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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05371
Russell Investment Funds
(Exact name of registrant as specified in charter)
1301 2nd Avenue 18th Floor, Seattle Washington 98101
(Address of principal executive offices) (Zip code)
(Address of principal executive offices) (Zip code)
Mary Beth Albaneze, Secretary and Chief Legal Officer
1301 2nd Avenue
18th Floor
Seattle, Washington 98101
206-505-4846
______________________________________________
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-787-7354
Date of fiscal year end: December 31
Date of reporting period: January 1, 2022 to December 31, 2022
Item 1. Reports to Stockholders
2022
ANNUAL
REPORT
Russell
Investment
Funds
DECEMBER
31,
2022
FUND
U.S.
Strategic
Equity
Fund
U.S.
Small
Cap
Equity
Fund
International
Developed
Markets
Fund
Strategic
Bond
Fund
Global
Real
Estate
Securities
Fund
Russell
Investment
Funds
Russell
Investment
Funds
is
a
series
investment
company
with
nine
different
investment
portfolios
referred
to
as
Funds.
These
financial
statements
report
on
five
of
these
Funds.
Page
To
Our
Shareholders
3
U.S.
Strategic
Equity
Fund
4
U.S.
Small
Cap
Equity
Fund
25
International
Developed
Markets
Fund
53
Strategic
Bond
Fund
77
Global
Real
Estate
Securities
Fund
125
Notes
to
Schedule
of
Investments
145
Notes
to
Financial
Highlights
147
Notes
to
Financial
Statements
148
Report
of
Independent
Registered
Public
Accounting
Firm
168
Tax
Information
170
Affiliated
Brokerage
Transactions
171
Basis
for
Approval
of
Investment
Advisory
Contracts
172
Shareholder
Requests
for
Additional
Information
173
Disclosure
of
Information
about
Fund
Trustees
and
Officers
174
Adviser,
Money
Managers
and
Service
Providers
181
Russell
Investment
Funds
Annual
Report
December
31,
2022
Table
of
Contents
Russell
Investment
Funds
Copyright
©
Russell
Investments
2023.
All
rights
reserved.
Russell
Investments’
ownership
is
composed
of
a
majority
stake
held
by
funds
managed
by
TA
Associates
Management,
L.P.,
with
a
significant
minority
stake
held
by
funds
managed
by
Reverence
Capital
Partners,
L.P.
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
investing.
A
prospectus
containing
this
and
other
important
information
must
precede
or
accompany
this
material.
Please
read
the
prospectus
carefully
before
investing.
Securities
distributed
through
Russell
Investments
Financial
Services,
LLC,
member
FINRA
and
part
of
Russell
Investments.
Indices
and
benchmarks
are
unmanaged
and
cannot
be
invested
in
directly.
Returns
represent
past
performance,
are
not
a
guarantee
of
future
performance,
and
are
not
indicative
of
any
specific
investment.
Index
return
information
is
provided
by
vendors
and
although
deemed
reliable,
is
not
guaranteed
by
Russell
Investments
or
its
affiliates.
S&P
®
is
a
registered
trademark
of
Standard
&
Poor’s
Financial
Services
LLC.
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.
To
Our
Shareholders
To
Our
Shareholders
3
Fellow
Investors,
Improving
the
financial
security
of
our
investors
is
our
purpose.
That
has
never
changed.
For
those
individuals
seeking
to
navigate
the
challenging
world
of
investing,
what’s
the
best
strategy?
We
believe
that
the
combination
of
our
investment
solutions,
a
sound
plan
and
timely
investment
advice
provides
the
best
route
to
achieving
your
desired
outcomes.
Your
financial
security
is
the
reason
we
work
hard
to
maintain
a
time-tested,
disciplined
investment
approach,
focused
on
meeting
our
clients’
financial
needs.
The
year
of
2022
has
been
challenging,
both
in
markets
and
investing:
For
the
one-year
period
ended
December
31,
2022,
U.S.
equities
returned
-18.11%,
according
to
the
S&P
500.*
In
comparison,
within
the
same
time
period,
developed
non-U.S.
equities,
as
measured
by
the
MSCI
EAFE
index,
provided
a
return
of
-14.45%.*
With
the
market
volatility,
rising
interest
rates
from
the
U.S.
Federal
Reserve
(the
Fed),
and
difficult
inflation
challenges,
it
is
critical
to
be
disciplined
when
assessing
your
investment
plan.
While
it
is
important
to
challenge
prior
thinking,
it
is
just
as
vital
to
have
an
equally
high
bar
to
any
material
changes
to
long-term
strategies.
We
continue
to
emphasize
that
prioritizing
the
long-term
investment
plan
over
short-term
gains
is
most
consistently
rewarded.
As
we
look
forward,
we
maintain
our
focus
and
look
to
position
our
funds
for
the
year
ahead,
not
the
one
that
has
just
passed.
With
this
in
mind,
we
hold
the
following
views
on
markets:
We
have
a
small
preference
for non-U.S.
developed
equities over
U.S.
equities.
They
are
relatively
cheaper
and
we
expect
they
will
benefit
from
U.S.
dollar
weakness,
should
the
Fed
become
less
hawkish.
We
believe
inflation
should
be
on
a
downward
trend
across
developed
economies
over
the
next
few
months.
For
headline
inflation,
this
requires
that
oil
and
natural
gas
prices
at
least
stabilize
at
current
levels.
We
believe
that
core
inflation,
which
excludes
food
and
energy
costs,
is close
to
peaking
in
most
regions.
We
expect
that
emerging
market
equities could
recover
if
there
is
significant
China
stimulus,
the
Fed
slows
the
pace
of
tightening,
energy
prices
subside,
and
the
U.S.
dollar
weakens.
For
now,
we
believe
a
neutral
stance
on
emerging
market
equities
is
warranted.
Let
me
say
once
again
that
at
Russell
Investments,
our
stated
purpose
is
to
improve
people’s
financial
security.
For
more
than
85
years,
we’ve
been
providing
solutions
to
help
investors
like
you
reach
your
financial
goals,
whether
you’re
saving
for
retirement,
already
depending
on
retirement
income
or
building
a
college
fund.
We
value
the
trust
you
have
placed
in
our
firm—there’s
nothing
we
value
more.
All
of
us
at
Russell
Investments
appreciate
the
opportunity
to
help
you
achieve
your
own
financial
security.
Best
regards,
Kate
El-Hillow
Chief
Investment
Officer,
Russell
Investments
*
Source:
MarketWatch.
Indexes
are
unmanaged
and
cannot
be
invested
in
directly.
The
S&P
500
®
Index
is
an
index,
with
dividends
reinvested,
of
500
issues
representative
of
leading
companies
in
the
U.S.
large
cap
securities
market.
The
MSCI
EAFE
(Europe,
Australasia,
Far
East)
index
is
a
free
float-adjusted
market
capitalization
index
that
is
designed
to
measure
the
equity
market
performance
of
developed
markets,
excluding
the
U.S.
and
Canada.
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Portfolio
Management
Discussion
and
Analysis
—
December
31,
2022
(Unaudited)
4
U.S.
Strategic
Equity
Fund
U.S.
Strategic
Equity
Fund
Total
Return
1
Year
(20
.86)%
5
Years
6
.79%§
10
Years
10
.79%§
Russell
1000
®
Index**
Total
Return
1
Year
(19
.13)%
5
Years
9
.13%§
10
Years
12
.37%§
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Portfolio
Management
Discussion
and
Analysis,
continued
—
December
31,
2022
(Unaudited)
U.S.
Strategic
Equity
Fund
5
The
U.S.
Strategic
Equity
Fund
(the
“Fund”)
employs
a
multi-
manager
approach
whereby
portions
of
the
Fund
are
allocated
to
different
money
manager
strategies.
Fund
assets
not
allocated
to
money
managers
are
managed
by
Russell
Investment
Management,
LLC
(“RIM”),
the
Fund’s
advisor.
RIM
may
change
the
allocation
of
the
Fund’s
assets
among
money
managers
at
any
time.
An
exemptive
order
from
the
Securities
and
Exchange
Commission
permits
RIM
to
engage
or
terminate
a
money
manager
at
any
time,
subject
to
approval
by
the
Fund’s
Board,
without
a
shareholder
vote.
Pursuant
to
the
terms
of
the
exemptive
order,
the
Fund
is
required
to
notify
its
shareholders
within
90
days
of
when
a
money
manager
begins
providing
services.
As
of
December
31,
2022,
the
Fund
had
four
money
managers.
What
is
the
Fund’s
investment
objective?
The
Fund
seeks
to
provide
long-term
capital
growth.
How
did
the
Fund
perform
relative
to
its
benchmark
for
the
fiscal
year
ended
December
31,
2022?
For
the
fiscal
year
ended
December
31,
2022
(the
“fiscal
year”),
the
Fund
lost
20.86%.
This
is
compared
to
the
Fund’s
benchmark,
the
Russell
1000
®
Index,
which
lost
19.13%
during
the
fiscal
year.
The
Fund’s
performance
includes
operating
expenses,
whereas
index
returns
are
unmanaged
and
do
not
include
expenses
of
any
kind.
For
the
fiscal
year,
the
Morningstar
®
Insurance
Large
Blend
Category,
a
group
of
funds
that
Morningstar,
Inc.
considers
to
have
investment
strategies
similar
to
those
of
the
Fund,
lost
17.38%.
This
result
serves
as
a
peer
comparison
and
is
expressed
net
of
operating
expenses.
RIM
may
assign
a
money
manager
a
specific
style
or
capitalization
benchmark
other
than
the
Fund’s
index
(a
“RIM-assigned
benchmark”).
However,
the
Fund’s
primary
index
remains
the
benchmark
for
the
Fund
and
is
intended
to
be
representative
of
the
aggregate
of
each
money
manager’s
benchmark
index.
How
did
market
conditions
affect
the
Fund’s
performance?
A
large
and
protracted
rise
in
inflation
created
serious
challenges
for
the
U.S.
economic
outlook.
In
response,
the
Federal
Reserve’s
monetary
policy
pivoted
into
restrictive
territory.
It
was
a
largely
negative
return
environment
for
the
equity
markets
where
value
and
low
volatility-oriented
equities
outperformed
their
growth
peers.
Energy
and
utilities
were
the
best
performing
sectors
while
communication
services
and
consumer
discretionary
lagged.
How
did
the
investment
strategies
and
techniques
employed
by
the
Fund
and
its
money
managers
affect
its
benchmark
relative
performance?
Over
the
fiscal
year,
the
Fund
maintained
exposure
to
companies
with
lower
valuation
and
lower
market
capitalization
compared
to
its
benchmark.
Overall,
the
Fund’s
factor
tilts
provided
mixed
results
as
the
tilt
toward
value
was
rewarded
while
the
tilt
toward
lower
size
detracted.
Sector
allocation
decisions
were
moderately
positive
over
the
fiscal
year,
especially
an
underweight
to
the
information
technology
sector
and
an
overweight
to
the
health
care
sector.
The
Fund
employs
discretionary
and
non-discretionary
money
managers.
The
Fund’s
discretionary
money
managers
select
the
individual
portfolio
securities
for
the
assets
assigned
to
them.
The
Fund’s
non-discretionary
money
managers
provide
a
model
portfolio
to
RIM
representing
their
investment
recommendations,
based
upon
which
RIM
purchases
and
sells
securities
for
the
Fund.
RIM
manages
assets
not
allocated
to
money
manager
strategies
and
the
Fund’s
cash
balances.
Stock
selection
meaningfully
detracted
from
performance,
due
mainly
to
underperforming
holdings
within
the
health
care
and
information
technology
sectors.
With
respect
to
certain
of
the
Fund’s
money
managers,
Brandywine
Global
Investment
Management,
LLC
outperformed
its
RIM-assigned
benchmark.
The
money
manager’s
focus
on
identifying
attractively
valued
stocks
worked
well
in
the
market
environment.
Stock
selection
was
positive
within
the
communication
services
and
health
care
sectors.
Sector
tilts
were
also
beneficial,
especially
overweights
to
utilities
and
energy.
Jackson
Square
Partners,
LLC
(“Jackson
Square”)
underperformed
its
RIM-assigned
benchmark
for
the
period
of
the
fiscal
year
it
was
a
money
manager
in
the
Fund.
Stock
selection
within
the
information
technology,
communication
services,
and
health
care
sectors
was
the
primary
driver
of
relative
underperformance.
Sector
allocation
decisions
had
a
moderately
positive
effect
on
performance,
including
overweights
to
the
health
care
and
industrials
sectors.
During
the
fiscal
year,
RIM
utilized
a
positioning
strategy
to
seek
to
control
Fund-level
exposures
and
risks
through
the
purchase
of
a
stock
portfolio.
Using
the
output
from
quantitative
and/
or
rules-based
processes
and
qualitative
analysis,
the
strategy
seeks
to
position
the
portfolio
to
meet
RIM’s
overall
preferred
positioning
with
respect
to
Fund
exposures
along
factor
and
industry
dimensions.
The
Fund’s
active
positioning
strategy
provided
exposure
to
RIM’s
strategic
equity
beliefs
associated
with
value,
quality,
and
low
volatility
factors.
During
the
fiscal
year,
the
strategy
outperformed
its
RIM-assigned
benchmark.
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Portfolio
Management
Discussion
and
Analysis,
continued
—
December
31,
2022
(Unaudited)
6
U.S.
Strategic
Equity
Fund
Tilts
toward
stocks
with
lower
valuation
and
lower
volatility
were
rewarded.
Sector
allocation
decisions
moderately
detracted
from
performance,
including
underweights
to
the
utilities
and
health
care
sectors.
During
the
fiscal
year,
RIM
partially
equitized
the
Fund’s
cash
using
index
futures
contracts
to
provide
the
Fund
with
greater
market
exposure
and
this
strategy
performed
as
intended.
Describe
any
changes
to
the
Fund’s
structure
or
the
money
manager
line-up.
In
September
2022,
RIM
hired
J.P.
Morgan
Investment
Management,
Inc.
and
William
Blair
Investment
Management,
LLC
and
terminated
Jackson
Square
and
HS
Management
Partners,
LLC
as
money
managers
for
the
Fund.
Additionally,
RIM
allocated
Fund
assets
to
Jacobs
Levy
Equity
Management,
Inc.’s
existing
mandate.
Allocations
to
other
money
manager
strategies
were
adjusted
as
a
result.
The
views
expressed
in
this
report
reflect
those
of
the
portfolio
managers
only
through
the
end
of
the
fiscal
year
covered
by
the
report.
These
views
do
not
necessarily
represent
the
views
of
RIM,
or
any
other
person
in
RIM
or
any
other
affiliated
organization.
These
views
are
subject
to
change
at
any
time
based
upon
market
conditions
or
other
events,
and
RIM
disclaims
any
responsibility
to
update
the
views
contained
herein.
These
views
should
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Russell
Investment
Funds
(“RIF”)
Fund
are
based
on
numerous
factors,
should
not
be
relied
on
as
an
indication
of
investment
decisions
of
any
RIF
Fund.
Money
Managers
as
of
December
31,
2022
Styles
Brandywine
Global
Investment
Management,
LLC
Value
Jacobs
Levy
Equity
Management,
Inc.
Market
Oriented
J.P.
Morgan
Investment
Management
Inc.
Market
Oriented
William
Blair
Investment
Management,
LLC
Growth
*
Assumes
initial
investment
on
January
1,
2013.
**
Russell
1000
®
Index
includes
the
1,000
largest
companies
in
the
Russell
3000
®
Index.
The
Russell
1000
®
Index
represents
the
universe
of
stocks
from
which
most
active
money
managers
typically
select.
The
Russell
1000
®
Index
return
reflects
adjustments
from
income
dividends
and
capital
gain
distributions
reinvested
as
of
the
ex-dividend
dates.
§
Annualized.
The
performance
shown
in
this
section
does
not
reflect
any
Insurance
Company
Separate
Account
or
Policy
Charges.
Performance
is
historical
and
assumes
reinvestment
of
all
dividends
and
capital
gains. Investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
when
purchased. Past
performance
is
not
indicative
of
future
results. Additionally,
the
returns
presented
herein
may
differ
from
the
performance
reported
in
the
Financial
Highlights
as
the
returns
herein
are
calculated
in
a
manner
consistent
with
standardized
performance
in
accordance
with
Securities
and
Exchange
Commission
rules,
while
the
performance
in
the
Financial
Highlights
has
been
calculated
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
(“U.S.
GAAP”).
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Shareholder
Expense
Example
—
December
31,
2022
(Unaudited)
U.S.
Strategic
Equity
Fund
7
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
July
1,
2022
to
December
31,
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
July
1,
2022
$
1,000.00
$
1,000.00
Ending
Account
Value
December
31,
2022
$
1,011.80
$
1,020.57
Expenses
Paid
During
Period*
$
4.67
$
4.69
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio
of
0.92%
(representing
the
six
month
period
annualized),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-
half
year
period).
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
8
U.S.
Strategic
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
101.1%
Consumer
Discretionary
-
14.3%
Advance
Auto
Parts,
Inc.
2,439
359
Amazon.com,
Inc.(Æ)(Û)
112,661
9,464
Autoliv,
Inc.
8,229
630
AutoZone,
Inc.(Æ)
747
1,842
Bright
Horizons
Family
Solutions,
Inc.(Æ)
(Ð)
3,994
252
Cavco
Industries,
Inc.(Æ)(Û)
619
140
Chegg,
Inc.(Æ)
11,889
300
Chipotle
Mexican
Grill,
Inc.
Class
A(Æ)
899
1,247
Comcast
Corp.
Class
A
46,090
1,612
Costco
Wholesale
Corp.(Û)
11,612
5,301
Dave
&
Buster's
Entertainment,
Inc.(Æ)
1,200
43
Dillard's,
Inc.
Class
A
618
200
Discovery
Communications
LLC(Æ)
64,668
613
Dollar
General
Corp.
6,213
1,530
Domino's
Pizza,
Inc.(Û)
1,352
468
DR
Horton,
Inc.
7,607
678
Expedia
Group,
Inc.(Æ)
6,632
581
FactSet
Research
Systems,
Inc.(Ð)
2,852
1,144
Ford
Motor
Co.
94,870
1,103
Garmin,
Ltd.
7,007
647
General
Motors
Co.
67,135
2,258
Genuine
Parts
Co.
3,571
620
Goodyear
Tire
&
Rubber
Co.
(The)(Æ)
11,962
121
Grand
Canyon
Education,
Inc.(Æ)(Ð)
3,100
328
Hilton
Worldwide
Holdings,
Inc.(Û)
8,477
1,071
Home
Depot,
Inc.
(The)
4,232
1,337
Hyatt
Hotels
Corp.
Class
A(Æ)
3,993
361
Lear
Corp.
4,685
581
Lithia
Motors,
Inc.
Class
A
2,815
576
Live
Nation
Entertainment,
Inc.(Æ)(Ð)
24,656
1,719
Lowe's
Cos.,
Inc.
5,729
1,141
Madison
Square
Garden
Sports
Corp.
Class
A
1,517
278
Marriott
International,
Inc.
Class
A
12,493
1,860
McDonald's
Corp.
8,306
2,189
Netflix,
Inc.(Æ)(Ð)
5,388
1,589
Nike,
Inc.
Class
B
32,924
3,852
Norton
LifeLock,
Inc.(Æ)
17,753
380
NVR,
Inc.(Æ)
205
946
O'Reilly
Automotive,
Inc.(Æ)
3,777
3,188
Penn
National
Gaming,
Inc.(Æ)
53,374
1,585
PulteGroup,
Inc.
16,315
743
Ross
Stores,
Inc.(Ð)
8,623
1,001
SeaWorld
Entertainment,
Inc.(Æ)
2,715
145
Spotify
Technology
SA(Æ)
2,120
167
Starbucks
Corp.
17,365
1,723
Target
Corp.(Ð)
12,988
1,936
Tesla,
Inc.(Æ)(Û)
23,163
2,853
TJX
Cos.,
Inc.
(The)
8,764
698
Tractor
Supply
Co.
1,938
436
TripAdvisor,
Inc.(Æ)
8,059
145
Ulta
Salon
Cosmetics
&
Fragrance,
Inc.(Æ)
1,394
654
Under
Armour,
Inc.
Class
A(Æ)(Û)
18,400
187
Walmart,
Inc.
7,565
1,073
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Walt
Disney
Co.
(The)(Æ)
16,635
1,445
World
Wrestling
Entertainment,
Inc.
Class
A(Ð)
2,197
151
Zillow
Group,
Inc.
Class
A(Æ)(Û)
7,370
230
67,721
Consumer
Staples
-
4.8%
Altria
Group,
Inc.(Û)
11,185
511
Archer-Daniels-Midland
Co.
10,495
975
Coca-Cola
Co.
(The)
37,942
2,414
Conagra
Brands,
Inc.
60,033
2,323
CVS
Health
Corp.
30,949
2,884
Energizer
Holdings,
Inc.
-
GDR(Æ)(Û)
1,840
71
Estee
Lauder
Cos.,
Inc.
(The)
Class
A
7,746
1,922
General
Mills,
Inc.
5,975
501
Haleon
PLC
-
ADR(Æ)
103,518
828
Hershey
Co.
(The)(Û)
4,544
1,052
Ingredion,
Inc.
6,722
658
Kraft
Heinz
Foods
Co.
8,658
353
Kroger
Co.
(The)
35,519
1,583
Monster
Beverage
Corp.(Æ)
5,497
558
PepsiCo,
Inc.
7,381
1,334
Philip
Morris
International,
Inc.
6,432
651
Procter
&
Gamble
Co.
(The)
12,022
1,822
Sprouts
Farmers
Market,
Inc.(Æ)(Ð)
10,054
325
Tyson
Foods,
Inc.
Class
A
20,178
1,256
Walgreens
Boots
Alliance,
Inc.
20,628
771
22,792
Energy
-
4.1%
Arch
Resources,
Inc.
649
93
BP
PLC
-
ADR
41,519
1,450
Canadian
Natural
Resources,
Ltd.
13,475
748
Chevron
Corp.
16,679
2,994
CVR
Energy,
Inc.
4,293
134
EOG
Resources,
Inc.(Û)
12,312
1,595
Exxon
Mobil
Corp.
17,252
1,903
Kinder
Morgan,
Inc.
80,758
1,460
Marathon
Petroleum
Corp.
8,580
999
Occidental
Petroleum
Corp.
12,125
764
Patterson-UTI
Energy,
Inc.
3,095
52
PBF
Energy,
Inc.
Class
A
3,748
153
Phillips
66
11,151
1,160
Pioneer
Natural
Resources
Co.
9,965
2,276
Shell
PLC
-
ADR
20,546
1,170
Valero
Energy
Corp.(Û)
8,711
1,105
Williams
Cos.,
Inc.
(The)
36,996
1,217
19,273
Financial
Services
-
16.5%
AerCap
Holdings,
Ltd.
/
AerCap
Global
Aviation
Trust(Æ)
20,495
1,195
Aflac,
Inc.
12,803
921
Allstate
Corp.
(The)(Ð)(Û)
7,997
1,084
American
Express
Co.
3,210
474
American
Tower
Corp.(ö)
2,939
623
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Strategic
Equity
Fund
9
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Ameriprise
Financial,
Inc.
2,841
885
Apollo
Global
Management,
Inc.
40,966
2,613
Assurant,
Inc.
2,349
294
AvalonBay
Communities,
Inc.(ö)
1,384
224
Axis
Capital
Holdings,
Ltd.
7,977
432
Bank
of
America
Corp.
69,861
2,314
Bank
of
New
York
Mellon
Corp.
(The)
11,156
508
Berkshire
Hathaway,
Inc.
Class
B(Æ)
5,655
1,747
BlackRock,
Inc.
Class
A
1,047
742
BOK
Financial
Corp.
2,971
308
Brighthouse
Financial,
Inc.(Æ)(Ð)
9,135
468
Brown
&
Brown,
Inc.
6,668
380
Camden
Property
Trust(ö)(Û)
5,423
607
Capital
One
Financial
Corp.(Û)
8,162
759
Cboe
Global
Markets,
Inc.
2,667
335
CBRE
Group,
Inc.
Class
A
8,826
679
Charles
Schwab
Corp.
(The)(Û)
26,837
2,234
Chubb,
Ltd.
3,526
778
Citigroup,
Inc.
73,030
3,303
CME
Group,
Inc.
Class
A
2,510
422
CNO
Financial
Group,
Inc.
9,993
228
Comerica,
Inc.(Ð)
6,420
429
Crown
Castle,
Inc.(ö)
4,379
594
Cullen/Frost
Bankers,
Inc.(Ð)
3,581
479
DiamondRock
Hospitality
Co.(ö)
20,388
167
Equinix,
Inc.(Æ)(ö)
815
534
Equity
Commonwealth(ö)
12,854
321
Equity
Residential(ö)
5,203
307
Evercore,
Inc.
Class
A
4,258
464
Extra
Space
Storage,
Inc.(ö)
1,768
260
First
Industrial
Realty
Trust,
Inc.(ö)(Û)
1,366
66
First
Republic
Bank
7,079
863
Gaming
and
Leisure
Properties,
Inc.(ö)
9,905
516
Globe
Life,
Inc.(Æ)
4,638
559
Goldman
Sachs
Group,
Inc.
(The)
3,754
1,289
Hartford
Financial
Services
Group,
Inc.
7,036
534
Highwoods
Properties,
Inc.(Ð)(ö)
3,283
92
Host
Hotels
&
Resorts,
Inc.(Ð)(ö)(Û)
35,939
577
Howard
Hughes
Corp.
(The)(Æ)
9,813
750
Interactive
Brokers
Group,
Inc.
Class
A(Û)
5,770
417
Intercontinental
Exchange,
Inc.
4,477
459
Invitation
Homes,
Inc.(ö)
9,380
278
Jackson
Financial,
Inc.
Class
A
8,597
299
JPMorgan
Chase
&
Co.
30,827
4,134
Lamar
Advertising
Co.
Class
A(ö)
5,345
505
Lincoln
National
Corp.
7,160
220
LPL
Financial
Holdings,
Inc.
3,754
812
M&T
Bank
Corp.
1,614
234
Marsh
&
McLennan
Cos.,
Inc.
2,460
407
MasterCard,
Inc.
Class
A
24,314
8,455
Morgan
Stanley
27,828
2,366
New
York
Community
Bancorp,
Inc.
103,508
890
Northern
Trust
Corp.
6,720
595
Park
Hotels
&
Resorts,
Inc.(ö)
13,633
161
Pinnacle
Financial
Partners,
Inc.
2,070
152
PNC
Financial
Services
Group,
Inc.
(The)
2,667
421
Popular,
Inc.
6,926
459
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Progressive
Corp.
(The)
9,890
1,283
Prologis,
LP(ö)
19,823
2,235
Public
Storage(ö)
2,078
582
Raymond
James
Financial,
Inc.
16,081
1,718
Reinsurance
Group
of
America,
Inc.
Class
A
10,098
1,435
RenaissanceRe
Holdings,
Ltd.
3,867
712
Rexford
Industrial
Realty,
Inc.(ö)
6,133
335
RLJ
Lodging
Trust(ö)
13,300
141
Ryan
Specialty
Group
Holdings,
Inc.
Class
A(Æ)
7,190
298
Ryman
Hospitality
Properties,
Inc.(ö)(Û)
1,893
155
SEI
Investments
Co.
6,370
371
SLM
Corp.(Ð)
25,618
425
SVB
Financial
Group(Æ)
303
70
Synchrony
Financial
24,063
791
T.
Rowe
Price
Group,
Inc.
6,297
687
Texas
Capital
Bancshares,
Inc.(Æ)
3,336
201
Travelers
Cos.,
Inc.
(The)
3,572
670
Truist
Financial
Corp.
44,037
1,895
US
Bancorp
34,805
1,518
Visa,
Inc.
Class
A
8,314
1,727
Wells
Fargo
&
Co.
42,724
1,764
Western
Alliance
Bancorp
4,424
263
Willis
Towers
Watson
PLC(Æ)
5,012
1,226
WP
Carey,
Inc.(ö)
3,841
300
WR
Berkley
Corp.(Ð)
21,763
1,579
Xenia
Hotels
&
Resorts,
Inc.(ö)
6,573
87
Zions
Bancorp
NA
14,018
689
77,779
Health
Care
-
14.3%
Abbott
Laboratories
9,056
994
AbbVie,
Inc.
23,125
3,737
Acadia
Pharmaceuticals,
Inc.(Æ)
11,863
189
Agilent
Technologies,
Inc.
7,159
1,071
Alignment
Healthcare,
Inc.(Æ)
5,940
70
Amgen,
Inc.
3,064
805
Anthem,
Inc.(Æ)
2,463
1,263
AstraZeneca
PLC
-
ADR
10,761
730
Baxter
International,
Inc.
15,162
773
BioCryst
Pharmaceuticals,
Inc.(Æ)(Ð)
4,879
56
Biogen,
Inc.(Æ)
3,118
863
Blueprint
Medicines
Corp.(Æ)(Ð)
1,542
68
Boston
Scientific
Corp.(Æ)
36,980
1,711
Bristol-Myers
Squibb
Co.
35,002
2,518
Cardinal
Health,
Inc.(Ð)
13,332
1,025
Centene
Corp.(Æ)
9,662
792
Cigna
Corp.
4,662
1,545
DaVita
HealthCare
Partners,
Inc.(Æ)
4,000
299
Dentsply
Sirona,
Inc.
23,145
737
Edwards
Lifesciences
Corp.(Æ)
3,092
231
Eli
Lilly
&
Co.
2,590
948
Exelixis,
Inc.(Æ)
19,370
311
Gilead
Sciences,
Inc.
16,762
1,439
GSK
Finance
No.
3
PLC
-
ADR
28,911
1,016
Harmony
Biosciences
Holdings,
Inc.(Æ)(Ð)
991
55
HCA
Healthcare,
Inc.
11,912
2,858
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
10
U.S.
Strategic
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Horizon
Therapeutics
PLC(Æ)
9,721
1,106
Humana,
Inc.(Û)
2,735
1,401
Incyte
Corp.(Æ)(Û)
10,845
871
Intuitive
Surgical,
Inc.(Æ)
4,786
1,270
Ionis
Pharmaceuticals,
Inc.(Æ)(Ð)
8,395
317
Jazz
Pharmaceuticals
PLC(Æ)
6,289
1,002
Johnson
&
Johnson
12,780
2,258
McKesson
Corp.
3,663
1,374
Medtronic
PLC
11,623
903
Merck
&
Co.,
Inc.
8,897
987
Mirati
Therapeutics,
Inc.(Æ)(Ð)
2,087
95
Moderna,
Inc.(Æ)
4,611
828
Molina
Healthcare,
Inc.(Æ)
2,869
947
Neurocrine
Biosciences,
Inc.(Æ)(Ð)(Û)
494
59
NuVasive,
Inc.(Æ)
6,309
260
Pfizer,
Inc.
46,701
2,393
PTC
Therapeutics,
Inc.(Æ)
4,242
162
Qiagen
NV(Æ)
14,919
744
Regeneron
Pharmaceuticals,
Inc.(Æ)
1,935
1,396
Sarepta
Therapeutics,
Inc.(Æ)
5,398
699
Stryker
Corp.
11,104
2,715
Syneos
Health,
Inc.
Class
A(Æ)
17,805
653
Tenet
Healthcare
Corp.(Æ)
3,885
190
Thermo
Fisher
Scientific,
Inc.
2,099
1,156
Ultragenyx
Pharmaceutical,
Inc.(Æ)(Ð)
4,442
206
United
Therapeutics
Corp.(Æ)
3,735
1,039
UnitedHealth
Group,
Inc.
17,149
9,092
Veeva
Systems,
Inc.
Class
A(Æ)
7,741
1,249
Vertex
Pharmaceuticals,
Inc.(Æ)(Û)
7,060
2,039
Viatris,
Inc.
108,887
1,212
West
Pharmaceutical
Services,
Inc.
1,298
305
Zoetis,
Inc.
Class
A
16,542
2,424
67,456
Materials
and
Processing
-
3.9%
Air
Products
&
Chemicals,
Inc.
1,489
459
Albemarle
Corp.(Ð)
2,699
585
Boise
Cascade
Co.
2,218
152
Celanese
Corp.
Class
A
588
60
CF
Industries
Holdings,
Inc.
5,882
501
Comfort
Systems
USA,
Inc.
500
58
Copart,
Inc.(Æ)
41,406
2,521
Crown
Holdings,
Inc.
11,907
979
DuPont
de
Nemours,
Inc.
14,539
998
Eastman
Chemical
Co.
12,983
1,057
Element
Solutions,
Inc.(Æ)(Ð)
11,750
214
Fastenal
Co.
11,876
562
FMC
Corp.
5,719
714
Freeport-McMoRan,
Inc.
26,667
1,013
Huntsman
Corp.(Ð)
14,231
391
Linde
PLC(Æ)
6,350
2,071
Mosaic
Co.
(The)
8,327
365
MP
Materials
Corp.(Æ)(Ð)
3,107
75
Newmont
Corp.
16,451
777
Nucor
Corp.
5,270
695
PPG
Industries,
Inc.
6,932
872
Resideo
Technologies,
Inc.(Æ)
1,000
17
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Southern
Copper
Corp.
6,599
399
Trane
Technologies
PLC
13,304
2,236
Vulcan
Materials
Co.
4,335
759
18,530
Producer
Durables
-
11.1%
3M
Co.
6,760
811
AECOM
7,569
643
AGCO
Corp.
6,328
878
Alaska
Air
Group,
Inc.(Æ)
13,738
590
Allison
Transmission
Holdings,
Inc.
Class
A
16,868
702
Ametek,
Inc.
4,694
656
AO
Smith
Corp.
9,766
559
Automatic
Data
Processing,
Inc.
1,848
441
Carlisle
Cos.,
Inc.
967
228
CH
Robinson
Worldwide,
Inc.
2,832
259
Cintas
Corp.
1,009
456
CoStar
Group,
Inc.(Æ)
39,097
3,021
Cummins,
Inc.
4,006
971
Deere
&
Co.
2,707
1,161
Delta
Air
Lines,
Inc.(Æ)
28,717
944
Dover
Corp.
4,852
657
Eaton
Corp.
PLC
15,400
2,417
Emerson
Electric
Co.
11,705
1,124
Encore
Wire
Corp.(Ð)
811
112
Equifax,
Inc.
3,542
688
Expeditors
International
of
Washington,
Inc.
(Ð)
14,791
1,537
FedEx
Corp.(Û)
12,856
2,227
Fortive
Corp.
20,164
1,295
FTI
Consulting,
Inc.(Æ)
2,592
412
General
Dynamics
Corp.
4,195
1,041
Gentex
Corp.
22,553
615
Global
Payments,
Inc.
9,640
957
Hubbell,
Inc.
Class
B
2,011
472
IDEX
Corp.
1,663
380
Illinois
Tool
Works,
Inc.
1,907
420
Insperity,
Inc.(Û)
1,495
170
JB
Hunt
Transport
Services,
Inc.
2,407
420
Keysight
Technologies,
Inc.(Æ)
2,948
504
L3Harris
Technologies,
Inc.
2,956
615
Lamb
Weston
Holdings,
Inc.(Û)
6,663
595
Landstar
System,
Inc.
7,764
1,265
Littelfuse,
Inc.
2,193
483
Lockheed
Martin
Corp.(Û)
4,196
2,041
Magna
International,
Inc.
Class
A
8,549
480
MarketAxess
Holdings,
Inc.
1,560
435
Mettler-Toledo
International,
Inc.(Æ)
276
399
Moody's
Corp.
1,907
531
Morningstar,
Inc.
1,316
285
Murphy
USA,
Inc.
1,845
516
Nordson
Corp.
2,133
507
Norfolk
Southern
Corp.
5,072
1,250
Northrop
Grumman
Corp.
1,795
979
Old
Dominion
Freight
Line,
Inc.
1,512
429
Oshkosh
Corp.
5,122
452
PACCAR
Financial
Corp.
5,044
499
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Strategic
Equity
Fund
11
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Paychex,
Inc.
3,091
357
PayPal
Holdings,
Inc.(Æ)
27,622
1,967
Pentair
PLC
13,196
594
Regal
Rexnord
Corp.
4,637
556
Republic
Services,
Inc.
Class
A(Û)
5,783
746
S&P
Global,
Inc.
7,013
2,349
Skyline
Champion
Corp.(Æ)(Û)
1,199
62
Snap-on,
Inc.
3,482
796
Teledyne
Technologies,
Inc.(Æ)
1,654
661
Terex
Corp.(Ð)
2,219
95
Textron,
Inc.
1,861
132
Travel
+
Leisure
Co.(Æ)
5,883
214
Trimble
Navigation,
Ltd.(Æ)
6,567
332
Verisk
Analytics,
Inc.
Class
A
2,030
358
Vertiv
Group
Corp.
25,259
345
Vontier
Corp.
43,812
847
Waste
Management,
Inc.
3,099
486
WillScot
Mobile
Mini
Holdings
Corp.(Æ)
6,695
302
WW
Grainger,
Inc.
978
544
Xerox
Holdings
Corp.
26,708
390
Zebra
Technologies
Corp.
Class
A(Æ)
2,637
676
52,338
Technology
-
26.9%
Accenture
PLC
Class
A
14,037
3,746
Activision
Blizzard,
Inc.
4,269
327
Adobe,
Inc.(Æ)
7,671
2,582
Advanced
Micro
Devices,
Inc.(Æ)
24,634
1,596
Alphabet,
Inc.
Class
A(Æ)
134,129
11,834
Alphabet,
Inc.
Class
C(Æ)(Û)
22,133
1,964
Amphenol
Corp.
Class
A
7,850
598
Analog
Devices,
Inc.
6,293
1,032
Apple,
Inc.(Û)
136,812
17,776
ASML
Holding
NV
Class
G
711
388
Atlassian
Corp.
Class
A(Æ)
4,856
625
Avnet,
Inc.
11,894
495
Box,
Inc.
Class
A(Æ)
17,453
543
Broadcom,
Inc.
1,442
806
Cadence
Design
Systems,
Inc.(Æ)
4,570
734
CDW
Corp.
2,869
512
Cirrus
Logic,
Inc.(Æ)(Ð)
4,513
336
Cisco
Systems,
Inc.
32,431
1,545
Cognizant
Technology
Solutions
Corp.
Class
A
13,357
764
CommScope
Holding
Co.,
Inc.(Æ)
20,591
151
CommVault
Systems,
Inc.(Æ)
6,079
382
Corteva,
Inc.(Ð)
20,172
1,186
Crowdstrike
Holdings,
Inc.
Class
A(Æ)
5,277
556
Dell
Technologies,
Inc.
Class
C(Û)
41,497
1,669
DocuSign,
Inc.(Æ)
9,140
507
Dropbox,
Inc.
Class
A(Æ)
24,230
542
EPAM
Systems,
Inc.(Æ)
2,694
883
Extreme
Networks,
Inc.(Æ)
3,350
61
F5,
Inc.(Æ)
3,843
551
Fair
Isaac
Corp.(Æ)
890
533
Fidelity
National
Information
Services,
Inc.
15,614
1,059
Fortinet,
Inc.(Æ)(Ð)
22,506
1,100
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
GoDaddy,
Inc.
Class
A(Æ)
11,844
886
Guidewire
Software,
Inc.(Æ)
12,688
794
Hewlett
Packard
Enterprise
Co.(Ð)(Û)
85,469
1,364
HP,
Inc.(Æ)(Û)
71,840
1,930
Impinj,
Inc.(Æ)(Ð)
720
79
Informatica,
Inc.
Class
A(Æ)
2,491
41
Intel
Corp.
59,522
1,573
International
Business
Machines
Corp.
5,234
737
Intuit,
Inc.
6,718
2,615
Jabil
Circuit,
Inc.
5,293
361
Juniper
Networks,
Inc.(Û)
25,991
831
Lam
Research
Corp.
1,559
655
Leidos
Holdings,
Inc.
4,871
512
Lyft,
Inc.
Class
A(Æ)
31,723
350
Meta
Platforms,
Inc.
Class
A(Æ)(Û)
34,956
4,207
Micron
Technology,
Inc.
31,802
1,589
Microsoft
Corp.(Û)
116,056
27,833
NetApp,
Inc.(Ð)(Û)
25,851
1,553
New
Relic,
Inc.(Æ)
4,591
259
Nutanix,
Inc.
Class
A(Æ)
6,498
169
NVIDIA
Corp.
10,985
1,605
NXP
Semiconductors
NV
12,145
1,919
ON
Semiconductor
Corp.(Æ)(Ð)(Û)
8,333
520
Oracle
Corp.
16,980
1,388
Palo
Alto
Networks,
Inc.(Æ)(Ð)
15,664
2,186
Pegasystems,
Inc.
7,867
269
Pure
Storage,
Inc.
Class
A(Æ)
14,092
377
Qorvo,
Inc.(Æ)
6,708
608
Qualys,
Inc.(Æ)
1,833
206
Roper
Technologies,
Inc.
1,910
825
Salesforce,
Inc.(Æ)
10,608
1,406
Semtech
Corp.(Æ)
9,747
280
Skyworks
Solutions,
Inc.
6,863
625
Snap,
Inc.
Class
A(Æ)(Ð)
10,009
90
Sonos,
Inc.(Æ)(Ð)(Û)
11,077
187
Synopsys,
Inc.(Æ)
2,112
674
Tenable
Holdings,
Inc.(Æ)
5,798
221
Teradyne,
Inc.
21,840
1,908
Texas
Instruments,
Inc.
11,771
1,945
Tyler
Technologies,
Inc.(Æ)
1,042
336
Uber
Technologies,
Inc.(Æ)
23,661
585
Unity
Software,
Inc.(Æ)(Ñ)
16,182
463
Varonis
Systems,
Inc.(Æ)
9,483
227
Verint
Systems,
Inc.(Æ)
2,674
97
VeriSign,
Inc.(Æ)
5,272
1,083
Viavi
Solutions,
Inc.
Class
W(Æ)
30,118
317
Western
Digital
Corp.(Æ)
16,615
524
Yelp,
Inc.
Class
A(Æ)
7,889
216
Zscaler,
Inc.(Æ)(Ð)
2,896
324
127,132
Utilities
-
5.2%
APA
Corp.(Û)
3,555
166
AT&T,
Inc.
119,748
2,205
Baker
Hughes
Co.
44,991
1,329
Cheniere
Energy,
Inc.(Û)
7,887
1,183
CMS
Energy
Corp.(Ð)
7,030
445
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
12
U.S.
Strategic
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
ConocoPhillips
Co.
29,585
3,491
Constellation
Energy
Corp.(Û)
7,475
644
DTE
Energy
Co.
7,312
859
Edison
International
17,214
1,095
Exelon
Corp.
23,801
1,029
FirstEnergy
Corp.
30,738
1,289
NextEra
Energy,
Inc.
35,684
2,983
NRG
Energy,
Inc.
13,936
443
PG&E
Corp.(Æ)
17,073
278
Pinnacle
West
Capital
Corp.(Ð)
6,563
499
T-Mobile
USA,
Inc.(Æ)
19,487
2,728
UGI
Corp.
19,581
726
Verizon
Communications,
Inc.
45,540
1,794
Vistra
Corp.
24,006
557
Xcel
Energy,
Inc.
10,048
705
24,448
Total
Common
Stocks
(cost
$421,764)
477,469
Short-Term
Investments
-
3.8%
U.S.
Cash
Management
Fund(@)
17,776,610
(∞)
17,773
Total
Short-Term
Investments
(cost
$17,770)
17,773
Other
Securities
-
0.1%
U.S.
Cash
Collateral
Fund(@)(×)
462,150
(∞)
462
Total
Other
Securities
(cost
$462)
462
Total
Investments
-
105.0%
(identified
cost
$439,996)
495,704
Securities
Sold
Short
-
(5.0)%
Consumer
Discretionary
-
(1.0)%
Advanced
Energy
Industries,
Inc.
(605)
(52)
Altice
USA,
Inc.
Class
A(Æ)
(46,977)
(216)
Asbury
Automotive
Group,
Inc.(Æ)
(1,421)
(255)
Caesars
Entertainment,
Inc.(Æ)
(5,974)
(249)
Callaway
Golf
Co.(Æ)
(16,860)
(333)
Churchill
Downs,
Inc.
(444)
(94)
Discovery
Communications
LLC(Æ)
(43,589)
(413)
DISH
Network
Corp.
Class
A(Æ)
(18,536)
(260)
Dorman
Products,
Inc.(Æ)
(704)
(57)
Five
Below,
Inc.(Æ)
(2,671)
(472)
Floor
&
Decor
Holdings,
Inc.
Class
A(Æ)
(4,045)
(282)
H&R
Block,
Inc.
(10,301)
(376)
Hilton
Grand
Vacations,
Inc.(Æ)
(4,467)
(172)
LGI
Homes,
Inc.(Æ)
(1,655)
(153)
Mister
Car
Wash,
Inc.(Æ)
(44,516)
(411)
Paramount
Global
Class
B
(20,361)
(344)
Pool
Corp.
(1,333)
(403)
(4,542)
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Consumer
Staples
-
(0.2)%
BellRing
Brands,
Inc.(Æ)
(5,840)
(150)
Freshpet,
Inc.(Æ)
(8,471)
(447)
MGP
Ingredients,
Inc.
(2,581)
(274)
(871)
Energy
-
(0.2)%
Cabot
Oil
&
Gas
Corp.
(16,193)
(398)
NextEra
Energy,
Inc.
(3,849)
(270)
Southwestern
Energy
Co.(Æ)
(31,021)
(181)
Sunrun,
Inc.(Æ)
(9,484)
(228)
(1,077)
Financial
Services
-
(1.2)%
Annaly
Capital
Management,
Inc.(ö)
(18,195)
(384)
Apollo
Global
Management,
Inc.
(8,633)
(551)
Arbor
Realty
Trust,
Inc.(ö)
(18,974)
(250)
Berkshire
Hathaway,
Inc.
Class
B(Æ)
(416)
(129)
Blackstone
Group,
Inc.
(The)
Class
A
(5,294)
(393)
Broadstone
Net
Lease,
Inc.(ö)
(24,084)
(390)
Carlyle
Group,
LP
(13,531)
(404)
Focus
Financial
Partners
LLC
Class
A(Æ)
(5,320)
(198)
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.(ö)
(5,900)
(171)
Independence
Realty
Trust,
Inc.(ö)
(19,698)
(332)
Kite
Realty
Group
Trust(ö)
(17,503)
(368)
KKR
&
Co.,
Inc.
Class
A
(8,626)
(400)
Lakeland
Financial
Corp.
(1,880)
(137)
Omega
Healthcare
Investors,
Inc.(ö)
(7,989)
(223)
Progyny,
Inc.(Æ)
(2,840)
(88)
Realty
Income
Corp.(ö)
(6,730)
(427)
SoFi
Technologies,
Inc.(Æ)
(3,714)
(17)
T.
Rowe
Price
Group,
Inc.
(3,089)
(337)
VICI
Properties,
Inc.(ö)
(12,579)
(408)
(5,607)
Health
Care
-
(0.6)%
AdaptHealth
Corp.(Æ)
(8,970)
(172)
Agiliti,
Inc.(Æ)
(4,650)
(76)
Alnylam
Pharmaceuticals,
Inc.(Æ)
(876)
(208)
Embecta
Corp.
(4,201)
(106)
ICU
Medical,
Inc.(Æ)
(2,539)
(400)
Karuna
Therapeutics,
Inc.(Æ)
(356)
(70)
Neogen
Corp.(Æ)
(12,457)
(190)
Patterson
Cos.,
Inc.
(9,416)
(264)
PerkinElmer,
Inc.
(3,087)
(433)
Regeneron
Pharmaceuticals,
Inc.(Æ)
(547)
(395)
Repligen
Corp.(Æ)
(2,131)
(361)
TransMedics
Group,
Inc.(Æ)
(980)
(60)
Vaxcyte,
Inc.(Æ)
(2,438)
(117)
(2,852)
Materials
and
Processing
-
(0.3)%
International
Flavors
&
Fragrances,
Inc.
(4,325)
(454)
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Strategic
Equity
Fund
13
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Quaker
Chemical
Corp.
(2,020)
(337)
RBC
Bearings,
Inc.(Æ)
(1,797)
(376)
(1,167)
Producer
Durables
-
(0.7)%
Affirm
Holdings,
Inc.(Æ)
(1,693)
(16)
Air
Transport
Services
Group,
Inc.(Æ)
(4,880)
(127)
ASGN,
Inc.(Æ)
(2,494)
(203)
Coherent
Corp.(Æ)
(5,794)
(203)
CoStar
Group,
Inc.(Æ)
(4,641)
(359)
Danaher
Corp.
(1,557)
(413)
Fox
Factory
Holding
Corp.(Æ)
(2,610)
(238)
GATX
Corp.
(3,938)
(419)
LCI
Industries
(2,016)
(186)
Maximus,
Inc.
(6,711)
(492)
Moody's
Corp.
(1,384)
(386)
Plug
Power,
Inc.(Æ)
(1,667)
(21)
Teledyne
Technologies,
Inc.(Æ)
(1,112)
(445)
(3,508)
Technology
-
(0.6)%
AppLovin
Corp.
Class
A(Æ)
(18,323)
(193)
Aspen
Technology,
Inc.(Æ)
(1,737)
(357)
Azenta,
Inc.(Æ)
(5,193)
(302)
Bentley
Systems,
Inc.
Class
B
(12,200)
(451)
Bumble,
Inc.
Class
A(Æ)
(9,461)
(199)
Frontier
Communications
Corp.(Æ)
(16,247)
(414)
Intuit,
Inc.
(1,029)
(400)
nCino,
Inc.(Æ)
(12,522)
(331)
Opendoor
Technologies,
Inc.(Æ)
(24,419)
(28)
Procore
Technologies,
Inc.(Æ)
(1,560)
(74)
ViaSat,
Inc.(Æ)
(8,140)
(258)
(3,007)
Utilities
-
(0.2)%
Civitas
Resources,
Inc.
(4,529)
(262)
New
Fortress
Energy,
Inc.
(3,925)
(167)
Ziff
Davis,
Inc.(Æ)
(4,441)
(351)
(780)
Total
Securities
Sold
Short
(proceeds
$24,687)
(23,411)
Other
Assets
and
Liabilities,
Net
–
(0.0)%
(123)
Net
Assets
-
100.0%
472,170
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
14
U.S.
Strategic
Equity
Fund
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
94
USD
18,147
03/23
(622)
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(622)
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
$
67,721
$
—
$
—
$
—
$
67,721
14.3
Consumer
Staples
22,792
—
—
—
22,792
4.8
Energy
19,273
—
—
—
19,273
4.1
Financial
Services
77,779
—
—
—
77,779
16.5
Health
Care
67,456
—
—
—
67,456
14.3
Materials
and
Processing
18,530
—
—
—
18,530
3.9
Producer
Durables
52,338
—
—
—
52,338
11.1
Technology
127,132
—
—
—
127,132
26.9
Utilities
24,448
—
—
—
24,448
5.2
Short-Term
Investments
—
—
—
17,773
17,773
3.8
Other
Securities
—
—
—
462
462
0.1
Total
Investments
477,469
—
—
18,235
495,704
105.0
Securities
Sold
Short
***
(23,411)
—
—
—
(23,411)
(5.0)
Other
Assets
and
Liabilities,
Net
(—)
*
100.0
Other
Financial
Instruments
Liabilities
Futures
Contracts
(622)
—
—
—
(622)
(0.1)
Total
Other
Financial
Instruments
**
$
(622)
$
—
$
—
$
—
$
(622)
*
Less
than
0.05%
of
net
assets.
**
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
December
31,
2022,
see
note
2
in
the
Notes
to
Financial
Statements.
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Fair
Value
of
Derivative
Instruments
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Strategic
Equity
Fund
15
Amounts
in
thousands
Derivatives
not
accounted
for
as
hedging
instruments
Equity
Contracts
Location:
Statement
of
Assets
and
Liabilities
-
Liabilities
Variation
margin
on
futures
contracts*
$
622
Derivatives
not
accounted
for
as
hedging
instruments
Equity
Contracts
Location:
Statement
of
Operations
-
Net
realized
gain
(loss)
Futures
contracts
$
(3,039)
Location:
Statement
of
Operations
-
Net
change
in
unrealized
appreciation
(depreciation)
Futures
contracts
$
(891)
*
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
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
16
U.S.
Strategic
Equity
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
$
452
$
—
$
452
Total
Financial
and
Derivative
Assets
452
—
452
Financial
and
Derivative
Assets
not
subject
to
a
netting
agreement
—
—
—
Total
Financial
and
Derivative
Assets
subject
to
a
netting
agreement
$
452
$
—
$
452
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
Morgan
Stanley
$
452
$
—
$
452
$
—
Total
$
452
$
—
$
452
$
—
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Balance
Sheet
Offsetting
of
Financial
and
Derivative
Instruments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Strategic
Equity
Fund
17
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
$
23,411
$
—
$
23,411
Total
Financial
and
Derivative
Liabilities
23,411
—
23,411
Financial
and
Derivative
Liabilities
not
subject
to
a
netting
agreement
—
—
—
Total
Financial
and
Derivative
Liabilities
subject
to
a
netting
agreement
$
23,411
$
—
$
23,411
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
$
23,411
$
—
$
23,411
$
—
Total
$
23,411
$
—
$
23,411
$
—
*
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
Financi
al
Statements.
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
18
U.S.
Strategic
Equity
Fund
I
i
Statement
of
Assets
and
Liabilities
—
December
31,
2022
Amounts
in
thousands
Assets
Investments,
at
identified
cost
......................................................................................................................................................
$
439,996
Investments,
at
fair
value(*)(>)
....................................................................................................................................................
495,704
Receivables:
Dividends
and
interest
......................................................................................................................................................
354
Dividends
from
affiliated
funds
.......................................................................................................................................
64
Investments
sold
...............................................................................................................................................................
532
Fund
shares
sold
...............................................................................................................................................................
34
From
broker(a)
.................................................................................................................................................................
1,568
Total
assets
...............................................................................................................................................................
498,256
Liabilities
Payables:
Investments
purchased
.....................................................................................................................................................
603
Fund
shares
redeemed
......................................................................................................................................................
536
Accrued
fees
to
affiliates
..................................................................................................................................................
324
Other
accrued
expenses
....................................................................................................................................................
128
Variation
margin
on
futures
contracts
..............................................................................................................................
622
Securities
sold
short,
at
fair
value(‡)
...........................................................................................................................................
23,411
Payable
upon
return
of
securities
loaned
.....................................................................................................................................
462
Total
liabilities
...........................................................................................................................................................
26,086
Net
Assets
...............................................................................................................................................................
$
472,170
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
19
Statement
of
Assets
and
Liabilities,
continued
—
December
31,
2022
Amounts
in
thousands
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
.............................................................................................................................................
$
56,32
4
Shares
of
beneficial
interest
.........................................................................................................................................................
302
Additional
paid-in
capital
............................................................................................................................................................
415,54
4
Net
Assets
...............................................................................................................................................................
$
472,170
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.......................................................................................................................................................
$
15.62
Net
assets
.............................................................................................................................................................................
$
472,170,313
Shares
outstanding
($.01
par
value)
.....................................................................................................................................
30,219,654
Amounts
in
thousands
(*)
Securities
on
loan
included
in
investments
$
452
(‡)
Proceeds
on
securities
sold
short
$
24,687
(>)
Investments
in
affiliates,
U.S.
Cash
Management
Fund
and
U.S.
Cash
Collateral
Fund
$
18,235
(a)
Receivable
from
Broker
for
Futures
$
1,568
(#)
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.
20
U.S.
Strategic
Equity
Fund
Statement
of
Operations
—
For
the
Period
Ended
December
31,
2022
Amounts
in
thousands
Investment
Income
Dividends
.........................................................................................................................................................................
$
7,595
Dividends
from
affiliated
funds
.......................................................................................................................................
301
Securities
lending
income
(net)
.......................................................................................................................................
5
Total
investment
income
..............................................................................................................................................................
7,901
Expenses
Advisory
fees
...................................................................................................................................................................
3,781
Administrative
fees
..........................................................................................................................................................
259
Custodian
fees
..................................................................................................................................................................
79
Transfer
agent
fees
...........................................................................................................................................................
23
Professional
fees
..............................................................................................................................................................
127
Trustees’
fees
....................................................................................................................................................................
31
Printing
fees
.....................................................................................................................................................................
29
Dividends
from
securities
sold
short
................................................................................................................................
141
Interest
expense
paid
on
securities
sold
short
..................................................................................................................
46
Miscellaneous
..................................................................................................................................................................
20
Total
expenses
..............................................................................................................................................................................
4,536
Net
investment
income
(loss)
.......................................................................................................................................................
3,365
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
......................................................................................................................................................................
28,960
Investments
in
affiliated
funds
.........................................................................................................................................
(3)
Futures
contracts
..............................................................................................................................................................
(3,039)
Securities
sold
short
.........................................................................................................................................................
832
Foreign
currency-related
transactions
..............................................................................................................................
(1)
Net
realized
gain
(loss)
................................................................................................................................................................
26,749
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
.....................................................................................................................................................................
(158,670)
Investments
in
affiliated
funds
.........................................................................................................................................
5
Futures
contracts
..............................................................................................................................................................
(891)
Securities
sold
short
.........................................................................................................................................................
1,276
Net
change
in
unrealized
appreciation
(depreciation)
.................................................................................................................
(158,280)
Net
realized
and
unrealized
gain
(loss)
........................................................................................................................................
(131,531)
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
....................................................................................
$
(128,166)
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
21
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
For
the
Periods
Ended
December
31,
2022
2021
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
..............................................................................................................
$
3,365
$
1,914
Net
realized
gain
(loss)
.......................................................................................................................
26,749
70,048
Net
change
in
unrealized
appreciation
(depreciation)
........................................................................
(158,280)
38,784
Net
increase
(decrease)
in
net
assets
from
operations
..............................................................................
(128,166)
110,746
Distributions
To
shareholders
...................................................................................................................................
(41,639)
(55,150)
Net
decrease
in
net
assets
from
distributions
............................................................................................
(41,639)
(55,150)
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
...................................................................
17,808
7,466
Total
Net
Increase
(Decrease)
in
Net
Assets
........................................................................
(151,997)
63,062
Net
Assets
Beginning
of
period
..................................................................................................................................
624,167
561,105
End
of
period
.............................................................................................................................................
$
472,170
$
624,167
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
December
31,
2022
and
December
31,
2021
were
as
follows:
2022
2021
Shares
Dollars
Shares
Dollars
Proceeds
from
shares
sold
467
$
8,214
1,108
$
23,948
Proceeds
from
reinvestment
of
distributions
2,467
41,639
2,623
55,150
Payments
for
shares
redeemed
(1,806)
(32,045)
(3,297)
(71,632)
Total
increase
(decrease)
1,128
$
17,808
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.
22
U.S.
Strategic
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
December
31,
2022
21.46
.11
(4.51)
(4.40)
(.10)
(1.34)
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)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Strategic
Equity
Fund
23
$
Total
Distributions
$
Net
Asset
Value,
End
of
Period
%
Total
Return
(d)
$
Net
Assets,
End
of
Period
(000)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Gross
%
Ratio
of
Expenses
to
Average
Net
Assets,
Net
(b)
%
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
(b)
%
Portfolio
Turnover
Rate
(1.44)
15.62
(20.86)
472,170
.88
.88
.65
100
(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
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
24
U.S.
Strategic
Equity
Fund
Related
Party
Transactions,
Fees
and
Expenses
Accrued
fees
payable
to
affiliates
for
the
period
ended
December
31,
2022
were
as
follows:
Transactions
(amounts
in
thousands)
during
the
period
ended
December
31,
2022
with
Underlying
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
At
December
31,
2022,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation),
and
components
of
distributable
earnings
for
income
tax
purposes
were
as
follows:
For
the
fiscal
years
ended
December
31,
2022
and
December
31,
2021,
respectively,
the
Fund
made
the
following
tax
basis
distributions:
Net
investment
income
and
net
realized
gains
(losses)
in
the
financial
statements
may
differ
from
taxable
net
investment
income
and
net
realized
gains
(losses).
Capital
accounts
within
the
financial
statements
are
adjusted
for
permanent
differences
between
book
and
tax
accounting.
These
differences
may
be
due
to
foreign
currency
gains
and
losses,
reclassifications
of
dividends
and/or
differences
in
treatment
of
income
from
swaps. These
adjustments
have
no
impact
on
the
net
assets.
At
December
31,
2022,
there
were
no
adjustments
to
the
Statement
of
Assets
and
Liabilities.
Advisory
fees
$
298,900
Administration
fees
20,473
Transfer
agent
fees
1,801
Trustee
fees
2,744
$
323,918
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
$
114,059
$
122,758
$
(3
)
$
5
$
17,773
$
301
$
—
U.S.
Cash
Collateral
Fund
149
22,903
22,590
—
—
462
13
—
$
26,619
$
136,962
$
145,348
$
(3
)
$
5
$
18,235
$
314
$
—
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
(Capital
Loss
Carryforward)
$
446,058,768
$
68,853,154
$
(19,829,542)
$
49,023,612
$
—
$
5,400,545
December
31,
2022
December
31,
2021
Ordinary
Income
Distributions
Long-Term
Capital
Gain
Distributions
Return
of
Capital
Ordinary
Income
Distributions
Long-Term
Capital
Gain
Distributions
Return
of
Capital
$
4,043,293
$
37,595,928
$
—
$
7,261,919
$
47,888,459
$
—
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Portfolio
Management
Discussion
and
Analysis
—
December
31,
2022
(Unaudited)
U.S.
Small
Cap
Equity
Fund
25
U.S.
Small
Cap
Equity
Fund
Total
Return
1
Year
(15
.96)%
5
Years
5
.24%§
10
Years
8
.85%§
Russell
2000
®
Index**
Total
Return
1
Year
(20
.44)%
5
Years
4
.13%§
10
Years
9
.01%§
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Portfolio
Management
Discussion
and
Analysis,
continued
—
December
31,
2022
(Unaudited)
26
U.S.
Small
Cap
Equity
Fund
The
U.S.
Small
Cap
Equity
Fund
(the
“Fund”)
employs
a
multi-manager
approach
whereby
portions
of
the
Fund
are
allocated
to
different
money
manager
strategies.
Fund
assets
not
allocated
to
money
managers
are
managed
by
Russell
Investment
Management,
LLC
(“RIM”),
the
Fund’s
advisor.
RIM
may
change
the
allocation
of
the
Fund’s
assets
among
money
managers
at
any
time,
including
not
allocating
Fund
assets
to
one
or
more
money
manager
strategies.
An
exemptive
order
from
the
Securities
and
Exchange
Commission
permits
RIM
to
engage
or
terminate
a
money
manager
at
any
time,
subject
to
approval
by
the
Fund’s
Board,
without
a
shareholder
vote.
Pursuant
to
the
terms
of
the
exemptive
order,
the
Fund
is
required
to
notify
its
shareholders
within
90
days
of
when
a
money
manager
begins
providing
services.
As
of
December
31,
2022,
the
Fund
had
nine
money
managers.
What
is
the
Fund’s
investment
objective?
The
Fund
seeks
to
provide
long-term
capital
growth.
How
did
the
Fund
perform
relative
to
its
benchmark
for
the
fiscal
year
ended
December
31,
2022?
For
the
fiscal
year
ended
December
31,
2022
(the
“fiscal
year”),
the
Fund
lost
15.96%.
This
is
compared
to
the
Fund’s
benchmark,
the
Russell
2000
®
Index,
which
lost
20.44%
during
the
fiscal
year.
The
Fund’s
performance
includes
operating
expenses,
whereas
index
returns
are
unmanaged
and
do
not
include
expenses
of
any
kind.
For
the
fiscal
year,
the
Morningstar
®
Insurance
Small
Blend
Category,
a
group
of
funds
that
Morningstar,
Inc.
considers
to
have
investment
strategies
similar
to
those
of
the
Fund,
lost
17.47%.
This
result
serves
as
a
peer
comparison
and
is
expressed
net
of
operating
expenses.
RIM
may
assign
a
money
manager
a
specific
style
or
capitalization
benchmark
other
than
the
Fund’s
index
(a
“RIM-assigned
benchmark”).
However,
the
Fund’s
primary
index
remains
the
benchmark
for
the
Fund
and
is
intended
to
be
representative
of
the
aggregate
of
each
money
manager’s
benchmark
index.
How
did
market
conditions
affect
the
Fund’s
performance?
A
large
and
protracted
rise
in
inflation
created
serious
challenges
for
the
U.S.
economic
outlook.
In
response,
the
Federal
Reserve’s
monetary
policy
pivoted
into
restrictive
territory.
It
was
a
largely
negative
return
environment
for
the
equity
markets
where
value
and
low
volatility-oriented
equities
outperformed
their
growth
peers.
Energy
and
utilities
were
the
best
performing
sectors
while
communication
services
and
information
technology
lagged.
How
did
the
investment
strategies
and
techniques
employed
by
the
Fund
and
its
money
managers
affect
its
benchmark
relative
performance?
Over
the
fiscal
year,
the
Fund
maintained
exposure
to
small
and
micro
capitalization
stocks
trading
at
discounted
valuations
as
well
as
companies
with
higher
growth,
higher
quality,
and
lower
volatility.
Within
the
U.S.
small
cap
market,
the
preference
for
lower
valuation
and
lower
volatility
stocks
positively
impacted
benchmark-relative
performance.
Sector
allocation
decisions
(specifically,
an
underweight
to
communication
services
and
an
overweight
to
materials)
positively
contributed
to
performance
during
the
fiscal
year.
The
Fund
employs
discretionary
and
non-discretionary
money
managers.
The
Fund’s
discretionary
money
managers
select
the
individual
portfolio
securities
for
the
assets
assigned
to
them.
The
Fund’s
non-discretionary
money
managers
provide
a
model
portfolio
to
RIM
representing
their
investment
recommendations,
based
upon
which
RIM
purchases
and
sells
securities
for
the
Fund.
RIM
manages
assets
not
allocated
to
money
manager
strategies
and
the
Fund’s
cash
balances.
Stock
selection
was
the
primary
contributor
to
performance
during
the
fiscal
year,
including
outperforming
holdings
within
the
health
care,
financials,
and
information
technology
sectors.
With
respect
to
certain
of
the
Fund’s
money
managers,
DePrince,
Race
&
Zollo,
Inc.
outperformed
it’s
RIM-assigned
benchmark
over
the
fiscal
year.
A
tilt
toward
lower
valuation
companies
was
positive.
Stock
selection
within
the
information
technology
and
materials
sectors
was
meaningfully
rewarded.
Additionally,
an
underweight
to
the
health
care
sector
and
an
overweight
to
the
energy
sector
were
positive.
Jacobs
Levy
Equity
Management,
Inc.
(“Jacobs
Levy”)
outperformed
the
Fund’s
benchmark
over
the
fiscal
year.
The
money
manager’s
stock
selection
was
a
meaningful
driver
of
outperformance,
especially
within
the
industrials,
health
care,
and
information
technology
sectors.
Jacobs
Levy’s
dynamic
factor
weighting
led
to
a
tilt
toward
companies
with
lower
valuation
which
was
rewarded.
Additionally,
sector
allocation
decisions
were
beneficial,
including
an
overweight
to
utilities
and
an
underweight
to
health
care.
During
the
fiscal
year,
RIM
utilized
a
positioning
strategy
to
seek
to
control
Fund-level
exposures
and
risks
through
the
purchase
of
a
stock
portfolio.
Using
the
output
from
quantitative
and/or
rules-based
processes
and
qualitative
analysis,
the
strategy
seeks
to
position
the
portfolio
to
meet
RIM’s
overall
preferred
positioning
with
respect
to
Fund
exposures
along
factor
and
industry
dimensions.
The
Fund’s
active
positioning
strategy
provided
exposure
to
RIM’s
strategic
equity
beliefs
associated
with
value
and
quality
factors.
During
the
fiscal
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Portfolio
Management
Discussion
and
Analysis,
continued
—
December
31,
2022
(Unaudited)
U.S.
Small
Cap
Equity
Fund
27
year,
the
strategy
underperformed
the
Fund’s
benchmark.
A
tilt
toward
stocks
with
low
valuation
contributed
positively
to
performance.
However,
sector
allocation
decisions
detracted
from
performance,
including
an
underweight
to
energy
and
an
overweight
to
real
estate.
During
the
fiscal
year,
RIM
equitized
the
Fund’s
cash
using
index
futures
contracts
to
provide
the
Fund
with
greater
market
exposure
and
this
strategy
performed
as
intended.
Describe
any
changes
to
the
Fund’s
structure
or
the
money
manager
line-up.
During
the
fiscal
year,
RIM
allocated
Fund
assets
to
Calamos
Advisors,
LLC’s
existing
mandate
and
determined
to
no
longer
allocate
Fund
assets
to
Ancora
Advisors,
LLC.
Allocations
to
other
money
manager
strategies
were
adjusted
as
a
result.
The
views
expressed
in
this
report
reflect
those
of
the
portfolio
managers
only
through
the
end
of
the
fiscal
year
covered
by
the
report.
These
views
do
not
necessarily
represent
the
views
of
RIM,
or
any
other
person
in
RIM
or
any
other
affiliated
organization.
These
views
are
subject
to
change
at
any
time
based
upon
market
conditions
or
other
events,
and
RIM
disclaims
any
responsibility
to
update
the
views
contained
herein.
These
views
should
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Russell
Investment
Funds
(“RIF”)
Fund
are
based
on
numerous
factors,
should
not
be
relied
on
as
an
indication
of
investment
decisions
of
any
RIF
Fund.
Money
Managers
as
of
December
31,
2022
Styles
Ancora
Advisors,
LLC
Market
Oriented
BAMCO,
Inc.
Growth
Boston
Partners
Global
Investors,
Inc.
Value
Calamos
Advisors
LLC
Growth
Copeland
Capital
Management,
LLC
Market
Oriented
DePrince
,
Race
&
Zollo
,
Inc.
Value
Jacobs
Levy
Equity
Management,
Inc.
Market
Oriented
Penn
Capital
Management
Company
,
LLC
Market
Oriented
Ranger
Investment
Management,
L.P.
Growth
*
Assumes
initial
investment
on
January
1,
2013.
**
Russell
2000
®
Index
measures
the
performance
of
the
small-cap
segment
of
the
U.S.
equity
universe.
The
Russell
2000
®
Index
is
a
subset
of
the
Russell
3000
®
Index
representing
approximately
10%
of
the
total
market
capitalization
of
that
index.
It
includes
approximately
2000
of
the
smallest
securities
based
on
a
combination
of
their
market
cap
and
current
index
membership.
The
Russell
2000
®
Index
is
constructed
to
provide
a
comprehensive
and
unbiased
small-cap
opportunity
barometer
and
is
completely
reconstituted
annually
to
ensure
larger
stocks
do
not
distort
the
performance
and
characteristics
of
the
true
small-cap
opportunity
set.
§
Annualized.
The
performance
shown
in
this
section
does
not
reflect
any
Insurance
Company
Separate
Account
or
Policy
Charges.
Performance
is
historical
and
assumes
reinvestment
of
all
dividends
and
capital
gains. Investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
when
purchased. Past
performance
is
not
indicative
of
future
results. Additionally,
the
returns
presented
herein
may
differ
from
the
performance
reported
in
the
Financial
Highlights
as
the
returns
herein
are
calculated
in
a
manner
consistent
with
standardized
performance
in
accordance
with
Securities
and
Exchange
Commission
rules,
while
the
performance
in
the
Financial
Highlights
has
been
calculated
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
(“U.S.
GAAP”).
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Shareholder
Expense
Example
—
December
31,
2022
(Unaudited)
28
U.S.
Small
Cap
Equity
Fund
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
July
1,
2022
to
December
31,
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
July
1,
2022
$
1,000.00
$
1,000.00
Ending
Account
Value
December
31,
2022
$
1,046.10
$
1,019.56
Expenses
Paid
During
Period*
$
5.78
$
5.70
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio
of
1.12%
(representing
the
six
month
period
annualized),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(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
—
December
31,
2022
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
$
Common
Stocks
-
99.3%
Consumer
Discretionary
-
11.2%
1-800-Flowers.com,
Inc.
Class
A(Æ)
15,756
151
2U,
Inc.(Æ)
9,595
60
Abercrombie
&
Fitch
Co.
Class
A(Æ)
7,193
165
Academy
Sports
&
Outdoors,
Inc.(Û)
8,368
440
Advanced
Energy
Industries,
Inc.
389
33
AerSale
Corp.(Æ)
9,941
161
American
Axle
&
Manufacturing
Holdings,
Inc.(Æ)(Ð)
5,843
46
American
Public
Education,
Inc.(Æ)
12,752
157
America's
Car-Mart,
Inc.(Æ)
11,136
805
Atkore,
Inc.(Æ)
871
99
Barnes
&
Noble
Education,
Inc.(Æ)
21,937
38
Bassett
Furniture
Industries,
Inc.
533
9
Beazer
Homes
USA,
Inc.(Æ)
17,215
220
BJ's
Restaurants,
Inc.(Æ)
12,297
324
Bloomin'
Brands,
Inc.
8,090
163
Bluegreen
Vacations
Holding
Corp.
654
16
Boot
Barn
Holdings,
Inc.(Æ)
12,165
761
Brunswick
Corp.
5,146
371
Buckle,
Inc.
(The)
4,266
193
Cadre
Holdings,
Inc.
11,934
240
Carriage
Services,
Inc.
Class
A
1,252
34
Carrols
Restaurant
Group,
Inc.(Æ)
32,949
45
Celestica,
Inc.(Æ)
16,815
189
Century
Communities,
Inc.
3,155
158
Cheesecake
Factory,
Inc.
(The)
4,356
138
Chegg,
Inc.(Æ)
20,725
524
Chuy's
Holdings,
Inc.(Æ)
2,648
75
Citi
Trends,
Inc.(Æ)
1,116
30
Comtech
Telecommunications
Corp.(Ð)
50
1
Cooper-Standard
Holdings,
Inc.(Æ)
1,055
10
Cracker
Barrel
Old
Country
Store,
Inc.
5,133
486
Crocs,
Inc.(Æ)
4,244
460
Curtiss-Wright
Corp.
939
157
Dana
Holding
Corp.
24,884
376
Dave
&
Buster's
Entertainment,
Inc.(Æ)
3,354
119
Designer
Brands,
Inc.
Class
A
30,910
302
Dillard's,
Inc.
Class
A(Ñ)
1,411
456
Driven
Brands,
Inc.(Æ)
2,077
57
Ethan
Allen
Interiors,
Inc.
5,625
149
First
Watch
Restaurant
Group,
Inc.(Æ)
9,517
129
Foot
Locker,
Inc.
16,214
613
Genesco,
Inc.(Æ)
2,732
126
G-III
Apparel
Group,
Ltd.(Æ)
8,037
110
GMS,
Inc.(Æ)
4,075
203
Goodyear
Tire
&
Rubber
Co.
(The)(Æ)
47,254
480
GoPro,
Inc.
Class
A(Æ)
16,280
81
Grand
Canyon
Education,
Inc.(Æ)
4,451
470
Group
1
Automotive,
Inc.
841
152
HealthStream,
Inc.(Æ)
1,274
32
Hillenbrand,
Inc.
5,283
225
Hyatt
Hotels
Corp.
Class
A(Æ)(Û)
1,529
138
International
Game
Technology
PLC
21,217
481
John
Wiley
&
Sons,
Inc.
Class
A
4,010
161
Johnson
Outdoors,
Inc.
Class
A
3,478
230
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Kohl's
Corp.
