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

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-0

5371

Russell Investment Funds

(Exact name of registrant as specified in charter)

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

Mary Beth Albaneze, Secretary and Chief Legal Officer

1301 2nd Avenue

18^th Floor

Seattle, Washington 98101

206-505-4846

______________________________________________

(Name and address of agent for service)

Registrant's telephone number, including area code: 800-787-7354

Date of fiscal year end:           December 31

Date of reporting period:        January 1, 2023 to June 30, 2023

Item 1. Reports to Stockholders

2023

SEMI-ANNUAL

REPORT

Russell

Investment

Funds

JUNE

30,

2023

FUND

U.S.

Strategic

Equity

Fund

U.S.

Small

Cap

Equity

Fund

International

Developed

Markets

Fund

Strategic

Bond

Fund

Global

Real

Estate

Securities

Fund

Russell

Investment

Funds

Russell

Investment

Funds

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

Funds.

These

financial

statements

report

on

five

of

these

Funds.

Page

U.S.

Strategic

Equity

Fund

3

U.S.

Small

Cap

Equity

Fund

21

International

Developed

Markets

Fund

47

Strategic

Bond

Fund

69

Global

Real

Estate

Securities

Fund

115

Notes

to

Schedules

of

Investments

131

Notes

to

Financial

Highlights

133

Notes

to

Financial

Statements

134

Affiliated

Brokerage

Transactions

155

Basis

for

Approval

of

Investment

Advisory

Agreement

156

Liquidity

Risk

Management

Program

166

Shareholder

Requests

for

Additional

Information

167

Adviser,

Money

Managers

and

Service

Providers

168

Russell

Investment

Funds

Semi-annual

Report

June

30,

2023

(Unaudited)

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.

Certain

of

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-

controlling,

ownership

stakes.

Frank

Russell

Company

is

the

owner

of

the

Russell

trademarks

contained

in

this

material

and

all

trademark

rights

related

to

the

Russell

trademarks,

which

the

members

of

the

Russell

Investments

group

of

companies

are

permitted

to

use

under

license

from

Frank

Russell

Company.

The

members

of

the

Russell

Investments

group

of

companies

are

not

affiliated

in

any

manner

with

Frank

Russell

Company

or

any

entity

operating

under

the

“FTSE

RUSSELL”

brand.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

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.

Performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Shareholder

Expense

Example

—

June

30,

2023

(Unaudited)

U.S.

Strategic

Equity

Fund

3

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

January

1,

2023

to

June

30,

2023.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

January

1,

2023

$

1,000.00

$

1,000.00

Ending

Account

Value

June

30,

2023

$

1,155.40

$

1,019.93

Expenses

Paid

During

Period*

$

5.24

$

4.91

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.98%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-

half

year

period).

May

reflect

amounts

waived

and/or

reimbursed.

Without

any

waivers

and/or

reimbursements,

expenses

would

have

been

higher.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

4

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

102.4%

Consumer

Discretionary

-

14.0%

Advance

Auto

Parts,

Inc.

4,920

346

Amazon.com,

Inc.(Æ)(Û)

119,640

15,596

Autoliv,

Inc.

7,663

652

AutoZone,

Inc.(Æ)(Û)

720

1,795

Beacon

Roofing

Supply,

Inc.(Æ)

3,207

266

Capri

Holdings,

Ltd.(Æ)(Û)

8,211

295

Cavco

Industries,

Inc.(Æ)

853

252

Charter

Communications,

Inc.

Class

A(Æ)

259

95

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

1,141

2,441

Comcast

Corp.

Class

A

36,523

1,517

Costco

Wholesale

Corp.

7,040

3,790

Coupang,

Inc.(Æ)

6,134

107

Coursera,

Inc.(Æ)

4,000

52

Dana

Holding

Corp.

11,450

195

Dick's

Sporting

Goods,

Inc.

2,502

331

Dillard's,

Inc.

Class

A

618

202

Dollar

General

Corp.

6,204

1,053

Domino's

Pizza,

Inc.

1,843

621

DR

Horton,

Inc.

6,257

761

eBay,

Inc.(Ð)

18,252

816

Expedia

Group,

Inc.(Æ)

6,632

725

FactSet

Research

Systems,

Inc.

1,305

523

Ford

Motor

Co.(Û)

172,166

2,605

Garmin,

Ltd.

5,791

604

General

Motors

Co.(Û)

94,051

3,627

Genuine

Parts

Co.

2,956

500

GMS,

Inc.(Æ)

2,250

156

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)(Ð)

30,309

415

Grand

Canyon

Education,

Inc.(Æ)

1,112

115

Home

Depot,

Inc.

(The)

3,565

1,107

KB

Home(Û)

3,481

180

Kohl's

Corp.

16,072

370

Lear

Corp.

5,099

732

Lennar

Corp.

Class

A(Û)

8,630

1,081

Lithia

Motors,

Inc.

Class

A

2,629

799

Live

Nation

Entertainment,

Inc.(Æ)

23,857

2,174

Lowe's

Cos.,

Inc.

11,630

2,625

Marriott

International,

Inc.

Class

A

5,221

959

McDonald's

Corp.

8,912

2,659

MercadoLibre,

Inc.(Æ)

103

122

MGM

Resorts

International(Ð)

13,028

572

Netflix,

Inc.(Æ)

397

175

News

Corp.

Class

A

22,221

433

Nike,

Inc.

Class

B

23,761

2,622

NVR,

Inc.(Æ)

165

1,048

Olaplex

Holdings,

Inc.(Æ)

3,300

12

O'Reilly

Automotive,

Inc.(Æ)

2,440

2,331

Penn

Entertainment,

Inc.(Æ)

21,967

528

SeaWorld

Entertainment,

Inc.(Æ)(Ð)

2,715

152

Starbucks

Corp.

15,259

1,512

Tapestry,

Inc.

7,361

315

Target

Corp.(Û)

12,711

1,677

Taylor

Morrison

Home

Corp.

Class

A(Æ)

(Û)

1,757

86

Tesla,

Inc.(Æ)

12,326

3,227

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

TJX

Cos.,

Inc.

(The)

14,055

1,192

Tractor

Supply

Co.

1,650

365

Travel

+

Leisure

Co.

5,883

237

Tri

Pointe

Homes,

Inc.(Æ)(Û)

8,760

288

Visteon

Corp.(Æ)

830

119

Walmart,

Inc.

6,372

1,001

Walt

Disney

Co.

(The)(Æ)

16,564

1,479

Zillow

Group,

Inc.

Class

A(Æ)

2,030

100

72,732

Consumer

Staples

-

4.6%

Altria

Group,

Inc.(Ð)(Û)

30,660

1,389

Archer-Daniels-Midland

Co.

8,675

655

Church

&

Dwight

Co.,

Inc.

8,884

890

Coca-Cola

Co.

(The)

44,035

2,652

Conagra

Brands,

Inc.

47,828

1,613

CVS

Health

Corp.

40,050

2,769

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

8,347

1,639

General

Mills,

Inc.

5,351

410

Hershey

Co.

(The)

2,369

592

Ingredion,

Inc.

6,383

676

Kroger

Co.

(The)

43,656

2,052

Molson

Coors

Beverage

Co.

Class

B

6,574

433

Monster

Beverage

Corp.(Æ)

47,952

2,754

National

Vision

Holdings,

Inc.(Æ)(Ð)

6,271

152

PepsiCo,

Inc.

6,216

1,151

Philip

Morris

International,

Inc.

5,314

519

Procter

&

Gamble

Co.

(The)

10,126

1,537

Tyson

Foods,

Inc.

Class

A

32,770

1,673

Walgreens

Boots

Alliance,

Inc.

17,095

487

24,043

Energy

-

3.8%

Arch

Resources,

Inc.

649

73

Baker

Hughes

Co.

61,386

1,940

BP

PLC

-

ADR

39,470

1,393

Canadian

Natural

Resources,

Ltd.

12,575

708

Chevron

Corp.

15,475

2,435

CVR

Energy,

Inc.

4,293

129

Devon

Energy

Corp.

2,946

142

EOG

Resources,

Inc.

4,078

467

Exxon

Mobil

Corp.

15,696

1,683

Kinder

Morgan,

Inc.

52,243

900

Marathon

Oil

Corp.(Û)

18,504

426

Marathon

Petroleum

Corp.(Û)

14,768

1,722

Occidental

Petroleum

Corp.

10,018

589

Patterson-UTI

Energy,

Inc.

9,538

114

Phillips

66

8,361

798

Pioneer

Natural

Resources

Co.

11,788

2,442

Shell

PLC

-

ADR

19,528

1,179

Valero

Energy

Corp.(Û)

13,956

1,637

Williams

Cos.,

Inc.

(The)

23,042

752

19,529

Financial

Services

-

14.5%

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

5

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

AerCap

Holdings,

Ltd.

/

AerCap

Global

Aviation

Trust(Æ)

19,482

1,238

Aflac,

Inc.

10,807

754

Allstate

Corp.

(The)(Ð)(Û)

8,542

931

American

Equity

Investment

Life

Holding

Co.

6,196

323

American

Express

Co.

10,652

1,856

American

Tower

Corp.(ö)

2,436

472

Ameriprise

Financial,

Inc.

3,453

1,147

Apollo

Global

Management,

Inc.

23,406

1,798

Axis

Capital

Holdings,

Ltd.

7,977

429

Bank

of

America

Corp.

54,649

1,568

Bank

of

New

York

Mellon

Corp.

(The)

12,493

556

Berkshire

Hathaway,

Inc.

Class

B(Æ)

10,824

3,691

BlackRock,

Inc.

Class

A

850

587

BOK

Financial

Corp.(Û)

3,571

288

Brighthouse

Financial,

Inc.(Æ)

8,635

409

Brown

&

Brown,

Inc.(Ð)

5,430

374

Camden

Property

Trust(ö)(Û)

5,423

590

Capital

One

Financial

Corp.

851

93

Carlyle

Group,

Inc.

(The)

34,579

1,105

CBRE

Group,

Inc.

Class

A(Æ)

8,826

712

Charles

Schwab

Corp.

(The)

18,905

1,072

Chubb,

Ltd.

2,922

563

Citigroup,

Inc.

65,355

3,009

CME

Group,

Inc.

Class

A

2,140

397

CNO

Financial

Group,

Inc.

9,993

237

Comerica,

Inc.

12,930

548

Cullen/Frost

Bankers,

Inc.(Ð)

3,581

385

DiamondRock

Hospitality

Co.(ö)

20,388

163

Dun

&

Bradstreet

Holdings,

Inc.(Û)

20,050

232

Equinix,

Inc.(ö)

640

502

Equity

Commonwealth(ö)

12,854

260

Evercore,

Inc.

Class

A

4,258

526

Gaming

and

Leisure

Properties,

Inc.(ö)

8,445

409

Globe

Life,

Inc.

3,954

433

Goldman

Sachs

Group,

Inc.

(The)

2,162

697

Hanover

Insurance

Group,

Inc.

(The)

3,024

342

Hartford

Financial

Services

Group,

Inc.

6,205

447

Highwoods

Properties,

Inc.(Ð)(ö)

3,283

79

Howard

Hughes

Corp.

(The)(Æ)

9,339

737

Interactive

Brokers

Group,

Inc.

Class

A(Ð)

5,770

479

Intercontinental

Exchange,

Inc.

3,908

442

Invitation

Homes,

Inc.(ö)

26,582

914

Jackson

Financial,

Inc.

Class

A

8,597

263

JPMorgan

Chase

&

Co.

23,871

3,472

KeyCorp.(Û)

48,450

448

Lamar

Advertising

Co.

Class

A(ö)

3,577

355

Lincoln

National

Corp.(Ð)

13,822

356

LPL

Financial

Holdings,

Inc.

3,754

816

M&T

Bank

Corp.

2,527

313

Marsh

&

McLennan

Cos.,

Inc.

2,092

393

MasterCard,

Inc.

Class

A(Û)

27,717

10,901

MetLife,

Inc.

3,476

197

Morgan

Stanley

30,473

2,602

New

York

Community

Bancorp,

Inc.

84,897

954

Northern

Trust

Corp.

4,624

343

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Park

Hotels

&

Resorts,

Inc.(ö)

13,633

175

Pinnacle

Financial

Partners,

Inc.(Ð)

2,070

117

PNC

Financial

Services

Group,

Inc.

(The)

2,274

286

Popular,

Inc.

6,926

419

Principal

Financial

Group,

Inc.

4,483

340

Progressive

Corp.

(The)

13,931

1,844

Prologis,

Inc.(ö)

13,834

1,696

Public

Storage(ö)

1,718

501

Raymond

James

Financial,

Inc.

5,536

575

Reinsurance

Group

of

America,

Inc.

Class

A

10,098

1,401

RenaissanceRe

Holdings,

Ltd.

3,867

721

Robinhood

Markets,

Inc.

Class

A(Æ)(Ð)

30,250

302

Ryan

Specialty

Holdings,

Inc.

Class

A(Æ)

10,449

469

Ryman

Hospitality

Properties,

Inc.(ö)

1,893

176

SBA

Communications

Corp.(ö)

3,916

908

SLM

Corp.

34,118

557

Synchrony

Financial

24,063

816

Texas

Capital

Bancshares,

Inc.(Æ)

3,336

172

TPG,

Inc.

7,820

229

Travelers

Cos.,

Inc.

(The)

2,960

514

Truist

Financial

Corp.

17,230

523

US

Bancorp

17,851

590

Virtu

Financial,

Inc.

Class

A

6,050

103

Visa,

Inc.

Class

A

7,002

1,663

Wells

Fargo

&

Co.

66,729

2,848

Weyerhaeuser

Co.(ö)

21,898

734

Willis

Towers

Watson

PLC

4,763

1,122

WR

Berkley

Corp.

20,830

1,241

Zions

Bancorp

NA

21,144

568

74,817

Health

Care

-

12.7%

Abbott

Laboratories

8,135

887

AbbVie,

Inc.

25,392

3,421

Acadia

Pharmaceuticals,

Inc.(Æ)

11,863

284

Agilent

Technologies,

Inc.

5,417

651

Amgen,

Inc.

2,813

625

AstraZeneca

PLC

-

ADR

10,022

717

Baxter

International,

Inc.

18,775

855

Biogen,

Inc.(Æ)

5,442

1,550

Blueprint

Medicines

Corp.(Æ)

2,882

182

Boston

Scientific

Corp.(Æ)

6,906

374

Bristol-Myers

Squibb

Co.

51,909

3,320

Centene

Corp.(Æ)

8,077

545

Cigna

Group

(The)

3,926

1,102

Danaher

Corp.

3,105

745

DaVita

HealthCare

Partners,

Inc.(Æ)

8,168

821

Dentsply

Sirona,

Inc.

22,426

897

Edwards

Lifesciences

Corp.(Æ)(Û)

7,401

698

Elevance

Health,

Inc.

2,074

921

Eli

Lilly

&

Co.

3,854

1,807

Encompass

Health

Corp.

10,928

740

Exelixis,

Inc.(Æ)

47,325

904

Gilead

Sciences,

Inc.

12,993

1,001

Ginkgo

Bioworks

Holdings,

Inc.(Æ)(Ð)

49,900

93

GSK

PLC

-

ADR

29,237

1,042

Guardant

Health,

Inc.(Æ)

8,124

291

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

6

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Harmony

Biosciences

Holdings,

Inc.(Æ)(Ð)

991

35

HCA

Healthcare,

Inc.

3,121

947

Henry

Schein,

Inc.(Æ)

6,492

526

Humana,

Inc.(Û)

3,051

1,364

Incyte

Corp.(Æ)(Û)

10,845

675

Intuitive

Surgical,

Inc.(Æ)

5,424

1,855

Ionis

Pharmaceuticals,

Inc.(Æ)(Ð)

8,395

344

Jazz

Pharmaceuticals

PLC(Æ)

7,349

911

Johnson

&

Johnson

19,321

3,198

Laboratory

Corp.

of

America

Holdings

1,493

360

McKesson

Corp.

3,892

1,663

Medtronic

PLC

11,272

993

Merck

&

Co.,

Inc.

7,494

865

Mirati

Therapeutics,

Inc.(Æ)(Ð)

2,087

75

Moderna,

Inc.(Æ)

3,810

463

Molina

Healthcare,

Inc.(Æ)(Ð)

2,869

864

Neurocrine

Biosciences,

Inc.(Æ)

4,338

409

Novocure,

Ltd.(Æ)

6,262

260

Organon

&

Co.

30,977

645

Pfizer,

Inc.

52,121

1,912

PTC

Therapeutics,

Inc.(Æ)

4,242

173

Qiagen

NV(Æ)

16,985

765

Regeneron

Pharmaceuticals,

Inc.(Æ)

2,332

1,676

Sarepta

Therapeutics,

Inc.(Æ)(Û)

5,398

618

Stryker

Corp.

1,416

432

Tandem

Diabetes

Care,

Inc.(Æ)(Ð)

5,369

132

Tenet

Healthcare

Corp.(Æ)

6,096

496

Thermo

Fisher

Scientific,

Inc.

1,767

922

Ultragenyx

Pharmaceutical,

Inc.(Æ)(Ð)

5,854

270

United

Therapeutics

Corp.(Æ)(Û)

3,735

825

UnitedHealth

Group,

Inc.

18,665

8,971

Veeva

Systems,

Inc.

Class

A(Æ)

9,552

1,889

Vertex

Pharmaceuticals,

Inc.(Æ)(Û)

7,806

2,747

Viatris,

Inc.

61,597

615

Zoetis,

Inc.

Class

A

14,645

2,522

65,890

Materials

and

Processing

-

3.7%

Air

Products

&

Chemicals,

Inc.

1,270

380

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

8,900

33

Boise

Cascade

Co.

2,218

200

Builders

FirstSource,

Inc.(Æ)

5,791

788

CF

Industries

Holdings,

Inc.

3,111

216

Cleveland-Cliffs,

Inc.(Æ)

4,786

80

Copart,

Inc.(Æ)

28,951

2,641

Crown

Holdings,

Inc.

11,316

983

Eagle

Materials,

Inc.

2,188

408

Eastman

Chemical

Co.

12,983

1,087

Element

Solutions,

Inc.(Ð)

11,750

226

Fastenal

Co.

9,824

580

FMC

Corp.(Û)

5,719

597

Freeport-McMoRan,

Inc.

20,252

810

Huntsman

Corp.

19,143

517

Linde

PLC

6,406

2,441

Martin

Marietta

Materials,

Inc.

1,138

525

MP

Materials

Corp.(Æ)(Ð)

4,796

110

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Newmont

Corp.

18,642

795

Nucor

Corp.

4,353

714

Packaging

Corp.

of

America

3,843

508

PPG

Industries,

Inc.

9,582

1,421

Resideo

Technologies,

Inc.(Æ)

4,000

71

Southern

Copper

Corp.

5,898

423

Trane

Technologies

PLC(Û)

11,601

2,219

Vulcan

Materials

Co.

2,560

577

19,350

Producer

Durables

-

9.2%

3M

Co.

5,601

561

AECOM(Ð)

9,136

774

AGCO

Corp.

6,328

832

Alaska

Air

Group,

Inc.(Æ)

12,800

681

Allison

Transmission

Holdings,

Inc.

Class

A

16,868

952

Ametek,

Inc.

3,115

504

Amphenol

Corp.

Class

A

6,493

552

Chart

Industries,

Inc.(Æ)

3,528

564

Cintas

Corp.

1,009

502

Comfort

Systems

USA,

Inc.(Ð)

500

82

CoStar

Group,

Inc.(Æ)

28,780

2,561

Cummins,

Inc.

3,000

735

Deere

&

Co.

5,078

2,058

Delta

Air

Lines,

Inc.

34,964

1,662

Dover

Corp.

3,506

518

Dycom

Industries,

Inc.(Æ)

912

104

Eaton

Corp.

PLC

15,030

3,023

Emerson

Electric

Co.

8,823

797

Encore

Wire

Corp.

23

4

Expeditors

International

of

Washington,

Inc.

5,310

643

FedEx

Corp.(Û)

11,721

2,906

Flywire

Corp.(Æ)

1,660

51

Fortive

Corp.(Ð)

19,415

1,452

FTI

Consulting,

Inc.(Æ)

2,315

440

General

Dynamics

Corp.

3,124

672

Global

Payments,

Inc.

14,385

1,417

Helios

Technologies,

Inc.

1,550

102

Hubbell,

Inc.

Class

B

1,588

526

Illinois

Tool

Works,

Inc.

1,627

407

Insperity,

Inc.

2,011

239

JB

Hunt

Transport

Services,

Inc.

2,407

436

Keysight

Technologies,

Inc.(Æ)

2,639

442

Lamb

Weston

Holdings,

Inc.

6,663

766

Landstar

System,

Inc.

7,383

1,421

Littelfuse,

Inc.

1,471

428

Lockheed

Martin

Corp.

931

429

Magna

International,

Inc.

Class

A

8,549

482

ManpowerGroup,

Inc.(Û)

3,837

305

MarketAxess

Holdings,

Inc.

1,392

364

Mettler-Toledo

International,

Inc.(Æ)

234

307

Nordson

Corp.

1,819

451

Norfolk

Southern

Corp.

5,971

1,354

Northrop

Grumman

Corp.

3,735

1,702

Old

Dominion

Freight

Line,

Inc.

1,349

499

Oshkosh

Corp.

7,744

671

Otis

Worldwide

Corp.

2,736

244

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

7

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

PACCAR

Financial

Corp.

6,442

539

Pentair

PLC

9,550

617

Regal

Rexnord

Corp.

3,245

499

RXO,

Inc.(Æ)(Ð)

6,323

143

S&P

Global,

Inc.

7,033

2,819

Snap-on,

Inc.

2,931

845

Southwest

Airlines

Co.(Ð)

18,663

676

Terex

Corp.

2,219

133

Textron,

Inc.

1,861

126

Trade

Desk,

Inc.

(The)

Class

A(Æ)

8,599

664

TriNet

Group,

Inc.(Æ)(Û)

3,860

367

United

Parcel

Service,

Inc.

Class

B

2,568

460

United

Rentals,

Inc.

812

362

Vontier

Corp.

28,547

919

Waste

Management,

Inc.

2,767

480

WW

Grainger,

Inc.

810

639

Xerox

Holdings

Corp.

25,708

383

XPO,

Inc.(Æ)

7,784

459

47,752

Technology

-

35.5%

Accenture

PLC

Class

A

17,214

5,312

Adobe,

Inc.(Æ)

2,563

1,253

Advanced

Micro

Devices,

Inc.(Æ)

30,613

3,487

Airbnb,

Inc.

Class

A(Æ)(Ð)

12,526

1,605

Alphabet,

Inc.

Class

A(Æ)

134,582

16,109

Alphabet,

Inc.

Class

C(Æ)(Û)

24,318

2,942

Analog

Devices,

Inc.

4,845

944

Apple,

Inc.(Û)

150,290

29,152

Applied

Materials,

Inc.

2,860

413

ASML

Holding

NV

Class

G

329

238

Atlassian

Corp.

Class

A(Æ)(Ð)

6,645

1,115

Autodesk,

Inc.(Æ)

5,820

1,191

Avnet,

Inc.

10,142

512

Axcelis

Technologies,

Inc.(Æ)

1,327

243

Booking

Holdings,

Inc.(Æ)

579

1,564

Box,

Inc.

Class

A(Æ)

17,453

513

Broadcom,

Inc.

1,216

1,055

Cadence

Design

Systems,

Inc.(Æ)

3,347

785

CDW

Corp.

2,447

449

Cirrus

Logic,

Inc.(Æ)

5,275

427

Cisco

Systems,

Inc.

27,318

1,413

Cognizant

Technology

Solutions

Corp.

Class

A

11,040

721

CommVault

Systems,

Inc.(Æ)

6,079

441

Corteva,

Inc.(Û)

7,732

443

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

6,797

998

Dell

Technologies,

Inc.

Class

C(Û)

36,968

2,000

DigitalOcean

Holdings,

Inc.(Æ)

2,342

94

DocuSign,

Inc.(Æ)

10,230

523

Dropbox,

Inc.

Class

A(Æ)

27,810

742

Elisa

OYJ

11,265

861

EPAM

Systems,

Inc.(Æ)(Ð)

1,035

233

Extreme

Networks,

Inc.(Æ)

5,300

138

F5,

Inc.(Æ)

3,843

562

Fair

Isaac

Corp.(Æ)

574

465

Fidelity

National

Information

Services,

Inc.

21,711

1,188

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Five9,

Inc.(Æ)

690

57

Fortinet,

Inc.(Æ)(Ð)

22,506

1,701

Genpact,

Ltd.

11,888

447

GoDaddy,

Inc.

Class

A(Æ)

11,844

890

Guidewire

Software,

Inc.(Æ)

8,039

612

Hewlett

Packard

Enterprise

Co.

54,553

917

HP,

Inc.

62,051

1,906

Impinj,

Inc.(Æ)(Ð)

595

53

Informatica,

Inc.

Class

A(Æ)

5,741

106

Intapp,

Inc.(Æ)

1,180

49

Integral

Ad

Science

Holding

LLC(Æ)

3,150

57

Intel

Corp.(Û)

79,439

2,656

International

Business

Machines

Corp.

4,338

581

Intuit,

Inc.

7,310

3,349

Juniper

Networks,

Inc.

25,991

814

Kyndryl

Holdings,

Inc.(Æ)

19,357

257

Lam

Research

Corp.(Û)

3,455

2,221

Lyft,

Inc.

Class

A(Æ)

31,723

304

MaxLinear,

Inc.

Class

A(Æ)

4,179

132

Meta

Platforms,

Inc.

Class

A(Æ)

32,323

9,276

Micron

Technology,

Inc.

33,035

2,085

Microsoft

Corp.

108,117

36,818

New

Relic,

Inc.(Æ)

4,591

300

Nutanix,

Inc.

Class

A(Æ)

8,607

241

NVIDIA

Corp.(Û)

22,665

9,588

NXP

Semiconductors

NV

14,314

2,930

Okta,

Inc.(Æ)

7,141

495

Oracle

Corp.

21,704

2,585

PagerDuty,

Inc.(Æ)

4,320

97

Palo

Alto

Networks,

Inc.(Æ)

10,274

2,625

Pegasystems,

Inc.

6,367

314

Qorvo,

Inc.(Æ)

6,708

684

QUALCOMM,

Inc.

1,737

207

Qualys,

Inc.(Æ)(Ð)

1,833

237

Rapid7,

Inc.(Æ)

3,297

149

RingCentral,

Inc.

Class

A(Æ)

6,930

227

Roku,

Inc.(Æ)(Ð)

4,216

270

Roper

Technologies,

Inc.

1,389

668

Salesforce,

Inc.(Æ)

14,410

3,044

Seagate

Technology

Holdings

PLC

3,354

208

ServiceNow,

Inc.(Æ)

3,456

1,942

Silicon

Laboratories,

Inc.(Æ)

1,445

228

SiTime

Corp.(Æ)

514

61

Skyworks

Solutions,

Inc.

4,950

548

Smartsheet,

Inc.

Class

A(Æ)

7,990

306

Snap,

Inc.

Class

A(Æ)(Ð)

16,556

196

Sonos,

Inc.(Æ)

12,077

197

Spotify

Technology

SA(Æ)

5,786

929

Squarespace,

Inc.

Class

A(Æ)

4,220

133

Synopsys,

Inc.(Æ)

1,518

661

Tenable

Holdings,

Inc.(Æ)

5,798

253

Teradyne,

Inc.(Û)

16,205

1,804

Texas

Instruments,

Inc.

11,118

2,001

Twilio,

Inc.

Class

A(Æ)(Ð)

8,144

518

Uber

Technologies,

Inc.(Æ)

27,989

1,208

Varonis

Systems,

Inc.(Æ)

9,483

253

VeriSign,

Inc.(Æ)

5,272

1,191

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

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

$

Viavi

Solutions,

Inc.

Class

W(Æ)

30,118

341

Western

Digital

Corp.(Æ)

3,226

122

Yelp,

Inc.

Class

A(Æ)

7,889

287

Zscaler,

Inc.(Æ)(Ð)

2,896

424

183,891

Utilities

-

4.4%

APA

Corp.(Û)

2,583

88

AT&T,

Inc.

133,499

2,129

California

Resources

Corp.

3,420

155

Cheniere

Energy,

Inc.(Û)

587

89

CMS

Energy

Corp.(Ð)

7,030

413

ConocoPhillips

Co.

30,749

3,186

Constellation

Energy

Corp.(Û)

7,475

684

DTE

Energy

Co.(Û)

7,312

805

Edison

International

16,352

1,136

Exelon

Corp.

22,354

911

FirstEnergy

Corp.

29,787

1,158

Gulfport

Energy

Corp.(Æ)

500

53

NextEra

Energy,

Inc.

39,681

2,944

NRG

Energy,

Inc.

49,593

1,854

PG&E

Corp.(Æ)

68,979

1,192

Pinnacle

West

Capital

Corp.

6,563

535

T-Mobile

USA,

Inc.(Æ)

18,273

2,538

UGI

Corp.

18,221

491

Verizon

Communications,

Inc.

40,550

1,508

Vistra

Corp.

30,398

798

22,667

Total

Common

Stocks

(cost

$409,843)

530,671

Short-Term

Investments

-

2.7%

U.S.

Cash

Management

Fund(@)

14,033,517

(∞)

14,029

Total

Short-Term

Investments

(cost

$14,028)

14,029

Total

Investments

-

105.1%

(identified

cost

$423,871)

544,700

Securities

Sold

Short

-

(5.2)%

Consumer

Discretionary

-

(0.7)%

Acushnet

Holdings

Corp.

(6,566)

(359)

Advanced

Energy

Industries,

Inc.

(605)

(67)

Churchill

Downs,

Inc.

(3,382)

(471)

DISH

Network

Corp.

Class

A(Æ)

(54,182)

(357)

Freshpet,

Inc.(Æ)

(5,851)

(385)

Hilton

Grand

Vacations,

Inc.(Æ)

(2,987)

(136)

Instructure

Holdings,

Inc.(Æ)

(300)

(7)

Kontoor

Brands,

Inc.

(1,500)

(63)

Leggett

&

Platt,

Inc.

(7,000)

(207)

LGI

Homes,

Inc.(Æ)

(1,655)

(223)

Magnite,

Inc.(Æ)

(5,029)

(69)

Topgolf

Callaway

Brands

Corp.(Æ)

(16,860)

(335)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

WarnerMedia

Holdings,

Inc.(Æ)

(37,558)

(471)

YETI

Holdings,

Inc.(Æ)

(5,324)

(207)

Ziff

Davis,

Inc.(Æ)

(4,441)

(311)

(3,668)

Consumer

Staples

-

(0.1)%

J&J

Snack

Foods

Corp.

(2,147)

(340)

MGP

Ingredients,

Inc.

(2,581)

(274)

(614)

Energy

-

(0.3)%

Cabot

Oil

&

Gas

Corp.

(18,052)

(457)

Green

Plains,

Inc.(Æ)

(3,663)

(118)

Plug

Power,

Inc.(Æ)

(3,329)

(35)

Sitio

Royalties

Corp.

Class

A

(4,940)

(130)

Southwestern

Energy

Co.(Æ)

(44,116)

(265)

Sunrun,

Inc.(Æ)

(9,484)

(169)

(1,174)

Financial

Services

-

(1.1)%

Annaly

Capital

Management,

Inc.(ö)

(21,939)

(439)

Blackstone

Group,

Inc.

(The)

Class

A

(5,294)

(492)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

(7,282)

(182)

Healthcare

Realty

Trust,

Inc.(ö)

(24,169)

(456)

Iron

Mountain,

Inc.(ö)

(7,766)

(441)

Kite

Realty

Group

Trust(ö)

(17,503)

(391)

KKR

&

Co.,

Inc.

Class

A

(8,626)

(483)

New

York

Community

Bancorp,

Inc.

(45,512)

(512)

Old

National

Bancorp

(24,903)

(347)

Progyny,

Inc.(Æ)

(3,122)

(123)

Ready

Capital

Corp.(ö)

(19,389)

(219)

Realty

Income

Corp.(ö)

(6,730)

(402)

SoFi

Technologies,

Inc.(Æ)

(3,714)

(31)

T

Rowe

Price

Group,

Inc.

(3,999)

(448)

VICI

Properties,

Inc.(ö)

(14,121)

(444)

Webster

Financial

Corp.

(10,253)

(387)

(5,797)

Health

Care

-

(0.8)%

Agiliti,

Inc.(Æ)

(6,367)

(105)

Alnylam

Pharmaceuticals,

Inc.(Æ)

(2,346)

(446)

Apellis

Pharmaceuticals,

Inc.(Æ)

(1,720)

(157)

Axsome

Therapeutics,

Inc.(Æ)

(555)

(40)

Biogen,

Inc.(Æ)

(1,574)

(448)

Danaher

Corp.

(1,360)

(327)

Ensign

Group,

Inc.

(The)

(2,690)

(257)

ICU

Medical,

Inc.(Æ)

(849)

(151)

Karuna

Therapeutics,

Inc.(Æ)

(356)

(77)

Masimo

Corp.(Æ)

(2,279)

(375)

Neogen

Corp.(Æ)

(22,577)

(491)

Patterson

Cos.,

Inc.

(8,836)

(294)

Repligen

Corp.(Æ)

(2,646)

(374)

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

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

$

Revance

Therapeutics,

Inc.(Æ)

(3,094)

(78)

Sotera

Health

Co.(Æ)

(9,562)

(180)

TransMedics

Group,

Inc.(Æ)

(980)

(82)

Vaxcyte,

Inc.(Æ)

(4,250)

(212)

Ventyx

Biosciences,

Inc.(Æ)

(1,447)

(48)

(4,142)

Materials

and

Processing

-

(0.2)%

Livent

Corp.(Æ)

(4,688)

(129)

Pool

Corp.

(1,333)

(499)

Quaker

Chemical

Corp.

(2,020)

(394)

(1,022)

Producer

Durables

-

(0.9)%

AeroVironment,

Inc.(Æ)

(1,032)

(105)

Affirm

Holdings,

Inc.(Æ)

(1,693)

(26)

Applied

Industrial

Technologies,

Inc.

(2,913)

(422)

Badger

Meter,

Inc.

(2,847)

(420)

Brink's

Co.

(The)

(2,073)

(141)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(1,671)

(151)

Dorman

Products,

Inc.(Æ)

(2,564)

(202)

Fox

Factory

Holding

Corp.(Æ)

(2,610)

(283)

GATX

Corp.

(3,938)

(507)

H&R

Block,

Inc.

(13,239)

(422)

LCI

Industries

(2,353)

(297)

Maximus,

Inc.

(1,057)

(89)

MSA

Safety,

Inc.

(328)

(57)

RBC

Bearings,

Inc.(Æ)

(1,797)

(391)

S&P

Global,

Inc.

(1,170)

(469)

Teledyne

Technologies,

Inc.(Æ)

(194)

(80)

Trade

Desk,

Inc.

(The)

Class

A(Æ)

(2,160)

(167)

Zurn

Water

Solutions

Corp.

(19,368)

(521)

(4,750)

Technology

-

(0.9)%

Advanced

Micro

Devices,

Inc.(Æ)

(4,535)

(516)

Aspen

Technology,

Inc.(Æ)

(1,408)

(236)

Bentley

Systems,

Inc.

Class

B

(6,373)

(345)

Bumble,

Inc.

Class

A(Æ)

(9,461)

(159)

Coherent

Corp.(Æ)

(10,904)

(556)

Envestnet,

Inc.(Æ)

(7,163)

(425)

Fiserv,

Inc.(Æ)

(3,471)

(438)

Frontier

Communications

Corp.(Æ)

(19,240)

(359)

Gen

Digital,

Inc.

(17,772)

(330)

Paycor

HCM,

Inc.(Æ)

(10,723)

(254)

Super

Micro

Computer,

Inc.(Æ)

(1,484)

(370)

ViaSat,

Inc.(Æ)

(8,140)

(336)

Wolfspeed,

Inc.(Æ)

(6,978)

(388)

(4,712)

Utilities

-

(0.2)%

Chord

Energy

Corp.

(1,410)

(217)

Civitas

Resources,

Inc.

(4,529)

(314)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Equitrans

Midstream

Corp.

(14,698)

(140)

Otter

Tail

Corp.

(4,758)

(376)

(1,047)

Total

Securities

Sold

Short

(proceeds

$25,803)

(26,926)

Other

Assets

and

Liabilities,

Net

-

0.1%

310

Net

Assets

-

100.0%

518,084

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

10

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

62

USD

13,914

09/23

365

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

365

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

$

72,732

$

—

$

—

$

—

$

72,732

14.0

Consumer

Staples

24,043

—

—

—

24,043

4.6

Energy

19,529

—

—

—

19,529

3.8

Financial

Services

74,817

—

—

—

74,817

14.5

Health

Care

65,890

—

—

—

65,890

12.7

Materials

and

Processing

19,350

—

—

—

19,350

3.7

Producer

Durables

47,752

—

—

—

47,752

9.2

Technology

183,891

—

—

—

183,891

35.5

Utilities

22,667

—

—

—

22,667

4.4

Short-Term

Investments

—

—

—

14,029

14,029

2.7

Total

Investments

530,671

—

—

14,029

544,700

105.1

Securities

Sold

Short

**

(26,926)

—

—

—

(26,926)

(5.2)

Other

Assets

and

Liabilities,

Net

0.1

100.0

Other

Financial

Instruments

Assets

Futures

Contracts

365

—

—

—

365

0.1

Total

Other

Financial

Instruments

*

$

365

$

—

$

—

$

—

$

365

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

**

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

June

30,

2023,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

June

30,

2023,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

11

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts*

$

365

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

1,311

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

987

*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

12

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Short

Sales

Securities

sold

short,

at

fair

value

$

26,926

$

—

$

26,926

Total

Financial

and

Derivative

Liabilities

26,926

—

26,926

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

26,926

$

—

$

26,926

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

$

26,926

$

—

$

26,926

$

—

Total

$

26,926

$

—

$

26,926

$

—

^      Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

13

Statement

of

Assets

and

Liabilities

—

June

30,

2023

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

423,871

Investments,

at

fair

value(>)

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

544,700

Receivables:

Dividends

and

interest

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

270

Dividends

from

affiliated

funds

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

62

Investments

sold

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

3,147

Fund

shares

sold

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

17

From

broker(a)

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

492

Variation

margin

on

futures

contracts

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

365

Prepaid

expenses

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

3

Total

assets

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

549,056

Liabilities

Payables:

Due

to

custodian

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

6

Investments

purchased

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

2,993

Fund

shares

redeemed

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

565

Accrued

fees

to

affiliates

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

322

Other

accrued

expenses

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

160

Securities

sold

short,

at

fair

value(‡)

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

26,926

Total

liabilities

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

30,972

Net

Assets

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

$

518,084

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

14

U.S.

Strategic

Equity

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2023

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

120,778

Shares

of

beneficial

interest

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

291

Additional

paid-in

capital

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

397,015

Net

Assets

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

$

518,084

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

17.81

Net

assets

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

$

518,083,992

Shares

outstanding

($.01

par

value)

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

29,092,268

Amounts

in

thousands

(‡)    

Proceeds

on

securities

sold

short

$

25,803

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

14,029

(a)    

Receivable

from

Broker

for

Futures

$

492

(#)

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.

U.S.

Strategic

Equity

Fund

15

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2023

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

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

$

4,215

Dividends

from

affiliated

funds

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

339

Securities

lending

income

(net)

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

2

Total

investment

income

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

4,556

Expenses

Advisory

fees

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

1,785

Administrative

fees

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

122

Custodian

fees

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

50

Transfer

agent

fees

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

11

Professional

fees

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

67

Trustees’

fees

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

15

Printing

fees

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

13

Dividends

from

securities

sold

short

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

246

Interest

expense

paid

on

securities

sold

short

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

81

Miscellaneous

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

11

Expenses

before

reductions

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

2,401

Expense

reductions

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

(8

)

Net

expenses

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

2,393

Net

investment

income

(loss)

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

2,163

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

3,847

Investments

in

affiliated

funds

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

1

Futures

contracts

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

1,311

Securities

sold

short

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

16

Net

realized

gain

(loss)

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

5,175

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

65,123

Investments

in

affiliated

funds

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

(2)

Futures

contracts

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

987

Securities

sold

short

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

(2,399)

Net

change

in

unrealized

appreciation

(depreciation)

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

63,709

Net

realized

and

unrealized

gain

(loss)

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

68,884

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

71,047

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

16

U.S.

Strategic

Equity

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2023

(Unaudited)

Fiscal

Year

Ended

December

31,

2022

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

2,163

$

3,365

Net

realized

gain

(loss)

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

5,175

26,749

Net

change

in

unrealized

appreciation

(depreciation)

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

63,709

(158,280)

Net

increase

(decrease)

in

net

assets

from

operations

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

71,047

(128,166)

Distributions

To

shareholders

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

(6,593)

(41,639)

Net

decrease

in

net

assets

from

distributions

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

(6,593)

(41,639)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(18,540)

17,808

Total

Net

Increase

(Decrease)

in

Net

Assets

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

45,914

(151,997)

Net

Assets

Beginning

of

period

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

472,170

624,167

End

of

period

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

$

518,084

$

472,170

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2023

and

December

31,

2022

were

as

follows:

2023

(Unaudited)

2022

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

242

$

3,883

467

$

8,214

Proceeds

from

reinvestment

of

distributions

399

6,593

2,467

41,639

Payments

for

shares

redeemed

(1,768

)

(29,016)

(1,806)

(32,045)

Total

increase

(decrease)

(1,12

7

)

$

(18,540)

1,128

$

17,808

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.

18

U.S.

Strategic

Equity

Fund

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(

ƥ

)(

Ƃ

)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

June

30,

2023(

ƣ)

15.62

.07

2.34

2.41

(.04)

(.18)

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

19

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(

ǿ

)(

±

)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(

ɯ

)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(

Ƃ

)(

ɯ

)(

∆

)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(

Ƃ

)(

ɯ

)

%

Portfolio

Turnover

Rate

(

ǿ

)

(.22)

17.81

15.54

518,084

.98

.98

.88

33

(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.

20

U.S.

Strategic

Equity

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

for

the

period

ended

June

30,

2023

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

20

2

3

with

underlying

f

unds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2023,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

296,293

Administrative

fees

20,866

Transfer

agent

fees

1,836

Trustee

fees

2,730

$

321,725

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

$

17,773

$

59,144

$

62,887

$

1

$

(2

)

$

14,029

$

339

$

—

U.S.

Cash

Collateral

Fund

462

4,963

5,425

—

—

—

21

—

$

18,235

$

64,107

$

68,312

$

1

$

(2

)

$

14,029

$

360

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

404,739,824

$

128,922,987

$

(15,524,067)

$

113,398,920

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Shareholder

Expense

Example

—

June

30,

2023

(Unaudited)

U.S.

Small

Cap

Equity

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

January

1,

2023

to

June

30,

2023

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

January

1,

2023

$

1,000.00

$

1,000.00

Ending

Account

Value

June

30,

2023

$

1,063.60

$

1,019.19

Expenses

Paid

During

Period*

$

5.78

$

5.66

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

1.13%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-

half

year

period).

May

reflect

amounts

waived

and/or

reimbursed.

Without

any

waivers

and/or

reimbursements,

expenses

would

have

been

higher.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

22

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

99.4%

Consumer

Discretionary

-

11.6%

1-800-Flowers.com,

Inc.

Class

A(Æ)

6,060

47

2U,

Inc.(Æ)

9,595

39

Abercrombie

&

Fitch

Co.

Class

A(Æ)(Û)

4,953

187

Academy

Sports

&

Outdoors,

Inc.

2,374

128

AerSale

Corp.(Æ)

26,264

386

American

Axle

&

Manufacturing

Holdings,

Inc.(Æ)(Ð)

9,343

77

American

Eagle

Outfitters,

Inc.

17,067

201

America's

Car-Mart,

Inc.(Æ)

12,286

1,226

Atkore,

Inc.(Æ)

1,320

206

Axon

Enterprise,

Inc.(Æ)

1,906

372

Beacon

Roofing

Supply,

Inc.(Æ)

5,770

479

BJ's

Restaurants,

Inc.(Æ)

2,606

83

Bloomin'

Brands,

Inc.

5,697

153

Bluegreen

Vacations

Holding

Corp.

654

23

Boot

Barn

Holdings,

Inc.(Æ)

13,096

1,109

Brunswick

Corp.

3,606

312

Cadre

Holdings,

Inc.

17,071

372

Capri

Holdings,

Ltd.(Æ)(Û)

6,423

231

Carriage

Services,

Inc.

Class

A

1,252

41

Carrols

Restaurant

Group,

Inc.(Æ)

17,039

86

Carter's,

Inc.

4,509

327

Celestica,

Inc.(Æ)

11,581

168

Century

Communities,

Inc.

2,009

154

Chegg,

Inc.(Æ)

11,469

102

Children's

Place,

Inc.

(The)(Æ)

2,820

65

Chuy's

Holdings,

Inc.(Æ)

1,437

59

Clarus

Corp.

35,393

324

Comtech

Telecommunications

Corp.

50

—

Cooper-Standard

Holdings,

Inc.(Æ)

1,055

15

Coursera,

Inc.(Æ)

5,800

76

Cracker

Barrel

Old

Country

Store,

Inc.

905

84

Crocs,

Inc.(Æ)

1,623

183

CTS

Corp.

1,829

78

Dana

Holding

Corp.(Û)

16,712

284

Deckers

Outdoor

Corp.(Æ)(Û)

794

419

Designer

Brands,

Inc.

Class

A(Ð)

11,850

120

Dillard's,

Inc.

Class

A(Ð)

903

295

Domino's

Pizza,

Inc.(Û)

161

54

Driven

Brands

Holdings,

Inc.(Æ)

4,954

134

Enerpac

Tool

Group

Corp.

2,716

73

Enovix

Corp.(Æ)

1,679

30

First

Watch

Restaurant

Group,

Inc.(Æ)

199

3

Foot

Locker,

Inc.

3,681

100

GEN

Restaurant

Group,

Inc.(Æ)

1,898

32

Genesco,

Inc.(Æ)(Ð)

1,280

32

Gentherm,

Inc.(Æ)

1,663

94

G-III

Apparel

Group,

Ltd.(Æ)

2,650

51

Gildan

Activewear,

Inc.

Class

A

5,069

163

GMS,

Inc.(Æ)

4,075

282

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)(Û)

26,492

362

GoPro,

Inc.

Class

A(Æ)

37,999

157

Grand

Canyon

Education,

Inc.(Æ)(Û)

3,402

351

Green

Brick

Partners,

Inc.(Æ)

4,700

267

HealthStream,

Inc.

1,274

31

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hilton

Grand

Vacations,

Inc.(Æ)

2,469

112

Hims

&

Hers

Health,

Inc.(Æ)

17,187

162

International

Game

Technology

PLC(Û)

14,048

448

iRobot

Corp.(Æ)

2,463

111

Johnson

Outdoors,

Inc.

Class

A

3,858

237

KB

Home(Û)

8,129

420

Kohl's

Corp.(Ð)(Û)

5,853

135

Kontoor

Brands,

Inc.

2,176

92

Kura

Sushi

USA,

Inc.

Class

A(Æ)

16,245

1,510

Landsea

Homes

Corp.(Æ)

13,225

124

La-Z-Boy,

Inc.

3,254

93

Lear

Corp.(Û)

2,507

360

Leonardo

DRS,

Inc.(Æ)(Ð)

14,212

246

Levi

Strauss

&

Co.

Class

A

14,623

211

M/I

Homes,

Inc.(Æ)

1,938

169

Malibu

Boats,

Inc.

Class

A(Æ)

1,143

67

Marine

Products

Corp.

16,106

272

MasterCraft

Boat

Holdings,

Inc.(Æ)

1,743

53

Matthews

International

Corp.

Class

A

4,573

195

Meritage

Homes

Corp.

1,322

188

Monro

Muffler

Brake,

Inc.

8,200

333

Motorcar

Parts

of

America,

Inc.(Æ)

11,966

93

Movado

Group,

Inc.

2,726

73

Nerdy,

Inc.(Æ)

1,000

4

Newell

Rubbermaid,

Inc.

58,679

511

Nu

Skin

Enterprises,

Inc.

Class

A

3,028

101

ODP

Corp.

(The)(Æ)

2,244

105

On

Holding

AG

Class

A(Æ)

11,107

367

OneSpaWorld

Holdings,

Ltd.(Æ)

67,417

816

Overstock.com,

Inc.(Æ)

4,019

131

Oxford

Industries,

Inc.

3,811

375

Perdoceo

Education

Corp.(Æ)

5,550

68

PetMed

Express,

Inc.

3,547

49

PowerSchool

Holdings,

Inc.

Class

A(Æ)(Ð)

986

19

QuinStreet,

Inc.(Æ)

5,943

53

Red

Rock

Resorts,

Inc.

Class

A

2,382

111

Reservoir

Media,

Inc.(Æ)

17,625

106

REV

Group,

Inc.

31,341

416

Rocky

Brands,

Inc.

13,733

288

Rover

Group,

Inc.(Æ)

23,804

117

Scholastic

Corp.

2,149

84

SeaWorld

Entertainment,

Inc.(Æ)(Ð)

3,147

176

Shoe

Carnival,

Inc.

4,203

99

Signet

Jewelers,

Ltd.

1,735

113

Smith

&

Wesson

Brands,

Inc.

37,049

483

Solo

Brands,

Inc.

Class

A(Æ)

19,896

113

Sonic

Automotive,

Inc.

Class

A(Û)

1,180

56

Sportradar

Holding

AG

Class

A(Æ)

5,089

66

Steven

Madden,

Ltd.

9,106

298

Stitch

Fix,

Inc.

Class

A(Æ)

24,438

94

Stride,

Inc.(Æ)(Ð)

7,834

292

Texas

Roadhouse,

Inc.

Class

A

9,299

1,044

Tilly's,

Inc.

Class

A(Æ)

2,966

21

Toll

Brothers,

Inc.(Ð)(Û)

3,080

244

Tri

Pointe

Homes,

Inc.(Æ)(Û)

11,241

369

Universal

Electronics,

Inc.(Æ)

657

6

Universal

Technical

Institute,

Inc.(Æ)

2,427

17

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

23

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Urban

Outfitters,

Inc.(Æ)

4,289

142

Vera

Bradley,

Inc.(Æ)

528

3

Visteon

Corp.(Æ)(Û)

1,164

167

Wabash

National

Corp.

3,605

92

Wingstop,

Inc.

1,642

329

Wolverine

World

Wide,

Inc.(Ð)

5,972

88

Zillow

Group,

Inc.

Class

A(Æ)(Û)

4,581

225

24,689

Consumer

Staples

-

4.2%

Alico,

Inc.

5,315

135

Andersons,

Inc.

(The)(Û)

1,674

77

Calavo

Growers,

Inc.

13,394

389

Cal-Maine

Foods,

Inc.(Û)

2,104

95

Celsius

Holdings,

Inc.(Æ)

6,873

1,025

Coca-Cola

Bottling

Co.

168

107

Coty,

Inc.

Class

A(Æ)

24,381

300

Dole

PLC

7,173

97

elf

Beauty,

Inc.(Æ)

12,647

1,445

Energizer

Holdings,

Inc.

-

GDR

4,420

183

Grocery

Outlet

Holding

Corp.(Æ)

21,365

654

Herbalife,

Ltd.(Æ)

9,645

128

Ingredion,

Inc.

1,405

149

Inter

Parfums,

Inc.

581

79

J&J

Snack

Foods

Corp.

3,615

572

John

B

Sanfilippo

&

Son,

Inc.

752

88

Nathan's

Famous,

Inc.

2,042

160

National

Vision

Holdings,

Inc.(Æ)(Ð)

5,459

133

Natural

Grocers

by

Vitamin

Cottage,

Inc.

10,562

129

Nomad

Foods,

Ltd.(Æ)

12,000

210

Post

Holdings,

Inc.(Æ)(Û)

471

41

Primo

Water

Corp.(Û)

8,487

106

Quanex

Building

Products

Corp.

15,258

410

Sovos

Brands,

Inc.(Æ)

61,808

1,209

SpartanNash

Co.

1,460

33

Spectrum

Brands

Holdings,

Inc.

1,081

84

Sprouts

Farmers

Market,

Inc.(Æ)

4,770

175

Turning

Point

Brands,

Inc.

844

20

United

Natural

Foods,

Inc.(Æ)(Ð)

1,979

39

Universal

Corp.

2,397

120

USANA

Health

Sciences,

Inc.(Æ)

698

44

Vector

Group,

Ltd.(Û)

5,350

69

Vita

Coco

Co.,

Inc.

(The)(Æ)(Ð)

10,169

273

Vital

Farms,

Inc.(Æ)

3,261

39

Weis

Markets,

Inc.

1,092

70

8,887

Energy

-

3.8%

Alpha

Metallurgical

Resources,

Inc.

203

33

Arch

Resources,

Inc.

1,963

221

Aris

Water

Solutions,

Inc.

Class

A

97,591

1,007

ChampionX

Corp.

16,094

500

CVR

Energy,

Inc.(Û)

2,553

76

Delek

US

Holdings,

Inc.

31,345

751

Dril-Quip,

Inc.(Æ)

12,821

298

Euro

Manganese,

Inc.(Æ)

48,071

5

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Green

Plains,

Inc.(Æ)

7,541

243

Helmerich

&

Payne,

Inc.

7,932

281

Kodiak

Gas

Services,

Inc.(Æ)

20,989

341

Mammoth

Energy

Services,

Inc.(Æ)

11,983

58

Matador

Resources

Co.

4,776

250

Matrix

Service

Co.(Æ)

14,280

84

Murphy

Oil

Corp.

4,662

179

Natural

Gas

Services

Group,

Inc.(Æ)

13,253

131

NOV,

Inc.

19,748

317

NOW,

Inc.(Æ)

12,212

127

Par

Pacific

Holdings,

Inc.(Æ)

5,283

141

Patterson-UTI

Energy,

Inc.(Ð)

49,734

595

PBF

Energy,

Inc.

Class

A(Ð)

7,714

316

Range

Resources

Corp.(Ð)

1,908

56

REX

American

Resources

Corp.(Æ)

3,593

125

Select

Energy

Services,

Inc.

Class

A

5,749

47

Sitio

Royalties

Corp.

Class

A(Ð)

6,656

175

SM

Energy

Co.

12,079

382

Solaris

Oilfield

Infrastructure,

Inc.

Class

A

62,587

521

Talon

Metals

Corp.(Æ)

375,500

100

TETRA

Technologies,

Inc.(Æ)

42,001

142

Valaris

Ltd.(Æ)

473

30

Warrior

Met

Coal,

Inc.(Ð)

13,921

542

World

Fuel

Services

Corp.

3,320

69

8,143

Financial

Services

-

18.8%

1st

Source

Corp.

2,654

111

Agree

Realty

Corp.(ö)

10,895

712

Air

Lease

Corp.

Class

A

10,720

449

Alpine

Income

Property

Trust,

Inc.(ö)

31,583

513

American

Equity

Investment

Life

Holding

Co.

6,056

316

Ameris

Bancorp

2,601

89

Apple

Hospitality

REIT,

Inc.(ö)

6,817

103

Applied

Digital

Corp.(Æ)

13,804

129

AssetMark

Financial

Holdings,

Inc.(Æ)

1,834

54

Atlantic

Union

Bankshares

Corp.

3,247

84

Avantax,

Inc.(Æ)

13,192

295

Axis

Capital

Holdings,

Ltd.

7,414

399

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

3,734

102

Banner

Corp.

2,542

111

Blackstone

Mortgage

Trust,

Inc.

Class

A(Ð)

(ö)

6,097

127

Brighthouse

Financial,

Inc.(Æ)

4,581

217

Brixmor

Property

Group,

Inc.(ö)

11,480

253

Broadstone

Net

Lease,

Inc.(ö)

12,910

199

Business

First

Bancshares,

Inc.

26,447

399

Byline

Bancorp,

Inc.

9,859

178

Cadence

Bank

19,526

383

Cambridge

Bancorp

2,036

111

Camden

Property

Trust(ö)(Û)

307

33

Capital

Bancorp,

Inc.

10,341

187

Capital

City

Bank

Group,

Inc.

8,376

257

Capitol

Federal

Financial,

Inc.

22,774

140

Capstar

Financial

Holdings,

Inc.

9,027

111

Cathay

General

Bancorp

2,825

91

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

24

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Chatham

Lodging

Trust(ö)

2,666

25

City

Holding

Co.

1,143

103

Civista

Bancshares,

Inc.

14,975

261

Clarivate

PLC(Æ)

12,101

115

CNO

Financial

Group,

Inc.

10,500

249

Coastal

Financial

Corp.(Æ)

520

20

Cohen

&

Steers,

Inc.

4,707

273

Columbia

Banking

System,

Inc.

14,227

289

Comerica,

Inc.

7,708

326

Community

Bank

System,

Inc.

2,166

102

Community

Healthcare

Trust,

Inc.(ö)

16,074

531

Compass,

Inc.

Class

A(Æ)

15,465

54

Corebridge

Financial,

Inc.(Ð)

1,213

21

Cousins

Properties,

Inc.(ö)

11,256

257

CTO

Realty

Growth,

Inc.(Ð)(ö)

26,294

451

Customers

Bancorp,

Inc.(Æ)

3,433

104

DiamondRock

Hospitality

Co.(Ð)(ö)

8,896

71

Donegal

Group,

Inc.

Class

A

6,005

87

Dun

&

Bradstreet

Holdings,

Inc.(Ð)

8,850

102

Easterly

Government

Properties,

Inc.(ö)

47,978

696

Encore

Capital

Group,

Inc.(Æ)

1,746

85

Enova

International,

Inc.(Æ)(Ð)

2,174

115

Enterprise

Financial

Services

Corp.

3,423

134

Equity

Commonwealth(ö)

20,044

406

Esquire

Financial

Holdings,

Inc.

5,468

250

Essent

Group,

Ltd.

9,594

449

Essential

Properties

Realty

Trust,

Inc.(ö)

3,539

83

Evercore,

Inc.

Class

A(Ð)

2,756

341

Everest

Re

Group,

Ltd.(Û)

163

56

EZCORP,

Inc.

Class

A(Æ)(Ð)

36,024

302

Federal

Agricultural

Mortgage

Corp.

Class

C

854

123

Federated

Hermes,

Inc.

Class

B

3,059

110

Fidelis

Insurance

Holdings,

Ltd.(Æ)

9,127

125

First

American

Financial

Corp.

7,891

450

First

BanCorp

21,190

259

First

Commonwealth

Financial

Corp.

14,964

189

First

Financial

Bankshares,

Inc.

4,308

123

First

Financial

Corp.

3,232

105

First

Foundation,

Inc.

4,600

18

First

Internet

Bancorp

1,303

19

First

Interstate

BancSystem,

Inc.

Class

A

13,429

320

First

Merchants

Corp.

4,411

125

First

Mid

Bancshares,

Inc.

6,838

165

Forestar

Group,

Inc.(Æ)(Ð)

1,099

25

Four

Corners

Property

Trust,

Inc.(ö)

7,951

202

FTAI

Aviation,

Ltd.

898

28

Fulton

Financial

Corp.

6,902

82

GCM

Grosvenor,

Inc.

Class

A

42,202

318

German

American

Bancorp,

Inc.

7,024

191

Getty

Realty

Corp.(ö)

6,690

226

Glacier

Bancorp,

Inc.

14,843

463

Guaranty

Bancshares,

Inc.

7,327

198

GXO

Logistics,

Inc.(Æ)

2,994

188

Hamilton

Lane,

Inc.

Class

A

1,225

98

Hancock

Holding

Co.

3,019

116

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

14,866

372

Hanover

Insurance

Group,

Inc.

(The)(Ð)

3,324

376

HarborOne

Bancorp,

Inc.

9,481

82

HCI

Group,

Inc.(Ð)

842

52

Heritage

Financial

Corp.

8,811

142

Hersha

Hospitality

Trust

Class

A(ö)

2,572

16

Highwoods

Properties,

Inc.(Ð)(ö)

3,244

78

Hilltop

Holdings,

Inc.

3,725

117

Home

BancShares,

Inc.

25,867

590

HomeStreet,

Inc.(Ð)

2,144

13

HomeTrust

Bancshares,

Inc.

114

2

Horace

Mann

Educators

Corp.(Ð)

16,709

496

Houlihan

Lokey,

Inc.

Class

A

1,428

140

Independent

Bank

Corp.

3,468

105

Innovative

Industrial

Properties,

Inc.(ö)

1,326

97

Interactive

Brokers

Group,

Inc.

Class

A(Ð)

657

55

International

Bancshares

Corp.

2,742

121

International

Money

Express,

Inc.(Æ)

19,134

469

Investar

Holding

Corp.

8,583

104

Investors

Title

Co.

310

45

Jackson

Financial,

Inc.

Class

A

10,752

329

James

River

Group

Holdings,

Ltd.

9,230

169

JER

Investment

Trust,

Inc.(Æ)(Š)(Þ)

1,771

—

John

Wiley

&

Sons,

Inc.

Class

A

2,843

97

Kemper

Corp.

7,976

385

Kinsale

Capital

Group,

Inc.

1,061

397

Legalzoom.com,

Inc.(Æ)

14,237

172

LendingClub

Corp.(Æ)

3,226

31

LendingTree,

Inc.(Æ)

5,847

129

Lincoln

National

Corp.

