
99.79
70
56
Goldentree
Loan
Management
US
CLO
7,
Ltd.
04/01/21
1,147,000
100.00
1,147
1,102
GoodLeap
Sustainable
Home
Improvements
10/21/21
1,016,359
99.99
1,016
882
GoodLeap
Sustainable
Home
Solutions
Trust
01/24/22
935,239
99.98
935
837
Grupo
Bimbo
SAB
de
CV
11/04/21
879,000
105.07
924
868
Hana
Bank
01/04/22
874,000
106.04
927
878
Hawaiian
Brand
Intellectual
Property,
Ltd.
/
HawaiianMiles
Loyalty,
Ltd.
04/28/22
850,000
96.96
824
762
HGI
CRE
CLO,
Ltd.
05/06/21
2,190,000
100.03
2,191
2,112
HGI
CRE
CLO,
Ltd.
09/17/21
2,486,000
100.00
2,485
2,371
Highlands
Holdings
Bond
Issuer,
Ltd.
/
Highlands
Holdings
Bond
Co.-Issuer,
Inc.
04/12/21
502,143
103.63
520
485
Hilton
USA
Trust
11/22/16
600,000
84.46
507
535
Hilton
USA
Trust
11/22/16
1,240,000
95.78
1,188
1,126
HMH
Trust
06/09/17
1,170,000
99.98
1,170
1,101
HOM
RE,
Ltd.
01/28/21
240,130
100.00
240
240
Hospitality
Mortgage
Trust
05/16/19
1,159,974
100.00
1,160
1,090
ICICI
Bank,
Ltd.
09/06/18
782,000
100.90
789
769
ING
Bank
NV
04/16/21
754,000
106.11
800
767
Intercorp
Financial
Services,
Inc.
03/03/22
938,000
96.34
904
847
International
Flavors
&
Fragrances,
Inc.
06/02/22
919,000
91.68
843
829
Intesa
Sanpaolo
SpA
01/05/18
200,000
99.97
200
199
Intesa
Sanpaolo
SpA
05/24/21
200,000
100.00
200
135
Intesa
Sanpaolo
SpA
05/24/21
210,000
100.08
210
154
Intesa
Sanpaolo
SpA
06/14/22
200,000
95.19
190
191
Jordan
Government
International
Bond
06/14/22
230,000
92.47
213
207
JPMorgan
Mortgage
Trust
06/05/20
107,520
103.05
111
103
JPMorgan
Mortgage
Trust
03/30/21
155,158
102.10
158
146
JPMorgan
Mortgage
Trust
04/26/21
3,832,365
102.73
3,937
3,562
JPMorgan
Mortgage
Trust
05/24/21
3,879,284
102.82
3,989
3,617
JPMorgan
Mortgage
Trust
06/24/21
3,449,780
102.55
3,538
3,214
JPMorgan
Mortgage
Trust
01/26/22
3,134,071
99.10
3,106
2,851
JPMorgan
Mortgage
Trust
02/24/22
1,441,785
97.49
1,406
1,312
JPMorgan
Mortgage
Trust
03/23/22
3,205,440
96.04
3,079
2,918
JPMorgan
Mortgage
Trust
04/27/22
1,508,722
95.57
1,442
1,415
KazMunayGas
National
Co.
JSC
04/17/18
200,000
100.00
200
176
KKR
Group
Finance
Co.
II
LLC
02/20/15
10,000
109.09
11
10
KKR
Group
Finance
Co.
II
LLC
12/01/21
30,000
99.68
30
21
Kookmin
Bank
08/05/21
913,000
106.07
968
874
Kyndryl
Holdings,
Inc.
10/07/21
230,000
98.70
227
152
Kyndryl
Holdings,
Inc.
10/07/21
320,000
99.76
319
237
LCM
XXIII,
Ltd.
01/29/20
1,011,529
100.00
1,012
996
Lithia
Motors,
Inc.
06/04/21
120,000
102.94
124
102
Lithia
Motors,
Inc.
06/07/21
110,000
104.80
115
101
Lukoil
International
Finance
BV
10/19/21
350,000
100.00
350
212
Madison
Park
Euro
Funding
IX
DAC
06/09/21
EUR
1,123,000
121.77
1,367
1,106
Madison
Park
Funding
XLVIII,
Ltd.
01/15/21
1,158,000
100.00
1,158
1,132
Madison
Park
Funding
XVIII,
Ltd.
12/01/21
1,922,000
100.00
1,922
1,887
Magallanes,
Inc.
03/09/22
140,000
100.00
140
125
Magallanes,
Inc.
03/09/22
900,000
100.00
900
755
Magallanes,
Inc.
03/09/22
760,000
100.00
760
647
Magnetite
XXXIII,
Ltd.
05/23/22
3,892,903
100.00
3,892
3,832
Mars,
Inc.
04/09/21
240,000
93.67
225
175
Massachusetts
Mutual
Life
Insurance
Co.
04/09/21
70,000
100.36
70
54
MEG
Energy
Corp.
04/12/21
140,000
104.58
146
141
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
92
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
$
$
$
Meituan
03/03/22
976,000
92.32
901
879
Melco
Resorts
Finance,
Ltd.
04/12/21
240,000
105.05
252
144
MF1
LLC
05/13/22
3,993,000
99.01
3,954
3,931
MHC
Commercial
Mortgage
Trust
04/06/21
2,275,000
99.77
2,270
2,217
Midwest
Connector
Capital
Co.
LLC
03/03/22
863,000
103.24
891
814
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets,
Ltd.
06/25/20
300,000
104.14
312
295
Mondelez
International
Holdings
Netherlands
BV
08/09/21
690,000
103.18
712
668
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
08/11/17
5,418,000
0.44
24
24
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
08/11/17
8,761,000
1.63
143
143
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
08/11/17
1,500,000
97.52
1,463
1,321
Motiva
Enterprises
LLC
03/03/22
788,000
115.18
908
755
Nestle
Holdings,
Inc.
05/05/22
882,000
94.66
835
832
Neuberger
Berman
CLO
XV,
Ltd.
08/31/21
2,766,000
100.00
2,765
2,719
Neuberger
Berman
Loan
Advisers
CLO
24,
Ltd.
08/24/21
589,000
100.14
590
580
New
York
Life
Insurance
Co.
04/09/21
150,000
107.77
162
123
New
York
Life
Insurance
Co.
04/09/21
50,000
120.84
60
43
NextEra
Energy
Operating
Partners,
LP
06/15/22
60,000
97.05
58
57
NGPL
PipeCo
LLC
09/26/19
553,000
127.11
703
602
Nippon
Life
Insurance
Co.
04/09/21
250,000
96.22
241
202
Nissan
Motor
Acceptance
Corp.
04/14/21
1,540,000
101.43
1,561
1,514
Nissan
Motor
Co.,
Ltd.
09/10/20
480,000
99.29
477
454
Nordea
Bank
Abp
04/16/21
913,000
110.57
1,010
876
Northwestern
Mutual
Life
Insurance
Co.
(The)
04/09/21
480,000
101.69
488
366
Northwestern
Mutual
Life
Insurance
Co.
(The)
04/09/21
80,000
103.99
83
60
NRG
Energy,
Inc.
04/12/21
390,000
99.95
390
335
NTT
Finance
Corp.
04/12/21
200,000
99.65
199
167
NTT
Finance
Corp.
01/05/22
950,000
99.08
941
903
NYACK
Park
CLO,
Ltd.
09/02/21
5,290,000
100.00
5,289
5,110
Oaktown
Re
III,
Ltd.
01/26/21
1,355,000
100.43
1,361
1,341
Oaktown
Re
VI,
Ltd.
04/14/21
1,465,000
100.00
1,465
1,447
Oaktown
Re
VII,
Ltd.
10/15/21
821,000
100.00
821
806
Oaktown
Re,
Ltd.
09/28/21
1,475,000
101.85
1,502
1,410
OCP
SA
06/10/21
200,000
99.42
199
151
Oncor
Electric
Delivery
Co.
LLC
05/17/22
40,000
99.64
40
40
Oversea-Chinese
Banking
Corp.,
Ltd.
01/04/22
646,000
105.13
679
649
Panasonic
Corp.
09/13/21
912,000
103.68
946
887
Paraguay
Government
International
Bond
04/09/21
200,000
113.84
228
155
Park
Aerospace
Holdings,
Ltd.
03/06/19
4,000
100.09
4
4
Parsley
Energy
LLC
/
Parsley
Finance
Corp.
09/25/20
10,000
93.83
9
9
Petroleos
del
Peru
SA
04/09/21
200,000
106.06
212
136
Preston
Ridge
Partners
Mortgage
LLC
12/01/20
439,738
100.00
440
421
Preston
Ridge
Partners
Mortgage
LLC
04/28/21
973,142
100.00
973
917
Prodigy
Finance
Designated
Activity
Co.
07/12/21
775,428
100.05
776
762
Prosus
NV
02/03/21
909,000
100.68
915
565
Provincia
de
Buenos
Aires
08/27/21
371,811
37.71
140
113
Provincia
de
Cordoba
04/12/21
230,000
65.09
150
148
Provincia
de
Cordoba
04/12/21
200,000
69.50
139
152
Radnor
RE,
Ltd.
01/21/20
509,709
100.00
510
499
Radnor
RE,
Ltd.
06/15/21
635,760
100.50
639
633
Radnor
RE,
Ltd.
11/05/21
1,014,000
100.00
1,014
1,004
Radnor
RE,
Ltd.
01/13/22
2,072,000
100.15
2,075
2,025
Reliance
Industries,
Ltd.
01/05/22
480,000
99.77
479
398
Reliance
Industries,
Ltd.
01/06/22
863,000
105.90
914
862
Resorts
World
Las
Vegas
LLC
/
RWLV
Capital,
Inc.
07/07/20
809,000
98.78
799
658
Riserva
CLO,
Ltd.
03/01/21
940,000
100.00
940
902
Roche
Holdings,
Inc.
06/02/22
842,000
99.56
838
827
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
09/21/21
160,000
100.00
160
132
SABIC
Capital
II
BV
07/07/20
737,000
102.79
758
737
Sands
China,
Ltd.
09/09/21
200,000
99.81
200
146
Sands
China,
Ltd.
11/23/21
200,000
100.00
200
168
Santander
UK
Group
Holdings
PLC
03/05/19
701,000
101.44
711
692
Santander
UK
Group
Holdings
PLC
05/14/19
909,000
104.37
949
915
Saudi
Arabian
Oil
Co.
04/11/22
908,000
94.09
854
838
Schlumberger
Holdings
Corp.
12/10/15
40,000
99.97
40
40
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
93
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
$
$
$
Sequoia
Mortgage
Trust
10/21/16
71,590
102.75
74
68
Sequoia
Mortgage
Trust
05/06/21
2,295,237
102.70
2,357
2,148
Siemens
Financieringsmaatschappij
NV
01/04/21
891,000
102.03
909
878
SK
Hynix,
Inc.
10/07/21
952,000
99.78
950
909
Sky,
Ltd.
06/18/21
941,000
106.39
1,001
938
Sociedad
Quimica
y
Minera
de
Chile
SA
09/13/21
470,000
99.19
466
347
Societe
Generale
SA
12/11/19
700,000
103.05
721
703
SpringCastle
America
Funding
LLC
09/16/20
2,234,436
100.04
2,235
2,074
Standard
Chartered
PLC
04/12/21
754,000
125.03
943
703
State
Bank
of
India
10/05/21
883,000
104.85
926
888
SURA
Asset
Management
SA
07/08/21
877,000
105.30
924
869
Suzano
Austria
GmbH
04/09/21
200,000
129.40
259
191
SYNNEX
Corp.
07/29/21
510,000
99.95
510
476
TAL
Advantage
VII
LLC
09/09/20
494,648
99.96
494
448
Taurus
CMBS
07/28/21
GBP
478,136
139.09
665
551
Taurus
UK
Designated
Activity
Co.
02/22/21
GBP
496,354
140.62
698
576
Teachers
Insurance
&
Annuity
Association
of
America
06/14/16
140,000
111.55
156
134
Tencent
Holdings,
Ltd.
04/12/21
891,000
104.04
927
883
Tennessee
Gas
Pipeline
Co.
LLC
02/19/20
630,000
97.34
613
544
Tesco
PLC
09/03/20
623,000
128.58
801
646
Towd
Point
Mortgage
Funding
2019
-
Granite4
PLC
06/22/22
GBP
2,129,922
122.65
2,612
2,584
Towd
Point
Mortgage
Trust
08/17/20
1,991,488
101.76
2,027
1,887
UBS
Group
AG
01/28/19
460,000
100.22
461
448
UBS
Group
AG
04/09/21
200,000
124.22
248
190
UBS
Group
AG
01/04/22
200,000
100.00
200
151
United
Airlines,
Inc.
04/14/21
30,000
101.30
30
25
United
Airlines,
Inc.
03/30/22
330,000
98.66
326
291
Valeant
Pharmaceuticals
International,
Inc.
05/13/22
160,000
92.73
148
141
Warwick
Finance
Residential
Mortgages
Number
Three
PLC
02/10/21
GBP
827,780
138.65
1,148
1,006
WEA
Finance
LLC
/
Westfield
UK
&
Europe
Finance
PLC
04/09/21
200,000
103.46
207
154
WEA
Finance
LLC
/
Westfield
UK
&
Europe
Finance
PLC
05/06/21
200,000
104.30
209
193
Wells
Fargo
Mortgage
Backed
Securities
Trust
04/23/21
1,044,585
102.41
1,070
966
WinWater
Mortgage
Loan
Trust
03/29/17
116,410
102.22
119
114
Woori
Bank
04/22/20
734,000
102.97
756
742
Wynn
Macau,
Ltd.
12/15/20
310,000
103.20
320
191
Wynn
Macau,
Ltd.
03/23/22
200,000
91.32
183
138
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
04/12/21
210,000
106.11
223
204
ZF
NA
Capital,
Inc.
06/03/22
670,000
95.19
638
618
217,162
For
a
description
of
restricted
securities
see
note
7
in
the
Notes
to
Financial
Statements.
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
248
AUD
29,486
09/22
(3)
Canadian
10
Year
Government
Bond
Futures
34
CAD
4,216
09/22
(113)
Euro-
Buxl
30
Year
Bond
Futures
14
EUR
2,290
09/22
12
United
States
2
Year
Treasury
Note
Futures
354
USD
74,345
09/22
(435)
United
States
5
Year
Treasury
Note
Futures
971
USD
108,996
09/22
(813)
United
States
10
Year
Treasury
Note
Futures
1,023
USD
121,257
09/22
(626)
United
States
10
Year
Ultra
Treasury
Note
Futures
596
USD
75,915
09/22
582
United
States
Treasury
Ultra
Bond
Futures
395
USD
59,913
09/22
(1,132)
Short
Positions
Canadian
10
Year
Government
Bond
Futures
64
CAD
7,935
09/22
194
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
94
Strategic
Bond
Fund
Futures
Contracts
Amounts
in
thousands
(except
contract
amounts
)
Euro-
Bobl
Futures
8
EUR
994
09/22
11
Euro-
Btp
Futures
25
EUR
3,078
09/22
(175)
Euro-Bund
Futures
62
EUR
9,224
09/22
92
Euro-Schatz
Futures
10
EUR
1,091
09/22
4
Japanese
10
Year
Government
Bond
Futures
14
JPY
2,080,541
09/22
57
Long
Gilt
Futures
68
GBP
7,751
09/22
323
United
States
2
Year
Treasury
Note
Futures
269
USD
56,494
09/22
212
United
States
5
Year
Treasury
Note
Futures
20
USD
2,245
09/22
5
United
States
10
Year
Treasury
Note
Futures
88
USD
10,431
09/22
90
United
States
10
Year
Ultra
Treasury
Note
Futures
3
USD
382
09/22
(3)
United
States
Treasury
Ultra
Bond
Futures
80
USD
11,420
09/22
8
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(1,710)
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Australia
and
New
Zealand
Banking
Group
USD
3,143
EUR
3,012
07/15/22
15
Bank
of
America
USD
7,454
AUD
10,838
07/07/22
27
Bank
of
America
USD
139
GBP
110
08/19/22
(5)
Bank
of
America
USD
100
NOK
988
07/07/22
—
Bank
of
America
USD
7,314
NOK
72,302
07/07/22
27
Bank
of
America
AUD
10,838
USD
7,870
07/07/22
389
Bank
of
America
EUR
11,216
USD
12,151
07/15/22
391
Bank
of
America
GBP
13,813
USD
16,895
08/19/22
67
Bank
of
America
NOK
73,290
USD
7,815
07/07/22
374
Bank
of
America
NOK
72,302
USD
7,318
08/08/22
(28)
Citigroup
USD
109
AUD
145
07/19/22
(8)
Citigroup
USD
1,190
AUD
1,714
07/27/22
(7)
Citigroup
USD
1,200
AUD
1,666
07/27/22
(50)
Citigroup
USD
518
CAD
654
07/27/22
(11)
Citigroup
USD
1,190
CLP
1,077,719
07/27/22
(21)
Citigroup
USD
570
CNY
3,852
07/27/22
5
Citigroup
USD
570
CNY
3,853
07/27/22
6
Citigroup
USD
102
CZK
2,404
07/27/22
—
Citigroup
USD
216
EUR
200
07/27/22
(6)
Citigroup
USD
230
EUR
217
07/27/22
(2)
Citigroup
USD
304
EUR
287
07/27/22
(3)
Citigroup
USD
307
EUR
285
07/27/22
(8)
Citigroup
USD
319
EUR
296
07/27/22
(9)
Citigroup
USD
329
EUR
301
07/27/22
(12)
Citigroup
USD
336
EUR
322
07/27/22
2
Citigroup
USD
374
EUR
356
07/27/22
(1)
Citigroup
USD
391
EUR
372
07/27/22
(1)
Citigroup
USD
431
EUR
406
07/27/22
(5)
Citigroup
USD
452
EUR
432
07/27/22
—
Citigroup
USD
595
EUR
554
07/27/22
(14)
Citigroup
USD
595
EUR
554
07/27/22
(14)
Citigroup
USD
1,046
EUR
991
07/27/22
(6)
Citigroup
USD
1,114
EUR
1,057
07/27/22
(4)
Citigroup
USD
1,430
EUR
1,349
07/27/22
(14)
Citigroup
USD
2,241
EUR
2,050
07/27/22
(90)
Citigroup
USD
3,334
EUR
3,050
07/27/22
(134)
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
95
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Citigroup
USD
5,749
GBP
4,574
07/07/22
(181)
Citigroup
USD
198
GBP
163
07/27/22
—
Citigroup
USD
1,222
GBP
975
07/27/22
(35)
Citigroup
USD
5,472
GBP
4,500
08/08/22
9
Citigroup
USD
6
HUF
2,283
07/27/22
—
Citigroup
USD
1,040
ILS
3,533
07/27/22
(27)
Citigroup
USD
1,187
ILS
3,837
07/27/22
(87)
Citigroup
USD
233
INR
18,171
07/27/22
(4)
Citigroup
USD
267
INR
20,752
07/27/22
(4)
Citigroup
USD
310
INR
24,324
07/27/22
(3)
Citigroup
USD
556
INR
43,219
07/27/22
(9)
Citigroup
USD
634
INR
49,703
07/27/22
(6)
Citigroup
USD
654
INR
50,950
07/27/22
(11)
Citigroup
USD
835
INR
65,457
07/27/22
(8)
Citigroup
USD
3,673
JPY
498,940
07/07/22
5
Citigroup
USD
125
JPY
16,200
07/27/22
(6)
Citigroup
USD
1,190
JPY
150,376
07/27/22
(80)
Citigroup
USD
1,190
JPY
152,799
07/27/22
(62)
Citigroup
USD
320
MXN
6,438
07/19/22
(1)
Citigroup
USD
173
MXN
3,534
07/27/22
2
Citigroup
USD
284
MXN
5,756
07/27/22
1
Citigroup
USD
284
MXN
5,767
07/27/22
2
Citigroup
USD
286
MXN
5,813
07/27/22
2
Citigroup
USD
473
MXN
9,595
07/27/22
2
Citigroup
USD
473
MXN
9,616
07/27/22
3
Citigroup
USD
600
MXN
12,027
07/27/22
(4)
Citigroup
USD
600
MXN
11,880
07/27/22
(12)
Citigroup
USD
3,888
NZD
5,934
07/07/22
(182)
Citigroup
USD
32
NZD
50
07/27/22
(1)
Citigroup
USD
3,639
NZD
5,843
08/08/22
9
Citigroup
USD
1,800
PHP
94,653
07/27/22
(81)
Citigroup
USD
36
PLN
164
07/27/22
—
Citigroup
USD
—
SEK
1
07/27/22
—
Citigroup
USD
302
SEK
2,972
07/27/22
(12)
Citigroup
USD
630
THB
21,685
07/27/22
(16)
Citigroup
USD
1,195
THB
40,303
07/27/22
(54)
Citigroup
USD
31
ZAR
497
07/27/22
(1)
Citigroup
USD
92
ZAR
1,479
07/27/22
(2)
Citigroup
USD
93
ZAR
1,501
07/27/22
(1)
Citigroup
USD
107
ZAR
1,643
07/27/22
(6)
Citigroup
USD
107
ZAR
1,640
07/27/22
(6)
Citigroup
USD
138
ZAR
2,218
07/27/22
(2)
Citigroup
USD
138
ZAR
2,216
07/27/22
(2)
Citigroup
USD
173
ZAR
2,667
07/27/22
(10)
Citigroup
USD
174
ZAR
2,752
07/27/22
(6)
Citigroup
USD
208
ZAR
3,268
07/27/22
(7)
Citigroup
USD
208
ZAR
3,265
07/27/22
(7)
Citigroup
USD
213
ZAR
3,282
07/27/22
(12)
Citigroup
USD
231
ZAR
3,692
07/27/22
(4)
Citigroup
USD
231
ZAR
3,693
07/27/22
(4)
Citigroup
USD
266
ZAR
4,284
07/27/22
(4)
Citigroup
USD
801
ZAR
12,870
07/27/22
(12)
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
96
Strategic
Bond
Fund
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Citigroup
AUD
162
USD
116
07/27/22
4
Citigroup
AUD
1,664
USD
1,190
07/27/22
41
Citigroup
BRL
4,795
USD
937
08/02/22
29
Citigroup
CAD
1,055
USD
823
07/27/22
3
Citigroup
CNY
2,691
USD
416
07/27/22
14
Citigroup
CNY
5,074
USD
784
07/27/22
26
Citigroup
CZK
1,661
EUR
67
07/27/22
—
Citigroup
CZK
1,975
EUR
77
07/27/22
(6)
Citigroup
CZK
2,064
EUR
80
07/27/22
(6)
Citigroup
CZK
2,608
EUR
105
07/27/22
—
Citigroup
CZK
3,339
EUR
130
07/27/22
(9)
Citigroup
CZK
3,442
EUR
134
07/27/22
(10)
Citigroup
CZK
3,715
EUR
144
07/27/22
(11)
Citigroup
CZK
4,144
EUR
167
07/27/22
1
Citigroup
CZK
4,160
EUR
167
07/27/22
—
Citigroup
CZK
13,943
EUR
560
07/27/22
(2)
Citigroup
CZK
14,956
EUR
603
07/27/22
2
Citigroup
CZK
21,034
EUR
845
07/27/22
(3)
Citigroup
CZK
2,404
USD
102
07/27/22
1
Citigroup
EUR
100
CZK
2,526
07/27/22
4
Citigroup
EUR
199
CZK
5,066
07/27/22
9
Citigroup
EUR
205
CZK
5,189
07/27/22
8
Citigroup
EUR
239
CZK
6,058
07/27/22
9
Citigroup
EUR
299
CZK
7,449
07/27/22
1
Citigroup
EUR
321
CZK
8,137
07/27/22
13
Citigroup
EUR
359
CZK
9,087
07/27/22
14
Citigroup
EUR
820
CZK
20,463
07/27/22
8
Citigroup
EUR
3
HUF
1,038
07/27/22
—
Citigroup
EUR
65
NOK
666
07/27/22
—
Citigroup
EUR
162
NOK
1,666
07/27/22
(2)
Citigroup
EUR
323
NOK
3,335
07/27/22
(1)
Citigroup
EUR
67
PLN
315
07/27/22
—
Citigroup
EUR
108
PLN
509
07/27/22
—
Citigroup
EUR
167
PLN
788
07/27/22
—
Citigroup
EUR
167
PLN
788
07/27/22
—
Citigroup
EUR
601
PLN
2,831
07/27/22
(3)
Citigroup
EUR
845
PLN
3,950
07/27/22
(16)
Citigroup
EUR
64
USD
68
07/27/22
1
Citigroup
EUR
90
USD
94
07/27/22
—
Citigroup
EUR
125
USD
133
07/27/22
1
Citigroup
EUR
158
USD
169
07/27/22
3
Citigroup
EUR
200
USD
217
07/27/22
7
Citigroup
EUR
200
USD
212
07/27/22
2
Citigroup
EUR
220
USD
232
07/27/22
2
Citigroup
EUR
249
USD
268
07/27/22
6
Citigroup
EUR
430
USD
448
07/27/22
(3)
Citigroup
EUR
554
USD
587
07/27/22
6
Citigroup
EUR
800
USD
862
07/27/22
23
Citigroup
EUR
920
USD
989
07/27/22
23
Citigroup
EUR
1,359
USD
1,460
07/27/22
34
Citigroup
EUR
2,250
USD
2,370
07/27/22
8
Citigroup
EUR
3,754
USD
4,074
07/27/22
135
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
97
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Citigroup
EUR
21,650
USD
23,476
07/27/22
755
Citigroup
GBP
471
EUR
550
07/27/22
6
Citigroup
GBP
697
EUR
835
07/27/22
56
Citigroup
GBP
74
USD
90
07/07/22
—
Citigroup
GBP
4,500
USD
5,468
07/07/22
(9)
Citigroup
GBP
188
USD
236
07/27/22
8
Citigroup
GBP
245
USD
319
07/27/22
21
Citigroup
GBP
246
USD
307
07/27/22
8
Citigroup
GBP
357
USD
435
07/27/22
1
Citigroup
GBP
680
USD
887
07/27/22
59
Citigroup
HUF
2,283
USD
6
07/27/22
—
Citigroup
IDR
743,444
USD
52
07/19/22
2
Citigroup
IDR
1,426,320
USD
99
07/19/22
4
Citigroup
ILS
8
USD
2
07/27/22
—
Citigroup
ILS
558
USD
168
07/27/22
8
Citigroup
ILS
575
USD
173
07/27/22
8
Citigroup
ILS
686
USD
207
07/27/22
10
Citigroup
ILS
800
USD
241
07/27/22
12
Citigroup
ILS
957
USD
289
07/27/22
14
Citigroup
ILS
1,067
USD
322
07/27/22
16
Citigroup
ILS
1,273
USD
370
07/27/22
5
Citigroup
ILS
1,427
USD
430
07/27/22
21
Citigroup
INR
18,230
USD
233
07/27/22
2
Citigroup
INR
36,475
USD
465
07/27/22
5
Citigroup
INR
39,340
USD
502
07/27/22
5
Citigroup
INR
41,004
USD
524
07/27/22
6
Citigroup
INR
52,797
USD
676
07/27/22
8
Citigroup
INR
90,074
USD
1,150
07/27/22
12
Citigroup
INR
136,024
USD
1,762
07/27/22
43
Citigroup
JPY
10,754
USD
79
07/07/22
(1)
Citigroup
JPY
488,187
USD
3,767
07/07/22
168
Citigroup
JPY
142,077
USD
1,100
07/27/22
51
Citigroup
JPY
156,419
USD
1,200
07/27/22
46
Citigroup
JPY
1,476,000
USD
11,456
07/27/22
564
Citigroup
JPY
2,254,656
USD
17,966
07/27/22
1,326
Citigroup
JPY
498,940
USD
3,680
08/08/22
(5)
Citigroup
MXN
3,196
USD
154
07/27/22
(5)
Citigroup
MXN
3,899
USD
196
07/27/22
3
Citigroup
MXN
3,903
USD
196
07/27/22
3
Citigroup
MXN
7,820
USD
392
07/27/22
5
Citigroup
MXN
11,257
USD
559
07/27/22
1
Citigroup
MXN
12,717
USD
631
07/27/22
1
Citigroup
MXN
23,333
USD
1,177
07/27/22
21
Citigroup
MXN
54,758
USD
2,696
07/27/22
(16)
Citigroup
MXN
54,758
USD
2,696
07/27/22
(17)
Citigroup
NZD
91
USD
56
07/07/22
—
Citigroup
NZD
5,843
USD
3,639
07/07/22
(10)
Citigroup
PHP
17,462
USD
331
07/27/22
14
Citigroup
PHP
23,254
USD
441
07/27/22
19
Citigroup
PHP
24,708
USD
468
07/27/22
19
Citigroup
PHP
29,082
USD
551
07/27/22
23
Citigroup
PLN
365
EUR
77
07/27/22
(2)
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
98
Strategic
Bond
Fund
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Citigroup
PLN
547
EUR
115
07/27/22
(3)
Citigroup
PLN
548
EUR
115
07/27/22
(3)
Citigroup
PLN
730
EUR
153
07/27/22
(4)
Citigroup
PLN
912
EUR
191
07/27/22
(5)
Citigroup
PLN
934
EUR
196
07/27/22
(3)
Citigroup
PLN
1,367
EUR
287
07/27/22
(7)
Citigroup
PLN
3,952
EUR
855
07/27/22
36
Citigroup
SEK
467
EUR
45
07/27/22
4
Citigroup
SEK
2,973
USD
312
07/27/22
21
Citigroup
ZAR
5,649
USD
362
07/27/22
16
Citigroup
ZAR
5,694
USD
365
07/27/22
15
Citigroup
ZAR
5,974
USD
380
07/27/22
14
Citigroup
ZAR
9,418
USD
603
07/27/22
26
Citigroup
ZAR
18,382
USD
1,171
07/27/22
44
Citigroup
ZAR
20,522
USD
1,256
07/27/22
(2)
Citigroup
ZAR
24,856
USD
1,675
07/27/22
151
JPMorgan
Chase
USD
96
EUR
92
07/15/22
—
Morgan
Stanley
USD
242
BRL
1,155
07/19/22
(23)
Morgan
Stanley
USD
2,450
EUR
2,321
07/15/22
(16)
Morgan
Stanley
USD
1,320
EUR
1,205
07/19/22
(56)
State
Street
USD
3,685
CAD
4,752
07/07/22
7
State
Street
USD
3,893
CAD
4,906
07/07/22
(82)
State
Street
USD
1,920
EUR
1,789
07/07/22
(45)
State
Street
USD
114
EUR
106
07/15/22
(3)
State
Street
USD
1,818
EUR
1,741
08/08/22
11
State
Street
CAD
9,659
USD
7,501
07/07/22
(2)
State
Street
CAD
4,752
USD
3,685
08/08/22
(7)
State
Street
EUR
48
USD
50
07/07/22
—
State
Street
EUR
1,741
USD
1,814
07/07/22
(11)
State
Street
GBP
3
USD
4
07/01/22
—
UBS
USD
485
CHF
462
07/07/22
(1)
UBS
USD
11,091
CHF
10,588
07/07/22
1
UBS
USD
2,495
EUR
2,387
07/15/22
9
UBS
USD
114
GBP
94
08/19/22
—
UBS
USD
421
GBP
347
08/19/22
2
UBS
CHF
11,050
USD
11,543
07/07/22
(34)
UBS
CHF
10,588
USD
11,113
08/08/22
(2)
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
3,621
Interest
Rate
Swap
Contracts
Amounts
in
thousands
Counterparty
Notional
Amount
Fund
Receives
Fund
Pays
Termination
Date
Premiums
Paid
(Received)
$
Unrealized
Appreciation
(Depreciation)
$
Fair
Value
$
Citigroup
GBP
3,780
3.085%
(3)
12
Month
SONIA
(3)
07/27/24
—
37
37
Citigroup
GBP
7,600
2.877%
(3)
12
Month
SONIA
(3)
07/27/24
—
37
37
Citigroup
GBP
8,820
3.073%
(3)
12
Month
SONIA
(3)
07/27/24
—
84
84
Citigroup
EUR
15,500
1.633%
(4)
6
Month
EURIBOR
(3)
07/27/24
—
66
66
Citigroup
EUR
19,600
6
Month
EURIBOR
(3)
1.975%
(4)
07/27/24
—
(222)
(222)
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
99
Interest
Rate
Swap
Contracts
Amounts
in
thousands
Counterparty
Notional
Amount
Fund
Receives
Fund
Pays
Termination
Date
Premiums
Paid
(Received)
$
Unrealized
Appreciation
(Depreciation)
$
Fair
Value
$
Citigroup
ZAR
110,453
3
Month
JIBAR
(2)
6.465%
(2)
07/27/24
—
118
118
Citigroup
EUR
2,500
6
Month
EURIBOR
(3)
2.106%
(4)
07/27/27
—
(36)
(36)
Citigroup
EUR
6,800
2.263%
(4)
6
Month
EURIBOR
(3)
07/27/27
—
152
152
Citigroup
EUR
1,080
1.651%
(4)
6
Month
EURIBOR
(3)
07/27/32
—
(56)
(56)
Citigroup
GBP
2,800
12
Month
SONIA
(3)
2.568%
(3)
07/27/32
—
(70)
(70)
Citigroup
EUR
4,800
2.480%
(4)
6
Month
EURIBOR
(3)
07/27/32
—
133
133
Citigroup
EUR
5,340
1.649%
(4)
6
Month
EURIBOR
(3)
07/27/32
—
(276)
(276)
Citigroup
CAD
8,000
3.390%
(3)
3
Month
Canadian
Dealer
Offered
Rate
(3)
07/27/32
—
(144)
(144)
Citigroup
GBP
12,100
12
Month
SONIA
(3)
2.003%
(3)
07/27/32
—
427
427
Citigroup
JPY
526,163
12
Month
TONAR
(3)
0.509%
(3)
07/27/32
—
(6)
(6)
Citigroup
JPY
537,553
12
Month
TONAR
(3)
0.454%
(3)
07/27/32
—
15
15
Citigroup
JPY
543,837
12
Month
TONAR
(3)
0.540%
(3)
07/27/32
—
(19)
(19)
Citigroup
EUR
2,040
6
Month
EURIBOR
(3)
1.420%
(4)
07/27/52
—
274
274
Credit
Suisse
EUR
2,500
0.476%
(4)
6
Month
EURIBOR
(3)
10/27/23
—
—
—
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
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
—
—
—
Total
Open
Interest
Rate
Swap
Contracts
(å)
—
514
514
Credit
Default
Swap
Contracts
Amounts
in
thousands
Credit
Indices
-
Sell
Protection
Reference
Entity
Counterparty
Notional
Amount
Fund
(Pays)/
Receives
Fixed
Rate
Termination
Date
Premiums
Paid/
(Received)
$
Unrealized
Appreciation
(Depreciation)
$
Fair
Value
$
CDX
NA
Investment
Grade
Index
Bank
of
America
USD
7,331
1.000%
(2)
06/20/27
53
(54)
(1)
Total
Open
Credit
Indices
-
Sell
Protection
Contracts
53
(54)
(1)
Total
Open
Credit
Default
Swap
Contracts
(å)
53
(54)
(1)
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
100
Strategic
Bond
Fund
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
%
of
Net
Assets
Long-Term
Investments
Asset-Backed
Securities
$
—
$
20,643
$
—
$
—
$
20,643
2.3
Corporate
Bonds
and
Notes
—
174,430
—
—
174,430
19.5
International
Debt
—
178,570
—
—
178,570
20.0
Loan
Agreements
—
2,099
—
—
2,099
0.
2
Mortgage-Backed
Securities
—
119,939
—
—
119,939
13.4
Municipal
Bonds
—
538
—
—
538
0.1
Non-US
Bonds
—
52,019
—
—
52,019
5.8
United
States
Government
Treasuries
—
159,034
—
—
159,034
17.8
Common
Stocks
Technology
—
—
—
—
—
Short-Term
Investments
—
34,950
—
127,616
162,566
18.2
Total
Investments
—
742,222
—
127,616
869,838
97.3
Other
Assets
and
Liabilities,
Net
2.7
100.0
Other
Financial
Instruments
Assets
Futures
Contracts
1,590
—
—
—
1,590
0.
2
Foreign
Currency
Exchange
Contracts
7
5,48
5
—
—
5,49
2
0.
6
Interest
Rate
Swap
Contracts
—
1,343
—
—
1,343
0.
2
A
Liabilities
Futures
Contracts
(3,300
)
—
—
—
(3,300
)
(0.4
)
Foreign
Currency
Exchange
Contracts
(13)
(1,858
)
—
—
(1,871
)
(
0.2
)
Interest
Rate
Swap
Contracts
—
(829)
—
—
(829)
(0.1
)
Credit
Default
Swap
Contracts
—
(1)
—
—
(1)
(
—
)
*
Total
Other
Financial
Instruments
**
$
(1,716)
$
4,140
$
—
$
—
$
2,424
*
Less
than
0.05%
of
net
assets.
**
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
Financial
Statements.
For
a
disclosure
on
transfers
into
and
out
of
Level
3
during
the
period
ended
June
30,
2022,
see
note
2
in
the
Notes
to
Financial
Statements.
Investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
a
fair
value
for
the
period
ended
June
30,
2022,
were
less
than
1%
of
net
assets.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
101
Amounts
in
thousands
Country
Exposure
Fair
Value
$
Andorra
...............................................................................................
3,942
Argentina
............................................................................................
706
Australia
.............................................................................................
3,541
Austria
................................................................................................
173
Belgium
..............................................................................................
3,540
Bermuda
.............................................................................................
24,734
Brazil
..................................................................................................
2,206
Canada
................................................................................................
13,085
Cayman
Islands
...................................................................................
42,249
Chile
...................................................................................................
2,211
China
..................................................................................................
4,765
Colombia
.............................................................................................
2,005
Denmark
.............................................................................................
3,301
Egypt
..................................................................................................
3,626
Finland
...............................................................................................
876
France
.................................................................................................
7,586
Germany
.............................................................................................
6,586
Hong
Kong
..........................................................................................
144
India
...................................................................................................
4,292
Indonesia
............................................................................................
478
Ireland
................................................................................................
5,495
Israel
...................................................................................................
23
Italy
....................................................................................................
4,052
Japan
..................................................................................................
34,507
Jordan
.................................................................................................
207
Kazakhstan
.........................................................................................
176
Macao
.................................................................................................
1,928
Malaysia
..............................................................................................
658
Mexico
................................................................................................
12,308
Morocco
..............................................................................................
151
Netherlands
........................................................................................
5,060
Nigeria
................................................................................................
777
Norway
................................................................................................
889
Panama
...............................................................................................
203
Paraguay
.............................................................................................
155
Peru
....................................................................................................
4,522
Romania
..............................................................................................
3,916
Russia
.................................................................................................
212
Saudi
Arabia
.......................................................................................
1,575
Singapore
............................................................................................
841
South
Africa
........................................................................................
3,385
South
Korea
........................................................................................
3,403
Spain
...................................................................................................
1,769
Switzerland
.........................................................................................
4,422
Togo
....................................................................................................
379
Tunisia
................................................................................................
1,172
United
Arab
Emirates
.........................................................................
407
United
Kingdom
..................................................................................
28,177
United
States
.......................................................................................
618,584
Zambia
................................................................................................
439
Total
Investments
....................................................................
869,838
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
102
Strategic
Bond
Fund
Russell
Investment
Funds
Strategic
Bond
Fund
Fair
Value
of
Derivative
Instruments
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Derivatives
not
accounted
for
as
hedging
instruments
Credit
Contracts
Foreign
Currency
Contracts
Interest
Rate
Contracts
Location:
Statement
of
Assets
and
Liabilities
-
Assets
Unrealized
appreciation
on
foreign
currency
exchange
contracts
$
—
$
5,492
$
—
Variation
margin
on
futures
contracts*
—
—
1,590
Interest
rate
swap
contracts,
at
fair
value
—
—
1,343
Total
$
—
$
5,492
$
2,933
Location:
Statement
of
Assets
and
Liabilities
-
Liabilities
Variation
margin
on
futures
contracts*
$
—
$
—
$
3,300
Unrealized
depreciation
on
foreign
currency
exchange
contracts
—
1,871
—
Interest
rate
swap
contracts,
at
fair
value
—
—
829
Credit
default
swap
contracts,
at
fair
value
1
—
—
Total
$
1
$
1,871
$
4,129
Derivatives
not
accounted
for
as
hedging
instruments
Credit
Contracts
Foreign
Currency
Contracts
Interest
Rate
Contracts
Location:
Statement
of
Operations
-
Net
realized
gain
(loss)
Futures
contracts
$
—
$
—
$
(35,649)
Interest
rate
swap
contracts
—
—
1,252
Credit
default
swap
contracts
1,667
—
—
Foreign
currency
exchange
contracts
—
5,409
—
Total
$
1,667
$
5,409
$
(34,397)
Location:
Statement
of
Operations
-
Net
change
in
unrealized
appreciation
(depreciation)
Futures
contracts
$
—
$
—
$
(5,624)
Interest
rate
swap
contracts
—
—
697
Credit
default
swap
contracts
(84)
—
—
Foreign
currency
exchange
contracts
—
4,054
—
Total
$
(84)
$
4,054
$
(4,927)
*
Includes
cumulative
appreciation
(depreciation)
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.
Only
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
For
further
disclosure
on
derivatives
see
note
2
in
the
Notes
to
Financial
Statements.
Russell
Investment
Funds
Strategic
Bond
Fund
Balance
Sheet
Offsetting
of
Financial
and
Derivative
Instruments
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
103
Amounts
in
thousands
word
Offsetting
of
Financial
Assets
and
Derivative
Assets
Description
Location:
Statement
of
Assets
and
Liabilities
-
Assets
Gross
Amounts
of
Recognized
Assets
Gross
Amounts
Offset
in
the
Statement
of
Assets
and
Liabilities
Net
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Foreign
Currency
Exchange
Contracts
Unrealized
appreciation
on
foreign
currency
exchange
contracts
$
5,492
$
—
$
5,492
Interest
Rate
Swap
Contracts
Interest
rate
swap
contracts,
at
fair
value
1,343
—
1,343
Total
Financial
and
Derivative
Assets
6,835
—
6,835
Financial
and
Derivative
Assets
not
subject
to
a
netting
agreement
(1,350)
—
(1,350)
Total
Financial
and
Derivative
Assets
subject
to
a
netting
agreement
$
5,485
$
—
$
5,485
Financial
Assets,
Derivative
Assets,
and
Collateral
Held
by
Counterparty
Gross
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Counterparty
Net
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
and
Derivative
Instruments
Collateral
Received^
Net
Amount
Australia
and
New
Zealand
Banking
Group
$
15
$
—
$
—
$
15
Bank
of
America
1,274
32
—
1,242
Citigroup
4,174
1,358
—
2,816
State
Street
11
11
—
—
UBS
11
1
—
10
Total
$
5,485
$
1,402
$
—
$
4,083
Russell
Investment
Funds
Strategic
Bond
Fund
Balance
Sheet
Offsetting
of
Financial
and
Derivative
Instruments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
104
Strategic
Bond
Fund
Amounts
in
thousands
Offsetting
of
Financial
Liabilities
and
Derivative
Liabilities
Description
Location:
Statement
of
Assets
and
Liabilities
-
Liabilities
Gross
Amounts
of
Recognized
Liabilities
Gross
Amounts
Offset
in
the
Statement
of
Assets
and
Liabilities
Net
Amounts
of
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Foreign
Currency
Exchange
Contracts
Unrealized
depreciation
on
foreign
currency
exchange
contracts
$
1,871
$
—
$
1,871
Interest
Rate
Swap
Contracts
Interest
rate
swap
contracts,
at
fair
value
829
—
829
Credit
Default
Swap
Contracts
Credit
default
swap
contracts,
at
fair
value
1
—
1
Total
Financial
and
Derivative
Liabilities
2,701
—
2,702
Financial
and
Derivative
Liabilities
not
subject
to
a
netting
agreement
(842)
—
(842)
Total
Financial
and
Derivative
Liabilities
subject
to
a
netting
agreement
$
1,859
$
—
$
1,859
Financial
Liabilities,
Derivative
Liabilities,
and
Collateral
Pledged
by
Counterparty
Gross
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Counterparty
Net
Amounts
of
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
and
Derivative
Instruments
Collateral
Pledged^
Net
Amount
Bank
of
America
$
33
$
32
$
—
$
1
Citigroup
1,559
1,358
—
201
Morgan
Stanley
94
—
—
94
State
Street
137
11
—
126
UBS
36
1
—
35
Total
$
1,859
$
1,402
$
—
$
457
^ Collateral
received
or
pledged
amounts
may
not
reconcile
to
those
disclosed
in
the
Statement
of
Assets
and
Liabilities
due
to
the
inclusion
of
off-Balance
Sheet
collateral
and
adjustments
made
to
exclude
overcollateralization.
For
further
disclosure
on
derivatives
and
counterparty
risk
see
note
2
in
the
Notes
to
Financial
Statements.
Russell
Investment
Funds
Strategic
Bond
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
105
Statement
of
Assets
and
Liabilities
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Assets
Investments,
at
identified
cost
........................................................................................................................................................
$
951,069
Investments,
at
fair
value(>)
...........................................................................................................................................................
869,838
Cash
...............................................................................................................................................................................................
1,595
Foreign
currency
holdings(^)
.........................................................................................................................................................
2,193
Unrealized
appreciation
on
foreign
currency
exchange
contracts
...................................................................................................
5,492
Receivables:
Dividends
and
interest
.......................................................................................................................................................
5,086
Dividends
from
affiliated
funds
..........................................................................................................................................
88
Investments
sold
................................................................................................................................................................
27,815
Fund
shares
sold
................................................................................................................................................................
42
From
broker(a)(b)
...............................................................................................................................................................
16,403
Variation
margin
on
futures
contracts
.................................................................................................................................
690
Prepaid
expenses
...........................................................................................................................................................................
8
Interest
rate
swap
contracts,
at
fair
value(•)
...................................................................................................................................
1,343
Total
assets
.................................................................................................................................................
930,593
Liabilities
Payables:
Due
to
broker
(c)
................................................................................................................................................................
452
Investments
purchased
......................................................................................................................................................
30,301
Fund
shares
redeemed
.......................................................................................................................................................
125
Accrued
fees
to
affiliates
....................................................................................................................................................
445
Other
accrued
expenses
.....................................................................................................................................................
232
Variation
margin
on
futures
contracts
.................................................................................................................................
2,391
Unrealized
depreciation
on
foreign
currency
exchange
contracts
...................................................................................................
1,871
Interest
rate
swap
contracts,
at
fair
value(•)
...................................................................................................................................
829
Credit
default
swap
contracts,
at
fair
value(+)
................................................................................................................................
1
Total
liabilities
.............................................................................................................................................
36,647
Net
Assets
............................................................................................................................................................
$
893,946
Russell
Investment
Funds
Strategic
Bond
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
106
Strategic
Bond
Fund
Statement
of
Assets
and
Liabilities,
continued
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
...............................................................................................................................................
$
(124,287)
Shares
of
beneficial
interest
...........................................................................................................................................................
969
Additional
paid-in
capital
..............................................................................................................................................................
1,017,264
Net
Assets
............................................................................................................................................................
$
893,946
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.........................................................................................................................................................
$
9.22
Net
assets
...............................................................................................................................................................................
$
893,945,519
Shares
outstanding
($.01
par
value)
.......................................................................................................................................
96,942,785
Amounts
in
thousands
(^)
Foreign
currency
holdings
-
cost
$
2,199
(+)
Credit
default
swap
contracts
-
premiums
paid
(received)
$
53
(•)
Interest
rate
swap
contracts
-
premiums
paid
(received)
$
—
(>)
Investments
in
affiliates,
U.S.
Cash
Management
Fund
$
127,616
(a)
Receivable
from
Broker
for
Futures
$
16,324
(b)
Receivable
from
Broker
for
Swaps
$
79
(c) Due
to
Broker
for
Futures
$
452
(#)
Net
asset
value
per
share
equals
net
assets
divided
by
shares
of
beneficial
interest
outstanding.
Russell
Investment
Funds
Strategic
Bond
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
107
Statement
of
Operations
—
For
the
Period
Ended
June
30,
2022
(Unaudited)
Amounts
in
thousands
Investment
Income
Dividends
from
affiliated
funds
.........................................................................................................................................
$
206
Interest
..............................................................................................................................................................................
9,579
Total
investment
income
...............................................................................................................................................................
9,785
Expenses
Advisory
fees
....................................................................................................................................................................
2,600
Administrative
fees
...........................................................................................................................................................
236
Custodian
fees
...................................................................................................................................................................
126
Transfer
agent
fees
...........................................................................................................................................................
21
Professional
fees
...............................................................................................................................................................
86
Trustees’
fees
....................................................................................................................................................................
22
Printing
fees
......................................................................................................................................................................
38
Miscellaneous
...................................................................................................................................................................
13
Total
expenses
...............................................................................................................................................................................