10,041
254
Kura
Sushi
USA,
Inc.
Class
A(Æ)
8,945
426
Landsea
Homes
Corp.(Æ)
22,682
118
La-Z-Boy,
Inc.
3,254
74
Lear
Corp.(Û)
4,246
527
Leonardo
DRS,
Inc.(Æ)
25,792
330
Levi
Strauss
&
Co.
Class
A
20,573
319
Liberty
Latin
America,
Ltd.
Class
C(Æ)
10,875
83
Light
&
Wonder,
Inc.
Class
A(Æ)
4,258
249
Marine
Products
Corp.
24,343
286
MarineMax,
Inc.(Æ)
1,973
62
MasterCraft
Boat
Holdings,
Inc.(Æ)
1,111
29
Meritage
Homes
Corp.(Æ)
3,426
316
Monro
Muffler
Brake,
Inc.
12,982
587
Motorcar
Parts
of
America,
Inc.(Æ)
7,749
92
Movado
Group,
Inc.
6,544
211
Newell
Rubbermaid,
Inc.
36,106
472
Nordstrom,
Inc.
5,574
90
ODP
Corp.
(The)(Æ)(Ð)
1,999
91
Overstock.com,
Inc.(Æ)
4,019
78
Portillo's,
Inc.
Class
A(Æ)
3,737
61
Poshmark,
Inc.
Class
A(Æ)
14,391
257
Potbelly
Corp.(Æ)
16,394
91
PowerSchool
Holdings,
Inc.
Class
A(Æ)
8,934
206
PVH
Corp.(Û)
3,453
244
QuinStreet,
Inc.(Æ)
8,815
126
RealReal,
Inc.
(The)(Æ)(Ñ)
24,939
31
Red
Rock
Resorts,
Inc.
Class
A
3,482
139
Reservoir
Media,
Inc.(Æ)(Ñ)
9,357
56
REV
Group,
Inc.
31,341
396
Rocky
Brands,
Inc.
5,340
126
Ruth's
Hospitality
Group,
Inc.
18,593
288
Sally
Beauty
Holdings,
Inc.(Æ)
6,785
85
Scholastic
Corp.
14,891
588
SeaWorld
Entertainment,
Inc.(Æ)
2,578
138
Solo
Brands,
Inc.
Class
A(Æ)(Ñ)
37,525
140
Sonic
Automotive,
Inc.
Class
A
1,739
86
Standard
Motor
Products,
Inc.
3,551
124
Steven
Madden,
Ltd.
8,520
272
Stitch
Fix,
Inc.
Class
A(Æ)(Ñ)
17,758
55
Stride,
Inc.(Æ)
2,379
74
Target
Hospitality
Corp.
Class
A(Æ)
3,107
47
TEGNA,
Inc.
5,607
119
Texas
Roadhouse,
Inc.
Class
A
8,742
795
Tilly's,
Inc.
Class
A(Æ)
2,966
27
Toll
Brothers,
Inc.(Û)
4,080
204
Tri
Pointe
Homes,
Inc.(Æ)
3,970
74
TripAdvisor,
Inc.(Æ)(Û)
5,375
97
Udemy,
Inc.(Æ)
15,877
167
Under
Armour,
Inc.
Class
A(Æ)(Û)
20,860
212
Universal
Electronics,
Inc.(Æ)
9,063
189
Universal
Technical
Institute,
Inc.(Æ)
2,427
16
Vera
Bradley,
Inc.(Æ)
528
2
Vista
Outdoor,
Inc.(Æ)
3,540
86
Visteon
Corp.(Æ)
500
65
Wingstop,
Inc.
1,623
223
Xponential
Fitness,
Inc.
Class
A(Æ)
10,620
243
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
30
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
YETI
Holdings,
Inc.(Æ)
4,417
182
Zillow
Group,
Inc.
Class
A(Æ)
4,902
153
Zumiez,
Inc.(Æ)
3,057
66
23,093
Consumer
Staples
-
4.7%
Alico,
Inc.
5,315
127
Andersons,
Inc.
(The)
2,254
79
Boston
Beer
Co.,
Inc.
Class
A(Æ)(Ð)
72
24
Calavo
Growers,
Inc.
860
25
Celsius
Holdings,
Inc.(Æ)
8,968
933
Chefs'
Warehouse
Holdings,
Inc.(Æ)
3,530
117
Dole
PLC(Ñ)
10,754
104
elf
Beauty,
Inc.(Æ)
42,172
2,332
Energizer
Holdings,
Inc.
-
GDR(Æ)
9,408
363
Grocery
Outlet
Holding
Corp.(Æ)
19,198
560
Hain
Celestial
Group,
Inc.
(The)(Æ)(Ð)
8,031
130
Healthcare
Services
Group,
Inc.
45,041
541
Helen
of
Troy,
Ltd.(Æ)
923
102
Herbalife
Nutrition,
Ltd.(Æ)
13,795
205
Honest
Co.,
Inc.
(The)(Æ)
37,438
113
Ingles
Markets,
Inc.
Class
A
1,056
102
Ingredion,
Inc.
2,606
255
J&J
Snack
Foods
Corp.
3,269
489
Medifast,
Inc.(Û)
660
76
MGP
Ingredients,
Inc.
2,349
250
Nathan's
Famous,
Inc.
2,042
137
National
Vision
Holdings,
Inc.(Æ)
3,613
140
Natural
Grocers
by
Vitamin
Cottage,
Inc.
7,596
69
Nomad
Foods,
Ltd.(Æ)
6,445
111
Nu
Skin
Enterprises,
Inc.
Class
A
6,213
262
Post
Holdings,
Inc.(Æ)
471
43
Primo
Water
Corp.
8,487
132
Quanex
Building
Products
Corp.
16,209
384
Sovos
Brands,
Inc.(Æ)
56,479
812
Sprouts
Farmers
Market,
Inc.(Æ)
6,160
199
SunOpta,
Inc.(Æ)
7,779
66
Turning
Point
Brands,
Inc.
844
18
United
Natural
Foods,
Inc.(Æ)
3,688
143
USANA
Health
Sciences,
Inc.(Æ)(Û)
698
37
Vector
Group,
Ltd.
8,000
95
9,575
Energy
-
4.2%
Arch
Resources,
Inc.(Û)
1,963
280
Aris
Water
Solution,
Inc.
Class
A
69,688
1,004
Array
Technologies,
Inc.(Æ)
3,478
67
ChampionX
Corp.
20,215
586
CONSOL
Energy,
Inc.
421
27
CVR
Energy,
Inc.(Û)
2,553
80
Delek
US
Holdings,
Inc.
8,088
218
Euro
Manganese,
Inc.(Æ)
253,943
56
Golar
LNG,
Ltd.(Æ)
9,527
217
Green
Brick
Partners,
Inc.(Æ)
20,890
506
Green
Plains,
Inc.(Æ)
4,911
150
Helmerich
&
Payne,
Inc.
4,081
202
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Liberty
Energy,
Inc.
Class
A
11,756
188
Magnolia
Oil
&
Gas
Corp.(Æ)
7,881
185
Matador
Resources
Co.
6,892
394
Matrix
Service
Co.(Æ)
19,781
123
Montauk
Renewables,
Inc.(Æ)(Ð)
1,985
22
Murphy
Oil
Corp.
2,973
128
National
Energy
Services
Reunited
Corp.
(Æ)
10,018
70
Natural
Gas
Services
Group,
Inc.(Æ)
13,253
152
NexTier
Oilfield
Solutions,
Inc.(Æ)
38,232
353
NOV,
Inc.(Æ)
12,976
271
NOW,
Inc.(Æ)
3,434
44
Oil
States
International,
Inc.(Æ)
14,241
106
Par
Pacific
Holdings,
Inc.(Æ)
5,283
123
Patterson-UTI
Energy,
Inc.(Û)
9,777
165
PBF
Energy,
Inc.
Class
A(Û)
8,695
355
ProPetro
Holding
Corp.(Æ)
4,875
51
REX
American
Resources
Corp.(Æ)
1,271
40
Select
Energy
Services,
Inc.
Class
A
4,400
41
Sitio
Royalties
Corp.
Class
A
24,122
696
SM
Energy
Co.
15,242
531
Solaris
Oilfield
Infrastructure,
Inc.
Class
A
52,216
518
Talon
Metals
Corp.(Æ)
268,500
98
US
Silica
Holdings,
Inc.(Æ)
3,969
50
W&T
Offshore,
Inc.(Æ)
7,375
41
Warrior
Met
Coal,
Inc.
10,817
375
Weatherford
International
PLC(Æ)
2,726
139
World
Fuel
Services
Corp.
3,320
91
8,743
Financial
Services
-
22.1%
AGNC
Investment
Corp.(Æ)
8,461
88
Agree
Realty
Corp.(ö)
9,233
655
Air
Lease
Corp.
Class
A
1,960
75
Alpine
Income
Property
Trust,
Inc.(ö)
34,309
655
Amalgamated
Financial
Corp.
448
10
American
Equity
Investment
Life
Holding
Co.
6,556
299
Americold
Realty
Trust,
Inc.(ö)
9,720
275
Ameris
Bancorp
7,385
348
Amerisafe,
Inc.
3,070
160
Anywhere
Real
Estate,
Inc.(Æ)
10,108
65
Apple
Hospitality
REIT,
Inc.(ö)
12,113
191
Argo
Group
International
Holdings,
Ltd.
2,556
66
Armada
Hoffler
Properties,
Inc.(ö)
216
2
Associated
Banc-Corp.
2,653
61
Atlantic
Union
Bankshares
Corp.(Æ)
4,010
141
AXA
Equitable
Holdings(Ð)
1,631
47
Axis
Capital
Holdings,
Ltd.
7,414
402
Axos
Financial,
Inc.(Æ)
1,510
58
Banc
of
California,
Inc.
26,754
426
Bancorp,
Inc.
(The)(Æ)
3,618
103
Bank
of
Marin
Bancorp
7,384
243
Bank
of
NT
Butterfield
&
Son,
Ltd.
(The)
3,734
111
BankUnited,
Inc.
7,875
268
Blackstone
Mortgage
Trust,
Inc.
Class
A(ö)
6,097
129
Blucora,
Inc.(Æ)
16,320
417
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
31
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Brighthouse
Financial,
Inc.(Æ)
5,581
286
Brixmor
Property
Group,
Inc.(ö)
12,407
281
Broadstone
Net
Lease,
Inc.(ö)
7,769
126
Business
First
Bancshares,
Inc.
20,324
450
Byline
Bancorp,
Inc.
9,815
225
Cadence
Bank
25,144
620
Cambridge
Bancorp
2,036
169
Camden
Property
Trust(ö)(Û)
2,251
252
Capital
Bancorp,
Inc.
10,341
243
Capital
City
Bank
Group,
Inc.
8,376
272
Capitol
Federal
Financial,
Inc.
9,305
80
Capstar
Financial
Holdings,
Inc.
17,578
310
Carter
Bankshares,
Inc.(Æ)
830
14
Cathay
General
Bancorp
3,692
151
Chatham
Lodging
Trust(ö)
2,666
33
City
Holding
Co.
1,727
161
Civista
Bancshares,
Inc.
18,649
410
CNO
Financial
Group,
Inc.
5,168
118
Cohen
&
Steers,
Inc.
3,855
249
Columbia
Banking
System,
Inc.
14,432
435
Comerica,
Inc.(Û)
4,306
288
Community
Bank
System,
Inc.
2,166
136
Community
Healthcare
Trust,
Inc.(ö)
16,627
595
Compass,
Inc.
Class
A(Æ)(Ð)
24,669
57
Corporate
Office
Properties
Trust(ö)
3,719
96
Cousins
Properties,
Inc.(ö)
12,140
307
CTO
Realty
Growth,
Inc.(ö)
26,294
481
Customers
Bancorp,
Inc.(Æ)(Ð)
1,310
37
DiamondRock
Hospitality
Co.(ö)
25,482
209
Diversified
Healthcare
Trust(Æ)
157,509
102
Donegal
Group,
Inc.
Class
A
6,005
85
Douglas
Elliman,
Inc.
11,806
48
Easterly
Government
Properties,
Inc.(ö)
36,828
526
Eastern
Bankshares,
Inc.
7,588
131
Emerald
Holding,
Inc.(Æ)
10,353
37
Encore
Capital
Group,
Inc.(Æ)
2,382
114
Enova
International,
Inc.(Æ)(Ð)
2,174
83
Enterprise
Financial
Services
Corp.
4,251
208
Equity
Commonwealth(ö)
20,462
511
Essent
Group,
Ltd.
9,048
352
Essential
Properties
Realty
Trust,
Inc.(ö)
3,539
83
Evercore,
Inc.
Class
A(Û)
2,756
301
eXp
World
Holdings,
Inc.(Ñ)
7,194
80
EZCORP,
Inc.
Class
A(Æ)
36,106
294
Federated
Hermes,
Inc.
Class
B
3,494
127
First
American
Financial
Corp.
3,934
206
First
BanCorp
13,577
173
First
Commonwealth
Financial
Corp.
6,256
87
First
Financial
Bankshares,
Inc.
2,823
97
First
Financial
Corp.
508
23
First
Foundation,
Inc.
14,692
211
First
Interstate
BancSystem,
Inc.
Class
A
8,272
320
First
Merchants
Corp.
6,782
279
First
Mid
Bancshares,
Inc.
6,838
219
Five
Star
Bancorp
1,703
46
Forestar
Group,
Inc.(Æ)
583
9
Four
Corners
Property
Trust,
Inc.(ö)
2,151
56
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Fulton
Financial
Corp.
8,703
146
GCM
Grosvenor,
Inc.
Class
A
1,000
8
GEO
Group,
Inc.
(The)(Æ)
19,415
213
German
American
Bancorp,
Inc.
7,024
262
Getty
Realty
Corp.(ö)
5,887
199
Glacier
Bancorp,
Inc.
7,133
353
Guaranty
Bancshares,
Inc.
4,389
152
Hamilton
Lane,
Inc.
Class
A
2,565
164
Hancock
Holding
Co.
7,285
353
Hanmi
Financial
Corp.
1,330
33
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.(Ñ)(ö)
10,159
294
Hanover
Insurance
Group,
Inc.
(The)
734
99
HarborOne
Bancorp,
Inc.
16,052
223
HCI
Group,
Inc.(Ð)
842
33
Healthcare
Realty
Holdings,
LP(ö)
1,780
34
Heritage
Commerce
Corp.
14,386
187
Heritage
Financial
Corp.
10,414
319
Hersha
Hospitality
Trust
Class
A(ö)
2,572
22
Highwoods
Properties,
Inc.(Ð)(ö)
3,244
91
Hilltop
Holdings,
Inc.
3,725
112
Home
Bancorp,
Inc.
2,640
106
Home
BancShares,
Inc.
25,867
590
HomeStreet,
Inc.
8,438
233
HomeTrust
Bancshares,
Inc.
509
12
Horace
Mann
Educators
Corp.
10,707
400
Houlihan
Lokey,
Inc.
Class
A
3,506
306
Independence
Realty
Trust,
Inc.(ö)
8,255
139
Independent
Bank
Corp.
3,828
215
Industrial
Logistics
Properties
Trust(ö)
6,220
20
Innovative
Industrial
Properties,
Inc.(ö)
1,632
165
International
Bancshares
Corp.
2,742
125
International
Money
Express,
Inc.(Æ)
25,271
616
Investar
Holding
Corp.
9,943
214
iStar,
Inc.(ö)
11,645
89
Jackson
Financial,
Inc.
Class
A
7,555
263
James
River
Group
Holdings,
Ltd.
7,675
160
JER
Investment
Trust,
Inc.(Æ)(Š)(Þ)
1,771
—
Kemper
Corp.
2,740
135
Kennedy-Wilson
Holdings,
Inc.
9,563
150
Kinsale
Capital
Group,
Inc.
1,104
289
Ladder
Capital
Corp.
Class
A(ö)
7,870
79
Legalzoom.com,
Inc.(Æ)
9,000
70
LendingClub
Corp.(Æ)(Ð)
8,976
79
LendingTree,
Inc.(Æ)
1,360
29
Lexington
Realty
Trust(ö)
24,758
248
Lincoln
National
Corp.
226
7
Live
Oak
Bancshares,
Inc.
2,524
76
LiveRamp
Holdings,
Inc.(Æ)
4,452
104
LPL
Financial
Holdings,
Inc.(Û)
1,702
368
LTC
Properties,
Inc.(ö)
1,118
40
Macerich
Co.
(The)(ö)
8,086
91
Marcus
&
Millichap,
Inc.
3,544
122
Merchants
Bancorp
1,820
44
Mercury
General
Corp.
3,319
114
Meta
Financial
Group,
Inc.
2,391
103
Metropolitan
Bank
Holding
Corp.(Æ)
8,937
524
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
32
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
MFA
Financial,
Inc.(ö)
7,701
76
Moelis
&
Co.
Class
A
6,281
241
Mr.
Cooper
Group,
Inc.(Æ)
2,876
115
National
Bank
Holdings
Corp.
Class
A
19,366
815
National
Health
Investors,
Inc.(ö)
1,993
104
Navient
Corp.
11,442
188
NETSTREIT
Corp.(ö)
24,552
450
New
York
Community
Bancorp,
Inc.
13,398
115
Newmark
Group,
Inc.
Class
A
22,710
181
NMI
Holdings,
Inc.
Class
A(Æ)
18,059
377
Northeast
Bank
6,879
290
Northrim
BanCorp,
Inc.
164
9
OceanFirst
Financial
Corp.
9,259
197
OFG
Bancorp
2,097
58
Old
National
Bancorp
26,342
474
Old
Second
Bancorp,
Inc.
22,169
356
Origin
Bancorp,
Inc.
301
11
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.(ö)
21,100
350
Pacific
Premier
Bancorp,
Inc.
4,364
138
Park
Hotels
&
Resorts,
Inc.(ö)
14,950
176
Peapack-Gladstone
Financial
Corp.
185
7
Pebblebrook
Hotel
Trust(ö)
7,338
98
Perella
Weinberg
Partners
38,697
379
Phillips
Edison
&
Co.,
Inc.(ö)
1,751
56
Physicians
Realty
Trust(ö)
9,882
143
Piedmont
Office
Realty
Trust,
Inc.
Class
A(ö)
5,943
54
Plymouth
Industrial
REIT,
Inc.(ö)
15,210
292
Popular,
Inc.
7,216
479
Potlatch
Corp.(ö)
1,707
75
PRA
Group,
Inc.(Æ)
3,536
119
Premier
Financial
Corp.
15,445
417
ProAssurance
Corp.
3,040
53
Provident
Financial
Services,
Inc.
5,487
117
QCR
Holdings,
Inc.
1,468
73
Radian
Group,
Inc.
7,249
138
RE/MAX
Holdings,
Inc.
Class
A
5,584
104
Redfin
Corp.(Æ)(Ð)
11,048
47
Regional
Management
Corp.
626
18
Reinsurance
Group
of
America,
Inc.
Class
A(Û)
3,041
432
RenaissanceRe
Holdings,
Ltd.
2,386
440
Renasant
Corp.
3,427
129
Riverview
Bancorp,
Inc.
19,391
149
RLI
Corp.
821
108
RLJ
Lodging
Trust(ö)
18,420
195
RMR
Group,
Inc.
(The)
Class
A
9,038
255
Ryan
Specialty
Group
Holdings,
Inc.
Class
A(Æ)(Ð)(Û)
6,290
261
Ryman
Hospitality
Properties,
Inc.(ö)
4,049
331
Sabra
Health
Care
REIT,
Inc.(ö)
6,900
86
Safehold,
Inc.(Æ)(Ñ)
891
26
Safety
Insurance
Group,
Inc.
1,870
158
Sandy
Spring
Bancorp,
Inc.
11,497
405
Sculptor
Capital
Management,
Inc.
11,836
102
Selective
Insurance
Group,
Inc.
2,007
178
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
ServisFirst
Bancshares,
Inc.
1,339
92
Silvergate
Capital
Corp.
Class
A(Æ)(Ñ)
1,073
19
Simmons
First
National
Corp.
Class
A
4,118
89
SITE
Centers
Corp.(ö)
14,092
192
SLM
Corp.(Ð)
15,957
265
SmartFinancial,
Inc.
8,170
225
SouthState
Corp.
3,025
231
SP
Plus
Corp.(Æ)
3,982
138
Sprott,
Inc.
1,544
51
STAG
Industrial,
Inc.(ö)
21,673
700
Stewart
Information
Services
Corp.
9,189
393
StoneX
Group,
Inc.(Æ)
1,569
150
Summit
Hotel
Properties,
Inc.(ö)
22,597
163
Sunstone
Hotel
Investors,
Inc.(ö)
24,058
232
Terreno
Realty
Corp.(ö)
1,687
96
Territorial
Bancorp,
Inc.
1,127
27
Texas
Capital
Bancshares,
Inc.(Æ)
6,320
381
Tiptree,
Inc.
Class
A
20,956
290
TriCo
Bancshares
2,318
118
Triumph
Bancorp,
Inc.
8,328
407
UMB
Financial
Corp.
1,247
104
UMH
Properties,
Inc.(ö)
23,184
373
United
Bankshares,
Inc.
5,253
213
United
Community
Banks,
Inc.
6,363
215
United
Fire
Group,
Inc.
657
18
Universal
Insurance
Holdings,
Inc.
10,615
112
Unum
Group(Û)
7,343
301
Valley
National
Bancorp
26,908
304
Virtus
Investment
Partners,
Inc.
431
83
Walker
&
Dunlop,
Inc.
990
78
Washington
Trust
Bancorp,
Inc.
6,194
292
Webster
Financial
Corp.
5,224
247
Westamerica
BanCorp
4,889
289
Western
Alliance
Bancorp
3,826
228
Westwood
Holdings
Group,
Inc.
20,647
230
William
Penn
Bancorp
4,755
58
World
Acceptance
Corp.(Æ)
562
37
WSFS
Financial
Corp.
2,821
128
Xenia
Hotels
&
Resorts,
Inc.(ö)
11,722
154
Zions
Bancorp
NA(Û)
6,408
315
45,499
Health
Care
-
16.3%
2seventy
bio,
Inc.(Æ)(Ð)
1,379
13
Acadia
Pharmaceuticals,
Inc.(Æ)
8,602
137
Accuray,
Inc.(Æ)
6,178
13
Adicet
Bio,
Inc.(Æ)
7,356
66
Agios
Pharmaceuticals,
Inc.(Æ)
2,162
61
Akebia
Therapeutics,
Inc.(Æ)
12,274
7
Albireo
Pharma,
Inc.(Æ)(Ð)
2,090
45
Alector,
Inc.(Æ)
4,100
38
Alignment
Healthcare,
Inc.(Æ)(Ð)
7,421
87
Alkermes
PLC(Æ)
11,167
292
Allscripts
Healthcare
Solutions,
Inc.(Æ)
28,216
498
Alphatec
Holdings,
Inc.(Æ)
20,851
258
Amedisys,
Inc.(Æ)
2,644
221
AMN
Healthcare
Services,
Inc.(Æ)
1,284
132
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
33
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Amneal
Pharmaceuticals,
Inc.(Æ)
53,041
106
Amphastar
Pharmaceuticals,
Inc.(Æ)
9,118
255
ANI
Pharmaceuticals,
Inc.(Æ)
9,957
401
Anika
Therapeutics,
Inc.(Æ)
11,630
344
Apellis
Pharmaceuticals,
Inc.(Æ)
5,660
293
Apollo
Endosurgery,
Inc.(Æ)
12,438
124
Arcellx,
Inc.(Æ)
3,416
106
Arcutis
Biotherapeutics,
Inc.(Æ)
2,762
41
Argenx
SE
-
ADR(Æ)
2,552
967
Arrowhead
Pharmaceuticals,
Inc.(Æ)
19,369
786
Arvinas,
Inc.(Æ)
3,133
107
Ascendis
Pharma
A/S
-
ADR(Æ)
4,350
531
Aurinia
Pharmaceuticals,
Inc.(Æ)
1,914
8
Avid
Bioservices,
Inc.(Æ)
66,725
919
Axonics
Modulation
Technologies,
Inc.(Æ)
4,568
286
Beam
Therapeutics,
Inc.(Æ)
6,942
271
Berkeley
Lights,
Inc.(Æ)
6,935
19
BioCryst
Pharmaceuticals,
Inc.(Æ)(Ð)
9,877
113
Biohaven,
Ltd.(Æ)(Ñ)
1,961
27
BioLife
Solutions,
Inc.(Æ)
25,314
461
Bluebird
Bio,
Inc.(Æ)(Ð)
6,416
44
Blueprint
Medicines
Corp.(Æ)
4,378
192
BridgeBio
Pharma,
Inc.(Æ)
6,222
47
C4
Therapeutics,
Inc.(Æ)
3,528
21
Cardiovascular
Systems,
Inc.(Æ)
2,088
28
CareDx,
Inc.(Æ)
4,870
56
Catalyst
Pharmaceuticals,
Inc.(Æ)
5,119
95
Chimerix,
Inc.(Æ)
5,175
10
CinCor
Pharma,
Inc.(Æ)(Ñ)
3,630
45
Codexis,
Inc.(Æ)
7,735
36
Coherus
Biosciences,
Inc.(Æ)(Ð)
7,182
57
Computer
Programs
&
Systems,
Inc.(Æ)
5,411
147
CONMED
Corp.
4,502
399
Consensus
Cloud
Solutions,
Inc.
Class
W(Æ)(Ð)
764
41
Cutera,
Inc.(Æ)
2,416
107
Cytokinetics,
Inc.(Æ)
16,148
740
CytomX
Therapeutics,
Inc.(Æ)
4,574
7
Deciphera
Pharmaceuticals,
Inc.(Æ)
7,612
125
Denali
Therapeutics,
Inc.(Æ)
7,282
203
Dyne
Therapeutics,
Inc.(Æ)
1,530
18
Editas
Medicine,
Inc.(Æ)
940
8
Emergent
BioSolutions,
Inc.(Æ)(Ð)
7,115
84
Enanta
Pharmaceuticals,
Inc.(Æ)(Ð)
1,328
62
Encompass
Health
Corp.(Æ)
5,152
308
Esperion
Therapeutics,
Inc.(Æ)(Ð)
1,200
7
Exelixis,
Inc.(Æ)
17,705
284
FibroGen,
Inc.(Æ)
8,380
134
F-Star
Therapeutics,
Inc.(Æ)(Ñ)
37,521
237
Fulgent
Genetics,
Inc.(Æ)
3,479
104
GoodRx
Holdings,
Inc.
Class
A(Æ)(Ð)
6,634
31
Gritstone
Oncology,
Inc.(Æ)
6,847
24
Haemonetics
Corp.(Æ)
2,171
171
Halozyme
Therapeutics,
Inc.(Æ)
13,900
791
Harmony
Biosciences
Holdings,
Inc.(Æ)
5,949
328
Health
Catalyst,
Inc.(Æ)
6,098
65
Homology
Medicines,
Inc.(Æ)(Ð)
3,112
4
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Inari
Medical,
Inc.(Æ)
2,114
134
InfuSystem
Holdings,
Inc.(Æ)
50,654
440
Inhibrx,
Inc.(Æ)
24,685
608
Inmode,
Ltd.(Æ)
835
30
Innoviva,
Inc.(Æ)
25,558
339
Inogen,
Inc.(Æ)
1,480
29
Inspire
Medical
Systems,
Inc.(Æ)
2,012
507
Integer
Holdings
Corp.(Æ)
3,782
259
Intellia
Therapeutics,
Inc.(Æ)
5,775
201
Intercept
Pharmaceuticals,
Inc.(Æ)
4,262
53
Ionis
Pharmaceuticals,
Inc.(Æ)(Ð)
8,605
325
Iovance
Biotherapeutics,
Inc.(Æ)
2,188
14
iRadimed
Corp.
20,907
591
iTeos
Therapeutics,
Inc.(Æ)
1,313
26
Joint
Corp.
(The)(Æ)
6,280
88
Karyopharm
Therapeutics,
Inc.(Æ)
11,294
38
Keros
Therapeutics,
Inc.(Æ)
3,164
152
Kezar
Life
Sciences,
Inc.(Æ)
11,883
84
Kiniksa
Pharmaceuticals,
Ltd.
Class
A(Æ)
3,152
47
Kura
Oncology,
Inc.(Æ)
8,027
100
Kymera
Therapeutics,
Inc.(Æ)
2,206
55
Landec
Corp.(Æ)
24,528
159
Legend
Biotech
Corp.
-
ADR(Æ)
4,532
226
LeMaitre
Vascular,
Inc.
25,995
1,196
LHC
Group,
Inc.(Æ)
2,952
477
LifeStance
Health
Group,
Inc.(Æ)(Ñ)
26,531
131
Ligand
Pharmaceuticals,
Inc.
Class
B(Æ)
1,310
87
LivaNova
PLC(Æ)
2,569
143
Maravai
LifeSciences
Holdings,
Inc.
Class
A(Æ)(Ð)
6,016
86
MEDNAX,
Inc.(Æ)
3,908
58
Medpace
Holdings,
Inc.(Æ)
3,503
744
MeiraGTx
Holdings
PLC(Æ)
4,978
32
Mirati
Therapeutics,
Inc.(Æ)
3,408
154
Mirum
Pharmaceuticals,
Inc.(Æ)
1,127
22
NanoString
Technologies,
Inc.(Æ)(Ð)
4,869
39
National
HealthCare
Corp.
2,018
120
Nektar
Therapeutics(Æ)
11,615
26
Neogen
Corp.(Æ)
9,072
138
Neurocrine
Biosciences,
Inc.(Æ)
3,556
425
Nevro
Corp.(Æ)(Ð)
4,312
171
NextGen
Healthcare,
Inc.(Æ)(Ð)
3,200
60
NGM
Biopharmaceuticals,
Inc.(Æ)(Ð)
3,110
16
Nurix
Therapeutics,
Inc.(Æ)(Ð)
2,723
30
Ocular
Therapeutix,
Inc.(Æ)
1,456
4
Olema
Pharmaceuticals,
Inc.(Æ)
1,600
4
Omnicell,
Inc.(Æ)
1,189
60
Oramed
Pharmaceuticals,
Inc.(Æ)
3,162
38
OraSure
Technologies,
Inc.(Æ)
6,883
33
Organon
&
Co.(Ð)
9,302
260
Orthofix
Medical,
Inc.(Æ)
2,570
53
Oscar
Health,
Inc.
Class
A(Æ)
5,714
14
Ovid
Therapeutics,
Inc.(Æ)(Ñ)
21,212
39
Owens
&
Minor,
Inc.(Æ)
8,949
175
Pacira
BioSciences,
Inc.(Æ)
4,212
163
Paragon
28,
Inc.(Æ)
13,508
258
Patterson
Cos.,
Inc.
971
27
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
34
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Pennant
Group,
Inc.
(The)(Æ)
10,601
116
Penumbra,
Inc.(Æ)
943
210
Perrigo
Co.
PLC
15,877
541
Personalis,
Inc.(Æ)(Ð)
2,788
6
PetIQ,
Inc.(Æ)
10,220
94
Phibro
Animal
Health
Corp.
Class
A
4,198
56
Pliant
Therapeutics,
Inc.(Æ)
5,892
114
Prestige
Brands
Holdings,
Inc.(Æ)
2,899
181
Privia
Health
Group,
Inc.(Æ)
6,153
140
PROCEPT
BioRobotics
Corp.(Æ)(Ñ)
6,459
268
Progenics
Pharmaceuticals,
Inc.(Æ)(Š)
1,808
—
Prometheus
Biosciences,
Inc.(Æ)
3,632
400
Protagonist
Therapeutics,
Inc.(Æ)
10,330
113
PTC
Therapeutics,
Inc.(Æ)
15,414
588
Pulmonx
Corp.(Æ)(Ð)
1,600
13
Quipt
Home
Medical
Corp.(Æ)(Ñ)
55,680
262
Radius
Health,
Inc.(Æ)(Š)
16,200
1
Reata
Pharmaceuticals,
Inc.
Class
A(Æ)(Ð)
601
23
Recursion
Pharmaceuticals,
Inc.
Class
A(Æ)
7,622
59
Repligen
Corp.(Æ)
2,771
469
Revance
Therapeutics,
Inc.(Æ)
5,914
109
Rigel
Pharmaceuticals,
Inc.(Æ)
9,700
15
Rocket
Pharmaceuticals,
Inc.(Æ)
32,113
628
RxSight,
Inc.(Æ)
5,869
74
Sarepta
Therapeutics,
Inc.(Æ)
2,364
306
Schrodinger,
Inc.(Æ)
11,824
221
Science
37
Holdings,
Inc.(Æ)
58,240
24
SeaSpine
Holdings
Corp.(Æ)
21,773
182
Select
Medical
Holdings
Corp.
6,982
173
Selecta
Biosciences,
Inc.(Æ)
4,638
5
Semler
Scientific,
Inc.(Æ)
679
22
Sharecare,
Inc.(Æ)(Ñ)
61,744
99
ShockWave
Medical,
Inc.(Æ)
2,202
453
Silk
Road
Medical,
Inc.(Æ)
2,355
124
Silverback
Therapeutics,
Inc.(Æ)
1,000
9
SpringWorks
Therapeutics,
Inc.(Æ)
6,300
164
STAAR
Surgical
Co.(Æ)
2,203
107
Surmodics,
Inc.(Æ)(Ð)
225
8
Sutro
Biopharma,
Inc.(Æ)
3,305
27
Syndax
Pharmaceuticals,
Inc.(Æ)
2,149
55
Syneos
Health,
Inc.
Class
A(Æ)
791
29
Tabula
Rasa
HealthCare,
Inc.(Æ)
765
4
Tactile
Systems
Technology,
Inc.(Æ)
1,312
15
Talkspace,
Inc.(Æ)
128,934
79
Tela
Bio,
Inc.(Æ)(Ñ)
4,102
47
Tenet
Healthcare
Corp.(Æ)(Û)
6,844
334
TG
Therapeutics,
Inc.(Æ)(Ð)
3,042
36
Theravance
Biopharma,
Inc.(Æ)
3,409
38
TransMedics
Group,
Inc.(Æ)
5,237
323
Travere
Therapeutics,
Inc.(Æ)
3,667
77
Treace
Medical
Concepts,
Inc.(Æ)
16,573
381
Ultragenyx
Pharmaceutical,
Inc.(Æ)
5,296
245
United
Therapeutics
Corp.(Æ)
2,471
687
Utah
Medical
Products,
Inc.
6,018
605
Vanda
Pharmaceuticals,
Inc.(Æ)(Ð)
3,230
24
Ventyx
Biosciences,
Inc.(Æ)
4,324
142
Viemed
Healthcare,
Inc.(Æ)
12,062
91
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Viridian
Therapeutics,
Inc.(Æ)(Ñ)
5,865
171
Xencor,
Inc.(Æ)
9,779
255
Xenon
Pharmaceuticals,
Inc.(Æ)
8,144
321
Zai
Lab,
Ltd.
-
ADR(Æ)
5,164
159
Zentalis
Pharmaceuticals,
Inc.(Æ)
6,325
127
Zinvie,
Inc.(Æ)
2,248
21
33,551
Materials
and
Processing
-
7.5%
AdvanSix,
Inc.
1,569
60
Allegheny
Technologies,
Inc.(Æ)
4,645
139
Alpha
Metallurgical
Resources,
Inc.(Æ)
203
30
American
Vanguard
Corp.
2,409
52
Apogee
Enterprises,
Inc.
1,728
77
Arconic
Corp.(Æ)
4,925
104
Avient
Corp.(Æ)
9,181
310
Axalta
Coating
Systems,
Ltd.(Æ)
3,806
97
AZEK
Co.,
Inc.
(The)(Æ)
11,944
243
Beacon
Roofing
Supply,
Inc.(Æ)
3,360
177
Belden,
Inc.
1,232
89
Boise
Cascade
Co.
4,138
284
BrightView
Holdings,
Inc.(Æ)
12,454
86
Caesarstone,
Ltd.
10,674
61
Capstone
Copper
Corp.(Æ)
40,290
147
Carpenter
Technology
Corp.
10,296
380
Chemours
Co.
(The)
1,600
49
Clearwater
Paper
Corp.(Æ)
893
34
Commercial
Metals
Co.
6,999
338
Compass
Minerals
International,
Inc.
3,032
124
Constellium
SE(Æ)
7,394
88
E3
Lithium,
Ltd.(Æ)
43,035
61
Ecovyst,
Inc.(Æ)
31,688
281
Element
Solutions,
Inc.(Æ)
23,474
427
Glatfelter
Corp.
1,147
3
Hecla
Mining
Co.
33,108
184
Horizonte
Minerals
PLC(Æ)
111,414
198
Huntsman
Corp.(Ð)
10,154
279
ITT,
Inc.
3,879
315
JELD-WEN
Holding,
Inc.(Æ)(Ð)
5,626
54
Kaiser
Aluminum
Corp.
13,433
1,020
Livent
Corp.(Æ)
3,176
63
Louisiana-Pacific
Corp.(Ð)
5,241
310
Matthews
International
Corp.
Class
A
6,112
186
MDU
Resources
Group,
Inc.
11,400
346
Mercer
International,
Inc.(Ð)
1,405
16
MP
Materials
Corp.(Æ)(Ð)
2,306
56
MRC
Global,
Inc.(Æ)
13,133
152
Mueller
Industries,
Inc.
3,914
231
Northwest
Pipe
Co.(Æ)
6,597
222
Nouveau
Monde
Graphite,
Inc.(Æ)(Ñ)
12,949
50
O-I
Glass,
Inc.(Æ)
17,891
296
Oil-Dri
Corp.
of
America(Ñ)
8,360
280
Omega
Flex,
Inc.
2,616
244
Orion
Engineered
Carbons
SA
2,949
53
Piedmont
Lithium,
Inc.(Æ)
1,258
55
Quaker
Chemical
Corp.
1,765
295
Resideo
Technologies,
Inc.(Æ)
6,646
109
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
35
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Resolute
Forest
Products,
Inc.(Æ)
7,348
159
Rogers
Corp.(Æ)
682
81
Royal
Gold,
Inc.
1,978
223
Schnitzer
Steel
Industries,
Inc.
Class
A
14,420
442
Schweitzer-Mauduit
International,
Inc.
38,025
795
Simpson
Manufacturing
Co.,
Inc.
1,324
117
SiteOne
Landscape
Supply,
Inc.(Æ)
1,951
229
SmartRent,
Inc.(Æ)(Ñ)
33,526
82
Sonoco
Products
Co.
5,355
325
SPX
Technologies,
Inc.(Æ)
2,243
147
Stelco
Holdings,
Inc.
2,398
78
Summit
Materials,
Inc.
Class
A(Æ)
2,772
79
Sylvamo
Corp.
1,740
85
Tecnoglass,
Inc.(Ñ)
12,945
398
TimkenSteel
Corp.(Æ)
15,757
286
Trinseo
PLC
3,411
78
Triton
International,
Ltd.
3,227
222
Tronox
Holdings
PLC
Class
A
38,537
528
UFP
Industries,
Inc.(Æ)
2,479
196
UFP
Technologies,
Inc.(Æ)
8,567
1,010
Unifi,
Inc.(Æ)
15,412
133
Univar
Solutions,
Inc.
-
ADR(Æ)
8,708
277
Universal
Stainless
&
Alloy
Products,
Inc.
(Æ)
12,525
90
Valvoline,
Inc.
7,962
260
Veritiv
Corp.
1,803
219
Worthington
Industries,
Inc.
2,807
140
15,434
Producer
Durables
-
16.5%
ABM
Industries,
Inc.
3,762
167
Adient
PLC(Æ)
7,825
271
AECOM
1,597
136
AGCO
Corp.
2,898
402
Air
Transport
Services
Group,
Inc.(Æ)
2,228
58
Alarm.com
Holdings,
Inc.(Æ)
1,648
82
Albany
International
Corp.
Class
A
1,086
107
Allied
Motion
Technologies,
Inc.
16,144
562
Allison
Transmission
Holdings,
Inc.
Class
A
3,277
136
Altra
Industrial
Motion
Corp.
11,612
694
Applied
Industrial
Technologies,
Inc.
2,976
375
ArcBest
Corp.
3,511
246
Arcosa,
Inc.
1,324
72
Ardmore
Shipping
Corp.(Æ)
21,488
310
Argan,
Inc.
10,835
400
ASGN,
Inc.(Æ)
1,771
144
Astec
Industries,
Inc.
2,030
83
Astronics
Corp.(Æ)
1,638
17
Atlas
Air
Worldwide
Holdings,
Inc.(Æ)
1,375
139
Axon
Enterprise,
Inc.(Æ)
1,630
270
Barnes
Group,
Inc.
13,567
554
Barrett
Business
Services,
Inc.
942
88
Bloom
Energy
Corp.
Class
A(Æ)
11,019
211
Bowman
Consulting
Group,
Ltd.(Æ)
7,716
169
Brady
Corp.
Class
A
2,169
102
Brookfield
Infrastructure
Corp.
Class
A(Ñ)
2,558
100
BWX
Technologies,
Inc.
Class
W(Æ)
5,074
295
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Cactus,
Inc.
Class
A
3,293
166
Casella
Waste
Systems,
Inc.
Class
A(Æ)
2,092
166
CBIZ,
Inc.(Æ)
4,849
227
Chart
Industries,
Inc.(Æ)
922
106
CompoSecure,
Inc.(Æ)(Ñ)
11,496
56
CoreCivic,
Inc.(Æ)
1,005
12
Covenant
Logistics
Group,
Inc.
Class
A
1,162
40
Daseke,
Inc.(Æ)
1,117
6
Deluxe
Corp.
30,584
519
DHT
Holdings,
Inc.
34,840
309
Ducommun,
Inc.(Æ)
263
13
Dycom
Industries,
Inc.(Æ)
981
92
Eagle
Bulk
Shipping,
Inc.
7,459
373
EMCOR
Group,
Inc.
1,420
210
Encore
Wire
Corp.
1,510
208
Energy
Recovery,
Inc.(Æ)
4,643
95
EnerSys
10,267
758
Ennis,
Inc.
5,013
111
EnPro
Industries,
Inc.
220
24
Evo
Payments,
Inc.
Class
A(Æ)
19,970
676
ExlService
Holdings,
Inc.(Æ)
1,487
252
Exponent,
Inc.
1,296
128
Faro
Technologies,
Inc.(Æ)
1,154
34
Flowserve
Corp.
23,603
724
Fluor
Corp.(Æ)
13,861
480
Franklin
Covey
Co.(Æ)
536
25
Franklin
Electric
Co.,
Inc.
1,936
154
Frontier
Group
Holdings,
Inc.(Æ)
2,518
26
Great
Lakes
Dredge
&
Dock
Corp.(Æ)(Ð)
2,644
16
Green
Dot
Corp.
Class
A(Æ)
5,230
83
GXO
Logistics,
Inc.(Æ)(Ð)
6,882
294
Hackett
Group,
Inc.
(The)
1,294
26
HealthEquity,
Inc.(Æ)
5,491
338
Heidrick
&
Struggles
International,
Inc.
870
24
Hertz
Global
Holdings,
Inc.
Class
W(Æ)
928
122
Hillman
Solutions
Corp.(Æ)
8,550
62
HNI
Corp.
2,591
74
Hub
Group,
Inc.
Class
A(Æ)
1,519
121
Huron
Consulting
Group,
Inc.(Æ)
1,228
89
Hyster-Yale
Materials
Handling,
Inc.
1,585
40
I3
Verticals,
Inc.
Class
A(Æ)
40,351
982
ICF
International,
Inc.
2,195
217
indie
Semiconductor,
Inc.
Class
A(Æ)(Ñ)
23,968
140
Insperity,
Inc.(Û)
1,968
224
Itron,
Inc.(Æ)
2,407
122
Kaman
Corp.
Class
A
18,158
405
Kennametal,
Inc.
13,434
323
Kforce,
Inc.
959
53
Kimball
International,
Inc.
Class
B
52,857
344
Kirby
Corp.(Æ)
2,863
184
Knight-Swift
Transportation
Holdings,
Inc.
(Æ)
3,272
171
Korn
Ferry
2,579
131
Lamb
Weston
Holdings,
Inc.(Û)
4,166
372
Landstar
System,
Inc.(Û)
2,022
329
Latham
Group,
Inc.(Æ)
27,599
89
Luxfer
Holdings
PLC
-
ADR
24,938
342
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
36
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Manitowoc
Co.,
Inc.
(The)(Æ)
24,540
225
ManpowerGroup,
Inc.(Û)
2,760
230
Matson,
Inc.
2,308
144
Mercury
Systems,
Inc.(Æ)
8,934
400
Mesa
Laboratories,
Inc.
5,147
855
Methode
Electronics,
Inc.
16,377
727
MillerKnoll,
Inc.
28,034
589
Mirion
Technologies,
Inc.(Æ)(Ñ)
14,881
98
Mitek
Systems,
Inc.(Æ)
50,702
491
Murphy
USA,
Inc.(Û)
2,524
706
MYR
Group,
Inc.(Æ)
1,002
92
Neo
Performance
Materials,
Inc.
14,316
102
Nikola
Corp.(Æ)(Ñ)
20,224
44
NV5
Global,
Inc.(Æ)
1,389
184
Orion
Group
Holdings,
Inc.(Æ)
45,723
109
Oshkosh
Corp.
3,564
314
PAM
Transportation
Services,
Inc.(Æ)
691
18
Park-Ohio
Holdings
Corp.(Ð)
122
2
Paya
Holdings,
Inc.
Class
A(Æ)
54,788
431
Paysafe,
Ltd.(Æ)
1,758
24
Pitney
Bowes,
Inc.
7,171
27
Powell
Industries,
Inc.
352
12
Primoris
Services
Corp.
24,462
537
PROG
Holdings,
Inc.(Æ)
6,903
117
Quotient
Technology,
Inc.(Æ)
3,116
11
Radiant
Logistics,
Inc.(Æ)
43,867
223
Ranpak
Holdings
Corp.(Æ)
23,478
135
Repay
Holdings
Corp.(Æ)
67,097
540
Resources
Connection,
Inc.
19,497
358
Rush
Enterprises,
Inc.
Class
A
3,419
179
Ryerson
Holding
Corp.
1,265
38
Saia,
Inc.(Æ)
2,619
549
Schneider
National,
Inc.
Class
B
4,316
101
Scorpio
Tankers,
Inc.
6,852
368
Sight
Sciences,
Inc.(Æ)
18,307
224
Skyline
Champion
Corp.(Æ)
7,606
392
Sleep
Number
Corp.(Æ)
2,023
53
Smith
&
Wesson
Brands,
Inc.(Æ)
16,211
141
Southwest
Gas
Holdings,
Inc.
4,573
283
Spirit
AeroSystems
Holdings,
Inc.
Class
A
4,226
125
Spirit
Airlines,
Inc.
13,626
265
Star
Bulk
Carriers
Corp.(Ñ)
5,621
108
Steelcase,
Inc.
Class
A
3,848
27
Stericycle,
Inc.(Æ)
1,729
86
Stoneridge,
Inc.(Æ)
22,610
487
Sun
Country
Airlines
Holdings,
Inc.(Æ)
6,700
106
Teekay
Tankers,
Ltd.
Class
A(Æ)
10,032
309
Tennant
Co.
9,746
600
Terex
Corp.(Ð)
2,875
123
Textron,
Inc.
4,835
342
Thermon
Group
Holdings,
Inc.(Æ)
6,312
127
Titan
International,
Inc.(Æ)
3,554
54
Titan
Machinery,
Inc.(Æ)
698
28
TopBuild
Corp.(Æ)
1,227
192
Travel
+
Leisure
Co.(Æ)
2,787
101
TreeHouse
Foods,
Inc.(Æ)
6,038
298
TriNet
Group,
Inc.(Æ)(Û)
3,065
208
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Trinity
Industries,
Inc.
2,240
66
TrueBlue,
Inc.(Æ)
5,267
103
Tutor
Perini
Corp.(Æ)
29,551
223
Universal
Truckload
Services,
Inc.
2,445
82
Vectrus,
Inc.(Æ)
3,576
148
Velodyne
Lidar,
Inc.(Æ)
2,300
2
Vertiv
Group
Corp.
20,175
276
Vicor
Corp.(Æ)
1,323
71
Wabash
National
Corp.
5,466
124
Watts
Water
Technologies,
Inc.
Class
A
797
117
Werner
Enterprises,
Inc.
2,525
102
Wheels
Up
Experience,
Inc.(Æ)
8,384
9
WNS
Holdings,
Ltd.
-
ADR(Æ)
10,181
814
Xerox
Holdings
Corp.
17,773
259
XPO
Logistics,
Inc.(Æ)
2,383
79
34,031
Technology
-
12.4%
8x8,
Inc.(Æ)(Ð)
14,583
63
A10
Networks,
Inc.
10,079
168
Adeia,
Inc.(Æ)
6,942
66
Aehr
Test
Systems(Æ)(Ñ)
3,904
78
Agilysys,
Inc.(Æ)
3,114
246
Allegro
Microsystems,
Inc.(Æ)
3,034
91
Ambarella,
Inc.(Æ)
4,351
358
American
Software,
Inc.
Class
A
68,588
1,007
Amkor
Technology,
Inc.
4,264
102
Amplitude,
Inc.
Class
A(Æ)(Ñ)
16,315
197
Appfolio,
Inc.
Class
A(Æ)
1,942
205
Arlo
Technologies,
Inc.(Æ)(Ð)
10,464
37
Asana,
Inc.
Class
A(Æ)
6,691
92
Asure
Software,
Inc.(Æ)
18,966
177
Augmedix,
Inc.(Æ)
25,701
40
Aviat
Networks,
Inc.(Æ)
776
24
Avid
Technology,
Inc.(Æ)
2,319
62
Avnet,
Inc.
4,969
207
Axcelis
Technologies,
Inc.(Æ)
3,898
309
Bandwidth,
Inc.
Class
A(Æ)(Ð)
2,151
49
Bel
Fuse,
Inc.
Class
B
6,630
218
Benchmark
Electronics,
Inc.
3,968
106
Blackline,
Inc.(Æ)
1,550
104
Box,
Inc.
Class
A(Æ)(Û)
10,181
317
Brightcove,
Inc.(Æ)
1,053
6
CalAmp
Corp.(Æ)
2,535
11
Calix,
Inc.(Æ)
9,152
626
Cardlytics,
Inc.(Æ)(Ð)
1,500
9
Cars.com,
Inc.(Æ)
8,911
123
Cerence,
Inc.(Æ)(Ð)
3,084
57
CI&T,
Inc.
Class
A(Æ)
43,661
284
Cirrus
Logic,
Inc.(Æ)(Ð)
4,012
299
Clearfield,
Inc.(Æ)
4,042
381
Cohu,
Inc.(Æ)
6,132
197
CommScope
Holding
Co.,
Inc.(Æ)
15,484
114
CommVault
Systems,
Inc.(Æ)
2,013
126
Conduent,
Inc.(Æ)
23,811
96
CS
Disco,
Inc.(Æ)
1,900
12
CSG
Systems
International,
Inc.
1,830
105
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
37
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
CyberArk
Software,
Ltd.(Æ)
1,324
172
Dell
Technologies,
Inc.
Class
C(Û)
2,083
84
Diebold
Nixdorf,
Inc.(Æ)(Ð)
1,059
1
Digi
International,
Inc.(Æ)
4,290
157
DigitalBridge
Group,
Inc.
15,037
164
Diodes,
Inc.(Æ)
3,670
279
DocuSign,
Inc.(Æ)(Û)
424
23
Domo,
Inc.
Class
B(Æ)
2,711
39
Donnelley
Financial
Solutions,
Inc.(Æ)
3,227
125
DoubleVerify
Holdings,
Inc.(Æ)
9,721
213
Dropbox,
Inc.
Class
A(Æ)(Û)
14,816
332
Duck
Creek
Technologies,
Inc.(Æ)
7,179
87
Endava
PLC
-
ADR(Æ)
4,478
343
Everbridge,
Inc.(Æ)
4,617
137
Evolent
Health,
Inc.
Class
A(Æ)(Ð)
1,603
45
Extreme
Networks,
Inc.(Æ)
18,835
345
Genasys,
Inc.(Æ)
59,828
221
Harmonic,
Inc.(Æ)
31,341
411
IBEX
Holdings,
Ltd.(Æ)
2,216
55
IDT
Corp.
Class
B(Æ)
5,121
144
Immersion
Corp.
16,518
116
Impinj,
Inc.(Æ)(Ð)
1,120
122
Infinera
Corp.(Æ)(Ð)
20,513
138
Informatica,
Inc.
Class
A(Æ)
3,570
58
Inseego
Corp.(Æ)(Ñ)
57,737
49
iRobot
Corp.(Æ)(Ñ)
4,003
193
Ituran
Location
and
Control,
Ltd.
2,340
49
Jabil
Circuit,
Inc.(Û)
5,465
373
JFrog,
Ltd.(Æ)
4,720
101
Kaltura,
Inc.(Æ)(Ñ)
53,452
92
KBR,
Inc.
6,361
336
Kulicke
&
Soffa
Industries,
Inc.
16,045
710
Lyft,
Inc.
Class
A(Æ)
17,421
192
Marqeta,
Inc.
Class
A(Æ)
17,606
108
Maxar
Technologies,
Inc.
11,665
604
MaxLinear,
Inc.
Class
A(Æ)
3,113
106
Model
N,
Inc.(Æ)
17,976
729
Momentive
Global,
Inc.(Æ)
49,981
350
NAPCO
Security
Technologies,
Inc.(Æ)
35,653
980
NETGEAR,
Inc.(Æ)
2,697
49
NetScout
Systems,
Inc.(Æ)
5,116
166
New
Relic,
Inc.(Æ)
3,959
223
nLight,
Inc.(Æ)
34,460
349
Nutanix,
Inc.
Class
A(Æ)(Û)
8,168
213
ON24,
Inc.(Æ)
30,680
265
One
Stop
Systems,
Inc.(Æ)
24,597
74
OneSpan,
Inc.(Æ)
11,786
132
Ooma,
Inc.(Æ)
18,025
245
Parsons
Corp.(Æ)
1,218
56
PDF
Solutions,
Inc.(Æ)
22,410
639
Pegasystems,
Inc.
6,609
226
PlayAGS,
Inc.(Æ)
2,554
13
Playtika
Holding
Corp.(Æ)(Û)
5,446
46
Power
Integrations,
Inc.
1,764
127
Pure
Storage,
Inc.
Class
A(Æ)
10,716
287
Qualys,
Inc.(Æ)
6,628
744
Quantum
Corp.(Æ)
1,901
2
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
RADCOM,
Ltd.(Æ)
10,957
120
Rambus,
Inc.(Æ)
11,857
425
Ribbon
Communications,
Inc.(Æ)
6,982
19
Richardson
Electronics,
Ltd.
5,918
126
Rimini
Street,
Inc.(Æ)
3,949
15
Sanmina
Corp.(Æ)
3,190
183
ScanSource,
Inc.(Æ)
656
19
SecureWorks
Corp.
Class
A(Æ)
1,434
9
Semtech
Corp.(Æ)
4,492
129
ShotSpotter,
Inc.(Æ)
5,905
200
Shutterstock,
Inc.
1,626
86
Silicon
Laboratories,
Inc.(Æ)
3,102
421
Simulations
Plus,
Inc.
22,782
833
SiTime
Corp.(Æ)
777
79
SMART
Global
Holdings,
Inc.(Æ)
16,556
246
Smartsheet,
Inc.
Class
A(Æ)
6,643
261
SolarWinds
Corp.(Æ)
2,671
25
Sonos,
Inc.(Æ)
8,871
150
Sprout
Social,
Inc.
Class
A(Æ)
2,850
161
SPS
Commerce,
Inc.(Æ)
1,757
226
Super
Micro
Computer,
Inc.(Æ)
2,921
240
Synaptics,
Inc.(Æ)
866
82
Telos
Corp.(Æ)
3,651
19
Tenable
Holdings,
Inc.(Æ)
5,841
223
TrueCar,
Inc.(Æ)
6,451
16
Unisys
Corp.(Æ)
2,215
11
Varonis
Systems,
Inc.(Æ)
12,166
291
Verint
Systems,
Inc.(Æ)
3,574
130
Viavi
Solutions,
Inc.
Class
W(Æ)(Ð)
1,400
15
Vimeo,
Inc.(Æ)
30,982
106
Vishay
Intertechnology,
Inc.
7,343
158
VTEX
Class
A(Æ)
24,715
93
Western
Digital
Corp.(Æ)(Û)
1,016
32
Wix.com,
Ltd.(Æ)
2,841
218
Workiva,
Inc.(Æ)
6,972
585
Xperi,
Inc.(Æ)
2,776
24
Yelp,
Inc.
Class
A(Æ)(Û)
5,750
157
Zeta
Global
Holdings
Corp.
Class
A(Æ)(Ñ)
3,211
26
25,567
Utilities
-
4.4%
Allete,
Inc.
10,196
658
Allot,
Ltd.(Æ)
19,053
65
American
States
Water
Co.
1,064
98
APA
Corp.(Û)
1,425
66
Avista
Corp.
4,974
221
Black
Hills
Corp.
1,239
87
California
Resources
Corp.
4,197
183
California
Water
Service
Group
1,696
103
Clearway
Energy
Operating
LLC(Æ)
3,893
124
CNX
Resources
Corp.(Æ)
8,200
138
Cogent
Communications
Holdings,
Inc.
1,722
98
Comstock
Resources,
Inc.(Û)
1,273
17
Denbury,
Inc.(Æ)
2,211
192
Earthstone
Energy,
Inc.
Class
A(Æ)(Ñ)
49,434
703
Evolution
Petroleum
Corp.
109,084
824
Excelerate
Energy,
Inc.
Class
A
15,107
378
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
38
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Gulfport
Energy
Corp.(Æ)
1,270
93
Iridium
Communications,
Inc.
2,769
142
Mammoth
Energy
Services,
Inc.(Æ)
11,983
104
New
Jersey
Resources
Corp.
2,763
137
Northern
Oil
and
Gas,
Inc.
2,453
76
Northwest
Natural
Holding
Co.
7,507
357
NorthWestern
Corp.
4,803
285
NRG
Energy,
Inc.(Û)
10,000
318
Oasis
Petroleum,
Inc.
2,716
372
ONE
Gas,
Inc.
1,102
83
Permian
Resources
Corp.
62,892
591
Plains
GP
Holdings,
LP
Class
A(Æ)(Û)
8,895
111
Portland
General
Electric
Co.
4,569
224
RGC
Resources,
Inc.
14,866
328
Saturn
Oil
&
Gas,
Inc.(Æ)
55,812
97
SilverBow
Resources,
Inc.(Æ)(Ñ)
4,175
118
South
Jersey
Industries,
Inc.
2,533
90
Spire,
Inc.
4,211
290
Talos
Energy,
Inc.(Æ)
3,241
61
Telephone
&
Data
Systems,
Inc.
9,589
101
Unitil
Corp.
7,198
370
US
Cellular
Corp.(Æ)(Û)
5,976
125
Vistra
Corp.(Û)
13,732
319
York
Water
Co.
(The)
6,949
313
Ziff
Davis,
Inc.(Æ)
1,235
98
9,158
Total
Common
Stocks
(cost
$197,576)
204,651
Short-Term
Investments
-
4.8%
U.S.
Cash
Management
Fund(@)
9,968,764
(∞)
9,967
Total
Short-Term
Investments
(cost
$9,965)
9,967
Other
Securities
-
2.1%
U.S.
Cash
Collateral
Fund(@)(×)
4,244,968
(∞)
4,245
Total
Other
Securities
(cost
$4,245)
4,245
Total
Investments
-
106.2%
(identified
cost
$211,786)
218,863
Securities
Sold
Short
-
(4.3)%
Consumer
Discretionary
-
(0.7)%
Advanced
Energy
Industries,
Inc.
(851)
(73)
Akoustis
Technologies,
Inc.(Æ)
(2,489)
(7)
Altice
USA,
Inc.
Class
A(Æ)
(7,572)
(35)
American
Eagle
Outfitters,
Inc.
(2,070)
(29)
America's
Car-Mart,
Inc.(Æ)
(358)
(26)
AMMO,
Inc.(Æ)
(3,516)
(6)
Asbury
Automotive
Group,
Inc.(Æ)
(478)
(86)
Boston
Omaha
Corp.
Class
A(Æ)
(533)
(14)
Byrna
Technologies,
Inc.(Æ)
(875)
(7)
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Callaway
Golf
Co.(Æ)
(8,498)
(168)
CarParts.com,
Inc.(Æ)
(5,676)
(36)
Churchill
Downs,
Inc.
(404)
(85)
Clarus
Corp.
(2,920)
(23)
Clear
Channel
Worldwide
Holdings,
Inc.(Æ)
(16,140)
(17)
Conn's,
Inc.(Æ)
(588)
(4)
CuriosityStream,
Inc.(Æ)
(1,172)
(1)
DISH
Network
Corp.
Class
A(Æ)
(811)
(11)
Dream
Finders
Homes,
Inc.
Class
A(Æ)
(1,941)
(17)
Duluth
Holdings,
Inc.
Class
B(Æ)
(814)
(5)
Genius
Brands
International,
Inc.(Æ)
(6,557)
(3)
GrowGeneration
Corp.(Æ)
(1,542)
(6)
H&R
Block,
Inc.
(3,941)
(144)
iHeartMedia,
Inc.
Class
A(Æ)
(2,421)
(15)
Innovid
Corp.(Æ)
(2,881)
(5)
LGI
Homes,
Inc.(Æ)
(609)
(56)
Light
&
Wonder,
Inc.
Class
A(Æ)
(1,325)
(78)
MicroVision,
Inc.(Æ)
(3,616)
(8)
Mister
Car
Wash,
Inc.(Æ)
(4,388)
(40)
Motorcar
Parts
of
America,
Inc.(Æ)
(730)
(9)
Nerdy,
Inc.(Æ)
(2,649)
(6)
Party
City
Holdco,
Inc.(Æ)
(10,394)
(4)
Patrick
Industries,
Inc.
(30)
(2)
PLBY
Group,
Inc.(Æ)
(721)
(2)
PLBY
Group,
Inc.
Rights(Æ)
(721)
—
Pool
Corp.
(486)
(147)
Rocket
Lab
USA,
Inc.(Æ)
(4,745)
(18)
Rocky
Brands,
Inc.
(191)
(5)
Skillsoft
Corp.(Æ)
(4,541)
(6)
Strategic
Education,
Inc.(Æ)
(704)
(55)
TechTarget,
Inc.(Æ)
(710)
(31)
Traeger,
Inc.(Æ)
(2,898)
(8)
XPEL,
Inc.(Æ)
(1,590)
(95)
(1,393)
Consumer
Staples
-
(0.2)%
22nd
Century
Group,
Inc.(Æ)
(12,847)
(12)
Beauty
Health
Co.
(The)(Æ)
(3,167)
(29)
Cadiz,
Inc.(Æ)
(741)
(2)
Freshpet,
Inc.(Æ)
(2,406)
(127)
MGP
Ingredients,
Inc.
(1,142)
(122)
PetMed
Express,
Inc.
(2,790)
(49)
Utz
Brands,
Inc.
(1,988)
(32)
WD-40
Co.
(294)
(47)
Zevia
PBC
Class
A(Æ)
(1,083)
(4)
(424)
Energy
-
(0.1)%
Aemetis,
Inc.(Æ)
(1,159)
(4)
Cleanspark,
Inc.(Æ)
(1,783)
(4)
Enviva
Inc.
(145)
(8)
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
39
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
FuelCell
Energy,
Inc.(Æ)
(2,069)
(6)
Gevo,
Inc.(Æ)
(4,262)
(8)
Southwestern
Energy
Co.(Æ)
(9,373)
(55)
Sunrun,
Inc.(Æ)
(2,311)
(55)
Uranium
Energy
Corp.(Æ)
(23,795)
(92)
(232)
Financial
Services
-
(0.7)%
AFC
Gamma,
Inc.(ö)
(1,300)
(20)
Annaly
Capital
Management,
Inc.(ö)
(6,800)
(143)
Arbor
Realty
Trust,
Inc.(ö)
(5,381)
(71)
Ares
Commercial
Real
Estate
Corp.(ö)
(3,075)
(32)
Broadstone
Net
Lease,
Inc.(ö)
(8,476)
(137)
BRP
Group,
Inc.
Class
A(Æ)
(3,958)
(99)
Carlyle
Group,
LP
(5,116)
(153)
Chimera
Investment
Corp.(ö)
(2,681)
(15)
Dime
Community
Bancshares,
Inc.
(1,104)
(35)
Easterly
Government
Properties,
Inc.(ö)
(3,277)
(47)
Focus
Financial
Partners
LLC
Class
A(Æ)
(1,773)
(66)
Franchise
Group,
Inc.(Æ)
(3,387)
(81)
Franklin
BSP
Realty
Trust,
Inc.(ö)
(1,615)
(21)
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.(ö)
(2,446)
(71)
Hippo
Holdings,
Inc.(Æ)
(560)
(8)
Independence
Realty
Trust,
Inc.(ö)
(1,618)
(27)
Indus
Realty
Trust,
Inc.(ö)
(295)
(19)
Kite
Realty
Group
Trust(ö)
(6,387)
(134)
Legacy
Housing
Corp.(Æ)
(371)
(7)
MFA
Financial,
Inc.(ö)
(2,300)
(23)
New
York
Mortgage
Trust,
Inc.(ö)
(22,078)
(57)
Orchid
Island
Capital,
Inc.(ö)
(4,487)
(47)
Performant
Financial
Corp.(Æ)
(2,171)
(8)
Progyny,
Inc.(Æ)
(1,417)
(44)
Radius
Global
Infrastructure,
Inc.
Class
A(Æ)
(600)
(7)
Ready
Capital
Corp.(Æ)
(3,071)
(34)
StepStone
Group,
Inc.
Class
A
(4,062)
(102)
Trupanion,
Inc.(Æ)
(907)
(43)
(1,551)
Health
Care
-
(0.9)%
Absci
Corp.(Æ)
(2,958)
(6)
AdaptHealth
Corp.(Æ)
(8,540)
(164)
Akero
Therapeutics,
Inc.(Æ)
(190)
(10)
Allovir,
Inc.(Æ)
(1,408)
(7)
Alphatec
Holdings,
Inc.(Æ)
(7,375)
(91)
Anavex
Life
Sciences
Corp.(Æ)
(1,341)
(12)
Apollo
Medical
Holdings,
Inc.(Æ)
(214)
(6)
Arrowhead
Pharmaceuticals,
Inc.(Æ)
(436)
(18)
Atossa
Therapeutics,
Inc.(Æ)
(10,029)
(5)
BioLife
Solutions,
Inc.(Æ)
(2,464)
(45)
Bionano
Genomics,
Inc.(Æ)
(19,481)
(28)
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Bio-Rad
Laboratories,
Inc.
Class
A(Æ)
(49)
(21)
Bioventus,
Inc.
Class
A(Æ)
(1,382)
(4)
Brookdale
Senior
Living,
Inc.
Class
A(Æ)
(6,385)
(17)
Citius
Pharmaceuticals,
Inc.(Æ)
(13,744)
(11)
ClearPoint
Neuro,
Inc.(Æ)
(603)
(5)
Clover
Health
Investments
Corp.(Æ)
(6,067)
(6)
Collegium
Pharmaceutical,
Inc.(Æ)
(808)
(19)
Crinetics
Pharmaceuticals,
Inc.(Æ)
(1,416)
(26)
Cytokinetics,
Inc.(Æ)
(829)
(38)
DarioHealth
Corp.(Æ)
(1,049)
(5)
Day
One
Biopharmaceuticals,
Inc.(Æ)
(458)
(10)
DICE
Therapeutics,
Inc.(Æ)
(756)
(24)
Eiger
BioPharmaceuticals,
Inc.(Æ)
(2,764)
(3)
Embecta
Corp.
(748)
(19)
Evolus,
Inc.(Æ)
(2,099)
(16)
Geron
Corp.(Æ)
(23,305)
(56)
ICU
Medical,
Inc.(Æ)
(716)
(113)
ImmunityBio,
Inc.(Æ)
(2,822)
(14)
Immunovant,
Inc.(Æ)
(1,236)
(22)
Innoviva,
Inc.(Æ)
(1,040)
(14)
Inotiv,
Inc.(Æ)
(1,607)
(8)
Inovio
Pharmaceuticals,
Inc.(Æ)
(5,659)
(9)
Invitae
Corp.(Æ)
(3,689)
(7)
KemPharm,
Inc.(Æ)
(1,396)
(6)
Krystal
Biotech,
Inc.(Æ)
(1,307)
(104)
Neogen
Corp.(Æ)
(2,000)
(30)
Nkarta,
Inc.(Æ)
(995)
(6)
OncoCyte
Corp.(Æ)
(1,924)
(1)
OrthoPediatrics
Corp.(Æ)
(617)
(25)
Outlook
Therapeutics,
Inc.(Æ)
(5,568)
(6)
Pacific
Biosciences
of
California,
Inc.(Æ)
(1,351)
(11)
Pardes
Biosciences,
Inc.(Æ)
(1,767)
(3)
Patterson
Cos.,
Inc.
(2,429)
(68)
Poseida
Therapeutics,
Inc.(Æ)
(1,261)
(7)
RadNet,
Inc.(Æ)
(1,658)
(31)
Repligen
Corp.(Æ)
(847)
(143)
Seelos
Therapeutics,
Inc.(Æ)
(5,074)
(3)
Sharecare,
Inc.(Æ)
(9,641)
(15)
SIGA
Technologies,
Inc.
(2,414)
(18)
Sorrento
Therapeutics,
Inc.(Æ)
(7,177)
(6)
Syndax
Pharmaceuticals,
Inc.(Æ)
(3,327)
(85)
TransMedics
Group,
Inc.(Æ)
(808)
(50)
Vaxart,
Inc.(Æ)
(4,859)
(5)
Vaxcyte,
Inc.(Æ)
(1,544)
(74)
Ventyx
Biosciences,
Inc.(Æ)
(406)
(13)
Veracyte,
Inc.(Æ)
(6,608)
(157)
Vericel
Corp.(Æ)
(1,919)
(51)
Vor
BioPharma,
Inc.(Æ)
(964)
(6)
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
40
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Xeris
Biopharma
Holdings,
Inc.(Æ)
(6,601)
(9)
Y-mAbs
Therapeutics,
Inc.(Æ)
(1,940)
(9)
(1,801)
Materials
and
Processing
-
(0.3)%
Amyris,
Inc.(Æ)
(5,612)
(9)
Cleveland-Cliffs,
Inc.(Æ)
(11,680)
(188)
Haynes
International,
Inc.
(787)
(36)
KAR
Auction
Services,
Inc.(Æ)
(3,376)
(44)
Lawson
Products,
Inc.(Æ)
(477)
(18)
Origin
Materials,
Inc.(Æ)
(1,000)
(5)
Quaker
Chemical
Corp.
(440)
(73)
RBC
Bearings,
Inc.(Æ)
(580)
(121)
Schweitzer-Mauduit
International,
Inc.
(2,079)
(43)
ThredUp,
Inc.
Class
A(Æ)
(1,621)
(2)
(539)
Producer
Durables
-
(0.5)%
908
Devices,
Inc.(Æ)
(218)
(2)
Aeva
Technologies,
Inc.(Æ)
(2,400)
(3)
Affirm
Holdings,
Inc.(Æ)
(100)
(1)
Coherent
Corp.(Æ)
(3,342)
(117)
CryoPort,
Inc.(Æ)
(1,835)
(32)
Deluxe
Corp.
(2,130)
(36)
Fox
Factory
Holding
Corp.(Æ)
(1,674)
(153)
FTI
Consulting,
Inc.(Æ)
(314)
(50)
GATX
Corp.
(874)
(93)
Hydrofarm
Holdings
Group,
Inc.(Æ)
(5,670)
(9)
I3
Verticals,
Inc.
Class
A(Æ)
(821)
(20)
indie
Semiconductor,
Inc.
Class
A(Æ)
(4,121)
(24)
Latham
Group,
Inc.(Æ)
(2,148)
(7)
LCI
Industries
(625)
(58)
Magnite,
Inc.(Æ)
(2,685)
(28)
Maximus,
Inc.
(1,787)
(131)
Microvast
Holdings,
Inc.(Æ)
(5,500)
(8)
Mirion
Technologies,
Inc.(Æ)
(3,789)
(25)
MultiPlan
Corp.(Æ)
(9,188)
(11)
Paymentus
Holdings,
Inc.
Class
A(Æ)
(2,921)
(23)
Payoneer
Global,
Inc.(Æ)
(5,003)
(27)
Proterra,
Inc.(Æ)
(1,229)
(5)
PureCycle
Technologies,
Inc.(Æ)
(5,533)
(37)
Regal
Rexnord
Corp.
(59)
(7)
Repay
Holdings
Corp.(Æ)
(3,295)
(27)
Vectrus,
Inc.(Æ)
(720)
(30)
Workhorse
Group,
Inc.(Æ)
(3,920)
(6)
Xometry,
Inc.
Class
A(Æ)
(1,851)
(60)
Xos,
Inc.(Æ)
(2,100)
(1)
(1,031)
Technology
-
(0.8)%
ACV
Auctions,
Inc.
Class
A(Æ)
(3,951)
(32)
Aehr
Test
Systems(Æ)
(1,180)
(24)
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Appian
Corp.
Class
A(Æ)
(330)
(11)
AppLovin
Corp.
Class
A(Æ)
(6,178)
(65)
Aspen
Technology,
Inc.(Æ)
(684)
(140)
Atomera,
Inc.(Æ)
(823)
(5)
AvePoint,
Inc.(Æ)
(3,546)
(14)
AvidXchange
Holdings,
Inc.(Æ)
(3,883)
(39)
AXT,
Inc.(Æ)
(2,143)
(9)
Azenta,
Inc.(Æ)
(1,676)
(98)
Bentley
Systems,
Inc.
Class
B
(4,189)
(155)
Bumble,
Inc.
Class
A(Æ)
(5,087)
(107)
Cargurus,
Inc.(Æ)
(2,846)
(40)
Digimarc
Corp.(Æ)
(1,518)
(28)
Digital
Turbine,
Inc.(Æ)
(811)
(12)
E2open
Parent
Holdings,
Inc.(Æ)
(13,559)
(80)
EchoStar
Corp.
Class
A(Æ)
(100)
(2)
Frontier
Communications
Corp.(Æ)
(6,423)
(164)
InterDigital,
Inc.
(1,024)
(51)
Latch,
Inc.(Æ)
(4,809)
(3)
Model
N,
Inc.(Æ)
(1,028)
(42)
NAPCO
Security
Technologies,
Inc.(Æ)
(1,135)
(31)
nCino,
Inc.(Æ)
(2,376)
(63)
Olo,
Inc.
Class
A(Æ)
(6,255)
(39)
Ondas
Holdings,
Inc.(Æ)
(2,338)
(4)
Opendoor
Technologies,
Inc.(Æ)
(5,701)
(7)
Ouster,
Inc.(Æ)
(9,348)
(8)
PAR
Technology
Corp.(Æ)
(2,330)
(61)
Porch
Group,
Inc.(Æ)
(11,879)
(22)
ShotSpotter,
Inc.(Æ)
(376)
(13)
Skillz,
Inc.(Æ)
(29,834)
(15)
Squarespace,
Inc.
Class
A(Æ)
(1,071)
(24)
Ultra
Clean
Holdings(Æ)
(1,213)
(40)
ViaSat,
Inc.(Æ)
(1,597)
(50)
Wolfspeed,
Inc.(Æ)
(1,711)
(118)
(1,616)
Utilities
-
(0.1)%
Civitas
Resources,
Inc.
