Russell Investment Funds N-CSRS Certified semi-annual shareholder report (management investment company)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-0

5371

Russell Investment Funds

(Exact name of registrant as specified in charter)

1301 2nd Avenue 18^th Floor, Seattle Washington 98101
(Address of principal executive offices) (Zip code)

Mary Beth R. Albaneze, Secretary and Chief Legal Officer

Russell Investment Funds

1301 2nd Avenue

18^th 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_cert

SIGNATURES

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