3,142
Net
investment
income
(loss)
........................................................................................................................................................
6,643
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
......................................................................................................................................................................
(15,209)
Investments
in
affiliated
funds
..........................................................................................................................................
(9)
Futures
contracts
..............................................................................................................................................................
(35,649)
Foreign
currency
exchange
contracts
................................................................................................................................
5,409
Interest
rate
swap
contracts
...............................................................................................................................................
1,252
Credit
default
swap
contracts
............................................................................................................................................
1,667
Foreign
currency-related
transactions
...............................................................................................................................
(547)
Net
realized
gain
(loss)
..................................................................................................................................................................
(43,086)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
(net
of
deferred
tax
liability
for
foreign
capital
gains
taxes
$1)
......................................................................
(80,275
)
Investments
in
affiliated
funds
..........................................................................................................................................
1
Futures
contracts
..............................................................................................................................................................
(5,624)
Foreign
currency
exchange
contracts
................................................................................................................................
4,054
Interest
rate
swap
contracts
...............................................................................................................................................
697
Credit
default
swap
contracts
............................................................................................................................................
(84)
Foreign
currency-related
transactions
...............................................................................................................................
(29
)
Net
change
in
unrealized
appreciation
(depreciation)
...................................................................................................................
(81,260)
Net
realized
and
unrealized
gain
(loss)
.........................................................................................................................................
(124,346)
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
..........................................................................................
$
(117,703)
Russell
Investment
Funds
Strategic
Bond
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
108
Strategic
Bond
Fund
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
Period
Ended
June
30,
2022
(Unaudited)
Fiscal
Year
Ended
December
31,
2021
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
............................................................................................................
$
6,643
$
11,084
Net
realized
gain
(loss)
......................................................................................................................
(43,086)
4,952
Net
change
in
unrealized
appreciation
(depreciation)
.......................................................................
(81,260)
(32,160)
Net
increase
(decrease)
in
net
assets
from
operations
.............................................................................
(117,703)
(16,124)
Distributions
To
shareholders
.................................................................................................................................
(3,695)
(20,547)
Net
decrease
in
net
assets
from
distributions
..........................................................................................
(3,695)
(20,547)
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
.................................................................
(10,468)
145,314
Total
Net
Increase
(Decrease)
in
Net
Assets
..........................................................................
(131,866)
108,643
Net
Assets
Beginning
of
period
.................................................................................................................................
1,025,812
917,169
End
of
period
..........................................................................................................................................
$
893,946
$
1,025,812
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
June
30,
2022
and
December
31,
2021
were
as
follows:
2022
(Unaudited)
2021
Shares
Dollars
Shares
Dollars
Proceeds
from
shares
sold
1,866
$
18,326
15,592
$
164,544
Proceeds
from
reinvestment
of
distributions
375
3,695
1,950
20,547
Payments
for
shares
redeemed
(3,374)
(32,489)
(3,751)
(39,777)
Total
increase
(decrease)
(1,133)
$
(10,468)
13,791
$
145,314
Russell
Investment
Funds
Strategic
Bond
Fund
Financial
Highlights
—
For
the
Periods
Ended
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
110
Strategic
Bond
Fund
For
a
Share
Outstanding
Throughout
Each
Period.
$
Net
Asset
Value,
Beginning
of
Period
$
Net
Investment
Income
(Loss)
(a)
$
Net
Realized
and
Unrealized
Gain
(Loss)
$
Total
from
Investment
Operations
$
Distributions
from
Net
Investment
Income
$
Distributions
from
Net
Realized
Gain
June
30,
2022(1)
10.46
.07
(1.27)
(1.20)
(.03)
(.01)
December
31,
2021
10.88
.12
(.32)
(.20)
(.09)
(.13)
December
31,
2020
10.56
.20
.68
.88
(.20)
(.36)
December
31,
2019
10.07
.27
.65
.92
(.29)
(.14)
December
31,
2018
10.37
.25
(.34)
(.09)
(.21)
—
December
31,
2017
10.12
.20
.19
.39
(.14)
—
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
111
$
Total
Distributions
$
Net
Asset
Value,
End
of
Period
%
Total
Return
(d)(f)
$
Net
Assets,
End
of
Period
(000)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Gross
(e)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Net
(e)
%
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
(e)
%
Portfolio
Turnover
Rate
(d)
(.04)
9.22
(11.52)
893,946
.66
.66
1.41
29
(.22)
10.46
(1.82)
1,025,812
.66
.66
1.12
93
(.56)
10.88
8.43
917,169
.69
.69
1.58
92
(.43)
10.56
9.19
917,770
.68
.68
2.52
116
(.21)
10.07
(.81)
878,661
.67
.67
2.44
96
(.14)
10.37
3.86
907,367
.67
.66
1.89
143
Russell
Investment
Funds
Strategic
Bond
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
112
Strategic
Bond
Fund
Related
Party
Transactions,
Fees
and
Expenses
(Unaudited)
Accrued
fees
payable
to
affiliates
for
the
period
ended
June
30,
2022
were
as
follows:
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2022
with
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
(Unaudited)
At
June
30,
2022
,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Advisory
fees
$
405,076
Administration
fees
36,825
Transfer
agent
fees
3,241
$
445,142
Fair
Value,
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Change
in
Unrealized
Gain
(Loss)
Fair
Value,
End
of
Period
Income
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
93,166
$
351,351
$
316,893
$
(9
)
$
1
$
127,616
$
206
$
—
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
$
954,595,679
$
4,913,398
$
(87,249,613)
$
(82,336,215)
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Shareholder
Expense
Example
—
June
30,
2022
(Unaudited)
Global
Real
Estate
Securities
Fund
113
Fund
Expenses
The
following
disclosure
provides
important
information
regarding
the
Fund’s
Shareholder
Expense
Example
(“Example”).
Example
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transaction
costs,
and
(2)
ongoing
costs,
including
advisory
and
administrative
fees
and
other
Fund
expenses.
The
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
indicated,
which
for
this
Fund
is
from
January
1,
2022
to
June
30,
2022
.
Actual
Expenses
The
information
in
the
table
under
the
heading
“Actual
Performance”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
column,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
column
in
the
row
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
in
the
table
under
the
heading
“Hypothetical
Performance
(5%
return
before
expenses)”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs.
Therefore,
the
information
under
the
heading
“Hypothetical
Performance
(5%
return
before
expenses)”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
The
fees
and
expenses
shown
in
this
section
do
not
reflect
any
Insurance
Company
Separate
Account
Policy
Charges.
Actual
Performance
Hypothetical
Performance
(5%
return
before
expenses)
Beginning
Account
Value
January
1,
2022
$
1,000
.00
$
1,000
.00
Ending
Account
Value
June
30,
2022
$
781
.60
$
1,020
.28
Expenses
Paid
During
Period*
$
4
.02
$
4
.56
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio
of
0.91%
(representing
the
six
month
period
annualized),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
114
Global
Real
Estate
Securities
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
97.2%
Australia
-
3.6%
BGP
Holdings
PLC(Æ)(Š)
926,311
—
Charter
Hall
Group
-
ADR(ö)
674,784
5,049
Dexus
Property
Group(ö)
1,004,833
6,152
Goodman
Group(ö)
216,066
2,658
GPT
Group
(The)(ö)
1,442,512
4,197
Mirvac
Group(ö)
4,774,001
6,503
Scentre
Group(ö)
2,950,083
5,268
Shopping
Centres
Australasia
Property
Group(ö)
1,205,183
2,285
32,112
Belgium
-
0.9%
Aedifica
SA(ö)
37,860
3,632
VGP
NV
14,338
2,286
Warehouses
De
Pauw
CVA(ö)
78,013
2,455
8,373
Canada
-
2.4%
Allied
Properties
Real
Estate
Investment
Trust(ö)
200,177
5,162
Canadian
Apartment
Properties(Ñ)(ö)
124,020
4,318
Granite
Real
Estate
Investment
Trust(ö)
70,244
4,308
RioCan
Real
Estate
Investment
Trust(ö)
324,433
5,046
Tricon
Residential,
Inc.
225,657
2,288
21,122
China
-
0.3%
ESR
Cayman,
Ltd.(Æ)(Þ)
1,076,208
2,913
France
-
0.9%
ARGAN
SA(ö)
22,647
2,118
Icade
SA(ö)
47,051
2,311
Klepierre
SA
-
GDR(ö)
195,774
3,771
8,200
Germany
-
2.5%
Vonovia
SE
719,268
22,166
Guernsey
-
0.3%
Sirius
Real
Estate,
Ltd.
2,404,895
2,612
Hong
Kong
-
4.9%
CK
Asset
Holdings,
Ltd.
1,316,795
9,327
Hang
Lung
Properties,
Ltd.
-
ADR
862,000
1,636
Link
Real
Estate
Investment
Trust(ö)
1,600,100
13,068
New
World
Development
Co.,
Ltd.
123,252
445
Sun
Hung
Kai
Properties,
Ltd.
1,163,052
13,762
Swire
Properties,
Ltd.
111,232
277
Wharf
Real
Estate
Investment
Co.,
Ltd.
1,092,659
5,209
43,724
Japan
-
9.8%
Activia
Properties,
Inc.(ö)
1,674
4,981
Daiwa
House
REIT
Investment
Corp.(ö)
1,197
2,713
Global
One
Real
Estate
Investment
Corp.(ö)
3,136
2,453
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
GLP
J-REIT(ö)
3,481
4,255
Hulic
REIT,
Inc.(ö)
2,172
2,557
Industrial
&
Infrastructure
Fund
Investment
Corp.(Æ)(ö)
1,723
2,280
Japan
Retail
Fund
Investment
Corp.(ö)
5,875
4,579
Keihanshin
Building
Co.,
Ltd.
190,900
1,848
Kenedix
Office
Investment
Corp.
Class
A(ö)
149
747
Kenedix
Retail
REIT
Corp.(ö)
1,782
3,614
LaSalle
Logiport
REIT(ö)
1,409
1,729
Mitsubishi
Estate
Co.,
Ltd.
536,400
7,788
Mitsui
Fudosan
Co.,
Ltd.
647,900
13,941
Mitsui
Fudosan
Logistics
Park,
Inc.(ö)
524
1,982
MORI
Trust
Hotel
REIT,
Inc.(ö)
3,358
3,109
MORI
Trust
Sogo
REIT,
Inc.(ö)
3,053
3,196
Nippon
Building
Fund,
Inc.(ö)
709
3,528
Nippon
Prologis
REIT,
Inc.(Æ)(ö)
787
1,936
Nomura
Real
Estate
Holdings,
Inc.
146,000
3,580
Nomura
Real
Estate
Master
Fund,
Inc.
(Æ)(ö)
3,547
4,429
Orix
JREIT,
Inc.(ö)
1,603
2,173
Samty
Residential
Investment
Corp.(ö)
1,110
1,110
Sekisui
House
REIT,
Inc.(ö)
2,795
1,657
TOC
Co.,
Ltd.
65,400
347
Tokyo
Tatemono
Co.,
Ltd.
28,400
391
Tokyu
Fudosan
Holdings
Corp.
600,100
3,161
United
Urban
Investment
Corp.(ö)
2,225
2,330
86,414
Macao
-
0.2%
Sands
China,
Ltd.(Æ)
864,000
2,110
Netherlands
-
0.9%
CTP
NV(Þ)
121,000
1,396
Eurocommercial
Properties
NV(ö)
51,607
1,117
Unibail-Rodamco-Westfield(Æ)(ö)
97,957
4,999
7,512
Singapore
-
3.6%
Ascendas
India
Trust
2,057,782
1,734
Ascendas
Real
Estate
Investment
Trust(ö)
820,600
1,684
CapitaLand
China
Trust(ö)
1,062,207
880
Capitaland
Investment,
Ltd.
2,701,300
7,438
CapitaLand
Mall
Trust
Class
A(ö)
3,323,898
5,196
City
Developments,
Ltd.
292,200
1,716
Daiwa
House
Logistics
Trust(Æ)
959,700
446
Frasers
Logistics
&
Commercial
Trust(ö)
6,739,500
6,460
Keppel
REIT(ö)
3,377,800
2,651
Parkway
Life
Real
Estate
Investment
Trust(Æ)(ö)
995,555
3,491
31,696
Spain
-
0.8%
Arima
Real
Estate
Socimi
SA(Æ)(ö)
139,540
1,216
Cellnex
Telecom
SA(Þ)
59,482
2,317
Inmobiliaria
Colonial
Socimi
SA(ö)
231,488
1,481
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Global
Real
Estate
Securities
Fund
115
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Merlin
Properties
Socimi
SA(ö)
203,297
1,962
6,976
Sweden
-
1.3%
Castellum
AB(Ñ)
261,033
3,358
Catena
AB
50,405
1,830
Fabege
AB
302,074
2,854
Fastighets
AB
Balder(Æ)
560,565
2,688
Wihlborgs
Fastigheter
AB
129,788
908
11,638
United
Kingdom
-
5.4%
Assura
PLC(ö)
2,756,137
2,195
Big
Yellow
Group
PLC(ö)
207,524
3,317
British
Land
Co.
PLC
(The)(ö)
1,491,987
8,128
Derwent
London
PLC(ö)
61,447
1,955
Grainger
PLC
1,569,070
5,374
Life
Science
REIT
PLC(Æ)(ö)
552,397
646
LXI
REIT
PLC(ö)
520,197
902
PRS
REIT
PLC
(The)(ö)
832,870
1,072
Safestore
Holdings
PLC(ö)
288,467
3,728
Segro
PLC(ö)
1,044,530
12,420
Tritax
EuroBox
PLC(Þ)
1,089,673
1,147
UNITE
Group
PLC
(The)(ö)
427,242
5,538
Workspace
Group
PLC(ö)
199,732
1,352
47,774
United
States
-
59.4%
Agree
Realty
Corp.(ö)
159,839
11,529
American
Homes
4
Rent
Class
A(ö)
282,149
9,999
American
Tower
Corp.(ö)
8,206
2,097
Americold
Realty
Trust,
Inc.(ö)
220,998
6,639
Apartment
Income
REIT
Corp.(ö)
231,386
9,626
Apple
Hospitality
REIT,
Inc.(ö)
223,549
3,279
AvalonBay
Communities,
Inc.(ö)
72,165
14,018
Boston
Properties,
Inc.(ö)
143,171
12,739
Boyd
Gaming
Corp.
39,045
1,942
Brixmor
Property
Group,
Inc.(ö)
201,723
4,077
Camden
Property
Trust(ö)
58,728
7,898
Digital
Realty
Trust,
Inc.(ö)
224,865
29,194
Duke
Realty
Corp.(ö)
282,430
15,520
EastGroup
Properties,
Inc.(ö)
46,279
7,142
Equinix,
Inc.(Æ)(ö)
33,327
21,897
Essential
Properties
Realty
Trust,
Inc.(ö)
241,302
5,186
Essex
Property
Trust,
Inc.(ö)
29,330
7,670
Extra
Space
Storage,
Inc.(ö)
66,770
11,359
First
Industrial
Realty
Trust,
Inc.(ö)
109,919
5,219
Gaming
and
Leisure
Properties,
Inc.(ö)
28,544
1,309
Healthcare
Realty
Trust,
Inc.(Ñ)(ö)
150,956
4,106
Healthcare
Trust
of
America,
Inc.
Class
A(ö)
201,391
5,621
Healthpeak
Properties,
Inc.(ö)
525,001
13,603
Highwoods
Properties,
Inc.(ö)
108,758
3,718
Host
Hotels
&
Resorts,
Inc.(ö)
330,721
5,186
Independence
Realty
Trust,
Inc.(ö)
211,724
4,389
Invitation
Homes,
Inc.(ö)
504,418
17,947
Jones
Lang
LaSalle,
Inc.(Æ)
26,094
4,563
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Kilroy
Realty
Corp.(ö)
111,430
5,831
Kimco
Realty
Corp.(ö)
764,389
15,112
Kite
Realty
Group
Trust(ö)
338,502
5,853
Life
Storage,
Inc.(Æ)(ö)
63,940
7,140
Mid-America
Apartment
Communities,
Inc.(ö)
85,087
14,862
NetSTREIT
Corp.(ö)
169,910
3,206
Prologis,
Inc.(ö)
371,589
43,716
Public
Storage(ö)
110,512
34,554
Realty
Income
Corp.(ö)
406,467
27,745
Ryman
Hospitality
Properties,
Inc.(Æ)(ö)
92,424
7,027
Sabra
Health
Care
REIT,
Inc.(ö)
82,175
1,148
SBA
Communications
Corp.(ö)
8,979
2,874
Simon
Property
Group,
Inc.(ö)
142,749
13,550
SITE
Centers
Corp.(ö)
176,474
2,377
SL
Green
Realty
Corp.(ö)
12,333
569
Spirit
Realty
Capital,
Inc.(ö)
78,779
2,976
STAG
Industrial,
Inc.(ö)
45,655
1,410
Sun
Communities,
Inc.(ö)
56,728
9,040
Sunstone
Hotel
Investors,
Inc.(Æ)(ö)
320,433
3,179
UDR,
Inc.(ö)
254,057
11,697
Ventas,
Inc.(ö)
261,820
13,465
VICI
Properties,
Inc.(ö)
432,000
12,869
Welltower,
Inc.(ö)
367,694
30,280
WP
Carey,
Inc.(ö)
99,079
8,210
526,162
Total
Common
Stocks
(cost
$812,951)
861,504
Short-Term
Investments
-
2.2%
United
States
-
2.2%
U.S.
Cash
Management
Fund(@)
19,952,299
(∞)
19,944
Total
Short-Term
Investments
(cost
$19,945)
19,944
Other
Securities
-
1.1%
U.S.
Cash
Collateral
Fund(@)(×)
9,479,010
(∞)
9,479
Total
Other
Securities
(cost
$9,479)
9,479
Total
Investments
-
100.5%
(identified
cost
$842,375)
890,927
Other
Assets
and
Liabilities,
Net
-
(0.5)%
(4,519)
Net
Assets
-
100.0%
886,408
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
116
Global
Real
Estate
Securities
Fund
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
0.9%
Cellnex
Telecom
SA
03/25/22
EUR
59,482
46.81
2,785
2,317
CTP
NV
04/06/21
EUR
121,000
19.21
2,324
1,396
ESR
Cayman,
Ltd.
01/10/22
HKD
1,076,208
3.14
3,384
2,913
Tritax
EuroBox
PLC
03/15/21
EUR
1,089,673
1.45
1,575
1,147
7,773
For
a
description
of
restricted
securities
see
note
7
in
the
Notes
to
Financial
Statements.
Futures
Contracts
Amounts
in
thousands
(except
contract
amounts
)
Number
of
Contracts
Notional
Amount
Expiration
Date
Value
and
Unrealized
Appreciation
(Depreciation)
$
Long
Positions
Dow
Jones
U.S.
Real
Estate
Index
Futures
307
USD
10,957
09/22
(23)
FTSE/EPRA
Europe
Index
Futures
200
EUR
3,469
09/22
(197)
Hang
Seng
Index
Futures
9
HKD
9,785
07/22
(6)
MSCI
Singapore
Index
Futures
32
SGD
898
07/22
(25)
S&P/TSX
60
Index
Futures
3
CAD
686
09/22
(35)
SPI
200
Index
Futures
6
AUD
969
09/22
(5)
TOPIX
Index
Futures
17
JPY
317,984
09/22
(74)
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(365)
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Bank
of
America
USD
60
GBP
50
07/01/22
—
Bank
of
America
USD
64
JPY
8,671
07/01/22
—
Bank
of
America
USD
117
JPY
16,032
07/01/22
1
Bank
of
America
USD
38
SEK
389
07/01/22
—
Bank
of
America
USD
131
SGD
182
07/01/22
—
Bank
of
America
HKD
356
USD
45
07/05/22
—
Bank
of
America
HKD
1,028
USD
131
07/05/22
—
Bank
of
America
SGD
57
USD
41
07/05/22
—
JPMorgan
Chase
USD
320
AUD
443
09/21/22
(14)
JPMorgan
Chase
USD
200
CAD
251
09/21/22
(5)
JPMorgan
Chase
USD
2,016
EUR
1,866
09/21/22
(50)
JPMorgan
Chase
USD
509
HKD
3,979
09/21/22
—
JPMorgan
Chase
USD
1,155
JPY
153,697
09/21/22
(16)
JPMorgan
Chase
USD
315
SGD
433
09/21/22
(3)
Royal
Bank
of
Canada
USD
320
AUD
443
09/21/22
(14)
Royal
Bank
of
Canada
USD
192
CAD
244
09/21/22
(2)
Royal
Bank
of
Canada
USD
200
CAD
251
09/21/22
(5)
Royal
Bank
of
Canada
USD
2,015
EUR
1,866
09/21/22
(49)
Royal
Bank
of
Canada
USD
205
HKD
1,605
09/21/22
—
Royal
Bank
of
Canada
USD
509
HKD
3,979
09/21/22
—
Royal
Bank
of
Canada
USD
1,151
JPY
153,697
09/21/22
(12)
Royal
Bank
of
Canada
USD
315
SGD
433
09/21/22
(3)
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Global
Real
Estate
Securities
Fund
117
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
(172)
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
%
of
Net
Assets
Common
Stocks
Australia
$
—
$
32,112
$
—
$
—
$
32,112
3
.6
Belgium
—
8,373
—
—
8,373
0
.9
Canada
21,122
—
—
—
21,122
2
.4
China
—
2,913
—
—
2,913
0
.3
France
—
8,200
—
—
8,200
0
.9
Germany
—
22,166
—
—
22,166
2
.5
Guernsey
—
2,612
—
—
2,612
0
.3
Hong
Kong
—
43,724
—
—
43,724
4
.9
Japan
—
86,414
—
—
86,414
9
.8
Macao
—
2,110
—
—
2,110
0
.2
Netherlands
—
7,512
—
—
7,512
0
.9
Singapore
—
31,696
—
—
31,696
3
.6
Spain
—
6,976
—
—
6,976
0
.8
Sweden
—
11,638
—
—
11,638
1
.3
United
Kingdom
—
47,774
—
—
47,774
5
.4
United
States
526,162
—
—
—
526,162
59
.4
Short-Term
Investments
—
—
—
19,944
19,944
2
.2
Other
Securities
—
—
—
9,479
9,479
1
.1
Total
Investments
547,284
314,220
—
29,423
890,927
100
.5
Other
Assets
and
Liabilities,
Net
(0
.5)
100
.0
Other
Financial
Instruments
Assets
Foreign
Currency
Exchange
Contracts
1
—
—
—
1
—*
A
Liabilities
Futures
Contracts
(365
)
—
—
—
(365
)
(—)
*
Foreign
Currency
Exchange
Contracts
—
(173
)
—
—
(173
)
(—)
*
Total
Other
Financial
Instruments
**
$
(364
)
$
(173
)
$
—
$
—
$
(537
)
*
Less
than
0.05%
of
net
assets.
**
Futures
and
foreign
currency
exchange
contract
values
reflect
the
unrealized
appreciation
(depreciation)
on
the
investments.
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
118
Global
Real
Estate
Securities
Fund
(a)
Certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
levels.
The
fair
value
amounts
presented
in
the
table
are
intended
to
permit
reconciliation
to
the
amounts
presented
in
the
Schedule
of
Investments.
For
a
description
of
the
Levels,
see
note
2
in
the
Notes
to
Financial
Statements.
For
a
disclosure
on
transfers
into
and
out
of
Level
3
during
the
period
ended
June
30,
2022,
see
note
2
in
the
Notes
to
Financial
Statements.
Investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
a
fair
value
for
the
period
ended
June
30,
2022,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Property
Sector
Exposure
Fair
Value
$
Data
Centers
...........................................................................
21,897
Diversified
..............................................................................
260,604
Healthcare
..............................................................................
77,541
Industrial
................................................................................
98,889
Lodging/Resorts
......................................................................
25,438
Manufactured
Homes
..............................................................
9,040
Office
......................................................................................
54,778
Regional
Malls
........................................................................
17,321
Residential
..............................................................................
159,221
Self
Storage
.............................................................................
60,098
Shopping
Centers
....................................................................
76,677
Short-Term
Investments
..........................................................
19,944
Other
Securities
......................................................................
9,479
Total
Investments
....................................................................
890,927
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Fair
Value
of
Derivative
Instruments
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Global
Real
Estate
Securities
Fund
119
Amounts
in
thousands
Derivatives
not
accounted
for
as
hedging
instruments
Equity
Contracts
Foreign
Currency
Contracts
Location:
Statement
of
Assets
and
Liabilities
-
Assets
Unrealized
appreciation
on
foreign
currency
exchange
contracts
$
—
$
1
Location:
Statement
of
Assets
and
Liabilities
-
Liabilities
Variation
margin
on
futures
contracts*
$
365
$
—
Unrealized
depreciation
on
foreign
currency
exchange
contracts
—
173
Total
$
365
$
173
Derivatives
not
accounted
for
as
hedging
instruments
Equity
Contracts
Foreign
Currency
Contracts
Location:
Statement
of
Operations
-
Net
realized
gain
(loss)
Futures
contracts
$
(2,757)
$
—
Foreign
currency
exchange
contracts
—
(396)
Total
$
(2,757)
$
(396)
Location:
Statement
of
Operations
-
Net
change
in
unrealized
appreciation
(depreciation)
Futures
contracts
$
(1,187)
$
—
Foreign
currency
exchan
ge
contracts
—
(199)
Total
$
(1,187)
$
(199)
*
Includes
cumulative
appreciation
(depreciation)
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.
Only
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
For
further
disclosure
on
derivatives
see
note
2
in
Notes
to
Financial
Statements.
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Balance
Sheet
Offsetting
of
Financial
and
Derivative
Instruments
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
120
Global
Real
Estate
Securities
Fund
Amounts
in
thousands
Offsetting
of
Financial
Assets
and
Derivative
Assets
Description
Location:
Statement
of
Assets
and
Liabilities
-
Assets
Gross
Amounts
of
Recognized
Assets
Gross
Amounts
Offset
in
the
Statement
of
Assets
and
Liabilities
Net
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Securities
on
Loan*
Investments,
at
fair
value
$
8,991
$
—
$
8,991
Foreign
Currency
Exchange
Contracts
Unrealized
appreciation
on
foreign
currency
exchange
contracts
1
—
1
Total
Financial
and
Derivative
Assets
8,992
—
8,992
Financial
and
Derivative
Assets
not
subject
to
a
netting
agreement
(2)
—
(2)
Total
Financial
and
Derivative
Assets
subject
to
a
netting
agreement
$
8,990
$
—
$
8,990
Financial
Assets,
Derivative
Assets,
and
Collateral
Held
by
Counterparty
Gross
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Counterparty
Net
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
and
Derivative
Instruments
Collateral
Received^
Net
Amount
Bank
of
Nova
Scotia
$
4,102
$
—
$
4,102
$
—
Citigroup
3,085
—
3,085
—
Morgan
Stanley
1,803
—
1,803
—
Total
$
8,990
$
—
$
8,990
$
—
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Balance
Sheet
Offsetting
of
Financial
and
Derivative
Instruments,
continued
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Global
Real
Estate
Securities
Fund
121
Amounts
in
thousands
Offsetting
of
Financial
Liabilities
and
Derivative
Liabilities
Description
Location:
Statement
of
Assets
and
Liabilities
-
Liabilities
Gross
Amounts
of
Recognized
Liabilities
Gross
Amounts
Offset
in
the
Statement
of
Assets
and
Liabilities
Net
Amounts
of
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Foreign
Currency
Exchange
Contracts
Unrealized
depreciation
on
foreign
currency
exchange
contracts
$
173
$
—
$
173
Total
Financial
and
Derivative
Liabilities
173
—
173
Financial
and
Derivative
Liabilities
not
subject
to
a
netting
agreement
—
—
—
Total
Financial
and
Derivative
Liabilities
subject
to
a
netting
agreement
$
173
$
—
$
173
Financial
Liabilities,
Derivative
Liabilities,
and
Collateral
Pledged
by
Counterparty
Gross
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Counterparty
Net
Amounts
of
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
and
Derivative
Instruments
Collateral
Pledged^
Net
Amount
JPMorgan
Chase
$
88
$
—
$
—
$
88
Royal
Bank
of
Canada
85
—
—
85
Total
$
173
$
—
$
—
$
173
*
Fair
value
of
securities
on
loan
as
reported
in
the
footnotes
to
the
Statement
of
Assets
and
Liabilities.
^ Collateral
received
or
pledged
amounts
may
not
reconcile
to
those
disclosed
in
the
Statement
of
Assets
and
Liabilities
due
to
the
inclusion
of
off-Balance
Sheet
collateral
and
adjustments
made
to
exclude
overcollateralization.
For
further
disclosure
on
derivatives
and
counterparty
risk
see
note
2
in
the
Notes
to
Financial
Statements.
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
122
Global
Real
Estate
Securities
Fund
Statement
of
Assets
and
Liabilities
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Assets
Investments,
at
identified
cost
........................................................................................................................................................
$
842,375
Investments,
at
fair
value(*)(>)
......................................................................................................................................................
890,927
Foreign
currency
holdings(^)
.........................................................................................................................................................
1,420
Unrealized
appreciation
on
foreign
currency
exchange
contracts
...................................................................................................
1
Receivables:
Dividends
and
interest
.......................................................................................................................................................
2,68
6
Dividends
from
affiliated
funds
..........................................................................................................................................
17
Investments
sold
................................................................................................................................................................
512
Fund
shares
sold
................................................................................................................................................................
351
Foreign
capital
gains
taxes
recoverable
.............................................................................................................................
285
From
broker(a)
...................................................................................................................................................................
1,805
Prepaid
expenses
...........................................................................................................................................................................
9
Total
assets
.................................................................................................................................................
898,013
Liabilities
Payables:
Investments
purchased
......................................................................................................................................................
707
Fund
shares
redeemed
.......................................................................................................................................................
92
Accrued
fees
to
affiliates
....................................................................................................................................................
638
Other
accrued
expenses
.....................................................................................................................................................
153
Variation
margin
on
futures
contracts
.................................................................................................................................
363
Unrealized
depreciation
on
foreign
currency
exchange
contracts
...................................................................................................
173
Payable
upon
return
of
securities
loaned
.......................................................................................................................................
9,479
Total
liabilities
.............................................................................................................................................
11,605
Net
Assets
............................................................................................................................................................
$
886,408
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Global
Real
Estate
Securities
Fund
123
Statement
of
Assets
and
Liabilities,
continued
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
...............................................................................................................................................
$
1,689
Shares
of
beneficial
interest
...........................................................................................................................................................
664
Additional
paid-in
capital
..............................................................................................................................................................
884,055
Net
Assets
............................................................................................................................................................
$
886,408
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.........................................................................................................................................................
$
13.34
Net
assets
...............................................................................................................................................................................
$
886,408,409
Shares
outstanding
($.01
par
value)
.......................................................................................................................................
66,441,482
Amounts
in
thousands
(^)
Foreign
currency
holdings
-
cost
$
1,439
(*)
Securities
on
loan
included
in
investments
$
8,991
(>)
Investments
in
affiliates,
U.S.
Cash
Management
Fund
and
U.S.
Cash
Collateral
Fund
$
29,423
(a)
Receivable
from
Broker
for
Futures
$
1,805
(#)
Net
asset
value
per
share
equals
net
assets
divided
by
shares
of
beneficial
interest
outstanding.
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
124
Global
Real
Estate
Securities
Fund
Statement
of
Operations
—
For
the
Period
Ended
June
30,
2022
(Unaudited)
Amounts
in
thousands
Investment
Income
Dividends
..........................................................................................................................................................................
$
14,094
Dividends
from
affiliated
funds
.........................................................................................................................................
32
Securities
lending
income
(net)
.........................................................................................................................................
12
Less
foreign
taxes
withheld
...............................................................................................................................................
(564)
Total
investment
income
...............................................................................................................................................................
13,574
Expenses
Advisory
fees
....................................................................................................................................................................
4,059
Administrative
fees
...........................................................................................................................................................
254
Custodian
fees
...................................................................................................................................................................
110
Transfer
agent
fees
............................................................................................................................................................
22
Professional
fees
...............................................................................................................................................................
75
Trustees’
fees
....................................................................................................................................................................
23
Printing
fees
......................................................................................................................................................................
39
Miscellaneous
...................................................................................................................................................................
12
Total
expenses
...............................................................................................................................................................................
4,594
Net
investment
income
(loss)
........................................................................................................................................................
8,980
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
.......................................................................................................................................................................
7,958
Investments
in
affiliated
funds
..........................................................................................................................................
(1)
Futures
contracts
..............................................................................................................................................................
(2,757)
Foreign
currency
exchange
contracts
................................................................................................................................
(396)
Foreign
currency-related
transactions
...............................................................................................................................
(348)
Net
realized
gain
(loss)
..................................................................................................................................................................
4,456
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
.......................................................................................................................................................................
(259,488)
Investments
in
affiliated
funds
..........................................................................................................................................
(1)
Futures
contracts
..............................................................................................................................................................
(1,187)
Foreign
currency
exchange
contracts
................................................................................................................................
(199)
Foreign
currency-related
transactions
...............................................................................................................................
(23)
Net
change
in
unrealized
appreciation
(depreciation)
...................................................................................................................
(260,898)
Net
realized
and
unrealized
gain
(loss)
.........................................................................................................................................
(256,442)
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
..........................................................................................
$
(247,462)
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Global
Real
Estate
Securities
Fund
125
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
Period
Ended
June
30,
2022
(Unaudited)
Fiscal
Year
Ended
December
31,
2021
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
............................................................................................................
$
8,980
$
23,298
Net
realized
gain
(loss)
......................................................................................................................
4,456
91,706
Net
change
in
unrealized
appreciation
(depreciation)
.......................................................................
(260,898)
136,884
Net
increase
(decrease)
in
net
assets
from
operations
.............................................................................
(247,462)
251,888
Distributions
To
shareholders
.................................................................................................................................
(9,298)
(61,884)
Net
decrease
in
net
assets
from
distributions
..........................................................................................
(9,298)
(61,884)
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
.................................................................
(2,169)
22,692
Total
Net
Increase
(Decrease)
in
Net
Assets
..........................................................................
(258,929)
212,696
Net
Assets
Beginning
of
period
.................................................................................................................................
1,145,337
932,641
End
of
period
..........................................................................................................................................
$
886,408
$
1,145,337
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
June
30,
2022
and
December
31,
2021
were
as
follows:
2022
(Unaudited)
2021
Shares
Dollars
Shares
Dollars
Proceeds
from
shares
sold
995
$
14,683
2,218
$
34,704
Proceeds
from
reinvestment
of
distributions
591
9,298
3,910
61,884
Payments
for
shares
redeemed
(1,643)
(26,150)
(4,541)
(73,896)
Total
increase
(decrease)
(57)
$
(2,169)
1,587
$
22,692
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Financial
Highlights
—
For
the
Periods
Ended
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
126
Global
Real
Estate
Securities
Fund
For
a
Share
Outstanding
Throughout
Each
Period.
$
Net
Asset
Value,
Beginning
of
Period
$
Net
Investment
Income
(Loss)
(a)
$
Net
Realized
and
Unrealized
Gain
(Loss)
$
Total
from
Investment
Operations
$
Distributions
from
Net
Investment
Income
$
Distributions
from
Net
Realized
Gain
June
30,
2022(1)
17.22
.14
(3.88)
(3.74)
(.02)
(.12)
December
31,
2021
14.37
.36
3.44
3.80
(.78)
(.17)
December
31,
2020
15.40
.26
(1.09)
(.83)
(.20)
—
December
31,
2019
13.32
.26
2.60
2.86
(.78)
—
December
31,
2018
14.81
.43
(1.26)
(.83)
(.64)
(.02)
December
31,
2017
14.00
.29
1.34
1.63
(.54)
(.28)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Global
Real
Estate
Securities
Fund
127
$
Total
Distributions
$
Net
Asset
Value,
End
of
Period
%
Total
Return
(d)(f)
$
Net
Assets,
End
of
Period
(000)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Gross
(e)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Net
(e)
%
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
(e)
%
Portfolio
Turnover
Rate
(d)
(.14)
13.34
(21.84)
886,408
.91
.91
1.77
36
(.95)
17.22
27.19
1,145,337
.91
.91
2.22
68
(.20)
14.37
(5.18)
932,641
.91
.91
1.94
96
(.78)
15.40
21.64
951,287
.92
.92
1.72
81
(.66)
13.32
(5.72)
822,474
.92
.92
3.03
78
(.82)
14.81
11.80
899,454
.92
.92
2.09
84
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
128
Global
Real
Estate
Securities
Fund
Related
Party
Transactions,
Fees
and
Expenses
(Unaudited)
Accrued
fees
payable
to
affiliates
for
the
period
ended
June
30,
2022
were
as
follows:
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2022
with
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
(Unaudited)
At
June
30,
2022,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Advisory
fees
$
597,279
Administration
fees
37,330
Transfer
agent
fees
3,286
$
637,895
Fair
Value,
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Change
in
Unrealized
Gain
(Loss)
Fair
Value,
End
of
Period
Income
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
23,445
$
130,411
$
133,910
$
(1
)
$
(1)
$
19,944
$
32
$
—
U.S.
Cash
Collateral
Fund
5,414
76,163
72,098
—
—
9,479
—
—
$
28,859
$
206,574
$
206,008
$
(1
)
$
(1)
$
29,423
$
32
$
—
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
$
868,526,043
$
51,849,830
$
(29,984,773)
$
21,865,057
Russell
Investment
Funds
Notes
to
Schedules
of
Investments
—
June
30,
2022
(Unaudited)
Notes
to
Schedules
of
Investments
129
Footnotes:
Abbreviations:
(Æ)
Non-income
producing
security.
(ö)
Real
Estate
Investment
Trust
(REIT).
(§)
All
or
a
portion
of
the
shares
of
this
security
are
pledged
as
collateral
in
connection
with
futures
contracts
purchased
(sold),
options
written,
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
7.
(ÿ)
Notional
Amount
in
thousands.
(Š)
Value
was
determined
using
significant
unobservable
inputs.
(@)
Affiliate.
(Ÿ)
Rate
noted
is
dividend
yield
at
period
end.
(å)
Currency
balances
were
pledged
in
connection
with
futures
contracts
purchased
(sold),
options
written,
foreign
currency
exchange
contracts,
or
swaps
entered
into
by
the
Fund.
See
Note
2.
(∞)
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
the
Financial
Statements
.
(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
—
June
30,
2022
(Unaudited)
130
Notes
to
Schedules
of
Investments
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
NIBOR
-
Norwegian
Interbank
Offered
Rate
PIK
-
Payment
in
Kind
PRIBOR
-
Prague
Interbank
Offered
Rate
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
SONIA
–
Sterling
Overnight
Index
Average
STIBOR
-
Stockholm
Interbank
Offered
Rate
STRIPS
-
Separate
Trading
of
Registered
Interest
and
Principal
of
Securities
SFE
-
Sydney
Futures
Exchange
TBA
-
To
Be
Announced
Security
TONAR
–
Tokyo
Overnight
Average
Rate
UK
-
United
Kingdom
WTI
-
West
Texas
Intermediate
ARS
-
Argentine
peso
HKD
-
Hong
Kong
dollar
PKR
-
Pakistani
rupee
AUD
-
Australian
dollar
HUF
-
Hungarian
forint
PLN
-
Polish
zloty
BRL
-
Brazilian
real
IDR
-
Indonesian
rupiah
RON
-
Romanian
New
Leu
CAD
-
Canadian
dollar
ILS
-
Israeli
shekel
RUB
-
Russian
ruble
CHF
-
Swiss
franc
INR
-
Indian
rupee
SEK
-
Swedish
krona
CLP
-
Chilean
peso
ISK
-
Icelandic
krona
SGD
-
Singapore
dollar
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
Financial
Highlights
—
June
30,
2022
(Unaudited)
Notes
to
Financial
Highlights
131
(1)
For
the
period
ended
June
30,
2022
(Unaudited).
(a)
Average
daily
shares
outstanding
were
used
for
this
calculation.
(b)
May
reflect
amounts
waived
and/or
reimbursed
by
Russell
Investment
Management,
LLC
(“RIM”).
(c)
Less
than
$.01
per
share.
(d)
Periods
less
than
one
year
are
not
annualized.
(e)
Periods
less
than
one
year
are
annualized.
(f)
The
total
return
does
not
reflect
any
Insurance
Company
Separate
Account
or
Policy
Charges.
Russell
Investment
Funds
Notes
to
Financial
Statements
—
June
30,
2022
(Unaudited)
132
Notes
to
Financial
Statements
1.
Organization
Russell
Investment
Funds
(the
“Investment
Company”
or
“RIF”)
is
a
series
investment
company
with
nine
different
investment
portfolios
referred
to
as
funds.
These
financial
statements
report
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
the
financial
statements)
refers
to
the
six
months
ended
June
30,
2022.
2.
Significant
Accounting
Policies
The
Funds’
financial
statements
are
prepared
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
financial
statements.
Actual
results
could
differ
from
those
estimates.
The
Funds
are
considered
investment
companies
under
U.S.
GAAP
and
follow
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
each
Fund
in
the
preparation
of
its
financial
statements.
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.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
Notes
to
Financial
Statements
133
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
market
values
of
financial
instruments
categorized
as
Level
1
and
Level
2
of
the
fair
value
hierarchy
are
as
follows:
Equity
securities,
including
common
and
preferred
stock,
short
securities,
ETFs
and
restricted
securities
that
are
traded
on
a
national
securities
exchange
(or
reported
on
the
NASDAQ
national
market),
are
stated
at
the
last
reported
sales
price
on
the
day
of
valuation
or
official
closing
price,
as
applicable.
To
the
extent
these
securities
are
actively
traded,
and
valuation
adjustments
are
not
applied,
they
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
Preferred
stock
and
other
equities
traded
on
inactive
markets
or
valued
by
reference
to
similar
instruments
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Certain
foreign
equity
securities
may
be
fair
valued
using
a
pricing
service
that
considers
the
correlation
of
the
trading
patterns
of
the
foreign
security
to
the
intraday
trading
in
the
U.S.
markets
for
investments
such
as
American
Depositary
Receipts,
financial
futures,
exchange-traded
funds,
and
the
movement
of
certain
indexes
of
securities,
based
on
the
statistical
analysis
of
historical
relationships.
Foreign
equity
securities
prices
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Fixed
income
securities
including
corporate,
convertible,
U.S.
government
agency,
municipal
bonds
and
notes,
U.S.
treasury
obligations,
sovereign
issues,
bank
loans,
bank
notes
and
non-U.S.
bonds
are
normally
valued
by
pricing
service
providers
that
use
broker-dealer
quotations
or
valuation
estimates
from
their
internal
pricing
models.
The
pricing
service
providers’
internal
models
use
inputs
that
are
observable
such
as
issuer
details,
interest
rates,
yield
curves,
prepayment
speeds,
credit
risks/spreads
and
default
rates.
Such
fixed
income
securities
that
use
pricing
service
internal
models
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Such
fixed
income
securities
that
use
broker-dealer
quotations
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
Fixed
income
securities
purchased
on
a
delayed-delivery
basis
and
marked-to-market
daily
until
settlement
at
the
forward
settlement
date
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Mortgage
and
asset-backed
securities
are
usually
issued
as
separate
tranches,
or
classes,
of
securities
within
each
deal.
These
securities
are
also
normally
valued
by
pricing
service
providers
that
use
broker-dealer
quotations
or
valuation
estimates
from
their
internal
pricing
models.
The
pricing
models
for
these
securities
usually
consider
tranche-level
attributes,
including
estimated
cash
flows
of
each
tranche,
market-based
yield
spreads
for
each
tranche,
and
current
market
data,
as
well
as
incorporate
deal
collateral
performance,
as
available.
Mortgage
and
asset-backed
securities
that
use
these
and
similar
valuation
techniques
and
inputs
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Investments
in
investment
funds
that
are
not
traded
on
a
national
securities
exchange
will
be
valued
based
upon
the
NAV
of
such
investments.
The
Funds
have
adopted
the
authoritative
guidance
under
U.S.
GAAP
for
estimating
the
fair
value
of
investments
in
funds
that
have
calculated
NAV
per
share
in
accordance
with
the
specialized
accounting
guidance
for
investment
companies.
Accordingly,
the
Funds
estimate
the
fair
value
of
an
investment
in
a
fund
using
the
NAV
per
share
without
further
adjustment
as
a
practical
expedient,
if
the
NAV
per
share
of
the
investment
is
determined
in
accordance
with
the
specialized
accounting
guidance
for
investment
companies
as
of
the
reporting
entity’s
measurement
date.
Short-term
investments
having
a
maturity
of
60
days
or
less
are
generally
valued
at
amortized
cost,
which
approximates
fair
market
value.
These
investments
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Derivative
instruments
are
instruments
such
as
foreign
currency
exchange
contracts,
futures
contracts,
options
contracts,
or
swap
agreements
that
derive
their
value
from
underlying
asset
prices,
indices,
reference
rates,
and
other
inputs
or
a
combination
of
these
factors.
Derivatives
may
be
classified
into
two
groups
depending
upon
the
way
that
they
are
traded:
privately
traded
over-
the-counter
(“OTC”)
derivatives
that
do
not
go
through
an
exchange
or
intermediary
and
exchange-traded
derivatives
that
are
traded
through
specialized
derivatives
exchanges
or
other
regulated
exchanges.
OTC
derivatives
are
normally
valued
on
the
basis
of
broker-dealer
quotations
or
pricing
service
providers.
Depending
on
the
product
and
the
terms
of
the
transaction,
the
value
of
the
derivative
instrument
can
be
estimated
by
a
pricing
service
provider
using
a
series
of
techniques,
including
simulation
pricing
models.
The
pricing
models
use
inputs
that
are
observed
from
actively
quoted
markets
such
as
issuer
details,
indices,
spreads,
interest
rates,
yield
curves,
dividends
and
exchange
rates.
OTC
derivatives
that
use
these
and
similar
valuation
techniques
and
inputs
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy,
with
the
exception
of
foreign
currency
spot
contracts
which
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
OTC
derivatives
that
use
broker-dealer
quotations
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
Exchange-traded
derivatives
are
valued
based
on
the
last
reported
sales
price
on
the
day
of
valuation
and
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
Centrally
cleared
swaps
listed
or
traded
on
a
multilateral
or
trade
facility
platform,
such
as
a
registered
exchange,
are
valued
at
the
daily
settlement
price
determined
by
the
respective
exchange.
For
centrally
cleared
credit
default
swaps,
the
clearing
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
134
Notes
to
Financial
Statements
facility
requires
its
members
to
provide
actionable
levels
across
complete
term
structures.
These
levels
along
with
external
third-
party
prices
are
used
to
produce
daily
settlement
prices.
These
securities
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Centrally
cleared
interest
rate
swaps
are
valued
using
a
pricing
model
that
references
the
underlying
rates
including
the
Overnight
Index
Swap
(“OIS”)
rate
and
London
Interbank
Offered
Rate
(“LIBOR”)
forward
rate
to
produce
the
daily
settlement
price.
These
securities
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Events
or
circumstances
affecting
the
values
of
Fund
securities
that
occur
between
the
closing
of
the
principal
markets
on
which
they
trade
and
the
time
the
NAV
of
Fund
shares
is
determined
may
be
reflected
in
the
calculation
of
NAV
for
each
applicable
Fund
when
the
Fund
deems
that
the
particular
event
or
circumstance
would
materially
affect
such
Fund’s
NAV.
Funds
that
invest
primarily
in
frequently
traded
exchange-listed
securities
will
use
fair
value
pricing
in
limited
circumstances
since
reliable
market
quotations
will
often
be
readily
available.
Funds
that
invest
in
foreign
securities
use
fair
value
pricing
daily
as
events
may
occur
between
the
close
of
foreign
markets
and
the
time
of
pricing.
Although
there
are
observable
inputs
assigned
on
a
security
level,
prices
are
derived
from
factors
using
proprietary
models
or
matrix
pricing.
For
this
reason,
fair
value
factors
will
cause
movement
between
Levels
1
and
2.
Examples
of
significant
events
that
generally
trigger
fair
value
pricing
of
one
or
more
securities
are:
any
market
movement
of
the
U.S.
securities
market
(defined
in
the
fair
value
procedures
as
the
movement
of
a
single
major
U.S.
index);
a
company
development
such
as
a
material
business
development;
a
natural
disaster,
a
public
health
emergency
affecting
one
or
more
countries
in
the
global
economy
(including
an
emergency
which
results
in
the
closure
of
financial
markets)
or
other
emergency
situation;
or
an
armed
conflict.
The
NAV
of
a
Fund’s
portfolio
that
includes
foreign
securities
may
change
on
days
when
shareholders
will
not
be
able
to
purchase
or
redeem
Fund
shares,
since
foreign
securities
can
trade
on
non-business
days.
For
the
period
ended
June
30,
2022,
there
were
no
transfers
into
or
out
of
Level
3
of
the
fair
value
hierarchy.
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.
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.
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
Notes
to
Financial
Statements
135
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
Transactions
Investment
transactions
are
reflected
as
of
the
trade
date
for
financial
reporting
purposes.