(2,439)
(141)
Crescent
Energy
Co.
Class
A
(740)
(9)
New
Fortress
Energy,
Inc.
(1,177)
(50)
Tellurian,
Inc.(Æ)
(5,361)
(9)
Ziff
Davis,
Inc.(Æ)
(1,133)
(90)
(299)
Total
Securities
Sold
Short
(proceeds
$10,696)
(8,886)
Other
Assets
and
Liabilities,
Net
-
(1.9)%
(3,815)
Net
Assets
-
100.0%
206,162
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
41
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
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
Russell
2000
E-Mini
Index
Futures
112
USD
9,917
03/23
(277)
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(277)
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
$
23,093
$
—
$
—
$
—
$
23,093
11.2
Consumer
Staples
9,575
—
—
—
9,575
4.7
Energy
8,743
—
—
—
8,743
4.2
Financial
Services
45,499
—
—
—
45,499
22.1
Health
Care
33,550
—
1
—
33,551
16.3
Materials
and
Processing
15,434
—
—
—
15,434
7.5
Producer
Durables
34,031
—
—
—
34,031
16.5
Technology
25,567
—
—
—
25,567
12.4
Utilities
9,158
—
—
—
9,158
4.4
Short-Term
Investments
—
—
—
9,967
9,967
4.8
Other
Securities
—
—
—
4,245
4,245
2.1
Total
Investments
204,650
—
1
14,212
218,863
106.2
Securities
Sold
Short
**
(8,886)
—
—
—
(8,886)
(4.3)
Other
Assets
and
Liabilities,
Net
(1.9)
100.0
Other
Financial
Instruments
Liabilities
Futures
Contracts
(277)
—
—
—
(277)
(0.1)
Total
Other
Financial
Instruments
*
$
(277)
$
—
$
—
$
—
$
(277)
*
Futures
and
foreign
currency
exchange
contract
values
reflect
the
unrealized
appreciation
(depreciation)
on
the
investments.
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
42
U.S.
Small
Cap
Equity
Fund
**
Refer
to
Schedule
of
Investments
for
detailed
sector
breakout.
(a)
Certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
levels.
The
fair
value
amounts
presented
in
the
table
are
intended
to
permit
reconciliation
to
the
amounts
presented
in
the
Schedule
of
Investments.
For
a
description
of
the
Levels,
see
note
2
in
the
Notes
to
Financial
Statements.
For
a
disclosure
on
transfers
into
and
out
of
Level
3
during
the
period
ended
December
31,
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
December
31,
2022,
were
less
than
1%
of
net
assets.
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Fair
Value
of
Derivative
Instruments
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
43
Amounts
in
thousands
Derivatives
not
accounted
for
as
hedging
instruments
Equity
Contracts
Location:
Statement
of
Assets
and
Liabilities
-
Liabilities
Variation
margin
on
futures
contracts*
$
277
Derivatives
not
accounted
for
as
hedging
instruments
Equity
Contracts
Location:
Statement
of
Operations
-
Net
realized
gain
(loss)
Futures
contracts
$
(2,183)
Location:
Statement
of
Operations
-
Net
change
in
unrealized
appreciation
(depreciation)
Futures
contracts
$
(503)
*
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
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
44
U.S.
Small
Cap
Equity
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
$
4,205
$
—
$
4,205
Total
Financial
and
Derivative
Assets
4,205
—
4,205
Financial
and
Derivative
Assets
not
subject
to
a
netting
agreement
—
—
—
Total
Financial
and
Derivative
Assets
subject
to
a
netting
agreement
$
4,205
$
—
$
4,205
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
$
24
$
—
$
24
$
—
Bank
of
Nova
Scotia
54
—
54
—
Barclays
312
—
312
—
Citigroup
428
—
428
—
Fidelity
1,259
—
1,259
—
Goldman
Sachs
480
—
480
—
HSBC
897
—
897
—
ING
5
—
5
—
Morgan
Stanley
547
—
547
—
UBS
147
—
147
—
Wells
Fargo
52
—
52
—
Total
$
4,205
$
—
$
4,205
$
—
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Balance
Sheet
Offsetting
of
Financial
and
Derivative
Instruments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
45
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
$
8,886
$
—
$
8,886
Total
Financial
and
Derivative
Liabilities
8,886
—
8,886
Financial
and
Derivative
Liabilities
not
subject
to
a
netting
agreement
—
—
—
Total
Financial
and
Derivative
Liabilities
subject
to
a
netting
agreement
$
8,886
$
—
$
8,886
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
$
8,886
$
—
$
8,886
$
—
Total
$
8,886
$
—
$
8,886
$
—
*
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.
46
U.S.
Small
Cap
Equity
Fund
Statement
of
Assets
and
Liabilities
—
December
31,
2022
Amounts
in
thousands
Assets
Investments,
at
identified
cost
......................................................................................................................................................
$
211,786
Investments,
at
fair
value(*)(>)
....................................................................................................................................................
218,863
Foreign
currency
holdings(^)
.......................................................................................................................................................
17
Receivables:
Dividends
and
interest
......................................................................................................................................................
177
Dividends
from
affiliated
funds
.......................................................................................................................................
38
Investments
sold
...............................................................................................................................................................
400
Fund
shares
sold
...............................................................................................................................................................
1
From
broker(a)
.................................................................................................................................................................
892
Total
assets
...............................................................................................................................................................
220,388
Liabilities
Payables:
Due
to
custodian
..............................................................................................................................................................
4
Investments
purchased
.....................................................................................................................................................
292
Fund
shares
redeemed
......................................................................................................................................................
260
Accrued
fees
to
affiliates
..................................................................................................................................................
163
Other
accrued
expenses
....................................................................................................................................................
99
Variation
margin
on
futures
contracts
..............................................................................................................................
277
Securities
sold
short,
at
fair
value(‡)
...........................................................................................................................................
8,886
Payable
upon
return
of
securities
loaned
.....................................................................................................................................
4,245
Total
liabilities
...........................................................................................................................................................
14,226
Net
Assets
...............................................................................................................................................................
$
206,162
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
47
Statement
of
Assets
and
Liabilities,
continued
—
December
31,
2022
Amounts
in
thousands
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
.............................................................................................................................................
$
98
Shares
of
beneficial
interest
.........................................................................................................................................................
164
Additional
paid-in
capital
............................................................................................................................................................
205,900
Net
Assets
...............................................................................................................................................................
$
206,162
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.......................................................................................................................................................
$
12.56
Net
assets
.............................................................................................................................................................................
$
206,161,690
Shares
outstanding
($.01
par
value)
.....................................................................................................................................
16,412,049
Amounts
in
thousands
(^)
Foreign
currency
holdings
-
cost
$
17
(*)
Securities
on
loan
included
in
investments
$
4,205
(‡)
Proceeds
on
securities
sold
short
$
10,696
(>)
Investments
in
affiliates,
U.S.
Cash
Management
Fund
and
U.S.
Cash
Collateral
Fund
$
14,212
(a)
Receivable
from
Broker
for
Futures
$
892
(#)
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.
48
U.S.
Small
Cap
Equity
Fund
Statement
of
Operations
—
For
the
Period
Ended
December
31,
2022
Amounts
in
thousands
Investment
Income
Dividends
.........................................................................................................................................................................
$
3,104
Dividends
from
affiliated
funds
.......................................................................................................................................
172
Securities
lending
income
(net)
.......................................................................................................................................
66
Total
investment
income
..............................................................................................................................................................
3,342
Expenses
Advisory
fees
...................................................................................................................................................................
1,979
Administrative
fees
..........................................................................................................................................................
110
Custodian
fees
..................................................................................................................................................................
113
Transfer
agent
fees
...........................................................................................................................................................
10
Professional
fees
..............................................................................................................................................................
89
Trustees’
fees
....................................................................................................................................................................
13
Printing
fees
.....................................................................................................................................................................
13
Dividends
from
securities
sold
short
................................................................................................................................
93
Interest
expense
paid
on
securities
sold
short
..................................................................................................................
89
Miscellaneous
..................................................................................................................................................................
10
Expenses
before
reductions
..............................................................................................................................................
2,519
Expense
reductions
..........................................................................................................................................................
(64)
Net
expenses
................................................................................................................................................................................
2,455
Net
investment
income
(loss)
.......................................................................................................................................................
887
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
......................................................................................................................................................................
(2,201)
Investments
in
affiliated
funds
.........................................................................................................................................
(1)
Futures
contracts
..............................................................................................................................................................
(2,183)
Securities
sold
short
.........................................................................................................................................................
2,121
Net
realized
gain
(loss)
................................................................................................................................................................
(2,264)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
.....................................................................................................................................................................
(40,660)
Investments
in
affiliated
funds
.........................................................................................................................................
2
Futures
contracts
..............................................................................................................................................................
(503)
Securities
sold
short
.........................................................................................................................................................
1,670
Net
change
in
unrealized
appreciation
(depreciation)
.................................................................................................................
(39,491)
Net
realized
and
unrealized
gain
(loss)
........................................................................................................................................
(41,755)
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
....................................................................................
$
(40,868)
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
49
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
For
the
Periods
Ended
December
31,
2022
2021
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
..............................................................................................................
$
887
$
115
Net
realized
gain
(loss)
.......................................................................................................................
(2,264)
65,174
Net
change
in
unrealized
appreciation
(depreciation)
........................................................................
(39,491)
(6,951)
Net
increase
(decrease)
in
net
assets
from
operations
..............................................................................
(40,868)
58,338
Distributions
To
shareholders
...................................................................................................................................
(4,984)
(57,621)
Net
decrease
in
net
assets
from
distributions
............................................................................................
(4,984)
(57,621)
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
...................................................................
(5,539)
20,572
Total
Net
Increase
(Decrease)
in
Net
Assets
........................................................................
(51,391)
21,289
Net
Assets
Beginning
of
period
..................................................................................................................................
257,553
236,264
End
of
period
.............................................................................................................................................
$
206,162
$
257,553
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
December
31,
2022
and
December
31,
2021
were
as
follows:
2022
2021
Shares
Dollars
Shares
Dollars
Proceeds
from
shares
sold
469
$
6,287
978
$
18,542
Proceeds
from
reinvestment
of
distributions
365
4,984
3,876
57,621
Payments
for
shares
redeemed
(1,291)
(16,810
)
(2,990)
(55,591)
Total
increase
(decrease)
(457)
$
(5,539)
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.
50
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
December
31,
2022
15.27
.05
(2.46)
(2.41)
(.03)
(.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)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
U.S.
Small
Cap
Equity
Fund
51
$
Total
Distributions
$
Net
Asset
Value,
End
of
Period
%
Total
Return
(d)
$
Net
Assets,
End
of
Period
(000)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Gross
%
Ratio
of
Expenses
to
Average
Net
Assets,
Net
(b)
%
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
(b)
%
Portfolio
Turnover
Rate
(.30)
12.56
(15.96)
206,162
1.15
1.12
.40
101
(4.41)
15.27
25.79
257,553
1.14
1.13
.0
5
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
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
52
U.S,
Small
Cap
Equity
Fund
Related
Party
Transactions,
Fees
and
Expenses
Accrued
fees
payable
to
affiliates
for
the
period
ended
December
31,
2022
were
as
follows:
Transactions
(amounts
in
thousands)
during
the
period
ended
December
31,
2022
with
Underlying
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
At
December
31,
2022,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation),
and
components
of
distributable
earnings
for
income
tax
purposes
were
as
follows:
For
the
fiscal
years
ended
December
31,
2022
and
December
31,
2021,
respectively,
the
Fund
made
the
following
tax
basis
distributions:
Net
investment
income
and
net
realized
gains
(losses)
in
the
financial
statements
may
differ
from
taxable
net
investment
income
and
net
realized
gains
(losses).
Capital
accounts
within
the
financial
statements
are
adjusted
for
permanent
differences
between
book
and
tax
accounting.
These
differences
may
be
due
to
foreign
currency
gains
or
losses,
reclassifications
of
dividends
and/or
differences
in
treatment
of
income
from
swaps. These
adjustments
have
no
impact
on
the
net
assets.
At
December
31,
2022,
there
were
no
adjustments
to
the
Statement
of
Assets
and
Liabilities
.
Advisory
fees
$
152,808
Administration
fees
8,884
Transfer
agent
fees
782
Trustee
fees
1,020
$
163,494
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
$
68,232
$
70,841
$
(1
)
$
2
$
9,967
$
172
$
—
U.S.
Cash
Collateral
Fund
5,045
43,860
44,660
—
—
4,245
—
—
$
17,620
$
112,092
$
115,501
$
(1
)
$
2
$
14,212
$
172
$
—
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
(Capital
Loss
Carryforward)
$
207,833,737
$
6,438,717
$
(4,572,379)
$
1,866,338
$
115,668
$
(2,161,233)
December
31,
2022
December
31,
2021
Ordinary
Income
Distributions
Long-Term
Capital
Gain
Distributions
Return
of
Capital
Ordinary
Income
Distributions
Long-Term
Capital
Gain
Distributions
Return
of
Capital
$
964,587
$
4,019,719
$
—
$
30,051,616
$
27,569,711
$
—
Russell
Investment
Funds
International
Developed
Markets
Fund
Portfolio
Management
Discussion
and
Analysis
—
December
31,
2022
(Unaudited)
International
Developed
Markets
Fund
53
International
Developed
Markets
Fund
Total
Return
1
Year
(13
.04)%
5
Years
0
.96%§
10
Years
4
.43%§
MSCI
World
ex
USA
Index
(Net)**
Total
Return
1
Year
(14
.29)%
5
Years
1
.79%§
10
Years
4
.59%§
International
Developed
Markets
Linked
Benchmark***
Total
Return
1
Year
(14
.29)%
5
Years
1
.79%§
10
Years
4
.75%§
Russell
Investment
Funds
International
Developed
Markets
Fund
Portfolio
Management
Discussion
and
Analysis,
continued
—
December
31,
2022
(Unaudited)
54
International
Developed
Markets
Fund
The
International
Developed
Markets
Fund
(the
“Fund”)
employs
a
multi-manager
approach
whereby
Russell
Investment
Management,
LLC
(“RIM”)
manages
a
portion
of
the
Fund’s
assets
based
upon
model
portfolios
provided
by
multiple
non-
discretionary
money
managers.
The
Fund’s
money
managers
have
non-discretionary
assignments
pursuant
to
which
they
provide
a
model
portfolio
to
RIM
representing
their
investment
recommendations,
based
upon
which
RIM
purchases
and
sells
securities
for
the
Fund.
RIM
also
manages
the
portion
of
the
Fund’s
assets
that
RIM
determines
not
to
manage
based
upon
model
portfolios
provided
by
the
Fund’s
money
managers.
RIM
may
change
the
allocation
of
the
Fund’s
assets
at
any
time.
An
exemptive
order
from
the
Securities
and
Exchange
Commission
permits
RIM
to
engage
or
terminate
a
money
manager
at
any
time,
subject
to
approval
by
the
Fund’s
Board,
without
a
shareholder
vote.
Pursuant
to
the
terms
of
the
exemptive
order,
the
Fund
is
required
to
notify
its
shareholders
within
90
days
of
when
a
money
manager
begins
providing
services.
As
of
December
31,
2022,
the
Fund
had
three
money
managers.
What
is
the
Fund’s
investment
objective?
The
Fund
seeks
to
provide
long-term
capital
growth.
How
did
the
Fund
perform
relative
to
its
benchmark
for
the
fiscal
year
ended
December
31,
2022?
For
the
fiscal
year
ended
December
31,
2022
(the
“fiscal
year”),
the
Fund
lost
13.04%.
This
is
compared
to
the
Fund’s
benchmark,
the
MSCI
World
ex
USA
Index
(Net),
which
lost
14.29%
during
the
fiscal
year.
The
Fund’s
performance
includes
operating
expenses,
whereas
index
returns
are
unmanaged
and
do
not
include
expenses
of
any
kind.
For
the
fiscal
year,
the
Morningstar
®
Insurance
Foreign
Large
Blend
Category,
a
group
of
funds
that
Morningstar
considers
to
have
investment
strategies
similar
to
those
of
the
Fund,
lost
15.59%.
This
result
serves
as
a
peer
comparison
and
is
expressed
net
of
operating
expenses.
How
did
market
conditions
affect
the
Fund’s
performance?
Overall,
within
non-U.S.
developed
markets,
United
Kingdom
was
the
best
performing
region
in
a
down
market,
while
emerging
markets
underperformed
relative
to
other
non-U.S.
developed
markets.
In
terms
of
sector
performance
within
the
Fund’s
benchmark
over
the
fiscal
year,
energy
led
and
was
the
only
sector
with
positive
returns,
followed
by
the
financials
sector.
Real
estate
and
information
technology
performed
the
weakest
among
the
sectors.
From
a
factor
perspective,
value
had
the
strongest
performance,
while
growth
lagged
the
most
throughout
the
fiscal
year.
How
did
the
investment
strategies
and
techniques
employed
by
the
Fund
and
its
money
managers
affect
its
benchmark
relative
performance?
For
the
fiscal
year,
the
Fund’s
overweight
to
value
and
underweight
to
quality
were
positive
contributors.
Sector
positioning,
with
an
overweight
to
financials
being
the
top
contributor,
was
rewarded.
Regional
allocations
detracted,
mainly
driven
by
an
underweight
to
Australia/New
Zealand.
Stock
selection
was
effective
and
drove
performance,
particularly
within
the
financials
and
consumer
discretionary
sectors.
With
respect
to
certain
of
the
Fund’s
money
managers,
Pzena
Investment
Management,
LLC’s
tilt
towards
lower
quality
and
higher
value
contributed
positively
to
performance.
Sector
positioning
was
a
tailwind,
with
an
underweight
to
information
technology
and
an
overweight
to
energy
the
main
contributors.
Regional
allocations
detracted
from
performance,
with
an
overweight
to
emerging
markets
being
the
main
detractor.
Stock
selection
contributed
positively
to
performance,
particularly
within
financials
and
consumer
discretionary.
Intermede
Investment
Partners,
Limited’s
growth
strategy
detracted
from
performance.
An
underweight
to
energy
and
an
overweight
to
information
technology
were
not
rewarded.
Regional
allocations
also
detracted
from
performance,
mainly
due
to
overweights
to
emerging
markets
and
U.S.
Stock
selection
detracted
from
performance,
particularly
within
health
care,
communication
services,
and
Japan.
RIM
manages
assets
not
allocated
to
money
manager
strategies
and
the
Fund’s
cash
balances.
RIM
manages
a
multi-factor
positioning
strategy
that
seeks
to
increase
the
Fund’s
value
exposure
while
moderating
volatility
exposure
and
expressing
RIM’s
total
preferred
positioning
across
multiple
factors
and
sectors.
The
strategy
uses
output
from
quantitative
and/or
rules-based
processes
and
qualitative
analysis
to
purchase
a
stock
portfolio
expressing
these
views.
The
positioning
strategy
outperformed
the
Fund’s
benchmark
for
the
fiscal
year
as
the
strategy’s
overweight
to
value
was
a
tailwind.
In
addition,
RIM
utilized
equity
futures
and
currency
forward
contracts
to
position
the
portfolio
to
meet
RIM’s
overall
preferred
positioning
with
respect
to
country
and
currency
exposures.
This
strategy
contributed
positively
to
performance
during
the
fiscal
year.
During
the
fiscal
year,
RIM
used
index
futures
contracts
to
equitize
a
portion
of
the
Fund’s
cash
and
this
strategy
detracted
from
performance.
Russell
Investment
Funds
International
Developed
Markets
Fund
Portfolio
Management
Discussion
and
Analysis,
continued
—
December
31,
2022
(Unaudited)
International
Developed
Markets
Fund
55
Describe
any
changes
to
the
Fund’s
structure
or
the
money
manager
line-up.
There
were
no
changes
to
the
Fund’s
structure
or
money
manager
line-up
during
the
fiscal
year.
The
views
expressed
in
this
report
reflect
those
of
the
portfolio
managers
only
through
the
end
of
the
fiscal
year
covered
by
the
report.
These
views
do
not
necessarily
represent
the
views
of
RIM
or
any
other
person
in
RIM
or
any
other
affiliated
organization.
These
views
are
subject
to
change
at
any
time
based
upon
market
conditions
or
other
events,
and
RIM
disclaims
any
responsibility
to
update
the
views
contained
herein.
These
views
should
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Russell
Investment
Funds
(“RIF”)
Fund
are
based
on
numerous
factors,
should
not
be
relied
on
as
an
indication
of
investment
decisions
of
any
RIF
Fund.
Money
Managers
as
of
December
31,
2022
Styles
Intermede
Investment
Partners
Limited
and
Intermede
Global
Partners
Inc.
Growth
Pzena
Investment
Management
LLC
Value
Wellington
Management
Company
LLP
Blend
*
Assumes
initial
investment
on
January
1,
2013.
**
MSCI
World
ex
USA
Index
(Net)
is
a
free
float
‐
adjusted
market
capitalization
weighted
index
that
is
designed
to
measure
the
equity
market
performance
of
developed
markets.
The
index
consists
of
22
developed
market
country
indexes.
***
International
Developed
Markets
Linked
Benchmark
provides
a
means
to
compare
the
Fund’s
average
annual
returns
to
a
secondary
benchmark
that
takes
into
account
historical
changes
in
the
Fund’s
primary
benchmark.
The
International
Developed
Markets
Linked
Benchmark
represents
the
returns
of
the
Russell
Developed
ex
US
Large
Cap
Index
(net
of
tax
on
dividends
from
foreign
holdings)
through
December
31,
2017,
and
the
returns
of
the
MSCI
World
ex
USA
Index
(net
of
tax
on
dividends
from
foreign
holdings)
thereafter.
§
Annualized.
The
performance
shown
in
this
section
does
not
reflect
any
Insurance
Company
Separate
Account
or
Policy
Charges.
Performance
is
historical
and
assumes
reinvestment
of
all
dividends
and
capital
gains. Investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
when
purchased. Past
performance
is
not
indicative
of
future
results. Additionally,
the
returns
presented
herein
may
differ
from
the
performance
reported
in
the
Financial
Highlights
as
the
returns
herein
are
calculated
in
a
manner
consistent
with
standardized
performance
in
accordance
with
Securities
and
Exchange
Commission
rules,
while
the
performance
in
the
Financial
Highlights
has
been
calculated
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
(“U.S.
GAAP”).
Russell
Investment
Funds
International
Developed
Markets
Fund
Shareholder
Expense
Example
—
December
31,
2022
(Unaudited)
56
International
Developed
Markets
Fund
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
July
1,
2022
to
December
31,
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
July
1,
2022
$
1,000.00
$
1,000.00
Ending
Account
Value
December
31,
2022
$
1,060.00
$
1,020.01
Expenses
Paid
During
Period*
$
5.35
$
5.24
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio
of
1.03%
(representing
the
six
month
period
annualized),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(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
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
57
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
92.2%
Argentina
-
0.0%
YPF
SA
-
ADR(Æ)
9,233
85
Australia
-
1.9%
Ampol
,
Ltd.
8,836
170
APA
Group
479
3
ASX,
Ltd.
-
ADR
567
26
Australia
&
New
Zealand
Banking
Group,
Ltd.
5,533
89
BHP
Group,
Ltd.
-
ADR
50,221
1,555
BlueScope
Steel,
Ltd.
5,497
63
Commonwealth
Bank
of
Australia
-
ADR
4,483
313
Dexus
Property
Group(ö)
15,596
82
Flutter
Entertainment
PLC(Æ)
6,310
862
Macquarie
Group,
Ltd.
1,403
159
Medibank
Pvt
,
Ltd.
114,309
228
National
Australia
Bank,
Ltd.
-
ADR
6,006
122
Rio
Tinto
PLC
19,126
1,342
Rio
Tinto,
Ltd.
-
ADR
1,934
152
South32,
Ltd.
Class
B
230,190
623
Wesfarmers,
Ltd.(Æ)
3,132
98
Westpac
Banking
Corp.
8,817
139
Woodside
Energy
Group,
Ltd.
6,442
156
6,182
Austria
-
0.5%
ams
AG(Æ)
20,386
150
Erste
Group
Bank
AG
40,528
1,292
Mondi
PLC
17,109
291
1,733
Belgium
-
0.3%
Ageas
SA
9,778
435
Etablissements
Franz
Colruyt
NV
1,285
29
KBC
Groep
NV
597
38
UCB
SA
6,439
507
1,009
Brazil
-
0.7%
Ambev
SA(Æ)
303,484
834
Atacadao
SA
30,200
85
Banco
Bradesco
SA
-
ADR
130,736
377
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo(Æ)
25,784
276
Telefonica
Brasil
SA
35,219
253
Ultrapar
Participacoes
SA
83,200
200
Yara
International
ASA
2,286
100
2,125
Canada
-
4.6%
Agnico
Eagle
Mines,
Ltd.
18,994
987
Alimentation
Couche-Tard,
Inc.
2,589
114
ARC
Resources,
Ltd.
17,373
234
Bank
of
Montreal
1,995
181
Bank
of
Nova
Scotia
(The)
4,760
233
Barrick
Gold
Corp.
29,415
504
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
CAE,
Inc.(Æ)
113,700
2,199
Cameco
Corp.
Class
A
9,156
208
Canadian
Imperial
Bank
of
Commerce
2,428
98
Canadian
National
Railway
Co.
16,548
1,966
CGI
Group,
Inc.(Æ)
1,863
161
Dollarama
,
Inc.
9,417
551
Emera
,
Inc.
1,665
64
Enbridge,
Inc.(Ñ)
7,513
294
George
Weston,
Ltd.
711
88
Great-West
Lifeco
,
Inc.
3,162
73
iA
Financial
Corp.,
Inc.
6,350
372
Kinross
Gold
Corp.
20,673
85
Loblaw
Cos.,
Ltd.
1,627
144
Lundin
Mining
Corp.
18,491
113
Magna
International,
Inc.
Class
A
4,512
254
Metro,
Inc.
Class
A
3,992
221
National
Bank
of
Canada
1,465
99
Open
Text
Corp.
2,344
69
Royal
Bank
of
Canada
-
GDR
17,709
1,665
Saputo,
Inc.
-
ADR
1,942
48
Stantec
,
Inc.
13,320
638
Sun
Life
Financial,
Inc.
24,270
1,126
TC
Energy
Corp.(Æ)(Ñ)
4,779
190
TELUS
Corp.
6,954
134
Thomson
Reuters
Corp.(Æ)
873
99
Toronto-Dominion
Bank
(The)
23,164
1,500
14,712
China
-
1.6%
Alibaba
Group
Holding,
Ltd.(Æ)
106,414
1,175
Baidu,
Inc.
Class
A(Æ)
19,050
274
BYD
Co.,
Ltd.
Class
H
21,500
529
Dongfeng
Motor
Group
Co.,
Ltd.
Class
H
552,000
317
Tencent
Holdings,
Ltd.
50,384
2,141
Trip.com
Group,
Ltd.
-
ADR(Æ)
22,602
777
5,213
Denmark
-
1.3%
AP
Moller
-
Maersk
A/S
Class
B
127
285
Carlsberg
A/S
Class
B
1,106
147
Chr
Hansen
Holding
A/S
1,924
139
Coloplast
A/S
Class
B
619
73
Danske
Bank
A/S
35,839
706
DSV
A/S
2,997
476
Novo
Nordisk
A/S
Class
B
15,984
2,164
Novozymes
A/S
Class
B
1,505
76
Tryg
A/S
3,314
79
4,145
Finland
-
1.5%
Elisa
OYJ
8,413
446
Kone
OYJ
Class
B
4,553
236
Neste
OYJ
10,995
508
Nokia
OYJ
420,894
1,956
Nordea
Bank
Abp
15,509
166
Orion
OYJ
Class
B
3,235
177
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
58
International
Developed
Markets
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Sampo
OYJ
Class
A
16,545
865
UPM-
Kymmene
OYJ
1,432
54
Wartsila
OYJ
Abp
Class
B
39,377
333
4,741
France
-
9.4%
Accor
SA(Æ)
64,460
1,601
Air
Liquide
SA
Class
A
1,427
203
Airbus
Group
SE
8,505
1,011
Amundi
SA(Þ)
16,849
957
AXA
SA
36,428
1,015
BNP
Paribas
SA
11,697
666
Bouygues
SA
-
ADR
14,092
423
Bureau
Veritas
SA
26,780
705
Capgemini
SE
4,197
704
Carrefour
SA
31,009
519
Cie
de
Saint-Gobain
SA
14,811
727
Danone
SA
2,699
142
Dassault
Aviation
SA
5,495
932
Dassault
Systemes
SE
2,279
82
Edenred
2,958
161
Eiffage
SA
915
90
Engie
SA
58,644
840
Euroapi
SA(Æ)
823
12
Gecina
SA(ö)
699
71
Hermes
International
176
272
Kering
1,191
609
La
Francaise
des
Jeux
SAEM(Þ)
3,816
153
Legrand
SA
-
ADR
1,065
86
L'Oreal
SA
3,938
1,413
LVMH
Moet
Hennessy
Louis
Vuitton
SE
-
ADR
4,401
3,197
Michelin
(CGDE)
63,250
1,759
Orange
SA
-
ADR
58,139
578
Pernod
Ricard
SA
936
184
Publicis
Groupe
SA
-
ADR
15,463
982
Remy
Cointreau
SA
591
100
Renault
SA(Æ)
12,807
427
Rexel
SA
Class
H(Æ)
124,364
2,465
Sanofi
-
ADR
30,282
2,930
Schneider
Electric
SE
8,105
1,140
SCOR
SE
-
ADR
5,685
131
SEB
SA
673
57
Societe
Generale
SA
22,968
576
Teleperformance
-
GDR
506
121
TotalEnergies
SE
27,922
1,742
Vinci
SA
2,597
259
30,042
Germany
-
4.3%
Allianz
SE
1,463
314
BASF
SE
22,865
1,135
Beiersdorf
AG
941
108
Brenntag
SE
2,346
150
CECONOMY
AG
28,820
57
Continental
AG
4,685
280
Covestro
AG(Þ)
43,595
1,706
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Daimler
Truck
Holding
AG(Æ)
64,895
2,011
Deutsche
Boerse
AG
8,339
1,439
Deutsche
Telekom
AG
15,107
302
E.ON
SE
11,249
112
Fresenius
Medical
Care
AG
&
Co.
28,009
916
Fresenius
SE
&
Co.
KGaA
21,228
597
Hannover
Rueck
SE
3,132
623
HeidelbergCement
AG
11,856
676
Henkel
AG
&
Co.
KGaA
1,723
111
Infineon
Technologies
AG
-
ADR
19,987
609
LEG
Immobilien
SE
1,567
102
Mercedes-Benz
Group
AG
6,423
422
Muenchener
Rueckversicherungs-
Gesellschaft
AG
3,883
1,263
SAP
SE
-
ADR
2,058
212
Siemens
AG
4,615
640
Symrise
AG
870
95
Vonovia
SE
2,792
66
13,946
Hong
Kong
-
3.6%
AIA
Group,
Ltd.
306,739
3,379
CK
Asset
Holdings,
Ltd.
91,049
561
CK
Hutchison
Holdings,
Ltd.
Class
B
13,313
80
CK
Infrastructure
Holdings,
Ltd.
7,500
39
CLP
Holdings,
Ltd.
63,000
460
Galaxy
Entertainment
Group,
Ltd.
192,869
1,277
Hang
Seng
Bank,
Ltd.
39,400
652
Hong
Kong
&
China
Gas
Co.,
Ltd.
738,000
701
Hong
Kong
Exchanges
&
Clearing,
Ltd.
14,900
644
Power
Assets
Holdings,
Ltd.
65,500
359
Sun
Hung
Kai
Properties,
Ltd.
8,500
116
Swire
Properties,
Ltd.
100,200
254
Techtronic
Industries
Co.,
Ltd.
259,271
2,887
WH
Group,
Ltd.(Þ)
290,500
169
11,578
India
-
1.2%
Canara
Bank
81,179
325
Housing
Development
Finance
Corp.,
Ltd.
84,545
2,692
Oil
&
Natural
Gas
Corp.,
Ltd.
109,584
194
Reliance
Industries,
Ltd.
-
GDR(Þ)
12,031
741
3,952
Indonesia
-
0.1%
Bank
Mandiri
Persero
Tbk
PT
552,155
351
Ireland
-
1.9%
AIB
Group
PLC
92,546
357
Aon
PLC
Class
A
6,931
2,080
Bank
of
Ireland
Group
PLC
127,349
1,207
CRH
PLC
2,291
91
Kerry
Group
PLC
Class
A
21,311
1,923
Ryanair
Holdings
PLC
-
ADR(Æ)
8,228
615
6,273
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
59
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Israel
-
0.1%
Bank
Hapoalim
BM
10,568
95
Bank
Leumi
Le-Israel
BM
12,839
107
Check
Point
Software
Technologies,
Ltd.(Æ)
1,026
130
Israel
Discount
Bank,
Ltd.
Class
A
18,095
95
Mizrahi
Tefahot
Bank,
Ltd.
2,374
77
504
Italy
-
2.4%
Assicurazioni
Generali
SpA
35,312
627
BPER
Banca
143,561
294
Davide
Campari-Milano
NV(Æ)
67,623
685
Enel
SpA
238,024
1,280
Eni
SpA
-
ADR
65,724
939
FinecoBank
Banca
Fineco
SpA
119,606
1,994
Moncler
SpA
9,504
506
Recordati
SpA
5,615
234
Snam
Rete
Gas
SpA
18,790
91
Terna
Rete
Elettrica
Nazionale
SpA
4,731
35
UniCredit
SpA
60,060
854
7,539
Japan
-
16.9%
Ajinomoto
Co.,
Inc.
5,200
159
Alfresa
Holdings
Corp.
15,500
198
Alps
Alpine
Co.,
Ltd.
19,100
174
Astellas
Pharma,
Inc.
65,500
994
Bandai
Namco
Holdings,
Inc.
8,400
527
Benesse
Holdings,
Inc.
3,100
47
Bridgestone
Corp.
6,300
224
Brother
Industries,
Ltd.
8,600
130
Canon,
Inc.
36,000
778
Dai-ichi
Life
Holdings,
Inc.
29,450
669
Daiichi
Sankyo
Co.,
Ltd.
28,900
926
Daito
Trust
Construction
Co.,
Ltd.
300
31
Daiwa
House
Industry
Co.,
Ltd.
7,500
172
Daiwa
House
REIT
Investment
Corp.(ö)
26
58
Daiwa
Securities
Group,
Inc.
29,000
128
DeNA
Co.,
Ltd.
16,800
224
Denso
Corp.
7,900
387
Disco
Corp.
1,100
316
Eisai
Co.,
Ltd.
11,040
723
FANUC
Corp.
5,100
761
Fuji
Media
Holdings,
Inc.
12,900
106
FUJIFILM
Holdings
Corp.
2,000
101
Fukuoka
Financial
Group,
Inc.
22,800
520
Hakuhodo
DY
Holdings,
Inc.
6,600
67
Hino
Motors,
Ltd.
54,000
207
Honda
Motor
Co.,
Ltd.
41,871
957
Iida
Group
Holdings
Co.,
Ltd.
24,200
366
Inpex
Corp.
37,100
396
Isuzu
Motors,
Ltd.
106,300
1,242
ITOCHU
Corp.
7,800
244
Japan
Airlines
Co.,
Ltd.(Æ)
15,600
320
Japan
Exchange
Group,
Inc.
22,000
318
Japan
Post
Bank
Co.,
Ltd.
Class
A
4,600
39
Japan
Post
Holdings
Co.,
Ltd.
27,000
228
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Japan
Real
Estate
Investment
Corp.(ö)
13
57
Japan
Tobacco,
Inc.
50,900
1,029
JGC
Holdings
Corp.
21,700
275
Kajima
Corp.
9,000
105
Kansai
Electric
Power
Co.,
Inc.
(The)
18,000
175
Kao
Corp.
16,100
644
KDDI
Corp.
35,400
1,070
Keyence
Corp.
5,400
2,114
Kirin
Holdings
Co.,
Ltd.
24,600
377
Komatsu,
Ltd.
69,900
1,517
Kyocera
Corp.
17,900
893
Lion
Corp.
7,900
91
Makita
Corp.
17,068
400
McDonald's
Holdings
Co.
Japan,
Ltd.
5,200
198
Medipal
Holdings
Corp.
13,000
171
MEIJI
Holdings
Co.,
Ltd.
5,500
282
Mitsubishi
Corp.
6,200
201
Mitsubishi
Electric
Corp.
79,600
788
Mitsubishi
Estate
Co.,
Ltd.
38,100
493
Mitsubishi
Heavy
Industries,
Ltd.
6,400
253
Mitsubishi
UFJ
Financial
Group,
Inc.
141,100
952
Mitsubishi
UFJ
Lease
&
Finance
Co.,
Ltd.
45,800
226
Mitsui
&
Co.,
Ltd.
18,200
529
Mizuho
Financial
Group,
Inc.
7,800
110
MS&AD
Insurance
Group
Holdings,
Inc.
29,800
954
Murata
Manufacturing
Co.,
Ltd.
7,146
358
Nidec
Corp.
9,200
479
Nikon
Corp.
23,100
205
Nintendo
Co.,
Ltd.
20,200
846
Nippon
Building
Fund,
Inc.(ö)
24
107
Nippon
Prologis,
Inc.(Æ)(ö)
41
96
Nippon
Telegraph
&
Telephone
Corp.
6,306
180
Nippon
Television
Holdings,
Inc.
21,200
168
Nissan
Chemical
Industries,
Ltd.
3,900
172
Nissan
Motor
Co.,
Ltd.
86,800
273
Nisshin
Seifun
Group,
Inc.
3,900
49
Nitori
Holdings
Co.,
Ltd.
600
78
Nitto
Denko
Corp.
5,800
334
Nomura
Holdings,
Inc.
50,800
189
Obayashi
Corp.
11,200
85
Oji
Holdings
Corp.
40,700
164
Ono
Pharmaceutical
Co.,
Ltd.
21,091
494
ORIX
Corp.
1,200
19
Orix
JREIT,
Inc.(ö)
47
67
Osaka
Gas
Co.,
Ltd.
7,900
128
Otsuka
Holdings
Co.,
Ltd.
4,300
140
Resona
Holdings,
Inc.
289,200
1,589
SCSK
Corp.
2,200
33
Secom
Co.,
Ltd.
2,600
148
Sekisui
Chemical
Co.,
Ltd.
15,700
218
Sekisui
House,
Ltd.
10,900
193
Seven
&
i
Holdings
Co.,
Ltd.
5,300
227
SG
Holdings
Co.,
Ltd.
6,200
86
Shimamura
Co.,
Ltd.
1,441
144
Shimizu
Corp.
19,500
104
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
60
International
Developed
Markets
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Shin-Etsu
Chemical
Co.,
Ltd.
30,035
3,659
Shiseido
Co.,
Ltd.
32,800
1,616
SMC
Corp.
1,100
466
SoftBank
Group
Corp.
8,700
99
Sohgo
Security
Services
Co.,
Ltd.
5,100
139
Sony
Group
Corp.
9,110
695
Stanley
Electric
Co.,
Ltd.
15,739
299
Subaru
Corp.
110,644
1,698
Sumitomo
Electric
Industries,
Ltd.
41,400
470
Sumitomo
Heavy
Industries,
Ltd.
11,800
235
Sumitomo
Mitsui
Financial
Group,
Inc.
27,000
1,088
Sumitomo
Mitsui
Trust
Holdings,
Inc.
18,100
631
Sumitomo
Rubber
Industries,
Ltd.
18,000
158
Suntory
Beverage
&
Food,
Ltd.
2,100
72
T&D
Holdings,
Inc.
80,300
1,156
Taiheiyo
Cement
Corp.
11,700
182
Taisei
Corp.
4,100
132
Takeda
Pharmaceutical
Co.,
Ltd.
41,500
1,296
THK
Co.,
Ltd.
15,600
295
Tokio
Marine
Holdings,
Inc.
45,900
983
Tokyo
Electron,
Ltd.
7,770
2,308
Tokyo
Gas
Co.,
Ltd.
9,600
188
Toray
Industries,
Inc.
112,200
623
Toyota
Motor
Corp.
23,400
320
Trend
Micro,
Inc.
900
42
Tsuruha
Holdings,
Inc.
4,400
342
USS
Co.,
Ltd.
8,100
128
Yakult
Honsha
Co.,
Ltd.
1,300
85
Yamaha
Motor
Co.,
Ltd.
20,200
459
Yamato
Holdings
Co.,
Ltd.
30,894
491
54,369
Jersey
-
0.2%
Glencore
PLC
111,632
746
Luxembourg
-
0.8%
ArcelorMittal
SA(Æ)
41,103
1,075
Eurofins
Scientific
SE
16,398
1,181
RTL
Group
SA
5,556
234
2,490
Malaysia
-
0.1%
CIMB
Group
Holdings
BHD
229,417
302
Mexico
-
0.4%
Grupo
Televisa
SAB
-
ADR
249,823
1,139
Netherlands
-
5.3%
ABN
AMRO
Bank
NV(Þ)
54,701
756
Adyen
NV(Æ)(Þ)
363
502
Akzo
Nobel
NV
1,051
70
ASML
Holding
NV
2,305
1,248
Euronext
NV(Þ)
1,693
125
Ferrari
NV
3,512
751
Heineken
Holding
NV
1,074
83
Heineken
NV
34,298
3,222
ING
Groep
NV
175,263
2,138
Koninklijke
Ahold
Delhaize
NV
7,662
220
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Koninklijke
DSM
NV
358
44
Koninklijke
Philips
NV
32,674
491
NN
Group
NV
2,396
98
PostNL
NV
-
ADR
55,011
100
Randstad
NV
34,043
2,079
Shell
PLC
142,765
4,059
Universal
Music
Group
NV
32,423
783
VEON,
Ltd.(Æ)
134,442
66
Wolters
Kluwer
NV
1,240
130
16,965
New
Zealand
-
0.5%
Fisher
&
Paykel
Healthcare
Corp.,
Ltd.
92,050
1,310
Spark
New
Zealand,
Ltd.
67,788
232
1,542
Norway
-
0.4%
DNB
Bank
ASA
6,002
119
Kongsberg
Gruppen
ASA
4,782
203
Mowi
ASA
23,919
408
Norsk
Hydro
ASA
13,400
100
Orkla
ASA
43,997
318
Telenor
ASA
11,896
111
1,259
Portugal
-
0.2%
Energias
de
Portugal
SA
7,648
38
Jeronimo
Martins
SGPS
SA
24,644
533
571
Russia
-
0.0%
Gazprom
PJSC(Š)
114,398
—
Lukoil
PJSC(Š)
2,007
—
Mobile
TeleSystems
PJSC
-
ADR(Š)
27,365
—
Sberbank
of
Russia
PJSC(Æ)(Š)
88,440
—
—
Singapore
-
0.7%
DBS
Group
Holdings,
Ltd.
18,156
460
Oversea-Chinese
Banking
Corp.,
Ltd.
83,792
760
Singapore
Exchange,
Ltd.
7,900
53
Singapore
Telecommunications,
Ltd.
485,600
932
United
Overseas
Bank,
Ltd.
4,700
108
2,313
South
Africa
-
0.1%
MTN
Group,
Ltd.
12,114
91
Old
Mutual,
Ltd.
353,626
217
308
South
Korea
-
1.5%
Coway
Co.,
Ltd.
6,160
273
Hankook
Tire
&
Technology
Co.,
Ltd.
(Æ)
8,269
205
Hyundai
Mobis
Co.,
Ltd.
2,421
386
KB
Financial
Group,
Inc.
17,961
684
KT
Corp.
-
ADR
41,465
560
LG
Energy
Solution,
Ltd.(Æ)
1,596
553
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
61
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Samsung
Electronics
Co.,
Ltd.
25,719
1,134
Shinhan
Financial
Group
Co.,
Ltd.
38,469
1,072
4,867
Spain
-
1.9%
Amadeus
IT
Group
SA
Class
A(Æ)
22,915
1,182
CaixaBank
SA
339,871
1,334
Cellnex
Telecom
SA(Þ)
40,375
1,343
Enagas
SA
6,702
111
Endesa
SA
-
ADR
2,131
40
Iberdrola
SA
25,931
303
Industria
de
Diseno
Textil
SA
55,312
1,473
Red
Electrica
Corp.
SA
7,686
134
Telefonica
SA
-
ADR
17,601
64
5,984
Sweden
-
1.7%
Assa
Abloy
AB
Class
B
37,797
813
Atlas
Copco
AB(Æ)
34,629
410
Boliden
AB(Æ)
14,255
536
Essity
Aktiebolag
Class
B
6,419
168
Hexagon
AB(Æ)
127,133
1,336
Investor
AB
Class
B
5,909
107
Kinnevik
AB
Class
B(Æ)
2,854
39
Sandvik
AB
30,594
552
Securitas
AB
Class
B
9,746
81
Skandinaviska
Enskilda
Banken
AB
Class
A
10,055
116
Skanska
AB
Class
B
4,372
70
SKF
AB
Class
B
35,537
544
Svenska
Handelsbanken
AB
Class
A
12,929
130
Swedbank
AB
Class
A
4,857
83
Swedish
Match
AB
32,690
356
5,341
Switzerland
-
9.5%
ABB,
Ltd.
35,094
1,069
Adecco
Group
AG
16,270
535
Alcon,
Inc.
9,917
681
Baloise
Holding
AG
608
94
Barry
Callebaut
AG
32
63
Chocoladefabriken
Lindt
&
Spruengli
AG
11
205
Cie
Financiere
Richemont
SA
Class
A
5,913
765
Credit
Suisse
Group
AG
Class
A
69,553
209
EMS-
Chemie
Holding
AG
340
230
Geberit
AG
2,145
1,016
Givaudan
SA
37
113
Julius
Baer
Group,
Ltd.
22,146
1,287
Kuehne
&
Nagel
International
AG
3,386
787
LafargeHolcim
,
Ltd.(Æ)
13,351
688
Lonza
Group
AG
1,363
671
Nestle
SA
42,447
4,902
Novartis
AG
38,629
3,499
Partners
Group
Holding
AG
1,559
1,386
Roche
Holding
AG
9,827
3,102
Schindler
Holding
AG
827
153
SGS
SA
322
746
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Sika
AG
608
147
Swatch
Group
AG
(The)
Class
B
2,065
586
Swiss
Life
Holding
AG
189
98
Swiss
Prime
Site
AG
Class
A
1,463
127
Swisscom
AG
1,704
933
UBS
Group
AG
272,406
5,077
Zurich
Insurance
Group
AG
2,637
1,260
30,429
Taiwan
-
1.9%
Catcher
Technology
Co.,
Ltd.
50,513
278
Hon
Hai
Precision
Industry
Co.,
Ltd.
623,184
2,025
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
111,000
1,618
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
-
ADR
28,854
2,149
6,070
Thailand
-
0.2%
Kasikornbank
PCL
128,900
547
Turkey
-
0.2%
Turk
Telekomunikasyon
AS
230,967
303
Turkcell
Iletisim
Hizmetleri
AS
98,852
200
503
United
Kingdom
-
10.3%
Admiral
Group
PLC
10,746
278
Anglo
American
PLC
40,944
1,601
AstraZeneca
PLC
12,507
1,697
Aviva
PLC
90,131
480
Babcock
International
Group
PLC(Æ)
62,099
212
BAE
Systems
PLC
12,460
129
Barclays
PLC
265,657
511
Barratt
Developments
PLC
79,261
381
Berkeley
Group
Holdings
PLC
756
34
BP
PLC
240,949
1,401
British
American
Tobacco
PLC
304
12
British
Land
Co.
PLC
(The)(ö)
52,154
249
BT
Group
PLC
270,991
368
Compass
Group
PLC
76,164
1,760
Croda
International
PLC(Æ)
1,241
99
Diageo
PLC
25,269
1,116
easyJet
PLC(Æ)
76,177
299
Endeavour
Mining
PLC
10,514
225
Experian
PLC
7,454
254
Ferguson
PLC
621
78
Haleon
PLC(Æ)
801,878
3,207
Halma
PLC
3,228
77
HSBC
Holdings
PLC
238,725
1,489
Intermediate
Capital
Group
PLC(Æ)
32,403
450
Intertek
Group
PLC
2,244
110
J
Sainsbury
PLC
554,805
1,456
John
Wood
Group
PLC(Æ)
275,188
448
Johnson
Matthey
PLC
2,355
61
Kingfisher
PLC
71,411
204
Land
Securities
Group
PLC(ö)
34,795
262
Legal
&
General
Group
PLC
30,351
92
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
62
International
Developed
Markets
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Linde
PLC
9,254
3,026
Lloyds
Banking
Group
PLC
177,653
98
Marks
&
Spencer
Group
PLC(Æ)
46,873
70
Natwest
Group
PLC
162,768
520
Persimmon
PLC
Class
A
6,275
93
Reckitt
Benckiser
Group
PLC
8,268
575
RELX
PLC
7,880
218
Sage
Group
PLC
(The)
9,700
87
Schroders
PLC
34,148
179
Scottish
&
Southern
Energy
PLC
9,089
188
Segro
PLC(ö)
7,327
68
Smith
&
Nephew
PLC
8,755
117
Spirax-Sarco
Engineering
PLC
668
86
St.
James's
Place
PLC
29,413
389
Standard
Chartered
PLC
216,221
1,623
Taylor
Wimpey
PLC
268,202
331
TechnipFMC
PLC(Æ)
23,245
283
Tesco
PLC
393,077
1,066
Travis
Perkins
PLC
66,025
706
Unilever
PLC
28,850
1,456
United
Utilities
Group
PLC
5,357
64
Vodafone
Group
PLC
215,987
219
Wausau
Paper
Corp.
60,167
597
Weir
Group
PLC
(The)
95,895
1,924
33,023
United
States
-
4.0%
Accenture
PLC
Class
A
8,995
2,400
Allegion
PLC
17,065
1,796
Amdocs,
Ltd.
12,892
1,172
CSL,
Ltd.
1,402
273
GSK
Finance
No.
3
PLC
61,737
1,074
James
Hardie
Industries
PLC
37,982
680
Las
Vegas
Sands
Corp.(Æ)
16,427
790
Lululemon
Athletica
,
Inc.(Æ)
2,283
731
Schlumberger,
Ltd.
73,511
3,930
12,846
Total
Common
Stocks
(cost
$306,901)
295,744
Preferred
Stocks
-
1.8%
Germany
-
1.2%
Henkel
AG
&
Co.
KGaA
2.850%
(Ÿ)
7,474
520
Porsche
Automobil
Holding
SE
4.475%
(Ÿ)
5,849
321
Sartorius
AG
0.332%
(Ÿ)
3,551
1,404
Volkswagen
AG
20.985%
(Ÿ)
11,489
1,432
3,677
South
Korea
-
0.6%
Samsung
Electronics
Co.,
Ltd.
0.000%
(Æ)
48,676
1,959
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Total
Preferred
Stocks
(cost
$6,497)
5,636
Warrants
and
Rights
-
0.0%
Australia
-
0.0%
Magellan
Financial
Group,
Ltd.(Æ)
2027
Warrants
411
—
Total
Warrants
and
Rights
(cost
$—)
—
Short-Term
Investments
-
3.5%
United
States
-
3.5%
U.S.
Cash
Management
Fund(@)
11,071,083
(∞)
11,069
Total
Short-Term
Investments
(cost
$11,067)
11,069
Other
Securities
-
0.1%
U.S.
Cash
Collateral
Fund(@)(×)
479,398
(∞)
479
Total
Other
Securities
(cost
$479)
479
Total
Investments
-
97.6%
(identified
cost
$324,944)
312,928
Other
Assets
and
Liabilities,
Net
-
2.4%
7,756
Net
Assets
-
100.0%
320,684
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
63
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
2.0%
ABN
AMRO
Bank
NV
10/03/19
EUR
54,701
15.34
840
756
Adyen
NV
07/25/19
EUR
363
988.78
359
502
Amundi
SA
02/21/19
EUR
16,849
62.55
1,054
957
Cellnex
Telecom
SA
08/10/17
EUR
40,375
42.58
1,719
1,343
Covestro
AG
08/15/19
EUR
43,595
42.83
1,868
1,706
Euronext
NV
04/29/22
EUR
1,693
81.03
137
125
La
Francaise
des
Jeux
SAEM
12/02/22
EUR
3,816
40.36
154
153
Reliance
Industries,
Ltd.
10/21/20
USD
12,031
58.25
701
741
WH
Group,
Ltd.
06/26/19
HKD
290,500
0.83
241
169
6,452
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
6
EUR
827
01/23
(51)
CAC40
Euro
Index
Futures
38
EUR
2,459
01/23
(122)
Dow
Jones
Index
Futures
4
EUR
1,399
03/23
(61)
EURO
STOXX
50
Index
Futures
36
EUR
1,362
03/23
(71)
FTSE
100
Index
Futures
68
GBP
5,077
03/23
(6)
FTSE/MIB
Index
Futures
4
EUR
474
03/23
(21)
IBEX
35
Index
Futures
6
EUR
492
01/23
(4)
OMXS30
Index
Futures
30
SEK
6,126
01/23
(23)
S&P/TSX
60
Index
Futures
114
CAD
26,674
03/23
(688)
SPI
200
Index
Futures
135
AUD
23,598
03/23
(337)
TOPIX
Index
Futures
62
JPY
1,172,730
03/23
(257)
Short
Positions
Hang
Seng
Index
Futures
25
HKD
24,894
01/23
(32)
MSCI
Emerging
Markets
Index
Futures
499
USD
23,937
03/23
440
MSCI
Singapore
Index
Futures
70
SGD
2,034
01/23
1
S&P
500
E-Mini
Index
Futures
65
USD
12,548
03/23
434
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(798)
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Commonwealth
Bank
of
Australia
USD
3,474
AUD
5,040
03/15/23
(33)
Commonwealth
Bank
of
Australia
USD
3,179
CAD
4,306
03/15/23
4
Commonwealth
Bank
of
Australia
USD
789
DKK
5,470
03/15/23
3
Commonwealth
Bank
of
Australia
USD
1,265
GBP
1,019
03/15/23
(31)
Commonwealth
Bank
of
Australia
USD
1,549
JPY
206,303
03/15/23
38
Commonwealth
Bank
of
Australia
USD
739
SEK
7,496
03/15/23
(18)
HSBC
USD
3,469
AUD
5,040
03/15/23
(28)
HSBC
USD
3,179
CAD
4,306
03/15/23
4
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
64
International
Developed
Markets
Fund
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
HSBC
USD
788
DKK
5,470
03/15/23
3
HSBC
USD
1,263
GBP
1,019
03/15/23
(29)
HSBC
USD
1,547
JPY
206,303
03/15/23
40
HSBC
USD
738
SEK
7,496
03/15/23
(17)
Royal
Bank
of
Canada
USD
3,472
AUD
5,040
03/15/23
(31)
Royal
Bank
of
Canada
USD
3,180
CAD
4,306
03/15/23
3
Royal
Bank
of
Canada
USD
789
DKK
5,470
03/15/23
2
Royal
Bank
of
Canada
USD
1,268
GBP
1,019
03/15/23
(34)
Royal
Bank
of
Canada
USD
1,549
JPY
206,303
03/15/23
38
Royal
Bank
of
Canada
USD
740
SEK
7,496
03/15/23
(19)
Standard
Chartered
USD
3,470
AUD
5,040
03/15/23
(29)
Standard
Chartered
USD
3,176
CAD
4,306
03/15/23
6
Standard
Chartered
USD
788
DKK
5,470
03/15/23
3
Standard
Chartered
USD
1,264
GBP
1,019
03/15/23
(30)
Standard
Chartered
USD
1,547
JPY
206,303
03/15/23
39
Standard
Chartered
USD
739
SEK
7,496
03/15/23
(17)
State
Street
USD
219
EUR
205
03/15/23
1
State
Street
USD
1,127
NOK
10,950
03/15/23
(6)
State
Street
CHF
2,020
USD
2,210
03/15/23
9
State
Street
HKD
2,630
USD
338
03/15/23
1
State
Street
NZD
2,500
USD
1,614
03/15/23
25
Toronto
Dominion
Bank
USD
3,471
AUD
5,040
03/15/23
(30)
Toronto
Dominion
Bank
USD
3,176
CAD
4,306
03/15/23
6
Toronto
Dominion
Bank
USD
788
DKK
5,470
03/15/23
3
Toronto
Dominion
Bank
USD
1,263
GBP
1,019
03/15/23
(29)
Toronto
Dominion
Bank
USD
1,547
JPY
206,303
03/15/23
40
Toronto
Dominion
Bank
USD
738
SEK
7,496
03/15/23
(17)
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
(130)
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
$
85
$
—
$
—
$
—
$
85
—
*
Australia
89
6,093
—
—
6,182
1
.
9
Austria
—
1,733
—
—
1,733
0.5
Belgium
—
1,009
—
—
1,009
0.3
Brazil
37
6
1,749
—
—
2,12
5
0.7
Canada
14,
712
—
—
—
14,
712
4.
6
China
777
4,436
—
—
5,213
1.6
Denmark
—
4,145
—
—
4,145
1.
3
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
65
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
%
of
Net
Assets
Finland
—
4,741
—
—
4,741
1.
5
France
—
30,042
—
—
30,042
9.
4
Germany
—
13,946
—
—
13,946
4.
3
Hong
Kong
—
11,578
—
—
11,578
3.6
India
—
3,952
—
—
3,952
1.2
Indonesia
—
351
—
—
351
0.1
Ireland
2,695
3,578
—
—
6,273
1.9
Israel
130
374
—
—
504
0.1
Italy
—
7,539
—
—
7,539
2.4
Japan
—
54,369
—
—
54,369
16.9
Jersey
—
746
—
—
746
0.2
Luxembourg
—
2,490
—
—
2,490
0.8
Malaysia
—
302
—
—
302
0.1
Mexico
1,139
—
—
—
1,139
0.4
Netherlands
66
16,899
—
—
16,965
5.
3
New
Zealand
—
1,542
—
—
1,542
0.5
Norway
—
1,259
—
—
1,259
0.
4
Portugal
—
571
—
—
571
0.2
Russia
—
—
—
—
—
—
Singapore
—
2,313
—
—
2,313
0.7
South
Africa
—
308
—
—
308
0.1
South
Korea
560
4,307
—
—
4,867
1.
5
Spain
—
5,984
—
—
5,984
1.9
Sweden
—
5,341
—
—
5,341
1.7
Switzerland
—
3
0
,
429
—
—
3
0
,
429
9.
5
Taiwan
2,149
3,921
—
—
6,070
1.9
Thailand
—
547
—
—
547
0.2
Turkey
—
503
—
—
503
0.2
United
Kingdom
508
32,515
—
—
33,023
10.
3
United
States
10,819
2,027
—
—
12,846
4.0
Preferred
Stocks
—
5,636
—
—
5,636
1.8
Warrants
and
Rights
—
—
—
—
—
—
*
Short-Term
Investments
—
—
—
11,069
11,069
3.
5
Other
Securities
—
—
—
479
479
0.1
Total
Investments
34,105
267,275
—
11,548
312,928
97.
6
Other
Assets
and
Liabilities,
Net
2.
4
100.0
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
66
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
Other
Financial
Instruments
Assets
Futures
Contracts
875
—
—
—
875
0.
3
Foreign
Currency
Exchange
Contracts
—
268
—
—
268
0.1
A
Liabilities
Futures
Contracts
(1,673)
—
—
—
(1,673)
(0.5)
Foreign
Currency
Exchange
Contracts
—
(398)
—
—
(398)
(0.1)
Total
Other
Financial
Instruments
**
$
(798)
$
(130)
$
—
$
—
$
(928)
*
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
December
31,
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
December
31,
2022,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Sector
Exposure
Fair
Value
$
Common
Stocks
Consumer
Discretionary
....................................................................
43,588
Consumer
Staples
...............................................................................
23,581
Energy
................................................................................................
17,146
Financial
Services
..............................................................................
71,824
Health
Care
........................................................................................
26,952
Materials
and
Processing
...................................................................
30,969
Producer
Durables
..............................................................................
39,542
Technology
.........................................................................................
30,229
Utilities
...............................................................................................
11,913
Preferred
Stocks
Consumer
Discretionary
....................................................................
1,753
Consumer
Staples
...............................................................................
520
Technology
.........................................................................................
3,363
Warrants
and
Rights
...................................................................
—
Short-Term
Investments
.............................................................
11,069
Other
Securities
...........................................................................
479
Total
Investments
...............................................................................
312,928
Russell
Investment
Funds
International
Developed
Markets
Fund
Fair
Value
of
Derivative
Instruments
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
67
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
$
—
$
268
Variation
margin
on
futures
contracts*
875
—
Total
$
875
$
268
Location:
Statement
of
Assets
and
Liabilities
-
Liabilities
Variation
margin
on
futures
contracts*
$
1,673
$
—
Unrealized
depreciation
on
foreign
currency
exchange
contracts
—
398
Total
$
1,673
$
398
Derivatives
not
accounted
for
as
hedging
instruments
Equity
Contracts
Foreign
Currency
Contracts
Location:
Statement
of
Operations
-
Net
realized
gain
(loss)
Futures
contracts
$
7,496
$
—
Foreign
currency
exchange
contracts
—
(4,644)
Total
$
7,496
$
(4,644)
Location:
Statement
of
Operations
-
Net
change
in
unrealized
appreciation
(depreciation)
Futures
contracts
$
(1,888)
$
—
Foreign
currency
exchange
contracts
—
(352)
Total
$
(1,888)
$
(352)
*
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
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
68
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
$
457
$
—
$
457
Foreign
Currency
Exchange
Contracts
Unrealized
appreciation
on
foreign
currency
exchange
contracts
268
—
268
Total
Financial
and
Derivative
Assets
725
—
725
Financial
and
Derivative
Assets
not
subject
to
a
netting
agreement
—
—
—
Total
Financial
and
Derivative
Assets
subject
to
a
netting
agreement
$
725
$
—
$
725
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
$
456
$
—
$
456
$
—
Commonwealth
Bank
of
Australia
45
45
—
—
HSBC
47
47
—
—
Royal
Bank
of
Canada
42
42
—
—
Standard
Chartered
49
49
—
—
State
Street
36
6
—
30
Toronto
Dominion
Bank
50
50
—
—
Total
$
725
$
239
$
456
$
30
Russell
Investment
Funds
International
Developed
Markets
Fund
Balance
Sheet
Offsetting
of
Financial
and
Derivative
Instruments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
69
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
$
398
$
—
$
398
Total
Financial
and
Derivative
Liabilities
398
—
398
Financial
and
Derivative
Liabilities
not
subject
to
a
netting
agreement
—
—
—
Total
Financial
and
Derivative
Liabilities
subject
to
a
netting
agreement
$
398
$
—
$
398
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
Commonwealth
Bank
of
Australia
$
82
$
45
$
—
$
37
HSBC
74
47
—
27
Royal
Bank
of
Canada
83
42
—
41
Standard
Chartered
76
49
—
27
State
Street
6
6
—
—
Toronto
Dominion
Bank
7
7
50
—
2
7
Total
$
39
8
$
239
$
—
$
15
9
*
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.
70
International
Developed
Markets
Fund
Statement
of
Assets
and
Liabilities
—
December
31,
2022
Amounts
in
thousands
Assets
Investments,
at
identified
cost
......................................................................................................................................................
$
324,944
Investments,
at
fair
value(*)(>)
....................................................................................................................................................
312,928
Foreign
currency
holdings(^)
.......................................................................................................................................................
779
Unrealized
appreciation
on
foreign
currency
exchange
contracts
...............................................................................................
268
Receivables:
Dividends
and
interest
......................................................................................................................................................
488
Dividends
from
affiliated
funds
.......................................................................................................................................
42
Foreign
capital
gains
taxes
recoverable
...........................................................................................................................
1,148
From
broker(a)
.................................................................................................................................................................
7,190
Total
assets
...............................................................................................................................................................
322,843
Liabilities
Payables:
Fund
shares
redeemed
......................................................................................................................................................
81
Accrued
fees
to
affiliates
..................................................................................................................................................
259
Other
accrued
expenses
....................................................................................................................................................
117
Variation
margin
on
futures
contracts
..............................................................................................................................
795
Deferred
capital
gains
tax
liability
...................................................................................................................................
30
Unrealized
depreciation
on
foreign
currency
exchange
contracts
...............................................................................................
398
Payable
upon
return
of
securities
loaned
.....................................................................................................................................
479
Total
liabilities
...........................................................................................................................................................
2,159
Net
Assets
...............................................................................................................................................................
$
320,684
Russell
Investment
Funds
International
Developed
Markets
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
71
Statement
of
Assets
and
Liabilities,
continued
—
December
31,
2022
Amounts
in
thousands
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
.............................................................................................................................................
$
(20,465)
Shares
of
beneficial
interest
.........................................................................................................................................................
304
Additional
paid-in
capital
............................................................................................................................................................
340,845
Net
Assets
...............................................................................................................................................................
$
320,684
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.......................................................................................................................................................
$
10.54
Net
assets
.............................................................................................................................................................................
$
320,684,169
Shares
outstanding
($.01
par
value)
.....................................................................................................................................
30,439,092
Amounts
in
thousands
(^)
Foreign
currency
holdings
-
cost
$
780
(*)
Securities
on
loan
included
in
investments
$
457
(>)
Investments
in
affiliates,
U.S.
Cash
Management
Fund
and
U.S.
Cash
Collateral
Fund
$
11,548
(a)
Receivable
from
Broker
for
Futures
$
7,190
(#)
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.
72
International
Developed
Markets
Fund
Statement
of
Operations
—
For
the
Period
Ended
December
31,
2022
Amounts
in
thousands
Investment
Income
Dividends
.........................................................................................................................................................................
$
10,916
Dividends
from
affiliated
funds
.......................................................................................................................................
197
Securities
lending
income
(net)
.......................................................................................................................................
29
Less
foreign
taxes
withheld
.............................................................................................................................................
(1,148)
Total
investment
income
..............................................................................................................................................................
9,994
Expenses
Advisory
fees
...................................................................................................................................................................
2,937
Administrative
fees
..........................................................................................................................................................
163
Custodian
fees
..................................................................................................................................................................
145
Transfer
agent
fees
..........................................................................................................................................................
14
Professional
fees
..............................................................................................................................................................
103
Trustees’
fees
....................................................................................................................................................................
19
Printing
fees
.....................................................................................................................................................................
18
Miscellaneous
..................................................................................................................................................................
15
Expenses
before
reductions
..............................................................................................................................................
3,414
Expense
reductions
..........................................................................................................................................................
(65)
Net
expenses
................................................................................................................................................................................
3,349
Net
investment
income
(loss)
.......................................................................................................................................................
6,645
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
(net
of
foreign
capital
gains
taxes
of
(
$1
)
)
..................................................................................................
(8,583)
Investments
in
affiliated
funds
.........................................................................................................................................
(2)
Futures
contracts
..............................................................................................................................................................
7,496
Foreign
currency
exchange
contracts
...............................................................................................................................
(4,644)
Foreign
currency-related
transactions
..............................................................................................................................
(331)
Net
realized
gain
(loss)
................................................................................................................................................................
(6,064)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
(net
of
deferred
tax
liability
for
foreign
capital
gains
taxes
of
(
$19
)
)
.........................................................
(47,240)
Investments
in
affiliated
funds
.........................................................................................................................................
3
Futures
contracts
..............................................................................................................................................................
(1,888)
Foreign
currency
exchange
contracts
...............................................................................................................................
(352)
Foreign
currency-related
transactions
..............................................................................................................................
8
Net
change
in
unrealized
appreciation
(depreciation)
.................................................................................................................
(49,469)
Net
realized
and
unrealized
gain
(loss)
........................................................................................................................................
(55,533)
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
....................................................................................
$
(48,888)
Russell
Investment
Funds
International
Developed
Markets
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
73
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
For
the
Periods
Ended
December
31,
2022
2021
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
..............................................................................................................
$
6,645
$
6,906
Net
realized
gain
(loss)
.......................................................................................................................
(6,064)
33,490
Net
change
in
unrealized
appreciation
(depreciation)
........................................................................
(49,469)
8,198
Net
increase
(decrease)
in
net
assets
from
operations
..............................................................................
(48,888)
48,594
Distributions
To
shareholders
...................................................................................................................................
(6,345)
(37,914)
Net
decrease
in
net
assets
from
distributions
............................................................................................
(6,345)
(37,914)
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
...................................................................
(1,546)
(28,735)
Total
Net
Increase
(Decrease)
in
Net
Assets
........................................................................
(56,779)
(18,055)
Net
Assets
Beginning
of
period
..................................................................................................................................
377,463
395,518
End
of
period
.............................................................................................................................................
$
320,684
$
377,463
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
December
31,
2022
and
December
31,
2021
were
as
follows:
2022
2021
Shares
Dollars
Shares
Dollars
Proceeds
from
shares
sold
1,306
$
13,869
1,021
$
13,580
Proceeds
from
reinvestment
of
distributions
568
6,345
3,119
37,914
Payments
for
shares
redeemed
(1,987)
(21,760)
(6,056)
(80,229)
Total
increase
(decrease)
(113)
$
(1,546)
(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.
74
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
December
31,
2022
12.35
.22
(1.82)
(1.60)
—
(.21)
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)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
International
Developed
Markets
Fund
75
$
Total
Distributions
$
Net
Asset
Value,
End
of
Period
%
Total
Return
(d)
$
Net
Assets,
End
of
Period
(000)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Gross
%
Ratio
of
Expenses
to
Average
Net
Assets,
Net
(b)
%
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
(b)
%
Portfolio
Turnover
Rate
(.21)
10.54
(13.04)
320,684
1.05
1.03
2.04
33
(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
Russell
Investment
Funds
International
Developed
Markets
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
76
International
Developed
Markets
Fund
Related
Party
Transactions,
Fees
and
Expenses
Accrued
fees
payable
to
affiliates
for
the
period
ended
December
31,
2022
were
as
follows:
Transactions
(
amounts
in
thousands)
during
the
period
ended
December
31,
2022
with
Underlying
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
At
December
31,
2022,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation),
and
components
of
distributable
earnings
for
income
tax
purposes
were
as
follows:
For
the
fiscal
years
ended
December
31,
2022
and
December
31,
2021,
respectively,
the
Fund
made
the
following
tax
basis
distributions:
Net
investment
income
and
net
realized
gains
(losses)
in
the
financial
statements
may
differ
from
taxable
net
investment
income
and
net
realized
gains
(losses).
Capital
accounts
within
the
financial
statements
are
adjusted
for
permanent
differences
between
book
and
tax
accounting. These
differences
may
be
due
to
foreign
currency
gains
or
losses,
reclassifications
of
dividends
and/or
differences
in
treatment
of
income
from
swaps. These
adjustments
have
no
impact
on
the
net
assets.
At
December
31,
2022,
there
were
no
adjustments
to
the
Statement
of
Assets
and
Liabilities.
Advisory
fees
$
241,982
Administration
fees
13,749
Transfer
agent
fees
1,210
Trustee
fees
1,572
$
258,513
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
$
90,087
$
91,158
$
(2
)
$
3
$
11,069
$
197
$
—
U.S.
Cash
Collateral
Fund
473
26,218
26,212
—
—
479
16
—
$
12,612
$
116,305
$
117,370
$
(2
)
$
3
$
11,548
$
213
$
—
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
(Capital
Loss
Carryforward)
$
328,130,500
$
28
,671,560
$
(45,409,346)
$
(16,737,786)
$
902,551
$
—
December
31,
2022
December
31,
2021
Ordinary
Income
Distributions
Long-Term
Capital
Gain
Distributions
Return
of
Capital
Ordinary
Income
Distributions
Long-Term
Capital
Gain
Distributions
Return
of
Capital
$
340,786
$
6,004,133
$
—
$
30,003,070
$
7,911,279
$
—
Russell
Investment
Funds
Strategic
Bond
Fund
Portfolio
Management
Discussion
and
Analysis
—
December
31,
2022
(Unaudited)
Strategic
Bond
Fund
77
Strategic
Bond
Fund
Total
Return
1
Year
(14
.28)%
5
Years
(0
.23)%§
10
Years
0
.94%§
Bloomberg
U.S.
Aggregate
Bond
Index**
Total
Return
1
Year
(13
.01)%
5
Years
0
.02%§
10
Years
1
.06%§
Russell
Investment
Funds
Strategic
Bond
Fund
Portfolio
Management
Discussion
and
Analysis,
continued
—
December
31,
2022
(Unaudited)
78
Strategic
Bond
Fund
The
Strategic
Bond
Fund
(the
“Fund”)
employs
a
multi-manager
approach
whereby
portions
of
the
Fund
are
allocated
to
different
money
manager
strategies.
Fund
assets
not
allocated
to
money
managers
are
managed
by
Russell
Investment
Management,
LLC
(“RIM”),
the
Fund’s
advisor.
RIM
may
change
the
allocation
of
the
Fund’s
assets
among
money
managers
at
any
time.
An
exemptive
order
from
the
Securities
and
Exchange
Commission
permits
RIM
to
engage
or
terminate
a
money
manager
at
any
time,
subject
to
approval
by
the
Fund’s
Board,
without
a
shareholder
vote.
Pursuant
to
the
terms
of
the
exemptive
order,
the
Fund
is
required
to
notify
its
shareholders
within
90
days
of
when
a
money
manager
begins
providing
services.
As
of
December
31,
2022,
the
Fund
had
three
money
managers.
What
is
the
Fund’s
investment
objective?
The
Fund
seeks
to
provide
total
return.
How
did
the
Fund
perform
relative
to
its
benchmark
for
the
fiscal
year
ended
December
31,
2022?
For
the
fiscal
year
ended
December
31,
2022
(the
“fiscal
year”),
the
Fund
lost
14.28%.
This
is
compared
to
the
Fund’s
benchmark,
the
Bloomberg
U.S.
Aggregate
Bond
Index,
which
lost
13.01%
during
the
fiscal
year.
The
Fund’s
performance
includes
operating
expenses,
whereas
index
returns
are
unmanaged
and
do
not
include
expenses
of
any
kind.
For
the
fiscal
year,
the
Morningstar
®
Insurance
Intermediate
Core-Plus
Bond
Category,
a
group
of
funds
that
Morningstar,
Inc.
considers
to
have
investment
strategies
similar
to
those
of
the
Fund,
lost
14.21%.
This
result
serves
as
a
peer
comparison
and
is
expressed
net
of
operating
expenses.
RIM
may
assign
a
money
manager
a
benchmark
other
than
the
Fund’s
index
(a
“RIM-assigned
benchmark”).
However,
the
Fund’s
primary
index
remains
the
benchmark
for
the
Fund
and
is
intended
to
be
representative
of
the
aggregate
of
each
money
manager’s
benchmark
index.
How
did
market
conditions
affect
the
Fund’s
performance?
During
the
fiscal
year,
supply
chain
constraints,
the
Russia-
Ukraine
war,
and
a
stimulus
overhang
from
relaxed
fiscal
and
monetary
policy
drove
elevated
inflation,
which
impacted
markets
negatively.
To
control
inflation,
central
banks
dropped
easy
money
policies
and
increased
interest
rates
at
a
historic
pace.
Equity
and
fixed
income
markets
experienced
substantial
drawdowns
on
the
back
of
tighter
monetary
policies.
Credit
markets
were
challenged
over
the
fiscal
year.
U.S.
investment
grade
corporate
credit
spreads
and
U.S.
high
yield
corporate
spreads
both
widened.
The
U.S.