12,603

325

Live

Oak

Bancshares,

Inc.

3,951

104

LiveRamp

Holdings,

Inc.(Æ)

8,177

234

McGrath

RentCorp

1,603

148

Medifast,

Inc.

1,409

130

Merchants

Bancorp

4,640

119

Mercury

General

Corp.

2,659

80

Metropolitan

Bank

Holding

Corp.(Æ)(Ð)

11,621

404

Moelis

&

Co.

Class

A

3,034

138

Mr.

Cooper

Group,

Inc.(Æ)

2,876

146

MVB

Financial

Corp.

7,543

159

National

Bank

Holdings

Corp.

Class

A

19,183

557

Navient

Corp.

11,442

213

NETSTREIT

Corp.(ö)

56,501

1,010

Newmark

Group,

Inc.

Class

A

26,276

163

NMI

Holdings,

Inc.

Class

A(Æ)

14,069

363

Northeast

Bank

5,193

216

Northrim

BanCorp,

Inc.

164

6

OFG

Bancorp

3,186

83

Old

National

Bancorp

19,963

278

Old

Second

Bancorp,

Inc.

22,169

290

Outfront

Media,

Inc.(ö)

20,359

320

Pagseguro

Digital,

Ltd.

Class

A(Æ)

7,484

71

Palomar

Holdings,

Inc.(Æ)(Ð)

1,000

58

Park

Hotels

&

Resorts,

Inc.(Ð)(ö)

14,950

192

Pathward

Financial,

Inc.

2,391

111

Peapack-Gladstone

Financial

Corp.

185

5

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

25

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Perella

Weinberg

Partners

70,277

585

Piper

Jaffray

Cos.

482

62

Plymouth

Industrial

REIT,

Inc.(ö)

16,474

379

Popular,

Inc.

4,347

263

PRA

Group,

Inc.(Æ)

2,683

61

Preferred

Bank

1,599

88

Premier

Financial

Corp.

13,473

216

ProAssurance

Corp.

3,040

46

Radian

Group,

Inc.

6,061

153

Red

River

Bancshares,

Inc.

2,363

116

Redfin

Corp.(Æ)

11,048

137

Regional

Management

Corp.

626

19

Reinsurance

Group

of

America,

Inc.

Class

A

3,041

422

RenaissanceRe

Holdings,

Ltd.

1,979

369

Renasant

Corp.

3,427

90

Riverview

Bancorp,

Inc.

19,391

98

RLI

Corp.

1,015

139

RLJ

Lodging

Trust(ö)

9,919

102

RMR

Group,

Inc.

(The)

Class

A

4,229

98

Robinhood

Markets,

Inc.

Class

A(Æ)(Ð)

4,752

47

Ryan

Specialty

Holdings,

Inc.

Class

A(Æ)

(Û)

6,290

282

Ryman

Hospitality

Properties,

Inc.(ö)

4,226

393

Safety

Insurance

Group,

Inc.

1,272

91

Sandy

Spring

Bancorp,

Inc.

15,491

351

Seacoast

Banking

Corp.

of

Florida

6,128

135

Selective

Insurance

Group,

Inc.

1,707

164

Silvercrest

Asset

Management

Group,

Inc.

Class

A

4,903

99

Simmons

First

National

Corp.

Class

A

5,688

98

Skyward

Specialty

Insurance

Group,

Inc.

(Æ)

10,378

264

SLM

Corp.(Ð)

19,025

310

SouthState

Corp.

2,317

152

SP

Plus

Corp.(Æ)

3,982

156

Spirit

Realty

Capital,

Inc.(ö)

4,415

174

Sprott,

Inc.

1,544

50

STAG

Industrial,

Inc.(ö)

18,502

664

StepStone

Group,

Inc.

Class

A

1,200

30

Stewart

Information

Services

Corp.

13,100

539

StoneX

Group,

Inc.(Æ)

681

57

Sunstone

Hotel

Investors,

Inc.(ö)

10,157

103

Synovus

Financial

Corp.

3,081

93

Target

Hospitality

Corp.

Class

A(Æ)(Ð)

3,107

42

Terreno

Realty

Corp.(ö)

1,687

101

Territorial

Bancorp,

Inc.

7,771

95

Texas

Capital

Bancshares,

Inc.(Æ)

6,248

322

Tiptree,

Inc.

Class

A

19,647

295

Towne

Bank

5,335

124

TPG,

Inc.

1,887

55

Triumph

Financial,

Inc.

11,803

717

Trupanion,

Inc.(Æ)

1,371

27

UMB

Financial

Corp.

1,785

109

UMH

Properties,

Inc.(ö)

23,153

370

United

Bankshares,

Inc.

4,217

125

United

Community

Banks,

Inc.

4,494

112

United

Fire

Group,

Inc.(Ð)

657

15

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Universal

Insurance

Holdings,

Inc.

2,914

45

Valley

National

Bancorp

32,556

252

Virtu

Financial,

Inc.

Class

A

4,400

75

Walker

&

Dunlop,

Inc.

2,382

188

Webster

Financial

Corp.

3,290

124

Westamerica

BanCorp

4,364

167

Westwood

Holdings

Group,

Inc.

23,589

292

William

Penn

Bancorp(Ð)

29,346

298

Xenia

Hotels

&

Resorts,

Inc.(ö)

6,304

78

Zions

Bancorp

NA

9,159

246

39,850

Health

Care

-

18.0%

2seventy

bio,

Inc.(Æ)

4,068

41

Acadia

Pharmaceuticals,

Inc.(Æ)(Ð)

10,791

258

Accuray,

Inc.(Æ)

5,678

22

Adaptive

Biotechnologies

Corp.(Æ)(Ð)

6,600

44

Akebia

Therapeutics,

Inc.(Æ)

12,274

11

Alector,

Inc.(Æ)

6,700

40

Alkermes

PLC(Æ)

744

23

Alphatec

Holdings,

Inc.(Æ)

27,743

499

Amedisys,

Inc.(Æ)

2,900

265

American

Well

Corp.

Class

A(Æ)(Ð)

14,578

31

Amneal

Pharmaceuticals,

Inc.(Æ)

1,849

6

Amphastar

Pharmaceuticals,

Inc.(Æ)

4,459

256

AnaptysBio,

Inc.(Æ)(Ð)

1,640

33

AngioDynamics,

Inc.(Æ)

2,700

28

ANI

Pharmaceuticals,

Inc.(Æ)

17,266

929

Apellis

Pharmaceuticals,

Inc.(Æ)

8,394

765

Arcellx,

Inc.(Æ)

9,316

295

Arcus

Biosciences,

Inc.(Æ)

1,621

33

Argenx

SE

-

ADR(Æ)

807

314

Arrowhead

Pharmaceuticals,

Inc.(Æ)

15,766

562

Arvinas,

Inc.(Æ)

3,062

76

Ascendis

Pharma

A/S

-

ADR(Æ)

2,944

263

Assertio

Holdings,

Inc.(Æ)

10,015

54

Avanos

Medical,

Inc.(Æ)

6,111

156

Avid

Bioservices,

Inc.(Æ)

72,783

1,017

Avita

Medical,

Inc.(Æ)(Ð)

10,537

179

Axogen,

Inc.(Æ)

1,600

15

Axsome

Therapeutics,

Inc.(Æ)

1,224

88

Beam

Therapeutics,

Inc.(Æ)

7,702

246

BioCryst

Pharmaceuticals,

Inc.(Æ)(Ð)

4,377

31

Biohaven,

Ltd.(Æ)

1,961

47

BioLife

Solutions,

Inc.(Æ)

28,410

628

Bluebird

Bio,

Inc.(Æ)

11,130

37

Blueprint

Medicines

Corp.(Æ)

2,346

148

C4

Therapeutics,

Inc.(Æ)

3,528

10

Cara

Therapeutics,

Inc.(Æ)(Ð)

3,700

10

CareDx,

Inc.(Æ)(Ð)

5,141

44

Castle

Biosciences,

Inc.(Æ)

1,600

22

Catalyst

Pharmaceuticals,

Inc.(Æ)

8,055

108

Certara,

Inc.(Æ)

9,001

164

Chemed

Corp.

707

383

CinCor

Pharma,

Inc.(Æ)(Š)

3,630

11

Computer

Programs

&

Systems,

Inc.(Æ)

4,687

116

CONMED

Corp.

6,031

820

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

26

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CorVel

Corp.(Æ)

398

77

CSAIL

Commercial

Mortgage

Trust(Æ)

1,900

20

Cytokinetics,

Inc.(Æ)

16,148

527

CytomX

Therapeutics,

Inc.(Æ)(Ð)

4,574

8

DaVita

HealthCare

Partners,

Inc.(Æ)

4,177

420

Deciphera

Pharmaceuticals,

Inc.(Æ)

5,444

77

Denali

Therapeutics,

Inc.(Æ)

7,282

215

Dyne

Therapeutics,

Inc.(Æ)(Ð)

9,788

110

Emergent

BioSolutions,

Inc.(Æ)(Ð)

7,115

52

Enanta

Pharmaceuticals,

Inc.(Æ)(Ð)

1,328

28

Enovis

Corp.

Class

W(Æ)

5,917

379

Ensign

Group,

Inc.

(The)

1,311

125

Envista

Holdings

Corp.(Æ)

1,057

36

EQRx,

Inc.(Æ)

10,900

20

Exelixis,

Inc.(Æ)

17,705

338

Fate

Therapeutics,

Inc.(Æ)

9,430

45

FibroGen,

Inc.(Æ)

6,130

17

Fulgent

Genetics,

Inc.(Æ)

5,395

200

GoodRx

Holdings,

Inc.

Class

A(Æ)

6,634

37

Guardant

Health,

Inc.(Æ)(Ð)

5,810

208

Haemonetics

Corp.(Æ)

1,456

124

Halozyme

Therapeutics,

Inc.(Æ)

6,447

233

Harmony

Biosciences

Holdings,

Inc.(Æ)(Ð)

995

35

Harrow

Health,

Inc.(Æ)

7,383

141

Health

Catalyst,

Inc.(Æ)

5,098

64

HealthEquity,

Inc.(Æ)

2,121

134

Inari

Medical,

Inc.(Æ)

2,514

146

InfuSystem

Holdings,

Inc.(Æ)(Ð)

54,545

525

Inhibrx,

Inc.(Æ)

29,718

771

Innoviva,

Inc.(Æ)

41,622

530

Inogen,

Inc.(Æ)

7,318

85

Inspire

Medical

Systems,

Inc.(Æ)

2,162

702

Integer

Holdings

Corp.(Æ)

1,698

150

Intellia

Therapeutics,

Inc.(Æ)

6,764

276

Intercept

Pharmaceuticals,

Inc.(Æ)

4,262

47

Ionis

Pharmaceuticals,

Inc.(Æ)(Ð)

1,207

50

iRadimed

Corp.

23,180

1,107

iTeos

Therapeutics,

Inc.(Æ)

1,313

17

Joint

Corp.

(The)(Æ)

6,280

85

Karuna

Therapeutics,

Inc.(Æ)

357

77

Karyopharm

Therapeutics,

Inc.(Æ)

11,294

20

Keros

Therapeutics,

Inc.(Æ)

4,667

187

Krystal

Biotech,

Inc.(Æ)

1,545

181

Kura

Oncology,

Inc.(Æ)

8,027

85

Kymera

Therapeutics,

Inc.(Æ)

2,206

51

Lantheus

Holdings,

Inc.(Æ)

2,534

213

Legend

Biotech

Corp.

-

ADR(Æ)

6,464

446

LeMaitre

Vascular,

Inc.

23,089

1,553

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)(Ð)

1,842

133

LivaNova

PLC(Æ)(Ð)

4,685

241

Lyell

Immunopharma,

Inc.(Æ)

1,702

5

Medpace

Holdings,

Inc.(Æ)

3,503

841

MeiraGTx

Holdings

PLC(Æ)

9,141

61

Merit

Medical

Systems,

Inc.(Æ)

2,864

240

Mersana

Therapeutics,

Inc.(Æ)

11,458

38

Mirati

Therapeutics,

Inc.(Æ)(Ð)

3,437

124

NanoString

Technologies,

Inc.(Æ)(Ð)

3,869

16

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Natera,

Inc.(Æ)

1,787

87

National

HealthCare

Corp.

2,678

166

Nektar

Therapeutics(Æ)

11,615

7

Neogen

Corp.(Æ)

7,204

157

Neurocrine

Biosciences,

Inc.(Æ)

9,352

882

NGM

Biopharmaceuticals,

Inc.(Æ)

3,110

8

Nurix

Therapeutics,

Inc.(Æ)(Ð)

3,773

38

NuVasive,

Inc.(Æ)

1,226

51

Option

Care

Health,

Inc.(Æ)

6,161

200

OraSure

Technologies,

Inc.(Æ)(Ð)

6,883

34

Organon

&

Co.(Ð)

15,796

329

Orthofix

Medical,

Inc.(Æ)

9,064

164

Owens

&

Minor,

Inc.(Æ)(Ð)

11,531

220

Pacira

BioSciences,

Inc.(Æ)

3,919

157

Pediatrix

Medical

Group,

Inc.(Æ)(Ð)

18,800

267

Pennant

Group,

Inc.

(The)(Æ)

10,601

130

Penumbra,

Inc.(Æ)

722

248

Perrigo

Co.

PLC

17,888

607

Personalis,

Inc.(Æ)

2,788

5

PetIQ,

Inc.(Æ)

10,220

155

Phathom

Pharmaceuticals,

Inc.(Æ)(Ð)

2,033

29

Pliant

Therapeutics,

Inc.(Æ)

4,293

78

Prestige

Brands

Holdings,

Inc.(Æ)

2,922

174

PTC

Therapeutics,

Inc.(Æ)

8,993

366

Pulmonx

Corp.(Æ)(Ð)

4,467

59

Quanterix

Corp.(Æ)

2,000

45

Quipt

Home

Medical

Corp.(Æ)(Ð)

35,786

191

Radius

Health,

Inc.(Æ)(Š)

16,200

1

RadNet,

Inc.(Æ)

5,356

175

Recursion

Pharmaceuticals,

Inc.

Class

A(Æ)

7,622

57

REGENXBIO,

Inc.(Æ)(Ð)

4,326

86

Repligen

Corp.(Æ)

2,551

361

Revance

Therapeutics,

Inc.(Æ)

2,429

61

Rigel

Pharmaceuticals,

Inc.(Æ)

17,900

23

Rocket

Pharmaceuticals,

Inc.(Æ)

41,435

823

RxSight,

Inc.(Æ)

16,895

487

Sangamo

BioSciences,

Inc.(Æ)

10,300

13

Sarepta

Therapeutics,

Inc.(Æ)(Ð)

2,364

271

Schrodinger,

Inc.(Æ)

13,896

694

Science

37

Holdings,

Inc.(Æ)

332,355

71

Select

Medical

Holdings

Corp.

4,285

137

Selecta

Biosciences,

Inc.(Æ)

4,638

5

Semler

Scientific,

Inc.(Æ)

679

18

Sharecare,

Inc.(Æ)

67,536

118

ShockWave

Medical,

Inc.(Æ)

1,268

362

SpringWorks

Therapeutics,

Inc.(Æ)

6,300

165

STAAR

Surgical

Co.(Æ)

1,908

100

Supernus

Pharmaceuticals,

Inc.(Æ)

2,049

62

Surmodics,

Inc.(Æ)

5,714

179

Sutro

Biopharma,

Inc.(Æ)

3,305

15

Syneos

Health,

Inc.

Class

A(Æ)

3,875

163

Tabula

Rasa

HealthCare,

Inc.(Æ)

765

6

Tactile

Systems

Technology,

Inc.(Æ)

9,935

248

Talkspace,

Inc.(Æ)

128,934

164

Tandem

Diabetes

Care,

Inc.(Æ)(Ð)

3,616

89

Tela

Bio,

Inc.(Æ)

9,730

99

Tenet

Healthcare

Corp.(Æ)

6,507

530

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

27

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Theravance

Biopharma,

Inc.(Æ)

1,659

17

TransMedics

Group,

Inc.(Æ)

4,685

393

Travere

Therapeutics,

Inc.(Æ)

7,088

109

Treace

Medical

Concepts,

Inc.(Æ)

15,560

398

UFP

Technologies,

Inc.(Æ)

7,459

1,446

Ultragenyx

Pharmaceutical,

Inc.(Æ)(Ð)

6,934

320

United

Therapeutics

Corp.(Æ)(Û)

3,187

704

US

Physical

Therapy,

Inc.

1,047

127

Utah

Medical

Products,

Inc.

6,762

630

Vanda

Pharmaceuticals,

Inc.(Æ)

3,230

21

Ventyx

Biosciences,

Inc.(Æ)

3,288

108

Veradigm,

Inc.(Æ)(Ð)

23,365

294

Viemed

Healthcare,

Inc.(Æ)

12,062

118

Viridian

Therapeutics,

Inc.(Æ)

10,228

243

Xencor,

Inc.(Æ)

9,779

244

Xenon

Pharmaceuticals,

Inc.(Æ)

10,298

396

Y-mAbs

Therapeutics,

Inc.(Æ)

3,150

21

Zai

Lab,

Ltd.

-

ADR(Æ)

7,422

206

Zentalis

Pharmaceuticals,

Inc.(Æ)

6,325

178

Zimvie,

Inc.(Æ)

2,248

25

Zymeworks,

Inc.(Æ)

1,000

9

38,245

Materials

and

Processing

-

8.1%

AAON,

Inc.

2,232

212

Allegheny

Technologies,

Inc.(Æ)

6,530

289

A-Mark

Precious

Metals,

Inc.

1,140

43

American

Vanguard

Corp.

5,547

99

Apogee

Enterprises,

Inc.

1,728

82

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

8,745

33

Arizona

Sonoran

Copper

Co.,

Inc.(Æ)

73,119

92

Avient

Corp.

9,786

400

Axalta

Coating

Systems,

Ltd.(Æ)

6,573

216

AZEK

Co.,

Inc.

(The)(Æ)

16,451

498

Balchem

Corp.

1,852

250

Boise

Cascade

Co.

3,596

325

BrightView

Holdings,

Inc.(Æ)

10,115

73

Broadwind

Energy,

Inc.(Æ)

24,495

94

Builders

FirstSource,

Inc.(Æ)

3,754

511

Cabot

Corp.

1,830

122

Capstone

Mining

Corp.(Æ)

25,565

116

Carpenter

Technology

Corp.

7,511

422

Chemours

Co.

(The)(Ð)

12,083

446

Clearwater

Paper

Corp.(Æ)

893

28

Codexis,

Inc.(Æ)

7,735

22

Commercial

Metals

Co.

6,173

325

Constellium

SE(Æ)

9,153

157

Critical

Elements

Lithium

Corp.(Æ)

38,801

51

E3

Lithium,

Ltd.(Æ)(Ð)

43,035

75

Eagle

Materials,

Inc.

193

36

Ecovyst,

Inc.(Æ)

46,597

534

Element

Solutions,

Inc.

19,421

373

ERO

Copper

Corp.(Æ)

6,341

128

Foran

Mining

Corp.(Æ)

11,064

29

Global

Industrial

Co.

771

21

Healthcare

Services

Group,

Inc.

39,343

587

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hecla

Mining

Co.

24,414

126

Horizonte

Minerals

PLC(Æ)

79,573

146

Huntsman

Corp.

11,517

311

Interface,

Inc.

Class

A

3,100

27

JELD-WEN

Holding,

Inc.(Æ)(Ð)

13,020

228

Kaiser

Aluminum

Corp.

14,687

1,052

Knife

River

Corp.(Æ)

1,095

48

Louisiana-Pacific

Corp.(Ð)

5,241

393

Mativ

Holdings,

Inc.

34,549

522

MP

Materials

Corp.(Æ)(Ð)

3,056

70

MRC

Global,

Inc.(Æ)

13,133

132

Northwest

Pipe

Co.(Æ)

6,597

200

Nouveau

Monde

Graphite,

Inc.(Æ)

14,944

45

NOVAGOLD

Resources,

Inc.(Æ)(Ð)

15,200

61

O-I

Glass,

Inc.(Æ)

8,502

181

Oil-Dri

Corp.

of

America

927

55

Olympic

Steel,

Inc.(Ð)

3,629

178

Orion

Engineered

Carbons

SA

4,681

99

Perimeter

Solutions

SA(Æ)

13,324

82

PGT

Innovations,

Inc.(Æ)

3,877

113

Piedmont

Lithium,

Inc.(Æ)

2,686

155

Quaker

Chemical

Corp.

966

188

Ranpak

Holdings

Corp.(Æ)

23,478

106

Rayonier

Advanced

Materials,

Inc.(Æ)(Ð)

3,700

16

Resideo

Technologies,

Inc.(Æ)

7,868

139

Resolute

Forest

Products,

Inc.(Æ)(Š)

7,348

10

Rogers

Corp.(Æ)

886

143

Royal

Gold,

Inc.

1,902

218

Rush

Enterprises,

Inc.

Class

A

2,648

161

ScanSource,

Inc.(Æ)

656

19

Schnitzer

Steel

Industries,

Inc.

Class

A

12,603

378

SiteOne

Landscape

Supply,

Inc.(Æ)

3,346

560

SmartRent,

Inc.(Æ)(Ð)

41,324

158

Sonoco

Products

Co.

4,691

277

Stelco

Holdings,

Inc.

3,275

107

Stepan

Co.

1,427

136

Summit

Materials,

Inc.

Class

A(Æ)

5,934

225

Sylvamo

Corp.(Ð)

2,348

95

Tecnoglass,

Inc.

12,514

647

TimkenSteel

Corp.(Æ)

12,200

263

Trinseo

PLC

34,616

439

Tronox

Holdings

PLC

Class

A

53,605

681

UFP

Industries,

Inc.

1,800

175

Unifi,

Inc.(Æ)

14,012

113

United

States

Lime

&

Minerals,

Inc.

367

77

Univar

Solutions,

Inc.

-

ADR(Æ)

8,708

312

Universal

Stainless

&

Alloy

Products,

Inc.

(Æ)

4,349

61

Valvoline,

Inc.

5,169

194

Veritiv

Corp.

1,092

137

VSE

Corp.

1,690

92

Worthington

Industries,

Inc.

2,102

146

17,186

Producer

Durables

-

16.4%

Aaron's

Co.,

Inc.

(The)

2,700

38

ABM

Industries,

Inc.

3,762

160

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

28

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Adient

PLC(Æ)(Û)

5,129

197

ADT,

Inc.

5,409

33

AECOM(Ð)

4,363

369

AGCO

Corp.

2,898

381

Alight,

Inc.

Class

A(Æ)

13,739

127

Allied

Motion

Technologies,

Inc.

16,783

670

Allison

Transmission

Holdings,

Inc.

Class

A

3,277

185

Alta

Equipment

Group,

Inc.

1,400

24

AMN

Healthcare

Services,

Inc.(Æ)

1,284

140

Applied

Industrial

Technologies,

Inc.

1,828

265

ArcBest

Corp.

4,006

396

Arcosa,

Inc.

5,041

382

Ardmore

Shipping

Corp.

17,998

222

Argan,

Inc.

5,952

235

ASGN,

Inc.(Æ)

1,771

134

Astec

Industries,

Inc.

1,035

47

Badger

Meter,

Inc.

855

126

Barnes

Group,

Inc.

10,365

437

Barrett

Business

Services,

Inc.

679

59

Bloom

Energy

Corp.

Class

A(Æ)(Ð)

5,870

96

Bowman

Consulting

Group,

Ltd.(Æ)(Ð)

3,579

114

Brady

Corp.

Class

A

1,814

86

BWX

Technologies,

Inc.

2,846

204

Casella

Waste

Systems,

Inc.

Class

A(Æ)

9,368

847

CBIZ,

Inc.(Æ)

5,552

296

CECO

Environmental

Corp.(Æ)

10,526

141

Centrus

Energy

Corp.

Class

A(Æ)(Ð)

809

26

Chart

Industries,

Inc.(Æ)

1,187

190

Comfort

Systems

USA,

Inc.

765

126

CompoSecure,

Inc.(Æ)(Ð)

16,558

114

Construction

Partners,

Inc.

Class

A(Æ)

868

27

Covenant

Logistics

Group,

Inc.

Class

A

1,162

51

Cross

Country

Healthcare,

Inc.(Æ)

8,241

231

Daseke,

Inc.(Æ)

11,302

81

Deluxe

Corp.

30,584

535

DHT

Holdings,

Inc.

22,921

196

Dorian

LPG,

Ltd.

1,000

26

Dycom

Industries,

Inc.(Æ)(Ð)

2,861

325

Eagle

Bulk

Shipping,

Inc.(Ð)

6,265

301

EMCOR

Group,

Inc.

1,145

212

Encore

Wire

Corp.

2,056

382

Energy

Recovery,

Inc.(Æ)

6,807

190

EnerSys

6,362

690

Ennis,

Inc.

4,049

83

EVERTEC,

Inc.

3,058

113

ExlService

Holdings,

Inc.(Æ)

753

114

Exponent,

Inc.

1,296

121

Faro

Technologies,

Inc.(Æ)(Ð)

1,421

23

Federal

Signal

Corp.

5,412

347

First

Advantage

Corp.(Æ)

7,645

118

Flowserve

Corp.

21,992

817

Fluor

Corp.(Æ)(Ð)

11,950

354

Flywire

Corp.(Æ)

8,581

266

Fox

Factory

Holding

Corp.(Æ)

631

68

Franklin

Electric

Co.,

Inc.

1,402

144

Frontdoor,

Inc.(Æ)

3,828

122

Frontier

Group

Holdings,

Inc.(Æ)

12,458

120

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Genco

Shipping

&

Trading,

Ltd.

8,775

123

Generac

Holdings,

Inc.(Æ)

477

71

Gentex

Corp.

6,635

194

GEO

Group,

Inc.

(The)(Æ)(Ð)

11,325

81

Granite

Construction,

Inc.

4,784

190

Green

Dot

Corp.

Class

A(Æ)

1,730

32

Hackett

Group,

Inc.

(The)

1,294

29

Harsco

Corp.(Æ)

9,479

94

Heartland

Express,

Inc.

5,486

90

Heidrick

&

Struggles

International,

Inc.

870

23

Helios

Technologies,

Inc.

1,183

78

Herc

Holdings,

Inc.

Class

W

2,222

304

Heritage-Crystal

Clean,

Inc.(Æ)

1,304

49

Hillman

Solutions

Corp.(Æ)

17,926

162

HNI

Corp.

3,475

98

Hub

Group,

Inc.

Class

A(Æ)

1,501

121

Hyster-Yale

Materials

Handling,

Inc.

949

53

I3

Verticals,

Inc.

Class

A(Æ)

44,463

1,016

ICF

International,

Inc.

1,329

165

indie

Semiconductor,

Inc.

Class

A(Æ)(Ð)

13,038

123

Innodata,

Inc.(Æ)

5,915

67

Insperity,

Inc.

1,968

234

Integrated

Electrical

Services,

Inc.(Æ)

1,111

63

Kadant,

Inc.

477

106

Kaman

Corp.

Class

A

20,062

488

Kennametal,

Inc.

5,108

145

Kforce,

Inc.

959

60

Kirby

Corp.(Æ)

2,186

168

Knight-Swift

Transportation

Holdings,

Inc.

2,006

111

Korn

Ferry

2,166

107

Landstar

System,

Inc.(Û)

2,022

389

Lindsay

Corp.

561

67

Manitowoc

Co.,

Inc.

(The)(Æ)

12,336

232

ManpowerGroup,

Inc.(Û)

2,760

219

Marten

Transport,

Ltd.

3,951

85

Matson,

Inc.

5,693

443

Mercury

Systems,

Inc.(Æ)

9,439

326

Mesa

Laboratories,

Inc.

5,523

710

Methode

Electronics,

Inc.

1,940

65

MillerKnoll,

Inc.

26,354

389

Mirion

Technologies,

Inc.(Æ)

18,781

159

Mitek

Systems,

Inc.(Æ)

54,485

591

Moog,

Inc.

Class

A

871

94

Mueller

Industries,

Inc.

2,069

181

Murphy

USA,

Inc.

486

151

MYR

Group,

Inc.(Æ)

1,387

192

National

Instruments

Corp.

1,615

93

National

Research

Corp.

Class

A

1,447

63

NEXTracker,

Inc.

Class

A(Æ)

609

24

NV5

Global,

Inc.(Æ)

451

50

Orion

Group

Holdings,

Inc.(Æ)

45,723

128

Oshkosh

Corp.(Ð)

3,889

337

PAM

Transportation

Services,

Inc.(Æ)

691

18

Park-Ohio

Holdings

Corp.

122

2

Payoneer

Global,

Inc.(Æ)

15,919

77

Paysafe,

Ltd.(Æ)

1,759

18

Pitney

Bowes,

Inc.

7,171

25

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

29

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Powell

Industries,

Inc.

782

47

Primoris

Services

Corp.

24,462

745

PROG

Holdings,

Inc.(Æ)

5,403

174

Proto

Labs,

Inc.(Æ)

7,079

247

Radiant

Logistics,

Inc.(Æ)

32,543

219

Remitly

Global,

Inc.(Æ)

10,303

194

Repay

Holdings

Corp.(Æ)

79,019

619

Resources

Connection,

Inc.

6,657

105

RXO,

Inc.(Æ)

2,619

59

Ryerson

Holding

Corp.

1,833

80

Saia,

Inc.(Æ)

2,589

886

Schneider

National,

Inc.

Class

B(Û)

4,316

124

Scorpio

Tankers,

Inc.

9,175

433

Sight

Sciences,

Inc.(Æ)

18,519

153

Skyline

Champion

Corp.(Æ)

10,059

658

Spirit

Airlines,

Inc.

5,111

88

Stagwell,

Inc.(Æ)(Û)

3,900

28

Star

Bulk

Carriers

Corp.(Ð)

7,139

126

Steelcase,

Inc.

Class

A

5,848

45

Stericycle,

Inc.(Æ)

1,821

85

Sterling

Infrastructure,

Inc.(Æ)

10,559

589

Stoneridge,

Inc.(Æ)(Ð)

25,145

474

Sun

Country

Airlines

Holdings,

Inc.(Æ)

8,038

181

Teekay

Tankers,

Ltd.

Class

A

8,805

337

Tennant

Co.

6,656

540

Terex

Corp.

2,875

172

Textron,

Inc.

4,835

327

Thermon

Group

Holdings,

Inc.(Æ)

6,142

163

Titan

International,

Inc.(Æ)

3,554

41

Titan

Machinery,

Inc.(Æ)

2,744

81

TopBuild

Corp.(Æ)

1,935

515

TreeHouse

Foods,

Inc.(Æ)

7,746

390

TriNet

Group,

Inc.(Æ)(Û)

3,870

368

Triton

International,

Ltd.

1,869

156

TrueBlue,

Inc.(Æ)

2,077

37

Tutor

Perini

Corp.(Æ)

18,828

135

UniFirst

Corp.

566

88

Universal

Truckload

Services,

Inc.

3,049

88

V2X,

Inc.(Æ)

4,394

218

Vertiv

Holdings

Co.

19,865

492

Vicor

Corp.(Æ)

1,905

103

Watts

Water

Technologies,

Inc.

Class

A

797

146

Werner

Enterprises,

Inc.

2,525

112

WNS

Holdings,

Ltd.

-

ADR(Æ)

10,517

775

Xerox

Holdings

Corp.

26,851

400

XPO,

Inc.(Æ)

2,135

126

ZipRecruiter,

Inc.

Class

A(Æ)(Ð)(Û)

4,072

72

34,938

Technology

-

13.9%

8x8,

Inc.(Æ)(Ð)

38,902

165

A10

Networks,

Inc.

23,191

338

ACV

Auctions,

Inc.

Class

A(Æ)

5,888

102

Adeia,

Inc.

3,400

37

ADTRAN

Holdings,

Inc.

45,084

475

Agilysys,

Inc.(Æ)

1,954

134

Altair

Engineering,

Inc.

Class

A(Æ)

1,437

109

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ambarella,

Inc.(Æ)

5,165

432

American

Software,

Inc.

Class

A

82,432

866

Amkor

Technology,

Inc.

4,264

127

Appfolio,

Inc.

Class

A(Æ)

2,092

360

Arlo

Technologies,

Inc.(Æ)

10,464

114

Arteris,

Inc.(Æ)

8,653

59

Augmedix,

Inc.(Æ)

38,924

187

Avid

Technology,

Inc.(Æ)

2,319

59

Axcelis

Technologies,

Inc.(Æ)(Û)

2,911

534

Bandwidth,

Inc.

Class

A(Æ)

2,151

29

Bel

Fuse,

Inc.

Class

B

8,614

494

Blend

Labs,

Inc.

Class

A(Æ)(Ð)

500

—

Box,

Inc.

Class

A(Æ)

11,102

326

Brightcove,

Inc.(Æ)

1,053

4

CalAmp

Corp.(Æ)

2,535

3

Calix,

Inc.(Æ)

2,371

118

Cambium

Networks

Corp.(Æ)

1,360

21

Cardlytics,

Inc.(Æ)

1,500

9

Cars.com,

Inc.(Æ)

9,129

181

Cerence,

Inc.(Æ)(Ð)

3,084

90

CI&T,

Inc.

Class

A(Æ)

43,661

274

Cirrus

Logic,

Inc.(Æ)

4,012

325

Climb

Global

Solutions,

Inc.

687

33

Cohu,

Inc.(Æ)

3,990

166

CommScope

Holding

Co.,

Inc.(Æ)

26,786

151

CommVault

Systems,

Inc.(Æ)

2,013

146

Conduent,

Inc.(Æ)

6,000

20

Couchbase,

Inc.(Æ)

1,644

26

Credo

Technology

Group

Holding,

Ltd.(Æ)

(Ð)

13,512

234

CS

Disco,

Inc.(Æ)(Ð)

1,900

16

CSG

Systems

International,

Inc.

4,529

239

Dell

Technologies,

Inc.

Class

C(Û)

2,083

113

DigitalBridge

Group,

Inc.

5,938

87

DigitalOcean

Holdings,

Inc.(Æ)(Ð)

4,283

172

Diodes,

Inc.(Æ)

1,376

127

DocuSign,

Inc.(Æ)(Û)

492

25

Domo,

Inc.

Class

B(Æ)

2,711

40

DoubleVerify

Holdings,

Inc.(Æ)

10,881

423

Dropbox,

Inc.

Class

A(Æ)(Û)

16,485

440

Endava

PLC

-

ADR(Æ)

3,840

199

ePlus,

Inc.(Æ)

2,237

126

Everbridge,

Inc.(Æ)

4,617

124

Evolv

Technologies

Holdings,

Inc.(Æ)

27,326

164

Extreme

Networks,

Inc.(Æ)

21,906

571

F5,

Inc.(Æ)(Û)

319

47

Five9,

Inc.(Æ)

4,716

389

FormFactor,

Inc.(Æ)

5,293

181

Genasys,

Inc.(Æ)

59,828

156

Guidewire

Software,

Inc.(Æ)

2,437

185

Harmonic,

Inc.(Æ)

21,626

350

HireRight

Holdings

Corp.(Æ)

3,204

36

IDT

Corp.

Class

B(Æ)

3,897

101

Immersion

Corp.

16,518

117

Impinj,

Inc.(Æ)(Ð)

1,772

159

Infinera

Corp.(Æ)(Ð)

20,513

99

Informatica,

Inc.

Class

A(Æ)(Ð)

3,570

66

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

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

$

Insight

Enterprises,

Inc.(Æ)

840

123

Intapp,

Inc.(Æ)

6,567

275

Integral

Ad

Science

Holding

LLC(Æ)(Û)

2,916

52

Ituran

Location

and

Control,

Ltd.

4,333

101

Jabil

Circuit,

Inc.(Û)

3,696

399

JFrog,

Ltd.(Æ)

6,372

176

Kaltura,

Inc.(Æ)(Ð)

53,452

113

KBR,

Inc.

4,156

270

Kulicke

&

Soffa

Industries,

Inc.

16,045

954

Kyndryl

Holdings,

Inc.(Æ)

16,705

222

LivePerson,

Inc.(Æ)(Ð)

6,800

31

Lyft,

Inc.

Class

A(Æ)(Ð)

19,879

191

MaxLinear,

Inc.

Class

A(Æ)

3,113

98

Model

N,

Inc.(Æ)

31,385

1,110

NAPCO

Security

Technologies,

Inc.

38,637

1,339

Navitas

Semiconductor

Corp.(Æ)(Ð)

7,407

78

NETGEAR,

Inc.(Æ)

2,697

38

NetScout

Systems,

Inc.(Æ)

5,316

164

New

Relic,

Inc.(Æ)

3,959

259

nLight,

Inc.(Æ)

5,501

85

Nutanix,

Inc.

Class

A(Æ)

10,148

285

NVE

Corp.

2,554

249

ON24,

Inc.

21,790

177

One

Stop

Systems,

Inc.(Æ)

24,597

71

OneSpan,

Inc.(Æ)

12,867

191

Ooma,

Inc.(Æ)

18,025

270

Ouster,

Inc.(Æ)

189

1

PDF

Solutions,

Inc.(Æ)(Ð)

27,909

1,259

Pegasystems,

Inc.

11,265

555

Perficient,

Inc.(Æ)

1,664

139

Perion

Network,

Ltd.(Æ)

1,534

47

PlayAGS,

Inc.(Æ)

2,554

14

Playtika

Holding

Corp.(Æ)(Û)

5,446

63

Power

Integrations,

Inc.

1,467

139

Preformed

Line

Products

Co.

447

70

Progress

Software

Corp.

1,588

92

Q2

Holdings,

Inc.(Æ)

2,054

63

Qualys,

Inc.(Æ)(Ð)

7,111

918

Quantum

Corp.(Æ)

1,901

2

RADCOM,

Ltd.(Æ)

10,957

104

Rambus,

Inc.(Æ)

4,584

294

Ribbon

Communications,

Inc.(Æ)(Ð)

6,982

19

Roku,

Inc.(Æ)(Ð)(Û)

2,157

138

Sanmina

Corp.(Æ)

2,005

121

Sapiens

International

Corp.

NV

2,165

58

SecureWorks

Corp.

Class

A(Æ)

1,434

10

Shutterstock,

Inc.

1,286

63

Silicon

Laboratories,

Inc.(Æ)

2,489

393

Simulations

Plus,

Inc.

24,503

1,062

SMART

Global

Holdings,

Inc.(Æ)

17,193

499

Smartsheet,

Inc.

Class

A(Æ)(Ð)

7,417

284

SolarWinds

Corp.(Æ)

2,671

27

Sonos,

Inc.(Æ)

11,091

181

Sprout

Social,

Inc.

Class

A(Æ)

2,850

132

SPS

Commerce,

Inc.(Æ)

696

134

Squarespace,

Inc.

Class

A(Æ)(Ð)

2,680

84

Super

Micro

Computer,

Inc.(Æ)

1,492

372

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Symbotic,

Inc.(Æ)(Ð)

3,009

129

Synaptics,

Inc.(Æ)

1,460

125

Telos

Corp.(Æ)

3,651

9

Tenable

Holdings,

Inc.(Æ)

5,841

254

TrueCar,

Inc.(Æ)

34,340

78

TTM

Technologies,

Inc.(Æ)

8,022

111

Unisys

Corp.(Æ)

4,215

17

Upland

Software,

Inc.(Æ)

1,000

4

Varonis

Systems,

Inc.(Æ)

15,556

415

Viavi

Solutions,

Inc.

Class

W(Æ)

23,108

262

Vimeo,

Inc.(Æ)

75,705

312

Vishay

Intertechnology,

Inc.

5,733

169

VTEX

Class

A(Æ)

42,661

205

Workiva,

Inc.(Æ)

8,732

888

Xperi,

Inc.(Æ)

2,000

26

Yelp,

Inc.

Class

A(Æ)(Û)

5,750

209

Yext,

Inc.(Æ)(Ð)

8,472

96

Zeta

Global

Holdings

Corp.

Class

A(Æ)

16,896

144

29,611

Utilities

-

4.6%

Allete,

Inc.

10,196

591

Allot,

Ltd.(Æ)

19,053

60

APA

Corp.(Ð)

2,256

77

Avista

Corp.

4,974

195

Black

Hills

Corp.

1,725

104

Brookfield

Infrastructure

Corp.

Class

A

2,125

97

California

Resources

Corp.(Û)

10,225

463

Chord

Energy

Corp.

1,355

208

CNX

Resources

Corp.(Æ)

8,200

145

Cogent

Communications

Holdings,

Inc.

1,427

96

Denbury,

Inc.(Æ)

1,769

153

Earthstone

Energy,

Inc.

Class

A(Æ)(Ð)

56,929

814

Evolution

Petroleum

Corp.

86,044

694

Excelerate

Energy,

Inc.

Class

A

23,425

476

Golar

LNG,

Ltd.

5,225

105

Iridium

Communications,

Inc.

2,699

168

Kosmos

Energy,

Ltd.(Æ)

23,273

139

Magnolia

Oil

&

Gas

Corp.

Class

A

6,928

145

New

Jersey

Resources

Corp.

2,126

100

Northern

Oil

and

Gas,

Inc.

2,453

84

Northwest

Natural

Holding

Co.

11,178

481

NorthWestern

Corp.

3,665

208

NRG

Energy,

Inc.(Ð)(Û)

10,652

398

ONE

Gas,

Inc.

3,865

297

Permian

Resources

Corp.

68,333

749

Portland

General

Electric

Co.

4,569

214

RGC

Resources,

Inc.

11,629

233

Saturn

Oil

&

Gas,

Inc.(Æ)

55,812

93

SilverBow

Resources,

Inc.(Æ)(Ð)

10,851

316

Southwest

Gas

Holdings,

Inc.

2,898

185

Spire,

Inc.

1,732

110

UGI

Corp.

7,375

199

Unitil

Corp.

7,749

393

US

Cellular

Corp.(Æ)(Û)

7,631

135

Vistra

Corp.(Û)

15,788

414

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

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

$

York

Water

Co.

(The)

11,046

456

9,795

Total

Common

Stocks

(cost

$193,112)

211,344

Short-Term

Investments

-

5.1%

U.S.

Cash

Management

Fund(@)

10,830,830

(∞)

10,828

Total

Short-Term

Investments

(cost

$10,827)

10,828

Other

Securities

-

2.3%

U.S.

Cash

Collateral

Fund(@)(×)

4,847,405

(∞)

4,847

Total

Other

Securities

(cost

$4,847)

4,847

Total

Investments

-

106.8%

(identified

cost

$208,786)

227,019

Securities

Sold

Short

-

(4.5)%

Consumer

Discretionary

-

(0.7)%

Acushnet

Holdings

Corp.

(482)

(26)

Akoustis

Technologies,

Inc.(Æ)

(6,385)

(20)

Altice

USA,

Inc.

Class

A(Æ)

(20,130)

(61)

America's

Car-Mart,

Inc.(Æ)

(358)

(36)

AMMO,

Inc.(Æ)

(3,516)

(8)

Blade

Air

Mobility,

Inc.(Æ)

(2,900)

(12)

Byrna

Technologies,

Inc.(Æ)

(875)

(4)

Churchill

Downs,

Inc.

(1,366)

(190)

Clear

Channel

Outdoor

Holdings,

Inc.(Æ)

(24,965)

(34)

Conn's,

Inc.(Æ)

(2,762)

(10)

Crocs,

Inc.(Æ)

(471)

(53)

DISH

Network

Corp.

Class

A(Æ)

(7,095)

(47)

Dream

Finders

Homes,

Inc.

Class

A(Æ)

(1,941)

(48)

GrowGeneration

Corp.(Æ)

(2,851)

(10)

iHeartMedia,

Inc.

Class

A(Æ)

(4,900)

(18)

Instructure

Holdings,

Inc.(Æ)

(1,287)

(32)

Joby

Aviation,

Inc.(Æ)

(8,603)

(88)

Kura

Sushi

USA,

Inc.

Class

A(Æ)

(141)

(13)

Leslie's,

Inc.(Æ)

(3,572)

(34)

LGI

Homes,

Inc.(Æ)

(609)

(82)

Lindblad

Expeditions

Holdings,

Inc.(Æ)

(442)

(5)

Magnite,

Inc.(Æ)

(3,836)

(52)

OneWater

Marine,

Inc.

Class

A(Æ)

(933)

(34)

Skillsoft

Corp.(Æ)

(4,541)

(6)

Topgolf

Callaway

Brands

Corp.(Æ)

(8,498)

(169)

XPEL,

Inc.(Æ)(Þ)

(1,590)

(134)

YETI

Holdings,

Inc.(Æ)

(1,684)

(65)

Ziff

Davis,

Inc.(Æ)

(1,304)

(91)

(1,382)

Consumer

Staples

-

(0.1)%

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

22nd

Century

Group,

Inc.(Æ)

(12,847)

(5)

Alico,

Inc.

(717)

(18)

B&G

Foods,

Inc.

Class

A

(2,343)

(33)

J&J

Snack

Foods

Corp.

(668)

(106)

MGP

Ingredients,

Inc.

(1,142)

(121)

Utz

Brands,

Inc.

(1,988)

(33)

(316)

Energy

-

(0.3)%

Ameresco,

Inc.

Class

A(Æ)

(1,370)

(67)

Cleanspark,

Inc.(Æ)

(4,383)

(19)

FuelCell

Energy,

Inc.(Æ)

(4,935)

(11)

GrafTech

International,

Ltd.

(8,767)

(44)

Ring

Energy,

Inc.(Æ)

(4,925)

(8)

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

(2,996)

(77)

Sitio

Royalties

Corp.

Class

A

(2,399)

(63)

Southwestern

Energy

Co.(Æ)

(18,505)

(111)

Sunrun,

Inc.(Æ)

(3,150)

(56)

Uranium

Energy

Corp.(Æ)

(23,795)

(81)

(537)

Financial

Services

-

(0.5)%

Annaly

Capital

Management,

Inc.(ö)

(8,092)

(162)

Arbor

Realty

Trust,

Inc.(ö)

(2,188)

(32)

ARMOUR

Residential

REIT,

Inc.(ö)

(2,537)

(14)

Chimera

Investment

Corp.(ö)

(2,681)

(15)

Distribution

Solutions

Group,

Inc.(Æ)

(477)

(25)

Dynex

Capital,

Inc.(ö)

(5,270)

(66)

European

Wax

Center,

Inc.

Class

A(Æ)

(913)

(17)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

(2,380)

(60)

Healthcare

Realty

Trust,

Inc.(ö)

(8,367)

(158)

New

York

Community

Bancorp,

Inc.

(16,793)

(189)

Potlatch

Corp.(ö)

(2,942)

(155)

Ready

Capital

Corp.(ö)

(4,173)

(47)

Uniti

Group,

Inc.(ö)

(9,378)

(43)

Webster

Financial

Corp.

(3,415)

(129)

(1,112)

Health

Care

-

(1.0)%

AdaptHealth

Corp.(Æ)

(6,040)

(73)

Agenus,

Inc.(Æ)

(20,354)

(33)

Akero

Therapeutics,

Inc.(Æ)

(190)

(9)

Amylyx

Pharmaceuticals,

Inc.(Æ)

(267)

(6)

Anavex

Life

Sciences

Corp.(Æ)

(2,236)

(18)

Apellis

Pharmaceuticals,

Inc.(Æ)

(1,850)

(169)

Atossa

Therapeutics,

Inc.(Æ)

(9,029)

(11)

Azenta,

Inc.(Æ)

(1,676)

(78)

BioLife

Solutions,

Inc.(Æ)

(2,464)

(54)

ClearPoint

Neuro,

Inc.(Æ)

(603)

(4)

Clover

Health

Investments

Corp.(Æ)

(14,619)

(13)

Collegium

Pharmaceutical,

Inc.(Æ)

(1,354)

(29)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

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

$

Cytokinetics,

Inc.(Æ)

(1,293)

(42)

Day

One

Biopharmaceuticals,

Inc.(Æ)

(930)

(11)

DocGo,

Inc.(Æ)

(2,663)

(25)

Exact

Sciences

Corp.(Æ)

(1,192)

(112)

Geron

Corp.(Æ)

(12,656)

(41)

ICU

Medical,

Inc.(Æ)

(716)

(128)

ImmunoGen,

Inc.(Æ)

(1,651)

(31)

Inhibrx,

Inc.(Æ)

(1,019)

(26)

Inotiv,

Inc.(Æ)

(1,607)

(8)

MannKind

Corp.(Æ)

(8,734)

(36)

Masimo

Corp.(Æ)

(853)

(140)

Neogen

Corp.(Æ)

(8,894)

(193)

Ocular

Therapeutix,

Inc.(Æ)

(4,213)

(22)

OrthoPediatrics

Corp.(Æ)

(617)

(27)

Pliant

Therapeutics,

Inc.(Æ)

(207)

(4)

Poseida

Therapeutics,

Inc.(Æ)

(2,066)

(4)

RadNet,

Inc.(Æ)

(476)

(16)

Repligen

Corp.(Æ)

(1,033)

(146)

Replimune

Group,

Inc.(Æ)

(1,267)

(29)

Revance

Therapeutics,

Inc.(Æ)

(2,912)

(74)

Seelos

Therapeutics,

Inc.(Æ)

(5,074)

(6)

Sharecare,

Inc.(Æ)

(1,737)

(3)

SIGA

Technologies,

Inc.

(3,036)

(15)

Sotera

Health

Co.(Æ)

(2,538)

(48)

Syndax

Pharmaceuticals,

Inc.(Æ)

(3,327)

(70)

TransMedics

Group,

Inc.(Æ)

(808)

(68)

Vaxcyte,

Inc.(Æ)

(2,360)

(118)

Ventyx

Biosciences,

Inc.(Æ)

(406)

(13)

Veracyte,

Inc.(Æ)

(6,608)

(168)

Vericel

Corp.(Æ)

(1,179)

(44)

Vicarious

Surgical,

Inc.(Æ)

(3,200)

(6)

Viking

Therapeutics,

Inc.(Æ)

(292)

(5)

(2,176)

Materials

and

Processing

-

(0.2)%

5E

Advanced

Materials,

Inc.(Æ)

(1,911)

(6)

Aspen

Aerogels,

Inc.(Æ)

(3,549)

(28)

Livent

Corp.(Æ)

(4,595)

(126)

Mativ

Holdings,

Inc.

(2,079)

(31)

Origin

Materials,

Inc.(Æ)

(1,800)

(8)

Pool

Corp.

(229)

(86)

Quaker

Chemical

Corp.

(440)

(86)

ThredUp,

Inc.

Class

A(Æ)

(5,788)

(14)

(385)

Producer

Durables

-

(0.5)%

908

Devices,

Inc.(Æ)

(1,316)

(9)

Affirm

Holdings,

Inc.(Æ)

(100)

(2)

Badger

Meter,

Inc.

(914)

(135)

GATX

Corp.

(874)

(113)

H&R

Block,

Inc.

(4,666)

(149)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

LCI

Industries

(755)

(95)

Microvast

Holdings,

Inc.(Æ)

(10,724)

(17)

MultiPlan

Corp.(Æ)

(15,401)

(32)

PureCycle

Technologies,

Inc.(Æ)

(6,815)

(73)

RBC

Bearings,

Inc.(Æ)

(580)

(126)

Repay

Holdings

Corp.(Æ)

(3,295)

(26)

Solid

Power,

Inc.(Æ)

(6,438)

(16)

V2X,

Inc.(Æ)

(720)

(36)

Whole

Earth

Brands,

Inc.(Æ)

(1,800)

(7)

Workhorse

Group,

Inc.(Æ)

(8,232)

(7)

Zurn

Water

Solutions

Corp.

(4,628)

(124)

(967)

Technology

-

(1.0)%

ADTRAN

Holdings,

Inc.

(4,016)

(42)

Aehr

Test

Systems(Æ)

(701)

(29)

Altair

Engineering,

Inc.

Class

A(Æ)

(2,210)

(168)

Angi,

Inc.(Æ)

(5,800)

(19)

AppLovin

Corp.

Class

A(Æ)

(6,428)

(165)

Bumble,

Inc.

Class

A(Æ)

(5,500)

(92)

Clearfield,

Inc.(Æ)

(1,314)

(62)

Coherent

Corp.(Æ)

(3,604)

(184)

Digi

International,

Inc.(Æ)

(1,433)

(56)

Digimarc

Corp.(Æ)

(1,518)

(45)

E2open

Parent

Holdings,

Inc.(Æ)

(9,559)

(53)

Entegris,

Inc.

(1,028)

(114)

Envestnet,

Inc.(Æ)

(1,613)

(96)

Frontier

Communications

Corp.(Æ)

(6,423)

(120)

Gen

Digital,

Inc.

(3,425)

(64)

Identiv,

Inc.(Æ)

(670)

(6)

InterDigital,

Inc.

(995)

(96)

Matterport,

Inc.(Æ)

(5,643)

(18)

MKS

Instruments,

Inc.

(1,324)

(143)

Model

N,

Inc.(Æ)

(82)

(3)

NAPCO

Security

Technologies,

Inc.

(1,135)

(39)

NextNav,

Inc.(Æ)

(2,100)

(6)

Ondas

Holdings,

Inc.(Æ)

(1,438)

(1)

Ouster,

Inc.(Æ)

(936)

(5)

PAR

Technology

Corp.(Æ)

(2,330)

(77)

Paycor

HCM,

Inc.(Æ)

(1,753)

(41)

Porch

Group,

Inc.(Æ)

(11,879)

(16)

Super

Micro

Computer,

Inc.(Æ)

(603)

(150)

Terran

Orbital

Corp.(Æ)

(3,200)

(5)

ViaSat,

Inc.(Æ)

(1,597)

(66)

Wolfspeed,

Inc.(Æ)

(3,575)

(199)

(2,180)

Utilities

-

(0.2)%

Chord

Energy

Corp.

(1,160)

(178)

Civitas

Resources,

Inc.

(2,439)

(169)

Crescent

Energy

Co.

Class

A

(740)

(8)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

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

$

Equitrans

Midstream

Corp.

(8,907)

(85)

Tellurian,

Inc.(Æ)

(9,597)

(14)

(454)

Total

Securities

Sold

Short

(proceeds

$9,347)

(9,509)

Other

Assets

and

Liabilities,

Net

-

(2.3)%

(4,817)

Net

Assets

-

100.0%

212,693

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

34

U.S.

Small

Cap

Equity

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

(0.1)%

JER

Investment

Trust,

Inc.

05/27/04

1,771

82.03

145

—

XPEL,

Inc.

02/09/22

(1,590)

59.32

(94)

(134)

(134)

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

113

USD

10,756

09/23

82

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

82

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Royal

Bank

of

Canada

USD

15

CAD

20

07/05/23

—

Royal

Bank

of

Canada

CAD

1

USD

1

07/05/23

—

State

Street

CAD

—

USD

—

07/05/23

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

—

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Common

Stocks

Consumer

Discretionary

$

24,689

$

—

$

—

$

—

$

24,689

11.6

Consumer

Staples

8,887

—

—

—

8,887

4.2

Energy

8,143

—

—

—

8,143

3.8

Financial

Services

39,850

—

—

—

39,850

18.8

Health

Care

38,233

—

12

—

38,245

18.0

Materials

and

Processing

17,176

—

10

—

17,186

8.1

Producer

Durables

34,938

—

—

—

34,938

16.4

Technology

29,611

—

—

—

29,611

13.9

Utilities

9,795

—

—

—

9,795

4.6

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

35

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Short-Term

Investments

—

—

—

10,828

10,828

5.1

Other

Securities

—

—

—

4,847

4,847

2.3

Total

Investments

211,322

—

22

15,675

227,019

106.8

Securities

Sold

Short

***

(9,509)

—

—

—

(9,509)

(4.5)

Other

Assets

and

Liabilities,

Net

(2.3)

100.0

Other

Financial

Instruments

Assets

Futures

Contracts

82

—

—

—

82

—

*

Total

Other

Financial

Instruments

**

$

82

$

—

$

—

$

—

$

82

*

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

June

30,

2023,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

June

30,

2023,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

36

U.S.

Small

Cap

Equity

Fund

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2023

(Unaudited)

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts*

$

82

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

227

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

359

*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

37

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

$

4,707

$

—

$

4,707

Total

Financial

and

Derivative

Assets

4,707

—

4,707

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

4,707

$

—

$

4,707

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

$

527

$

—

$

527

$

—

Barclays

266

—

266

—

Citigroup

174

—

174

—

Fidelity

713

—

713

—

Goldman

Sachs

301

—

301

—

HSBC

496

—

496

—

Morgan

Stanley

1,507

—

1,507

—

National

Bank

of

Canada

40

—

40

—

Wells

Fargo

683

—

683

—

Total

$

4,707

$

—

$

4,707

$

—

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

38

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Short

Sales

Securities

sold

short,

at

fair

value

$

9,509

$

—

$

9,509

Total

Financial

and

Derivative

Liabilities

9,509

—

9,509

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

9,509

$

—

$

9,509

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

$

9,509

$

—

$

9,509

$

—

Total

$

9,509

$

—

$

9,509

$

—

*      

Fair

value

of

securities

on

loan

as

reported

in

the

footnotes

to

the

Statement

of

Assets

and

Liabilities.

^      Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

39

Statement

of

Assets

and

Liabilities

—

June

30,

2023

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

208,786

Investments,

at

fair

value(*)(>)

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

227,019

Foreign

currency

holdings(^)

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

20

Receivables:

Dividends

and

interest

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

126

Dividends

from

affiliated

funds

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

47

Investments

sold

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

1,931

Fund

shares

sold

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

27

From

broker(a)

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

677

Variation

margin

on

futures

contracts

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

82

Prepaid

expenses

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

1

Total

assets

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

229,930

Liabilities

Payables:

Due

to

custodian

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

2

Investments

purchased

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

2,509

Fund

shares

redeemed

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

108

Accrued

fees

to

affiliates

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

158

Other

accrued

expenses

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

104

Securities

sold

short,

at

fair

value(‡)

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

9,509

Payable

upon

return

of

securities

loaned

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

4,847

Total

liabilities

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

17,237

Net

Assets

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

$

212,693

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

40

U.S.

Small

Cap

Equity

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2023

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

12,558

Shares

of

beneficial

interest

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

160

Additional

paid-in

capital

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

199,975

Net

Assets

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

$

212,693

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

13.33

Net

assets

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

$

212,693,455

Shares

outstanding

($.01

par

value)

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

15,959,871

Amounts

in

thousands

(^)    

Foreign

currency

holdings

-

cost

$

21

(*)    

Securities

on

loan

included

in

investments

$

4,707

(‡)    

Proceeds

on

securities

sold

short

$

9,347

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

and

U.S.

Cash

Collateral

Fund

$

15,675

(a)    

Receivable

from

Broker

for

Futures

$

677

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

41

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2023

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

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

$

1,619

Dividends

from

affiliated

funds

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

258

Securities

lending

income

(net)

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

22

Total

investment

income

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

1,899

Expenses

Advisory

fees

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

936

Administrative

fees

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

52

Custodian

fees

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

45

Transfer

agent

fees

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

5

Professional

fees

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

45

Trustees’

fees

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

7

Printing

fees

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

9

Dividends

from

securities

sold

short

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

80

Interest

expense

paid

on

securities

sold

short

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

37

Miscellaneous

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

6

Expenses

before

reductions

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

1,222

Expense

reductions

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

(42)

Net

expenses

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

1,180

Net

investment

income

(loss)

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

719

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

1,749

Futures

contracts

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

227

Securities

sold

short

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

673

Net

realized

gain

(loss)

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

2,649

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

11,158

Investments

in

affiliated

funds

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

(2)

Futures

contracts

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

359

Securities

sold

short

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

(1,972)

Net

change

in

unrealized

appreciation

(depreciation)

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

9,543

Net

realized

and

unrealized

gain

(loss)

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

12,192

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

12,911

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

42

U.S.

Small

Cap

Equity

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2023

(Unaudited)

Fiscal

Year

Ended

December

31,

2022

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

719

$

887

Net

realized

gain

(loss)

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

2,649

(2,264)

Net

change

in

unrealized

appreciation

(depreciation)

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

9,543

(39,491)

Net

increase

(decrease)

in

net

assets

from

operations

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

12,911

(40,868)

Distributions

To

shareholders

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

(451)

(4,984)

Net

decrease

in

net

assets

from

distributions

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

(451)

(4,984)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(5,929)

(5,539)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

6,531

(51,391)

Net

Assets

Beginning

of

period

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

206,162

257,553

End

of

period

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

$

212,693

$

206,162

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2023

and

December

31,

2022

were

as

follows:

2023

(Unaudited)

2022

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

392

$

4,920

469

$

6,287

Proceeds

from

reinvestment

of

distributions

35

451

365

4,984

Payments

for

shares

redeemed

(879)

(11,300)

(1,291)

(16,810)

Total

increase

(decrease)

(452)

$

(5,929)

(457)

$

(5,539)

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.

44

U.S.

Small

Cap

Equity

Fund

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

June

30,

2023(ƣ)

12.56

.04

.

76

.

80

(.03)

—

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

45

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(ǿ)(±)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(ɯ)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(Ƃ)(ɯ)(∆)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(Ƃ)(ɯ)

%

Portfolio

Turnover

Rate

(ǿ)

(.03)

13.33

6.36

212,693

1.

17

1.