This
may
cause
the
NAV
stated
in
the
financial
statements
to
be
different
from
the
NAV
at
which
shareholders
may
transact.
Realized
gains
and
losses
from
securities
transactions,
if
applicable,
are
recorded
on
the
basis
of
specific
identified
cost
incurred
within
a
particular
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.
Federal
Income
Taxes
Since
the
Investment
Company
is
a
Massachusetts
business
trust,
each
Fund
is
a
separate
corporate
taxpayer
and
determines
its
net
investment
income
and
capital
gains
(or
losses)
and
the
amounts
to
be
distributed
to
each
Fund’s
shareholders
without
regard
to
the
income
and
capital
gains
(or
losses)
of
the
other
Funds.
Each
Fund
intends
to
qualify
or
continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended
(the
“Code”)
and
intends
to
distribute
all
of
its
taxable
income
and
capital
gains.
Therefore,
no
federal
income
tax
provision
is
required
for
the
Funds.
The
Funds
comply
with
the
authoritative
guidance
for
uncertainty
in
income
taxes
which
requires
management
to
determine
whether
a
tax
position
of
the
Funds
is
more
likely
than
not
to
be
sustained
upon
examination,
including
resolution
of
any
related
appeals
or
litigation
processes,
based
on
the
technical
merits
of
the
position.
For
tax
positions
meeting
the
more
likely
than
not
threshold,
the
tax
amount
recognized
in
the
financial
statements
is
reduced
by
the
largest
benefit
that
has
a
greater
than
50%
likelihood
of
being
realized
upon
ultimate
settlement
with
the
relevant
taxing
authority.
Management
determined
that
no
accruals
need
to
be
made
in
the
financial
statements
due
to
uncertain
tax
positions.
Management
continually
reviews
and
adjusts
the
Funds’
liability
for
income
taxes
based
on
analyses
of
tax
laws
and
regulations,
as
well
as
their
interpretations,
and
other
relevant
factors.
Each
Fund
files
a
U.S.
tax
return.
As
of
June
30,
2022,
the
Funds
had
recorded
no
liabilities
for
net
unrecognized
tax
benefits
relating
to
uncertain
income
tax
positions
they
have
taken
or
expect
to
take
in
future
tax
returns.
While
the
statute
of
limitations
remains
open
to
examine
the
Funds’
U.S.
tax
returns
filed
for
the
fiscal
years
ended
December
31,
2019
through
December
31,
2021,
no
examinations
are
in
progress
or
anticipated
at
this
time.
The
Funds
are
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
significantly
change
in
the
next
twelve
months.
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
136
Notes
to
Financial
Statements
Dividends
and
Distributions
to
Shareholders
Income
dividends,
capital
gain
distributions
and
return
of
capital,
if
any,
are
recorded
on
the
ex-dividend
date.
Income
dividends
are
generally
declared
and
paid
according
to
the
following
schedule:
The
Funds
intend
to
distribute
substantially
all
of
the
distributions
they
receive
from
real
estate
investment
trust
(“REIT”)
investments,
less
expenses,
as
well
as
income
from
other
investments.
Such
distributions
may
be
comprised
of
income,
return
of
capital,
and
capital
gains.
The
Funds
may
also
realize
capital
gains
on
the
sale
of
its
REIT
shares
and
other
investments.
Capital
gain
distributions
are
generally
declared
and
paid
annually.
An
additional
distribution
may
be
paid
by
the
Funds
to
avoid
imposition
of
federal
income
and
excise
tax
on
any
remaining
undistributed
capital
gains
and
net
investment
income.
The
timing
and
characterization
of
certain
income
and
capital
gain
distributions
are
determined
in
accordance
with
federal
tax
regulations
which
may
differ
from
U.S.
GAAP.
As
a
result,
net
investment
income
and
net
realized
gain
(or
loss)
on
investments
and
foreign
currency-related
transactions
for
a
reporting
period
may
differ
significantly
from
distributions
during
such
period.
The
differences
between
tax
regulations
and
U.S.
GAAP
primarily
relate
to
investments
in
options,
futures,
forward
contracts,
swap
contracts,
passive
foreign
investment
companies,
foreign-denominated
investments,
mortgage-backed
securities,
certain
securities
sold
at
a
loss,
wash
sale
deferrals
and
capital
loss
carryforwards.
Accordingly,
the
Funds
may
periodically
make
reclassifications
among
certain
of
their
capital
accounts
without
impacting
their
NAVs.
Expenses
The
Funds
pay
their
own
expenses
other
than
those
expressly
assumed
by
Russell
Investment
Management,
LLC
(“RIM”),
the
Funds’
adviser,
or
RIFUS.
Most
expenses
can
be
directly
attributed
to
the
individual
Funds.
Expenses
which
cannot
be
directly
attributed
to
a
specific
Fund
are
allocated
among
all
Funds
principally
based
on
their
relative
net
assets.
Foreign
Currency
Translations
The
books
and
records
of
the
Funds
are
maintained
in
U.S.
dollars.
Foreign
currency
amounts
and
transactions
of
the
Funds
are
translated
into
U.S.
dollars
on
the
following
basis:
(a)
Fair
value
of
investment
securities,
other
assets
and
liabilities
at
the
closing
rate
of
exchange
on
the
valuation
date.
(b)
Purchases
and
sales
of
investment
securities
and
income
at
the
closing
rate
of
exchange
prevailing
on
the
respective
trade
dates
of
such
transactions.
Net
realized
gains
or
losses
from
foreign
currency-related
transactions
arise
from:
sales
and
maturities
of
short-term
securities;
sales
of
foreign
currencies;
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions;
the
difference
between
the
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
recorded
on
the
Funds’
books
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
gains
or
losses
from
foreign
currency-related
transactions
arise
from
changes
in
the
value
of
assets
and
liabilities,
other
than
investments
in
securities,
as
a
result
of
changes
in
the
exchange
rates.
The
Funds
do
not
isolate
that
portion
of
the
results
of
operations
of
the
Funds
that
arises
as
a
result
of
changes
in
exchange
rates
from
that
portion
that
arises
from
changes
in
market
prices
of
investments
during
the
period.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gain
or
loss
from
investments.
However,
for
federal
income
tax
purposes,
the
Funds
do
isolate
the
effects
of
changes
in
foreign
exchange
rates
from
the
fluctuations
arising
from
changes
in
market
prices
for
realized
gain
(or
loss)
on
debt
obligations.
Capital
Gains
Taxes
The
Funds
may
be
subject
to
capital
gains
taxes
and
repatriation
taxes
imposed
by
certain
countries
in
which
they
invest.
The
International
Developed
Markets,
Strategic
Bond
and
Global
Real
Estate
Securities
Funds
may
record
a
deferred
capital
gains
tax
liability
with
respect
to
the
unrealized
appreciation
on
foreign
securities
for
potential
capital
gains
and
repatriation
taxes
as
of
June
30,
2022.
The
accrual
for
capital
gains
and
repatriation
taxes
is
included
in
total
distributable
earnings
(losses)
in
the
Statements
Declared
Payable
Funds
Quarterly
April,
July,
October
and
mid-December
U.S.
Strategic
Equity,
U.S.
Small
Cap
Equity,
Strategic
Bond
and
Global
Real
Estate
Securities
Funds
Annually
Mid-December
International
Developed
Markets
Fund
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
Notes
to
Financial
Statements
137
of
Assets
and
Liabilities.
The
amounts
related
to
capital
gains
and
repatriation
taxes
are
included
in
net
realized
gain
(loss)
and
change
in
unrealized
gain
(loss)
on
investments
in
the
Statements
of
Operations.
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
the
Funds
to
perform
as
though
cash
were
actually
invested
in
those
markets.
Hedging
may
be
used
by
certain
Funds
to
limit
or
control
risks,
such
as
adverse
movements
in
exchange
rates
and
interest
rates.
Return
enhancement
can
be
accomplished
through
the
use
of
derivatives
in
a
Fund,
including
using
derivatives
as
a
substitute
for
holding
physical
securities,
and
using
them
to
express
various
macro
views
(e.g.,
interest
rate
movements,
currency
movements,
and
macro
credit
strategies).
By
purchasing
certain
instruments,
the
Funds
may
more
effectively
achieve
the
desired
portfolio
characteristics
that
assist
them
in
meeting
their
investment
objectives.
Depending
on
how
the
derivatives
are
structured
and
utilized,
the
risks
associated
with
them
may
vary
widely.
These
risks
include,
but
are
not
limited
to,
market
risk,
liquidity
risk,
leveraging
risk,
counterparty
risk,
basis
risk,
reinvestment
risk,
political
risk,
prepayment
risk,
extension
risk,
valuation
risk
and
credit
risk.
Futures,
certain
options
and
cleared
swaps
are
traded
or
cleared
on
an
exchange
or
central
exchange
clearing
house.
Exchange-
traded
or
exchange-cleared
transactions
generally
present
less
counterparty
risk
to
a
Fund.
The
exchange’s
clearing
house
stands
between
the
Fund
and
the
broker
to
the
contract
and
therefore,
credit
risk
is
generally
limited
to
the
failure
of
the
clearing
house
and
the
clearing
member.
Cleared
swap
contracts
are
subject
to
clearing
house
rules,
including
initial
and
variation
margin
requirement,
daily
settlement
of
obligations
and
the
clearing
house
guarantee
of
payments
to
the
broker.
There
is,
however,
still
counterparty
risk
due
to
the
insolvency
of
the
broker
with
respect
to
any
margin
held
in
the
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.
Margin
for
exchange-traded
and
exchange-cleared
transactions
are
detailed
in
the
Statements
of
Assets
and
Liabilities
as
receivables
for
variation
margin
on
futures
contracts
and
payables
for
variation
margin
on
futures
contracts.
Securities
and
cash
pledged
as
collateral
are
reflected
as
assets
on
the
Statements
of
Assets
and
Liabilities
as
either
a
component
of
investments
at
fair
value
(securities)
or
receivable
from
broker.
Cash
collateral
received
is
not
typically
held
in
a
segregated
account
and
as
such
is
reflected
as
a
liability
on
the
Statements
of
Assets
and
Liabilities
as
due
to
broker.
Typically,
the
Funds
and
counterparties
are
not
permitted
to
sell,
repledge,
rehypothecate
or
otherwise
use
collateral
pledged
by
the
other
party
unless
explicitly
permitted
by
each
respective
governing
agreement.
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.
The
effects
of
derivative
instruments,
categorized
by
risk
exposure,
on
the
Statements
of
Assets
and
Liabilities
and
the
Statements
of
Operations,
for
the
period
ended
June
30,
2022,
if
applicable,
are
disclosed
in
the
Fair
Value
of
Derivative
Instruments
table
following
each
applicable
Fund’s
Schedule
of
Investments.
The
financial
derivative
instruments
outstanding
as
of
period
end
on
the
Schedules
of
Investments
and
the
amounts
of
the
net
realized
gain
(loss)
and
net
change
in
unrealized
appreciation
(depreciation)
on
financial
derivative
instruments
during
the
period,
as
disclosed
on
the
Fair
Value
of
Derivative
Instruments
tables,
serve
as
indicators
of
the
volume
of
financial
derivative
activity
for
the
Funds.
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
138
Notes
to
Financial
Statements
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,
if
any,
that
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
For
the
period
ended
June
30,
2022,
the
following
Funds
entered
into
FX
contracts
primarily
for
the
strategies
listed
below:
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
June
30,
2022,
there
were
no
options
held
in
the
Funds.
Futures
Contracts
The
Funds
may
invest
in
futures
contracts
(i.e.,
interest
rate,
foreign
currency
and
index
futures
contracts).
The
face
or
contract
value
of
these
instruments
reflect
the
extent
of
the
Funds’
exposure
to
off
balance
sheet
risk.
The
primary
risks
associated
with
the
use
of
futures
contracts
are
an
imperfect
correlation
between
the
change
in
fair
value
of
the
securities
held
by
the
Funds
and
the
prices
of
futures
contracts,
and
the
possibility
of
an
illiquid
market.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
with
a
broker
an
amount,
termed
the
initial
margin,
which
typically
represents
5%
to
10%
of
the
purchase
price
indicated
in
the
futures
contract.
Payments
to
and
from
the
broker,
known
as
variation
margin,
are
typically
required
to
be
made
on
a
daily
basis
as
the
price
of
the
futures
contract
fluctuates.
Changes
in
initial
settlement
value
are
accounted
for
as
unrealized
appreciation
(depreciation)
until
the
contracts
are
terminated,
at
which
time
realized
gains
and
losses
are
recognized.
For
the
period
ended
June
30,
2022,
the
following
Funds
entered
into
futures
contracts
primarily
for
the
strategies
listed
below:
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
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
Notes
to
Financial
Statements
139
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/or
currency
swaps.
Credit
default
swaps
are
a
counterparty
agreement
which
allows
the
transfer
of
third-party
credit
risk
(the
possibility
that
an
issuer
will
default
on
its
obligation
by
failing
to
pay
principal
or
interest
in
a
timely
manner)
from
one
party
to
another.
The
lender
faces
the
credit
risk
from
a
third-party
and
the
counterparty
in
the
swap
agrees
to
insure
this
risk
in
exchange
for
regular
periodic
payments.
Interest
rate
swaps
are
a
counterparty
agreement,
can
be
customized
to
meet
each
party’s
needs,
and
involve
the
exchange
of
a
fixed
or
variable
payment
per
period
for
a
payment
that
is
not
fixed.
Total
return
swaps
are
a
counterparty
agreement
where
two
parties
exchange
two
sets
of
cash
flows
on
predetermined
dates
for
an
agreed
upon
amount
of
time.
The
cash
flows
will
typically
be
an
equity
index
value
swapped
with
a
floating
rate
such
as
LIBOR
plus
or
minus
a
pre-defined
spread.
Total
return
swap
agreements
are
counterparty
agreements
intended
to
expose
cash
to
markets
or
to
effect
investment
transactions
consistent
with
those
Funds’
investment
objectives
and
strategies.
Currency
swaps
are
a
counterparty
agreement
where
two
parties
exchange
specified
amounts
of
different
currencies
which
are
followed
by
each
paying
the
other
a
series
of
interest
payments
that
are
based
on
the
principal
cash
flow.
At
maturity
the
principal
amounts
are
returned.
The
Funds
generally
expect
to
enter
into
these
transactions
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
their
portfolios
or
to
protect
against
any
increase
in
the
price
of
securities
they
anticipate
purchasing
at
a
later
date,
or
for
return
enhancement.
Under
most
swap
agreements
entered
into
by
a
Fund,
the
parties’
obligations
are
determined
on
a
“net
basis”.
The
net
amount
of
the
excess,
if
any,
of
the
Funds’
obligations
over
their
entitlements
with
respect
to
each
swap
will
be
accrued
on
a
daily
basis
and
an
amount
of
cash
or
liquid
assets
having
an
aggregate
NAV
at
least
equal
to
the
accrued
excess
will
be
segregated.
To
the
extent
that
the
Funds
enter
into
swaps
on
other
than
a
net
basis,
the
amount
maintained
in
a
segregated
account
will
be
the
full
amount
of
the
Funds’
obligations,
if
any,
with
respect
to
such
swaps,
accrued
on
a
daily
basis.
If
there
is
a
default
by
the
other
party
to
such
a
transaction,
the
Funds
will
have
contractual
remedies
pursuant
to
the
agreement
related
to
the
transaction.
A
Fund
may
not
receive
the
expected
amount
under
a
swap
agreement
if
the
other
party
to
the
agreement
defaults
or
becomes
bankrupt.
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
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
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
140
Notes
to
Financial
Statements
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
its
portfolio
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
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
June
30,
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
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
Notes
to
Financial
Statements
141
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
June
30,
2022,
the
Strategic
Bond
Fund
entered
into
credit
default
swaps
primarily
for
return
enhancement,
hedging
and
exposing
cash
to
markets.
Interest
Rate
Swaps
Certain
Funds
may
enter
into
interest
rate
swaps.
The
use
of
interest
rate
swaps
is
a
highly
specialized
activity
which
involves
investment
techniques
and
risks
different
from
those
associated
with
ordinary
portfolio
securities
transactions.
If
RIM
or
a
money
manager
using
this
technique
is
incorrect
in
its
forecast
of
fair
values,
interest
rates
and
other
applicable
factors,
the
investment
performance
of
a
Fund
might
diminish
compared
to
what
it
would
have
been
if
this
investment
technique
were
not
used.
Interest
rate
swaps
do
not
involve
the
delivery
of
securities
or
other
underlying
assets
or
principal.
Accordingly,
the
risk
of
loss
with
respect
to
interest
rate
swaps
is
limited
to
the
net
amount
of
interest
payments
that
a
Fund
is
contractually
obligated
to
make.
Interest
rate
swaps
are
traded
on
exchanges
and
are
subject
to
central
clearing.
If
the
clearing
house
or
futures
commission
merchant
defaults,
a
Fund’s
risk
of
loss
consists
of
the
net
amount
of
interest
payments
that
a
Fund
is
contractually
entitled
to
receive.
The
counterparty
risk
for
cleared
derivatives
is
generally
lower
than
for
uncleared
derivatives.
However,
clearing
may
subject
a
Fund
to
increased
costs
or
margin
requirements.
For
the
period
ended
June
30,
2022,
the
Strategic
Bond
Fund
entered
into
interest
rate
swaps
primarily
for
return
enhancement,
hedging
and
exposing
cash
to
markets.
Total
Return
Swaps
Certain
Funds
may
enter
into
total
return
swap
agreements
to
expose
cash
to
markets
or
to
effect
investment
transactions.
Total
return
swap
agreements
are
two-party
contracts
entered
into
primarily
by
institutional
investors
for
periods
ranging
from
a
few
weeks
to
more
than
one
year.
In
a
standard
total
return
swap
transaction,
the
two
parties
agree
to
exchange
the
returns
(or
differentials
in
rates
of
return)
earned
or
realized
on
particular
investments
or
instruments.
The
returns
to
be
exchanged
between
the
parties
are
calculated
with
respect
to
a
“notional
amount”
(i.e.,
a
specified
dollar
amount
that
is
hypothetically
invested
in
a
“basket”
of
securities
representing
a
particular
index).
For
the
period
ended
June
30,
2022,
there
were
no
total
return
swaps
held
in
the
Funds.
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
June
30,
2022,
there
were
no
currency
swaps
held
in
the
Funds.
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
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
142
Notes
to
Financial
Statements
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.
Disclosure
about
Offsetting
Assets
and
Liabilities
Balance
sheet
disclosure
is
based
on
various
netting
agreements
between
brokers
and
counterparties,
such
as
ISDA
Master
Agreements,
Master
Repo
Agreements
and
Master
Forward
Agreements.
Certain
Funds
utilize
multiple
counterparties.
The
quantitative
disclosure
begins
with
disaggregation
of
counterparties
by
legal
entity
and
the
roll
up
of
the
data
to
reflect
a
single
counterparty
in
the
table
within
the
Funds’
financial
statements.
Net
exposure
represents
the
net
receivable
(payable)
that
would
be
due
from/to
the
counterparty
in
the
event
of
default.
Exposure
from
OTC
derivatives
can
only
be
netted
across
transactions
governed
under
the
same
Master
Agreement
with
the
same
legal
entity.
Loan
Agreements
The
Strategic
Bond
Fund
may
invest
in
direct
debt
instruments
which
are
interests
in
amounts
owed
by
corporate,
governmental,
or
other
borrowers
to
lenders
or
lending
syndicates.
The
Fund’s
investments
in
loans
may
be
in
the
form
of
participations
in
loans
or
assignments
of
all
or
a
portion
of
loans
from
third
parties.
A
loan
is
often
administered
by
a
bank
or
other
financial
institution
(the
“agent”)
that
acts
as
agent
for
all
holders.
The
agent
administers
the
terms
of
the
loan,
as
specified
in
the
loan
agreement.
When
investing
in
a
loan
participation,
the
Fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
agent
selling
the
loan
agreement
and
only
upon
receipt
by
the
agent
of
payments
from
the
borrower.
The
Fund
generally
has
no
right
to
enforce
compliance
with
the
terms
of
the
loan
agreement
with
the
borrower.
As
a
result,
the
Fund
may
be
subject
to
the
credit
risk
of
both
the
borrower
and
the
agent
that
is
selling
the
loan
agreement.
When
the
Fund
purchases
assignments
from
agents
it
acquires
direct
rights
against
the
borrower
on
the
loan.
Local
Access
Products
Certain
Funds
may
invest
in
local
access
products,
also
known
as
certificates
of
participation,
participation
notes
or
participation
interest
notes.
Local
access
products
are
issued
by
banks
or
broker-dealers
and
are
designed
to
replicate
the
performance
of
foreign
companies
or
foreign
securities
markets
and
can
be
used
by
the
Fund
as
an
alternative
means
to
access
the
securities
market
of
a
frontier
emerging
market
country.
The
performance
results
of
local
access
products
will
not
replicate
exactly
the
performance
of
the
foreign
companies
or
foreign
securities
markets
that
they
seek
to
replicate
due
to
transaction
and
other
expenses.
Investments
in
local
access
products
involve
certain
risks
in
addition
to
those
associated
with
a
direct
investment
in
the
underlying
foreign
companies
or
foreign
securities
markets
whose
return
they
seek
to
replicate.
There
can
be
no
assurance
that
there
will
be
a
trading
market
or
that
the
trading
price
of
local
access
products
will
equal
the
underlying
value
of
the
foreign
company
or
foreign
securities
market
that
it
seeks
to
replicate.
The
Funds
rely
on
the
creditworthiness
of
the
counterparty
issuing
the
local
access
products
and
have
no
rights
against
the
issuer
of
the
underlying
security.
The
Funds
seek
to
minimize
this
risk
by
entering
into
agreements
only
with
counterparties
that
RIM
deems
creditworthy.
Due
to
liquidity
and
transfer
restrictions,
the
secondary
markets
on
which
the
local
access
products
are
traded
may
be
less
liquid
than
the
markets
for
other
securities,
or
may
be
completely
illiquid.
Credit
Linked
Notes
Certain
Funds
may
invest
in
credit
linked
notes.
Credit
linked
notes
are
obligations
between
two
or
more
parties
where
the
payment
of
principal
and/or
interest
is
based
on
the
performance
of
some
obligation,
basket
of
obligations,
index
or
economic
indicator
(a
“reference
instrument”).
In
addition
to
the
credit
risk
associated
with
the
reference
instrument
and
interest
rate
risk,
the
buyer
and
seller
of
a
credit
linked
note
or
similar
structured
investment
are
subject
to
counterparty
risk.
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
Notes
to
Financial
Statements
143
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
respective
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
a
Fund,
or
failure
to
return
a
Fund’s
cash
collateral,
would
be
mitigated
by
the
Fund’s
right
under
such
circumstances
to
decline
to
return
the
securities
the
Fund
initially
borrowed
from
State
Street
with
respect
to
its
short
sale
transactions.
This
risk
may
be
heightened
during
periods
of
market
stress
and
volatility,
particularly
if
the
type
of
collateral
provided
is
different
than
the
type
of
security
borrowed
(e.g.,
cash
is
provided
as
collateral
for
a
loan
of
an
equity
security).
To
the
extent
necessary
to
meet
collateral
requirements
associated
with
a
short
sale
transaction
involving
a
counterparty
other
than
State
Street,
the
Funds
are
required
to
pledge
assets
in
a
segregated
account
maintained
by
the
Funds’
custodian
for
the
benefit
of
the
broker.
The
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
June
30,
2022,
the
market
value
of
the
securities
on
loan
through
the
reciprocal
lending
program
for
the
U.S.
Small
Cap
Equity
Fund
was
$3,845,661.
As
of
June
30,
2022,
the
U.S.
Small
Cap
Equity
Fund
held
$8,799,426
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
June
30,
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.
The
collateral
received
is
recorded
on
a
lending
Fund’s
Statement
of
Assets
and
Liabilities
along
with
the
related
obligation
to
return
the
collateral.
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
144
Notes
to
Financial
Statements
Income
generated
from
the
investment
of
cash
collateral,
less
negotiated
rebate
fees
paid
to
participating
brokers,
is
divided
between
the
Fund
and
the
securities
lending
agent
and
is
reported
as
securities
lending
income
on
the
Fund’s
Statement
of
Operations.
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
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”).
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
Notes
to
Financial
Statements
145
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
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
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
146
Notes
to
Financial
Statements
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
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
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
Notes
to
Financial
Statements
147
are
purchased
and
sold
on
a
forward
commitment
basis
with
an
approximate
principal
amount
and
maturity
date.
The
Fund
may
enter
into
TBA
commitments
to
purchase
securities
and/or
enter
into
TBA
sale
commitments
to
hedge
its
portfolio
positions,
to
sell
securities
it
owns
under
delayed
delivery
arrangements,
or
take
a
short
position
in
mortgage-backed
securities.
Due
to
timing
differences,
TBAs
may
be
reflected
as
Securities
Sold
Short
in
the
Schedule
of
Investments.
The
actual
principal
amount
and
maturity
date
will
be
determined
upon
settlement
when
the
specific
mortgage
pools
are
assigned.
These
securities
are
within
the
parameters
of
industry
“good
delivery”
standards.
As
of
June
30,
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
indicate
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
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,
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
148
Notes
to
Financial
Statements
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.
Investment
Transactions
Securities
During
the
period
ended
June
30,
2022,
the
Funds’
purchases
and
sales
of
investment
securities
(excluding
U.S.
government
and
agency
obligations,
short-term
investments,
options
and
repurchase
agreements)
were
as
follows:
During
the
period
ended
June
30,
2022,
the
Funds'
purchases
and
sales
of
U.S.
government
and
agency
obligations
(excluding
short-term
investments,
options,
futures
and
repurchase
agreements)
were
as
follows:
4.
Related
Party
Transactions,
Fees
and
Expenses
Adviser,
Administrator,
Transfer
and
Dividend
Disbursing
Agent
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.
Purchases
Sales
U.S.
Strategic
Equity
Fund
$
177,145,660
$
186,269,392
U.S.
Small
Cap
Equity
Fund
118,933,880
123,092,344
International
Developed
Markets
Fund
45,562,975
39,906,765
Strategic
Bond
Fund
186,608,202
194,008,571
Global
Real
Estate
Securities
Fund
358,854,317
358,655,404
Purchases
Sales
Strategic
Bond
Fund
$
52,692,900
$
101,062,270
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
Notes
to
Financial
Statements
149
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.
An
affiliated
company
is
a
company
in
which
a
Fund
has
ownership
of
at
least
5%
of
the
voting
securities
or
which
the
Fund
controls,
is
controlled
by
or
is
under
common
control
with.
See
each
Fund’s
Related
Party
Transactions,
Fees
and
Expenses
for
disclosure
of
transactions
with
affiliated
companies.
The
advisory
fee
is
based
upon
the
average
daily
net
assets
of
each
Fund
and
the
administration
fee
of
up
to
0.05%
is
based
on
the
combined
average
daily
net
assets
of
the
Funds.
Advisory
and
administration
fees
are
paid
monthly.
The
following
table
shows
the
total
amount
of
each
of
these
fees
paid
by
the
Funds
for
the
period
ended
June
30,
2022:
For
the
U.S.
Small
Cap
Equity
Fund,
RIM
has
contractually
agreed
to
waive,
until
April
30,
2023,
0.04%
of
its
0.90%
advisory
fee.
This
waiver
may
not
be
terminated
during
the
relevant
period
except
with
Board
approval.
The
total
amount
of
the
waiver
for
the
period
ended
June
30,
2022
was
$21,394.
For
the
International
Developed
Markets
Fund,
RIM
has
contractually
agreed
to
waive,
until
April
30,
2023,
0.02%
of
its
0.90%
advisory
fee.
This
waiver
may
not
be
terminated
during
the
relevant
period
except
with
Board
approval.
The
total
amount
of
the
waiver
for
the
period
ended
June
30,
2022
was
$34,523.
RIM
does
not
have
the
ability
to
recover
amounts
waived
or
reimbursed
from
previous
periods.
Transfer
and
Dividend
Disbursing
Agent
RIFUS
serves
as
transfer
agent
and
provides
dividend
disbursing
services
to
the
Funds.
For
this
service,
RIFUS
is
paid
a
fee
based
upon
the
average
daily
net
assets
of
the
Funds
for
transfer
agency
and
dividend
disbursing
services.
RIFUS
retains
a
portion
of
this
fee
for
services
provided
to
the
Funds
and
pays
the
balance
to
unaffiliated
agents
who
assist
in
providing
these
services.
Transfer
agency
fees
paid
by
the
Funds
presented
herein
for
the
period
ended
June
30,
2022
were
as
follows:
Distributor
Russell
Investments
Financial
Services,
LLC
(the
“Distributor”),
a
wholly-owned
subsidiary
of
RIM,
serves
as
the
distributor
for
the
Investment
Company,
pursuant
to
a
distribution
agreement
with
the
Investment
Company.
The
Distributor
receives
no
compensation
from
the
Investment
Company
for
its
services.
Annual
Rate
Funds
Advisory
(%)
Administration
(%)
U.S.
Strategic
Equity
Fund
0.73
Up
to
0.05
U.S.
Small
Cap
Equity
Fund
0.90
Up
to
0.05
International
Developed
Markets
Fund
0.90
Up
to
0.05
Strategic
Bond
Fund
0.55
Up
to
0.05
Global
Real
Estate
Securities
Fund
0.80
Up
to
0.05
Advisory
Administrative
U.S.
Strategic
Equity
Fund
$
1,995,431
$
136,673
U.S.
Small
Cap
Equity
Fund
1,024,816
56,934
International
Developed
Markets
Fund
1,553,549
86,308
Strategic
Bond
Fund
2,599,942
236,358
Global
Real
Estate
Securities
Fund
4,058,855
253,678
Amount
U.S.
Strategic
Equity
Fund
$
12,027
U.S.
Small
Cap
Equity
Fund
5,010
International
Developed
Markets
Fund
7,595
Strategic
Bond
Fund
20,800
Global
Real
Estate
Securities
Fund
22,324
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
150
Notes
to
Financial
Statements
Affiliated
Brokerage
Transactions
The
Funds
effect
certain
transactions
through
Russell
Investments
Implementation
Services,
LLC
(“RIIS”).
RIIS
is
a
registered
broker-dealer
and
investment
adviser
and
an
affiliate
of
RIM.
RIIS
uses
a
multi-venue
trade
management
approach
whereby
RIIS
allocates
trades
among
RIIS’
network
of
independent
brokers
for
execution,
clearing
and
other
services.
Trades
placed
through
RIIS
and
its
independent
brokers
are
made
(i)
to
manage
trading
associated
with
changes
in
money
managers,
rebalancing
across
existing
money
managers,
cash
flows
and
other
portfolio
transitions,
(ii)
to
execute
portfolio
securities
transactions
for
the
portion
of
each
Fund’s
assets
that
RIM
determines
not
to
allocate
to
money
managers,
(iii)
to
execute
portfolio
securities
transactions
for
the
portion
of
a
Fund’s
assets
that
RIM
manages
based
upon
model
portfolios
provided
by
the
Fund’s
non-discretionary
managers
or
(iv)
to
execute
money
manager’s
portfolio
securities
transactions
for
the
segment
of
a
Fund’s
portfolio
assigned
to
the
money
manager.
RIM
has
authorized
RIIS
to
effect
certain
futures,
swaps,
OTC
derivative
transactions,
and
cleared
swaps,
including
foreign
currency
spots,
forwards
and
options
trading
on
behalf
of
the
Funds.
The
Funds
are
permitted
to
purchase
or
sell
securities
from
or
to
certain
affiliated
funds
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board.
The
procedures
have
been
designed
to
ensure
that
any
purchase
or
sale
of
securities
by
the
Funds
from
or
to
another
fund
or
portfolio
that
are,
or
could
be,
considered
an
affiliate
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
advisers),
common
Trustees
and/or
common
officers
complies
with
Rule
17a
-7
of
the
Investment
Company
Act.
Further,
as
defined
under
the
procedures,
each
transaction
is
effected
at
the
current
market
value.
During
the
period
ended
June
30,
2022,
the
Funds
did
not
engage
in
purchases
and
sales
of
securities
pursuant
to
Rule
17a
-7
of
the
Investment
Company
Act.
Board
of
Trustees
The
Russell
Investments
fund
complex
consists
of
Russell
Investment
Company
(“RIC”),
which
has
31
funds
and
RIF,
which
has
nine
funds.
Each
of
the
Trustees
on
the
Board
is
a
Trustee
of
RIC
and
RIF.
The
Russell
Investments
fund
complex
compensates
each
Trustee
who
is
not
an
employee
of
RIM
or
its
affiliates.
Trustee
compensation
and
expenses
are
allocated
to
each
Fund
based
on
its
net
assets
relative
to
other
funds
in
the
Russell
Investments
fund
complex.
For
the
period
ended
June
30,
2022,
the
regular
compensation
paid
to
the
Trustees
by
the
Russell
Investments
fund
complex
was
$1,275,500.
5.
Federal
Income
Taxes
As
of
June
30,
2022,
the
Funds
did
not
have
any
capital
loss
carryforwards.
6.
Record
Ownership
As
of
June
30,
2022,
the
following
table
includes
shareholders
of
record
with
greater
than
10%
of
the
total
outstanding
shares
of
each
respective
Fund:
7.
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.
8.
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.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily
and
any
unrealized
appreciation
or
depreciation
is
included
in
the
Statements
of
Assets
and
Liabilities
#
of
Shareholders
%
U.S.
Strategic
Equity
Fund
2
77.9
U.S.
Small
Cap
Equity
Fund
2
83.6
International
Developed
Markets
Fund
2
80.3
Strategic
Bond
Fund
1
69.5
Global
Real
Estate
Securities
Fund
2
87.6
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
Notes
to
Financial
Statements
151
and
the
Statements
of
Operations.
Funded
portions
of
credit
agreements
are
presented
in
the
Schedules
of
Investments.
For
the
period
ended
June
30,
2022,
the
Funds
had
no
unfunded
loan
commitments.
9.
Line
of
Credit
The
Funds
participate
in
a
$200
million
unsecured
line
of
credit
agreement
with
State
Street
Bank
and
Trust
Company
(the
“Credit
Agreement”),
which
is
currently
in
effect
through
March
15,
2023,
but
may
be
renewed
on
an
annual
basis
thereafter.
Borrowings
made
by
the
Funds
will
be
utilized
solely
for
temporary
or
emergency
purposes
as
contemplated
by
the
Investment
Company
Act
including,
without
limitation,
funding
shareholder
redemptions.
Interest
on
borrowing
is
charged
to
a
Fund
at
a
variable
rate
as
determined
in
accordance
with
the
Credit
Agreement.
In
addition,
a
commitment
fee
computed
at
an
annual
rate
of
0.20%
on
the
daily
unused
portion
of
the
line
of
credit
is
allocated
among
the
participating
Funds
pro-rata
based
on
average
daily
net
assets
for
the
applicable
period.
The
Funds
are
subject
to
certain
covenants
contained
in
the
Credit
Agreement.
Failure
to
comply
with
these
covenants
could
cause
the
acceleration
of
the
repayment
of
the
amount
outstanding
under
the
Credit
Agreement.
Expenses
associated
with
the
line
of
credit,
such
as
legal
fees
and
the
commitment
fee,
are
shown
on
the
Statement
of
Operations
as
miscellaneous
fees.
The
Funds
did
not
make
any
borrowings
under
the
line
of
credit
during
the
period
ended
June
30,
2022.
10.
Subsequent
Events
Management
has
evaluated
the
events
and/or
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
determined
no
events
have
occurred
that
require
disclosure.
Russell
Investment
Funds
Affiliated
Brokerage
Transactions
—
June
30,
2022
(Unaudited)
152
Affiliated
Brokerage
Transactions
As
stated
in
the
Note
4
in
the
Notes
to
Financial
Statements
contained
in
this
semi-annual
report,
the
Funds
utilize
RIIS
and
its
independent
brokers.
RIIS
is
a
registered
broker
dealer
and
investment
adviser
and
an
affiliate
of
RIM.
RIIS
uses
a
multi-venue
trade
management
approach
whereby
RIIS
allocates
trades
among
RIIS’
network
of
independent
brokers
for
execution,
clearing,
and
other
services.
Trades
placed
through
RIIS
and
its
independent
brokers
are
made
(i)
to
manage
trading
associated
with
changes
in
money
managers,
rebalancing
across
existing
money
managers,
cash
flows
and
other
portfolio
transitions,
(ii)
to
execute
portfolio
securities
transactions
for
each
Fund’s
assets
that
RIM
determines
not
to
allocate
to
money
managers,
(iii)
to
execute
portfolio
securities
transactions
for
the
portion
of
a
Fund’s
assets
that
RIM
manages
based
upon
model
portfolios
provided
by
the
Funds’
non-discretionary
managers
or
(iv)
to
execute
money
manager
portfolio
securities
transactions
for
the
segment
of
a
Fund’s
portfolio
assigned
to
the
money
manager.
RIM
has
authorized
RIIS
to
effect
certain
futures,
swaps,
OTC
derivative
transactions,
and
cleared
swaps,
including
foreign
currency
spots,
forwards
and
options
trading
on
behalf
of
the
Funds.
Amounts
retained
by
RIIS
for
the
period
ended
June
30,
2022
were
as
follows:
Fund
Name
Amount
U.S.
Strategic
Equity
Fund
$
12,548
U.S.
Small
Cap
Equity
Fund
21,413
International
Developed
Markets
Fund
16,030
Global
Real
Estate
Securities
Fund
71,797
Russell
Investment
Funds
Basis
for
Approval
of
Investment
Advisory
Agreement
—
(Unaudited)
Basis
for
Approval
of
Investment
Advisory
Agreement
153
Approval
of
Investment
Advisory
Agreement
The
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
requires
that
the
Board
of
Trustees
(the
“Board”),
including
a
majority
of
its
members
who
are
not
considered
to
be
“interested
persons”
under
the
1940
Act
(the
“Independent
Trustees”)
voting
separately,
approve
for
an
initial
term
not
to
exceed
two
years
and,
thereafter,
approve
the
continuation
of
the
advisory
agreement
with
Russell
Investment
Management,
LLC
(“RIM”)
(the
“RIM
Agreement”)
and
the
portfolio
management
contract
with
each
Money
Manager
of
the
Funds
(collectively,
the
“portfolio
management
contracts”
and,
with
the
RIM
Agreement,
the
“Agreements”)
on
at
least
an
annual
basis
and
that
the
terms
and
conditions
of
the
RIM
Agreement
and
the
terms
and
conditions
of
each
portfolio
management
contract
provide
for
its
termination
if
continuation
is
not
approved
annually.
The
Board,
including
all
of
the
Independent
Trustees,
considered
and
approved
the
continuation
of
the
Agreements
at
a
meeting
held
by
video
conference
on
May
23,
2022
(the
“Agreement
Evaluation
Meeting”)
in
reliance
on
the
exemptive
order
for
temporary,
conditional
relief
from
the
in-person
voting
requirement
of
Section
15(c)
of
the
1940
Act
provided
by
the
U.S.
Securities
and
Exchange
Commission
(the
“SEC”).
During
the
course
of
a
year,
the
Trustees
receive
a
wide
variety
of
materials
regarding,
among
other
things,
the
investment
performance
of
the
Funds,
sales
and
redemptions
of
the
Funds’
shares,
management
of
the
Funds
and
other
services
provided
by
RIM
(and
its
affiliates)
and
the
Money
Managers
and
compliance
with
applicable
regulatory
requirements.
In
preparation
for
the
annual
review,
the
Independent
Trustees,
with
the
advice
and
assistance
of
their
independent
counsel
(“Independent
Counsel”),
also
requested
and
the
Board
considered
(1)
information
and
reports
prepared
by
RIM
relating
to
the
services
provided
by
RIM
(and
its
affiliates)
and
the
Money
Managers
to
the
Funds;
(2)
information
and
reports
prepared
by
RIM
relating
to
the
profitability
of
each
Fund
to
RIM
(and
its
affiliates);
and
(3)
information
received
from
an
independent,
nationally
recognized
provider
of
investment
company
information
comparing
(i)
the
performance
of
the
Funds
over
various
time
periods
and
(ii)
the
Funds’
respective
operating
expenses
as
of
each
Fund’s
last
fiscal
year
end,
with
other
peer
funds
not
managed
by
RIM,
believed
by
the
provider
to
be
generally
comparable
to
the
Funds
(the
“Third-Party
Information”).
In
the
case
of
each
Fund,
its
other
peer
funds
are
collectively
hereinafter
referred
to
as
the
Fund’s
“Comparable
Funds,”
and,
with
the
Fund,
such
Comparable
Funds
are
collectively
hereinafter
referred
to
as
the
Fund’s
“Performance
Universe”
in
the
case
of
performance
comparisons
and
the
Fund’s
“Expense
Universe”
in
the
case
of
operating
expense
comparisons.
The
foregoing
and
other
information
received
by
the
Board,
including
the
Independent
Trustees,
in
connection
with
its
evaluations
of
the
Agreements
are
collectively
called
the
“Agreement
Evaluation
Information.”
The
Trustees’
evaluations
also
reflected
the
knowledge
and
familiarity
gained
as
Board
members
of
the
Funds
and
the
other
RIM-managed
funds
for
which
the
Board
has
supervisory
responsibility
(“Other
RIM
Funds”)
with
respect
to
services
provided
by
RIM,
RIM’s
affiliates
and
each
Money
Manager.
The
Trustees
received
a
memorandum
from
counsel
to
the
Funds
(“Fund
Counsel”)
discussing
the
legal
standards
for
their
consideration
of
the
continuations
of
the
Agreements,
and
the
Independent
Trustees
separately
received
a
memorandum
regarding
their
responsibilities
from
their
Independent
Counsel.
At
a
meeting
held
in
person
on
April
25,
2022,
the
Independent
Trustees
met
privately
with
Independent
Counsel
to
discuss
the
Agreement
Evaluation
Information
received
to
that
date.
At
a
meeting
held
in
person
on
April
26,
2022
(the
“Agreement
Information
Review
Meeting”),
the
Board,
including
the
Independent
Trustees,
in
preparation
for
the
Agreement
Evaluation
Meeting,
met:
(1)
in
an
executive
session
with
a
representative
of
TA
Associates
Management,
L.P.
(“TA
Associates”),
at
which
(i)
Independent
Counsel,
(ii)
Fund
Counsel,
(iii)
the
Chief
Financial
Officer
and
Chief
Legal
Officer
of
RIM’s
parent
company,
and
(iv)
the
President,
Chief
Executive
Officer
and
non-Independent
Trustee
of
the
Funds,
who
is
also
the
Chief
Administrative
Officer
of
RIM’s
parent
company,
were
present;
(2)
met
with
representatives
of
RIM;
and
then
(3)
the
Independent
Trustees
met
in
a
private
session
with
Independent
Counsel
at
which
no
representatives
of
RIM
or
the
Funds’
management
were
present
to
further
review
and
discuss
the
Agreement
Evaluation
Information
received
to
that
date.
On
the
basis
of
that
review,
at
the
conclusion
of
the
Agreement
Information
Review
Meeting,
the
Independent
Trustees
communicated
additional
questions
and
requested
additional
Agreement
Evaluation
Information.
Certain
additional
Agreement
Evaluation
Information
requested
at
the
Agreement
Information
Review
Meeting
was
provided
to
the
Board
on
May
11,
2022.
On
May
16,
2022,
the
Independent
Trustees
met
by
video
conference
with
representatives
of
RIM
and
then
met
in
private
session
with
Independent
Counsel
to
further
discuss
the
Agreement
Evaluation
Information
and
review
the
additional
Agreement
Evaluation
Information
provided
to
date.
After
May
16,
2022,
the
Board
Chair
engaged
in
discussions
with
representatives
of
management
regarding
the
Independent
Trustees’
requests
relating
to
the
additional
Agreement
Evaluation
Information.
On
May
19,
2022,
the
Board
was
provided
with
updated
information
in
response
to
the
additional
Agreement
Evaluation
Information
requested
at
the
Agreement
Information
Review
Meeting
and
subsequent
thereto.
At
the
Agreement
Evaluation
Meeting,
the
Independent
Trustees
again
met
by
video
conference
in
a
private
session
with
Independent
Counsel
to
review
the
additional
or
updated
Agreement
Evaluation
Information
received
to
that
date.
At
the
Agreement
Evaluation
Meeting,
the
Board,
including
the
Independent
Trustees,
considered
the
proposed
continuance
of
the
Agreements
with
RIM,
Fund
management,
Independent
Counsel
and
Fund
Counsel.
The
Board
considered
that
the
Agreement
Evaluation
Information
and
presentations
made
by
RIM
at
the
Agreement
Evaluation
Meeting
as
part
of
this
review
encompassed
the
Funds
and
all
Other
RIM
Russell
Investment
Funds
Basis
for
Approval
of
Investment
Advisory
Agreement,
continued
—
(Unaudited)
154
Basis
for
Approval
of
Investment
Advisory
Agreement
Funds.
Information
received
by
the
Board,
including
the
Independent
Trustees,
prior
to
and
at
the
Agreement
Information
Review
Meeting,
the
Agreement
Evaluation
Meeting,
and
other
meetings
identified
above
is
included
in
the
Agreement
Evaluation
Information.
Prior
to
voting
at
the
Agreement
Evaluation
Meeting,
the
Independent
Trustees
met
in
private
session
with
Independent
Counsel
to
consider
Agreement
Evaluation
Information
received
from
RIM
and
management
at
and
prior
to
the
Agreement
Evaluation
Meeting.
The
discussion
below
reflects
all
of
these
reviews.
In
evaluating
the
Agreements,
the
Board
considered
that
each
of
the
Funds
employs
a
manager-of-managers
method
of
investment
and
RIM’s
past
expressed
belief
that
such
Funds,
in
employing
a
manager-of-managers
method
of
investment,
operate
in
a
manner
that
is
different
from
most
other
investment
companies.
In
the
case
of
most
other
investment
companies,
an
investment
advisory
fee
is
paid
by
the
investment
company
to
its
adviser
which,
in
turn,
employs
and
compensates
individual
portfolio
managers
to
make
specific
securities
selections
consistent
with
the
adviser’s
style
and
investment
philosophy
it
employs
for
a
given
fund.
RIM,
however,
has
engaged
multiple
unaffiliated
Money
Managers.
RIM
is
responsible
for
paying
fees
to
the
Money
Managers
(“Money
Manager
Fees”)
out
of
the
advisory
fees
paid
by
the
Funds
to
RIM
for
its
services
under
the
RIM
Agreement.
A
Money
Manager
may
have
(1)
a
discretionary
asset
management
assignment
pursuant
to
which
it
is
allocated
a
portion
of
a
Fund’s
assets
to
manage
directly
and
for
which
it
selects
and
trades
the
individual
portfolio
securities
for
the
assets
assigned
to
it;
(2)
a
non-discretionary
assignment
pursuant
to
which
it
provides
a
model
portfolio
to
RIM
representing
its
investment
recommendations,
based
upon
which
RIM
purchases
and
sells
securities
for
a
Fund;
or
(3)
both
a
discretionary
and
a
non-discretionary
assignment.
Money
Manager
Fees
for
a
non-discretionary
assignment
may
be
the
same
as,
or
lower
than,
the
fees
would
be
for
a
discretionary
assignment
with
the
same
Money
Manager.
The
Board
considered
that
RIM
(rather
than
any
Money
Manager)
is
responsible
under
the
RIM
Agreement
for
determining,
implementing
and
maintaining
the
investment
program
for
each
Fund.
The
Board
considered
that,
although
RIM
traditionally
has
managed
Fund
exposures
through
the
selection
of
and
allocations
to
Money
Manager
strategies,
innovations
in
RIM’s
portfolio
management
techniques
together
with
evolutions
in
available
technology,
tools
and
analytics
have
resulted
in
certain
changes
in
RIM’s
approach
to
its
Fund
investment
advisory
services
in
recent
years.
In
this
regard,
assets
of
each
Fund
continue
to
be
allocated
among
RIM
and
the
multiple
Money
Manager
strategies
selected
by
RIM
for
that
Fund.
RIM
may
change
a
Fund’s
asset
allocation
to
a
Money
Manager
at
any
time,
including
by
allocating
no
Fund
assets
to
one
or
more
Money
Manager
strategies.
In
addition,
RIM
continues
to
manage
the
investment
of
each
Fund’s
cash
and
portions
of
a
Fund
during
transitions
between
discretionary
Money
Managers.
RIM
also
continues
to
manage
directly
any
portion
of
each
Fund’s
assets
that
RIM
determines
not
to
allocate
to
Money
Manager
strategies.
Most
Funds
usually,
but
not
always,
pursue
a
strategy
to
be
fully
invested
by
exposing
all
or
a
portion
of
their
cash
to
the
performance
of
appropriate
markets
by
purchasing
equity
securities,
fixed
income
securities
and/or
derivatives,
which
typically
include
index
futures
contracts,
exchange-
traded
fixed-income
futures
contracts,
forwards,
swaps
and
to
-be
-announced
securities.
This
cash
“equitization”
strategy
is
managed
by
RIM.