Urban
Consumer
Price
Index
reached
a
9%
year-over-year
increase
in
mid-June
2022
and
ended
the
fiscal
year
at
7.1%
–
significantly
higher
than
the
Federal
Reserve
Bank’s
2%
inflation
target
–
as
the
economy
faced
cash
strapped
consumers,
labor
shortages,
and
supply
constraints.
The
Fund’s
exposure
to
spread
sectors
detracted
from
performance
as
credit
spreads
widened.
The
Bloomberg
U.S.
Corporate
Bond
Index
posted
a
total
return
of
-15.76%
for
the
fiscal
year,
while
the
Bloomberg
U.S.
Corporate
High
Yield
Index
had
a
-11.19%
total
return.
U.S.
Treasuries
also
performed
poorly
as
yields
rose;
the
10-Year
Treasury
yield
increased
from
1.55%
to
3.88%
by
the
end
of
the
fiscal
year.
How
did
the
investment
strategies
and
techniques
employed
by
the
Fund
and
its
money
managers
affect
its
benchmark
relative
performance?
The
Fund
carried
a
long
duration
position
over
the
fiscal
year,
which
detracted
from
performance
as
rates
rose
across
the
global
yield
curve.
The
Fund
entered
the
fiscal
year
overweight
in
securitized
credit
and
high-yield
corporate
credit,
and
underweight
in
investment
grade
corporates
and
treasuries.
Over
the
fiscal
year,
allocations
to
securitized
credit
and
Treasuries
were
increased
while
positioning
to
corporate
credit
was
reduced.
The
exposure
to
spread
sectors
was
a
drag
over
the
fiscal
year,
with
an
overweight
to
lower
quality
investment
grade
corporates
detracting.
The
Fund
employs
discretionary
money
managers.
The
Fund’s
discretionary
money
managers
select
the
individual
portfolio
securities
for
the
assets
assigned
to
them.
RIM
manages
assets
not
allocated
to
money
manager
strategies
and
the
Fund’s
cash
balances.
With
respect
to
the
Fund’s
money
managers,
Western
Asset
Management
Company,
LLC
and
Western
Asset
Management
Company
Limited
(“Western”)
underperformed
both
the
Fund’s
benchmark
and
its
RIM-assigned
benchmark.
Western’s
bias
toward
BBB-
and
BB-graded
corporates
and
credit
beta
overweight
was
a
large
detractor
from
its
and
the
Fund’s
performance.
Western
was
also
long
duration
relative
to
the
benchmark,
which
detracted
meaningfully.
BlueBay
Asset
Management
LLP
(“BlueBay”)
outperformed
the
Fund’s
benchmark
during
the
fiscal
year.
BlueBay’s
tactical
rotation
across
rates,
credit,
and
currency
contributed
positively
to
performance.
Active
duration
and
short
positions
in
U.S.
rates
and
GBP
and
EUR
currencies
were
the
largest
contributors
to
BlueBay’s
benchmark-relative
performance.
Schroder
Investment
Management
North
America,
Inc.
(“Schroder”)
outperformed
the
Fund’s
benchmark
during
the
fiscal
year.
Schroder
lowered
their
duration
position
which
contributed
positively
to
performance.
At
the
beginning
of
the
fiscal
year,
Schroder
was
at
its
maximum
underweight
to
Agency
MBS,
and
then
started
decreasing
the
underweight
Russell
Investment
Funds
Strategic
Bond
Fund
Portfolio
Management
Discussion
and
Analysis,
continued
—
December
31,
2022
(Unaudited)
Strategic
Bond
Fund
79
over
the
second
half
of
the
fiscal
year.
This
tactical
rotation
was
additive
to
performance.
During
the
fiscal
year,
RIM
managed
multiple
positioning
strategies
to
seek
to
achieve
the
desired
risk/return
profile
for
the
Fund.
RIM’s
U.S.
Investment
Grade
Intelligent
Credit
positioning
strategy,
which
screens
securities
based
on
value
within
the
Bloomberg
U.S.
Corporate
Bond
Index
and
purchases
physical
bonds
that
RIM
believes
to
be
undervalued,
underperformed
the
Fund’s
benchmark
but
slightly
outperformed
its
RIM-assigned
benchmark
(Bloomberg
U.S.
Corporates
Investment
Grade
Index).
The
strategy
is
a
credit
beta
strategy
with
a
lower
quality
bias
and
suffered
from
the
sell-off
in
corporate
credit.
RIM’s
U.S.
Government
positioning
strategy,
which
seeks
to
provide
exposure
to
securities
issued
by
the
U.S.
government,
outperformed
the
Fund’s
benchmark
and
performed
in
line
with
the
RIM-assigned
benchmark.
RIM
also
managed
a
U.S.
Fallen
Angels
positioning
strategy
that
invests
in
investment
grade
bonds
downgraded
to
sub-
investment
grade,
which
tend
to
have
lower
prices.
The
strategy
outperformed
the
Fund’s
benchmark
for
the
fiscal
year,
with
an
underweight
to
Occidental
Petroleum
and
Ford
detracting
from
performance.
RIM
also
managed
currency
factor
and
rates
factor
strategies,
which
seek
to
generate
active
returns
through
currency
and
international
rates
positioning,
respectively,
and
utilize
long
and
short
positions
in
global
government
bond
futures
and
currency
forward
contracts.
These
strategies
detracted
from
performance
during
the
fiscal
year.
During
the
fiscal
year,
RIM
also
implemented
tactical
positioning
strategies
using
derivatives.
These
positioning
strategies
detracted
from
Fund
performance
during
the
fiscal
year,
as
rising
rates
led
to
negative
contribution
from
interest
rate
derivatives
used
to
extend
duration.
RIM
also
utilized
credit
default
swaps
to
increase
and
decrease
credit
risk
at
certain
times
during
the
fiscal
year,
which
operated
as
intended.
Describe
any
changes
to
the
Fund’s
structure
or
the
money
manager
line-up.
There
were
no
changes
to
the
Fund’s
structure
or
money
manager
line-up
during
the
fiscal
year.
The
views
expressed
in
this
report
reflect
those
of
the
portfolio
managers
only
through
the
end
of
the
fiscal
year
covered
by
the
report.
These
views
do
not
necessarily
represent
the
views
of
RIM,
or
any
other
person
in
RIM
or
any
other
affiliated
organization.
These
views
are
subject
to
change
at
any
time
based
upon
market
conditions
or
other
events,
and
RIM
disclaims
any
responsibility
to
update
the
views
contained
herein.
These
views
should
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Russell
Investment
Funds
(“RIF”)
Fund
are
based
on
numerous
factors,
should
not
be
relied
on
as
an
indication
of
investment
decisions
of
any
RIF
Fund.
Money
Managers
as
of
December
31,
2022
Styles
BlueBay
Asset
Management
LLP
Sector
Specialist
Schroder
Investment
Management
North
America
Inc.
Sector
Specialist
Western
Asset
Management
Company,
LLC
and
Western
Asset
Management
Company
Limited
Sector
Specialist
*
Assumes
initial
investment
on
January
1,
2013.
**
Bloomberg
U.S.
Aggregate
Bond
Index
is
an
index,
with
income
reinvested,
generally
representative
of
intermediate-term
government
bonds,
investment-
grade
corporate
debt
securities
and
mortgage-backed
securities.
§
Annualized.
The
performance
shown
in
this
section
does
not
reflect
any
Insurance
Company
Separate
Account
or
Policy
Charges.
Performance
is
historical
and
assumes
reinvestment
of
all
dividends
and
capital
gains.
Investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
when
purchased.
Past
performance
is
not
indicative
of
future
results.
Additionally,
the
returns
presented
herein
may
differ
from
the
performance
reported
in
the
Financial
Highlights
as
the
returns
herein
are
calculated
in
a
manner
consistent
with
standardized
performance
in
accordance
with
Securities
and
Exchange
Commission
rules,
while
the
performance
in
the
Financial
Highlights
has
been
calculated
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
(“U.S.
GAAP”).
Russell
Investment
Funds
Strategic
Bond
Fund
Shareholder
Expense
Example
—
December
31,
2022
(Unaudited)
80
Strategic
Bond
Fund
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
July
1,
2022
to
December
31,
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
on
do
not
reflect
any
Insurance
Company
Separate
Account
Policy
Charges.
Actual
Performance
Hypothetical
Performance
(5%
return
before
expenses)
Beginning
Account
Value
July
1,
2022
$
1,000.00
$
1,000.00
Ending
Account
Value
December
31,
2022
$
968.80
$
1,021.88
Expenses
Paid
During
Period*
$
3.28
$
3.36
*
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
184/365
(to
reflect
the
one-
half
year
period).
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments
—
December
31,
2022
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
$
Long-Term
Investments
-
81.6%
Asset-Backed
Securities
-
3.1%
Amur
Equipment
Finance
Receivables
XI
LLC
Series
2022-2A
Class
A2
5.300%
due
06/21/28
(Þ)
1,437
1,421
Arbor
Realty
Commercial
Real
Estate
Notes,
Ltd.
Series
2021-FL3
Class
A
1.155%
due
08/15/34
(USD
1
Month
LIBOR
+
1.070%)(Ê)(Þ)
5,030
4,764
BDS,
Ltd.
Series
2022-FL11
Class
ATS
2.100%
due
03/19/39
(CME
Term
SOFR
1
Month
+
1.800%)(Ê)(Þ)
3,822
3,660
Conseco
Financial
Corp.
Series
1998-2
Class
M1
6.940%
due
12/01/28
(~)(Ê)
720
663
Countrywide
Asset-Backed
Certificates
Trust
Series
2007-4
Class
A4W
4.640%
due
04/25/47
1,496
1,334
Elmwood
CLO
15,
Ltd.
Series
2022-2A
Class
A1
5.378%
due
04/22/35
(CME
Term
SOFR
3
Month
+
1.340%)(Ê)(Þ)
2,723
2,662
Goldentree
Loan
Management
US
CLO
7,
Ltd.
Series
2021-7A
Class
AR
5.313%
due
04/20/34
(USD
3
Month
LIBOR
+
1.070%)(Ê)(Þ)
1,147
1,114
GoodLeap
Sustainable
Home
Improvements
Series
2021-5CS
Class
A
2.310%
due
10/20/48
(Þ)
975
707
GoodLeap
Sustainable
Home
Solutions
Trust
Series
2021-3CS
Class
A
2.100%
due
05/20/48
(Þ)
632
449
Series
2022-1GS
Class
A
2.700%
due
01/20/49
(Þ)
900
689
Greenpoint
Manufactured
Housing
Contract
Trust
Series
2000-4
Class
A3
2.190%
due
08/21/31
(USD
1
Month
LIBOR
+
2.000%)(Ê)
500
488
MF1
LLC
Series
2022-FL9
Class
A
2.960%
due
06/19/37
(CME
Term
SOFR
1
Month
+
2.150%)(Ê)(Þ)
3,993
3,912
OneSky
Class
A
Loan
Trust
Series
A
3.875%
due
07/15/29
(Š)
2,888
2,588
Option
One
Mortgage
Loan
Trust
Series
2007-FXD1
Class
3A4
5.860%
due
01/25/37
(~)(Ê)
400
378
Towd
Point
Mortgage
Trust
Series
2020-MH1
Class
A1
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.250%
due
02/25/60
(~)(Ê)(Þ)
1,712
1,593
26,422
Corporate
Bonds
and
Notes
-
21.2%
3M
Co.
3.700%
due
04/15/50
30
23
AbbVie,
Inc.
3.600%
due
05/14/25
60
58
Series
WI
2.600%
due
11/21/24
856
819
2.950%
due
11/21/26
360
335
3.200%
due
11/21/29
290
261
4.550%
due
03/15/35
10
9
4.050%
due
11/21/39
230
197
Africa
Finance
Corp.
3.125%
due
06/16/25
800
744
Series
REGS
3.875%
due
04/13/24
900
875
4.375%
due
04/17/26
801
750
African
Export-Import
Bank
(The)
2.634%
due
05/17/26
(Þ)
1,530
1,377
Series
eMTN
4.125%
due
06/20/24
1,614
1,574
Series
REGS
2.634%
due
05/17/26
786
707
Agilent
Technologies,
Inc.
2.100%
due
06/04/30
989
800
Air
Lease
Corp.
3.375%
due
07/01/25
410
388
1.875%
due
08/15/26
350
304
5.850%
due
12/15/27
290
290
Series
MTN
0.700%
due
02/15/24
460
435
Aircastle,
Ltd.
2.850%
due
01/26/28
(Þ)
1,007
824
Alexandria
Real
Estate
Equities,
Inc.
3.450%
due
04/30/25
840
812
2.000%
due
05/18/32
210
161
3.000%
due
05/18/51
150
95
Allied
World
Assurance
Co.
Holdings,
Ltd.
4.350%
due
10/29/25
849
813
Ally
Financial,
Inc.
8.000%
due
11/01/31
554
576
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
340
256
10.200%
due
02/06/39
22
28
3.400%
due
02/04/41
370
245
5.375%
due
01/31/44
643
567
3.875%
due
09/16/46
70
47
Amazon.com,
Inc.
2.100%
due
05/12/31
250
204
3.600%
due
04/13/32
120
110
2.500%
due
06/03/50
140
88
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
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
$
3.950%
due
04/13/52
50
41
Series
WI
3.875%
due
08/22/37
50
44
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)
400
429
5.500%
due
04/20/26
(Þ)
160
154
American
Airlines
Pass-Through
Trust
Series
2015-1
Class
A
3.375%
due
05/01/27
13
10
Series
AA
3.575%
due
01/15/28
50
45
American
Airlines,
Inc.
Pass-Through
Certificates
Trust
Series
2017-1B
Class
B
4.950%
due
02/15/25
160
150
American
Express
Co.
3.550%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.854%)(Ê)(ƒ)
80
66
American
Homes
4
Rent,
LP
2.375%
due
07/15/31
1,020
787
American
Transmission
Systems,
Inc.
2.650%
due
01/15/32
(Þ)
190
156
Americo
Life,
Inc.
3.450%
due
04/15/31
(Þ)
70
53
AmFam
Holdings,
Inc.
2.805%
due
03/11/31
(Þ)
120
93
3.833%
due
03/11/51
(Þ)
100
66
Amgen,
Inc.
4.400%
due
05/01/45
100
84
Series
WI
4.663%
due
06/15/51
50
43
Andeavor
LLC
Series
WI
5.125%
due
12/15/26
225
218
Aon
Corp.
8.205%
due
01/01/27
172
177
Apache
Corp.
7.750%
due
12/15/29
30
31
4.750%
due
04/15/43
80
60
4.250%
due
01/15/44
60
42
Apple,
Inc.
2.200%
due
09/11/29
969
838
4.650%
due
02/23/46
40
38
2.650%
due
05/11/50
110
73
Ares
Capital
Corp.
3.250%
due
07/15/25
914
841
AT&T,
Inc.
1.700%
due
03/25/26
948
854
3.800%
due
02/15/27
150
143
6.950%
due
01/15/28
450
468
4.300%
due
02/15/30
70
66
4.500%
due
05/15/35
150
136
4.350%
due
06/15/45
26
21
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.300%
due
02/01/52
10
7
3.500%
due
02/01/61
220
144
Series
WI
2.550%
due
12/01/33
40
31
6.375%
due
03/01/41
30
31
3.500%
due
09/15/53
260
175
3.550%
due
09/15/55
83
55
3.800%
due
12/01/57
330
228
Avery
Dennison
Corp.
2.650%
due
04/30/30
973
801
Aviation
Capital
Group
LLC
5.500%
due
12/15/24
(Þ)
170
167
3.500%
due
11/01/27
(Þ)
952
832
Bank
of
America
Corp.
3.841%
due
04/25/25
(SOFR
+
1.110%)(Ê)
70
68
1.197%
due
10/24/26
(SOFR
+
1.010%)(Ê)
888
789
4.376%
due
04/27/28
(SOFR
+
1.580%)(Ê)
200
191
2.592%
due
04/29/31
(SOFR
+
2.150%)(Ê)
140
114
2.687%
due
04/22/32
(SOFR
+
1.320%)(Ê)
290
232
2.299%
due
07/21/32
(SOFR
+
1.220%)(Ê)
270
208
4.571%
due
04/27/33
(SOFR
+
1.830%)(Ê)
290
265
2.482%
due
09/21/36
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.200%)(Ê)
500
367
3.311%
due
04/22/42
(SOFR
+
1.580%)(Ê)
220
161
Series
GMTN
3.500%
due
04/19/26
80
76
Series
MTN
4.000%
due
01/22/25
45
44
4.450%
due
03/03/26
30
29
4.271%
due
07/23/29
(USD
3
Month
LIBOR
+
1.310%)(Ê)
110
103
3.974%
due
02/07/30
(USD
3
Month
LIBOR
+
1.210%)(Ê)
260
236
2.884%
due
10/22/30
(USD
3
Month
LIBOR
+
1.190%)(Ê)
200
167
1.922%
due
10/24/31
(SOFR
+
1.370%)(Ê)
700
535
2.676%
due
06/19/41
(SOFR
+
1.930%)(Ê)
90
61
4.330%
due
03/15/50
(USD
3
Month
LIBOR
+
1.520%)(Ê)
30
25
Bank
of
New
York
Mellon
Corp.
(The)
5.834%
due
10/25/33
(SOFR
+
2.074%)(Ê)
80
83
Becton
Dickinson
and
Co.
3.363%
due
06/06/24
900
879
4.685%
due
12/15/44
8
7
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
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
$
Bed
Bath
&
Beyond,
Inc.
3.749%
due
08/01/24
270
62
Berkshire
Hathaway
Energy
Co.
Series
WI
4.050%
due
04/15/25
699
688
Berkshire
Hathaway
Finance
Corp.
1.450%
due
10/15/30
994
791
Berkshire
Hathaway,
Inc.
3.125%
due
03/15/26
684
655
Berry
Petroleum
Corp.
7.000%
due
02/15/26
(Þ)
290
266
Blackstone
Holdings
Finance
Co.
LLC
3.150%
due
10/02/27
(Þ)
871
785
6.200%
due
04/22/33
(Þ)
420
423
3.200%
due
01/30/52
(Þ)
110
70
Blackstone
Mortgage
Trust,
Inc.
5.500%
due
03/15/27
100
85
Boardwalk
Pipelines,
LP
4.800%
due
05/03/29
710
668
Boeing
Co.
(The)
4.875%
due
05/01/25
220
218
2.196%
due
02/04/26
330
300
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
105
5.150%
due
05/01/30
250
244
3.250%
due
02/01/35
160
122
5.705%
due
05/01/40
90
86
3.750%
due
02/01/50
210
144
3.950%
due
08/01/59
190
128
Bon
Secours
Mercy
Health,
Inc.
3.464%
due
06/01/30
90
80
BP
Capital
Markets
America,
Inc.
3.000%
due
02/24/50
190
127
Brandywine
Operating
Partnership,
LP
4.100%
due
10/01/24
874
832
Bristol-Myers
Squibb
Co.
2.350%
due
11/13/40
150
103
Series
WI
3.900%
due
02/20/28
380
366
Broadcom,
Inc.
1.950%
due
02/15/28
(Þ)
948
801
3.187%
due
11/15/36
(Þ)
290
208
Brown
&
Brown,
Inc.
4.200%
due
09/15/24
864
848
Brunswick
Corp.
4.400%
due
09/15/32
967
816
Burlington
Northern
Santa
Fe
LLC
4.400%
due
03/15/42
100
89
Cameron
LNG
LLC
3.701%
due
01/15/39
(Þ)
30
24
Capital
One
Financial
Corp.
2.618%
due
11/02/32
(SOFR
+
1.265%)(Ê)
1,013
776
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Carrier
Global
Corp.
Series
WI
2.242%
due
02/15/25
867
817
3.577%
due
04/05/50
40
29
CBRE
Services,
Inc.
2.500%
due
04/01/31
1,007
794
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
4.500%
due
08/15/30
(Þ)
10
8
Series
WI
4.500%
due
05/01/32
150
119
CDW
LLC
/
CDW
Finance
Corp.
4.125%
due
05/01/25
900
874
Centene
Corp.
Series
WI
4.250%
due
12/15/27
80
75
4.625%
due
12/15/29
150
137
3.375%
due
02/15/30
40
34
CenterPoint
Energy
Houston
Electric
LLC
4.500%
due
04/01/44
190
170
CH
Robinson
Worldwide,
Inc.
4.200%
due
04/15/28
845
798
Charles
Schwab
Corp.
(The)
2.000%
due
03/20/28
140
123
Series
G
5.375%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.971%)(Ê)(ƒ)
210
205
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
191
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2.250%
due
01/15/29
410
330
3.500%
due
06/01/41
150
98
3.500%
due
03/01/42
190
122
3.850%
due
04/01/61
60
35
3.950%
due
06/30/62
170
100
Series
WI
6.384%
due
10/23/35
20
19
6.484%
due
10/23/45
639
576
6.834%
due
10/23/55
20
18
Cheniere
Energy
Partners,
LP
Series
WI
3.250%
due
01/31/32
80
64
Chesapeake
Energy
Corp.
5.500%
due
02/01/26
(Þ)
100
96
Chevron
Corp.
1.554%
due
05/11/25
894
832
0.687%
due
08/12/25
946
855
3.078%
due
05/11/50
10
7
2.343%
due
08/12/50
130
81
Cigna
Corp.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
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
$
2.400%
due
03/15/30
40
34
3.200%
due
03/15/40
90
68
Series
WI
4.375%
due
10/15/28
400
386
4.800%
due
08/15/38
60
56
Cimarex
Energy
Co.
4.375%
due
03/15/29
130
101
CIT
Bank
NA
Series
BKNT
2.969%
due
09/27/25
(CME
Term
SOFR
3
Month
+
1.715%)(Ê)
812
768
Citigroup,
Inc.
0.981%
due
05/01/25
(SOFR
+
0.669%)(Ê)
906
848
3.106%
due
04/08/26
(SOFR
+
2.842%)(Ê)
100
95
2.976%
due
11/05/30
(SOFR
+
1.422%)(Ê)
320
269
2.572%
due
06/03/31
(SOFR
+
2.107%)(Ê)
220
178
2.561%
due
05/01/32
(SOFR
+
1.167%)(Ê)
560
442
3.785%
due
03/17/33
(SOFR
+
1.939%)(Ê)
10
9
8.125%
due
07/15/39
370
455
4.650%
due
07/23/48
35
30
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
188
Clorox
Co.
(The)
1.800%
due
05/15/30
220
175
CNH
Industrial
Capital
LLC
3.950%
due
05/23/25
844
819
Coca-Cola
Co.
(The)
3.450%
due
03/25/30
906
843
1.375%
due
03/15/31
90
70
4.125%
due
03/25/40
50
43
2.500%
due
06/01/40
10
7
Comcast
Corp.
3.700%
due
04/15/24
901
887
4.150%
due
10/15/28
110
105
4.250%
due
10/15/30
120
115
7.050%
due
03/15/33
150
173
6.500%
due
11/15/35
19
21
3.250%
due
11/01/39
10
8
3.750%
due
04/01/40
10
8
3.400%
due
07/15/46
20
15
4.000%
due
03/01/48
80
64
Series
WI
2.887%
due
11/01/51
184
118
2.937%
due
11/01/56
30
19
2.987%
due
11/01/63
117
71
CommonSpirit
Health
2.782%
due
10/01/30
80
66
3.910%
due
10/01/50
90
67
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Commonwealth
Edison
Co.
6.450%
due
01/15/38
120
131
Conagra
Brands,
Inc.
1.375%
due
11/01/27
971
809
Constellation
Brands,
Inc.
4.750%
due
11/15/24
836
830
Consumers
Energy
Co.
2.500%
due
05/01/60
30
17
Continental
Resources,
Inc.
2.268%
due
11/15/26
(Þ)
80
69
2.875%
due
04/01/32
(Þ)
120
89
Series
WI
4.375%
due
01/15/28
260
238
Corning,
Inc.
3.900%
due
11/15/49
40
29
Costco
Wholesale
Corp.
2.750%
due
05/18/24
904
880
1.600%
due
04/20/30
120
98
Coterra
Energy,
Inc.
Series
WI
3.900%
due
05/15/27
160
149
4.375%
due
03/15/29
330
312
Crown
Castle
International
Corp.
3.200%
due
09/01/24
855
826
CVS
Health
Corp.
3.625%
due
04/01/27
40
38
4.300%
due
03/25/28
101
98
3.250%
due
08/15/29
70
63
3.750%
due
04/01/30
110
100
2.125%
due
09/15/31
120
95
4.780%
due
03/25/38
260
237
4.125%
due
04/01/40
40
33
5.050%
due
03/25/48
55
49
Danaher
Corp.
3.350%
due
09/15/25
831
800
DCP
Midstream
Operating,
LP
3.250%
due
02/15/32
110
91
6.450%
due
11/03/36
(Þ)
50
49
Dell
International
LLC
/
EMC
Corp.
Series
WI
8.100%
due
07/15/36
65
73
Delta
Air
Lines,
Inc.
7.000%
due
05/01/25
(Þ)
790
807
7.375%
due
01/15/26
210
215
3.750%
due
10/28/29
30
25
Delta
Air
Lines,
Inc.
/
SkyMiles
IP,
Ltd.
4.500%
due
10/20/25
(Þ)
250
244
4.750%
due
10/20/28
(Þ)
320
301
Devon
Energy
Corp.
5.850%
due
12/15/25
140
143
5.600%
due
07/15/41
90
84
5.000%
due
06/15/45
160
138
Series
WI
5.250%
due
10/15/27
19
19
5.875%
due
06/15/28
153
155
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
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
$
4.500%
due
01/15/30
220
205
Diamondback
Energy,
Inc.
3.500%
due
12/01/29
280
246
4.400%
due
03/24/51
160
122
DISH
DBS
Corp.
5.750%
due
12/01/28
(Þ)
150
120
Series
WI
7.750%
due
07/01/26
10
8
DISH
Network
Corp.
2.375%
due
03/15/24
310
279
Dollar
General
Corp.
4.150%
due
11/01/25
821
803
Dominion
Energy,
Inc.
Series
C
3.375%
due
04/01/30
80
70
Duke
Energy
Carolinas
LLC
6.100%
due
06/01/37
190
197
4.000%
due
09/30/42
100
83
Duke
Energy
Corp.
3.400%
due
06/15/29
892
800
Duke
Energy
Indiana
LLC
Series
YYY
3.250%
due
10/01/49
80
56
Edison
International
4.950%
due
04/15/25
160
157
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
164
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
92
El
Paso
Natural
Gas
Co.
LLC
7.500%
due
11/15/26
350
371
Elevance
Health,
Inc.
4.101%
due
03/01/28
50
48
4.100%
due
05/15/32
310
288
5.500%
due
10/15/32
300
307
4.375%
due
12/01/47
10
9
4.850%
due
08/15/54
783
654
Enbridge
Energy
Partners,
LP
7.375%
due
10/15/45
484
541
Energy
Transfer,
LP
7.600%
due
02/01/24
50
51
4.250%
due
04/01/24
875
859
4.500%
due
04/15/24
290
286
2.900%
due
05/15/25
30
28
5.500%
due
06/01/27
220
218
5.250%
due
04/15/29
30
29
3.750%
due
05/15/30
140
123
5.300%
due
04/01/44
10
8
6.250%
due
04/15/49
30
28
Series
10Y
4.950%
due
06/15/28
40
39
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
B
6.625%
due
12/31/99
(USD
3
Month
LIBOR
+
4.155%)(Ê)(ƒ)
110
82
Series
F
6.750%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.134%)(Ê)(ƒ)
450
389
Series
G
7.125%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.306%)(Ê)(ƒ)
670
559
Series
H
6.500%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.694%)(Ê)(ƒ)
170
146
Enstar
Group,
Ltd.
4.950%
due
06/01/29
866
794
Enterprise
Products
Operating
LLC
3.900%
due
02/15/24
30
30
4.150%
due
10/16/28
150
142
2.800%
due
01/31/30
100
85
7.550%
due
04/15/38
20
22
5.700%
due
02/15/42
40
39
4.850%
due
03/15/44
60
53
3.700%
due
01/31/51
140
101
3.300%
due
02/15/53
160
106
5.375%
due
02/15/78
(USD
3
Month
LIBOR
+
2.570%)(Ê)
430
328
Series
D
6.875%
due
03/01/33
794
867
EOG
Resources,
Inc.
4.150%
due
01/15/26
40
39
4.375%
due
04/15/30
130
126
EPR
Properties
Co.
3.750%
due
08/15/29
969
759
EQM
Midstream
Partners,
LP
7.500%
due
06/01/27
(Þ)
120
118
EQT
Corp.
5.678%
due
10/01/25
110
109
3.125%
due
05/15/26
(Þ)
80
74
3.900%
due
10/01/27
160
148
5.000%
due
01/15/29
10
9
7.000%
due
02/01/30
100
104
3.625%
due
05/15/31
(Þ)
30
25
Equifax,
Inc.
2.350%
due
09/15/31
310
241
Equities
Corp.
6.125%
due
02/01/25
250
251
Extra
Space
Storage,
LP
3.900%
due
04/01/29
70
63
Exxon
Mobil
Corp.
2.992%
due
03/19/25
859
827
3.482%
due
03/19/30
120
112
4.227%
due
03/19/40
100
90
4.114%
due
03/01/46
40
34
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
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
$
4.327%
due
03/19/50
10
9
3.452%
due
04/15/51
30
23
Fidelity
&
Guaranty
Life
Holdings,
Inc.
5.500%
due
05/01/25
(Þ)
50
49
FirstEnergy
Corp.
Series
B
3.900%
due
07/15/27
80
74
Series
C
4.850%
due
07/15/47
50
45
Florida
Gas
Transmission
Co.
LLC
2.300%
due
10/01/31
(Þ)
420
321
Florida
Power
&
Light
Co.
3.150%
due
10/01/49
40
29
Ford
Motor
Co.
3.250%
due
02/12/32
120
90
4.750%
due
01/15/43
40
29
Ford
Motor
Credit
Co.
LLC
3.664%
due
09/08/24
200
191
2.300%
due
02/10/25
300
274
2.700%
due
08/10/26
200
174
4.950%
due
05/28/27
200
187
Fortinet,
Inc.
2.200%
due
03/15/31
130
100
Fox
Corp.
Series
WI
5.476%
due
01/25/39
80
73
Freeport-McMoRan,
Inc.
5.400%
due
11/14/34
190
179
FS
KKR
Capital
Corp.
3.400%
due
01/15/26
921
817
General
Dynamics
Corp.
3.250%
due
04/01/25
876
849
3.625%
due
04/01/30
100
93
4.250%
due
04/01/40
160
146
4.250%
due
04/01/50
50
44
General
Motors
Co.
6.125%
due
10/01/25
270
275
5.600%
due
10/15/32
80
74
6.250%
due
10/02/43
40
37
6.750%
due
04/01/46
40
38
Genting
New
York
LLC
3.300%
due
02/15/26
(Þ)
440
385
Georgia
Power
Co.
3.250%
due
03/30/27
858
793
Gilead
Sciences,
Inc.
5.650%
due
12/01/41
50
51
GLP
Capital,
LP
/
GLP
Financing
II,
Inc.
5.375%
due
04/15/26
653
641
Goldman
Sachs
BDC,
Inc.
2.875%
due
01/15/26
860
788
Goldman
Sachs
Group,
Inc.
(The)
4.250%
due
10/21/25
140
137
3.500%
due
11/16/26
90
84
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.615%
due
03/15/28
(SOFR
+
1.846%)(Ê)
290
270
3.691%
due
06/05/28
(USD
3
Month
LIBOR
+
1.510%)(Ê)
200
186
4.223%
due
05/01/29
(USD
3
Month
LIBOR
+
1.301%)(Ê)
50
47
3.800%
due
03/15/30
300
270
2.650%
due
10/21/32
(SOFR
+
1.264%)(Ê)
190
150
5.150%
due
05/22/45
70
63
Series
DMTN
2.383%
due
07/21/32
(SOFR
+
1.248%)(Ê)
590
458
Golub
Capital
BDC,
Inc.
2.050%
due
02/15/27
1,009
820
Halliburton
Co.
4.850%
due
11/15/35
60
56
Harris
Corp.
4.400%
due
06/15/28
859
822
Hawaiian
Brand
Intellectual
Property,
Ltd.
/
HawaiianMiles
Loyalty,
Ltd.
5.750%
due
01/20/26
(Þ)
850
769
HCA,
Inc.
5.250%
due
06/15/26
791
781
5.125%
due
06/15/39
50
45
Hercules
Capital,
Inc.
3.375%
due
01/20/27
966
828
Hershey
Co.
(The)
1.700%
due
06/01/30
160
128
Home
Depot,
Inc.
(The)
3.000%
due
04/01/26
828
788
3.900%
due
12/06/28
10
10
2.700%
due
04/15/30
80
70
3.300%
due
04/15/40
50
40
3.350%
due
04/15/50
10
7
Host
Hotels
&
Resorts,
LP
Series
F
4.500%
due
02/01/26
814
780
Howmet
Aerospace,
Inc.
6.875%
due
05/01/25
240
246
HSBC
Holdings
PLC
7.200%
due
07/15/97
457
480
Humana,
Inc.
4.500%
due
04/01/25
20
20
5.875%
due
03/01/33
220
227
4.625%
due
12/01/42
20
17
4.950%
due
10/01/44
20
18
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
728
Huntington
Ingalls
Industries,
Inc.
Series
WI
3.483%
due
12/01/27
900
817
ILFC
E-Capital
Trust
I
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
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
$
6.288%
due
12/21/65
(~)(Ê)(Þ)
100
59
ILFC
E-Capital
Trust
II
6.538%
due
12/21/65
(~)(Ê)(Þ)
100
64
Intel
Corp.
2.800%
due
08/12/41
110
77
4.900%
due
08/05/52
60
53
3.200%
due
08/12/61
130
81
Series
WI
3.734%
due
12/08/47
10
7
Inter-American
Development
Bank
Series
GMTN
4.267%
due
02/04/25
(SOFR
+
0.250%)(Ê)
1,230
1,232
Intercontinental
Exchange,
Inc.
4.600%
due
03/15/33
220
210
4.950%
due
06/15/52
40
37
International
Flavors
&
Fragrances,
Inc.
1.230%
due
10/01/25
(Þ)
919
812
Invitation
Homes,
Inc.
2.300%
due
11/15/28
971
803
4.150%
due
04/15/32
310
271
Jefferies
Financial
Group,
Inc.
6.625%
due
10/23/43
761
731
Johnson
&
Johnson
2.100%
due
09/01/40
130
89
Johnson
Controls
International
PLC
3.625%
due
07/02/24
(~)(Ê)
839
820
JPMorgan
Chase
&
Co.
5.546%
due
12/15/25
(SOFR
+
1.070%)(Ê)
410
410
4.203%
due
07/23/29
(USD
3
Month
LIBOR
+
1.260%)(Ê)
40
37
4.452%
due
12/05/29
(USD
3
Month
LIBOR
+
1.330%)(Ê)
40
38
8.750%
due
09/01/30
280
326
2.522%
due
04/22/31
(SOFR
+
2.040%)(Ê)
120
98
2.956%
due
05/13/31
(SOFR
+
2.515%)(Ê)
330
272
1.953%
due
02/04/32
(SOFR
+
1.065%)(Ê)
340
260
2.580%
due
04/22/32
(SOFR
+
1.250%)(Ê)
390
312
2.545%
due
11/08/32
(SOFR
+
1.180%)(Ê)
80
63
4.586%
due
04/26/33
(SOFR
+
1.800%)(Ê)
280
259
4.260%
due
02/22/48
(USD
3
Month
LIBOR
+
1.580%)(Ê)
80
65
3.328%
due
04/22/52
(SOFR
+
1.580%)(Ê)
120
81
Series
KK
3.650%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.850%)(Ê)(ƒ)
190
163
Kaiser
Foundation
Hospitals
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.150%
due
05/01/47
30
25
Series
2019
3.266%
due
11/01/49
30
22
Series
2021
2.810%
due
06/01/41
80
58
3.002%
due
06/01/51
20
14
Keurig
Dr
Pepper,
Inc.
3.400%
due
11/15/25
833
799
Keysight
Technologies,
Inc.
3.000%
due
10/30/29
921
798
Kimco
Realty
Corp.
2.250%
due
12/01/31
310
238
Kinder
Morgan
Energy
Partners,
LP
7.300%
due
08/15/33
50
54
5.500%
due
03/01/44
20
18
Kinder
Morgan,
Inc.
4.300%
due
06/01/25
90
88
5.550%
due
06/01/45
80
73
5.050%
due
02/15/46
30
25
KKR
Group
Finance
Co.
II
LLC
5.500%
due
02/01/43
(Þ)
10
9
KLA
Corp.
4.650%
due
07/15/32
130
127
4.950%
due
07/15/52
20
19
Kroger
Co.
(The)
3.500%
due
02/01/26
828
791
5.150%
due
08/01/43
20
18
Kyndryl
Holdings,
Inc.
Series
WI
3.150%
due
10/15/31
320
213
4.100%
due
10/15/41
230
138
L3Harris
Technologies,
Inc.
2.900%
due
12/15/29
240
205
Laboratory
Corp.
of
America
Holdings
3.250%
due
09/01/24
886
859
Lam
Research
Corp.
1.900%
due
06/15/30
140
114
2.875%
due
06/15/50
60
40
Las
Vegas
Sands
Corp.
3.200%
due
08/08/24
750
709
2.900%
due
06/25/25
940
864
Lennar
Corp.
Series
WI
5.000%
due
06/15/27
10
10
Lennox
International,
Inc.
1.700%
due
08/01/27
110
94
Life
Storage,
LP
4.000%
due
06/15/29
882
790
Lincoln
National
Corp.
Series
C
9.250%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.318%)(Ê)(ƒ)
120
127
Lithia
Motors,
Inc.
4.625%
due
12/15/27
(Þ)
60
54
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
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
$
3.875%
due
06/01/29
(Þ)
50
41
Lockheed
Martin
Corp.
1.850%
due
06/15/30
70
57
3.900%
due
06/15/32
100
94
4.500%
due
05/15/36
10
10
4.150%
due
06/15/53
70
59
4.300%
due
06/15/62
80
67
Loews
Corp.
6.000%
due
02/01/35
601
621
Lowe's
Cos.,
Inc.
4.500%
due
04/15/30
50
48
1.700%
due
10/15/30
90
70
2.800%
due
09/15/41
90
61
3.000%
due
10/15/50
190
121
Series
3-RD
3.375%
due
09/15/25
834
801
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
115
5.050%
due
03/15/42
(Þ)
520
398
5.141%
due
03/15/52
(Þ)
310
225
Main
Street
Capital
Corp.
5.200%
due
05/01/24
728
718
Markel
Corp.
4.300%
due
11/01/47
699
546
Mars,
Inc.
2.375%
due
07/16/40
(Þ)
240
163
Marsh
&
McLennan
Cos.,
Inc.
2.375%
due
12/15/31
220
178
Massachusetts
Mutual
Life
Insurance
Co.
3.375%
due
04/15/50
(Þ)
70
48
Mastercard,
Inc.
3.850%
due
03/26/50
60
50
McDonald's
Corp.
3.800%
due
04/01/28
50
48
4.700%
due
12/09/35
716
685
Series
MTN
3.500%
due
07/01/27
60
57
3.600%
due
07/01/30
70
64
4.450%
due
03/01/47
40
35
4.450%
due
09/01/48
80
70
3.625%
due
09/01/49
10
8
4.200%
due
04/01/50
70
58
MDC
Holdings,
Inc.
2.500%
due
01/15/31
160
115
6.000%
due
01/15/43
50
41
Merck
&
Co.,
Inc.
2.350%
due
06/24/40
40
28
Meta
Platforms,
Inc.
Series
WI
3.500%
due
08/15/27
879
819
3.850%
due
08/15/32
100
88
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.450%
due
08/15/52
90
72
Micron
Technology,
Inc.
2.703%
due
04/15/32
140
105
Microsoft
Corp.
3.300%
due
02/06/27
871
839
3.450%
due
08/08/36
80
71
2.921%
due
03/17/52
96
68
Mid-America
Apartments,
LP
3.750%
due
06/15/24
890
872
MidAmerican
Energy
Co.
3.650%
due
04/15/29
50
47
3.150%
due
04/15/50
110
78
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets,
Ltd.
6.500%
due
06/20/27
(Þ)
144
143
Molson
Coors
Beverage
Co.
4.200%
due
07/15/46
40
31
Mondelez
International
Holdings
Netherlands
BV
2.250%
due
09/19/24
(Þ)
690
656
Mondelez
International,
Inc.
1.875%
due
10/15/32
981
744
2.625%
due
09/04/50
40
25
Morgan
Stanley
2.188%
due
04/28/26
(SOFR
+
1.990%)(Ê)
70
65
1.593%
due
05/04/27
(SOFR
+
0.879%)(Ê)
70
61
6.342%
due
10/18/33
(SOFR
+
2.560%)(Ê)
90
94
2.484%
due
09/16/36
(SOFR
+
1.360%)(Ê)
420
305
5.297%
due
04/20/37
(SOFR
+
2.620%)(Ê)
130
119
3.217%
due
04/22/42
(SOFR
+
1.485%)(Ê)
240
178
Series
GMTN
4.431%
due
01/23/30
(USD
3
Month
LIBOR
+
1.628%)(Ê)
10
9
2.239%
due
07/21/32
(SOFR
+
1.178%)(Ê)
170
130
Series
MTN
3.622%
due
04/01/31
(SOFR
+
3.120%)(Ê)
80
70
MPLX,
LP
4.800%
due
02/15/29
50
48
4.500%
due
04/15/38
170
143
4.700%
due
04/15/48
70
55
Series
0006
5.200%
due
03/01/47
30
25
National
General
Holdings
Corp.
Series
0000
6.750%
due
05/15/24
(Þ)
610
613
NBCUniversal
Media
LLC
4.450%
due
01/15/43
7
6
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
89
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Nestle
Holdings,
Inc.
0.606%
due
09/14/24
(Þ)
882
822
New
York
Life
Insurance
Co.
3.750%
due
05/15/50
(Þ)
150
115
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
797
NextEra
Energy
Operating
Partners,
LP
4.250%
due
07/15/24
(Þ)
60
58
NGPL
PipeCo
LLC
7.768%
due
12/15/37
(Þ)
553
575
Nissan
Motor
Acceptance
Corp.
1.050%
due
03/08/24
(Þ)
90
84
Northrop
Grumman
Corp.
5.150%
due
05/01/40
160
156
5.050%
due
11/15/40
30
29
5.250%
due
05/01/50
60
59
Series
000N
4.030%
due
10/15/47
30
25
Northwest
Pipeline
LLC
7.125%
due
12/01/25
250
258
Series
WI
4.000%
due
04/01/27
60
57
Northwestern
Mutual
Life
Insurance
Co.
(The)
3.450%
due
03/30/51
(Þ)
320
223
3.625%
due
09/30/59
(Þ)
80
55
NRG
Energy,
Inc.
2.450%
due
12/02/27
(Þ)
390
323
NVIDIA
Corp.
3.500%
due
04/01/40
30
24
3.500%
due
04/01/50
50
38
Occidental
Petroleum
Corp.
6.950%
due
07/01/24
5
5
5.550%
due
03/15/26
110
110
7.950%
due
06/15/39
50
54
4.100%
due
02/15/47
20
15
Ohio
Edison
Co.
5.500%
due
01/15/33
(Þ)
90
89
Oncor
Electric
Delivery
Co.
LLC
4.150%
due
06/01/32
(Þ)
40
38
3.100%
due
09/15/49
80
57
Oracle
Corp.
2.875%
due
03/25/31
50
41
6.250%
due
11/09/32
370
387
4.300%
due
07/08/34
648
569
4.000%
due
07/15/46
220
160
6.900%
due
11/09/52
30
32
Otis
Worldwide
Corp.
Series
WI
2.056%
due
04/05/25
872
816
2.565%
due
02/15/30
60
50
Owl
Rock
Capital
Corp.
4.250%
due
01/15/26
939
862
Pacific
Gas
and
Electric
Co.
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.100%
due
08/01/27
30
26
3.000%
due
06/15/28
90
78
2.500%
due
02/01/31
50
39
3.300%
due
08/01/40
20
14
4.750%
due
02/15/44
70
54
4.950%
due
07/01/50
60
46
3.500%
due
08/01/50
20
12
Series
WI
3.300%
due
12/01/27
950
838
Park-Ohio
Industries,
Inc.
Series
WI
6.625%
due
04/15/27
240
163
Parsley
Energy
LLC
/
Parsley
Finance
Corp.
4.125%
due
02/15/28
(Þ)
10
9
PayPal
Holdings,
Inc.
4.400%
due
06/01/32
170
160
3.250%
due
06/01/50
60
41
5.050%
due
06/01/52
20
18
PepsiCo,
Inc.
2.625%
due
03/19/27
887
824
1.625%
due
05/01/30
10
8
3.900%
due
07/18/32
150
141
PerkinElmer,
Inc.
3.300%
due
09/15/29
923
803
Pfizer,
Inc.
2.550%
due
05/28/40
60
43
PG&E
Wildfire
Recovery
Funding
LLC
Series
A-3
5.081%
due
06/01/41
120
115
Series
A-4
5.212%
due
12/01/47
30
29
Philip
Morris
International,
Inc.
2.100%
due
05/01/30
70
57
1.750%
due
11/01/30
280
219
6.375%
due
05/16/38
664
707
Physicians
Realty
Trust
4.300%
due
03/15/27
838
790
Piedmont
Natural
Gas
Co.,
Inc.
3.500%
due
06/01/29
869
796
Pioneer
Natural
Resources
Co.
1.125%
due
01/15/26
908
809
2.150%
due
01/15/31
280
221
Plains
All
American
Pipeline,
LP
/
PAA
Finance
Corp.
Series
WI
6.700%
due
05/15/36
10
10
Procter
&
Gamble
Co.
(The)
2.850%
due
08/11/27
882
824
3.000%
due
03/25/30
60
55
1.200%
due
10/29/30
100
78
5.500%
due
02/01/34
100
105
Progress
Energy,
Inc.
7.000%
due
10/30/31
559
610
Prologis,
LP
1.250%
due
10/15/30
230
174
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
90
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Prospect
Capital
Corp.
3.706%
due
01/22/26
1,003
878
Prudential
Financial,
Inc.
6.000%
due
09/01/52
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.234%)(Ê)
901
871
Public
Storage
0.875%
due
02/15/26
972
861
QUALCOMM,
Inc.
4.250%
due
05/20/32
120
115
4.500%
due
05/20/52
50
44
Radian
Group,
Inc.
4.500%
due
10/01/24
878
847
Range
Resources
Corp.
Series
WI
4.875%
due
05/15/25
230
218
Raytheon
Technologies
Corp.
4.625%
due
11/16/48
130
117
Regeneron
Pharmaceuticals,
Inc.
1.750%
due
09/15/30
1,093
844
Republic
Services,
Inc.
2.500%
due
08/15/24
868
832
3.375%
due
11/15/27
230
214
Resorts
World
Las
Vegas
LLC
/
RWLV
Capital,
Inc.
4.625%
due
04/16/29
(Þ)
809
574
Roche
Holdings,
Inc.
3.000%
due
11/10/25
(Þ)
842
805
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-Issuer,
Inc.
2.875%
due
10/15/26
(Þ)
100
86
Roper
Technologies,
Inc.
1.400%
due
09/15/27
952
805
RPM
International,
Inc.
3.750%
due
03/15/27
909
846
S&P
Global,
Inc.
1.250%
due
08/15/30
40
31
3.250%
due
12/01/49
20
14
Sabra
Health
Care,
LP
/
Sabra
Capital
Corp.
3.900%
due
10/15/29
921
771
Salesforce.com,
Inc.
1.950%
due
07/15/31
50
40
2.900%
due
07/15/51
80
52
3.050%
due
07/15/61
70
44
San
Diego
Gas
&
Electric
Co.
Series
RRR
3.750%
due
06/01/47
100
78
Series
VVV
1.700%
due
10/01/30
240
190
Santander
Holdings
USA,
Inc.
5.807%
due
09/09/26
(SOFR
+
2.328%)(Ê)
860
854
Sempra
Energy
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.125%
due
04/01/52
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.868%)(Ê)
953
738
Senior
Housing
Properties
Trust
4.750%
due
05/01/24
120
101
Sherwin-Williams
Co.
(The)
3.450%
due
06/01/27
861
808
Simon
Property
Group,
LP
3.500%
due
09/01/25
100
96
Southern
California
Edison
Co.
2.250%
due
06/01/30
150
124
3.650%
due
02/01/50
110
80
Series
C
4.125%
due
03/01/48
130
104
Series
G
2.500%
due
06/01/31
120
99
Southern
Co.
(The)
Series
21-B
1.750%
due
03/15/28
951
801
Southern
Co.
Gas
Capital
Corp.
6.000%
due
10/01/34
196
192
Southwest
Airlines
Co.
5.250%
due
05/04/25
70
70
Southwestern
Energy
Co.
4.750%
due
02/01/32
50
43
Spirit
Loyalty
Cayman,
Ltd.
/
Spirit
IP
Cayman,
Ltd.
Series
144a
8.000%
due
09/20/25
(Þ)
170
171
Spirit
Realty
Capital,
Inc.
3.200%
due
01/15/27
949
841
Sprint
Corp.
Series
WI
7.125%
due
06/15/24
500
510
STORE
Capital
Corp.
4.500%
due
03/15/28
938
846
Sun
Communities,
Inc.
2.700%
due
07/15/31
1,087
858
Sunoco
Logistics
Partners
Operations,
LP
3.900%
due
07/15/26
90
85
SVB
Financial
Group
4.570%
due
04/29/33
(SOFR
+
1.967%)(Ê)
360
319
Synchrony
Financial
3.950%
due
12/01/27
793
707
Targa
Resources
Corp.
5.200%
due
07/01/27
230
225
4.200%
due
02/01/33
150
129
Targa
Resources
Partners,
LP
/
Targa
Resources
Partners
Finance
Corp.
5.500%
due
03/01/30
30
28
4.875%
due
02/01/31
220
199
4.000%
due
01/15/32
230
194
Target
Corp.
3.375%
due
04/15/29
140
130
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
91
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
TD
SYNNEX
Corp.
Series
WI
1.250%
due
08/09/24
510
474
Teachers
Insurance
&
Annuity
Association
of
America
4.900%
due
09/15/44
(Þ)
140
128
Tennessee
Gas
Pipeline
Co.
LLC
2.900%
due
03/01/30
(Þ)
430
360
7.625%
due
04/01/37
608
661
Texas
Eastern
Transmission,
LP
3.500%
due
01/15/28
(Þ)
854
776
Texas
Instruments,
Inc.
2.250%
due
09/04/29
90
78
1.750%
due
05/04/30
70
58
3.650%
due
08/16/32
170
158
3.875%
due
03/15/39
80
70
Thermo
Fisher
Scientific,
Inc.
5.300%
due
02/01/44
703
708
Time
Warner
Cable
LLC
6.550%
due
05/01/37
90
86
7.300%
due
07/01/38
180
179
6.750%
due
06/15/39
20
19
5.500%
due
09/01/41
666
553
Time
Warner
Entertainment
Co.,
LP
8.375%
due
07/15/33
100
111
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
272
2.550%
due
02/15/31
824
673
2.700%
due
03/15/32
230
186
3.000%
due
02/15/41
100
71
3.300%
due
02/15/51
120
80
Transcontinental
Gas
Pipe
Line
Co.
LLC
4.450%
due
08/01/42
170
144
Series
WI
7.850%
due
02/01/26
260
277
3.250%
due
05/15/30
50
43
TWDC
Enterprises
18
Corp.
Series
MTNB
7.000%
due
03/01/32
552
625
Union
Pacific
Corp.
6.625%
due
02/01/29
728
794
3.750%
due
02/05/70
40
29
Series
WI
2.891%
due
04/06/36
110
87
3.839%
due
03/20/60
140
108
United
Airlines
Pass-Through
Trust
Series
2020-1
Class
Class
B
4.875%
due
01/15/26
221
210
United
Airlines,
Inc.
4.625%
due
04/15/29
(Þ)
30
26
Series
144a
4.375%
due
04/15/26
(Þ)
330
306
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
United
Parcel
Service,
Inc.
3.900%
due
04/01/25
817
804
UnitedHealth
Group,
Inc.
3.850%
due
06/15/28
70
67
2.000%
due
05/15/30
180
149
5.350%
due
02/15/33
730
753
4.625%
due
07/15/35
100
97
5.700%
due
10/15/40
60
62
4.750%
due
05/15/52
80
74
5.875%
due
02/15/53
60
65
Unum
Group
5.750%
due
08/15/42
796
715
US
Airways
Pass-Through
Trust
Class
A
3.950%
due
11/15/25
142
129
Valeant
Pharmaceuticals
International,
Inc.
5.500%
due
11/01/25
(Þ)
160
136
Verizon
Communications,
Inc.
2.100%
due
03/22/28
1,000
868
3.875%
due
02/08/29
120
113
7.750%
due
12/01/30
100
116
4.500%
due
08/10/33
330
309
5.250%
due
03/16/37
60
59
2.650%
due
11/20/40
90
61
2.850%
due
09/03/41
40
28
4.125%
due
08/15/46
60
48
5.500%
due
03/16/47
10
10
4.000%
due
03/22/50
40
31
2.875%
due
11/20/50
120
75
Series
WI
4.329%
due
09/21/28
53
51
2.987%
due
10/30/56
60
37
VICI
Properties,
Inc.
4.950%
due
02/15/30
80
76
Visa,
Inc.
2.050%
due
04/15/30
60
51
2.700%
due
04/15/40
70
53
Vontier
Corp.
Series
WI
1.800%
due
04/01/26
170
144
2.400%
due
04/01/28
350
280
Vornado
Realty
Trust
3.500%
due
01/15/25
912
851
Voya
Financial,
Inc.
Series
WI
4.700%
due
01/23/48
(USD
3
Month
LIBOR
+
2.084%)(Ê)
944
732
Wachovia
Corp.
5.500%
due
08/01/35
802
779
Walmart,
Inc.
1.050%
due
09/17/26
970
859
1.800%
due
09/22/31
80
65
2.650%
due
09/22/51
90
61
Walt
Disney
Co.
(The)
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
92
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
WI
3.700%
due
09/15/24
827
809
6.650%
due
11/15/37
40
45
5.400%
due
10/01/43
30
30
Waste
Management,
Inc.
3.150%
due
11/15/27
100
93
Wells
Fargo
&
Co.
0.805%
due
05/19/25
(SOFR
+
0.510%)(Ê)
80
75
3.000%
due
04/22/26
140
131
3.000%
due
10/23/26
260
240
3.068%
due
04/30/41
(SOFR
+
2.530%)(Ê)
170
121
5.375%
due
11/02/43
130
121
4.650%
due
11/04/44
10
8
4.750%
due
12/07/46
90
75
5.013%
due
04/04/51
(SOFR
+
4.502%)(Ê)
250
220
4.611%
due
04/25/53
(SOFR
+
2.130%)(Ê)
250
212
Welltower,
Inc.
3.850%
due
06/15/32
80
68
Western
Midstream
Operating,
LP
3.100%
due
02/01/25
330
312
4.650%
due
07/01/26
130
123
4.500%
due
03/01/28
50
46
4.050%
due
02/01/30
180
157
5.450%
due
04/01/44
110
91
5.500%
due
08/15/48
40
33
5.250%
due
02/01/50
60
49
Westinghouse
Air
Brake
Technologies
Corp.
Series
WI
3.450%
due
11/15/26
963
894
Williams
Cos.,
Inc.
(The)
3.750%
due
06/15/27
60
56
7.750%
due
06/15/31
130
143
5.800%
due
11/15/43
35
33
Workday,
Inc.
3.800%
due
04/01/32
280
247
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
7.750%
due
04/15/25
(Þ)
210
209
Zions
Bancorp
NA
3.250%
due
10/29/29
953
779
179,554
International
Debt
-
18.8%
ABN
AMRO
Bank
NV
4.750%
due
07/28/25
(Þ)
861
835
Adani
Ports
&
Special
Economic
Zone,
Ltd.
3.375%
due
07/24/24
(Þ)
515
488
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.150%
due
02/15/24
310
300
3.300%
due
01/30/32
150
117
3.400%
due
10/29/33
150
114
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.850%
due
10/29/41
150
106
Agence
Francaise
de
Developpement
EPIC
Series
EMTN
5.155%
due
11/19/24
(SOFR
+
1.000%)(Ê)
1,200
1,215
Alibaba
Group
Holding,
Ltd.
3.150%
due
02/09/51
290
180
Alimentation
Couche-Tard,
Inc.
3.550%
due
07/26/27
(Þ)
702
649
Anglo
American
Capital
PLC
4.500%
due
03/15/28
(Þ)
360
340
Anheuser-Busch
Cos.
LLC
/
Anheuser-
Busch
InBev
Worldwide,
Inc.
4.900%
due
02/01/46
50
45
Anheuser-Busch
InBev
Worldwide,
Inc.
5.550%
due
01/23/49
50
49
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
999
Series
2021-FL4
Class
A
1.440%
due
11/15/36
(USD
1
Month
LIBOR
+
1.350%)(Ê)(Þ)
1,223
1,179
Series
2022-FL1
Class
A
1.500%
due
01/15/37
(SOFR
30
Day
Average
+
1.450%)(Ê)(Þ)
3,050
2,952
Arbor
Realty
Commercial
Real
Estate
Notes,
Ltd.
Series
2022-FL2
Class
A
6.186%
due
05/15/37
(CME
Term
SOFR
1
Month
+
1.850%)(Ê)(Þ)
2,638
2,577
ArcelorMittal
SA
6.550%
due
11/29/27
150
151
Ares
LXI
CLO,
Ltd.
Series
2021-61A
Class
A
5.393%
due
10/20/34
(USD
3
Month
LIBOR
+
1.150%)(Ê)(Þ)
4,022
3,915
Argentine
Republic
Government
International
Bond
1.000%
due
07/09/29
34
9
0.750%
due
07/09/30
(~)(Ê)
388
105
4.875%
due
07/09/41
(~)(Ê)
160
45
AstraZeneca
PLC
0.700%
due
04/08/26
959
843
Australia
&
New
Zealand
Banking
Group,
Ltd.
4.500%
due
03/19/24
(Þ)
871
860
Avolon
Holdings
Funding,
Ltd.
3.950%
due
07/01/24
(Þ)
20
19
2.875%
due
02/15/25
(Þ)
150
139
Banco
de
Bogota
SA
Series
EMTQ
4.375%
due
08/03/27
(Þ)
877
796
Banco
de
Credito
del
Peru
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
93
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.250%
due
09/30/31
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.450%)(Ê)(Þ)
946
832
Banco
Inbursa
SA
Institucion
de
Banca
Multiple
4.125%
due
06/06/24
(Þ)
711
694
Banco
Internacional
del
Peru
SAA
Interbank
3.250%
due
10/04/26
(Þ)
928
844
Banco
Mercantil
del
Norte
SA
8.375%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
7.760%)(Ê)(ƒ)(Þ)
240
238
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santander
5.375%
due
04/17/25
(Þ)
810
801
Banco
Santander
SA
4.175%
due
03/24/28
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.000%)(Ê)
400
371
Bancolombia
SA
3.000%
due
01/29/25
991
939
Bank
of
Montreal
3.700%
due
06/07/25
821
797
Bank
of
Nova
Scotia
(The)
1.300%
due
06/11/25
881
807
4.588%
due
05/04/37
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.050%)(Ê)
30
26
8.625%
due
10/27/82
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.389%)(Ê)
200
208
Barclays
PLC
5.088%
due
06/20/30
(USD
3
Month
LIBOR
+
3.054%)(Ê)
290
267
4.950%
due
01/10/47
660
562
Barrick
NA
Finance
LLC
5.700%
due
05/30/41
130
131
BAT
Capital
Corp.
2.259%
due
03/25/28
1,024
850
3.734%
due
09/25/40
110
75
Series
WI
3.557%
due
08/15/27
325
297
Bayer
US
Finance
LLC
3.375%
due
10/08/24
(Þ)
726
702
Bellemeade
Re,
Ltd.
2.859%
due
10/25/28
(USD
1
Month
LIBOR
+
2.750%)(Ê)(Þ)
1,780
1,764
Series
2017-1
Class
M2
4.297%
due
10/25/27
(USD
1
Month
LIBOR
+
3.350%)(Ê)(Þ)
235
235
Series
2019-3A
Class
M1C
2.099%
due
07/25/29
(USD
1
Month
LIBOR
+
1.950%)(Ê)(Þ)
2,224
2,204
Series
2020-4A
Class
M2B
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.750%
due
06/25/30
(USD
1
Month
LIBOR
+
3.600%)(Ê)(Þ)
398
397
Series
2021-2A
Class
M1A
1.210%
due
06/25/31
(SOFR
30
Day
Average
+
1.200%)(Ê)(Þ)
1,812
1,794
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
2,255
Bermuda
Government
International
Bond
2.375%
due
08/20/30
(Þ)
380
321
Bharti
Airtel,
Ltd.
4.375%
due
06/10/25
(Þ)
877
852
BNP
Paribas
SA
2.219%
due
06/09/26
(SOFR
+
2.074%)(Ê)(Þ)
350
321
4.625%
due
03/13/27
(Þ)
722
685
4.400%
due
08/14/28
(Þ)
200
189
2.159%
due
09/15/29
(SOFR
+
1.218%)(Ê)(Þ)
270
220
7.750%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.899%)(Ê)(ƒ)(Þ)
650
642
9.250%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.969%)(Ê)(ƒ)(Þ)
200
208
BOC
Aviation
USA
Corp.
1.625%
due
04/29/24
(Þ)
200
190
British
Telecommunications
PLC
9.625%
due
12/15/30
70
84
Brookfield
Finance
LLC
3.450%
due
04/15/50
827
522
Brookfield
Finance,
Inc.
4.350%
due
04/15/30
847
770
Canadian
Imperial
Bank
of
Commerce
3.100%
due
04/02/24
834
814
Canadian
Natural
Resources,
Ltd.
5.850%
due
02/01/35
661
636
Canadian
Pacific
Railway
Co.
2.450%
due
12/02/31
180
149
3.000%
due
12/02/41
70
53
3.100%
due
12/02/51
80
54
6.125%
due
09/15/15
656
658
Celulosa
Arauco
y
Constitucion
SA
Series
WI
4.500%
due
08/01/24
884
870
Chile
Government
International
Bond
2.550%
due
07/27/33
200
157
CI
Financial
Corp.
3.200%
due
12/17/30
1,572
1,192
Colombia
Government
International
Bond
4.000%
due
02/26/24
200
196
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
94
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Comision
Federal
de
Electricidad
3.348%
due
02/09/31
(Þ)
200
156
Cooperatieve
Rabobank
UA
4.375%
due
08/04/25
400
390
3.758%
due
04/06/33
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.420%)(Ê)(Þ)
360
307
CPPIB
Capital,
Inc.
4.125%
due
10/21/24
(Þ)
950
939
Credit
Agricole
SA
4.375%
due
03/17/25
(Þ)
734
708
1.907%
due
06/16/26
(SOFR
+
1.676%)(Ê)(Þ)
928
846
8.125%
due
12/29/49
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
6.185%)(Ê)
(ƒ)(Þ)
600
607
Credit
Suisse
Group
AG
4.282%
due
01/09/28
(Þ)
699
579
6.537%
due
08/12/33
(SOFR
+
3.920%)(Ê)(Þ)
650
570
9.016%
due
11/15/33
(SOFR
+
5.020%)(Ê)(Þ)
250
256
7.500%
due
12/31/49
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
4.598%)(Ê)
(ƒ)(Þ)
310
270
5.250%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.889%)(Ê)(ƒ)(Þ)
200
130
6.375%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.822%)(Ê)(ƒ)(Þ)
360
258
7.250%
due
12/31/99
(USD
ICE
Swap
Rate
NY
5
Year
Rate
+
4.332%)(Ê)(ƒ)(Þ)
200
144
9.750%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
6.383%)(Ê)(ƒ)(Þ)
1,150
1,002
Series
144a
7.500%
due
12/31/99
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
4.600%)(Ê)
(ƒ)(Þ)
200
160
CSL
UK
Holdings,
Ltd.
3.850%
due
04/27/27
(Þ)
60
57
4.050%
due
04/27/29
(Þ)
120
113
4.250%
due
04/27/32
(Þ)
100
94
DAE
Funding
LLC
1.550%
due
08/01/24
(Þ)
220
204
Daimler
Trucks
Finance
NA
LLC
1.625%
due
12/13/24
(Þ)
876
813
Danske
Bank
A/S
3.773%
due
03/28/25
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.450%)(Ê)(Þ)
200
194
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
0.976%
due
09/10/25
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.550%)(Ê)(Þ)
935
854
1.549%
due
09/10/27
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.730%)(Ê)(Þ)
200
171
4.298%
due
04/01/28
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.750%)(Ê)(Þ)
700
644
Delhaize
America,
Inc.
9.000%
due
04/15/31
154
187
Deutsche
Bank
AG
3.700%
due
05/30/24
890
874
1.447%
due
04/01/25
(SOFR
+
1.131%)(Ê)
1,024
951
Deutsche
Telekom
International
Finance
BV
8.750%
due
06/15/30
50
59
E.ON
International
Finance
BV
6.650%
due
04/30/38
(Þ)
621
627
Eagle
Re,
Ltd.
Series
2018-1
Class
M2
3.947%
due
11/25/28
(USD
1
Month
LIBOR
+
3.000%)(Ê)(Þ)
732
733
Series
2021-1
Class
M1B
2.165%
due
10/25/33
(SOFR
30
Day
Average
+
2.150%)(Ê)(Þ)
699
699
Series
2021-2
Class
M1B
2.099%
due
04/25/34
(SOFR
30
Day
Average
+
2.050%)(Ê)(Þ)
1,515
1,475
Ecopetrol
SA
4.625%
due
11/02/31
130
99
5.875%
due
05/28/45
80
56
5.875%
due
11/02/51
70
47
Enbridge,
Inc.
3.700%
due
07/15/27
687
643
Enel
Finance
International
NV
6.800%
due
10/14/25
(Þ)
340
349
3.500%
due
04/06/28
(Þ)
706
618
Equinor
ASA
2.875%
due
04/06/25
894
857
Fairfax
Financial
Holdings,
Ltd.
Series
WI
4.850%
due
04/17/28
810
766
Ferguson
PLC
4.500%
due
10/24/28
(Þ)
906
844
First
Quantum
Minerals,
Ltd.
7.500%
due
04/01/25
(Þ)
400
389
Fresnillo
PLC
4.250%
due
10/02/50
(Þ)
260
205
Garda
World
Security
Corp.
2021
Term
Loan
B
8.930%
due
10/30/26
(USD
3
Month
LIBOR
+
4.250%)(Ê)
69
67
GFL
Environmental,
Inc.
2020
Term
Loan
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
95
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
7.415%
due
05/31/25
(USD
3
Month
LIBOR
+
3.000%)(Ê)
15
15
Glencore
Funding
LLC
4.125%
due
03/12/24
(Þ)
490
482
4.625%
due
04/29/24
(Þ)
40
39
1.625%
due
09/01/25
(Þ)
140
127
4.000%
due
03/27/27
(Þ)
130
123
3.875%
due
10/27/27
(Þ)
50
47
Grifols
Worldwide
Operations
USA,
Inc.
Term
Loan
B
6.384%
due
11/15/27
(USD
1
Month
LIBOR
+
2.000%)(Ê)
178
172
Grupo
Bimbo
SAB
de
CV
3.875%
due
06/27/24
(Þ)
879
861
Hana
Bank
4.375%
due
09/30/24
(Þ)
874
852
HGI
CRE
CLO,
Ltd.
Series
2021-FL1
Class
A
1.160%
due
06/16/36
(USD
1
Month
LIBOR
+
1.050%)(Ê)(Þ)
1,936
1,870
Series
2021-FL2
Class
A
1.200%
due
09/19/26
(USD
1
Month
LIBOR
+
1.000%)(Ê)(Þ)
2,486
2,358
Highlands
Holdings
Bond
Issuer,
Ltd.
/
Highlands
Holdings
Bond
Co.-Issuer,
Inc.
7.625%
due
10/15/25
(Þ)
502
467
Home
RE,
Ltd.
Series
2020-1
Class
M2
7.509%
due
10/25/30
(USD
1
Month
LIBOR
+
5.250%)(Ê)(Þ)
3,330
3,358
Series
2021-1
Class
M1C
2.423%
due
07/25/33
(USD
1
Month
LIBOR
+
2.300%)(Ê)(Þ)
3,204
3,102
HSBC
Holdings
PLC
2.099%
due
06/04/26
(SOFR
+
1.929%)(Ê)
200
182
4.041%
due
03/13/28
(USD
3
Month
LIBOR
+
1.546%)(Ê)
410
378
7.625%
due
05/17/32
669
682
2.804%
due
05/24/32
(SOFR
+
1.187%)(Ê)
230
178
4.762%
due
03/29/33
(SOFR
+
2.530%)(Ê)
210
182
ICICI
Bank,
Ltd.
4.000%
due
03/18/26
(Þ)
782
744
Infraestuctura
Energetica
Nova
SAB
de
CV
3.750%
due
01/14/28
(Þ)
892
796
ING
Groep
NV
3.950%
due
03/29/27
897
850
4.252%
due
03/28/33
(SOFR
+
2.070%)(Ê)
380
335
Intercorp
Financial
Services,
Inc.
4.125%
due
10/19/27
(Þ)
938
826
Intesa
Sanpaolo
SpA
5.017%
due
06/26/24
(Þ)
600
577
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
7.000%
due
11/21/25
(Þ)
400
408
4.950%
due
06/01/42
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.750%)(Ê)(Þ)
200
128
Jordan
Government
International
Bond
4.950%
due
07/07/25
(Þ)
230
220
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
853
Lamar
Funding,
Ltd.
3.958%
due
05/07/25
(Þ)
200
189
LCM
XXIII,
Ltd.
Series
2020-23A
Class
A1R
2.205%
due
10/20/29
(USD
3
Month
LIBOR
+
1.070%)(Ê)(Þ)
929
917
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
313
7.500%
due
12/31/99
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
4.496%)(Ê)
(ƒ)
200
193
Series
WI
4.582%
due
12/10/25
827
801
Madison
Park
Funding
XLVIII,
Ltd.
Series
2021-48A
Class
A
5.377%
due
04/19/33
(USD
3
Month
LIBOR
+
1.150%)(Ê)(Þ)
1,158
1,139
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
1,895
Madison
Park
Funding
XXIII,
Ltd.
Series
2021-23A
Class
AR
5.328%
due
07/27/31
(USD
3
Month
LIBOR
+
0.970%)(Ê)(Þ)
4,194
4,140
Magnetite
XV,
Ltd.
Series
2018-15A
Class
AR
3.793%
due
07/25/31
(USD
3
Month
LIBOR
+
1.010%)(Ê)(Þ)
529
519
Magnetite
Xxxiii,
Ltd.
Series
2022-33A
Class
A
4.545%
due
07/20/35
(CME
Term
SOFR
3
Month
+
1.500%)(Ê)(Þ)
3,893
3,834
MEG
Energy
Corp.
7.125%
due
02/01/27
(Þ)
100
102
Meituan
2.125%
due
10/28/25
(Þ)
976
864
Melco
Resorts
Finance,
Ltd.
5.375%
due
12/04/29
(Þ)
240
192
Mexico
Government
International
Bond
3.500%
due
02/12/34
240
192
4.350%
due
01/15/47
410
308
Mitsubishi
UFJ
Financial
Group,
Inc.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
96
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.080%
due
04/19/28
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.300%)(Ê)
200
189
NatWest
Group
PLC
5.516%
due
09/30/28
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.270%)(Ê)
863
852
3.754%
due
11/01/29
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.100%)(Ê)
200
185
Neuberger
Berman
CLO
XV,
Ltd.
Series
2021-15A
Class
A1R2
4.999%
due
10/15/29
(USD
3
Month
LIBOR
+
0.920%)(Ê)(Þ)
2,766
2,732
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)
581
574
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
201
Nissan
Motor
Co.,
Ltd.
3.522%
due
09/17/25
(Þ)
480
446
Nomura
Holdings,
Inc.
1.851%
due
07/16/25
891
812
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
831
Novartis
Capital
Corp.
3.400%
due
05/06/24
815
798
NTT
Finance
Corp.
2.065%
due
04/03/31
(Þ)
200
160
Nutrien,
Ltd.
3.000%
due
04/01/25
535
509
NYACK
Park
CLO,
Ltd.
Series
2021-1A
Class
A
5.363%
due
10/20/34
(USD
3
Month
LIBOR
+
1.120%)(Ê)(Þ)
5,290
5,149
Oaktown
Re
III,
Ltd.
Series
2019-1A
Class
M1B
2.080%
due
07/25/29
(USD
1
Month
LIBOR
+
1.950%)(Ê)(Þ)
1,115
1,104
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
1,436
Oaktown
Re
VII,
Ltd.
Series
2021-2
Class
M1A
1.650%
due
04/25/34
(SOFR
30
Day
Average
+
1.600%)(Ê)(Þ)
821
792
Oaktown
Re,
Ltd.
Series
2021-1A
Class
M1C
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.010%
due
10/25/33
(SOFR
30
Day
Average
+
3.000%)(Ê)(Þ)
1,475
1,364
OCP
SA
3.750%
due
06/23/31
(Þ)
200
167
Octagon
Investment
Partners,
Ltd.
Series
2018-1A
Class
A1A
5.303%
due
01/20/31
(USD
3
Month
LIBOR
+
1.060%)(Ê)(Þ)
1,747
1,725
Oversea-Chinese
Banking
Corp.,
Ltd.
4.250%
due
06/19/24
(Þ)
646
638
Panama
Government
International
Bond
2.252%
due
09/29/32
260
193
Panasonic
Corp.
2.679%
due
07/19/24
(Þ)
912
873
Peruvian
Government
International
Bond
2.783%
due
01/23/31
130
108
Petrobras
Global
Finance
BV
6.900%
due
03/19/49
150
135
5.500%
due
06/10/51
40
31
Petroleos
del
Peru
SA
5.625%
due
06/19/47
(Þ)
200
131
Prodigy
Finance
Designated
Activity
Co.
Series
2021-1A
Class
A
1.437%
due
07/25/51
(USD
1
Month
LIBOR
+
1.250%)(Ê)(Þ)
580
561
Prosus
NV
4.027%
due
08/03/50
(Þ)
909
567
Provincia
de
Buenos
Aires
6.375%
due
09/01/37
(~)(Ê)(Þ)
372
128
Provincia
de
Cordoba
7.125%
due
12/10/25
(~)(Ê)(Þ)
200
161
7.450%
due
06/01/27
(~)(Ê)(Þ)
230
152
Radnor
RE,
Ltd.
Series
2019-2
Class
M1B
1.935%
due
06/25/29
(USD
1
Month
LIBOR
+
1.750%)(Ê)(Þ)
181
181
Series
2021-1
Class
M1B
1.710%
due
12/27/33
(SOFR
30
Day
Average
+
1.700%)(Ê)(Þ)
2,072
2,027
Series
2021-2
Class
M1A
1.898%
due
11/25/31
(SOFR
30
Day
Average
+
1.850%)(Ê)(Þ)
806
787
Reliance
Industries,
Ltd.
4.125%
due
01/28/25
(Þ)
863
838
2.875%
due
01/12/32
(Þ)
480
389
Reynolds
American,
Inc.