13

.69

45

(.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

.05

114

(.32)

15.75

12.70

236,264

1.25

1.25

.12

125

(.29)

14.30

23.07

227,899

1.19

1.19

.34

127

(2.67)

11.86

(11.97)

204,490

1.04

1.04

.45

80

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

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

for

the

period

ended

June

30,

2023

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

20

2

3

with

underlying

f

unds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2023,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

147,870

Administrative

fees

8,597

Transfer

agent

fees

756

Trustee

fees

1,034

$

158,257

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

$

9,967

$

35,165

$

34,302

$

—

$

(2

)

$

10,828

$

258

$

—

U.S.

Cash

Collateral

Fund

4,245

17,529

16,927

—

—

4,847

78

—

$

14,212

$

52,694

$

51,229

$

—

$

(2

)

$

15,675

$

336

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

205,498,187

$

26,254,958

$

(14,161,093)

$

12,093,865

Russell

Investment

Funds

International

Developed

Markets

Fund

Shareholder

Expense

Example

—

June

30,

2023

(Unaudited)

International

Developed

Markets

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

January

1,

2023

to

June

30,

2023

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

January

1,

2023

$

1,000.00

$

1,000.00

Ending

Account

Value

June

30,

2023

$

1,113.90

$

1,019.69

Expenses

Paid

During

Period*

$

5.40

$

5.16

*

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

181/365

(to

reflect

the

one-

half

year

period).

May

reflect

amounts

waived

and/or

reimbursed.

Without

any

waivers

and/or

reimbursements,

expenses

would

have

been

higher.

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

48

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

92.1%

Australia

-

1.4%

Ampol,

Ltd.

3,077

62

ASX,

Ltd.

-

ADR

567

24

BHP

Group,

Ltd.

-

ADR

50,925

1,519

BlueScope

Steel,

Ltd.

1,987

27

Commonwealth

Bank

of

Australia

-

ADR

4,483

301

CSL,

Ltd.

1,157

214

Dexus

Property

Group(ö)

3,048

16

Medibank

Pvt,

Ltd.

138,244

325

National

Australia

Bank,

Ltd.

-

ADR

4,110

73

Rio

Tinto

PLC

18,443

1,172

Rio

Tinto,

Ltd.

-

ADR

1,934

149

South32,

Ltd.

Class

B

230,190

580

Wesfarmers,

Ltd.

3,132

103

Westpac

Banking

Corp.

5,956

85

Woodside

Energy

Group,

Ltd.

6,442

149

4,799

Austria

-

0.6%

ams

AG(Æ)

20,386

147

Erste

Group

Bank

AG

38,828

1,363

Mondi

PLC

45,700

698

2,208

Belgium

-

0.4%

Ageas

SA

10,110

410

KBC

Groep

NV

597

42

Proximus

SA

26,489

197

UCB

SA

7,307

648

1,297

Brazil

-

1.1%

Ambev

SA(Æ)

391,473

1,260

Atacadao

SA

126,340

295

Banco

Bradesco

SA

-

ADR

190,736

660

Banco

do

Brasil

SA

36,500

376

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo(Æ)

25,784

305

Telefonica

Brasil

SA

54,416

492

Ultrapar

Participacoes

SA

83,200

328

Yara

International

ASA

2,286

81

3,797

Canada

-

4.5%

Agnico

Eagle

Mines,

Ltd.

16,721

835

Alimentation

Couche-Tard,

Inc.

2,589

133

ARC

Resources,

Ltd.

17,373

232

Bank

of

Montreal

1,498

135

Bank

of

Nova

Scotia

(The)

3,241

162

Barrick

Gold

Corp.

29,415

497

CAE,

Inc.(Æ)

106,901

2,393

Cameco

Corp.

Class

A

9,156

287

Canadian

Imperial

Bank

of

Commerce

2,428

104

Canadian

National

Railway

Co.

15,713

1,903

Canadian

Pacific

Kansas

City,

Ltd.

1,090

88

CCL

Industries,

Inc.

Class

B

948

46

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CGI

Group,

Inc.(Æ)

1,155

122

Dollarama,

Inc.

9,417

638

Enbridge,

Inc.

4,216

157

George

Weston,

Ltd.

711

84

Great-West

Lifeco,

Inc.

3,162

92

iA

Financial

Corp.,

Inc.

6,350

433

Loblaw

Cos.,

Ltd.

984

90

Lundin

Mining

Corp.

18,491

145

Magna

International,

Inc.

Class

A

9,435

533

Metro,

Inc.

Class

A

2,950

167

National

Bank

of

Canada

834

62

Open

Text

Corp.

759

31

Royal

Bank

of

Canada

-

GDR

16,250

1,552

Saputo,

Inc.

-

ADR

1,942

43

Shopify,

Inc.

Class

A(Æ)

8,369

541

Stantec,

Inc.

12,507

816

Sun

Life

Financial,

Inc.

23,230

1,211

TC

Energy

Corp.

6,163

249

TELUS

Corp.

3,860

75

Thomson

Reuters

Corp.(Æ)

371

50

Toronto-Dominion

Bank

(The)

22,311

1,383

15,289

China

-

2.1%

Alibaba

Group

Holding,

Ltd.(Æ)

108,014

1,123

Anta

Sports

Products,

Ltd.

59,000

605

Baidu,

Inc.

Class

A(Æ)

3,850

66

BOC

Hong

Kong

Holdings,

Ltd.

26,000

80

BYD

Co.,

Ltd.

Class

H

26,000

832

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H

354,000

162

H

World

Group,

Ltd.

-

ADR(Æ)

13,654

529

Li

Ning

Co.,

Ltd.

55,000

297

Tencent

Holdings,

Ltd.

64,684

2,753

Trip.com

Group,

Ltd.

-

ADR(Æ)

15,110

529

Wilmar

International,

Ltd.

19,000

54

7,030

Denmark

-

1.2%

Carlsberg

A/S

Class

B

380

61

Chr

Hansen

Holding

A/S

976

68

Coloplast

A/S

Class

B

619

77

Danske

Bank

A/S(Æ)

33,561

817

Novo

Nordisk

A/S

Class

B

15,193

2,454

Novozymes

A/S

Class

B

589

28

Tryg

A/S

3,314

72

Vestas

Wind

Systems

A/S(Æ)

21,497

571

4,148

Finland

-

1.3%

Elisa

OYJ

8,413

449

Kone

OYJ

Class

B

4,553

238

Neste

OYJ

10,995

424

Nokia

OYJ

402,642

1,690

Nordea

Bank

Abp

15,509

169

Orion

OYJ

Class

B

3,235

134

Sampo

OYJ

Class

A

16,873

757

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

49

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

UPM-Kymmene

OYJ

1,432

43

Wartsila

OYJ

Abp

Class

B

39,377

443

4,347

France

-

8.1%

Accor

SA

57,443

2,136

Air

Liquide

SA

Class

A

1,142

205

Airbus

Group

SE

8,505

1,229

Amundi

SA(Þ)

16,192

957

AXA

SA

33,396

987

BNP

Paribas

SA

11,697

739

Bouygues

SA

-

ADR

14,092

473

Bureau

Veritas

SA

26,780

734

Capgemini

SE

3,938

746

Carrefour

SA

28,630

543

Cie

de

Saint-Gobain

SA

12,136

739

Danone

SA

2,699

165

Dassault

Aviation

SA

4,607

922

Dassault

Systemes

SE

2,279

101

Edenred

1,731

116

Eiffage

SA

915

95

Engie

SA

58,644

975

EssilorLuxottica

SA

558

106

Hermes

International

86

187

Kering

1,191

660

La

Francaise

des

Jeux

SAEM(Þ)

3,816

150

Legrand

SA

-

ADR

1,065

106

L'Oreal

SA

3,800

1,773

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

3,276

3,092

Michelin

(CGDE)

60,416

1,786

Orange

SA

-

ADR

58,005

678

Pernod

Ricard

SA

483

107

Publicis

Groupe

SA

-

ADR

9,268

723

Remy

Cointreau

SA

591

95

Renault

SA

10,253

433

Rexel

SA

Class

H

88,439

2,187

Sartorius

Stedim

Biotech

5,487

1,371

SEB

SA

673

70

Societe

Generale

SA

21,269

554

TotalEnergies

SE

24,936

1,429

Vinci

SA

2,108

245

27,614

Germany

-

4.7%

Allianz

SE

1,281

298

BASF

SE

21,849

1,061

Bayer

AG

10,482

580

Bayerische

Motoren

Werke

Aktiengesellschaft

426

52

Beiersdorf

AG

941

124

Brenntag

SE

2,346

183

CECONOMY

AG(Æ)

28,820

72

Continental

AG

4,685

353

Covestro

AG(Æ)(Þ)

32,824

1,704

Daimler

Truck

Holding

AG

62,469

2,249

Deutsche

Boerse

AG

7,888

1,457

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Deutsche

Post

AG

2,236

109

Deutsche

Telekom

AG

13,170

287

E.ON

SE

11,249

143

Evonik

Industries

AG

19,374

368

Fresenius

Medical

Care

AG

&

Co.

KGaA

26,628

1,272

Fresenius

SE

&

Co.

KGaA

21,228

588

Hannover

Rueck

SE

3,132

664

Heidelberg

Materials

AG

9,839

808

Henkel

AG

&

Co.

KGaA

1,723

121

Infineon

Technologies

AG

-

ADR

20,673

853

LEG

Immobilien

SE(Æ)

417

24

Mercedes-Benz

Group

AG

4,697

378

Merck

KGaA

489

81

Muenchener

Rueckversicherungs-

Gesellschaft

AG

3,629

1,361

SAP

SE

-

ADR

2,058

281

Siemens

AG

2,711

451

Symrise

AG

870

91

Vonovia

SE

2,792

55

16,068

Hong

Kong

-

3.1%

AIA

Group,

Ltd.

254,339

2,595

CK

Asset

Holdings,

Ltd.

91,049

505

CK

Hutchison

Holdings,

Ltd.

Class

B

22,313

137

CK

Infrastructure

Holdings,

Ltd.

7,500

40

CLP

Holdings,

Ltd.

57,000

444

Galaxy

Entertainment

Group,

Ltd.(Æ)

177,869

1,135

Hang

Seng

Bank,

Ltd.

45,500

648

HKT

Trust

&

HKT,

Ltd.

81,000

94

Hong

Kong

&

China

Gas

Co.,

Ltd.

827,000

715

Hong

Kong

Exchanges

&

Clearing,

Ltd.

14,900

567

Power

Assets

Holdings,

Ltd.

82,000

430

Sino

Land

Co.,

Ltd.

56,000

69

Sun

Hung

Kai

Properties,

Ltd.

8,500

107

Swire

Properties,

Ltd.

100,200

247

Techtronic

Industries

Co.,

Ltd.

223,271

2,443

WH

Group,

Ltd.(Þ)

605,000

322

10,498

Hungary

-

0.1%

OTP

Bank

PLC

8,256

293

India

-

1.0%

HDFC

Bank,

Ltd.

-

ADR

39,462

2,751

Reliance

Industries,

Ltd.

-

GDR(Þ)

12,031

751

3,502

Indonesia

-

0.1%

Bank

Mandiri

Persero

Tbk

PT

793,410

278

Ireland

-

2.6%

AIB

Group

PLC

92,546

389

Bank

of

Ireland

Group

PLC

93,585

894

CRH

PLC

2,291

127

Flutter

Entertainment

PLC(Æ)

5,970

1,199

Kerry

Group

PLC

Class

A

20,233

1,974

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

50

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Linde

PLC

8,779

3,345

Ryanair

Holdings

PLC

-

ADR(Æ)

7,727

855

8,783

Israel

-

0.1%

Bank

Hapoalim

BM

10,568

87

Bank

Leumi

Le-Israel

BM

12,839

96

Check

Point

Software

Technologies,

Ltd.(Æ)

1,026

129

Israel

Discount

Bank,

Ltd.

Class

A

18,095

90

Mizrahi

Tefahot

Bank,

Ltd.

2,374

79

481

Italy

-

2.1%

Assicurazioni

Generali

SpA

15,677

319

BPER

Banca

125,260

382

Davide

Campari-Milano

NV

56,397

782

Enel

SpA

229,075

1,543

Eni

SpA

-

ADR

65,724

948

FinecoBank

Banca

Fineco

SpA

59,196

799

Moncler

SpA

8,642

598

Recordati

SpA

5,615

268

Snam

Rete

Gas

SpA

18,790

98

Terna

Rete

Elettrica

Nazionale

SpA

4,731

40

UniCredit

SpA

52,872

1,233

7,010

Japan

-

17.0%

Ajinomoto

Co.,

Inc.

2,700

108

Alfresa

Holdings

Corp.

15,500

232

Alps

Alpine

Co.,

Ltd.

19,100

167

Amada

Co.,

Ltd.

26,300

260

Asahi

Group

Holdings,

Ltd.

1,600

62

Asahi

Kasei

Corp.

10,500

71

Astellas

Pharma,

Inc.

69,000

1,028

Bandai

Namco

Holdings,

Inc.

25,200

583

Bridgestone

Corp.

6,300

259

Brother

Industries,

Ltd.

8,600

126

Canon,

Inc.

40,400

1,066

Dai-ichi

Life

Holdings,

Inc.

27,250

523

Daiichi

Sankyo

Co.,

Ltd.

28,900

916

Daito

Trust

Construction

Co.,

Ltd.

900

91

Daiwa

House

Industry

Co.,

Ltd.

7,500

198

Daiwa

House

REIT

Investment

Corp.(ö)

26

50

Daiwa

Securities

Group,

Inc.

29,000

150

DeNA

Co.,

Ltd.

13,400

174

Denso

Corp.

7,900

533

Disco

Corp.

3,300

522

Eisai

Co.,

Ltd.

11,940

805

FANUC

Corp.

25,500

897

Fuji

Media

Holdings,

Inc.

7,700

81

Fukuoka

Financial

Group,

Inc.

22,800

471

Hakuhodo

DY

Holdings,

Inc.

17,200

182

Hino

Motors,

Ltd.(Æ)

54,000

227

Honda

Motor

Co.,

Ltd.

41,171

1,244

Iida

Group

Holdings

Co.,

Ltd.

24,200

410

Inpex

Corp.

32,700

365

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Isuzu

Motors,

Ltd.

79,600

969

ITOCHU

Corp.

4,700

187

Japan

Airlines

Co.,

Ltd.

15,600

339

Japan

Exchange

Group,

Inc.

29,000

507

Japan

Post

Bank

Co.,

Ltd.

Class

A

4,600

36

Japan

Post

Holdings

Co.,

Ltd.

21,400

154

Japan

Real

Estate

Investment

Corp.(ö)

13

49

Japan

Tobacco,

Inc.

48,100

1,054

JGC

Holdings

Corp.

21,700

283

Kajima

Corp.

5,100

77

Kansai

Electric

Power

Co.,

Inc.

(The)

12,200

153

Kao

Corp.(Ñ)

16,100

583

KDDI

Corp.

35,400

1,094

Keyence

Corp.

5,100

2,412

Kirin

Holdings

Co.,

Ltd.

31,200

456

Komatsu,

Ltd.

57,000

1,542

Kyocera

Corp.

17,900

973

Makita

Corp.

17,068

479

McDonald's

Holdings

Co.

Japan,

Ltd.

4,100

159

MEIJI

Holdings

Co.,

Ltd.

11,000

246

Minebea

Co.,

Ltd.

46,100

873

Mitsubishi

Electric

Corp.

86,100

1,210

Mitsubishi

Estate

Co.,

Ltd.

38,100

454

Mitsubishi

UFJ

Financial

Group,

Inc.

133,800

988

Mitsubishi

UFJ

Lease

&

Finance

Co.,

Ltd.

25,600

153

Mizuho

Financial

Group,

Inc.

7,800

119

MS&AD

Insurance

Group

Holdings,

Inc.

27,700

987

Nikon

Corp.

28,700

373

Nintendo

Co.,

Ltd.

20,200

919

Nippon

Building

Fund,

Inc.(ö)

24

94

Nippon

Prologis,

Inc.(Æ)(ö)

19

38

Nippon

Telegraph

&

Telephone

Corp.

157,650

187

Nippon

Television

Holdings,

Inc.

15,800

151

Nissan

Chemical

Corp.

3,900

168

Nissan

Motor

Co.,

Ltd.

132,500

547

Nisshin

Seifun

Group,

Inc.

3,900

48

Nissin

Foods

Holdings

Co.,

Ltd.

1,100

91

Nitto

Denko

Corp.

5,800

430

Nomura

Holdings,

Inc.

38,800

147

Obayashi

Corp.

11,200

97

Obic

Co.,

Ltd.

400

64

Oji

Holdings

Corp.

8,000

30

Ono

Pharmaceutical

Co.,

Ltd.

21,091

382

ORIX

Corp.

1,200

22

Otsuka

Holdings

Co.,

Ltd.

4,300

158

Resona

Holdings,

Inc.

265,200

1,271

SCSK

Corp.

7,900

124

Secom

Co.,

Ltd.

2,600

176

Sekisui

Chemical

Co.,

Ltd.

25,200

365

Sekisui

House,

Ltd.

10,900

221

Seven

&

i

Holdings

Co.,

Ltd.

2,100

91

SG

Holdings

Co.,

Ltd.

6,200

88

Shimizu

Corp.

19,500

123

Shin-Etsu

Chemical

Co.,

Ltd.

116,775

3,881

Shiseido

Co.,

Ltd.

54,400

2,465

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

51

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

SMC

Corp.

1,100

611

SoftBank

Corp.

8,700

93

Sompo

Japan

Nipponkoa

Holdings,

Inc.

1,400

63

Sony

Group

Corp.

8,510

763

Stanley

Electric

Co.,

Ltd.

15,739

319

Subaru

Corp.

115,844

2,192

Sumitomo

Electric

Industries,

Ltd.

41,400

508

Sumitomo

Heavy

Industries,

Ltd.

11,800

283

Sumitomo

Mitsui

Financial

Group,

Inc.

11,500

492

Sumitomo

Mitsui

Trust

Holdings,

Inc.

19,700

705

Sumitomo

Rubber

Industries,

Ltd.

18,000

175

Suntory

Beverage

&

Food,

Ltd.

2,100

76

T&D

Holdings,

Inc.

75,000

1,108

Taiheiyo

Cement

Corp.

11,700

230

Taisei

Corp.

4,100

143

Takeda

Pharmaceutical

Co.,

Ltd.

39,500

1,242

Terumo

Corp.

3,200

102

THK

Co.,

Ltd.

15,600

321

Toho

Co.,

Ltd.

1,400

53

Tokio

Marine

Holdings,

Inc.

43,000

993

Tokyo

Electron,

Ltd.

20,210

2,894

Tokyo

Gas

Co.,

Ltd.

9,600

210

Toray

Industries,

Inc.

157,100

878

Tosoh

Corp.

13,100

155

Toyota

Industries

Corp.

2,000

143

Toyota

Motor

Corp.

27,000

432

Tsuruha

Holdings,

Inc.

4,400

328

USS

Co.,

Ltd.

11,400

189

Yakult

Honsha

Co.,

Ltd.

1,300

82

Yamaha

Motor

Co.,

Ltd.(Ñ)

20,200

582

Yamato

Holdings

Co.,

Ltd.

28,594

517

57,970

Jersey

-

0.2%

Glencore

PLC

121,479

689

Luxembourg

-

0.8%

ArcelorMittal

SA

37,695

1,027

Eurofins

Scientific

SE

22,155

1,407

RTL

Group

SA

5,556

222

2,656

Malaysia

-

0.1%

CIMB

Group

Holdings

BHD

229,417

249

Mexico

-

0.5%

Fresnillo

PLC

17,684

137

Grupo

Televisa

SAB

-

ADR

295,179

1,514

1,651

Netherlands

-

5.8%

ABN

AMRO

Bank

NV(Þ)

39,261

611

Adyen

NV(Æ)(Þ)

444

769

Akzo

Nobel

NV

1,051

86

ASML

Holding

NV

1,867

1,352

Euronext

NV(Þ)

1,693

115

Ferrari

NV

3,339

1,093

Heineken

Holding

NV

1,074

93

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Heineken

NV

32,540

3,349

ING

Groep

NV

167,636

2,264

Koninklijke

Ahold

Delhaize

NV

6,180

211

Koninklijke

Philips

NV(Æ)

95,073

2,057

NN

Group

NV

13,093

486

Randstad

NV

33,308

1,755

Shell

PLC

139,456

4,171

Universal

Music

Group

NV

39,777

884

VEON,

Ltd.

-

ADR(Æ)

5,377

110

Wolters

Kluwer

NV

1,240

157

19,563

New

Zealand

-

0.3%

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

51,245

770

Spark

New

Zealand,

Ltd.

67,788

212

982

Norway

-

0.4%

DNB

Bank

ASA

6,002

112

Equinor

ASA

Class

N

1,965

57

Kongsberg

Gruppen

ASA

4,782

217

Mowi

ASA

21,249

337

Norsk

Hydro

ASA

13,400

80

Orkla

ASA

43,997

316

Telenor

ASA

11,896

121

1,240

Portugal

-

0.2%

Energias

de

Portugal

SA

7,648

38

Jeronimo

Martins

SGPS

SA

22,246

613

651

Russia

-

0.0%

Gazprom

PJSC(Š)

114,398

—

Lukoil

PJSC(Š)

2,007

—

Mobile

TeleSystems

PJSC

-

ADR(Š)

27,365

—

Sberbank

of

Russia

PJSC(Š)

88,440

—

—

Singapore

-

0.7%

CapitaLand

Mall

Trust

Class

A(Æ)(ö)

38,000

54

DBS

Group

Holdings,

Ltd.

6,156

144

Jardine

Cycle

&

Carriage,

Ltd.

4,400

114

Oversea-Chinese

Banking

Corp.,

Ltd.

83,792

763

Singapore

Exchange,

Ltd.

7,900

56

Singapore

Technologies

Engineering,

Ltd.

29,300

80

Singapore

Telecommunications,

Ltd.

500,600

928

United

Overseas

Bank,

Ltd.

4,700

97

Venture

Corp.,

Ltd.

6,800

74

2,310

South

Africa

-

0.4%

Anglo

American

PLC

39,395

1,117

MTN

Group,

Ltd.

12,114

89

Old

Mutual,

Ltd.

387,774

250

1,456

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

52

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

South

Korea

-

1.4%

Coway

Co.,

Ltd.

6,160

206

Hankook

Tire

&

Technology

Co.,

Ltd.

8,269

217

Hyundai

Mobis

Co.,

Ltd.

3,025

536

KB

Financial

Group,

Inc.

16,654

604

KT

Corp.

-

ADR(Ñ)

37,334

422

LG

Energy

Solution,

Ltd.(Æ)

1,455

615

Samsung

Electronics

Co.,

Ltd.

24,319

1,341

Shinhan

Financial

Group

Co.,

Ltd.

36,279

939

4,880

Spain

-

2.0%

Amadeus

IT

Group

SA

Class

A(Æ)

21,738

1,657

CaixaBank

SA

287,477

1,192

Cellnex

Telecom

SA(Þ)

24,811

1,006

Enagas

SA

6,702

132

Endesa

SA

-

ADR

2,131

46

Iberdrola

SA

19,140

250

Industria

de

Diseno

Textil

SA

56,698

2,203

Red

Electrica

Corp.

SA

7,686

129

Telefonica

SA

-

ADR

17,601

71

6,686

Sweden

-

1.5%

Assa

Abloy

AB

Class

B

33,499

804

Atlas

Copco

AB

Class

A

4,328

62

Atlas

Copco

AB

Class

B

4,710

59

Boliden

AB(Æ)

14,255

413

Essity

Aktiebolag

Class

B

2,901

77

Hexagon

AB

Class

B

121,202

1,492

Investor

AB

Class

B

5,909

118

Kinnevik

AB

Class

B(Æ)

2,854

40

Sandvik

AB

30,594

597

Securitas

AB

Class

B

9,746

80

Skandinaviska

Enskilda

Banken

AB

Class

A

10,055

111

Skanska

AB

Class

B

4,372

61

SKF

AB

Class

B

32,871

573

Svenska

Handelsbanken

AB

Class

A

12,929

109

Swedbank

AB

Class

A

4,857

82

Telefonaktiebolaget

LM

Ericsson

Class

B

83,904

458

Volvo

AB

Class

B

3,122

65

5,201

Switzerland

-

6.7%

ABB,

Ltd.

35,094

1,381

Adecco

Group

AG

16,270

531

Alcon,

Inc.

9,917

824

Baloise

Holding

AG

608

89

Barry

Callebaut

AG

32

62

Chocoladefabriken

Lindt

&

Spruengli

AG

6

75

Cie

Financiere

Richemont

SA

Class

A

5,585

948

EMS-Chemie

Holding

AG

340

258

Geberit

AG

2,047

1,072

Givaudan

SA

37

123

Holcim

AG(Æ)

10,551

709

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Julius

Baer

Group,

Ltd.

29,430

1,856

Kuehne

&

Nagel

International

AG

3,225

953

Lonza

Group

AG

1,470

878

Novartis

AG

33,757

3,407

Partners

Group

Holding

AG

1,374

1,294

Schindler

Holding

AG

827

191

SGS

SA

8,050

760

Sika

AG

257

73

Swatch

Group

AG

(The)

Class

B

1,786

523

Swiss

Life

Holding

AG

189

111

Swiss

Prime

Site

AG

Class

A

911

79

Swisscom

AG

1,632

1,018

UBS

Group

AG

215,677

4,388

Zurich

Insurance

Group

AG

2,521

1,198

22,801

Taiwan

-

2.2%

Catcher

Technology

Co.,

Ltd.

50,513

285

Hon

Hai

Precision

Industry

Co.,

Ltd.

588,184

2,141

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

121,000

2,255

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

27,519

2,777

7,458

Thailand

-

0.1%

Kasikornbank

PCL

131,300

480

United

Kingdom

-

9.1%

Admiral

Group

PLC

10,746

285

AstraZeneca

PLC

12,707

1,820

Aviva

PLC

90,131

454

Babcock

International

Group

PLC(Æ)

49,767

179

BAE

Systems

PLC

12,460

147

Barclays

PLC

337,608

659

Barratt

Developments

PLC

79,261

416

Berkeley

Group

Holdings

PLC

756

38

BP

PLC

186,576

1,093

British

American

Tobacco

PLC

23,440

778

British

Land

Co.

PLC

(The)(ö)

44,556

172

BT

Group

PLC

240,808

375

Compass

Group

PLC

74,773

2,092

Croda

International

PLC

1,241

89

Diageo

PLC

24,067

1,032

easyJet

PLC(Æ)

76,177

469

Endeavour

Mining

PLC

10,514

252

Haleon

PLC

759,106

3,124

Halma

PLC

1,046

30

HSBC

Holdings

PLC

242,318

1,916

Intermediate

Capital

Group

PLC

29,589

518

Intertek

Group

PLC

23,212

1,260

J

Sainsbury

PLC

508,450

1,741

Kingfisher

PLC

87,232

257

Land

Securities

Group

PLC(ö)

34,795

254

Legal

&

General

Group

PLC

16,726

48

Lloyds

Banking

Group

PLC

98,738

55

Marks

&

Spencer

Group

PLC(Æ)

46,873

115

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

53

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NatWest

Group

PLC

162,768

500

Persimmon

PLC

Class

A

6,275

82

Reckitt

Benckiser

Group

PLC

12,952

973

RELX

PLC

7,880

263

Sage

Group

PLC

(The)

9,700

114

Schroders

PLC

34,148

190

Scottish

&

Southern

Energy

PLC

1,453

34

Smith

&

Nephew

PLC

8,755

141

Spirax-Sarco

Engineering

PLC

311

41

St.

James's

Place

PLC

32,603

450

Standard

Chartered

PLC

209,819

1,830

Taylor

Wimpey

PLC

238,097

311

Tesco

PLC

378,720

1,197

Travis

Perkins

PLC

66,025

683

Unilever

PLC

27,920

1,456

United

Utilities

Group

PLC

5,357

65

Vodafone

Group

PLC

215,987

204

Wausau

Paper

Corp.

60,167

629

Weir

Group

PLC

(The)

91,923

2,052

30,88

3

United

States

-

8.2%

Accenture

PLC

Class

A

8,626

2,662

Allegion

PLC

16,434

1,972

Amdocs,

Ltd.

11,953

1,182

Aon

PLC

Class

A

6,454

2,228

Experian

PLC

5,989

230

GSK

Finance

No.

3

PLC

89,062

1,573

James

Hardie

Industries

PLC(Æ)

21,296

568

Las

Vegas

Sands

Corp.(Æ)

15,492

898

Lululemon

Athletica,

Inc.(Æ)

2,118

802

Nestle

SA

40,654

4,892

Roche

Holding

AG

9,759

2,986

Sanofi

-

ADR

29,206

3,131

Schlumberger

NV

70,236

3,450

Schneider

Electric

SE

7,660

1,396

27,970

Total

Common

Stocks

(cost

$297,702)

313,218

Preferred

Stocks

-

1.4%

Brazil

-

0.1%

Raizen

Energia

SA

6.457%

(Ÿ)

459,586

422

Germany

-

0.7%

Henkel

AG

&

Co.

KGaA

2.528%

(Ÿ)

7,474

598

Porsche

Automobil

Holding

SE

4.589%

(Ÿ)

5,849

352

Volkswagen

AG

21.755%

(Ÿ)

10,112

1,356

2,306

South

Korea

-

0.6%

Samsung

Electronics

Co.,

Ltd.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.810%

(Ÿ)

45,925

2,084

Total

Preferred

Stocks

(cost

$4,888)

4,812

Short-Term

Investments

-

4.2%

United

States

-

4.2%

U.S.

Cash

Management

Fund(@)

14,242,791

(∞)

14,239

Total

Short-Term

Investments

(cost

$14,238)

14,239

Other

Securities

-

0.4%

U.S.

Cash

Collateral

Fund(@)(×)

1,566,425

(∞)

1,566

Total

Other

Securities

(cost

$1,566)

1,566

Total

Investments

-

98.1%

(identified

cost

$318,394)

333,835

Other

Assets

and

Liabilities,

Net

-

1.9%

6,363

Net

Assets

-

100.0%

340,198

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

54

International

Developed

Markets

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

1.9%

ABN

AMRO

Bank

NV

10/03/19

EUR

39,261

17.42

684

611

Adyen

NV

07/25/19

EUR

444

1,075.18

477

769

Amundi

SA

02/21/19

EUR

16,192

63.00

1,020

957

Cellnex

Telecom

SA

02/27/18

EUR

24,811

54.08

1,342

1,006

Covestro

AG

08/15/19

EUR

32,824

45.74

1,501

1,704

Euronext

NV

04/29/22

EUR

1,693

81.03

137

115

La

Francaise

des

Jeux

SAEM

12/02/22

EUR

3,816

40.36

154

150

Reliance

Industries,

Ltd.

10/21/20

12,031

58.25

701

751

WH

Group,

Ltd.

06/26/19

HKD

605,000

0.70

425

322

6,385

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

CAC40

Euro

Index

Futures

56

EUR

4,150

07/23

60

DAX

Index

Futures

8

EUR

3,254

09/23

(22)

EURO

STOXX

50

Index

Futures

45

EUR

1,992

09/23

30

FTSE

100

Index

Futures

34

GBP

2,564

09/23

(24)

FTSE/MIB

Index

Futures

7

EUR

993

09/23

26

IBEX

35

Index

Futures

9

EUR

860

07/23

26

OMXS30

Index

Futures

39

SEK

9,033

07/23

(5)

S&P/TSX

60

Index

Futures

109

CAD

26,565

09/23

321

SPI

200

Index

Futures

142

AUD

25,422

09/23

140

TOPIX

Index

Futures

58

JPY

1,327,040

09/23

270

Short

Positions

Hang

Seng

Index

Futures

28

HKD

26,330

07/23

15

MSCI

Emerging

Markets

Index

Futures

572

USD

28,540

09/23

347

MSCI

Singapore

Index

Futures

89

SGD

2,571

07/23

(6)

S&P

500

E-Mini

Index

Futures

58

USD

13,016

09/23

(368)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

810

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

337

CHF

302

07/03/23

—

Bank

of

America

USD

62

EUR

57

07/03/23

—

Bank

of

America

USD

88

GBP

69

07/03/23

—

Bank

of

America

USD

74

HKD

582

07/03/23

—

Bank

of

America

USD

58

NOK

617

07/03/23

—

Bank

of

America

USD

59

SEK

631

07/03/23

—

Bank

of

America

EUR

1,153

USD

1,258

07/05/23

(1)

Bank

of

America

JPY

85,998

USD

595

07/05/23

(1)

Bank

of

New

York

USD

3,781

AUD

5,532

09/20/23

(88)

Bank

of

New

York

USD

3,894

CAD

5,164

09/20/23

9

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

55

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

New

York

USD

1,108

EUR

1,017

09/20/23

6

Bank

of

New

York

USD

1,060

GBP

835

09/20/23

—

Bank

of

New

York

USD

2,501

JPY

343,703

09/20/23

(91)

Bank

of

New

York

CHF

1,484

USD

1,669

09/20/23

(2)

HSBC

USD

3,781

AUD

5,532

09/20/23

(88)

HSBC

USD

3,893

CAD

5,164

09/20/23

10

HSBC

USD

1,108

EUR

1,017

09/20/23

6

HSBC

USD

1,060

GBP

835

09/20/23

—

HSBC

USD

2,500

JPY

343,703

09/20/23

(90)

HSBC

CHF

1,484

USD

1,669

09/20/23

(2)

Royal

Bank

of

Canada

USD

56

AUD

84

07/03/23

—

Royal

Bank

of

Canada

USD

3,778

AUD

5,532

09/20/23

(85)

Royal

Bank

of

Canada

USD

3,891

CAD

5,164

09/20/23

12

Royal

Bank

of

Canada

USD

1,108

EUR

1,017

09/20/23

6

Royal

Bank

of

Canada

USD

1,060

GBP

835

09/20/23

—

Royal

Bank

of

Canada

USD

359

JPY

51,965

07/03/23

1

Royal

Bank

of

Canada

USD

2,500

JPY

343,703

09/20/23

(88)

Royal

Bank

of

Canada

CHF

1,484

USD

1,668

09/20/23

(3)

State

Street

USD

56

BRL

272

07/03/23

1

State

Street

USD

4,007

DKK

27,350

09/20/23

21

State

Street

USD

1,042

NOK

10,950

09/20/23

(19)

State

Street

USD

3,682

SEK

39,091

09/20/23

(44)

State

Street

HKD

2,630

USD

337

09/20/23

—

State

Street

NZD

2,500

USD

1,556

09/20/23

23

Toronto

Dominion

Bank

USD

3,788

AUD

5,532

09/20/23

(94)

Toronto

Dominion

Bank

USD

3,895

CAD

5,164

09/20/23

8

Toronto

Dominion

Bank

USD

1,109

EUR

1,017

09/20/23

5

Toronto

Dominion

Bank

USD

1,061

GBP

835

09/20/23

(1)

Toronto

Dominion

Bank

USD

2,502

JPY

343,703

09/20/23

(92)

Toronto

Dominion

Bank

CHF

1,484

USD

1,671

09/20/23

(1)

UBS

USD

3,791

AUD

5,532

09/20/23

(98)

UBS

USD

3,894

CAD

5,164

09/20/23

9

UBS

USD

1,109

EUR

1,017

09/20/23

5

UBS

USD

1,061

GBP

835

09/20/23

(1)

UBS

USD

2,504

JPY

343,703

09/20/23

(93)

UBS

CHF

1,484

USD

1,671

09/20/23

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(860)

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

$

—

$

4,799

$

—

$

—

$

4,799

1

.4

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

56

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

Austria

—

2,208

—

—

2,208

0

.6

Belgium

—

1,297

—

—

1,297

0

.4

Brazil

3,716

81

—

—

3,797

1

.1

Canada

15,289

—

—

—

15,289

4

.5

China

1,356

5,674

—

—

7,030

2

.1

Denmark

—

4,148

—

—

4,148

1

.2

Finland

—

4,347

—

—

4,347

1

.3

France

—

27,614

—

—

27,614

8

.1

Germany

—

16,068

—

—

16,068

4

.7

Hong

Kong

—

10,498

—

—

10,498

3

.1

Hungary

—

293

—

—

293

0

.1

India

2,751

751

—

—

3,502

1

.0

Indonesia

—

278

—

—

278

0

.1

Ireland

4,200

4,583

—

—

8,783

2

.6

Israel

129

352

—

—

481

0

.1

Italy

—

7,010

—

—

7,010

2

.1

Japan

189

57,781

—

—

57,970

17

.0

Jersey

—

689

—

—

689

0

.2

Luxembourg

—

2,656

—

—

2,656

0

.8

Malaysia

—

249

—

—

249

0

.1

Mexico

1,514

137

—

—

1,651

0

.5

Netherlands

110

19,453

—

—

19,563

5

.8

New

Zealand

—

982

—

—

982

0

.3

Norway

57

1,183

—

—

1,240

0

.4

Portugal

—

651

—

—

651

0

.2

Russia

—

—

—

—

—

—

Singapore

—

2,310

—

—

2,310

0

.7

South

Africa

—

1,456

—

—

1,456

0

.4

South

Korea

422

4,458

—

—

4,880

1

.4

Spain

—

6,686

—

—

6,686

2

.0

Sweden

59

5,142

—

—

5,201

1

.5

Switzerland

—

22,801

—

—

22,801

6

.7

Taiwan

2,777

4,681

—

—

7,458

2

.2

Thailand

—

480

—

—

480

0

.1

United

Kingdom

252

30,631

—

—

30,883

9

.1

United

States

13,194

14,776

—

—

27,970

8

.2

Preferred

Stocks

422

4,390

—

—

4,812

1

.4

Short-Term

Investments

—

—

—

14,239

14,239

4

.2

Other

Securities

—

—

—

1,566

1,566

0

.4

Total

Investments

46,437

271,593

—

15,805

333,835

98

.1

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

57

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

Assets

and

Liabilities,

Net

1

.9

100

.0

Other

Financial

Instruments

Assets

Futures

Contracts

1,235

—

—

—

1,235

0

.4

Foreign

Currency

Exchange

Contracts

2

120

—

—

122

—

*

A

Liabilities

Futures

Contracts

(425

)

—

—

—

(425

)

(0

.1)

Foreign

Currency

Exchange

Contracts

(2

)

(980

)

—

—

(982

)

(0

.3)

Total

Other

Financial

Instruments

**

$

810

$

(860

)

$

—

$

—

$

(50

)

*

Less

than

0.05%

of

net

assets.

**

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

June

30,

2023,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

June

30,

2023,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

48,404

Consumer

Staples

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

26,805

Energy

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

14,912

Financial

Services

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

69,950

Health

Care

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

31,978

Materials

and

Processing

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

30,841

Producer

Durables

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

46,249

Technology

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

33,550

Utilities

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

10,529

Preferred

Stocks

Consumer

Discretionary

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

1,708

Consumer

Staples

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

598

Technology

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

2,084

Utilities

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

422

Short-Term

Investments

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

14,239

Other

Securities

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

1,566

Total

Investments

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

333,835

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

58

International

Developed

Markets

Fund

Russell

Investment

Funds

International

Developed

Markets

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2023

(Unaudited)

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

$

—

$

122

Variation

margin

on

futures

contracts*

1,235

—

Total

$

1,235

$

122

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts*

$

425

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

982

Total

$

425

$

982

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Foreign

Currency

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

746

$

—

Foreign

currency

exchange

contracts

—

(678)

Total

$

746

$

(678)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

1,608

$

—

Foreign

currency

exchange

contracts

—

(730)

Total

$

1,608

$

(730)

*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

International

Developed

Markets

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

59

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Securities

on

Loan*

Investments,

at

fair

value

$

1,494

$

—

$

1,494

Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

122

—

122

Total

Financial

and

Derivative

Assets

1,616

—

1,616

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

(2)

—

(2)

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

1,614

$

—

$

1,614

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

New

York

$

15

$

15

$

—

$

—

Barclays

412

—

412

—

Citigroup

1,082

—

1,082

—

HSBC

16

16

—

—

Royal

Bank

of

Canada

18

18

—

—

State

Street

44

44

—

—

Toronto

Dominion

Bank

13

13

—

—

UBS

14

14

—

—

Total

$

1,614

$

120

$

1,494

$

—

Russell

Investment

Funds

International

Developed

Markets

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

60

International

Developed

Markets

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

$

982

$

—

$

982

Total

Financial

and

Derivative

Liabilities

982

—

982

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(2)

—

(2)

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

980

$

—

$

980

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Pledged^

Net

Amount

Bank

of

New

York

$

180

$

15

$

—

$

165

HSBC

180

16

—

164

Royal

Bank

of

Canada

177

18

—

159

State

Street

63

44

—

19

Toronto

Dominion

Bank

188

13

—

175

UBS

192

14

—

178

Total

$

980

$

120

$

—

$

860

*      

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.

International

Developed

Markets

Fund

61

Statement

of

Assets

and

Liabilities

—

June

30,

2023

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

318,394

Investments,

at

fair

value(*)(>)

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

333,835

Cash

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

11

Foreign

currency

holdings(^)

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

1,118

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

122

Receivables:

Dividends

and

interest

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

491

Dividends

from

affiliated

funds

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

57

Investments

sold

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

2,835

Fund

shares

sold

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

41

Foreign

capital

gains

taxes

recoverable

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

1,007

From

broker(a)

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

5,222

Variation

margin

on

futures

contracts

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

813

Prepaid

expenses

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

2

Total

assets

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

345,554

Liabilities

Payables:

Investments

purchased

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

2,354

Fund

shares

redeemed

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

64

Accrued

fees

to

affiliates

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

260

Other

accrued

expenses

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

130

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

982

Payable

upon

return

of

securities

loaned

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

1,566

Total

liabilities

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

5,356

Net

Assets

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

$

340,198

Russell

Investment

Funds

International

Developed

Markets

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

62

International

Developed

Markets

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2023

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

14,48

9

Shares

of

beneficial

interest

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

291

Additional

paid-in

capital

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

325,4

18

Net

Assets

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

$

340,19

8

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

11.71

Net

assets

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

$

340,198,164

Shares

outstanding

($.01

par

value)

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

29,064,126

Amounts

in

thousands

(^)    

Foreign

currency

holdings

-

cost

$

1,128

(*)    

Securities

on

loan

included

in

investments

$

1,494

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

and

U.S.

Cash

Collateral

Fund

$

15,805

(a)    

Receivable

from

Broker

for

Futures

$

5,222

(#)

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.

International

Developed

Markets

Fund

63

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2023

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

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

$

6,929

Dividends

from

affiliated

funds

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

282

Interest

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

4

Securities

lending

income

(net)

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

18

Less

foreign

taxes

withheld

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

(809)

Total

investment

income

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

6,424

Expenses

Advisory

fees

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

1,500

Administrative

fees

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

83

Custodian

fees

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

76

Transfer

agent

fees

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

7

Professional

fees

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

56

Trustees’

fees

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

10

Printing

fees

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

10

Miscellaneous

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

9

Expenses

before

reductions

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

1,751

Expense

reductions

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

(33)

Net

expenses

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

1,718

Net

investment

income

(loss)

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

4,706

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

(net

of

foreign

capital

gains

taxes

of

$33)

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

2,719

Investments

in

affiliated

funds

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

1

Futures

contracts

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

746

Foreign

currency

exchange

contracts

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

(678)

Foreign

currency-related

transactions

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

26

Net

realized

gain

(loss)

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

2,814

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

(net

of

deferred

tax

liability

for

f

oreign

capital

gains

taxes

of

$30

)

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

27,488

Investments

in

affiliated

funds

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

(1)

Futures

contracts

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

1,608

Foreign

currency

exchange

contracts

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

(730)

Foreign

currency-related

transactions

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

(28)

Net

change

in

unrealized

appreciation

(depreciation)

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

28,337

Net

realized

and

unrealized

gain

(loss)

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

31,151

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

35,857

Russell

Investment

Funds

International

Developed

Markets

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

64

International

Developed

Markets

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2023

(Unaudited)

Fiscal

Year

Ended

December

31,

2022

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

4,706

$

6,645

Net

realized

gain

(loss)

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

2,814

(6,064)

Net

change

in

unrealized

appreciation

(depreciation)

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

28,337

(49,469)

Net

increase

(decrease)

in

net

assets

from

operations

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

35,857

(48,888)

Distributions

To

shareholders

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

(903)

(6,345)

Net

decrease

in

net

assets

from

distributions

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

(903)

(6,345)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(15,440)

(1,546)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

19,514

(56,779)

Net

Assets

Beginning

of

period

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

320,684

377,463

End

of

period

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

$

340,198

$

320,684

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2023

and

December

31,

2022

were

as

follows:

2023

(Unaudited)

2022

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

494

$

5,609

1,306

$

13,869

Proceeds

from

reinvestment

of

distributions

79

903

568

6,345

Payments

for

shares

redeemed

(1,948)

(21,952)

(1,987)

(21,760)

Total

increase

(decrease)

(1,375)

$

(15,440)

(113)

$

(1,546)

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.

66

International

Developed

Markets

Fund

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

June

30,

2023(ƣ)

10.54

.16

1.04

1.20

(.03)

—

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

67

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(ǿ)(±)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(ɯ)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(Ƃ)(ɯ)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(Ƃ)(ɯ)

%

Portfolio

Turnover

Rate

(ǿ)

(.03)

11.71

11.39

340,198

1.05

1.03

2.82

9

(.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.

68

International

Developed

Markets

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

for

the

period

ended

June

30,

2023

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

20

2

3

with

underlying

f

unds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2023,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

243,527

Administrative

fees

13,837

Transfer

agent

fees

1,217

Trustee

fees

925

$

259,506

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

$

11,069

$

65,342

$

62,172

$

1

$

(1

)

$

14,239

$

282

$

—

U.S.

Cash

Collateral

Fund

479

20,522

19,435

—

—

1,566

44

—

$

11,548

$

85,864

$

81,607

$

1

$

(1

)

$

15,805

$

326

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

320,971,356

$

33,228,678

$

(20,415,618)

$

12,813,060

Russell

Investment

Funds

Strategic

Bond

Fund

Shareholder

Expense

Example

—

June

30,

2023

(Unaudited)

Strategic

Bond

Fund

69

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

January

1,

2023

to

June

30,

2023

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

January

1,

2023

$

1,000.00

$

1,000.00

Ending

Account

Value

June

30,

2023

$

1,007.40

$

1,021.47

Expenses

Paid

During

Period*

$

3.33

$

3.36

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.67%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-

half

year

period).

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

70

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

79.8%

Asset-Backed

Securities

-

3.1%

Amur

Equipment

Finance

Receivables

XI

LLC

Series

2022-2A

Class

A2

5.300%

due

06/21/28

(Þ)

1,777

1,761

Amur

Equipment

Finance

Receivables

XII

LLC

Series

2023-1A

Class

A2

6.090%

due

12/20/29

(Þ)

1,799

1,801

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

4,908

BDS,

Ltd.

Series

2022-FL11

Class

ATS

2.100%

due

03/19/39

(CME

Term

SOFR

1

Month

+

1.800%)(Ê)(Þ)

3,822

3,761

CIFC

Funding,

Ltd.

Series

2021-4A

Class

A1R

5.275%

due

10/24/30

(USD

3

Month

LIBOR

+

0.950%)(Ê)(Þ)

913

903

Conseco

Financial

Corp.

Series

1998-2

Class

M1

6.940%

due

12/01/28

(~)(Ê)

641

586

Countrywide

Asset-Backed

Certificates

Trust

Series

2007-4

Class

A4W

4.640%

due

04/25/47

1,484

1,318

Dryden

Senior

Loan

Fund

Series

2018-41A

Class

BR

6.560%

due

04/15/31

(USD

3

Month

LIBOR

+

1.300%)(Ê)(Þ)

340

328

Goldentree

Loan

Management

US

CLO

7,

Ltd.

Series

2021-7A

Class

AR

6.320%

due

04/20/34

(USD

3

Month

LIBOR

+

1.070%)(Ê)(Þ)

1,147

1,126

Goldentree

Loan

Opportunities,

Ltd.

Series

2018-9A

Class

BR2

6.899%

due

10/29/29

(USD

3

Month

LIBOR

+

1.600%)(Ê)(Þ)

260

258

GoodLeap

Sustainable

Home

Improvements

Series

2021-5CS

Class

A

2.310%

due

10/20/48

(Þ)

926

710

GoodLeap

Sustainable

Home

Solutions

Trust

Series

2022-1GS

Class

A

2.700%

due

01/20/49

(Þ)

850

679

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

2.190%

due

08/21/31

(USD

1

Month

LIBOR

+

2.000%)(Ê)

450

433

MF1

LLC

Series

2022-FL9

Class

A

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.960%

due

06/19/37

(CME

Term

SOFR

1

Month

+

2.150%)(Ê)(Þ)

3,993

3,976

OneSky

Class

A

Loan

Trust

Series

A

3.875%

due

07/15/29

2,727

2,471

Option

One

Mortgage

Loan

Trust

Series

2007-FXD1

Class

3A4

5.860%

due

01/25/37

(~)(Ê)

357

337

Towd

Point

Mortgage

Trust

Series

2020-MH1

Class

A1

2.250%

due

02/25/60

(~)(Ê)(Þ)

1,443

1,341

26,697

Corporate

Bonds

and

Notes

-

23.4%

3M

Co.

2.250%

due

09/19/26

937

859

AbbVie,

Inc.

3.600%

due

05/14/25

60

58

Series

WI

2.600%

due

11/21/24

856

821

3.200%

due

11/21/29

290

262

4.550%

due

03/15/35

10

10

4.050%

due

11/21/39

310

270

Africa

Finance

Corp.

3.125%

due

06/16/25

(Þ)

800

742

Series

REGS

4.375%

due

04/17/26

(Þ)

393

364

African

Export-Import

Bank

(The)

2.634%

due

05/17/26

(Þ)

1,530

1,376

Series

REGS

2.634%

due

05/17/26

(Þ)

786

707

Agilent

Technologies,

Inc.

2.100%

due

06/04/30

989

813

Air

Lease

Corp.

3.375%

due

07/01/25

410

389

1.875%

due

08/15/26

70

62

5.850%

due

12/15/27

460

459

5.300%

due

02/01/28

210

206

Aircastle

,

Ltd.

2.850%

due

01/26/28

(Þ)

1,007

856

Alaska

Airlines

Pass-Through

Trust

4.800%

due

08/15/27

(Þ)

80

77

Alcoa

Nederland

Holding

BV

5.500%

due

12/15/27

(Þ)

400

387

Alexandria

Real

Estate

Equities,

Inc.

2.000%

due

05/18/32

210

159

3.000%

due

05/18/51

150

92

Allied

World

Assurance

Co.

Holdings,

Ltd.

4.350%

due

10/29/25

849

806

Ally

Financial,

Inc.

8.000%

due

11/01/31

554

572

Alphabet,

Inc.

1.998%

due

08/15/26

938

868

Altria

Group,

Inc.

4.400%

due

02/14/26

112

110

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

71

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.800%

due

02/14/29

40

39

2.450%

due

02/04/32

430

335

10.200%

due

02/06/39

22

30

3.400%

due

02/04/41

370

258

5.375%

due

01/31/44

643

605

3.875%

due

09/16/46

70

49

Amazon.com,

Inc.

2.100%

due

05/12/31

250

210

3.600%

due

04/13/32

120

112

3.950%

due

04/13/52

210

183

Series

WI

3.875%

due

08/22/37

50

46

Amcor

Flexibles

NA,

Inc.

4.000%

due

05/17/25

884

854

American

Airlines

Group,

Inc.

11.750%

due

07/15/25

(Þ)

650

713

5.500%

due

04/20/26

(Þ)

160

159

7.250%

due

02/15/28

(Þ)

220

219

American

Airlines

Pass-Through

Trust

Series

2015-1

Class

A

3.375%

due

05/01/27

12

11

Series

2016-1

Class

AA

3.575%

due

01/15/28

48

45

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

Series

2017-1B

Class

B

4.950%

due

02/15/25

146

139

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

Tower

Trust

#1

5.490%

due

03/15/28

(Þ)

1,408

1,409

American

Transmission

Systems,

Inc.

2.650%

due

01/15/32

(Þ)

190

157

Americo

Life,

Inc.

3.450%

due

04/15/31

(Þ)

70

54

Ameriprise

Financial,

Inc.

5.150%

due

05/15/33

330

328

AmFam

Holdings,

Inc.

2.805%

due

03/11/31

(Þ)

120

90

3.833%

due

03/11/51

(Þ)

100

61

Amgen,

Inc.

4.400%

due

05/01/45

100

87

5.650%

due

03/02/53

300

304

5.750%

due

03/02/63

110

112

Series

WI

4.663%

due

06/15/51

50

45

Amphenol

Corp.

2.050%

due

03/01/25

924

872

Antero

Midstream

Partners,

LP

/

Antero

Midstream

Finance

Corp.

7.875%

due

05/15/26

(Þ)

110

112

Aon

Corp.

8.205%

due

01/01/27

172

175

Apache

Corp.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.750%

due

12/15/29

30

31

4.750%

due

04/15/43

80

59

4.250%

due

01/15/44

60

40

Apple,

Inc.

2.200%

due

09/11/29

969

850

4.650%

due

02/23/46

40

39

2.650%

due

05/11/50

110

77

Ares

Capital

Corp.

3.250%

due

07/15/25

914

845

AT&T,

Inc.

1.700%

due

03/25/26

948

864

3.800%

due

02/15/27

150

143

6.950%

due

01/15/28

450

459

4.300%

due

02/15/30

70

66

4.500%

due

05/15/35

150

138

4.350%

due

06/15/45

26

22

Series

WI

2.550%

due

12/01/33

40

31

6.375%

due

03/01/41

30

32

3.500%

due

09/15/53

310

219

3.550%

due

09/15/55

263

184

3.800%

due

12/01/57

700

507

AutoZone,

Inc.

3.625%

due

04/15/25

887

856

Avery

Dennison

Corp.

2.650%

due

04/30/30

973

818

Aviation

Capital

Group

LLC

5.500%

due

12/15/24

(Þ)

170

166

Bank

of

America

Corp.

3.841%

due

04/25/25

(SOFR

+

1.110%)(Ê)

70

69

4.376%

due

04/27/28

(SOFR

+

1.580%)(Ê)

200

192

2.592%

due

04/29/31

(SOFR

+

2.150%)(Ê)

140

118

2.687%

due

04/22/32

(SOFR

+

1.320%)(Ê)

290

240

2.299%

due

07/21/32

(SOFR

+

1.220%)(Ê)

270

216

2.972%

due

02/04/33

(SOFR

+

1.330%)(Ê)

520

433

4.571%

due

04/27/33

(SOFR

+

1.830%)(Ê)

550

517

2.482%

due

09/21/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.200%)(Ê)

500

383

3.311%

due

04/22/42

(SOFR

+

1.580%)(Ê)

220

168

Series

GMTN

3.500%

due

04/19/26

80

77

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

104

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

72

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.974%

due

02/07/30

(USD

3

Month

LIBOR

+

1.210%)(Ê)

260

241

2.884%

due

10/22/30

(USD

3

Month

LIBOR

+

1.190%)(Ê)

200

172

1.922%

due

10/24/31

(SOFR

+

1.370%)(Ê)

700

554

2.676%

due

06/19/41

(SOFR

+

1.930%)(Ê)

90

63

4.330%

due

03/15/50

(USD

3

Month

LIBOR

+

1.520%)(Ê)

30

26

Bank

of

New

York

Mellon

Corp.

(The)

5.834%

due

10/25/33

(SOFR

+

2.074%)(Ê)

80

83

4.706%

due

02/01/34

(SOFR

+

1.512%)(Ê)

30

29

Becton

Dickinson

and

Co.

4.685%

due

12/15/44

8

7

Berkshire

Hathaway

Energy

Co.

Series

WI

4.050%

due

04/15/25

699

682

Berkshire

Hathaway

Finance

Corp.

1.450%

due

10/15/30

994

809

Berkshire

Hathaway,

Inc.

3.125%

due

03/15/26

684

659

Berry

Global,

Inc.

4.875%

due

07/15/26

(Þ)

893

858

Berry

Petroleum

Corp.

7.000%

due

02/15/26

(Þ)

320

296

Blackstone

Holdings

Finance

Co.

LLC

3.150%

due

10/02/27

(Þ)

871

792

6.200%

due

04/22/33

(Þ)

420

429

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

7.625%

due

12/15/25

(Þ)

230

232

6.625%

due

07/15/26

(Þ)

150

149

Boardwalk

Pipelines,

LP

4.800%

due

05/03/29

710

681

Boeing

Co.

(The)

4.875%

due

05/01/25

220

217

2.196%

due

02/04/26

330

303

3.100%

due

05/01/26

20

19

2.700%

due

02/01/27

40

37

2.800%

due

03/01/27

30

27

3.200%

due

03/01/29

120

107

5.150%

due

05/01/30

250

248

3.250%

due

02/01/35

160

130

5.705%

due

05/01/40

90

90

3.750%

due

02/01/50

430

323

3.950%

due

08/01/59

190

140

Bon

Secours

Mercy

Health,

Inc.

3.464%

due

06/01/30

90

81

BP

Capital

Markets

America,

Inc.

3.000%

due

02/24/50

190

132

Brandywine

Operating

Partnership,

LP

4.100%

due

10/01/24

874

839

Bristol-Myers

Squibb

Co.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.350%

due

11/13/40

150

105

Series

WI

3.900%

due

02/20/28

380

369

Broadcom,

Inc.

1.950%

due

02/15/28

(Þ)

948

820

3.187%

due

11/15/36

(Þ)

290

219

Burlington

Northern

Santa

Fe

LLC

4.400%

due

03/15/42

100

91

Cameron

LNG

LLC

3.701%

due

01/15/39

(Þ)

30

25

Capital

One

Financial

Corp.

2.618%

due

11/02/32

(SOFR

+

1.265%)(Ê)

1,013

780

5.817%

due

02/01/34

(SOFR

+

2.600%)(Ê)

140

134

Carrier

Global

Corp.

Series

WI

2.242%

due

02/15/25

867

820

3.577%

due

04/05/50

40

30

Caterpillar

Financial

Services

Corp.

3.250%

due

12/01/24

883

857

CBRE

Services,

Inc.

2.500%

due

04/01/31

1,007

810

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.500%

due

08/15/30

(Þ)

10

8

Series

WI

4.500%

due

05/01/32

400

319

CDW

LLC

/

CDW

Finance

Corp.

4.125%

due

05/01/25

900

867

Centene

Corp.

Series

WI

4.250%

due

12/15/27

80

75

4.625%

due

12/15/29

150

138

3.375%

due

02/15/30

1,024

880

CenterPoint

Energy

Houston

Electric

LLC

4.950%

due

04/01/33

130

130

4.500%

due

04/01/44

190

170

5.300%

due

04/01/53

10

10

CH

Robinson

Worldwide,

Inc.

4.200%

due

04/15/28

845

809

Charles

Schwab

Corp.

(The)

2.000%

due

03/20/28

140

121

5.643%

due

05/19/29

(SOFR

+

2.210%)(Ê)

190

190

5.853%

due

05/19/34

(SOFR

+

2.500%)(Ê)

90

91

Series

G

5.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.971%)(Ê)(ƒ)

240

229

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

175

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

73

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.250%

due

01/15/29

410

341

3.500%

due

06/01/41

100

68

3.500%

due

03/01/42

190

127

3.850%

due

04/01/61

60

36

3.950%

due

06/30/62

170

105

Series

WI

3.750%

due

02/15/28

300

275

6.384%

due

10/23/35

20

19

6.484%

due

10/23/45

639

601

6.834%

due

10/23/55

20

19

Cheniere

Energy

Partners,

LP

Series

WI

3.250%

due

01/31/32

80

66

Chesapeake

Energy

Corp.

5.500%

due

02/01/26

(Þ)

550

536

Chevron

Corp.

1.554%

due

05/11/25

894

838

0.687%

due

08/12/25

946

864

3.078%

due

05/11/50

10

7

Chord

Energy

Corp.

6.375%

due

06/01/26

(Þ)

130

129

Cigna

Corp.

2.400%

due

03/15/30

40

34

3.200%

due

03/15/40

90

69

Series

WI

4.800%

due

08/15/38

120

113

Cigna

Group

(The)

Series

WI

4.375%

due

10/15/28

400

387

Cimarex

Energy

Co.

4.375%

due

03/15/29

130

110

CIT

Bank

NA

Series

BKNT

2.969%

due

09/27/25

(CME

Term

SOFR

3

Month

+

1.715%)(Ê)

812

768

Citigroup,

Inc.

3.106%

due

04/08/26

(SOFR

+

2.842%)(Ê)

100

95

2.976%

due

11/05/30

(SOFR

+

1.422%)(Ê)

320

277

2.572%

due

06/03/31

(SOFR

+

2.107%)(Ê)

220

184

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

560

457

3.785%

due

03/17/33

(SOFR

+

1.939%)(Ê)

210

186

6.174%

due

05/25/34

(SOFR

+

2.661%)(Ê)

260

262

8.125%

due

07/15/39

370

473

4.650%

due

07/23/48

35

32

Series

Y

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.150%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.000%)(Ê)(ƒ)

230

185

Citizens

Bank

NA

Series

BKNT

2.250%

due

04/28/25

971

878

Clorox

Co.