With
respect
to
the
portion
of
a
Fund
that
RIM
manages
based
upon
non-discretionary
Money
Manager
model
portfolios,
RIM
constructs
a
portfolio
that
represents
the
aggregation
of
the
model
portfolios
based
upon
RIM’s
allocation
to
each
Money
Manager’s
strategy
through
an
“enhanced
portfolio
implementation,”
or
“emulation,”
process
designed
to
capture
return
streams
of
multiple
managers
in
a
centralized
portfolio.
RIM
then
implements
the
portfolio
consistent
with
the
aggregation
of
the
model
portfolios,
but
may
deviate
from
such
aggregation
for
the
purposes
of
exposure
and
transaction
cost
management.
RIM
noted
that
the
Funds
may
benefit
from
emulation
through,
among
other
things,
improved
incremental
returns
over
time
due
to
lower
aggregate
transaction
costs
(including
the
impact
of
lower
trading
volume
on
custody
charges)
and
turnover
from
reduced
trading
volumes,
and
the
potential
for
additional
commission
recapture.
The
Board
noted
the
variety
and
complexity
of
investment
advisory
services
that
RIM
provides
to
the
Funds
under
the
RIM
Agreement.
RIM
is
responsible
for
selecting
(subject
to
Board
approval),
overseeing
and
evaluating
the
performance
results
of
the
Money
Managers
for
each
Fund
and
for
actively
managing
allocations
and
reallocations
of
its
assets
among
Money
Manager
strategies
and
RIM
itself.
Each
discretionary
Money
Manager
for
a
Fund
in
effect
performs
the
function
of
an
individual
portfolio
manager
who
is
responsible
for
researching,
selecting
and
trading
portfolio
securities
for
the
portion
of
the
Fund
assigned
to
it
by
RIM
in
accordance
with
the
Fund’s
applicable
investment
objective,
policies
and
restrictions,
any
specific
guidelines
placed
by
RIM
upon
their
selection
of
portfolio
securities
and
the
Money
Manager’s
specified
role
in
a
Fund.
A
Money
Manager’s
primary
role
is
to
pursue
a
particular
investment
strategy
that
has
been
selected
and
assigned
to
it
by
RIM
through
sector
and
security
selection
and
risk
control
measures
in
a
manner
that
is
consistent
with
its
RIM-assigned
guidelines.
The
Money
Managers
operate
subject
to
the
oversight
of,
and
instructions
from,
RIM.
For
each
Fund,
RIM
is
responsible
for,
among
other
things,
providing
each
Money
Manager
with
the
investment
guidelines
and
policies
for
the
Fund
and
any
specific
investment
restrictions;
monitoring
the
performance
of
each
Money
Manager
and
Fund;
generally
supervising
compliance
by
the
discretionary
Money
Managers
and,
as
applicable,
the
non-discretionary
Money
Managers
with
each
Fund’s
investment
objective
and
policies;
with
respect
to
Funds
with
non-discretionary
Money
Managers,
purchasing
and
Russell
Investment
Funds
Basis
for
Approval
of
Investment
Advisory
Agreement,
continued
—
(Unaudited)
Basis
for
Approval
of
Investment
Advisory
Agreement
155
selling
securities
for
the
Funds
based
on
model
portfolios
representing
the
investment
recommendations
of
the
non-discretionary
Money
Managers;
managing
Fund
assets
that
are
not
allocated
to
Money
Manager
strategies;
managing
the
Funds’
cash
balances;
and
recommending
at
least
annually
to
the
Board
whether
portfolio
management
contracts
should
be
renewed,
modified
or
terminated.
In
addition
to
its
annual
recommendation
as
to
the
renewal,
modification
or
termination
of
portfolio
management
contracts,
RIM
is
responsible
for
recommending
to
the
Board
additions
of
new
Money
Managers
or
terminations
or
replacements
of
existing
Money
Managers
at
any
time
when,
based
on
RIM’s
research
and
ongoing
review
and
analysis,
such
actions
are,
in
RIM’s
judgment,
appropriate.
RIM
may
impose
specific
investment
or
strategy
parameters
from
time
to
time
on
each
Money
Manager
intended
to
capitalize
on
the
strengths
of
that
Money
Manager
and/or
to
coordinate
the
investment
activities
of
Money
Managers
for
the
Fund
in
a
complementary
manner.
Therefore,
RIM’s
selection
of
Money
Managers
is
made
not
only
on
the
basis
of
performance
considerations
but
also
on
the
basis
of
other
factors,
including
anticipated
compatibility
with
other
Money
Managers
in
the
same
Fund.
In
light
of
the
foregoing,
the
overall
performance
of
each
Fund
has
reflected,
in
great
part,
the
performance
of
RIM
in
designing
the
Fund’s
investment
program,
structuring
the
Fund,
selecting
effective
Money
Managers,
and
allocating
assets
among
the
Money
Manager
strategies
and
RIM
in
a
manner
designed
to
achieve
the
investment
objectives
of
the
Fund.
In
the
Agreement
Evaluation
Information,
RIM
noted
the
broad
array
of
investment
management
services
provided
to
the
Funds
by
RIM
compared
to
the
relatively
narrow
portfolio
management
services
provided
to
the
Funds
by
Money
Managers.
RIM
has
advised
the
Board
that
its
portfolio
construction
process
is
investment
led
and
designed
to
be
conducted
in
a
manner
that
is
consistent
with
its
fiduciary
duties.
The
objective
of
RIM’s
portfolio
construction
is
to
meet
a
portfolio’s
investment
objective
and
established
excess
return
target.
In
the
Agreement
Evaluation
Information,
RIM
noted
that
while
it
has
general
goals
for
Money
Manager
Fees
in
the
aggregate
globally,
there
are
no
specific
fee
targets
that
are
established
for
individual
portfolios,
which
includes
each
of
the
Funds.
In
the
Agreement
Evaluation
Information,
RIM
advised
the
Board
that
Money
Manager
Fees,
in
the
aggregate,
must
allow
RIM
to
remain
a
going
concern
with
sufficient
resources
to
provide
required
services
to
the
Funds
and
to
earn
a
reasonable
profit.
RIM
advised
the
Board
that
RIM
portfolio
managers
utilize
a
number
of
tools
in
the
portfolio
construction
process
in
order
to
meet
a
Fund’s
objective
taking
into
account
Money
Manager
Fees.
These
tools
include,
among
others,
Money
Manager
selection,
Money
Manager
allocation,
Money
Manager
Fee
negotiations,
guideline
customization
and
RIM’s
direct
management
of
a
portion
of
the
Manager-of-Managers
Funds’
assets
(as
further
described
below).
The
Board
considered
that
the
prospectuses
for
the
Funds
and
other
public
disclosures
have
emphasized,
and
continue
to
emphasize,
to
investors
RIM’s
role
as
the
principal
investment
manager
for
each
such
Fund,
rather
than
the
investment
selection
or
recommendation
role
of
the
Money
Managers,
and
describe
the
manner
in
which
the
Funds
operate
so
that
investors
may
take
that
information
into
account
when
deciding
to
purchase
shares
of
any
Fund.
The
Board
further
considered
that
Fund
investors
in
pursuing
their
investment
goals
and
objectives
likely
purchased
their
shares
on
the
basis
of
this
information
and
RIM’s
reputation
for
and
performance
record
in
managing
the
Funds’
manager-of-managers
structure.
The
Board
also
considered
the
demands
and
complexity
of
managing
the
Funds
pursuant
to
the
manager-of-managers
structure,
the
special
expertise
of
RIM
with
respect
to
the
manager-of-managers
structure
of
the
Funds
and
the
possibility
that,
at
the
current
expense
ratio
of
each
Fund,
there
might
be
no
acceptable
alternative
investment
managers
to
replace
RIM
on
comparable
terms
given
the
need
to
continue
the
manager-of-managers
strategy
of
such
Fund
selected
by
shareholders
in
purchasing
their
shares.
In
addition
to
these
general
factors
relating
to
the
manager-of-managers
structure
of
the
Funds,
the
Trustees
considered,
with
respect
to
each
Fund,
various
specific
factors
in
evaluating
the
renewal
of
the
RIM
Agreement,
including
the
following:
1.
The
nature,
scope
and
overall
quality
of
the
investment
management
and
other
services
provided,
and
expected
to
be
provided,
to
the
Fund
by
RIM;
2.
The
advisory
fee
paid
by
the
Fund
to
RIM
for
its
services
under
the
RIM
Agreement
(the
“Advisory
Fee”)
and
the
fact
that
it
encompasses
all
investment
advisory
fees
paid
by
the
Fund,
including
the
fact
that
RIM
pays
all
Money
Manager
Fees
out
of
its
Advisory
Fee;
3.
The
combined
Advisory
Fee
paid
to
RIM
and
the
administrative
fee
paid
to
RIM’s
wholly
owned
subsidiary
for
administrative
services
(the
“Management
Fee”);
4.
The
performance
of
the
Funds
relative
to
their
respective
benchmark
indices
and
Comparable
Funds;
Russell
Investment
Funds
Basis
for
Approval
of
Investment
Advisory
Agreement,
continued
—
(Unaudited)
156
Basis
for
Approval
of
Investment
Advisory
Agreement
5.
Information
provided
by
RIM
as
to
other
fees
and
benefits
received
by
RIM
or
its
affiliates
in
connection
with
the
Fund,
including
any
administrative
or
transfer
agent
fees,
any
fees
received
for
management
or
administration
of
funds
in
which
the
Funds
invest
their
uninvested
cash
and
securities
lending
cash
collateral,
credits
generated
from
previous
soft
dollar
arrangements
(which
RIM
discontinued
effective
December
31,
2020),
and
commissions
or
other
compensation
in
connection
with
the
execution
of
portfolio
securities
and
foreign
exchange
transactions;
6.
Information
provided
by
RIM
as
to
expenses
incurred
by
the
Fund;
7.
Information
provided
by
RIM
as
to
the
profits
that
RIM
derives
from
its
mutual
fund
operations
generally
and
from
the
Fund
(excluding
sales
and
client
service
expenses);
and
8.
Information
provided
by
RIM
concerning
economies
of
scale
and
whether
any
scale
economies
are
adequately
shared
with
the
Fund.
In
connection
with
the
Trustees’
consideration
of
the
nature,
scope
and
overall
quality
of
the
investment
management
and
other
services
provided,
and
which
are
expected
to
be
provided,
to
the
Funds,
including
Fund
portfolio
management
services,
the
Board
discussed
with
the
Chief
Investment
Officer
(“CIO”)
of
RIM
and
the
Funds
certain
previously
reported
organizational
changes
and
the
impact
of
other
recent
changes
in
Russell
Investments’
(as
defined
below)
personnel
providing
investment
management
services
to
the
Funds
and
was
informed
that
such
changes
do
not
impact
RIM’s
investment
philosophy
or
process.
The
CIO
also
discussed
with
the
Board
recent
enhancements
made
to
the
emulation
process.
The
Board
also
discussed
the
Funds’
compliance
program
with
the
Funds’
Chief
Compliance
Officer
(“CCO”),
including
certain
items
reported
in
the
annual
report
of
the
CCO
required
under
Rule
38a-1
of
the
1940
Act
(the
“Annual
CCO
Report”).
The
Annual
CCO
Report
included
the
status
of
the
goals
for
the
past
year
related
to
the
compliance
program
that
the
CCO
identified
in
connection
with
last
year’s
Annual
CCO
Report.
The
Annual
CCO
Report
also
included
information
on
the
resources
of
the
compliance
program
and
the
status
of
various
compliance,
operations
and
technology
initiatives
previously
discussed
with
the
Board.
The
CCO
discussed
with
the
Board,
and
the
Board
noted,
certain
enhancements
made
to
the
compliance
programs
of
RIM
and
the
Funds
over
the
past
year
and
suggestions
for
additional
enhancements
going
forward,
as
well
as
certain
staffing
changes.
The
CCO
advised
the
Board
that
the
Funds’
compliance
program
meets
the
standards
of
Rule
38a-1
under
1940
Act
and
that,
as
required
by
Rule
38a-1
under
the
1940
Act,
RIM
has
adopted
policies
and
procedures
that
are
reasonably
designed
to
prevent
violation
of
the
Federal
Securities
Laws
(as
such
term
is
defined
in
the
1940
Act)
with
respect
to
the
services
RIM
provides
to
the
Funds.
With
regard
to
the
impact
of
the
ongoing
COVID-19
pandemic
on
the
operations
and
compliance
programs
of
RIM,
the
Money
Managers
and
the
Funds’
other
significant
service
providers,
based
on
discussions
with
the
CCO
and
RIM
management
during
the
year
and
the
Agreement
Evaluation
Information,
there
did
not
appear
to
the
Board
to
be
any
diminution
in
the
nature,
extent
and
quality
of
services
provided
by
each
of
these
service
providers
under
their
respective
agreements
with
the
Funds
as
a
result
of
the
ongoing
COVID-19
pandemic.
RIM
is
an
indirect
wholly
owned
subsidiary
of
Russell
Investments
Group,
Ltd.,
a
Cayman
company
through
which
the
limited
partners
of
certain
private
equity
funds
affiliated
with
TA
Associates
indirectly
have
a
majority
ownership
interest
through
alternative
investment
vehicles
and
the
limited
partners
of
certain
private
equity
funds
affiliated
with
Reverence
Capital
Partners,
L.P.
(“Reverence
Capital”)
indirectly
have
a
significant
minority
controlling
ownership
interest
through
certain
Reverence
Capital
funds
and
alternative
investment
vehicles
in
RIM
and
its
affiliates
(“Russell
Investments”).
Russell
Investments’
employees
and
Hamilton
Lane
Advisors,
LLC
also
hold
minority,
non-controlling
positions
in
Russell
Investments.
In
connection
with
the
Board’s
initial
approval
of
the
RIM
Agreement,
TA
Associates
advised
the
Board
of
its
plans
ultimately
to
effect
a
sale
or
other
disposition
of
its
ownership
interest
in
Russell
Investments.
Any
such
future
transaction
(“Transaction”)
could
cause
a
change
of
control
of
RIM
resulting,
among
other
things,
in
an
assignment
and
termination
of
the
RIM
Agreement,
as
required
by
the
1940
Act,
and
by
the
terms
and
conditions
of
the
RIM
Agreement.
In
the
event
of
a
Transaction,
the
Board
would
be
required
to
consider
the
approval
of
the
terms
and
conditions
of
a
replacement
agreement
(“Successor
Agreement”)
for
the
RIM
Agreement
and
thereafter
to
submit
the
Successor
Agreement
to
each
Fund’s
shareholders
for
approval,
as
required
by
the
1940
Act.
During
the
executive
session
with
a
representative
of
TA
Associates
held
in
connection
with
the
Agreement
Information
Review
Meeting,
among
other
things,
the
status
of
TA
Associates’
indirect
investment
in
RIM
and
RIM’s
access
to
sufficient
resources
to
support
its
activities
in
respect
of
the
Funds,
including
in
light
of
the
current
market
environment,
and
current
debt
levels
of
Russell
Investments
Group,
Ltd.
were
discussed.
The
Board
was
not
advised
of
any
change
in
TA
Associates’
ultimate
plans
regarding
its
ownership
interest
in
Russell
Investments.
The
Board
was
advised
of
TA
Associates’
commitment
to
continue
to
support
the
same
level
of
services
currently
being
provided
by
RIM
and
its
affiliates
to
the
Funds.
Russell
Investment
Funds
Basis
for
Approval
of
Investment
Advisory
Agreement,
continued
—
(Unaudited)
Basis
for
Approval
of
Investment
Advisory
Agreement
157
As
noted
above,
RIM,
in
addition
to
managing
the
investment
of
each
Fund’s
cash,
directly
manages
a
portion
(which
may
represent
a
significant
portion)
of
the
Funds
pursuant
to
the
RIM
Agreement,
with
the
actual
allocation
of
Fund
assets
among
Money
Manager
strategies
and
RIM
being
determined
from
time
to
time
by
the
RIM
portfolio
manager(s).
RIM
utilizes
quantitative
and/or
rules-
based
processes
and
qualitative
analysis
to
assess
Fund
characteristics
and
invests
in
securities
and
instruments
which
are
intended
to
provide
the
desired
exposures
(such
as
volatility,
momentum,
value,
growth,
quality,
capitalization
size,
industry,
sector,
region,
currency,
credit
or
mortgage
exposure,
country
risk,
yield
curve
positioning
or
interest
rates).
For
example,
RIM
may
utilize
tools
such
as
“optimization,”
which
involves
the
analysis
of
tradeoffs
between
various
risk
and
return
factors
as
well
as
turnover
and
transaction
costs,
in
order
to
estimate
optimal
portfolio
positioning.
RIM
may
use
strategies
based
on
indexes,
including
optimized
index
sampling
(strategies
that
seek
to
purchase
a
sampling
of
securities
using
optimization
and
risk
models)
and/or
index
replication.
For
certain
Funds,
RIM
may
invest
in
derivative
instruments
and
may
use
derivatives
to
take
both
long
and
short
positions.
RIM’s
direct
management
of
assets
for
these
purposes
is
hereinafter
referred
to
as
the
“Direct
Management
Services.”
While
no
new
direct
management
strategies
were
implemented
in
2021,
the
Board
has
been
advised
that,
where
appropriate
in
its
judgment,
RIM
may
continue
exploring
the
possible
addition
of
new
or
expansion
of
existing
Direct
Management
Services.
Therefore,
larger
portions
of
certain
Funds
may
be
managed
directly
by
RIM
pursuant
to
the
Direct
Management
Services.
According
to
RIM,
its
portfolio
managers
combine
Money
Manager
strategies
and
RIM’s
Direct
Management
Services
for
the
Funds
and
seek
to
precisely
align
Fund
exposures
with
RIM’s
preferred
positioning.
RIM’s
Direct
Management
Services
are
customized
portfolios
directly
managed
by
RIM
for
use
within
the
total
portfolio
of
a
Fund.
These
strategies
are
used
in
conjunction
with
allocations
to
Money
Manager
strategies
to
fully
reflect
RIM’s
strategic
and
dynamic
insights
with
integrated
liquidity
and
risk
management.
The
Board
considered
that
RIM
is
not
required
to
pay
Money
Manager
Fees
to
any
Money
Managers
with
respect
to
assets
for
which
it
provides
Direct
Management
Services
and
that
the
profits
derived
by
RIM
generally
and
from
the
Funds
consequently
may
be
increased,
although
RIM
noted
that
it
may
incur
additional
costs
in
providing
Direct
Management
Services.
RIM
advised
the
Board
that
allocations,
or
increased
allocations,
of
Fund
assets
to
Direct
Management
Services,
together
with
Money
Manager
selection,
allocations
among
Money
Manager
strategies,
renegotiation
of
Money
Manager
Fees
and
changes
in
existing
Money
Manager
assignments
from
discretionary
to
non-discretionary
assignments
where
there
is
a
related
Money
Manager
Fee
reduction
may
reduce
its
costs
of
providing
investment
advisory
services
to
the
Funds,
which
would
benefit
RIM.
The
Board
considered
RIM’s
advice
that
any
such
benefit,
including
any
increased
profits
to
RIM,
ultimately
may
be
partially
offset
by
the
impact
of
any
new
or
additional
fee
waivers
or
expense
caps
separately
agreed
upon
and
implemented
from
time
to
time
for
the
affected
Funds
and
any
costs
of
incremental
investments
or
increased
cost
allocations
that
RIM
may
incur
to
support
Direct
Management
Services.
The
Board
also
considered
information
provided
by
RIM
as
to
the
potential
benefits
of
the
Direct
Management
Services
to
the
Funds;
and
the
fact
that
the
aggregate
Advisory
Fees
paid
by
the
Funds
are
not
increased
as
a
result
of
RIM’s
direct
management
of
Fund
assets
as
part
of
the
Direct
Management
Services
or
otherwise.
The
Board
noted
that
changes
in
the
allocation
of
assets
among
Money
Manager
strategies,
to
Direct
Management
Services,
as
well
as
changes
in
the
allocation
of
affiliated
funds-of-funds’
assets
among
the
Funds,
may
result
directly
in
higher
related
costs
to
affected
Funds,
including
higher
brokerage
commissions
and
other
transaction
costs,
a
portion
of
which
is
paid
to
RIM’s
affiliated
broker
in
connection
with
execution
of
portfolio
transactions
in
connection
with
such
changes.
RIM
has
previously
advised
the
Board
that
it
reduced
the
number
of
Money
Managers
for
certain
Funds
in
part
to
seek
more
concentrated
return
drivers.
At
that
time,
RIM
also
advised
the
Board
that
allocations
to
Direct
Management
Services
for
certain
Funds
were
increased
in
2019
to
accommodate
the
need
for
additional
overall
portfolio
exposure
management
that
may
arise
from
more
concentrated
Money
Manager
lineups.
Additionally,
RIM
has
advised
the
Board
that,
in
order
to
preserve
flexibility
and
to
manage
risks
and
address
the
volatility
associated
with
Funds
having
manager
lineups
with
fewer
Money
Managers,
and
consistent
with
the
terms
of
the
manager-
of-managers
exemptive
order,
in
2019
RIM
created
Money
Manager
“bench”
lineups
for
certain
Funds,
whereby
those
Funds
have
Board-approved
portfolio
management
contracts
with
Money
Managers
that
are
not
funded
(i.e.,
have
an
asset
allocation
of
zero).
In
the
Agreement
Evaluation
Information,
RIM
advised
the
Board
that
the
opportunity
to
decrease
a
Money
Manager’s
allocation
to
zero,
but
not
terminate
the
Money
Manager,
allows
RIM
to
potentially
realize
gains
from
strategies
that
may
have
been
overly
rewarded
in
the
marketplace
over
the
short
to
medium
term,
or
provide
the
opportunity
to
retain
capacity
with
a
Money
Manager
that
may
otherwise
be
closed
to
new
business.
The
Board
noted
that
RIM
does
not
believe
there
are
any
detriments
to
the
Funds
or
RIM
from
the
use
of
a
manager
bench.
RIM
has
advised
the
Board
that
RIM
may
add
managers
to,
or
remove
managers
from,
a
manager
bench
lineup
for
Russell
Investment
Funds
Basis
for
Approval
of
Investment
Advisory
Agreement,
continued
—
(Unaudited)
158
Basis
for
Approval
of
Investment
Advisory
Agreement
Funds,
or
create
manager
bench
lineups
for
additional
Funds.
At
the
Agreement
Information
Review
Meeting,
the
CIO
advised
the
Board
that,
where
appropriate,
RIM
may
increase
the
number
of
money
managers
for
certain
Funds.
The
Agreement
Evaluation
Information
outlined
various
changes
that
have
been
implemented
in
the
investment
program
for
the
Funds
in
recent
years,
and
described
additional
changes
that
have
been
implemented
or
are
underway,
and
the
impact
of
such
changes,
to
the
investment
advisory
services
provided
to
the
Funds
by
RIM,
which
the
Trustees
took
into
account
in
their
contract
renewal
deliberations,
including
the
following:
•
The
Direct
Management
Services
described
above.
•
Most
discretionary
Money
Manager
equity
assignments
were
previously
converted
to
non-discretionary
assignments,
thereby
implementing
emulation
for
those
Money
Manager
equity
assignments.
The
Board
considered
the
potential
impacts
described
in
the
Agreement
Evaluation
Information,
both
positive
and
negative,
on
the
Funds
of
emulation.
RIM
noted
that,
in
implementing
emulation
for
most
equity
assignments
for
the
Funds,
it
assumes
various
additional
risks,
including
trade
error
risk
as
it
takes
over
responsibility
for
trading.
RIM
generally
effects
Fund
portfolio
transactions
through
an
affiliated
broker
that
receives
commissions
for
effecting
a
portion
of
these
transactions.
According
to
RIM,
the
Funds
pay
the
same
commission
rates
regardless
of
whether
the
affiliate
receives
any
portion
of
the
commission.
RIM
noted
certain
recent
enhancements
to
the
emulation
process,
including
increasing
the
frequency
of
receipt
of
certain
Money
Manager
model
portfolios,
and
the
utilization
of
a
risk-based
portfolio
dashboard.
While
RIM
generally
implements
Money
Manager
equity
strategies
via
emulation,
RIM
may
determine
that
certain
Money
Manager
equity
strategies
should
be
implemented
by
Money
Managers
on
a
discretionary
basis.
•
RIM
has
renegotiated
fees
with
certain
Money
Managers
to
lower
levels
and
advised
the
Board
that
it
will
continue
to
assess
opportunities
for
Money
Manager
Fee
reductions
in
the
future.
RIM
advised
the
Board
that
it
has
not
experienced
and
does
not
expect,
any
diminution
in
the
nature,
scope
or
quality
of
services
provided
by
Money
Managers
as
a
result
of
renegotiated
manager
fees.
In
evaluating
the
Funds’
Advisory
Fees
and
Management
Fees,
the
Board
considered
that,
in
the
Agreement
Evaluation
Information
and
at
past
meetings,
RIM
noted
differences
between
the
investment
strategies
of
certain
Funds
and
their
respective
Comparable
Funds
in
pursuing
their
investment
objectives.
With
regard
to
the
Third-Party
Information,
the
following
discusses
the
Board’s
consideration
of
each
Fund’s
Advisory
Fee
in
the
context
of
Management
Fees.
The
Third-
Party
Information
included,
among
other
things,
comparisons
of
the
Funds’
Advisory
Fees
and
Management
Fees
with
the
advisory
fees
and
management
fees
of
their
Comparable
Funds
on
an
actual
basis
(i.e.,
giving
effect
to
any
fee
waivers
implemented
by
RIM
with
respect
to
a
Fund
and
by
the
managers
of
such
Fund’s
Comparable
Funds).
The
Third-Party
Information
showed,
among
other
things,
that
each
Fund
had
a
Management
Fee
which,
compared
with
the
management
fees
of
its
respective
Comparable
Funds
on
an
actual
basis,
was
ranked
in
the
fifth
quintile
of
its
Expense
Universe
for
that
expense
component.
In
these
rankings,
the
first
quintile
represents
funds
with
the
lowest
management
fees
among
funds
in
the
Expense
Universe,
and
the
fifth
quintile
represents
funds
with
the
highest
management
fees
among
funds
in
the
Expense
Universe.
The
comparisons
were
based
upon
the
latest
fiscal
years
for
the
Expense
Universe
funds.
The
Board
considered
RIM’s
explanation
of
the
reasons
for
each
Fund’s
actual
Advisory
Fee
rankings.
RIM
expressed
its
belief
that
each
Fund’s
Advisory
Fee
was
fair
and
reasonable
notwithstanding
the
Third-Party
Information
comparisons
based
on,
and
as
discussed
in,
the
Agreement
Evaluation
Information.
The
Funds
are
distributed
exclusively
to
holders
of
variable
annuity
and
variable
life
insurance
contracts
issued
by
insurance
companies
(“Insurance
Contract
Holders”).
Among
other
things,
RIM
noted
that
meaningful
comparisons
of
investment
advisory
fees
between
funds
affiliated
with
insurance
companies
issuing
variable
annuity
and
life
insurance
policies
to
Insurance
Contract
Holders
and
funds
that
are
not
affiliated
with
such
insurance
companies,
such
as
the
Funds,
are
difficult
as
insurance
companies
have
flexibility
to
allocate
certain
fees
between
the
variable
annuity
and
variable
life
insurance
contracts
held
by
Insurance
Contract
Holders
and
the
affiliated
underlying
funds.
RIM
also
discussed
the
administrative
services
provided
by
an
insurance
company
to
Insurance
Contract
Holders
invested
in
the
Funds
and
the
costs
associated
with
the
provision
of
such
administrative
services.
RIM
explained
that
these
administrative
services
benefit
these
Funds’
Insurance
Contract
Holders
and
are
necessary
for
the
operation
of
the
Funds.
The
Board
considered
that
RIM
had
implemented
Advisory
Fee
waivers
in
June
2021
for
the
U.S.
Small
Cap
Equity
Fund
and
International
Developed
Markets
Fund
that
reduced
each
such
Fund’s
Advisory
Fees
and
noted
that,
after
considering
a
request
from
the
Independent
Trustees,
RIM
agreed
to
implement
an
additional
Advisory
Fee
waiver
in
June
2022
for
the
U.S.
Small
Cap
Equity
Fund.
The
Board
noted
that,
while
in
effect,
these
Advisory
Fee
waivers
would
have
a
beneficial
effect
on
comparisons
of
each
such
Russell
Investment
Funds
Basis
for
Approval
of
Investment
Advisory
Agreement,
continued
—
(Unaudited)
Basis
for
Approval
of
Investment
Advisory
Agreement
159
Fund’s
Management
Fees
relative
to
the
management
fees
of
its
Comparable
Funds
in
the
Expense
Universe
and,
after
taking
into
account
the
full
year
impact
of
this
Advisory
Fee
waiver
for
the
International
Developed
Markets
Fund,
the
Fund’s
total
expenses
would
be
in
the
third
quintile
of
its
Expense
Universe.
The
Board
further
noted
that
the
total
expenses
for
the
U.S.
Strategic
Equity
Fund,
U.S.
Small
Cap
Equity
Fund
and
Strategic
Bond
Fund
each
ranked
in
the
third
quintile
of
its
Expense
Universe,
and
the
total
expenses
for
the
Global
Real
Estate
Securities
Fund
ranked
in
the
second
quintile
of
its
Expense
Universe.
In
discussing
the
Funds’
Advisory
Fees
generally,
RIM
noted,
among
other
things,
that
its
Advisory
Fees
for
the
Funds
encompass
services
that
are
typical
to
services
provided
by
investment
advisers
to
the
Funds’
Comparable
Funds,
as
well
as
transition
management
services
that
enable
efficient
and
cost-effective
asset
transition
events
and
the
administration
of
a
cash
equitization
program
for
managing
Fund
liquidity.
RIM
also
advised
the
Board
that
while
its
pre-tax
profit
margins
from
its
relationships
with
the
Funds
increased
in
2021,
RIM’s
2021
pre-tax
profit
margins
in
providing
investment
advisory
services
to
the
Funds
ranked
below
the
median
of
the
operating
profit
margins
of
public
investment
management
company
peers
(in
each
case,
including
sales
and
client
service
expenses)
based
on
a
survey
conducted
for
the
year
2020.
RIM
has
expressed
its
view
that
Advisory
Fees
should
also
be
considered
in
the
context
of
a
Fund’s
total
expense
ratio
to
obtain
a
complete
picture.
The
Board
considers
each
Fund’s
Advisory
Fee
and
Management
Fee
on
both
a
standalone
basis
and
in
the
context
of
the
Fund’s
total
expense
ratio.
The
Board
has
engaged,
and
continues
to
engage,
in
discussions
with
RIM
to
identify
opportunities
for
improving
the
total
expense
comparisons
for
certain
Funds
relative
to
their
respective
Comparable
Funds
through
Advisory
Fee
waivers
or
expense
caps.
Based
upon
information
provided
by
RIM,
the
Board
considered
for
each
Fund
whether
economies
of
scale
have
been
realized
and
whether
the
Advisory
Fee
for
such
Fund
appropriately
reflects
or
should
be
revised
to
reflect
any
such
economies.
The
Board
considered,
among
other
things,
the
variability
of
Money
Manager
Fees
and
other
factors
associated
with
the
manager-of-managers
structure
employed
by
the
Funds
as
well
as
net
Fund
redemptions
or
purchases
in
recent
years.
With
respect
to
each
Fund,
the
Board
considered
any
Advisory
Fee
waivers
that
had
been
implemented
in
the
past
year
and
those
proposed
to
be
implemented
in
2022.
The
Funds
are
primarily
distributed
through,
and
their
assets
are
primarily
attributed
to,
The
Northwestern
Mutual
Life
Insurance
Company
(“Northwestern
Mutual”).
The
Funds
continue
to
experience
outflows;
however,
RIM
advised
the
Board
there
is
regular
contact
with
Northwestern
Mutual
in
order
to
maintain
product
availability
and
continue
efforts
to
grow
the
product
line.
RIM
expressed
its
belief
that
Northwestern
Mutual
is
still
committed
to
the
Funds.
However,
the
Board
has
received
no
direct
assurances
in
this
regard
from
Northwestern
Mutual.
If
Northwestern
Mutual
were
to
discontinue
its
participation
in
the
Funds,
the
Board
considered
that
it
is
unlikely
that
the
Funds
would
remain
viable.
RIM
previously
expressed
its
belief
that
the
Funds
will
remain
viable
in
the
near
term,
and
the
Board
was
not
advised
of
any
change
in
RIM’s
belief
in
this
regard.
The
Board
considered,
among
other
things,
the
potential
negative
implications
for
significant
future
Fund
asset
growth
if
additional
insurance
companies
do
not
make
the
Funds
available
to
their
variable
annuity
and
variable
life
insurance
policyholders.
The
Board
also
considered
that
the
advisory
fee
rates
payable
to
RIM
by
Other
RIM
Funds
and
fee
rates
payable
to
RIM
and
its
affiliates
by
institutional
clients
with
investment
objectives
similar
to
those
of
the
Funds
in
some
cases
are
lower
than
the
advisory
fee
rates
paid
by
the
Funds.
The
Trustees
considered
RIM’s
explanation
that
the
advisory
fees
payable
to
RIM
by
the
Funds
and
the
Other
RIM
Funds
reflect,
among
other
things,
differences
in
the
type
of
product,
distribution
channel
and
investors.
The
Trustees
also
considered
the
differences
in
the
nature
and
scope
of
services
RIM
provides
to
institutional
clients
and
the
Funds.
RIM
explained,
among
other
things,
that
institutional
products
have
fewer
compliance,
administrative,
client
servicing/communication
and
other
needs
than
the
Funds.
RIM
also
noted
that
due
to
the
number
and
nature
of
investors,
along
with
their
varied
needs
for
liquidity,
there
is
more
portfolio
liquidity
management
and
cash
flow
management
required
for
the
Funds
than
for
RIM’s
institutional
clients,
where
assets
are
relatively
stable.
In
addition,
RIM
noted
that
the
Funds
are
subject
to
heightened
regulatory
requirements
relative
to
institutional
clients,
including
new
rules
recently
adopted
by
the
SEC.
Accordingly,
the
Trustees
concluded
that
the
services
provided
to
the
Funds
are
sufficiently
different
from
the
services
provided
to
such
institutional
clients
that
comparisons
are
not
probative
and
should
not
be
given
significant
weight.
Russell
Investment
Funds
Basis
for
Approval
of
Investment
Advisory
Agreement,
continued
—
(Unaudited)
160
Basis
for
Approval
of
Investment
Advisory
Agreement
With
respect
to
the
Funds’
total
expenses,
the
Third-Party
Information
showed
that
the
total
expenses
for
the
International
Developed
Markets
Fund
were
ranked
in
the
fourth
quintile
of
its
Expense
Universe,
the
total
expenses
for
the
U.S.
Strategy
Equity
Fund,
U.S.
Small
Cap
Equity
Fund
and
Strategic
Bond
Fund
were
each
ranked
in
the
third
quintile
of
its
Expense
Universe,
and
the
total
expenses
of
the
Global
Real
Estate
Securities
Fund
were
ranked
in
the
second
quintile
of
its
Expense
Universe.
In
these
rankings,
the
first
quintile
represents
the
funds
with
the
lowest
total
expenses
among
funds
in
the
Expense
Universe
and
the
fifth
quintile
represents
funds
with
the
highest
total
expenses
among
the
Expense
Universe
funds.
With
respect
to
the
International
Developed
Markets
Fund,
the
Board
considered
that
the
Fund’s
total
expenses
had
a
small
variance
to
the
third
quintile
of
its
Expense
Universe.
The
Board
also
considered
that
RIM
had
implemented
an
Advisory
Fee
waiver
in
June
2021
that
reduced
the
Fund’s
total
expenses
and,
after
taking
into
account
the
full
year
impact
of
this
Advisory
Fee
waiver,
the
Fund’s
total
expenses
would
be
in
the
third
quintile
of
its
Expense
Universe.
RIM
expressed
its
belief
that
the
Fund’s
total
expense
ratio
was
fair
and
reasonable
notwithstanding
the
Third-Party
Information
comparisons
based
on,
and
as
discussed
in,
the
Agreement
Evaluation
Information.
On
the
basis
of
the
Agreement
Evaluation
Information,
and
other
information
previously
received
by
the
Board
from
RIM
during
the
course
of
the
year
and
prior
years,
or
presented
at
or
in
connection
with
the
Agreement
Information
Review
Meeting
and
Agreement
Evaluation
Meeting
by
RIM,
the
Board,
in
respect
of
each
Fund,
after
giving
effect
to
any
applicable
fee
waivers
and
in
light
of
other
factors
discussed
above:
(1)
found
the
Advisory
Fee
charged
by
RIM
was
acceptable
in
light
of
the
nature,
scope
and
overall
quality
of
the
investment
advisory
and
other
services
provided,
and
expected
to
be
provided,
to
the
Fund
and
to
provide
continuity
of
investment
advisory
and
other
services
by
RIM
to
the
Fund;
(2)
either
found
that
the
relative
expense
ratio
of
the
Fund
was
comparable
to
those
of
its
Comparable
Funds
or
took
into
account
the
factors
noted
above
in
considering
the
relative
expense
ratio
as
compared
to
those
of
its
Comparable
Funds;
(3)
found
that
the
other
benefits
and
fees
received
by
RIM
or
its
affiliates
from
the
Fund
identified
in
the
Agreement
Evaluation
Information
were
not
considered
to
be
excessive;
(4)
found
that
RIM’s
reported
profitability
with
respect
to
the
Fund
was
not
considered
to
be
excessive
in
light
of
the
nature,
scope
and
overall
quality
of
the
investment
management
and
other
services
provided
by
RIM
and
applicable
judicial
and
regulatory
guidance;
and
(5)
found
that
the
Advisory
Fee
charged
by
RIM
appropriately
reflects
any
economies
of
scale
realized
by
such
Fund
in
light
of
various
factors,
including
potential
negative
implications
for
significant
future
Fund
asset
growth
if
additional
insurance
companies
do
not
make
the
Funds
available
to
their
Insurance
Contract
Holders;
the
variability
of
Money
Manager
Fees
and
other
factors
associated
with
the
manager-of-managers
structure
employed
by
the
Funds;
and
RIM’s
advice
that
it
does
not
believe
it
will
experience
meaningful
economies
of
scale.
The
Board
concluded
that,
under
the
circumstances
and
based
on
RIM’s
performance
information
and
reviews
for
each
Fund,
the
performance
of
each
of
the
Funds
is
consistent
with
the
continuation
of
the
RIM
Agreement.
The
Board
noted
RIM’s
advice
that
its
investment
philosophy
and
process
seek
to
combine
investment
managers
to
produce
benchmark-beating
returns
with
above-average
consistency.
In
assessing
the
performance
of
the
Funds,
the
Board
focused
upon
each
Fund’s
performance
for
the
3-year
period
ended
December
31,
2021
as
most
relevant
but
also
considered
Fund
performance
for
the
1-
and
5-year
periods
ended
on
such
date.
In
reviewing
the
Funds’
performance
generally,
the
Board
took
into
consideration
various
steps
taken
by
RIM
in
the
past
few
years
to
enhance
the
performance
of
certain
Funds,
including
changes
in
Money
Managers
or
their
allocations,
and
RIM’s
implementation
or
expansion
of
its
Direct
Management
Services
and
other
strategies,
which
may
not
yet
be
fully
reflected
in
Fund
investment
results.
With
respect
to
the
International
Developed
Markets
Fund,
the
Third-Party
Information
showed
that
the
Fund’s
performance
for
the
3-
and
5-year
periods
ended
December
31,
2021
was
ranked
in
the
fourth
quintile
of
its
Performance
Universe,
and
the
Fund’s
performance
for
the
1-year
period
ended
on
such
date
was
ranked
in
the
first
quintile
of
its
Performance
Universe.
For
the
3-year
period,
RIM
noted
that
its
strategic
belief
and
tactical
preference
for
value
compared
to
the
Fund’s
Comparable
Funds
detracted
from
performance,
as
did
an
underweight
to
Europe
and
an
overweight
to
the
financials
sector
relative
to
the
Comparable
Funds.
RIM
noted
that
while
valuation
spreads
between
value
and
growth
have
tightened,
the
spreads
remain
at
historically
wide
levels,
which
RIM
believes
is
not
sustainable,
and
that
RIM
continues
to
favor
valuation
sensitive
Money
Managers
in
its
tactical
positioning.
With
respect
to
the
Strategic
Bond
Fund,
the
Third-Party
Information
showed
that
the
Fund’s
performance
for
the
3-
and
5-year
periods
ended
December
31,
2021
was
ranked
in
the
fourth
quintile
of
its
Performance
Universe,
and
the
Fund’s
performance
for
the
1-year
period
ended
on
such
date
was
ranked
in
the
fifth
quintile
of
its
Performance
Universe.
For
the
3-year
period,
RIM
noted
that
the
Fund’s
peers
tended
to
hold
larger
overweights
in
spread
sectors
of
the
market
that
benefit
most
when
risky
assets
are
rallying.
RIM
further
noted
that
during
the
March
2020
sell-off,
the
Fund’s
peers
benefitted
more
than
the
Fund
from
the
rally
in
investment
grade
corporate
bonds
as
the
Fund
tended
to
favor
taking
spread
risk
in
securitized
products
during
the
period,
which
generally
did
not
keep
Russell
Investment
Funds
Basis
for
Approval
of
Investment
Advisory
Agreement,
continued
—
(Unaudited)
Basis
for
Approval
of
Investment
Advisory
Agreement
161
up
with
the
strong
performance
of
the
corporate
market.
The
Board
considered
that
the
changes
to
the
Fund’s
Money
Managers
that
were
implemented
in
2019
and
2021
were
not
yet
fully
reflected
in
the
Fund’s
3-year
investment
results.
With
respect
to
the
Global
Real
Estate
Securities
Fund,
the
Third-Party
Information
showed
that
the
Fund’s
performance
for
the
3-year
period
ended
December
31,
2021
was
ranked
in
the
fourth
quintile
of
its
Performance
Universe,
and
the
Fund’s
performance
for
the
1-
and
5-year
periods
ended
on
such
date
was
ranked
in
the
third
quintile
of
its
Performance
Universe.
For
the
3-year
period,
RIM
noted
that
the
Fund’s
Performance
Universe
includes
a
number
of
constituents
with
strategies
that
are
notably
different
from
the
Fund’s
global
real
estate
focus,
including
regionally
focused
real
estate
strategies
with
performance
patterns
that
significantly
diverge
from
that
of
the
Fund,
and
constituents
that
are
benchmarked
to
indexes
other
than
the
Fund’s
benchmark
index,
leading
to
persistent
structural
differences
with
respect
to
sector
and
regional
exposures.
The
Third-Party
Information
also
showed
that
the
performance
of
the
U.S.
Strategic
Equity
Fund
was
ranked
in
the
third
quintile
of
its
Performance
Universe
for
the
3-year
period
ended
December
31,
2021,
and
the
performance
of
the
U.S.
Small
Cap
Equity
Fund
was
ranked
in
the
second
quintile
of
its
Performance
Universe
for
the
3-year
period
ended
on
such
date.
In
evaluating
performance,
the
Board
considered
each
Fund’s
performance
not
only
relative
to
its
Comparable
Funds,
but
also
in
absolute
terms
and
relative
to
its
benchmark.
The
Board
considered
the
Funds’
performance
relative
to
their
benchmarks
in
light
of
RIM’s
advice
that
its
investment
philosophy
and
process
seek
to
combine
investment
managers
to
produce
benchmark-beating
returns
with
above-average
consistency.
For
the
1-year
period
ended
December
31,
2021,
the
U.S.
Small
Cap
Equity
Fund,
International
Developed
Markets
Fund,
and
Global
Real
Estate
Securities
Fund
outperformed
their
respective
benchmarks;
for
the
3-year
period
ended
December
31,
2021,
the
U.S.
Small
Cap
Equity
Fund,
Strategic
Bond
Fund,
and
Global
Real
Estate
Securities
Fund
outperformed
their
respective
benchmarks;
and
for
the
5-year
period
ended
December
31,
2021,
the
U.S.
Small
Cap
Equity
Fund,
Strategic
Bond
Fund,
and
Global
Real
Estate
Securities
Fund
outperformed
their
respective
benchmarks.
The
Board
also
considered
the
Money
Manager
changes
that
have
been
made
during
the
past
year
and
that
the
performance
of
Money
Managers
continues
to
impact
Fund
performance
for
periods
prior
and
subsequent
to
their
termination.
After
considering
the
foregoing
and
other
relevant
factors,
including
factors
described
above,
the
Board
concluded
in
respect
of
each
Fund
that
continuation
of
the
RIM
Agreement
would
be
in
the
best
interest
of
such
Fund
and
its
shareholders
and
voted
to
approve
the
continuation
of
the
RIM
Agreement.
At
the
Agreement
Information
Review
Meeting
and
Agreement
Evaluation
Meeting,
with
respect
to
the
evaluation
of
the
terms
of
portfolio
management
contracts
with
Money
Managers,
the
Board
received
and
considered
information
from
RIM
reporting,
among
other
things,
for
each
Money
Manager:
the
Money
Manager’s
performance
over
various
periods;
RIM’s
assessment
of
the
performance
of
each
Money
Manager;
any
significant
business
relationships
between
the
Money
Manager
and
RIM
or
Russell
Investments
Financial
Services,
LLC,
the
Funds’
underwriter;
and
RIM’s
recommendation
to
retain
each
discretionary
or
non-discretionary
Money
Manager
on
the
current
terms
and
conditions,
including
at
the
current
fee
rate.
The
Board
received
reports
during
the
course
of
the
year
from
the
Funds’
CCO
regarding
her
assessments
of
Money
Manager
compliance
programs
and
any
compliance
issues.
RIM
did
not
identify
any
benefits
from
the
Funds’
portfolio
transactions
received
by
Money
Managers
or
their
affiliates
other
than
potential
benefits
from
soft
dollar
arrangements
or
commissions
paid
to
any
affiliated
broker-dealer
through
which
a
discretionary
Money
Manager
may
execute
trades.
RIM
recommended
that
each
of
the
Money
Managers
be
retained
for
its
current
discretionary
or
non-discretionary
assignment
at
its
current
fee
rate.
In
doing
so,
RIM,
as
it
has
in
the
past,
advised
the
Board
that
it
does
not
regard
Money
Manager
profitability
or
economies
of
scale
as
relevant
to
its
evaluation
of
the
portfolio
management
contracts
with
Money
Managers
because
the
willingness
of
Money
Managers
to
serve
in
such
capacity
depends
upon
arm’s-length
negotiations
with
RIM;
RIM
is
aware
of
the
standard
fee
rates
charged
by
Money
Managers
to
other
clients;
and
RIM
believes
that
the
fees
agreed
upon
with
Money
Managers
are
reasonable
and
appropriate
in
light
of
the
anticipated
quality
of
investment
advisory
services
to
be
rendered.
The
Board
accepted
RIM’s
explanation
of
the
relevance
of
Money
Manager
profitability
in
light
of
RIM’s
belief
that
such
fees
are
reasonable;
the
Board’s
findings
as
to
the
acceptability
of
the
Advisory
Fee
paid
by
each
Fund;
and
the
fact
that
each
Money
Manager’s
fee
is
paid
by
RIM.
The
May
23-24,
2022
quarterly
Board
materials
were
provided
prior
to
the
Agreement
Evaluation
Meeting
and
those
materials
contained
a
proposal
by
RIM
related
to
an
amendment
to
a
portfolio
management
contract
to
reflect
Money
Manager
Fee
reductions.
Based
upon
RIM’s
recommendations,
together
with
relevant
Agreement
Evaluation
Information,
the
Board
concluded
that
the
fees
paid
to
the
Money
Managers
of
each
Fund
are
acceptable
in
light
of
RIM’s
assessment
of
quality
of
the
investment
advisory
services
provided
Russell
Investment
Funds
Basis
for
Approval
of
Investment
Advisory
Agreement,
continued
—
(Unaudited)
162
Basis
for
Approval
of
Investment
Advisory
Agreement
and
that
continuation
of
the
portfolio
management
contract
with
each
Money
Manager
of
each
Fund
would
be
in
the
best
interests
of
the
Fund
and
its
shareholders.
*
*
*
This
discussion
is
not
intended
to
include
all
of
the
factors
and
information
considered
by
the
Board.
In
their
deliberations,
the
Trustees
did
not
identify
any
particular
information
as
to
the
RIM
Agreement
or,
other
than
RIM’s
recommendation,
the
portfolio
management
contract
with
any
Money
Manager
that
was
all-important
or
controlling,
except,
in
the
case
of
the
RIM
Agreement,
the
need
to
continue
the
managers-of-managers
structure
of
the
Funds,
and
each
Trustee
attributed
different
weights
to
the
various
factors
considered.
The
Trustees
evaluated
all
information
available
to
them
on
a
Fund-by-Fund
basis
and
their
determinations
were
made
in
respect
of
each
Fund.
Russell
Investment
Company
Liquidity
Risk
Management
Program
—
June
30,
2022
(Unaudited)
Liquidity
Risk
Management
Program
163
The
Funds
have
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
in
accordance
with
Rule
22e-4
of
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”).