5.850%
due
08/15/45
70
60
Riserva
CLO,
Ltd.
Series
2021-3A
Class
ARR
5.254%
due
01/18/34
(USD
3
Month
LIBOR
+
1.060%)(Ê)(Þ)
940
912
Sands
China,
Ltd.
5.125%
due
08/08/25
(Þ)
200
191
Series
WI
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
97
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
5.125%
due
08/08/25
600
574
4.300%
due
01/08/26
400
369
5.400%
due
08/08/28
600
562
Santander
UK
Group
Holdings
PLC
6.833%
due
11/21/26
(SOFR
+
2.749%)(Ê)
250
253
Class
N
4.750%
due
09/15/25
(Þ)
701
668
Saudi
Arabian
Oil
Co.
1.625%
due
11/24/25
(Þ)
908
827
Shell
International
Finance
BV
4.375%
due
05/11/45
110
96
4.000%
due
05/10/46
50
41
3.250%
due
04/06/50
20
14
Sky,
Ltd.
3.750%
due
09/16/24
(Þ)
941
919
Sociedad
Quimica
y
Minera
de
Chile
SA
3.500%
due
09/10/51
(Þ)
270
199
Societe
Generale
SA
4.750%
due
11/24/25
(Þ)
878
843
Solvay
Finance
America
LLC
4.450%
due
12/03/25
(Þ)
854
826
Southern
Copper
Corp.
3.875%
due
04/23/25
832
803
6.750%
due
04/16/40
10
11
5.250%
due
11/08/42
60
57
Standard
Chartered
PLC
5.700%
due
03/26/44
(Þ)
754
691
Suncor
Energy,
Inc.
7.150%
due
02/01/32
769
827
SURA
Asset
Management
SA
4.875%
due
04/17/24
(Þ)
877
874
Suzano
Austria
GmbH
Series
DM3N
3.125%
due
01/15/32
200
156
Teck
Resources,
Ltd.
6.250%
due
07/15/41
20
20
5.400%
due
02/01/43
60
53
Series
WI
3.900%
due
07/15/30
200
179
Telefonica
Emisiones
SA
5.213%
due
03/08/47
150
120
Tencent
Holdings,
Ltd.
3.280%
due
04/11/24
(Þ)
891
869
Tesco
PLC
6.150%
due
11/15/37
(Þ)
623
597
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.150%
due
10/01/26
320
280
Thomson
Reuters
Corp.
3.350%
due
05/15/26
893
845
Toronto-Dominion
Bank
(The)
2.650%
due
06/12/24
853
825
TransAlta
Corp.
6.500%
due
03/15/40
30
27
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
TransCanada
Trust
Series
16-A
5.875%
due
08/15/76
(USD
3
Month
LIBOR
+
4.640%)(Ê)
887
843
Triton
Container
International,
Ltd.
1.150%
due
06/07/24
(Þ)
910
842
TSMC
Arizona
Corp.
3.875%
due
04/22/27
880
846
2.500%
due
10/25/31
200
164
3.125%
due
10/25/41
220
171
TSMC
Global,
Ltd.
1.000%
due
09/28/27
(Þ)
976
810
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
137
4.500%
due
06/26/48
(Þ)
200
168
7.000%
due
12/31/99
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
4.344%)(Ê)
(ƒ)(Þ)
260
256
UPM-Kymmene
Oyj
7.450%
due
11/26/27
(Þ)
699
738
Vale
Overseas,
Ltd.
8.250%
due
01/17/34
636
753
Vodafone
Group
PLC
6.150%
due
02/27/37
50
51
WEA
Finance
LLC
/
Westfield
UK
&
Europe
Finance
PLC
3.750%
due
09/17/24
(Þ)
1,283
1,213
2.875%
due
01/15/27
(Þ)
982
840
4.750%
due
09/17/44
(Þ)
200
138
Westpac
Banking
Corp.
5.405%
due
08/10/33
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.680%)(Ê)
90
84
2.668%
due
11/15/35
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.750%)(Ê)
100
74
3.020%
due
11/18/36
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.530%)(Ê)
100
74
Woori
Bank
4.750%
due
04/30/24
(Þ)
734
722
Wynn
Macau,
Ltd.
5.500%
due
01/15/26
(Þ)
200
183
Yamana
Gold,
Inc.
2.630%
due
08/15/31
30
22
Series
WI
4.625%
due
12/15/27
310
290
ZF
NA
Capital,
Inc.
4.750%
due
04/29/25
(Þ)
820
775
159,118
Loan
Agreements
-
0.1%
Alterra
Mountain
Co.
2021
Term
Loan
B2
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
98
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
7.884%
due
07/30/28
(USD
1
Month
LIBOR
+
3.500%)(Ê)
66
65
Caesars
Resort
Collection
LLC
1st
Lien
Term
Loan
B
7.134%
due
12/22/24
(USD
1
Month
LIBOR
+
2.750%)(Ê)
103
102
Caesars
Resort
Collection
LLC
2020
Term
Loan
7.884%
due
06/19/25
(USD
1
Month
LIBOR
+
3.500%)(Ê)
44
44
Eyecare
Partners
LLC
Term
Loan
8.480%
due
02/20/27
(USD
3
Month
LIBOR
+
3.750%)(Ê)
97
78
Focus
Financial
Partners
LLC
Term
Loan
B
7.573%
due
06/30/28
(USD
1
Month
LIBOR
+
3.250%)(Ê)
145
143
Genesee
&
Wyoming,
Inc.
New
Term
Loan
6.730%
due
12/30/26
(USD
3
Month
LIBOR
+
2.000%)(Ê)
76
76
Harbor
Freight
Tools
USA,
Inc.
2021
Term
Loan
B
7.134%
due
10/19/27
(USD
1
Month
LIBOR
+
2.750%)(Ê)
68
65
Nexstar
Broadcasting,
Inc.
Term
Loan
B4
6.884%
due
09/19/26
(USD
1
Month
LIBOR
+
2.500%)(Ê)
210
208
Phoenix
Guarantor,
Inc.
Term
Loan
B
7.634%
due
03/05/26
(USD
1
Month
LIBOR
+
3.250%)(Ê)
119
112
Prime
Security
Services
Borrower
LLC
2021
Term
Loan
6.505%
due
09/23/26
(USD
3
Month
LIBOR
+
2.750%)(Ê)
106
105
Quikrete
Holdings,
Inc.
2021
Term
Loan
B1
7.384%
due
06/11/28
(USD
1
Month
LIBOR
+
3.000%)(Ê)
60
59
United
Airlines,
Inc.
2021
Term
Loan
B
8.108%
due
04/21/28
(USD
3
Month
LIBOR
+
3.750%)(Ê)
68
67
Verscend
Holding
Corp.
2021
Term
Loan
B
8.384%
due
08/27/25
(USD
1
Month
LIBOR
+
4.000%)(Ê)
98
96
1,220
Mortgage-Backed
Securities
-
13.9%
Alternative
Loan
Trust
Series
2007-16CB
Class
1A5
0.568%
due
08/25/37
(USD
1
Month
LIBOR
+
0.400%)(Ê)
243
161
Banc
of
America
Funding
Trust
Series
2006-6
Class
2A1
6.000%
due
08/25/36
397
331
BX
Trust
Series
2019-XL
Class
E
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.800%
due
10/15/36
(CME
Term
SOFR
1
Month
+
1.914%)(Ê)(Þ)
1,201
1,159
Series
2021-CIP
Class
D
1.771%
due
12/15/28
(USD
1
Month
LIBOR
+
1.671%)(Ê)(Þ)
2,674
2,513
CAMB
Commercial
Mortgage
Trust
Series
2019-LIFE
Class
F
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
2,630
Citigroup
Commercial
Mortgage
Trust
Series
2013-375P
Class
D
3.635%
due
05/10/35
(~)(Ê)(Þ)
1,418
1,291
CORE
Mortgage
Trust
Series
2019-CORE
Class
D
1.835%
due
12/15/31
(USD
1
Month
LIBOR
+
1.650%)(Ê)(Þ)
1,216
1,125
Credit
Suisse
Mortgage
Capital
Certificates
Series
2019-ICE4
Class
A
1.165%
due
05/15/36
(USD
1
Month
LIBOR
+
0.980%)(Ê)(Þ)
2,485
2,458
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
1,240
DBGS
Mortgage
Trust
Series
2019-1735
Class
D
4.334%
due
04/10/37
(~)(Ê)(Þ)
985
711
Deutsche
Mortgage
Securities,
Inc.
Re-
REMIC
Trust
Series
2007-WM1
Class
A1
3.658%
due
06/27/37
(~)(Ê)(Þ)
232
199
ELP
Commercial
Mortgage
Trust
Series
2021-ELP
Class
D
1.619%
due
11/15/36
(USD
1
Month
LIBOR
+
1.518%)(Ê)(Þ)
926
859
Fannie
Mae
2.600%
due
2031
375
322
6.000%
due
2032
9
9
5.000%
due
2033
3
3
5.500%
due
2034
8
8
4.500%
due
2035
181
184
5.500%
due
2037
54
56
5.500%
due
2038
227
234
6.000%
due
2039
20
20
4.000%
due
2040
144
140
5.500%
due
2040
261
266
6.000%
due
2040
59
61
4.000%
due
2041
218
211
6.000%
due
2041
93
98
3.500%
due
2043
470
439
4.000%
due
2044
480
466
3.500%
due
2045
545
507
3.000%
due
2046
81
73
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
99
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.500%
due
2046
115
108
4.000%
due
2046
575
550
4.500%
due
2046
195
193
3.000%
due
2047
1,692
1,515
3.500%
due
2047
251
234
4.000%
due
2047
46
44
4.500%
due
2048
647
634
5.000%
due
2048
130
131
3.000%
due
2049
3,573
3,174
4.000%
due
2049
623
596
5.000%
due
2049
299
299
2.500%
due
2050
6,514
5,569
3.000%
due
2050
6,845
6,072
2.000%
due
2051
12,458
10,189
2.500%
due
2051
520
444
4.000%
due
2052
5,497
5,157
5.000%
due
2052
5,245
5,173
Fannie
Mae
Connecticut
Avenue
Securities
Trust
Series
2014-C03
Class
1M2
3.168%
due
07/25/24
(USD
1
Month
LIBOR
+
3.000%)(Ê)
101
103
Fannie
Mae
REMICS
Series
1999-56
Class
Z
7.000%
due
12/18/29
4
4
Series
2004-W5
Class
A1
6.000%
due
02/25/47
100
101
Series
2005-24
Class
ZE
5.000%
due
04/25/35
91
91
Freddie
Mac
5.500%
due
2038
169
175
6.000%
due
2038
41
43
5.000%
due
2040
84
85
4.000%
due
2041
628
614
4.500%
due
2041
84
84
5.500%
due
2041
98
102
3.500%
due
2043
325
305
4.000%
due
2044
213
205
3.500%
due
2045
442
412
4.000%
due
2045
202
194
3.000%
due
2046
1,521
1,368
4.000%
due
2046
101
97
3.000%
due
2047
537
482
3.000%
due
2048
84
74
4.000%
due
2048
592
566
4.500%
due
2048
145
142
3.000%
due
2049
182
163
2.500%
due
2050
1,643
1,408
3.000%
due
2050
2,813
2,493
2.000%
due
2051
5,241
4,281
2.500%
due
2051
77
66
3.500%
due
2052
3,847
3,499
5.000%
due
2052
5,234
5,162
Freddie
Mac
REMICS
Series
2003-2624
Class
QH
5.000%
due
06/15/33
32
32
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
2006-R007
Class
ZA
6.000%
due
05/15/36
104
107
Series
2010-3632
Class
PK
5.000%
due
02/15/40
52
52
Series
2010-3653
Class
B
4.500%
due
04/15/30
88
87
Series
2012-4010
Class
KM
3.000%
due
01/15/42
36
34
Series
2020-5038
Class
NI
Interest
Only
STRIPS
2.000%
due
11/25/50
1,205
139
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
Series
2014-DN2
Class
M3
3.768%
due
04/25/24
(USD
1
Month
LIBOR
+
3.600%)(Ê)
111
112
Ginnie
Mae
II
2.500%
due
2052
7,246
6,280
Ginnie
Mae
REMICS
Series
2020-134
Class
IL
Interest
Only
STRIPS
2.500%
due
09/20/50
1
—
Series
2021-1
Class
PI
Interest
Only
STRIPS
2.500%
due
12/20/50
12
2
Hilton
USA
Trust
Series
2016-HHV
Class
D
4.333%
due
11/05/38
(~)(Ê)(Þ)
1,240
1,093
Series
2016-HHV
Class
E
4.333%
due
11/05/38
(~)(Ê)(Þ)
600
517
HMH
Trust
Series
2017-NSS
Class
E
6.292%
due
07/05/31
(Þ)
1,170
760
Hospitality
Mortgage
Trust
Series
2019-HIT
Class
D
2.185%
due
11/15/36
(USD
1
Month
LIBOR
+
2.000%)(Ê)(Þ)
1,145
1,084
JPMorgan
Mortgage
Trust
Series
2018-3
Class
A3
3.500%
due
09/25/48
(~)(Ê)(Þ)
94
85
Series
2020-3
Class
A15
3.500%
due
08/25/50
(~)(Ê)(Þ)
145
122
Series
2021-6
Class
A6
2.500%
due
10/25/51
(~)(Ê)(Þ)
3,767
3,317
Series
2021-7
Class
A6
2.500%
due
11/25/51
(~)(Ê)(Þ)
3,864
3,423
Series
2021-8
Class
A6
2.500%
due
12/25/51
(~)(Ê)(Þ)
3,257
2,819
Series
2022-1
Class
A4
2.500%
due
07/25/52
(~)(Ê)(Þ)
3,000
2,572
Series
2022-2
Class
A4A
2.500%
due
08/25/52
(~)(Ê)(Þ)
1,384
1,187
Series
2022-3
Class
A4A
2.500%
due
08/25/52
(~)(Ê)(Þ)
3,062
2,625
Series
2022-4
Class
A4
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
100
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.000%
due
10/25/52
(~)(Ê)(Þ)
1,453
1,277
MHC
Commercial
Mortgage
Trust
Series
2021-MHC
Class
A
0.951%
due
04/15/26
(USD
1
Month
LIBOR
+
0.801%)(Ê)(Þ)
2,733
2,651
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
Series
2017-237P
Class
D
3.865%
due
09/13/39
(~)(Ê)(Þ)
1,500
1,179
Series
2017-237P
Class
XA
Interest
Only
STRIPS
0.468%
due
09/13/39
(~)(Ê)(Þ)
8,761
126
Series
2017-237P
Class
XB
Interest
Only
STRIPS
0.175%
due
09/13/39
(~)(Ê)(Þ)
5,418
21
Preston
Ridge
Partners
Mortgage
LLC
Series
2020-6
Class
A1
2.363%
due
11/25/25
(~)(Ê)(Þ)
395
364
Series
2021-3
Class
A1
1.867%
due
04/25/26
(~)(Ê)(Þ)
862
768
Radnor
RE,
Ltd.
Series
2020-1
Class
M1A
1.118%
due
02/25/30
(USD
1
Month
LIBOR
+
0.950%)(Ê)(Þ)
102
101
Sequoia
Mortgage
Trust
Series
2015-1
Class
A1
3.500%
due
01/25/45
(~)(Ê)(Þ)
68
60
Series
2021-4
Class
A10
2.500%
due
06/25/51
(~)(Ê)(Þ)
2,174
1,893
Washington
Mutual
Mortgage
Pass-
Through
Certificates
Trust
Series
2005-10
Class
3CB1
6.000%
due
11/25/35
385
302
Wells
Fargo
Mortgage
Backed
Securities
Trust
Series
2020-3
Class
A1
3.000%
due
06/25/50
(~)(Ê)(Þ)
1,001
838
WinWater
Mortgage
Loan
Trust
Series
2014-1
Class
A1
3.847%
due
06/20/44
(~)(Ê)(Þ)
95
88
117,232
Municipal
Bonds
-
0.1%
American
Municipal
Power,
Inc.
Revenue
Bonds
8.084%
due
02/15/50
70
90
Port
Authority
of
New
York
&
New
Jersey
Revenue
Bonds
4.926%
due
10/01/51
110
104
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
Bonds
4.132%
due
05/15/32
140
131
3.006%
due
05/15/50
220
145
State
of
California
General
Obligation
Unlimited
7.300%
due
10/01/39
10
12
482
Non-US
Bonds
-
6.2%
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Alba
PLC
Series
2006-2
Class
A3A
0.363%
due
12/15/38
(GBP
3
Month
LIBOR
+
0.170%)(Ê)
GBP
453
516
Andorra
Government
International
Bond
Series
EMTN
1.250%
due
05/06/31
EUR
4,400
3,732
Banna
RMBS
DAC
Series
2019-1
Class
B
1.809%
due
12/30/63
(SONIA +
1.750%)(Ê)
GBP
500
596
Banque
Ouest
Africaine
de
Developpement
Series
REGS
2.750%
due
01/22/33
EUR
1,030
828
EMF-UK
PLC
Series
2014-1X
Class
A1A
1.173%
due
03/13/46
(GBP
3
Month
LIBOR
+
0.980%)(Ê)
GBP
549
646
European
Union
Series
NGEU
0.400%
due
02/04/37
EUR
972
705
0.450%
due
07/04/41
EUR
1,349
876
Eurosail
PRIME-UK
PLC
Series
2007-PR1X
Class
A1
0.598%
due
09/13/45
(GBP
3
Month
LIBOR
+
0.400%)(Ê)
GBP
430
500
Eurosail-UK
PLC
Series
2007-6NCX
Class
A3A
0.795%
due
09/13/45
(GBP
3
Month
LIBOR
+
0.700%)(Ê)
GBP
576
668
Finsbury
Square
Series
2021-1GRX
Class
AGRN
2.772%
due
12/16/67
(SONIA +
0.650%)(Ê)
GBP
454
534
Finsbury
Square
PLC
4.232%
due
12/16/71
GBP
1,091
1,284
GE
Capital
European
Funding
Unltd.
Co.
6.025%
due
03/01/38
EUR
40
50
Hungary
Government
International
Bond
5.000%
due
02/22/27
EUR
1,521
1,615
Indonesia
Government
International
Bond
Series
FR87
6.500%
due
02/15/31
IDR
7,466,000
465
Mexican
Bonos
Series
M
7.750%
due
05/29/31
MXN
135,230
6,422
Mexican
Bonos
de
Desarrollo
Series
M
30
8.500%
due
11/18/38
MXN
11,660
566
Mexico
Government
International
Bond
2.125%
due
10/25/51
EUR
2,058
1,195
4.000%
due
03/15/15
EUR
1,011
756
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
101
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Newgate
Funding
PLC
Series
2006-1
Class
A4
1.086%
due
12/01/50
(GBP
3
Month
LIBOR
+
0.190%)(Ê)
GBP
547
623
Series
2006-3X
Class
A3B
3.732%
due
12/01/50
(3
Month
EURIBOR
+
0.170%)(Ê)
EUR
2,189
2,188
Paragon
Mortgages
(No.
12)
PLC
0.293%
due
11/15/38
(SONIA +
0.359%)(Ê)
GBP
1,357
1,573
Series
2006-12X
Class
A2A
0.342%
due
11/15/38
(SONIA +
0.359%)(Ê)
GBP
823
948
Petroleos
Mexicanos
Series
14-2
7.470%
due
11/12/26
MXN
48,670
2,124
Series
REGS
7.190%
due
09/12/24
MXN
76,598
3,636
Republic
of
Estonia
Government
International
Bond
4.000%
due
10/12/32
EUR
1,539
1,683
Republic
of
South
Africa
Government
Bond
Series
2037
8.500%
due
01/31/37
ZAR
58,312
2,720
RMAC
Securities
No.
1
PLC
Series
2006-NS1X
Class
A2A
1.050%
due
06/12/44
(SONIA +
0.269%)(Ê)
GBP
328
378
Series
2006-NS3X
Class
A2A
0.245%
due
06/12/44
(SONIA +
0.269%)(Ê)
GBP
395
457
Series
2006-NS4X
Class
A3A
0.368%
due
06/12/44
(GBP
3
Month
LIBOR
+
0.170%)(Ê)
GBP
719
820
Romania
Government
International
Bond
Series
REGS
2.750%
due
02/26/26
EUR
1,718
1,733
2.875%
due
05/26/28
EUR
318
294
2.500%
due
02/08/30
EUR
80
66
3.624%
due
05/26/30
EUR
52
45
1.750%
due
07/13/30
EUR
627
466
2.124%
due
07/16/31
EUR
213
156
3.875%
due
10/29/35
EUR
166
131
3.375%
due
02/08/38
EUR
137
99
2.625%
due
12/02/40
EUR
1,251
745
2.750%
due
04/14/41
EUR
1,124
673
2.875%
due
04/13/42
EUR
1,166
697
4.625%
due
04/03/49
EUR
293
226
3.375%
due
01/28/50
EUR
223
137
Stratton
Mortgage
Funding
PLC
Series
2021-3
Class
A
1.452%
due
12/12/43
(SONIA +
0.700%)(Ê)
GBP
495
590
Taurus
CMBS
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
2021-UK4A
Class
B
1.655%
due
08/17/31
(SONIA +
1.500%)(Ê)(Þ)
GBP
476
542
Taurus
UK
Designated
Activity
Co.
Series
2021-UK1A
Class
B
4.740%
due
05/17/31
(3
Month
SONIA
Deposit
Rate
+
1.300%)(Ê)
(Þ)
GBP
496
563
Towd
Point
Mortgage
Funding
PLC
Series
2019-A13X
Class
B
1.251%
due
07/20/45
(3
Month
SONIA
Deposit
Rate
+
1.200%)(Ê)
GBP
885
1,015
Series
2019-GR4A
Class
A1
1.111%
due
10/20/51
(GBP
3
Month
LIBOR
+
1.025%)(Ê)(Þ)
GBP
1,822
2,196
Uropa
Securities
PLC
3.116%
due
10/10/40
(SONIA +
0.319%)(Ê)
GBP
1,756
2,026
Warwick
Finance
Residential
Mortgages
Number
Three
PLC
0.854%
due
12/21/49
(SONIA +
0.950%)(Ê)(Þ)
GBP
723
859
52,363
United
States
Government
Treasuries
-
18.2%
United
States
Treasury
Notes
0.125%
due
01/15/24
15,749
15,016
2.750%
due
02/15/24
6,200
6,066
0.250%
due
05/15/24
3,280
3,087
1.250%
due
08/31/24
3,165
2,996
2.000%
due
02/15/25
11,483
10,926
4.310%
due
04/30/25
2,121
1,936
2.125%
due
05/15/25
3,050
2,898
0.250%
due
06/30/25
2,091
1,894
2.000%
due
08/15/25
3,558
3,360
0.250%
due
09/30/25
1,651
1,482
3.000%
due
10/31/25
2,550
2,463
2.250%
due
11/15/25
3,205
3,033
1.625%
due
02/15/26
2,923
2,703
2.250%
due
03/31/26
2,500
2,356
1.625%
due
05/15/26
2,670
2,457
1.500%
due
08/15/26
6,105
5,565
2.375%
due
05/15/27
2,725
2,541
0.500%
due
05/31/27
5,065
4,342
0.375%
due
07/31/27
1,597
1,355
0.500%
due
08/31/27
3,345
2,847
3.875%
due
11/30/27
80
80
0.750%
due
01/31/28
2,862
2,434
2.750%
due
02/15/28
4,037
3,796
2.875%
due
05/15/28
1,799
1,697
2.875%
due
08/15/28
2,985
2,811
3.125%
due
11/15/28
2,972
2,835
5.250%
due
11/15/28
4,210
4,460
2.375%
due
05/15/29
2,300
2,091
3.250%
due
06/30/29
5,575
5,335
1.750%
due
11/15/29
3,232
2,817
0.625%
due
08/15/30
7,767
6,114
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
102
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
0.875%
due
11/15/30
5,407
4,322
1.875%
due
02/15/32
4,197
3,560
2.750%
due
08/15/32
3,840
3,496
4.125%
due
11/15/32
310
316
1.125%
due
05/15/40
2,545
1,593
1.125%
due
08/15/40
2,602
1,616
4.320%
due
11/15/40
2,454
1,595
1.875%
due
02/15/41
4,783
3,381
2.750%
due
11/15/42
1,195
958
4.000%
due
11/15/42
810
793
2.875%
due
05/15/43
1,300
1,061
3.625%
due
02/15/44
1,709
1,568
3.125%
due
08/15/44
1,250
1,056
2.875%
due
08/15/45
1,195
962
3.000%
due
05/15/47
1,249
1,022
2.750%
due
11/15/47
1,760
1,373
3.000%
due
02/15/48
1,559
1,278
3.125%
due
05/15/48
1,603
1,347
3.375%
due
11/15/48
1,739
1,534
2.875%
due
05/15/49
1,900
1,529
2.375%
due
11/15/49
2,232
1,613
1.250%
due
05/15/50
4,315
2,322
2.375%
due
05/15/51
1,399
1,004
2.000%
due
08/15/51
700
458
3.000%
due
08/15/52
740
610
154,160
Total
Long-Term
Investments
(cost
$768,616)
690,551
Common
Stocks
-
0.0%
Technology
-
0.0%
Sungard
Availability
Services
Capital,
LP(Æ)(Š)
1,760
—
Total
Common
Stocks
(cost
$44)
—
Preferred
Stocks
-
0.0%
Financial
Services
-
0.0%
KeyCorp.
6.200%
due
12/15/27(¢)
6,992
172
Lincoln
National
Corp.
9.000%
due
12/01/27(¢)
850
23
Prudential
Financial,
Inc.
5.950%
due
09/01/62
950
23
218
Total
Preferred
Stocks
(cost
$220)
218
Short-Term
Investments
-
15.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.500%
due
09/15/23
630
626
Air
Canada
Class
A
Pass-Through
Trust
5.000%
due
12/15/23
(Þ)
185
181
Assedic
2.250%
due
04/05/23
EUR
1,500
1,604
BPCE
SA
5.700%
due
10/22/23
(Þ)
430
427
Continental
Resources,
Inc.
4.500%
due
04/15/23
120
120
Credit
Suisse
Group
AG
1.000%
due
05/05/23
500
488
Series
FXD
0.520%
due
08/09/23
1,110
1,056
Danske
Bank
A/S
3.875%
due
09/12/23
(Þ)
200
198
Delta
Air
Lines,
Inc.
3.800%
due
04/19/23
80
79
DISH
DBS
Corp.
5.000%
due
03/15/23
490
488
EQM
Midstream
Partners,
LP
Series
5Y
4.750%
due
07/15/23
90
88
European
Stability
Mechanism
Treasury
Bill
10.494%
due
03/23/23
EUR
5,000
5,327
General
Motors
Financial
Co.,
Inc.
4.250%
due
05/15/23
10
10
Intesa
Sanpaolo
SpA
3.375%
due
01/12/23
(ç)(Þ)
200
200
Japan
2
Year
Government
International
Bond
Series
423
0.005%
due
04/01/23
JPY
988,000
7,530
Japan
20
Year
Government
International
Bond
Series
61
1.000%
due
03/20/23
JPY
627,350
4,791
Japan
5
Year
Government
International
Bond
Series
137
0.100%
due
09/20/23
JPY
1,156,000
8,816
Navient
Corp.
5.500%
due
01/25/23
(ç)
230
230
Nederlandse
Waterschapsbank
NV
10.024%
due
04/14/23
EUR
781
831
Nissan
Motor
Acceptance
Corp.
3.043%
due
09/15/23
(Þ)
840
823
Oesterreichische
Kontrollbank
AG
Series
EMTN
10.350%
due
04/06/23
EUR
1,000
1,065
Pacific
Gas
and
Electric
Co.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
103
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.250%
due
08/01/23
140
139
Plains
All
American
Pipeline,
LP
Series
B
8.716%
due
06/16/23
(USD
3
Month
LIBOR
+
4.110%)(Ê)
390
335
Service
Properties
Trust
4.500%
due
06/15/23
160
157
U.S.
Cash
Management
Fund(@)
64,698,353(∞)
64,685
United
States
Treasury
Notes
1.750%
due
05/15/23
24,000
23,749
1.625%
due
10/31/23
3,515
3,428
2.125%
due
11/30/23
3,370
3,291
Western
Midstream
Operating,
LP
5.041%
due
01/13/23
(USD
3
Month
LIBOR
+
1.100%)(Ê
)(ç)
180
180
Total
Short-Term
Investments
(cost
$131,885)
130,942
Total
Investments
-
97.1%
(identified
cost
$900,765)
821,711
Other
Assets
and
Liabilities,
Net
-
2.9%
24,958
Net
Assets
-
100.0%
846,669
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
104
Strategic
Bond
Fund
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
25.0%
ABN
AMRO
Bank
NV
02/04/22
861,000
105.01
904
835
Adani
Ports
&
Special
Economic
Zone,
Ltd.
09/10/21
515,000
102.59
528
488
African
Export-Import
Bank
(The)
05/10/21
1,530,000
100.00
1,530
1,377
Air
Canada
Class
A
Pass-Through
Trust
08/31/22
184,866
98.22
182
181
Aircastle,
Ltd.
08/03/22
1,007,000
84.37
850
824
Alimentation
Couche-Tard,
Inc.
09/19/17
702,000
101.89
715
649
Ambac
Assurance
Corp.
02/09/17
881
168.77
1
1
American
Airlines
Group,
Inc.
04/12/21
160,000
100.83
161
154
American
Airlines
Group,
Inc.
05/31/22
400,000
109.68
439
429
American
Transmission
Systems,
Inc.
11/29/21
190,000
99.75
190
156
Americo
Life,
Inc.
04/12/21
70,000
99.76
70
53
AmFam
Holdings,
Inc.
04/09/21
100,000
103.39
103
66
AmFam
Holdings,
Inc.
04/12/21
120,000
100.13
120
93
Amur
Equipment
Finance
Receivables
XI
LLC
09/14/22
1,437,000
99.98
1,437
1,421
Anglo
American
Capital
PLC
04/12/21
360,000
110.37
397
340
Arbor
Realty
CLO,
Ltd.
05/26/21
1,029,000
100.00
1,029
999
Arbor
Realty
CLO,
Ltd.
01/26/22
3,050,000
100.00
3,050
2,952
Arbor
Realty
CLO,
Ltd.
04/29/22
1,223,000
98.83
1,209
1,179
Arbor
Realty
Commercial
Real
Estate
Notes,
Ltd.
09/20/21
5,030,000
100.00
5,030
4,764
Arbor
Realty
Commercial
Real
Estate
Notes,
Ltd.
05/05/22
2,638,000
100.00
2,638
2,577
Ares
LXI
CLO,
Ltd.
08/20/21
4,022,000
100.00
4,022
3,915
Australia
&
New
Zealand
Banking
Group,
Ltd.
01/06/22
871,000
103.53
902
860
Aviation
Capital
Group
LLC
04/13/21
170,000
106.87
182
167
Aviation
Capital
Group
LLC
08/03/22
952,000
88.19
840
832
Avolon
Holdings
Funding,
Ltd.
04/12/21
150,000
100.53
151
139
Avolon
Holdings
Funding,
Ltd.
04/12/21
20,000
102.43
20
19
Banco
de
Bogota
SA
10/11/22
877,000
88.69
778
796
Banco
de
Credito
del
Peru
03/03/22
946,000
94.94
898
832
Banco
Inbursa
SA
Institucion
de
Banca
Multiple
01/06/20
711,000
101.39
721
694
Banco
Internacional
del
Peru
SAA
Interbank
09/09/21
928,000
101.54
942
844
Banco
Mercantil
del
Norte
SA
04/09/21
240,000
117.44
282
238
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santander
06/03/22
810,000
102.19
828
801
Bayer
US
Finance
LLC
08/02/18
726,000
100.23
728
702
BDS,
Ltd.
04/04/22
3,822,000
100.00
3,822
3,660
Bellemeade
Re,
Ltd.
02/08/21
234,663
101.02
237
235
Bellemeade
Re,
Ltd.
04/13/21
1,780,000
100.58
1,790
1,764
Bellemeade
Re,
Ltd.
04/23/21
397,530
100.88
401
397
Bellemeade
Re,
Ltd.
06/11/21
1,812,063
100.00
1,812
1,794
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
2,380
2,255
Bellemeade
Re,
Ltd.
01/12/22
2,224,000
100.46
2,234
2,204
Bermuda
Government
International
Bond
04/12/21
380,000
98.67
375
321
Berry
Petroleum
Corp.
04/13/21
290,000
98.80
287
266
Bharti
Airtel,
Ltd.
09/13/21
877,000
105.70
927
852
Blackstone
Holdings
Finance
Co.
LLC
01/03/22
110,000
99.72
110
70
Blackstone
Holdings
Finance
Co.
LLC
08/03/22
871,000
95.49
832
785
Blackstone
Holdings
Finance
Co.
LLC
10/31/22
420,000
99.83
419
423
BNP
Paribas
SA
08/07/18
200,000
99.67
199
189
BNP
Paribas
SA
06/02/20
350,000
100.86
353
321
BNP
Paribas
SA
06/10/20
722,000
107.44
776
685
BNP
Paribas
SA
09/08/21
270,000
100.00
270
220
BNP
Paribas
SA
08/08/22
650,000
100.00
650
642
BNP
Paribas
SA
11/09/22
200,000
100.00
200
208
BOC
Aviation
USA
Corp.
05/06/21
200,000
100.09
200
190
BPCE
SA
10/11/22
430,000
98.57
424
427
Broadcom,
Inc.
04/12/21
290,000
99.89
290
208
Broadcom,
Inc.
08/03/22
948,000
88.13
835
801
BX
Trust
12/02/21
2,674,000
99.87
2,670
2,513
BX
Trust
12/17/21
1,201,050
99.99
1,201
1,159
CAMB
Commercial
Mortgage
Trust
01/25/19
987,000
100.12
988
940
CAMB
Commercial
Mortgage
Trust
10/22/21
3,322,000
102.87
3,417
2,630
Cameron
LNG
LLC
04/09/21
30,000
107.45
32
24
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
04/14/20
10,000
101.56
10
8
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
105
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
$
$
$
Chesapeake
Energy
Corp.
05/12/22
100,000
99.29
99
96
Citigroup
Commercial
Mortgage
Trust
02/12/19
1,418,000
0.99
1,404
1,291
Comision
Federal
de
Electricidad
04/12/21
200,000
97.24
194
156
Continental
Resources,
Inc.
11/09/21
80,000
100.00
80
69
Continental
Resources,
Inc.
11/09/21
120,000
99.93
120
89
Cooperatieve
Rabobank
UA
03/30/22
360,000
100.00
360
307
CORE
Mortgage
Trust
03/01/19
1,216,000
100.00
1,216
1,125
CPPIB
Capital,
Inc.
09/14/22
950,000
99.93
949
939
Credit
Agricole
SA
06/11/20
734,000
104.83
769
708
Credit
Agricole
SA
03/03/22
928,000
97.69
906
846
Credit
Agricole
SA
06/13/22
600,000
100.68
604
607
Credit
Suisse
Group
AG
07/07/20
699,000
108.59
759
579
Credit
Suisse
Group
AG
04/14/21
200,000
107.41
215
160
Credit
Suisse
Group
AG
04/14/21
360,000
108.48
390
258
Credit
Suisse
Group
AG
03/07/22
200,000
98.00
196
144
Credit
Suisse
Group
AG
03/21/22
200,000
92.38
185
130
Credit
Suisse
Group
AG
06/16/22
1,150,000
98.93
1,138
1,002
Credit
Suisse
Group
AG
08/08/22
650,000
100.00
650
570
Credit
Suisse
Group
AG
11/09/22
250,000
100.00
250
256
Credit
Suisse
Group
AG
11/29/22
310,000
86.00
267
270
Credit
Suisse
Mortgage
Capital
Certificates
10/05/22
2,485,000
98.80
2,455
2,458
Credit
Suisse
Mortgage
Trust
05/28/19
1,282,000
100.00
1,282
1,240
CSL
UK
Holdings,
Ltd.
04/20/22
100,000
99.66
100
94
CSL
UK
Holdings,
Ltd.
04/20/22
120,000
99.81
120
113
CSL
UK
Holdings,
Ltd.
04/20/22
60,000
99.91
60
57
DAE
Funding
LLC
06/15/21
220,000
99.70
219
204
Daimler
Trucks
Finance
NA
LLC
05/05/22
876,000
96.19
843
813
Danske
Bank
A/S
09/17/19
200,000
100.59
201
198
Danske
Bank
A/S
09/07/21
200,000
100.00
200
171
Danske
Bank
A/S
03/03/22
935,000
96.98
907
854
Danske
Bank
A/S
03/28/22
200,000
100.00
200
194
Danske
Bank
A/S
03/28/22
700,000
100.10
701
644
DBGS
Mortgage
Trust
04/03/19
985,000
101.17
996
711
DCP
Midstream
Operating,
LP
12/11/19
50,000
107.31
54
49
Delta
Air
Lines,
Inc.
05/11/20
790,000
100.32
793
807
Delta
Air
Lines,
Inc.
/
SkyMiles
IP,
Ltd.
09/16/20
320,000
100.70
322
301
Delta
Air
Lines,
Inc.
/
SkyMiles
IP,
Ltd.
09/16/20
250,000
101.56
254
244
Deutsche
Mortgage
Securities,
Inc.
Re-REMIC
Trust
01/04/17
231,704
100.49
233
199
DISH
DBS
Corp.
11/10/21
150,000
100.00
150
120
E.ON
International
Finance
BV
12/02/20
621,000
142.86
887
627
Eagle
Re,
Ltd.
12/17/20
732,000
100.21
733
733
Eagle
Re,
Ltd.
04/09/21
699,133
100.00
699
699
Eagle
Re,
Ltd.
10/29/21
1,515,000
100.00
1,515
1,475
Elmwood
CLO
15,
Ltd.
03/08/22
2,723,000
99.43
2,708
2,662
ELP
Commercial
Mortgage
Trust
11/01/21
926,000
99.63
923
859
Enel
Finance
International
NV
01/05/18
706,000
100.74
711
618
Enel
Finance
International
NV
10/06/22
340,000
99.47
338
349
EQM
Midstream
Partners,
LP
05/31/22
120,000
100.00
120
118
EQT
Corp.
05/10/21
30,000
100.00
30
25
EQT
Corp.
05/10/21
80,000
96.77
77
74
Ferguson
PLC
12/06/22
906,000
94.76
859
844
Fidelity
&
Guaranty
Life
Holdings,
Inc.
04/16/21
50,000
108.79
54
49
First
Quantum
Minerals,
Ltd.
04/12/21
400,000
99.67
399
389
Florida
Gas
Transmission
Co.
LLC
09/15/21
420,000
99.93
420
321
Fresnillo
PLC
04/09/21
260,000
98.45
256
205
Genting
New
York
LLC
04/13/21
440,000
100.24
441
385
Glencore
Funding
LLC
10/12/16
40,000
100.35
40
39
Glencore
Funding
LLC
09/13/17
130,000
99.96
130
123
Glencore
Funding
LLC
01/16/19
50,000
96.19
48
47
Glencore
Funding
LLC
03/05/19
490,000
100.84
494
482
Glencore
Funding
LLC
04/13/21
140,000
100.29
140
127
Goldentree
Loan
Management
US
CLO
7,
Ltd.
04/01/21
1,147,000
100.00
1,147
1,114
GoodLeap
Sustainable
Home
Improvements
10/21/21
974,683
99.99
975
707
GoodLeap
Sustainable
Home
Solutions
Trust
01/24/22
899,592
99.98
899
689
GoodLeap
Sustainable
Home
Solutions
Trust
07/22/22
631,775
86.73
548
449
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
106
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
$
$
$
Grupo
Bimbo
SAB
de
CV
11/04/21
879,000
103.80
912
861
Hana
Bank
01/04/22
874,000
104.71
915
852
Hawaiian
Brand
Intellectual
Property,
Ltd.
/
HawaiianMiles
Loyalty,
Ltd.
04/28/22
850,000
97.35
827
769
HGI
CRE
CLO,
Ltd.
05/06/21
1,935,798
100.03
1,936
1,870
HGI
CRE
CLO,
Ltd.
09/17/21
2,486,000
100.00
2,486
2,358
Highlands
Holdings
Bond
Issuer,
Ltd.
/
Highlands
Holdings
Bond
Co.-Issuer,
Inc.
04/12/21
502,143
103.11
518
467
Hilton
USA
Trust
11/22/16
600,000
84.83
509
517
Hilton
USA
Trust
11/22/16
1,240,000
95.88
1,189
1,093
HMH
Trust
06/09/17
1,170,000
99.98
1,170
760
Home
RE,
Ltd.
07/05/22
3,204,000
96.52
3,092
3,102
Home
RE,
Ltd.
08/09/22
3,330,000
102.45
3,412
3,358
Hospitality
Mortgage
Trust
05/16/19
1,144,696
100.00
1,145
1,084
ICICI
Bank,
Ltd.
09/06/18
782,000
100.78
788
744
ILFC
E-Capital
Trust
I
08/12/22
100,000
72.04
72
59
ILFC
E-Capital
Trust
II
08/12/22
100,000
73.04
73
64
Infraestuctura
Energetica
Nova
SAB
de
CV
07/06/22
892,000
92.10
821
796
Intercorp
Financial
Services,
Inc.
03/03/22
938,000
96.65
907
826
International
Flavors
&
Fragrances,
Inc.
06/02/22
919,000
92.90
854
812
Intesa
Sanpaolo
SpA
01/05/18
200,000
100.00
200
200
Intesa
Sanpaolo
SpA
05/24/21
200,000
100.00
200
128
Intesa
Sanpaolo
SpA
06/14/22
600,000
94.57
567
577
Intesa
Sanpaolo
SpA
11/14/22
400,000
100.17
401
408
Jordan
Government
International
Bond
06/14/22
230,000
93.60
215
220
JPMorgan
Mortgage
Trust
06/05/20
94,493
103.00
97
85
JPMorgan
Mortgage
Trust
03/30/21
145,020
102.07
148
122
JPMorgan
Mortgage
Trust
04/26/21
3,767,061
102.22
3,851
3,317
JPMorgan
Mortgage
Trust
05/24/21
3,863,948
102.63
3,965
3,423
JPMorgan
Mortgage
Trust
06/24/21
3,257,323
102.50
3,339
2,819
JPMorgan
Mortgage
Trust
01/26/22
3,000,208
99.11
2,974
2,572
JPMorgan
Mortgage
Trust
02/24/22
1,384,043
97.52
1,350
1,187
JPMorgan
Mortgage
Trust
03/23/22
3,061,862
96.09
2,942
2,625
JPMorgan
Mortgage
Trust
04/27/22
1,453,042
95.62
1,389
1,277
KKR
Group
Finance
Co.
II
LLC
02/20/15
10,000
108.96
11
9
Kookmin
Bank
08/05/21
913,000
106.07
968
853
Lamar
Funding,
Ltd.
07/26/22
200,000
96.05
192
189
LCM
XXIII,
Ltd.
01/29/20
929,115
100.00
929
917
Lithia
Motors,
Inc.
06/04/21
50,000
102.68
51
41
Lithia
Motors,
Inc.
06/07/21
60,000
104.39
63
54
Madison
Park
Funding
XLVIII,
Ltd.
01/15/21
1,158,000
100.00
1,158
1,139
Madison
Park
Funding
XVIII,
Ltd.
12/01/21
1,922,000
100.00
1,922
1,895
Madison
Park
Funding
XXIII,
Ltd.
11/22/22
4,194,000
98.67
4,138
4,140
Magallanes,
Inc.
03/09/22
140,000
100.00
140
115
Magallanes,
Inc.
03/09/22
520,000
100.00
520
398
Magallanes,
Inc.
03/09/22
310,000
99.99
310
225
Magnetite
XV,
Ltd.
10/04/22
529,000
98.05
519
519
Magnetite
Xxxiii,
Ltd.
05/23/22
3,892,903
100.00
3,893
3,834
Mars,
Inc.
04/09/21
240,000
93.81
225
163
Massachusetts
Mutual
Life
Insurance
Co.
04/09/21
70,000
100.36
70
48
MEG
Energy
Corp.
04/12/21
100,000
104.14
104
102
Meituan
03/03/22
976,000
93.41
912
864
Melco
Resorts
Finance,
Ltd.
04/12/21
240,000
104.76
251
192
MF1
LLC
05/13/22
3,993,000
99.04
3,954
3,912
MHC
Commercial
Mortgage
Trust
04/06/21
2,733,000
99.45
2,718
2,651
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets,
Ltd.
06/25/20
144,009
101.03
145
143
Mondelez
International
Holdings
Netherlands
BV
08/09/21
690,000
102.46
707
656
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
08/11/17
5,418,000
0.39
21
21
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
08/11/17
8,761,000
1.44
127
126
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
08/11/17
1,500,000
97.58
1,464
1,179
National
General
Holdings
Corp.
11/01/22
610,000
100.49
613
613
Nestle
Holdings,
Inc.
05/05/22
882,000
95.85
845
822
Neuberger
Berman
CLO
XV,
Ltd.
08/31/21
2,766,000
100.00
2,766
2,732
Neuberger
Berman
Loan
Advisers
CLO
24,
Ltd.
08/24/21
581,349
100.13
582
574
New
York
Life
Insurance
Co.
04/09/21
150,000
107.68
162
115
NextEra
Energy
Operating
Partners,
LP
06/15/22
60,000
97.75
59
58
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
107
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
$
$
$
NGPL
PipeCo
LLC
09/26/19
553,000
126.53
700
575
Nippon
Life
Insurance
Co.
04/09/21
250,000
96.26
241
201
Nissan
Motor
Acceptance
Corp.
04/14/21
840,000
100.09
841
823
Nissan
Motor
Acceptance
Corp.
11/03/22
90,000
92.78
83
84
Nissan
Motor
Co.,
Ltd.
09/10/20
480,000
99.40
477
446
Nordea
Bank
Abp
04/16/21
913,000
110.18
1,006
831
Northwestern
Mutual
Life
Insurance
Co.
(The)
04/09/21
320,000
101.62
325
223
Northwestern
Mutual
Life
Insurance
Co.
(The)
04/09/21
80,000
103.97
83
55
NRG
Energy,
Inc.
04/12/21
390,000
99.96
390
323
NTT
Finance
Corp.
04/12/21
200,000
99.67
199
160
NYACK
Park
CLO,
Ltd.
09/02/21
5,290,000
100.00
5,290
5,149
Oaktown
Re
III,
Ltd.
01/26/21
1,114,848
100.40
1,119
1,104
Oaktown
Re
VI,
Ltd.
04/14/21
1,465,000
100.00
1,465
1,436
Oaktown
Re
VII,
Ltd.
10/15/21
821,000
100.00
821
792
Oaktown
Re,
Ltd.
09/28/21
1,475,000
101.77
1,501
1,364
OCP
SA
06/10/21
200,000
99.45
199
167
Octagon
Investment
Partners,
Ltd.
11/29/22
1,747,000
98.71
1,724
1,725
Ohio
Edison
Co.
09/22/22
90,000
99.80
90
89
Oncor
Electric
Delivery
Co.
LLC
05/17/22
40,000
99.65
40
38
Oversea-Chinese
Banking
Corp.,
Ltd.
01/04/22
646,000
103.83
671
638
Panasonic
Corp.
09/13/21
912,000
102.79
937
873
Parsley
Energy
LLC
/
Parsley
Finance
Corp.
09/25/20
10,000
94.31
9
9
Petroleos
del
Peru
SA
04/09/21
200,000
106.00
212
131
Preston
Ridge
Partners
Mortgage
LLC
12/01/20
394,817
100.00
395
364
Preston
Ridge
Partners
Mortgage
LLC
04/28/21
861,603
100.00
862
768
Prodigy
Finance
Designated
Activity
Co.
07/12/21
580,357
100.05
581
561
Prosus
NV
02/03/21
909,000
100.68
915
567
Provincia
de
Buenos
Aires
08/27/21
371,811
39.09
145
128
Provincia
de
Cordoba
04/12/21
230,000
67.76
156
152
Provincia
de
Cordoba
04/12/21
200,000
69.50
139
161
Radnor
RE,
Ltd.
01/21/20
101,506
100.00
101
101
Radnor
RE,
Ltd.
06/15/21
180,939
100.47
182
181
Radnor
RE,
Ltd.
11/05/21
805,952
100.00
806
787
Radnor
RE,
Ltd.
01/13/22
2,072,000
100.14
2,075
2,027
Reliance
Industries,
Ltd.
01/05/22
480,000
99.78
479
389
Reliance
Industries,
Ltd.
01/06/22
863,000
104.77
904
838
Resorts
World
Las
Vegas
LLC
/
RWLV
Capital,
Inc.
07/07/20
809,000
98.86
800
574
Riserva
CLO,
Ltd.
03/01/21
940,000
100.00
940
912
Roche
Holdings,
Inc.
06/02/22
842,000
99.62
839
805
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-Issuer,
Inc.
09/21/21
100,000
100.00
100
86
Sands
China,
Ltd.
11/23/21
200,000
100.00
200
191
Santander
UK
Group
Holdings
PLC
03/05/19
701,000
101.22
710
668
Saudi
Arabian
Oil
Co.
04/11/22
908,000
94.92
862
827
Sequoia
Mortgage
Trust
10/21/16
67,669
102.69
69
60
Sequoia
Mortgage
Trust
05/06/21
2,174,227
102.65
2,232
1,893
Sky,
Ltd.
06/18/21
941,000
104.94
987
919
Sociedad
Quimica
y
Minera
de
Chile
SA
09/13/21
270,000
99.19
268
199
Societe
Generale
SA
11/21/22
878,000
95.00
834
843
Solvay
Finance
America
LLC
11/21/22
854,000
96.88
827
826
Spirit
Loyalty
Cayman,
Ltd.
/
Spirit
IP
Cayman,
Ltd.
11/14/22
170,000
100.66
171
171
Standard
Chartered
PLC
04/12/21
754,000
124.66
940
691
SURA
Asset
Management
SA
07/08/21
877,000
103.83
911
874
Taurus
CMBS
07/28/21
GBP
476,333
139.09
662
542
Taurus
UK
Designated
Activity
Co.
02/22/21
GBP
496,354
140.62
698
563
Teachers
Insurance
&
Annuity
Association
of
America
06/14/16
140,000
111.39
156
128
Tencent
Holdings,
Ltd.
04/12/21
891,000
102.90
917
869
Tennessee
Gas
Pipeline
Co.
LLC
02/19/20
430,000
95.64
411
360
Tesco
PLC
09/03/20
623,000
127.87
797
597
Texas
Eastern
Transmission,
LP
07/06/22
854,000
95.47
815
776
Towd
Point
Mortgage
Funding
PLC
06/22/22
GBP
1,822,034
122.65
2,235
2,196
Towd
Point
Mortgage
Trust
08/17/20
1,712,260
101.74
1,742
1,593
Triton
Container
International,
Ltd.
11/21/22
910,000
92.58
842
842
TSMC
Global,
Ltd.
08/04/22
976,000
87.19
851
810
UBS
Group
AG
01/28/19
260,000
100.00
260
256
UBS
Group
AG
04/09/21
200,000
123.91
248
168
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
108
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
$
$
$
UBS
Group
AG
01/04/22
200,000
100.00
200
137
United
Airlines,
Inc.
04/14/21
30,000
101.22
30
26
United
Airlines,
Inc.
03/30/22
330,000
98.82
326
306
UPM-Kymmene
Oyj
11/21/22
699,000
105.95
741
738
Valeant
Pharmaceuticals
International,
Inc.
05/13/22
160,000
93.71
150
136
Warwick
Finance
Residential
Mortgages
Number
Three
PLC
02/10/21
GBP
723,010
138.64
1,002
859
WEA
Finance
LLC
/
Westfield
UK
&
Europe
Finance
PLC
04/09/21
200,000
103.41
207
138
WEA
Finance
LLC
/
Westfield
UK
&
Europe
Finance
PLC
05/06/21
1,283,000
97.52
1,238
1,213
WEA
Finance
LLC
/
Westfield
UK
&
Europe
Finance
PLC
11/21/22
982,000
85.40
839
840
Wells
Fargo
Mortgage
Backed
Securities
Trust
04/23/21
1,000,848
102.37
1,025
838
WinWater
Mortgage
Loan
Trust
03/29/17
94,633
102.17
97
88
Woori
Bank
04/22/20
734,000
102.17
750
722
Wynn
Macau,
Ltd.
03/23/22
200,000
92.40
185
183
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
04/12/21
210,000
105.07
221
209
ZF
NA
Capital,
Inc.
06/03/22
820,000
95.87
786
775
211,897
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
Canadian
10
Year
Government
Bond
Futures
107
CAD
13,113
03/23
(183)
United
States
2
Year
Treasury
Note
Futures
653
USD
133,916
03/23
166
United
States
5
Year
Treasury
Note
Futures
1,213
USD
130,918
03/23
(627)
United
States
10
Year
Treasury
Note
Futures
671
USD
75,351
03/23
(279)
United
States
10
Year
Ultra
Treasury
Note
Futures
668
USD
79,012
03/23
(160)
United
States
Treasury
Long
Bond
Futures
158
USD
19,804
03/23
(37)
United
States
Treasury
Ultra
Bond
Futures
404
USD
54,263
03/23
(10)
Short
Positions
Euro-Bobl
Futures
7
EUR
810
03/23
30
Euro-Bund
Futures
124
EUR
16,483
03/23
1,128
Euro-Buxl
Futures
15
EUR
2,029
03/23
400
Euro-OAT
Futures
29
EUR
3,692
03/23
133
Euro-Schatz
Futures
27
EUR
2,846
03/23
38
Japanese
10-Year
Mini
Government
Bond
Futures
17
JPY
2,472,820
03/23
377
Long
Gilt
Futures
54
GBP
5,395
03/23
319
United
States
2
Year
Treasury
Note
Futures
181
USD
37,119
03/23
(45)
United
States
5
Year
Treasury
Note
Futures
95
USD
10,253
03/23
37
United
States
10
Year
Treasury
Note
Futures
327
USD
36,721
03/23
525
United
States
Treasury
Long
Bond
Futures
44
USD
5,515
03/23
30
United
States
Treasury
Ultra
Bond
Futures
21
USD
2,821
03/23
29
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
1,871
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Citigroup
USD
60
BRL
322
02/02/23
1
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
109
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Citigroup
USD
496
BRL
2,660
02/02/23
5
Citigroup
USD
704
BRL
3,699
02/02/23
(8)
Citigroup
USD
1,181
CNY
8,360
01/19/23
30
Citigroup
USD
1,259
CNY
8,904
01/19/23
30
Citigroup
USD
191
EUR
181
01/19/23
3
Citigroup
USD
1,010
EUR
1,000
01/19/23
61
Citigroup
USD
1,319
EUR
1,240
01/19/23
10
Citigroup
USD
5
GBP
4
01/11/23
—
Citigroup
USD
1,194
GBP
976
01/11/23
(13)
Citigroup
USD
187
GBP
164
01/19/23
12
Citigroup
USD
3,115
JPY
414,589
01/11/23
47
Citigroup
USD
80
JPY
10,671
01/19/23
1
Citigroup
USD
134
JPY
19,600
01/19/23
16
Citigroup
USD
1,175
JPY
160,000
01/19/23
46
Citigroup
USD
2,084
JPY
286,000
01/19/23
99
Citigroup
USD
2,390
JPY
353,947
01/19/23
312
Citigroup
USD
4,831
JPY
703,600
01/19/23
540
Citigroup
USD
3,616
NZD
5,675
01/11/23
(13)
Citigroup
USD
320
THB
11,830
01/19/23
22
Citigroup
USD
379
THB
13,005
01/19/23
(3)
Citigroup
USD
385
THB
14,191
01/19/23
26
Citigroup
USD
399
THB
14,072
01/19/23
7
Citigroup
USD
399
THB
14,055
01/19/23
7
Citigroup
USD
464
THB
17,089
01/19/23
30
Citigroup
USD
481
THB
16,737
01/19/23
3
Citigroup
USD
641
THB
23,703
01/19/23
44
Citigroup
USD
831
THB
28,616
01/19/23
(4)
Citigroup
CHF
596
EUR
605
01/19/23
6
Citigroup
CNY
2,813
USD
389
01/19/23
(19)
Citigroup
CNY
3,102
USD
426
01/19/23
(23)
Citigroup
CNY
5,628
USD
774
01/19/23
(41)
Citigroup
CNY
5,870
USD
811
01/19/23
(39)
Citigroup
CZK
24,232
EUR
972
01/19/23
(60)
Citigroup
EUR
103
CZK
2,549
01/19/23
5
Citigroup
EUR
109
CZK
2,716
01/19/23
6
Citigroup
EUR
109
CZK
2,718
01/19/23
6
Citigroup
EUR
137
CZK
3,396
01/19/23
7
Citigroup
EUR
139
CZK
3,440
01/19/23
7
Citigroup
EUR
141
CZK
3,510
01/19/23
7
Citigroup
EUR
226
CZK
5,628
01/19/23
13
Citigroup
EUR
915
GBP
800
01/19/23
(26)
Citigroup
EUR
42
HUF
17,269
01/19/23
3
Citigroup
EUR
290
HUF
122,627
01/19/23
33
Citigroup
EUR
853
HUF
369,945
01/19/23
147
Citigroup
EUR
23
NOK
242
01/19/23
—
Citigroup
EUR
134
NOK
1,400
01/19/23
(1)
Citigroup
EUR
154
NOK
1,612
01/19/23
—
Citigroup
EUR
287
NOK
3,012
01/19/23
(1)
Citigroup
EUR
924
NOK
9,610
01/19/23
(16)
Citigroup
EUR
205
USD
219
01/19/23
(1)
Citigroup
EUR
219
USD
227
01/19/23
(8)
Citigroup
EUR
242
USD
251
01/19/23
(9)
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
110
Strategic
Bond
Fund
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Citigroup
EUR
269
USD
267
01/19/23
(21)
Citigroup
EUR
309
USD
329
01/19/23
(2)
Citigroup
EUR
377
USD
390
01/19/23
(14)
Citigroup
EUR
1,300
USD
1,356
01/19/23
(37)
Citigroup
EUR
26,653
USD
26,376
01/19/23
(2,183)
Citigroup
GBP
36
EUR
42
01/19/23
3
Citigroup
GBP
1,555
EUR
1,780
01/19/23
53
Citigroup
GBP
217
USD
249
01/19/23
(13)
Citigroup
GBP
217
USD
249
01/19/23
(14)
Citigroup
GBP
744
USD
884
01/19/23
(16)
Citigroup
GBP
783
USD
936
01/19/23
(10)
Citigroup
HUF
120,652
EUR
290
01/19/23
(22)
Citigroup
JPY
493,096
USD
3,660
01/11/23
(100)
Citigroup
JPY
25,206
USD
189
01/19/23
(3)
Citigroup
JPY
49,586
USD
377
01/19/23
(1)
Citigroup
JPY
328,741
USD
2,260
01/19/23
(250)
Citigroup
JPY
3,927,006
USD
26,714
01/19/23
(3,264)
Citigroup
MXN
6,213
USD
322
01/19/23
4
Citigroup
MXN
14,377
USD
708
01/19/23
(28)
Citigroup
MXN
27,684
USD
1,402
01/19/23
(15)
Citigroup
MXN
53,925
USD
2,724
01/19/23
(36)
Citigroup
MXN
140,619
USD
6,919
01/19/23
(278)
Citigroup
NOK
2,021
EUR
193
01/19/23
2
Citigroup
NOK
3,936
EUR
377
01/19/23
3
Citigroup
NZD
55
USD
35
01/11/23
—
Citigroup
PLN
625
EUR
130
01/19/23
(6)
Citigroup
PLN
1,033
EUR
215
01/19/23
(10)
Citigroup
PLN
1,519
EUR
305
01/19/23
(39)
Citigroup
PLN
2,662
EUR
539
01/19/23
(58)
Citigroup
THB
5,960
USD
168
01/19/23
(4)
Citigroup
THB
15,641
USD
442
01/19/23
(10)
Citigroup
THB
18,485
USD
514
01/19/23
(20)
Citigroup
THB
26,437
USD
736
01/19/23
(29)
Citigroup
ZAR
7,456
USD
429
01/19/23
(10)
Citigroup
ZAR
41,980
USD
2,303
01/19/23
(164)
JPMorgan
Chase
USD
216
BRL
1,155
01/18/23
2
JPMorgan
Chase
USD
315
MXN
6,438
01/18/23
14
JPMorgan
Chase
IDR
807,334
USD
53
01/18/23
1
JPMorgan
Chase
IDR
1,362,430
USD
89
01/18/23
2
Morgan
Stanley
USD
94
AUD
145
01/18/23
5
Morgan
Stanley
USD
1,162
EUR
1,157
01/18/23
77
Morgan
Stanley
AUD
145
USD
98
01/18/23
(1)
Morgan
Stanley
EUR
2,126
USD
2,102
01/09/23
(176)
Morgan
Stanley
EUR
114
USD
116
01/18/23
(6)
Morgan
Stanley
GBP
55
USD
66
02/22/23
—
Morgan
Stanley
GBP
13,364
USD
16,094
02/22/23
(83)
State
Street
USD
7,005
CAD
9,503
01/11/23
14
State
Street
USD
2,981
EUR
2,836
01/11/23
57
State
Street
USD
6,414
EUR
6,010
01/11/23
22
State
Street
USD
7,115
SEK
73,821
01/11/23
(37)
State
Street
AUD
10,480
USD
7,092
01/11/23
(45)
State
Street
CAD
4,735
USD
3,516
01/11/23
18
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
111
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
State
Street
GBP
5
USD
7
01/03/23
—
State
Street
GBP
25
USD
31
02/22/23
—
State
Street
GBP
1,125
USD
1,373
02/22/23
12
State
Street
SEK
36,905
USD
3,531
01/11/23
(7)
UBS
USD
232
CHF
214
01/11/23
—
UBS
CHF
10,056
USD
10,721
01/11/23
(163)
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
(5,579)
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
BRL
1,738
13.470%
(4)
Brazil
Interbank
Deposit
Rate
(4)
01/04/27
—
7
7
Citigroup
BRL
2,345
12.930%
(4)
Brazil
Interbank
Deposit
Rate
(4)
01/04/27
—
4
4
Citigroup
BRL
3,215
12.730%
(4)
Brazil
Interbank
Deposit
Rate
(4)
01/04/27
—
3
3
Citigroup
BRL
3,460
13.505%
(4)
Brazil
Interbank
Deposit
Rate
(4)
01/04/27
—
15
15
Citigroup
BRL
3,696
13.285%
(4)
Brazil
Interbank
Deposit
Rate
(4)
01/04/27
—
13
13
Citigroup
BRL
3,946
11.330%
(4)
Brazil
Interbank
Deposit
Rate
(4)
01/04/27
—
(22)
(22)
Citigroup
BRL
3,994
11.395%
(4)
Brazil
Interbank
Deposit
Rate
(4)
01/04/27
—
(21)
(21)
Citigroup
BRL
7,287
13.405%
(4)
Brazil
Interbank
Deposit
Rate
(4)
01/04/27
—
28
28
Citigroup
PLN
1,417
6
Month
WIBOR
(3)
6.141%
(4)
01/19/28
—
—
—
Citigroup
EUR
2,400
6
Month
EURIBOR
(3)
3.270%
(4)
01/19/28
—
(3)
(3)
Citigroup
PLN
2,963
6
Month
WIBOR
(3)
5.643%
(4)
01/19/28
—
14
14
Citigroup
PLN
3,237
6
Month
WIBOR
(3)
5.578%
(4)
01/19/28
—
17
17
Citigroup
PLN
4,083
6
Month
WIBOR
(3)
6.117%
(4)
01/19/28
—
1
1
Citigroup
PLN
6,700
6
Month
WIBOR
(3)
6.038%
(4)
01/19/28
—
7
7
Citigroup
CNY
9,370
2.620%
(2)
China
Interbank
Repo
Rate
3
Months
(2)
01/19/28
—
(10)
(10)
Citigroup
CNY
36,037
2.711%
(2)
China
Interbank
Repo
Rate
3
Months
(2)
01/19/28
—
(18)
(18)
Citigroup
KRW
1,800,000
4.160%
(2)
South
Korean
Won
3
Month
Certificate
of
Deposit
Rates
(2)
01/19/28
—
38
38
Citigroup
MXN
25,160
Mexico
Interbank
28
Day
Deposit
Rate
(1)
9.245%
(1)
01/06/33
—
(44)
(44)
Citigroup
MXN
46,500
Mexico
Interbank
28
Day
Deposit
Rate
(1)
8.659%
(1)
01/06/33
—
10
10
Citigroup
MXN
48,840
Mexico
Interbank
28
Day
Deposit
Rate
(1)
9.171%
(1)
01/06/33
—
(74)
(74)
Citigroup
EUR
2,639
3.430%
(4)
6
Month
EURIBOR
(3)
01/19/33
—
55
55
Total
Open
Interest
Rate
Swap
Contracts
(å)
—
20
20
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
112
Strategic
Bond
Fund
Credit
Default
Swap
Contracts
Amounts
in
thousands
Credit
Indices
-
Purchase
Protection
Reference
Entity
Counterparty
Notional
Amount
Fund
(Pays)/
Receives
Fixed
Rate
Termination
Date
Premiums
Paid/
(Received)
$
Unrealized
Appreciation
(Depreciation)
$
Fair
Value
$
CDX
NA
Emerging
Markets
Index
Citigroup
USD
9,929
(1.000%)
(2)
12/20/27
663
(83)
580
CDX
NA
High
Yield
Index
Bank
of
America
USD
1,100
(5.000%)
(2)
12/20/27
(7)
(2)
(9)
CDX
NA
High
Yield
Index
Bank
of
America
USD
2,228
(5.000%)
(2)
06/20/27
8
(57)
(49)
CDX
NA
Investment
Grade
Index
Bank
of
America
USD
3,190
(1.000%)
(2)
12/20/27
(8)
(19)
(27)
CDX
NA
Investment
Grade
Index
Bank
of
America
USD
4,550
(1.000%)
(2)
06/20/27
(31)
(18)
(49)
Total
Open
Credit
Indices
-
Purchase
Protection
Contracts
625
(179)
446
Total
Open
Credit
Default
Swap
Contracts
(å)
625
(179)
446
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
$
—
$
23,834
$
2,588
$
—
$
2
6
,
422
3
.
1
Corporate
Bonds
and
Notes
—
179,554
—
—
1
79
,
55
4
21.
2
International
Debt
—
159,118
—
—
159,118
18.8
Loan
Agreements
—
1,220
—
—
1,220
0.1
Mortgage-Backed
Securities
—
117,232
—
—
117,232
13.9
Municipal
Bonds
—
482
—
—
482
0.1
Non-US
Bonds
—
52,363
—
—
52,363
6.2
United
States
Government
Treasuries
—
154,160
—
—
154,160
18.2
Common
Stocks
—
—
—
—
—
—
Preferred
Stocks
218
—
—
—
218
—
*
Short-Term
Investments
—
66,257
—
64,685
130,942
15.5
Total
Investments
218
754,22
0
2,588
64,685
821,711
97.1
Other
Assets
and
Liabilities,
Net
2.9
100.0
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
113
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
%
of
Net
Assets
Other
Financial
Instruments
Assets
Futures
Contracts
3,212
—
—
—
3,212
0.4
Foreign
Currency
Exchange
Contracts
—
1,881
—
—
1,881
0.2
Interest
Rate
Swap
Contracts
—
212
—
—
212
—
*
Credit
Default
Swap
Contracts
—
580
—
—
580
0.1
A
Liabilities
Futures
Contracts
(1,341)
—
—
—
(1,341)
(0.2)
Foreign
Currency
Exchange
Contracts
—
(7,460)
—
—
(7,460)
(0.9)
Interest
Rate
Swap
Contracts
—
(192)
—
—
(192)
(—)
*
Credit
Default
Swap
Contracts
—
(134)
—
—
(134)
(—)
*
Total
Other
Financial
Instruments
**
$
1,871
$
(5,113)
$
—
$
—
$
(3,242)
*
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
December
31,
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
December
31,
2022,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Country
Exposure
Fair
Value
$
Andorra
..............................................................................................
3,732
Argentina
............................................................................................
600
Australia
.............................................................................................
2,175
Austria
................................................................................................
1,065
Belgium
..............................................................................................
2,502
Bermuda
.............................................................................................
29,027
Brazil
..................................................................................................
1,075
Canada
................................................................................................
14,618
Cayman
Islands
..................................................................................
39,386
Chile
...................................................................................................
1,226
China
..................................................................................................
2,480
Colombia
............................................................................................
3,007
Denmark
.............................................................................................
2,060
Estonia
................................................................................................
1,683
Finland
...............................................................................................
1,569
France
.................................................................................................
10,707
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
114
Strategic
Bond
Fund
Amounts
in
thousands
Country
Exposure
Fair
Value
$
Germany
.............................................................................................
4,800
Hong
Kong
.........................................................................................
192
Hungary
..............................................................................................
1,615
India
...................................................................................................
3,311
Indonesia
............................................................................................
465
Ireland
................................................................................................
3,732
Israel
...................................................................................................
280
Italy
....................................................................................................
2,280
Japan
..................................................................................................
24,641
Jordan
.................................................................................................
220
Luxembourg
.......................................................................................
5,478
Macao
.................................................................................................
1,879
Mexico
...............................................................................................
18,951
Morocco
.............................................................................................
167
Netherlands
........................................................................................
3,886
Norway
...............................................................................................
857
Oman
..................................................................................................
189
Panama
...............................................................................................
193
Peru
....................................................................................................
3,611
Romania
.............................................................................................
5,469
Saudi
Arabia
.......................................................................................
827
Singapore
...........................................................................................
828
South
Africa
.......................................................................................
3,060
South
Korea
.......................................................................................
2,427
Spain
..................................................................................................
663
Switzerland
........................................................................................
6,273
Taiwan
................................................................................................
1,990
Togo
...................................................................................................
828
United
Arab
Emirates
.........................................................................
204
United
Kingdom
.................................................................................
28,827
United
States
......................................................................................
576,267
Zambia
...............................................................................................
389
Total
Investments
...............................................................................
821,711
Russell
Investment
Funds
Strategic
Bond
Fund
Fair
Value
of
Derivative
Instruments
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
115
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
$
—
$
1,881
$
—
Variation
margin
on
futures
contracts*
—
—
3,212
Interest
rate
swap
contracts,
at
fair
value
—
—
212
Credit
default
swap
contracts,
at
fair
value
580
—
—
Total
$
580
$
1,881
$
3,424
Location:
Statement
of
Assets
and
Liabilities
-
Liabilities
Variation
margin
on
futures
contracts*
$
—
$
—
$
1,341
Unrealized
depreciation
on
foreign
currency
exchange
contracts
—
7,460
—
Interest
rate
swap
contracts,
at
fair
value
—
—
19
2
Credit
default
swap
contracts,
at
fair
value
134
—
—
Total
$
134
$
7,460
$
1,53
3
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
$
—
$
—
$
(53,308)
Interest
rate
swap
contracts
—
—
12
Credit
default
swap
contracts
1,348
—
—
Foreign
currency
exchange
contracts
—
12,936
—
Total
$
1,348
$
12,936
$
(53,2
96
)
Location:
Statement
of
Operations
-
Net
change
in
unrealized
appreciation
(depreciation)
Futures
contracts
$
—
$
—
$
(2,043)
Interest
rate
swap
contracts
—
—
203
Credit
default
swap
contracts
(209)
—
—
Foreign
currency
exchange
contracts
—
(5,14
6
)
—
Total
$
(209)
$
(5,14
6
)
$
(1,840)
*
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
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
116
Strategic
Bond
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
Foreign
Currency
Exchange
Contracts
Unrealized
appreciation
on
foreign
currency
exchange
contracts
$
1,881
$
—
$
1,881
Interest
Rate
Swap
Contracts
Interest
rate
swap
contracts,
at
fair
value
212
—
212
Credit
Default
Swap
Contracts
Credit
default
swap
contracts,
at
fair
value
580
—
580
Total
Financial
and
Derivative
Assets
2,673
—
2,673
Financial
and
Derivative
Assets
not
subject
to
a
netting
agreement
(793)
—
(793)
Total
Financial
and
Derivative
Assets
subject
to
a
netting
agreement
$
1,880
$
—
$
1,880
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
Citigroup
$
1,656
$
1,656
$
—
$
—
JPMorgan
Chase
19
—
—
19
Morgan
Stanley
82
8
—
74
State
Street
123
90
—
33
Total
$
1,880
$
1,754
$
—
$
126
Russell
Investment
Funds
Strategic
Bond
Fund
Balance
Sheet
Offsetting
of
Financial
and
Derivative
Instruments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
117
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
$
7,460
$
—
$
7,460
Interest
Rate
Swap
Contracts
Interest
rate
swap
contracts,
at
fair
value
192
—
192
Credit
Default
Swap
Contracts
Credit
default
swap
contracts,
at
fair
value
134
—
134
Total
Financial
and
Derivative
Liabilities
7,786
—
7,786
Financial
and
Derivative
Liabilities
not
subject
to
a
netting
agreement
(325)
—
(325)
Total
Financial
and
Derivative
Liabilities
subject
to
a
netting
agreement
$
7,461
$
—
$
7,461
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
Citigroup
$
6,942
$
1,656
$
5,286
$
—
Morgan
Stanley
266
8
—
258
State
Street
90
90
—
—
UBS
163
—
—
163
Total
$
7,461
$
1,754
$
5,286
$
421
^ 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.
118
Strategic
Bond
Fund
Statement
of
Assets
and
Liabilities
—
December
31,
2022
Amounts
in
thousands
Assets
Investments,
at
identified
cost
......................................................................................................................................................
$
900,765
Investments,
at
fair
value(>)
........................................................................................................................................................
821,711
Cash
..............................................................................................................................................................................................
1,390
Foreign
currency
holdings(^)
.......................................................................................................................................................
1,544
Unrealized
appreciation
on
foreign
currency
exchange
contracts
...............................................................................................
1,881
Receivables:
Dividends
and
interest
......................................................................................................................................................
5,486
Dividends
from
affiliated
funds
.......................................................................................................................................
227
Investments
sold
...............................................................................................................................................................
145
Fund
shares
sold
...............................................................................................................................................................
113
From
broker(a)(b)
............................................................................................................................................................
20,276
Variation
margin
on
futures
contracts
..............................................................................................................................
2,184
Interest
rate
swap
contracts,
at
fair
value(•)
.................................................................................................................................
212
Credit
default
swap
contracts,
at
fair
value(+)
.............................................................................................................................
580
Total
assets
...............................................................................................................................................................
855,749
Liabilities
Payables:
Due
to
broker
(c)
..............................................................................................................................................................
3
Investments
purchased
.....................................................................................................................................................
244
Fund
shares
redeemed
......................................................................................................................................................
61
Accrued
fees
to
affiliates
..................................................................................................................................................
445
Other
accrued
expenses
....................................................................................................................................................
238
Variation
margin
on
futures
contracts
..............................................................................................................................
303
Unrealized
depreciation
on
foreign
currency
exchange
contracts
...............................................................................................
7,460
Interest
rate
swap
contracts,
at
fair
value(•)
.................................................................................................................................
192
Credit
default
swap
contracts,
at
fair
value(+)
.............................................................................................................................
134
Total
liabilities
...........................................................................................................................................................
9,080
Net
Assets
...............................................................................................................................................................
$
846,669
Russell
Investment
Funds
Strategic
Bond
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
119
Statement
of
Assets
and
Liabilities,
continued
—
December
31,
2022
Amounts
in
thousands
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
.............................................................................................................................................