(The)

1.800%

due

05/15/30

220

180

CNH

Industrial

Capital

LLC

3.950%

due

05/23/25

844

817

Coca-Cola

Co.

(The)

3.450%

due

03/25/30

906

855

1.375%

due

03/15/31

90

72

4.125%

due

03/25/40

50

46

2.500%

due

06/01/40

10

8

Comcast

Corp.

4.150%

due

10/15/28

110

107

4.250%

due

10/15/30

120

116

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

67

Series

WI

2.887%

due

11/01/51

304

204

2.937%

due

11/01/56

30

20

2.987%

due

11/01/63

117

74

Comerica,

Inc.

Series

BKNT

2.500%

due

07/23/24

250

235

CommonSpirit

Health

2.782%

due

10/01/30

80

67

3.910%

due

10/01/50

90

70

Commonwealth

Edison

Co.

6.450%

due

01/15/38

120

133

Conagra

Brands,

Inc.

1.375%

due

11/01/27

971

822

Constellation

Brands,

Inc.

4.750%

due

11/15/24

836

824

Consumers

Energy

Co.

2.500%

due

05/01/60

18

10

Continental

Resources,

Inc.

2.268%

due

11/15/26

(Þ)

140

125

2.875%

due

04/01/32

(Þ)

120

92

Series

WI

4.375%

due

01/15/28

260

244

Coterra

Energy,

Inc.

Series

WI

3.900%

due

05/15/27

160

151

4.375%

due

03/15/29

330

308

Crown

Castle

International

Corp.

3.200%

due

09/01/24

855

829

CVS

Health

Corp.

3.625%

due

04/01/27

40

38

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

74

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.300%

due

03/25/28

101

97

3.250%

due

08/15/29

70

63

3.750%

due

04/01/30

110

101

5.250%

due

01/30/31

260

259

2.125%

due

09/15/31

120

96

4.780%

due

03/25/38

260

240

4.125%

due

04/01/40

40

34

5.050%

due

03/25/48

125

115

DCP

Midstream

Operating,

LP

3.250%

due

02/15/32

200

169

6.450%

due

11/03/36

(Þ)

50

51

Dell

International

LLC

/

EMC

Corp.

Series

WI

8.100%

due

07/15/36

65

76

Delta

Air

Lines,

Inc.

7.375%

due

01/15/26

210

219

3.750%

due

10/28/29

30

27

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

4.500%

due

10/20/25

(Þ)

208

204

4.750%

due

10/20/28

(Þ)

320

311

Devon

Energy

Corp.

5.850%

due

12/15/25

140

141

5.600%

due

07/15/41

90

85

5.000%

due

06/15/45

240

208

Series

WI

5.250%

due

10/15/27

19

19

5.875%

due

06/15/28

153

152

4.500%

due

01/15/30

220

207

DH

Europe

Finance

II

SARL

Series

5YR

2.200%

due

11/15/24

899

861

Diamondback

Energy,

Inc.

3.500%

due

12/01/29

280

252

4.400%

due

03/24/51

210

166

Discover

Bank

2.450%

due

09/12/24

928

879

DISH

DBS

Corp.

5.750%

due

12/01/28

(Þ)

150

112

Series

WI

5.875%

due

11/15/24

80

70

7.750%

due

07/01/26

10

6

Dollar

General

Corp.

4.150%

due

11/01/25

821

797

Dominion

Energy,

Inc.

Series

C

3.375%

due

04/01/30

80

72

DR

Horton,

Inc.

2.500%

due

10/15/24

907

867

Duke

Energy

Carolinas

LLC

4.950%

due

01/15/33

180

179

6.100%

due

06/01/37

190

199

4.000%

due

09/30/42

100

83

Duke

Energy

Corp.

3.400%

due

06/15/29

892

804

Duke

Energy

Indiana

LLC

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.400%

due

04/01/53

70

71

Series

YYY

3.250%

due

10/01/49

80

57

Duke

Energy

Ohio,

Inc.

5.250%

due

04/01/33

130

131

Edison

International

4.950%

due

04/15/25

1,025

1,003

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

175

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

95

El

Paso

Natural

Gas

Co.

LLC

7.500%

due

11/15/26

350

370

Elevance

Health,

Inc.

4.101%

due

03/01/28

50

48

4.100%

due

05/15/32

310

289

5.500%

due

10/15/32

300

308

4.375%

due

12/01/47

10

9

4.850%

due

08/15/54

783

682

Eli

Lilly

&

Co.

4.950%

due

02/27/63

60

61

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

484

557

Endeavor

Energy

Resources,

LP

/

EER

Finance,

Inc.

5.750%

due

01/30/28

(Þ)

40

39

Energy

Transfer,

LP

2.900%

due

05/15/25

30

28

5.500%

due

06/01/27

220

219

5.250%

due

04/15/29

30

29

3.750%

due

05/15/30

140

126

5.300%

due

04/01/44

10

9

6.250%

due

04/15/49

170

166

Series

10Y

4.950%

due

06/15/28

40

39

Series

B

6.625%

due

12/31/99

(USD

3

Month

LIBOR

+

4.155%)(Ê)(ƒ)

110

84

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

401

Series

G

7.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.306%)(Ê)(ƒ)

790

670

Series

H

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.694%)(Ê)(ƒ)

70

64

EnLink

Midstream

LLC

5.625%

due

01/15/28

(Þ)

260

252

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

75

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Enstar

Group,

Ltd.

4.950%

due

06/01/29

866

806

Enterprise

Products

Operating

LLC

4.150%

due

10/16/28

150

143

2.800%

due

01/31/30

100

88

7.550%

due

04/15/38

20

23

5.700%

due

02/15/42

40

41

4.850%

due

03/15/44

60

55

3.700%

due

01/31/51

140

107

3.300%

due

02/15/53

160

114

5.375%

due

02/15/78

(USD

3

Month

LIBOR

+

2.570%)(Ê)

680

563

Series

D

6.875%

due

03/01/33

794

894

EOG

Resources,

Inc.

4.375%

due

04/15/30

130

127

EPR

Properties

Co.

3.750%

due

08/15/29

969

788

EQM

Midstream

Partners,

LP

7.500%

due

06/01/27

(Þ)

120

121

EQT

Corp.

3.125%

due

05/15/26

(Þ)

160

147

3.900%

due

10/01/27

160

148

5.000%

due

01/15/29

10

9

7.000%

due

02/01/30

100

105

3.625%

due

05/15/31

(Þ)

30

26

Equifax,

Inc.

2.350%

due

09/15/31

310

247

Equities

Corp.

6.125%

due

02/01/25

139

138

Extra

Space

Storage,

LP

3.900%

due

04/01/29

70

64

Exxon

Mobil

Corp.

2.992%

due

03/19/25

859

828

3.482%

due

03/19/30

120

113

4.227%

due

03/19/40

70

65

4.114%

due

03/01/46

40

35

4.327%

due

03/19/50

10

9

3.452%

due

04/15/51

30

23

F&G

Annuities

&

Life,

Inc.

7.400%

due

01/13/28

(Þ)

862

861

Ferguson

PLC

4.500%

due

10/24/28

(Þ)

906

868

Fidelity

&

Guaranty

Life

Holdings,

Inc.

5.500%

due

05/01/25

(Þ)

50

49

FirstEnergy

Corp.

Series

B

3.900%

due

07/15/27

120

114

Series

C

4.850%

due

07/15/47

50

45

Florida

Gas

Transmission

Co.

LLC

2.300%

due

10/01/31

(Þ)

420

334

Florida

Power

&

Light

Co.

3.150%

due

10/01/49

40

29

Ford

Motor

Co.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.950%

due

03/06/26

700

704

3.250%

due

02/12/32

120

94

4.750%

due

01/15/43

40

31

Ford

Motor

Credit

Co.

LLC

3.664%

due

09/08/24

200

193

2.300%

due

02/10/25

600

561

2.700%

due

08/10/26

200

179

4.950%

due

05/28/27

200

189

Fox

Corp.

Series

WI

5.476%

due

01/25/39

80

75

Freeport-McMoRan,

Inc.

5.400%

due

11/14/34

230

222

FS

KKR

Capital

Corp.

3.400%

due

01/15/26

921

838

General

Dynamics

Corp.

3.250%

due

04/01/25

876

847

3.625%

due

04/01/30

100

94

4.250%

due

04/01/40

160

147

4.250%

due

04/01/50

50

46

General

Motors

Co.

6.125%

due

10/01/25

310

312

5.600%

due

10/15/32

80

77

6.250%

due

10/02/43

40

39

6.750%

due

04/01/46

40

40

Genting

New

York

LLC

3.300%

due

02/15/26

(Þ)

640

570

Georgia

Power

Co.

3.250%

due

03/30/27

858

796

Gilead

Sciences,

Inc.

5.650%

due

12/01/41

50

53

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.375%

due

04/15/26

653

639

Goldman

Sachs

BDC,

Inc.

2.875%

due

01/15/26

860

790

Goldman

Sachs

Group,

Inc.

(The)

5.700%

due

11/01/24

871

870

4.250%

due

10/21/25

140

135

3.615%

due

03/15/28

(SOFR

+

1.846%)(Ê)

290

272

3.691%

due

06/05/28

(USD

3

Month

LIBOR

+

1.510%)(Ê)

200

188

4.223%

due

05/01/29

(USD

3

Month

LIBOR

+

1.301%)(Ê)

50

47

3.800%

due

03/15/30

40

37

2.650%

due

10/21/32

(SOFR

+

1.264%)(Ê)

340

277

5.150%

due

05/22/45

70

65

Series

DMTN

2.383%

due

07/21/32

(SOFR

+

1.248%)(Ê)

590

473

Golub

Capital

BDC,

Inc.

2.050%

due

02/15/27

1,009

849

Halliburton

Co.

4.850%

due

11/15/35

60

56

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

76

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Harman

International

Industries,

Inc.

4.150%

due

05/15/25

879

853

Harris

Corp.

4.400%

due

06/15/28

859

826

Hawaiian

Brand

Intellectual

Property,

Ltd.

/

HawaiianMiles

Loyalty,

Ltd.

5.750%

due

01/20/26

(Þ)

730

691

HCA,

Inc.

5.250%

due

06/15/26

791

782

5.500%

due

06/01/33

260

260

5.125%

due

06/15/39

50

46

Hercules

Capital,

Inc.

3.375%

due

01/20/27

966

837

Hershey

Co.

(The)

1.700%

due

06/01/30

160

133

Home

Depot,

Inc.

(The)

3.000%

due

04/01/26

828

792

3.900%

due

12/06/28

10

10

2.700%

due

04/15/30

80

71

3.300%

due

04/15/40

50

41

3.350%

due

04/15/50

10

8

Host

Hotels

&

Resorts,

LP

Series

F

4.500%

due

02/01/26

814

789

HSBC

Holdings

PLC

7.200%

due

07/15/97

457

502

Humana,

Inc.

4.500%

due

04/01/25

20

20

5.875%

due

03/01/33

220

229

4.625%

due

12/01/42

20

18

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

713

Huntington

Ingalls

Industries,

Inc.

Series

WI

3.483%

due

12/01/27

900

825

Huntsman

International

LLC

4.500%

due

05/01/29

926

847

ILFC

E-Capital

Trust

I

7.064%

due

12/21/65

(~)(Ê)(Þ)

350

235

ILFC

E-Capital

Trust

II

7.314%

due

12/21/65

(~)(Ê)(Þ)

350

243

Intel

Corp.

2.800%

due

08/12/41

110

78

4.900%

due

08/05/52

60

55

3.200%

due

08/12/61

100

65

Series

WI

3.734%

due

12/08/47

10

8

Inter-American

Development

Bank

Series

GMTN

5.320%

due

02/04/25

(SOFR

+

0.250%)(Ê)

1,230

1,232

Intercontinental

Exchange,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.600%

due

03/15/33

220

213

4.950%

due

06/15/52

40

38

International

Flavors

&

Fragrances,

Inc.

1.230%

due

10/01/25

(Þ)

919

819

Invitation

Homes,

Inc.

2.300%

due

11/15/28

971

825

4.150%

due

04/15/32

310

278

Jabil

Circuit,

Inc.

5.450%

due

02/01/29

140

139

Jackson

National

Life

Global

Funding

1.750%

due

01/12/25

(Þ)

918

852

Jacobs

Engineering

Group,

Inc.

5.900%

due

03/01/33

866

850

Jefferies

Financial

Group,

Inc.

6.625%

due

10/23/43

761

736

JetBlue

Airways

Corp.

Series

2019

2.750%

due

05/15/32

745

633

John

Deere

Capital

Corp.

3.450%

due

03/13/25

889

864

JPMorgan

Chase

&

Co.

4.203%

due

07/23/29

(USD

3

Month

LIBOR

+

1.260%)(Ê)

40

38

8.750%

due

09/01/30

280

340

2.522%

due

04/22/31

(SOFR

+

2.040%)(Ê)

120

101

2.956%

due

05/13/31

(SOFR

+

2.515%)(Ê)

330

283

1.953%

due

02/04/32

(SOFR

+

1.065%)(Ê)

340

271

2.545%

due

11/08/32

(SOFR

+

1.180%)(Ê)

80

66

4.586%

due

04/26/33

(SOFR

+

1.800%)(Ê)

500

477

4.260%

due

02/22/48

(USD

3

Month

LIBOR

+

1.580%)(Ê)

80

69

3.328%

due

04/22/52

(SOFR

+

1.580%)(Ê)

120

87

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

167

Kaiser

Foundation

Hospitals

4.150%

due

05/01/47

30

26

Series

2019

3.266%

due

11/01/49

30

22

Series

2021

2.810%

due

06/01/41

80

59

3.002%

due

06/01/51

20

14

Kellogg

Co.

3.400%

due

11/15/27

906

848

Kenvue

,

Inc.

4.900%

due

03/22/33

(Þ)

210

212

5.050%

due

03/22/53

(Þ)

110

112

5.200%

due

03/22/63

(Þ)

60

61

Keurig

Dr

Pepper,

Inc.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

77

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.400%

due

11/15/25

833

797

Keysight

Technologies,

Inc.

3.000%

due

10/30/29

921

807

Kimco

Realty

Corp.

2.250%

due

12/01/31

310

241

Kinder

Morgan

Energy

Partners,

LP

7.300%

due

08/15/33

50

54

5.500%

due

03/01/44

150

137

Kinder

Morgan,

Inc.

4.300%

due

06/01/25

90

88

5.550%

due

06/01/45

80

74

5.050%

due

02/15/46

30

26

KKR

Group

Finance

Co.

II

LLC

5.500%

due

02/01/43

(Þ)

10

9

KLA

Corp.

4.650%

due

07/15/32

130

130

4.950%

due

07/15/52

20

20

Kraft

Heinz

Foods

Co.

Series

WI

3.875%

due

05/15/27

906

870

Kroger

Co.

(The)

3.500%

due

02/01/26

828

793

5.150%

due

08/01/43

20

18

Kyndryl

Holdings,

Inc.

Series

WI

3.150%

due

10/15/31

320

240

4.100%

due

10/15/41

230

154

L3Harris

Technologies,

Inc.

2.900%

due

12/15/29

240

208

Laboratory

Corp.

of

America

Holdings

3.250%

due

09/01/24

886

858

Lam

Research

Corp.

1.900%

due

06/15/30

140

117

Las

Vegas

Sands

Corp.

3.200%

due

08/08/24

750

726

2.900%

due

06/25/25

900

846

Lennar

Corp.

Series

WI

5.000%

due

06/15/27

10

10

Lennox

International,

Inc.

1.700%

due

08/01/27

110

96

Lithia

Motors,

Inc.

4.625%

due

12/15/27

(Þ)

60

56

3.875%

due

06/01/29

(Þ)

50

43

Lockheed

Martin

Corp.

1.850%

due

06/15/30

70

58

3.900%

due

06/15/32

100

94

4.500%

due

05/15/36

10

10

4.150%

due

06/15/53

70

62

4.300%

due

06/15/62

80

71

Lowe's

Cos.,

Inc.

4.500%

due

04/15/30

50

49

1.700%

due

10/15/30

90

72

2.800%

due

09/15/41

90

64

3.000%

due

10/15/50

190

125

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

3-RD

3.375%

due

09/15/25

834

799

Marriott

International,

Inc.

Series

EE

5.750%

due

05/01/25

849

851

Mars,

Inc.

2.375%

due

07/16/40

(Þ)

240

165

Marsh

&

McLennan

Cos.,

Inc.

3.500%

due

03/10/25

876

849

2.375%

due

12/15/31

220

179

Massachusetts

Mutual

Life

Insurance

Co.

3.375%

due

04/15/50

(Þ)

70

50

Mastercard

,

Inc.

3.850%

due

03/26/50

60

52

McDonald's

Corp.

3.800%

due

04/01/28

50

48

4.700%

due

12/09/35

716

695

Series

MTN

3.500%

due

07/01/27

60

57

3.600%

due

07/01/30

70

65

4.450%

due

03/01/47

40

36

4.450%

due

09/01/48

80

72

3.625%

due

09/01/49

10

8

4.200%

due

04/01/50

160

138

McKesson

Corp.

4.900%

due

07/15/28

220

219

MDC

Holdings,

Inc.

2.500%

due

01/15/31

160

126

6.000%

due

01/15/43

50

45

Merck

&

Co.,

Inc.

2.350%

due

06/24/40

40

29

Metropolitan

Edison

Co.

5.200%

due

04/01/28

(Þ)

150

148

Metropolitan

Life

Global

Funding

I

5.150%

due

03/28/33

(Þ)

300

297

Micron

Technology,

Inc.

2.703%

due

04/15/32

140

110

5.875%

due

02/09/33

150

149

Microsoft

Corp.

3.450%

due

08/08/36

80

73

2.921%

due

03/17/52

96

71

MidAmerican

Energy

Co.

3.650%

due

04/15/29

50

46

3.150%

due

04/15/50

110

77

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

6.500%

due

06/20/27

(Þ)

128

128

Molson

Coors

Beverage

Co.

4.200%

due

07/15/46

40

33

Mondelez

International

Holdings

Netherlands

BV

2.250%

due

09/19/24

(Þ)

690

660

Mondelez

International,

Inc.

1.875%

due

10/15/32

981

766

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

78

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.625%

due

09/04/50

40

26

Morgan

Stanley

4.754%

due

04/21/26

500

493

2.188%

due

04/28/26

(SOFR

+

1.990%)(Ê)

70

66

1.593%

due

05/04/27

(SOFR

+

0.879%)(Ê)

70

63

6.342%

due

10/18/33

(SOFR

+

2.560%)(Ê)

220

234

2.484%

due

09/16/36

(SOFR

+

1.360%)(Ê)

420

319

5.297%

due

04/20/37

(SOFR

+

2.620%)(Ê)

130

123

5.948%

due

01/19/38

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.430%)(Ê)

120

118

3.217%

due

04/22/42

(SOFR

+

1.485%)(Ê)

240

182

Series

GMTN

3.700%

due

10/23/24

895

874

4.431%

due

01/23/30

(USD

3

Month

LIBOR

+

1.628%)(Ê)

10

10

2.239%

due

07/21/32

(SOFR

+

1.178%)(Ê)

170

135

Series

MTN

3.622%

due

04/01/31

(SOFR

+

3.120%)(Ê)

80

72

MPLX,

LP

4.800%

due

02/15/29

50

48

5.000%

due

03/01/33

290

278

4.500%

due

04/15/38

170

146

5.200%

due

03/01/47

30

26

4.700%

due

04/15/48

70

57

NBCUniversal

Media

LLC

4.450%

due

01/15/43

7

6

Nestle

Holdings,

Inc.

0.606%

due

09/14/24

(Þ)

882

835

Netflix,

Inc.

5.875%

due

11/15/28

838

865

New

York

Life

Global

Funding

4.550%

due

01/28/33

(Þ)

120

116

New

York

Life

Insurance

Co.

3.750%

due

05/15/50

(Þ)

150

115

Newell

Brands,

Inc.

4.000%

due

12/01/24

170

163

NextEra

Energy

Capital

Holdings,

Inc.

6.051%

due

03/01/25

30

30

3.800%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.547%)(Ê)

978

821

NextEra

Energy

Operating

Partners,

LP

4.250%

due

07/15/24

(Þ)

60

59

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

553

590

Northrop

Grumman

Corp.

5.150%

due

05/01/40

160

157

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.050%

due

11/15/40

30

29

4.030%

due

10/15/47

30

26

5.250%

due

05/01/50

60

61

Northwest

Pipeline

LLC

7.125%

due

12/01/25

250

255

Series

WI

4.000%

due

04/01/27

60

57

Northwestern

Mutual

Life

Insurance

Co.

(The)

3.450%

due

03/30/51

(Þ)

320

228

3.625%

due

09/30/59

(Þ)

80

56

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

390

329

NVIDIA

Corp.

3.500%

due

04/01/40

30

26

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

988

852

Occidental

Petroleum

Corp.

6.950%

due

07/01/24

5

5

5.550%

due

03/15/26

140

138

3.400%

due

04/15/26

70

65

7.950%

due

06/15/39

50

57

4.100%

due

02/15/47

20

14

Ohio

Edison

Co.

5.500%

due

01/15/33

(Þ)

90

90

Omega

Healthcare

Investors,

Inc.

Series

WI

4.500%

due

04/01/27

898

834

Oncor

Electric

Delivery

Co.

LLC

3.100%

due

09/15/49

80

56

Series

WI

4.150%

due

06/01/32

40

38

Oracle

Corp.

2.875%

due

03/25/31

50

43

6.250%

due

11/09/32

370

393

4.300%

due

07/08/34

648

588

4.000%

due

07/15/46

220

169

6.900%

due

11/09/52

150

168

5.550%

due

02/06/53

350

339

Otis

Worldwide

Corp.

Series

WI

2.056%

due

04/05/25

872

822

2.565%

due

02/15/30

60

52

Owl

Rock

Capital

Corp.

4.250%

due

01/15/26

939

869

Pacific

Gas

and

Electric

Co.

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

13

4.750%

due

02/15/44

70

54

4.950%

due

07/01/50

140

110

3.500%

due

08/01/50

20

13

6.700%

due

04/01/53

210

206

Series

WI

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

79

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.300%

due

12/01/27

950

833

Park-Ohio

Industries,

Inc.

Series

WI

6.625%

due

04/15/27

240

212

Parsley

Energy

LLC

/

Parsley

Finance

Corp.

4.125%

due

02/15/28

(Þ)

10

9

PayPal

Holdings,

Inc.

2.300%

due

06/01/30

70

59

4.400%

due

06/01/32

100

96

3.250%

due

06/01/50

60

43

5.050%

due

06/01/52

20

20

Pennsylvania

Electric

Co.

5.150%

due

03/30/26

(Þ)

60

59

PepsiCo,

Inc.

2.625%

due

03/19/27

887

826

1.625%

due

05/01/30

10

8

3.900%

due

07/18/32

150

144

Pfizer,

Inc.

4.450%

due

05/19/28

60

59

4.650%

due

05/19/30

130

128

4.750%

due

05/19/33

110

110

2.550%

due

05/28/40

60

44

5.110%

due

05/19/43

430

431

5.300%

due

05/19/53

230

239

5.340%

due

05/19/63

50

51

PG&E

Wildfire

Recovery

Funding

LLC

Series

A-3

5.081%

due

06/01/41

120

117

Series

A-4

5.212%

due

12/01/47

30

30

Philip

Morris

International,

Inc.

2.100%

due

05/01/30

70

58

1.750%

due

11/01/30

280

221

6.375%

due

05/16/38

664

725

Physicians

Realty

Trust

4.300%

due

03/15/27

838

789

Pilgrim's

Pride

Corp.

5.875%

due

09/30/27

(Þ)

100

99

Pioneer

Natural

Resources

Co.

1.125%

due

01/15/26

908

818

5.100%

due

03/29/26

190

189

2.150%

due

01/15/31

280

229

Plains

All

American

Pipeline,

LP

Series

B

9.431%

due

12/31/99

(USD

3

Month

LIBOR

+

4.110%)(Ê)(ƒ)

390

347

Plains

All

American

Pipeline,

LP

/

PAA

Finance

Corp.

3.600%

due

11/01/24

899

870

Series

WI

6.700%

due

05/15/36

10

10

PNC

Financial

Services

Group,

Inc.

(The)

5.812%

due

06/12/26

(SOFR

+

1.322%)(Ê)

130

129

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.582%

due

06/12/29

(SOFR

+

1.841%)(Ê)

250

249

Series

W

6.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

2.808%)(Ê)(ƒ)

250

224

Procter

&

Gamble

Co.

(The)

2.850%

due

08/11/27

882

826

5.500%

due

02/01/34

100

107

Progress

Energy,

Inc.

7.000%

due

10/30/31

559

613

Prologis,

LP

1.250%

due

10/15/30

230

178

Prospect

Capital

Corp.

3.706%

due

01/22/26

1,003

881

Prudential

Financial,

Inc.

6.750%

due

03/01/53

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.848%)(Ê)

20

20

Public

Storage

0.875%

due

02/15/26

972

871

Qorvo

,

Inc.

1.750%

due

12/15/24

(Þ)

939

873

QUALCOMM,

Inc.

4.500%

due

05/20/52

50

45

Radian

Group,

Inc.

4.500%

due

10/01/24

878

855

Range

Resources

Corp.

Series

WI

4.875%

due

05/15/25

340

333

Raytheon

Technologies

Corp.

3.125%

due

05/04/27

916

858

4.625%

due

11/16/48

130

121

5.375%

due

02/27/53

140

145

Regal

Rexnord

Corp.

6.050%

due

02/15/26

(Þ)

1,668

1,670

Regeneron

Pharmaceuticals,

Inc.

1.750%

due

09/15/30

1,093

871

Regions

Financial

Corp.

2.250%

due

05/18/25

946

875

Republic

Services,

Inc.

2.500%

due

08/15/24

868

837

Roche

Holdings,

Inc.

3.000%

due

11/10/25

(Þ)

842

804

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

2.875%

due

10/15/26

(Þ)

100

88

Roper

Technologies,

Inc.

1.400%

due

09/15/27

952

821

RPM

International,

Inc.

3.750%

due

03/15/27

909

853

S&P

Global,

Inc.

1.250%

due

08/15/30

40

31

3.250%

due

12/01/49

20

15

Sabra

Health

Care,

LP

3.900%

due

10/15/29

921

750

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

80

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

San

Diego

Gas

&

Electric

Co.

Series

RRR

3.750%

due

06/01/47

100

78

Series

VVV

1.700%

due

10/01/30

240

192

Santander

Holdings

USA,

Inc.

5.807%

due

09/09/26

(SOFR

+

2.328%)(Ê)

860

845

SCE

Recovery

Funding

LLC

Series

A-1

4.697%

due

06/15/40

220

214

Sempra

Energy

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.868%)(Ê)

953

770

Sherwin-Williams

Co.

(The)

3.450%

due

06/01/27

861

812

Simon

Property

Group,

LP

3.500%

due

09/01/25

100

96

Southern

California

Edison

Co.

2.250%

due

06/01/30

150

125

3.650%

due

02/01/50

110

82

Series

C

4.125%

due

03/01/48

130

105

Series

G

2.500%

due

06/01/31

120

100

Southern

Co.

(The)

Series

21-B

1.750%

due

03/15/28

951

812

Southern

Co.

Gas

Capital

Corp.

6.000%

due

10/01/34

196

194

Southwest

Airlines

Co.

5.250%

due

05/04/25

50

49

Southwestern

Energy

Co.

8.375%

due

09/15/28

60

62

4.750%

due

02/01/32

80

71

Spirit

Loyalty

Cayman,

Ltd.

/

Spirit

IP

Cayman,

Ltd.

Series

144a

8.000%

due

09/20/25

(Þ)

380

383

Spirit

Realty

Capital,

Inc.

3.200%

due

01/15/27

949

854

STORE

Capital

Corp.

4.500%

due

03/15/28

938

819

Sun

Communities,

Inc.

2.700%

due

07/15/31

1,087

859

Sunoco

Logistics

Partners

Operations,

LP

3.900%

due

07/15/26

90

86

SunTrust

Banks,

Inc.

Series

BKNT

4.050%

due

11/03/25

70

67

Targa

Resources

Corp.

5.200%

due

07/01/27

230

226

4.200%

due

02/01/33

150

133

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

6.875%

due

01/15/29

210

214

5.500%

due

03/01/30

30

29

4.875%

due

02/01/31

220

203

4.000%

due

01/15/32

390

337

TD

SYNNEX

Corp.

Series

WI

1.250%

due

08/09/24

510

482

Teachers

Insurance

&

Annuity

Association

of

America

4.900%

due

09/15/44

(Þ)

140

127

Tennessee

Gas

Pipeline

Co.

LLC

2.900%

due

03/01/30

(Þ)

430

367

7.625%

due

04/01/37

608

690

Texas

Eastern

Transmission,

LP

3.500%

due

01/15/28

(Þ)

854

790

Texas

Instruments,

Inc.

2.250%

due

09/04/29

90

79

3.650%

due

08/16/32

170

158

3.875%

due

03/15/39

80

72

Time

Warner

Cable

Enterprises

LLC

8.375%

due

07/15/33

100

110

Time

Warner

Cable

LLC

6.550%

due

05/01/37

90

86

7.300%

due

07/01/38

180

183

6.750%

due

06/15/39

20

19

5.500%

due

09/01/41

666

554

T-Mobile

USA,

Inc.

2.625%

due

02/15/29

60

52

2.875%

due

02/15/31

70

59

Series

WI

3.875%

due

04/15/30

300

276

2.550%

due

02/15/31

824

685

2.700%

due

03/15/32

230

190

3.000%

due

02/15/41

100

73

3.300%

due

02/15/51

120

84

Transcontinental

Gas

Pipe

Line

Co.

LLC

4.450%

due

08/01/42

260

222

Series

WI

3.250%

due

05/15/30

50

44

Truist

Financial

Corp.

6.047%

due

06/08/27

(SOFR

+

2.050%)(Ê)

90

90

5.867%

due

06/08/34

(SOFR

+

2.361%)(Ê)

240

240

TWDC

Enterprises

18

Corp.

Series

MTNB

7.000%

due

03/01/32

552

631

Union

Pacific

Corp.

6.625%

due

02/01/29

607

659

3.750%

due

02/05/70

40

30

Series

WI

2.891%

due

04/06/36

110

88

3.839%

due

03/20/60

140

111

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

81

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

United

Airlines

Pass-Through

Trust

5.800%

due

01/15/36

500

510

Series

2020-1

Class

B

4.875%

due

01/15/26

199

190

Series

AA

2.700%

due

05/01/32

583

488

United

Airlines,

Inc.

4.625%

due

04/15/29

(Þ)

30

27

Series

144a

4.375%

due

04/15/26

(Þ)

400

380

United

Parcel

Service,

Inc.

3.900%

due

04/01/25

817

799

UnitedHealth

Group,

Inc.

3.850%

due

06/15/28

70

67

2.000%

due

05/15/30

100

84

5.350%

due

02/15/33

590

613

4.625%

due

07/15/35

100

98

5.700%

due

10/15/40

60

63

4.750%

due

05/15/52

80

76

5.875%

due

02/15/53

60

67

Unum

Group

5.750%

due

08/15/42

796

732

US

Airways

Pass-Through

Trust

Class

A

4.625%

due

06/03/25

73

69

3.950%

due

11/15/25

210

195

US

Bancorp

5.775%

due

06/12/29

(SOFR

+

2.020%)(Ê)

170

170

5.836%

due

06/12/34

(SOFR

+

2.260%)(Ê)

160

161

Verizon

Communications,

Inc.

2.100%

due

03/22/28

1,000

878

3.875%

due

02/08/29

120

113

7.750%

due

12/01/30

100

116

4.500%

due

08/10/33

470

444

5.250%

due

03/16/37

60

59

2.650%

due

11/20/40

90

63

4.125%

due

08/15/46

60

49

5.500%

due

03/16/47

10

10

4.000%

due

03/22/50

40

32

2.875%

due

11/20/50

120

78

Series

WI

4.329%

due

09/21/28

53

51

2.987%

due

10/30/56

60

38

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

4.625%

due

06/15/25

(Þ)

879

849

Visa,

Inc.

2.050%

due

04/15/30

60

51

2.700%

due

04/15/40

70

54

Vontier

Corp.

Series

WI

1.800%

due

04/01/26

170

151

2.400%

due

04/01/28

350

291

Vornado

Realty

Trust

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.500%

due

01/15/25

912

859

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

3

Month

LIBOR

+

2.084%)(Ê)

944

757

Walmart,

Inc.

1.050%

due

09/17/26

970

866

1.800%

due

09/22/31

80

66

2.650%

due

09/22/51

90

64

Walt

Disney

Co.

(The)

Series

WI

3.700%

due

09/15/24

827

809

6.650%

due

11/15/37

40

46

5.400%

due

10/01/43

30

31

WarnerMedia

Holdings,

Inc.

Series

WI

4.279%

due

03/15/32

110

98

5.050%

due

03/15/42

450

379

5.141%

due

03/15/52

220

179

Wells

Fargo

&

Co.

0.805%

due

05/19/25

(SOFR

+

0.510%)(Ê)

80

76

3.000%

due

04/22/26

140

132

3.000%

due

10/23/26

260

241

5.389%

due

04/24/34

(SOFR

+

2.020%)(Ê)

371

369

3.068%

due

04/30/41

(SOFR

+

2.530%)(Ê)

170

125

5.375%

due

11/02/43

130

122

4.650%

due

11/04/44

10

8

4.750%

due

12/07/46

90

77

5.013%

due

04/04/51

(SOFR

+

4.502%)(Ê)

310

289

4.611%

due

04/25/53

(SOFR

+

2.130%)(Ê)

250

219

Series

S

5.900%

due

12/29/49

(USD

3

Month

LIBOR

+

3.110%)(Ê)(ƒ)

210

207

Welltower

,

Inc.

3.850%

due

06/15/32

80

70

Western

Midstream

Operating,

LP

3.100%

due

02/01/25

480

459

4.650%

due

07/01/26

130

125

4.500%

due

03/01/28

50

47

4.050%

due

02/01/30

300

269

6.150%

due

04/01/33

200

202

5.450%

due

04/01/44

110

93

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

900

Williams

Cos.,

Inc.

(The)

3.750%

due

06/15/27

60

57

7.750%

due

06/15/31

130

144

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

82

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.800%

due

11/15/43

35

34

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

5.500%

due

03/01/25

(Þ)

80

79

Zions

Bancorp

NA

3.250%

due

10/29/29

953

699

201,677

International

Debt

-

15.6%

ABN

AMRO

Bank

NV

4.750%

due

07/28/25

(Þ)

861

830

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.300%

due

01/30/32

150

123

3.400%

due

10/29/33

150

120

3.850%

due

10/29/41

330

251

Agence

Francaise

de

Developpement

EPIC

Series

EMTN

6.090%

due

11/19/24

(SOFR

+

1.000%)(Ê)(Þ)

1,200

1,210

AIB

Group

PLC

7.583%

due

10/14/26

(SOFR

+

3.456%)(Ê)(Þ)

831

844

Alibaba

Group

Holding,

Ltd.

3.150%

due

02/09/51

290

188

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

702

652

Anglo

American

Capital

PLC

4.500%

due

03/15/28

(Þ)

360

343

Anheuser-Busch

Cos.

LLC

/

Anheuser-

Busch

InBev

Worldwide,

Inc.

4.900%

due

02/01/46

50

48

Anheuser-Busch

InBev

Worldwide,

Inc.

5.550%

due

01/23/49

310

327

Arbor

Realty

CLO,

Ltd.

Series

2021-FL2

Class

A

1.200%

due

05/15/36

(USD

1

Month

LIBOR

+

1.100%)(Ê)(Þ)

1,029

1,010

Series

2022-FL1

Class

A

1.500%

due

01/15/37

(SOFR

30

Day

Average

+

1.450%)(Ê)(Þ)

3,050

2,995

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

Series

2022-FL2

Class

A

6.710%

due

05/15/37

(CME

Term

SOFR

1

Month

+

1.850%)(Ê)(Þ)

2,638

2,602

ArcelorMittal

SA

6.550%

due

11/29/27

150

154

Argentine

Republic

Government

International

Bond

1.000%

due

07/09/29

34

11

0.750%

due

07/09/30

(~)(Ê)

278

92

4.875%

due

07/09/41

(~)(Ê)

160

51

AstraZeneca

PLC

0.700%

due

04/08/26

959

857

Avolon

Holdings

Funding,

Ltd.

3.950%

due

07/01/24

(Þ)

20

19

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.875%

due

02/15/25

(Þ)

150

139

Banco

de

Bogota

SA

Series

EMTQ

4.375%

due

08/03/27

(Þ)

877

807

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

224

Banco

Santander

Chile

2.700%

due

01/10/25

(Þ)

914

874

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

374

Bancolombia

SA

3.000%

due

01/29/25

991

941

Bank

of

Montreal

3.700%

due

06/07/25

821

793

Bank

of

Nova

Scotia

(The)

1.300%

due

06/11/25

881

810

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

Barrick

NA

Finance

LLC

5.700%

due

05/30/41

130

132

BAT

Capital

Corp.

2.259%

due

03/25/28

1,024

878

3.734%

due

09/25/40

110

78

Series

WI

3.557%

due

08/15/27

325

299

Bayer

US

Finance

LLC

3.375%

due

10/08/24

(Þ)

726

703

Bellemeade

Re,

Ltd.

2.859%

due

10/25/28

(USD

1

Month

LIBOR

+

2.750%)(Ê)(Þ)

1,607

1,614

9.695%

due

10/25/30

(USD

1

Month

LIBOR

+

4.850%)(Ê)(Þ)

1,094

1,142

Series

2019-3A

Class

M1C

2.099%

due

07/25/29

(USD

1

Month

LIBOR

+

1.950%)(Ê)(Þ)

1,690

1,694

Series

2020-4A

Class

M2B

3.750%

due

06/25/30

(USD

1

Month

LIBOR

+

3.600%)(Ê)(Þ)

276

278

Series

2021-2A

Class

M1A

1.210%

due

06/25/31

(SOFR

30

Day

Average

+

1.200%)(Ê)(Þ)

1,138

1,132

Series

2021-2A

Class

M1B

1.510%

due

06/25/31

(SOFR

30

Day

Average

+

1.500%)(Ê)(Þ)

1,759

1,737

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

83

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-3A

Class

A2

1.050%

due

09/25/31

(SOFR

30

Day

Average

+

1.000%)(Ê)(Þ)

2,380

2,326

Bharti

Airtel,

Ltd.

4.375%

due

06/10/25

(Þ)

877

853

BNP

Paribas

SA

2.219%

due

06/09/26

(SOFR

+

2.074%)(Ê)(Þ)

350

324

4.625%

due

03/13/27

(Þ)

722

691

4.400%

due

08/14/28

(Þ)

200

189

5.125%

due

01/13/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.450%)(Ê)(Þ)

330

323

2.159%

due

09/15/29

(SOFR

+

1.218%)(Ê)(Þ)

270

225

7.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.899%)(Ê)(ƒ)(Þ)

650

629

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.969%)(Ê)(ƒ)(Þ)

200

206

Bristol

Park

CLO

LTD

Series

2020-1A

Class

BR

6.710%

due

04/15/29

(USD

3

Month

LIBOR

+

1.450%)(Ê)(Þ)

250

244

British

Telecommunications

PLC

9.625%

due

12/15/30

70

86

Brookfield

Finance

LLC

3.450%

due

04/15/50

827

547

Brookfield

Finance,

Inc.

4.350%

due

04/15/30

847

781

Canadian

Natural

Resources,

Ltd.

5.850%

due

02/01/35

661

642

Canadian

Pacific

Railway

Co.

3.100%

due

12/02/51

80

57

6.125%

due

09/15/15

656

677

Chile

Government

International

Bond

2.550%

due

07/27/33

200

163

CI

Financial

Corp.

3.200%

due

12/17/30

1,642

1,231

Comision

Federal

de

Electricidad

3.348%

due

02/09/31

(Þ)

200

158

Cooperatieve

Rabobank

UA

4.375%

due

08/04/25

400

386

3.758%

due

04/06/33

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.420%)(Ê)(Þ)

360

313

CPPIB

Capital,

Inc.

4.125%

due

10/21/24

(Þ)

950

933

Credit

Agricole

SA

4.375%

due

03/17/25

(Þ)

734

707

1.907%

due

06/16/26

(SOFR

+

1.676%)(Ê)(Þ)

928

854

5.589%

due

07/05/26

(Þ)

250

250

5.514%

due

07/05/33

(Þ)

250

251

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

8.125%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

6.185%)(Ê)

(ƒ)(Þ)

600

601

Credit

Suisse

Group

AG

6.537%

due

08/12/33

(SOFR

+

3.920%)(Ê)(Þ)

650

666

9.016%

due

11/15/33

(SOFR

+

5.020%)(Ê)(Þ)

250

300

CRH

America,

Inc.

3.875%

due

05/18/25

(Þ)

894

861

CSL

UK

Holdings,

Ltd.

3.850%

due

04/27/27

(Þ)

60

57

4.050%

due

04/27/29

(Þ)

120

114

4.250%

due

04/27/32

(Þ)

100

95

DAE

Funding

LLC

1.550%

due

08/01/24

(Þ)

220

209

Daimler

Trucks

Finance

NA

LLC

1.625%

due

12/13/24

(Þ)

876

825

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

195

0.976%

due

09/10/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.550%)(Ê)(Þ)

1,205

1,124

6.466%

due

01/09/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.100%)(Ê)(Þ)

970

968

1.549%

due

09/10/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.730%)(Ê)(Þ)

200

174

4.298%

due

04/01/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.750%)(Ê)(Þ)

700

653

Delhaize

America,

Inc.

9.000%

due

04/15/31

154

183

Deutsche

Bank

AG

4.500%

due

04/01/25

871

827

3.547%

due

09/18/31

(SOFR

+

3.043%)(Ê)

1,010

839

7.079%

due

02/10/34

(SOFR

+

3.650%)(Ê)

200

185

Deutsche

Telekom

International

Finance

BV

8.750%

due

06/15/30

50

60

DNB

Bank

ASA

5.896%

due

10/09/26

(SOFR

+

1.950%)(Ê)(Þ)

864

856

Eagle

Re,

Ltd.

Series

2018-1

Class

M2

3.947%

due

11/25/28

(USD

1

Month

LIBOR

+

3.000%)(Ê)(Þ)

732

739

Series

2021-2

Class

M1B

2.099%

due

04/25/34

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

1,515

1,522

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

84

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-2

Class

M1C

4.035%

due

04/25/34

(SOFR

30

Day

Average

+

3.450%)(Ê)(Þ)

2,001

2,044

Ecopetrol

SA

4.625%

due

11/02/31

130

100

5.875%

due

05/28/45

80

55

5.875%

due

11/02/51

70

46

El

Puerto

de

Liverpool

SAB

de

CV

3.950%

due

10/02/24

(Þ)

878

855

Electricite

de

France

SA

3.625%

due

10/13/25

(Þ)

886

851

Enbridge,

Inc.

3.700%

due

07/15/27

687

649

Enel

Finance

International

NV

6.800%

due

10/14/25

(Þ)

340

346

3.500%

due

04/06/28

(Þ)

706

646

Eurosail

PLC

Series

2006-2A

Class

B1B

5.009%

due

12/15/44

(USD

3

Month

LIBOR

+

0.240%)(Ê)(Þ)

1,005

989

Export-Import

Bank

of

Korea

(The)

4.875%

due

01/11/26

1,160

1,146

Fairfax

Financial

Holdings,

Ltd.

Series

WI

4.850%

due

04/17/28

810

780

First

Quantum

Minerals,

Ltd.

7.500%

due

04/01/25

(Þ)

310

310

6.875%

due

10/15/27

(Þ)

200

195

8.625%

due

06/01/31

(Þ)

200

205

Fresenius

Medical

Care

AG

&

Co.

KGaA

1.875%

due

12/01/26

(Þ)

1,021

881

Fresnillo

PLC

4.250%

due

10/02/50

(Þ)

260

195

Garda

World

Security

Corp.

2021

Term

Loan

B

9.109%

due

10/30/26

(USD

3

Month

LIBOR

+

4.250%)(Ê)

69

68

GE

Capital

European

Funding

Unltd

.

Co.

6.025%

due

03/01/38

EUR

40

53

GFL

Environmental,

Inc.

Term

Loan

7.806%

due

05/31/27

(USD

1

Month

LIBOR

+

3.000%)(Ê)

8

8

Glencore

Funding

LLC

1.625%

due

09/01/25

(Þ)

140

129

4.000%

due

03/27/27

(Þ)

130

124

3.875%

due

10/27/27

(Þ)

140

131

5.400%

due

05/08/28

(Þ)

160

158

Grifols

Worldwide

Operations

USA,

Inc.

Term

Loan

B

6.840%

due

11/15/27

(USD

1

Month

LIBOR

+

2.000%)(Ê)

178

175

Hana

Bank

4.375%

due

09/30/24

(Þ)

874

852

HGI

CRE

CLO,

Ltd.

Series

2021-FL2

Class

A

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.459%

due

09/17/36

(USD

1

Month

LIBOR

+

1.000%)(Ê)(Þ)

2,218

2,141

Highlands

Holdings

Bond

Issuer,

Ltd.

/

Highlands

Holdings

Bond

Co.-Issuer,

Inc.

7.625%

due

10/15/25

(Þ)

502

463

Home

RE,

Ltd.

Series

2020-1

Class

M2

7.509%

due

10/25/30

(USD

1

Month

LIBOR

+

5.250%)(Ê)(Þ)

2,626

2,662

Series

2021-1

Class

M1C

2.423%

due

07/25/33

(USD

1

Month

LIBOR

+

2.300%)(Ê)(Þ)

3,204

3,205

HSBC

Holdings

PLC

2.099%

due

06/04/26

(SOFR

+

1.929%)(Ê)

400

370

4.041%

due

03/13/28

(USD

3

Month

LIBOR

+

1.546%)(Ê)

410

384

6.161%

due

03/09/29

(SOFR

+

1.970%)(Ê)

200

202

7.625%

due

05/17/32

669

712

6.254%

due

03/09/34

(SOFR

+

2.390%)(Ê)

670

687

ICICI

Bank,

Ltd.

4.000%

due

03/18/26

(Þ)

782

747

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

892

812

Intercorp

Financial

Services,

Inc.

4.125%

due

10/19/27

(Þ)

938

842

Intesa

Sanpaolo

SpA

7.000%

due

11/21/25

(Þ)

1,235

1,246

4.950%

due

06/01/42

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.750%)(Ê)(Þ)

200

132

7.778%

due

06/20/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.900%)(Ê)(Þ)

230

229

Jordan

Government

International

Bond

4.950%

due

07/07/25

(Þ)

510

494

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

886

Lamar

Funding,

Ltd.

3.958%

due

05/07/25

(Þ)

200

191

LCM

XXIII,

Ltd.

Series

2020-23A

Class

A1R

2.205%

due

10/20/29

(USD

3

Month

LIBOR

+

1.070%)(Ê)(Þ)

804

798

Lloyds

Banking

Group

PLC

7.500%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.496%)(Ê)

(ƒ)

200

187

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

85

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

8.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.913%)(Ê)(ƒ)

280

256

Series

WI

4.582%

due

12/10/25

827

792

Macquarie

Bank,

Ltd.

6.207%

due

11/22/24

(Þ)

845

844

Madison

Park

Funding

XVIII,

Ltd.

Series

2021-18A

Class

ARR

1.195%

due

10/21/30

(USD

3

Month

LIBOR

+

0.940%)(Ê)(Þ)

1,905

1,885

Magnetite

XV,

Ltd.

Series

2018-15A

Class

AR

3.793%

due

07/25/31

(USD

3

Month

LIBOR

+

1.010%)(Ê)(Þ)

529

524

Magnetite

Xxxiii,

Ltd.

Series

2022-33A

Class

A

6.549%

due

07/20/35

(CME

Term

SOFR

3

Month

+

1.500%)(Ê)(Þ)

3,893

3,832

MEG

Energy

Corp.

7.125%

due

02/01/27

(Þ)

100

102

Melco

Resorts

Finance,

Ltd.

5.375%

due

12/04/29

(Þ)

240

198

MercadoLibre

,

Inc.

2.375%

due

01/14/26

200

181

Mexico

Government

International

Bond

3.500%

due

02/12/34

240

201

4.350%

due

01/15/47

410

327

NatWest

Group

PLC

5.847%

due

03/02/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.350%)(Ê)

490

485

5.516%

due

09/30/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.270%)(Ê)

863

846

3.754%

due

11/01/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.100%)(Ê)

200

188

NBK

Tier

1

Financing

2,

Ltd.

4.500%

due

12/31/99

(USD

Constant

Maturity

6

Year

Rate

+

2.832%)(Ê)

(ƒ)(Þ)

926

850

Neuberger

Berman

CLO

XV,

Ltd.

Series

2021-15A

Class

A1R2

6.180%

due

10/15/29

(USD

3

Month

LIBOR

+

0.920%)(Ê)(Þ)

1,343

1,331

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

206

Nissan

Motor

Co.,

Ltd.

3.522%

due

09/17/25

(Þ)

750

698

Nokia

OYJ

4.375%

due

06/12/27

910

857

Nomura

Holdings,

Inc.

1.851%

due

07/16/25

891

815

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Novartis

Capital

Corp.

1.750%

due

02/14/25

907

860

NTT

Finance

Corp.

2.065%

due

04/03/31

(Þ)

200

165

Nutrien

,

Ltd.

3.000%

due

04/01/25

535

509

Oaktown

Re

III,

Ltd.

Series

2019-1A

Class

M1B

2.080%

due

07/25/29

(USD

1

Month

LIBOR

+

1.950%)(Ê)(Þ)

750

750

Oaktown

Re

VI,

Ltd.

Series

2021-1A

Class

M1B

2.060%

due

10/25/33

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

1,309

1,311

Oaktown

Re

VII,

Ltd.

Series

2021-2

Class

M1A

1.650%

due

04/25/34

(SOFR

30

Day

Average

+

1.600%)(Ê)(Þ)

788

785

Oaktown

Re,

Ltd.

Series

2021-1A

Class

M1C

3.010%

due

10/25/33

(SOFR

30

Day

Average

+

3.000%)(Ê)(Þ)

1,475

1,500

OCP

SA

3.750%

due

06/23/31

(Þ)

200

165

Panama

Government

International

Bond

2.252%

due

09/29/32

260

198

Peruvian

Government

International

Bond

2.783%

due

01/23/31

130

111

Petrobras

Global

Finance

BV

6.900%

due

03/19/49

150

138

5.500%

due

06/10/51

40

31

Petroleos

del

Peru

SA

5.625%

due

06/19/47

(Þ)

200

129

Prodigy

Finance

Designated

Activity

Co.

Series

2021-1A

Class

A

1.437%

due

07/25/51

(USD

1

Month

LIBOR

+

1.250%)(Ê)(Þ)

715

706

Prosus

NV

4.027%

due

08/03/50

(Þ)

909

571

Provincia

de

Buenos

Aires

6.375%

due

09/01/37

(~)(Ê)(Þ)

475

180

Provincia

de

Cordoba

7.125%

due

12/10/25

(~)(Ê)(Þ)

167

125

7.450%

due

06/01/27

(~)(Ê)(Þ)

230

156

Radnor

RE,

Ltd.

Series

2021-1

Class

M1B

1.710%

due

12/27/33

(SOFR

30

Day

Average

+

1.700%)(Ê)(Þ)

1,380

1,378

Series

2021-2

Class

M1A

1.898%

due

11/25/31

(SOFR

30

Day

Average

+

1.850%)(Ê)(Þ)

615

613

Reliance

Industries,

Ltd.

4.125%

due

01/28/25

(Þ)

863

841

2.875%

due

01/12/32

(Þ)

480

400

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

86

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

RenaissanceRe

Holdings,

Ltd.

5.750%

due

06/05/33

220

215

Reynolds

American,

Inc.

5.850%

due

08/15/45

70

62

Royal

Bank

of

Canada

Series

GMTN

0.750%

due

10/07/24

932

875

Sands

China,

Ltd.

Series

WI

5.125%

due

08/08/25

400

390

Santander

UK

Group

Holdings

PLC

6.833%

due

11/21/26

(SOFR

+

2.749%)(Ê)

250

251

Class

N

4.750%

due

09/15/25

(Þ)

701

674

Sasol

Financing

USA

LLC

8.750%

due

05/03/29

(Þ)

250

244

Saudi

Arabian

Oil

Co.

1.625%

due

11/24/25

(Þ)

908

829

Scottish

Power,

Ltd.

5.810%

due

03/15/25

833

836

Serbia

International

Bond

6.250%

due

05/26/28

(Þ)

477

475

Shell

International

Finance

BV

4.375%

due

05/11/45

110

99

4.000%

due

05/10/46

50

42

3.250%

due

04/06/50

20

15

Sociedad

Quimica

y

Minera

de

Chile

SA

3.500%

due

09/10/51

(Þ)

270

191

Societe

Generale

SA

4.750%

due

11/24/25

(Þ)

878

836

7.367%

due

01/10/53

(Þ)

200

195

Solvay

Finance

America

LLC

4.450%

due

12/03/25

(Þ)

854

819

Southern

Copper

Corp.

3.875%

due

04/23/25

832

809

6.750%

due

04/16/40

10

11

5.250%

due

11/08/42

60

57

Suncor

Energy,

Inc.

7.150%

due

02/01/32

769

829

Suzano

Austria

GmbH

Series

DM3N

3.125%

due

01/15/32

200

160

Teck

Resources,

Ltd.

6.250%

due

07/15/41

20

20

5.400%

due

02/01/43

60

54

Series

WI

3.900%

due

07/15/30

280

255

Telefonica

Emisiones

SA

5.213%

due

03/08/47

150

130

Tesco

PLC

6.150%

due

11/15/37

(Þ)

623

618

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.150%

due

10/01/26

320

287

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Thomson

Reuters

Corp.

3.350%

due

05/15/26

893

850

Toronto-Dominion

Bank

(The)

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.075%)(Ê)

200

203

TotalEnergies

Capital

International

SA

2.434%

due

01/10/25

901

864

TransAlta

Corp.

6.500%

due

03/15/40

30

29

TSMC

Arizona

Corp.

3.875%

due

04/22/27

880

847

2.500%

due

10/25/31

200

168

3.125%

due

10/25/41

220

176

TSMC

Global,

Ltd.

1.000%

due

09/28/27

(Þ)

976

827

UBS

Group

AG

1.364%

due

01/30/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.080%)(Ê)(Þ)

984

862

3.179%

due

02/11/43

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.100%)(Ê)(Þ)

200

139

4.500%

due

06/26/48

(Þ)

200

181

7.000%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.344%)(Ê)

(ƒ)(Þ)

260

251

UPM-

Kymmene

OYJ

7.450%

due

11/26/27

(Þ)

699

735

Vale

Overseas,

Ltd.

8.250%

due

01/17/34

636

740

Var

Energi

ASA

7.500%

due

01/15/28

(Þ)

840

863

Vodafone

Group

PLC

6.150%

due

02/27/37

50

52

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

3.750%

due

09/17/24

(Þ)

1,283

1,212

2.875%

due

01/15/27

(Þ)

982

846

4.750%

due

09/17/44

(Þ)

200

140

Westpac

Banking

Corp.

2.668%

due

11/15/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.750%)(Ê)

100

77

3.020%

due

11/18/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.530%)(Ê)

100

77

Wynn

Macau,

Ltd.

4.875%

due

10/01/24

(Þ)

600

585

Yamana

Gold,

Inc.

2.630%

due

08/15/31

30

23

Series

WI

4.625%

due

12/15/27

310

292

Yara

International

ASA

3.800%

due

06/06/26

(Þ)

924

868

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

87

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ZF

NA

Capital,

Inc.

4.750%

due

04/29/25

(Þ)

1,270

1,238

134,354

Loan

Agreements

-

0.1%

Alterra

Mountain

Co.

2021

Term

Loan

B2

8.340%

due

07/30/28

(USD

1

Month

LIBOR

+

3.500%)(Ê)

65

65

Eyecare

Partners

LLC

2020

Term

Loan

8.590%

due

02/20/27

(USD

3

Month

LIBOR

+

3.750%)(Ê)

97

71

Focus

Financial

Partners

LLC

Term

Loan

B

8.057%

due

06/30/28

(USD

1

Month

LIBOR

+

3.250%)(Ê)

144

143

Genesee

&

Wyoming,

Inc.

New

Term

Loan

6.998%

due

12/30/26

(USD

3

Month

LIBOR

+

2.000%)(Ê)

76

76

Harbor

Freight

Tools

USA,

Inc.

2021

Term

Loan

B

7.590%

due

10/19/27

(USD

1

Month

LIBOR

+

2.750%)(Ê)

68

67

Nexstar

Broadcasting,

Inc.

Term

Loan

B4

7.340%

due

09/19/26

(USD

1

Month

LIBOR

+

2.500%)(Ê)

210

210

Phoenix

Guarantor,

Inc.

Term

Loan

B

8.090%

due

03/05/26

(USD

1

Month

LIBOR

+

3.250%)(Ê)

119

117

Prime

Security

Services

Borrower

LLC

2021

Term

Loan

7.517%

due

09/23/26

(USD

3

Month

LIBOR

+

2.750%)(Ê)

105

105

Quikrete

Holdings,

Inc.

2021

Term

Loan

B1

7.840%

due

06/11/28

(USD

1

Month

LIBOR

+

3.000%)(Ê)

59

59

United

Airlines,

Inc.

2021

Term

Loan

B

8.568%

due

04/21/28

(USD

3

Month

LIBOR

+

3.750%)(Ê)

54

54

Verscend

Holding

Corp.

2021

Term

Loan

B

8.840%

due

08/27/25

(USD

1

Month

LIBOR

+

4.000%)(Ê)

98

97

1,064

Mortgage-Backed

Securities

-

17.6%

Alternative

Loan

Trust

Series

2007-16CB

Class

1A5

0.568%

due

08/25/37

(USD

1

Month

LIBOR

+

0.400%)(Ê)

232

150

Banc

of

America

Funding

Trust

Series

2006-6

Class

2A1

6.000%

due

08/25/36

388

309

BX

Commercial

Mortgage

Trust

Series

2021-CIP

Class

D

1.771%

due

12/15/28

(USD

1

Month

LIBOR

+

1.671%)(Ê)(Þ)

2,674

2,553

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

BX

Trust

Series

2019-XL

Class

E

3.800%

due

10/15/36

(CME

Term

SOFR

1

Month

+

1.914%)(Ê)(Þ)

1,201

1,184

CAMB

Commercial

Mortgage

Trust

Series

2019-LIFE

Class

F

2.735%

due

12/15/37

(USD

1

Month

LIBOR

+

2.550%)(Ê)(Þ)

987

951

Series

2021-CX2

Class

A

2.700%

due

11/10/46

(Þ)

3,322

2,643

Citigroup

Commercial

Mortgage

Trust

Series

2013-375P

Class

D

3.635%

due

05/10/35

(~)(Ê)(Þ)

1,418

1,224

CORE

Mortgage

Trust

Series

2019

Class

D

1.835%

due

12/15/31

(USD

1

Month

LIBOR

+

1.650%)(Ê)(Þ)

1,216

1,151

Credit

Suisse

Mortgage

Capital

Certificates

Series

2019-ICE4

Class

A

1.165%

due

05/15/36

(USD

1

Month

LIBOR

+

0.980%)(Ê)(Þ)

2,479

2,466

Credit

Suisse

Mortgage

Trust

Series

2019-ICE4

Class

E

2.335%

due

05/15/36

(USD

1

Month

LIBOR

+

2.150%)(Ê)(Þ)

1,279

1,252

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.334%

due

04/10/37

(~)(Ê)(Þ)

985

709

Deutsche

Mortgage

Securities,

Inc.