The
Program
seeks
to
assess,
manage,
and
review
each
Fund’s
“liquidity
risk.”
For
purposes
of
the
Liquidity
Rule,
“liquidity
risk”
is
defined
as
the
risk
that
a
Fund
is
unable
to
satisfy
redemption
requests
without
significantly
diluting
remaining
investors’
interests
in
the
Fund.
The
Program
is
comprised
of
various
components
designed
to
support
the
assessment
and/or
management
of
liquidity
risk,
including:
1.
Assessment,
management
and
periodic
review
of
each
Fund’s
liquidity
risk;
2.
Classification
of
each
Fund’s
investments
into
four
categories
or
liquidity
buckets
based
on
how
long
it
would
take
to
convert
the
investment
to
cash
(the
“Classification
Regime”);
3.
Establishment
and
annual
review
of
a
highly
liquid
investment
minimum
(“HLIM”)
for
each
Fund
that
does
not
invest
primarily
in
“highly
liquid”
investments
(as
defined
under
the
Liquidity
Rule);
4.
Requirements
applicable
to
a
Fund’s
holdings
of
“illiquid
investments”
(as
defined
under
the
Liquidity
Rule);
and
5.
Implementation
of
redemption
in-kind
policies
and
procedures.
The
Board
of
Trustees
of
RIF
(the
“Board”)
appointed
RIM,
the
Funds’
investment
adviser,
as
the
Program
administrator
(the
“Program
Administrator”).
The
Program
Administrator
has
delegated
responsibility
to
implement
and
administer
the
Program,
subject
to
oversight
by
the
Program
Administrator,
to
one
or
more
RIM
associates
(the
“Program
Administrator
Delegate”).
The
Program
Administrator,
through
the
Program
Administrator
Delegate,
monitors
the
adequacy
and
effectiveness
of
the
Program’s
implementation
and
on
a
periodic
basis
assesses
each
Fund’s
liquidity
risk
based
on
a
variety
of
factors.
At
the
May
23,
2022
meeting
of
the
Regulatory
and
Investment
Compliance
Committee
of
the
Board
(the
“Meeting”),
the
Program
Administrator
reviewed
with
all
members
of
the
Board
the
Program
Administrator’s
annual
written
report
(the
“Report”)
addressing
the
Program’s
operation
as
well
as
the
adequacy
and
effectiveness
of
its
implementation
for
the
period
from
January
1,
2021
through
December
31,
2021
(the
“Program
Reporting
Period”).
The
Report
summarized
the
factors
considered
by
the
Program
Administrator
in
assessing
whether
the
Program
has
been
adequately
and
effectively
implemented
with
respect
to
each
Fund.
Such
information
and
factors
included,
among
other
things:
(1)
the
framework
used
to
assess,
manage,
and
periodically
review
each
Fund’s
liquidity
risk
and
the
results
of
this
assessment;
(2)
the
methodology
and
inputs
used
in
connection
with
the
Classification
Regime,
including
circumstances
in
which
the
Program
Administrator
adjusted
a
preliminary
classification
provided
by
the
third-party
service
provider
engaged
to
assist
in
preparing
classifications
of
portfolio
investments
(the
“Service
Provider”)
or
adjusted
the
inputs
used
by
the
Service
Provider
to
generate
preliminary
classifications;
(3)
whether
a
new
HLIM
should
be
established,
or
an
existing
HLIM
continued
or
modified,
for
each
Fund
and
the
procedures
for
monitoring
for
HLIM
compliance;
(4)
whether
a
Fund
invested
more
than
15%
of
its
assets
in
illiquid
investments
and
the
procedures
for
monitoring
for
this
limit;
(5)
specific
liquidity
events
arising
during
the
Program
Reporting
Period,
including
the
impact
on
Fund
liquidity
caused
by
extended
non-U.S.
market
closures;
and
(6)
actions
taken
by
the
Program
Administrator
and
Program
Administrator
Delegate
during
the
Program
Reporting
Period
to
manage
Fund
liquidity
and
liquidity
risk.
The
board
was
informed
that,
in
connection
with
its
previous
annual
review
and
assessment
of
the
Program,
the
Program
Administrator
made
certain
updates
to
the
Program
during
the
Program
Reporting
Period.
The
Board
was
also
informed
of
certain
updates
to
the
Program
that
would
be
implemented
in
the
2022
reporting
period.
Based
on
the
Program
Administrator’s
review
and
the
factors
set
forth
in
the
Report,
the
Report
concluded
that:
(1)
the
Program
continues
to
be
reasonably
designed
to
effectively
assess
and
manage
each
Fund’s
liquidity
risk;
(2)
each
Fund’s
liquidity
risk
continues
to
be
appropriate
in
light
of
the
Fund’s
investment
objective
and
strategies;
(3)
each
Fund’s
investment
strategies
continue
to
be
appropriate
for
an
open-ended
management
investment
company;
and
(4)
the
Program
has
been
adequately
and
effectively
implemented
with
respect
to
each
Fund,
including
the
establishment
and
operation
of
the
HLIM
for
applicable
Funds.
Russell
Investment
Funds
Shareholder
Requests
for
Additional
Information
—
June
30,
2022
(Unaudited)
164
Shareholder
Requests
for
Additional
Information
Each
Fund
files
portfolio
holdings
information
within
60
days
after
the
end
of
each
fiscal
quarter
as
an
exhibit
on
Form
N-PORT.
Portfolio
holdings
information
for
the
third
month
of
each
fiscal
quarter
is
publicly
available
on
the
SEC’s
website
at
http://www.sec.
gov.
Each
Fund’s
complete
schedule
of
portfolio
holdings
for
the
second
and
fourth
quarters
of
each
fiscal
year
is
included
in
the
semi-
annual
and
annual
reports
to
Fund
shareholders.
The
Board
has
delegated
to
RIM,
as
RIF’s
investment
adviser,
the
primary
responsibility
for
monitoring,
evaluating
and
voting
proxies
solicited
by
or
with
respect
to
issuers
of
securities
in
which
assets
of
the
Funds
may
be
invested.
RIM
has
established
a
proxy
voting
committee
and
has
adopted
written
proxy
voting
policies
and
procedures
(“P&P”)
and
proxy
voting
guidelines
(“Guidelines”).
The
Funds
maintain
a
Portfolio
Holdings
Disclosure
Policy
that
governs
the
timing
and
circumstances
of
disclosure
to
shareholders
and
third
parties
of
information
regarding
the
portfolio
investments
held
by
the
Funds.
A
description
of
the
P&P,
Guidelines,
Portfolio
Holdings
Disclosure
Policy
and
additional
information
about
Fund
Trustees
are
contained
in
the
Funds’
Statement
of
Additional
Information
(“SAI”).
The
SAI
and
information
regarding
how
the
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
30,
2021
are
available
(i)
free
of
charge,
upon
request,
by
calling
the
Funds
at
(800)
787-7354,
and
(ii)
on
the
Securities
and
Exchange
Commission’s
website
at
www.sec.gov.
If
possible,
depending
on
contract
owner
registration
and
address
information
and
unless
you
have
otherwise
opted
out,
only
one
copy
of
the
RIF
prospectus
will
be
sent
to
contract
owners
at
the
same
address.
Unless
you
specifically
request
paper
copies
of
the
annual
and
semi-annual
reports
from
your
insurance
company,
you
will
be
notified
by
mail
each
time
the
annual
and
semi-annual
reports
are
posted
and
provided
with
a
website
link
to
access
the
reports.
If
you
would
like
to
receive
a
separate
copy
of
these
documents,
please
contact
your
insurance
company.
If
you
currently
receive
multiple
copies
of
the
prospectus,
annual
report
and
semi-annual
report
and
would
like
to
request
to
receive
a
single
copy
of
these
documents
in
the
future,
please
call
your
insurance
company.
Some
insurance
companies
may
offer
electronic
delivery
of
the
Funds’
prospectuses
and
annual
and
semi-annual
reports.
Please
contact
your
insurance
company
for
further
details.
Russell
Investment
Funds
Disclosure
of
Information
about
Fund
Trustees
and
Officers
—
June
30,
2022
(Unaudited)
Disclosure
of
Information
about
Fund
Trustees
and
Officers
165
The
following
tables
provide
information
for
each
officer
and
trustee
of
the
Russell
Investments
fund
complex.
The
Russell
Investments
fund
complex
consists
of
Russell
Investment
Company
(“RIC”),
which
has
31
funds
and
Russell
Investment
Funds
(“RIF”),
which
has
nine
funds.
Each
of
the
Trustees
is
a
trustee
of
RIC
and
RIF.
The
first
table
provides
information
for
the
Interested
Trustee.
The
second
table
provides
information
for
the
Independent
Trustees.
The
third
table
provides
information
for
the
officers.
Furthermore,
each
Trustee
possesses
the
following
specific
attributes:
Ms.
Blake
has
had
experience
as
a
certified
public
accountant
and
has
had
experience
as
a
member
of
boards
of
directors/trustees
of
other
investment
companies;
Ms.
Cahoon
has
had
experience
as
the
senior
financial
executive
of
other
investment
companies
and
their
investment
adviser
and
distributor,
as
well
as
a
certified
public
accountant
who
previously
provided
audit
services
in
the
financial
sector
at
a
multi-national
accounting
firm
and
has
been
determined
by
the
Board
to
be
an
“audit
committee
financial
expert”;
Mr.
Day
has
had
experience
as
an
executive-level
leader
in
corporate
finance
and
accounting,
as
a
member
of
the
boards
of
other
companies
and
non-profit
organizations,
and
as
a
certified
public
accountant;
Ms.
Krysty
has
had
business,
financial
and
investment
experience
as
the
founder
and
senior
executive
of
a
registered
investment
adviser
focusing
on
high
net
worth
individuals
as
well
as
a
certified
public
accountant
and
a
member
of
the
boards
of
other
corporations
and
non-profit
organizations;
Ms.
Ledoux
has
had
investment
experience
as
a
portfolio
manager
and
has
had
experience
as
a
member
of
the
board
of
trustees
of
other
investment
companies;
Mr.
May
has
had
business,
financial
services,
accounting
and
investment
management
experience
as
a
senior
executive
and
board
member
of
financial
services,
investment
management
and
other
organizations,
as
well
as
experience
as
a
board
member
of
other
investment
companies
and
as
a
certified
public
accountant;
Ms.
Shanahan
has
had
financial,
risk
management,
governance
and
compliance
experience
in
highly
regulated
industries
as
a
senior
executive
at
large
financial
institutions,
and
as
a
member
of
the
board
of
a
non-profit
organization;
Mr.
Tennison
has
had
business,
financial
and
investment
experience
as
a
senior
executive
of
a
corporation
with
international
activities
and
was
trained
as
an
accountant;
and
Mr.
Thompson
has
had
experience
in
business,
governance,
investment
and
financial
reporting
matters
as
a
senior
executive
of
an
organization
sponsoring
and
managing
other
investment
companies,
and,
subsequently,
has
served
as
a
board
member
of
other
investment
companies.
Mr.
Barback
has
had
experience
as
a
senior
executive
of
other
financial
services
companies
with
responsibility
for
investment,
financial,
and
operational
matters
affecting
asset
managers
and
related
service
providers.
As
a
senior
officer
of
an
affiliate
of
RIM,
Mr.
Barback
is
in
a
position
to
provide
the
Board
with
such
entity’s
perspectives
on
the
management,
operations
and
distribution
of
the
RIC
and
RIF
Funds.
*
Each
Trustee
shall
retire
from
service
on
the
Board
of
Trustees
at
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
However,
at
the
discretion
of
the
Board
and
upon
the
request
of
the
Trustee,
a
one-year
waiver
may
be
granted
from
the
application
of
the
policy,
which
will
allow
the
Trustee
to
continue
to
serve
on
the
Board
for
an
additional
one-year
period
following
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
A
maximum
of
five
one-year
waivers
may
be
requested
by
the
Trustee
and
granted
by
the
Board
to
the
Trustee.
#
Mr.
Barback
is
Chief
Administrative
Officer
of
an
affiliate
of
RIM
and
therefore
an
Interested
Trustee.
Name,
Age,
Address
Position(s)
Held
With
Fund
and
Length
of
Time
Served
Term
of
Office*
Principal
Occupation(s)
During
the
Past
5
Years
No.
of
Portfolios
in
Russell
Investments
Fund
Complex
Overseen
by
Trustee
Other
Directorships
Held
by
Trustee
During
the
Past
5
Years
INTERESTED
TRUSTEES
Vernon
Barback#
Born
August
24,
1956
1301
Second
Avenue,
18th
Floor,
Seattle,
WA
98101
President
and
Chief
Executive
Officer
since
2022
Trustee
since
2021
Appointed
until
successor
is
chosen
and
qualified
by
Trustees
Appointed
until
successor
is
duly
elected
and
qualified
President
and
CEO,
RIC
and
RIF
Chief
Administrative
Officer,
Russell
Investments
From
2016
–
2019,
President,
Russell
Investments
From
2019
–
2021,
Vice
Chairman,
Russell
Investments
Until
2020,
Director,
NorthStar
Topco,
LLC
(technology
and
services
outsourcing
company)
40
Until
2020,
Director
of
NorthStar
Topco,
LLC
(technology
and
services
outsourcing
company)
Russell
Investment
Funds
Disclosure
of
Information
about
Fund
Trustees
and
Officers,
continued
—
June
30,
2022
(Unaudited)
166
Disclosure
of
Information
about
Fund
Trustees
and
Officers
*
Each
Trustee
shall
retire
from
service
on
the
Board
of
Trustees
at
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
However,
at
the
discretion
of
the
Board
and
upon
the
request
of
the
Trustee,
a
one-year
waiver
may
be
granted
from
the
application
of
the
policy,
which
will
allow
the
Trustee
to
continue
to
serve
on
the
Board
for
an
additional
one-year
period
following
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
A
maximum
of
five
one-year
waivers
may
be
requested
by
the
Trustee
and
granted
by
the
Board
to
the
Trustee.
Name,
Age,
Address
Position(s)
Held
With
Fund
and
Length
of
Time
Served
Term
of
Office*
Principal
Occupation(s)
During
the
Past
5
Years
No.
of
Portfolios
in
Russell
Investments
Fund
Complex
Overseen
by
Trustee
Other
Directorships
Held
by
Trustee
During
the
Past
5
Years
INDEPENDENT
TRUSTEES
Kristianne
Blake
Born
January
22,
1954
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Trustee
since
2000
Chairman
of
the
Audit
Committee
since
2021
Appointed
until
successor
is
duly
elected
and
qualified
Appointed
until
successor
is
duly
elected
and
qualified
Lead
Independent
Director,
Avista
Corp.
(electric
utilities)
Until
May
2017,
Director
and
Chairman
of
the
Audit
Committee,
Avista
Corp
(electric
utilities)
Until
September
2018,
Regent,
University
of
Washington
President,
Kristianne
Gates
Blake,
P.S.
(accounting
services)
40
Lead
Independent
Director,
Avista
Corp.
(electric
utilities)
Until
May
2017,
Director,
Avista
Corp
(electric
utilities)
Michelle
L.
Cahoon
Born
July
5,
1966
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Trustee
since
2021
Appointed
until
successor
is
duly
elected
and
qualified
Retired
From
January
to
March
2019,
Consulting
Chief
Financial
Officer,
Driehaus
Capital
Management
LLC
(investment
adviser)
Until
2018,
Chief
Financial
Officer
and
Treasurer,
Driehaus
Capital
Management
LLC
and
Driehaus
Securities
LLC
(broker
dealer)
Until
2018,
Vice
President
and
Treasurer,
Driehaus
Mutual
Funds
(investment
company)
Trustee
and
Audit
Committee
Chair
Fairway
Private
Equity
&
Venture
Capital
Opportunities
Fund
(investment
company)
40
Trustee
and
Audit
Committee
Chair
Fairway
Private
Equity
&
Venture
Capital
Opportunities
Fund
(investment
company)
Russell
Investment
Funds
Disclosure
of
Information
about
Fund
Trustees
and
Officers,
continued
—
June
30,
2022
(Unaudited)
Disclosure
of
Information
about
Fund
Trustees
and
Officers
167
*
Each
Trustee
shall
retire
from
service
on
the
Board
of
Trustees
at
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
However,
at
the
discretion
of
the
Board
and
upon
the
request
of
the
Trustee,
a
one-year
waiver
may
be
granted
from
the
application
of
the
policy,
which
will
allow
the
Trustee
to
continue
to
serve
on
the
Board
for
an
additional
one-year
period
following
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
A
maximum
of
five
one-year
waivers
may
be
requested
by
the
Trustee
and
granted
by
the
Board
to
the
Trustee.
Name,
Age,
Address
Position(s)
Held
With
Fund
and
Length
of
Time
Served
Term
of
Office*
Principal
Occupation(s)
During
the
Past
5
Years
No.
of
Portfolios
in
Russell
Investments
Fund
Complex
Overseen
by
Trustee
Other
Directorships
Held
by
Trustee
During
the
Past
5
Years
INDEPENDENT
TRUSTEES
(continued)
Michael
Day
Born
October
23,
1957
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Trustee
since
2021
Appointed
until
successor
is
duly
elected
and
qualified
President
and
Chief
Executive
Officer,
Topa
Insurance
Company
(insurance
company)
40
Director,
Topa
Insurance
Group
(insurance
company)
Director,
Puppet,
Inc.
(information
technology
company)
Director,
Somos,
Inc.
(information
technology
company)
Until
2019,
Director,
Recology
(waste
management
company)
Katherine
W.
Krysty
Born
December
3,
1951
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Trustee
since
2014
Chairman
of
Regulatory
and
Investment
Compliance
Committee
since
2020
Appointed
until
successor
is
duly
elected
and
qualified
Appointed
until
successor
is
duly
elected
and
qualified
Retired
40
None
Russell
Investment
Funds
Disclosure
of
Information
about
Fund
Trustees
and
Officers,
continued
—
June
30,
2022
(Unaudited)
168
Disclosure
of
Information
about
Fund
Trustees
and
Officers
*
Each
Trustee
shall
retire
from
service
on
the
Board
of
Trustees
at
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
However,
at
the
discretion
of
the
Board
and
upon
the
request
of
the
Trustee,
a
one-year
waiver
may
be
granted
from
the
application
of
the
policy,
which
will
allow
the
Trustee
to
continue
to
serve
on
the
Board
for
an
additional
one-year
period
following
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
A
maximum
of
five
one-year
waivers
may
be
requested
by
the
Trustee
and
granted
by
the
Board
to
the
Trustee.
Name,
Age,
Address
Position(s)
Held
With
Fund
and
Length
of
Time
Served
Term
of
Office*
Principal
Occupation(s)
During
the
Past
5
Years
No.
of
Portfolios
in
Russell
Investments
Fund
Complex
Overseen
by
Trustee
Other
Directorships
Held
by
Trustee
During
the
Past
5
Years
INDEPENDENT
TRUSTEES
(continued)
Julie
Dien
Ledoux
Born
August
17,
1969
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Trustee
since
2019
Vice
Chairman
of
the
Regulatory
and
Investment
Compliance
Committee
since
2022
Appointed
until
successor
is
duly
elected
and
qualified
Appointed
until
successor
is
duly
elected
and
qualified
Until
March
2018,
Trustee
of
Avenue
Credit
Strategies
Fund
(investment
company)
Until
November
2017,
Trustee
of
Avenue
Income
Credit
Strategies
Fund
(investment
company)
40
Until
March
2018,
Trustee
of
Avenue
Credit
Strategies
Fund
(investment
company)
Until
November
2017,
Trustee
of
Avenue
Income
Credit
Strategies
Fund
(investment
company)
Russell
Investment
Funds
Disclosure
of
Information
about
Fund
Trustees
and
Officers,
continued
—
June
30,
2022
(Unaudited)
Disclosure
of
Information
about
Fund
Trustees
and
Officers
169
*
Each
Trustee
shall
retire
from
service
on
the
Board
of
Trustees
at
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
However,
at
the
discretion
of
the
Board
and
upon
the
request
of
the
Trustee,
a
one-year
waiver
may
be
granted
from
the
application
of
the
policy,
which
will
allow
the
Trustee
to
continue
to
serve
on
the
Board
for
an
additional
one-year
period
following
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
A
maximum
of
five
one-year
waivers
may
be
requested
by
the
Trustee
and
granted
by
the
Board
to
the
Trustee.
Name,
Age,
Address
Position(s)
Held
With
Fund
and
Length
of
Time
Served
Term
of
Office*
Principal
Occupation(s)
During
the
Past
5
Years
No.
of
Portfolios
in
Russell
Investments
Fund
Complex
Overseen
by
Trustee
Other
Directorships
Held
by
Trustee
During
the
Past
5
Years
INDEPENDENT
TRUSTEES
(continued)
Jeremy
May
Born
March
30,
1970
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Trustee
since
2021
Appointed
until
successor
is
duly
elected
and
qualified
Founder
and
Chief
Executive
Officer,
Paralel
Technologies
LLC
(information
technology
company)
Until
March
2021,
Chief
Operating
Officer
of
Magnifi
LLC
(information
technology
company)
Until
2019,
President
ALPS
Portfolio
Solutions
and
Executive
Vice
President
of
ALPS
Advisors
and
ALPS
Holdings
(investment
company)
40
Trustee
and
Chairman
of
Bow
River
Capital
Evergreen
Fund
(investment
company)
Trustee
and
Chairman
of
New
Age
Alpha
ETF
Trust
(investment
company)
Until
March
2021,
Interested
Director
of
Reaves
Utility
Income
Trust
(investment
company)
Until
February
2021,
Interested
Director
of
ALPS
Series
Trust
(investment
company)
Until
2019,
Interested
Director
of
RiverNorth
Opportunities
Fund
(investment
company)
Russell
Investment
Funds
Disclosure
of
Information
about
Fund
Trustees
and
Officers,
continued
—
June
30,
2022
(Unaudited)
170
Disclosure
of
Information
about
Fund
Trustees
and
Officers
*
Each
Trustee
shall
retire
from
service
on
the
Board
of
Trustees
at
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
However,
at
the
discretion
of
the
Board
and
upon
the
request
of
the
Trustee,
a
one-year
waiver
may
be
granted
from
the
application
of
the
policy,
which
will
allow
the
Trustee
to
continue
to
serve
on
the
Board
for
an
additional
one-year
period
following
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
A
maximum
of
five
one-year
waivers
may
be
requested
by
the
Trustee
and
granted
by
the
Board
to
the
Trustee.
Name,
Age,
Address
Position(s)
Held
With
Fund
and
Length
of
Time
Served
Term
of
Office*
Principal
Occupation(s)
During
the
Past
5
Years
No.
of
Portfolios
in
Russell
Investments
Fund
Complex
Overseen
by
Trustee
Other
Directorships
Held
by
Trustee
During
the
Past
5
Years
INDEPENDENT
TRUSTEES
(continued)
Jeannie
Shanahan
Born
February
15,
1964
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Trustee
since
2021
Appointed
until
successor
is
duly
elected
and
qualified
Until
2021,
President
of
Twin
Star
Consulting,
LLC
(consulting
company)
Until
November
2018,
Senior
Vice
President
and
Chief
Governance
Officer
–
CCAR
of
Northern
Trust
Company
(financial
services
company)
40
None
Raymond
P.
Tennison
Jr.
Born
December
21,
1955
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Trustee
since
2000
Chairman
since
2021
Appointed
until
successor
is
duly
elected
and
qualified
Approved
Annually
Retired
40
None
Jack
R.
Thompson
Born
March
21,
1949
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Trustee
since
2005
Vice
Chairman
since
2021
Chairman
of
the
Nominating
and
Governance
Committee
since
2021
Appointed
until
successor
is
duly
elected
and
qualified
Approved
annually
Appointed
until
successor
is
duly
elected
and
qualified
Retired
40
None
Russell
Investment
Funds
Disclosure
of
Information
about
Fund
Trustees
and
Officers,
continued
—
June
30,
2022
(Unaudited)
Disclosure
of
Information
about
Fund
Trustees
and
Officers
171
Name,
Age,
Address
Positions(s)
Held
With
Fund
and
Length
of
Time
Served
Term
of
Office
Principal
Occupation(s)
During
the
Past
5
Years
OFFICERS
Vernon
Barback
Born
August
24,
1956
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
President
and
Chief
Executive
Officer
since
2022
Until
successor
is
chosen
and
qualified
by
Trustees
President
and
CEO,
RIC
and
RIF
Chief
Administrative
Officer,
Russell
Investments
From
2016
–
2019,
President,
Russell
Investments
From
2019
–
2021,
Vice
Chairman,
Russell
Investments
Until
2020,
Director,
NorthStar
Topco,
LLC
(technology
and
services
company)
Cheryl
Wichers
Born
December
16,
1966
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Chief
Compliance
Officer
since
2005
Until
removed
by
Independent
Trustees
Chief
Compliance
Officer,
RIC
and
RIF
Chief
Compliance
Officer,
RIFUS
2011
to
2016
Chief
Compliance
Officer,
U.S.
One
,
LLC
Mark
E.
Swanson
Born
November
26,
1963
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Treasurer,
Chief
Accounting
Officer
and
Chief
Financial
Officer
since
1998
Until
successor
is
chosen
and
qualified
by
Trustees
Global
Head
of
Fund
Services,
Russell
Investments
President,
Chief
Executive
Officer,
Treasurer,
Chief
Accounting
Officer
and
CFO,
RIC
and
RIF
Director
and
President,
RIFUS
Director
RIM,
Russell
Investments
Trust
Company
(“RITC”)
and
RIFIS
President
and
Chief
Executive
Officer,
RIC
and
RIF,
June
2016
to
June
2017
and
February
2020
to
February
2022
Kate
El-Hillow
Born
August
17,
1974
1301
Second
Avenue
18th
Floor,
Seattle
WA
98101
Chief
Investment
Officer
since
2021
Until
removed
by
Trustees
Until
2021,
Deputy
Chief
Investment
Officer,
Senior
Portfolio
Manager,
Head
of
Strategy
Selection
and
Head
of
Portfolio
Management
&
Risk,
Goldman
Sachs
Global
Chief
Investment
Officer,
Russell
Investments
Chief
Investment
Officer,
RIC
and
RIF
President,
RIM
Mary
Beth
Albaneze,
Born
April
25,
1969
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Secretary
and
Chief
Legal
Officer
since
2010
Until
successor
is
chosen
and
qualified
by
Trustees
Associate
General
Counsel,
Russell
Investments
Secretary,
RIM,
RIFUS
and
RIFIS
Secretary
and
Chief
Legal
Officer,
RIC
and
RIF
Secretary,
U.S.
One,
LLC
Russell
Investment
Funds
Adviser,
Money
Managers
and
Service
Providers
—
June
30,
2022
(Unaudited)
172
Adviser,
Money
Managers
and
Service
Providers
Interested
Trustees
Vernon
Barback
Independent
Trustees
Kristianne
Blake
Michelle
L.
Cahoon
Michael
Day
Katherine
W.
Krysty
Julie
Dien
Ledoux
Jermey
May
Jeannie
Shanahan
Raymond
P.
Tennison,
Jr.
Jack
R.
Thompson
Officers
Vernon
Barback,
President
and
Chief
Executive
Officer
Mark
E.
Swanson,
Treasurer,
Chief
Accounting
Officer
&
Chief
Financial
Officer
Cheryl
Wichers,
Chief
Compliance
Officer
Kate
El-Hillow,
Chief
Investment
Officer
Mary
Beth
Albaneze,
Secretary
and
Chief
Legal
Officer
Adviser
Russell
Investment
Management,
LLC
1301
Second
Avenue
Seattle, WA
98101
Administrator
and
Transfer
and
Dividend
Disbursing
Agent
Russell
Investments
Fund
Services,
LLC
1301
Second
Avenue
Seattle, WA
98101
Custodian
State
Street
Bank
and
Trust
Company
1
Heritage
Drive
North
Quincy,
MA
02171
Office
of
Shareholder
Inquiries
1301
Second
Avenue
Seattle, WA
98101
(800)
787-7354
Legal
Counsel
Dechert
LLP
One
International
Place,
40th
Floor
100
Oliver
Street
Boston, MA
02110
Distributor
Russell
Investments
Financial
Services,
LLC
1301
Second
Avenue
Seattle, WA
98101
Independent
Registered
Public
Accounting
Firm
PricewaterhouseCoopers
LLP
1420
5th
Avenue,
Suite
2800
Seattle, WA
98101
Money
Managers
U.S.
Strategic
Equity
Fund
Brandywine
Global
Investment
Management,
LLC,
Philadelphia,
PA
HS
Management
Partners,
LLC,
New
York,
NY
Jackson
Square
Partners,
LLC,
San
Francisco,
CA
Jacobs
Levy
Equity
Management,
Inc., Florham
Park, NJ
U.S.
Small
Cap
Equity
Fund
Ancora
Advisors,
LLC,
Mayfield
Heights,
OH
BAMCO,
Inc.,
New
York,
NY
Boston
Partners
Global
Investors,
Inc.,
New
York,
NY
Calamos
Advisors
LLC,
Naperville,
IL
Copeland
Capital
Management,
LLC,
Conshohocken,
PA
DePrince,
Race
&
Zollo,
Inc., Winter
Park, FL
Jacobs
Levy
Equity
Management,
Inc., Florham
Park, NJ
Penn
Capital
Management
Company,
Inc.,
Philadelphia, PA
Ranger
Investment
Management,
L.P.,
Dallas,
TX
International
Developed
Markets
Fund
Intermede
Investment
Partners
Limited,
London,
United
Kingdom
and
Intermede
Global
Partners
Inc.,
San
Francisco,
CA
Pzena
Investment
Management
LLC,
New York, NY
Wellington
Management
Company
LLP,
Boston,
MA
Strategic
Bond
Fund
BlueBay
Asset
Management
LLP,
London,
United
Kingdom
Schroder
Investment
Management
North
America
Inc.,
New
York,
NY
Western
Asset
Management
Company,
Pasadena,
CA
and
Western
Asset
Management
Company
Limited,
London,
United
Kingdom
Global
Real
Estate
Securities
Fund
Cohen
&
Steers
Capital
Management,
Inc.,
New York, NY,
Cohen
&
Steers
UK
Limited,
London,
United
Kingdom
and
Cohen
&
Steers
Asia
Limited,
Hong
Kong,
China
RREEF
America
L.L.C.,
Chicago,
IL,
Deutsche
Investments
Australia
Limited,
Sydney,
Australia
and
Deutsche
Alternatives
Asset
Management
(Global)
Limited,
London,
United
Kingdom,
operating
under
the
brand
name
Deutsche
Asset
Management
This
report
is
prepared
from
the
books
and
records
of
the
Funds
and
is
submitted
for
the
general
information
of
shareholders
and
is
not
authorized
for
distribution
to
prospective
investors
unless
accompanied
or
preceded
by
an
effective
Prospectus.
Nothing
herein
contained
is
to
be
considered
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
Russell
Investment
Funds.
Such
offering
is
made
only
by
Prospectus,
which
includes
details
as
to
offering
price
and
other
material
information.
Russell
Investment
Funds
1301
Second
Avenue
Seattle,
Washington
98101
800-787-7354
Fax:
206-505-3495
2022
SEMI-ANNUAL
REPORT
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
JUNE
30,
2022
FUND
Moderate
Strategy
Fund
Balanced
Strategy
Fund
Growth
Strategy
Fund
Equity
Growth
Strategy
Fund
Russell
Investment
Funds
Russell
Investment
Funds
is
a
series
investment
company
with
nine
different
investment
portfolios
referred
to
as
Funds.
These
financial
statements
report
on
four
of
these
Funds.
Page
Moderate
Strategy
Fund
3
Balanced
Strategy
Fund
13
Growth
Strategy
Fund
23
Equity
Growth
Strategy
Fund
33
Notes
to
Financial
Highlights
43
Notes
to
Financial
Statements
44
Basis
for
Approval
of
Investment
Advisory
Agreement
51
Liquidity
Risk
Management
Program
61
Shareholder
Requests
for
Additional
Information
62
Disclosure
of
Information
about
Fund
Trustees
and
Officers
63
Adviser
and
Service
Providers
70
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Semi-annual
Report
June
30,
2022
(Unaudited)
Table
of
Contents
Russell
Investment
Funds
-
LifePoints
®
Funds
Variable
Target
Portfolio
Series
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
trademark
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
and
part
of
Russell
Investments.
Performance
quoted
represents
past
performance
and
does
not
guarantee
future
results.
The
investment
return
and
principal
value
of
an
investment
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Russell
Investment
Funds
Moderate
Strategy
Fund
Shareholder
Expense
Example
—
June
30,
2022
(Unaudited)
Moderate
Strategy
Fund
3
Fund
Expenses
The
following
disclosure
provides
important
information
regarding
the
Fund’s
Shareholder
Expense
Example
(“Example”).
Example
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transaction
costs,
and
(2)
ongoing
costs,
including
advisory
and
administrative
fees
and
other
Fund
expenses.
The
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
indicated,
which
for
this
Fund
is
from
January
1,
2022
to
June
30,
2022
.
Actual
Expenses
The
information
in
the
table
under
the
heading
“Actual
Performance”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
column,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
column
in
the
row
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
in
the
table
under
the
heading
“Hypothetical
Performance
(5%
return
before
expenses)”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs.
Therefore,
the
information
under
the
heading
“Hypothetical
Performance
(5%
return
before
expenses)”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
The
fees
and
expenses
shown
in
this
section
do
not
reflect
any
Insurance
Company
Separate
Account
Policy
Charges.
Actual
Performance
Hypothetical
Performance
(5%
return
before
expenses)
Beginning
Account
Value
January
1,
2022
$
1,000
.00
$
1,000
.00
Ending
Account
Value
June
30,
2022
$
847
.80
$
1,024
.10
Expenses
Paid
During
Period*
$
0
.64
$
0
.70
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio
of
0.14%
(representing
the
six
month
period
annualized),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
May
reflect
amounts
waived
and/or
reimbursed.
Without
any
waivers
and/or
reimbursements,
expenses
would
have
been
higher.
Russell
Investment
Funds
Moderate
Strategy
Fund
Schedule
of
Investments
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
4
Moderate
Strategy
Fund
Amounts
in
thousands
(except
share
amounts)
Shares
Fair
Value
$
Investments
in
Affiliated
Funds
-
100.1%
Alternative
-
2.8%
RIF
Global
Real
Estate
Securities
Fund
160,581
2,142
Domestic
Equities
-
13.0%
RIF
U.S.
Small
Cap
Equity
Fund
244,970
2,947
RIF
U.S.
Strategic
Equity
Fund
425,030
6,919
9,866
Fixed
Income
-
50.7%
RIC
Investment
Grade
Bond
Fund
Class
Y
574,897
11,009
RIC
Unconstrained
Total
Return
Fund
Class
Y
182,584
1,530
RIF
Strategic
Bond
Fund
2,813,282
25,939
38,478
International
Equities
-
23.6%
RIC
Emerging
Markets
Fund
Class
Y
97,702
1,493
RIC
Global
Equity
Fund
Class
Y
1,805,372
13,523
RIF
International
Developed
Markets
Fund
291,086
2,925
17,941
Multi-Asset
–
10.0
%
RIC
Multi-Strategy
Income
Fund
Class
Y
830,255
7,547
Total
Investments
in
Affiliated
Funds
(cost
$82,860)
75,974
Total
Investments
-
100.1%
(identified
cost
$82,860)
75,974
Other
Assets
and
Liabilities,
Net
-
(0.1)%
(54)
Net
Assets
-
100.0%
75,920
Russell
Investment
Funds
Moderate
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Moderate
Strategy
Fund
5
Statement
of
Assets
and
Liabilities
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Assets
Investments,
at
identified
cost
........................................................................................................................................................
$
82,860
Investments,
at
fair
value(>)
...........................................................................................................................................................
75,974
Receivables:
Investments
sold
................................................................................................................................................................
8
From
affiliates
....................................................................................................................................................................
2
Prepaid
expenses
...........................................................................................................................................................................
1
Total
assets
.................................................................................................................................................
75,985
Liabilities
Payables:
Fund
shares
redeemed
.......................................................................................................................................................
9
Accrued
fees
to
affiliates
....................................................................................................................................................
3
Other
accrued
expenses
.....................................................................................................................................................
53
Total
liabilities
.............................................................................................................................................
65
Net
Assets
............................................................................................................................................................
$
75,920
Russell
Investment
Funds
Moderate
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
6
Moderate
Strategy
Fund
Statement
of
Assets
and
Liabilities,
continued
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
...............................................................................................................................................
$
(8,092
)
Shares
of
beneficial
interest
...........................................................................................................................................................
88
Additional
paid-in
capital
..............................................................................................................................................................
83,924
Net
Assets
............................................................................................................................................................
$
75,920
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.........................................................................................................................................................
$
8.64
Net
assets
...............................................................................................................................................................................
$
75,920,418
Shares
outstanding
($.01
par
value)
.......................................................................................................................................
8,785,385
Amounts
in
thousands
(>)
Investments
in
affiliated
funds
$
75,974
(#)
Net
asset
value
per
share
equals
net
assets
divided
by
shares
of
beneficial
interest
outstanding.
Russell
Investment
Funds
Moderate
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Moderate
Strategy
Fund
7
Statement
of
Operations
—
For
the
Period
Ended
June
30,
2022
(Unaudited)
Amounts
in
thousands
Investment
Income
Income
distributions
from
affiliated
funds
.....................................................................................................................................
$
214
Expenses
Advisory
fees
....................................................................................................................................................................
85
Administrative
fees
...........................................................................................................................................................
18
Custodian
fees
...................................................................................................................................................................
19
Transfer
agent
fees
...........................................................................................................................................................
2
Professional
fees
...............................................................................................................................................................
21
Trustees’
fees
....................................................................................................................................................................
2
Printing
fees
......................................................................................................................................................................
8
Miscellaneous
...................................................................................................................................................................
3
Expenses
before
reductions
..............................................................................................................................................
158
Expense
reductions
...........................................................................................................................................................
(98)
Net
expenses
.................................................................................................................................................................................
60
Net
investment
income
(loss)
........................................................................................................................................................
154
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
in
affiliated
funds
..........................................................................................................................................
(576)
Capital
gain
distributions
from
affiliated
funds
.................................................................................................................
341
Net
realized
gain
(loss)
..................................................................................................................................................................
(235)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
in
affiliated
funds
..........................................................................................................................................
(13,994)
Net
change
in
unrealized
appreciation
(depreciation)
...................................................................................................................
(13,994)
Net
realized
and
unrealized
gain
(loss)
.........................................................................................................................................
(14,229)
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
..........................................................................................
$
(14,075)
Russell
Investment
Funds
Moderate
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
8
Moderate
Strategy
Fund
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
Period
Ended
June
30,
2022
(Unaudited)
Fiscal
Year
Ended
December
31,
2021
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
............................................................................................................
$
154
$
3,232
Net
realized
gain
(loss)
......................................................................................................................
(235)
4,875
Net
change
in
unrealized
appreciation
(depreciation)
.......................................................................
(13,994)
(545)
Net
increase
(decrease)
in
net
assets
from
operations
.............................................................................
(14,075)
7,562
Distributions
To
shareholders
.................................................................................................................................
(2,429)
(7,515)
Net
decrease
in
net
assets
from
distributions
..........................................................................................
(2,429)
(7,515)
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
.................................................................
(4,564)
4,143
Total
Net
Increase
(Decrease)
in
Net
Assets
..........................................................................
(21,068)
4,190
Net
Assets
Beginning
of
period
.................................................................................................................................
96,988
92,798
End
of
period
..........................................................................................................................................
$
75,920
$
96,988
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
June
30,
2022
and
December
31,
2021
were
as
follows:
2022
(Unaudited)
2021
Shares
Dollars
Shares
Dollars
Proceeds
from
shares
sold
216
$
2,
031
919
$
9,937
Proceeds
from
reinvestment
of
distributions
249
2,
429
719
7,515
Payments
for
shares
redeemed
(942)
(9,024)
(1,235)
(13,309)
Total
increase
(decrease)
(477)
$
(4,564)
403
$
4,143
Russell
Investment
Funds
Moderate
Strategy
Fund
Financial
Highlights
—
For
the
Periods
Ended
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
10
Moderate
Strategy
Fund
For
a
Share
Outstanding
Throughout
Each
Period.
$
Net
Asset
Value,
Beginning
of
Period
$
Net
Investment
Income
(Loss)
(a)(b)(f)
$
Net
Realized
and
Unrealized
Gain
(Loss)
$
Total
from
Investment
Operations
$
Distributions
from
Net
Investment
Income
$
Distributions
from
Net
Realized
Gain
June
30,
2022(1)
10.47
.02
(1.58)
(1.56)
(.03)
(.24)
December
31,
2021
10.48
.36
.48
.84
(.46)
(.39)
December
31,
2020
10.05
.16
.46
.62
(.19)
—
December
31,
2019
9.26
.29
.85
1.14
(.12)
(.23)
December
31,
2018
10.29
.32
(.82)
(.50)
(.44)
(.09)
December
31,
2017
9.69
.25
.70
.95
(.23)
(.12)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Moderate
Strategy
Fund
11
$
Total
Distributions
$
Net
Asset
Value,
End
of
Period
%
Total
Return
(c)(h)
$
Net
Assets,
End
of
Period
(000)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Gross
(d)(e)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Net
(d)(e)(f)
%
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
(b)(c)(f)
%
Portfolio
Turnover
Rate
(c)
(.27)
8.64
(15.22)
75,920
.37
.14
.18
3
(.85)
10.47
8.23
96,988
.36
.14
3.
36
53
(.19)
10.48
6.40
92,798
.39
.14
1.69
23
(.35)
10.05
12.54
100,345
.38
.14
2.98
26
(.53)
9.26
(4.92)
101,103
.35
.14
3.20
22
(.35)
10.29
9.88
114,906
.35
.13
2.57
20
Russell
Investment
Funds
Moderate
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
12
Moderate
Strategy
Fund
Related
Party
Transactions,
Fees
and
Expenses
(Unaudited)
Accrued
fees
payable
to
affiliates
for
the
period
ended
June
30,
2022
were
as
follows:
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2022
with
Underlying
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
(Unaudited)
At
June
30,
2022,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Administration
fees
$
2,705
Transfer
agent
fees
280
$
2,985
Fair
Value,
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Change
in
Unrealized
Gain
(Loss)
Fair
Value,
End
of
Period
Income
Distributions
Capital
Gains
Distributions
RIF
Global
Real
Estate
Securities
Fund
$
2,981
$
144
$
356
$
5
$
(632
)
$
2,142
$
3
$
21
RIF
U.S.
Small
Cap
Equity
Fund
3,890
286
430
(58
)
(741
)
2,947
9
61
RIF
U.S.
Strategic
Equity
Fund
9,268
739
902
(112
)
(2,074
)
6,919
25
233
RIC
Investment
Grade
Bond
Fund
13,507
218
1,157
(101
)
(1,458
)
11,009
49
—
RIC
Unconstrained
Total
Return
Fund
1,932
3
246
(13
)
(146
)
1,530
1
—
RIF
Strategic
Bond
Fund
31,812
509
2,743
(166
)
(3,473
)
25,939
109
—
RIC
Emerging
Markets
Fund
1,933
75
169
(28
)
(318
)
1,493
—
—
RIC
Global
Equity
Fund
18,094
482
1,736
(72
)
(3,245
)
13,523
—
—
RIF
International
Developed
Markets
Fund
3,898
143
442
(20
)
(654
)
2,925
3
26
RIC
Multi-Strategy
Income
Fund
9,734
86
1,009
(11
)
(1,253
)
7,547
15
—
$
97,049
$
2,685
$
9,190
$
(576
)
$
(13,994
)
$
75,974
$
214
$
341
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
$
83,959,497
$
944,244
$
(8,929,743)
$
(7,985,499)
Russell
Investment
Funds
Balanced
Strategy
Fund
Shareholder
Expense
Example
—
June
30,
2022
(Unaudited)
Balanced
Strategy
Fund
13
Fund
Expenses
The
following
disclosure
provides
important
information
regarding
the
Fund’s
Shareholder
Expense
Example
(“Example”).
Example
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transaction
costs,
and
(2)
ongoing
costs,
including
advisory
and
administrative
fees
and
other
Fund
expenses.
The
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
indicated,
which
for
this
Fund
is
from
January
1,
2022
to
June
30,
2022
.
Actual
Expenses
The
information
in
the
table
under
the
heading
“Actual
Performance”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
column,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
column
in
the
row
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
in
the
table
under
the
heading
“Hypothetical
Performance
(5%
return
before
expenses)”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs.
Therefore,
the
information
under
the
heading
“Hypothetical
Performance
(5%
return
before
expenses)”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
The
fees
and
expenses
shown
in
this
section
do
not
reflect
any
Insurance
Company
Separate
Account
Policy
Charges.
Actual
Performance
Hypothetical
Performance
(5%
return
before
expenses)
Beginning
Account
Value
January
1,
2022
$
1,000
.00
$
1,000
.00
Ending
Account
Value
June
30,
2022
$
830
.30
$
1,024
.10
Expenses
Paid
During
Period*
$
0
.64
$
0
.70
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio
of
0.14%
(representing
the
six
month
period
annualized),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
May
reflect
amounts
waived
and/or
reimbursed.
Without
any
waivers
and/or
reimbursements,
expenses
would
have
been
higher.
Russell
Investment
Funds
Balanced
Strategy
Fund
Schedule
of
Investments
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
14
Balanced
Strategy
Fund
Amounts
in
thousands
(except
share
amounts)
Shares
Fair
Value
$
Investments
in
Affiliated
Funds
-
100.0%
Alternative
-
3.9%
RIF
Global
Real
Estate
Securities
Fund
611,195
8,153
Domestic
Equities
-
18.3%
RIF
U.S.
Small
Cap
Equity
Fund
689,179
8,291
RIF
U.S.
Strategic
Equity
Fund
1,837,853
29,920
38,211
Fixed
Income
-
30.8%
RIC
Unconstrained
Total
Return
Fund
Class
Y
502,356
4,210
RIF
Strategic
Bond
Fund
6,526,437
60,173
64,383
International
Equities
-
38.9%
RIC
Emerging
Markets
Fund
Class
Y
338,367
5,170
RIC
Global
Equity
Fund
Class
Y
8,795,298
65,878
RIF
International
Developed
Markets
Fund
1,016,586
10,217
81,265
Multi-Asset
-
8.1%
RIC
Multi-Strategy
Income
Fund
Class
Y
1,850,071
16,817
Total
Investments
in
Affiliated
Funds
(cost
$224,182)
208,829
Total
Investments
-
100.0%
(identified
cost
$224,182)
208,829
Other
Assets
and
Liabilities,
Net
-
(0.0)%
(95)
Net
Assets
-
100.0%
208,734
Russell
Investment
Funds
Balanced
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Balanced
Strategy
Fund
15
Statement
of
Assets
and
Liabilities
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Assets
Investments,
at
identified
cost
........................................................................................................................................................
$
224,182
Investments,
at
fair
value(>)
...........................................................................................................................................................
208,829
Receivables:
Investments
sold
................................................................................................................................................................
82
Prepaid
expenses
...........................................................................................................................................................................
2
Total
assets
.................................................................................................................................................
208,913
Liabilities
Payables:
Fund
shares
redeemed
.......................................................................................................................................................
82
Accrued
fees
to
affiliates
....................................................................................................................................................
15
Other
accrued
expenses
.....................................................................................................................................................
82
Total
liabilities
.............................................................................................................................................
179
Net
Assets
............................................................................................................................................................
$
208,734
Russell
Investment
Funds
Balanced
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
16
Balanced
Strategy
Fund
Statement
of
Assets
and
Liabilities,
continued
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
...............................................................................................................................................
$
(18,602)
Shares
of
beneficial
interest
...........................................................................................................................................................
253
Additional
paid-in
capital
..............................................................................................................................................................
227,083
Net
Assets
............................................................................................................................................................
$
208,734
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.........................................................................................................................................................
$
8.25
Net
assets
...............................................................................................................................................................................
$
208,733,643
Shares
outstanding
($.01
par
value)
.......................................................................................................................................
25,299,726
Amounts
in
thousands
(>)
Investments
in
affiliated
funds
$
208,829
(#)
Net
asset
value
per
share
equals
net
assets
divided
by
shares
of
beneficial
interest
outstanding.
Russell
Investment
Funds
Balanced
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Balanced
Strategy
Fund
17
Statement
of
Operations
—
For
the
Period
Ended
June
30,
2022
(Unaudited)
Amounts
in
thousands
Investment
Income
Income
distributions
from
affiliated
funds
.....................................................................................................................................
$
442
Expenses
Advisory
fees
....................................................................................................................................................................
234
Administrative
fees
...........................................................................................................................................................
50
Custodian
fees
...................................................................................................................................................................
20
Transfer
agent
fees
............................................................................................................................................................
5
Professional
fees
...............................................................................................................................................................
28
Trustees’
fees
....................................................................................................................................................................
6
Printing
fees
......................................................................................................................................................................
15
Miscellaneous
...................................................................................................................................................................