$
(
165,900
)
Shares
of
beneficial
interest
.........................................................................................................................................................
969
Additional
paid-in
capital
............................................................................................................................................................
1,011,600
Net
Assets
...............................................................................................................................................................
$
846,669
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.......................................................................................................................................................
$
8.74
Net
assets
.............................................................................................................................................................................
$
846,668,950
Shares
outstanding
($.01
par
value)
.....................................................................................................................................
96,905,758
Amounts
in
thousands
(^)
Foreign
currency
holdings
-
cost
$
1,486
(•)
Interest
rate
swap
contracts
-
premiums
paid
(received)
$
—
(+)
Credit
default
swap
contracts
-
premiums
paid
(received)
$
625
(>)
Investments
in
affiliates,
U.S.
Cash
Management
Fund
$
64,685
(a)
Receivable
from
Broker
for
Futures
$
11,267
(b)
Receivable
from
Broker
for
Swaps
$
9,009
(c)
Due
to
Broker
for
Swaps
$
3
(#)
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.
120
Strategic
Bond
Fund
Statement
of
Operations
—
For
the
Period
Ended
December
31,
2022
Amounts
in
thousands
Investment
Income
Dividends
from
affiliated
funds
.......................................................................................................................................
$
1,280
Interest
..............................................................................................................................................................................
22,086
Total
investment
income
..............................................................................................................................................................
23,366
Expenses
Advisory
fees
...................................................................................................................................................................
4,994
Administrative
fees
..........................................................................................................................................................
454
Custodian
fees
..................................................................................................................................................................
211
Transfer
agent
fees
...........................................................................................................................................................
40
Professional
fees
..............................................................................................................................................................
197
Trustees’
fees
....................................................................................................................................................................
53
Printing
fees
.....................................................................................................................................................................
46
Miscellaneous
..................................................................................................................................................................
34
Total
expenses
..............................................................................................................................................................................
6,029
Net
investment
income
(loss)
.......................................................................................................................................................
17,337
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
......................................................................................................................................................................
(38,430)
Investments
in
affiliated
funds
.........................................................................................................................................
(7)
Futures
contracts
..............................................................................................................................................................
(53,308)
Foreign
currency
exchange
contracts
...............................................................................................................................
12,936
Interest
rate
swap
contracts
..............................................................................................................................................
12
Credit
default
swap
contracts
...........................................................................................................................................
1,348
Foreign
currency-related
transactions
..............................................................................................................................
(467)
Net
realized
gain
(loss)
................................................................................................................................................................
(77,916)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
(net
of
deferred
tax
liability
for
foreign
capital
gains
taxes
of
$1)
..............................................................
(78,116)
Investments
in
affiliated
funds
.........................................................................................................................................
19
Futures
contracts
..............................................................................................................................................................
(2,043)
Foreign
currency
exchange
contracts
...............................................................................................................................
(5,146)
Interest
rate
swap
contracts
..............................................................................................................................................
203
Credit
default
swap
contracts
...........................................................................................................................................
(209)
Foreign
currency-related
transactions
..............................................................................................................................
115
Net
change
in
unrealized
appreciation
(depreciation)
.................................................................................................................
(85,177)
Net
realized
and
unrealized
gain
(loss)
........................................................................................................................................
(163,093)
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
....................................................................................
$
(145,756)
Russell
Investment
Funds
Strategic
Bond
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
121
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
For
the
Periods
Ended
December
31,
2022
2021
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
..............................................................................................................
$
17,
337
$
11,084
Net
realized
gain
(loss)
.......................................................................................................................
(77,
91
6
)
4,952
Net
change
in
unrealized
appreciation
(depreciation)
........................................................................
(85,177)
(32,160)
Net
increase
(decrease)
in
net
assets
from
operations
..............................................................................
(145,756)
(16,124)
Distributions
To
shareholders
...................................................................................................................................
(17,256)
(20,547)
From
return
of
capital
.........................................................................................................................
(
5,052
)
—
Net
decrease
in
net
assets
from
distributions
............................................................................................
(22,308)
(20,547)
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
...................................................................
(11,079)
145,314
Total
Net
Increase
(Decrease)
in
Net
Assets
........................................................................
(179,143)
108,643
Net
Assets
Beginning
of
period
..................................................................................................................................
1,025,812
917,169
End
of
period
.............................................................................................................................................
$
846,669
$
1,025,812
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
December
31,
2022
and
December
31,
2021
were
as
follows:
2022
2021
Shares
Dollars
Shares
Dollars
Proceeds
from
shares
sold
3,142
$
29,772
15,592
$
164,544
Proceeds
from
reinvestment
of
distributions
2,471
22,308
1,950
20,547
Payments
for
shares
redeemed
(6,78
3
)
(63,159)
(3,751)
(39,777)
Total
increase
(decrease)
(1,17
0
)
$
(11,079)
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.
122
Strategic
Bond
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
$
Return
of
Capital
December
31,
2022
10.46
.18
(1.67)
(1.49)
(.17)
(.01)
(.05)
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)
—
—
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Strategic
Bond
Fund
123
$
Total
Distributions
$
Net
Asset
Value,
End
of
Period
%
Total
Return
(d)
$
Net
Assets,
End
of
Period
(000)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Gross
%
Ratio
of
Expenses
to
Average
Net
Assets,
Net
(b)
%
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
(b)
%
Portfolio
Turnover
Rate
(.23)
8.74
(14.28)
846,669
.66
.66
1.91
63
(.22)
10.46
(1.82)
1,025,812
.66
.66
1.12
93
(.56)
10.88
8.43
917,169
.69
.69
1.82
92
(.43)
10.56
9.19
917,770
.68
.68
2.52
116
(.21)
10.07
(.81)
878,661
.67
.67
2.44
96
Russell
Investment
Funds
Strategic
Bond
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
124
Strategic
Bond
Fund
Related
Party
Transactions,
Fees
and
Expenses
Accrued
fees
payable
to
affiliates
for
the
period
ended
December
31,
2022
were
as
follows:
Transactions
(amounts
in
thousands)
during
the
period
ended
December
31,
2022
with
Underlying
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
At
December
31,
2022,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation)
and
components
of
distributable
earnings
for
income
tax
purposes
were
as
follows:
For
the
fiscal
years
ended
December
31,
2022
and
December
31,
2021,
respectively,
the
Fund
made
the
following
tax
basis
distributions:
Net
investment
income
and
net
realized
gains
(losses)
in
the
financial
statements
may
differ
from
taxable
net
investment
income
and
net
realized
gains
(losses).
Capital
accounts
within
the
financial
statements
are
adjusted
for
permanent
differences
between
book
and
tax
accounting. These
differences
may
be
due
to
foreign
currency
gains
or
losses,
reclassifications
of
dividends
and/or
differences
in
treatment
of
income
from
swaps. These
adjustments
have
no
impact
on
the
net
assets.
At
December
31,
2022,
the
Statement
of
Assets
and
Liabilities
has
been
adjusted
by
the
following
amounts
(in
thousands):
.
Advisory
fees
$
400,869
Administration
fees
36,443
Transfer
agent
fees
3,207
Trustee
fees
4,076
$
444,595
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
$
624,466
$
652,959
$
(7
)
$
19
$
64,685
$
1,280
$
—
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
(Capital
Loss
Carryforward)
$
902,955,560
$
1,317,336
$
(81,650,508)
$
(80,333,172)
$
—
$
(77
,
630
,
993)
December
31,
2022
December
31,
2021
Ordinary
Income
Distributions
Long-Term
Capital
Gain
Distributions
Return
of
Capital
Ordinary
Income
Distributions
Long-Term
Capital
Gain
Distributions
Return
of
Capital
$
17,255,975
$
—
$
5,051,752
$
12,405,470
$
8,141,211
$
—
Total
distributable
earnings
(losses)
$
5,053
Additional
paid-in
capital
(5,053
)
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Portfolio
Management
Discussion
and
Analysis
—
December
31,
2022
(Unaudited)
Global
Real
Estate
Securities
Fund
125
Global
Real
Estate
Securities
Fund
Total
Return
1
Year
(26
.77)%
5
Years
0
.26%§
10
Years
3
.36%§
FTSE
EPRA/NAREIT
Developed
Real
Estate
Index
(Net)**
Total
Return
1
Year
(25
.09)%
5
Years
(0
.23)%§
10
Years
2
.99%§
MSCI
World
Index
(Net)***
Total
Return
1
Year
(18
.14)%
5
Years
6
.14%§
10
Years
8
.85%§
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Portfolio
Management
Discussion
and
Analysis,
continued
—
December
31,
2022
(Unaudited)
126
Global
Real
Estate
Securities
Fund
The
Global
Real
Estate
Securities
Fund
(the
“Fund”)
employs
a
multi-manager
approach
whereby
Russell
Investment
Management,
LLC
(“RIM”)
manages
a
portion
of
the
Fund’s
assets
based
upon
model
portfolios
provided
by
multiple
non-
discretionary
money
managers.
The
Fund’s
money
managers
have
non-discretionary
assignments
pursuant
to
which
they
provide
a
model
portfolio
to
RIM
representing
their
investment
recommendations,
based
upon
which
RIM
purchases
and
sells
securities
for
the
Fund.
RIM
also
manages
the
portion
of
the
Fund’s
assets
that
RIM
determines
not
to
manage
based
upon
model
portfolios
provided
by
the
Fund’s
money
managers.
RIM
may
change
the
allocation
of
the
Fund’s
assets
at
any
time.
An
exemptive
order
from
the
Securities
and
Exchange
Commission
permits
RIM
to
engage
or
terminate
a
money
manager
at
any
time,
subject
to
approval
by
the
Fund’s
Board,
without
a
shareholder
vote.
Pursuant
to
the
terms
of
the
exemptive
order,
the
Fund
is
required
to
notify
its
shareholders
within
90
days
of
when
a
money
manager
begins
providing
services.
As
of
December
31,
2022,
the
Fund
had
two
money
managers.
What
is
the
Fund’s
investment
objective?
The
Fund
seeks
to
provide
current
income
and
long-term
capital
growth.
How
did
the
Fund
perform
relative
to
its
benchmark
for
the
fiscal
year
ended
December
31,
2022?
For
the
fiscal
year
ended
December
31,
2022
(the
“fiscal
year”),
the
Fund
lost
26.77%.
This
is
compared
to
the
Fund’s
benchmark,
the
FTSE
EPRA/NAREIT
Developed
Real
Estate
Index
(Net),
which
lost
25.09%
during
the
fiscal
year.
The
Fund’s
performance
includes
operating
expenses,
whereas
index
returns
are
unmanaged
and
do
not
include
expenses
of
any
kind.
For
the
fiscal
year,
the
Morningstar
®
Insurance
Global
Real
Estate
Category,
a
group
of
funds
that
Morningstar,
Inc.
considers
to
have
investment
strategies
similar
to
those
of
the
Fund,
lost
24.75%.
This
result
serves
as
a
peer
comparison
and
is
expressed
net
of
operating
expenses.
How
did
market
conditions
affect
the
Fund’s
performance?
For
the
fiscal
year,
the
global
listed
property
market,
as
measured
by
the
FTSE
EPRA/NAREIT
Developed
Real
Estate
Index
(Net),
declined
25.09%,
underperforming
global
equities.
Within
real
estate
securities,
performance
was
mixed
across
major
markets.
Continental
Europe
finished
at
the
bottom
of
the
index.
The
region
experienced
elevated
volatility
due
to
the
ongoing
war
in
Ukraine.
Inflationary
pressures,
fueled
by
higher
commodity
prices,
also
created
headwinds
during
the
fiscal
year,
which
eased
in
the
last
quarter.
North
America
finished
in
line
with
the
index,
while
property
stocks
in
Asia
outperformed.
With
respect
to
property
sectors,
U.S.
residential
and
office
REITs
led
losses.
The
office
sector
continues
to
face
headwinds
as
companies
implemented
hybrid
work
models,
negatively
impacting
demand
for
office
space.
Higher
multiple
industrial
and
data
centers
securities
also
underperformed
during
the
fiscal
year.
Malls,
health
care
and
shopping
centers
were
above
average
performers.
Retail
companies
benefitted
from
reopening
trends,
supported
by
increased
discretionary
consumer
spending.
Lodging
was
the
best
performing
sector
during
the
fiscal
year.
How
did
the
investment
strategies
and
techniques
employed
by
the
Fund
and
its
money
managers
affect
its
benchmark
relative
performance?
Negative
stock
selection
among
property
securities
in
Australia
and
Canada
detracted
from
performance.
An
underweight
to
lodging
REITs
and
an
overweight
to
residential
REITs
had
a
negative
impact.
Favorable
security
selection
within
the
industrial
sector
and
an
underweight
to
office
was
additive.
Positive
stock
selection
within
Hong
Kong
further
contributed
to
performance.
With
respect
to
the
Fund’s
money
managers,
Cohen
&
Steers
Capital
Management,
Inc.,
Cohen
&
Steers
UK
Limited
and
Cohen
&
Steers
Asia
Limited
marginally
underperformed
the
Fund’s
benchmark
for
the
fiscal
year.
Negative
stock
selection
among
real
estate
securities
in
Australia
and
an
overweight
to
the
U.K.
drove
the
manager’s
underperformance
during
the
fiscal
year.
An
underweight
to
lodging
and
overweight
to
residential
further
detracted.
An
underweight
to
U.S.
Office
REITs
contributed
positively
to
performance.
RREEF
America
L.L.C.,
DWS
Investments
Australia
Limited
and
DWS
Alternatives
Global
Limited
(operating
under
the
brand
name
DWS)
underperformed
the
Fund’s
benchmark
for
the
fiscal
year.
Security
selection
in
and
an
overweight
to
the
industrial
sector
detracted
from
DWS’s
performance.
An
overweight
to
residential
and
underweight
to
malls
also
detracted.
Favorable
security
selection
among
shopping
centers
and
an
overweight
to
the
net
lease
sector
was
beneficial.
RIM
manages
assets
not
allocated
to
money
manager
strategies
and
the
Fund’s
cash
balances.
During
the
fiscal
year,
RIM
continued
to
utilize
a
strategy
to
implement
regional
and
property
sector
tilting
through
the
direct
purchase
of
real
estate
stocks.
Using
quantitative
and/
or
rules-based
processes
and
qualitative
analysis,
the
strategy
seeks
to
position
the
portfolio
to
meet
RIM’s
overall
preferred
positioning
with
respect
to
regional
and
property
type
exposures.
The
strategy
underperformed
relative
to
the
Fund’s
benchmark
for
the
fiscal
year.
An
overweight
to
Continental
Europe
was
a
notable
detractor
while
an
overweight
to
Japan
developers
was
additive.
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Portfolio
Management
Discussion
and
Analysis,
continued
—
December
31,
2022
(Unaudited)
Global
Real
Estate
Securities
Fund
127
During
the
fiscal
year,
the
Fund
used
index
futures
to
equitize
the
Fund’s
cash
and
this
strategy
performed
as
intended.
Describe
any
changes
to
the
Fund’s
structure
or
the
money
manager
line-up.
There
were
no
changes
to
the
Fund’s
structure
or
money
manager
line-up
during
the
fiscal
year.
The
views
expressed
in
this
report
reflect
those
of
the
portfolio
managers
only
through
the
end
of
the
fiscal
year
covered
by
the
report.
These
views
do
not
necessarily
represent
the
views
of
RIM
or
any
other
person
in
RIM
or
any
other
affiliated
organization.
These
views
are
subject
to
change
at
any
time
based
upon
market
conditions
or
other
events,
and
RIM
disclaims
any
responsibility
to
update
the
views
contained
herein.
These
views
should
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Russell
Investment
Funds
(“RIF”)
Fund
are
based
on
numerous
factors,
should
not
be
relied
on
as
an
indication
of
investment
decisions
of
any
RIF
Fund.
Money
Managers
as
of
December
31,
2022
Styles
Cohen
&
Steers
Capital
Management,
Inc.,
Cohen
&
Steers
UK
Limited
and
Cohen
&
Steers
Asia
Limited
Market-Oriented
RREEF
America
L.L.C.,
DWS
Investments
Australia
Limited
and
DWS
Alternatives
Global
Limited
(operating
under
the
brand
name
DWS)
Market-Oriented
*
Assumes
initial
investment
on
January
1,
2013.
**
FTSE
EPRA/NAREIT
Developed
Real
Estate
Index
(Net)
is
an
unmanaged
market-weighted
total
return
index,
which
consists
of
publicly
traded
equity
REITs
and
listed
property
companies
from
developed
markets
whose
floats
are
larger
than
$100
million
and
derive
more
than
half
of
their
revenue
from
property-related
activities
and
is
net
of
dividend
withholding
taxes.
***
MSCI
World
Index
(Net)
is
a
free
float
‐
adjusted
market
capitalization
weighted
index
that
is
designed
to
measure
the
equity
market
performance
of
developed
markets.
The
index
consists
of
23
developed
market
country
indexes.
§
Annualized.
The
performance
shown
in
this
section
does
not
reflect
any
Insurance
Company
Separate
Account
or
Policy
Charges.
Performance
is
historical
and
assumes
reinvestment
of
all
dividends
and
capital
gains. Investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
when
purchased. Past
performance
is
not
indicative
of
future
results. Additionally,
the
returns
presented
herein
may
differ
from
the
performance
reported
in
the
Financial
Highlights
as
the
returns
herein
are
calculated
in
a
manner
consistent
with
standardized
performance
in
accordance
with
Securities
and
Exchange
Commission
rules,
while
the
performance
in
the
Financial
Highlights
has
been
calculated
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
(“U.S.
GAAP”).
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Shareholder
Expense
Example
—
December
31,
2022
(Unaudited)
128
Global
Real
Estate
Securities
Fund
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
July
1,
2022
to
December
31,
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
July
1,
2022
$
1,000.00
$
1,000.00
Ending
Account
Value
December
31,
2022
$
937.00
$
1,020.57
Expenses
Paid
During
Period*
$
4.49
$
4.69
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio
of
0.92%
(representing
the
six
month
period
annualized),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-
half
year
period).
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Global
Real
Estate
Securities
Fund
129
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
95.2%
Australia
-
3.9%
Charter
Hall
Group
-
ADR(ö)
711,294
5,793
Dexus
Property
Group(ö)
1,069,057
5,620
Goodman
Group(ö)
231,690
2,722
GPT
Group
(The)(ö)
764,838
2,185
Ingenia
Communities
Group(Æ)
633,318
1,925
Mirvac
Group(ö)
3,167,073
4,588
Region
RE,
Ltd.(ö)
1,424,091
2,625
Scentre
Group(ö)
2,761,444
5,370
Stockland(ö)
979,304
2,417
33,245
Belgium
-
0.6%
Aedifica
SA(ö)
37,883
3,083
VGP
NV
5,468
457
Warehouses
De
Pauw
CVA(ö)
58,670
1,678
5,218
Canada
-
2.1%
Allied
Properties
Real
Estate
Investment
Trust(ö)
228,045
4,312
Canadian
Apartment
Properties(ö)
126,767
3,996
Granite
Real
Estate
Investment
Trust(ö)
73,527
3,751
RioCan
Real
Estate
Investment
Trust(ö)
383,130
5,979
Tricon
Residential,
Inc.
25,325
195
18,233
France
-
1.8%
ARGAN
SA(ö)
30,101
2,443
Covivio(ö)
21,639
1,288
Icade
SA(ö)
51,127
2,211
Klepierre
SA
-
GDR(Æ)(ö)
377,675
8,736
Mercialys
SA(ö)
94,701
993
15,671
Germany
-
1.6%
LEG
Immobilien
SE
78,225
5,098
Vonovia
SE
375,956
8,860
13,958
Guernsey
-
0.1%
Sirius
Real
Estate,
Ltd.
1,461,883
1,303
Hong
Kong
-
5.3%
CK
Asset
Holdings,
Ltd.
1,460,908
8,995
Hang
Lung
Properties,
Ltd.
-
ADR
1,199,000
2,328
Hongkong
Land
Holdings,
Ltd.
418,082
1,917
Link
Real
Estate
Investment
Trust(ö)
1,693,643
12,436
Sun
Hung
Kai
Properties,
Ltd.
967,552
13,241
Wharf
Real
Estate
Investment
Co.,
Ltd.
1,087,247
6,338
45,255
Japan
-
10.1%
Activia
Properties,
Inc.(ö)
1,365
4,282
Advance
Residence
Investment
Corp.
(ö)
753
1,945
Daiwa
House
REIT
Investment
Corp.(ö)
1,711
3,819
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Global
One
Real
Estate
Investment
Corp.(ö)
3,136
2,574
GLP
J-REIT(ö)
1,256
1,445
Hulic
REIT,
Inc.(ö)
2,014
2,507
Industrial
&
Infrastructure
Fund
Investment
Corp.(ö)
3,184
3,682
Invincible
Investment
Corp.(ö)
3,753
1,451
Japan
Retail
Fund
Investment
Corp.(ö)
6,639
5,276
Keihanshin
Building
Co.,
Ltd.
216,600
2,109
Kenedix
Office
Investment
Corp.
Class
A(ö)
914
2,222
Kenedix
Retail
REIT
Corp.(ö)
1,704
3,297
Mitsubishi
Estate
Co.,
Ltd.
948,592
12,275
Mitsui
Fudosan
Co.,
Ltd.
561,011
10,249
MORI
Trust
Hotel
REIT,
Inc.(ö)
3,129
3,217
MORI
Trust
Sogo
REIT,
Inc.(ö)
2,723
3,042
Nippon
Building
Fund,
Inc.(ö)
123
549
Nippon
Prologis
REIT,
Inc.(Æ)(ö)
1,989
4,658
Nomura
Real
Estate
Holdings,
Inc.
8,892
190
Nomura
Real
Estate
Master
Fund,
Inc.
(Æ)(ö)
3,066
3,808
Orix
JREIT,
Inc.(ö)
512
726
Sekisui
House
REIT,
Inc.(ö)
4,032
2,285
Sumitomo
Realty
&
Development
Co.,
Ltd.
236,700
5,573
TOC
Co.,
Ltd.
83,500
426
Tokyo
Tatemono
Co.,
Ltd.
45,700
553
Tokyu
Fudosan
Holdings
Corp.
573,359
2,721
United
Urban
Investment
Corp.(ö)
1,714
1,961
86,842
Macao
-
0.3%
Sands
China,
Ltd.(Æ)
864,000
2,862
Netherlands
-
0.6%
CTP
NV(Þ)
123,864
1,459
Eurocommercial
Properties(ö)
66,608
1,607
Unibail-Rodamco-Westfield(Æ)(ö)
36,517
1,905
4,971
Singapore
-
3.3%
Ascendas
Real
Estate
Investment
Trust(Æ)(ö)
1,521,900
3,116
Capitaland
Investment,
Ltd.
2,771,000
7,663
CapitaLand
Mall
Trust
Class
A(ö)
3,368,898
5,137
City
Developments,
Ltd.
126,467
775
Frasers
Logistics
&
Commercial
Trust(Æ)(ö)
6,623,900
5,723
Keppel
REIT(Æ)(ö)
461,510
314
Mapletree
Commercial
Trust(ö)
1,911,700
2,386
Parkway
Life
Real
Estate
Investment
Trust(Æ)(ö)
1,055,255
2,960
28,074
Spain
-
1.1%
Arima
Real
Estate
Socimi
SA(Æ)(Ñ)(ö)
103,745
835
Cellnex
Telecom
SA(Þ)
145,942
4,853
Inmobiliaria
Colonial
Socimi
SA(ö)
185,068
1,195
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
130
Global
Real
Estate
Securities
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Merlin
Properties
Socimi
SA(ö)
230,635
2,174
9,057
Sweden
-
1.3%
Castellum
AB(Ñ)
190,965
2,304
Catena
AB
73,499
2,739
Fabege
AB
290,119
2,476
Fastighets
AB
Balder(Æ)
467,351
2,187
Wihlborgs
Fastigheter
AB
231,584
1,751
11,457
Switzerland
-
0.2%
PSP
Swiss
Property
AG
18,336
2,156
United
Kingdom
-
4.5%
Assura
PLC(ö)
1,766,155
1,164
Big
Yellow
Group
PLC(ö)
161,804
2,246
British
Land
Co.
PLC
(The)(ö)
1,465,763
7,009
Derwent
London
PLC(ö)
88,662
2,540
Grainger
PLC
1,074,958
3,264
Life
Science
REIT
PLC(ö)
724,324
633
LondonMetric
Property
PLC(ö)
459,442
956
LXI
REIT
PLC(ö)
668,091
909
PRS
REIT
PLC
(The)(ö)
832,870
895
Safestore
Holdings
PLC(ö)
381,839
4,366
Segro
PLC(ö)
1,063,136
9,829
Tritax
EuroBox
PLC(Þ)
1,089,673
805
UNITE
Group
PLC
(The)(ö)
340,842
3,754
38,370
United
States
-
58.4%
Agree
Realty
Corp.(ö)
153,459
10,885
Alexandria
Real
Estate
Equities,
Inc.(ö)
73,122
10,652
American
Homes
4
Rent
Class
A(ö)
174,816
5,269
Americold
Realty
Trust,
Inc.(ö)
264,400
7,485
Apartment
Income
REIT
Corp.(ö)
124,008
4,255
AvalonBay
Communities,
Inc.(ö)
100,145
16,175
Boston
Properties,
Inc.(ö)
22,392
1,513
Boyd
Gaming
Corp.
41,993
2,290
Brixmor
Property
Group,
Inc.(ö)
100,281
2,273
Camden
Property
Trust(ö)
69,773
7,806
Cousins
Properties,
Inc.(ö)
119,405
3,020
Digital
Realty
Trust,
Inc.(ö)
183,649
18,415
EastGroup
Properties,
Inc.(ö)
55,509
8,219
Equinix,
Inc.(Æ)(ö)
54,354
35,604
Equity
LifeStyle
Properties,
Inc.
Class
A(ö)
163,934
10,590
Essential
Properties
Realty
Trust,
Inc.
(ö)
185,083
4,344
Essex
Property
Trust,
Inc.(ö)
14,871
3,151
Extra
Space
Storage,
Inc.(ö)
53,587
7,887
First
Industrial
Realty
Trust,
Inc.(ö)
119,729
5,778
Healthcare
Realty
Holdings,
LP(ö)
312,906
6,030
Healthpeak
Properties,
Inc.(ö)
325,732
8,166
Highwoods
Properties,
Inc.(ö)
114,658
3,208
Host
Hotels
&
Resorts,
Inc.(ö)
340,778
5,470
Invitation
Homes,
Inc.(ö)
550,274
16,310
Iron
Mountain,
Inc.(ö)
105,635
5,266
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Jones
Lang
LaSalle,
Inc.(Æ)
21,032
3,352
Kimco
Realty
Corp.(ö)
653,058
13,832
Kite
Realty
Group
Trust(ö)
333,226
7,014
Life
Storage,
Inc.(Æ)(ö)
35,069
3,454
Mid-America
Apartment
Communities,
Inc.(ö)
147,551
23,164
Prologis,
LP(ö)
504,490
56,871
Public
Storage(ö)
119,087
33,367
Realty
Income
Corp.(ö)
437,980
27,781
Rexford
Industrial
Realty,
Inc.(ö)
69,470
3,796
Ryman
Hospitality
Properties,
Inc.(ö)
78,605
6,428
Sabra
Health
Care
REIT,
Inc.(ö)
478,260
5,945
Simon
Property
Group,
Inc.(ö)
223,297
26,233
Spirit
Realty
Capital,
Inc.(ö)
84,246
3,364
Sun
Communities,
Inc.(ö)
67,033
9,586
Sunstone
Hotel
Investors,
Inc.(ö)
189,424
1,830
UDR,
Inc.(ö)
199,879
7,741
Ventas,
Inc.(ö)
297,213
13,389
VICI
Properties,
Inc.(ö)
466,014
15,099
Welltower,
Inc.(ö)
295,650
19,380
WP
Carey,
Inc.(ö)
131,358
10,265
501,952
Total
Common
Stocks
(cost
$778,549)
818,624
Short-Term
Investments
-
3.8%
United
States
-
3.8%
U.S.
Cash
Management
Fund(@)
32,555,477
(∞)
32,549
Total
Short-Term
Investments
(cost
$32,544)
32,549
Other
Securities
-
0.3%
U.S.
Cash
Collateral
Fund(@)(×)
2,436,000
(∞)
2,436
Total
Other
Securities
(cost
$2,436)
2,436
Total
Investments
-
99.3%
(identified
cost
$813,529)
853,609
Other
Assets
and
Liabilities,
Net
-
0.7%
5,976
Net
Assets
-
100.0%
859,585
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Global
Real
Estate
Securities
Fund
131
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
0.8%
Cellnex
Telecom
SA
03/29/22
EUR
145,942
39.84
5,815
4,853
CTP
NV
04/06
/21
EUR
123,864
17.46
2,162
1,459
Tritax
EuroBox
PLC
03/17/21
EUR
1,089,673
1.45
1,575
805
7,117
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
653
USD
21,536
03/23
(499)
FTSE/EPRA
Europe
Index
Futures
391
EUR
5,941
03/23
(423)
Hang
Seng
Index
Futures
19
HKD
18,919
01/23
24
MSCI
Singapore
Index
Futures
63
SGD
1,831
01/23
(1)
S&P/TSX
60
Index
Futures
5
CAD
1,170
03/23
(30)
SPI
200
Index
Futures
10
AUD
1,748
03/23
(25)
TOPIX
Index
Futures
27
JPY
510,705
03/23
(112)
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(1,066)
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Bank
of
America
CAD
385
USD
284
01/04/23
—
HSBC
USD
421
AUD
612
03/15/23
(3)
HSBC
USD
334
CAD
452
03/15/23
—
HSBC
USD
2,214
EUR
2,066
03/15/23
8
HSBC
USD
774
HKD
6,018
03/15/23
(2)
HSBC
USD
1,369
JPY
182,516
03/15/23
36
HSBC
USD
354
SGD
477
03/15/23
2
Royal
Bank
of
Canada
SEK
344
USD
33
01/03/23
—
Standard
Chartered
USD
421
AUD
612
03/15/23
(4)
Standard
Chartered
USD
334
CAD
452
03/15/23
1
Standard
Chartered
USD
2,214
EUR
2,066
03/15/23
8
Standard
Chartered
USD
774
HKD
6,018
03/15/23
(2)
Standard
Chartered
USD
1,369
JPY
182,516
03/15/23
35
Standard
Chartered
USD
354
SGD
477
03/15/23
2
Toronto
Dominion
Bank
USD
422
AUD
612
03/15/23
(4)
Toronto
Dominion
Bank
USD
333
CAD
452
03/15/23
1
Toronto
Dominion
Bank
USD
2,214
EUR
2,066
03/15/23
9
Toronto
Dominion
Bank
USD
774
HKD
6,018
03/15/23
(2)
Toronto
Dominion
Bank
USD
1,369
JPY
182,516
03/15/23
35
Toronto
Dominion
Bank
USD
354
SGD
477
03/15/23
2
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
122
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
132
Global
Real
Estate
Securities
Fund
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
%
of
Net
Assets
Common
Stocks
Australia
$
—
$
33,245
$
—
$
—
$
33,245
3
.9
Belgium
—
5,218
—
—
5,218
0
.6
Canada
18,233
—
—
—
18,233
2
.1
France
—
15,671
—
—
15,671
1
.8
Germany
—
13,958
—
—
13,958
1
.6
Guernsey
—
1,303
—
—
1,303
0
.1
Hong
Kong
—
45,255
—
—
45,255
5
.3
Japan
—
86,842
—
—
86,842
10
.1
Macao
—
2,862
—
—
2,862
0
.3
Netherlands
—
4,971
—
—
4,971
0
.6
Singapore
—
28,074
—
—
28,074
3
.3
Spain
—
9,057
—
—
9,057
1
.1
Sweden
—
11,457
—
—
11,457
1
.3
Switzerland
—
2,156
—
—
2,156
0
.2
United
Kingdom
—
38,370
—
—
38,370
4
.5
United
States
501,952
—
—
—
501,952
58
.4
Short-Term
Investments
—
—
—
32,549
32,549
3
.8
Other
Securities
—
—
—
2,436
2,436
0
.3
Total
Investments
520,185
298,439
—
34,985
853,609
99
.3
Other
Assets
and
Liabilities,
Net
0
.7
100
.0
Other
Financial
Instruments
Assets
Futures
Contracts
24
—
—
—
24
—
*
Foreign
Currency
Exchange
Contracts
—
139
—
—
139
—
*
A
Liabilities
Futures
Contracts
(1,090
)
—
—
—
(1,090
)
(0
.1)
Foreign
Currency
Exchange
Contracts
—
(17
)
—
—
(17
)
(—)
*
Total
Other
Financial
Instruments
**
$
(1,066
)
$
122
$
—
$
—
$
(944
)
*
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
December
31,
2022,
see
note
2
in
the
Notes
to
Financial
Statements.
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Global
Real
Estate
Securities
Fund
133
Amounts
in
thousands
Property
Sector
Exposure
Fair
Value
$
Diversified
..........................................................................................
204,245
Healthcare
..........................................................................................
57,035
Industrial
............................................................................................
123,111
Internet
Services
&
Infrastructure
......................................................
54,018
Lodging/Resorts
.................................................................................
35,784
Office
..................................................................................................
43,280
Residential
..........................................................................................
136,232
Retail
..................................................................................................
113,598
Self
Storage
........................................................................................
51,321
Short-Term
Investments
.....................................................................
32,549
Other
Securities
..................................................................................
2,436
Total
Investments
...............................................................................
853,609
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
134
Global
Real
Estate
Securities
Fund
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Fair
Value
of
Derivative
Instruments
—
December
31,
2022
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
$
—
$
139
Variation
margin
on
futures
contracts*
24
—
Total
$
24
$
139
Location:
Statement
of
Assets
and
Liabilities
-
Liabilities
Variation
margin
on
futures
contracts*
$
1,090
$
—
Unrealized
depreciation
on
foreign
currency
exchange
contracts
—
17
Total
$
1,090
$
17
Derivatives
not
accounted
for
as
hedging
instruments
Equity
Contracts
Foreign
Currency
Contracts
Location:
Statement
of
Operations
-
Net
realized
gain
(loss)
Futures
contracts
$
(3,239)
$
—
Foreign
currency
exchange
contracts
—
(241)
Total
$
(3,239)
$
(241)
Location:
Statement
of
Operations
-
Net
change
in
unrealized
appreciation
(depreciation)
Futures
contracts
$
(1,888)
$
—
Foreign
currency
exchange
contracts
—
95
Total
$
(1,888)
$
95
*
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
Global
Real
Estate
Securities
Fund
Balance
Sheet
Offsetting
of
Financial
and
Derivative
Instruments
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Global
Real
Estate
Securities
Fund
135
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
$
2,264
$
—
$
2,264
Foreign
Currency
Exchange
Contracts
Unrealized
appreciation
on
foreign
currency
exchange
contracts
139
—
139
Total
Financial
and
Derivative
Assets
2,403
—
2,403
Financial
and
Derivative
Assets
not
subject
to
a
netting
agreement
—
—
—
Total
Financial
and
Derivative
Assets
subject
to
a
netting
agreement
$
2,403
$
—
$
2,403
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
Barclays
$
80
$
—
$
80
$
—
Citigroup
2,184
—
2,184
—
HSBC
46
6
—
40
Standard
Chartered
46
5
—
41
Toronto
Dominion
Bank
47
6
—
41
Total
$
2,403
$
17
$
2,264
$
122
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Balance
Sheet
Offsetting
of
Financial
and
Derivative
Instruments,
continued
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
136
Global
Real
Estate
Securities
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
$
17
$
—
$
17
Total
Financial
and
Derivative
Liabilities
17
—
17
Financial
and
Derivative
Liabilities
not
subject
to
a
netting
agreement
—
—
—
Total
Financial
and
Derivative
Liabilities
subject
to
a
netting
agreement
$
17
$
—
$
17
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
HSBC
$
6
$
6
$
—
$
—
Standard
Chartered
5
5
—
—
Toronto
Dominion
Bank
6
6
—
—
Total
$
17
$
17
$
—
$
—
*
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.
Global
Real
Estate
Securities
Fund
137
Statement
of
Assets
and
Liabilities
—
December
31,
2022
Amounts
in
thousands
Assets
Investments,
at
identified
cost
......................................................................................................................................................
$
813,529
Investments,
at
fair
value(*)(>)
....................................................................................................................................................
853,609
Cash
..............................................................................................................................................................................................
602
Foreign
currency
holdings(^)
.......................................................................................................................................................
2,153
Unrealized
appreciation
on
foreign
currency
exchange
contracts
...............................................................................................
139
Receivables:
Dividends
and
interest
......................................................................................................................................................
2,875
Dividends
from
affiliated
funds
.......................................................................................................................................
100
Investments
sold
...............................................................................................................................................................
9,977
Fund
shares
sold
...............................................................................................................................................................
71
Foreign
capital
gains
taxes
recoverable
...........................................................................................................................
293
From
broker(a)
.................................................................................................................................................................
4,552
Total
assets
...............................................................................................................................................................
874,371
Liabilities
Payables:
Investments
purchased
.....................................................................................................................................................
10,231
Fund
shares
redeemed
......................................................................................................................................................
191
Accrued
fees
to
affiliates
..................................................................................................................................................
635
Other
accrued
expenses
....................................................................................................................................................
213
Variation
margin
on
futures
contracts
..............................................................................................................................
1,063
Unrealized
depreciation
on
foreign
currency
exchange
contracts
...............................................................................................
17
Payable
upon
return
of
securities
loaned
.....................................................................................................................................
2,436
Total
liabilities
...........................................................................................................................................................
14,786
Net
Assets
...............................................................................................................................................................
$
859,585
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
138
Global
Real
Estate
Securities
Fund
Statement
of
Assets
and
Liabilities,
continued
—
December
31,
2022
Amounts
in
thousands
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
.............................................................................................................................................
$
(60,367
)
Shares
of
beneficial
interest
.........................................................................................................................................................
697
Additional
paid-in
capital
............................................................................................................................................................
919,255
Net
Assets
...............................................................................................................................................................
$
859,585
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.......................................................................................................................................................
$
12.34
Net
assets
.............................................................................................................................................................................
$
859,584,921
Shares
outstanding
($.01
par
value)
.....................................................................................................................................
69,678,935
Amounts
in
thousands
(^)
Foreign
currency
holdings
-
cost
$
2,167
(*)
Securities
on
loan
included
in
investments
$
2,264
(>)
Investments
in
affiliates,
U.S.
Cash
Management
Fund
and
U.S.
Cash
Collateral
Fund
$
34,985
(a)
Receivable
from
Broker
for
Futures
$
4,552
(#)
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.
Global
Real
Estate
Securities
Fund
139
Statement
of
Operations
—
For
the
Period
Ended
December
31,
2022
Amounts
in
thousands
Investment
Income
Dividends
.........................................................................................................................................................................
$
28,110
Dividends
from
affiliated
funds
.......................................................................................................................................
395
Securities
lending
income
(net)
.......................................................................................................................................
20
Less
foreign
taxes
withheld
.............................................................................................................................................
(1,061)
Total
investment
income
..............................................................................................................................................................
27,464
Expenses
Advisory
fees
...................................................................................................................................................................
7,557
Administrative
fees
..........................................................................................................................................................
472
Custodian
fees
..................................................................................................................................................................
232
Transfer
agent
fees
...........................................................................................................................................................
42
Professional
fees
..............................................................................................................................................................
182
Trustees’
fees
....................................................................................................................................................................
57
Printing
fees
.....................................................................................................................................................................
48
Miscellaneous
..................................................................................................................................................................
32
Total
expenses
..............................................................................................................................................................................
8,622
Net
investment
income
(loss)
.......................................................................................................................................................
18,842
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
......................................................................................................................................................................
(48,502)
Investments
in
affiliated
funds
.........................................................................................................................................
(2)
Futures
contracts
..............................................................................................................................................................
(3,239)
Foreign
currency
exchange
contracts
...............................................................................................................................
(241)
Foreign
currency-related
transactions
..............................................................................................................................
(461)
Net
realized
gain
(loss)
................................................................................................................................................................
(52,445)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
......................................................................................................................................................................
(267,967)
Investments
in
affiliated
funds
.........................................................................................................................................
6
Futures
contracts
..............................................................................................................................................................
(1,888)
Foreign
currency
exchange
contracts
...............................................................................................................................
95
Foreign
currency-related
transactions
..............................................................................................................................
32
Net
change
in
unrealized
appreciation
(depreciation)
.................................................................................................................
(269,722)
Net
realized
and
unrealized
gain
(loss)
........................................................................................................................................
(322,167)
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
....................................................................................
$
(303,325)
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
140
Global
Real
Estate
Securities
Fund
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
For
the
Periods
Ended
December
31,
2022
2021
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
..............................................................................................................
$
18,842
$
23,298
Net
realized
gain
(loss)
.......................................................................................................................
(52,445)
91,706
Net
change
in
unrealized
appreciation
(depreciation)
........................................................................
(269,722)
136,884
Net
increase
(decrease)
in
net
assets
from
operations
..............................................................................
(303,325)
251,888
Distributions
To
shareholders
...................................................................................................................................
(
15
,
495
)
(61,884)
From
return
of
capital
.........................................................................................................................
(
4
,
589
)
—
Net
decrease
in
net
assets
from
distributions
............................................................................................
(20,084)
(61,884)
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
...................................................................
37,657
22,692
Total
Net
Increase
(Decrease)
in
Net
Assets
........................................................................
(285,752)
212,696
Net
Assets
Beginning
of
period
..................................................................................................................................
1,145,337
932,641
End
of
period
.............................................................................................................................................
$
859,585
$
1,145,337
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
December
31,
2022
and
December
31,
2021
were
as
follows:
2022
2021
Shares
Dollars
Shares
Dollars
Proceeds
from
shares
sold
3,957
$
51,215
2,218
$
34,704
Proceeds
from
reinvestment
of
distributions
1,452
20,084
3,910
61,884
Payments
for
shares
redeemed
(2,228)
(33,642)
(4,541)
(73,896)
Total
increase
(decrease)
3,181
$
37,657
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.
142
Global
Real
Estate
Securities
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
$
Return
of
Capital
December
31,
2022
17.22
.28
(4.86)
(4.58)
(.11)
(.12)
(.07)
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)
—
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Global
Real
Estate
Securities
Fund
143
$
Total
Distributions
$
Net
Asset
Value,
End
of
Period
%
Total
Return
(d)
$
Net
Assets,
End
of
Period
(000)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Gross
%
Ratio
of
Expenses
to
Average
Net
Assets,
Net
(b)
%
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
(b)
%
Portfolio
Turnover
Rate
(.30)
12.34
(26.77)
859,585
.91
.91
1.99
68
(.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
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
144
Global
Real
Estate
Securities
Fund
Related
Party
Transactions,
Fees
and
Expenses
Accrued
fees
payable
to
affiliates
for
the
period
ended
December
31,
2022
were
as
follows:
Transactions
(amounts
in
thousands)
during
the
period
ended
December
31,
2022
with
Underlying
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
At
December
31,
2022,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation),
and
components
of
distributable
earnings
for
income
tax
purposes
were
as
follows:
For
the
fiscal
years
ended
December
31,
2022
and
December
31,
2021,
respectively,
the
Fund
made
the
following
tax
basis
distributions:
Net
investment
income
and
net
realized
gains
(losses)
in
the
financial
statements
may
differ
from
taxable
net
investment
income
and
net
realized
gains
(losses).
Capital
accounts
within
the
financial
statements
are
adjusted
for
permanent
differences
between
book
and
tax
accounting. These
differences
may
be
due
to
foreign
currency
gains
or
losses,
reclassifications
of
dividends
and/or
differences
in
treatment
of
income
from
swaps. These
adjustments
have
no
impact
on
the
net
assets.
At
December
31,
2022,
the
Statement
of
Assets
and
Liabilities
has
been
adjusted
by
the
following
amounts
(in
thousands):
Advisory
fees
$
590,008
Administration
fees
36,876
Transfer
agent
fees
3,246
Trustee
fees
5,146
$
635,276
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
$
227,802
$
218,702
$
(2
)
$
6
$
32,549
$
395
$
—
U.S.
Cash
Collateral
Fund
5,414
101,920
104,898
—
—
2,436
—
—
$
28,859
$
329,722
$
323,600
$
(2
)
$
6
$
34,985
$
395
$
—
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
(Capital
Loss
Carryforward)
$
868,399,252
$
27,234,027
$
(43,089,783)
$
(15,855,75
6
)
$
—
$
(34,563,839)
December
31,
2022
December
31,
2021
Ordinary
Income
Distributions
Long-Term
Capital
Gain
Distributions
Return
of
Capital
Ordinary
Income
Distributions
Long-Term
Capital
Gain
Distributions
Return
of
Capital
$
7,274,696
$
8,219,388
$
4,589,599
$
50,989,057
$
10,894,483
$
—
Total
distributable
earnings
(losses)
$
4,593
Additional
paid-in
capital
(4,593)
Russell
Investment
Funds
Notes
to
Schedule
of
Investments
—
December
31,
2022
Notes
to
Schedule
of
Investments
145
Footnotes:
Abbreviations:
(Æ)
Non-income
producing
security.
(Ï)
Forward
commitment.
(Ê)
Variable,
adjustable
or
floating
rate
security.
Rate
shown
reflects
rate
in
effect
at
period
end.
(ƒ)
Perpetual
floating
rate
security.
Rate
shown
reflects
rate
in
effect
at
period
end.
(ö)
Real
Estate
Investment
Trust
(REIT).
(µ)
Bond
is
insured
by
a
guarantor.
(Ø)
In
default.
(ç)
At
amortized
cost,
which
approximates
fair
value.
(ž
)
Rate
noted
is
yield-to-maturity
from
date
of
acquisition.
(æ)
Pre-refunded:
These
bonds
are
collateralized
by
U.S.
Treasury
securities,
which
are
held
in
escrow
by
a
trustee
and
used
to
pay
principal
and
interest
in
the
tax-exempt
issue
and
to
retire
the
bonds
in
full
at
the
earliest
refunding
date.
(§)
All
or
a
portion
of
the
shares
of
this
security
are
pledged
as
collateral
in
connection
with
futures
contracts
purchased
(sold)
or
swap
contracts
entered
into
by
the
Fund.
(x)
The
security
is
purchased
with
the
cash
collateral
from
the
securities
loaned.
(Ñ)
All
or
a
portion
of
the
shares
of
this
security
are
on
loan.
(Þ)
Restricted
security.
Security
may
have
contractual
restrictions
on
resale,
may
have
been
offered
in
a
private
placement
transaction,
and
is
not
registered
under
the
Securities
Act
of
1933.
(Û)
All
or
a
portion
of
the
shares
of
this
security
are
pledged
as
collateral
in
connection
with
securities
sold
short.
(ÿ)
Notional
amount
in
thousands.
(∞)
Unrounded
units.
(å)
Currency
balances
were
pledged
in
connection
with
futures
contracts
purchased
(sold),
options
written,
foreign
currency
exchange
contracts,
or
swaps
entered
into
by
the
Fund.
(ì)
All
or
a
portion
of
the
shares
of
this
security
are
pledged
as
collateral
in
connection
with
options
written
contracts.
(v)
Loan
agreement
still
pending.
Rate
not
available
at
period
end.
(
Š)
Value
was
determined
using
significant
unobservable
inputs
.
(
~)
Rate
fluctuates
based
on
various
factors
such
as
changes
in
current
rates
and
prepayments
of
the
underlying
assets,
changes
in
the
CPI
or
other
contractual
arrangements
.
(
@)
Affiliate
.
(
Ÿ)
Rate
noted
is
dividend
yield
at
period
end
.
(
¢)
Date
shown
reflects
next
contractual
call
date.
(
Œ
)
Unfunded
loan
agreement.
(
Ð
)
All
or
a
portion
of
the
shares
of
this
security
are
on
loan
through
the
reciprocal
lending
program
with
State
Street.
See
note
2
in
the
Notes.
(0)
Weekly
payment
frequency
.
(1)
Monthly
payment
frequency
.
(2)
Quarterly
payment
frequency
.
(3)
Semi-annual
payment
frequency
.
(4)
Annual
payment
frequency
.
(5)
Payment
at
termination
.
ADR
-
American
Depositary
Receipt
ADS
-
American
Depositary
Share
BBR
-
Bank
Bill
Rate
BBSW
-
Bank
Bill
Swap
Reference
Rate
BUBOR
–Budapest
Interbank
Offered
Rate
CIBOR
-
Copenhagen
Interbank
Offered
Rate
CME
-
Chicago
Mercantile
Exchange
CMO
-
Collateralized
Mortgage
Obligation
CVO
-
Contingent
Value
Obligation
EMU
-
European
Economic
and
Monetary
Union
EURIBOR
-
Euro
Interbank
Offered
Bank
FDIC
-
Federal
Deposit
Insurance
Company
GDR
-
Global
Depositary
Receipt
GDS
-
Global
Depositary
Share
GSCI
–
Goldman
Sachs
Commodity
Index
HIBOR
–
Hong
Kong
Interbank
Offered
Rate
JIBAR
-
Johannesburg
Interbank
Agreed
Rate
KSDA
–
Korean
Securities
Dealers
Association
Russell
Investment
Funds
Notes
to
Schedule
of
Investments,
continued
—
December
31,
2022
146
Notes
to
Schedule
of
Investments
Foreign
Currency
Abbreviations:
LIBOR
-
London
Interbank
Offered
Rate
MIBOR
-
Mumbai
Interbank
Offered
Rate
NIBOR
-
Norwegian
Interbank
Offered
Rate
NSERO
–
India
National
Stock
Exchange
Offered
Rate
PIK
-
Payment
in
Kind
PRIBOR
–
Prague
Interbank
Offered
Rate
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
SOFR
–
Secured
Overnight
Financing
Rate
SONIA
–
Sterling
Overnight
Index
Average
STIBOR
–
Stockholm
Interbank
Offered
Rate
STRIPS
-
Separate
Trading
of
Registered
Interest
and
Principal
of
Securities
SFE
-
Sydney
Futures
Exchange
TBA
-
To
Be
Announced
Security
TONAR
–
Tokyo
Overnight
Average
Rate
UK
-
United
Kingdom
WTI
–
West
Texas
Intermediate
ARS
-
Argentine
peso
HKD
-
Hong
Kong
dollar
PKR
-
Pakistani
rupee
AUD
-
Australian
dollar
HUF
-
Hungarian
forint
PLN
-
Polish
zloty
BRL
-
Brazilian
real
IDR
-
Indonesian
rupiah
RON
-
Romanian
New
Leu
CAD
-
Canadian
dollar
ILS
-
Israeli
shekel
RUB
-
Russian
ruble
CHF
-
Swiss
franc
INR
-
Indian
rupee
SEK
-
Swedish
krona
CLP
-
Chilean
peso
ISK
-
Icelandic
krona
SGD
-
Singapore
dollar
CNY
-
Chinese
offshore
spot
ITL
-
Italian
lira
SKK
-
Slovakian
koruna
CNY
-
Chinese
renminbi
yuan
JPY
-
Japanese
yen
THB
-
Thai
baht
COP
-
Colombian
peso
KES
-
Kenyan
schilling
TRY
-
Turkish
lira
CRC
-
Costa
Rican
colon
KRW
-
South
Korean
won
TWD
-
Taiwanese
dollar
CZK
-
Czech
koruna
MXN
-
Mexican
peso
USD
-
United
States
dollar
DKK
-
Danish
krone
MYR
-
Malaysian
ringgit
UYU
–
Uruguayan
peso
DOP
-
Dominican
peso
NOK
-
Norwegian
krone
VEB
-
Venezuelan
bolivar
EGP
-
Egyptian
pound
NGN
–
Nigerian
naira
VND
-
Vietnamese
dong
EUR
-
Euro
NZD
-
New
Zealand
dollar
ZAR
-
South
African
rand
GBP
-
British
pound
sterling
PEN
-
Peruvian
nuevo
sol
GHS
-
Ghana
cedi
PHP
-
Philippine
peso
Russell
Investment
Funds
Notes
to
Financial
Highlights
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Notes
to
Financial
Highlights
147
(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)
The
total
return
does
not
reflect
any
Insurance
Company
Separate
Account
or
Policy
Charges.
Russell
Investment
Funds
Notes
to
Financial
Statements
—
December
31,
2022
148
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
fiscal
year
ended
December
31,
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
instruments
according
to
securities
valuation
procedures
and
pricing
sources
and
services,
which
include
market
value
procedures,
fair
value
procedures,
other
key
valuation
procedures
and
a
description
of
the
pricing
sources
and
services
used
by
the
Funds.
With
respect
to
a
Fund’s
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
Russell
Investment
Management,
LLC
(“RIM”)
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
Rule
2a-5
under
the
1940
Act.
U.S.
GAAP
defines
fair
value
as
the
price
that
a
Fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
It
establishes
a
fair
value
hierarchy
that
prioritizes
inputs
to
valuation
methods,
requires
a
separate
disclosure
of
the
fair
value
hierarchy
for
each
major
category
of
assets
and
liabilities,
and
segregates
fair
value
measurements
into
levels
(Level
1,
2,
and
3).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Levels
1,
2
and
3
of
the
fair
value
hierarchy
are
defined
as
follows:
Level
1
—
Quoted
prices
(unadjusted)
in
active
markets
or
exchanges
for
identical
assets
and
liabilities.
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable,
which
may
include,
but
are
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
and
inputs
such
as
interest
rates,
yield
curves,
implied
volatilities,
credit
spreads
or
other
market
corroborated
inputs.
Level
3
—
Significant
unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
which
may
include
assumptions
made
by
RIM,
that
are
used
in
determining
the
fair
value
of
investments.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
December
31,
2022
Notes
to
Financial
Statements
149
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
market
values
of
financial
instruments
categorized
as
Level
1
and
Level
2
of
the
fair
value
hierarchy
are
as
follows:
Equity
securities,
including
common
and
preferred
stock,
short
securities,
ETFs
and
restricted
securities
that
are
traded
on
a
national
securities
exchange
(or
reported
on
the
NASDAQ
national
market),
are
stated
at
the
last
reported
sales
price
on
the
day
of
valuation
or
official
closing
price,
as
applicable.
To
the
extent
these
securities
are
actively
traded,
and
valuation
adjustments
are
not
applied,
they
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
Preferred
stock
and
other
equities
traded
on
inactive
markets
or
valued
by
reference
to
similar
instruments
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Certain
foreign
equity
securities
may
be
fair
valued
using
a
pricing
service
that
considers
the
correlation
of
the
trading
patterns
of
the
foreign
security
to
the
intraday
trading
in
the
U.S.
markets
for
investments
such
as
American
Depositary
Receipts,
financial
futures,
exchange-traded
funds,
and
the
movement
of
certain
indexes
of
securities,
based
on
the
statistical
analysis
of
historical
relationships.
Foreign
equity
securities
prices
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Fixed
income
securities
including
corporate,
convertible,
U.S.
government
agency,
municipal
bonds
and
notes,
U.S.
treasury
obligations,
sovereign
issues,
bank
loans,
bank
notes
and
non-U.S.
bonds
are
normally
valued
by
pricing
service
providers
that
use
broker-dealer
quotations
or
valuation
estimates
from
their
internal
pricing
models.
The
pricing
service
providers’
internal
models
use
inputs
that
are
observable
such
as
issuer
details,
interest
rates,
yield
curves,
prepayment
speeds,
credit
risks/spreads
and
default
rates.
Such
fixed
income
securities
that
use
pricing
service
internal
models
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Such
fixed
income
securities
that
use
broker-dealer
quotations
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
Fixed
income
securities
purchased
on
a
delayed-delivery
basis
and
marked-to-market
daily
until
settlement
at
the
forward
settlement
date
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Mortgage
and
asset-backed
securities
are
usually
issued
as
separate
tranches,
or
classes,
of
securities
within
each
deal.
These
securities
are
also
normally
valued
by
pricing
service
providers
that
use
broker-dealer
quotations
or
valuation
estimates
from
their
internal
pricing
models.
The
pricing
models
for
these
securities
usually
consider
tranche-level
attributes,
including
estimated
cash
flows
of
each
tranche,
market-based
yield
spreads
for
each
tranche,
and
current
market
data,
as
well
as
incorporate
deal
collateral
performance,
as
available.
Mortgage
and
asset-backed
securities
that
use
these
and
similar
valuation
techniques
and
inputs
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Investments
in
investment
funds
that
are
not
traded
on
a
national
securities
exchange
will
be
valued
based
upon
the
NAV
of
such
investments.
The
Funds
have
adopted
the
authoritative
guidance
under
U.S.
GAAP
for
estimating
the
fair
value
of
investments
in
funds
that
have
calculated
NAV
per
share
in
accordance
with
the
specialized
accounting
guidance
for
investment
companies.
Accordingly,
the
Funds
estimate
the
fair
value
of
an
investment
in
a
fund
using
the
NAV
per
share
without
further
adjustment
as
a
practical
expedient,
if
the
NAV
per
share
of
the
investment
is
determined
in
accordance
with
the
specialized
accounting
guidance
for
investment
companies
as
of
the
reporting
entity’s
measurement
date.
Short-term
investments
having
a
maturity
of
60
days
or
less
are
generally
valued
at
amortized
cost,
which
approximates
fair
market
value.
These
investments
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Derivative
instruments
are
instruments
such
as
foreign
currency
exchange
contracts,
futures
contracts,
options
contracts,
or
swap
agreements
that
derive
their
value
from
underlying
asset
prices,
indices,
reference
rates,
and
other
inputs
or
a
combination
of
these
factors.
Derivatives
may
be
classified
into
two
groups
depending
upon
the
way
that
they
are
traded:
privately
traded
over-the-counter
(“OTC”)
derivatives
that
do
not
go
through
an
exchange
or
intermediary
and
exchange-traded
derivatives
that
are
traded
through
specialized
derivatives
exchanges
or
other
regulated
exchanges.
OTC
derivatives
are
normally
valued
on
the
basis
of
broker-dealer
quotations
or
pricing
service
providers.
Depending
on
the
product
and
the
terms
of
the
transaction,
the
value
of
the
derivative
instrument
can
be
estimated
by
a
pricing
service
provider
using
a
series
of
techniques,
including
simulation
pricing
models.
The
pricing
models
use
inputs
that
are
observed
from
actively
quoted
markets
such
as
issuer
details,
indices,
spreads,
interest
rates,
yield
curves,
dividends
and
exchange
rates.
OTC
derivatives
that
use
these
and
similar
valuation
techniques
and
inputs
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy,
with
the
exception
of
foreign
currency
spot
contracts
which
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
OTC
derivatives
that
use
broker-dealer
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
December
31,
2022
150
Notes
to
Financial
Statements
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
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
December
31,
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
RIM
and
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
Market
quotes
are
considered
not
readily
available
in
circumstances
where
there
is
an
absence
of
current
or
reliable
market-based
data
(e.g.,
trade
information
or
broker
quotes).
When
RIM
applies
fair
valuation
methods
that
use
significant
unobservable
inputs
to
determine
a
Fund’s
NAV,
securities
will
not
be
priced
on
the
basis
of
quotes
from
the
primary
market
in
which
they
are
traded,
but
instead
may
be
priced
by
another
method
that
RIM
believes
accurately
reflects
fair
value
and
will
be
categorized
as
Level
3
of
the
fair
value
hierarchy.
Fair
value
pricing
may
require
subjective
determinations
about
the
value
of
a
security.
While
the
securities
valuation
procedures
are
intended
to
result
in
a
calculation
of
a
Fund’s
NAV
that
fairly
reflects
security
values
as
of
the
time
of
pricing,
the
process
cannot
guarantee
that
fair
values
determined
by
RIM
would
accurately
reflect
the
price
that
a
Fund
could
obtain
for
a
security
if
it
were
to
dispose
of
that
security
as
of
the
time
of
pricing
(for
instance,
in
a
forced
or
distressed
sale).
The
prices
used
by
a
Fund
may
differ
from
the
value
that
would
be
realized
if
the
security
was
sold.
RIM
employs
third-party
pricing
vendors
to
provide
fair
value
measurements.
RIM
oversees
third-party
pricing
service
providers
in
order
to
support
the
valuation
process.
These
significant
unobservable
inputs
are
further
disclosed
in
the
Presentation
of
Portfolio
Holdings
for
each
respective
Fund
as
applicable.
If
third-party
evaluated
vendor
pricing
is
neither
available
nor
deemed
to
be
indicative
of
fair
value,
RIM
may
elect
to
obtain
indicative
market
quotations
(“broker
quotes”)
directly
from
the
broker
or
passed
through
from
a
third-party
vendor.
In
the
event
that
the
source
of
fair
value
is
from
a
single
source
broker
quote,
these
securities
are
classified
as
Level
3
per
the
fair
value
hierarchy.
Broker
quotes
are
typically
received
from
established
market
participants.
Although
independently
received
on
a
daily
basis,
RIM
does
not
have
the
transparency
to
view
the
underlying
inputs
which
support
the
broker
quotes.
Significant
changes
in
the
broker
quote
would
have
direct
and
proportional
changes
in
the
fair
value
of
the
security.
There
is
a
third-party
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
December
31,
2022
Notes
to
Financial
Statements
151
pricing
exception
to
the
quantitative
disclosure
requirement
when
prices
are
not
determined
by
the
reporting
entity.
RIM
is
exercising
this
exception
and
has
made
a
reasonable
attempt
to
obtain
quantitative
information
from
the
third-party
pricing
vendors
regarding
the
unobservable
inputs
used.
For
fair
valuations
using
significant
unobservable
inputs,
U.S.
GAAP
requires
a
reconciliation
of
the
beginning
to
ending
balances
for
reported
fair
values
that
present
changes
attributable
to
total
realized
and
unrealized
gains
or
losses,
purchases
and
sales,
and
transfers
in/out
of
the
Level
3
category
during
the
period.
Additionally,
U.S.
GAAP
requires
quantitative
information
regarding
the
significant
unobservable
inputs
used
in
the
determination
of
fair
value
of
assets
categorized
as
Level
3
in
the
fair
value
hierarchy.
In
accordance
with
the
requirements
of
U.S.
GAAP,
a
fair
value
hierarchy,
a
Level
3
reconciliation
and
an
additional
disclosure
about
fair
value
measurements,
if
any,
has
been
included
in
the
Presentation
of
Portfolio
Holdings
for
each
respective
Fund.
Investment
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.
Certain
callable
debt
securities
held
at
a
premium
will
be
amortized
to
the
earliest
call
date.
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
December
31,
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
—
December
31,
2022
152
Notes
to
Financial
Statements
Dividends
and
Distributions
to
Shareholders
For
all
Funds,
income,
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
RIM,
the
Funds’
adviser,
or
Russell
Investments
Fund
Services,
LLC
(“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
December
31,
2022.
The
accrual
for
capital
gains
and
repatriation
taxes
is
included
in
total
distributable
earnings
(losses)
in
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
—
December
31,
2022
Notes
to
Financial
Statements
153
the
Statements
of
Assets
and
Liabilities.
The
amounts
related
to
capital
gains
and
repatriation
taxes
are
included
in
net
realized
gain
(loss)
on
investments
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
such
Funds
to
perform
as
though
cash
were
actually
invested
in
those
markets.
Hedging
may
be
used
by
certain
Funds
to
limit
or
control
risks,
such
as
adverse
movements
in
exchange
rates
and
interest
rates.
Return
enhancement
can
be
accomplished
through
the
use
of
derivatives
in
a
Fund,
including
using
derivatives
as
a
substitute
for
holding
physical
securities,
and
using
them
to
express
various
macro
views
(e.g.,
interest
rate
movements,
currency
movements,
and
macro
credit
strategies).
By
purchasing
certain
instruments,
the
Funds
may
more
effectively
achieve
the
desired
portfolio
characteristics
that
assist
them
in
meeting
their
investment
objectives.
Depending
on
how
the
derivatives
are
structured
and
utilized,
the
risks
associated
with
them
may
vary
widely.
These
risks
include,
but
are
not
limited
to,
market
risk,
liquidity
risk,
leveraging
risk,
counterparty
risk,
basis
risk,
reinvestment
risk,
political
risk,
prepayment
risk,
extension
risk,
valuation
risk
and
credit
risk.
Futures,
certain
options
and
cleared
swaps
are
traded
or
cleared
on
an
exchange
or
central
exchange
clearing
house.
Exchange-
traded
or
exchange-cleared
transactions
generally
present
less
counterparty
risk
to
a
Fund.
The
exchange’s
clearing
house
stands
between
the
Fund
and
the
broker
to
the
contract
and
therefore,
credit
risk
is
generally
limited
to
the
failure
of
the
clearing
house
and
the
clearing
member.
Cleared
swap
contracts
are
subject
to
clearing
house
rules,
including
initial
and
variation
margin
requirement,
daily
settlement
of
obligations
and
the
clearing
house
guarantee
of
payments
to
the
broker.
There
is,
however,
still
counterparty
risk
due
to
the
insolvency
of
the
broker
with
respect
to
any
margin
held
in
the
broker’s
customer
accounts.
While
clearing
members
are
required
to
segregate
customer
assets
from
their
own
assets,
in
the
event
of
insolvency,
there
may
be
a
shortfall
in
the
amount
of
margin
held
by
the
broker
for
its
clients.
Collateral
and
margin
requirements
for
exchange-
traded
or
exchange-cleared
derivatives
are
established
through
regulation,
as
well
as
set
by
the
broker
or
applicable
clearing
house.
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.
The
rule
requires
that
the
Funds
trade
derivatives
and
other
transactions
that
create
future
payment
or
delivery
obligations
subject
to
a
value-at-risk
leverage
limit,
certain
derivatives
risk
management
program
and
reporting
requirements.
These
requirements
may
limit
the
ability
of
a
Fund
to
use
derivatives,
reverse
repurchase
agreements
and
similar
financing
transactions,
unfunded
commitments
and
other
relevant
transactions
as
part
of
its
investment
strategies.
These
requirements
may
increase
the
cost
of
a
Fund’s
investments
and
cost
of
doing
business,
which
could
adversely
affect
investors.
The
effects
of
derivative
instruments,
categorized
by
risk
exposure,
on
the
Statements
of
Assets
and
Liabilities
and
the
Statements
of
Operations,
for
the
period
ended
December
31,
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
amount
of
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
—
December
31,
2022
154
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
December
31,
2022,
the
following
Funds
entered
into
FX
contracts
primarily
for
the
strategies
listed
below:
Options
Certain
Funds
may
purchase
and
sell
(write)
both
call
and
put
options
on
securities,
securities
indexes,
foreign
currencies
and
other
assets.
Such
options
are
traded
on
a
national
securities
exchange
or
in
an
OTC
market.
The
Funds
may
also
purchase
and
sell
(write)
call
and
put
options
on
foreign
currencies.
When
a
Fund
writes
a
covered
call
or
a
put
option,
an
amount
equal
to
the
premium
received
by
the
Fund
is
included
in
the
Fund’s
Statement
of
Assets
and
Liabilities
as
an
asset
and
as
an
equivalent
liability.
The
amount
of
the
liability
is
subsequently
marked-to-market
to
reflect
the
current
fair
value
of
the
option
written.
The
Fund
receives
a
premium
on
the
sale
of
a
call
option
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
December
31,
2022,
there
were
no
options
held
in
the
Funds.
Futures
Contracts
Certain
Funds
may
invest
in
futures
contracts
(i.e.,
interest
rate,
foreign
currency
and
index
futures
contracts).
The
face
or
contract
value
of
these
instruments
reflect
the
extent
of
the
Funds’
exposure
to
off
balance
sheet
risk.
The
primary
risks
associated
with
the
use
of
futures
contracts
are
an
imperfect
correlation
between
the
change
in
fair
value
of
the
securities
held
by
the
Funds
and
the
prices
of
futures
contracts,
and
the
possibility
of
an
illiquid
market.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
with
a
broker
an
amount,
termed
the
initial
margin,
which
typically
represents
5%
to
10%
of
the
purchase
price
indicated
in
the
futures
contract.
Payments
to
and
from
the
broker,
known
as
variation
margin,
are
typically
required
to
be
made
on
a
daily
basis
as
the
price
of
the
futures
contract
fluctuates.
Changes
in
initial
settlement
value
are
accounted
for
as
unrealized
appreciation
(depreciation)
until
the
contracts
are
terminated,
at
which
time
realized
gains
and
losses
are
recognized.
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
—
December
31,
2022
Notes
to
Financial
Statements
155
For
the
period
ended
December
31,
2022,
the
following
Funds
entered
into
futures
contracts
primarily
for
the
strategies
listed
below:
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
a
counterparty
agreement
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.
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
—
December
31,
2022
156
Notes
to
Financial
Statements
As
the
seller
of
protection
in
a
credit
default
swap,
the
Fund
would
be
required
to
pay
the
par
or
other
agreed-upon
value
(or
otherwise
perform
according
to
the
swap
contract)
of
a
reference
debt
obligation
to
the
counterparty
in
the
event
of
a
default
(or
other
specified
credit
event)
and
the
counterparty
would
be
required
to
surrender
the
reference
debt
obligation.
In
return,
the
Fund
would
receive
from
the
counterparty
a
periodic
stream
of
payments
over
the
term
of
the
contract
provided
that
no
credit
event
has
occurred.
If
no
credit
event
occurs,
the
Fund
would
keep
the
stream
of
payments
and
would
have
no
payment
obligations.
As
a
seller
of
protection,
the
Fund
would
effectively
add
leverage
to
its
portfolio
because,
in
addition
to
its
total
net
assets,
that
Fund
would
be
subject
to
investment
exposure
on
the
notional
amount
of
the
swap.
The
Fund
may
also
purchase
protection
via
credit
default
swap
contracts
in
order
to
offset
the
risk
of
default
of
debt
securities
held
in
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
December
31,
2022,
for
which
a
Fund
is
the
seller
of
protection
are
disclosed
in
the
Schedules
of
Investments.
These
potential
amounts
would
be
partially
offset
by
any
recovery
values
of
the
respective
referenced
obligations,
upfront
payments
received
upon
entering
into
the
agreement,
or
net
amounts
received
from
the
settlement
of
buy
protection
credit
default
swap
agreements
entered
into
by
the
Fund
for
the
same
referenced
entity
or
entities.
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
December
31,
2022
Notes
to
Financial
Statements
157
Credit
default
swaps
could
result
in
losses
if
the
Fund
does
not
correctly
evaluate
the
creditworthiness
of
the
company
or
companies
on
which
the
credit
default
swap
is
based.
Credit
default
swap
agreements
may
involve
greater
risks
than
if
the
Fund
had
invested
in
the
reference
obligation
directly
since,
in
addition
to
risks
relating
to
the
reference
obligation,
credit
default
swaps
are
subject
to
illiquidity
and
counterparty
risk.
The
Fund
will
generally
incur
a
greater
degree
of
risk
when
it
sells
a
credit
default
swap
than
when
it
purchases
a
credit
default
swap.
As
a
buyer
of
a
credit
default
swap,
the
Fund
may
lose
its
investment
and
recover
nothing
should
a
credit
event
fail
to
occur
and
the
swap
is
held
to
its
termination
date.
As
seller
of
a
credit
default
swap,
if
a
credit
event
were
to
occur,
the
value
of
any
deliverable
obligation
received
by
the
Fund,
coupled
with
the
upfront
or
periodic
payments
previously
received,
may
be
less
than
what
it
pays
to
the
buyer,
resulting
in
a
loss
of
value
to
the
Fund.
If
the
creditworthiness
of
the
Fund’s
swap
counterparty
declines,
the
risk
that
the
counterparty
may
not
perform
could
increase,
potentially
resulting
in
a
loss
to
the
Fund.
To
limit
the
counterparty
risk
involved
in
swap
agreements,
the
Fund
will
only
enter
into
swap
agreements
with
counterparties
that
meet
certain
standards
of
creditworthiness.
Although
there
can
be
no
assurance
that
the
Fund
will
be
able
to
do
so,
the
Fund
may
be
able
to
reduce
or
eliminate
its
exposure
under
a
swap
agreement
either
by
assignment
or
other
disposition,
or
by
entering
into
an
offsetting
swap
agreement
with
the
same
party
or
another
creditworthy
party.
The
Fund
may
have
limited
ability
to
eliminate
its
exposure
under
a
credit
default
swap
if
the
credit
quality
of
the
reference
entity
or
underlying
asset
has
declined.
For
the
period
ended
December
31,
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
December
31,
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
December
31,
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
December
31,
2022,
there
were
no
currency
swaps
held
in
the
Funds.
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
December
31,
2022
158
Notes
to
Financial
Statements
Master
Agreements
Certain
Funds
are
parties
to
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreements
(“ISDA
Master
Agreements”)
with
counterparties
that
govern
transactions
in
OTC
derivative
and
foreign
exchange
contracts
entered
into
by
the
Funds
and
those
counterparties.
The
ISDA
Master
Agreements
contain
provisions
for,
among
other
things,
general
obligations,
representations,
agreements,
collateral
and
events
of
default
or
termination.
Events
of
termination
and
default
include
conditions
that
may
entitle
either
party
to
elect
to
terminate
early
and
cause
settlement
of
all
outstanding
transactions
under
the
applicable
ISDA
Master
Agreement.
Any
election
to
terminate
early
could
be
material
to
the
financial
statements.
Since
different
types
of
forward
and
OTC
financial
derivative
transactions
have
different
mechanics
and
are
sometimes
traded
out
of
different
legal
entities
of
a
particular
counterparty
organization,
each
type
of
transaction
may
be
covered
by
a
different
ISDA
Master
Agreement,
resulting
in
the
need
for
multiple
agreements
with
a
single
counterparty.
As
the
ISDA
Master
Agreements
are
specific
to
unique
operations
of
different
asset
types,
they
allow
a
Fund
to
net
its
total
exposure
to
a
counterparty
in
the
event
of
a
default
with
respect
to
all
the
transactions
governed
under
a
single
agreement
with
a
counterparty.
Master
Repurchase
Agreements
(“Master
Repo
Agreements”)
govern
transactions
between
a
Fund
and
select
counterparties.
The
Master
Repo
Agreements
contain
provisions
for,
among
other
things,
initiation,
income
payments,
events
of
default,
and
maintenance
of
collateral
for
repurchase
and
reverse
repurchase
agreements.
Master
Securities
Forward
Transaction
Agreements
(“Master
Forward
Agreements”)
govern
the
considerations
and
factors
surrounding
the
settlement
of
certain
forward
settling
transactions,
such
as
delayed
delivery
by
and
between
a
Fund
and
select
counterparties.
The
Master
Forward
Agreements
contain
provisions
for,
among
other
things,
initiation
and
confirmation,
payment
and
transfer,
events
of
default,
termination,
and
maintenance
of
collateral.
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,
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
December
31,
2022
Notes
to
Financial
Statements
159
the
secondary
markets
on
which
the
local
access
products
are
traded
may
be
less
liquid
than
the
markets
for
other
securities,
or
may
be
completely
illiquid.
Credit
Linked
Notes
Certain
Funds
may
invest
in
credit
linked
notes.
Credit
linked
notes
are
obligations
between
two
or
more
parties
where
the
payment
of
principal
and/or
interest
is
based
on
the
performance
of
some
obligation,
basket
of
obligations,
index
or
economic
indicator
(a
“reference
instrument”).
In
addition
to
the
credit
risk
associated
with
the
reference
instrument
and
interest
rate
risk,
the
buyer
and
seller
of
a
credit
linked
note
or
similar
structured
investment
are
subject
to
counterparty
risk.