Re-

REMIC

Trust

Series

2007-WM1

Class

A1

3.658%

due

06/27/37

(~)(Ê)(Þ)

222

196

ELP

Commercial

Mortgage

Trust

Series

2021-ELP

Class

D

1.619%

due

11/15/36

(USD

1

Month

LIBOR

+

1.518%)(Ê)(Þ)

926

888

Fannie

Mae

2.600%

due

2031

375

330

6.000%

due

2032

8

8

5.000%

due

2033

3

3

5.500%

due

2034

7

6

4.500%

due

2035

169

171

5.500%

due

2037

50

52

5.500%

due

2038

212

218

6.000%

due

2039

18

19

4.000%

due

2040

135

130

5.500%

due

2040

247

250

6.000%

due

2040

55

57

4.000%

due

2041

204

197

6.000%

due

2041

88

91

3.500%

due

2043

446

415

4.000%

due

2044

451

436

3.500%

due

2045

503

469

3.000%

due

2046

77

69

3.500%

due

2046

109

102

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

88

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.000%

due

2046

537

513

4.500%

due

2046

186

183

3.000%

due

2047

306

275

3.500%

due

2047

240

223

4.000%

due

2047

44

42

4.500%

due

2048

619

607

5.000%

due

2048

125

124

3.000%

due

2049

3,429

3,055

4.000%

due

2049

588

563

5.000%

due

2049

277

276

2.500%

due

2050

6,345

5,424

3.000%

due

2050

6,537

5,812

2.000%

due

2051

12,124

9,926

2.500%

due

2051

501

428

4.000%

due

2052

5,342

5,016

5.500%

due

2053

4,838

4,821

30

Year

TBA(Ï)

5.000%

5,237

5,131

5.500%

12,500

12,439

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2014-C03

Class

1M2

3.168%

due

07/25/24

(USD

1

Month

LIBOR

+

3.000%)(Ê)

95

96

Fannie

Mae

REMICS

Series

1999-56

Class

Z

7.000%

due

12/18/29

3

3

Series

2004-W5

Class

A1

6.000%

due

02/25/47

92

92

Series

2005-24

Class

ZE

5.000%

due

04/25/35

83

82

Freddie

Mac

5.500%

due

2038

159

163

6.000%

due

2038

40

42

5.000%

due

2040

78

79

4.000%

due

2041

582

564

4.500%

due

2041

80

79

5.500%

due

2041

90

93

3.500%

due

2043

303

284

4.000%

due

2044

200

192

3.500%

due

2045

416

387

4.000%

due

2045

199

190

3.000%

due

2046

1,446

1,302

4.000%

due

2046

96

91

3.000%

due

2047

509

456

3.000%

due

2048

79

70

4.000%

due

2048

561

537

4.500%

due

2048

144

141

3.000%

due

2049

176

157

2.500%

due

2050

1,592

1,367

3.000%

due

2050

2,687

2,391

2.000%

due

2051

2,084

1,712

2.500%

due

2051

74

64

4.000%

due

2052

6,432

6,041

5.500%

due

2053

5,065

5,041

Freddie

Mac

REMICS

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2003-2624

Class

QH

5.000%

due

06/15/33

29

29

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

98

100

Series

2010-3632

Class

PK

5.000%

due

02/15/40

45

44

Series

2010-3653

Class

B

4.500%

due

04/15/30

79

77

Series

2012-4010

Class

KM

3.000%

due

01/15/42

35

32

Ginnie

Mae

II

2.500%

due

2052

6,973

6,038

6.000%

due

2053

5,000

5,038

30

Year

TBA(Ï)

5.500%

13,340

13,277

HMH

Trust

Series

2017-NSS

Class

E

6.292%

due

07/05/31

(Þ)

1,170

585

JPMorgan

Mortgage

Trust

Series

2018-3

Class

A3

3.500%

due

09/25/48

(~)(Ê)(Þ)

88

79

Series

2020-3

Class

A15

3.500%

due

08/25/50

(~)(Ê)(Þ)

142

124

Series

2021-6

Class

A6

2.500%

due

10/25/51

(~)(Ê)(Þ)

3,608

3,217

Series

2021-7

Class

A6

2.500%

due

11/25/51

(~)(Ê)(Þ)

3,667

3,263

Series

2021-8

Class

A6

2.500%

due

12/25/51

(~)(Ê)(Þ)

3,113

2,769

Series

2021-12

Class

A4

2.500%

due

02/25/52

(~)(Ê)(Þ)

789

676

Series

2022-1

Class

A4

2.500%

due

07/25/52

(~)(Ê)(Þ)

2,906

2,468

Series

2022-2

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

1,327

1,132

Series

2022-3

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

2,950

2,515

Series

2022-4

Class

A4

3.000%

due

10/25/52

(~)(Ê)(Þ)

1,393

1,211

Series

2023-2

Class

A4B

5.500%

due

07/25/53

(~)(Ê)(Þ)

1,941

1,893

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

A

0.951%

due

04/15/26

(USD

1

Month

LIBOR

+

0.801%)(Ê)(Þ)

5,002

4,909

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

D

3.865%

due

09/13/39

(~)(Ê)(Þ)

1,500

1,091

Series

2017-237P

Class

XA

Interest

Only

STRIPS

0.468%

due

09/13/39

(~)(Ê)(Þ)

8,761

113

Series

2017-237P

Class

XB

Interest

Only

STRIPS

0.175%

due

09/13/39

(~)(Ê)(Þ)

5,418

19

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

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

$

Preston

Ridge

Partners

Mortgage

LLC

Series

2020-6

Class

A1

2.363%

due

11/25/25

(~)(Ê)(Þ)

367

351

Series

2021-3

Class

A1

1.867%

due

04/25/26

(~)(Ê)(Þ)

742

692

Series

2021-7

Class

A1

1.867%

due

08/25/26

(~)(Ê)(Þ)

688

627

Series

2021-9

Class

A1

2.363%

due

10/25/26

(~)(Ê)(Þ)

582

541

Sequoia

Mortgage

Trust

Series

2015-1

Class

A1

3.500%

due

01/25/45

(~)(Ê)(Þ)

64

57

Series

2021-4

Class

A10

2.500%

due

06/25/51

(~)(Ê)(Þ)

2,055

1,820

Washington

Mutual

Mortgage

Pass-

Through

Certificates

Trust

Series

2005-10

Class

3CB1

6.000%

due

11/25/35

352

293

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series

2020-3

Class

A1

3.000%

due

06/25/50

(~)(Ê)(Þ)

952

806

WinWater

Mortgage

Loan

Trust

Series

2014-1

Class

A1

3.847%

due

06/20/44

(~)(Ê)(Þ)

93

86

151,245

Municipal

Bonds

-

0.1%

American

Municipal

Power,

Inc.

Revenue

Bonds

8.084%

due

02/15/50

70

95

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

4.926%

due

10/01/51

110

110

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

Bonds

4.132%

due

05/15/32

140

133

3.006%

due

05/15/50

220

154

State

of

California

General

Obligation

Unlimited

7.300%

due

10/01/39

10

12

Texas

Natural

Gas

Securitization

Finance

Corp.

Revenue

Bonds

5.102%

due

04/01/35

300

301

805

Non-US

Bonds

-

5.3%

Andorra

Government

International

Bond

Series

EMTN

1.250%

due

05/06/31

(Þ)

EUR

3,500

3,081

Banque

Ouest

Africaine

de

Developpement

Series

REGS

2.750%

due

01/22/33

(Þ)

EUR

1,132

897

EMF-UK

PLC

Series

2014-1X

Class

A1A

1.173%

due

03/13/46

(GBP

3

Month

LIBOR

+

0.980%)(Ê)(Þ)

GBP

501

619

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Eurosail

PRIME-UK

PLC

Series

2007-PR1X

Class

A1

0.598%

due

09/13/45

(GBP

3

Month

LIBOR

+

0.400%)(Ê)(Þ)

GBP

372

460

Eurosail

-UK

PLC

Series

2007-6NCX

Class

A3A

0.795%

due

09/13/45

(GBP

3

Month

LIBOR

+

0.700%)(Ê)(Þ)

GBP

526

659

Finsbury

Square

Series

2021-1GRX

Class

AGRN

2.772%

due

12/16/67

(SONIA  +

0.650%)(Ê)(Þ)

GBP

1,792

2,257

Finsbury

Square

PLC

5.737%

due

12/16/71

(Þ)

GBP

1,065

1,343

Indonesia

Government

International

Bond

Series

FR87

6.500%

due

02/15/31

IDR

7,466,000

502

Mexican

Bonos

de

Desarrollo

Series

M

30

8.500%

due

11/18/38

MXN

11,660

663

Mexico

Government

International

Bond

2.125%

due

10/25/51

EUR

2,228

1,383

4.000%

due

03/15/15

EUR

1,011

810

Newgate

Funding

PLC

Series

2006-3X

Class

A3B

3.732%

due

12/01/50

(3

Month

EURIBOR

+

0.170%)(Ê)(Þ)

EUR

2,050

2,126

Paragon

Mortgages

(No.

12)

PLC

0.293%

due

11/15/38

(SONIA  +

0.359%)(Ê)(Þ)

GBP

1,217

1,504

Series

2006-12X

Class

A2A

0.342%

due

11/15/38

(SONIA  +

0.359%)(Ê)(Þ)

GBP

737

909

Parkmore

Point

RMBS

PLC

Series

2022-1A

Class

A

5.362%

due

07/25/45

(SONIA  +

1.500%)(Ê)(Þ)

GBP

1,898

2,384

Petroleos

Mexicanos

Series

14-2

7.470%

due

11/12/26

MXN

48,670

2,436

Series

REGS

7.190%

due

09/12/24

(Þ)

MXN

55,822

2,993

Primrose

Residential

DAC

Series

2021-1

Class

A

4.189%

due

03/24/61

(1

Month

EURIBOR

+

0.750%)(Ê)(Þ)

EUR

1,031

1,116

Republic

of

Chile

Government

International

Bond

4.125%

due

07/05/34

EUR

800

865

Republic

of

South

Africa

Government

International

Bond

Series

2037

8.500%

due

01/31/37

ZAR

50,736

2,060

RMAC

Securities

No.

1

PLC

Series

2006-NS1X

Class

A2A

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

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

$

1.050%

due

06/12/44

(SONIA  +

0.269%)(Ê)(Þ)

GBP

311

378

Series

2006-NS3X

Class

A2A

0.245%

due

06/12/44

(SONIA  +

0.269%)(Ê)(Þ)

GBP

374

454

Series

2006-NS4X

Class

A3A

3.853%

due

06/12/44

(GBP

3

Month

LIBOR

+

0.170%)(Ê)(Þ)

GBP

679

828

Romania

Government

International

Bond

Series

REGS

2.750%

due

02/26/26

(Þ)

EUR

1,718

1,779

2.875%

due

05/26/28

(Þ)

EUR

318

311

2.500%

due

02/08/30

(Þ)

EUR

80

72

3.624%

due

05/26/30

(Þ)

EUR

52

50

1.750%

due

07/13/30

(Þ)

EUR

627

520

2.124%

due

07/16/31

(Þ)

EUR

1,114

920

3.875%

due

10/29/35

(Þ)

EUR

166

143

3.375%

due

02/08/38

(Þ)

EUR

137

107

2.625%

due

12/02/40

(Þ)

EUR

1,251

828

2.750%

due

04/14/41

(Þ)

EUR

1,124

751

2.875%

due

04/13/42

(Þ)

EUR

1,166

779

4.625%

due

04/03/49

(Þ)

EUR

293

247

3.375%

due

01/28/50

(Þ)

EUR

223

152

Shamrock

Residential

Series

2021-1

Class

A

3.985%

due

12/24/59

(1

Month

EURIBOR

+

0.850%)(Ê)(Þ)

EUR

632

688

Stanlington

No.

2

PLC

Series

2022-2

Class

A

4.514%

due

06/12/45

(SONIA  +

0.950%)(Ê)(Þ)

GBP

955

1,205

Stratton

Mortgage

Funding

PLC

Series

2021-3

Class

A

1.452%

due

12/12/43

(SONIA  +

0.700%)(Ê)(Þ)

GBP

445

562

Taurus

CMBS

Series

2021-UK4A

Class

B

1.655%

due

08/17/31

(SONIA  +

1.500%)(Ê)(Þ)

GBP

470

566

Taurus

UK

Designated

Activity

Co.

Series

2021-UK1A

Class

B

6.254%

due

05/17/31

(3

Month

SONIA

Deposit

Rate

+

1.300%)(Ê)

(Þ)

GBP

496

599

Towd

Point

Mortgage

Funding

PLC

Series

2019-A13X

Class

B

1.251%

due

07/20/45

(3

Month

SONIA

Deposit

Rate

+

1.200%)(Ê)

(Þ)

GBP

885

1,109

Series

2019-GR4A

Class

A1

1.111%

due

10/20/51

(GBP

3

Month

LIBOR

+

1.025%)(Ê)(Þ)

GBP

1,510

1,919

Towd

Point

Mortgage

Trust

Series

2021-GR4X

Class

A2R

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.244%

due

10/20/51

(SONIA  +

0.670%)(Ê)(Þ)

GBP

798

1,004

Warwick

Finance

Residential

Mortgages

Number

Three

PLC

0.854%

due

12/21/49

(SONIA  +

0.950%)(Ê)(Þ)

GBP

642

808

45,846

United

States

Government

Treasuries

-

14.6%

United

States

Treasury

Notes

1.250%

due

08/31/24

3,165

3,019

2.000%

due

02/15/25

11,483

10,930

5.180%

due

04/30/25

2,121

1,951

2.125%

due

05/15/25

3,050

2,897

4.250%

due

05/31/25

40

39

0.250%

due

06/30/25

2,091

1,910

2.000%

due

08/15/25

3,558

3,357

0.250%

due

09/30/25

1,651

1,495

3.000%

due

10/31/25

2,550

2,453

2.250%

due

11/15/25

3,205

3,028

1.625%

due

02/15/26

2,923

2,709

2.250%

due

03/31/26

2,500

2,352

1.625%

due

05/15/26

2,670

2,464

1.500%

due

08/15/26

6,105

5,580

2.375%

due

05/15/27

2,725

2,537

0.500%

due

05/31/27

5,065

4,379

5.070%

due

07/31/27

1,597

1,366

5.070%

due

08/31/27

3,345

2,870

0.750%

due

01/31/28

2,862

2,455

2.750%

due

02/15/28

4,037

3,794

1.250%

due

03/31/28

5,140

4,499

2.875%

due

05/15/28

1,799

1,697

2.875%

due

08/15/28

2,985

2,812

3.125%

due

11/15/28

2,972

2,831

5.250%

due

11/15/28

4,210

4,426

2.375%

due

05/15/29

2,300

2,097

1.750%

due

11/15/29

3,232

2,834

0.625%

due

08/15/30

7,767

6,188

0.875%

due

11/15/30

5,407

4,375

5.140%

due

02/15/32

4,197

3,595

2.750%

due

08/15/32

3,380

3,099

3.375%

due

05/15/33

80

77

1.125%

due

05/15/40

2,545

1,650

1.125%

due

08/15/40

2,602

1,673

1.375%

due

11/15/40

2,454

1,642

2.750%

due

11/15/42

1,195

983

2.875%

due

05/15/43

1,300

1,087

3.875%

due

05/15/43

20

20

3.625%

due

02/15/44

1,709

1,601

3.125%

due

08/15/44

1,250

1,082

2.875%

due

08/15/45

1,195

986

3.000%

due

05/15/47

1,249

1,052

2.750%

due

11/15/47

1,760

1,416

3.000%

due

02/15/48

1,559

1,314

3.125%

due

05/15/48

1,603

1,383

3.375%

due

11/15/48

1,739

1,572

2.875%

due

05/15/49

1,900

1,570

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

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

$

2.375%

due

11/15/49

2,232

1,667

1.250%

due

05/15/50

4,315

2,426

2.375%

due

05/15/51

1,399

1,040

2.000%

due

08/15/51

700

477

4.000%

due

11/15/52

1,350

1,387

126,143

Total

Long-Term

Investments

(cost

$747,921)

687,831

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(¢)

6,942

133

Lincoln

National

Corp.

9.000%

due

12/01/27(¢)

675

18

Prudential

Financial,

Inc.

5.950%

due

09/01/62

950

24

175

Total

Preferred

Stocks

(cost

$214)

175

Short-Term

Investments

-

21.1%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

4.500%

due

09/15/23

150

149

3.150%

due

02/15/24

460

451

Africa

Finance

Corp.

Series

REGS

3.875%

due

04/13/24

(Þ)

900

878

Air

Canada

Class

A

Pass-Through

Trust

5.000%

due

12/15/23

(Þ)

163

162

Air

Lease

Corp.

Series

MTN

0.700%

due

02/15/24

460

446

BOC

Aviation

USA

Corp.

1.625%

due

04/29/24

(Þ)

200

193

BPCE

SA

5.700%

due

10/22/23

(Þ)

430

428

Comerica,

Inc.

3.700%

due

07/31/23

460

458

Credit

Suisse

AG

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.500%

due

08/08/23

(Þ)

410

407

Credit

Suisse

Group

AG

Series

FXD

0.520%

due

08/09/23

1,110

1,101

Danske

Bank

A/S

3.875%

due

09/12/23

(Þ)

200

199

DISH

Network

Corp.

2.375%

due

03/15/24

450

399

Energy

Transfer,

LP

7.600%

due

02/01/24

50

50

4.500%

due

04/15/24

290

287

Enterprise

Products

Operating

LLC

3.900%

due

02/15/24

30

30

European

Union

Bills

Series

6M

3.030%

due

08/04/23

EUR

7,100

7,726

Federal

Home

Loan

Bank

Discount

Notes

4.288%

due

07/21/23

(ž)(ç)

200

200

Glencore

Funding

LLC

4.125%

due

03/12/24

(Þ)

490

484

4.625%

due

04/29/24

(Þ)

40

40

Intesa

Sanpaolo

SpA

5.017%

due

06/26/24

(Þ)

810

785

Japan

5

Year

Government

International

Bond

Series

137

0.100%

due

09/20/23

JPY

1,677,450

11,631

Japan

10

Year

Government

International

Bond

Series

330

0.800%

due

09/20/23

JPY

310,000

2,153

Series

331

0.600%

due

09/20/23

JPY

472,300

3,278

National

General

Holdings

Corp.

Series

0000

6.750%

due

05/15/24

(Þ)

610

610

Nissan

Motor

Acceptance

Corp.

3.043%

due

09/15/23

(Þ)

1,130

1,122

1.050%

due

03/08/24

(Þ)

180

173

Pacific

Gas

and

Electric

Co.

4.250%

due

08/01/23

(ç)

140

140

Senior

Housing

Properties

Trust

4.750%

due

05/01/24

120

112

Sprint

Corp.

Series

WI

7.125%

due

06/15/24

520

525

U.S.

Cash

Management

Fund(@)

74,344,764(∞)

74,322

United

States

Treasury

Notes

4.809%

due

10/31/23

28,200

27,757

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

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

$

2.660%

due

02/15/24

28,500

28,032

5.197%

due

03/15/24

740

714

5.084%

due

04/15/24

740

711

5.240%

due

05/15/24

3,280

3,136

3.437%

due

05/31/24

12,410

12,030

WarnerMedia

Holdings,

Inc.

Series

WI

3.428%

due

03/15/24

260

255

Total

Short-Term

Investments

(cost

$182,961)

181,574

Total

Investments

-

100.9%

(identified

cost

$931,140)

869,580

Other

Assets

and

Liabilities,

Net

-

(0.9)%

(7,507)

Net

Assets

-

100.0%

862,073

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

93

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

27.8%

ABN

AMRO

Bank

NV

02/04/22

861,000

104.07

896

830

Africa

Finance

Corp.

11/02/21

393,000

102.94

405

364

Africa

Finance

Corp.

09/13/22

800,000

96.37

771

742

Africa

Finance

Corp.

09/13/22

900,000

98.74

889

878

African

Export-Import

Bank

(The)

05/10/21

1,530,000

100.00

1,530

1,376

African

Export-Import

Bank

(The)

05/13/21

786,000

96.07

755

707

Agence

Francaise

de

Developpement

EPIC

09/13/22

1,200,000

101.06

1,213

1,210

AIB

Group

PLC

01/06/23

831,000

101.98

847

844

Air

Canada

Class

A

Pass-Through

Trust

08/31/22

162,937

98.56

161

162

Aircastle

,

Ltd.

08/03/22

1,007,000

85.69

863

856

Alaska

Airlines

Pass-Through

Trust

04/05/23

80,403

96.62

78

77

Alcoa

Nederland

Holding

BV

01/24/23

400,000

99.02

396

387

Alimentation

Couche-Tard,

Inc.

09/19/17

702,000

101.70

714

652

American

Airlines

Group,

Inc.

04/12/21

160,000

100.71

161

159

American

Airlines

Group,

Inc.

05/31/22

650,000

108.51

705

713

American

Airlines

Group,

Inc.

02/08/23

220,000

100.21

220

219

American

Tower

Trust

#1

06/21/23

1,408,000

100.64

1,417

1,409

American

Transmission

Systems,

Inc.

11/29/21

190,000

99.76

190

157

Americo

Life,

Inc.

04/12/21

70,000

99.78

70

54

AmFam

Holdings,

Inc.

04/09/21

100,000

103.36

103

61

AmFam

Holdings,

Inc.

04/12/21

120,000

100.12

120

90

Amur

Equipment

Finance

Receivables

XI

LLC

09/14/22

1,777,251

99.85

1,775

1,761

Amur

Equipment

Finance

Receivables

XII

LLC

06/22/23

1,799,000

99.99

1,799

1,801

Andorra

Government

International

Bond

04/28/21

EUR

3,500,000

115.39

4,039

3,081

Anglo

American

Capital

PLC

04/12/21

360,000

109.44

394

343

Antero

Midstream

Partners,

LP

/

Antero

Midstream

Finance

Corp.

01/26/23

110,000

102.65

113

112

Arbor

Realty

CLO,

Ltd.

05/26/21

1,029,000

100.00

1,029

1,010

Arbor

Realty

CLO,

Ltd.

01/26/22

3,050,000

100.00

3,050

2,995

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

09/20/21

5,030,000

100.00

5,030

4,908

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

05/05/22

2,638,000

100.00

2,638

2,602

Aviation

Capital

Group

LLC

04/13/21

170,000

105.14

179

166

Avolon

Holdings

Funding,

Ltd.

04/12/21

150,000

100.41

151

139

Avolon

Holdings

Funding,

Ltd.

04/12/21

20,000

101.63

20

19

Banco

de

Bogota

SA

10/11/22

877,000

89.75

787

807

Banco

Mercantil

del

Norte

SA

04/09/21

240,000

117.44

282

224

Banco

Santander

Chile

04/04/23

914,000

96.30

880

874

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santander

06/03/22

810,000

101.73

824

801

Banque

Ouest

Africaine

de

Developpement

02/23/21

EUR

1,132,000

94.25

1,067

897

Bayer

US

Finance

LLC

08/02/18

726,000

100.16

727

703

BDS,

Ltd.

04/04/22

3,822,000

100.00

3,822

3,761

Bellemeade

Re,

Ltd.

04/13/21

1,606,685

100.53

1,615

1,614

Bellemeade

Re,

Ltd.

04/23/21

276,341

100.82

279

278

Bellemeade

Re,

Ltd.

06/11/21

1,137,720

100.00

1,138

1,132

Bellemeade

Re,

Ltd.

06/11/21

1,759,000

100.10

1,761

1,737

Bellemeade

Re,

Ltd.

09/23/21

2,380,000

100.00

2,380

2,326

Bellemeade

Re,

Ltd.

01/12/22

1,690,048

100.43

1,697

1,694

Bellemeade

Re,

Ltd.

04/06/23

1,093,544

104.81

1,146

1,142

Berry

Global,

Inc.

03/06/23

893,000

96.51

862

858

Berry

Petroleum

Corp.

04/13/21

320,000

98.76

316

296

Bharti

Airtel,

Ltd.

09/13/21

877,000

104.56

917

853

Blackstone

Holdings

Finance

Co.

LLC

08/03/22

871,000

95.92

835

792

Blackstone

Holdings

Finance

Co.

LLC

10/31/22

420,000

99.84

419

429

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

01/24/23

230,000

101.11

233

232

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

02/01/23

150,000

98.75

148

149

BNP

Paribas

SA

08/07/18

200,000

99.70

199

189

BNP

Paribas

SA

06/02/20

350,000

100.73

353

324

BNP

Paribas

SA

06/10/20

722,000

106.61

770

691

BNP

Paribas

SA

09/08/21

270,000

100.00

270

225

BNP

Paribas

SA

08/08/22

650,000

100.00

650

629

BNP

Paribas

SA

11/09/22

200,000

100.00

200

206

BNP

Paribas

SA

01/09/23

330,000

100.00

330

323

BOC

Aviation

USA

Corp.

05/06/21

200,000

100.06

200

193

BPCE

SA

10/11/22

430,000

99.44

428

428

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

94

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

$

$

$

Bristol

Park

CLO

LTD

06/08/23

250,000

98.07

245

244

Broadcom,

Inc.

04/12/21

290,000

99.90

290

219

Broadcom,

Inc.

08/03/22

948,000

89.17

845

820

BX

Commercial

Mortgage

Trust

12/02/21

2,674,000

99.87

2,671

2,553

BX

Trust

12/17/21

1,201,050

99.99

1,201

1,184

CAMB

Commercial

Mortgage

Trust

01/25/19

987,000

100.11

988

951

CAMB

Commercial

Mortgage

Trust

10/22/21

3,322,000

102.81

3,415

2,643

Cameron

LNG

LLC

04/09/21

30,000

107.27

32

25

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

04/14/20

10,000

101.47

10

8

Chesapeake

Energy

Corp.

05/12/22

550,000

98.13

540

536

Chord

Energy

Corp.

02/01/23

130,000

98.88

129

129

CIFC

Funding,

Ltd.

02/01/23

912,974

99.35

907

903

Citigroup

Commercial

Mortgage

Trust

02/12/19

1,418,000

0.99

1,405

1,224

Comision

Federal

de

Electricidad

04/12/21

200,000

97.38

195

158

Continental

Resources,

Inc.

11/09/21

140,000

95.70

134

125

Continental

Resources,

Inc.

11/09/21

120,000

99.93

120

92

Cooperatieve

Rabobank

UA

03/30/22

360,000

100.00

360

313

CORE

Mortgage

Trust

03/01/19

1,216,000

100.00

1,216

1,151

CPPIB

Capital,

Inc.

09/14/22

950,000

99.95

950

933

Credit

Agricole

SA

06/11/20

734,000

103.77

762

707

Credit

Agricole

SA

03/03/22

928,000

98.01

909

854

Credit

Agricole

SA

06/13/22

600,000

100.68

604

601

Credit

Agricole

SA

06/27/23

250,000

100.00

250

251

Credit

Agricole

SA

06/27/23

250,000

100.10

250

250

Credit

Suisse

AG

03/23/23

410,000

98.75

405

407

Credit

Suisse

Group

AG

08/08/22

650,000

100.00

650

666

Credit

Suisse

Group

AG

11/09/22

250,000

100.00

250

300

Credit

Suisse

Mortgage

Capital

Certificates

10/05/22

2,478,833

98.84

2,450

2,466

Credit

Suisse

Mortgage

Trust

05/28/19

1,278,818

100.00

1,279

1,252

CRH

America,

Inc.

04/05/23

894,000

98.48

880

861

CSL

UK

Holdings,

Ltd.

04/20/22

100,000

99.68

100

95

CSL

UK

Holdings,

Ltd.

04/20/22

120,000

99.82

120

114

CSL

UK

Holdings,

Ltd.

04/20/22

60,000

99.92

60

57

DAE

Funding

LLC

06/15/21

220,000

99.80

220

209

Daimler

Trucks

Finance

NA

LLC

05/05/22

876,000

97.13

851

825

Danske

Bank

A/S

09/17/19

200,000

100.17

200

199

Danske

Bank

A/S

09/07/21

200,000

100.00

200

174

Danske

Bank

A/S

03/03/22

1,205,000

95.59

1,165

1,124

Danske

Bank

A/S

03/28/22

200,000

100.00

200

195

Danske

Bank

A/S

03/28/22

700,000

100.10

701

653

Danske

Bank

A/S

01/04/23

970,000

100.27

973

968

DBGS

Mortgage

Trust

04/03/19

985,000

101.13

996

709

DCP

Midstream

Operating,

LP

12/11/19

50,000

107.13

54

51

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

09/16/20

320,000

100.65

322

311

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

09/16/20

208,333

100.83

210

204

Deutsche

Mortgage

Securities,

Inc.

Re-REMIC

Trust

01/04/17

222,408

100.46

223

196

DISH

DBS

Corp.

11/10/21

150,000

100.00

150

112

DNB

Bank

ASA

01/19/23

864,000

101.02

873

856

Dryden

Senior

Loan

Fund

05/26/23

340,000

96.28

327

328

Eagle

Re,

Ltd.

12/17/20

732,000

100.19

733

739

Eagle

Re,

Ltd.

10/29/21

1,515,000

100.00

1,515

1,522

Eagle

Re,

Ltd.

04/13/23

2,000,957

102.08

2,043

2,044

El

Puerto

de

Liverpool

SAB

de

CV

01/06/23

878,000

98.46

864

855

Electricite

de

France

SA

01/06/23

886,000

97.30

862

851

ELP

Commercial

Mortgage

Trust

11/01/21

926,000

99.64

923

888

EMF-UK

PLC

06/24/22

GBP

500,738

120.93

606

619

Endeavor

Energy

Resources,

LP

/

EER

Finance,

Inc.

01/24/23

40,000

98.61

39

39

Enel

Finance

International

NV

01/05/18

706,000

100.68

711

646

Enel

Finance

International

NV

10/06/22

340,000

99.56

338

346

EnLink

Midstream

LLC

01/30/23

260,000

98.35

256

252

EQM

Midstream

Partners,

LP

05/31/22

120,000

100.00

120

121

EQT

Corp.

05/10/21

30,000

100.00

30

26

EQT

Corp.

05/10/21

160,000

95.79

153

147

Eurosail

PLC

02/27/23

1,005,453

97.73

983

989

Eurosail

PRIME-UK

PLC

03/25/21

GBP

372,207

135.18

503

460

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

95

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

$

$

$

Eurosail

-UK

PLC

01/21/21

GBP

526,270

135.62

714

659

F&G

Annuities

&

Life,

Inc.

02/06/23

862,000

102.42

883

861

Ferguson

PLC

12/06/22

906,000

95.15

862

868

Fidelity

&

Guaranty

Life

Holdings,

Inc.

04/16/21

50,000

106.95

53

49

Finsbury

Square

09/21/22

GBP

1,791,512

119.62

2,143

2,257

Finsbury

Square

PLC

08/09/22

GBP

1,065,411

117.94

1,257

1,343

First

Quantum

Minerals,

Ltd.

04/12/21

310,000

99.10

307

310

First

Quantum

Minerals,

Ltd.

01/30/23

200,000

96.33

193

195

First

Quantum

Minerals,

Ltd.

05/17/23

200,000

100.00

200

205

Florida

Gas

Transmission

Co.

LLC

09/15/21

420,000

99.93

420

334

Fresenius

Medical

Care

AG

&

Co.

KGaA

02/06/23

1,021,000

87.90

897

881

Fresnillo

PLC

04/09/21

260,000

98.46

256

195

Genting

New

York

LLC

04/13/21

640,000

97.29

623

570

Glencore

Funding

LLC

10/12/16

40,000

100.22

40

40

Glencore

Funding

LLC

09/13/17

130,000

99.96

130

124

Glencore

Funding

LLC

01/16/19

140,000

96.29

135

131

Glencore

Funding

LLC

03/05/19

490,000

100.50

492

484

Glencore

Funding

LLC

04/13/21

140,000

100.24

140

129

Glencore

Funding

LLC

05/02/23

160,000

99.96

160

158

Goldentree

Loan

Management

US

CLO

7,

Ltd.

04/01/21

1,147,000

100.00

1,147

1,126

Goldentree

Loan

Opportunities,

Ltd.

05/26/23

260,000

98.42

256

258

GoodLeap

Sustainable

Home

Improvements

10/21/21

926,276

99.99

926

710

GoodLeap

Sustainable

Home

Solutions

Trust

01/24/22

849,509

99.98

849

679

Hana

Bank

01/04/22

874,000

103.38

904

852

Hawaiian

Brand

Intellectual

Property,

Ltd.

/

HawaiianMiles

Loyalty,

Ltd.

04/28/22

730,000

97.11

709

691

HGI

CRE

CLO,

Ltd.

09/17/21

2,217,654

100.00

2,218

2,141

Highlands

Holdings

Bond

Issuer,

Ltd.

/

Highlands

Holdings

Bond

Co.-Issuer,

Inc.

04/12/21

502,143

102.60

515

463

HMH

Trust

06/09/17

1,170,000

99.97

1,170

585

Home

RE,

Ltd.

07/05/22

3,204,000

96.67

3,097

3,205

Home

RE,

Ltd.

08/09/22

2,626,353

102.31

2,687

2,662

ICICI

Bank,

Ltd.

09/06/18

782,000

100.66

787

747

ILFC

E-Capital

Trust

I

08/12/22

350,000

67.02

235

235

ILFC

E-Capital

Trust

II

08/12/22

350,000

69.45

243

243

Infraestructura

Energetica

Nova

SAPI

de

CV

07/06/22

892,000

92.79

828

812

Intercorp

Financial

Services,

Inc.

03/03/22

938,000

96.96

909

842

International

Flavors

&

Fragrances,

Inc.

06/02/22

919,000

94.13

865

819

Intesa

Sanpaolo

SpA

05/24/21

200,000

100.00

200

132

Intesa

Sanpaolo

SpA

06/14/22

810,000

96.87

785

785

Intesa

Sanpaolo

SpA

11/14/22

1,235,000

101.16

1,254

1,246

Intesa

Sanpaolo

SpA

06/12/23

230,000

100.00

230

229

Jackson

National

Life

Global

Funding

01/06/23

918,000

94.73

870

852

Jordan

Government

International

Bond

06/14/22

510,000

96.33

491

494

JPMorgan

Mortgage

Trust

06/05/20

87,947

102.94

91

79

JPMorgan

Mortgage

Trust

03/30/21

142,271

102.03

145

124

JPMorgan

Mortgage

Trust

04/26/21

3,607,578

102.18

3,686

3,217

JPMorgan

Mortgage

Trust

05/24/21

3,666,670

102.58

3,761

3,263

JPMorgan

Mortgage

Trust

06/24/21

3,112,589

102.46

3,189

2,769

JPMorgan

Mortgage

Trust

01/26/22

2,905,828

99.12

2,880

2,468

JPMorgan

Mortgage

Trust

02/24/22

1,327,091

97.56

1,295

1,132

JPMorgan

Mortgage

Trust

03/23/22

2,950,285

96.15

2,837

2,515

JPMorgan

Mortgage

Trust

04/27/22

1,393,338

95.68

1,333

1,211

JPMorgan

Mortgage

Trust

02/22/23

1,941,236

98.82

1,918

1,893

JPMorgan

Mortgage

Trust

04/20/23

788,701

88.33

697

676

Kenvue

,

Inc.

03/08/23

110,000

99.36

109

112

Kenvue

,

Inc.

03/08/23

60,000

99.45

60

61

Kenvue

,

Inc.

03/08/23

210,000

99.78

210

212

KKR

Group

Finance

Co.

II

LLC

02/20/15

10,000

108.82

11

9

Kookmin

Bank

08/05/21

913,000

106.07

968

886

Lamar

Funding,

Ltd.

07/26/22

200,000

96.84

194

191

LCM

XXIII,

Ltd.

01/29/20

803,919

100.00

804

798

Lithia

Motors,

Inc.

06/04/21

50,000

102.49

51

43

Lithia

Motors,

Inc.

06/07/21

60,000

103.99

62

56

Macquarie

Bank,

Ltd.

05/10/23

845,000

101.30

856

844

Madison

Park

Funding

XVIII,

Ltd.

12/01/21

1,905,376

100.00

1,905

1,885

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

96

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

$

$

$

Magnetite

XV,

Ltd.

10/04/22

529,000

98.16

519

524

Magnetite

Xxxiii,

Ltd.

05/23/22

3,892,903

100.00

3,893

3,832

Mars,

Inc.

04/09/21

240,000

93.95

225

165

Massachusetts

Mutual

Life

Insurance

Co.

04/09/21

70,000

100.35

70

50

MEG

Energy

Corp.

04/12/21

100,000

103.68

104

102

Melco

Resorts

Finance,

Ltd.

04/12/21

240,000

104.47

251

198

Metropolitan

Edison

Co.

03/28/23

150,000

99.87

150

148

Metropolitan

Life

Global

Funding

I

03/21/23

300,000

99.86

300

297

MF1

LLC

05/13/22

3,993,000

99.07

3,956

3,976

MHC

Commercial

Mortgage

Trust

04/06/21

5,002,000

99.20

4,962

4,909

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

06/25/20

128,000

100.92

129

128

Mondelez

International

Holdings

Netherlands

BV

08/09/21

690,000

101.75

702

660

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

5,418,000

0.35

19

19

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

8,761,000

1.29

113

113

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

1,500,000

97.64

1,465

1,091

National

General

Holdings

Corp.

11/01/22

610,000

100.32

612

610

NBK

Tier

1

Financing

2,

Ltd.

02/06/23

926,000

94.75

877

850

Nestle

Holdings,

Inc.

05/05/22

882,000

97.04

856

835

Neuberger

Berman

CLO

XV,

Ltd.

08/31/21

1,343,331

100.00

1,343

1,331

New

York

Life

Global

Funding

01/24/23

120,000

99.82

120

116

New

York

Life

Insurance

Co.

04/09/21

150,000

107.60

161

115

Newgate

Funding

PLC

05/04/21

EUR

2,049,844

118.11

2,421

2,126

NextEra

Energy

Operating

Partners,

LP

06/15/22

60,000

98.46

59

59

NGPL

PipeCo

LLC

09/26/19

553,000

125.93

696

590

Nippon

Life

Insurance

Co.

04/09/21

250,000

96.31

241

206

Nissan

Motor

Acceptance

Corp.

04/14/21

1,130,000

99.89

1,129

1,122

Nissan

Motor

Acceptance

Corp.

11/03/22

180,000

96.00

173

173

Nissan

Motor

Co.,

Ltd.

09/10/20

750,000

98.00

735

698

Northwestern

Mutual

Life

Insurance

Co.

(The)

04/09/21

320,000

101.60

325

228

Northwestern

Mutual

Life

Insurance

Co.

(The)

04/09/21

80,000

103.94

83

56

NRG

Energy,

Inc.

04/12/21

390,000

99.96

390

329

NTT

Finance

Corp.

04/12/21

200,000

99.68

199

165

Oaktown

Re

III,

Ltd.

01/26/21

749,648

100.37

752

750

Oaktown

Re

VI,

Ltd.

04/14/21

1,309,215

100.00

1,309

1,311

Oaktown

Re

VII,

Ltd.

10/15/21

787,732

100.00

788

785

Oaktown

Re,

Ltd.

09/28/21

1,475,000

101.70

1,500

1,500

OCP

SA

06/10/21

200,000

99.47

199

165

Ohio

Edison

Co.

09/22/22

90,000

99.80

90

90

Paragon

Mortgages

(No.

12)

PLC

02/22/21

GBP

1,216,893

136.41

1,660

1,504

Paragon

Mortgages

(No.

12)

PLC

04/25/22

GBP

737,403

123.96

914

909

Parkmore

Point

RMBS

PLC

02/07/23

GBP

1,897,623

118.36

2,246

2,384

Parsley

Energy

LLC

/

Parsley

Finance

Corp.

09/25/20

10,000

94.79

9

9

Pennsylvania

Electric

Co.

03/28/23

60,000

99.78

60

59

Petroleos

del

Peru

SA

04/09/21

200,000

105.94

212

129

Petroleos

Mexicanos

02/23/21

MXN

55,821,800

4.74

2,645

2,993

Pilgrim's

Pride

Corp.

01/25/23

100,000

99.40

99

99

Preston

Ridge

Partners

Mortgage

LLC

12/01/20

367,489

100.00

367

351

Preston

Ridge

Partners

Mortgage

LLC

04/28/21

742,321

100.00

742

692

Preston

Ridge

Partners

Mortgage

LLC

05/18/23

687,680

93.76

645

627

Preston

Ridge

Partners

Mortgage

LLC

05/24/23

582,165

94.22

549

541

Primrose

Residential

DAC

03/03/23

EUR

1,030,997

106.15

1,094

1,116

Prodigy

Finance

Designated

Activity

Co.

07/12/21

715,358

99.47

712

706

Prosus

NV

02/03/21

909,000

100.67

915

571

Provincia

de

Buenos

Aires

08/27/21

474,811

40.31

191

180

Provincia

de

Cordoba

04/12/21

166,668

69.50

116

125

Provincia

de

Cordoba

04/12/21

230,000

70.58

162

156

Qorvo

,

Inc.

04/04/23

939,000

94.25

885

873

Radnor

RE,

Ltd.

11/05/21

614,639

100.00

615

613

Radnor

RE,

Ltd.

01/13/22

1,379,876

100.14

1,382

1,378

Regal

Rexnord

Corp.

01/09/23

1,668,000

100.29

1,672

1,670

Reliance

Industries,

Ltd.

01/05/22

480,000

99.79

479

400

Reliance

Industries,

Ltd.

01/06/22

863,000

103.64

894

841

RMAC

Securities

No.

1

PLC

04/15/21

GBP

374,279

133.47

499

454

RMAC

Securities

No.

1

PLC

04/15/21

GBP

679,443

133.55

907

828

RMAC

Securities

No.

1

PLC

04/15/21

GBP

310,548

134.41

417

378

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

97

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

$

$

$

Roche

Holdings,

Inc.

06/02/22

842,000

99.69

839

804

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

09/21/21

100,000

100.00

100

88

Romania

Government

International

Bond

02/23/21

EUR

1,251,000

121.50

1,520

828

Romania

Government

International

Bond

07/08/21

EUR

1,166,000

117.58

1,371

779

Romania

Government

International

Bond

08/03/21

EUR

1,124,000

84.94

955

751

Romania

Government

International

Bond

02/24/22

EUR

293,000

104.08

305

247

Romania

Government

International

Bond

02/24/22

EUR

1,114,000

83.20

927

920

Romania

Government

International

Bond

02/24/22

EUR

137,000

95.39

131

107

Romania

Government

International

Bond

02/24/22

EUR

627,000

96.04

602

520

Romania

Government

International

Bond

02/25/22

EUR

318,000

103.12

328

311

Romania

Government

International

Bond

03/01/22

EUR

166,000

104.36

173

143

Romania

Government

International

Bond

05/04/22

EUR

223,000

65.18

145

152

Romania

Government

International

Bond

07/20/22

EUR

80,000

82.21

66

72

Romania

Government

International

Bond

07/21/22

EUR

52,000

86.29

45

50

Romania

Government

International

Bond

09/21/22

EUR

1,718,000

93.78

1,611

1,779

Santander

UK

Group

Holdings

PLC

03/05/19

701,000

101.01

708

674

Sasol

Financing

USA

LLC

04/26/23

250,000

100.00

250

244

Saudi

Arabian

Oil

Co.

04/11/22

908,000

95.76

869

829

Sequoia

Mortgage

Trust

10/21/16

63,658

102.63

65

57

Sequoia

Mortgage

Trust

05/06/21

2,054,937

102.61

2,109

1,820

Serbia

International

Bond

01/19/23

477,000

99.65

475

475

Shamrock

Residential

05/24/23

EUR

631,566

107.29

678

688

Sociedad

Quimica

y

Minera

de

Chile

SA

09/13/21

270,000

99.20

268

191

Societe

Generale

SA

11/21/22

878,000

95.80

841

836

Societe

Generale

SA

01/03/23

200,000

100.00

200

195

Solvay

Finance

America

LLC

11/21/22

854,000

97.37

832

819

Spirit

Loyalty

Cayman,

Ltd.

/

Spirit

IP

Cayman,

Ltd.

11/14/22

380,000

101.11

384

383

Stanlington

No.

2

PLC

02/27/23

GBP

954,690

120.04

1,146

1,205

Stratton

Mortgage

Funding

PLC

10/06/22

GBP

444,708

109.55

487

562

Taurus

CMBS

07/28/21

GBP

469,862

139.09

653

566

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

496,354

140.62

698

599

Teachers

Insurance

&

Annuity

Association

of

America

06/14/16

140,000

111.22

156

127

Tennessee

Gas

Pipeline

Co.

LLC

02/19/20

430,000

95.89

412

367

Tesco

PLC

09/03/20

623,000

127.17

792

618

Texas

Eastern

Transmission,

LP

07/06/22

854,000

95.87

819

790

Towd

Point

Mortgage

Funding

PLC

01/20/21

GBP

885,000

136.45

1,208

1,109

Towd

Point

Mortgage

Funding

PLC

06/22/22

GBP

1,510,468

122.65

1,853

1,919

Towd

Point

Mortgage

Trust

08/17/20

1,443,491

101.72

1,468

1,341

Towd

Point

Mortgage

Trust

02/15/23

GBP

798,000

119.12

951

1,004

TSMC

Global,

Ltd.

08/04/22

976,000

88.42

863

827

UBS

Group

AG

01/28/19

260,000

100.00

260

251

UBS

Group

AG

04/09/21

200,000

123.60

247

181

UBS

Group

AG

01/04/22

200,000

100.00

200

139

UBS

Group

AG

05/10/23

984,000

88.99

876

862

United

Airlines,

Inc.

04/14/21

30,000

101.13

30

27

United

Airlines,

Inc.

03/30/22

400,000

98.44

394

380

UPM-

Kymmene

OYJ

11/21/22

699,000

105.42

737

735

Var

Energi

ASA

02/06/23

840,000

104.69

879

863

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

03/06/23

879,000

96.75

850

849

Warwick

Finance

Residential

Mortgages

Number

Three

PLC

02/10/21

GBP

641,620

138.64

889

808

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

04/09/21

200,000

103.36

207

140

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

05/06/21

1,283,000

98.21

1,251

1,212

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

11/21/22

982,000

86.99

854

846

Wells

Fargo

Mortgage

Backed

Securities

Trust

04/23/21

951,907

102.33

974

806

WinWater

Mortgage

Loan

Trust

03/29/17

92,711

102.12

95

86

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

02/09/23

80,000

98.23

79

79

Wynn

Macau,

Ltd.

01/04/23

600,000

97.15

583

585

Yara

International

ASA

01/06/23

924,000

94.24

871

868

ZF

NA

Capital,

Inc.

06/03/22

1,270,000

97.02

1,232

1,238

239,245

For

a

description

of

restricted

securities

see

note

7

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

98

Strategic

Bond

Fund

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

33

CAD

4,044

09/23

(31)

Euro-

Bobl

Futures

4

EUR

463

09/23

(7)

Long

Gilt

Futures

51

GBP

4,860

09/23

(68)

United

States

2

Year

Treasury

Note

Futures

1,168

USD

237,505

09/23

(3,429)

United

States

5

Year

Treasury

Note

Futures

2,015

USD

215,793

09/23

(3,960)

United

States

10

Year

Treasury

Note

Futures

560

USD

62,869

09/23

(860)

United

States

10

Year

Treasury

Ultra

Notes

Futures

677

USD

80,182

09/23

(640)

United

States

Treasury

Long

Bond

Futures

206

USD

26,143

09/23

(29)

United

States

Treasury

Ultra

Bond

Futures

420

USD

57,212

09/23

598

Short

Positions

Euro-Bund

Futures

125

EUR

16,717

09/23

49

Euro-Schatz

Futures

21

EUR

2,202

09/23

20

Japanese

10-Year

Mini

Government

Bond

Futures

115

JPY

4,381,560

09/23

(106)

United

States

2

Year

Treasury

Note

Futures

94

USD

19,114

09/23

262

United

States

5

Year

Treasury

Note

Futures

53

USD

5,675

09/23

100

United

States

10

Year

Treasury

Note

Futures

589

USD

66,125

09/23

1,016

United

States

10

Year

Treasury

Ultra

Notes

Futures

4

USD

474

09/23

1

United

States

Treasury

Long

Bond

Futures

1

USD

127

09/23

1

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(7,083)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

BNP

Paribas

USD

1,144

EUR

1,043

07/18/23

(5)

Citigroup

USD

45

AUD

66

07/20/23

(1)

Citigroup

USD

1,240

AUD

1,842

07/20/23

(12)

Citigroup

USD

50

BRL

248

08/02/23

1

Citigroup

USD

31

CAD

42

07/20/23

1

Citigroup

USD

549

CNY

3,955

07/20/23

(2)

Citigroup

USD

661

CNY

4,762

07/20/23

(2)

Citigroup

USD

110

EUR

100

07/20/23

—

Citigroup

USD

175

EUR

159

07/20/23

(2)

Citigroup

USD

613

EUR

557

07/20/23

(5)

Citigroup

USD

1,244

EUR

1,135

07/20/23

(4)

Citigroup

USD

3,027

EUR

2,800

07/20/23

30

Citigroup

USD

3,289

EUR

3,000

07/20/23

(13)

Citigroup

USD

6,505

GBP

5,218

07/12/23

122

Citigroup

USD

12

GBP

9

07/20/23

—

Citigroup

USD

244

GBP

191

07/20/23

(1)

Citigroup

USD

318

GBP

254

07/20/23

5

Citigroup

USD

353

GBP

278

07/20/23

—

Citigroup

USD

976

GBP

781

07/20/23

16

Citigroup

USD

70

ILS

259

07/20/23

—

Citigroup

USD

620

ILS

2,261

07/20/23

(10)

Citigroup

USD

1,865

ILS

6,656

07/20/23

(68)

Citigroup

USD

262

INR

21,587

07/20/23

—

Citigroup

USD

368

INR

30,235

07/20/23

1

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

99

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

USD

1,869

INR

154,564

07/20/23

13

Citigroup

USD

71

JPY

9,889

07/20/23

(3)

Citigroup

USD

91

JPY

13,149

07/20/23

—

Citigroup

USD

112

JPY

15,084

07/20/23

(7)

Citigroup

USD

125

JPY

17,436

07/20/23

(4)

Citigroup

USD

214

JPY

28,380

07/20/23

(17)

Citigroup

USD

1,125

JPY

156,222

07/20/23

(40)

Citigroup

USD

2,467

JPY

322,870

07/20/23

(224)

Citigroup

USD

1,010

MXN

17,300

07/20/23

(2)

Citigroup

USD

2,153

NZD

3,550

07/12/23

26

Citigroup

USD

34

PHP

1,886

07/20/23

1

Citigroup

USD

50

PHP

2,808

07/20/23

—

Citigroup

USD

76

PHP

4,260

07/20/23

1

Citigroup

USD

77

PHP

4,318

07/20/23

1

Citigroup

USD

103

PHP

5,808

07/20/23

2

Citigroup

USD

108

PHP

6,051

07/20/23

2

Citigroup

USD

172

PHP

9,698

07/20/23

3

Citigroup

USD

590

PHP

33,360

07/20/23

13

Citigroup

USD

658

PHP

35,881

07/20/23

(9)

Citigroup

USD

60

ZAR

1,161

07/20/23

2

Citigroup

USD

61

ZAR

1,167

07/20/23

1

Citigroup

AUD

1,895

USD

1,250

07/20/23

(13)

Citigroup

BRL

378

USD

74

08/02/23

(4)

Citigroup

BRL

619

USD

124

08/02/23

(4)

Citigroup

CAD

156

USD

116

07/20/23

(2)

Citigroup

CHF

1,139

EUR

1,150

07/20/23

(37)

Citigroup

CLP

117,794

USD

146

07/20/23

(1)

Citigroup

CLP

125,391

USD

155

07/20/23

(1)

Citigroup

CLP

250,719

USD

310

07/20/23

(2)

Citigroup

CLP

751,495

USD

932

07/20/23

(4)

Citigroup

CLP

761,945

USD

940

07/20/23

(9)

Citigroup

CNY

1,146

USD

163

07/20/23

5

Citigroup

CNY

1,374

USD

196

07/20/23

6

Citigroup

CNY

1,374

USD

196

07/20/23

6

Citigroup

CNY

1,439

USD

205

07/20/23

6

Citigroup

CNY

3,437

USD

490

07/20/23

15

Citigroup

COP

269,499

USD

58

07/19/23

(7)

Citigroup

EUR

287

CHF

278

07/20/23

(4)

Citigroup

EUR

298

CHF

289

07/20/23

(4)

Citigroup

EUR

571

CHF

562

07/20/23

10

Citigroup

EUR

65

GBP

56

07/20/23

—

Citigroup

EUR

49

HUF

18,137

07/20/23

(1)

Citigroup

EUR

846

SEK

9,531

07/20/23

(80)

Citigroup

EUR

104

USD

113

07/20/23

(1)

Citigroup

EUR

146

USD

160

07/20/23

—

Citigroup

EUR

154

USD

168

07/20/23

—

Citigroup

EUR

175

USD

190

07/20/23

(1)

Citigroup

EUR

750

USD

803

07/20/23

(16)

Citigroup

EUR

1,608

USD

1,750

07/20/23

(6)

Citigroup

EUR

26,402

USD

28,980

07/20/23

149

Citigroup

GBP

1,531

EUR

1,747

07/20/23

(76)

Citigroup

GBP

134

USD

169

07/12/23

(1)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

100

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

GBP

240

USD

300

07/20/23

(5)

Citigroup

GBP

1,035

USD

1,293

07/20/23

(21)

Citigroup

HUF

15,184

EUR

39

07/20/23

(4)

Citigroup

HUF

15,220

EUR

39

07/20/23

(4)

Citigroup

HUF

16,038

EUR

41

07/20/23

(4)

Citigroup

HUF

22,778

EUR

58

07/20/23

(6)

Citigroup

HUF

22,797

EUR

58

07/20/23

(6)

Citigroup

HUF

24,107

EUR

62

07/20/23

(6)

Citigroup

HUF

32,985

EUR

85

07/20/23

(7)

Citigroup

HUF

73,104

EUR

188

07/20/23

(16)

Citigroup

ILS

504

USD

140

07/20/23

4

Citigroup

ILS

1,725

USD

480

07/20/23

14

Citigroup

ILS

2,208

USD

621

07/20/23

25

Citigroup

INR

51,539

USD

625

07/20/23

(3)

Citigroup

INR

52,019

USD

630

07/20/23

(3)

Citigroup

JPY

9,728

USD

67

07/12/23

—

Citigroup

JPY

301,362

USD

2,167

07/12/23

76

Citigroup

JPY

8,500

USD

65

07/20/23

6

Citigroup

JPY

12,351

USD

89

07/20/23

3

Citigroup

JPY

24,732

USD

186

07/20/23

15

Citigroup

JPY

160,395

USD

1,243

07/20/23

129

Citigroup

JPY

2,405,205

USD

18,581

07/20/23

1,875

Citigroup

MXN

1,832

USD

99

07/20/23

(7)

Citigroup

MXN

10,819

USD

620

07/20/23

(10)

Citigroup

MXN

22,925

USD

1,250

07/20/23

(85)

Citigroup

MXN

89,864

USD

4,802

07/20/23

(433)

Citigroup

NZD

53

USD

32

07/12/23

—

Citigroup

PHP

104,008

USD

1,903

07/20/23

22

Citigroup

SEK

9,670

EUR

840

07/20/23

40

Citigroup

ZAR

12,592

USD

688

07/20/23

20

Citigroup

ZAR

28,499

USD

1,569

07/20/23

57

Goldman

Sachs

USD

579

JPY

74,790

07/18/23

(60)

JPMorgan

Chase

IDR

2,169,764

USD

145

07/18/23

1

Morgan

Stanley

USD

223

BRL

1,155

07/18/23

18

Morgan

Stanley

USD

87

GBP

68

07/17/23

—

Morgan

Stanley

USD

203

MXN

3,533

07/18/23

3

Morgan

Stanley

USD

349

MXN

6,438

07/18/23

27

Morgan

Stanley

EUR

3,636

USD

3,942

07/20/23

(30)

State

Street

USD

91

AUD

138

07/12/23

—

State

Street

USD

3,229

EUR

3,005

07/12/23

51

State

Street

USD

2

SEK

18

07/12/23

—

State

Street

USD

4,302

SEK

46,340

07/12/23

(5)

State

Street

AUD

6,592

USD

4,367

07/12/23

(25)

State

Street

EUR

47

USD

51

07/12/23

—

State

Street

GBP

158

USD

197

07/17/23

(3)

State

Street

GBP

17,383

USD

21,733

07/17/23

(346)

UBS

USD

36

CHF

32

07/12/23

—

UBS

USD

2,045

GBP

1,651

07/17/23

52

UBS

CHF

5,838

USD

6,453

07/12/23

(73)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

1,009

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

101

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

USD

329

3.782%

(4)

SOFR

(2)

07/20/25

—

(6)

(6)

Citigroup

USD

841

3.769%

(4)

SOFR

(2)

07/20/25

—

(16)

(16)

Citigroup

HKD

2,695

3

Month

HIBOR

(2)

3.507%

(2)

07/20/25

—

7

7

Citigroup

USD

2,698

3.730%

(4)

SOFR

(2)

07/20/25

—

(53)

(53)

Citigroup

GBP

3,173

5.026%

(3)

SONIA

(3)

07/20/25

—

(71)

(71)

Citigroup

GBP

3,944

5.051%

(3)

SONIA

(3)

07/20/25

—

(86)

(86)

Citigroup

GBP

3,959

5.133%

(3)

SONIA

(3)

07/20/25

—

(79)

(79)

Citigroup

GBP

4,443

5.114%

(3)

SONIA

(3)

07/20/25

—

(90)

(90)

Citigroup

GBP

5,213

5.030%

(3)

SONIA

(3)

07/20/25

—

(116)

(116)

Citigroup

GBP

5,440

5.080%

(3)

SONIA

(3)

07/20/25

—

(115)

(115)

Citigroup

NZD

5,500

4.825%

(3)

3

Month

NZD-BBR-Telerate

(2)

07/20/25

—

(40)

(40)

Citigroup

NZD

5,600

5.306%

(3)

3

Month

NZD-BBR-Telerate

(2)

07/20/25

—

(9)

(9)

Citigroup

HKD

6,839

3

Month

HIBOR

(2)

3.525%

(2)

07/20/25

—

17

17

Citigroup

GBP

12,000

5.465%

(3)

SONIA

(3)

07/20/25

—

(146)

(146)

Citigroup

HKD

20,421

3

Month

HIBOR

(3)

3.475%

(2)

07/20/25

—

54

54

Citigroup

CAD

18,300

4.718%

(3)

CORRA

(3)

10/19/25

—

45

45

Citigroup

BRL

1,075

12.930%

(4)

Brazil

Interbank

Deposit

Rate

(5)

01/04/27

—

14

14

Citigroup

BRL

1,810

11.330%

(4)

Brazil

Interbank

Deposit

Rate

(5)

01/04/27

—

7

7

Citigroup

BRL

2,598

12.880%

(4)

Brazil

Interbank

Deposit

Rate

(5)

01/04/27

—

33

33

Citigroup

BRL

4,237

12.980%

(4)

Brazil

Interbank

Deposit

Rate

(5)

01/04/27

—

55

55

Citigroup

EUR

2,400

6

Month

EURIBOR

(3)

3.035%

(4)

07/20/28

—

26

26

Citigroup

EUR

2,500

3.105%

(4)

6

Month

EURIBOR

(3)

07/20/28

—

(18)

(18)

Citigroup

CZK

20,984

4.785%

(4)

6

Month

PRIBOR

(3)

07/20/28

—

15

15

Citigroup

CZK

21,824

4.787%

(4)

6

Month

PRIBOR

(3)

07/20/28

—

16

16

Citigroup

SEK

29,800

3

Month

STIBOR

(2)

3.141%

(4)

07/20/28

—

29

29

Citigroup

KRW

390,348

3.385%

(2)

South

Korean

Won

3

Month

Certificate

of

Deposit

Rates

(2)

07/20/28

—

(2)

(2)

Citigroup

KRW

1,459,652

3.373%

(2)

South

Korean

Won

3

Month

Certificate

of

Deposit

Rates

(2)

07/20/28

—

(6)

(6)

Citigroup

KRW

1,800,000

3.010%

(2)

South

Korean

Won

3

Month

Certificate

of

Deposit

Rates

(2)

07/20/28

—

(31)

(31)

Citigroup

AUD

1,100

3.845%

(3)

6

Month

BBSW

(3)

07/20/33

—

(33)

(33)

Citigroup

JPY

430,000

TONAR

(4)

0.726%

(3)

07/20/33

—

(35)

(35)

Citigroup

CAD

4,200

CORRA

(3)

3.557%

(3)

10/19/33

—

(44)

(44)

Citigroup

EUR

637

2.614%

(4)

12

Month

EUTA

(3)

06/15/43

—

(2)

(2)

Citigroup

EUR

663

2.663%

(4)

12

Month

EUTA

(3)

06/15/43

—

4

4

Citigroup

USD

792

12

Month

U.S.

CPI

Urban

Consumers

NSA

(2)

2.454%

(3)

06/15/43

—

5

5

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

102

Strategic

Bond

Fund

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Citigroup

USD

808

12

Month

U.S.

CPI

Urban

Consumers

NSA

(2)

2.488%

(3)

06/15/43

—

1

1

Citigroup

EUR

1,300

2.668%

(4)

12

Month

EUTA

(3)

06/15/43

—

10

10

Citigroup

USD

1,600

12

Month

U.S.

CPI

Urban

Consumers

NSA

(2)

2.485%

(3)

06/15/43

—

2

2

Citigroup

EUR

1,200

6

Month

EURIBOR

(3)

1.942%

(4)

02/13/73

—

102

102

Total

Open

Interest

Rate

Swap

Contracts

(å)

—

(556)

(556)

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

High

Yield

Index

Bank

of

America

USD

1,890

(5.000%)

(2)

06/20/28

6

(61)

(55)

CDX

NA

Investment

Grade

Index

Bank

of

America

USD

3,875

(1.000%)

(2)

06/20/28

(26)

(33)

(59)

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

(20)

(94)

(114)

Total

Open

Credit

Default

Swap

Contracts

(å)

(20)

(94)

(114)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

103

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

$

—

$

26,697

$

—

$

—

$

26,697

3.1

Corporate

Bonds

and

Notes

—

201,677

—

—

201,677

23.4

International

Debt

—

134,354

—

—

134,354

15.6

Loan

Agreements

—

1,064

—

—

1,064

0.1

Mortgage-Backed

Securities

—

151,245

—

—

151,245

17.6

Municipal

Bonds

—

805

—

—

805

0.1

Non-US

Bonds

—

45,846

—

—

45,846

5.3

United

States

Government

Treasuries

—

126,143

—

—

126,143

14.6

Common

Stocks

—

—

—

—

—

Preferred

Stocks

175

—

—

—

175

—

*

Short-Term

Investments

—

107,25

2

—

74,322

181,574

21.1

Total

Investments

175

795,08

3

—

74,322

869,580

100.9

Other

Assets

and

Liabilities,

Net

(0.9)

100.0

Other

Financial

Instruments

Assets

Futures

Contracts

2,047

—

—

—

2,047

0.2

Foreign

Currency

Exchange

Contracts

—

2,876

—

—

2,876

0.3

Interest

Rate

Swap

Contracts

—

442

—

—

442

0.1

A

Liabilities

Futures

Contracts

(9,130)

—

—

—

(9,130)

(1.1)

Foreign

Currency

Exchange

Contracts

—

(1,867)

—

—

(1,867)

(0.2)

Interest

Rate

Swap

Contracts

—

(998)

—

—

(998)

(0.1)

Credit

Default

Swap

Contracts

—

(114)

—

—

(114)

(

—

)

*

Total

Other

Financial

Instruments

**

$

(7,083)

$

339

$

—

$

—

$

(6,744)

*

Less

than

0.05%

of

net

assets.