4
Expenses
before
reductions
..............................................................................................................................................
362
Expense
reductions
...........................................................................................................................................................
(197)
Net
expenses
.................................................................................................................................................................................
165
Net
investment
income
(loss)
........................................................................................................................................................
27
7
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
in
affiliated
funds
..........................................................................................................................................
(944)
Capital
gain
distributions
from
affiliated
funds
.................................................................................................................
1,289
Net
realized
gain
(loss)
..................................................................................................................................................................
34
5
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
in
affiliated
funds
..........................................................................................................................................
(44,4
0
8
)
Net
change
in
unrealized
appreciation
(depreciation)
...................................................................................................................
(44,4
0
8
)
Net
realized
and
unrealized
gain
(loss)
.........................................................................................................................................
(44,063
)
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
..........................................................................................
$
(43,786)
Russell
Investment
Funds
Balanced
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
18
Balanced
Strategy
Fund
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
Period
Ended
June
30,
2022
(Unaudited)
Fiscal
Year
Ended
December
31,
2021
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
............................................................................................................
$
27
7
$
9,743
Net
realized
gain
(loss)
......................................................................................................................
34
5
20,279
Net
change
in
unrealized
appreciation
(depreciation)
.......................................................................
(44,4
0
8
)
1,393
Net
increase
(decrease)
in
net
assets
from
operations
.............................................................................
(43,786)
31,415
Distributions
To
shareholders
.................................................................................................................................
(8,241)
(29,972)
Net
decrease
in
net
assets
from
distributions
..........................................................................................
(8,241)
(29,972)
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
.................................................................
346
9,254
Total
Net
Increase
(Decrease)
in
Net
Assets
..........................................................................
(51,681)
10,697
Net
Assets
Beginning
of
period
.................................................................................................................................
260,415
249,718
End
of
period
..........................................................................................................................................
$
208,734
$
260,415
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
June
30,
2022
and
December
31,
2021
were
as
follows:
2022
(Unaudited)
2021
Shares
Dollars
Shares
Dollars
Proceeds
from
shares
sold
557
$
5,238
1,332
$
14,408
Proceeds
from
reinvestment
of
distributions
870
8,241
2,931
29,972
Payments
for
shares
redeemed
(1,450
)
(13,133
)
(3,275
)
(35,126
)
Total
increase
(decrease)
(23
)
$
346
988
$
9,254
Russell
Investment
Funds
Balanced
Strategy
Fund
Financial
Highlights
—
For
the
Periods
Ended
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
20
Balanced
Strategy
Fund
For
a
Share
Outstanding
Throughout
Each
Period.
$
Net
Asset
Value,
Beginning
of
Period
$
Net
Investment
Income
(Loss)
(a)(b)(f)
$
Net
Realized
and
Unrealized
Gain
(Loss)
$
Total
from
Investment
Operations
$
Distributions
from
Net
Investment
Income
$
Distributions
from
Net
Realized
Gain
June
30,
2022(1)
10.28
.0
1
(1.71
)
(1.70)
(.02
)
(.31)
December
31,
2021
10.26
.40
.89
1.29
(.51)
(.76)
December
31,
2020
9.78
.14
.58
.72
(.11)
(.13)
December
31,
2019
8.70
.27
1.13
1.40
(.15)
(.17)
December
31,
2018
10.17
.32
(.97)
(.65)
(.54)
(.28)
December
31,
2017
9.74
.28
.87
1.15
(.25)
(.47)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Balanced
Strategy
Fund
21
$
Total
Distributions
$
Net
Asset
Value,
End
of
Period
%
Total
Return
(c)(h)
$
Net
Assets,
End
of
Period
(000)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Gross
(d)(e)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Net
(d)(e)(f)
%
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
(b)(c)(f)
%
Portfolio
Turnover
Rate
(c)
(.33)
8.25
(16.97)
208,734
.31
.14
.
12
3
(1.27)
10.28
13.04
260,415
.31
.14
3.76
47
(.24)
10.26
7.65
249,718
.33
.14
1.55
17
(.32)
9.78
16.32
263,673
.32
.14
2.89
32
(.82)
8.70
(6.69)
253,329
.30
.14
3.25
13
(.72)
10.17
12.00
295,259
.31
.13
2.74
35
Russell
Investment
Funds
Balanced
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
22
Balanced
Strategy
Fund
Related
Party
Transactions,
Fees
and
Expenses
(Unaudited)
Accrued
fees
payable
to
affiliates
for
the
period
ended
June
30,
2022
were
as
follows:
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2022
with
Underlying
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
(Unaudited)
At
June
30,
2022,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Advisory
fees
$
6,374
Administration
fees
7,524
Transfer
agent
fees
779
$
14,677
Fair
Value,
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Change
in
Unrealized
Gain
(Loss)
Fair
Value,
End
of
Period
Income
Distributions
Capital
Gains
Distributions
RIF
Global
Real
Estate
Securities
Fund
$
10,658
$
456
$
611
$
(7
)
$
(2,343
)
$
8,153
$
10
$
77
RIF
U.S.
Small
Cap
Equity
Fund
10,385
584
448
(52
)
(2,178
)
8,291
24
166
RIF
U.S.
Strategic
Equity
Fund
37,929
2,186
843
(114
)
(9,238
)
29,920
104
957
RIC
Unconstrained
Total
Return
Fund
5,137
73
565
(32
)
(403
)
4,210
2
—
RIF
Strategic
Bond
Fund
71,840
2,391
5,586
(406
)
(8,066
)
60,173
258
—
RIC
Emerging
Markets
Fund
6,490
255
378
(74
)
(1,123
)
5,170
—
—
RIC
Global
Equity
Fund
84,179
759
2,934
(140
)
(15,986
)
65,878
—
—
RIF
International
Developed
Markets
Fund
13,067
313
811
(49
)
(2,303
)
10,217
11
89
RIC
Multi-Strategy
Income
Fund
20,851
141
1,337
(70
)
(2,768
)
16,817
33
—
$
260,536
$
7,158
$
13,513
$
(944
)
$
(44,408
)
$
208,829
$
442
$
1,289
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
$
227,795,969
$
4,171,115
$
(23,138,336)
$
(18,967,221)
Russell
Investment
Funds
Growth
Strategy
Fund
Shareholder
Expense
Example
—
June
30,
2022
(Unaudited)
Growth
Strategy
Fund
23
Fund
Expenses
The
following
disclosure
provides
important
information
regarding
the
Fund’s
Shareholder
Expense
Example
(“Example”).
Example
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transaction
costs,
and
(2)
ongoing
costs,
including
advisory
and
administrative
fees
and
other
Fund
expenses.
The
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
indicated,
which
for
this
Fund
is
from
January
1,
2022
to
June
30,
2022
.
Actual
Expenses
The
information
in
the
table
under
the
heading
“Actual
Performance”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
column,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
column
in
the
row
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
in
the
table
under
the
heading
“Hypothetical
Performance
(5%
return
before
expenses)”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs.
Therefore,
the
information
under
the
heading
“Hypothetical
Performance
(5%
return
before
expenses)”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
The
fees
and
expenses
shown
in
this
section
do
not
reflect
any
Insurance
Company
Separate
Account
Policy
Charges.
Actual
Performance
Hypothetical
Performance
(5%
return
before
expenses)
Beginning
Account
Value
January
1,
2022
$
1,000
.00
$
1,000
.00
Ending
Account
Value
June
30,
2022
$
812
.00
$
1,024
.05
Expenses
Paid
During
Period*
$
0
.67
$
0
.75
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio
of
0.15%
(representing
the
six
month
period
annualized),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
May
reflect
amounts
waived
and/or
reimbursed.
Without
any
waivers
and/or
reimbursements,
expenses
would
have
been
higher.
Russell
Investment
Funds
Growth
Strategy
Fund
Schedule
of
Investments
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
24
Growth
Strategy
Fund
Amounts
in
thousands
(except
share
amounts)
Shares
Fair
Value
$
Investments
in
Affiliated
Funds
-
100.0%
Alternative
-
4.8%
RIF
Global
Real
Estate
Securities
Fund
592,330
7,902
Domestic
Equities
-
24.6%
RIF
U.S.
Small
Cap
Equity
Fund
547,018
6,581
RIF
U.S.
Strategic
Equity
Fund
2,057,619
33,498
40,079
Fixed
Income
-
11.3%
RIC
Unconstrained
Total
Return
Fund
Class
Y
393,311
3,296
RIF
Strategic
Bond
Fund
1,639,844
15,119
18,415
International
Equities
-
49.3%
RIC
Emerging
Markets
Fund
Class
Y
211,260
3,228
RIC
Global
Equity
Fund
Class
Y
8,920,559
66,814
RIF
International
Developed
Markets
Fund
1,044,835
10,501
80,543
Multi-Asset
-
10.0%
RIC
Multi-Asset
Growth
Strategy
Fund
Class
Y
1,830,937
16,405
Total
Investments
in
Affiliated
Funds
(cost
$173,397)
163,344
Total
Investments
-
100.0%
(identified
cost
$173,397)
163,344
Other
Assets
and
Liabilities,
Net
-
(0.0)%
(77)
Net
Assets
-
100.0%
163,267
Russell
Investment
Funds
Growth
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Growth
Strategy
Fund
25
Statement
of
Assets
and
Liabilities
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Assets
Investments,
at
identified
cost
........................................................................................................................................................
$
173,397
Investments,
at
fair
value(>)
...........................................................................................................................................................
163,344
Receivables:
Investments
sold
................................................................................................................................................................
12
Prepaid
expenses
...........................................................................................................................................................................
2
Total
assets
.................................................................................................................................................
163,358
Liabilities
Payables:
Fund
shares
redeemed
.......................................................................................................................................................
12
Accrued
fees
to
affiliates
....................................................................................................................................................
12
Other
accrued
expenses
.....................................................................................................................................................
67
Total
liabilities
.............................................................................................................................................
91
Net
Assets
............................................................................................................................................................
$
163,267
Russell
Investment
Funds
Growth
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
26
Growth
Strategy
Fund
Statement
of
Assets
and
Liabilities,
continued
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
...............................................................................................................................................
$
(12,277)
Shares
of
beneficial
interest
...........................................................................................................................................................
201
Additional
paid-in
capital
..............................................................................................................................................................
175,343
Net
Assets
............................................................................................................................................................
$
163,267
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.........................................................................................................................................................
$
8.13
Net
assets
...............................................................................................................................................................................
$
163,267,182
Shares
outstanding
($.01
par
value)
.......................................................................................................................................
20,088,312
Amounts
in
thousands
(>)
Investments
in
affiliated
funds
$
163,344
(#)
Net
asset
value
per
share
equals
net
assets
divided
by
shares
of
beneficial
interest
outstanding.
Russell
Investment
Funds
Growth
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Growth
Strategy
Fund
27
Statement
of
Operations
—
For
the
Period
Ended
June
30,
2022
(Unaudited)
Amounts
in
thousands
Investment
Income
Income
distributions
from
affiliated
funds
.....................................................................................................................................
$
262
Expenses
Advisory
fees
....................................................................................................................................................................
185
Administrative
fees
...........................................................................................................................................................
39
Custodian
fees
...................................................................................................................................................................
18
Transfer
agent
fees
...........................................................................................................................................................
4
Professional
fees
...............................................................................................................................................................
26
Trustees’
fees
....................................................................................................................................................................
4
Printing
fees
......................................................................................................................................................................
12
Miscellaneous
...................................................................................................................................................................
5
Expenses
before
reductions
..............................................................................................................................................
293
Expense
reductions
...........................................................................................................................................................
(153)
Net
expenses
.................................................................................................................................................................................
140
Net
investment
income
(loss)
........................................................................................................................................................
122
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
in
affiliated
funds
..........................................................................................................................................
(595)
Capital
gain
distributions
from
affiliated
funds
.................................................................................................................
1,376
Net
realized
gain
(loss)
..................................................................................................................................................................
781
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
in
affiliated
funds
..........................................................................................................................................
(39,368)
Net
change
in
unrealized
appreciation
(depreciation)
...................................................................................................................
(39,368)
Net
realized
and
unrealized
gain
(loss)
.........................................................................................................................................
(38,587)
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
..........................................................................................
$
(38,465)
Russell
Investment
Funds
Growth
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
28
Growth
Strategy
Fund
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
Period
Ended
June
30,
2022
(Unaudited)
Fiscal
Year
Ended
December
31,
2021
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
............................................................................................................
$
122
$
8,734
Net
realized
gain
(loss)
......................................................................................................................
781
23,288
Net
change
in
unrealized
appreciation
(depreciation)
.......................................................................
(39,368)
1,120
Net
increase
(decrease)
in
net
assets
from
operations
.............................................................................
(38,465)
33,142
Distributions
To
shareholders
.................................................................................................................................
(7,971)
(29,534)
Net
decrease
in
net
assets
from
distributions
..........................................................................................
(7,971)
(29,534)
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
.................................................................
277
7,012
Total
Net
Increase
(Decrease)
in
Net
Assets
..........................................................................
(46,159)
10,620
Net
Assets
Beginning
of
period
.................................................................................................................................
209,426
198,806
End
of
period
..........................................................................................................................................
$
163,267
$
209,426
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
June
30,
2022
and
December
31,
2021
were
as
follows:
2022
(Unaudited)
2021
Shares
Dollars
Shares
Dollars
Proceeds
from
shares
sold
237
$
2,213
508
$
5,632
Proceeds
from
reinvestment
of
distributions
841
7,971
2,856
29,534
Payments
for
shares
redeemed
(1,059)
(9,907)
(2,563)
(28,154)
Total
increase
(decrease)
19
$
277
801
$
7,012
Russell
Investment
Funds
Growth
Strategy
Fund
Financial
Highlights
—
For
the
Periods
Ended
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
30
Growth
Strategy
Fund
For
a
Share
Outstanding
Throughout
Each
Period.
$
Net
Asset
Value,
Beginning
of
Period
$
Net
Investment
Income
(Loss)
(a)(b)(f)
$
Net
Realized
and
Unrealized
Gain
(Loss)
$
Total
from
Investment
Operations
$
Distributions
from
Net
Investment
Income
$
Distributions
from
Net
Realized
Gain
June
30,
2022(1)
10.44
.01
(1.92)
(1.91)
(
.01
)
(.39
)
December
31,
2021
10.32
.46
1.27
1.73
(.51
)
(1.10)
December
31,
2020
9.72
.09
.82
.91
(.15)
(.16)
December
31,
2019
8.76
.23
1.31
1.54
(.07)
(.51)
December
31,
2018
10.46
.37
(1.17)
(.80)
(.51)
(.39)
December
31,
2017
9.53
.34
1.13
1.47
(.32)
(.22)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Growth
Strategy
Fund
31
$
Total
Distributions
$
Net
Asset
Value,
End
of
Period
%
Total
Return
(c)(h)
$
Net
Assets,
End
of
Period
(000)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Gross
(d)(e)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Net
(d)(e)(f)
%
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
(b)(c)(f)
%
Portfolio
Turnover
Rate
(c)
(.40)
8.13
(18.80)
163,267
.32
.15
.07
2
(1.61)
10.44
17.44
209,426
.3
2
.15
4.2
0
53
(.31)
10.32
9.75
198,806
.33
.15
.97
16
(.58)
9.72
18.06
205,409
.33
.15
2.48
35
(.90)
8.76
(8.05)
190,042
.31
.15
3.69
18
(.54)
10.46
15.65
220,835
.32
.14
3.37
29
Russell
Investment
Funds
Growth
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
32
Growth
Strategy
Fund
Related
Party
Transactions,
Fees
and
Expenses
(Unaudited)
Accrued
fees
payable
to
affiliates
for
the
period
ended
June
30,
2022
were
as
follows:
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2022
with
Underlying
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
(Unaudited)
At
June
30,
2022
,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Advisory
fees
$
5,179
Administration
fees
5,913
Transfer
agent
fees
612
$
11,704
Fair
Value,
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Change
in
Unrealized
Gain
(Loss)
Fair
Value,
End
of
Period
Income
Distributions
Capital
Gains
Distributions
RIF
Global
Real
Estate
Securities
Fund
$
10,696
$
289
$
762
$
6
$
(2,327
)
$
7,902
$
10
$
76
RIF
U.S.
Small
Cap
Equity
Fund
8,379
352
365
(39
)
(1,746
)
6,581
19
133
RIF
U.S.
Strategic
Equity
Fund
43,214
1,592
774
(93
)
(10,441
)
33,498
117
1,076
RIC
Unconstrained
Total
Return
Fund
4,107
72
542
(23
)
(318
)
3,296
1
—
RIF
Strategic
Bond
Fund
18,411
506
1,665
(104
)
(2,029
)
15,119
65
—
RIC
Emerging
Markets
Fund
4,083
161
269
(41
)
(706
)
3,228
—
—
RIC
Global
Equity
Fund
86,495
749
3,993
(204
)
(16,233
)
66,814
—
—
RIF
International
Developed
Markets
Fund
13,483
403
966
(33
)
(2,386
)
10,501
12
91
RIC
Multi-Asset
Growth
Strategy
Fund
20,653
244
1,246
(64
)
(3,182
)
16,405
38
—
$
209,521
$
4,368
$
10,582
$
(595
)
$
(39,368
)
$
163,344
$
262
$
1,376
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
$
176,476,508
$
8,614,944
$
(21,746,966)
$
(13,132,022)
Russell
Investment
Funds
Equity
Growth
Strategy
Fund
Shareholder
Expense
Example
—
June
30,
2022
(Unaudited)
Equity
Growth
Strategy
Fund
33
Fund
Expenses
The
following
disclosure
provides
important
information
regarding
the
Fund’s
Shareholder
Expense
Example
(“Example”).
Example
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transaction
costs,
and
(2)
ongoing
costs,
including
advisory
and
administrative
fees
and
other
Fund
expenses.
The
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
indicated,
which
for
this
Fund
is
from
January
1,
2022
to
June
30,
2022
.
Actual
Expenses
The
information
in
the
table
under
the
heading
“Actual
Performance”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
column,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
column
in
the
row
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
in
the
table
under
the
heading
“Hypothetical
Performance
(5%
return
before
expenses)”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs.
Therefore,
the
information
under
the
heading
“Hypothetical
Performance
(5%
return
before
expenses)”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
The
fees
and
expenses
shown
in
this
section
do
not
reflect
any
Insurance
Company
Separate
Account
Policy
Charges.
Actual
Performance
Hypothetical
Performance
(5%
return
before
expenses)
Beginning
Account
Value
January
1,
2022
$
1,000
.00
$
1,000
.00
Ending
Account
Value
June
30,
2022
$
803
.30
$
1,024
.05
Expenses
Paid
During
Period*
$
0
.67
$
0
.75
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio
of
0.15%
(representing
the
six
month
period
annualized),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
May
reflect
amounts
waived
and/or
reimbursed.
Without
any
waivers
and/or
reimbursements,
expenses
would
have
been
higher.
Russell
Investment
Funds
Equity
Growth
Strategy
Fund
Schedule
of
Investments
—
June
30,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
34
Equity
Growth
Strategy
Fund
Amounts
in
thousands
(except
share
amounts)
Shares
Fair
Value
$
Investments
in
Affiliated
Funds
-
100.1%
Alternative
-
5.0%
RIF
Global
Real
Estate
Securities
Fund
154,511
2,061
Domestic
Equities
-
27.7%
RIF
U.S.
Small
Cap
Equity
Fund
171,711
2,066
RIF
U.S.
Strategic
Equity
Fund
572,193
9,315
11,381
International
Equities
-
57.4%
RIC
Emerging
Markets
Fund
Class
Y
66,941
1,023
RIC
Global
Equity
Fund
Class
Y
2,634,634
19,733
RIF
International
Developed
Markets
Fund
282,681
2,841
23,597
Multi-Asset
-
10.0%
RIC
Multi-Asset
Growth
Strategy
Fund
Class
Y
459,829
4,120
Total
Investments
in
Affiliated
Funds
(cost
$44,537)
41,159
Total
Investments
-
100.1%
(identified
cost
$44,537)
41,159
Other
Assets
and
Liabilities,
Net
-
(0.1)%
(39)
Net
Assets
-
100.0%
41,120
Russell
Investment
Funds
Equity
Growth
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Equity
Growth
Strategy
Fund
35
Statement
of
Assets
and
Liabilities
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Assets
Investments,
at
identified
cost
........................................................................................................................................................
$
44,537
Investments,
at
fair
value(>)
...........................................................................................................................................................
41,159
Receivables:
From
affiliates
....................................................................................................................................................................
4
Total
assets
.................................................................................................................................................
41,163
Liabilities
Payables:
Accrued
fees
to
affiliates
....................................................................................................................................................
2
Other
accrued
expenses
.....................................................................................................................................................
41
Total
liabilities
.............................................................................................................................................
43
Net
Assets
............................................................................................................................................................
$
41,120
Russell
Investment
Funds
Equity
Growth
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
36
Equity
Growth
Strategy
Fund
Statement
of
Assets
and
Liabilities,
continued
—
June
30,
2022
(Unaudited)
Amounts
in
thousands
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
...............................................................................................................................................
$
(4,503)
Shares
of
beneficial
interest
...........................................................................................................................................................
54
Additional
paid-in
capital
..............................................................................................................................................................
45,569
Net
Assets
............................................................................................................................................................
$
41,120
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.........................................................................................................................................................
$
7.63
Net
assets
...............................................................................................................................................................................
$
41,120,191
Shares
outstanding
($.01
par
value)
.......................................................................................................................................
5,392,320
Amounts
in
thousands
(>)
Investments
in
affiliated
funds
$
41,159
(#)
Net
asset
value
per
share
equals
net
assets
divided
by
shares
of
beneficial
interest
outstanding.
Russell
Investment
Funds
Equity
Growth
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Equity
Growth
Strategy
Fund
37
Statement
of
Operations
—
For
the
Period
Ended
June
30,
2022
(Unaudited)
Amounts
in
thousands
Investment
Income
Income
distributions
from
affiliated
funds
.....................................................................................................................................
$
54
Expenses
Advisory
fees
....................................................................................................................................................................
47
Administrative
fees
...........................................................................................................................................................
10
Custodian
fees
...................................................................................................................................................................
18
Transfer
agent
fees
............................................................................................................................................................
1
Professional
fees
...............................................................................................................................................................
19
Trustees’
fees
....................................................................................................................................................................
1
Printing
fees
......................................................................................................................................................................
5
Miscellaneous
...................................................................................................................................................................
3
Expenses
before
reductions
..............................................................................................................................................
104
Expense
reductions
...........................................................................................................................................................
(69)
Net
expenses
.................................................................................................................................................................................
35
Net
investment
income
(loss)
........................................................................................................................................................
19
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
in
affiliated
funds
..........................................................................................................................................
(347)
Capital
gain
distributions
from
affiliated
funds
.................................................................................................................
383
Net
realized
gain
(loss)
..................................................................................................................................................................
36
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
in
affiliated
funds
..........................................................................................................................................
(10,257)
Net
change
in
unrealized
appreciation
(depreciation)
...................................................................................................................
(10,257)
Net
realized
and
unrealized
gain
(loss)
.........................................................................................................................................
(10,221)
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
..........................................................................................
$
(10,202)
Russell
Investment
Funds
Equity
Growth
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
38
Equity
Growth
Strategy
Fund
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
Period
Ended
June
30,
2022
(Unaudited)
Fiscal
Year
Ended
December
31,
2021
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
............................................................................................................
$
19
$
2,163
Net
realized
gain
(loss)
......................................................................................................................
36
7,282
Net
change
in
unrealized
appreciation
(depreciation)
.......................................................................
(10,257)
(748)
Net
increase
(decrease)
in
net
assets
from
operations
.............................................................................
(10,202)
8,697
Distributions
To
shareholders
.................................................................................................................................
(2,171)
(6,502)
Net
decrease
in
net
assets
from
distributions
..........................................................................................
(2,171)
(6,502)
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
.................................................................
1,418
4,558
Total
Net
Increase
(Decrease)
in
Net
Assets
..........................................................................
(10,955)
6,753
Net
Assets
Beginning
of
period
.................................................................................................................................
52,075
45,322
End
of
period
..........................................................................................................................................
$
41,120
$
52,075
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
June
30,
2022
and
December
31,
2021
were
as
follows:
2022
(Unaudited)
2021
Shares
Dollars
Shares
Dollars
Proceeds
from
shares
sold
186
$
1,58
8
345
$
3,689
Proceeds
from
reinvestment
of
distributions
242
2,17
1
666
6,502
Payments
for
shares
redeemed
(274)
(2,341)
(545)
(5,633)
Total
increase
(decrease)
154
$
1,418
466
$
4,558
Russell
Investment
Funds
Equity
Growth
Strategy
Fund
Financial
Highlights
—
For
the
Periods
Ended
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
40
Equity
Growth
Strategy
Fund
For
a
Share
Outstanding
Throughout
Each
Period.
$
Net
Asset
Value,
Beginning
of
Period
$
Net
Investment
Income
(Loss)
(a)(b)(f)
$
Net
Realized
and
Unrealized
Gain
(Loss)
$
Total
from
Investment
Operations
$
Distributions
from
Net
Investment
Income
$
Distributions
from
Net
Realized
Gain
June
30,
2022(1)
9.94
—
(g)
(1.89)
(1.89)
(.01)
(.41)
December
31,
2021
9.50
.46
1.36
1.82
(.53)
(.85)
December
31,
2020
9.20
.08
.64
.72
(.17)
(.25)
December
31,
2019
8.16
.20
1.39
1.59
(.02)
(.53)
December
31,
2018
9.97
.36
(1.26)
(.90)
(.48)
(.43)
December
31,
2017
8.92
.35
1.21
1.56
(.32)
(.19)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Equity
Growth
Strategy
Fund
41
$
Total
Distributions
$
Net
Asset
Value,
End
of
Period
%
Total
Return
(c)(h)
$
Net
Assets,
End
of
Period
(000)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Gross
(d)(e)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Net
(d)(e)(f)
%
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
(b)(c)(f)
%
Portfolio
Turnover
Rate
(c)
(.42)
7.63
(19.67)
41,120
.45
.15
.04
5
(1.38)
9.94
19.61
52,075
.43
.15
4.38
48
(.42)
9.50
8.26
45,322
.52
.15
.95
28
(.55)
9.20
20.09
49,316
.48
.15
2.36
38
(.91)
8.16
(9.55)
47,630
.43
.15
3.73
21
(.51)
9.97
17.67
55,946
.43
.14
3.72
35
Russell
Investment
Funds
Equity
Growth
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
42
Equity
Growth
Strategy
Fund
Related
Party
Transactions,
Fees
and
Expenses
(Unaudited)
Accrued
fees
payable
to
affiliates
for
the
period
ended
June
30,
2022
were
as
follows:
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2022
with
Underlying
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
(Unaudited)
At
June
30,
2022,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Administration
fees
$
1,497
Transfer
agent
fees
155
$
1,652
Fair
Value,
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Change
in
Unrealized
Gain
(Loss)
Fair
Value,
End
of
Period
Income
Distributions
Capital
Gains
Distributions
RIF
Global
Real
Estate
Securities
Fund
$
2,629
$
198
$
182
$
(8
)
$
(576
)
$
2,061
$
2
$
19
RIF
U.S.
Small
Cap
Equity
Fund
2,607
194
175
(51
)
(509
)
2,066
6
42
RIF
U.S.
Strategic
Equity
Fund
11,724
885
400
(73
)
(2,821
)
9,315
32
297
RIC
Emerging
Markets
Fund
1,297
136
172
(36
)
(202
)
1,023
—
—
RIC
Global
Equity
Fund
24,980
504
909
(81
)
(4,761
)
19,733
1
1
RIF
International
Developed
Markets
Fund
3,656
225
379
(49
)
(612
)
2,841
3
24
RIC
Multi-Asset
Growth
Strategy
Fund
5,228
169
452
(49
)
(776
)
4,120
10
—
$
52,121
$
2,311
$
2,669
$
(347
)
$
(10,257
)
$
41,159
$
54
$
383
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
$
45,872,833
$
1,392,038
$
(6,105,432)
$
(4,713,394)
Russell
Investment
Funds
LifePoints
®
Variable
Target
Portfolio
Series
Notes
to
Financial
Highlights
—
June
30,
2022
(Unaudited)
Notes
to
Financial
Highlights
43
(1)
For
the
period
ended
June
30,
2022
(Unaudited).
(a)
Average
daily
shares
outstanding
were
used
for
this
calculation.
(b)
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
the
declaration
of
dividends
by
the
Underlying
Funds
in
which
the
Fund
invests.
(c)
Periods
less
than
one
year
are
not
annualized.
(d)
The
ratios
for
periods
less
than
one
year
are
annualized.
(e)
The
calculation
includes
only
those
expenses
charged
directly
to
the
Fund
and
does
not
include
expenses
charged
to
the
Underlying
Funds
in
which
the
Fund
invests.
(f)
May
reflect
amounts
waived
and
reimbursed
by
Russell
Investment
Management,
LLC
(“RIM”).
(g)
Less
than
$.01
per
share.
(h)
The
total
return
does
not
reflect
any
Insurance
Company
Separate
Account
or
Policy
Charges.
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Notes
to
Financial
Statements
—
June
30,
2022
(Unaudited)
44
Notes
to
Financial
Statements
1.
Organization
Russell
Investment
Funds
(the
“Investment
Company”
or
“RIF”)
is
a
series
investment
company
with
nine
different
investment
portfolios
referred
to
as
funds.
These
financial
statements
report
on
four
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
the
financial
statements)
refers
to
the
six
months
ended
June
30,
2022.
Each
of
the
Funds
listed
in
the
table
below
is
a
“fund
of
funds”
and
diversifies
its
assets
by
investing
in
shares
of
several
other
RIF
funds
and
in
certain
Russell
Investment
Company
(“RIC”)
funds
(the
“Underlying
Funds”).
Each
Fund
seeks
to
achieve
its
specific
investment
objective
by
investing
in
different
combinations
of
Underlying
Funds.
The
following
table
shows
each
Fund’s
approximate
target
strategic
allocation
to
equity,
fixed
income,
multi-asset
and
alternative
asset
classes
effective
May
1,
2022.
As
of
June
30,
2022,
the
equity
Underlying
Funds
in
which
the
Funds
may
invest
include
the
RIC
Sustainable
Equity,
RIF
U.S.
Small
Cap
Equity,
RIF
U.S.
Strategic
Equity,
RIC
Emerging
Markets,
RIC
Global
Equity,
and
RIF
International
Developed
Markets
Funds.
The
fixed
income
Underlying
Funds
in
which
the
Funds
may
invest
include
the
RIC
Investment
Grade
Bond,
RIC
Opportunistic
Credit,
RIC
Short
Duration
Bond,
RIC
Unconstrained
Total
Return,
and
RIF
Strategic
Bond
Funds.
The
multi-asset
Underlying
Funds
in
which
the
Funds
may
invest
include
the
RIC
Multi-Asset
Growth
Strategy
and
RIC
Multi-Strategy
Income
Funds.
The
alternative
Underlying
Funds
in
which
the
Funds
may
invest
include
the
RIC
Global
Infrastructure
and
RIF
Global
Real
Estate
Securities
Funds.
Each
Fund
intends
its
strategy
of
investing
in
combinations
of
equity,
fixed
income,
multi-asset
and
alternative
Underlying
Funds
to
result
in
investment
diversification
that
an
investor
could
otherwise
achieve
only
by
holding
numerous
individual
investments.
A
Fund’s
actual
allocation
may
vary
from
the
target
strategic
asset
allocation
at
any
point
in
time
due
to
market
movements
and/or
due
to
the
implementation
over
a
period
of
time
of
a
change
to
the
target
strategic
asset
allocation
including
the
addition
of
a
new
Underlying
Fund.
There
may
be
no
changes
in
the
asset
allocation
or
to
the
Underlying
Funds
in
a
given
period
or
such
changes
may
be
made
one
or
more
times
in
a
period.
*
As
described
above,
actual
asset
allocation
may
vary.
#
Alternative
Underlying
Funds
pursue
investment
strategies
that
differ
from
those
of
traditional
broad
market
equity
or
fixed
income
funds.
2.
Significant
Accounting
Policies
The
Funds’
financial
statements
are
prepared
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
financial
statements.
Actual
results
could
differ
from
those
estimates.
The
Funds
are
considered
investment
companies
under
U.S.
GAAP
and
follow
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
each
Fund
in
the
preparation
of
its
financial
statements.
Asset
Allocation*
Moderate
Strategy
Fund
Balanced
Strategy
Fund
Growth
Strategy
Fund
Equity
Growth
Strategy
Fund
Equity
38%
58%
74%
85%
Fixed
Income
49%
30%
11%
—%
Multi-Asset
10%
8%
10%
10%
Alternative
#
3%
4%
5%
5%
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
Notes
to
Financial
Statements
45
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”).
The
Funds
value
the
shares
of
the
Underlying
Funds
at
the
current
NAV
per
share
of
each
Underlying
Fund.
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.
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.
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.
Investments
in
investment
funds
that
are
not
traded
on
a
national
securities
exchange
(or
reported
on
the
NASDAQ
national
market)
will
be
valued
based
upon
the
NAV
of
such
investments.
For
the
period
ended
June
30,
2022,
all
investments
held
were
classified
as
Level
1
within
the
fair
value
hierarchy.
Investment
Transactions
Investment
transactions
are
reflected
as
of
the
trade
date
for
financial
reporting
purposes.
This
may
cause
the
NAV
stated
in
the
financial
statements
to
be
different
from
the
NAV
at
which
shareholders
may
transact.
Realized
gains
and
losses
from
securities
transactions,
if
applicable,
are
recorded
on
the
basis
of
specific
identified
cost
incurred.
Investment
Income
Distributions
of
income
and
capital
gains
from
the
Funds
or
Underlying
Funds
are
recorded
on
the
ex-dividend
date.
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
46
Notes
to
Financial
Statements
Federal
Income
Taxes
Since
the
Investment
Company
is
a
Massachusetts
business
trust,
each
Fund
is
a
separate
corporate
taxpayer
and
determines
its
net
investment
income
and
capital
gains
(or
losses)
and
the
amounts
to
be
distributed
to
each
Fund’s
shareholders
without
regard
to
the
income
and
capital
gains
(or
losses)
of
the
other
Funds.
Each
Fund
intends
to
qualify
or
continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended
(the
“Code”)
and
intends
to
distribute
all
of
its
taxable
income
and
capital
gains.
Therefore,
no
federal
income
tax
provision
is
required
for
the
Funds.
The
Funds
comply
with
the
authoritative
guidance
for
uncertainty
in
income
taxes
which
requires
management
to
determine
whether
a
tax
position
of
the
Funds
is
more
likely
than
not
to
be
sustained
upon
examination,
including
resolution
of
any
related
appeals
or
litigation
processes,
based
on
the
technical
merits
of
the
position.
For
tax
positions
meeting
the
more
likely
than
not
threshold,
the
tax
amount
recognized
in
the
financial
statements
is
reduced
by
the
largest
benefit
that
has
a
greater
than
50%
likelihood
of
being
realized
upon
ultimate
settlement
with
the
relevant
taxing
authority.
Management
determined
that
no
accruals
need
to
be
made
in
the
financial
statements
due
to
uncertain
tax
positions.
Management
continually
reviews
and
adjusts
the
Funds’
liability
for
income
taxes
based
on
analyses
of
tax
laws
and
regulations,
as
well
as
their
interpretations,
and
other
relevant
factors.
Each
Fund
files
a
U.S.
tax
return.
As
of
June
30,
2022,
the
Funds
had
recorded
no
liabilities
for
net
unrecognized
tax
benefits
relating
to
uncertain
income
tax
positions
they
have
taken
or
expect
to
take
in
future
tax
returns.
While
the
statute
of
limitations
remains
open
to
examine
the
Funds’
U.S.
tax
returns
filed
for
the
fiscal
years
ended
December
31,
2019
through
December
31,
2021,
no
examinations
are
in
progress
or
anticipated
at
this
time.
The
Funds
are
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
significantly
change
in
the
next
twelve
months.
Dividends
and
Distributions
to
Shareholders
Income
dividends,
capital
gain
distributions
and
return
of
capital,
if
any,
are
recorded
on
the
ex-dividend
date.
Income
dividends
are
generally
declared
and
paid
quarterly.
Capital
gain
distributions
are
generally
declared
and
paid
annually.
An
additional
distribution
may
be
paid
by
the
Funds
to
avoid
imposition
of
federal
income
and
excise
tax
on
any
remaining
undistributed
capital
gains
and
net
investment
income.
The
timing
and
characterization
of
certain
income
and
capital
gain
distributions
are
determined
in
accordance
with
federal
tax
regulations
which
may
differ
from
U.S.
GAAP.
As
a
result,
net
investment
income
and
net
realized
gain
(or
loss)
on
investments
and
foreign
currency-related
transactions
for
a
reporting
period
may
differ
significantly
from
distributions
during
such
period.
The
differences
between
tax
regulations
and
U.S.
GAAP
primarily
relate
to
investments
in
options,
futures,
forward
contracts,
swap
contracts,
the
Underlying
Funds
sold
at
a
loss,
wash
sale
deferrals
and
capital
loss
carryforwards.
Accordingly,
the
Funds
may
periodically
make
reclassifications
among
certain
of
their
capital
accounts
without
impacting
their
NAVs.
Expenses
Expenses
included
in
the
accompanying
financial
statements
reflect
the
expenses
of
each
Fund
and
do
not
include
those
expenses
incurred
by
the
Underlying
Funds.
Because
the
Underlying
Funds
have
varied
expense
and
fee
levels
and
the
Funds
may
own
different
proportions
of
the
Underlying
Funds
at
different
times,
the
amount
of
the
Underlying
Funds’
fees
and
expenses
incurred
indirectly
by
the
Funds
will
vary.
The
Funds
pay
their
own
expenses
other
than
those
expressly
assumed
by
RIM,
the
Funds’
adviser,
or
RIFUS.
Most
expenses
can
be
directly
attributed
to
the
individual
Funds.
Expenses
which
cannot
be
directly
attributed
to
a
specific
Fund
are
allocated
among
all
Funds
principally
based
on
their
relative
net
assets.
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
Underlying
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
London
Interbank
Offer
Rate
(“LIBOR”).
LIBOR
is
an
average
interest
rate,
determined
by
the
ICE
Benchmark
Administration,
that
banks
charge
one
another
for
the
use
of
short-term
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
Notes
to
Financial
Statements
47
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
indicate
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
Underlying
Funds
or
on
certain
instruments
in
which
an
Underlying
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
Underlying
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
an
Underlying
Fund,
including
those
described
in
this
paragraph,
or
a
reduction
in
the
effectiveness
of
related
Underlying
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
an
Underlying
Fund.
Market,
Credit
and
Counterparty
Risk
In
the
normal
course
of
business,
the
Underlying
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
Underlying
Funds
may
also
be
exposed
to
counterparty
risk
or
risk
that
an
institution
or
other
entity
with
which
the
Underlying
Funds
have
unsettled
or
open
transactions
will
default.
The
potential
loss
could
exceed
the
value
of
the
relevant
assets
recorded
in
the
Underlying
Funds’
financial
statements
(the
“Assets”).
The
Assets
consist
principally
of
cash
due
from
counterparties
and
investments.
The
extent
of
the
Underlying
Funds’
exposure
to
market,
credit
and
counterparty
risks
with
respect
to
the
Assets
approximates
their
carrying
value
as
recorded
in
the
Underlying
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
an
Underlying
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
an
Underlying
Fund
to
greater
market
and
liquidity
risk
and
potential
difficulty
in
valuing
portfolio
instruments
held
by
an
Underlying
Fund.
This
could
cause
an
Underlying
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
Underlying
Fund’s
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
an
Underlying
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
an
Underlying
Fund’s
investments
and
performance.
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
48
Notes
to
Financial
Statements
3.
Investment
Transactions
Underlying
Funds
During
the
period
ended
June
30,
2022,
the
Funds’
purchases
and
sales
of
Underlying
Funds
were
as
follows:
4.
Related
Party
Transactions,
Fees
and
Expenses
Adviser,
Administrator,
Transfer
and
Dividend
Disbursing
Agent
RIM
provides
or
oversees
the
provision
of
all
investment
advisory
and
portfolio
management
services
for
the
Funds.
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.
An
affiliated
company
is
a
company
in
which
a
Fund
has
ownership
of
at
least
5%
of
the
voting
securities
or
which
the
Fund
controls,
is
controlled
by
or
is
under
common
control
with.
See
each
Fund’s
Related
Party
Transactions,
Fees
and
Expenses
for
disclosure
of
transactions
with
affiliated
companies.
The
advisory
fee
of
0.20%
is
based
upon
the
average
daily
net
assets
of
each
Fund
and
the
administration
fee
of
up
to
0.0425%
is
based
on
the
combined
average
daily
net
assets
of
the
Funds.
Advisory
and
administration
fees
are
paid
monthly.
The
following
table
shows
the
total
amount
of
each
of
these
fees
paid
by
the
Funds
for
the
period
ended
June
30,
2022:
RIM
has
agreed
to
certain
waivers
of
its
advisory
fees
as
follows:
For
the
Moderate
Strategy
Fund,
RIM
has
contractually
agreed,
until
April
30,
2023,
to
waive
up
to
the
full
amount
of
its
0.20%
advisory
fee
and
then
to
reimburse
the
Fund
for
other
direct
Fund-level
expenses
to
the
extent
that
direct
Fund-level
expenses
exceed
0.14%
of
the
average
daily
net
assets
of
the
Fund
on
an
annual
basis.
Direct
Fund-level
expenses
do
not
include
infrequent
and/or
unusual
expenses
or
the
expenses
of
other
investment
companies
in
which
the
Fund
invests,
including
the
Underlying
Funds,
which
are
borne
indirectly
by
the
Fund.
This
waiver
and
reimbursement
may
not
be
terminated
during
the
relevant
period
except
with
Board
approval.
For
the
Balanced
Strategy
Fund,
RIM
has
contractually
agreed,
until
April
30,
2023,
to
waive
up
to
the
full
amount
of
its
0.20%
advisory
fee
and
then
to
reimburse
the
Fund
for
other
direct
Fund-level
expenses
to
the
extent
that
direct
Fund-level
expenses
exceed
0.14%
of
the
average
daily
net
assets
of
the
Fund
on
an
annual
basis.
Direct
Fund-level
expenses
do
not
include
infrequent
and/or
unusual
expenses
or
the
expenses
of
other
investment
companies
in
which
the
Fund
invests,
including
the
Underlying
Funds,
which
are
borne
indirectly
by
the
Fund.
This
waiver
and
reimbursement
may
not
be
terminated
during
the
relevant
period
except
with
Board
approval.
For
the
Growth
Strategy
Fund,
RIM
has
contractually
agreed,
until
April
30,
2023,
to
waive
up
to
the
full
amount
of
its
0.20%
advisory
fee
and
then
to
reimburse
the
Fund
for
other
direct
Fund-level
expenses
to
the
extent
that
direct
Fund-level
expenses
exceed
0.15%
of
the
average
daily
net
assets
of
the
Fund
on
an
annual
basis.
Direct
Fund-level
expenses
do
not
include
infrequent
and/or
unusual
expenses
or
the
expenses
of
other
investment
companies
in
which
the
Fund
invests,
including
the
Underlying
Purchases
Sales
Moderate
Strategy
Fund
$
2,685,053
$
9,189,656
Balanced
Strategy
Fund
7,158,477
13,513,217
Growth
Strategy
Fund
4,368,025
10,582,044
Equity
Growth
Strategy
Fund
2,310,882
2,669,190
Advisory
Administrative
Moderate
Strategy
Fund
$
84,872
$
18,035
Balanced
Strategy
Fund
234,286
49,786
Growth
Strategy
Fund
185,456
39,409
Equity
Growth
Strategy
Fund
46,853
9,956
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
Notes
to
Financial
Statements
49
Funds,
which
are
borne
indirectly
by
the
Fund.
This
waiver
and
reimbursement
may
not
be
terminated
during
the
relevant
period
except
with
Board
approval.
For
the
Equity
Growth
Strategy
Fund,
RIM
has
contractually
agreed,
until
April
30,
2023,
to
waive
up
to
the
full
amount
of
its
0.20%
advisory
fee
and
then
to
reimburse
the
Fund
for
other
direct
Fund-level
expenses
to
the
extent
that
direct
Fund-level
expenses
exceed
0.15%
of
the
average
daily
net
assets
of
the
Fund
on
an
annual
basis.
Direct
Fund-level
expenses
do
not
include
infrequent
and/or
unusual
expenses
or
the
expenses
of
other
investment
companies
in
which
the
Fund
invests,
including
the
Underlying
Funds,
which
are
borne
indirectly
by
the
Fund.
This
waiver
and
reimbursement
may
not
be
terminated
during
the
relevant
period
except
with
Board
approval.
For
the
period
ended
June
30,
2022,
RIM
waived/reimbursed
the
following
expenses:
RIM
does
not
have
the
ability
to
recover
amounts
waived
or
reimbursed
from
previous
periods.
Transfer
and
Dividend
Disbursing
Agent
RIFUS
serves
as
transfer
agent
and
provides
dividend
disbursing
services
to
the
Funds.
For
this
service,
RIFUS
is
paid
a
fee
based
upon
the
average
daily
net
assets
of
the
Funds
for
transfer
agency
and
dividend
disbursing
services.
RIFUS
retains
a
portion
of
this
fee
for
services
provided
to
the
Funds
and
pays
the
balance
to
unaffiliated
agents
who
assist
in
providing
these
services.
Transfer
agency
fees
paid
by
the
Funds
presented
herein
for
the
period
ended
June
30,
2022
were
as
follows:
Distributor
Russell
Investments
Financial
Services,
LLC
(the
“Distributor”),
a
wholly-owned
subsidiary
of
RIM,
serves
as
the
distributor
for
the
Funds
pursuant
to
a
distribution
agreement
with
the
Investment
Company.
The
Distributor
receives
no
compensation
from
the
Funds
for
its
services.
Affiliated
Brokerage
Transactions
The
Funds
effect
certain
transactions
through
Russell
Investments
Implementation
Services,
LLC
(“RIIS”).
RIIS
is
a
registered
broker-dealer
and
investment
adviser
and
an
affiliate
of
RIM.
RIIS
uses
a
multi-venue
trade
management
approach
whereby
RIIS
allocates
trades
among
RIIS’
network
of
independent
brokers
for
execution,
clearing
and
other
services.
RIM
has
authorized
RIIS
to
effect
certain
futures,
swaps,
OTC
derivative
transactions,
and
cleared
swaps,
including
foreign
currency
spots,
forwards
and
options
trading
on
behalf
of
the
Funds.
Board
of
Trustees
The
Russell
Investments
fund
complex
consists
of
RIC,
which
has
31
funds
and
RIF,
which
has
nine
funds.
Each
of
the
Trustees
on
the
Board
is
a
Trustee
of
RIC
and
RIF.
The
Russell
Investments
fund
complex
compensates
each
Trustee
who
is
not
an
employee
of
RIM
or
its
affiliates.
Trustee
compensation
and
expenses
are
allocated
to
each
Fund
based
on
its
net
assets
relative
to
other
funds
in
the
Russell
Investments
fund
complex.
For
the
period
ended
June
30,
2022,
the
regular
compensation
paid
to
the
Trustees
by
the
Russell
Investments
fund
complex
was
$1,275,500.
5.
Federal
Income
Taxes
As
of
June
30,
2022,
there
were
no
net
tax
basis
capital
loss
carryforwards
which
may
be
applied
against
future
net
realized
taxable
gains,
if
any.
Waiver
Reimbursement
Total
Moderate
Strategy
Fund
$
84,872
$
13,319
$
98,191
Balanced
Strategy
Fund
197,079
—
197,079
Growth
Strategy
Fund
153,294
—
153,294
Equity
Growth
Strategy
Fund
46,853
22,188
69,041
Amount
Moderate
Strategy
Fund
$
1,867
Balanced
Strategy
Fund
5,15
4
Growth
Strategy
Fund
4,080
Equity
Growth
Strategy
Fund
1,031
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Notes
to
Financial
Statements,
continued
—
June
30,
2022
(Unaudited)
50
Notes
to
Financial
Statements
6.
Record
Ownership
As
of
June
30,
2022,
the
following
table
includes
shareholders
of
record
with
greater
than
10%
of
the
total
outstanding
shares
of
each
respective
Fund:
7.
Line
of
Credit
The
Funds
participate
in
a
$200
million
unsecured
line
of
credit
agreement
with
State
Street
Bank
and
Trust
Company
(the
“Credit
Agreement”),
which
is
currently
in
effect
through
March
15,
2023,
but
may
be
renewed
on
an
annual
basis
thereafter.
Borrowings
made
by
the
Funds
will
be
utilized
solely
for
temporary
or
emergency
purposes
as
contemplated
by
the
Investment
Company
Act
including,
without
limitation,
funding
shareholder
redemptions.
Interest
on
borrowing
is
charged
to
a
Fund
at
a
variable
rate
as
determined
in
accordance
with
the
Credit
Agreement.