Short
Sales
The
U.S.
Strategic
Equity
and
U.S.
Small
Cap
Equity
Funds
may
enter
into
short
sale
transactions.
In
a
short
sale,
the
seller
sells
a
security
that
it
does
not
own,
typically
a
security
borrowed
from
a
broker
or
dealer.
Because
the
seller
remains
liable
to
return
the
underlying
security
that
it
borrowed
from
the
broker
or
dealer,
the
seller
must
purchase
the
security
prior
to
the
date
on
which
delivery
to
the
broker
or
dealer
is
required.
A
Fund
will
incur
a
loss
as
a
result
of
the
short
sale
if
the
price
of
the
security
increases
between
the
date
of
the
short
sale
and
the
date
on
which
the
Fund
must
return
the
borrowed
security.
A
Fund
will
realize
a
gain
if
the
security
declines
in
price
between
those
dates.
Short
sales
expose
a
Fund
to
the
risk
of
liability
for
the
fair
value
of
the
security
that
is
sold
(the
amount
of
which
increases
as
the
fair
value
of
the
underlying
security
increases),
in
addition
to
the
costs
associated
with
establishing,
maintaining
and
closing
out
the
short
position.
Although
a
Fund’s
potential
for
gain
as
a
result
of
a
short
sale
is
limited
to
the
price
at
which
it
sold
the
security
short
less
the
cost
of
borrowing
the
security,
its
potential
for
loss
is
theoretically
unlimited
because
there
is
no
limit
to
the
cost
of
replacing
the
borrowed
security.
When
a
Fund
makes
a
short
sale,
the
Fund
may
use
all
or
a
portion
of
the
cash
proceeds
of
short
sales
to
purchase
other
securities
or
for
any
other
permissible
Fund
purpose.
The
U.S.
Strategic
Equity
Fund
and
U.S.
Small
Cap
Equity
Fund
may
engage
in
short
sale
transactions
that
are
effected
through
State
Street
Bank
and
Trust
Company
(“State
Street”)
but
reserves
the
right
to
engage
in
short
sale
transactions
through
one
or
more
other
counterparties.
For
short
sale
transactions
effected
through
State
Street,
the
Funds
typically
expect
to
collateralize
short
sale
transactions
through
the
Funds’
respective
reciprocal
lending
activity
with
State
Street
(i.e.,
short
sale
transactions
are
collateralized
by
securities
loaned
to
State
Street
for
purposes
of
securities
lending
activities).
The
Funds
may
also
deliver
cash
to
State
Street
for
purposes
of
collateralizing
their
short
sales
transactions
or
“memo
pledge”
securities
as
collateral,
whereby
assets
are
designated
as
collateral
by
State
Street
on
State
Street’s
books
but
remain
in
a
Fund’s
custody
account.
Similar
to
the
risks
generally
applicable
to
securities
lending
arrangements,
participation
in
the
reciprocal
lending
program
subjects
these
Funds
to
the
risk
that
State
Street
could
fail
to
return
a
security
lent
to
it
by
a
Fund,
or
fail
to
return
the
Fund’s
cash
collateral,
a
risk
which
would
increase
with
any
decline
in
State
Street’s
credit
profile.
However,
the
impact
of
State
Street’s
failure
to
return
a
security
lent
to
it
by
a
Fund,
or
failure
to
return
a
Fund’s
cash
collateral,
would
be
mitigated
by
the
Fund’s
right
under
such
circumstances
to
decline
to
return
the
securities
the
Fund
initially
borrowed
from
State
Street
with
respect
to
its
short
sale
transactions.
This
risk
may
be
heightened
during
periods
of
market
stress
and
volatility,
particularly
if
the
type
of
collateral
provided
is
different
than
the
type
of
security
borrowed
(e.g.,
cash
is
provided
as
collateral
for
a
loan
of
an
equity
security).
To
the
extent
necessary
to
meet
collateral
requirements
associated
with
a
short
sale
transaction
involving
a
counterparty
other
than
State
Street,
the
Funds
are
required
to
pledge
assets
in
a
segregated
account
maintained
by
the
Funds’
custodian
for
the
benefit
of
the
broker.
The
Funds
may
also
use
securities
they
own
to
meet
any
such
collateral
obligations.
These
requirements
may
result
in
the
Funds
being
unable
to
purchase
or
sell
securities
or
instruments
when
it
would
otherwise
be
favorable
to
do
so,
or
in
the
Funds
needing
to
sell
holdings
at
a
disadvantageous
time
to
satisfy
their
obligations.
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
December
31,
2022,
the
market
value
of
the
securities
on
loan
through
the
reciprocal
lending
program
for
the
U.S.
Strategic
Equity
and
U.S.
Small
Cap
Equity
Funds
were
$15,102,847
and
$6,354,323,
respectively.
As
of
December
31,
2022,
the
U.S.
Strategic
Equity
and
U.S.
Small
Cap
Equity
Funds
held
$29,418,535
and
$10,984,085,
respectively,
as
collateral
for
short
sales.
Securities
Lending
The
Investment
Company
has
a
securities
lending
program
whereby
each
Fund
can
loan
securities
with
a
value
up
to
33
1/3%
of
each
Fund’s
total
assets.
The
maturity
associated
with
these
securities
is
considered
continuous.
The
Fund
receives
cash
(U.S.
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
December
31,
2022
160
Notes
to
Financial
Statements
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
December
31,
2022,
to
the
extent
that
a
loan
was
collateralized
by
cash,
such
collateral
was
invested
by
the
securities
lending
agent,
Goldman
Sachs
Agency
Lending
(“GSAL”),
in
the
U.S.
Cash
Collateral
Fund,
an
unregistered
fund
advised
by
RIM.
The
collateral
received
is
recorded
on
a
lending
Fund’s
Statement
of
Assets
and
Liabilities
along
with
the
related
obligation
to
return
the
collateral.
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
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
December
31,
2022
Notes
to
Financial
Statements
161
must
be
held
by
the
custodian
bank
until
repurchased.
A
Fund
will
not
invest
more
than
15%
of
its
net
assets
(taken
at
current
fair
value)
in
repurchase
agreements
maturing
in
more
than
seven
days.
Mortgage-Related
and
Other
Asset-Backed
Securities
The
Strategic
Bond
Fund
may
invest
in
mortgage
or
other
asset-backed
securities
(“ABS”).
These
securities
may
include
mortgage
instruments
issued
by
U.S.
government
agencies
(“agency
mortgages”)
or
those
issued
by
private
entities
(“non-
agency
mortgages”).
Specific
types
of
instruments
may
include
reverse
mortgages,
mortgage
pass-through
securities,
collateralized
mortgage
obligations
(“CMO”),
commercial
mortgage-backed
securities,
mortgage
dollar
rolls,
CMO
residuals,
stripped
mortgage-backed
securities
and
other
securities
that
directly
or
indirectly
represent
a
participation
in,
or
are
secured
by
a
payable
from,
mortgage
loans
on
real
property.
The
value
of
a
Fund’s
mortgage-backed
securities
(“MBS”)
may
be
affected
by,
among
other
things,
changes
or
perceived
changes
in
interest
rates,
factors
concerning
the
interests
in
and
structure
of
the
issuer
or
the
originator
of
the
mortgage,
or
the
quality
of
the
underlying
assets.
The
mortgages
underlying
the
securities
may
default
or
decline
in
quality
or
value.
Through
its
investments
in
MBS,
a
Fund
has
exposure
to
subprime
loans,
Alt-A
loans
and
non-conforming
loans
as
well
as
to
the
mortgage
and
credit
markets
generally.
Underlying
collateral
related
to
subprime,
Alt-A
and
non-conforming
mortgage
loans
has
become
increasingly
susceptible
to
defaults
and
declines
in
quality
or
value,
especially
in
a
declining
residential
real
estate
market.
In
addition,
regulatory
or
tax
changes
may
adversely
affect
the
mortgage
securities
markets
as
a
whole.
Mortgage-Backed
Securities
MBS
often
have
stated
maturities
of
up
to
thirty
years
when
they
are
issued,
depending
upon
the
length
of
the
mortgages
underlying
the
securities.
In
practice,
however,
unscheduled
or
early
payments
of
principal
and
interest
on
the
underlying
mortgages
may
make
the
securities’
effective
maturity
shorter
than
this,
and
the
prevailing
interest
rates
may
be
higher
or
lower
than
the
current
yield
of
a
Fund’s
portfolio
at
the
time
resulting
in
reinvestment
risk.
Rising
or
high
interest
rates
may
result
in
slower
than
expected
principal
payments
which
may
tend
to
extend
the
duration
of
MBS,
making
them
more
volatile
and
more
sensitive
to
changes
in
interest
rates.
This
is
known
as
extension
risk.
MBS
may
have
less
potential
for
capital
appreciation
than
comparable
fixed
income
securities
due
to
the
likelihood
of
increased
prepayments
of
mortgages
resulting
from
foreclosures
or
declining
interest
rates.
These
foreclosed
or
refinanced
mortgages
are
paid
off
at
face
value
(par)
or
less,
causing
a
loss,
particularly
for
any
investor
who
may
have
purchased
the
security
at
a
premium
or
a
price
above
par.
In
such
an
environment,
this
risk
limits
the
potential
price
appreciation
of
these
securities.
Agency
Mortgage-Backed
Securities
Certain
MBS
may
be
issued
or
guaranteed
by
the
U.S.
government
or
a
government
sponsored
entity,
such
as
Fannie
Mae
(the
Federal
National
Mortgage
Association)
or
Freddie
Mac
(the
Federal
Home
Loan
Mortgage
Corporation).
Although
these
instruments
may
be
guaranteed
by
the
U.S.
government
or
a
government
sponsored
entity,
many
such
MBS
are
not
backed
by
the
full
faith
and
credit
of
the
United
States
and
are
still
exposed
to
the
risk
of
non-payment.
Privately
Issued
Mortgage-Backed
Securities
MBS
held
by
a
Fund
may
be
issued
by
private
issuers
including
commercial
banks,
savings
associations,
mortgage
companies,
investment
banking
firms,
finance
companies
and
special
purpose
finance
entities
(called
special
purpose
vehicles
or
SPVs)
and
other
entities
that
acquire
and
package
mortgage
loans
for
resale
as
MBS.
These
privately
issued
non-agency
MBS
may
offer
higher
yields
than
those
issued
by
government
agencies,
but
also
may
be
subject
to
greater
price
changes
than
governmental
issues.
Subprime
loans
refer
to
loans
made
to
borrowers
with
weakened
credit
histories
or
with
a
lower
capacity
to
make
timely
payments
on
their
loans.
Alt-A
loans
refer
to
loans
extended
to
borrowers
who
have
incomplete
documentation
of
income,
assets,
or
other
variables
that
are
important
to
the
credit
underwriting
processes.
Non-conforming
mortgages
are
loans
that
do
not
meet
the
standards
that
allow
purchase
by
government-sponsored
enterprises.
MBS
with
exposure
to
subprime
loans,
Alt-A
loans
or
nonconforming
loans
have
had
in
many
cases
higher
default
rates
than
those
loans
that
meet
government
underwriting
requirements.
The
risk
of
non-payment
is
greater
for
MBS
that
are
backed
by
mortgage
pools
that
contain
subprime,
Alt-A
and
non-conforming
loans,
but
a
level
of
risk
exists
for
all
loans.
Unlike
agency
MBS
issued
or
guaranteed
by
the
U.S.
government
or
a
government-sponsored
entity
(e.g.,
Fannie
Mae
and
Freddie
Mac),
MBS
issued
by
private
issuers
do
not
have
a
government
or
government-sponsored
entity
guarantee,
but
may
have
credit
enhancements
provided
by
external
entities
such
as
banks
or
financial
institutions
or
achieved
through
the
structuring
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
December
31,
2022
162
Notes
to
Financial
Statements
of
the
transaction
itself.
Examples
of
such
credit
support
arising
out
of
the
structure
of
the
transaction
include
the
issue
of
senior
and
subordinated
securities
(e.g.,
the
issuance
of
securities
by
an
SPV
in
multiple
classes
or
tranches,
with
one
or
more
classes
being
senior
to
other
subordinated
classes
as
to
the
payment
of
principal
and
interest,
with
the
result
that
defaults
on
the
underlying
mortgage
loans
are
borne
first
by
the
holders
of
the
subordinated
class);
creation
of
reserve
funds
(in
which
case
cash
or
investments,
sometimes
funded
from
a
portion
of
the
payments
on
the
underlying
mortgage
loans,
are
held
in
reserve
against
future
losses);
and
overcollateralization
(in
which
case
the
scheduled
payments
on,
or
the
principal
amount
of,
the
underlying
mortgage
loans
exceeds
that
required
to
make
payment
on
the
securities
and
pay
any
servicing
or
other
fees).
However,
there
can
be
no
guarantee
that
credit
enhancements,
if
any,
will
be
sufficient
to
prevent
losses
in
the
event
of
defaults
on
the
underlying
mortgage
loans.
In
addition,
MBS
that
are
issued
by
private
issuers
are
not
subject
to
the
underwriting
requirements
for
the
underlying
mortgages
that
are
applicable
to
those
MBS
that
have
a
government
or
government-sponsored
entity
guarantee.
As
a
result,
the
mortgage
loans
underlying
private
MBS
may,
and
frequently
do,
have
less
favorable
collateral,
credit
risk
or
other
underwriting
characteristics
than
government
or
government-sponsored
MBS
and
have
wider
variances
in
a
number
of
terms
including
interest
rate,
term,
size,
purpose
and
borrower
characteristics.
Privately
issued
pools
more
frequently
include
second
mortgages,
high
loan-to-value
mortgages
and
manufactured
housing
loans.
The
coupon
rates
and
maturities
of
the
underlying
mortgage
loans
in
a
private-label
MBS
pool
may
vary
to
a
greater
extent
than
those
included
in
a
government
guaranteed
pool,
and
the
pool
may
include
subprime
mortgage
loans.
Privately
issued
MBS
are
not
traded
on
an
exchange
and
there
may
be
a
limited
market
for
the
securities,
especially
when
there
is
a
perceived
weakness
in
the
mortgage
and
real
estate
market
sectors.
Without
an
active
trading
market,
MBS
held
in
a
Fund’s
portfolio
may
be
particularly
difficult
to
value
because
of
the
complexities
involved
in
assessing
the
value
of
the
underlying
mortgage
loans.
Asset-Backed
Securities
ABS
may
include
MBS,
loans,
receivables
or
other
assets.
The
value
of
the
Funds’
ABS
may
be
affected
by,
among
other
things,
actual
or
perceived
changes
in
interest
rates,
factors
concerning
the
interests
in
and
structure
of
the
issuer
or
the
originator
of
the
receivables,
the
market’s
assessment
of
the
quality
of
underlying
assets
or
actual
or
perceived
changes
in
the
credit
worthiness
of
the
individual
borrowers,
the
originator,
the
servicing
agent
or
the
financial
institution
providing
the
credit
support.
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.
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
December
31,
2022
Notes
to
Financial
Statements
163
Forward
Commitments
The
Strategic
Bond
Fund
may
contract
to
purchase
securities
for
a
fixed
price
at
a
future
date
beyond
customary
settlement
time.
The
price
of
the
underlying
securities
and
the
date
when
the
securities
will
be
delivered
and
paid
for
are
fixed
at
the
time
the
transaction
is
negotiated.
The
Fund
may
dispose
of
a
forward
commitment
transaction
prior
to
settlement
if
it
is
appropriate
to
do
so
and
may
realize
short-term
gains
(or
losses)
upon
such
sale.
When
effecting
such
transactions,
liquid
assets
of
the
Fund
in
a
dollar
amount
sufficient
to
make
payment
for
the
portfolio
securities
to
be
purchased,
will
be
earmarked
on
the
Fund’s
records
at
the
trade
date
and
until
the
transaction
is
settled.
A
forward
commitment
transaction
involves
a
risk
of
loss
if
the
value
of
the
security
to
be
purchased
declines
prior
to
the
settlement
date
or
the
other
party
to
the
transaction
fails
to
complete
the
transaction.
The
Strategic
Bond
Fund
may
invest
in
to-be-announced
(“TBA”)
mortgage-backed
securities.
A
TBA
security
is
a
forward
mortgage-backed
securities
trade
in
which
a
seller
agrees
to
issue
a
TBA
mortgage-backed
security
at
a
future
date.
The
securities
are
purchased
and
sold
on
a
forward
commitment
basis
with
an
approximate
principal
amount
and
maturity
date.
The
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
December
31,
2022,
the
Strategic
Bond
Fund
had
no
cash
collateral
balances
in
connection
with
TBAs.
Inflation-Indexed
Bonds
The
Strategic
Bond
Fund
may
invest
in
inflation-indexed
securities,
which
are
typically
bonds
or
notes
designed
to
provide
a
return
higher
than
the
rate
of
inflation
(based
on
a
designated
index)
if
held
to
maturity.
A
common
type
of
inflation-indexed
security
is
a
U.S.
Treasury
Inflation-Protected
Security
(“TIPS”).
The
principal
of
a
TIPS
increases
with
inflation
and
decreases
with
deflation,
as
measured
by
the
Consumer
Price
Index.
When
a
TIPS
matures,
the
adjusted
principal
or
original
principal
is
paid,
whichever
is
greater.
TIPS
pay
interest
twice
a
year,
at
a
fixed
rate.
The
rate
is
applied
to
the
adjusted
principal;
so,
like
the
principal,
interest
payments
rise
with
inflation
and
fall
with
deflation.
Guarantees
In
the
normal
course
of
business,
the
Funds
may
enter
into
contracts
that
contain
a
variety
of
representations
which
provide
general
indemnifications.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Funds
that
have
not
yet
occurred.
However,
the
Funds
expect
the
risk
of
loss
to
be
remote.
LIBOR
The
Funds
may
invest
in
certain
instruments
including,
but
not
limited
to,
repurchase
agreements,
collateralized
loan
obligations
and
mortgage-backed
securities,
that
rely
in
some
fashion
upon
LIBOR.
LIBOR
is
an
average
interest
rate,
determined
by
the
ICE
Benchmark
Administration,
that
banks
charge
one
another
for
the
use
of
short-term
money.
The
United
Kingdom’s
Financial
Conduct
Authority
(“FCA”),
which
regulates
LIBOR,
announced
plans
to
phase
out
the
use
of
LIBOR
by
the
end
of
2021.
However,
subsequent
announcements
by
the
FCA,
the
LIBOR
administrator
and
other
regulators
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.
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
December
31,
2022
164
Notes
to
Financial
Statements
Market,
Credit
and
Counterparty
Risk
In
the
normal
course
of
business,
the
Funds
trade
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
a
transaction
to
perform
(credit
risk).
Similar
to
credit
risk,
the
Funds
may
also
be
exposed
to
counterparty
risk
or
risk
that
an
institution
or
other
entity
with
which
the
Funds
have
unsettled
or
open
transactions
will
default.
The
potential
loss
could
exceed
the
value
of
the
relevant
assets
recorded
in
the
Funds’
financial
statements
(the
“Assets”).
The
Assets
consist
principally
of
cash
due
from
counterparties
and
investments.
The
extent
of
the
Funds’
exposure
to
market,
credit
and
counterparty
risks
with
respect
to
the
Assets
approximates
their
carrying
value
as
recorded
in
the
Funds’
Statements
of
Assets
and
Liabilities.
Global
economies
and
financial
markets
are
becoming
increasingly
interconnected
and
political
and
economic
conditions
(including
recent
instability
and
volatility
due
to
international
trade
disputes)
and
events
(including
natural
disasters,
pandemics,
epidemics,
social
unrest
and
government
shutdowns)
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
As
a
result,
issuers
of
securities
held
by
a
Fund
may
experience
significant
declines
in
the
value
of
their
assets
and
even
cease
operations.
Such
conditions
and/or
events
may
not
have
the
same
impact
on
all
types
of
securities
and
may
expose
a
Fund
to
greater
market
and
liquidity
risk
and
potential
difficulty
in
valuing
portfolio
instruments
held.
This
could
cause
a
Fund
to
underperform
other
types
of
investments.
From
time
to
time,
outbreaks
of
infectious
illness,
public
health
emergencies
and
other
similar
issues
(“public
health
events”)
may
occur
in
one
or
more
countries
around
the
globe.
Such
public
health
events
have
had
significant
impacts
on
both
the
country
in
which
the
event
is
first
identified
as
well
as
other
countries
in
the
global
economy.
Public
health
events
have
reduced
consumer
demand
and
economic
output
in
one
or
more
countries
subject
to
the
public
health
event,
resulted
in
restrictions
on
trading
and
market
closures
(including
for
extended
periods
of
time),
increased
substantially
the
volatility
of
financial
markets,
and,
more
generally,
have
had
a
significant
negative
impact
on
the
economy
of
the
country
or
countries
subject
to
the
public
health
event.
Public
health
events
have
also
adversely
affected
the
global
economy,
global
supply
chains
and
the
securities
in
which
the
Funds
invest
across
a
number
of
industries,
sectors
and
asset
classes.
The
extent
of
the
impact
depends
on,
among
other
factors,
the
scale
and
duration
of
any
such
public
health
event.
Public
health
events
have
resulted
in
the
governments
of
affected
countries
taking
potentially
significant
measures
to
seek
to
mitigate
the
transmission
of
the
infectious
illness
or
other
public
health
issue
including,
among
other
measures,
imposing
travel
restrictions
and/or
quarantines
and
limiting
the
operations
of
non-essential
businesses.
Any
of
these
events
could
adversely
affect
a
Fund’s
investments
and
performance,
including
by
exacerbating
other
pre-existing
political,
social
and
economic
risks.
Governmental
authorities
and
other
entities
may
respond
to
such
events
with
fiscal
and/or
monetary
policy
changes.
It
is
not
guaranteed
that
these
policy
changes
will
have
their
intended
effect
and
it
is
possible
that
the
implementation
of
or
subsequent
reversal
of
such
policy
changes
could
increase
volatility
in
financial
markets,
which
could
adversely
affect
a
Fund’s
investments
and
performance.
Russia’s
large-scale
invasion
of
Ukraine
in
early
2022
and
the
geo-political
events
that
followed
have
impacted
the
Funds’
operations.
The
Funds
are
restricted
from
trading
and
repatriating
any
currency
or
securities
denominated
in
Russian
Rubles,
therefore
the
fair
value
of
Russian
securities
held
by
the
Funds
were
valued
at
zero
shortly
after
the
invasion.
Certain
of
these
securities
may
have
produced
income
prior
to
the
onset
of
the
conflict,
but
are
considered
non-income
producing
until
income
balances
are
able
to
be
repatriated
in
the
future.
3.
Investment
Transactions
Securities
During
the
period
ended
December
31,
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
December
31,
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:
Purchases
Sales
U.S.
Strategic
Equity
Fund
$
500,829,046
$
515,298,372
U.S.
Small
Cap
Equity
Fund
212,606,797
222,336,870
International
Developed
Markets
Fund
103,551,367
101,333,751
Strategic
Bond
Fund
350,695,838
339,535,781
Global
Real
Estate
Securities
Fund
651,205,311
625,809,775
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
December
31,
2022
Notes
to
Financial
Statements
165
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.
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
December
31,
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
December
31,
2022
was
$63,798.
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
December
31,
2022
was
$65,271.
RIM
does
not
have
the
ability
to
recover
amounts
waived
or
reimbursed
from
previous
periods.
Purchases
Sales
Strategic
Bond
Fund
$
145,720,827
$
163,195,715
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
$
3,780,650
$
258,949
U.S.
Small
Cap
Equity
Fund
1,978,904
109,939
International
Developed
Markets
Fund
2,937,197
163,178
Strategic
Bond
Fund
4,994,482
454,044
Global
Real
Estate
Securities
Fund
7,557,465
472,341
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
December
31,
2022
166
Notes
to
Financial
Statements
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
December
31,
2022
were
as
follows:
Distributor
Russell
Investments
Financial
Services,
LLC
(the
“Distributor”),
a
wholly
owned
subsidiary
of
RIM,
serves
as
the
distributor
for
RIF,
pursuant
to
a
distribution
agreement
with
RIF.
The
Distributor
receives
no
compensation
from
the
Investment
Company
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.
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
December
31,
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
December
31,
2022,
the
regular
compensation
paid
to
the
Trustees
by
the
Russell
Investments
fund
complex
was
$2,277,500.
5.
Federal
Income
Taxes
As
of
December
31,
2022,
the
following
Funds
had
net
tax
basis
capital
loss
carryforwards
which
may
be
applied
against
net
realized
taxable
gains,
if
any.
Available
capital
loss
carryforwards
are
as
follows:
Amount
U.S.
Strategic
Equity
Fund
$
22,788
U.S.
Sm
all
Cap
Equity
Fund
9,675
International
Developed
Markets
Fund
14,360
Strategic
Bond
Fund
39,956
Global
Real
Estate
Securities
Fund
41,566
Russell
Investment
Funds
Notes
to
Financial
Statements,
continued
—
December
31,
2022
Notes
to
Financial
Statements
167
6.
Record
Ownership
As
of
December
31,
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
and
the
Statements
of
Operations.
Funded
portions
of
credit
agreements
are
presented
in
the
Schedules
of
Investments.
For
the
period
ended
December
31,
2022,
the
Fund
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
December
31,
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.
No
Expiration
Short-Term
Long-Term
Totals
U.S.
Small
Cap
Equity
Fund
$
2,161,233
$
—
$
2,161,233
Strategic
Bond
Fund
34,525,994
43,104,999
77,630,993
Global
Real
Estate
Securities
Fund
34,563,839
—
34,563,839
#
of
Shareholders
%
U.S.
Strategic
Equity
Fund
2
78.0
U.S.
Small
Cap
Equity
Fund
2
84.0
International
Developed
Markets
Fund
2
80.3
Strategic
Bond
Fund
1
69.1
Global
Real
Estate
Securities
Fund
2
87.1
Report
of
Independent
Registered
Public
Accounting
Firm
168
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
Russell
Investment
Funds
and
Shareholders
of
U.S.
Strategic
Equity
Fund,
U.S.
Small
Cap
Equity
Fund,
International
Developed
Markets
Fund,
Strategic
Bond
Fund
and
Global
Real
Estate
Securities
Fund
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
U.S.
Strategic
Equity
Fund,
U.S.
Small
Cap
Equity
Fund,
International
Developed
Markets
Fund,
Strategic
Bond
Fund
and
Global
Real
Estate
Securities
Fund
(five
of
the
funds
constituting
Russell
Investment
Funds,
hereafter
collectively
referred
to
as
the
“Funds”)
as
of
December
31,
2022,
the
related
statements
of
operations
for
the
year
ended
December
31,
2022,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2022
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
December
31,
2022,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2022
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2022
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2022
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
February
14,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Russell
Investments
family
of
funds
since
1981.
Report
of
Independent
Registered
Public
Accounting
Firm
Report
of
Independent
Registered
Public
Accounting
Firm
169
PricewaterhouseCoopers
LLP,
1420
Fifth
Avenue,
Suite
2800,
Seattle,
WA
98101
T:
(206)
398
3000,
www.pwc.com/us
Russell
Investment
Funds
Tax
Information
—
December
31,
2022
(Unaudited)
170
Tax
Information
For
the
tax
year
ended
December
31,
2022,
the
Funds
hereby
designate
100%
or
the
maximum
amount
allowable,
of
its
net
taxable
income
as
qualified
dividends
taxed
at
individual
net
capital
gain
rates.
The
Form
1099
you
receive
in
January
2023
will
show
the
tax
status
of
all
distributions
paid
to
your
account
in
calendar
year
2022.
The
Funds
designate
dividends
distributed
during
the
fiscal
year
as
qualifying
for
the
dividends
received
deduction
for
corporate
shareholders
as
follows:
Pursuant
to
Section
852
of
the
Internal
Revenue
Code,
the
Funds
designate
the
following
amounts
as
long-term
capital
gain
dividends
for
their
taxable
year
ended
December
31,
2022:
The
Funds
listed
below
paid
foreign
taxes
and
recognized
foreign
source
income
during
the
taxable
year
ended
December
31,
2022.
Pursuant
to
Section
853
of
the
Internal
Revenue
Code,
the
Funds
designate
the
following
per
share
amounts
of
foreign
taxes
paid
and
income
earned
from
foreign
sources:
Please
consult
a
tax
adviser
for
any
questions
about
federal
or
state
income
tax
laws.
U.S.
Strategic
Equity
100.0%
U.S.
Small
Cap
Equity
100.0%
International
Developed
Markets
0.0%
Global
Real
Estate
Securities
0.0%
Strategic
Bond
0.0%
U.S.
Strategic
Equity
$
37,595,928
U.S.
Small
Cap
Equity
4,019,719
International
Developed
Markets
6,004,133
Global
Real
Estate
Securities
8,219,388
Strategic
Bond
—
Fund
Name
Foreign
Taxes
Paid
Foreign
Taxes
Paid
Per
Share
Foreign
Source
Income
Foreign
Source
Income
Per
Share
International
Developed
Markets
$
1,068,905
$
0.0351
$
10,918,583
$
0.3587
Russell
Investment
Funds
Affiliated
Brokerage
Transactions
—
December
31,
2022
(Unaudited)
Affiliated
Brokerage
Transactions
171
As
discussed
in
the
Note
4
in
the
Notes
to
Financial
Statements
contained
in
this
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
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
Funds’
non-discretionary
managers,
(iv)
to
execute
money
manager
portfolio
securities
transactions
for
the
segment
of
a
Fund’s
portfolio
assigned
to
the
money
manager,
or
(v)
to
execute
foreign
currency
transactions
on
behalf
of
the
Funds.
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
December
31,
2022
were
as
follows:
Fund
Name
U.S.
Strategic
Equity
Fund
$
28,573
U.S.
Small
Cap
Equity
Fund
45,363
International
Developed
Markets
Fund
38,629
Global
Real
Estate
Securities
Fund
139,035
Russell
Investment
Funds
Basis
for
Approval
of
Investment
Advisory
Contracts
—
(Unaudited)
172
Basis
for
Approval
of
Investment
Advisory
Contracts
Quarterly
Approval
of
Money
Manager
Contracts
The
Board
received
a
proposal
from
RIM
at
the
quarterly
Board
meeting
held
on
August
23,
2022,
to
approve
new
portfolio
management
contracts
for
the
U.S.
Strategic
Equity
Fund.
The
Trustees
approved
the
terms
of
each
of
the
proposed
new
portfolio
management
contracts
based
upon
their
consideration
of,
among
other
information,
RIM’s
recommendation
to
hire
the
Money
Manager
at
the
proposed
fee
rate;
information
as
to
the
reason
for
the
proposed
Money
Manager
hire;
information
as
to
the
Money
Manager’s
role
in
the
management
of
the
Fund’s
investment
portfolio
(including
the
amount
of
Fund
assets
to
be
allocated
to
the
Money
Manager
or
managed
pursuant
to
the
Money
Manager’s
strategy);
RIM’s
evaluation
of
the
anticipated
quality
of
the
investment
advisory
services
to
be
provided
by
the
Money
Manager;
performance
information
for
the
new
Money
Manager;
information
as
to
any
significant
business
relationships
between
the
Money
Manager
and
RIM
or
Russell
Investments
Financial
Services,
LLC,
the
Fund’s
underwriter
(“RIFIS”);
and
the
CCO’s
current
or
prior
evaluation
of
the
Money
Manager’s
compliance
program,
policies
and
procedures
in
relation
to
the
Money
Manager’s
role
in
the
management
of
the
Fund’s
investment
portfolio,
and
current
or
prior
certification
that
they
were
consistent
with
applicable
legal
standards;
RIM’s
explanation
as
to
the
lack
of
relevance
of
Money
Manager
profitability
to
the
evaluation
of
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’s
awareness
of
the
standard
fee
rates
charged
by
the
Money
Manager
to
other
clients;
RIM’s
belief
that
the
proposed
Money
Manager
fees
would
be
reasonable
in
light
of
the
anticipated
quality
of
investment
advisory
services
to
be
rendered;
the
increase
or
decrease
in
aggregate
Money
Manager
fees
to
be
paid
by
RIM
from
its
advisory
fee
as
a
result
of
the
engagement
of
the
Money
Manager;
and
the
expected
costs,
if
any,
of
transitioning
Fund
assets
to
the
Money
Manager
or
its
strategy.
The
Trustees’
approvals
also
reflected
their
findings
at
prior
meetings,
including
their
May
23,
2022
meeting,
in
connection
with
their
evaluation
and
approval
of
the
Funds’
existing
investment
advisory
agreement
with
RIM
and
portfolio
management
contracts
with
then-current
Money
Managers
for
the
Funds,
as
well
as
information
received
throughout
the
course
of
the
year
regarding,
among
other
things,
the
quality
of
services
provided
to
the
Funds
in
the
case
of
the
existing
Money
Managers
and
the
reasonableness
of
the
aggregate
investment
advisory
fees
paid
by
the
Funds,
as
well
as
the
fact
that
the
aggregate
investment
advisory
fees
paid
by
the
Funds
would
not
increase
or
decrease
as
a
result
of
the
implementation
of
the
proposed
new
portfolio
management
contracts
because
the
Money
Managers’
investment
advisory
fees
are
paid
by
RIM.
Russell
Investment
Funds
Shareholder
Requests
for
Additional
Information
—
December
31,
2022
(Unaudited)
Shareholder
Requests
for
Additional
Information
173
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,
2022
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
—
December
31,
2022
(Unaudited)
174
Disclosure
of
Information
about
Fund
Trustees
and
Officers
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;(1)
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
Operating
Officer
of
an
affiliate
of
RIM
and
is
therefore
an
Interested
Trustee.
(1)
Ms.
Blake
was
a
trustee
until
December
31,
2022.
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
Operating
Officer,
Russell
Investments
From
2021
–
2022,
Chief
Administrative
Officer,
Russell
Investments
From
2019
–
2021,
Vice
Chairman,
Russell
Investments
Until
2020,
Director,
NorthStar
Topco,
LLC
(technology
and
services
outsourcing
company)
From
2016
–
2019,
President,
Russell
Investments
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
—
December
31,
2022
(Unaudited)
Disclosure
of
Information
about
Fund
Trustees
and
Officers
175
*
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.
(1)
Ms.
Blake
was
a
Trustee
until
December
31,
2022.
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(1)
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
—
December
31,
2022
(Unaudited)
176
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)
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
—
December
31,
2022
(Unaudited)
Disclosure
of
Information
about
Fund
Trustees
and
Officers
177
*
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
—
December
31,
2022
(Unaudited)
178
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)
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
—
December
31,
2022
(Unaudited)
Disclosure
of
Information
about
Fund
Trustees
and
Officers
179
*
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
—
December
31,
2022
(Unaudited)
180
Disclosure
of
Information
about
Fund
Trustees
and
Officers
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
Operating
Officer,
Russell
Investments
From
2021
–
2022,
Chief
Administrative
Officer,
Russell
Investments
From
2019
–
2021,
Vice
Chairman,
Russell
Investments
Until
2020,
Director,
NorthStar
Topco,
LLC
(technology
and
services
outsourcing
company)
From
2016
–
2019,
President,
Russell
Investments
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
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,
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
Global
Chief
Investment
Officer
and
Co-President,
Russell
Investments
Chief
Investment
Officer,
RIC
and
RIF
President,
RIM
Until
2021,
Deputy
Chief
Investment
Officer,
Senior
Portfolio
Manager,
Head
of
Strategy
Selection
and
Head
of
Portfolio
Management
&
Risk,
Goldman
Sachs
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
—
December
31,
2022
(Unaudited)
Adviser,
Money
Managers
and
Service
Providers
181
Interested
Trustee
Vernon
Barback
Independent
Trustees
Kristianne
Blake(1)
Michelle
L.
Cahoon
Michael
Day
Katherine
W.
Krysty
Julie
Dien
Ledoux
Jeremy
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
Money
Managers
U.S.
Strategic
Equity
Fund
Brandywine
Global
Investment
Management,
LLC,
Philadelphia,
PA
Jacobs
Levy
Equity
Management,
Inc., Florham
Park,
NJ
J.P.
Morgan
Investment
Management
Inc.,
New
York,
NY
William
Blair
Investment
Management,
LLC,
Chicago,
IL
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,
LLC,
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,
LLC,
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,
DWS
Investments
Australia
Limited,
Sydney,
Australia
and
DWS
Alternatives
Global
Limited,
London,
United
Kingdom,
operating
under
the
brand
name
DWS
(1)
Ms.
Blake
was
a
Trustee
until
December
31,
2022
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
ANNUAL
REPORT
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
DECEMBER
31,
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
To
Our
Shareholders
3
Moderate
Strategy
Fund
4
Balanced
Strategy
Fund
18
Growth
Strategy
Fund
31
Equity
Growth
Strategy
Fund
44
Notes
to
Financial
Highlights
57
Notes
to
Financial
Statements
58
Report
of
Independent
Registered
Public
Accounting
Firm
65
Tax
Information
67
Shareholder
Requests
for
Additional
Information
68
Disclosure
of
Information
about
Fund
Trustees
and
Officers
69
Adviser
and
Service
Providers
76
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Annual
Report
December
31,
2022
Table
of
Contents
Russell
Investment
Funds
-
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Copyright
©
Russell
Investments
2023.
All
rights
reserved.
Russell
Investments’
ownership
is
composed
of
a
majority
stake
held
by
funds
managed
by
TA
Associates
Management,
L.P.,
with
a
significant
minority
stake
held
by
funds
managed
by
Reverence
Capital
Partners,
L.P.
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
investing.
A
prospectus
containing
this
and
other
important
information
must
precede
or
accompany
this
material.
Please
read
the
prospectus
carefully
before
investing.
Securities
distributed
through
Russell
Investments
Financial
Services,
LLC,
member
FINRA
and
part
of
Russell
Investments.
Indices
and
benchmarks
are
unmanaged
and
cannot
be
invested
in
directly.
Returns
represent
past
performance,
are
not
a
guarantee
of
future
performance,
and
are
not
indicative
of
any
specific
investment.
Index
return
information
is
provided
by
vendors
and
although
deemed
reliable,
is
not
guaranteed
by
Russell
Investments
or
its
affiliates.
S&P
®
is
a
registered
trademark
of
Standard
&
Poor’s
Financial
Services
LLC.
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.
To
Our
Shareholders
To
Our
Shareholders
3
Fellow
Investors,
Improving
the
financial
security
of
our
investors
is
our
purpose.
That
has
never
changed.
For
those
individuals
seeking
to
navigate
the
challenging
world
of
investing,
what’s
the
best
strategy?
We
believe
that
the
combination
of
our
investment
solutions,
a
sound
plan
and
timely
investment
advice
provides
the
best
route
to
achieving
your
desired
outcomes.
Your
financial
security
is
the
reason
we
work
hard
to
maintain
a
time-tested,
disciplined
investment
approach,
focused
on
meeting
our
clients’
financial
needs.
The
year
of
2022
has
been
challenging,
both
in
markets
and
investing:
For
the
one-year
period
ended
December
31,
2022,
U.S.
equities
returned
-18.11%,
according
to
the
S&P
500.*
In
comparison,
within
the
same
time
period,
developed
non-U.S.
equities,
as
measured
by
the
MSCI
EAFE
index,
provided
a
return
of
-14.45%.*
With
the
market
volatility,
rising
interest
rates
from
the
U.S.
Federal
Reserve
(the
Fed),
and
difficult
inflation
challenges,
it
is
critical
to
be
disciplined
when
assessing
your
investment
plan.
While
it
is
important
to
challenge
prior
thinking,
it
is
just
as
vital
to
have
an
equally
high
bar
to
any
material
changes
to
long-term
strategies.
We
continue
to
emphasize
that
prioritizing
the
long-term
investment
plan
over
short-term
gains
is
most
consistently
rewarded.
As
we
look
forward,
we
maintain
our
focus
and
look
to
position
our
funds
for
the
year
ahead,
not
the
one
that
has
just
passed.
With
this
in
mind,
we
hold
the
following
views
on
markets:
We
have
a
small
preference
for non-U.S.
developed
equities over
U.S.
equities.
They
are
relatively
cheaper
and
we
expect
they
will
benefit
from
U.S.
dollar
weakness,
should
the
Fed
become
less
hawkish.
We
believe
inflation
should
be
on
a
downward
trend
across
developed
economies
over
the
next
few
months.
For
headline
inflation,
this
requires
that
oil
and
natural
gas
prices
at
least
stabilize
at
current
levels.
We
believe
that
core
inflation,
which
excludes
food
and
energy
costs,
is close
to
peaking
in
most
regions.
We
expect
that
emerging
market
equities could
recover
if
there
is
significant
China
stimulus,
the
Fed
slows
the
pace
of
tightening,
energy
prices
subside,
and
the
U.S.
dollar
weakens.
For
now,
we
believe
a
neutral
stance
on
emerging
market
equities
is
warranted.
Let
me
say
once
again
that
at
Russell
Investments,
our
stated
purpose
is
to
improve
people’s
financial
security.
For
more
than
85
years,
we’ve
been
providing
solutions
to
help
investors
like
you
reach
your
financial
goals,
whether
you’re
saving
for
retirement,
already
depending
on
retirement
income
or
building
a
college
fund.
We
value
the
trust
you
have
placed
in
our
firm—there’s
nothing
we
value
more.
All
of
us
at
Russell
Investments
appreciate
the
opportunity
to
help
you
achieve
your
own
financial
security.
Best
regards,
Kate
El-Hillow
Chief
Investment
Officer,
Russell
Investments
*
Source:
MarketWatch.
Indexes
are
unmanaged
and
cannot
be
invested
in
directly.
The
S&P
500
®
Index
is
an
index,
with
dividends
reinvested,
of
500
issues
representative
of
leading
companies
in
the
U.S.
large
cap
securities
market.
The
MSCI
EAFE
(Europe,
Australasia,
Far
East)
index
is
a
free
float-adjusted
market
capitalization
index
that
is
designed
to
measure
the
equity
market
performance
of
developed
markets,
excluding
the
U.S.
and
Canada.
Russell
Investment
Funds
Moderate
Strategy
Fund
Portfolio
Management
Discussion
and
Analysis
—
December
31,
2022
(Unaudited)
4
Moderate
Strategy
Fund
Moderate
Strategy
Fund
Total
Return
1
Year
(15
.65)%
5
Years
0
.77%§
10
Years
3
.08%§
Bloomberg
U.S.
Aggregate
Bond
Index**
Total
Return
1
Year
(13
.01)%
5
Years
0
.02%§
10
Years
1
.06%§
Russell
1000
®
Index***
Total
Return
1
Year
(19
.13)%
5
Years
9
.13%§
10
Years
12
.37%§
Russell
Investment
Funds
Moderate
Strategy
Fund
Portfolio
Management
Discussion
and
Analysis,
continued
—
December
31,
2022
(Unaudited)
Moderate
Strategy
Fund
5
The
Moderate
Strategy
Fund
(the
“Fund”)
is
a
fund
of
funds
that
invests
in
other
Russell
Investment
Funds
(“RIF”)
and
Russell
Investment
Company
(“RIC”)
mutual
funds
(the
“Underlying
Funds”).
Certain
Underlying
Funds
employ
a
multi-manager
approach
whereby
portions
of
the
Underlying
Funds
are
allocated
to
different
money
manager
strategies.
Underlying
Fund
assets
not
allocated
to
money
managers
are
managed
by
Russell
Investment
Management,
LLC
(“RIM”),
the
Fund’s
and
Underlying
Funds’
advisor.
RIM,
as
the
Underlying
Funds’
advisor,
may
change
the
allocation
of
the
Underlying
Funds’
assets
among
money
managers
at
any
time.
An
exemptive
order
from
the
Securities
and
Exchange
Commission
permits
RIM
to
engage
or
terminate
a
money
manager
in
an
Underlying
Fund
at
any
time,
subject
to
approval
by
the
Underlying
Fund’s
Board,
without
a
shareholder
vote.
Pursuant
to
the
terms
of
the
exemptive
order,
an
Underlying
Fund
is
required
to
notify
its
shareholders
within
90
days
of
when
a
money
manager
begins
providing
services.
What
is
the
Fund’s
investment
objective?
The
Fund
seeks
to
provide
current
income
and
moderate
long-
term
capital
appreciation.
How
did
the
Fund
perform
relative
to
its
benchmark
for
the
fiscal
year
ended
December
31,
2022?
For
the
fiscal
year
ended
December
31,
2022
(the
“fiscal
year”),
the
Fund
lost
15.65%.
This
is
compared
to
the
Fund’s
primary
benchmark,
the
Bloomberg
U.S.
Aggregate
Bond
Index,
which
lost
13.01%
during
the
fiscal
year.
The
Fund’s
performance
includes
operating
expenses,
whereas
index
returns
are
unmanaged
and
do
not
include
expenses
of
any
kind.
For
the
fiscal
year,
the
Morningstar
®
Insurance
Allocation
–
30%
to
50%
Equity
Category,
a
group
of
funds
that
Morningstar,
Inc.
considers
to
have
investment
strategies
similar
to
those
of
the
Fund,
lost
14.39%.
This
result
serves
as
a
peer
comparison
and
is
expressed
net
of
operating
expenses.
How
did
market
conditions
affect
the
Fund’s
performance?
The
fiscal
year
was
characterized
by
heightened
global
recessionary
fears
as
investors
grappled
with
heightened
market
volatility
amid
tightening
monetary
policy
and
increasing
geopolitical
tensions.
Inflationary
pressures
increased
dramatically,
spearheaded
by
surging
energy
prices
from
the
Russia-Ukraine
conflict
and
continued
supply-chain
disruptions
from
China’s
‘Zero
COVID’
policy.
Central
banks
responded
to
inflation
by
tightening
fiscal
and
monetary
policy
and
hiking
interest
rates
rapidly,
resulting
in
sharp
market
selloffs
across
most
asset
classes.
During
the
latter
months
of
the
fiscal
year,
equity
and
fixed
income
markets
found
moments
of
reprieve
as
economic
indicators
began
to
imply
a
peak
in
inflationary
pressures.
However,
both
markets
ended
the
fiscal
year
in
negative
territory.
Within
U.S.
equities,
the
Russell
1000
®
Index
and
Russell
3000
®
Index
experienced
losses
of
19.13%
and
19.21%
respectively,
indicating
that
both
growth
and
value
securities
took
a
hit
during
the
fiscal
year.
Emerging
market
equities
underperformed
developed
markets
largely
due
to
continued
lockdowns
in
China,
increasing
China-
Taiwan
tensions,
and
the
Russia-Ukraine
conflict.
Within
fixed
income,
the
Bloomberg
Global
Aggregate
Bond
Index
(US
Hedged)
fell
by
11.22%.
Credit
markets
were
challenged,
with
U.S.
investment
grade
and
high
yield
corporate
credit
spreads
widening
over
the
fiscal
year.
Global
bond
yields
rose,
as
central
banks
continued
to
signal
additional
rate
hikes
in
the
medium
term.
Within
alternatives,
global
listed
real
estate
underperformed
global
equities.
However,
performance
was
mixed
across
regions:
the
United
States
detracted,
while
Europe
and
the
United
Kingdom
outperformed.
One
bright
spot
was
commodities,
with
the
Bloomberg
Commodity
Index
Total
Return
gaining
16.09%
over
the
fiscal
year
largely
due
to
surging
energy
and
agricultural
prices
in
response
to
the
Russia-Ukraine
conflict.
How
did
the
investment
strategies
and
techniques
employed
by
the
Fund
and
the
Underlying
Funds
affect
the
Fund’s
performance?
The
Fund
is
a
fund
of
funds,
and
its
performance
is
largely
based
on
RIM’s
target
strategic
asset
allocations
and
the
performance
of
the
Underlying
Funds
in
which
the
Fund
invests.
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.
In
order
to
seek
to
achieve
the
Fund’s
objective
during
the
fiscal
year,
RIM’s
target
strategic
asset
allocation
included
investments
in
global
equity,
fixed
income,
multi-asset
and
alternative
Underlying
Funds.
Overall,
the
Fund’s
asset
allocation
detracted
from
benchmark-
relative
performance
during
the
fiscal
year.
Equities
generally
underperformed
the
Fund’s
benchmark
over
the
fiscal
year.
Underlying
preferences
for
value
and
small-cap
securities
were
additive.
However,
a
strategic
preference
for
emerging
markets
was
the
largest
detractor
within
equities.
An
overweight
to
securitized
and
investment
grade
credit
also
detracted,
consistent
with
the
increased
risk-off
sentiment
over
the
fiscal
year.
An
overweight
to
duration
positioning
detracted
as
interest
rates
spiked
over
the
fiscal
year;
however,
duration
positioning
assisted
in
mitigating
short
duration
value
security
risk.
Global
real
estate
was
a
large
detractor,
underperforming
the
Underlying
Fund’s
benchmark
over
the
fiscal
year.
Russell
Investment
Funds
Moderate
Strategy
Fund
Portfolio
Management
Discussion
and
Analysis,
continued
—
December
31,
2022
(Unaudited)
6
Moderate
Strategy
Fund
Equity
markets
delivered
negative
absolute
and
relative
performance
over
the
fiscal
year.
However,
equity
Underlying
Funds’
performance
relative
to
their
respective
equity
benchmarks
was
mixed.
The
RIC
Global
Equity
Fund
generally
outperformed
its
benchmark
due
to
a
tactical
tilt
towards
the
value
factor.
The
RIF
U.S.
Small
Cap
Equity
Fund
also
generally
outperformed
its
benchmark
over
the
fiscal
year
due
in
large
part
to
exposures
to
high
quality,
lower
capitalization
stocks.
However,
the
RIC
Emerging
Markets
Fund
was
a
detractor
and
underperformed
its
benchmark
largely
due
to
exposures
to
Chinese
equities.
Fixed
income
was
a
significant
detractor
over
the
fiscal
year,
delivering
absolute
negative
returns,
and
the
fixed
income
Underlying
Funds
underperformed
their
respective
benchmarks.
A
strategic
overweight
to
credit
was
a
significant
headwind,
as
spreads
widened
due
to
rapid
interest
rate
hikes
and
expected
earnings
deterioration.
The
RIF
Strategic
Bond
Fund
underperformed
its
benchmark
and
was
negatively
impacted
by
a
long
duration
position
and
a
challenging
credit
climate.
The
RIC
Unconstrained
Total
Return
Fund
was
a
detractor
due
to
negative
impacts
from
a
long
duration
position
and
an
overweight
to
low
quality,
investment
grade
corporate
credit.
The
multi-asset
and
alternative
portions
of
the
Fund’s
portfolio
underperformed
the
Fund’s
benchmark.
The
RIC
Multi-Strategy
Income
Fund
underperformed
its
benchmark
due
in
large
part
to
an
equity
overweight.
The
RIF
Global
Real
Estate
Securities
Fund
also
underperformed
its
benchmark,
largely
due
to
a
lower
risk
premium
in
a
high
interest
rate
environment.
Describe
any
changes
to
the
Fund’s
structure
or
allocation
to
the
Underlying
Funds.
There
were
no
changes
to
the
Fund’s
structure
or
strategic
asset
allocation
during
the
fiscal
year.
The
views
expressed
in
this
report
reflect
those
of
the
portfolio
managers
only
through
the
end
of
the
fiscal
year
covered
by
the
report.
These
views
do
not
necessarily
represent
the
views
of
RIM,
or
any
other
person
in
RIM
or
any
other
affiliated
organization.
These
views
are
subject
to
change
at
any
time
based
upon
market
conditions
or
other
events,
and
RIM
disclaims
any
responsibility
to
update
the
views
contained
herein.
These
views
should
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Russell
Investment
Funds
(“RIF”)
Fund
are
based
on
numerous
factors,
should
not
be
relied
on
as
an
indication
of
investment
decisions
of
any
RIF
Fund.
*
Assumes
initial
investment
on
January
1,
2013.
**
Bloomberg
U.S.
Aggregate
Bond
Index
is
an
index,
with
income
reinvested,
generally
representative
of
intermediate-term
government
bonds,
investment
grade
corporate
debt
securities
and
mortgage-backed
securities.
***
Russell
1000
®
Index
includes
the
1,000
largest
companies
in
the
Russell
3000
®
Index.
The
Russell
1000
®
Index
represents
the
universe
of
stocks
from
which
most
active
money
managers
typically
select.
The
Russell
1000
®
Index
return
reflects
adjustments
from
income
dividends
and
capital
gain
distributions
reinvested
as
of
the
ex-dividend
dates.
§
Annualized.
The
performance
shown
in
this
section
does
not
reflect
any
Insurance
Company
Separate
Account
or
Policy
Charges.
Performance
is
historical
and
assumes
reinvestment
of
all
dividends
and
capital
gains. Investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
when
purchased. Past
performance
is
not
indicative
of
future
results. Additionally,
the
returns
presented
herein
may
differ
from
the
performance
reported
in
the
Financial
Highlights
as
the
returns
herein
are
calculated
in
a
manner
consistent
with
standardized
performance
in
accordance
with
Securities
and
Exchange
Commission
rules,
while
the
performance
in
the
Financial
Highlights
has
been
calculated
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
(“U.S.
GAAP”).
Russell
Investment
Funds
Moderate
Strategy
Fund
Shareholder
Expense
Example
—
December
31,
2022
(Unaudited)
Moderate
Strategy
Fund
7
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
July
1,
2022
to
December
31,
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
July
1,
2022
$
1,000.00
$
1,000.00
Ending
Account
Value
December
31,
2022
$
994.90
$
1,024.50
Expenses
Paid
During
Period*
$
0.70
$
0.71
*
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
184/365
(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
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
8
Moderate
Strategy
Fund
Amounts
in
thousands
(except
share
amounts)
Shares
Fair
Value
$
Investments
in
Affiliated
Funds
-
100.1%
Alternative
-
3.0%
RIF
Global
Real
Estate
Securities
Fund
173,778
2,144
Domestic
Equities
-
13.5%
RIF
U.S.
Small
Cap
Equity
Fund
229,797
2,886
RIF
U.S.
Strategic
Equity
Fund
435,302
6,800
9,686
Fixed
Income
-
49.1%
RIC
Investment
Grade
Bond
Fund
Class
Y
549,472
10,061
RIC
Unconstrained
Total
Return
Fund
Class
Y
172,297
1,454
RIF
Strategic
Bond
Fund
2,725,615
23,822
35,337
International
Equities
-
24.5%
RIC
Emerging
Markets
Fund
Class
Y
101,001
1,442
RIC
Global
Equity
Fund
Class
Y
1,749,266
13,330
RIF
International
Developed
Markets
Fund
273,811
2,886
17,658
Multi-Asset
-
10.0%
RIC
Multi-Strategy
Income
Fund
Class
Y
822,049
7,217
Total
Investments
in
Affiliated
Funds
(cost
$80,218
)
72,042
Total
Investments
-
100.1%
(identified
cost
$80,218)
72,042
Other
Assets
and
Liabilities,
Net
-
(0.1)%
(51)
Net
Assets
-
100.0%
71,991
Russell
Investment
Funds
Moderate
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Moderate
Strategy
Fund
9
Statement
of
Assets
and
Liabilities
—
December
31,
2022
Amounts
in
thousands
Assets
Investments,
at
identified
cost
......................................................................................................................................................
$
80,
218
Investments,
at
fair
value(>)
........................................................................................................................................................
72,042
Receivables:
Investments
sold
...............................................................................................................................................................
2
Total
assets
...............................................................................................................................................................
72,044
Liabilities
Payables:
Fund
shares
redeemed
......................................................................................................................................................
2
Accrued
fees
to
affiliates
..................................................................................................................................................
3
Other
accrued
expenses
....................................................................................................................................................
48
Total
liabilities
...........................................................................................................................................................
53
Net
Assets
...............................................................................................................................................................
$
71,991
Russell
Investment
Funds
Moderate
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
10
Moderate
Strategy
Fund
Statement
of
Assets
and
Liabilities,
continued
—
December
31,
2022
Amounts
in
thousands
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
.............................................................................................................................................
$
(9,548
)
Shares
of
beneficial
interest
.........................................................................................................................................................
85
Additional
paid-in
capital
............................................................................................................................................................
81,454
Net
Assets
...............................................................................................................................................................
$
71,991
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.......................................................................................................................................................
$
8.46
Net
assets
.............................................................................................................................................................................
$
71,990,850
Shares
outstanding
($.01
par
value)
.....................................................................................................................................
8,508,990
Amounts
in
thousands
(>)
Investments
in
affiliated
funds
$
72,042
(#)
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
11
Statement
of
Operations
—
For
the
Period
Ended
December
31,
2022
Amounts
in
thousands
Investment
Income
Income
distributions
from
affiliated
funds
...................................................................................................................................
$
1,
364
Expenses
Advisory
fees
...................................................................................................................................................................
160
Administrative
fees
..........................................................................................................................................................
34
Custodian
fees
..................................................................................................................................................................
32
Transfer
agent
fees
...........................................................................................................................................................
4
Professional
fees
..............................................................................................................................................................
44
Trustees’
fees
....................................................................................................................................................................
5
Printing
fees
.....................................................................................................................................................................
9
Miscellaneous
..................................................................................................................................................................
5
Expenses
before
reductions
..............................................................................................................................................
293
Expense
reductions
..........................................................................................................................................................
(182)
Net
expenses
................................................................................................................................................................................
111
Net
investment
income
(loss)
.......................................................................................................................................................
1,
253
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
in
affiliated
funds
.........................................................................................................................................
(1,
111
)
Capital
gain
distributions
from
affiliated
funds
...............................................................................................................
686
Net
realized
gain
(loss)
................................................................................................................................................................
(
425
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
in
affiliated
funds
.........................................................................................................................................
(15,
284
)
Net
change
in
unrealized
appreciation
(depreciation)
.................................................................................................................
(15,
284
)
Net
realized
and
unrealized
gain
(loss)
........................................................................................................................................
(15,
709
)
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
....................................................................................
$
(14,456)
Russell
Investment
Funds
Moderate
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
12
Moderate
Strategy
Fund
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
For
the
Periods
Ended
December
31,
2022
2021
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
..............................................................................................................
$
1,
253
$
3,232
Net
realized
gain
(loss)
.......................................................................................................................
(
425
)
4,875
Net
change
in
unrealized
appreciation
(depreciation)
........................................................................
(15,
284
)
(545)
Net
increase
(decrease)
in
net
assets
from
operations
..............................................................................
(14,456)
7,562
Distributions
To
shareholders
...................................................................................................................................
(3,585)
(7,515)
Net
decrease
in
net
assets
from
distributions
............................................................................................
(3,585)
(7,515)
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
...................................................................
(6,956)
4,143
Total
Net
Increase
(Decrease)
in
Net
Assets
........................................................................
(24,997)
4,190
Net
Assets
Beginning
of
period
..................................................................................................................................
96,988
92,798
End
of
period
.............................................................................................................................................
$
71,991
$
96,988
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
December
31,
2022
and
December
31,
2021
were
as
follows:
2022
2021
Shares
Dollars
Shares
Dollars
Proceeds
from
shares
sold
319
$
2,
931
919
$
9,937
Proceeds
from
reinvestment
of
distributions
386
3,
585
719
7,515
Payments
for
shares
redeemed
(1,458)
(13,472)
(1,235)
(13,309)
Total
increase
(decrease)
(753)
$
(6,956)
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.
14
Moderate
Strategy
Fund
For
a
Share
Outstanding
Throughout
Each
Period.
$
Net
Asset
Value,
Beginning
of
Period
$
Net
Investment
Income
(Loss)
(a)(b)(d)
$
Net
Realized
and
Unrealized
Gain
(Loss)
$
Total
from
Investment
Operations
$
Distributions
from
Net
Investment
Income
$
Distributions
from
Net
Realized
Gain
December
31,
2022
10.47
.
14
(1.
75
)
(1.61)
(.16)
(.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)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Moderate
Strategy
Fund
15
$
Total
Distributions
$
Net
Asset
Value,
End
of
Period
%
Total
Return
(e)
$
Net
Assets,
End
of
Period
(000)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Gross
(c)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Net
(c)(d)
%
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
(b)(d)
%
Portfolio
Turnover
Rate
(.40)
8.46
(15.65)
71,991
.37
.14
1.
57
6
(.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
Russell
Investment
Funds
Moderate
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
16
Moderate
Strategy
Fund
Related
Party
Transactions,
Fees
and
Expenses
Accrued
fees
payable
to
affiliates
for
the
period
ended
December
31,
2022
were
as
follows:
Transactions
(amounts
in
thousands)
during
the
period
ended
December
31,
2022
with
Underlying
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
At
December
31,
2022,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation),
and
components
of
distributable
earnings
for
income
tax
purposes
were
as
follows:
For
the
fiscal
years
ended
December
31,
2022
and
December
31,
2021,
respectively,
the
Fund
made
the
following
tax
basis
distributions:
Net
investment
income
and
net
realized
gains
(losses)
in
the
financial
statements
may
differ
from
taxable
net
investment
income
and
net
realized
gains
(losses).
Capital
accounts
within
the
financial
statements
are
adjusted
for
permanent
differences
between
book
and
tax
accounting.
These
differences
may
be
due
to
foreign
currency
gains
or
losses,
reclassifications
of
dividends
and/or
differences
in
treatment
of
income
from
swaps. These
adjustments
have
no
impact
on
the
net
assets.
Advisory
fees
$
1
Administration
fees
2,647
Transfer
agent
fees
274
Trustee
fees
448
$
3,370
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
$
311
$
358
$
5
$
(795
)
$
2,144
$
29
$
21
RIF
U.S.
Small
Cap
Equity
Fund
3,890
356
702
(92
)
(566
)
2,886
14
61
RIF
U.S.
Strategic
Equity
Fund
9,268
1,204
1,235
(181
)
(2,256
)
6,800
61
547
RIC
Investment
Grade
Bond
Fund
13,507
374
1,792
(179
)
(1,849
)
10,061
130
—
RIC
Unconstrained
Total
Return
Fund
1,932
66
396
(19
)
(129
)
1,454
47
—
RIF
Strategic
Bond
Fund
31,812
1,160
4,346
(353
)
(4,451
)
23,822
483
—
RIC
Emerging
Markets
Fund
1,933
163
210
(37
)
(407
)
1,442
34
—
RIC
Global
Equity
Fund
18,094
943
2,659
(204
)
(2,844
)
13,330
275
—
RIF
International
Developed
Markets
Fund
3,898
254
742
(20
)
(504
)
2,886
3
57
RIC
Multi-Strategy
Income
Fund
9,734
374
1,377
(31
)
(1,483
)
7,217
288
—
$
97,049
$
5,205
$
13,817
$
(1,111
)
$
(15,284
)
$
72,042
$
1,364
$
686
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
(Capital
Loss
Carryforward)
$
81,133,550
$
1,393,736
$
(10,485,022)
$
(9,091,286)
$
—
$
(186
,541)
December
31,
2022
December
31,
2021
Ordinary
Income
Distributions
Long-Term
Capital
Gain
Distributions
Distribution
in
Excess
Return
of
Capital
Ordinary
Income
Distributions
Long-Term
Capital
Gain
Distributions
Return
of
Capital
$
1,363,058
$
2,140,261
$
81,413
$
—
$
4,460,251
$
3,055,183
$
—
Russell
Investment
Funds
Moderate
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Moderate
Strategy
Fund
17
At
December
31,
2022,
the
Statement
of
Assets
and
Liabilities
has
been
adjusted
by
the
following
amounts
(in
thousands):
Total
distributable
earnings
(losses)
$
81
Additional
paid-in
capital
(81
)
Federal
Income
Taxes,
continued
Russell
Investment
Funds
Balanced
Strategy
Fund
Portfolio
Management
Discussion
and
Analysis
—
December
31,
2022
(Unaudited)
18
Balanced
Strategy
Fund
Balanced
Strategy
Fund
Total
Return
1
Year
(16
.35)%
5
Years
2
.01%§
10
Years
4
.48%§
Bloomberg
U.S.
Aggregate
Bond
Index**
Total
Return
1
Year
(13
.01)%
5
Years
0
.02%§
10
Years
1
.06%§
Russell
1000
®
Index***
Total
Return
1
Year
(19
.13)%
5
Years
9
.13%§
10
Years
12
.37%§
MSCI
World
ex
USA
Index
(Net)****
Total
Return
1
Year
(14
.29)%
5
Years
1
.79%§
10
Years
4
.59%§
Russell
Investment
Funds
Balanced
Strategy
Fund
Portfolio
Management
Discussion
and
Analysis,
continued
—
December
31,
2022
(Unaudited)
Balanced
Strategy
Fund
19
The
Balanced
Strategy
Fund
(the
“Fund”)
is
a
fund
of
funds
that
invests
in
other
Russell
Investment
Funds
(“RIF”)
and
Russell
Investment
Company
(“RIC”)
mutual
funds
(the
“Underlying
Funds”).
Certain
Underlying
Funds
employ
a
multi-manager
approach
whereby
portions
of
the
Underlying
Funds
are
allocated
to
different
money
manager
strategies.
Underlying
Fund
assets
not
allocated
to
money
managers
are
managed
by
Russell
Investment
Management,
LLC
(“RIM”),
the
Fund’s
and
Underlying
Funds’
advisor.
RIM,
as
the
Underlying
Funds’
advisor,
may
change
the
allocation
of
the
Underlying
Funds’
assets
among
money
managers
at
any
time.
An
exemptive
order
from
the
Securities
and
Exchange
Commission
permits
RIM
to
engage
or
terminate
a
money
manager
in
an
Underlying
Fund
at
any
time,
subject
to
approval
by
the
Underlying
Fund’s
Board,
without
a
shareholder
vote.
Pursuant
to
the
terms
of
the
exemptive
order,
an
Underlying
Fund
is
required
to
notify
its
shareholders
within
90
days
of
when
a
money
manager
begins
providing
services.
What
is
the
Fund’s
investment
objective?
The
Fund
seeks
to
provide
above
average
long-term
capital
appreciation
and
a
moderate
level
of
current
income.
How
did
the
Fund
perform
relative
to
its
benchmark
for
the
fiscal
year
ended
December
31,
2022?
For
the
fiscal
year
ended
December
31,
2022
(the
“fiscal
year”),
the
Fund
lost
16.35%.
This
is
compared
to
the
Fund’s
primary
benchmark,
the
Bloomberg
U.S.
Aggregate
Bond
Index,
which
lost
13.01%
during
the
fiscal
year.
The
Fund’s
performance
includes
operating
expenses,
whereas
index
returns
are
unmanaged
and
do
not
include
expenses
of
any
kind.
For
the
fiscal
year,
the
Morningstar
Insurance
Allocation
–
50%
to
70%
Equity
Category,
a
group
of
funds
that
Morningstar,
Inc.
considers
to
have
investment
strategies
similar
to
those
of
the
Fund,
lost
16.01%.
This
result
serves
as
a
peer
comparison
and
is
expressed
net
of
operating
expenses.
How
did
market
conditions
affect
the
Fund’s
performance?
The
fiscal
year
was
characterized
by
heightened
global
recessionary
fears
as
investors
grappled
with
heightened
market
volatility
amid
tightening
monetary
policy
and
increasing
geopolitical
tensions.
Inflationary
pressures
increased
dramatically,
spearheaded
by
surging
energy
prices
from
the
Russia-Ukraine
conflict
and
continued
supply-chain
disruptions
from
China’s
‘Zero
COVID’
policy.
Central
banks
responded
to
inflation
by
tightening
fiscal
and
monetary
policy
and
hiking
interest
rates
rapidly,
resulting
in
sharp
market
selloffs
across
most
asset
classes.
During
the
latter
months
of
the
fiscal
year,
equity
and
fixed
income
markets
found
moments
of
reprieve
as
economic
indicators
began
to
imply
a
peak
in
inflationary
pressures.
However,
both
markets
ended
the
fiscal
year
in
negative
territory.
Within
U.S.
equities,
the
Russell
1000
®
Index
and
Russell
3000
®
Index
experienced
losses
of
19.13%
and
19.21%
respectively,
indicating
that
both
growth
and
value
securities
took
a
hit
during
the
fiscal
year.
Emerging
market
equities
underperformed
developed
markets
largely
due
to
continued
lockdowns
in
China,
increasing
China-
Taiwan
tensions,
and
the
Russia-Ukraine
conflict.
Within
fixed
income,
the
Bloomberg
Global
Aggregate
Bond
(US
Hedged)
Index
fell
by
11.22%.
Credit
markets
were
challenged,
with
U.S.
investment
grade
and
high
yield
corporate
credit
spreads
widening
over
the
fiscal
year.
Global
bond
yields
rose,
as
central
banks
continued
to
signal
additional
rate
hikes
in
the
medium
term.
Within
alternatives,
global
listed
real
estate
underperformed
global
equities.
However,
performance
was
mixed
across
regions:
the
United
States
detracted,
while
Europe
and
the
United
Kingdom
outperformed.
One
bright
spot
was
commodities,
with
the
Bloomberg
Commodity
Index
Total
Return
gaining
16.09%
over
the
fiscal
year
largely
due
to
surging
energy
and
agricultural
prices
in
response
to
the
Russia-Ukraine
conflict.
How
did
the
investment
strategies
and
techniques
employed
by
the
Fund
and
the
Underlying
Funds
affect
the
Fund’s
performance?
The
Fund
is
a
fund
of
funds,
and
its
performance
is
largely
based
on
RIM’s
target
strategic
asset
allocations
and
the
performance
of
the
Underlying
Funds
in
which
the
Fund
invests.
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.
In
order
to
seek
to
achieve
the
Fund’s
objective
during
the
fiscal
year,
RIM’s
target
strategic
asset
allocation
included
investments
in
global
equity,
fixed
income,
multi-asset
and
alternative
Underlying
Funds.
Overall,
the
Fund’s
asset
allocation
detracted
from
benchmark-
relative
performance
during
the
fiscal
year.
Equities
generally
outperformed
the
Fund’s
benchmark
over
the
fiscal
year.
Underlying
preferences
for
value
and
small-cap
securities
were
additive.
However,
a
strategic
preference
for
emerging
markets
was
the
largest
detractor
within
equities.
An
overweight
to
securitized
and
investment
grade
credit
also
detracted,
consistent
with
the
increased
risk-off
sentiment
over
the
fiscal
year.
An
overweight
to
duration
positioning
detracted
as
interest
rates
spiked
over
the
fiscal
year;
however,
duration
positioning
assisted
in
mitigating
short
duration
value
security
risk.
Global
real
estate
was
a
large
detractor,
underperforming
the
Underlying
Fund’s
benchmark
over
the
fiscal
year.
Russell
Investment
Funds
Balanced
Strategy
Fund
Portfolio
Management
Discussion
and
Analysis,
continued
—
December
31,
2022
(Unaudited)
20
Balanced
Strategy
Fund
Equity
markets
delivered
negative
absolute
and
relative
performance
over
the
fiscal
year.
However,
the
equity
Underlying
Fund
performance
was
mixed
against
their
respective
equity
benchmarks.
The
RIC
Global
Equity
Fund
generally
outperformed
its
benchmark
due
to
a
tactical
tilt
towards
the
value
factor.
The
RIF
U.S.
Small
Cap
Equity
Fund
also
outperformed
its
benchmark
over
the
fiscal
year
due
in
large
part
to
exposures
to
high
quality,
lower
capitalization
stocks.
However,
the
RIC
Emerging
Markets
Fund
was
a
detractor
and
underperformed
its
benchmark
due
to
exposures
to
Chinese
equities.
Fixed
income
was
a
significant
detractor
over
the
fiscal
year,
delivering
absolute
negative
returns,
and
the
fixed
income
Underlying
Funds
underperformed
their
respective
benchmarks.
A
strategic
overweight
to
credit
was
a
significant
headwind,
as
spreads
widened
due
to
rapid
interest
rate
hikes
and
expected
earnings
deterioration.
The
RIF
Strategic
Bond
Fund
underperformed
its
benchmark
and
was
negatively
impacted
by
a
long
duration
position
and
a
challenging
credit
climate.
The
RIC
Unconstrained
Total
Return
Fund
was
a
significant
detractor
due
to
negative
impacts
from
a
long
duration
position
and
an
overweight
to
low
quality,
investment
grade
corporate
credit.
The
multi-asset
and
alternative
portions
of
the
Fund’s
portfolio
underperformed
the
Fund’s
benchmark.
The
RIC
Multi-Strategy
Income
Fund
underperformed
its
benchmark
due
in
large
part
to
an
equity
overweight.
The
RIF
Global
Real
Estate
Securities
Fund
also
underperformed
its
benchmark,
largely
due
to
a
lower
risk
premium
in
a
high
interest
rate
environment.
Describe
any
changes
to
the
Fund’s
structure
or
allocation
to
the
Underlying
Funds.
There
were
no
changes
to
the
Fund’s
structure
or
strategic
asset
allocation
during
the
fiscal
year.
The
views
expressed
in
this
report
reflect
those
of
the
portfolio
managers
only
through
the
end
of
the
fiscal
year
covered
by
the
report.
These
views
do
not
necessarily
represent
the
views
of
RIM,
or
any
other
person
in
RIM
or
any
other
affiliated
organization.
These
views
are
subject
to
change
at
any
time
based
upon
market
conditions
or
other
events,
and
RIM
disclaims
any
responsibility
to
update
the
views
contained
herein.
These
views
should
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Russell
Investment
Funds
(“RIF”)
Fund
are
based
on
numerous
factors,
should
not
be
relied
on
as
an
indication
of
investment
decisions
of
any
RIF
Fund.
*
Assumes
initial
investment
on
January
1,
2013.
**
Bloomberg
U.S.
Aggregate
Bond
Index
is
an
index,
with
income
reinvested,
generally
representative
of
intermediate-term
government
bonds,
investment
grade
corporate
debt
securities
and
mortgage-backed
securities.
***
Russell
1000
®
Index
includes
the
1,000
largest
companies
in
the
Russell
3000
®
Index.
The
Russell
1000
®
Index
represents
the
universe
of
stocks
from
which
most
active
money
managers
typically
select.
The
Russell
1000
®
Index
return
reflects
adjustments
from
income
dividends
and
capital
gain
distributions
reinvested
as
of
the
ex-dividend
dates.
****
MSCI
World
ex
USA
Index
(Net)
is
a
free
float-
adjusted
market
capitalization
weighted
index
that
is
designed
to
measure
the
equity
market
performance
of
developed
markets.
The
index
consists
of
22
developed
market
country
indexes.
§
Annualized.
The
performance
shown
in
this
section
does
not
reflect
any
Insurance
Company
Separate
Account
or
Policy
Charges.
Performance
is
historical
and
assumes
reinvestment
of
all
dividends
and
capital
gains. Investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
when
purchased. Past
performance
is
not
indicative
of
future
results. Additionally,
the
returns
presented
herein
may
differ
from
the
performance
reported
in
the
Financial
Highlights
as
the
returns
herein
are
calculated
in
a
manner
consistent
with
standardized
performance
in
accordance
with
Securities
and
Exchange
Commission
rules,
while
the
performance
in
the
Financial
Highlights
has
been
calculated
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
(“U.S.
GAAP”).
Russell
Investment
Funds
Balanced
Strategy
Fund
Shareholder
Expense
Example
—
December
31,
2022
(Unaudited)
Balanced
Strategy
Fund
21
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
July
1,
2022
to
December
31,
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
July
1,
2022
$
1,000.00
$
1,000.00
Ending
Account
Value
December
31,
2022
$
1,007.50
$
1,024.50
Expenses
Paid
During
Period*
$
0.71
$
0.71
*
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
184/365
(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
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
22
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
645,480
7,965
Domestic
Equities
-
18.3%
RIF
U.S.
Small
Cap
Equity
Fund
638,432
8,019
RIF
U.S.