**

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

June

30,

2023,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

June

30,

2023,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

104

Strategic

Bond

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Andorra

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

3,081

Argentina

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

617

Australia

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

2,328

Belgium

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

1,194

Bermuda

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

27,111

Brazil

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

2,119

Canada

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

13,400

Cayman

Islands

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

18,853

Chile

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

2,093

China

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

952

Colombia

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

1,950

Denmark

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

3,314

Finland

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

1,592

France

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

11,831

Germany

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

5,557

Hong

Kong

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

198

India

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

2,841

Indonesia

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

502

Ireland

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

6,634

Israel

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

287

Italy

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

3,384

Japan

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

20,067

Jordan

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

494

Kuwait

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

850

Luxembourg

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

7,879

Macao

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

975

Mexico

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

12,735

Morocco

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

165

Netherlands

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

1,869

Norway

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

1,719

Oman

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

191

Panama

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

198

Peru

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

1,083

Romania

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

6,658

Saudi

Arabia

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

829

Serbia

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

475

South

Africa

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

2,646

South

Korea

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

2,884

Spain

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

1,516

Switzerland

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

4,767

Taiwan

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

2,018

Togo

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

897

United

Arab

Emirates

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

209

United

Kingdom

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

30,480

United

States

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

657,633

Zambia

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

505

Total

Investments

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

869,580

Russell

Investment

Funds

Strategic

Bond

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

105

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

$

—

$

2,876

$

—

Variation

margin

on

futures

contracts*

—

—

2,047

Interest

rate

swap

contracts,

at

fair

value

—

—

442

Total

$

—

$

2,876

$

2,489

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts*

$

—

$

—

$

9,130

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

1,867

—

Interest

rate

swap

contracts,

at

fair

value

—

—

998

Credit

default

swap

contracts,

at

fair

value

114

—

—

Total

$

114

$

1,867

$

10,128

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

$

—

$

—

$

(2,824)

Interest

rate

swap

contracts

—

—

31

Credit

default

swap

contracts

(170)

—

—

Foreign

currency

exchange

contracts

—

(7,118)

—

Total

$

(170)

$

(7,118)

$

(2,793)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

—

$

—

$

(8,954)

Interest

rate

swap

contracts

—

—

(576)

Credit

default

swap

contracts

85

—

—

Foreign

currency

exchange

contracts

—

6,588

—

Total

$

85

$

6,588

$

(9,530)

*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Strategic

Bond

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

106

Strategic

Bond

Fund

Amounts

in

thousands

word

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

2,876

$

—

$

2,876

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

at

fair

value

442

—

442

Total

Financial

and

Derivative

Assets

3,318

—

3,318

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

(442)

—

(442)

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

2,876

$

—

$

2,876

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

$

2,724

$

1,321

$

—

$

1,403

JPMorgan

Chase

1

—

—

1

Morgan

Stanley

47

—

—

47

State

Street

52

30

—

22

UBS

52

—

—

52

Total

$

2,876

$

1,351

$

—

$

1,525

Russell

Investment

Funds

Strategic

Bond

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

107

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

1,867

$

—

$

1,867

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

at

fair

value

998

—

998

Credit

Default

Swap

Contracts

Credit

default

swap

contracts,

at

fair

value

114

—

114

Total

Financial

and

Derivative

Liabilities

2,979

—

2,979

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(1,112)

—

(1,112)

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

1,867

$

—

$

1,867

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

BNP

Paribas

$

5

$

—

$

—

$

5

Citigroup

1,321

1,321

—

—

Goldman

Sachs

60

—

—

60

Morgan

Stanley

29

—

—

29

State

Street

379

30

—

349

UBS

73

—

—

73

Total

$

1,867

$

1,351

$

—

$

516

^      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

deriv

atives

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.

108

Strategic

Bond

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2023

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

931,140

Investments,

at

fair

value(>)

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

869,580

Cash

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

354

Foreign

currency

holdings(^)

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

1,380

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

2,876

Receivables:

Dividends

and

interest

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

5,551

Dividends

from

affiliated

funds

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

316

Investments

sold

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

1

Fund

shares

sold

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

39

From

broker(a)(b)

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

24,769

Prepaid

expenses

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

6

Interest

rate

swap

contracts,

at

fair

value

(•)

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

442

Total

assets

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

905,314

Liabilities

Payables:

Investments

purchased

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

32,344

Fund

shares

redeemed

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

138

Accrued

fees

to

affiliates

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

434

Other

accrued

expenses

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

275

Variation

margin

on

futures

contracts

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

7,071

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

1,867

Interest

rate

swap

contracts,

at

fair

value

(•)

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

998

Credit

default

swap

contracts,

at

fair

value(+)

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

114

Total

liabilities

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

43,241

Net

Assets

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

$

862,073

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

109

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2023

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(160,434)

Shares

of

beneficial

interest

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

980

Additional

paid-in

capital

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

1,021,527

Net

Assets

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

$

862,073

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

8.79

Net

assets

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

$

862,072,705

Shares

outstanding

($.01

par

value)

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

98,020,777

Amounts

in

thousands

(^)    

Foreign

currency

holdings

-

cost

$

1,357

(•)    

Interest

rate

swap

contracts

-

premiums

paid

(received)

$

—

(+)    Credit

default

swap

contracts

-

premiums

paid

(received)

$

(20)

(>)   

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

74,322

(a)    

Receivable

from

Broker

for

Futures

$

21,147

(b)    

Receivable

from

Broker

for

Swaps

$

3,622

(#)

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.

110

Strategic

Bond

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2023

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

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

$

25

Dividends

from

affiliated

funds

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

1,790

Interest

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

15,81

3

Total

investment

income

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

17,62

8

Expenses

Advisory

fees

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

2,371

Administrative

fees

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

216

Custodian

fees

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

96

Transfer

agent

fees

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

19

Professional

fees

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

104

Trustees’

fees

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

27

Printing

fees

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

20

Miscellaneous

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

1

6

Total

expenses

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

2,8

69

Net

investment

income

(loss)

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

14,759

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(12,685)

Investments

in

affiliated

funds

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

1

Futures

contracts

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

(2,824)

Foreign

currency

exchange

contracts

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

(7,118)

Interest

rate

swap

contracts

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

31

Credit

default

swap

contracts

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

(170)

Foreign

currency-related

transactions

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

220

Net

realized

gain

(loss)

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

(22,545)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

17,50

5

Investments

in

affiliated

funds

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

(11)

Futures

contracts

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

(8,954)

Foreign

currency

exchange

contracts

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

6,588

Interest

rate

swap

contracts

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

(576)

Credit

default

swap

contracts

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

85

Foreign

currency-related

transactions

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

6

5

Net

change

in

unrealized

appreciation

(depreciation)

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

14,702

Net

realized

and

unrealized

gain

(loss)

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

(7,843)

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

6,916

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

111

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2023

(Unaudited)

Fiscal

Year

Ended

December

31,

2022

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

14,759

$

17,337

Net

realized

gain

(loss)

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

(22,545)

(77,916)

Net

change

in

unrealized

appreciation

(depreciation)

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

14,702

(85,177)

Net

increase

(decrease)

in

net

assets

from

operations

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

6,916

(145,756)

Distributions

To

shareholders

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

(1,450)

(17,256)

From

return

of

capital

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

—

(

5,052

)

Net

decrease

in

net

assets

from

distributions

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

(1,450)

(22,308)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

9,938

(11,079)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

15,404

(179,143)

Net

Assets

Beginning

of

period

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

846,669

1,025,812

End

of

period

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

$

862,073

$

846,669

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2023

and

December

31,

2022

were

as

follows:

2023

(Unaudited)

2022

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

3,339

$

29,785

3,14

2

$

29,772

Proceeds

from

reinvestment

of

distributions

160

1,450

2,471

22,308

Payments

for

shares

redeemed

(2,384)

(21,297)

(6,78

3

)

(63,159)

Total

increase

(decrease)

1,115

$

9,938

(1,170)

$

(11,079)

Russell

Investment

Funds

Strategic

Bond

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

112

Strategic

Bond

Fund

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(

ƥ

)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

$

Return

of

Capital

June

30,

2023(

ƣ

)

8.74

.15

(.09)

.06

(.01)

—

—

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

113

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(

ǿ

)(

±

)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(

ɯ

)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(

ɯ

)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(

ɯ

)

%

Portfolio

Turnover

Rate

(

ǿ

)

(.01)

8.79

.74

862,073

.67

.67

3.42

32

(.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.

114

Strategic

Bond

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

for

the

period

ended

June

30,

2023

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

20

2

3

with

underlying

f

unds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2023,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

391,561

Administrative

fees

35,596

Transfer

agent

fees

3,133

Trustee

fees

4,089

$

434,379

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

$

64,685

$

393,468

$

383,821

$

1

$

(11

)

$

74,322

$

1,790

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

932,680,777

$

22,209,485

$

(92,049,921)

$

(69,840,436)

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Shareholder

Expense

Example

—

June

30,

2023

(Unaudited)

Global

Real

Estate

Securities

Fund

115

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

January

1,

2023

to

June

30,

2023

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

January

1,

2023

$

1,000.00

$

1,000.00

Ending

Account

Value

June

30,

2023

$

1,025.20

$

1,020.28

Expenses

Paid

During

Period*

$

4.57

$

4.56

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.91%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-

half

year

period).

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

116

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

94.9%

Australia

-

3.7%

Centuria

Industrial

REIT(ö)

419,330

868

Charter

Hall

Group

-

ADR(ö)

491,373

3,519

Dexus(ö)

623,632

3,246

Goodman

Group(ö)

341,295

4,572

GPT

Group

(The)(ö)

1,467,356

4,055

HomeCo

Daily

Needs

REIT(ö)(Þ)

2,173,117

1,710

Ingenia

Communities

Group(ö)

934,615

2,481

Region

RE,

Ltd.(ö)

1,453,409

2,201

Scentre

Group(ö)

2,052,441

3,625

Stockland(ö)

2,480,358

6,689

32,966

Belgium

-

0.5%

Aedifica

SA(Ñ)(ö)

20,336

1,303

Cofinimmo

SA(ö)

14,282

1,073

VGP

NV

6,908

677

Warehouses

De

Pauw

CVA(ö)

65,586

1,799

4,852

Canada

-

1.9%

Canadian

Apartment

Properties(ö)

163,118

6,263

Granite

Real

Estate

Investment

Trust(ö)

79,473

4,702

RioCan

Real

Estate

Investment

Trust(ö)

396,271

5,767

16,732

China

-

0.2%

Wharf

Holdings,

Ltd.

(The)

579,000

1,377

France

-

1.8%

ARGAN

SA(ö)

11,209

832

Covivio(ö)

23,175

1,096

ICADE(ö)

21,647

904

Klepierre

SA

-

GDR(ö)

393,798

9,770

Unibail-Rodamco-Westfield(Æ)(ö)

59,954

3,169

15,771

Germany

-

1.5%

LEG

Immobilien

SE(Æ)

60,313

3,464

TAG

Immobilien

AG(Æ)

312,157

2,950

Vonovia

SE

359,814

7,025

13,439

Guernsey

-

0.2%

Sirius

Real

Estate,

Ltd.

1,318,832

1,431

Hong

Kong

-

4.5%

CK

Asset

Holdings,

Ltd.

1,248,408

6,928

Hang

Lung

Properties,

Ltd.

-

ADR

982,000

1,516

Hongkong

Land

Holdings,

Ltd.

263,082

1,028

Hysan

Development

Co.,

Ltd.

451,000

1,103

Link

Real

Estate

Investment

Trust(ö)

1,943,343

10,819

Sun

Hung

Kai

Properties,

Ltd.

1,129,052

14,241

Wharf

Real

Estate

Investment

Co.,

Ltd.

789,247

3,950

39,585

Japan

-

9.5%

Activia

Properties,

Inc.(ö)

1,414

3,956

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Advance

Residence

Investment

Corp.

(ö)

1,613

3,849

Daiwa

House

REIT

Investment

Corp.(ö)

650

1,248

Hulic

REIT,

Inc.(ö)

1,565

1,748

Industrial

&

Infrastructure

Fund

Investment

Corp.(ö)

3,765

3,968

Invincible

Investment

Corp.(ö)

7,320

2,911

Japan

Excellent,

Inc.(Ñ)(ö)

2,196

1,910

Japan

Hotel

REIT

Investment

Corp.(ö)

4,059

2,073

Japan

Retail

Fund

Investment

Corp.(ö)

6,959

4,648

Keihanshin

Building

Co.,

Ltd.

249,300

2,004

Kenedix

Office

Investment

Corp.

Class

A(ö)

179

431

Kenedix

Retail

REIT

Corp.(ö)

1,781

3,594

Mitsubishi

Estate

Co.,

Ltd.

1,114,292

13,291

Mitsui

Fudosan

Co.,

Ltd.

593,711

11,846

Mitsui

Fudosan

Logistics

Park,

Inc.

(Æ)(ö)

736

2,556

MORI

Trust

Sogo

REIT,

Inc.(ö)

10,414

5,207

Nippon

Prologis

REIT,

Inc.(Æ)(ö)

3,720

7,463

Nomura

Real

Estate

Holdings,

Inc.

136,600

3,249

Sekisui

House

REIT,

Inc.(ö)

4,037

2,349

Sumitomo

Realty

&

Development

Co.,

Ltd.

34,800

862

TOC

Co.,

Ltd.

83,500

367

Tokyu

Fudosan

Holdings

Corp.

155,759

892

United

Urban

Investment

Corp.(ö)

2,870

2,899

83,321

Macao

-

0.2%

Sands

China,

Ltd.(Æ)

594,800

2,036

Netherlands

-

0.3%

CTP

NV(Þ)

123,864

1,608

Eurocommercial

Properties

NV(ö)

54,711

1,270

2,878

Singapore

-

3.5%

CapitaLand

Ascendas

REIT(ö)

3,090,900

6,235

Capitaland

Investment,

Ltd.

3,439,400

8,453

CapitaLand

Mall

Trust

Class

A(Æ)(ö)

1,889,300

2,672

Frasers

Centrepoint

Trust(Æ)(ö)

775,000

1,258

Frasers

Logistics

&

Commercial

Trust(Æ)(ö)(Þ)

5,437,500

5,036

Mapletree

Logistics

Trust(Æ)(ö)

3,317,800

3,983

Parkway

Life

Real

Estate

Investment

Trust(Æ)(ö)

1,055,255

3,046

30,683

Spain

-

0.4%

Arima

Real

Estate

Socimi

SA(Æ)(ö)

101,704

951

Inmobiliaria

Colonial

Socimi

SA(ö)

134,436

815

Merlin

Properties

Socimi

SA(ö)

232,577

1,996

3,762

Sweden

-

1.2%

Castellum

AB

413,011

3,946

Catena

AB

64,387

2,358

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

117

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fabege

AB(Ñ)

233,152

1,683

Fastighets

AB

Balder

Class

B(Æ)

504,839

1,845

Pandox

AB

96,234

1,122

10,954

Switzerland

-

0.3%

PSP

Swiss

Property

AG

22,193

2,481

United

Kingdom

-

4.3%

Big

Yellow

Group

PLC(ö)

147,620

2,014

British

Land

Co.

PLC

(The)(ö)

1,493,779

5,761

Derwent

London

PLC(ö)

107,911

2,809

Grainger

PLC

957,579

2,767

Land

Securities

Group

PLC(ö)

402,043

2,940

Life

Science

REIT

PLC(Ñ)(ö)

1,003,481

867

LondonMetric

Property

PLC(ö)

187,072

394

LXI

REIT

PLC(ö)(Þ)

920,793

1,006

PRS

REIT

PLC

(The)(ö)

832,870

851

Safestore

Holdings

PLC(ö)

423,086

4,570

Segro

PLC(ö)

1,051,478

9,586

Tritax

EuroBox

PLC(Þ)

1,089,673

708

UNITE

Group

PLC

(The)(ö)

311,695

3,449

37,722

United

States

-

60.9%

Agree

Realty

Corp.(ö)

141,462

9,250

American

Homes

4

Rent

Class

A(ö)

229,528

8,137

Americold

Realty

Trust,

Inc.(ö)

465,405

15,033

Apartment

Income

REIT

Corp.(ö)

51,739

1,867

AvalonBay

Communities,

Inc.(ö)

107,747

20,393

Boyd

Gaming

Corp.

36,319

2,519

Camden

Property

Trust(ö)

74,055

8,062

Cousins

Properties,

Inc.(ö)

205,440

4,684

Digital

Realty

Trust,

Inc.(ö)

256,597

29,219

EastGroup

Properties,

Inc.(ö)

46,081

8,000

Equinix,

Inc.(ö)

53,749

42,136

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

142,502

9,532

Essential

Properties

Realty

Trust,

Inc.

(ö)

227,759

5,361

Essex

Property

Trust,

Inc.(ö)

22,243

5,212

Extra

Space

Storage,

Inc.(ö)

63,165

9,402

Healthcare

Realty

Trust,

Inc.(ö)

398,844

7,522

Highwoods

Properties,

Inc.(ö)

141,847

3,392

Host

Hotels

&

Resorts,

Inc.(ö)

207,154

3,486

Invitation

Homes,

Inc.(ö)

567,619

19,526

Iron

Mountain,

Inc.(ö)

135,760

7,714

Jones

Lang

LaSalle,

Inc.(Æ)

25,958

4,044

Kimco

Realty

Corp.(ö)

875,428

17,263

Kite

Realty

Group

Trust(ö)

369,829

8,262

Life

Storage,

Inc.(ö)

58,292

7,751

Medical

Properties

Trust,

Inc.(ö)

223,334

2,068

Mid-America

Apartment

Communities,

Inc.(ö)

128,470

19,509

National

Retail

Properties,

Inc.(ö)

98,495

4,215

Omega

Healthcare

Investors,

Inc.(ö)

207,638

6,372

Prologis,

Inc.(ö)

537,154

65,871

Public

Storage(ö)

90,337

26,368

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Realty

Income

Corp.(ö)

356,752

21,330

Ryman

Hospitality

Properties,

Inc.(ö)

73,780

6,856

SBA

Communications

Corp.(ö)

5,725

1,327

Simon

Property

Group,

Inc.(ö)

258,380

29,838

Spirit

Realty

Capital,

Inc.(ö)

238,134

9,378

Sun

Communities,

Inc.(ö)

79,564

10,380

UDR,

Inc.(ö)

363,318

15,608

VICI

Properties,

Inc.(ö)

445,277

13,995

Welltower,

Inc.(ö)

511,509

41,376

WP

Carey,

Inc.(ö)

59,259

4,004

536,262

Total

Common

Stocks

(cost

$766,093)

836,252

Warrants

and

Rights

-

0.0%

Aedifica

SA(Æ)

2024 Rights

20,336

27

Total

Warrants

and

Rights

(cost

$—)

27

Short-Term

Investments

-

4.1%

United

States

-

4.1%

U.S.

Cash

Management

Fund(@)

36,106,061

(∞)

36,095

Total

Short-Term

Investments

(cost

$36,094)

36,095

Other

Securities

-

0.5%

U.S.

Cash

Collateral

Fund(@)(×)

4,501,530

(∞)

4,502

Total

Other

Securities

(cost

$4,502)

4,502

Total

Investments

-

99.5%

(identified

cost

$806,689)

876,876

Other

Assets

and

Liabilities,

Net

-

0.5%

4,209

Net

Assets

-

100.0%

881,085

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

118

Global

Real

Estate

Securities

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

1.1%

CTP

NV

04/06/21

EUR

123,864

17.46

2,162

1,608

Frasers

Logistics

&

Commercial

Trust

07/12/21

SGD

5,437,500

1.02

5,521

5,036

HomeCo

Daily

Needs

REIT

02/06/23

AUD

2,173,117

0.92

2,005

1,710

LXI

REIT

PLC

09/05/22

GBP

920,793

1.48

1,360

1,006

Tritax

EuroBox

PLC

03/15/21

EUR

1,089,673

1.45

1,575

708

10,068

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

788

USD

26,548

09/23

763

FTSE/EPRA

Europe

Index

Futures

298

EUR

4,068

09/23

(168)

Hang

Seng

Index

Futures

15

HKD

14,105

07/23

(9)

MSCI

Singapore

Index

Futures

67

SGD

1,936

07/23

3

S&P/TSX

60

Index

Futures

5

CAD

1,218

09/23

15

SPI

200

Index

Futures

12

AUD

2,148

09/23

6

TOPIX

Index

Futures

24

JPY

549,120

09/23

106

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

716

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

366

AUD

555

07/03/23

4

Bank

of

America

USD

573

EUR

523

09/20/23

—

Bank

of

America

USD

589

JPY

83,961

09/20/23

—

Bank

of

America

EUR

10

USD

11

07/03/23

—

Bank

of

America

EUR

7

USD

7

07/05/23

—

Bank

of

New

York

USD

418

AUD

612

09/20/23

(10)

Bank

of

New

York

USD

341

CAD

452

09/20/23

1

Bank

of

New

York

USD

1,342

EUR

1,231

09/20/23

7

Bank

of

New

York

USD

674

HKD

5,266

09/20/23

(1)

Bank

of

New

York

USD

1,137

JPY

156,256

09/20/23

(41)

Bank

of

New

York

USD

503

SGD

671

09/20/23

(5)

HSBC

USD

418

AUD

612

09/20/23

(10)

HSBC

USD

341

CAD

452

09/20/23

1

HSBC

USD

1,341

EUR

1,231

09/20/23

7

HSBC

USD

674

HKD

5,266

09/20/23

(1)

HSBC

USD

1,137

JPY

156,256

09/20/23

(41)

HSBC

USD

502

SGD

671

09/20/23

(5)

Royal

Bank

of

Canada

USD

418

AUD

612

09/20/23

(9)

Royal

Bank

of

Canada

USD

341

CAD

452

09/20/23

1

Royal

Bank

of

Canada

USD

1,341

EUR

1,231

09/20/23

7

Royal

Bank

of

Canada

USD

674

HKD

5,266

09/20/23

(1)

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

119

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Royal

Bank

of

Canada

USD

1,136

JPY

156,256

09/20/23

(40)

Royal

Bank

of

Canada

USD

502

SGD

671

09/20/23

(5)

UBS

USD

66

AUD

99

07/03/23

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(141)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Common

Stocks

Australia

$

—

$

32,966

$

—

$

—

$

32,966

3

.7

Belgium

—

4,852

—

—

4,852

0

.5

Canada

16,732

—

—

—

16,732

1

.9

China

—

1,377

—

—

1,377

0

.2

France

—

15,771

—

—

15,771

1

.8

Germany

—

13,439

—

—

13,439

1

.5

Guernsey

—

1,431

—

—

1,431

0

.2

Hong

Kong

—

39,585

—

—

39,585

4

.5

Japan

—

83,321

—

—

83,321

9

.5

Macao

—

2,036

—

—

2,036

0

.2

Netherlands

—

2,878

—

—

2,878

0

.3

Singapore

—

30,683

—

—

30,683

3

.5

Spain

—

3,762

—

—

3,762

0

.4

Sweden

—

10,954

—

—

10,954

1

.2

Switzerland

—

2,481

—

—

2,481

0

.3

United

Kingdom

—

37,722

—

—

37,722

4

.3

United

States

536,262

—

—

—

536,262

60

.9

Warrants

and

Rights

27

—

—

—

27

—

*

Short-Term

Investments

—

—

—

36,095

36,095

4

.1

Other

Securities

—

—

—

4,502

4,502

0

.5

Total

Investments

553,021

283,258

—

40,597

876,876

99

.5

Other

Assets

and

Liabilities,

Net

0

.5

100

.0

Other

Financial

Instruments

Assets

Futures

Contracts

893

—

—

—

893

0

.1

Foreign

Currency

Exchange

Contracts

4

24

—

—

28

—

*

A

Liabilities

Futures

Contracts

(177

)

—

—

—

(177

)

(—)

*

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

120

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

Foreign

Currency

Exchange

Contracts

—

(169

)

—

—

(169

)

(—)

*

Total

Other

Financial

Instruments

**

$

720

$

(145

)

$

—

$

—

$

575

*

Less

than

0.05%

of

net

assets.

**

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

June

30,

2023,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

June

30,

2023,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Property

Sector

Exposure

Fair

Value

$

Diversified

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

185,962

Healthcare

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

60,385

Industrial

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

140,232

Lodging/Resorts

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

32,963

Office

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

26,602

Residential

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

148,019

Retail

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

119,331

Self

Storage

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

50,104

Technology

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

72,681

Short-Term

Investments

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

36,095

Other

Securities

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

4,502

Total

Investments

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

876,876

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

121

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

$

—

$

28

Variation

margin

on

futures

contracts*

893

—

Total

$

893

$

28

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts*

$

177

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

169

Total

$

177

$

169

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Foreign

Currency

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(471)

$

—

Foreign

currency

exchange

contracts

—

(117)

Total

$

(471)

$

(117)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

1,782

$

—

Foreign

currency

exchange

contracts

—

(263)

Total

$

1,782

$

(263)

*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

Notes

to

Financial

Statements.

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

122

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Securities

on

Loan*

Investments,

at

fair

value

$

4,234

$

—

$

4,234

Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

28

—

28

Total

Financial

and

Derivative

Assets

4,262

—

4,262

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

(3)

—

(3)

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

4,259

$

—

$

4,259

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

New

York

$

8

$

8

$

—

$

—

Citigroup

1,259

—

1,259

—

HSBC

1,405

8

1,397

—

Morgan

Stanley

1,578

—

1,578

—

Royal

Bank

of

Canada

9

9

—

—

Total

$

4,259

$

25

$

4,234

$

—

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

123

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

$

169

$

—

$

169

Total

Financial

and

Derivative

Liabilities

169

—

169

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

169

$

—

$

169

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Pledged^

Net

Amount

Bank

of

New

York

$

56

$

8

$

—

$

48

HSBC

57

8

—

49

Royal

Bank

of

Canada

56

9

—

47

Total

$

169

$

25

$

—

$

144

*      

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.

124

Global

Real

Estate

Securities

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2023

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

806,689

Investments,

at

fair

value(*)(>)

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

876,876

Foreign

currency

holdings(^)

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

1,365

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

28

Receivables:

Dividends

and

interest

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

3,048

Dividends

from

affiliated

funds

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

126

Investments

sold

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

14,671

Fund

shares

sold

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

15

Foreign

capital

gains

taxes

recoverable

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

362

From

broker(a)

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

2,565

Variation

margin

on

futures

contracts

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

720

Prepaid

expenses

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

6

Total

assets

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

899,782

Liabilities

Payables:

Investments

purchased

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

13,006

Fund

shares

redeemed

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

152

Accrued

fees

to

affiliates

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

619

Other

accrued

expenses

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

249

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

169

Payable

upon

return

of

securities

loaned

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

4,502

Total

liabilities

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

18,697

Net

Assets

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

$

881,085

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

125

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2023

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(43,087)

Shares

of

beneficial

interest

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

700

Additional

paid-in

capital

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

923,472

Net

Assets

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

$

881,085

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

12.58

Net

assets

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

$

881,084,954

Shares

outstanding

($.01

par

value)

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

70,016,773

Amounts

in

thousands

(^)    

Foreign

currency

holdings

-

cost

$

1,390

(*)    

Securities

on

loan

included

in

investments

$

4,234

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

and

U.S.

Cash

Collateral

Fund

$

40,597

(a)    

Receivable

from

Broker

for

Futures

$

2,565

(#)

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.

126

Global

Real

Estate

Securities

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2023

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

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

$

17,282

Dividends

from

affiliated

funds

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

705

Securities

lending

income

(net)

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

36

Less

foreign

taxes

withheld

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

(703)

Total

investment

income

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

17,320

Expenses

Advisory

fees

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

3,494

Administrative

fees

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

218

Custodian

fees

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

87

Transfer

agent

fees

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

19

Professional

fees

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

96

Trustees’

fees

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

28

Printing

fees

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

18

Miscellaneous

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

16

Total

expenses

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

3,976

Net

investment

income

(loss)

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

13,344

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(22,016)

Investments

in

affiliated

funds

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

1

Futures

contracts

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

(471)

Foreign

currency

exchange

contracts

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

(117)

Foreign

currency-related

transactions

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

(159)

Net

realized

gain

(loss)

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

(22,762)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

30,111

Investments

in

affiliated

funds

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

(4)

Futures

contracts

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

1,782

Foreign

currency

exchange

contracts

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

(263)

Foreign

currency-related

transactions

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

(51)

Net

change

in

unrealized

appreciation

(depreciation)

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

31,575

Net

realized

and

unrealized

gain

(loss)

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

8,813

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

22,157

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

127

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2023

(Unaudited)

Fiscal

Year

Ended

December

31,

2022

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

13,344

$

18,842

Net

realized

gain

(loss)

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

(22,762)

(52,445)

Net

change

in

unrealized

appreciation

(depreciation)

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

31,575

(269,722)

Net

increase

(decrease)

in

net

assets

from

operations

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

22,157

(303,325)

Distributions

To

shareholders

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

(4,877)

(15,495)

From

return

of

capital

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

—

(

4,589

)

Net

decrease

in

net

assets

from

distributions

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

(4,877)

(20,084)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

4,220

37,657

Total

Net

Increase

(Decrease)

in

Net

Assets

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

21,500

(285,752)

Net

Assets

Beginning

of

period

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

859,585

1,145,337

End

of

period

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

$

881,085

$

859,585

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2023

and

December

31,

2022

were

as

follows:

2023

(Unaudited)

2022

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

1,611

$

20,121

3,957

$

51,215

Proceeds

from

reinvestment

of

distributions

392

4,877

1,452

20,084

Payments

for

shares

redeemed

(1,665)

(20,778)

(2,228)

(33,642)

Total

increase

(decrease)

338

$

4,220

3,181

$

37,657

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.

128

Global

Real

Estate

Securities

Fund

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(ƥ)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

$

Return

of

Capital

June

30,

2023

(ƣ)

12.34

.19

.12

.31

(.07)

—

—

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

129

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(ǿ)(±)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(ɯ)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(ɯ)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(ɯ)

%

Portfolio

Turnover

Rate

(ǿ)

(.07)

12.58

2.52

881,085

.91

.91

3.06

32

(.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.

130

Global

Real

Estate

Securities

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

for

the

period

ended

June

30,

2023

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

20

2

3

with

underlying

f

unds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2023,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

574,218

Administrative

fees

35,889

Transfer

agent

fees

3,159

Trustee

fees

5,473

$

618,739

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

$

32,549

$

86,911

$

83,362

$

1

$

(4

)

$

36,095

$

705

$

—

U.S.

Cash

Collateral

Fund

2,436

43,522

41,456

—

—

4,502

135

—

$

34,985

$

130,433

$

124,818

$

1

$

(4

)

$

40,597

$

840

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

857,059,586

$

33,404,790

$

(13,013,159)

$

20,391,631

Russell

Investment

Funds

Notes

to

Schedules

of

Investments

—

June

30,

2023

(Unaudited)

Notes

to

Schedules

of

Investments

131

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

Consumer

Price

Index

(

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

AONIA

-

Australian

Overnight

Index

Average

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

CORRA-

Canadian

Overnight

Repo

Rate

Average

CPI

-

Consumer

Price

Index

CVO

-

Contingent

Value

Obligation

EBITDA

–

Earnings

Before

Interest,

Taxes,

Depreciation,

and

Amortization

EMU

-

European

Economic

and

Monetary

Union

EURIBOR

-

Euro

Interbank

Offered

Bank

EUTA

–

Eurozone

Tobacco

Index

FDIC

-

Federal

Deposit

Insurance

Company

GDR

-

Global

Depositary

Receipt

Russell

Investment

Funds

Notes

to

Schedules

of

Investments,

continued

—

June

30,

2023

(Unaudited)

132

Notes

to

Schedules

of

Investments

Foreign

Currency

Abbreviations:

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

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

—

June

30,

2023

(Unaudited)

Notes

to

Financial

Highlights

133

(ƣ)

For

the

period

ended

June

30,

2023

(Unaudited).

(ƥ)

Average

daily

shares

outstanding

were

used

for

this

calculation.

(Ƃ)

May

reflect

amounts

waived

and/or

reimbursed

by

Russell

Investment

Management,

LLC

(“RIM”).

(Ɵ)

Less

than

$.01

per

share.

(ǿ)

Periods

less

than

one

year

are

not

annualized.

(ɯ)

Periods

less

than

one

year

are

annualized.

(±)

The

total

return

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges.

(∆)

For

the

following

funds,

the

respective

annualized

net

expense

ratios,

not

including

the

dividends

and

interest

expense

from

short

sales,

were

as

follows:

For

the

period

ended

U.S.

Strategic

Equity

Fund

U.S.

Small

Cap

Equity

Fund

June

30,

2023

0.84%

1.02%

December

31,

2022

0.84%

1.03%

December

31,

2021

N/A

1.05%

December

31,

2020

N/A

1.10%

December

31,

2019

N/A

1.08%

December

31,

2018

N/A

N/A

Russell

Investment

Funds

Notes

to

Financial

Statements

—

June

30,

2023

(Unaudited)

134

Notes

to

Financial

Statements

1.

Organization

Russell

Investment

Funds

(the

“Investment

Company”

or

“RIF”)

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

funds.

These

financial

statements

report

on

five

of

these

funds

(each

a

“Fund”

and

collectively

the

“Funds”).

The

Investment

Company

provides

the

investment

base

for

one

or

more

variable

insurance

products

issued

by

one

or

more

insurance

companies.

These

Funds

are

offered

at

net

asset

value

(“NAV”)

to

qualified

insurance

company

separate

accounts

offering

variable

insurance

products.

The

Investment

Company

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(“Investment

Company

Act”),

as

an

open-end

management

investment

company.

It

is

organized

and

operated

as

a

Massachusetts

business

trust

under

a

Third

Amended

and

Restated

Master

Trust

Agreement

dated

December

7,

2020,

as

amended

(“Master

Trust

Agreement”),

and

the

provisions

of

Massachusetts

law

governing

the

operation

of

a

Massachusetts

business

trust.

The

Investment

Company’s

Master

Trust

Agreement

permits

the

Board

of

Trustees

(the

“Board”)

to

issue

an

unlimited

number

of

shares

of

beneficial

interest.

Each

of

the

Funds

is

diversified.

Under

the

Investment

Company

Act,

a

diversified

company

is

defined

as

a

management

company

which

meets

the

following

requirements:

at

least

75%

of

the

value

of

its

total

assets

is

represented

by

cash

and

cash

equivalents

(including

receivables),

government

securities,

securities

of

other

investment

companies,

and

other

securities

for

the

purposes

of

this

calculation

limited

in

respect

of

any

one

issuer

to

an

amount

not

greater

in

value

than

five

percent

of

the

value

of

the

total

assets

of

such

management

company

and

to

not

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer.

Unless

otherwise

specified,

“period”

(as

used

within

the

financial

statements)

refers

to

the

six

months

ended

June

30,

2023.

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”),

the

Funds’

adviser,

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

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.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

Notes

to

Financial

Statements

135

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

—

June

30,

2023

(Unaudited)

136

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

Secured

Overnight

Financing

Rate

(“SOFR”)

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

in

U.S.

markets

will

use

fair

value

pricing

in

limited

circumstances

since

reliable

market

quotations

will

often

be

readily

available.

Funds

that

invest

in

foreign

securities

use

fair

value

pricing

daily

as

events

may

occur

between

the

close

of

foreign

markets

and

the

time

of

pricing.

Although

there

are

observable

inputs

assigned

on

a

security

level,

prices

are

derived

from

factors

using

proprietary

models

or

matrix

pricing.

For

this

reason,

fair

value

factors

will

cause

movement

between

Levels

1

and

2.

Examples

of

significant

events

that

generally

trigger

fair

value

pricing

of

one

or

more

securities

are:

any

market

movement

of

the

U.S.

securities

market

(defined

in

the

fair

value

procedures

as

the

movement

of

a

single

major

U.S.

index);

a

company

development

such

as

a

material

business

development;

a

natural

disaster,

a

public

health

emergency

affecting

one

or

more

countries

in

the

global

economy

(including

an

emergency

which

results

in

the

closure

of

financial

markets)

or

other

emergency

situation;

or

an

armed

conflict.

The

NAV

of

a

Fund’s

portfolio

that

includes

foreign

securities

may

change

on

days

when

shareholders

will

not

be

able

to

purchase

or

redeem

Fund

shares,

since

foreign

securities

can

trade

on

non-business

days.

For

the

period

ended

June

30,

2023,

the

U.S.

Strategic

Equity

Fund,

U.S.

Small

Cap

Equity

Fund,

International

Developed

Markets

Fund

and

Global

Real

Estate

Securities

Fund

had

no

transfers

into

or

out

of

Level

3

of

the

fair

value

hierarchy.

The

Strategic

Bond

Fund

had

transfers

out

of

Level

3

into

Level

2

representing

financial

instruments

for

which

approved

vendor

sources

became

available

or

inputs

became

observable.

The

amount

transferred

was

$

2,470,717.

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.

The

significant

unobservable

input

used

in

fair

value

measurement

of

certain

of

the

Funds’

preferred

equity

securities

is

the

redemption

value

calculated

on

a

fully-diluted

basis

if

converted

to

common

stock.

Significant

increases

or

decreases

in

the

redemption

value

would

have

a

direct

and

proportional

impact

to

fair

value.

The

significant

unobservable

inputs

used

in

fair

value

measurement

of

certain

of

the

Funds’

private

equity

securities

include

market

data

of

comparable

public

companies,

discount

rates,

EBITDA

multiples,

and

future

projected

cash

flows

for

the

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

Notes

to

Financial

Statements

137

portfolio

company.

These

inputs

are

utilized

in

valuation

models

that

are

based

on

market

analysis

and

discounted

cash

flow

methodologies.

Increases

(decreases)

in

the

discount

rates

would

result

in

a

lower

(higher)

fair

value

measurement,

while

increases

(decreases)

in

EBITDA

multiples

and

projected

cash

flows

would

result

in

a

higher

(lower)

fair

value

measurement.

The

significant

unobservable

input

used

in

the

fair

value

measurement

of

certain

Funds’

debt

securities

is

the

yield

to

worst

ratio.

Significant

increases

(decreases)

in

the

yield

to

worst

ratio

would

result

in

a

lower

(higher)

fair

value

measurement.

These

significant

unobservable

inputs

are

further

disclosed

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund

as

applicable.

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

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.

Losses

realized

on

principal

paydowns

may

result

in

negative

interest

income

on

the

Fund’s

Statement

of

Operations

if

there

is

insufficient

interest

income

to

offset

such

losses.

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

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

138

Notes

to

Financial

Statements

appeals

or

litigation

processes,

based

on

the

technical

merits

of

the

position.

For

tax

positions

meeting

the

more

likely

than

not

threshold,

the

tax

amount

recognized

in

the

financial

statements

is

reduced

by

the

largest

benefit

that

has

a

greater

than

50%

likelihood

of

being

realized

upon

ultimate

settlement

with

the

relevant

taxing

authority.

Management

determined

that

no

accruals

need

to

be

made

in

the

financial

statements

due

to

uncertain

tax

positions.

Management

continually

reviews

and

adjusts

the

Funds’

liability

for

income

taxes

based

on

analyses

of

tax

laws

and

regulations,

as

well

as

their

interpretations,

and

other

relevant

factors.

Each

Fund

files

a

U.S.

tax

return.

As

of

June

30,

2023,

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

current

fiscal

year.

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

distributions

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

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”),

the

Funds’

administrator

and

transfer

agent.

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

Declared

Payable

Funds

Quarterly

April,

July,

October

and

mid-December

U.S.

Strategic

Equity,

U.S.

Small

Cap

Equity,

Strategic

Bond

and

Global

Real

Estate

Securities

Funds

Annually

Mid-December

International

Developed

Markets

Fund

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

Notes

to

Financial

Statements

139

transactions

arise

from

changes

in

the

value

of

assets

and

liabilities,

other

than

investments

in

securities,

as

a

result

of

changes

in

the

exchange

rates.

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

of

the

Funds

that

arises

as

a

result

of

changes

in

exchange

rates

from

that

portion

that

arises

from

changes

in

market

prices

of

investments

during

the

period.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments.

However,

for

federal

income

tax

purposes,

the

Funds

do

isolate

the

effects

of

changes

in

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

market

prices

for

realized

gain

(or

loss)

on

debt

obligations.

Capital

Gains

Taxes

The

Funds

may

be

subject

to

capital

gains

taxes

and

repatriation

taxes

imposed

by

certain

countries

in

which

they

invest.

The

International

Developed

Markets,

Strategic

Bond

and

Global

Real

Estate

Securities

Funds

may

record

a

deferred

capital

gains

tax

liability

with

respect

to

the

unrealized

appreciation

on

foreign

securities

for

potential

capital

gains

and

repatriation

taxes

as

of

June

30,

2023.

The

accrual

for

capital

gains

and

repatriation

taxes

is

included

in

total

distributable

earnings

(losses)

in

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.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

140

Notes

to

Financial

Statements

The

effects

of

derivative

instruments,

categorized

by

risk

exposure,

on

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

for

the

period

ended

June

30,

2023,

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.

Foreign

Currency

Exchange

Contracts

Certain

Funds

may

enter

into

foreign

currency

exchange

spot

contracts

and

forward

foreign

currency

exchange

contracts

(“FX

contracts”).

From

time

to

time,

certain

Funds

may

enter

into

FX

contracts

to

hedge

certain

foreign

currency-denominated

assets.

FX

contracts

are

recorded

at

fair

value.

Certain

risks

may

arise

upon

entering

into

these

FX

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

their

FX

contracts

and

are

generally

limited

to

the

amount

of

unrealized

gain

on

the

FX

contracts,

if

any,

that

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

For

the

period

ended

June

30,

2023,

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

June

30,

2023,

the

Funds

did

not

enter

into

any

options.

Funds

Strategies

International

Developed

Markets

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets

and

trade

settlement

Strategic

Bond

Fund

Return

enhancement

and

hedging

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

and

trade

settlement

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

Notes

to

Financial

Statements

141

Futures

Contracts

Certain

Funds

may

invest

in

futures

contracts

(i.e.,

interest

rate,

foreign

currency

and

index

futures

contracts).

The

face

or

contract

value

of

these

instruments

reflect

the

extent

of

the

Funds’

exposure

to

off

balance

sheet

risk.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

an

imperfect

correlation

between

the

change

in

fair

value

of

the

securities

held

by

the

Funds

and

the

prices

of

futures

contracts,

and

the

possibility

of

an

illiquid

market.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

with

a

broker

an

amount,

termed

the

initial

margin,

which

typically

represents

5%

to

10%

of

the

purchase

price

indicated

in

the

futures

contract.

Payments

to

and

from

the

broker,

known

as

variation

margin,

are

typically

required

to

be

made

on

a

daily

basis

as

the

price

of

the

futures

contract

fluctuates.

Changes

in

initial

settlement

value

are

accounted

for

as

unrealized

appreciation

(depreciation)

until

the

contracts

are

terminated,

at

which

time

realized

gains

and

losses

are

recognized.

For

the

period

ended

June

30,

2023,

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

SOFR

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”.

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

Funds

Strategies

U.S.

Strategic

Equity

Fund

Exposing

cash

to

markets

U.S.

Small

Cap

Equity

Fund

Exposing

cash

to

markets

International

Developed

Markets

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Strategic

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

142

Notes

to

Financial

Statements

defaults

or

becomes

bankrupt.

In

an

unhedged

credit

default

swap,

the

Fund

would

enter

into

a

credit

default

swap

without

owning

the

underlying

asset

or

debt

issued

by

the

reference

entity.

Credit

default

swaps

allow

the

Fund

to

acquire

or

reduce

credit

exposure

to

a

particular

issuer,

asset

or

basket

of

instruments.

As

the

seller

of

protection

in

a

credit

default

swap,

the

Fund

would

be

required

to

pay

the

par

or

other

agreed-upon

value

(or

otherwise

perform

according

to

the

swap

contract)

of

a

reference

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

other

specified

credit

event)

and

the

counterparty

would

be

required

to

surrender

the

reference

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

a

seller

of

protection,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

that

Fund

would

be

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

The

Fund

may

also

purchase

protection

via

credit

default

swap

contracts

in

order

to

offset

the

risk

of

default

of

debt

securities

held

in

its

portfolio

or

to

take

a

short

position

in

a

debt

security,

in

which

case

the

Fund

would

function

as

the

counterparty

referenced

in

the

preceding

paragraph.

If

a

credit

event

occurs

and

cash

settlement

is

not

elected,

a

variety

of

other

deliverable

obligations

may

be

delivered

in

lieu

of

the

specific

referenced

obligation.

The

ability

to

deliver

other

obligations

may

result

in

a

cheapest-to-deliver

option

(i.e.,

the

buyer

of

protection’s

right

to

choose

the

deliverable

obligation

with

the

lowest

value

following

a

credit

event).

The

Fund

may

use

credit

default

swaps

to

provide

a

measure

of

protection

against

defaults

of

the

issuers

(i.e.,

to

reduce

risk

where

the

Fund

owns

or

has

exposure

to

the

referenced

obligation)

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

(as

measured

by

the

credit

default

swap’s

spread)

of

a

particular

issuer’s

default.

Deliverable

obligations

for

credit

default

swaps

on

asset-backed

securities

in

most

instances

are

limited

to

the

specific

referenced

obligation

as

performance

for

asset-backed

securities

can

vary

across

deals.

Prepayments,

principal

paydowns,

and

other

writedown

or

loss

events

on

the

underlying

mortgage

loans

will

reduce

the

outstanding

principal

balance

of

the

referenced

obligation.

These

reductions

may

be

temporary

or

permanent

as

defined

under

the

terms

of

the

swap

agreement

and

the

notional

amount

for

the

swap

agreement

generally

will

be

adjusted

by

corresponding

amounts.

The

Strategic

Bond

Fund

may

use

credit

default

swaps

on

asset-backed

securities

to

provide

a

measure

of

protection

against

defaults

(or

other

defined

credit

events)

of

the

referenced

obligation

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

of

a

particular

referenced

obligation’s

default

(or

another

defined

credit

event).

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

may

include,

but

are

not

limited

to,

investment

grade

securities,

high

yield

securities,

asset-backed

securities,

emerging

markets,

and/or

various

credit

ratings

within

each

sector.

Credit

indices

are

traded

using

credit

default

swaps

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

that

name’s

weight

in

the

index.

The

composition

of

the

indices

changes

periodically,

usually

every

six

months,

and,

for

most

indices,

each

name

has

an

equal

weight

in

the

index.

Traders

may

use

credit

default

swaps

on

indices

to

speculate

on

changes

in

credit

quality.

Implied

credit

spreads,

represented

in

absolute

terms,

utilized

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

as

of

period-end

are

disclosed

in

the

Schedules

of

Investments

and

generally

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

(or

other

defined

credit

event)

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

entering

into

a

credit

default

swap

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

asset-

backed

securities

and

credit

indices,

the

quoted

market

prices

and

resulting

values

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

and

increasing

fair

values,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

generally

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

of

protection

could

be

required

to

make

under

a

credit

default

swap

agreement

equals

the

notional

amount

of

the

agreement.

Notional

amounts

of

all

credit

default

swap

agreements

outstanding

as

of

June

30,

2023,

for

which

a

Fund

is

the

seller

of

protection,

are

disclosed

in

the

Schedules

of

Investments.

These

potential

amounts

would

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

Notes

to

Financial

Statements

143

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

or

net

amounts

received

from

the

settlement

of

buy

protection

credit

default

swap

agreements

entered

into

by

the

Fund

for

the

same

referenced

entity

or

entities.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

illiquidity

and

counterparty

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap.

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

a

credit

event

fail

to

occur

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

creditworthiness

of

the

Fund’s

swap

counterparty

declines,

the

risk

that

the

counterparty

may

not

perform

could

increase,

potentially

resulting

in

a

loss

to

the

Fund.

To

limit

the

counterparty

risk

involved

in

swap

agreements,

the

Fund

will

only

enter

into

swap

agreements

with

counterparties

that

meet

certain

standards

of

creditworthiness.

Although

there

can

be

no

assurance

that

the

Fund

will

be

able

to

do

so,

the

Fund

may

be

able

to

reduce

or

eliminate

its

exposure

under

a

swap

agreement

either

by

assignment

or

other

disposition,

or

by

entering

into

an

offsetting

swap

agreement

with

the

same

party

or

another

creditworthy

party.

The

Fund

may

have

limited

ability

to

eliminate

its

exposure

under

a

credit

default

swap

if

the

credit

quality

of

the

reference

entity

or

underlying

asset

has

declined.

For

the

period

ended

June

30,

2023,

the

Strategic

Bond

Fund

entered

into

credit

default

swaps

primarily

for

return

enhancement,

hedging

and

exposing

cash

to

markets.

Interest

Rate

Swaps

Certain

Funds

may

enter

into

interest

rate

swaps.

The

use

of

interest

rate

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

If

RIM

or

a

money

manager

using

this

technique

is

incorrect

in

its

forecast

of

fair

values,

interest

rates

and

other

applicable

factors,

the

investment

performance

of

a

Fund

might

diminish

compared

to

what

it

would

have

been

if

this

investment

technique

were

not

used.

Interest

rate

swaps

do

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

obligated

to

make.

Interest

rate

swaps

are

traded

on

exchanges

and

are

subject

to

central

clearing.

If

the

clearing

house

or

futures

commission

merchant

defaults,

a

Fund’s

risk

of

loss

consists

of

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

entitled

to

receive.

The

counterparty

risk

for

cleared

derivatives

is

generally

lower

than

for

uncleared

derivatives.

However,

clearing

may

subject

a

Fund

to

increased

costs

or

margin

requirements.

For

the

period

ended

June

30,

2023,

the

Strategic

Bond

Fund

entered

into

interest

rate

swaps

primarily

for

return

enhancement,

hedging

and

exposing

cash

to

markets.

Total

Return

Swaps

Certain

Funds

may

enter

into

total

return

swap

agreements

to

expose

cash

to

markets

or

to

effect

investment

transactions.

Total

return

swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

few

weeks

to

more

than

one

year.

In

a

standard

total

return

swap

transaction,

the

two

parties

agree

to

exchange

the

returns

(or

differentials

in

rates

of

return)

earned

or

realized

on

particular

investments

or

instruments.

The

returns

to

be

exchanged

between

the

parties

are

calculated

with

respect

to

a

“notional

amount”

(i.e.,

a

specified

dollar

amount

that

is

hypothetically

invested

in

a

“basket”

of

securities

representing

a

particular

index).

For

the

period

ended

June

30,

2023,

the

Funds

did

not

enter

into

any

total

return

swaps.

Currency

Swaps

Certain

Funds

may

enter

into

currency

swap

agreements

to

enhance

returns

or

for

hedging

purposes.

Currency

swap

agreements

are

agreements

where

two

parties

exchange

specified

amounts

of

different

currencies

which

are

followed

by

paying

the

other

a

series

of

interest

payments

that

are

based

on

the

principal

cash

flow.

At

maturity,

the

principal

amounts

are

exchanged.

For

the

period

ended

June

30,

2023,

the

Funds

did

not

enter

into

any

currency

swaps.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

144

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

—

June

30,

2023

(Unaudited)

Notes

to

Financial

Statements

145

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

reserve

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

June

30,

2023,

the

market

value

of

securities

on

loan

through

the

reciprocal

lending

program

for

the

U.S.

Strategic

Equity

and

U.S.

Small

Cap

Equity

Funds

was

$16,018,515

and

$7,924,470,

respectively.

As

of

June

30,

2023,

the

U.S.

Strategic

Equity

and

U.S.

Small

Cap

Equity

Funds

held

$33,691,049

and

$11,918,330,

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

—

June

30,

2023

(Unaudited)

146

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

June

30,

2023,

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

—

June

30,

2023

(Unaudited)

Notes

to

Financial

Statements

147

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

—

June

30,

2023

(Unaudited)

148

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

—

June

30,

2023

(Unaudited)

Notes

to

Financial

Statements

149

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.

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

June

30,

2023,

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.

London

Interbank

Offered

Rate

(“LIBOR”)

The

Funds

may

invest

in

certain

instruments

including,

but

not

limited

to,

repurchase

agreements,

collateralized

loan

obligations

and

mortgage-backed

securities,

that

historically

relied

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.

After

June

30,

2023,

all

tenors

of

LIBOR

have

either

ceased

to

be

published

or,

in

the

case

of

1-month,

3-

month

and

6-month

U.S.

dollar

LIBOR

settings,

are

no

longer

being

published

on

a

representative

basis.

Replacement

rates

that

have

been

identified

include

SOFR,

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,

the

Sterling

Overnight

Index

Average

Rate

(“SONIA”),

which

is

intended

to

replace

British

Pound

Sterling

LIBOR

and

measures

the

overnight

interest

rate

paid

by

banks

for

unsecured

transactions

in

the

sterling

market,

and

other

rates

derived

from

markets

connected

to

SOFR,

such

as

Term

SOFR.

On

April

3,

2023,

the

FCA

announced

its

decision

to

require

LIBOR’s

administrator

to

publish

an

unrepresentative

“synthetic

LIBOR”

using

a

changed

methodology

until

at

least

the

end

of

September

2024.

The

impact

of

synthetic

LIBOR

is

uncertain

and

some

LIBOR

contracts

may

use

synthetic

LIBOR

instead

of

other

alternative

reference

rates.

Accordingly,

synthetic

LIBOR

may

be

a

significant

factor

in

the

cost

of

financing

certain

Fund

investments

or

the

value

or

return

on

certain

other

Fund

investments.

Although

the

transition

process

away

from

LIBOR

has

become

increasingly

well-defined,

there

remains

uncertainty

regarding

the

nature

of

any

replacement

rate,

and

any

potential

effects

of

the

transition

away

from

LIBOR

on

a

Fund

or

on

certain

instruments

in

which

a

Fund

invests

can

be

difficult

to

ascertain.

The

transition

process

may

involve,

among

other

things,

increased

volatility

or

illiquidity

in

markets

for

instruments

that

were

tied

to

LIBOR

or

continue

to

be

tied

to

synthetic

LIBOR

and

may

result

in

a

reduction

in

value

of

certain

instruments

held

by

a

Fund.

The

unavailability

of

LIBOR

may

affect

the

value,

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

150

Notes

to

Financial

Statements

liquidity

or

return

on

certain

Fund

investments

and

may

result

in

additional

costs

in

connection

with

closing

out

positions

and

entering

into

new

trades.

Pricing

adjustments

to

a

Fund’s

investments

resulting

from

a

substitute

reference

rate

may

adversely

affect

the

Fund’s

performance

and/or

NAV.

At

this

time,

it

is

not

possible

to

predict

the

effect

of

the

establishment

of

SOFR,

SONIA

or

any

other

replacement

rates

or

any

other

reforms

to

LIBOR.

The

impact

of

any

substitute

reference

rate

will

vary

on

an

investment-by-investment

basis.

These

developments

could

negatively

impact

financial

markets

in

general

and

present

heightened

risks

to

the

Funds,

including

with

respect

to

their

performance,

liquidity

and

volatility.

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

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

June

30,

2023,

the

Funds’

purchases

and

sales

of

investment

securities

(excluding

U.S.

government

and

agency

obligations,

short-term

investments,

options,

futures

and

repurchase

agreements)

were

as

follows:

Funds

Purchases

Sales

U.S.

Strategic

Equity

Fund

$

157,633,244

$

174,520,742

U.S.

Small

Cap

Equity

Fund

88,554,561

93,950,174

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

Notes

to

Financial

Statements

151

During

the

period

ended

June

30,

2023,

the

Funds’

purchases

and

sales

of

U.S.

government

and

agency

obligations

(excluding

short-term

investments,

options,

futures

and

repurchase

agreements)

were

as

follows:

4.

Related

Party

Transactions,

Fees

and

Expenses

Adviser,

Administrator,

Transfer

and

Dividend

Disbursing

Agent

RIM

provides

or

oversees

the

provision

of

all

investment

advisory

and

portfolio

management

services

for

the

Funds.

From

its

advisory

fees

received

from

the

Funds,

RIM,

as

agent

for

RIF,

pays

all

fees

to

the

money

managers

for

their

investment

advisory

services.

Each

money

manager

has

agreed

that

it

will

look

only

to

RIM

for

the

payment

of

the

money

manager’s

fee,

after

RIF

has

paid

RIM.

Fees

paid

to

the

money

managers

are

not

affected

by

any

voluntary

or

statutory

expense

limitations.

RIFUS

is

the

Funds’

administrator

and

transfer

agent.

RIFUS,

in

its

capacity

as

the

Funds’

administrator,

provides

or

oversees

the

provision

of

all

administrative

services

for

the

Funds.

RIFUS,

in

its

capacity

as

the

Funds’

transfer

agent

and

dividend

disbursing

agent,

is

responsible

for

providing

transfer

agency

and

dividend

disbursing

services

to

the

Funds.

RIFUS

is

a

wholly-owned

subsidiary

of

RIM.

RIM

is

an

indirect,

wholly-owned

subsidiary

of

Russell

Investments

Group,

Ltd.

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.

Each

of

the

Funds

pays

the

following

annual

advisory

fee

directly

to

RIM,

billed

monthly

on

a

pro

rata

basis

and

calculated

as

a

specified

percentage

of

the

average

daily

net

assets

of

each

of

the

Funds.

The

annual

administrative

fee

of

up

to

0.05%

specified

in

the

table

below

is

based

on

the

average

daily

net

assets

of

each

Fund

and

is

payable

monthly

to

RIFUS.

*

Administrative

fees

are

assessed

on

total

Fund

assets

based

on

a

tiered

fee

schedule.

The

following

table

shows

the

total

amount

of

each

of

these

fees

paid

by

the

Funds

for

the

period

ended

June

30,

2023:

Funds

Purchases

Sales

International

Developed

Markets

Fund

29,313,970

42,510,510

Strategic

Bond

Fund

148,572,361

150,139,918

Global

Real

Estate

Securities

Fund

280,914,304

271,063,227

Funds

Purchases

Sales

Strategic

Bond

Fund

$

120,785,105

$

105,584,037

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

Funds

Advisory

Administrative

U.S.

Strategic

Equity

Fund

$

1,784,965

$

122,258

U.S.

Small

Cap

Equity

Fund

936,281

52,016

International

Developed

Markets

Fund

1,500,097

83,339

Strategic

Bond

Fund

2,371,209

215,565

Global

Real

Estate

Securities

Fund

3,494,027

218,377

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

152

Notes

to

Financial

Statements

RIM

has

agreed

to

certain

waivers

of

its

advisory

fees

as

follows:

For

the

U.S.

Strategic

Equity

Fund,

RIM

has

contractually

agreed

to

waive,

until

February

29,

2024,

0.02%

of

its

0.73%

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

June

30,

2023

was

$8,346.

For

the

U.S.

Small

Cap

Equity

Fund,

RIM

has

contractually

agreed

to

waive,

until

April

30,

2024,

0.04%

of

its

0.90%

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

June

30,

2023

was

$41,613.

For

the

International

Developed

Markets

Fund,

RIM

has

contractually

agreed

to

waive,

until

April

30,

2024,

0.02%

of

its

0.90%

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

June

30,

2023

was

$33,335.

RIM

does

not

have

the

ability

to

recover

amounts

waived

or

reimbursed

from

previous

periods.

Transfer

and

Dividend

Disbursing

Agent

RIFUS

serves

as

transfer

agent

and

provides

dividend

disbursing

services

to

the

Funds.

For

this

service,

RIFUS

is

paid

a

fee

based

upon

the

average

daily

net

assets

of

the

Funds

for

transfer

agency

and

dividend

disbursing

services.

RIFUS

retains

a

portion

of

this

fee

for

services

provided

to

the

Funds

and

pays

the

balance

to

unaffiliated

agents

who

assist

in

providing

these

services.

Transfer

agency

fees

paid

by

the

Funds

presented

herein

for

the

period

ended

June

30,

2023

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

A

money

manager

may

effect

portfolio

transactions

for

the

segment

of

a

Fund’s

portfolio

assigned

to

the

money

manager

with

a

broker-dealer

affiliated

with

a

Fund,

the

money

manager

or

RIM,

including

Russell

Investments

Implementation

Services,

LLC

(“RIIS”),

a

registered

broker-dealer

and

investment

adviser

and

an

affiliate

of

RIM,

as

well

as

with

brokers

affiliated

with

other

money

managers.