In
addition,
a
commitment
fee
computed
at
an
annual
rate
of
0.20%
on
the
daily
unused
portion
of
the
line
of
credit
is
allocated
among
the
participating
Funds
pro-rata
based
on
average
daily
net
assets
for
the
applicable
period.
The
Funds
are
subject
to
certain
covenants
contained
in
the
Credit
Agreement.
Failure
to
comply
with
these
covenants
could
cause
the
acceleration
of
the
repayment
of
the
amount
outstanding
under
the
Credit
Agreement.
Expenses
associated
with
the
line
of
credit,
such
as
legal
fees
and
the
commitment
fee,
are
shown
on
the
Statement
of
Operations
as
miscellaneous
fees.
The
Funds
did
not
make
any
borrowings
under
the
line
of
credit
during
the
period
ended
June
30,
2022.
8.
Subsequent
Events
Management
has
evaluated
the
events
and/or
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
determined
no
events
have
occurred
that
require
disclosure.
#
of
Shareholders
%
Moderate
Strategy
Fund
2
95.7
Balanced
Strategy
Fund
2
97.4
Growth
Strategy
Fund
2
97.1
Equity
Growth
Strategy
Fund
2
94.9
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Basis
for
Approval
of
Investment
Advisory
Agreement
—(Unaudited)
Basis
for
Approval
of
Investment
Advisory
Agreement
51
The
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
requires
that
the
Board
of
Trustees
(the
“Board”),
including
a
majority
of
its
members
who
are
not
considered
to
be
“interested
persons”
under
the
1940
Act
(the
“Independent
Trustees”)
voting
separately,
approve
for
an
initial
term
not
to
exceed
two
years
and,
thereafter,
approve
the
continuation
of
the
advisory
agreement
with
Russell
Investment
Management,
LLC
(“RIM”)
(the
“RIM
Agreement”)
and
the
portfolio
management
contract
with
each
Money
Manager
of
the
funds
(collectively,
the
“portfolio
management
contracts”
and,
with
the
RIM
Agreement,
the
“Agreements”)
in
which
the
Funds
invest
(the
“Underlying
Funds”)
on
at
least
an
annual
basis
and
that
the
terms
and
conditions
of
the
RIM
Agreement
and
the
terms
and
conditions
of
each
portfolio
management
contract
provide
for
its
termination
if
continuation
is
not
approved
annually.
The
Board,
including
all
of
the
Independent
Trustees,
considered
and
approved
the
continuation
of
the
Agreements
at
a
meeting
held
by
video
conference
on
May
23,
2022
(the
“Agreement
Evaluation
Meeting”)
in
reliance
on
the
exemptive
order
for
temporary,
conditional
relief
from
the
in-person
voting
requirement
of
Section
15(c)
of
the
1940
Act
provided
by
the
U.S.
Securities
and
Exchange
Commission
(the
“SEC”).
During
the
course
of
a
year,
the
Trustees
receive
a
wide
variety
of
materials
regarding,
among
other
things,
the
investment
performance
of
the
Funds
and
Underlying
Funds,
sales
and
redemptions
of
the
Funds’
and
Underlying
Funds’
shares,
management
of
the
Funds
and
the
Underlying
Funds
and
other
services
provided
by
RIM
(and
its
affiliates)
and
the
Money
Managers
and
compliance
with
applicable
regulatory
requirements.
In
preparation
for
the
annual
review,
the
Independent
Trustees,
with
the
advice
and
assistance
of
their
independent
counsel
(“Independent
Counsel”),
also
requested
and
the
Board
considered
(1)
information
and
reports
prepared
by
RIM
relating
to
the
services
provided
by
RIM
(and
its
affiliates)
and
the
Money
Managers
to
the
Funds
and
the
Underlying
Funds;
(2)
information
and
reports
prepared
by
RIM
relating
to
the
profitability
of
each
Fund
and
Underlying
Fund
to
RIM
(and
its
affiliates);
and
(3)
information
received
from
an
independent,
nationally
recognized
provider
of
investment
company
information
comparing
(i)
the
performance
of
the
Funds
and
the
Underlying
Funds
over
various
time
periods
and
(ii)
the
Funds’
and
the
Underlying
Funds’
respective
operating
expenses
as
of
each
Fund’s
last
fiscal
year
end,
with
other
peer
funds
not
managed
by
RIM,
believed
by
the
provider
to
be
generally
comparable
to
the
Funds
and
the
Underlying
Funds
(the
“Third-Party
Information”).
The
Third-Party
Information
provided
performance
and
operating
expense
comparisons
for
the
Underlying
Funds
that
are
series
of
Russell
Investment
Funds
(“RIF
Underlying
Funds”)
and
comparisons
for
Class
S
shares
of
the
Underlying
Funds
that
are
series
of
Russell
Investment
Company
(“RIC
Underlying
Funds”).
In
the
case
of
each
Fund,
its
other
peer
funds
are
collectively
hereinafter
referred
to
as
the
Fund’s
“Comparable
Funds,”
and,
with
the
Fund,
such
Comparable
Funds
are
collectively
hereinafter
referred
to
as
the
Fund’s
“Performance
Universe”
in
the
case
of
performance
comparisons
and
the
Fund’s
“Expense
Universe”
in
the
case
of
operating
expense
comparisons.
The
foregoing
and
other
information
received
by
the
Board,
including
the
Independent
Trustees,
in
connection
with
its
evaluations
of
the
Agreements
are
collectively
called
the
“Agreement
Evaluation
Information.”
The
Trustees’
evaluations
also
reflected
the
knowledge
and
familiarity
gained
as
Board
members
of
the
Funds
and
the
other
RIM-managed
funds
for
which
the
Board
has
supervisory
responsibility,
including
the
Underlying
Funds
(“Other
RIM
Funds”),
with
respect
to
services
provided
by
RIM,
RIM’s
affiliates
and
each
Money
Manager.
The
Trustees
received
a
memorandum
from
counsel
to
the
Funds
and
the
Underlying
Funds
(“Fund
Counsel”)
discussing
the
legal
standards
for
their
consideration
of
the
continuations
of
the
Agreements,
and
the
Independent
Trustees
separately
received
a
memorandum
regarding
their
responsibilities
from
their
Independent
Counsel.
At
a
meeting
held
in
person
on
April
25,
2022,
the
Independent
Trustees
met
privately
with
Independent
Counsel
to
discuss
the
Agreement
Evaluation
Information
received
to
that
date.
At
a
meeting
held
in
person
on
April
26,
2022
(the
“Agreement
Information
Review
Meeting”),
the
Board,
including
the
Independent
Trustees,
in
preparation
for
the
Agreement
Evaluation
Meeting,
met:
(1)
in
an
executive
session
with
a
representative
of
TA
Associates
Management,
L.P.
(“TA
Associates”),
at
which
(i)
Independent
Counsel,
(ii)
Fund
Counsel,
(iii)
the
Chief
Financial
Officer
and
Chief
Legal
Officer
of
RIM’s
parent
company,
and
(iv)
the
President,
Chief
Executive
Officer
and
non-Independent
Trustee
of
the
Funds,
who
is
also
the
Chief
Administrative
Officer
of
RIM’s
parent
company,
were
present;
(2)
met
with
representatives
of
RIM;
and
then
(3)
the
Independent
Trustees
met
in
a
private
session
with
Independent
Counsel
at
which
no
representatives
of
RIM
or
the
Funds’
management
were
present
to
further
review
and
discuss
the
Agreement
Evaluation
Information
received
to
that
date.
On
the
basis
of
that
review,
at
the
conclusion
of
the
Agreement
Information
Review
Meeting,
the
Independent
Trustees
communicated
additional
questions
and
requested
additional
Agreement
Evaluation
Information.
Certain
additional
Agreement
Evaluation
Information
requested
at
the
Agreement
Information
Review
Meeting
was
provided
to
the
Board
on
May
11,
2022.
On
May
16,
2022,
the
Independent
Trustees
met
by
video
conference
with
representatives
of
RIM
and
then
met
in
private
session
with
Independent
Counsel
to
further
discuss
the
Agreement
Evaluation
Information
and
review
the
additional
Agreement
Evaluation
Information
provided
to
date.
After
May
16,
2022,
the
Board
Chair
engaged
in
discussions
with
representatives
of
management
regarding
the
Independent
Trustees’
requests
relating
to
the
additional
Agreement
Evaluation
Information.
On
May
19,
2022,
the
Board
was
provided
with
updated
information
in
response
to
the
additional
Agreement
Evaluation
Information
requested
at
the
Agreement
Information
Review
Meeting
and
subsequent
thereto.
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Basis
for
Approval
of
Investment
Advisory
Agreement,
continued
—
(Unaudited)
52
Basis
for
Approval
of
Investment
Advisory
Agreement
At
the
Agreement
Evaluation
Meeting,
the
Independent
Trustees
again
met
by
video
conference
in
a
private
session
with
Independent
Counsel
to
review
the
additional
or
updated
Agreement
Evaluation
Information
received
to
that
date.
At
the
Agreement
Evaluation
Meeting,
the
Board,
including
the
Independent
Trustees,
considered
the
proposed
continuance
of
the
Agreements
with
RIM,
Fund
management,
Independent
Counsel
and
Fund
Counsel.
The
Board
considered
that
the
Agreement
Evaluation
Information
and
presentations
made
by
RIM
at
the
Agreement
Evaluation
Meeting
as
part
of
this
review
encompassed
the
Funds
and
all
Other
RIM
Funds.
Information
received
by
the
Board,
including
the
Independent
Trustees,
prior
to
and
at
the
Agreement
Information
Review
Meeting,
the
Agreement
Evaluation
Meeting,
and
other
meetings
identified
above
is
included
in
the
Agreement
Evaluation
Information.
Prior
to
voting
at
the
Agreement
Evaluation
Meeting,
the
Independent
Trustees
met
in
private
session
with
Independent
Counsel
to
consider
Agreement
Evaluation
Information
received
from
RIM
and
management
at
and
prior
to
the
Agreement
Evaluation
Meeting.
The
discussion
below
reflects
all
of
these
reviews.
In
evaluating
the
Agreements,
the
Board
considered
that
each
of
the
Underlying
Funds
employs
a
manager-of-managers
method
of
investment
and
RIM’s
past
expressed
belief
that
the
Underlying
Funds,
in
employing
a
manager-of-managers
method
of
investment,
operate
in
a
manner
that
is
different
from
most
other
investment
companies.
In
the
case
of
most
other
investment
companies,
an
investment
advisory
fee
is
paid
by
the
investment
company
to
its
adviser
which,
in
turn,
employs
and
compensates
individual
portfolio
managers
to
make
specific
securities
selections
consistent
with
the
adviser’s
style
and
investment
philosophy
it
employs
for
a
given
fund.
In
the
case
of
the
Underlying
Funds,
RIM,
however,
has
engaged
multiple
unaffiliated
Money
Managers.
RIM
is
responsible
for
paying
fees
to
the
Money
Managers
(“Money
Manager
Fees”)
out
of
the
advisory
fees
paid
by
the
Underlying
Funds
to
RIM
for
its
services
under
the
RIM
Agreement.
A
Money
Manager
may
have
(1)
a
discretionary
asset
management
assignment
pursuant
to
which
it
is
allocated
a
portion
of
an
Underlying
Fund’s
assets
to
manage
directly
and
for
which
it
selects
and
trades
the
individual
portfolio
securities
for
the
assets
assigned
to
it;
(2)
a
non-discretionary
assignment
pursuant
to
which
it
provides
a
model
portfolio
to
RIM
representing
its
investment
recommendations,
based
upon
which
RIM
purchases
and
sells
securities
for
an
Underlying
Fund;
or
(3)
both
a
discretionary
and
a
non-discretionary
assignment.
Money
Manager
Fees
for
a
non-discretionary
assignment
may
be
the
same
as,
or
lower
than,
the
fees
would
be
for
a
discretionary
assignment
with
the
same
Money
Manager.
The
Board
considered
that
RIM
(rather
than
any
Money
Manager
in
the
case
of
Underlying
Funds)
is
responsible
under
the
RIM
Agreement
for
determining,
implementing
and
maintaining
the
investment
program
for
each
Fund
and,
in
conducting
each
Fund’s
investment
program,
allocating
assets
of
such
Fund
principally
among
its
Underlying
Funds.
The
assets
of
each
Fund
are
principally
invested
in
different
combinations
of
the
Underlying
Funds
pursuant
to
target
asset
allocations
set
by
RIM.
RIM
analyzes
opportunities
and
risks
at
the
aggregate
level
of
the
four
main
asset
classes
–
equities,
fixed
income,
multi-asset
and
alternatives
–
and
monitors
exposure
to
such
asset
classes
using
analytical
tools
to
seek
to
ensure
that
any
deviations
from
the
target
asset
allocations
are
intentional
and
tactical.
RIM
periodically
evaluates
each
Fund’s
allocation
between
asset
classes
to
seek
to
ensure
that
the
allocations
optimally
match
the
Fund’s
stated
investment
objectives
and
risk
profile.
In
2021,
RIM
discontinued
its
direct
management
of
Fund
assets
and,
as
a
result,
the
Funds
now
only
invest
in
Underlying
Funds,
and
no
longer
invest
in
derivative
instruments
or
hold
cash
other
than
indirectly
through
the
Underlying
Funds.
RIM
may
modify
the
target
asset
allocation
for
any
Fund
including
changes
to
the
Underlying
Funds
in
which
the
Funds
invest
from
time
to
time.
The
overall
performance
of
each
Fund
therefore
has
reflected,
in
part,
the
performance
of
RIM
in
designing
the
investment
program
of
the
Fund
and
in
determining
the
Funds’
target
strategic
asset
allocations.
The
overall
performance
of
each
Fund
also
has
reflected
the
performance
of
RIM
in
managing
its
Underlying
Funds.
The
Board
considered
that,
although
RIM
traditionally
has
managed
Underlying
Fund
exposures
through
the
selection
of
and
allocations
to
Money
Manager
strategies,
innovations
in
RIM’s
portfolio
management
techniques
together
with
evolutions
in
available
technology,
tools
and
analytics
have
resulted
in
certain
changes
in
RIM’s
approach
to
its
Underlying
Fund
investment
advisory
services
in
recent
years.
In
this
regard,
assets
of
each
Underlying
Fund
continue
to
be
allocated
among
RIM
and
the
multiple
Money
Manager
strategies
selected
by
RIM
for
that
Underlying
Fund.
RIM
may
change
an
Underlying
Fund’s
asset
allocation
to
a
Money
Manager
at
any
time,
including
by
allocating
no
Underlying
Fund
assets
to
one
or
more
Money
Manager
strategies.
In
addition,
RIM
continues
to
manage
the
investment
of
each
Underlying
Fund’s
cash
and
portions
of
an
Underlying
Fund
during
transitions
between
discretionary
Money
Managers.
RIM
also
continues
to
manage
directly
any
portion
of
each
Underlying
Fund’s
assets
that
RIM
determines
not
to
allocate
to
Money
Manager
strategies.
Most
Underlying
Funds
usually,
but
not
always,
pursue
a
strategy
to
be
fully
invested
by
exposing
all
or
a
portion
of
their
cash
to
the
performance
of
appropriate
markets
by
purchasing
equity
securities,
fixed
income
securities
and/or
derivatives,
which
typically
include
index
futures
contracts,
exchange-traded
fixed-income
futures
contracts,
forwards,
swaps
and
to
-be
-announced
securities.
This
cash
“equitization”
strategy
is
managed
by
RIM.
With
respect
to
the
portion
of
an
Underlying
Fund
that
RIM
manages
based
upon
non-discretionary
Money
Manager
model
portfolios,
RIM
constructs
a
portfolio
that
represents
the
aggregation
of
the
model
portfolios
based
upon
RIM’s
allocation
to
each
Money
Manager’s
strategy
through
an
“enhanced
portfolio
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Basis
for
Approval
of
Investment
Advisory
Agreement,
continued
—
(Unaudited)
Basis
for
Approval
of
Investment
Advisory
Agreement
53
implementation,”
or
“emulation,”
process
designed
to
capture
return
streams
of
multiple
managers
in
a
centralized
portfolio.
RIM
then
implements
the
portfolio
consistent
with
the
aggregation
of
the
model
portfolios,
but
may
deviate
from
such
aggregation
for
the
purposes
of
exposure
and
transaction
cost
management.
RIM
noted
that
the
Underlying
Funds
may
benefit
from
emulation
through,
among
other
things,
improved
incremental
returns
over
time
due
to
lower
aggregate
transaction
costs
(including
the
impact
of
lower
trading
volume
on
custody
charges)
and
turnover
from
reduced
trading
volumes,
and
the
potential
for
additional
commission
recapture.
The
Board
noted
the
variety
and
complexity
of
investment
advisory
services
that
RIM
provides
directly
or,
through
the
Underlying
Funds,
indirectly
to
the
Funds
under
the
RIM
Agreement.
In
the
case
of
Underlying
Funds,
RIM
is
responsible
for
selecting
(subject
to
Board
approval),
overseeing
and
evaluating
the
performance
results
of
the
Money
Managers
for
each
Underlying
Fund
and
for
actively
managing
allocations
and
reallocations
of
its
assets
among
Money
Manager
strategies
and
RIM
itself.
Each
discretionary
Money
Manager
for
an
Underlying
Fund
in
effect
performs
the
function
of
an
individual
portfolio
manager
who
is
responsible
for
researching,
selecting
and
trading
portfolio
securities
for
the
portion
of
the
Underlying
Fund
assigned
to
it
by
RIM
in
accordance
with
the
Underlying
Fund’s
applicable
investment
objective,
policies
and
restrictions,
any
specific
guidelines
placed
by
RIM
upon
their
selection
of
portfolio
securities
and
the
Money
Manager’s
specified
role
in
an
Underlying
Fund.
A
Money
Manager’s
primary
role
is
to
pursue
a
particular
investment
strategy
that
has
been
selected
and
assigned
to
it
by
RIM
through
sector
and
security
selection
and
risk
control
measures
in
a
manner
that
is
consistent
with
its
RIM-assigned
guidelines.
The
Money
Managers
operate
subject
to
the
oversight
of,
and
instructions
from,
RIM.
For
each
Underlying
Fund,
RIM
is
responsible
for,
among
other
things,
providing
each
Money
Manager
with
the
investment
guidelines
and
policies
for
the
Underlying
Fund
and
any
specific
investment
restrictions;
monitoring
the
performance
of
each
Money
Manager
and
Underlying
Fund;
generally
supervising
compliance
by
the
discretionary
Money
Managers
and,
as
applicable,
the
non-discretionary
Money
Managers
with
each
Underlying
Fund’s
investment
objective
and
policies;
with
respect
to
Underlying
Funds
with
non-discretionary
Money
Managers,
purchasing
and
selling
securities
for
the
Underlying
Funds
based
on
model
portfolios
representing
the
investment
recommendations
of
the
non-discretionary
Money
Managers;
managing
Underlying
Fund
assets
that
are
not
allocated
to
Money
Manager
strategies;
managing
the
Underlying
Funds’
cash
balances;
and
recommending
at
least
annually
to
the
Board
whether
portfolio
management
contracts
should
be
renewed,
modified
or
terminated.
In
addition
to
its
annual
recommendation
as
to
the
renewal,
modification
or
termination
of
portfolio
management
contracts,
RIM
is
responsible
for
recommending
to
the
Board
additions
of
new
Money
Managers
or
terminations
or
replacements
of
existing
Money
Managers
at
any
time
when,
based
on
RIM’s
research
and
ongoing
review
and
analysis,
such
actions
are,
in
RIM’s
judgment,
appropriate.
RIM
may
impose
specific
investment
or
strategy
parameters
from
time
to
time
on
each
Money
Manager
intended
to
capitalize
on
the
strengths
of
that
Money
Manager
and/or
to
coordinate
the
investment
activities
of
Money
Managers
for
the
Underlying
Fund
in
a
complementary
manner.
Therefore,
RIM’s
selection
of
Money
Managers
for
an
Underlying
Fund
is
made
not
only
on
the
basis
of
performance
considerations
but
also
on
the
basis
of
other
factors,
including
anticipated
compatibility
with
other
Money
Managers
in
the
same
Underlying
Fund.
In
light
of
the
foregoing,
the
overall
performance
of
each
Underlying
Fund
has
reflected,
in
great
part,
the
performance
of
RIM
in
designing
the
Underlying
Fund’s
investment
program,
structuring
the
Underlying
Fund,
selecting
effective
Money
Managers,
and
allocating
assets
among
the
Money
Manager
strategies
and
RIM
in
a
manner
designed
to
achieve
the
investment
objectives
of
the
Underlying
Fund.
In
the
Agreement
Evaluation
Information,
RIM
noted
the
broad
array
of
investment
management
services
provided
to
the
Underlying
Funds
by
RIM
compared
to
the
relatively
narrow
portfolio
management
services
provided
to
the
Underlying
Funds
by
Money
Managers.
RIM
has
advised
the
Board
that
its
portfolio
construction
process
is
investment
led
and
designed
to
be
conducted
in
a
manner
that
is
consistent
with
its
fiduciary
duties.
The
objective
of
RIM’s
portfolio
construction
is
to
meet
a
portfolio’s
investment
objective
and
established
excess
return
target.
In
the
Agreement
Evaluation
Information,
RIM
noted
that
while
it
has
general
goals
for
Money
Manager
Fees
in
the
aggregate
globally,
there
are
no
specific
fee
targets
that
are
established
for
individual
portfolios,
which
includes
each
of
the
Underlying
Funds.
In
the
Agreement
Evaluation
Information,
RIM
advised
the
Board
that
Money
Manager
Fees,
in
the
aggregate,
must
allow
RIM
to
remain
a
going
concern
with
sufficient
resources
to
provide
required
services
to
the
Funds
and
to
earn
a
reasonable
profit.
RIM
advised
the
Board
that
RIM
portfolio
managers
utilize
a
number
of
tools
in
the
portfolio
construction
process
in
order
to
meet
an
Underlying
Fund’s
objective
taking
into
account
Money
Manager
Fees.
These
tools
include,
among
others,
Money
Manager
selection,
Money
Manager
allocation,
Money
Manager
Fee
negotiations,
guideline
customization
and
RIM’s
direct
management
of
a
portion
of
the
Underlying
Funds’
assets
(as
further
described
below).
The
Board
considered
that
the
prospectuses
for
the
Funds
and
the
Underlying
Funds
and
other
public
disclosures
have
emphasized,
and
continue
to
emphasize,
to
investors
RIM’s
role
as
the
principal
investment
manager
for
each
Underlying
Fund,
rather
than
the
investment
selection
or
recommendation
role
of
these
Underlying
Funds’
Money
Managers,
and
describe
the
manner
in
which
the
Funds
or
Underlying
Funds
operate
so
that
investors
may
take
that
information
into
account
when
deciding
to
purchase
shares
of
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Basis
for
Approval
of
Investment
Advisory
Agreement,
continued
—
(Unaudited)
54
Basis
for
Approval
of
Investment
Advisory
Agreement
any
such
Fund.
The
Board
further
considered
that
Fund
investors
in
pursuing
their
investment
goals
and
objectives
likely
purchased
their
shares
on
the
basis
of
this
information
and
RIM’s
reputation
for
and
performance
record
in
managing
the
manager-of-managers
structure
of
the
Underlying
Funds.
The
Board
also
considered
the
demands
and
complexity
of
managing
the
Underlying
Funds
pursuant
to
the
manager-of-managers
structure,
the
special
expertise
of
RIM
with
respect
to
the
manager-of-managers
structure
of
the
Underlying
Funds
and
the
possibility
that,
at
the
current
expense
ratio
of
each
Underlying
Fund,
there
might
be
no
acceptable
alternative
investment
managers
to
replace
RIM
on
comparable
terms
given
the
need
to
continue
the
manager-of-managers
strategy
of
such
Underlying
Fund
selected
by
shareholders
in
purchasing
their
shares.
In
addition
to
these
general
factors
relating
to
the
manager-of-managers
structure
of
the
Underlying
Funds,
the
Trustees
considered,
with
respect
to
each
Fund
and
Underlying
Fund,
various
specific
factors
in
evaluating
the
renewal
of
the
RIM
Agreement,
including
the
following:
1.
The
nature,
scope
and
overall
quality
of
the
investment
management
and
other
services
provided,
and
expected
to
be
provided,
to
the
Fund
or
the
Underlying
Fund
by
RIM;
2.
The
advisory
fee
paid
by
the
Fund
or
the
Underlying
Fund
to
RIM
for
its
services
under
the
RIM
Agreement
(the
“Advisory
Fee”)
and
the
fact
that
it
encompasses
all
investment
advisory
fees
paid
by
the
Fund
or
Underlying
Fund,
including,
in
the
case
of
Underlying
Funds,
the
fact
that
RIM
pays
all
Money
Manager
Fees
out
of
its
Advisory
Fee;
3.
The
combined
Advisory
Fee
paid
to
RIM
and
the
administrative
fee
paid
to
RIM’s
wholly
owned
subsidiary
for
administrative
services
(the
“Management
Fee”);
4.
The
performance
of
the
Funds
and
the
Underlying
Funds
relative
to
their
respective
benchmark
indices
and
Comparable
Funds;
5.
Information
provided
by
RIM
as
to
other
fees
and
benefits
received
by
RIM
or
its
affiliates
in
connection
with
the
Fund
or
the
Underlying
Fund,
including
any
administrative
or
transfer
agent
fees,
any
fees
received
for
management
or
administration
of
funds
in
which
the
Underlying
Funds
invest
their
uninvested
cash
and
securities
lending
cash
collateral,
credits
generated
from
previous
soft
dollar
arrangements
(which
RIM
discontinued
effective
December
31,
2020),
and
commissions
or
other
compensation
in
connection
with
the
execution
of
portfolio
securities
and
foreign
exchange
transactions;
6.
Information
provided
by
RIM
as
to
expenses
incurred
by
the
Fund
or
Underlying
Fund.
7.
Information
provided
by
RIM
as
to
the
profits
that
RIM
derives
from
its
mutual
fund
operations
generally
and
from
the
Fund
or
the
Underlying
Fund
(excluding
sales
and
client
service
expenses);
and
8.
Information
provided
by
RIM
concerning
economies
of
scale
and
whether
any
scale
economies
are
adequately
shared
with
the
Fund
or
the
Underlying
Fund.
In
connection
with
the
Trustees’
consideration
of
the
nature,
scope
and
overall
quality
of
the
investment
management
and
other
services
provided,
and
which
are
expected
to
be
provided,
to
the
Funds
and
the
Underlying
Funds,
including
Fund
portfolio
management
services,
the
Board
discussed
with
the
Chief
Investment
Officer
(“CIO”)
of
RIM
and
the
Funds
certain
previously
reported
organizational
changes
and
the
impact
of
other
recent
changes
in
Russell
Investments’
(as
defined
below)
personnel
providing
investment
management
services
to
the
Funds
and
the
Underlying
Funds
and
was
informed
that
such
changes
do
not
impact
RIM’s
investment
philosophy
or
process.
The
CIO
also
discussed
with
the
Board
recent
enhancements
made
to
the
emulation
process.
The
Board
also
discussed
the
Funds’
compliance
program
with
the
Funds’
Chief
Compliance
Officer
(“CCO”),
including
certain
items
reported
in
the
annual
report
of
the
CCO
required
under
Rule
38a-1
of
the
1940
Act
(the
“Annual
CCO
Report”).
The
Annual
CCO
Report
included
the
status
of
the
goals
for
the
past
year
related
to
the
compliance
program
that
the
CCO
identified
in
connection
with
last
year’s
Annual
CCO
Report.
The
Annual
CCO
Report
also
included
information
on
the
resources
of
the
compliance
program
and
the
status
of
various
compliance,
operations
and
technology
initiatives
previously
discussed
with
the
Board.
The
CCO
discussed
with
the
Board,
and
the
Board
noted,
certain
enhancements
made
to
the
compliance
programs
of
RIM
and
the
Funds
over
the
past
year
and
suggestions
for
additional
enhancements
going
forward,
as
well
as
certain
staffing
changes.
The
CCO
advised
the
Board
that
the
Funds’
compliance
program
meets
the
standards
of
Rule
38a-1
under
1940
Act
and
that,
as
required
by
Rule
38a-1
under
the
1940
Act,
RIM
has
adopted
policies
and
procedures
that
are
reasonably
designed
to
prevent
violation
of
the
Federal
Securities
Laws
(as
such
term
is
defined
in
the
1940
Act)
with
respect
to
the
services
RIM
provides
to
the
Funds.
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Basis
for
Approval
of
Investment
Advisory
Agreement,
continued
—
(Unaudited)
Basis
for
Approval
of
Investment
Advisory
Agreement
55
With
regard
to
the
impact
of
the
ongoing
COVID-19
pandemic
on
the
operations
and
compliance
programs
of
RIM
and
the
Funds’
other
significant
service
providers,
based
on
discussions
with
the
CCO
and
RIM
management
during
the
year
and
the
Agreement
Evaluation
Information,
there
did
not
appear
to
the
Board
to
be
any
diminution
in
the
nature,
extent
and
quality
of
services
provided
by
each
of
these
service
providers
under
their
respective
agreements
with
the
Funds
as
a
result
of
the
ongoing
COVID-19
pandemic.
RIM
is
an
indirect
wholly
owned
subsidiary
of
Russell
Investments
Group,
Ltd.,
a
Cayman
company
through
which
the
limited
partners
of
certain
private
equity
funds
affiliated
with
TA
Associates
indirectly
have
a
majority
ownership
interest
through
alternative
investment
vehicles
and
the
limited
partners
of
certain
private
equity
funds
affiliated
with
Reverence
Capital
Partners,
L.P.
(“Reverence
Capital”)
indirectly
have
a
significant
minority
controlling
ownership
interest
through
certain
Reverence
Capital
funds
and
alternative
investment
vehicles
in
RIM
and
its
affiliates
(“Russell
Investments”).
Russell
Investments’
employees
and
Hamilton
Lane
Advisors,
LLC
also
hold
minority,
non-controlling
positions
in
Russell
Investments.
In
connection
with
the
Board’s
initial
approval
of
the
RIM
Agreement,
TA
Associates
advised
the
Board
of
its
plans
ultimately
to
effect
a
sale
or
other
disposition
of
its
ownership
interest
in
Russell
Investments.
Any
such
future
transaction
(“Transaction”)
could
cause
a
change
of
control
of
RIM
resulting,
among
other
things,
in
an
assignment
and
termination
of
the
RIM
Agreement,
as
required
by
the
1940
Act,
and
by
the
terms
and
conditions
of
the
RIM
Agreement.
In
the
event
of
a
Transaction,
the
Board
would
be
required
to
consider
the
approval
of
the
terms
and
conditions
of
a
replacement
agreement
(“Successor
Agreement”)
for
the
RIM
Agreement
and
thereafter
to
submit
the
Successor
Agreement
to
each
Fund’s
shareholders
for
approval,
as
required
by
the
1940
Act.
During
the
executive
session
with
a
representative
of
TA
Associates
held
in
connection
with
the
Agreement
Information
Review
Meeting,
among
other
things,
the
status
of
TA
Associates’
indirect
investment
in
RIM
and
RIM’s
access
to
sufficient
resources
to
support
its
activities
in
respect
of
the
Funds,
including
in
light
of
the
current
market
environment,
and
current
debt
levels
of
Russell
Investments
Group,
Ltd.
were
discussed.
The
Board
was
not
advised
of
any
change
in
TA
Associates’
ultimate
plans
regarding
its
ownership
interest
in
Russell
Investments.
The
Board
was
advised
of
TA
Associates’
commitment
to
continue
to
support
the
same
level
of
services
currently
being
provided
by
RIM
and
its
affiliates
to
the
Funds.
As
noted
above,
RIM,
in
addition
to
managing
the
investment
of
each
Underlying
Fund’s
cash,
directly
manages
a
portion
(which
may
represent
a
significant
portion)
of
the
Underlying
Funds
pursuant
to
the
RIM
Agreement,
with
the
actual
allocation
of
Underlying
Fund
assets
among
Money
Manager
strategies
and
RIM
being
determined
from
time
to
time
by
the
RIM
portfolio
manager(s).
In
the
management
of
Underlying
Funds’
assets,
RIM
utilizes
quantitative
and/or
rules-based
processes
and
qualitative
analysis
to
assess
Underlying
Fund
characteristics
and
invests
in
securities
and
instruments
which
are
intended
to
provide
the
desired
exposures
(such
as
volatility,
momentum,
value,
growth,
quality,
capitalization
size,
industry,
sector,
region,
currency,
credit
or
mortgage
exposure,
country
risk,
yield
curve
positioning,
or
interest
rates).
For
example,
RIM
may
utilize
tools
such
as
“optimization,”
which
involves
the
analysis
of
tradeoffs
between
various
risk
and
return
factors
as
well
as
turnover
and
transaction
costs,
in
order
to
estimate
optimal
portfolio
positioning.
RIM
may
use
strategies
based
on
indexes,
including
optimized
index
sampling
(strategies
that
seek
to
purchase
a
sampling
of
securities
using
optimization
and
risk
models)
and/or
index
replication.
For
certain
Underlying
Funds,
RIM
may
invest
in
derivative
instruments
and
may
use
derivatives
to
take
both
long
and
short
positions.
RIM’s
direct
management
of
assets
for
these
purposes
is
hereinafter
referred
to
as
the
“Direct
Management
Services.”
While
no
new
direct
management
strategies
were
implemented
in
2021,
the
Board
has
been
advised
that,
where
appropriate
in
its
judgment,
RIM
may
continue
exploring
the
possible
addition
of
new
or
expansion
of
existing
Direct
Management
Services.
Therefore,
larger
portions
of
certain
Underlying
Funds
may
be
managed
directly
by
RIM
pursuant
to
the
Direct
Management
Services.
According
to
RIM,
its
portfolio
managers
combine
Money
Manager
strategies
and
RIM’s
Direct
Management
Services
for
the
Underlying
Funds
and
seek
to
precisely
align
Underlying
Fund
exposures
with
RIM’s
preferred
positioning.
RIM’s
Direct
Management
Services
are
customized
portfolios
directly
managed
by
RIM
for
use
within
the
total
portfolio
of
an
Underlying
Fund.
These
strategies
are
used
in
conjunction
with
allocations
to
Money
Manager
strategies
to
fully
reflect
RIM’s
strategic
and
dynamic
insights
with
integrated
liquidity
and
risk
management.
The
Board
considered
that
RIM
is
not
required
to
pay
Money
Manager
Fees
to
any
Money
Managers
with
respect
to
assets
for
which
it
provides
Direct
Management
Services
and
that
the
profits
derived
by
RIM
generally
and
from
the
Underlying
Funds
consequently
may
be
increased,
although
RIM
noted
that
it
may
incur
additional
costs
in
providing
Direct
Management
Services.
RIM
advised
the
Board
that
allocations,
or
increased
allocations,
of
Underlying
Fund
assets
to
Direct
Management
Services,
together
with
Money
Manager
selection,
allocations
among
Money
Manager
strategies,
renegotiation
of
Money
Manager
Fees
and
changes
in
existing
Money
Manager
assignments
from
discretionary
to
non-discretionary
assignments
where
there
is
a
related
Money
Manager
Fee
reduction
may
reduce
its
costs
of
providing
investment
advisory
services
to
the
Underlying
Funds,
which
would
benefit
RIM.
The
Board
considered
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Basis
for
Approval
of
Investment
Advisory
Agreement,
continued
—
(Unaudited)
56
Basis
for
Approval
of
Investment
Advisory
Agreement
RIM’s
advice
that
any
such
benefit,
including
any
increased
profits
to
RIM,
ultimately
may
be
partially
offset
by
the
impact
of
any
new
or
additional
fee
waivers
or
expense
caps
separately
agreed
upon
and
implemented
from
time
to
time
for
the
affected
Underlying
Funds
and
any
costs
of
incremental
investments
or
increased
cost
allocations
that
RIM
may
incur
to
support
Direct
Management
Services.
The
Board
also
considered
information
provided
by
RIM
as
to
the
potential
benefits
of
the
Direct
Management
Services
to
the
Underlying
Funds;
and
the
fact
that
the
aggregate
Advisory
Fees
paid
by
the
Underlying
Funds
are
not
increased
as
a
result
of
RIM’s
direct
management
of
Underlying
Fund
assets
as
part
of
the
Direct
Management
Services
or
otherwise.
The
Board
noted
that
changes
in
the
allocation
of
assets
among
Money
Manager
strategies,
to
Direct
Management
Services
or
in
connection
with
asset
allocation
programs
offered
by
RIM,
as
well
as
changes
in
the
allocation
of
Fund
assets
among
the
Underlying
Funds,
may
result
directly
in
higher
related
costs
to
affected
Underlying
Funds,
including
higher
brokerage
commissions
and
other
transaction
costs,
a
portion
of
which
is
paid
to
RIM’s
affiliated
broker
in
connection
with
execution
of
portfolio
transactions
in
connection
with
such
changes.
RIM
has
previously
advised
the
Board
that
it
reduced
the
number
of
Money
Managers
for
certain
Underlying
Funds
in
part
to
seek
more
concentrated
return
drivers.
At
that
time,
RIM
also
advised
the
Board
that
allocations
to
Direct
Management
Services
for
certain
Underlying
Funds
were
increased
in
2019
to
accommodate
the
need
for
additional
overall
portfolio
exposure
management
that
may
arise
from
more
concentrated
Money
Manager
lineups.
Additionally,
RIM
has
advised
the
Board
that,
in
order
to
preserve
flexibility
and
to
manage
risks
and
address
the
volatility
associated
with
Underlying
Funds
having
manager
lineups
with
fewer
Money
Managers,
and
consistent
with
the
terms
of
the
manager-of-managers
exemptive
order,
in
2019
RIM
created
Money
Manager
“bench”
lineups
for
certain
Underlying
Funds,
whereby
those
Underlying
Funds
have
Board-approved
portfolio
management
contracts
with
Money
Managers
that
are
not
funded
(i.e.,
have
an
asset
allocation
of
zero).
In
the
Agreement
Evaluation
Information,
RIM
advised
the
Board
that
the
opportunity
to
decrease
a
Money
Manager’s
allocation
to
zero,
but
not
terminate
the
Money
Manager,
allows
RIM
to
potentially
realize
gains
from
strategies
that
may
have
been
overly
rewarded
in
the
marketplace
over
the
short
to
medium
term,
or
provide
the
opportunity
to
retain
capacity
with
a
Money
Manager
that
may
otherwise
be
closed
to
new
business.
The
Board
noted
that
RIM
does
not
believe
there
are
any
detriments
to
the
Underlying
Funds
or
RIM
from
the
use
of
a
manager
bench.
RIM
has
advised
the
Board
that
RIM
may
add
managers
to,
or
remove
managers
from,
a
manager
bench
lineup
for
Underlying
Funds,
or
create
manager
bench
lineups
for
additional
Underlying
Funds.
At
the
Agreement
Information
Review
Meeting,
the
CIO
advised
the
Board
that,
where
appropriate,
RIM
may
increase
the
number
of
money
managers
for
certain
Underlying
Funds.
The
Agreement
Evaluation
Information
outlined
various
changes
that
have
been
implemented
in
the
investment
program
for
the
Underlying
Funds
in
recent
years,
and
described
additional
changes
that
have
been
implemented
or
are
underway,
and
the
impact
of
such
changes,
to
the
investment
advisory
services
provided
to
the
Underlying
Funds
by
RIM,
which
the
Trustees
took
into
account
in
their
contract
renewal
deliberations,
including
the
following:
•
The
Direct
Management
Services
described
above.
•
Most
discretionary
Money
Manager
equity
assignments
for
Underlying
Funds
were
previously
converted
to
non-discretionary
assignments,
thereby
implementing
emulation
for
those
Money
Manager
equity
assignments.
The
Board
considered
the
potential
impacts
described
in
the
Agreement
Evaluation
Information,
both
positive
and
negative,
on
the
Underlying
Funds
of
emulation.
RIM
noted
that,
in
implementing
emulation
for
most
equity
assignments
for
the
Underlying
Funds,
it
assumes
various
additional
risks,
including
trade
error
risk
as
it
takes
over
responsibility
for
trading.
RIM
generally
effects
Underlying
Fund
portfolio
transactions
through
an
affiliated
broker
that
receives
commissions
for
effecting
a
portion
of
these
transactions.
According
to
RIM,
the
Underlying
Funds
pay
the
same
commission
rates
regardless
of
whether
the
affiliate
receives
any
portion
of
the
commission.
RIM
noted
certain
recent
enhancements
to
the
emulation
process
for
Underlying
Funds,
including
increasing
the
frequency
of
receipt
of
certain
Money
Manager
model
portfolios
and
the
utilization
of
a
risk-based
portfolio
dashboard.
While
RIM
generally
implements
Money
Manager
equity
strategies
via
emulation,
RIM
may
determine
that
certain
Money
Manager
equity
strategies
should
be
implemented
by
Money
Managers
on
a
discretionary
basis.
•
RIM
has
renegotiated
fees
with
certain
Money
Managers
to
lower
levels
and
advised
the
Board
that
it
will
continue
to
assess
opportunities
for
Money
Manager
Fee
reductions
in
the
future.
RIM
advised
the
Board
that
it
has
not
experienced
and
does
not
expect,
any
diminution
in
the
nature,
scope
or
quality
of
services
provided
by
Money
Managers
as
a
result
of
renegotiated
manager
fees.
•
A
reallocation
of
the
Funds’
assets
occurred
in
the
second
quarter
of
2021
that
was
intended
to
improve
the
return
potential
given
the
current
capital
markets
environment
and
capital
markets
forecasts
and
improve
asset
class
and
performance
attribution
transparency.
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Basis
for
Approval
of
Investment
Advisory
Agreement,
continued
—
(Unaudited)
Basis
for
Approval
of
Investment
Advisory
Agreement
57
In
evaluating
the
Funds’
and
Underlying
Funds’
Advisory
Fees
and
Management
Fees,
the
Board
considered
that,
in
the
Agreement
Evaluation
Information
and
at
past
meetings,
RIM
noted
differences
between
the
investment
strategies
of
certain
Underlying
Funds
and
their
respective
Comparable
Funds
in
pursuing
their
investment
objectives.
With
regard
to
the
Third-Party
Information,
the
following
discusses
the
Board’s
consideration
of
each
Fund’s
Advisory
Fee
in
the
context
of
Management
Fees.
The
Third-Party
Information
included,
among
other
things,
comparisons
of
the
Funds’
Advisory
Fees
and
Management
Fees
with
the
advisory
fees
and
management
fees
of
their
Comparable
Funds
on
an
actual
basis
(i.e.,
giving
effect
to
any
fee
waivers
and/or
expense
caps
implemented
by
RIM
with
respect
to
a
Fund
and
by
the
managers
of
such
Fund’s
Comparable
Funds).
The
Third-Party
Information
showed,
among
other
things,
that
the
Moderate
Strategy
Fund,
Balanced
Strategy
Fund
and
Growth
Strategy
Fund
each
had
a
Management
Fee
which,
compared
with
the
management
fees
of
its
respective
Comparable
Funds
on
an
actual
basis,
was
ranked
in
the
second
quintile
of
its
Expense
Universe
for
that
expense
component,
and
the
Equity
Growth
Strategy
Fund
had
a
Management
Fee
which,
compared
with
the
management
fees
of
its
respective
Comparable
Funds
on
an
actual
basis,
was
ranked
in
the
first
quintile
of
its
Expense
Universe
for
that
expense
component.
In
these
rankings,
the
first
quintile
represents
funds
with
the
lowest
management
fees
among
funds
in
the
Expense
Universe,
and
the
fifth
quintile
represents
funds
with
the
highest
management
fees
among
funds
in
the
Expense
Universe.
The
comparisons
were
based
upon
the
latest
fiscal
years
for
the
Expense
Universe
funds.
The
Funds
and
the
RIF
Underlying
Funds
are
distributed
exclusively
to
holders
of
variable
annuity
and
variable
life
insurance
contracts
issued
by
insurance
companies
(“Insurance
Contract
Holders”).
Among
other
things,
RIM
noted
that
meaningful
comparisons
of
investment
advisory
fees
between
funds
affiliated
with
insurance
companies
issuing
variable
annuity
and
life
insurance
policies
to
Insurance
Contract
Holders
and
funds
that
are
not
affiliated
with
such
insurance
companies,
such
as
the
Funds
and
the
RIF
Underlying
Funds,
are
difficult
as
insurance
companies
have
flexibility
to
allocate
certain
fees
between
the
variable
annuity
and
variable
life
insurance
contracts
held
by
Insurance
Contract
Holders
and
the
affiliated
underlying
funds.
RIM
also
discussed
the
administrative
services
provided
by
an
insurance
company
to
Insurance
Contract
Holders
invested
in
the
Funds
and
the
RIF
Underlying
Funds
and
the
costs
associated
with
the
provision
of
such
administrative
services.
RIM
explained
that
these
administrative
services
benefit
the
Funds’
and
RIF
Underlying
Funds’
Insurance
Contract
Holders
and
are
necessary
for
the
operation
of
the
Funds
and
the
RIF
Underlying
Funds.
In
discussing
the
Advisory
Fees
for
the
Underlying
Funds
generally,
RIM
noted,
among
other
things,
that
its
Advisory
Fees
for
the
Underlying
Funds
encompass
services
that
are
typical
to
services
provided
by
investment
advisers
to
the
Underlying
Funds’
Comparable
Funds,
as
well
as
transition
management
services
that
enable
efficient
and
cost-effective
asset
transition
events
and
the
administration
of
a
cash
equitization
program
for
managing
Underlying
Fund
liquidity.
RIM
also
advised
the
Board
that
while
its
pre-tax
profit
margins
from
its
relationships
with
the
Funds
and
Underlying
Funds
increased
in
2021,
RIM’s
2021
pre-tax
profit
margins
in
providing
investment
advisory
services
to
the
Funds
ranked
below
the
median
of
the
operating
profit
margins
of
public
investment
management
company
peers
(in
each
case,
including
sales
and
client
service
expenses)
based
on
a
survey
conducted
for
the
year
2020.
RIM
has
expressed
its
view
that
Advisory
Fees
should
also
be
considered
in
the
context
of
a
Fund’s
or
Underlying
Fund’s
total
expense
ratio
to
obtain
a
complete
picture.
The
Board
considers
each
Fund’s
and
Underlying
Fund’s
Advisory
Fee
and
Management
Fee
on
both
a
standalone
basis
and
in
the
context
of
the
Fund’s
or
Underlying
Fund’s
total
expense
ratio.
The
Board
has
engaged,
and
continues
to
engage,
in
discussions
with
RIM
to
identify
opportunities
and
establish
goals,
where
appropriate,
for
improving
the
total
expense
comparisons
for
certain
Underlying
Funds
relative
to
their
respective
Comparable
Funds
through
Advisory
Fee
waivers
or
expense
caps.
The
Independent
Trustees
previously
requested
that
RIM
provide,
and
RIM
previously
implemented,
total
expense
ratio
management
plans
to
reduce
total
expenses
for
certain
Underlying
Funds
relative
to
their
Comparable
Funds.
At
the
Agreement
Information
Review
Meeting
and
the
Agreement
Evaluation
Meeting,
the
Board
reviewed
and
discussed
with
RIM
the
total
expense
ratios
of
the
Underlying
Funds,
including
the
fee
waivers
or
expense
caps
RIM
agreed
to
implement
to
reduce
total
expenses
for
certain
Underlying
Funds,
and
the
Underlying
Funds’
Comparable
Fund
fee
and
expense
developments
in
the
past
year.
Based
on
that
review
and
discussions
with
RIM,
including
discussions
with
RIM
regarding
the
reasonableness
of
various
components
of
certain
Underlying
Funds’
total
expense
ratio
other
than
its
Management
Fee,
the
Trustees
will
continue
to
evaluate
and
engage
in
ongoing
discussions
with
management
regarding
total
expense
comparisons
of
the
Underlying
Funds.
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Basis
for
Approval
of
Investment
Advisory
Agreement,
continued
—
(Unaudited)
58
Basis
for
Approval
of
Investment
Advisory
Agreement
Based
upon
information
provided
by
RIM,
the
Board
considered
for
each
Fund
and
Underlying
Fund
whether
economies
of
scale
have
been
realized
and
whether
the
Advisory
Fee
for
such
Fund
or
Underlying
Fund
appropriately
reflects
or
should
be
revised
to
reflect
any
such
economies.
The
Board
considered,
among
other
things,
the
variability
of
Money
Manager
Fees
and
other
factors
associated
with
the
manager-of-managers
structure
employed
by
the
Underlying
Funds
as
well
as
net
Fund
redemptions
or
purchases
in
recent
years.
The
Funds
are
primarily
distributed
through,
and
their
assets
are
primarily
attributed
to,
The
Northwestern
Mutual
Life
Insurance
Company
(“Northwestern
Mutual”).
The
Funds
continue
to
experience
outflows;
however,
RIM
advised
the
Board
there
is
regular
contact
with
Northwestern
Mutual
in
order
to
maintain
product
availability
and
continue
efforts
to
grow
the
product
line.
RIM
expressed
its
belief
that
Northwestern
Mutual
is
still
committed
to
the
Funds
and
RIF
Underlying
Funds.