Strategic
Equity
Fund
1,864,822
29,128
37,147
Fixed
Income
-
29.7%
RIC
Unconstrained
Total
Return
Fund
Class
Y
483,093
4,077
RIF
Strategic
Bond
Fund
6,439,874
56,285
60,362
International
Equities
-
40.0%
RIC
Emerging
Markets
Fund
Class
Y
355,894
5,082
RIC
Global
Equity
Fund
Class
Y
8,615,315
65,649
RIF
International
Developed
Markets
Fund
992,429
10,460
81,191
Multi-Asset
-
8.1%
RIC
Multi-Strategy
Income
Fund
Class
Y
1,872,093
16,437
Total
Investments
in
Affiliated
Funds
(cost
$220,376
)
203,102
Total
Investments
-
100.0%
(identified
cost
$220,376)
203,102
Other
Assets
and
Liabilities,
Net
-
(0.0)%
(97)
Net
Assets
-
100.0%
203,005
Russell
Investment
Funds
Balanced
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Balanced
Strategy
Fund
23
Statement
of
Assets
and
Liabilities
—
December
31,
2022
Amounts
in
thousands
Assets
Investments,
at
identified
cost
......................................................................................................................................................
$
220,
376
Investments,
at
fair
value(>)
........................................................................................................................................................
203,102
Receivables:
Investments
sold
...............................................................................................................................................................
193
Total
assets
...............................................................................................................................................................
203,295
Liabilities
Payables:
Fund
shares
redeemed
......................................................................................................................................................
193
Accrued
fees
to
affiliates
..................................................................................................................................................
18
Other
accrued
expenses
....................................................................................................................................................
79
Total
liabilities
...........................................................................................................................................................
290
Net
Assets
...............................................................................................................................................................
$
203,005
Russell
Investment
Funds
Balanced
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
24
Balanced
Strategy
Fund
Statement
of
Assets
and
Liabilities,
continued
—
December
31,
2022
Amounts
in
thousands
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
.............................................................................................................................................
$
(20,595)
Shares
of
beneficial
interest
.........................................................................................................................................................
249
Additional
paid-in
capital
............................................................................................................................................................
223,351
Net
Assets
...............................................................................................................................................................
$
203,005
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.......................................................................................................................................................
$
8.17
Net
assets
.............................................................................................................................................................................
$
203,005,473
Shares
outstanding
($.01
par
value)
.....................................................................................................................................
24,856,123
Amounts
in
thousands
(>)
Investments
in
affiliated
funds
$
203,102
(#)
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
25
Statement
of
Operations
—
For
the
Period
Ended
December
31,
2022
Amounts
in
thousands
Investment
Income
Income
distributions
from
affiliated
funds
...................................................................................................................................
$
3
,
793
Expenses
Advisory
fees
...................................................................................................................................................................
442
Administrative
fees
..........................................................................................................................................................
94
Custodian
fees
..................................................................................................................................................................
32
Transfer
agent
fees
...........................................................................................................................................................
10
Professional
fees
..............................................................................................................................................................
62
Trustees’
fees
....................................................................................................................................................................
13
Printing
fees
.....................................................................................................................................................................
15
Miscellaneous
..................................................................................................................................................................
9
Expenses
before
reductions
..............................................................................................................................................
677
Expense
reductions
..........................................................................................................................................................
(367)
Net
expenses
................................................................................................................................................................................
310
Net
investment
income
(loss)
.......................................................................................................................................................
3,
483
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
in
affiliated
funds
.........................................................................................................................................
(2,20
2
)
Capital
gain
distributions
from
affiliated
funds
...............................................................................................................
2,751
Net
realized
gain
(loss)
................................................................................................................................................................
54
9
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
in
affiliated
funds
.........................................................................................................................................
(46,
329
)
Net
change
in
unrealized
appreciation
(depreciation)
.................................................................................................................
(46,
329
)
Net
realized
and
unrealized
gain
(loss)
........................................................................................................................................
(4
5
,
780
)
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
....................................................................................
$
(42,297)
Russell
Investment
Funds
Balanced
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
26
Balanced
Strategy
Fund
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
For
the
Periods
Ended
December
31,
2022
2021
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
..............................................................................................................
$
3,
4
8
3
$
9,743
Net
realized
gain
(loss)
.......................................................................................................................
54
9
20,279
Net
change
in
unrealized
appreciation
(depreciation)
........................................................................
(46,
329
)
1,393
Net
increase
(decrease)
in
net
assets
from
operations
..............................................................................
(42,297)
31,415
Distributions
To
shareholders
...................................................................................................................................
(11,723)
(29,972)
Net
decrease
in
net
assets
from
distributions
............................................................................................
(11,723)
(29,972)
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
...................................................................
(3,390)
9,254
Total
Net
Increase
(Decrease)
in
Net
Assets
........................................................................
(57,410)
10,697
Net
Assets
Beginning
of
period
..................................................................................................................................
260,415
249,718
End
of
period
.............................................................................................................................................
$
203,005
$
260,415
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
December
31,
2022
and
December
31,
2021
were
as
follows:
2022
2021
Shares
Dollars
Shares
Dollars
Proceeds
from
shares
sold
685
$
6,299
1,332
$
14,408
Proceeds
from
reinvestment
of
distributions
1,297
11,723
2,931
29,972
Payments
for
shares
redeemed
(2,448)
(21,412)
(3,275)
(35,126)
Total
increase
(decrease)
(466)
$
(3,390)
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.
28
Balanced
Strategy
Fund
For
a
Share
Outstanding
Throughout
Each
Period.
$
Net
Asset
Value,
Beginning
of
Period
$
Net
Investment
Income
(Loss)
(a)(b)(d)
$
Net
Realized
and
Unrealized
Gain
(Loss)
$
Total
from
Investment
Operations
$
Distributions
from
Net
Investment
Income
$
Distributions
from
Net
Realized
Gain
December
31,
2022
10.28
.1
4
(1.7
8
)
(1.64)
(.16)
(.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)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Balanced
Strategy
Fund
29
$
Total
Distributions
$
Net
Asset
Value,
End
of
Period
%
Total
Return
(e)
$
Net
Assets,
End
of
Period
(000)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Gross
(c)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Net
(c)(d)
%
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
(b)(d)
%
Portfolio
Turnover
Rate
(.47)
8.17
(16.35)
203,005
.31
.14
1.
58
6
(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
Russell
Investment
Funds
Balanced
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
30
Balanced
Strategy
Fund
Related
Party
Transactions,
Fees
and
Expenses
Accrued
fees
payable
to
affiliates
for
the
period
ended
December
31,
2022
were
as
follows:
Transactions
(amounts
in
thousands)
during
the
period
ended
December
31,
2022
with
Underlying
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
At
December
31,
2022,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation),
and
components
of
distributable
earnings
for
income
tax
purposes
were
as
follows:
For
the
fiscal
years
ended
December
31,
2022
and
December
31,
2021,
respectively,
the
Fund
made
the
following
tax
basis
distributions:
Net
investment
income
and
net
realized
gains
(losses)
in
the
financial
statements
may
differ
from
taxable
net
investment
income
and
net
realized
gains
(losses).
Capital
accounts
within
the
financial
statements
are
adjusted
for
permanent
differences
between
book
and
tax
accounting.
These
differences
may
be
due
to
foreign
currency
gains
or
losses,
reclassifications
of
dividends
and/or
differences
in
treatment
of
income
from
swaps.
These
adjustments
have
no
impact
on
the
net
assets.
At
December
31,
2022,
there
were
no
adjustments
to
the
Statement
of
Assets
and
Liabilities.
Advisory
fees
$
8,450
Administration
fees
7,448
Transfer
agent
fees
771
Trustee
fees
1,139
$
17,808
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
$
877
$
663
$
(5
)
$
(2,902
)
$
7,965
$
67
$
77
RIF
U.S.
Small
Cap
Equity
Fund
10,385
619
1,137
(158
)
(1,690
)
8,019
39
166
RIF
U.S.
Strategic
Equity
Fund
37,929
3,745
2,096
(394
)
(10,056
)
29,128
259
2,307
RIC
Unconstrained
Total
Return
Fund
5,137
220
874
(51
)
(355
)
4,077
130
—
RIF
Strategic
Bond
Fund
71,840
3,924
8,255
(713
)
(10,511
)
56,285
1,159
—
RIC
Emerging
Markets
Fund
6,490
517
389
(77
)
(1,459
)
5,082
119
—
RIC
Global
Equity
Fund
84,179
2,140
5,756
(582
)
(14,332
)
65,649
1,358
—
RIF
International
Developed
Markets
Fund
13,067
583
1,351
(122
)
(1,717
)
10,460
12
201
RIC
Multi-Strategy
Income
Fund
20,851
770
1,777
(100
)
(3,307
)
16,437
650
—
$
260,536
$
13,395
$
22,298
$
(2,202
)
$
(46,329
)
$
203,102
$
3,793
$
2,751
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
(Capital
Loss
Carryforward)
$
222,500,217
$
5,021,245
$
(24,419,188)
$
(19,397,943)
$
—
$
386,767
December
31,
2022
December
31,
2021
Ordinary
Income
Distributions
Long-Term
Capital
Gain
Distributions
Return
of
Capital
Ordinary
Income
Distributions
Long-Term
Capital
Gain
Distributions
Return
of
Capital
$
3,596,670
$
8,126,266
$
—
$
12,544,692
$
17,426,848
$
—
Russell
Investment
Funds
Growth
Strategy
Fund
Portfolio
Management
Discussion
and
Analysis
—
December
31,
2022
(Unaudited)
Growth
Strategy
Fund
31
Growth
Strategy
Fund
Total
Return
1
Year
(17
.20)%
5
Years
2
.99%§
10
Years
5
.57%§
Russell
1000
®
Index**
Total
Return
1
Year
(19
.13)%
5
Years
9
.13%§
10
Years
12
.37%§
Bloomberg
U.S.
Aggregate
Bond
Index***
Total
Return
1
Year
(13
.01)%
5
Years
0
.02%§
10
Years
1
.06%§
MSCI
World
ex
US
A
Index
(Net)****
Total
Return
1
Year
(14
.29)%
5
Years
1
.79%§
10
Years
4
.59%§
Russell
Investment
Funds
Growth
Strategy
Fund
Portfolio
Management
Discussion
and
Analysis,
continued
—
December
31,
2022
(Unaudited)
32
Growth
Strategy
Fund
The
Growth
Strategy
Fund
(the
“Fund”)
is
a
fund
of
funds
that
invests
in
other
Russell
Investment
Funds
(“RIF”)
and
Russell
Investment
Company
(“RIC”)
mutual
funds
(the
“Underlying
Funds”).
Certain
Underlying
Funds
employ
a
multi-manager
approach
whereby
portions
of
the
Underlying
Funds
are
allocated
to
different
money
manager
strategies.
Underlying
Fund
assets
not
allocated
to
money
managers
are
managed
by
Russell
Investment
Management,
LLC
(“RIM”),
the
Fund’s
and
Underlying
Funds’
advisor.
RIM,
as
the
Underlying
Funds’
advisor,
may
change
the
allocation
of
the
Underlying
Funds’
assets
among
money
managers
at
any
time.
An
exemptive
order
from
the
Securities
and
Exchange
Commission
permits
RIM
to
engage
or
terminate
a
money
manager
in
an
Underlying
Fund
at
any
time,
subject
to
approval
by
the
Underlying
Fund’s
Board,
without
a
shareholder
vote.
Pursuant
to
the
terms
of
the
exemptive
order,
an
Underlying
Fund
is
required
to
notify
its
shareholders
within
90
days
of
when
a
money
manager
begins
providing
services.
What
is
the
Fund’s
investment
objective?
The
Fund
seeks
to
provide
high
long-term
capital
appreciation,
and
as
a
secondary
objective,
current
income.
How
did
the
Fund
perform
relative
to
its
benchmark
for
the
fiscal
year
ended
December
31,
2022?
For
the
fiscal
year
ended
December
31,
2022
(the
“fiscal
year”),
the
Fund
lost
17.20%.
This
is
compared
to
the
Fund’s
primary
benchmark,
the
Russell
1000
®
Index,
which
lost
19.13%
during
the
fiscal
year.
The
Fund’s
performance
includes
operating
expenses,
whereas
index
returns
are
unmanaged
and
do
not
include
expenses
of
any
kind.
For
the
fiscal
year,
the
Morningstar
®
Insurance
Allocation
–
70%
to
85%
Equity
Category,
a
group
of
funds
that
Morningstar,
Inc.
considers
to
have
investment
strategies
similar
to
those
of
the
Fund,
lost
16.48%.
This
result
serves
as
a
peer
comparison
and
is
expressed
net
of
operating
expenses.
How
did
market
conditions
affect
the
Fund’s
performance?
The
fiscal
year
was
characterized
by
heightened
global
recessionary
fears
as
investors
grappled
with
heightened
market
volatility
amid
tightening
monetary
policy
and
increasing
geopolitical
tensions.
Inflationary
pressures
increased
dramatically,
spearheaded
by
surging
energy
prices
from
the
Russia-Ukraine
conflict
and
continued
supply-chain
disruptions
from
China’s
‘Zero
COVID’
policy.
Central
banks
responded
to
inflation
by
tightening
fiscal
and
monetary
policy
and
hiking
interest
rates
rapidly,
resulting
in
sharp
market
selloffs
across
most
asset
classes.
During
the
latter
months
of
the
fiscal
year,
equity
and
fixed
income
markets
found
moments
of
reprieve
as
economic
indicators
began
to
imply
a
peak
in
inflationary
pressures.
However,
both
markets
ended
the
fiscal
year
in
negative
territory.
Within
U.S.
equities,
the
Russell
1000
®
Index
and
Russell
3000
®
Index
experienced
losses
of
19.13%
and
19.21%
respectively,
indicating
that
both
growth
and
value
securities
took
a
hit
during
the
year.
Emerging
market
equities
underperformed
developed
markets
due
to
continued
lockdowns
in
China,
increasing
China-Taiwan
tensions,
and
the
Russia-
Ukraine
conflict.
Within
fixed
income,
the
Bloomberg
Global
Aggregate
Bond
Index
(US
Hedged)
fell
by
11.22%.
Credit
markets
were
challenged,
with
U.S.
investment
grade
and
high
yield
corporate
credit
spreads
widening
over
the
fiscal
year.
Global
bond
yields
rose,
as
central
banks
continued
to
signal
additional
rate
hikes
in
the
medium
term.
Within
alternatives,
global
listed
real
estate
underperformed
global
equities.
However,
performance
was
mixed
across
regions:
the
United
States
detracted,
while
Europe
and
the
United
Kingdom
outperformed.
One
bright
spot
was
commodities,
with
the
Bloomberg
Commodity
Index
Total
Return
gaining
16.09%
over
the
fiscal
year
largely
due
to
surging
energy
and
agricultural
prices
in
response
to
the
Russia-Ukraine
conflict.
How
did
the
investment
strategies
and
techniques
employed
by
the
Fund
and
the
Underlying
Funds
affect
the
Fund’s
performance?
The
Fund
is
a
fund
of
funds,
and
its
performance
is
largely
based
on
RIM’s
target
strategic
asset
allocations
and
the
performance
of
the
Underlying
Funds
in
which
the
Fund
invests.
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.
In
order
to
seek
to
achieve
the
Fund’s
objective
during
the
fiscal
year,
RIM’s
target
strategic
asset
allocation
included
investments
in
global
equity,
fixed
income,
multi-asset
and
alternative
Underlying
Funds.
Overall,
the
Fund’s
asset
allocation
detracted
from
benchmark-
relative
performance
during
the
fiscal
year.
Equities
generally
outperformed
the
Fund’s
benchmark
over
the
fiscal
year.
Underlying
preferences
for
value
and
small-cap
securities
were
additive.
However,
a
strategic
preference
for
emerging
markets
was
the
largest
detractor
within
equities.
An
overweight
to
securitized
and
investment
grade
credit
also
detracted,
consistent
with
the
increased
risk-off
sentiment
over
the
fiscal
year.
An
overweight
to
duration
positioning
detracted
as
interest
rates
spiked
over
the
fiscal
year;
however,
duration
positioning
assisted
in
mitigating
short
duration
value
security
risk.
Global
real
estate
was
a
large
detractor,
underperforming
the
Underlying
Fund’s
benchmark
over
the
fiscal
year.
Russell
Investment
Funds
Growth
Strategy
Fund
Portfolio
Management
Discussion
and
Analysis,
continued
—
December
31,
2022
(Unaudited)
Growth
Strategy
Fund
33
Equity
markets
delivered
negative
absolute
performance
over
the
fiscal
year.
However,
the
equity
Underlying
Funds
performance
was
mixed
against
their
respective
equity
benchmarks.
The
RIC
Global
Equity
Fund
outperformed
its
benchmark
largely
due
to
a
tactical
tilt
towards
the
value
factor.
The
RIF
U.S.
Small
Cap
Equity
Fund
also
outperformed
its
benchmark
over
the
year
due
in
large
part
to
exposures
to
high
quality,
lower
capitalization
stocks.
However,
the
RIC
Emerging
Markets
Fund
was
a
detractor
and
underperformed
its
benchmark
largely
due
to
exposures
to
Chinese
equities.
Fixed
income
was
a
significant
detractor
over
the
fiscal
year,
delivering
absolute
negative
returns,
and
the
fixed
income
Underlying
Funds
underperformed
their
respective
benchmarks.
A
strategic
overweight
to
credit
was
a
significant
headwind,
as
spreads
widened
due
to
rapid
interest
rate
hikes
and
expected
earnings
deterioration.
The
RIF
Strategic
Bond
Fund
underperformed
its
benchmark
and
was
negatively
impacted
by
a
long
duration
position
and
a
challenging
credit
climate.
The
RIC
Unconstrained
Total
Return
Fund
was
a
significant
detractor
largely
due
to
negative
impacts
from
a
long
duration
position
and
an
overweight
to
low
quality,
investment
grade
corporate
credit.
The
multi-asset
and
alternative
portions
of
the
Fund’s
portfolio
underperformed
the
Fund’s
benchmark.
The
RIC
Multi-Asset
Growth
Strategy
Fund
underperformed
its
benchmark;
exposures
to
value-oriented
managers
were
additive,
while
exposures
to
growth-oriented
managers
were
a
significant
detractor.
The
RIF
Global
Real
Estate
Securities
Fund
underperformed
its
benchmark,
largely
due
to
a
lower
risk
premium
in
a
high
interest
rate
environment.
Describe
any
changes
to
the
Fund’s
structure
or
allocation
to
the
Underlying
Funds.
There
were
no
changes
to
the
Fund’s
structure
or
strategic
asset
allocation
during
the
fiscal
year.
The
views
expressed
in
this
report
reflect
those
of
the
portfolio
managers
only
through
the
end
of
the
fiscal
year
covered
by
the
report.
These
views
do
not
necessarily
represent
the
views
of
RIM,
or
any
other
person
in
RIM
or
any
other
affiliated
organization.
These
views
are
subject
to
change
at
any
time
based
upon
market
conditions
or
other
events,
and
RIM
disclaims
any
responsibility
to
update
the
views
contained
herein.
These
views
should
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Russell
Investment
Funds
(“RIF”)
Fund
are
based
on
numerous
factors,
should
not
be
relied
on
as
an
indication
of
investment
decisions
of
any
RIF
Fund.
*
Assumes
initial
investment
on
January
1,
2013.
**
Russell
1000
®
Index
includes
the
1,000
largest
companies
in
the
Russell
3000
®
Index.
The
Russell
1000
®
Index
represents
the
universe
of
stocks
from
which
most
active
money
managers
typically
select.
The
Russell
1000
®
Index
return
reflects
adjustments
from
income
dividends
and
capital
gain
distributions
reinvested
as
of
the
ex-dividend
dates.
***
Bloomberg
U.S.
Aggregate
Bond
Index
is
an
index,
with
income
reinvested,
generally
representative
of
intermediate-term
government
bonds,
investment
grade
corporate
debt
securities
and
mortgage-backed
securities.
****
MSCI
World
ex
USA
Index
(Net)
is
a
free
float
‐
adjusted
market
capitalization
weighted
index
that
is
designed
to
measure
the
equity
market
performance
of
developed
markets.
The
index
consists
of
22
developed
market
country
indexes.
§
Annualized.
The
performance
shown
in
this
section
does
not
reflect
any
Insurance
Company
Separate
Account
or
Policy
Charges.
Performance
is
historical
and
assumes
reinvestment
of
all
dividends
and
capital
gains. Investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
when
purchased. Past
performance
is
not
indicative
of
future
results. Additionally,
the
returns
presented
herein
may
differ
from
the
performance
reported
in
the
Financial
Highlights
as
the
returns
herein
are
calculated
in
a
manner
consistent
with
standardized
performance
in
accordance
with
Securities
and
Exchange
Commission
rules,
while
the
performance
in
the
Financial
Highlights
has
been
calculated
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
(“U.S.
GAAP”).
Russell
Investment
Funds
Growth
Strategy
Fund
Shareholder
Expense
Example
—
December
31,
2022
(Unaudited)
34
Growth
Strategy
Fund
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
July
1,
2022
to
December
31,
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
July
1,
2022
$
1,000.00
$
1,000.00
Ending
Account
Value
December
31,
2022
$
980.40
$
1,024.45
Expenses
Paid
During
Period*
$
0.75
$
0.77
*
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
184/365
(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
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Growth
Strategy
Fund
35
Amounts
in
thousands
(except
share
amounts)
Shares
Fair
Value
$
Investments
in
Affiliated
Funds
-
100.0%
Alternative
-
4.8%
RIF
Global
Real
Estate
Securities
Fund
635,988
7,848
Domestic
Equities
-
24.2%
RIF
U.S.
Small
Cap
Equity
Fund
513,677
6,452
RIF
U.S.
Strategic
Equity
Fund
2,118,649
33,093
39,545
Fixed
Income
-
10.8%
RIC
Unconstrained
Total
Return
Fund
Class
Y
386,919
3,266
RIF
Strategic
Bond
Fund
1,646,811
14,393
17,659
International
Equities
-
50.2%
RIC
Emerging
Markets
Fund
Class
Y
228,836
3,268
RIC
Global
Equity
Fund
Class
Y
8,901,390
67,828
RIF
International
Developed
Markets
Fund
1,043,619
11,000
82,096
Multi-Asset
-
10.0%
Multi-Asset
Growth
Strategy
Fund
Class
Y
1,808,802
16,406
Total
Investments
in
Affiliated
Funds
(cost
$173,388
)
163,554
Total
Investments
-
100.0%
(identified
cost
$173,388)
163,554
Other
Assets
and
Liabilities,
Net
-
(0.0)%
(78)
Net
Assets
-
100.0%
163,476
Russell
Investment
Funds
Growth
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
36
Growth
Strategy
Fund
Statement
of
Assets
and
Liabilities
—
December
31,
2022
Amounts
in
thousands
Assets
Investments,
at
identified
cost
......................................................................................................................................................
$
173,
38
8
Investments,
at
fair
value(>)
........................................................................................................................................................
163,554
Receivables:
Fund
shares
sold
...............................................................................................................................................................
1
Total
assets
...............................................................................................................................................................
163,555
Liabilities
Payables:
Investments
purchased
.....................................................................................................................................................
1
Accrued
fees
to
affiliates
..................................................................................................................................................
14
Other
accrued
expenses
....................................................................................................................................................
64
Total
liabilities
...........................................................................................................................................................
79
Net
Assets
...............................................................................................................................................................
$
163,476
Russell
Investment
Funds
Growth
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Growth
Strategy
Fund
37
Statement
of
Assets
and
Liabilities,
continued
—
December
31,
2022
Amounts
in
thousands
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
.............................................................................................................................................
$
(11,
642
)
Shares
of
beneficial
interest
.........................................................................................................................................................
200
Additional
paid-in
capital
............................................................................................................................................................
174,
918
Net
Assets
...............................................................................................................................................................
$
163,476
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.......................................................................................................................................................
$
8.16
Net
assets
.............................................................................................................................................................................
$
163,475,800
Shares
outstanding
($.01
par
value)
.....................................................................................................................................
20,040,518
Amounts
in
thousands
(>)
Investments
in
affiliated
funds
$
163,554
(#)
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.
38
Growth
Strategy
Fund
Statement
of
Operations
—
For
the
Period
Ended
December
31,
2022
Amounts
in
thousands
Investment
Income
Income
distributions
from
affiliated
funds
...................................................................................................................................
$
2,
426
Expenses
Advisory
fees
...................................................................................................................................................................
351
Administrative
fees
..........................................................................................................................................................
75
Custodian
fees
..................................................................................................................................................................
32
Transfer
agent
fees
...........................................................................................................................................................
8
Professional
fees
..............................................................................................................................................................
55
Trustees’
fees
....................................................................................................................................................................
10
Printing
fees
.....................................................................................................................................................................
13
Miscellaneous
..................................................................................................................................................................
8
Expenses
before
reductions
..............................................................................................................................................
552
Expense
reductions
..........................................................................................................................................................
(288)
Net
expenses
................................................................................................................................................................................
264
Net
investment
income
(loss)
.......................................................................................................................................................
2,
162
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
in
affiliated
funds
.........................................................................................................................................
(1,32
1
)
Capital
gain
distributions
from
affiliated
funds
...............................................................................................................
3,025
Net
realized
gain
(loss)
................................................................................................................................................................
1,70
4
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
in
affiliated
funds
.........................................................................................................................................
(39,
14
9
)
Net
change
in
unrealized
appreciation
(depreciation)
.................................................................................................................
(39,
14
9
)
Net
realized
and
unrealized
gain
(loss)
........................................................................................................................................
(37,
445
)
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
....................................................................................
$
(35,28
3
)
Russell
Investment
Funds
Growth
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Growth
Strategy
Fund
39
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
For
the
Periods
Ended
December
31,
2022
2021
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
..............................................................................................................
$
2,
162
$
8,734
Net
realized
gain
(loss)
.......................................................................................................................
1,70
4
23,288
Net
change
in
unrealized
appreciation
(depreciation)
........................................................................
(39,
14
9
)
1,120
Net
increase
(decrease)
in
net
assets
from
operations
..............................................................................
(35,283)
33,142
Distributions
To
shareholders
...................................................................................................................................
(10,518)
(29,534)
Net
decrease
in
net
assets
from
distributions
............................................................................................
(10,518)
(29,534)
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
...................................................................
(149)
7,012
Total
Net
Increase
(Decrease)
in
Net
Assets
........................................................................
(45,950)
10,620
Net
Assets
Beginning
of
period
..................................................................................................................................
209,426
198,806
End
of
period
.............................................................................................................................................
$
163,476
$
209,426
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
December
31,
2022
and
December
31,
2021
were
as
follows:
2022
2021
Shares
Dollars
Shares
Dollars
Proceeds
from
shares
sold
420
$
3,724
508
$
5,632
Proceeds
from
reinvestment
of
distributions
1,155
10,518
2,856
29,534
Payments
for
shares
redeemed
(1,604)
(14,391)
(2,563)
(28,154)
Total
increase
(decrease)
(29)
$
(149)
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.
40
Growth
Strategy
Fund
For
a
Share
Outstanding
Throughout
Each
Period.
$
Net
Asset
Value,
Beginning
of
Period
$
Net
Investment
Income
(Loss)
(a)(b)(d)
$
Net
Realized
and
Unrealized
Gain
(Loss)
$
Total
from
Investment
Operations
$
Distributions
from
Net
Investment
Income
$
Distributions
from
Net
Realized
Gain
December
31,
2022
10.44
.
1
1
(
1
.
8
6
)
(1.75)
(.1
1
)
(.42)
December
31,
2021
10.32
.46
1.27
1.73
(.5
1
)
(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)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Growth
Strategy
Fund
41
$
Total
Distributions
$
Net
Asset
Value,
End
of
Period
%
Total
Return
(e)
$
Net
Assets,
End
of
Period
(000)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Gross
(c)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Net
(c)(d)
%
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
(b)(d)
%
Portfolio
Turnover
Rate
(.5
3
)
8.16
(17.20)
163,476
.3
1
.15
1.
2
3
5
(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
Russell
Investment
Funds
Growth
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
42
Growth
Strategy
Fund
Related
Party
Transactions,
Fees
and
Expenses
Accrued
fees
payable
to
affiliates
for
the
period
ended
December
31,
2022
were
as
follows:
Transactions
(amounts
in
thousands)
during
the
period
ended
December
31,
2022
with
Underlying
Funds
which
are,
or
w
ere,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
At
December
31,
2022,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation),
and
components
of
distributable
earnings
for
income
tax
purposes
were
as
follows:
For
the
fiscal
years
ended
December
31,
2022
and
December
31,
2021,
respectively,
the
Fund
made
the
following
tax
basis
distributions
:
Advisory
fees
$
6,935
Administration
fees
5,992
Transfer
agent
fees
621
Trustee
fees
918
$
14,466
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
$
832
$
762
$
6
$
(2,924
)
$
7,848
$
107
$
76
RIF
U.S.
Small
Cap
Equity
Fund
8,379
369
809
(111
)
(1,376
)
6,452
31
133
RIF
U.S.
Strategic
Equity
Fund
43,214
3,372
1,676
(310
)
(11,507
)
33,093
291
2,609
RIC
Unconstrained
Total
Return
Fund
4,107
207
729
(34
)
(285
)
3,266
104
—
RIF
Strategic
Bond
Fund
18,411
1,092
2,192
(157
)
(2,761
)
14,393
380
—
RIC
Emerging
Markets
Fund
4,083
415
270
(41
)
(919
)
3,268
77
—
RIC
Global
Equity
Fund
86,495
2,163
5,717
(463
)
(14,650
)
67,828
1,271
—
RIF
International
Developed
Markets
Fund
13,483
774
1,370
(88
)
(1,799
)
11,000
12
207
Multi-Asset
Growth
Strategy
Fund
20,653
399
1,595
(123
)
(2,928
)
16,406
153
—
$
209,521
$
9,623
$
15,120
$
(1,321
)
$
(39,149
)
$
163,554
$
2,426
$
3,025
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
(Capital
Loss
Carryforward)
$
175,030,791
$
7,204,325
$
(18,681,289)
$
(11,476,964)
$
—
$
1,
390
,
972
December
31,
2022
December
31,
2021
Ordinary
Income
Distributions
Long-Term
Capital
Gain
Distributions
Return
of
Capital
Ordinary
Income
Distributions
Long-Term
Capital
Gain
Distributions
Return
of
Capital
$
2,271,049
$
8,247,066
$
—
$
10,230,925
$
19,303,478
$
—
Russell
Investment
Funds
Growth
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Growth
Strategy
Fund
43
Net
investment
income
and
net
realized
gains
(losses)
in
the
financial
statements
may
differ
from
taxable
net
investment
income
and
net
realized
gains
(losses).
Capital
accounts
within
the
financial
statements
are
adjusted
for
permanent
differences
between
book
and
tax
accounting. These
differences
may
be
due
to
foreign
currency
gains
or
losses,
reclassifications
of
dividends
and/or
differences
in
treatment
of
income
from
swaps.
These
adjustments
have
no
impact
on
the
net
assets.
At
December
31,
2022,
there
were
no
adjustments
to
the
Statement
of
Assets
and
Liabilities.
Federal
Income
Taxes,
continued
Russell
Investment
Funds
Equity
Growth
Strategy
Fund
Portfolio
Management
Discussion
and
Analysis
—
December
31,
2022
(Unaudited)
44
Equity
Growth
Strategy
Fund
Equity
Growth
Strategy
Fund
Total
Return
1
Year
(17
.68)%
5
Years
3
.00%§
10
Years
6
.05%§
Russell
1000
®
Index**
Total
Return
1
Year
(19
.13)%
5
Years
9
.13%§
10
Years
12
.37%§
MSCI
World
ex
USA
Index
(Net)***
Total
Return
1
Year
(14
.29)%
5
Years
1
.79%§
10
Years
4
.59%§
Russell
Investment
Funds
Equity
Growth
Strategy
Fund
Portfolio
Management
Discussion
and
Analysis,
continued
—
December
31,
2022
(Unaudited)
Equity
Growth
Strategy
Fund
45
The
Equity
Growth
Strategy
Fund
(the
“Fund”)
is
a
fund
of
funds
that
invests
in
other
Russell
Investment
Funds
(“RIF”)
and
Russell
Investment
Company
(“RIC”)
mutual
funds
(the
“Underlying
Funds”).
Certain
Underlying
Funds
employ
a
multi-
manager
approach
whereby
portions
of
the
Underlying
Funds
are
allocated
to
different
money
manager
strategies.
Underlying
Fund
assets
not
allocated
to
money
managers
are
managed
by
Russell
Investment
Management,
LLC
(“RIM”),
the
Fund’s
and
Underlying
Funds’
advisor.
RIM,
as
the
Underlying
Funds’
advisor,
may
change
the
allocation
of
the
Underlying
Funds’
assets
among
money
managers
at
any
time.
An
exemptive
order
from
the
Securities
and
Exchange
Commission
permits
RIM
to
engage
or
terminate
a
money
manager
in
an
Underlying
Fund
at
any
time,
subject
to
approval
by
the
Underlying
Fund’s
Board,
without
a
shareholder
vote.
Pursuant
to
the
terms
of
the
exemptive
order,
an
Underlying
Fund
is
required
to
notify
its
shareholders
within
90
days
of
when
a
money
manager
begins
providing
services.
What
is
the
Fund’s
investment
objective?
The
Fund
seeks
to
provide
high
long-term
capital
appreciation.
How
did
the
Fund
perform
relative
to
its
benchmark
for
the
fiscal
year
ended
December
31,
2022?
For
the
fiscal
year
ended
December
31,
2022
(the
“fiscal
year”),
the
Fund
lost
17.68%.
This
is
compared
to
the
Fund’s
primary
benchmark,
the
Russell
1000
®
Index,
which
lost
19.13%
during
the
fiscal
year.
The
Fund’s
performance
includes
operating
expenses,
whereas
index
returns
are
unmanaged
and
do
not
include
expenses
of
any
kind.
For
the
fiscal
year,
the
Morningstar
®
Insurance
Allocation
–
70
to
85%
Equity
Category,
a
group
of
funds
that
Morningstar,
Inc.
considers
to
have
investment
strategies
similar
to
those
of
the
Fund,
lost
16.48.
This
result
serves
as
a
peer
comparison
and
is
expressed
net
of
operating
expenses.
How
did
market
conditions
affect
the
Fund’s
performance?
The
fiscal
year
was
characterized
by
heightened
global
recessionary
fears
as
investors
grappled
with
heightened
market
volatility
amid
tightening
monetary
policy
and
increasing
geopolitical
tensions.
Inflationary
pressures
increased
dramatically,
spearheaded
by
surging
energy
prices
from
the
Russia-Ukraine
conflict
and
continued
supply-chain
disruptions
from
China’s
‘Zero
COVID’
policy.
Central
banks
responded
to
inflation
by
tightening
fiscal
and
monetary
policy
and
hiking
interest
rates
rapidly,
resulting
in
sharp
market
selloffs
across
most
asset
classes.
During
the
latter
months
of
the
fiscal
year,
equity
and
fixed
income
markets
found
moments
of
reprieve
as
economic
indicators
began
to
imply
a
peak
in
inflationary
pressures.
However,
both
markets
ended
the
year
in
negative
territory.
Within
U.S.
equities,
the
Russell
1000
®
Index
and
Russell
3000
®
Index
experienced
losses
of
19.13%
and
19.21%
respectively,
indicating
that
both
growth
and
value
securities
took
a
hit
during
the
fiscal
year.
Emerging
market
equities
underperformed
developed
markets
due
to
continued
lockdowns
in
China,
increasing
China-Taiwan
tensions,
and
the
Russia-
Ukraine
conflict.
Within
fixed
income,
the
Bloomberg
Global
Aggregate
Bond
Index
(US
Hedged)
fell
by
11.22%.
Credit
markets
were
challenged,
with
U.S.
investment
grade
and
high
yield
corporate
credit
spreads
widening
over
the
fiscal
year.
Global
bond
yields
rose,
as
central
banks
continued
to
signal
additional
rate
hikes
in
the
medium
term.
Within
alternatives,
global
listed
real
estate
underperformed
global
equities.
However,
performance
was
mixed
across
regions:
the
United
States
detracted,
while
Europe
and
the
United
Kingdom
outperformed.
One
bright
spot
was
commodities,
with
the
Bloomberg
Commodity
Index
Total
Return
gaining
16.09%
over
the
fiscal
year
largely
due
to
surging
energy
and
agricultural
prices
in
response
to
the
Russia-Ukraine
conflict.
How
did
the
investment
strategies
and
techniques
employed
by
the
Fund
and
the
Underlying
Funds
affect
the
Fund’s
performance?
The
Fund
is
a
fund
of
funds,
and
its
performance
is
largely
based
on
RIM’s
target
strategic
asset
allocations
and
the
performance
of
the
Underlying
Funds
in
which
the
Fund
invests.
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.
In
order
to
seek
to
achieve
the
Fund’s
objective
during
the
fiscal
year,
RIM’s
target
strategic
asset
allocation
included
investments
in
global
equity,
fixed
income,
multi-asset
and
alternative
Underlying
Funds.
Overall,
the
Fund’s
asset
allocation
detracted
from
benchmark-
relative
performance
during
the
fiscal
year.
Equities
generally
outperformed
the
Fund’s
benchmark
over
the
year.
Underlying
preferences
for
value
and
small-cap
securities
were
additive.
However,
a
strategic
preference
for
emerging
markets
was
the
largest
detractor
within
equities.
Global
real
estate
was
a
large
detractor,
underperforming
the
Underlying
Fund’s
benchmark
over
the
fiscal
year.
Equity
markets
delivered
negative
absolute
and
relative
performance
over
the
fiscal
year.
However,
the
equity
Underlying
Fund
performance
was
mixed
against
their
respective
equity
benchmarks.
The
RIC
Global
Equity
Fund
generally
outperformed
its
benchmark
due
to
a
tactical
tilt
Russell
Investment
Funds
Equity
Growth
Strategy
Fund
Portfolio
Management
Discussion
and
Analysis,
continued
—
December
31,
2022
(Unaudited)
46
Equity
Growth
Strategy
Fund
towards
the
value
factor.
The
RIF
U.S.
Small
Cap
Equity
Fund
also
outperformed
its
benchmark
over
the
fiscal
year
due
in
large
part
to
exposures
to
high
quality,
lower
capitalization
stocks.
However,
the
RIC
Emerging
Markets
Fund
was
a
detractor
and
underperformed
its
benchmark
largely
due
to
exposures
to
Chinese
equities.
The
multi-asset
and
alternative
portions
of
the
Fund’s
portfolio
underperformed
the
Fund’s
benchmark.
The
RIC
Multi-Asset
Growth
Strategy
Fund
underperformed
its
benchmark;
exposures
to
value-oriented
managers
were
additive,
while
exposures
to
growth-oriented
managers
were
a
significant
detractor.
The
RIF
Global
Real
Estate
Securities
Fund
underperformed
its
benchmark,
largely
due
to
a
lower
risk
premium
in
a
high
interest
rate
environment.
Describe
any
changes
to
the
Fund’s
structure
or
allocation
to
the
Underlying
Funds.
There
were
no
changes
to
the
Fund’s
structure
or
strategic
asset
allocation
during
the
fiscal
year.
The
views
expressed
in
this
report
reflect
those
of
the
portfolio
managers
only
through
the
end
of
the
fiscal
year
covered
by
the
report.
These
views
do
not
necessarily
represent
the
views
of
RIM,
or
any
other
person
in
RIM
or
any
other
affiliated
organization.
These
views
are
subject
to
change
at
any
time
based
upon
market
conditions
or
other
events,
and
RIM
disclaims
any
responsibility
to
update
the
views
contained
herein.
These
views
should
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Russell
Investment
Funds
(“RIF”)
Fund
are
based
on
numerous
factors,
should
not
be
relied
on
as
an
indication
of
investment
decisions
of
any
RIF
Fund.
*
Assumes
initial
investment
on
January
1,
2013.
**
Russell
1000
®
Index
includes
the
1,000
largest
companies
in
the
Russell
3000
®
Index.
The
Russell
1000
®
Index
represents
the
universe
of
stocks
from
which
most
active
money
managers
typically
select.
The
Russell
1000
®
Index
return
reflects
adjustments
from
income
dividends
and
capital
gain
distributions
reinvested
as
of
the
ex-dividend
dates.
***
MSCI
World
ex
USA
Index
(Net)
is
a
free
float
‐
adjusted
market
capitalization
weighted
index
that
is
designed
to
measure
the
equity
market
performance
of
developed
markets.
The
index
consists
of
22
developed
market
country
indexes.
§
Annualized.
The
performance
shown
in
this
section
does
not
reflect
any
Insurance
Company
Separate
Account
or
Policy
Charges.
Performance
is
historical
and
assumes
reinvestment
of
all
dividends
and
capital
gains. Investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
when
purchased. Past
performance
is
not
indicative
of
future
results. Additionally,
the
returns
presented
herein
may
differ
from
the
performance
reported
in
the
Financial
Highlights
as
the
returns
herein
are
calculated
in
a
manner
consistent
with
standardized
performance
in
accordance
with
Securities
and
Exchange
Commission
rules,
while
the
performance
in
the
Financial
Highlights
has
been
calculated
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
(“U.S.
GAAP”).
Russell
Investment
Funds
Equity
Growth
Strategy
Fund
Shareholder
Expense
Example
—
December
31,
2022
(Unaudited)
Equity
Growth
Strategy
Fund
47
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
July
1,
2022
to
December
31,
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
July
1,
2022
$
1,000.00
$
1,000.00
Ending
Account
Value
December
31,
2022
$
1,024.80
$
1,024.45
Expenses
Paid
During
Period*
$
0.77
$
0.77
*
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
184
/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
—
December
31,
2022
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
48
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
170,527
2,104
Domestic
Equities
-
27.2%
RIF
U.S.
Small
Cap
Equity
Fund
165,303
2,076
RIF
U.S.
Strategic
Equity
Fund
598,130
9,343
11,419
International
Equities
-
57.8%
RIC
Emerging
Markets
Fund
Class
Y
74,815
1,068
RIC
Global
Equity
Fund
Class
Y
2,654,176
20,225
RIF
International
Developed
Markets
Fund
285,266
3,007
24,300
Multi-Asset
-
10.1%
RIC
Multi-Asset
Growth
Strategy
Fund
Class
Y
466,293
4,229
Total
Investments
in
Affiliated
Funds
(cost
$45,144
)
42,052
Total
Investments
-
100.1%
(identified
cost
$45,144)
42,052
Other
Assets
and
Liabilities,
Net
-
(0.1)%
(35)
Net
Assets
-
100.0%
42,017
Russell
Investment
Funds
Equity
Growth
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Equity
Growth
Strategy
Fund
49
Statement
of
Assets
and
Liabilities
—
December
31,
2022
Amounts
in
thousands
Assets
Investments,
at
identified
cost
......................................................................................................................................................
$
45,144
Investments,
at
fair
value(>)
........................................................................................................................................................
42,052
Receivables:
Fund
shares
sold
...............................................................................................................................................................
5
From
affiliates
..................................................................................................................................................................
1
Prepaid
expenses
..........................................................................................................................................................................
1
Total
assets
...............................................................................................................................................................
42,059
Liabilities
Payables:
Investments
purchased
.....................................................................................................................................................
5
Accrued
fees
to
affiliates
..................................................................................................................................................
2
Other
accrued
expenses
....................................................................................................................................................
35
Total
liabilities
...........................................................................................................................................................
42
Net
Assets
...............................................................................................................................................................
$
42,017
Russell
Investment
Funds
Equity
Growth
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
50
Equity
Growth
Strategy
Fund
Statement
of
Assets
and
Liabilities,
continued
—
December
31,
2022
Amounts
in
thousands
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
.............................................................................................................................................
$
(4,063)
Shares
of
beneficial
interest
.........................................................................................................................................................
55
Additional
paid-in
capital
............................................................................................................................................................
46,025
Net
Assets
...............................................................................................................................................................
$
42,017
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.......................................................................................................................................................
$
7.71
Net
assets
.............................................................................................................................................................................
$
42,016,705
Shares
outstanding
($.01
par
value)
.....................................................................................................................................
5,451,780
Amounts
in
thousands
(>)
Investments
in
affiliated
funds
$
42,052
(#)
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
51
Statement
of
Operations
—
For
the
Period
Ended
December
31,
2022
Amounts
in
thousands
Investment
Income
Income
distributions
from
affiliated
funds
...................................................................................................................................
$
592
Expenses
Advisory
fees
...................................................................................................................................................................
89
Administrative
fees
..........................................................................................................................................................
19
Custodian
fees
..................................................................................................................................................................
29
Transfer
agent
fees
...........................................................................................................................................................
2
Professional
fees
..............................................................................................................................................................
39
Trustees’
fees
....................................................................................................................................................................
3
Printing
fees
.....................................................................................................................................................................
8
Miscellaneous
..................................................................................................................................................................
5
Expenses
before
reductions
..............................................................................................................................................
194
Expense
reductions
..........................................................................................................................................................
(127)
Net
expenses
................................................................................................................................................................................
67
Net
investment
income
(loss)
.......................................................................................................................................................
525
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
in
affiliated
funds
.........................................................................................................................................
(58
1
)
Capital
gain
distributions
from
affiliated
funds
...............................................................................................................
846
Net
realized
gain
(loss)
................................................................................................................................................................
26
5
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
in
affiliated
funds
.........................................................................................................................................
(9,97
1
)
Net
change
in
unrealized
appreciation
(depreciation)
.................................................................................................................
(9,97
1
)
Net
realized
and
unrealized
gain
(loss)
........................................................................................................................................
(9,706)
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
....................................................................................
$
(9,181)
Russell
Investment
Funds
Equity
Growth
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
52
Equity
Growth
Strategy
Fund
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
For
the
Periods
Ended
December
31,
2022
2021
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
..............................................................................................................
$
525
$
2,163
Net
realized
gain
(loss)
.......................................................................................................................
265
7,282
Net
change
in
unrealized
appreciation
(depreciation)
........................................................................
(9,971
)
(748
)
Net
increase
(decrease)
in
net
assets
from
operations
..............................................................................
(9,181
)
8,697
Distributions
To
shareholders
...................................................................................................................................
(2,752
)
(6,502
)
Net
decrease
in
net
assets
from
distributions
............................................................................................
(2,752
)
(6,502
)
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
...................................................................
1,875
4,558
Total
Net
Increase
(Decrease)
in
Net
Assets
........................................................................
(10,058
)
6,753
Net
Assets
Beginning
of
period
..................................................................................................................................
52,075
45,322
End
of
period
.............................................................................................................................................
$
42,017
$
52,075
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
December
31,
2022
and
December
31,
2021
were
as
follows:
2022
2021
Shares
Dollars
Shares
Dollars
Proceeds
from
shares
sold
333
$
2,739
345
$
3,689
Proceeds
from
reinvestment
of
distributions
318
2,752
666
6,502
Payments
for
shares
redeemed
(437)
(3,616)
(545)
(5,633)
Total
increase
(decrease)
214
$
1,875
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.
54
Equity
Growth
Strategy
Fund
For
a
Share
Outstanding
Throughout
Each
Period.
$
Net
Asset
Value,
Beginning
of
Period
$
Net
Investment
Income
(Loss)
(a)(b)(d)
$
Net
Realized
and
Unrealized
Gain
(Loss)
$
Total
from
Investment
Operations
$
Distributions
from
Net
Investment
Income
$
Distributions
from
Net
Realized
Gain
December
31,
2022
9.94
.10
(1.81)
(1.71)
(.10)
(.42)
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)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Equity
Growth
Strategy
Fund
55
$
Total
Distributions
$
Net
Asset
Value,
End
of
Period
%
Total
Return
(e)
$
Net
Assets,
End
of
Period
(000)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Gross
(c)
%
Ratio
of
Expenses
to
Average
Net
Assets,
Net
(c)(d)
%
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
(b)(d)
%
Portfolio
Turnover
Rate
(.52)
7.71
(17.68)
42,017
.44
.15
1.18
9
(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
Russell
Investment
Funds
Equity
Growth
Strategy
Fund
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
56
Equity
Growth
Strategy
Fund
Related
Party
Transactions,
Fees
and
Expenses
Accrued
fees
payable
to
affiliates
for
the
period
ended
December
31,
2022
were
as
follows:
Transactions
(amounts
in
thousands)
during
the
period
ended
December
31,
2022
with
Underlying
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
At
December
31,
2022,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation),
and
components
of
distributable
earnings
for
income
tax
purposes
were
as
follows:
For
the
fiscal
years
ended
December
31,
2022
and
December
31,
2021,
respectively,
the
Fund
made
the
following
tax
basis
distributions:
Net
investment
income
and
net
realized
gains
(losses)
in
the
financial
statements
may
differ
from
taxable
net
investment
income
and
net
realized
gains
(losses).
Capital
accounts
within
the
financial
statements
are
adjusted
for
permanent
differences
between
book
and
tax
accounting.
These
differences
may
be
due
to
foreign
currency
gains
or
losses,
reclassifications
of
dividends
and/or
differences
in
treatment
of
income
from
swaps.
These
adjustments
have
no
impact
on
the
net
assets.
At
December
31,
2022,
there
were
no
adjustments
to
the
Statement
of
Assets
and
Liabilities.
Administration
fees
$
1,537
Transfer
agent
fees
160
Trustee
fees
214
$
1,911
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
$
407
$
195
$
(9
)
$
(728
)
$
2,104
$
18
$
19
RIF
U.S.
Small
Cap
Equity
Fund
2,607
249
314
(72
)
(394
)
2,076
10
42
RIF
U.S.
Strategic
Equity
Fund
11,724
1,561
684
(139
)
(3,119
)
9,343
81
728
RIC
Emerging
Markets
Fund
1,297
271
194
(43
)
(263
)
1,068
25
—
RIC
Global
Equity
Fund
24,980
1,144
1,401
(167
)
(4,331
)
20,225
416
1
RIF
International
Developed
Markets
Fund
3,656
420
550
(79
)
(440
)
3,007
3
56
RIC
Multi-Asset
Growth
Strategy
Fund
5,228
348
579
(72
)
(696
)
4,229
39
—
$
52,121
$
4,400
$
3,917
$
(581
)
$
(9,971
)
$
42,052
$
592
$
846
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
(Capital
Loss
Carryforward)
$
46,045,039
$
1,285,787
$
(5,278,375)
$
(3,992,588)
$
—
$
431,169
December
31,
2022
December
31,
2021
Ordinary
Income
Distributions
Long-Term
Capital
Gain
Distributions
Return
of
Capital
Ordinary
Income
Distributions
Long-Term
Capital
Gain
Distributions
Return
of
Capital
$
514,587
$
2,237,906
$
—
$
2,513,157
$
3,988,420
$
—
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Notes
to
Financial
Highlights
—
December
31,
2022
Notes
to
Financial
Highlights
57
(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)
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.
(d)
May
reflect
amounts
waived
and
reimbursed
by
Russell
Investment
Management,
LLC
(“RIM”).
(e)
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
—
December
31,
2022
58
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
fiscal
year
ended
December
31,
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
December
31,
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
—
December
31,
2022
Notes
to
Financial
Statements
59
Security
Valuation
The
Underlying
Funds
value
portfolio
instruments
according
to
securities
valuation
procedures
and
pricing
sources
and
services,
which
include
market
value
procedures,
fair
value
procedures,
other
key
valuation
procedures
and
a
description
of
the
pricing
sources
and
services
used
by
the
Underlying
Funds.
With
respect
to
an
Underlying
Fund’s
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
Russell
Investment
Management,
LLC
(“RIM”)
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
Rule
2a-5
under
the
1940
Act.
U.S.
GAAP
defines
fair
value
as
the
price
that
a
Fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
It
establishes
a
fair
value
hierarchy
that
prioritizes
inputs
to
valuation
methods,
requires
a
separate
disclosure
of
the
fair
value
hierarchy
for
each
major
category
of
assets
and
liabilities,
and
segregates
fair
value
measurements
into
levels
(Level
1,
2,
and
3).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Levels
1,
2
and
3
of
the
fair
value
hierarchy
are
defined
as
follows:
•
Level
1
—
Quoted
prices
(unadjusted)
in
active
markets
or
exchanges
for
identical
assets
and
liabilities.
•
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable,
which
may
include,
but
are
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
and
inputs
such
as
interest
rates,
yield
curves,
implied
volatilities,
credit
spreads
or
other
market
corroborated
inputs.
•
Level
3
—
Significant
unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
which
may
include
assumptions
made
by
RIM
that
are
used
in
determining
the
fair
value
of
investments.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
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.
As
of
December
31,
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
—
December
31,
2022
60
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
December
31,
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
Russell
Investments
Fund
Services,
LLC
(“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.
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Notes
to
Financial
Statements,
continued
—
December
31,
2022
Notes
to
Financial
Statements
61
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
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
and
any
Fund
invested
in
such
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,
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Notes
to
Financial
Statements,
continued
—
December
31,
2022
62
Notes
to
Financial
Statements
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.
3.
Investment
Transactions
Underlying
Funds
During
the
period
ended
December
31,
2022,
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
shows
the
total
amount
of
each
of
these
fees
paid
by
the
Funds
for
the
period
ended
December
31,
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.
Purchases
Sales
Moderate
Strategy
Fund
$
5,205,486
$
13,816,799
Balanced
Strategy
Fund
13,395,013
22,298,498
Growth
Strategy
Fund
9,622,584
15,119,847
Equity
Growth
Strategy
Fund
4,400,295
3,917
,116
Advisory
Administrative
Moderate
Strategy
Fund
$
159,575
$
33,910
Balanced
Strategy
Fund
441,889
93,901
Growth
Strategy
Fund
351,069
74,602
Equity
Growth
Strategy
Fund
89,058
18,925
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Notes
to
Financial
Statements,
continued
—
December
31,
2022
Notes
to
Financial
Statements
63
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
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
December
31,
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
December
31,
2022
were
as
follows:
Distributor
Russell
Investments
Financial
Services,
LLC
(the
“Distributor”),
a
wholly
owned
subsidiary
of
RIM,
serves
as
the
distributor
for
RIF,
pursuant
to
a
distribution
agreement
with
RIF.
The
Distributor
receives
no
compensation
from
the
Investment
Company
for
its
services.
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
December
31,
2022,
the
regular
compensation
paid
to
the
Trustees
by
the
Russell
Investments
fund
complex
was
$2,277,500.
5.
Federal
Income
Taxes
As
of
December
31,
2022,
the
Moderate
Strategy
Fund
had
net
tax
basis
capital
loss
carryforwards
which
may
be
applied
against
future
net
realized
taxable
gains
in
each
succeeding
period.
Available
capital
loss
carryforwards
is
as
follows:
Waiver
Reimbursement
Total
Moderate
Strategy
Fund
$
159,575
$
22,133
$
181,708
Balanced
Strategy
Fund
367,215
—
367,215
Growth
Strategy
Fund
288,085
—
288,085
Equity
Growth
Strategy
Fund
89,058
38,317
127,375
Amount
Moderate
Strategy
Fund
$
3,511
Balanced
Strategy
Fund
9,722
Growth
Strategy
Fund
7,723
Equity
Growth
Strategy
Fund
1,960
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Notes
to
Financial
Statements,
continued
—
December
31,
2022
64
Notes
to
Financial
Statements
6.
Record
Ownership
As
of
December
31,
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
December
31,
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.
No
Expiration
Short-Term
Long-Term
Totals
Moderate
Strategy
Fund
$
186,541
$
—
$
186,541
#
of
Shareholders
%
Moderate
Strategy
Fund
2
95.6
Balanced
Strategy
Fund
2
97.2
Growth
Strategy
Fund
2
96.8
Equity
Growth
Strategy
Fund
2
95.5
Report
of
Independent
Registered
Public
Accounting
Firm
Report
of
Independent
Registered
Public
Accounting
Firm
65
To
the
Board
of
Trustees
of
Russell
Investment
Funds
and
Shareholders
of
Moderate
Strategy
Fund,
Balanced
Strategy
Fund,
Growth
Strategy
Fund
and
Equity
Growth
Strategy
Fund
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
Moderate
Strategy
Fund,
Balanced
Strategy
Fund,
Growth
Strategy
Fund
and
Equity
Growth
Strategy
Fund
(four
of
the
funds
constituting
Russell
Investment
Funds,
hereafter
collectively
referred
to
as
the
“Funds”)
as
of
December
31,
2022,
the
related
statements
of
operations
for
the
year
ended
December
31,
2022,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2022
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
December
31,
2022,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2022
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2022
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2022
by
correspondence
with
the
transfer
agent.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
February
14,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Russell
Investments
family
of
funds
since
1981.
PricewaterhouseCoopers
LLP,
1420
Fifth
Avenue,
Suite
2800,
Seattle,
WA
98101
Report
of
Independent
Registered
Public
Accounting
Firm
66
Report
of
Independent
Registered
Public
Accounting
Firm
T:
(206)
398
3000,
www.pwc.com/us
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Tax
Information—
December
31,
2022
(Unaudited)
Tax
Information
67
For
the
tax
year
ended
December
31,
2022,
the
Funds
hereby
designate
100%
or
the
maximum
amount
allowable,
of
its
net
taxable
income
as
qualified
dividends
taxed
at
individual
net
capital
gain
rates.
The
Form
1099
you
receive
in
January
2023
will
show
the
tax
status
of
all
distributions
paid
to
your
account
in
calendar
year
2022.
The
Funds
designate
dividends
distributed
during
the
fiscal
year
as
qualifying
for
the
dividends
received
deduction
for
corporate
shareholders
as
follows:
Pursuant
to
Section
852
of
the
Internal
Revenue
Code,
the
Funds
designate
the
following
amounts
as
long-term
capital
gain
dividends
for
their
taxable
year
ended
December
31,
2022:
Moderate
Strategy
$2,140,261
Balanced
Strategy
$8,126,266
Growth
Strategy
$8,247,066
Equity
Growth
Strategy
$2,237,906
Moderate
Strategy
12.1%
Balanced
Strategy
17.5%
Growth
Strategy
34.2%
Equity
Growth
Strategy
40.3%
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Shareholder
Requests
for
Additional
Information
—
December
31,
2022
(Unaudited)
68
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
Underlying
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
Underlying
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
30,
2022
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
—
December
31,
2022
(Unaudited)
Disclosure
of
Information
about
Fund
Trustees
and
Officers
69
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;(1)
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
Operating
Officer
of
an
affiliate
of
RIM
and
is
therefore
an
Interested
Trustee.
(1)
Ms.
Blake
was
a
trustee
until
December
31,
2022.
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
Operating
Officer,
Russell
Investments
From
2021
–
2022,
Chief
Administrative
Officer,
Russell
Investments
From
2019
–
2021,
Vice
Chairman,
Russell
Investments
Until
2020,
Director,
NorthStar
Topco,
LLC
(technology
and
services
outsourcing
company)
From
2016
–
2019,
President,
Russell
Investments
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
—
December
31,
2022
(Unaudited)
70
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.
(1)
Ms.
Blake
was
a
Trustee
until
December
31,
2022.
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(1)
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
—
December
31,
2022
(Unaudited)
Disclosure
of
Information
about
Fund
Trustees
and
Officers
71
*
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
—
December
31,
2022
(Unaudited)
72
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
—
December
31,
2022
(Unaudited)
Disclosure
of
Information
about
Fund
Trustees
and
Officers
73
*
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
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Disclosure
of
Information
about
Fund
Trustees
and
Officers,
continued
—
December
31,
2022
(Unaudited)
74
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
—
December
31,
2022
(Unaudited)
Disclosure
of
Information
about
Fund
Trustees
and
Officers
75
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
Operating
Officer,
Russell
Investments
From
2021
–
2022,
Chief
Administrative
Officer,
Russell
Investments
From
2019
–
2021,
Vice
Chairman,
Russell
Investments
Until
2020,
Director,
NorthStar
Topco,
LLC
(technology
and
services
outsourcing
company)
From
2016
–
2019,
President,
Russell
Investments
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
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,
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
Global
Chief
Investment
Officer
and
Co-President,
Russell
Investments
Chief
Investment
Officer,
RIC
and
RIF
President,
RIM
Until
2021,
Deputy
Chief
Investment
Officer,
Senior
Portfolio
Manager,
Head
of
Strategy
Selection
and
Head
of
Portfolio
Management
&
Risk,
Goldman
Sachs
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
—
December
31,
2022
(Unaudited)
76
Adviser
and
Service
Providers
Interested
Trustee
Vernon
Barback
Independent
Trustees
Kristianne
Blake(1)
Michelle
L.
Cahoon
Michael
Day
Katherine
W.
Krysty
Julie
Dien
Ledoux
Jeremy
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
(1)
Ms.
Blake
was
a
Trustee
until
December
31,
2022
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]
(a) As of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer (“Code”).
(b) That Code comprises written standards that are reasonably designed to deter wrongdoing and to promote:
1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
2) full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by each Mutual Fund;
3) compliance with applicable laws and governmental rules and regulations;
4) the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and
5) accountability for adherence to the Code.
(c) The Code was restated as of August 2022; the restatement did not involve any material change.
(d) As of the end of the period covered by the report, there have been no waivers granted from a provision of the Code that applies to the registrant’s principal executive officer and principal financial officer.
(e) Not applicable.
(f) The registrant has filed with the SEC, pursuant to Item 13(a)(1), a copy of the Code that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR.
Item 3. Audit Committee Financial Expert. [Annual Report Only]
Registrant's board of trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. Michelle Cahoon has been determined to be the Audit Committee Financial Expert and is also determined to be “independent” for purposes of Item 3, paragraph (a)(2)(i) and (ii) of Form N-CSR.
Item 4. Principal Accountant Fees and Services. [Annual Report Only]
Audit Fees
(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:
2021 $290,889
2022 $282,793
Audit-Related Fees
(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item and the nature of the services comprising those fees were as follows:
Fees Nature of Services
2021 $103,397 Tax services performed in connection with the audit
2022 $100,329 Tax services performed in connection with the audit
Tax Fees
(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning and the nature of the services comprising the fees were as follows:
Fees Nature of Services
2021 $92,865 Tax services
2022 $92,865 Tax services
All Other Fees
(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item and the nature of the services comprising those fees were as follows:
Fees Nature of Services
2021 $0
2022 $0
(e) (1) Registrant’s audit committee has adopted the following pre-approval policies and procedures for certain services provided by Registrant’s accountants:
Russell Investment Company
Russell Investment Funds
Audit and Non-Audit Services Pre-Approval Policy
Effective Date: August 25, 2020
I. Statement of Purpose.
This Audit and Non-Audit Services Pre-Approval Policy (“Policy”) has been adopted by the joint Audit Committee (the “Audit Committee”) of Russell Investment Company (“RIC”) and Russell Investment Funds (“RIF”) to apply to any and all engagements of the independent auditor with: (1) RIC and RIF, respectively, for audit and permissible non-audit services and (2) the Funds’ adviser or its control affiliates (collectively, “Adviser Entities”) for permissible non-audit services that relate directly to the Funds’ operations or financial reporting (“fund-related services”). The term “Fund” shall collectively refer to each series of RIC and RIF. The term “Investment Adviser” shall refer to the Funds’ adviser, Russell Investment Management, LLC (“RIM”). This Policy does not delegate to management the responsibilities set forth herein for the pre-approval of services performed by the Funds’ independent auditor.
[1]
II. Statement of Principles.
Under the Sarbanes-Oxley Act of 2002 (the “Act”) and rules adopted by the United States Securities and Exchange Commission (the “SEC”), the Audit Committee of the Funds’ Board of Trustees (the “Audit Committee”) is charged with responsibility for the appointment, compensation and oversight of the work of the independent auditor for the Funds. As part of these responsibilities, the Audit Committee is required to pre-approve: (1) the audit services and permissible non-audit services, such as audit-related, tax and other services (“non-audit services”), to be performed by the independent auditor for the Funds, and (2) the services to be performed by the independent auditor for Adviser Entities that relate directly to the operations and financial reporting of the fund, in each case to assure that the independence of the auditor is not in any way compromised or impaired with respect to the Funds. In determining whether an auditor is independent in light of the services it provides to a Fund or Adviser Entity, there are four guiding principles under the Act and relevant SEC rules that must be considered. In general, the independence of the auditor to the Funds could be deemed impaired if the auditor has a relationship or provides a service that:
·
Creates a mutual or conflicting interest between the auditor and the audit client (including the Funds whose financial statements are being audited, as well as affiliates of the Funds covered by relevant SEC rules);·
Results in the auditor acting as management or an employee of the audit client;·
Places the auditor in the position of auditing its own work; or·
Places the accountant in a position of being an advocate for the audit client.Accordingly, it is the Funds’ policy that the independent auditor for the Funds must not be engaged to perform any service that contravenes the rules adopted by the SEC governing auditor independence, including the four guidelines set forth above, or which in any way could be deemed to impair or compromise the independence of the auditor for the Funds. This Policy is designed to accomplish those requirements and will henceforth be applied to all engagements by the Funds of their independent auditor, whether for audit, audit-related, tax, or other non-audit services, as well as to engagements of the auditor by Adviser Entities for fund-related services.
Rules adopted by the SEC establish two distinct approaches to the pre-approval of auditor services by the Audit Committee. The proposed services either may receive general pre-approval through adoption by the Audit Committee of pre-approval policies and procedures, provided the policies and procedures are detailed as to the particular services (e.g., a list of authorized services for the fund, together with a budget of expected costs for those services), the Audit Committee is informed of each service and such policies and procedures do not include delegation of the Audit Committee’s responsibilities to management (“general pre-approval”), or specific pre-approval by the Audit Committee of all services provided to the Funds or fund-related services provided to Adviser Entities on a case-by-case basis (“specific pre-approval”).
The Funds’ Audit Committee believes that the combination of these two approaches reflected in this Policy will result in an effective and efficient procedure for the pre-approval of permissible services performed by the Funds’ independent auditor. The Funds’ Audit and Non-Audit Pre-Approved Services Schedule lists the audit, audit-related, tax and other services (including fund-related services) that have the general pre-approval of the Audit Committee. As set forth in this Policy, unless a particular service has received general pre-approval, those services will require specific pre-approval by the Audit Committee before any such services can be provided by the independent auditor. Any proposed service to the Funds or Adviser Entities that exceeds the pre-approved budget for those services will also require specific pre-approval by the appropriate Audit Committee.
[2]
In assessing whether a particular audit or non-audit service should be approved, the Audit Committee will take into account the ratio between the total amounts paid for audit, audit-related, tax and other services, based on historical patterns, with a view toward assuring that the level of fees paid for non-audit services as they relate to the fees paid for audit services does not compromise or impair the independence of the auditor. The Audit Committee will review the list of general pre-approved services, including the pre-approved budget for those services, at least annually and more frequently if deemed appropriate by the Audit Committee, and may implement changes thereto from time to time.
III. Delegation.
As provided in the Act and in the SEC’s rules, the Audit Committee from time to time may delegate either general or specific pre-approval authority to one or more of its members. Any member to whom such authority is delegated must report any pre-approval decisions to the Audit Committee at its next scheduled meeting.
IV. Audit Services.
The annual audit services engagement terms and fees for the independent auditor for the Funds require specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by the independent auditor in order to be able to form an opinion on the financial statements for the Funds for that year. These other procedures include reviews of information systems, procedural reviews and testing performed in order to understand and rely on the Funds’ systems of internal control, and consultations relating to the audit. Audit services also include the attestation engagement for the independent auditor’s report on the report from management on financial reporting internal controls. The Audit Committee will review the audit services engagement as necessary or appropriate in the sole judgment of the Audit Committee.
In addition to the pre-approval by the Audit Committee of the annual engagement of the independent auditor to perform audit services described above, the Audit Committee may grant general pre-approval to other audit services, which are those services that only the independent auditor reasonably can provide. These services are generally related to the issuance of an audit opinion, and may include statutory audits and services associated with the Funds’ SEC registration statement on Form N-1A, periodic reports and documents filed with or information requested by the SEC or other regulatory or self-regulatory organizations, or other documents issued in connection with the Funds’ securities offerings.
The audit services engagement terms and fees for the independent auditor for the Funds, as described above, must be specifically pre-approved by the Audit Committee or its delegate on an annual basis. The Audit Committee has pre-approved the other audit services set forth in Schedule A of the Audit and Non-Audit Pre-Approved Services Schedule. All other audit services not listed in Schedule A of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.
V. Audit-Related Services.
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the financial statements for the Funds, or the separate financial statements for a series of the Funds that are traditionally performed by the independent auditor. Because the Audit Committee believes that the provision of audit-related services does not compromise or impair the independence of the auditor and is consistent with the SEC’s rules on auditor independence, the Audit Committee may grant pre-approval to audit related services. “Audit-related services” include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal reporting requirements, including reports required to be filed with the SEC pursuant to applicable requirements.
The Audit Committee has pre-approved the audit-related services set forth in Schedule B of the Audit and Non-Audit Pre-Approved Services Schedule. All other audit-related services not listed in Schedule B of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.
VI. Tax Services.
The Audit Committee believes that the independent auditor can provide tax services to the Funds, such as tax compliance, tax planning and tax advice, without impairing the auditor’s independence and the SEC has stated that the independent auditor may provide such services. Consequently, the Audit Committee believes that it may grant general pre-approval to those tax services that have historically been provided by the auditor, that the Audit Committee has reviewed and believes would not impair the independence of the auditor, and that are consistent with the SEC’s rules on auditor independence. However, the Audit Committee will not permit the retention of the independent auditor to provide tax advice in connection with any transaction recommended by the independent auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported by the United States Internal Revenue Code and related regulations or the applicable tax statutes and regulations that apply to the Funds’ investments outside the United States. The Audit Committee will consult with the Treasurer of the Funds or outside counsel to determine that the Funds’ tax planning and reporting positions are consistent with this policy.
The Audit Committee has pre-approved the tax services set forth in Schedule C of the Audit and Non-Audit Pre-Approved Services Schedule. All other tax services not listed in Schedule C of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.
VII. All Other Services.
The Audit Committee believes, based on the SEC’s rules prohibiting the independent auditor from providing specific non-audit services, that other types of non-audit services are permitted. Accordingly, the Audit Committee believes that it may grant general pre-approval to those permissible non-audit services classified as “all other” services that the Audit Committee believes are routine and recurring services, would not impair or compromise the independence of the auditor and are consistent with the SEC’s rules on auditor independence.
The Audit Committee has pre-approved the permissible “all other services” set forth in Schedule D of the Audit and Non-Audit Pre-Approved Services Schedule. Permissible “all other services” not listed in Schedule D of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.
A list of the SEC’s prohibited non-audit services are as follows:
- Bookkeeping or other services relating to the accounting records or financial statements of the Funds
- Financial information system design and implementation
- Appraisal or valuation services, fairness opinions or contribution-in-kind reports
- Actuarial services
- Internal audit outsourcing services
- Management functions
- Human resources services
- Broker-dealer, investment adviser or investment banking services
- Legal services unrelated to the audit
- Expert services unrelated to the audit
The SEC’s rules and relevant official interpretations and guidance should be consulted to determine the scope of these prohibited services and the applicability of any exceptions to certain of the prohibitions. Under no circumstance may an executive, manager or associate of the Funds, the Investment Adviser or an Adviser Entity authorize the independent auditor for the Funds to provide prohibited non-audit services.
VIII. De Minimis Waiver.
In accordance with the Act and SEC regulations, notwithstanding anything in this Policy to the contrary, the pre-approval requirements of this Policy are waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided:
(a) The aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by RIC or RIF, as applicable, to the independent auditor during the fiscal year in which the services were provided;
(b) Such services were not recognized by the Funds at the time of the engagement to be non-audit services requiring pre-approval by the Audit Committee or its delegate; and
(c) Such services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee or its delegate prior to the completion of the audit, pursuant to the pre-approval provisions of this Policy.
With respect to the provision of fund-related services to Adviser Entities, the aggregate amount of services provided must constitute no more than five percent of the total amount of fees paid by RIC or RIF, as applicable, and the relevant Adviser Entities to the independent auditor during the fiscal year in which the services were provided.
In connection with the approval of any non-audit service pursuant to this de minimis exception, a record shall be made indicating that each of the conditions for this exception has been satisfied.
IX. Pre-Approval Fee Levels or Budgeted Amounts.
Pre-approved fee levels or budgeted amounts for all services to be provided by the independent auditor will be established annually by the Audit Committee and shall be subject to periodic subsequent review during the year if deemed appropriate by the Audit Committee (separate amounts may be specified for the Funds and for other affiliates in the investment company complex subject to pre-approval). Any proposed services exceeding these levels or amounts will require specific pre-approval by the Audit Committee. The Audit Committee will be mindful of the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services. For each fiscal year, the Audit Committee may determine the appropriateness of the ratio between the total amount of fees for audit, audit-related, and tax services for the Funds (including any audit-related or tax services fees for affiliates subject to pre-approval), and the total amount of fees for certain permissible non-audit services classified as “all other services” for the Funds (including any such services for affiliates subject to pre-approval by the Audit Committee or its delegate).
X. Procedures.
All requests or applications for services to be provided by the independent auditor that do not require specific pre-approval by the Audit Committee will be submitted to the “RIC & RIF Clearance Committee” (the “Clearance Committee”) (which shall be comprised of not less than three members, including the Treasurer of the Funds who shall serve as its Chairperson) and must include a detailed description of the services to be rendered and the estimated costs of those services. The Clearance Committee will determine whether such services are included within the list of services that have received general pre-approval by the Audit Committee. The Audit Committee will be informed not less frequently than quarterly by the Chairperson of the Clearance Committee of any such services rendered by the independent auditor for the Funds and the fees paid to the independent auditors for such services.
Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Clearance Committee and must include a joint certification by the engagement partner of the independent auditor and the Chairperson of the Clearance Committee that, in their view, the request or application does not involve a prohibited non-audit service and is consistent with the SEC’s rules governing auditor independence.
Russell Investments’ associates and the officers of RIC and RIF will report to the Chairman of the Audit Committee any breach of this Policy that comes to the attention of the Internal Audit Department or an officer of RIC or RIF.
XI. Additional Requirements.
The Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work performed by the independent auditor and to assure the independent auditor’s continuing independence from the Funds and their affiliates. Such efforts will include, but not be limited to, reviewing a written annual statement from the independent auditor delineating all relationships between the independent auditor and RIC, RIF, RIM and their subsidiaries and affiliates (including persons in financial reporting oversight roles) that may reasonably be thought to bear on the auditor’s independence, consistent with Public Company Accounting Oversight Board Rule 3526, and discussing with the independent auditor its methods and procedures for ensuring its independence.
(e) (2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X is as follows:
Audit Fees 0%
Audit-Related Fees 0%
Tax Fees 0%
All Other Fees 0%
(f) For services, 50 percent or more of which were pre-approved, the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.
(g) The aggregate non-audit fees billed by registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were as follows:
2021 $0
2022 $0
(h) The registrant’s audit committee of the board of trustees has considered whether the provision of nonaudit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
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)
Code of Ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as
codeofethics(b) 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
(c)
Certification for principal executive officer and principal financial officer of Registrant as required by Rule 30a-2(b) under the Act
. ex99.906_certSIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Russell Investment Funds
By: /s/ Vernon Barback
Vernon Barback
President & Chief Executive Officer (Principal Executive Officer), Russell Investment Funds
Date: February 15, 2023
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: February 15, 2023
By: /s/ Kari Seabrands
Kari Seabrands
Treasurer, Chief Accounting Officer (Principal Accounting Officer) and Chief Financial Officer (Principal Financial Officer), Russell Investment Funds
Date: February 15, 2023
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