All

or

substantially

all

of

the

equity

and

derivative

portfolio

transactions

that

RIM

effects

for

the

Funds

are

executed

through

RIIS.

Use

of

an

affiliated

broker-dealer

may

present

a

potential

conflict

of

interest

as

such

broker-dealer

generally

receives

compensation

for

effecting

portfolio

transactions

which

may

provide

a

financial

incentive

for

RIM

or

a

money

manager

to

select

an

affiliated

broker-dealer.

RIIS

uses

a

multi-venue

trade

approach

whereby

RIIS

trades

with

RIIS’

network

of

independent

venues,

including

brokers

for

execution,

clearing

and

other

services.

Trades

placed

through

RIIS

and

its

independent

venues

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

certain

Fund’s

assets

that

RIM

determines

not

to

allocate

to

money

manager

strategies,

(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

listed

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.

Funds

Amount

U.S.

Strategic

Equity

Fund

$

10,759

U.S.

Small

Cap

Equity

Fund

4,577

International

Developed

Markets

Fund

7,334

Strategic

Bond

Fund

18,970

Global

Real

Estate

Securities

Fund

19,217

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

Notes

to

Financial

Statements

153

During

the

period

ended

June

30,

2023,

the

Funds

did

not

engage

in

purchases

and

sales

of

securities

pursuant

to

Rule

17a

-7

of

the

Investment

Company

Act.

Board

of

Trustees

The

Russell

Investments

fund

complex

consists

of

Russell

Investment

Company

(“RIC”),

which

has

31

funds

and

RIF,

which

has

nine

funds.

Each

of

the

Trustees

on

the

Board

is

a

Trustee

of

RIC

and

RIF.

The

Russell

Investments

fund

complex

compensates

each

Trustee

who

is

not

an

employee

of

RIM

or

its

affiliates.

Trustee

compensation

and

expenses

are

allocated

to

each

Fund

based

on

its

net

assets

relative

to

other

funds

in

the

Russell

Investments

fund

complex.

For

the

period

ended

June

30,

2023,

the

regular

compensation

paid

to

the

Trustees

by

the

Russell

Investments

fund

complex

was

$1,144,000.

5.

Federal

Income

Taxes

As

of

June

30,

2023,

the

Funds

did

not

have

any

capital

loss

carryforwards.

6.

Record

Ownership

As

of

June

30,

2023,

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

June

30,

2023,

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

13,

2024,

but

may

be

renewed

on

an

annual

basis

thereafter.

Borrowings

made

by

the

Funds

will

be

utilized

solely

for

temporary

or

emergency

purposes

as

contemplated

by

the

Investment

Company

Act

including,

without

limitation,

funding

shareholder

redemptions.

Interest

on

borrowing

is

charged

to

a

Fund

at

a

variable

rate

as

determined

in

accordance

with

the

Credit

Agreement.

In

addition,

a

commitment

fee

computed

at

an

annual

rate

of

0.20%

on

the

daily

unused

portion

of

the

line

of

credit

is

allocated

among

the

participating

Funds

pro-rata

based

on

average

daily

net

assets

for

the

applicable

period.

The

Funds

are

subject

to

certain

covenants

contained

in

the

Credit

Agreement.

Failure

to

comply

with

these

covenants

could

cause

the

acceleration

of

the

repayment

of

the

amount

outstanding

under

the

Credit

Agreement.

Expenses

associated

with

the

line

of

credit,

such

as

legal

fees

and

the

commitment

fee,

are

shown

on

the

Statement

of

Operations

as

miscellaneous

fees.

The

Funds

did

not

make

any

borrowings

under

the

line

of

credit

during

the

period

ended

June

30,

2023.

Funds

#

of

Shareholders

%

U.S.

Strategic

Equity

Fund

2

79.5

U.S.

Small

Cap

Equity

Fund

2

83.2

International

Developed

Markets

Fund

2

81.2

Strategic

Bond

Fund

1

67.5

Global

Real

Estate

Securities

Fund

2

87.1

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

154

Notes

to

Financial

Statements

10.

Subsequent

Events

Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

determined

no

events

have

occurred

that

require

disclosure.

Russell

Investment

Funds

Affiliated

Brokerage

Transactions

—

June

30,

2023

(Unaudited)

Affiliated

Brokerage

Transactions

155

As

discussed

in

Note

4

in

the

Notes

to

financial

statements

contained

in

this

semi-annual

report,

a

money

manager

may

effect

portfolio

transactions

for

the

segment

of

a

Fund’s

portfolio

assigned

to

the

money

manager

with

a

broker-dealer

affiliated

with

a

Fund,

the

money

manager

or

RIM,

including

Russell

Investments

Implementation

Services,

LLC

(“RIIS”),

a

registered

broker

and

investment

adviser

and

an

affiliate

of

RIM,

as

well

as

with

brokers

affiliated

with

other

money

managers.

All

or

substantially

all

of

the

equity

and

derivative

portfolio

transactions

that

RIM

effects

for

the

Funds

are

executed

through

RIIS.

Use

of

an

affiliated

broker-

dealer

may

present

a

potential

conflict

of

interest

as

such

broker-dealer

generally

receives

compensation

for

effecting

portfolio

transactions

which

may

provide

a

financial

incentive

for

RIM

or

a

money

manager

to

select

an

affiliated

broker-dealer.

RIIS

uses

a

multi-venue

trade

approach

whereby

RIIS

trades

with

RIIS’

network

of

independent

venues,

including

brokers

for

execution,

clearing,

and

other

services.

Trades

placed

through

RIIS

and

its

independent

venues

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

certain

Fund’s

assets

that

RIM

determines

not

to

allocate

to

money

manager

strategies,

(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

a

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

listed

futures,

swaps,

OTC

derivative

transactions,

and

cleared

swaps,

including

foreign

currency

spots,

forwards

and

options

trading

on

behalf

of

the

Funds.

Brokerage

commission

amounts

received

by

broker/dealers

that

were

affiliated

with

the

Funds,

RIM

or

the

relevant

money

managers

for

the

period

ended

June

30,

2023

were

as

follows:

Funds

Affiliated

Broker

RIIS

U.S.

Strategic

Equity

Fund

$

6,252

U.S.

Small

Cap

Equity

Fund

17,335

International

Developed

Markets

Fund

13,947

Global

Real

Estate

Securities

Fund

55,984

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement

—

(Unaudited)

156

Basis

for

Approval

of

Investment

Advisory

Agreement

Approval

of

Investment

Advisory

Agreement

The

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that

the

Board

of

Trustees

(the

“Board”),

including

a

majority

of

its

members

who

are

not

considered

to

be

“interested

persons”

under

the

1940

Act

(the

“Independent

Trustees”)

voting

separately,

approve

for

an

initial

term

not

to

exceed

two

years

and,

thereafter,

approve

the

continuation

of

the

advisory

agreement

with

Russell

Investment

Management,

LLC

(“RIM”)

(the

“RIM

Agreement”)

and

the

portfolio

management

contract

with

each

Money

Manager

of

the

Funds

(collectively,

the

“portfolio

management

contracts”

and,

with

the

RIM

Agreement,

the

“Agreements”)

on

at

least

an

annual

basis

and

that

the

terms

and

conditions

of

the

RIM

Agreement

and

the

terms

and

conditions

of

each

portfolio

management

contract

provide

for

its

termination

if

continuation

is

not

approved

annually.

The

Board,

including

all

of

the

Independent

Trustees,

considered

and

approved

the

continuation

of

the

Agreements

at

a

meeting

held

in

person

on

May

22,

2023

(the

“Agreement

Evaluation

Meeting”).

During

the

course

of

a

year,

the

Trustees

receive

a

wide

variety

of

materials

regarding,

among

other

things,

the

investment

performance

of

the

Funds,

sales

and

redemptions

of

the

Funds’

shares,

management

of

the

Funds

and

other

services

provided

by

RIM

(and

its

affiliates)

and

the

Money

Managers

and

compliance

with

applicable

regulatory

requirements.

In

preparation

for

the

annual

review,

the

Independent

Trustees,

with

the

advice

and

assistance

of

their

independent

counsel

(“Independent

Counsel”),

also

requested

and

the

Board

considered:

(1)

information

and

reports

prepared

by

RIM

relating

to

the

services

provided

by

RIM

(and

its

affiliates)

and

the

Money

Managers

to

the

Funds;

(2)

information

and

reports

prepared

by

RIM

relating

to

the

profitability

of

each

Fund

to

RIM

(and

its

affiliates);

and

(3)

information

received

from

an

independent,

nationally

recognized

provider

of

investment

company

information

comparing

(i)

the

performance

of

the

Funds

over

various

time

periods

and

(ii)

the

Funds’

respective

operating

expenses

as

of

each

Fund’s

last

fiscal

year

end,

with

other

peer

funds

not

managed

by

RIM,

believed

by

the

provider

to

be

generally

comparable

to

the

Funds

(the

“Third-Party

Information”).

In

the

case

of

each

Fund,

its

other

peer

funds

are

collectively

hereinafter

referred

to

as

the

Fund’s

“Comparable

Funds,

”

and,

with

the

Fund,

such

Comparable

Funds

are

collectively

hereinafter

referred

to

as

the

Fund’s

“Performance

Universe”

in

the

case

of

performance

comparisons,

and

the

Fund’s

“Expense

Universe”

in

the

case

of

operating

expense

comparisons.

The

foregoing

and

other

information

received

by

the

Board,

including

the

Independent

Trustees,

in

connection

with

its

evaluations

of

the

Agreements

are

collectively

called

the

“Agreement

Evaluation

Information.

”

The

Trustees’

evaluations

also

reflected

the

knowledge

and

familiarity

gained

as

Board

members

of

the

Funds

and

the

other

RIM-managed

funds

for

which

the

Board

has

supervisory

responsibility

(“Other

RIM

Funds”)

with

respect

to

services

provided

by

RIM,

RIM’s

affiliates

and

each

Money

Manager.

The

Trustees

received

a

memorandum

from

counsel

to

the

Funds

(“Fund

Counsel”)

discussing

the

legal

standards

for

their

consideration

of

the

continuations

of

the

Agreements,

and

the

Independent

Trustees

separately

received

a

memorandum

regarding

their

responsibilities

from

their

Independent

Counsel.

At

a

meeting

held

in

person

on

April

24,

2023,

the

Independent

Trustees

met

privately

with

Independent

Counsel

to

discuss

the

Agreement

Evaluation

Information

received

to

that

date.

At

a

meeting

held

in

person

on

April

25,

2023

(the

“Agreement

Information

Review

Meeting”),

the

Board,

including

the

Independent

Trustees,

in

preparation

for

the

Agreement

Evaluation

Meeting,

met:

(1)

in

an

executive

session

with

a

representative

of

TA

Associates

Management,

L.P.

(“TA

Associates”),

at

which

(i)

Independent

Counsel,

(ii)

Fund

Counsel,

(iii)

the

Chief

Investment

Officer

(“CIO”)

of

the

Funds,

who

is

also

the

President

and

CIO

of

RIM

and

RIM’s

ultimate

parent

company,

(iv)

the

Chief

Financial

Officer

and

the

Chief

Legal

Officer

of

RIM

and

RIM’s

ultimate

parent

company,

and

(v)

the

President,

Chief

Executive

Officer

and

non-Independent

Trustee

of

the

Funds,

who

is

also

the

Chief

Operating

Officer

of

RIM’s

ultimate

parent

company,

were

present;

(2)

met

with

representatives

of

RIM;

and

then

(3)

the

Independent

Trustees

met

in

a

private

session

with

Independent

Counsel

at

which

no

representatives

of

RIM

or

the

Funds’

management

were

present

to

further

review

and

discuss

the

Agreement

Evaluation

Information

received

to

that

date.

On

the

basis

of

that

review,

at

the

conclusion

of

the

Agreement

Information

Review

Meeting,

the

Independent

Trustees

communicated

additional

questions

and

requested

additional

Agreement

Evaluation

Information.

Certain

additional

Agreement

Evaluation

Information

requested

verbally

at

the

Agreement

Information

Review

Meeting

and

subsequent

thereto

in

writing

was

provided

to

the

Board

on

May

9,

2023.

On

May

15,

2023,

the

Independent

Trustees

met

by

video

conference

in

private

session

with

Independent

Counsel

to

further

discuss

the

Agreement

Evaluation

Information

and

review

the

additional

Agreement

Evaluation

Information

provided

to

date.

On

May

16,

2023,

the

Independent

Trustees

provided

follow-up

requests

and

comments

relating

to

the

additional

Agreement

Evaluation

Information.

On

May

19,

2023

and

at

the

Agreement

Evaluation

Meeting,

the

Board

Chair

and

Board,

respectively,

were

provided

with

responses

to

the

follow-up

requests

and

comments

relating

to

certain

of

the

additional

Agreement

Evaluation

Information

requested

at

the

Agreement

Information

Review

Meeting

and

subsequent

thereto.

At

the

Agreement

Evaluation

Meeting,

the

Independent

Trustees

again

met

in

person

in

a

private

session

with

Independent

Counsel

to

review

the

additional

or

updated

Agreement

Evaluation

Information

received

to

that

date.

At

the

Agreement

Evaluation

Meeting,

the

Board,

including

the

Independent

Trustees,

considered

the

proposed

continuance

of

the

Agreements

with

RIM,

Fund

management,

Independent

Counsel

and

Fund

Counsel.

The

Board

considered

that

the

Agreement

Evaluation

Information

and

presentations

made

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

157

by

RIM

at

the

Agreement

Information

Review

Meeting

and

the

Agreement

Evaluation

Meeting

as

part

of

this

review

encompassed

the

Funds

and

all

Other

RIM

Funds.

Information

received

by

the

Board,

including

the

Independent

Trustees,

prior

to

and

at

the

Agreement

Information

Review

Meeting,

the

Agreement

Evaluation

Meeting,

and

other

meetings

identified

above

is

included

in

the

Agreement

Evaluation

Information.

Prior

to

voting

at

the

Agreement

Evaluation

Meeting,

the

Independent

Trustees

met

in

private

session

with

Independent

Counsel

to

consider

Agreement

Evaluation

Information

received

from

RIM

and

management

at

and

prior

to

the

Agreement

Evaluation

Meeting.

The

discussion

below

reflects

all

of

these

reviews.

In

evaluating

the

Agreements,

the

Board

considered

that

each

of

the

Funds

employs

a

manager-of-managers

method

of

investment

and

that

such

Funds,

in

employing

a

manager-of-managers

method

of

investment,

operate

in

a

manner

that

is

different

from

many

other

investment

companies.

Specifically,

the

Board

considered

that

RIM

has

engaged

multiple

unaffiliated

Money

Managers

for

the

Funds

and

is

responsible

for

paying

fees

to

the

Money

Managers

(“Money

Manager

Fees”)

out

of

the

advisory

fees

paid

by

the

Funds

to

RIM

for

its

services

under

the

RIM

Agreement.

A

Money

Manager

may

have

(1)

a

discretionary

asset

management

assignment

pursuant

to

which

it

is

allocated

a

portion

of

a

Fund’s

assets

to

manage

directly

and

for

which

it

selects

and

trades

the

individual

portfolio

securities

for

the

assets

assigned

to

it;

(2)

a

non-discretionary

assignment

pursuant

to

which

it

provides

a

model

portfolio

to

RIM

representing

its

investment

recommendations,

based

upon

which

RIM

purchases

and

sells

securities

for

a

Fund;

or

(3)

both

a

discretionary

and

a

non-discretionary

assignment.

Money

Manager

Fees

for

a

non-discretionary

assignment

may

be

the

same

as,

or

lower

than,

the

fees

would

be

for

a

discretionary

assignment

with

the

same

Money

Manager.

The

Board

considered

that

RIM

(rather

than

any

Money

Manager)

is

responsible

under

the

RIM

Agreement

for

determining,

implementing

and

maintaining

the

investment

program

for

each

Fund.

In

this

regard,

assets

of

each

Fund

are

allocated

among

RIM

and

the

multiple

Money

Manager

strategies

selected

by

RIM

for

that

Fund.

RIM

may

change

a

Fund’s

asset

allocation

to

a

Money

Manager

at

any

time,

including

by

allocating

no

Fund

assets

to

one

or

more

Money

Manager

strategies.

In

addition,

RIM

continues

to

manage

the

investment

of

each

Fund’s

cash

and

portions

of

a

Fund

during

transitions

between

discretionary

Money

Managers.

RIM

also

continues

to

manage

directly

any

portion

of

each

Fund’s

assets

that

RIM

determines

not

to

allocate

to

Money

Manager

strategies.

Most

Funds

usually,

but

not

always,

pursue

a

strategy

of

being

fully

invested

by

exposing

all

or

a

portion

of

their

cash

to

the

performance

of

certain

markets

by

purchasing

equity

securities,

fixed

income

securities

and/or

derivatives.

This

cash

“equitization”

strategy

is

managed

by

RIM

and

is

intended

to

cause

a

Fund

to

perform

as

though

its

cash

were

actually

invested

in

those

specified

markets

or

strategies.

With

respect

to

the

portion

of

a

Fund

that

RIM

manages

based

upon

non-discretionary

Money

Manager

model

portfolios,

RIM

constructs

a

portfolio

that

represents

the

aggregation

of

the

model

portfolios

based

upon

RIM’s

allocation

to

each

Money

Manager’s

strategy

through

an

“enhanced

portfolio

implementation,

”

or

“emulation,

”

process

designed

to

capture

return

streams

of

multiple

Money

Managers

in

a

centralized

portfolio.

RIM

then

implements

the

portfolio

consistent

with

the

aggregation

of

the

model

portfolios,

but

may

deviate

from

such

aggregation

for

the

purposes

of

exposure

and

transaction

cost

management.

RIM

stated

its

belief

that

the

Funds

benefit

from

emulation

through,

among

other

things,

improved

incremental

returns

over

time

due

to

lower

aggregate

transaction

costs

(including

the

impact

of

lower

trading

volume

on

custody

charges)

and

turnover

from

reduced

trading

volumes,

and

the

potential

for

additional

commission

recapture.

The

Board

noted

the

variety

and

complexity

of

investment

advisory

services

that

RIM

provides

to

the

Funds

under

the

RIM

Agreement.

RIM

is

responsible

for

selecting

(subject

to

Board

approval),

overseeing

and

evaluating

the

performance

results

of

the

Money

Managers

for

each

Fund

and

for

actively

managing

allocations

and

reallocations

of

its

assets

among

Money

Manager

strategies

and

RIM

itself.

Each

discretionary

Money

Manager

for

a

Fund

in

effect

performs

the

function

of

an

individual

portfolio

manager

who

is

responsible

for

researching,

selecting

and

trading

portfolio

securities

for

the

portion

of

the

Fund

assigned

to

it

by

RIM

in

accordance

with

the

Fund’s

applicable

investment

objective,

policies

and

restrictions,

any

specific

guidelines

placed

by

RIM

upon

their

selection

of

portfolio

securities,

and

the

Money

Manager’s

specified

role

in

a

Fund.

A

Money

Manager’s

primary

role

is

to

pursue

a

particular

investment

strategy

that

has

been

selected

and

assigned

to

it

by

RIM

through

sector

and

security

selection

and

risk

control

measures

in

a

manner

that

is

consistent

with

its

RIM-assigned

guidelines.

The

Money

Managers

operate

subject

to

the

oversight

of,

and

instructions

from,

RIM.

For

each

Fund,

RIM

is

responsible

for,

among

other

things,

providing

each

Money

Manager

with

the

investment

guidelines

and

policies

for

the

Fund

and

any

specific

investment

restrictions;

monitoring

the

performance

of

each

Money

Manager

and

Fund;

generally

supervising

compliance

by

the

discretionary

Money

Managers

and,

as

applicable,

the

non-discretionary

Money

Managers

with

each

Fund’s

investment

objective

and

policies;

with

respect

to

Funds

with

non-discretionary

Money

Managers,

purchasing

and

selling

securities

for

the

Funds

based

on

model

portfolios

representing

the

investment

recommendations

of

the

non-discretionary

Money

Managers;

managing

Fund

assets

that

are

not

allocated

to

Money

Manager

strategies;

managing

the

Funds’

cash

balances;

and

recommending

at

least

annually

to

the

Board

whether

portfolio

management

contracts

should

be

renewed,

modified

or

terminated.

In

addition

to

its

annual

recommendation

as

to

the

renewal,

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

158

Basis

for

Approval

of

Investment

Advisory

Agreement

modification

or

termination

of

portfolio

management

contracts,

RIM

is

responsible

for

recommending

to

the

Board

additions

of

new

Money

Managers

or

terminations

or

replacements

of

existing

Money

Managers

at

any

time

when,

based

on

RIM’s

research

and

ongoing

review

and

analysis,

such

actions

are,

in

RIM’s

judgment,

appropriate.

RIM

provides

each

Money

Manager

with

specific

investment

guidelines

based

on

a

Fund’s

investment

program

and

RIM’s

assessment

of

the

Money

Manager’s

expertise

and

investment

style

whereby

RIM

attempts

to

capitalize

on

the

strengths

of

each

Money

Manager

and

to

combine

their

investment

activities

in

a

complementary

fashion.

Therefore,

RIM’s

selection

of

Money

Managers

is

made

not

only

on

the

basis

of

performance

considerations

but

also

on

the

basis

of

other

factors,

including

anticipated

compatibility

with

other

Money

Managers

in

the

same

Fund.

In

light

of

the

foregoing,

the

overall

performance

of

each

Fund

has

reflected,

in

great

part,

the

performance

of

RIM

in

designing

the

Fund’s

investment

program,

structuring

the

Fund,

selecting

effective

Money

Managers,

and

allocating

assets

among

the

Money

Manager

strategies

and

RIM

in

a

manner

designed

to

achieve

the

investment

objectives

of

the

Fund.

In

the

Agreement

Evaluation

Information,

RIM

noted

the

broad

array

of

investment

management

services

provided

to

the

Funds

by

RIM

and

the

relatively

narrow

portfolio

management

services

provided

to

the

Funds

by

Money

Managers.

RIM

has

advised

the

Board

that

its

portfolio

construction

process

is

investment

led

and

designed

to

be

conducted

in

a

manner

that

is

consistent

with

its

fiduciary

duties.

The

objective

of

RIM’s

portfolio

construction

is

to

meet

a

portfolio’s

investment

objective

and

established

excess

return

target.

In

the

Agreement

Evaluation

Information,

RIM

noted

that

while

it

has

general

goals

for

Money

Manager

Fees

in

the

aggregate

globally,

there

are

no

specific

fee

targets

that

are

established

for

individual

portfolios,

which

includes

each

of

the

Funds.

In

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

Money

Manager

Fees,

in

the

aggregate,

must

allow

RIM

to

remain

a

going

concern

with

sufficient

resources

to

provide

required

services

to

the

Funds

and

to

earn

a

reasonable

profit.

RIM

advised

the

Board

that

RIM

portfolio

managers

utilize

a

number

of

tools

in

the

portfolio

construction

process

in

order

to

meet

a

Fund’s

objective

taking

into

account

Money

Manager

Fees.

These

tools

include,

among

others,

Money

Manager

selection,

Money

Manager

allocation,

Money

Manager

Fee

negotiations,

guideline

customization

and

RIM’s

direct

management

of

a

portion

of

the

Funds’

assets

(as

further

described

below).

The

Board

considered

that

the

prospectuses

for

the

Funds

and

other

public

disclosures

have

emphasized,

and

continue

to

emphasize,

to

investors

RIM’s

role

as

the

principal

investment

manager

for

each

such

Fund,

rather

than

the

investment

selection

or

recommendation

role

of

the

Money

Managers,

and

describe

the

manner

in

which

the

Funds

operate

so

that

investors

may

take

that

information

into

account

when

deciding

to

purchase

shares

of

any

Fund.

The

Board

further

considered

that

Fund

investors

in

pursuing

their

investment

goals

and

objectives

likely

purchased

their

shares

on

the

basis

of

this

information

and

RIM’s

reputation

and

experience

in

managing

the

Funds’

manager-of-managers

structure.

The

Board

also

considered

the

demands

and

complexity

of

managing

the

Funds

pursuant

to

the

manager-of-managers

structure,

the

special

expertise

of

RIM

with

respect

to

the

manager-of-managers

structure

of

the

Funds

and

the

possibility

that,

at

the

current

expense

ratio

of

each

Fund,

there

might

be

no

acceptable

alternative

investment

managers

to

replace

RIM

on

comparable

terms

given

the

need

to

continue

the

manager-of-managers

strategy

of

such

Fund

selected

by

shareholders

in

purchasing

their

shares.

In

addition

to

these

general

factors

relating

to

the

manager-of-managers

structure

of

the

Funds,

the

Trustees

considered,

with

respect

to

each

Fund,

various

specific

factors

in

evaluating

the

renewal

of

the

RIM

Agreement,

including

the

following:

1.

The

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided,

and

expected

to

be

provided,

to

the

Fund

by

RIM;

2.

The

advisory

fee

paid

by

the

Fund

to

RIM

for

its

services

under

the

RIM

Agreement

(the

“Advisory

Fee”),

and

the

fact

that

it

encompasses

all

investment

advisory

fees

paid

by

the

Fund,

including

the

fact

that

RIM

pays

all

Money

Manager

Fees

out

of

its

Advisory

Fee;

3.

The

combined

Advisory

Fee

paid

to

RIM

and

the

administrative

fee

paid

to

RIM’s

wholly

owned

subsidiary

for

administrative

services

(the

“Administrative

Fee,

”

and

together

with

the

Advisory

Fee,

the

“Management

Fee”);

4.

The

performance

of

the

Funds

relative

to

their

respective

benchmark

indices

and

Comparable

Funds;

5.

Information

provided

by

RIM

as

to

other

fees

and

benefits

received

by

RIM

or

its

affiliates

in

connection

with

the

Fund,

including

any

administrative

or

transfer

agent

fees,

any

fees

received

for

management

or

administration

of

funds

in

which

the

Funds

invest

their

uninvested

cash

and

securities

lending

cash

collateral,

and

commissions

or

other

compensation

in

connection

with

the

execution

of

portfolio

securities

and

foreign

exchange

transactions;

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

159

6.

Information

provided

by

RIM

as

to

expenses

incurred

by

the

Fund;

7.

Information

provided

by

RIM

as

to

the

profits

that

RIM

derives

from

its

mutual

fund

operations

generally

and

from

the

Fund

(excluding

sales

and

client

service

expenses);

and

8.

Information

provided

by

RIM

concerning

economies

of

scale

and

whether

any

scale

economies

are

adequately

shared

with

the

Fund.

In

connection

with

the

Trustees’

consideration

of

the

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided,

and

which

are

expected

to

be

provided,

to

the

Funds,

including

Fund

portfolio

management

services,

the

Board

discussed

with

senior

representatives

of

RIM

who

are

also

senior

representatives

of

RIM’s

ultimate

parent

company

certain

changes

in

senior

personnel

and

the

impact

of

other

recent

changes

in

Russell

Investments’

(as

defined

below)

personnel

providing

services

to

the

Funds.

The

CIO

discussed

with

the

Board

the

performance

of

the

Funds

as

well

as

certain

adjustments

to

portfolio

positioning

and

aspects

of

the

natural

evolution

of

RI’s

investment

process.

The

Board

also

discussed

the

Funds’

compliance

program

with

the

Funds’

Chief

Compliance

Officer

(“CCO”),

including

certain

items

reported

in

the

annual

report

of

the

CCO

required

under

Rule

38a-1

of

the

1940

Act

(the

“Annual

CCO

Report”).

The

Annual

CCO

Report

included

the

status

of

the

goals

for

the

past

year

related

to

the

compliance

program

that

the

CCO

identified

in

connection

with

last

year’s

Annual

CCO

Report.

The

Annual

CCO

Report

also

included

information

on

the

resources

of

the

compliance

program

and

the

status

of

various

compliance,

operations

and

technology

initiatives

previously

discussed

with

the

Board.

The

CCO

and

Russell

Investments’

Global

Chief

Compliance

Officer

discussed

with

the

Board,

and

the

Board

noted,

certain

enhancements

made

to

the

compliance

programs

of

RIM

and

the

Funds

over

the

past

year

and

suggestions

for

additional

enhancements

going

forward,

certain

staffing

changes

and

areas

of

focus

for

the

upcoming

year.

The

CCO

advised

the

Board

that

the

Funds

and

RIM,

with

respect

to

the

services

RIM

provides

to

the

Funds,

have

each

adopted

and

effectively

implemented

written

policies

and

procedures

that

are

reasonably

designed

to

prevent

violation

of

the

Federal

Securities

Laws

(as

such

term

is

defined

in

the

1940

Act).

The

Board

also

received

information

from

and

discussed

with

the

CCO

interactions

between

RIM

and

its

principal

regulators

over

the

past

twelve

months.

RIM

is

an

indirect

wholly

owned

subsidiary

of

Russell

Investments

Group,

Ltd.,

through

which

the

limited

partners

of

certain

private

equity

funds

affiliated

with

TA

Associates

indirectly

have

a

majority

ownership

interest

through

alternative

investment

vehicles

and

the

limited

partners

of

certain

private

equity

funds

affiliated

with

Reverence

Capital

Partners,

L.P.

(“Reverence

Capital”)

indirectly

have

a

significant

minority

controlling

ownership

interest

through

certain

Reverence

Capital

funds

and

alternative

investment

vehicles

in

RIM

and

its

affiliates

(“Russell

Investments”).

Certain

of

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-controlling

positions

in

Russell

Investments.

In

connection

with

the

Board’s

initial

approval

of

the

RIM

Agreement

in

2015,

TA

Associates

advised

the

Board

of

its

plans

ultimately

to

effect

a

sale

or

other

disposition

of

its

ownership

interest

in

Russell

Investments.

Any

such

future

transaction

(“Transaction”)

could

cause

a

change

of

control

of

RIM

resulting,

among

other

things,

in

an

assignment

and

termination

of

the

RIM

Agreement,

as

required

by

the

1940

Act

and

by

the

terms

and

conditions

of

the

RIM

Agreement.

In

the

event

of

a

Transaction,

the

Board

would

be

required

to

consider

the

approval

of

the

terms

and

conditions

of

a

replacement

agreement

(“Successor

Agreement”)

for

the

RIM

Agreement

and,

thereafter,

to

submit

the

Successor

Agreement

to

each

Fund’s

shareholders

for

approval,

as

required

by

the

1940

Act.

During

the

executive

session

with

a

representative

of

TA

Associates

held

in

connection

with

the

Agreement

Information

Review

Meeting,

among

other

things,

the

status

of

TA

Associates’

indirect

investment

in

RIM

and

RIM’s

access

to

sufficient

resources

to

support

its

activities

in

respect

of

the

Funds,

including

in

light

of

the

current

market

environment,

current

debt

levels

of

Russell

Investments

Group,

Ltd.

and

certain

changes

in

Russell

Investments’

senior

management

were

discussed.

The

Board

was

not

advised

of

any

change

in

TA

Associates’

ultimate

plans

regarding

its

ownership

interest

in

Russell

Investments.

The

Board

was

advised

of

TA

Associates’

commitment

to

continue

to

support

the

same

level

of

services

currently

being

provided

by

RIM

and

its

affiliates

to

the

Funds.

As

noted

above,

RIM,

in

addition

to

managing

the

investment

of

each

Fund’s

cash,

directly

manages

a

portion

(which

may

represent

a

significant

portion)

of

the

Funds

pursuant

to

the

RIM

Agreement,

with

the

actual

allocation

of

Fund

assets

among

Money

Manager

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

160

Basis

for

Approval

of

Investment

Advisory

Agreement

strategies

and

RIM

being

determined

from

time

to

time

by

the

RIM

portfolio

manager(s).

RIM

utilizes

quantitative

and/or

rules-

based

processes

and

qualitative

analysis

to

assess

Fund

characteristics

and

invests

in

securities

and

instruments

which

are

intended

to

provide

the

desired

exposures

(such

as

lower

volatility,

momentum,

value,

growth,

quality,

capitalization

size,

industry,

sector,

region,

currency,

credit

or

mortgage

exposure,

country

risk,

yield

curve

positioning

or

interest

rates).

For

example,

RIM

may

utilize

tools

such

as

“optimization,

”

which

involves

the

analysis

of

tradeoffs

between

various

risk

and

return

factors

as

well

as

turnover

and

transaction

costs,

in

order

to

estimate

optimal

portfolio

positioning.

RIM

may

use

strategies

based

on

indexes,

including

optimized

index

sampling

(strategies

that

seek

to

purchase

a

sampling

of

securities

using

optimization

and

risk

models)

and/or

index

replication.

For

certain

Funds,

RIM

may

invest

in

derivative

instruments

and

may

use

derivatives

to

take

both

long

and

short

positions.

RIM’s

direct

management

of

assets

for

these

purposes

is

hereinafter

referred

to

as

the

“Direct

Management

Services.

”

While

no

new

direct

management

strategies

were

implemented

in

2022,

the

Board

has

been

advised

that,

where

appropriate

in

its

judgment,

RIM

may

continue

exploring

the

possible

addition

of

new

or

expansion

of

existing

Direct

Management

Services.

Therefore,

larger

portions

of

certain

Funds

may

be

managed

directly

by

RIM

pursuant

to

the

Direct

Management

Services.

According

to

RIM,

its

portfolio

managers

combine

Money

Manager

strategies

and,

through

RIM’s

Direct

Management

Services,

align

exposures

with

RIM’s

preferred

positioning

by

seeking

to

precisely

manage

portfolio

exposures

as

well

as

to

generate

alpha

as

they

construct

portfolios.

RIM’s

Direct

Management

Services

are

customized

portfolios

directly

managed

by

RIM

for

use

within

the

total

portfolio

of

a

Fund.

RIM’s

Direct

Management

Services

are

used

in

conjunction

with

allocations

to

Money

Manager

strategies

to

fully

reflect

RIM’s

strategic

and

dynamic

insights

with

integrated

liquidity

and

risk

management.

The

Board

considered

that

RIM

is

not

required

to

pay

Money

Manager

Fees

to

any

Money

Managers

with

respect

to

assets

for

which

it

provides

Direct

Management

Services

and

that

the

profits

derived

by

RIM

generally

and

from

the

Funds

consequently

may

be

increased,

although

RIM

noted

that

it

incurs

additional

costs

in

providing

Direct

Management

Services.

RIM

advised

the

Board

that

allocations,

or

increased

allocations,

of

Fund

assets

to

Direct

Management

Services,

together

with

Money

Manager

selection,

allocations

among

Money

Manager

strategies,

renegotiation

of

Money

Manager

Fees

and

changes

in

existing

Money

Manager

assignments

from

discretionary

to

non-discretionary

assignments

where

there

is

a

related

Money

Manager

Fee

reduction

may

reduce

its

costs

of

providing

investment

advisory

services

to

the

Funds,

which

would

benefit

RIM.

The

Board

considered

RIM’s

advice

that

any

such

benefit,

including

any

increased

profits

to

RIM,

ultimately

may

be

partially

offset

by

the

impact

of

any

new

or

additional

fee

waivers

or

expense

caps

separately

agreed

upon

and

implemented

from

time

to

time

for

the

affected

Funds

and

any

costs

of

incremental

investments

or

increased

cost

allocations

that

RIM

may

incur

to

support

Direct

Management

Services.

The

Board

also

considered

information

provided

by

RIM

as

to

the

potential

benefits

of

the

Direct

Management

Services

to

the

Funds,

and

the

fact

that

the

aggregate

Advisory

Fees

paid

by

the

Funds

are

not

increased

as

a

result

of

RIM’s

direct

management

of

Fund

assets

as

part

of

the

Direct

Management

Services

or

otherwise.

The

Board

noted

that

changes

in

the

allocation

of

assets

among

Money

Manager

strategies,

to

Direct

Management

Services,

as

well

as

changes

in

the

allocation

of

affiliated

funds-of-funds’

assets

among

the

Funds,

may

result

directly

in

higher

related

costs

to

affected

Funds,

including

higher

brokerage

commissions

and

other

transaction

costs,

a

portion

of

which

is

paid

to

RIM’s

affiliated

broker

in

connection

with

execution

of

portfolio

transactions

in

connection

with

such

changes.

RIM

advised

the

Board

that,

in

order

to

preserve

flexibility

and

to

manage

risks,

and

consistent

with

the

terms

of

the

manager-of-

managers

exemptive

order,

in

2019

RIM

created

Money

Manager

“bench”

lineups

for

certain

Funds,

whereby

those

Funds

have

Board-approved

portfolio

management

contracts

with

Money

Managers

that

are

not

funded

(i.e.,

have

an

asset

allocation

of

zero).

In

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

the

opportunity

to

decrease

a

Money

Manager’s

allocation

to

zero,

but

not

terminate

the

Money

Manager,

allows

RIM

to

potentially

realize

gains

from

strategies

that

may

have

been

overly

rewarded

in

the

marketplace

over

the

short

to

medium

term,

or

provide

the

opportunity

to

retain

capacity

with

a

Money

Manager

that

may

otherwise

be

closed

to

new

business.

The

Board

noted

that

RIM

does

not

believe

there

are

any

detriments

to

the

Funds

or

RIM

from

the

use

of

a

Money

Manager

bench.

RIM

has

advised

the

Board

that

RIM

may

add

Money

Managers

to,

or

remove

Money

Managers

from,

a

Money

Manager

bench

lineup

for

Funds,

or

create

Money

Manager

bench

lineups

for

additional

Funds.

The

Agreement

Evaluation

Information

outlined

various

changes

that

have

been

implemented

in

the

investment

program

for

the

Funds

in

recent

years

and

described

additional

changes

that

have

been

implemented

or

are

underway,

and

the

impact

of

such

changes,

to

the

investment

advisory

services

provided

to

the

Funds

by

RIM,

which

the

Trustees

took

into

account

in

their

contract

renewal

deliberations,

including

the

following:

•

The

Direct

Management

Services

described

above.

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

161

•

Most

discretionary

Money

Manager

equity

assignments

were

previously

converted

to

non-discretionary

assignments,

thereby

implementing

emulation

for

those

Money

Manager

equity

assignments.

The

Board

considered

the

potential

impacts

described

in

the

Agreement

Evaluation

Information,

both

positive

and

negative,

on

the

Funds

of

emulation.

RIM

noted

that,

in

implementing

emulation

for

most

equity

assignments

for

the

Funds,

it

assumes

various

additional

risks,

including

trade

error

risk

as

it

takes

over

responsibility

for

trading.

RIM

generally

effects

Fund

equity

portfolio

transactions

through

an

affiliated

broker

that

receives

a

portion

of

the

commissions

paid

by

the

Funds

for

effecting

some

of

these

transactions.

According

to

RIM,

the

Funds

pay

the

same

commission

rates

regardless

of

whether

the

affiliate

receives

any

portion

of

the

commission.

The

commission

rates

the

Funds

pay

on

trades

RIM

effects

through

its

affiliated

broker

dealer

are

determined

by

an

oversight

committee

of

RIM.

RIM

noted

certain

recent

enhancements

to

the

emulation

process,

including

increasing

the

frequency

of

receipt

of

certain

Money

Manager

model

portfolios,

and

the

utilization

of

a

risk-based

portfolio

dashboard.

While

RIM

generally

implements

Money

Manager

equity

strategies

via

emulation,

RIM

has

determined

and

may

determine

that

certain

Money

Manager

equity

strategies

should

be

implemented

by

Money

Managers

on

a

discretionary

basis.

•

RIM

has

renegotiated

fees

with

certain

Money

Managers

to

lower

levels

and

advised

the

Board

that

it

will

continue

to

assess

opportunities

for

Money

Manager

Fee

reductions

in

the

future.

RIM

advised

the

Board

that

it

has

not

experienced,

and

does

not

expect

to

experience,

any

diminution

in

the

nature,

scope

or

quality

of

services

provided

by

Money

Managers

as

a

result

of

renegotiated

Money

Manager

Fees.

•

Adjustments

to

the

overall

credit

quality

and

risk

exposures

for

a

fixed-income

Fund

to

better

align

the

Fund

with

its

peer

group

constituents.

In

evaluating

the

Funds’

Advisory

Fees

and

Management

Fees,

the

Board

considered

that,

in

the

Agreement

Evaluation

Information

and

at

past

meetings,

RIM

noted

differences

between

the

investment

strategies

of

certain

Funds

and

their

respective

Comparable

Funds

in

pursuing

their

investment

objectives.

The

Third-Party

Information

included,

among

other

things,

comparisons

of

the

Funds’

Advisory

Fees

and

Management

Fees

with

the

advisory

fees

and

management

fees

of

their

Comparable

Funds

on

an

actual

basis

(i.e.,

giving

effect

to

any

fee

waivers

implemented

by

RIM

with

respect

to

a

Fund

and

by

the

managers

of

such

Fund’s

Comparable

Funds).

The

Third-Party

Information

showed,

among

other

things,

that

each

Fund

had

a

Management

Fee

which,

compared

with

the

management

fees

of

its

respective

Comparable

Funds

on

an

actual

basis,

was

ranked

in

the

fifth

quintile

of

its

Expense

Universe

for

that

expense

component.

In

these

rankings,

the

first

quintile

represents

funds

with

the

lowest

management

fees

among

funds

in

the

Expense

Universe,

and

the

fifth

quintile

represents

funds

with

the

highest

management

fees

among

funds

in

the

Expense

Universe.

The

comparisons

were

based

upon

the

latest

fiscal

years

for

the

Expense

Universe

funds.

The

Funds

are

distributed

exclusively

to

holders

of

variable

annuity

and

variable

life

insurance

contracts

issued

by

insurance

companies

(“Insurance

Contract

Holders”).

Among

other

things,

RIM

noted

that

meaningful

comparisons

of

management

fees

between

funds

affiliated

with

insurance

companies

issuing

variable

annuity

and

life

insurance

policies

to

Insurance

Contract

Holders

and

funds

that

are

not

affiliated

with

such

insurance

companies,

such

as

the

Funds,

are

difficult

as

insurance

companies

have

flexibility

to

allocate

certain

fees

between

the

variable

annuity

and

variable

life

insurance

contracts

held

by

Insurance

Contract

Holders

and

the

affiliated

underlying

funds.

RIM

also

discussed

the

administrative

services

provided

by

an

insurance

company

to

Insurance

Contract

Holders

invested

in

the

Funds

and

the

costs

associated

with

the

provision

of

such

administrative

services.

RIM

explained

that

these

administrative

services

benefit

these

Funds’

Insurance

Contract

Holders

and

are

necessary

for

the

operation

of

the

Funds.

In

discussing

the

Funds’

Management

Fees

generally,

RIM

noted,

among

other

things,

that

its

Management

Fees

for

the

Funds

encompass

services

that

are

typical

to

services

provided

by

investment

advisers

to

the

Funds’

Comparable

Funds,

as

well

as

transition

management

services

that

enable

efficient

and

cost-effective

asset

transition

events

and

the

administration

of

a

cash

equitization

program.

RIM

also

advised

the

Board

that

its

pre-tax

profit

margins

from

its

relationships

with

the

Funds

decreased

in

2022,

and

RIM’s

2022

pre-tax

profit

margins

in

providing

investment

advisory

services

to

the

Funds

is

comparable

with

the

median

of

the

operating

profit

margins

of

public

investment

management

company

peers

(in

each

case,

including

sales

and

client

service

expenses)

based

on

a

survey

conducted

for

the

year

2021.

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

162

Basis

for

Approval

of

Investment

Advisory

Agreement

RIM

has

expressed

its

view

that

Advisory

Fees

should

also

be

considered

not

only

in

isolation,

but

also

in

the

context

of

a

Fund’s

total

expense

ratio

to

obtain

a

complete

picture.

The

Board

considers

each

Fund’s

Advisory

Fee

and

Management

Fee

on

both

a

standalone

basis

and

in

the

context

of

the

Fund’s

total

expense

ratio.

The

Board

also

considers

the

various

expense

components,

other

than

the

Advisory

Fee

and

Management

Fee,

that

comprise

each

Fund’s

total

expense

ratio,

and

the

extent

to

which

such

expense

components

contribute

to

each

Fund’s

total

expense

rankings

within

its

Expense

Group.

The

Board

has

engaged,

and

continues

to

engage,

in

discussions

with

RIM

to

identify

opportunities,

where

appropriate,

for

improving

the

Advisory

Fee,

Management

Fee

and/or

total

expense

comparisons

for

certain

Funds

relative

to

their

respective

Comparable

Funds

through

Advisory

Fee

waivers

or

expense

caps.

At

the

Agreement

Information

Review

Meeting

and

the

Agreement

Evaluation

Meeting,

the

Board

reviewed

and

discussed

with

RIM

the

Management

Fees

and

total

expense

ratios

of

the

Funds

relative

to

their

respective

Comparable

Funds,

including

the

fee

waivers

RIM

had

implemented

and

agreed

to

implement

to

reduce

Management

Fees

and/or

total

expenses

for

certain

Funds,

and

Comparable

Fund

fee

and

expense

trending

year-over-year.

Based

on

that

review

and

discussions

with

RIM,

including

discussions

with

RIM

regarding

the

reasonableness

of

various

components

of

certain

Funds’

total

expense

ratio

other

than

its

Management

Fee,

the

Independent

Trustees

will

continue

to

evaluate

and

engage

in

ongoing

discussions

with

management

regarding

Management

Fee

and

total

expense

comparisons.

The

Board

considered

RIM’s

explanation

of

the

reasons

for

each

Fund’s

actual

Management

Fee

rankings.

RIM

expressed

its

belief

that

each

Fund’s

Management

Fee

was

fair

and

reasonable

notwithstanding

the

Third-Party

Information

comparisons

based

on,

and

as

discussed

in,

the

Agreement

Evaluation

Information.

With

respect

to

the

U.S.

Strategic

Equity

Fund,

the

Board

considered

that,

after

considering

a

request

from

the

Independent

Trustees,

RIM

agreed

to

implement

Advisory

Fee

waivers

for

the

Fund

in

two

phases.

The

Board

noted

that,

while

in

effect,

these

Advisory

Fee

waivers

would

have

a

beneficial

effect

on

comparisons

of

the

U.S.

Strategic

Equity

Fund’s

Management

Fees

relative

to

the

management

fees

of

its

Comparable

Funds.

With

respect

to

the

other

Funds,

the

Board

noted

that

the

total

expenses

for

the

International

Developed

Markets

Fund

had

a

small

variance

to

the

third

quintile

of

its

Expense

Universe,

the

total

expenses

for

the

U.S.

Small

Cap

Equity

Fund

and

Strategic

Bond

Fund

each

ranked

in

the

third

quintile

of

its

Expense

Universe,

and

the

total

expenses

for

the

Global

Real

Estate

Securities

Fund

ranked

in

the

second

quintile

of

its

Expense

Universe.

Based

upon

information

provided

by

RIM,

the

Board

considered

for

each

Fund

whether

economies

of

scale

have

been

realized

and

whether

the

Advisory

Fee

for

such

Fund

appropriately

reflects

or

should

be

revised

to

reflect

any

such

economies.

The

Board

considered,

among

other

things,

the

variability

of

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure

employed

by

the

Funds,

as

well

as

net

Fund

redemptions

or

purchases

in

recent

years.

With

respect

to

each

Fund,

the

Board

considered

any

Advisory

Fee

waivers

that

had

been

implemented

in

the

past

year

and

those

proposed

to

be

implemented

in

2023

and

2024.

The

Funds

are

primarily

distributed

through,

and

their

assets

are

primarily

attributed

to,

The

Northwestern

Mutual

Life

Insurance

Company

(“Northwestern

Mutual”).

The

Funds

continue

to

experience

outflows;

however,

RIM

advised

the

Board

there

is

regular

contact

with

Northwestern

Mutual

in

order

to

maintain

product

availability

and

continue

efforts

to

grow

the

product

line.

RIM

expressed

its

belief

that

Northwestern

Mutual

is

still

committed

to

the

Funds.

However,

the

Board

has

received

no

direct

assurances

in

this

regard

from

Northwestern

Mutual.

If

Northwestern

Mutual

were

to

discontinue

its

participation

in

the

Funds,

the

Board

considered

that

it

is

unlikely

that

the

Funds

would

remain

viable.

RIM

previously

expressed

its

belief

that

the

Funds

will

remain

viable

in

the

near

term,

and

the

Board

was

not

advised

of

any

change

in

RIM’s

belief

in

this

regard.

The

Board

considered,

among

other

things,

the

potential

negative

implications

for

significant

future

Fund

asset

growth

if

additional

insurance

companies

do

not

make

the

Funds

available

to

their

variable

annuity

and

variable

life

insurance

policyholders.

The

Board

also

considered

that

the

advisory

fee

rates

payable

to

RIM

by

Other

RIM

Funds

and

fee

rates

payable

to

RIM

and

its

affiliates

by

institutional

clients

with

investment

objectives

similar

to

those

of

the

Funds

in

some

cases

are

lower

than

the

advisory

fee

rates

paid

by

the

Funds.

The

Trustees

considered

RIM’s

explanation

that

the

advisory

fees

payable

to

RIM

by

the

Funds

and

the

Other

RIM

Funds

reflect,

among

other

things,

differences

in

the

type

of

product,

distribution

channel

and

investors.

The

Trustees

also

considered

the

differences

in

the

nature

and

scope

of

services

RIM

provides

to

institutional

clients

and

the

Funds.

RIM

explained,

among

other

things,

that

institutional

products

have

fewer

compliance,

administrative,

client

servicing/

communication

and

other

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

163

needs

than

the

Funds.

RIM

also

noted

that

due

to

the

number

and

nature

of

investors,

along

with

their

varied

needs

for

liquidity,

there

is

more

portfolio

liquidity

management

and

cash

flow

management

required

for

the

Funds

than

for

RIM’s

institutional

clients,

where

assets

are

relatively

stable.

In

addition,

RIM

noted

that

the

Funds

are

subject

to

heightened

regulatory

requirements

relative

to

institutional

clients,

including

new

rules

recently

adopted

by

the

U.S.

Securities

and

Exchange

Commission.

Accordingly,

the

Trustees

concluded

that

the

services

provided

to

the

Funds

are

sufficiently

different

from

the

services

provided

to

such

institutional

clients

that

comparisons

are

not

probative

and

should

not

be

given

significant

weight.

With

respect

to

the

Funds’

total

expenses,

the

Third-Party

Information

showed

that

the

total

expenses

for

the

U.S.

Strategic

Equity

Fund

and

International

Developed

Markets

Fund

were

each

ranked

in

the

fourth

quintile

of

its

Expense

Universe,

the

total

expenses

for

the

U.S.

Small

Cap

Equity

Fund

and

Strategic

Bond

Fund

were

each

ranked

in

the

third

quintile

of

its

Expense

Universe,

and

the

total

expenses

for

the

Global

Real

Estate

Securities

Fund

were

ranked

in

the

second

quintile

of

its

Expense

Universe.

In

these

rankings,

the

first

quintile

represents

the

funds

with

the

lowest

total

expenses

among

funds

in

the

Expense

Universe

and

the

fifth

quintile

represents

funds

with

the

highest

total

expenses

among

the

Expense

Universe

funds.

With

respect

to

the

U.S.

Strategic

Equity

Fund,

the

Board

considered

that,

after

considering

a

request

from

the

Independent

Trustees,

RIM

agreed

to

implement

Advisory

Fee

waivers

for

the

Fund

in

two

phases.

The

Board

noted

that,

while

in

effect,

these

Advisory

Fee

waivers

would

have

a

beneficial

effect

on

comparisons

of

the

U.S.

Strategic

Equity

Fund’s

total

expenses

relative

to

the

total

expenses

of

its

Comparable

Funds.

With

respect

to

the

U.S.

Strategic

Equity

Fund

and

International

Developed

Markets

Fund,

the

Board

considered

that

each

Fund’s

total

expenses

had

a

small

variance

to

the

third

quintile

of

its

Expense

Universe.

RIM

expressed

its

belief

that

each

Fund’s

total

expense

ratio

was

fair

and

reasonable

notwithstanding

the

Third-Party

Information

comparisons

based

on,

and

as

discussed

in,

the

Agreement

Evaluation

Information.

On

the

basis

of

the

Agreement

Evaluation

Information,

and

other

information

previously

received

by

the

Board

from

RIM

during

the

course

of

the

year

and

prior

years,

or

presented

at

or

in

connection

with

the

Agreement

Information

Review

Meeting

and

Agreement

Evaluation

Meeting

by

RIM

and

its

affiliates,

the

Board,

in

respect

of

each

Fund,

after

giving

effect

to

any

applicable

fee

waivers

and

in

light

of

other

factors

discussed

above:

(1)

found

that

the

Advisory

Fee

and

Administrative

Fee

were

acceptable

in

light

of

the

nature,

scope

and

overall

quality

of

the

investment

advisory

and

other

services

provided,

and

expected

to

be

provided,

to

the

Fund

and

to

provide

continuity

of

investment

advisory

and

other

services

by

RIM

and

its

affiliates

to

the

Fund;

(2)

either

found

that

the

relative

expense

ratio

of

the

Fund

was

comparable

to

those

of

its

Comparable

Funds

or

took

into

account

the

factors

noted

above

in

considering

the

relative

expense

ratio

as

compared

to

those

of

its

Comparable

Funds;

(3)

found

that

the

other

benefits

and

fees

received

by

RIM

or

its

affiliates

from

the

Fund

identified

in

the

Agreement

Evaluation

Information

were

not

considered

to

be

excessive;

(4)

found

that

RIM’s

reported

profitability

with

respect

to

the

Fund

was

not

considered

to

be

excessive

in

light

of

the

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided

by

RIM

and

applicable

judicial

and

regulatory

guidance;

and

(5)

found

that

the

Advisory

Fee

charged

by

RIM

appropriately

reflects

any

economies

of

scale

realized

by

such

Fund

in

light

of

various

factors,

including

potential

negative

implications

for

significant

future

Fund

asset

growth

if

additional

insurance

companies

do

not

make

the

Funds

available

to

their

Insurance

Contract

Holders;

the

variability

of

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure

employed

by

the

Funds;

and

RIM’s

advice

that

it

does

not

believe

it

will

experience

meaningful

economies

of

scale.

The

Board

concluded

that,

under

the

circumstances

and

based

on

RIM’s

performance

information

and

reviews

for

each

Fund,

the

performance

of

each

of

the

Funds

supported

the

continuation

of

the

RIM

Agreement.

In

assessing

the

performance

of

the

Funds,

the

Board

focused

upon

each

Fund’s

performance

for

the

3-year

period

ended

December

31,

2022

as

most

relevant

but

also

considered

Fund

performance

for

the

1-

and

5-year

periods

ended

on

such

date.

In

reviewing

the

Funds’

performance

generally,

the

Board

took

into

consideration

various

steps

taken

by

RIM

in

the

past

few

years

to

enhance

the

performance

of

certain

Funds,

including

changes

in

Money

Managers

or

their

allocations,

and

RIM’s

implementation

or

expansion

of

its

Direct

Management

Services

and

other

strategies,

which

may

not

yet

be

fully

reflected

in

Fund

investment

results.

With

respect

to

the

U.S.

Strategic

Equity

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

for

the

1-,

3-

and

5-year

periods

ended

December

31,

2022

was

ranked

in

the

fifth

quintile

of

its

Performance

Universe.

For

the

3-year

period,

RIM

noted

that

the

Fund’s

tilt

toward

stocks

with

lower

valuation

characteristics

relative

to

the

Comparable

Funds

was

a

headwind,

but

was

beneficial

for

the

2022

calendar

year.

RIM

further

noted

that

the

Fund’s

peer

relative

sector

positioning

had

a

mixed

impact

overall

with

an

overweight

to

the

outperforming

energy

sector

being

rewarded

while

an

overweight

to

the

real

estate

sector

detracted

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

164

Basis

for

Approval

of

Investment

Advisory

Agreement

from

performance.

The

Board

considered

that

the

changes

to

certain

Money

Managers

and

changes

in

allocations

among

Money

Managers

and

RIM’s

Direct

Management

Services

that

were

implemented

in

2022

to

enhance

performance

were

not

yet

fully

reflected

in

the

Fund’s

investment

results.

With

respect

to

the

Strategic

Bond

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

for

the

3-

and

5-year

periods

ended

December

31,

2022

was

ranked

in

the

fourth

quintile

of

its

Performance

Universe,

and

the

Fund’s

performance

for

the

1-year

period

ended

on

such

date

was

ranked

in

the

third

quintile

of

its

Performance

Universe.

For

the

3-year

period,

RIM

noted

that

during

the

sell-off

in

March

2020,

the

rally

in

investment

grade

corporate

bonds

benefited

the

Comparable

Funds

more

than

the

Fund,

as

the

Comparable

Funds

tended

to

hold

larger

overweights

to

the

corporate

market,

while

the

Fund

tended

to

favor

securitized

products.

RIM

also

noted

that

the

Fund’s

relative

overweight

to

interest

rate

risk

detracted

from

performance

in

2022,

when

interest

rates

increased

while

the

Fund’s

higher

quality

credit

profile

partially

offset

2022’s

negative

relative

performance.

The

Board

considered

that

a

Money

Manager

change

made

in

2021

has

contributed

positively

to

performance,

but

was

not

yet

fully

reflected

in

the

Fund’s

3-year

investment

results.

With

respect

to

the

Global

Real

Estate

Securities

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

for

the

1-

and

3-year

periods

ended

December

31,

2022

was

ranked

in

the

fourth

quintile

of

its

Performance

Universe,

and

the

Fund’s

performance

for

the

5-year

period

ended

on

such

date

was

ranked

in

the

third

quintile

of

its

Performance

Universe.

RIM

noted

that

the

Fund’s

Performance

Universe

includes

a

number

of

constituents

with

strategies

that

are

notably

different

from

the

Fund’s

global

real

estate

focus,

including

regionally

focused

real

estate

strategies

with

performance

patterns

that

significantly

diverge

from

that

of

the

Fund,

and

a

number

of

constituents

that

are

benchmarked

to

different

indexes

than

the

Fund’s

benchmark

index,

leading

to

persistent

structural

differences

with

respect

to

sector

and

regional

exposures.

The

Third-Party

Information

also

showed

that

the

performance

of

the

U.S.

Small

Cap

Equity

Fund

and

International

Developed

Markets

Fund

was

each

ranked

in

the

second

quintile

of

its

Performance

Universe

for

the

3-year

period

ended

December

31,

2022.

In

evaluating

performance,

the

Board

considered

each

Fund’s

performance

not

only

relative

to

its

Comparable

Funds,

but

also

in

absolute

terms

and

relative

to

its

benchmark.

The

Board

considered

the

Funds’

performance

relative

to

their

benchmarks

in

light

of

RIM’s

advice

that

its

investment

philosophy

and

process

seek

to

combine

investment

managers

to

produce

benchmark-beating

returns

with

above-average

consistency.

For

the

1-year

period

ended

December

31,

2022,

the

U.S.

Small

Cap

Equity

Fund

and

International

Developed

Markets

Fund

outperformed

their

respective

benchmarks;

for

the

3-year

period

ended

December

31,

2022,

the

U.S.

Small

Cap

Equity

Fund

and

Global

Real

Estate

Securities

Fund

outperformed

their

respective

benchmarks;

and

for

the

5-year

period

ended

December

31,

2022,

the

U.S.

Small

Cap

Equity

Fund

and

Global

Real

Estate

Securities

Fund

outperformed

their

respective

benchmarks.

The

Board

also

considered

the

Money

Manager

changes

that

have

been

made

during

the

past

year

and

that

the

performance

of

Money

Managers

continues

to

impact

Fund

performance

for

periods

prior

and

subsequent

to

their

termination.

After

considering

the

foregoing

and

other

relevant

factors,

including

factors

described

above,

the

Board

concluded

in

respect

of

each

Fund

that

continuation

of

the

RIM

Agreement

would

be

in

the

best

interest

of

such

Fund

and

its

shareholders

and

voted

to

approve

the

continuation

of

the

RIM

Agreement.

At

the

Agreement

Information

Review

Meeting

and

Agreement

Evaluation

Meeting,

with

respect

to

the

evaluation

of

the

terms

of

portfolio

management

contracts

with

Money

Managers,

the

Board

received

and

considered

information

from

RIM

reporting,

among

other

things,

for

each

Money

Manager:

the

Money

Manager’s

performance

over

various

periods;

RIM’s

assessment

of

the

performance

of

each

Money

Manager;

any

significant

business

relationships

between

the

Money

Manager

and

RIM

or

Russell

Investments

Financial

Services,

LLC,

the

Funds’

underwriter;

and

RIM’s

recommendation

to

retain

each

discretionary

or

non-

discretionary

Money

Manager

on

the

current

terms

and

conditions,

including

at

the

current

fee

rate.

The

Board

received

reports

during

the

course

of

the

year

from

the

Funds’

CCO

regarding

her

assessments

of

Money

Manager

compliance

programs

and

any

compliance

issues.

RIM

did

not

identify

any

benefits

from

the

Funds’

portfolio

transactions

received

by

Money

Managers

or

their

affiliates

other

than

potential

benefits

from

soft

dollar

arrangements

or

commissions

paid

to

any

affiliated

broker-dealer

through

which

a

discretionary

Money

Manager

may

execute

trades.

RIM

recommended

that

each

of

the

Money

Managers

be

retained

for

its

current

discretionary

or

non-discretionary

assignment

at

its

current

fee

rate.