However,
the
Board
has
received
no
direct
assurances
in
this
regard
from
Northwestern
Mutual.
If
Northwestern
Mutual
were
to
discontinue
its
participation
in
the
Funds,
the
Board
considered
that
it
is
unlikely
that
the
Funds
would
remain
viable.
RIM
previously
expressed
its
belief
that
the
Funds
will
remain
viable
in
the
near
term,
and
the
Board
was
not
advised
of
any
change
in
RIM’s
belief
in
this
regard.
The
Board
considered,
among
other
things,
the
potential
negative
implications
for
significant
future
Fund
asset
growth
if
additional
insurance
companies
do
not
make
the
Funds
available
to
their
variable
annuity
and
variable
life
insurance
policyholders.
With
respect
to
each
Underlying
Fund,
the
Board
considered
any
Advisory
Fee
waivers
or
other
expense
limitation
arrangements
that
had
been
implemented
in
the
past
year,
and
those
proposed
to
be
implemented
in
2022.
In
addition,
the
Board,
in
the
case
of
certain
Underlying
Funds,
considered
Advisory
Fee
breakpoints
that
previously
had
been
implemented
for
those
Underlying
Funds.
The
Agreement
Evaluation
Information
showed
that
the
fee
rates
payable
to
RIM
or
its
affiliates
by
institutional
clients
with
investment
objectives
similar
to
those
of
the
Funds
in
some
cases
are
lower
than
the
advisory
fee
rates
paid
by
the
Funds
(including
indirect
expenses
of
investing
in
Underlying
Funds).
The
Trustees
also
considered
the
differences
in
the
nature
and
scope
of
services
RIM
provides
to
institutional
clients
and
the
Funds
and
the
Underlying
Funds.
RIM
explained,
among
other
things,
that
institutional
products
have
fewer
compliance,
administrative,
client
servicing/communication
and
other
needs
than
the
Funds
and
the
Underlying
Funds.
RIM
also
noted
that
due
to
the
number
and
nature
of
investors,
along
with
their
varied
needs
for
liquidity,
there
is
more
portfolio
liquidity
management
and
cash
flow
management
required
for
the
Underlying
Funds
than
for
RIM’s
institutional
clients,
where
assets
are
relatively
stable.
In
addition,
RIM
noted
that
the
Funds
and
the
Underlying
Funds
are
subject
to
heightened
regulatory
requirements
relative
to
institutional
clients,
including
new
rules
recently
adopted
by
the
SEC.
Accordingly,
the
Trustees
concluded
that
the
services
provided
to
the
Funds
and
Underlying
Funds
are
sufficiently
different
from
the
services
provided
to
such
institutional
clients
that
comparisons
are
not
probative
and
should
not
be
given
significant
weight.
With
respect
to
the
Funds’
total
expenses,
the
Third-Party
Information
showed
that
the
total
expenses
for
the
Balanced
Strategy
Fund
ranked
in
the
first
quintile
of
its
Expense
Universe,
and
the
total
expenses
of
Moderate
Strategy
Fund,
Growth
Strategy
Fund
and
Equity
Growth
Strategy
Fund
each
ranked
in
the
second
quintile
of
its
Expense
Universe.
In
these
rankings,
the
first
quintile
represents
the
funds
with
the
lowest
total
expenses
among
funds
in
the
Expense
Universe
and
the
fifth
quintile
represents
funds
with
the
highest
total
expenses
among
the
Expense
Universe
funds.
On
the
basis
of
the
Agreement
Evaluation
Information,
and
other
information
previously
received
by
the
Board
from
RIM
during
the
course
of
the
year
and
prior
years,
or
presented
at
or
in
connection
with
the
Agreement
Information
Review
Meeting
and
Agreement
Evaluation
Meeting
by
RIM,
the
Board,
in
respect
of
each
Fund
and
Underlying
Fund,
after
giving
effect
to
any
applicable
fee
waivers
and/or
expense
caps
for
the
Underlying
Funds,
and
considering
any
differences
in
the
investment
strategies
of
their
respective
Comparable
Funds
and
in
light
of
other
factors
discussed
above:
(1)
found
the
Advisory
Fee
charged
by
RIM
was
acceptable
in
light
of
the
nature,
scope
and
overall
quality
of
the
investment
advisory
and
other
services
provided,
and
expected
to
be
provided,
to
the
Fund
or
Underlying
Fund
and
to
provide
continuity
of
investment
advisory
and
other
services
by
RIM
to
the
Fund
or
Underlying
Fund;
(2)
either
found
that
the
relative
expense
ratio
of
each
Fund
and
Underlying
Fund
was
comparable
to
those
of
its
Comparable
Funds
or
took
into
account
the
factors
noted
above,
and
other
factors
in
respect
of
the
Underlying
Funds,
in
considering
the
relative
expense
ratio
as
compared
to
those
of
its
Comparable
Funds;
(3)
found
that
the
other
benefits
and
fees
received
by
RIM
or
its
affiliates
from
the
Fund
or
Underlying
Fund
identified
in
the
Agreement
Evaluation
Information
were
not
considered
to
be
excessive;
(4)
found
that
RIM’s
reported
profitability
with
respect
to
the
Fund
and
Underlying
Fund
was
not
considered
to
be
excessive
in
light
of
the
nature,
scope
and
overall
quality
of
the
investment
management
and
other
services
provided
by
RIM
and
applicable
judicial
and
regulatory
guidance;
and
(5)
found
that
the
Advisory
Fee
charged
by
RIM
appropriately
reflects
any
economies
of
scale
realized
by
such
Fund
or
Underlying
Fund
in
light
of
various
factors,
including
potential
negative
implications
for
significant
future
Fund
asset
growth
if
additional
insurance
companies
do
not
make
the
Funds
available
to
their
Insurance
Contract
Holders;
the
Advisory
Fee
breakpoints
that
are
in
place
for
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Basis
for
Approval
of
Investment
Advisory
Agreement,
continued
—
(Unaudited)
Basis
for
Approval
of
Investment
Advisory
Agreement
59
certain
Underlying
Funds;
the
variability
of
Money
Manager
Fees
and
other
factors
associated
with
the
manager-of-managers
structure
employed
by
the
Underlying
Funds;
and
RIM’s
advice
that
it
does
not
believe
it
will
experience
meaningful
economies
of
scale.
The
Board
concluded
that,
under
the
circumstances
and
based
on
RIM’s
performance
information
and
reviews
for
each
Fund
and
Underlying
Fund,
the
performance
of
each
of
the
Funds
and
Underlying
Funds
is
consistent
with
the
continuation
of
the
RIM
Agreement.
The
Board
noted
RIM’s
advice
that
its
investment
philosophy
and
process
seek
to
combine
investment
managers
to
produce
benchmark-
beating
returns
with
above-average
consistency.
In
assessing
the
performance
of
the
Funds
and
the
Underlying
Funds
with
at
least
three
years
of
performance
history,
the
Board
focused
upon
each
Fund’s
performance
for
the
3-year
period
ended
December
31,
2021
as
most
relevant,
but
also
considered
Fund
and
Underlying
Fund
performance
for
the
1-year
and,
where
applicable,
5-year
periods
ended
on
such
date.
In
reviewing
the
performance
of
the
Funds
and
Underlying
Funds
generally,
the
Board
took
into
consideration
various
steps
taken
by
RIM
in
the
past
few
years
to
enhance
the
performance
of
certain
Underlying
Funds,
including
changes
in
Money
Managers
or
their
allocations,
and
RIM’s
implementation
or
expansion
of
its
Direct
Management
Services
and
other
strategies,
which
may
not
yet
be
fully
reflected
in
Underlying
Fund
investment
results.
With
respect
to
the
Moderate
Strategy
Fund
and
Balanced
Strategy
Fund,
the
Third-Party
Information
showed
that
each
Fund’s
performance
was
ranked
in
the
fifth
quintile
of
its
Performance
Universe
for
the
3-
and
5-year
periods
ended
December
31,
2021,
and
was
ranked
in
the
third
quintile
of
its
Performance
Universe
for
the
1-year
period
ended
on
such
date.
With
respect
to
the
Growth
Strategy
Fund,
the
Third-Party
Information
showed
that
the
Fund’s
performance
was
ranked
in
the
fourth
quintile
of
its
Performance
Universe
for
the
3-year
period
ended
December
31,
2021,
was
ranked
in
the
second
quintile
of
its
Performance
Universe
for
the
1-year
period
ended
on
such
date,
and
was
ranked
the
fifth
quintile
of
its
Performance
Universe
for
the
5-year
period
ended
on
such
date.
With
respect
to
the
Equity
Growth
Fund,
the
Third-Party
Information
showed
that
the
Fund’s
performance
was
ranked
in
the
third
quintile
of
its
Performance
Universe
for
the
3-year
period
ended
December
31,
2021,
was
ranked
in
the
first
quintile
of
its
Performance
Universe
for
the
1-year
period
ended
on
such
date,
and
was
ranked
in
the
fourth
quintile
of
its
Performance
Universe
for
the
5-year
period
ended
on
such
date.
The
Board
considered
RIM’s
explanation
that
the
underperformance
of
the
Moderate
Strategy
Fund,
Balanced
Strategy
Fund
and
Growth
Strategy
Fund
relative
to
their
respective
peer
groups
for
the
3-year
period
was
primarily
due
to
asset
allocation
differences
compared
to
the
Performance
Universe.
RIM
noted,
among
other
things,
that
the
Funds
have
exposure
to
more
diversified
growth-oriented
asset
classes
beyond
traditional
equities,
such
as
global
high
yield
debt,
emerging
market
debt,
global
real
estate,
infrastructure
and
commodities,
which
are
included
to
provide
diversification
benefits
and
dampen
volatility.
RIM
explained
that
in
the
strong
rising
equity
environment
experienced
over
the
period,
the
Funds’
exposures
to
these
asset
classes
were
headwinds
relative
to
peers.
The
Board
also
considered
RIM’s
explanation
that
the
Funds
have
a
non-U.S.
bias
and
a
lower
U.S.
equity
allocation
relative
to
peers,
which
negatively
impacted
peer-relative
performance
during
the
period.
RIM
noted
that
the
Funds
have
a
bias
towards
relatively
underpriced
value-oriented
equities
compared
to
the
Performance
Universe,
which
served
as
a
significant
headwind
over
the
period
as
growth
equities
outperformed
value
equities
on
an
annualized
basis.
RIM
further
noted
that
the
Funds’
strategic
asset
allocations
were
modified
in
April
2021,
with
the
objective
of
improving
return
potential
given
the
current
capital
markets
environment
and
capital
markets
forecasts
and
improving
asset
class
and
performance
attribution
transparency.
RIM
noted
that
the
new
strategic
asset
allocations
are
expected
to
result
in
less
frequent
strategic
allocation
changes
going
forward
and
expressed
its
belief
that
the
strategic
asset
allocations
are
appropriate
over
the
longer
term.
In
evaluating
performance,
the
Board
considered
each
Fund’s
and
Underlying
Fund’s
performance
not
only
relative
to
its
Comparable
Funds,
but
also
in
absolute
terms
and
relative
to
appropriate
benchmarks
and
indices.
The
Board
considered
the
Underlying
Funds’
performance
relative
to
their
benchmarks
in
light
of
RIM’s
advice
that
its
investment
philosophy
and
process
seek
to
combine
investment
managers
to
produce
benchmark-beating
returns
with
above-average
consistency.
Among
the
Underlying
Funds
in
which
the
Funds
were
invested
as
of
December
31,
2021,
for
the
1-year
period
ended
December
31,
2021,
the
RIC
Global
Equity
Fund,
RIC
Emerging
Markets
Fund,
RIC
Investment
Grade
Bond
Fund,
RIF
U.S.
Small
Cap
Equity
Fund,
RIF
International
Developed
Markets
Fund,
and
RIF
Global
Real
Estate
Securities
Fund
outperformed
their
respective
benchmarks;
for
the
3-year
period
ended
December
31,
2021,
the
RIC
Investment
Grade
Bond
Fund,
RIF
U.S.
Small
Cap
Equity
Fund,
RIF
Strategic
Bond
Fund,
and
RIF
Global
Real
Estate
Securities
Fund
outperformed
their
respective
benchmarks;
and
for
the
5-year
period
ended
December
31,
2021,
the
RIC
Unconstrained
Total
Return
Fund,
RIC
Investment
Grade
Bond
Fund,
RIF
U.S.
Small
Cap
Equity
Fund,
RIF
Strategic
Bond
Fund,
and
RIF
Global
Real
Estate
Securities
Fund
outperformed
their
respective
benchmarks.
The
Board
also
considered
the
Money
Manager
changes
that
have
been
made
during
the
past
year
and
that
the
performance
of
Money
Managers
continues
to
impact
the
performance
of
the
Funds
and
Underlying
Funds
for
periods
prior
and
subsequent
to
their
termination.
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Basis
for
Approval
of
Investment
Advisory
Agreement,
continued
—
(Unaudited)
60
Basis
for
Approval
of
Investment
Advisory
Agreement
Lastly,
the
Board
considered
the
implementation
of
additional
strategies
or
refinements
to
strategies
discussed
in
the
Agreement
Evaluation
Information
and/or
prior
Board
meetings
that
may
be
employed
by
RIM
in
respect
of
certain
Funds
and
Underlying
Funds.
After
considering
the
foregoing
and
other
relevant
factors,
including
factors
described
above,
the
Board
concluded
in
respect
of
each
Fund
and
Underlying
Fund
that
continuation
of
the
RIM
Agreement
would
be
in
the
best
interest
of
such
Fund
and
its
shareholders
and
voted
to
approve
the
continuation
of
the
RIM
Agreement.
At
the
Agreement
Information
Review
Meeting
and
Agreement
Evaluation
Meeting,
with
respect
to
the
evaluation
of
the
terms
of
portfolio
management
contracts
with
Money
Managers
for
the
Underlying
Funds,
the
Board
received
and
considered
information
from
RIM
reporting,
among
other
things,
for
each
Money
Manager,
the
Money
Manager’s
performance
over
various
periods;
RIM’s
assessment
of
the
performance
of
each
Money
Manager;
any
significant
business
relationships
between
the
Money
Manager
and
RIM
or
Russell
Investments
Financial
Services,
LLC,
the
Funds’
and
Underlying
Funds’
underwriter;
and
RIM’s
recommendation
to
retain
each
discretionary
or
non-discretionary
Money
Manager
on
the
current
terms
and
conditions,
including
at
the
current
fee
rate.
The
Board
received
reports
during
the
course
of
the
year
from
the
Funds’
CCO
regarding
her
assessments
of
Money
Manager
compliance
programs
and
any
compliance
issues.
RIM
did
not
identify
any
benefits
from
the
Underlying
Funds’
portfolio
transactions
received
by
Money
Managers
or
their
affiliates
other
than
potential
benefits
from
soft
dollar
arrangements
or
commissions
paid
to
any
affiliated
broker-dealer
through
which
a
discretionary
Money
Manager
may
execute
trades.
RIM
recommended
that
each
of
the
Money
Managers
be
retained
for
its
current
discretionary
or
non-discretionary
assignment
at
its
current
fee
rate.
In
doing
so,
RIM,
as
it
has
in
the
past,
advised
the
Board
that
it
does
not
regard
Money
Manager
profitability
or
economies
of
scale
as
relevant
to
its
evaluation
of
the
portfolio
management
contracts
with
Money
Managers
because
the
willingness
of
Money
Managers
to
serve
in
such
capacity
depends
upon
arm’s-length
negotiations
with
RIM;
RIM
is
aware
of
the
standard
fee
rates
charged
by
Money
Managers
to
other
clients;
and
RIM
believes
that
the
fees
agreed
upon
with
Money
Managers
are
reasonable
and
appropriate
in
light
of
the
anticipated
quality
of
investment
advisory
services
to
be
rendered.
The
Board
accepted
RIM’s
explanation
of
the
relevance
of
Money
Manager
profitability
in
light
of
RIM’s
belief
that
such
fees
are
reasonable;
the
Board’s
findings
as
to
the
acceptability
of
the
Advisory
Fee
paid
by
each
Underlying
Fund;
and
the
fact
that
each
Money
Manager’s
fee
is
paid
by
RIM.
The
Agreement
Evaluation
Information
identified
certain
Money
Manager
terminations
expected
to
be
proposed
by
RIM
at
the
May
23-24,
2022
quarterly
Board
meeting.
Additionally,
the
May
23-24
quarterly
Board
materials
were
provided
prior
to
the
Agreement
Evaluation
Meeting,
and
those
materials
contained
proposals
by
RIM
related
to
(1)
the
appointment
and
termination
of
certain
Money
Managers,
(2)
an
amendment
to
a
discretionary
portfolio
management
contract
to
allow
for
a
Money
Manager
to
utilize
personnel
employed
by
its
unregistered
non-U.S.
affiliate,
and
(3)
amendments
to
certain
portfolio
management
contracts
to
reflect
Money
Manager
Fee
reductions.
Based
upon
RIM’s
recommendations,
together
with
relevant
Agreement
Evaluation
Information,
the
Board
concluded
that
the
fees
paid
to
the
Money
Managers
of
each
Underlying
Fund
are
acceptable
in
light
of
RIM’s
assessment
of
quality
of
the
investment
advisory
services
provided
and
that
continuation
of
the
portfolio
management
contract
with
each
Money
Manager
of
each
Underlying
Fund
would
be
in
the
best
interests
of
such
Underlying
Fund
and
its
shareholders.
*
*
*
This
discussion
is
not
intended
to
include
all
of
the
factors
and
information
considered
by
the
Board.
In
their
deliberations,
the
Trustees
did
not
identify
any
particular
information
as
to
the
RIM
Agreement
or,
other
than
RIM’s
recommendation,
the
portfolio
management
contract
with
any
Money
Manager
for
an
Underlying
Fund
that
was
all-important
or
controlling,
except,
in
the
case
of
the
RIM
Agreement,
the
need
to
continue
the
managers-of-managers
structure
of
the
Underlying
Funds,
and
each
Trustee
attributed
different
weights
to
the
various
factors
considered.
The
Trustees
evaluated
all
information
available
to
them
on
a
Fund-by-Fund
basis
and
their
determinations
were
made
in
respect
of
each
Fund
and
Underlying
Fund.
Russell
Investment
Funds
Lifepoints
®
Funds
Variable
Target
Portfolio
Series
Liquidity
Risk
Management
Program
—
June
30,
2022
(Unaudited)
Liquidity
Risk
Management
Program
61
The
Funds
have
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
in
accordance
with
Rule
22e-4
of
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”).
The
Program
seeks
to
assess,
manage,
and
review
each
Fund’s
“liquidity
risk.”
For
purposes
of
the
Liquidity
Rule,
“liquidity
risk”
is
defined
as
the
risk
that
a
Fund
is
unable
to
satisfy
redemption
requests
without
significantly
diluting
remaining
investors’
interests
in
the
Fund.
The
Program
is
comprised
of
various
components
designed
to
support
the
assessment
and/or
management
of
liquidity
risk,
including:
1.
Assessment,
management
and
periodic
review
of
each
Fund’s
liquidity
risk;
2.
Classification
of
each
Fund’s
investments
into
four
categories
or
liquidity
buckets
based
on
how
long
it
would
take
to
convert
the
investment
to
cash
(the
“Classification
Regime”);
3.
Establishment
and
annual
review
of
a
highly
liquid
investment
minimum
(“HLIM”)
for
each
Fund
that
does
not
invest
primarily
in
“highly
liquid”
investments
(as
defined
under
the
Liquidity
Rule);
4.
Requirements
applicable
to
a
Fund’s
holdings
of
“illiquid
investments”
(as
defined
under
the
Liquidity
Rule);
and
5.
Implementation
of
redemption
in-kind
policies
and
procedures.
The
Board
of
Trustees
of
RIF
(the
“Board”)
appointed
RIM,
the
Funds’
investment
adviser,
as
the
Program
administrator
(the
“Program
Administrator”).
The
Program
Administrator
has
delegated
responsibility
to
implement
and
administer
the
Program,
subject
to
oversight
by
the
Program
Administrator,
to
one
or
more
RIM
associates
(the
“Program
Administrator
Delegate”).
The
Program
Administrator,
through
the
Program
Administrator
Delegate,
monitors
the
adequacy
and
effectiveness
of
the
Program’s
implementation
and
on
a
periodic
basis
assesses
each
Fund’s
liquidity
risk
based
on
a
variety
of
factors.
At
the
May
23,
2022
meeting
of
the
Regulatory
and
Investment
Compliance
Committee
of
the
Board
(the
“Meeting”),
the
Program
Administrator
reviewed
with
all
members
of
the
Board
the
Program
Administrator’s
annual
written
report
(the
“Report”)
addressing
the
Program’s
operation
as
well
as
the
adequacy
and
effectiveness
of
its
implementation
for
the
period
from
January
1,
2021
through
December
31,
2021
(the
“Program
Reporting
Period”).
The
Report
summarized
the
factors
considered
by
the
Program
Administrator
in
assessing
whether
the
Program
has
been
adequately
and
effectively
implemented
with
respect
to
each
Fund.
Such
information
and
factors
included,
among
other
things:
(1)
the
framework
used
to
assess,
manage,
and
periodically
review
each
Fund’s
liquidity
risk
and
the
results
of
this
assessment;
(2)
the
methodology
and
inputs
used
in
connection
with
the
Classification
Regime,
including
circumstances
in
which
the
Program
Administrator
adjusted
a
preliminary
classification
provided
by
the
third-party
service
provider
engaged
to
assist
in
preparing
classifications
of
portfolio
investments
(the
“Service
Provider”)
or
adjusted
the
inputs
used
by
the
Service
Provider
to
generate
preliminary
classifications;
(3)
whether
a
new
HLIM
should
be
established,
or
an
existing
HLIM
continued
or
modified,
for
each
Fund
and
the
procedures
for
monitoring
for
HLIM
compliance;
(4)
whether
a
Fund
invested
more
than
15%
of
its
assets
in
illiquid
investments
and
the
procedures
for
monitoring
for
this
limit;
(5)
specific
liquidity
events
arising
during
the
Program
Reporting
Period,
including
the
impact
on
Fund
liquidity
caused
by
extended
non-U.S.
market
closures;
and
(6)
actions
taken
by
the
Program
Administrator
and
Program
Administrator
Delegate
during
the
Program
Reporting
Period
to
manage
Fund
liquidity
and
liquidity
risk.
The
Board
was
informed
that,
in
connection
with
its
previous
annual
review
and
assessment
of
the
Program,
the
Program
Administrator
made
certain
updates
to
the
Program
during
the
Program
Reporting
Period.
The
Board
was
also
informed
of
certain
updates
to
the
Program
that
would
be
implemented
in
the
2022
reporting
period.
Based
on
the
Program
Administrator’s
review
and
the
factors
set
forth
in
the
Report,
the
Report
concluded
that:
(1)
the
Program
continues
to
be
reasonably
designed
to
effectively
assess
and
manage
each
Fund’s
liquidity
risk;
(2)
each
Fund’s
liquidity
risk
continues
to
be
appropriate
in
light
of
the
Fund’s
investment
objective
and
strategies;
(3)
each
Fund’s
investment
strategies
continue
to
be
appropriate
for
an
open-ended
management
investment
company;
and
(4)
the
Program
has
been
adequately
and
effectively
implemented
with
respect
to
each
Fund,
including
the
establishment
and
operation
of
the
HLIM
for
applicable
Funds.
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Shareholder
Requests
for
Additional
Information
—
June
30,
2022
(Unaudited)
62
Shareholder
Requests
for
Additional
Information
Each
Fund
files
portfolio
holdings
information
within
60
days
after
the
end
of
each
fiscal
quarter
as
an
exhibit
on
Form
N-PORT.
Portfolio
holdings
information
for
the
third
month
of
each
fiscal
quarter
is
publicly
available
on
the
SEC’s
website
at
http://www.sec.
gov.
Each
Fund’s
complete
schedule
of
portfolio
holdings
for
the
second
and
fourth
quarters
of
each
fiscal
year
is
included
in
the
semi-
annual
and
annual
reports
to
Fund
shareholders.
The
Board
has
delegated
to
RIM,
as
RIF’s
investment
adviser,
the
primary
responsibility
for
monitoring,
evaluating
and
voting
proxies
solicited
by
or
with
respect
to
issuers
of
securities
in
which
assets
of
the
Funds
may
be
invested.
RIM
has
established
a
proxy
voting
committee
and
has
adopted
written
proxy
voting
policies
and
procedures
(“P&P”)
and
proxy
voting
guidelines
(“Guidelines”).
The
Funds
maintain
a
Portfolio
Holdings
Disclosure
Policy
that
governs
the
timing
and
circumstances
of
disclosure
to
shareholders
and
third
parties
of
information
regarding
the
portfolio
investments
held
by
the
Funds.
A
description
of
the
P&P,
Guidelines,
Portfolio
Holdings
Disclosure
Policy
and
additional
information
about
Fund
Trustees
are
contained
in
the
Funds’
Statement
of
Additional
Information
(“SAI”).
The
SAI
and
information
regarding
how
the
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
30,
2021
are
available
(i)
free
of
charge,
upon
request,
by
calling
the
Funds
at
(800)
787-7354,
and
(ii)
on
the
Securities
and
Exchange
Commission’s
website
at
www.sec.gov.
If
possible,
depending
on
contract
owner
registration
and
address
information,
and
unless
you
have
otherwise
opted
out,
only
one
copy
of
the
RIF
prospectus
will
be
sent
to
contract
owners
at
the
same
address.
Unless
you
specifically
request
paper
copies
of
the
annual
and
semi-annual
reports
from
your
insurance
company,
you
will
be
notified
by
mail
each
time
the
annual
and
semi-annual
reports
are
posted
and
provided
with
a
website
link
to
access
the
reports.
If
you
would
like
to
receive
a
separate
copy
of
these
documents,
please
contact
your
insurance
company.
If
you
currently
receive
multiple
copies
of
the
prospectus,
annual
report
and
semi-annual
report
and
would
like
to
request
to
receive
a
single
copy
of
these
documents
in
the
future,
please
call
your
insurance
company.
Some
insurance
companies
may
offer
electronic
delivery
of
the
Funds’
prospectuses
and
annual
and
semi-annual
reports.
Please
contact
your
insurance
company
for
further
details.
Financial
statements
of
the
Underlying
Funds
can
be
obtained
at
no
charge
by
calling
the
Funds
at
(800)
787-7354.
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Disclosure
of
Information
about
Fund
Trustees
and
Officers
—
June
30,
2022
(Unaudited)
Disclosure
of
Information
about
Fund
Trustees
and
Officers
63
The
following
tables
provide
information
for
each
officer
and
trustee
of
the
Russell
Investments
fund
complex.
The
Russell
Investments
fund
complex
consists
of
Russell
Investment
Company
(“RIC”),
which
has
31
funds
and
Russell
Investment
Funds
(“RIF”),
which
has
nine
funds.
Each
of
the
Trustees
is
a
trustee
of
RIC
and
RIF.
The
first
table
provides
information
for
the
Interested
Trustee.
The
second
table
provides
information
for
the
Independent
Trustees.
The
third
table
provides
information
for
the
officers.
Furthermore,
each
Trustee
possesses
the
following
specific
attributes:
Ms.
Blake
has
had
experience
as
a
certified
public
accountant
and
has
had
experience
as
a
member
of
boards
of
directors/trustees
of
other
investment
companies;
Ms.
Cahoon
has
had
experience
as
the
senior
financial
executive
of
other
investment
companies
and
their
investment
adviser
and
distributor,
as
well
as
a
certified
public
accountant
who
previously
provided
audit
services
in
the
financial
sector
at
a
multi-national
accounting
firm
and
has
been
determined
by
the
Board
to
be
an
“audit
committee
financial
expert”;
Mr.
Day
has
had
experience
as
an
executive-level
leader
in
corporate
finance
and
accounting,
as
a
member
of
the
boards
of
other
companies
and
non-profit
organizations,
and
as
a
certified
public
accountant;
Ms.
Krysty
has
had
business,
financial
and
investment
experience
as
the
founder
and
senior
executive
of
a
registered
investment
adviser
focusing
on
high
net
worth
individuals
as
well
as
a
certified
public
accountant
and
a
member
of
the
boards
of
other
corporations
and
non-profit
organizations;
Ms.
Ledoux
has
had
investment
experience
as
a
portfolio
manager
and
has
had
experience
as
a
member
of
the
board
of
trustees
of
other
investment
companies;
Mr.
May
has
had
business,
financial
services,
accounting
and
investment
management
experience
as
a
senior
executive
and
board
member
of
financial
services,
investment
management
and
other
organizations,
as
well
as
experience
as
a
board
member
of
other
investment
companies
and
as
a
certified
public
accountant;
Ms.
Shanahan
has
had
financial,
risk
management,
governance
and
compliance
experience
in
highly
regulated
industries
as
a
senior
executive
at
large
financial
institutions,
and
as
a
member
of
the
board
of
a
non-profit
organization;
Mr.
Tennison
has
had
business,
financial
and
investment
experience
as
a
senior
executive
of
a
corporation
with
international
activities
and
was
trained
as
an
accountant;
and
Mr.
Thompson
has
had
experience
in
business,
governance,
investment
and
financial
reporting
matters
as
a
senior
executive
of
an
organization
sponsoring
and
managing
other
investment
companies,
and,
subsequently,
has
served
as
a
board
member
of
other
investment
companies.
Mr.
Barback
has
had
experience
as
a
senior
executive
of
other
financial
services
companies
with
responsibility
for
investment,
financial,
and
operational
matters
affecting
asset
managers
and
related
service
providers.
As
a
senior
officer
of
an
affiliate
of
RIM,
Mr.
Barback
is
in
a
position
to
provide
the
Board
with
such
entity’s
perspectives
on
the
management,
operations
and
distribution
of
the
RIC
and
RIF
Funds.
*
Each
Trustee
shall
retire
from
service
on
the
Board
of
Trustees
at
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
However,
at
the
discretion
of
the
Board
and
upon
the
request
of
the
Trustee,
a
one-year
waiver
may
be
granted
from
the
application
of
the
policy,
which
will
allow
the
Trustee
to
continue
to
serve
on
the
Board
for
an
additional
one-year
period
following
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
A
maximum
of
five
one-year
waivers
may
be
requested
by
the
Trustee
and
granted
by
the
Board
to
the
Trustee.
#
Mr.
Barback
is
Chief
Administrative
Officer
of
an
affiliate
of
RIM
and
is
therefore
an
Interested
Trustee.
Name,
Age,
Address
Position(s)
Held
With
Fund
and
Length
of
Time
Served
Term
of
Office*
Principal
Occupation(s)
During
the
Past
5
Years
No.
of
Portfolios
in
Russell
Investments
Fund
Complex
Overseen
by
Trustee
Other
Directorships
Held
by
Trustee
During
the
Past
5
Years
INTERESTED
TRUSTEES
Vernon
Barback#
Born
August
24,
1956
1301
Second
Avenue,
18th
Floor,
Seattle,
WA
98101
President
and
Chief
Executive
Officer
since
2022
Trustee
since
2021
Appointed
until
successor
is
chosen
and
qualified
by
Trustees
Appointed
until
successor
is
duly
elected
and
qualified
President
and
CEO,
RIC
and
RIF
Chief
Administrative
Officer,
Russell
Investments
From
2016
–
2019,
President,
Russell
Investments
From
2019
–
2021,
Vice
Chairman,
Russell
Investments
Until
2020,
Director,
NorthStar
Topco,
LLC
(technology
and
services
outsourcing
company)
40
Until
2020,
Director
of
NorthStar
Topco,
LLC
(technology
and
services
outsourcing
company)
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Disclosure
of
Information
about
Fund
Trustees
and
Officers,
continued
—
June
30,
2022
(Unaudited)
64
Disclosure
of
Information
about
Fund
Trustees
and
Officers
*
Each
Trustee
shall
retire
from
service
on
the
Board
of
Trustees
at
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
However,
at
the
discretion
of
the
Board
and
upon
the
request
of
the
Trustee,
a
one-year
waiver
may
be
granted
from
the
application
of
the
policy,
which
will
allow
the
Trustee
to
continue
to
serve
on
the
Board
for
an
additional
one-year
period
following
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
A
maximum
of
five
one-year
waivers
may
be
requested
by
the
Trustee
and
granted
by
the
Board
to
the
Trustee.
Name,
Age,
Address
Position(s)
Held
With
Fund
and
Length
of
Time
Served
Term
of
Office*
Principal
Occupation(s)
During
the
Past
5
Years
No.
of
Portfolios
in
Russell
Investments
Fund
Complex
Overseen
by
Trustee
Other
Directorships
Held
by
Trustee
During
the
Past
5
Years
INDEPENDENT
TRUSTEES
Kristianne
Blake
Born
January
22,
1954
1301
Second
Avenue,
18th
Floor,
Seattle,
WA
98101
Trustee
since
2000
Chairman
of
the
Audit
Committee
since
2021
Appointed
until
successor
is
duly
elected
and
qualified
Appointed
until
successor
is
duly
elected
and
qualified
Lead
Independent
Director,
Avista
Corp.
(electric
utilities)
Until
May
2017,
Director
and
Chairman
of
the
Audit
Committee,
Avista
Corp
(electric
utilities)
Until
September
2018,
Regent,
University
of
Washington
President,
Kristianne
Gates
Blake,
P.S.
(accounting
services)
40
Lead
Independent
Director,
Avista
Corp.
(electric
utilities)
Until
May
2017,
Director,
Avista
Corp
(electric
utilities)
Michelle
L.
Cahoon
Born
July
5,
1966
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Trustee
since
2021
Appointed
until
successor
is
duly
elected
and
qualified
Retired
From
January
to
March
2019,
Consulting
Chief
Financial
Officer,
Driehaus
Capital
Management
LLC
(investment
adviser)
Until
2018,
Chief
Financial
Officer
and
Treasurer,
Driehaus
Capital
Management
LLC
and
Driehaus
Securities
LLC
(broker
dealer)
Until
2018,
Vice
President
and
Treasurer,
Driehaus
Mutual
Funds
(investment
company)
Trustee
and
Audit
Committee
Chair
Fairway
Private
Equity
&
Venture
Capital
Opportunities
Fund
(investment
company)
40
Trustee
and
Audit
Committee
Chair
Fairway
Private
Equity
&
Venture
Capital
Opportunities
Fund
(investment
company)
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Disclosure
of
Information
about
Fund
Trustees
and
Officers,
continued
—
June
30,
2022
(Unaudited)
Disclosure
of
Information
about
Fund
Trustees
and
Officers
65
*
Each
Trustee
shall
retire
from
service
on
the
Board
of
Trustees
at
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
However,
at
the
discretion
of
the
Board
and
upon
the
request
of
the
Trustee,
a
one-year
waiver
may
be
granted
from
the
application
of
the
policy,
which
will
allow
the
Trustee
to
continue
to
serve
on
the
Board
for
an
additional
one-year
period
following
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
A
maximum
of
five
one-year
waivers
may
be
requested
by
the
Trustee
and
granted
by
the
Board
to
the
Trustee.
Name,
Age,
Address
Position(s)
Held
With
Fund
and
Length
of
Time
Served
Term
of
Office*
Principal
Occupation(s)
During
the
Past
5
Years
No.
of
Portfolios
in
Russell
Investments
Fund
Complex
Overseen
by
Trustee
Other
Directorships
Held
by
Trustee
During
the
Past
5
Years
INDEPENDENT
TRUSTEES
(continued)
Michael
Day
Born
October
23,
1957
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Trustee
since
2021
Appointed
until
successor
is
duly
elected
and
qualified
President
and
Chief
Executive
Officer,
Topa
Insurance
Company
(insurance
company)
40
Director,
Topa
Insurance
Group
(insurance
company)
Director,
Puppet,
Inc.
(information
technology
company)
Director,
Somos,
Inc.
(information
technology
company)
Until
2019,
Director,
Recology
(waste
management
company)
Katherine
W.
Krysty
Born
December
3,
1951
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Trustee
since
2014
Chairman
of
Regulatory
and
Investment
Compliance
Committee
since
2020
Appointed
until
successor
is
duly
elected
and
qualified
Appointed
until
successor
is
duly
elected
and
qualified
Retired
40
None
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Disclosure
of
Information
about
Fund
Trustees
and
Officers,
continued
—
June
30,
2022
(Unaudited)
66
Disclosure
of
Information
about
Fund
Trustees
and
Officers
*
Each
Trustee
shall
retire
from
service
on
the
Board
of
Trustees
at
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
However,
at
the
discretion
of
the
Board
and
upon
the
request
of
the
Trustee,
a
one-year
waiver
may
be
granted
from
the
application
of
the
policy,
which
will
allow
the
Trustee
to
continue
to
serve
on
the
Board
for
an
additional
one-year
period
following
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
A
maximum
of
five
one-year
waivers
may
be
requested
by
the
Trustee
and
granted
by
the
Board
to
the
Trustee.
Name,
Age,
Address
Position(s)
Held
With
Fund
and
Length
of
Time
Served
Term
of
Office*
Principal
Occupation(s)
During
the
Past
5
Years
No.
of
Portfolios
in
Russell
Investments
Fund
Complex
Overseen
by
Trustee
Other
Directorships
Held
by
Trustee
During
the
Past
5
Years
INDEPENDENT
TRUSTEES
(continued)
Julie
Dien
Ledoux
Born
August
17,
1969
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Trustee
since
2019
Vice
Chairman
of
the
Regulatory
and
Investment
Compliance
Committee
since
2022
Appointed
until
successor
is
duly
elected
and
qualified
Appointed
until
successor
is
duly
elected
and
qualified
Until
March
2018,
Trustee
of
Avenue
Credit
Strategies
Fund
(investment
company)
Until
November
2017,
Trustee
of
Avenue
Income
Credit
Strategies
Fund
(investment
company)
40
Until
March
2018,
Trustee
of
Avenue
Credit
Strategies
Fund
(investment
company).
Until
November
2017,
Trustee
of
Avenue
Income
Credit
Strategies
Fund
(investment
company)
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Disclosure
of
Information
about
Fund
Trustees
and
Officers,
continued
—
June
30,
2022
(Unaudited)
Disclosure
of
Information
about
Fund
Trustees
and
Officers
67
*
Each
Trustee
shall
retire
from
service
on
the
Board
of
Trustees
at
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
However,
at
the
discretion
of
the
Board
and
upon
the
request
of
the
Trustee,
a
one-year
waiver
may
be
granted
from
the
application
of
the
policy,
which
will
allow
the
Trustee
to
continue
to
serve
on
the
Board
for
an
additional
one-year
period
following
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
A
maximum
of
five
one-year
waivers
may
be
requested
by
the
Trustee
and
granted
by
the
Board
to
the
Trustee.
Name,
Age,
Address
Position(s)
Held
With
Fund
and
Length
of
Time
Served
Term
of
Office*
Principal
Occupation(s)
During
the
Past
5
Years
No.
of
Portfolios
in
Russell
Investments
Fund
Complex
Overseen
by
Trustee
Other
Directorships
Held
by
Trustee
During
the
Past
5
Years
INDEPENDENT
TRUSTEES
(continued)
Jeremy
May
Born
March
30,
1970
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Trustee
since
2021
Appointed
until
successor
is
duly
elected
and
qualified
Founder
and
Chief
Executive
Officer,
Paralel
Technologies
LLC
(information
technology
company)
Until
March
2021,
Chief
Operating
Officer
of
Magnifi
LLC
(information
technology
company)
Until
2019,
President
ALPS
Portfolio
Solutions
and
Executive
Vice
President
of
ALPS
Advisors
and
ALPS
Holdings
(investment
company)
40
Trustee
and
Chairman
of
Bow
River
Capital
Evergreen
Fund
(investment
company)
Trustee
and
Chairman
of
New
Age
Alpha
ETF
Trust
(investment
company)
Until
March
2021,
Interested
Director
of
ALPS
Series
Trust
(investment
company)
Until
2019,
Interested
Director
of
RiverNorth
Opportunities
Fund
(investment
company)
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Disclosure
of
Information
about
Fund
Trustees
and
Officers,
continued
—
June
30,
2022
(Unaudited)
68
Disclosure
of
Information
about
Fund
Trustees
and
Officers
*
Each
Trustee
shall
retire
from
service
on
the
Board
of
Trustees
at
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
However,
at
the
discretion
of
the
Board
and
upon
the
request
of
the
Trustee,
a
one-year
waiver
may
be
granted
from
the
application
of
the
policy,
which
will
allow
the
Trustee
to
continue
to
serve
on
the
Board
for
an
additional
one-year
period
following
the
end
of
the
calendar
year
in
which
the
Trustee
reaches
75
years
of
age.
A
maximum
of
five
one-year
waivers
may
be
requested
by
the
Trustee
and
granted
by
the
Board
to
the
Trustee.
Name,
Age,
Address
Position(s)
Held
With
Fund
and
Length
of
Time
Served
Term
of
Office*
Principal
Occupation(s)
During
the
Past
5
Years
No.
of
Portfolios
in
Russell
Investments
Fund
Complex
Overseen
by
Trustee
Other
Directorships
Held
by
Trustee
During
the
Past
5
Years
INDEPENDENT
TRUSTEES
(continued)
Jeannie
Shanahan
Born
February
15,
1964
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Trustee
since
2021
Appointed
until
successor
is
duly
elected
and
qualified
Until
2021,
President
of
Twin
Star
Consulting,
LLC
(consulting
company)
Until
November
2018,
Senior
Vice
President
and
Chief
Governance
Officer
–
CCAR
of
Northern
Trust
Company
(financial
services
company)
40
None
Raymond
P.
Tennison
Jr.
Born
December
21,
1955
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Trustee
since
2000
Chairman
since
2021
Appointed
until
successor
is
duly
elected
and
qualified
Approved
Annually
Retired
40
None
Jack
R.
Thompson
Born
March
21,
1949
1301
Second
Avenue,
18th
Floor,
Seattle,
WA
98101
Trustee
since
2005
Vice
Chairman
since
2021
Chairman
of
the
Nominating
and
Governance
Committee
since
2021
Appointed
until
successor
is
duly
elected
and
qualified
Approved
annually
Appointed
until
successor
is
duly
elected
and
qualified
Retired
40
None
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Disclosure
of
Information
about
Fund
Trustees
and
Officers,
continued
—
June
30,
2022
(Unaudited)
Disclosure
of
Information
about
Fund
Trustees
and
Officers
69
Name,
Age,
Address
Positions(s)
Held
With
Fund
and
Length
of
Time
Served
Term
of
Office
Principal
Occupation(s)
During
the
Past
5
Years
OFFICERS
Vernon
Barback
Born
August
24,
1956
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
President
and
Chief
Executive
Officer
since
2022
Until
successor
is
chosen
and
qualified
by
Trustees
President
and
CEO,
RIC
and
RIF
Chief
Administrative
Officer,
Russell
Investments
From
2016
–
2019,
President,
Russell
Investments
From
2019
–
2021,
Vice
Chairman,
Russell
Investments
Until
2020,
Director,
NorthStar
Topco,
LLC
(technology
and
services
outsourcing
company)
Cheryl
Wichers
Born
December
16,
1966
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Chief
Compliance
Officer
since
2005
Until
removed
by
Independent
Trustees
Chief
Compliance
Officer,
RIC
and
RIF
Chief
Compliance
Officer,
RIFUS
2011
to
2016
Chief
Compliance
Officer,
U.S.
One
,
LLC
Mark
E.
Swanson
Born
November
26,
1963
1301
Second
Avenue
18th
Floor,
Seattle,
WA
98101
Treasurer,
Chief
Accounting
Officer
and
Chief
Financial
Officer
since
1998
Until
successor
is
chosen
and
qualified
by
Trustees
Global
Head
of
Fund
Services,
Russell
Investments
President,
Chief
Executive
Officer,
Treasurer,
Chief
Accounting
Officer
and
CFO,
RIC
and
RIF
Director
and
President,
RIFUS
Director
RIM,
Russell
Investments
Trust
Company
(“RITC”)
and
RIFIS
President
and
Chief
Executive
Officer,
RIC
and
RIF,
June
2016
to
June
2017
and
February
2020
to
February
2022
Kate
El-Hillow
Born
August
17,
1974
1301
Second
Avenue,
18th
Floor,
Seattle
WA
98101
Chief
Investment
Officer
since
2021
Until
removed
by
Trustees
Until
2021,
Deputy
Chief
Investment
Officer,
Senior
Portfolio
Manager,
Head
of
Strategy
Selection
and
Head
of
Portfolio
Management
&
Risk,
Goldman
Sachs
Global
Chief
Investment
Officer,
Russell
Investments
Chief
Investment
Officer,
RIC
and
RIF
President,
RIM
Mary
Beth
Albaneze
Born
April
25,
1969
1301
Second
Avenue,
18th
Floor,
Seattle,
WA
98101
Secretary
and
Chief
Legal
Officer
since
2010
Until
successor
is
chosen
and
qualified
by
Trustees
Associate
General
Counsel,
Russell
Investments
Secretary,
RIM,
RIFUS
and
RIFIS
Secretary
and
Chief
Legal
Officer,
RIC
and
RIF
Secretary,
U.S.
One,
LLC
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Adviser
and
Service
Providers
—
June
30,
2022
(Unaudited)
70
Adviser
and
Service
Providers
Interested
Trustees
Vernon
Barback
Independent
Trustees
Kristianne
Blake
Michelle
L.
Cahoon
Michael
Day
Katherine
W.
Krysty
Julie
Dien
Ledoux
Jermey
May
Jeannie
Shanahan
Raymond
P.
Tennison,
Jr.
Jack
R.
Thompson
Officers
Vernon
Barback,
President
and
Chief
Executive
Officer
Mark
E.
Swanson,
Treasurer,
Chief
Accounting
Officer
and
Chief
Financial
Officer
Cheryl
Wichers,
Chief
Compliance
Officer
Kate
El-Hillow,
Chief
Investment
Officer
Mary
Beth
Albaneze,
Secretary
and
Chief
Legal
Officer
Adviser
Russell
Investment
Management,
LLC
1301
Second
Avenue
Seattle,
WA
98101
Administrator
and
Transfer
and
Dividend
Disbursing
Agent
Russell
Investments
Fund
Services,
LLC
1301
Second
Avenue
Seattle,
WA
98101
Custodian
State
Street
Bank
and
Trust
Company
1
Heritage
Drive
North
Quincy,
MA
02171
Office
of
Shareholder
Inquiries
1301
Second
Avenue
Seattle,
WA
98101
(800)
787-7354
Legal
Counsel
Dechert
LLP
One
International
Place,
40th
Floor
100
Oliver
Street
Boston,
MA
02110
Distributor
Russell
Investments
Financial
Services,
LLC
1301
Second
Avenue
Seattle,
WA
98101
Independent
Registered
Public
Accounting
Firm
PricewaterhouseCoopers
LLP
1420
5th
Avenue,
Suite
2800
Seattle,
WA
98101
This
report
is
prepared
from
the
books
and
records
of
the
Funds
and
is
submitted
for
the
general
information
of
shareholders
and
is
not
authorized
for
distribution
to
prospective
investors
unless
accompanied
or
preceded
by
an
effective
Prospectus.
Nothing
herein
contained
is
to
be
considered
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
Russell
Investment
Funds.
Such
offering
is
made
only
by
Prospectus,
which
includes
details
as
to
offering
price
and
other
material
information.
Russell
Investment
Funds
1301
Second
Avenue
Seattle,
Washington
98101
800-787-7354
Fax:
206-505-3495
Item 2. Code of Ethics. [Annual Report Only]
Item 3. Audit Committee Financial Expert. [Annual Report Only]
Item 4. Principal Accountant Fees and Services. [Annual Report Only]
Item 5. Audit Committee of Listed Registrants. [Not Applicable]
Item 6. [Schedules of Investments are included as part of the Report to Shareholders filed under Item 1 of this form]
Items 7-9. [Not Applicable]
Item 10. Submission of Matters to a Vote of Security Holders
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.
Item 11. Controls and Procedures
(a) Registrant's principal executive officer and principal financial officer have concluded that Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the date this report is filed with the Securities and Exchange Commission.
(b) There were no significant changes in Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected or is likely to materially affect Registrant's internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies [Not Applicable]
Item 13. Exhibit List
(a) Certification for principal executive officer of Registrant as required by Rule 30a-2(a) under the Act and certification for principal financial officer of Registrant as required by Rule 30a-2(a) under the Act. ex99_cert
(b)
Certification for principal executive officer and principal financial officer of registrant as required by Rule 30a-2(b) under the Act
. ex99.906_certSIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Russell Investment Funds
By: /s/ Vernon Barback
Vernon Barback
President & Chief Executive Officer (Principal Executive Officer), Russell Investment Funds
Date: August 12, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Vernon Barback
Vernon Barback
President & Chief Executive Officer (Principal Executive Officer), Russell Investment Funds
Date: August 12, 2022
By: /s/ Mark E. Swanson
Mark E. Swanson
Treasurer, Chief Accounting Officer (Principal Accounting Officer) and Chief Financial Officer (Principal Financial Officer), Russell Investment Funds
Date: August 12, 2022