In

doing

so,

RIM,

as

it

has

in

the

past,

advised

the

Board

that

it

does

not

regard

Money

Manager

profitability

or

economies

of

scale

as

relevant

to

its

evaluation

of

the

portfolio

management

contracts

with

Money

Managers

because

the

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

165

willingness

of

Money

Managers

to

serve

in

such

capacity

depends

upon

arm’s-length

negotiations

with

RIM;

RIM

is

aware

of

the

standard

fee

rates

charged

by

Money

Managers

to

other

clients;

and

RIM

believes

that

the

fees

agreed

upon

with

Money

Managers

are

reasonable

and

appropriate

in

light

of

the

anticipated

quality

of

investment

advisory

services

to

be

rendered.

The

Board

accepted

RIM’s

explanation

of

the

relevance

of

Money

Manager

profitability

in

light

of

RIM’s

belief

that

such

fees

are

reasonable;

the

Board’s

findings

as

to

the

acceptability

of

the

Advisory

Fee

paid

by

each

Fund;

and

the

fact

that

each

Money

Manager’s

fee

is

paid

by

RIM.

Based

upon

RIM’s

recommendations,

together

with

relevant

Agreement

Evaluation

Information,

the

Board

concluded

that

the

fees

paid

to

the

Money

Managers

of

each

Fund

are

acceptable

in

light

of

RIM’s

assessment

of

quality

of

the

investment

advisory

services

provided

and

that

continuation

of

the

portfolio

management

contract

with

each

Money

Manager

of

each

Fund

would

be

in

the

best

interests

of

the

Fund

and

its

shareholders.

*

*

*

This

discussion

is

not

intended

to

include

all

of

the

factors

and

information

considered

by

the

Board.

In

their

deliberations,

the

Trustees

did

not

identify

any

particular

information

as

to

the

RIM

Agreement

or,

other

than

RIM’s

recommendation,

the

portfolio

management

contract

with

any

Money

Manager

that

was

all-important

or

controlling,

except,

in

the

case

of

the

RIM

Agreement,

the

need

to

continue

the

managers-of-managers

structure

of

the

Funds,

and

each

Trustee

attributed

different

weights

to

the

various

factors

considered.

The

Trustees

evaluated

all

information

available

to

them

on

a

Fund-by-Fund

basis

and

their

determinations

were

made

in

respect

of

each

Fund.

Quarterly

Approval

of

Money

Manager

Contracts

Prior

to

the

Agreement

Evaluation

Meeting,

at

the

quarterly

Board

meeting

held

on

February

28,

2023,

the

Board

received

a

proposal

from

RIM

to

approve

a

new

portfolio

management

contract

for

the

Strategic

Bond

Fund.

The

Trustees

approved

the

terms

of

the

proposed

new

portfolio

management

contract

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”);

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

Company

Liquidity

Risk

Management

Program

—

June

30,

2023

(Unaudited)

166

Liquidity

Risk

Management

Program

The

Funds

have

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

in

accordance

with

Rule

22e-4

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”).

The

Program

seeks

to

assess,

manage,

and

review

each

Fund’s

“liquidity

risk.”

For

purposes

of

the

Liquidity

Rule,

“liquidity

risk”

is

defined

as

the

risk

that

a

Fund

is

unable

to

satisfy

redemption

requests

without

significantly

diluting

remaining

investors’

interests

in

the

Fund.

The

Program

is

comprised

of

various

components

designed

to

support

the

assessment

and/or

management

of

liquidity

risk,

including:

1.

Assessment,

management

and

periodic

review

of

each

Fund’s

liquidity

risk;

2.

Classification

of

each

Fund’s

investments

into

four

categories

or

liquidity

buckets

based

on

how

long

it

would

take

to

convert

the

investment

to

cash

(the

“Classification

Regime”);

3.

Establishment

and

annual

review

of

a

highly

liquid

investment

minimum

(“HLIM”)

for

each

Fund

that

does

not

invest

primarily

in

“highly

liquid”

investments

(as

defined

under

the

Liquidity

Rule);

4.

Requirements

applicable

to

a

Fund’s

holdings

of

“illiquid

investments”

(as

defined

under

the

Liquidity

Rule);

and

5.

Implementation

of

redemption

in-kind

policies

and

procedures.

The

Board

of

Trustees

of

RIF

(the

“Board”)

appointed

RIM,

the

Funds’

investment

adviser,

as

the

Program

administrator

(the

“Program

Administrator”).

The

Program

Administrator

has

delegated

responsibility

to

implement

and

administer

the

Program,

subject

to

oversight

by

the

Program

Administrator,

to

one

or

more

RIM

associates

(the

“Program

Administrator

Delegate”).

The

Program

Administrator,

through

the

Program

Administrator

Delegate,

monitors

the

adequacy

and

effectiveness

of

the

Program’s

implementation

and

on

a

periodic

basis

assesses

each

Fund’s

liquidity

risk

based

on

a

variety

of

factors.

At

the

May

22,

2023

meeting

of

the

Regulatory

and

Investment

Compliance

Committee

of

the

Board

(the

“Meeting”),

the

Program

Administrator

reviewed

the

Program

Administrator’s

annual

written

report

(the

“Report”)

addressing

the

Program’s

operation

as

well

as

the

adequacy

and

effectiveness

of

its

implementation

for

the

period

from

January

1,

2022

through

December

31,

2022

(the

“Program

Reporting

Period”).

The

Report

summarized

the

factors

considered

by

the

Program

Administrator

in

assessing

whether

the

Program

has

been

adequately

and

effectively

implemented

with

respect

to

each

Fund.

Such

information

and

factors

included,

among

other

things:

(1)

the

framework

used

to

assess,

manage,

and

periodically

review

each

Fund’s

liquidity

risk

and

the

results

of

this

assessment;

(2)

the

methodology

and

inputs

used

in

connection

with

the

Classification

Regime,

including

circumstances

in

which

the

Program

Administrator

adjusted

a

preliminary

classification

provided

by

the

third-party

service

provider

engaged

to

assist

in

preparing

classifications

of

portfolio

investments

(the

“Service

Provider”)

or

adjusted

the

inputs

used

by

the

Service

Provider

to

generate

preliminary

classifications;

(3)

whether

a

new

HLIM

should

be

established,

or

an

existing

HLIM

continued

or

modified,

for

each

Fund

and

the

procedures

for

monitoring

for

HLIM

compliance;

(4)

whether

a

Fund

invested

more

than

15%

of

its

assets

in

illiquid

investments

and

the

procedures

for

monitoring

for

this

limit;

(5)

specific

liquidity

events

arising

during

the

Program

Reporting

Period,

including

the

impact

on

Fund

liquidity

caused

by

extended

non-U.S.

market

closures;

and

(6)

actions

taken

by

the

Program

Administrator

and

Program

Administrator

Delegate

during

the

Program

Reporting

Period

to

manage

Fund

liquidity

and

liquidity

risk.

The

Board

was

informed

that,

in

connection

with

its

previous

annual

review

and

assessment

of

the

Program,

the

Program

Administrator

made

certain

updates

to

the

Program

during

the

Program

Reporting

Period.

The

Board

was

also

informed

of

certain

updates

to

the

Program

that

would

be

implemented

in

the

2023

reporting

period.

Based

on

the

Program

Administrator’s

review

and

the

factors

set

forth

in

the

Report,

the

Report

concluded

that:

(1)

the

Program

continues

to

be

reasonably

designed

to

effectively

assess

and

manage

each

Fund’s

liquidity

risk;

(2)

each

Fund’s

liquidity

risk

continues

to

be

appropriate

in

light

of

the

Fund’s

investment

objective

and

strategies;

(3)

each

Fund’s

investment

strategies

continue

to

be

appropriate

for

an

open-ended

management

investment

company;

and

(4)

the

Program

has

been

adequately

and

effectively

implemented

with

respect

to

each

Fund,

including

the

establishment

and

operation

of

the

HLIM

for

applicable

Funds.

Russell

Investment

Funds

Shareholder

Requests

for

Additional

Information

—

June

30,

2023

(Unaudited)

Shareholder

Requests

for

Additional

Information

167

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

Adviser,

Money

Managers

and

Service

Providers

—

June

30,

2023

(Unaudited)

168

Adviser,

Money

Managers

and

Service

Providers

Interested

Trustee

Vernon

Barback

Independent

Trustees

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

Kari

Seabrands,

Treasurer,

Chief

Accounting

Officer

&

Chief

Financial

Officer

Cheryl

Wichers,

Chief

Compliance

Officer

Kate

El-Hillow,

Chief

Investment

Officer

Mary

Beth

Albaneze,

Secretary

and

Chief

Legal

Officer

Adviser

Russell

Investment

Management,

LLC

1301

Second

Avenue

Seattle, WA

98101

Administrator

and

Transfer

and

Dividend

Disbursing

Agent

Russell

Investments

Fund

Services,

LLC

1301

Second

Avenue

Seattle, WA

98101

Custodian

State

Street

Bank

and

Trust

Company

1776

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

RBC

Global

Asset

Management

(UK)

Limited,

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

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

2023

SEMI-ANNUAL

REPORT

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

JUNE

30,

2023

FUND

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Growth

Strategy

Fund

Equity

Growth

Strategy

Fund

Russell

Investment

Funds

Russell

Investment

Funds

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

Funds.

These

financial

statements

report

on

four

of

these

Funds.

Page

Moderate

Strategy

Fund

3

Balanced

Strategy

Fund

13

Growth

Strategy

Fund

23

Equity

Growth

Strategy

Fund

33

Notes

to

Financial

Highlights

43

Notes

to

Financial

Statements

44

Basis

for

Approval

of

Investment

Advisory

Agreement

52

Liquidity

Risk

Management

Program

62

Shareholder

Requests

for

Additional

Information

63

Adviser

and

Service

Providers

64

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Semi-annual

Report

June

30,

2023

(Unaudited)

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.

Certain

of

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-

controlling,

ownership

stakes.

Frank

Russell

Company

is

the

owner

of

the

Russell

trademarks

contained

in

this

material

and

all

trademark

rights

related

to

the

Russell

trademarks,

which

the

members

of

the

Russell

Investments

group

of

companies

are

permitted

to

use

under

license

from

Frank

Russell

Company.

The

members

of

the

Russell

Investments

group

of

companies

are

not

affiliated

in

any

manner

with

Frank

Russell

Company

or

any

entity

operating

under

the

“FTSE

RUSSELL”

brand.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

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.

Performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Russell

Investment

Funds

Moderate

Strategy

Fund

Shareholder

Expense

Example

—

June

30,

2023

(Unaudited)

Moderate

Strategy

Fund

3

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

January

1,

2023

to

June

30,

2023

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

January

1,

2023

$

1,000.00

$

1,000.00

Ending

Account

Value

June

30,

2023

$

1,058.50

$

1,024.10

Expenses

Paid

During

Period*

$

0.71

$

0.70

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.14%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-

half

year

period).

May

reflect

amounts

waived

and/or

reimbursed.

Without

any

waivers

and/or

reimbursements,

expenses

would

have

been

higher.

Russell

Investment

Funds

Moderate

Strategy

Fund

Schedule

of

Investments

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

4

Moderate

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.1%

Alternative

-

3.0%

RIF

Global

Real

Estate

Securities

Fund

173,642

2,184

Domestic

Equities

-

16.5%

RIF

U.S.

Small

Cap

Equity

Fund

168,116

2,241

RIF

U.S.

Strategic

Equity

Fund

554,186

9,870

12,111

Fixed

Income

-

50.2%

RIC

Investment

Grade

Bond

Fund

Class

Y

551,091

10,124

RIC

Unconstrained

Total

Return

Fund

Class

Y

170,568

1,453

RIF

Strategic

Bond

Fund

2,868,278

25,212

36,789

International

Equities

-

20.4%

RIC

Emerging

Markets

Fund

Class

Y

96,779

1,468

RIC

Global

Equity

Fund

Class

Y

1,208,942

10,554

RIF

International

Developed

Markets

Fund

252,802

2,961

14,983

Multi-Asset

-

10.0%

RIC

Multi-Strategy

Income

Fund

Class

Y

794,979

7,330

Total

Investments

in

Affiliated

Funds

(cost

$76,742)

73,397

Total

Investments

-

100.1%

(identified

cost

$76,742)

73,397

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(51)

Net

Assets

-

100.0%

73,346

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

5

Statement

of

Assets

and

Liabilities

—

June

30,

2023

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

76,742

Investments,

at

fair

value(>)

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

73,397

Receivables:

Investments

sold

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

11

From

affiliates

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

2

Total

assets

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

73,410

Liabilities

Payables:

Fund

shares

redeemed

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

11

Accrued

fees

to

affiliates

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

3

Other

accrued

expenses

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

50

Total

liabilities

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

64

Net

Assets

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

$

73,346

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

6

Moderate

Strategy

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2023

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(5,558

)

Shares

of

beneficial

interest

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

82

Additional

paid-in

capital

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

78,822

Net

Assets

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

$

73,346

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

8.93

Net

assets

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

$

73,345,891

Shares

outstanding

($.01

par

value)

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

8,209,048

Amounts

in

thousands

(>)    

Investments

in

affiliated

funds

$

73,397

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

7

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2023

(Unaudited)

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

291

Expenses

Advisory

fees

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

73

Administrative

fees

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

15

Custodian

fees

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

14

Transfer

agent

fees

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

2

Professional

fees

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

22

Trustees’

fees

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

2

Printing

fees

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

7

Miscellaneous

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

4

Expenses

before

reductions

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

139

Expense

reductions

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

(88)

Net

expenses

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

51

Net

investment

income

(loss)

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

240

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

(953)

Capital

gain

distributions

from

affiliated

funds

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

76

Net

realized

gain

(loss)

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

(877)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

4,831

Net

change

in

unrealized

appreciation

(depreciation)

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

4,831

Net

realized

and

unrealized

gain

(loss)

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

3,954

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

4,194

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

8

Moderate

Strategy

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2023

(Unaudited)

Fiscal

Year

Ended

December

31,

2022

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

240

$

1,253

Net

realized

gain

(loss)

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

(877)

(425)

Net

change

in

unrealized

appreciation

(depreciation)

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

4,831

(15,284)

Net

increase

(decrease)

in

net

assets

from

operations

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

4,194

(14,456)

Distributions

To

shareholders

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

(204)

(3,585)

Net

decrease

in

net

assets

from

distributions

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

(204)

(3,585)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(2,63

5

)

(6,956)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

1,355

(24,997)

Net

Assets

Beginning

of

period

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

71,991

96,988

End

of

period

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

$

73,346

$

71,991

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2023

and

December

31,

2022

were

as

follows:

2023

(Unaudited)

2022

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

151

$

1,33

1

319

$

2,931

Proceeds

from

reinvestment

of

distributions

23

204

386

3,585

Payments

for

shares

redeemed

(474)

(4,170)

(1,458)

(13,472)

Total

increase

(decrease)

(300)

$

(2,63

5

)

(753)

$

(6,956)

Russell

Investment

Funds

Moderate

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

10

Moderate

Strategy

Fund

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(

ƥ

)(

‡)

(

Ƃ

)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

June

30,

2023(ƣ)

8.46

.04

.45

.49

(.02)

—

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

11

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(

ǿ)

(

◊

)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(

ɯ)(

∏

)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(

ɯ

)(∏)(

Ƃ

)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(

‡

)(

ǿ)

(

Ƃ

)

%

Portfolio

Turnover

Rate

(

ǿ

)

(.02)

8.93

5.85

73,346

.38

.14

.43

7

(.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.

12

Moderate

Strategy

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

for

the

period

ended

June

30,

2023

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2023

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2023,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Administrative

fees

$

2,552

Transfer

agent

fees

264

Trustee

fees

490

$

3,306

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

$

2,144

$

209

$

227

$

(23

)

$

81

$

2,184

$

13

$

—

RIF

U.S.

Small

Cap

Equity

Fund

2,886

38

817

(27

)

161

2,241

5

—

RIF

U.S.

Strategic

Equity

Fund

6,800

2,711

868

(174

)

1,401

9,870

24

76

RIC

Investment

Grade

Bond

Fund

10,061

411

384

(52

)

88

10,124

151

—

RIC

Unconstrained

Total

Return

Fund

1,454

26

41

(1

)

15

1,453

—

—

RIF

Strategic

Bond

Fund

23,822

1,734

451

(55

)

162

25,212

42

—

RIC

Emerging

Markets

Fund

1,442

45

112

(16

)

109

1,468

—

—

RIC

Global

Equity

Fund

13,330

22

4,333

(645

)

2,180

10,554

—

—

RIF

International

Developed

Markets

Fund

2,886

61

302

60

256

2,961

8

—

RIC

Multi-Strategy

Income

Fund

7,217

57

302

(20

)

378

7,330

48

—

$

72,042

$

5,314

$

7,837

$

(953

)

$

4,831

$

73,397

$

291

$

76

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

77,877,554

$

4,401,472

$

(8,882,397)

$

(4,480,925)

Russell

Investment

Funds

Balanced

Strategy

Fund

Shareholder

Expense

Example

—

June

30,

2023

(Unaudited)

Balanced

Strategy

Fund

13

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

January

1,

2023

to

June

30,

2023

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

January

1,

2023

$

1,000.00

$

1,000.00

Ending

Account

Value

June

30,

2023

$

1,083.10

$

1,024.10

Expenses

Paid

During

Period*

$

0.72

$

0.70

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.14%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-

half

year

period).

May

reflect

amounts

waived

and/or

reimbursed.

Without

any

waivers

and/or

reimbursements,

expenses

would

have

been

higher.

Russell

Investment

Funds

Balanced

Strategy

Fund

Schedule

of

Investments

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

14

Balanced

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.0%

Alternative

-

3.9%

RIC

Global

Infrastructure

Fund

Class

Y

475,837

4,135

RIF

Global

Real

Estate

Securities

Fund

329,157

4,141

8,276

Domestic

Equities

-

17.8%

RIF

U.S.

Small

Cap

Equity

Fund

560,930

7,477

RIF

U.S.

Strategic

Equity

Fund

1,675,018

29,832

37,309

Fixed

Income

-

31.3%

RIC

Unconstrained

Total

Return

Fund

Class

Y

484,292

4,126

RIF

Strategic

Bond

Fund

6,988,345

61,428

65,554

International

Equities

-

39.0%

RIC

Emerging

Markets

Fund

Class

Y

276,351

4,192

RIC

Global

Equity

Fund

Class

Y

7,901,338

68,979

RIF

International

Developed

Markets

Fund

718,484

8,413

81,584

Multi-Asset

-

8.0%

RIC

Multi-Strategy

Income

Fund

Class

Y

1,808,060

16,670

Total

Investments

in

Affiliated

Funds

(cost

$207,847)

209,393

Total

Investments

-

100.0%

(identified

cost

$207,847)

209,393

Other

Assets

and

Liabilities,

Net

-

(0.0)%

(100)

Net

Assets

-

100.0%

209,293

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

15

Statement

of

Assets

and

Liabilities

—

June

30,

2023

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

207,847

Investments,

at

fair

value(>)

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

209,393

Receivables:

Investments

sold

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

1,024

Prepaid

expenses

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

2

Total

assets

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

210,419

Liabilities

Payables:

Fund

shares

redeemed

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

1,024

Accrued

fees

to

affiliates

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

14

Other

accrued

expenses

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

88

Total

liabilities

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

1,126

Net

Assets

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

$

209,293

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

16

Balanced

Strategy

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2023

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(4,668)

Shares

of

beneficial

interest

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

237

Additional

paid-in

capital

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

213,724

Net

Assets

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

$

209,293

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

8.82

Net

assets

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

$

209,292,539

Shares

outstanding

($.01

par

value)

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

23,738,660

Amounts

in

thousands

(>)    

Investments

in

affiliated

funds

$

209,393

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

17

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2023

(Unaudited)

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

371

Expenses

Advisory

fees

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

207

Administrative

fees

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

44

Custodian

fees

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

14

Transfer

agent

fees

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

5

Professional

fees

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

32

Trustees’

fees

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

6

Printing

fees

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

10

Miscellaneous

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

5

Expenses

before

reductions

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

323

Expense

reductions

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

(178)

Net

expenses

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

145

Net

investment

income

(loss)

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

226

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

(2,763)

Capital

gain

distributions

from

affiliated

funds

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

332

Net

realized

gain

(loss)

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

(2,431)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

18,820

Net

change

in

unrealized

appreciation

(depreciation)

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

18,820

Net

realized

and

unrealized

gain

(loss)

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

16,389

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

16,615

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

18

Balanced

Strategy

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2023

(Unaudited)

Fiscal

Year

Ended

December

31,

2022

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

226

$

3,483

Net

realized

gain

(loss)

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

(2,431)

549

Net

change

in

unrealized

appreciation

(depreciation)

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

18,820

(46,329)

Net

increase

(decrease)

in

net

assets

from

operations

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

16,615

(42,297)

Distributions

To

shareholders

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

(688)

(11,723)

Net

decrease

in

net

assets

from

distributions

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

(688)

(11,723)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(9,639)

(3,390)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

6,288

(57,410)

Net

Assets

Beginning

of

period

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

203,005

260,415

End

of

period

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

$

209,293

$

203,005

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2023

and

December

31,

2022

were

as

follows:

2023

(Unaudited)

2022

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

338

$

2,888

685

$

6,299

Proceeds

from

reinvestment

of

distributions

80

688

1,297

11,723

Payments

for

shares

redeemed

(1,535

)

(13,215

)

(2,448

)

(21,412

)

Total

increase

(decrease)

(1,117

)

$

(9,639

)

(466

)

$

(3,390

)

Russell

Investment

Funds

Balanced

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

20

Balanced

Strategy

Fund

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(

Ƃ

)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

June

30,

2023

(ƣ)

8.17

.01

.67

.68

(.01)

(.02)

December

31,

2022

10.28

.14

(1.78)

(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

21

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(ǿ)(◊)

$

Net

Assets,

End

of

Period

(000)

%

R

atio

of

Expenses

to

Average

Net

Assets,

Gross

(ɯ)(∏)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(ɯ)(∏)(Ƃ)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(‡)(ǿ)(Ƃ)

%

Portfolio

Turnover

Rate

(ǿ)

(.03)

8.82

8.31

209,293

.31

.14

.11

6

(.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.

22

Balanced

Strategy

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

for

the

period

ended

June

30,

2023

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2023

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2023,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

4,954

Administrative

fees

7,286

Transfer

agent

fees

755

Trustee

fees

1,174

$

14,169

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

RIC

Global

Infrastructure

Fund

$

—

$

4,192

$

212

$

10

$

145

$

4,135

$

19

$

—

RIF

Global

Real

Estate

Securities

Fund

7,965

185

3,938

(1,092

)

1,021

4,141

24

—

RIF

U.S.

Small

Cap

Equity

Fund

8,019

151

1,142

(148

)

597

7,477

16

—

RIF

U.S.

Strategic

Equity

Fund

29,128

464

3,622

(837

)

4,699

29,832

72

332

RIC

Unconstrained

Total

Return

Fund

4,077

54

43

(2

)

40

4,126

—

—

RIF

Strategic

Bond

Fund

56,285

5,235

323

(46

)

277

61,428

101

—

RIC

Emerging

Markets

Fund

5,082

52

1,234

(269

)

561

4,192

—

—

RIC

Global

Equity

Fund

65,649

944

6,902

(771

)

10,059

68,979

—

—

RIF

International

Developed

Markets

Fund

10,460

141

3,187

489

510

8,413

28

—

RIC

Multi-Strategy

Income

Fund

16,437

228

809

(97

)

911

16,670

111

—

$

203,102

$

11,646

$

21,412

$

(2,763

)

$

18,820

$

209,393

$

371

$

332

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

211,405,397

$

13,628,265

$

(15,640,192)

$

(2,011,927)

Russell

Investment

Funds

Growth

Strategy

Fund

Shareholder

Expense

Example

—

June

30,

2023

(Unaudited)

Growth

Strategy

Fund

23

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

January

1,

2023

to

June

30,

2023

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

January

1,

2023

$

1,000.00

$

1,000.00

Ending

Account

Value

June

30,

2023

$

1,106.30

$

1,024.05

Expenses

Paid

During

Period*

$

0.78

$

0.75

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.15%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-

half

year

period).

May

reflect

amounts

waived

and/or

reimbursed.

Without

any

waivers

and/or

reimbursements,

expenses

would

have

been

higher.

Russell

Investment

Funds

Growth

Strategy

Fund

Schedule

of

Investments

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

24

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.0%

Alternative

-

4.8%

RIC

Global

Infrastructure

Fund

Class

Y

387,351

3,366

RIF

Global

Real

Estate

Securities

Fund

409,980

5,158

8,524

Domestic

Equities

-

22.0%

RIF

U.S.

Small

Cap

Equity

Fund

668,038

8,905

RIF

U.S.

Strategic

Equity

Fund

1,675,704

29,844

38,749

Fixed

Income

-

13.2%

RIC

Unconstrained

Total

Return

Fund

Class

Y

394,024

3,357

RIF

Strategic

Bond

Fund

2,248,079

19,761

23,118

International

Equities

-

50.1%

RIC

Emerging

Markets

Fund

Class

Y

341,051

5,174

RIC

Global

Equity

Fund

Class

Y

8,404,665

73,373

RIF

International

Developed

Markets

Fund

813,608

9,527

88,074

Multi-Asset

-

9.9%

RIC

Multi-Asset

Growth

Strategy

Fund

Class

Y

1,770,393

17,332

Total

Investments

in

Affiliated

Funds

(cost

$166,687)

175,797

Total

Investments

-

100.0%

(identified

cost

$166,687)

175,797

Other

Assets

and

Liabilities,

Net

-

(0.0)%

(82)

Net

Assets

-

100.0%

175,715

Russell

Investment

Funds

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Growth

Strategy

Fund

25

Statement

of

Assets

and

Liabilities

—

June

30,

2023

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

166,687

Investments,

at

fair

value(>)

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

175,797

Receivables:

Investments

sold

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

17

Prepaid

expenses

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

1

Total

assets

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

175,815

Liabilities

Payables:

Fund

shares

redeemed

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

17

Accrued

fees

to

affiliates

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

12

Other

accrued

expenses

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

71

Total

liabilities

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

100

Net

Assets

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

$

175,715

Russell

Investment

Funds

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

26

Growth

Strategy

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2023

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

3,980

Shares

of

beneficial

interest

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

196

Additional

paid-in

capital

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

171,539

Net

Assets

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

$

175,715

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

8.94

Net

assets

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

$

175,715,201

Shares

outstanding

($.01

par

value)

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

19,646,222

Amounts

in

thousands

(>)    

Investments

in

affiliated

funds

$

175,797

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Growth

Strategy

Fund

27

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2023

(Unaudited)

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

345

Expenses

Advisory

fees

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

169

Administrative

fees

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

36

Custodian

fees

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

14

Transfer

agent

fees

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

4

Professional

fees

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

29

Trustees’

fees

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

5

Printing

fees

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

8

Miscellaneous

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

5

Expenses

before

reductions

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

270

Expense

reductions

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

(143)

Net

expenses

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

127

Net

investment

income

(loss)

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

218

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

(2,247)

Capital

gain

distributions

from

affiliated

funds

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

381

Net

realized

gain

(loss)

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

(1,866)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

18,944

Net

change

in

unrealized

appreciation

(depreciation)

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

18,944

Net

realized

and

unrealized

gain

(loss)

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

17,078

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

17,296

Russell

Investment

Funds

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

28

Growth

Strategy

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2023

(Unaudited)

Fiscal

Year

Ended

December

31,

2022

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

218

$

2,162

Net

realized

gain

(loss)

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

(1,866)

1,704

Net

change

in

unrealized

appreciation

(depreciation)

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

18,944

(39,149)

Net

increase

(decrease)

in

net

assets

from

operations

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

17,296

(35,283)

Distributions

To

shareholders

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

(1,674)

(10,518)

Net

decrease

in

net

assets

from

distributions

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

(1,674)

(10,518)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(3,383)

(149)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

12,239

(45,950)

Net

Assets

Beginning

of

period

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

163,476

209,426

End

of

period

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

$

175,715

$

163,476

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2023

and

December

31,

2022

were

as

follows:

2023

(Unaudited)

2022

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

216

$

1,852

420

$

3,724

Proceeds

from

reinvestment

of

distributions

195

1,674

1,155

10,518

Payments

for

shares

redeemed

(805)

(6,909)

(1,604)

(14,391)

Total

increase

(decrease)

(394)

$

(3,383)

(29)

$

(149)

Russell

Investment

Funds

Growth

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

30

Growth

Strategy

Fund

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

June

30,

2023(ƣ)

8.16

.01

.85

.86

(.01)

(.07)

December

31,

2022

10.44

.11

(1.86)

(1.75)

(.11)

(.42)

December

31,

2021

10.32

.46

1.27

1.73

(.51)

(1.10)

December

31,

2020

9.72

.09

.82

.91

(.15)

(.16)

December

31,

2019

8.76

.23

1.31

1.54

(.07)

(.51)

December

31,

2018

10.46

.37

(1.17)

(.80)

(.51)

(.39)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Growth

Strategy

Fund

31

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(ǿ)(◊)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(ɯ)(∏)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(ɯ)(∏)(Ƃ)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(‡)(ǿ)(Ƃ)

%

Portfolio

Turnover

Rate

(ǿ)

(.08)

8.94

10.63

175,715

.32

.15

.13

8

(.53)

8.16

(17.20)

163,476

.31

.15

1.23

5

(1.61)

10.44

17.44

209,426

.32

.15

4.20

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.

32

Growth

Strategy

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

for

the

period

ended

June

30,

2023

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2023

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2023,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

4,663

Administrative

fees

6,057

Transfer

agent

fees

627

Trustee

fees

826

$

12,173

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

RIC

Global

Infrastructure

Fund

$

—

$

3,334

$

91

$

3

$

120

$

3,366

$

15

$

—

RIF

Global

Real

Estate

Securities

Fund

7,848

124

2,787

(750

)

723

5,158

29

—

RIF

U.S.

Small

Cap

Equity

Fund

6,452

2,197

328

(33

)

617

8,905

18

—

RIF

U.S.

Strategic

Equity

Fund

33,093

578

7,637

(1,301

)

5,111

29,844

68

381

RIC

Unconstrained

Total

Return

Fund

3,266

78

18

—

31

3,357

—

—

RIF

Strategic

Bond

Fund

14,393

5,442

36

(3

)

(35

)

19,761

33

—

RIC

Emerging

Markets

Fund

3,268

1,713

66

(10

)

269

5,174

—

—

RIC

Global

Equity

Fund

67,828

—

4,047

(499

)

10,091

73,373

—

—

RIF

International

Developed

Markets

Fund

11,000

48

2,600

399

680

9,527

30

—

RIC

Multi-Asset

Growth

Strategy

Fund

16,406

194

552

(53

)

1,337

17,332

152

—

$

163,554

$

13,708

$

18,162

$

(2,247

)

$

18,944

$

175,797

$

345

$

381

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

169,713,930

$

8,893,489

$

(2,810,879)

$

6,082,610

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Shareholder

Expense

Example

—

June

30,

2023

(Unaudited)

Equity

Growth

Strategy

Fund

33

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

January

1,

2023

to

June

30,

2023

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

January

1,

2023

$

1,000.00

$

1,000.00

Ending

Account

Value

June

30,

2023

$

1,117.80

$

1,024.05

Expenses

Paid

During

Period*

$

0.79

$

0.75

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.15%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-

half

year

period).

May

reflect

amounts

waived

and/or

reimbursed.

Without

any

waivers

and/or

reimbursements,

expenses

would

have

been

higher.

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Schedule

of

Investments

—

June

30,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

34

Equity

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.1%

Alternative

-

5.9%

RIC

Global

Infrastructure

Fund

Class

Y

102,485

891

RIF

Global

Real

Estate

Securities

Fund

141,920

1,785

2,676

Domestic

Equities

-

25.2%

RIF

U.S.

Small

Cap

Equity

Fund

205,254

2,736

RIF

U.S.

Strategic

Equity

Fund

487,221

8,678

11,414

Fixed

Income

-

3.9%

RIF

Strategic

Bond

Fund

200,176

1,760

International

Equities

-

55.1%

RIC

Emerging

Markets

Fund

Class

Y

102,185

1,550

RIC

Global

Equity

Fund

Class

Y

2,293,148

20,019

RIF

International

Developed

Markets

Fund

288,305

3,376

24,945

Multi-Asset

-

10.0%

RIC

Multi-Asset

Growth

Strategy

Fund

Class

Y

459,677

4,500

Total

Investments

in

Affiliated

Funds

(cost

$42,692)

45,295

Total

Investments

-

100.1%

(identified

cost

$42,692)

45,295

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(35)

Net

Assets

-

100.0%

45,260

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Growth

Strategy

Fund

35

Statement

of

Assets

and

Liabilities

—

June

30,

2023

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

42,692

Investments,

at

fair

value(>)

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

45,295

Receivables:

Investments

sold

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

68

From

affiliates

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

3

Total

assets

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

45,366

Liabilities

Payables:

Fund

shares

redeemed

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

68

Accrued

fees

to

affiliates

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

2

Other

accrued

expenses

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

36

Total

liabilities

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

106

Net

Assets

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

$

45,260

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

36

Equity

Growth

Strategy

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2023

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

340

Shares

of

beneficial

interest

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

53

Additional

paid-in

capital

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

44,867

Net

Assets

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

$

45,260

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

8.52

Net

assets

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

$

45,260,447

Shares

outstanding

($.01

par

value)

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

5,309,161

Amounts

in

thousands

(>)    

Investments

in

affiliated

funds

$

45,295

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Growth

Strategy

Fund

37

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2023

(Unaudited)

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

90

Expenses

Advisory

fees

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

44

Administrative

fees

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

9

Custodian

fees

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

13

Transfer

agent

fees

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

1

Professional

fees

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

20

Trustees’

fees

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

1

Printing

fees

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

6

Miscellaneous

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

4

Expenses

before

reductions

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

98

Expense

reductions

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

(65)

Net

expenses

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

33

Net

investment

income

(loss)

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

57

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

(951)

Capital

gain

distributions

from

affiliated

funds

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

108

Net

realized

gain

(loss)

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

(843)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

5,695

Net

change

in

unrealized

appreciation

(depreciation)

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

5,695

Net

realized

and

unrealized

gain

(loss)

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

4,852

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

4,909

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

38

Equity

Growth

Strategy

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2023

(Unaudited)

Fiscal

Year

Ended

December

31,

2022

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

57

$

52

5

Net

realized

gain

(loss)

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

(843)

26

5

Net

change

in

unrealized

appreciation

(depreciation)

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

5,695

(9,971

)

Net

increase

(decrease)

in

net

assets

from

operations

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

4,909

(9,181)

Distributions

To

shareholders

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

(506)

(2,752)

Net

decrease

in

net

assets

from

distributions

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

(506)

(2,752)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(1,160)

1,875

Total

Net

Increase

(Decrease)

in

Net

Assets

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

3,243

(10,058)

Net

Assets

Beginning

of

period

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

42,017

52,075

End

of

period

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

$

45,260

$

42,017

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2023

and

December

31,

2022

were

as

follows:

2023

(Unaudited)

2022

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

117

$

955

333

$

2,739

Proceeds

from

reinvestment

of

distributions

62

506

318

2,752

Payments

for

shares

redeemed

(322)

(2,621)

(437)

(3,616)

Total

increase

(decrease)

(143)

$

(1,160)

214

$

1,875

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

40

Equity

Growth

Strategy

Fund

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(

ƥ

)(

‡

)(

Ƃ

)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

June

30,

2023

(

ƣ)

7.71

.01

.89

.90

(.01)

(.08)

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

41

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(

◊

)(

ǿ

)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(

∏

)(

ɯ

)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(

∏

)(

Ƃ

)(

ɯ

)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(

‡

)(

Ƃ

)(

ǿ

)

%

Portfolio

Turnover

Rate

(

ǿ

)

(.09)

8.52

11.78

45,260

.45

.15

.

13

11

(.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.

42

Equity

Growth

Strategy

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

for

the

period

ended

June

30,

2023

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2023

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2023,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Administrative

fees

$

1,562

Transfer

agent

fees

162

Trustee

fees

180

$

1,904

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

RIC

Global

Infrastructure

Fund

$

—

$

889

$

30

$

1

$

31

$

891

$

4

$

—

RIF

Global

Real

Estate

Securities

Fund

2,104

85

428

(66

)

90

1,785

10

—

RIF

U.S.

Small

Cap

Equity

Fund

2,076

592

109

(8

)

185

2,736

5

—

RIF

U.S.

Strategic

Equity

Fund

9,343

232

2,015

(417

)

1,535

8,678

20

108

RIF

Strategic

Bond

Fund

—

1,834

33

—

(41

)

1,760

3

—

RIC

Emerging

Markets

Fund

1,068

515

115

(14

)

96

1,550

—

—

RIC

Global

Equity

Fund

20,225

87

2,975

(420

)

3,102

20,019

1

—

RIF

International

Developed

Markets

Fund

3,007

288

258

(2

)

341

3,376

8

—

RIC

Multi-Asset

Growth

Strategy

Fund

4,229

196

256

(25

)

356

4,500

39

—

$

42,052

$

4,718

$

6,219

$

(951

)

$

5,695

$

45,295

$

90

$

108

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

43,979,841

$

1,640,149

$

(325,430)

$

1,314,719

Russell

Investment

Funds

LifePoints

®

Variable

Target

Portfolio

Series

Notes

to

Financial

Highlights

—

June

30,

2023

(Unaudited)

Notes

to

Financial

Highlights

43

(ƣ)

For

the

period

ended

June

30,

2023

(Unaudited).

(ƥ)

Average

daily

shares

outstanding

were

used

for

this

calculation.

(‡)

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.

(ǿ)

Periods

less

than

one

year

are

not

annualized.

(ɯ)

The

ratios

for

periods

less

than

one

year

are

annualized.

(∏)

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.

(Ƃ)

May

reflect

amounts

waived

and

reimbursed

by

Russell

Investment

Management,

LLC

(“RIM”).

(Ɵ)

Less

than

$.01

per

share.

(◊)

The

total

return

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements

—

June

30,

2023

(Unaudited)

44

Notes

to

Financial

Statements

1.

Organization

Russell

Investment

Funds

(the

“Investment

Company”

or

“RIF”)

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

funds.

These

financial

statements

report

on

four

of

these

funds

(each

a

“Fund”

and

collectively

the

“Funds”).

The

Investment

Company

provides

the

investment

base

for

one

or

more

variable

insurance

products

issued

by

one

or

more

insurance

companies.

These

Funds

are

offered

at

net

asset

value

(“NAV”)

to

qualified

insurance

company

separate

accounts

offering

variable

insurance

products.

The

Investment

Company

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(“Investment

Company

Act”),

as

an

open-end

management

investment

company.

It

is

organized

and

operated

as

a

Massachusetts

business

trust

under

a

Third

Amended

and

Restated

Master

Trust

Agreement

dated

December

7,

2020,

as

amended

(“Master

Trust

Agreement”),

and

the

provisions

of

Massachusetts

law

governing

the

operation

of

a

Massachusetts

business

trust.

The

Investment

Company’s

Master

Trust

Agreement

permits

the

Board

of

Trustees

(the

“Board”)

to

issue

an

unlimited

number

of

shares

of

beneficial

interest.

Each

of

the

Funds

is

diversified.

Under

the

Investment

Company

Act,

a

diversified

company

is

defined

as

a

management

company

which

meets

the

following

requirements:

at

least

75%

of

the

value

of

its

total

assets

is

represented

by

cash

and

cash

equivalents

(including

receivables),

government

securities,

securities

of

other

investment

companies,

and

other

securities

for

the

purposes

of

this

calculation

limited

in

respect

of

any

one

issuer

to

an

amount

not

greater

in

value

than

five

percent

of

the

value

of

the

total

assets

of

such

management

company

and

to

not

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer.

Unless

otherwise

specified,

“period”

(as

used

within

the

financial

statements)

refers

to

the

six

months

ended

June

30,

2023.

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”).

These

financial

statements

should

be

read

in

conjunction

with

the

financial

statements

of

the

Underlying

Funds,

which

can

be

obtained

by

calling

the

Funds

at

(800)

787-7354.

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

asset

allocation

to

equity,

fixed

income,

multi-asset

and

alternative

asset

classes

effective

May

1,

2023.

As

of

June

30,

2023,

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.

Russell

Investment

Management,

LLC

(“RIM”),

the

Funds’

investment

adviser,

may

modify

the

target

allocation

for

any

Fund,

including

changes

to

the

Underlying

Funds

in

which

a

Fund

invests,

from

time

to

time.

RIM’s

allocation

decisions

are

generally

based

on

RIM’s

outlook

on

the

business

and

economic

cycle,

relative

market

valuations

and

market

sentiment.

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

Asset

Allocation*

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Growth

Strategy

Fund

Equity

Growth

Strategy

Fund

Equity

36%

56%

71%

80%

Fixed

Income

51%

32%

14%

4%

Multi-Asset

10%

8%

10%

10%

Alternative

#

3%

4%

5%

6%

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

Notes

to

Financial

Statements

45

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

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

RIM,

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act.

The

Funds

value

the

shares

of

the

Underlying

Funds

at

the

NAV

per

share

of

each

Underlying

Fund.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity’s

measurement

date.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

2

and

3

of

the

fair

value

hierarchy

are

defined

as

follows:

•

Level

1

—

Quoted

prices

(unadjusted)

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

•

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

and

inputs

such

as

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

or

other

market

corroborated

inputs.

•

Level

3

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

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

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

June

30,

2023,

all

investments

held

were

classified

as

Level

1

within

the

fair

value

hierarchy.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

46

Notes

to

Financial

Statements

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

Distributions

of

income

and

capital

gains

from

the

Funds

or

Underlying

Funds

are

recorded

on

the

ex-dividend

date.

Federal

Income

Taxes

Since

the

Investment

Company

is

a

Massachusetts

business

trust,

each

Fund

is

a

separate

corporate

taxpayer

and

determines

its

net

investment

income

and

capital

gains

(or

losses)

and

the

amounts

to

be

distributed

to

each

Fund’s

shareholders

without

regard

to

the

income

and

capital

gains

(or

losses)

of

the

other

Funds.

Each

Fund

intends

to

qualify

or

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”)

and

intends

to

distribute

all

of

its

taxable

income

and

capital

gains.

Therefore,

no

federal

income

tax

provision

is

required

for

the

Funds.

The

Funds

comply

with

the

authoritative

guidance

for

uncertainty

in

income

taxes

which

requires

management

to

determine

whether

a

tax

position

of

the

Funds

is

more

likely

than

not

to

be

sustained

upon

examination,

including

resolution

of

any

related

appeals

or

litigation

processes,

based

on

the

technical

merits

of

the

position.

For

tax

positions

meeting

the

more

likely

than

not

threshold,

the

tax

amount

recognized

in

the

financial

statements

is

reduced

by

the

largest

benefit

that

has

a

greater

than

50%

likelihood

of

being

realized

upon

ultimate

settlement

with

the

relevant

taxing

authority.

Management

determined

that

no

accruals

need

to

be

made

in

the

financial

statements

due

to

uncertain

tax

positions.

Management

continually

reviews

and

adjusts

the

Funds’

liability

for

income

taxes

based

on

analyses

of

tax

laws

and

regulations,

as

well

as

their

interpretations,

and

other

relevant

factors.

Each

Fund

files

a

U.S.

tax

return.

As

of

June

30,

2023,

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

current

fiscal

year.

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

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”),

the

Funds’

administrator

and

transfer

agent.

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.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

Notes

to

Financial

Statements

47

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.

London

Interbank

Offered

Rate

(“LIBOR”)

The

Underlying

Funds

may

invest

in

certain

instruments

including,

but

not

limited

to,

repurchase

agreements,

collateralized

loan

obligations

and

mortgage-backed

securities,

that

historically

relied

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.

After

June

30,

2023,

all

tenors

of

LIBOR

have

either

ceased

to

be

published

or,

in

the

case

of

1-month,

3-month

and

6-month

U.S.

dollar

LIBOR

settings,

are

no

longer

being

published

on

a

representative

basis.

Replacement

rates

that

have

been

identified

include

the

Secured

Overnight

Financing

Rate

(“SOFR”),

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,

the

Sterling

Overnight

Index

Average

Rate

(“SONIA”),

which

is

intended

to

replace

British

Pound

Sterling

LIBOR

and

measures

the

overnight

interest

rate

paid

by

banks

for

unsecured

transactions

in

the

sterling

market,

and

other

rates

derived

from

markets

connected

to

SOFR,

such

as

Term

SOFR.

On

April

3,

2023,

the

FCA

announced

its

decision

to

require

LIBOR’s

administrator

to

publish

an

unrepresentative

“synthetic

LIBOR”

using

a

changed

methodology

until

at

least

the

end

of

September

2024.

The

impact

of

synthetic

LIBOR

is

uncertain

and

some

LIBOR

contracts

may

use

synthetic

LIBOR

instead

of

other

alternative

reference

rates.

Accordingly,

synthetic

LIBOR

may

be

a

significant

factor

in

the

cost

of

financing

certain

Underlying

Fund

investments

or

the

value

or

return

on

certain

other

Underlying

Fund

investments.

Although

the

transition

process

away

from

LIBOR

has

become

increasingly

well-defined,

there

remains

uncertainty

regarding

the

nature

of

any

replacement

rate,

and

any

potential

effects

of

the

transition

away

from

LIBOR

on

an

Underlying

Fund

or

on

certain

instruments

in

which

an

Underlying

Fund

invests

can

be

difficult

to

ascertain.

The

transition

process

may

involve,

among

other

things,

increased

volatility

or

illiquidity

in

markets

for

instruments

that

were

tied

to

LIBOR

or

continue

to

be

tied

to

synthetic

LIBOR

and

may

result

in

a

reduction

in

value

of

certain

instruments

held

by

an

Underlying

Fund.

The

unavailability

of

LIBOR

may

affect

the

value,

liquidity

or

return

on

certain

Underlying

Fund

investments

and

may

result

in

additional

costs

in

connection

with

closing

out

positions

and

entering

into

new

trades.

Pricing

adjustments

to

an

Underlying

Fund’s

investments

resulting

from

a

substitute

reference

rate

may

adversely

affect

the

Underlying

Fund’s

performance

and/or

NAV.

At

this

time,

it

is

not

possible

to

predict

the

effect

of

the

establishment

of

SOFR,

SONIA

or

any

other

replacement

rates

or

any

other

reforms

to

LIBOR.

The

impact

of

any

substitute

reference

rate

will

vary

on

an

investment-by-investment

basis.

These

developments

could

negatively

impact

financial

markets

in

general

and

present

heightened

risks

to

the

Underlying

Funds,

including

with

respect

to

their

performance,

liquidity

and

volatility.

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

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.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

48

Notes

to

Financial

Statements

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

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

an

Underlying

Fund’s

investments

and

performance,

including

by

exacerbating

other

pre-existing

political,

social

and

economic

risks.

Governmental

authorities

and

other

entities

may

respond

to

such

events

with

fiscal

and/or

monetary

policy

changes.

It

is

not

guaranteed

that

these

policy

changes

will

have

their

intended

effect

and

it

is

possible

that

the

implementation

of

or

subsequent

reversal

of

such

policy

changes

could

increase

volatility

in

financial

markets,

which

could

adversely

affect

an

Underlying

Fund’s

investments

and

performance.

3.

Investment

Transactions

Underlying

Funds

During

the

period

ended

June

30,

2023,

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.

Each

Fund

pays

an

annual

advisory

fee

of

0.20%

to

RIM

and

an

annual

administrative

fee

of

up

to

0.0425%

to

RIFUS

based

upon

the

average

daily

net

assets

of

the

Fund

payable

on

a

monthly

basis.

Administrative

fees

are

assessed

on

total

Fund

assets

based

on

a

tiered

fee

schedule.

The

following

shows

the

total

amount

of

each

of

these

fees

paid

by

the

Funds

for

the

period

ended

June

30,

2023:

RIM

has

agreed

to

certain

waivers

of

its

advisory

fees

as

follows:

Funds

Purchases

Sales

Moderate

Strategy

Fund

$

5,314,015

$

7,837,465

Balanced

Strategy

Fund

11,646,428

21,412,040

Growth

Strategy

Fund

13,708,110

18,162,318

Equity

Growth

Strategy

Fund

4,718,153

6,219,301

Funds

Advisory

Administrative

Moderate

Strategy

Fund

$

72,698

$

15,448

Balanced

Strategy

Fund

206,563

43,895

Growth

Strategy

Fund

168,904

35,892

Equity

Growth

Strategy

Fund

43,527

9,249

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

Notes

to

Financial

Statements

49

For

the

Moderate

Strategy

Fund,

RIM

has

contractually

agreed,

until

April

30,

2024,

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,

2024,

to

waive

up

to

the

full

amount

of

its

0.20%

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.14%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

infrequent

and/or

unusual

expenses

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Growth

Strategy

Fund,

RIM

has

contractually

agreed,

until

April

30,

2024,

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,

2024,

to

waive

up

to

the

full

amount

of

its

0.20%

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.15%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

infrequent

and/or

unusual

expenses

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

period

ended

June

30,

2023,

RIM

waived/reimbursed

the

following

expenses:

RIM

does

not

have

the

ability

to

recover

amounts

waived

or

reimbursed

from

previous

periods.

Transfer

and

Dividend

Disbursing

Agent

RIFUS

serves

as

transfer

agent

and

provides

dividend

disbursing

services

to

the

Funds.

For

this

service,

RIFUS

is

paid

a

fee

based

upon

the

average

daily

net

assets

of

the

Funds

for

transfer

agency

and

dividend

disbursing

services.

RIFUS

retains

a

portion

of

this

fee

for

services

provided

to

the

Funds

and

pays

the

balance

to

unaffiliated

agents

who

assist

in

providing

these

services.

Transfer

agency

fees

paid

by

the

Funds

presented

herein

for

the

period

ended

June

30,

2023

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.

Funds

Waiver

Reimbursement

Total

Moderate

Strategy

Fund

$

72,698

$

15,141

$

87,839

Balanced

Strategy

Fund

178,277

—

178,277

Growth

Strategy

Fund

143,371

—

143,371

Equity

Growth

Strategy

Fund

43,527

21,876

65,403

Funds

Amount

Moderate

Strategy

Fund

$

1,599

Balanced

Strategy

Fund

4,544

Growth

Strategy

Fund

3,716

Equity

Growth

Strategy

Fund

958

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

50

Notes

to

Financial

Statements

Board

of

Trustees

The

Russell

Investments

fund

complex

consists

of

RIC,

which

has

31

funds

and

RIF,

which

has

nine

funds.

Each

of

the

Trustees

on

the

Board

is

a

Trustee

of

RIC

and

RIF.

The

Russell

Investments

fund

complex

compensates

each

Trustee

who

is

not

an

employee

of

RIM

or

its

affiliates.

Trustee

compensation

and

expenses

are

allocated

to

each

Fund

based

on

its

net

assets

relative

to

other

funds

in

the

Russell

Investments

fund

complex.

For

the

period

ended

June

30,

2023,

the

regular

compensation

paid

to

the

Trustees

by

the

Russell

Investments

fund

complex

was

$1,144,000.

5.

Federal

Income

Taxes

As

of

June

30,

2023,

there

were

no

net

tax

basis

capital

loss

carryforwards

which

may

be

applied

against

future

net

realized

taxable

gains,

if

any.

6.

Record

Ownership

As

of

June

30,

2023,

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

13,

2024,

but

may

be

renewed

on

an

annual

basis

thereafter.

Borrowings

made

by

the

Funds

will

be

utilized

solely

for

temporary

or

emergency

purposes

as

contemplated

by

the

Investment

Company

Act

including,

without

limitation,

funding

shareholder

redemptions.

Interest

on

borrowing

is

charged

to

a

Fund

at

a

variable

rate

as

determined

in

accordance

with

the

Credit

Agreement.

In

addition,

a

commitment

fee

computed

at

an

annual

rate

of

0.20%

on

the

daily

unused

portion

of

the

line

of

credit

is

allocated

among

the

participating

Funds

pro-rata

based

on

average

daily

net

assets

for

the

applicable

period.

The

Funds

are

subject

to

certain

covenants

contained

in

the

Credit

Agreement.

Failure

to

comply

with

these

covenants

could

cause

the

acceleration

of

the

repayment

of

the

amount

outstanding

under

the

Credit

Agreement.

Expenses

associated

with

the

line

of

credit,

such

as

legal

fees

and

the

commitment

fee,

are

shown

on

the

Statement

of

Operations

as

miscellaneous

fees.

The

Funds

did

not

make

any

borrowings

under

the

line

of

credit

during

the

period

ended

June

30,

2023.

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

except

the

following:

Effective

on

or

about

September

13,

2023:

•

The

Moderate

Strategy

Fund’s

approximate

target

strategic

allocation

will

be

37%

to

equity,

52%

to

fixed

income,

8%

to

multi-asset

and

3%

to

alternative

asset

classes.

•

The

Balanced

Strategy

Fund's

approximate

target

strategic

allocation

will

be

56%

to

equity,

32.5%

to

fixed

income,

7%

to

multi-asset

and

4.5%

to

alternative

asset

classes.

•

The

Growth

Strategy

Fund’s

approximate

target

strategic

allocation

will

be

72%

to

equity,

14.5%

to

fixed

income,

8%

to

multi-asset

and

5.5%

to

alternative

asset

classes.

•

The

Equity

Growth

Strategy

Fund’s

approximate

target

strategic

allocation

will

be

81%

to

equity,

4.5%

to

fixed

income,

8%

to

multi-asset

and

6.5%

to

alternative

asset

classes.

Funds

#

of

Shareholders

%

Moderate

Strategy

Fund

2

95.7

Balanced

Strategy

Fund

2

97.3

Growth

Strategy

Fund

2

96.6

Equity

Growth

Strategy

Fund

2

95.2

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2023

(Unaudited)

Notes

to

Financial

Statements

51

•

The

RIC

Long

Duration

Bond

Fund

(currently,

the

RIC

Multifactor

Bond

Fund)

will

be

added

as

a

fixed

income

Underlying

Fund

in

which

the

Funds

may

invest

and

the

RIC

Unconstrained

Total

Return

Fund

will

no

longer

be

an

Underlying

Fund.

At

a

meeting

held

on

May

23,

2023,

the

Board

of

Trustees,

upon

the

recommendation

of

RIM,

approved

the

liquidation

of

the

RIC

Unconstrained

Total

Return

Fund

pursuant

to

a

Plan

of

Liquidation

and

Dissolution

of

Sub-Trust

(the

“Plan”).

The

Plan

provides

for

the

liquidation

of

the

Underlying

Fund’s

assets

on

or

before

September

27,

2023.

Effective

July

5,

2023,

the

Underlying

Fund

will

no

longer

pursue

its

investment

objective

or

engage

in

any

business

activities

except

for

the

purpose

of

winding

up

its

business

affairs,

which

includes

liquidating

its

holdings,

and

distributing

its

investment

income,

capital

gains

and

remaining

assets

to

shareholders.

The

Underlying

Fund

may

liquidate

prior

to

September

27,

2023

in

the

event

that

all

Shares

are

redeemed

prior

to

the

planned

liquidation

date.

For

more

information

regarding

the

liquidation,

please

see

the

supplement

dated

May

24,

2023

to

the

Underlying

Fund’s

prospectus

dated

March

1,

2023.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement

—(Unaudited)

52

Basis

for

Approval

of

Investment

Advisory

Agreement

Approval

of

Investment

Advisory

Agreement

The

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that

the

Board

of

Trustees

(the

“Board”),

including

a

majority

of

its

members

who

are

not

considered

to

be

“interested

persons”

under

the

1940

Act

(the

“Independent

Trustees”)

voting

separately,

approve

for

an

initial

term

not

to

exceed

two

years

and,

thereafter,

approve

the

continuation

of

the

advisory

agreement

with

Russell

Investment

Management,

LLC

(“RIM”)

(the

“RIM

Agreement”)

and

the

portfolio

management

contract

with

each

Money

Manager

of

the

funds

(collectively,

the

“portfolio

management

contracts”

and,

with

the

RIM

Agreement,

the

“Agreements”)

in

which

the

Funds

invest

(the

“Underlying

Funds”)

on

at

least

an

annual

basis

and

that

the

terms

and

conditions

of

the

RIM

Agreement

and

the

terms

and

conditions

of

each

portfolio

management

contract

provide

for

its

termination

if

continuation

is

not

approved

annually.

The

Board,

including

all

of

the

Independent

Trustees,

considered

and

approved

the

continuation

of

the

Agreements

at

a

meeting

held

in

person

on

May

22,

2023

(the

“Agreement

Evaluation

Meeting”).

During

the

course

of

a

year,

the

Trustees

receive

a

wide

variety

of

materials

regarding,

among

other

things,

the

investment

performance

of

the

Funds

and

Underlying

Funds,

sales

and

redemptions

of

the

Funds’

and

Underlying

Funds’

shares,

management

of

the

Funds

and

the

Underlying

Funds

and

other

services

provided

by

RIM

(and

its

affiliates)

and

the

Money

Managers

and

compliance

with

applicable

regulatory

requirements.

In

preparation

for

the

annual

review,

the

Independent

Trustees,

with

the

advice

and

assistance

of

their

independent

counsel

(“Independent

Counsel”),

also

requested

and

the

Board

considered:

(1)

information

and

reports

prepared

by

RIM

relating

to

the

services

provided

by

RIM

(and

its

affiliates)

and

the

Money

Managers

to

the

Funds

and

the

Underlying

Funds;

(2)

information

and

reports

prepared

by

RIM

relating

to

the

profitability

of

each

Fund

and

Underlying

Fund

to

RIM

(and

its

affiliates);

and

(3)

information

received

from

an

independent,

nationally

recognized

provider

of

investment

company

information

comparing

(i)

the

performance

of

the

Funds

and

the

Underlying

Funds

over

various

time

periods

and

(ii)

the

Funds’

and

the

Underlying

Funds’

respective

operating

expenses

as

of

each

Fund’s

last

fiscal

year

end,

with

other

peer

funds

not

managed

by

RIM,

believed

by

the

provider

to

be

generally

comparable

to

the

Funds

and

the

Underlying

Funds

(the

“Third-Party

Information”).

The

Third-Party

Information

provided

performance

and

operating

expense

comparisons

for

the

Underlying

Funds

that

are

series

of

Russell

Investment

Funds

(“RIF

Underlying

Funds”)

and

comparisons

for

Class

S

shares

of

the

Underlying

Funds

that

are

series

of

Russell

Investment

Company

(“RIC

Underlying

Funds”).

In

the

case

of

each

Fund,

its

other

peer

funds

are

collectively

hereinafter

referred

to

as

the

Fund’s

“Comparable

Funds,”

and,

with

the

Fund,

such

Comparable

Funds

are

collectively

hereinafter

referred

to

as

the

Fund’s

“Performance

Universe”

in

the

case

of

performance

comparisons,

and

the

Fund’s

“Expense

Universe”

in

the

case

of

operating

expense

comparisons.

The

foregoing

and

other

information

received

by

the

Board,

including

the

Independent

Trustees,

in

connection

with

its

evaluations

of

the

Agreements

are

collectively

called

the

“Agreement

Evaluation

Information.”

The

Trustees’

evaluations

also

reflected

the

knowledge

and

familiarity

gained

as

Board

members

of

the

Funds

and

the

other

RIM-managed

funds

for

which

the

Board

has

supervisory

responsibility,

including

the

Underlying

Funds

(“Other

RIM

Funds”),

with

respect

to

services

provided

by

RIM,

RIM’s

affiliates

and

each

Money

Manager.

The

Trustees

received

a

memorandum

from

counsel

to

the

Funds

and

the

Underlying

Funds

(“Fund

Counsel”)

discussing

the

legal

standards

for

their

consideration

of

the

continuations

of

the

Agreements,

and

the

Independent

Trustees

separately

received

a

memorandum

regarding

their

responsibilities

from

their

Independent

Counsel.

At

a

meeting

held

in

person

on

April

24,

2023,

the

Independent

Trustees

met

privately

with

Independent

Counsel

to

discuss

the

Agreement

Evaluation

Information

received

to

that

date.

At

a

meeting

held

in

person

on

April

25,

2023

(the

“Agreement

Information

Review

Meeting”),

the

Board,

including

the

Independent

Trustees,

in

preparation

for

the

Agreement

Evaluation

Meeting,

met:

(1)

in

an

executive

session

with

a

representative

of

TA

Associates

Management,

L.P.

(“TA

Associates”),

at

which

(i)

Independent

Counsel,

(ii)

Fund

Counsel,

(iii)

the

Chief

Investment

Officer

(“CIO”)

of

the

Funds,

who

is

also

the

President

and

CIO

of

RIM

and

RIM’s

ultimate

parent

company,

(iv)

the

Chief

Financial

Officer

and

the

Chief

Legal

Officer

of

RIM

and

RIM’s

ultimate

parent

company,

and

(v)

the

President,

Chief

Executive

Officer

and

non-Independent

Trustee

of

the

Funds,

who

is

also

the

Chief

Operating

Officer

of

RIM’s

ultimate

parent

company,

were

present;

(2)

met

with

representatives

of

RIM;

and

then

(3)

the

Independent

Trustees

met

in

a

private

session

with

Independent

Counsel

at

which

no

representatives

of

RIM

or

the

Funds’

management

were

present

to

further

review

and

discuss

the

Agreement

Evaluation

Information

received

to

that

date.

On

the

basis

of

that

review,

at

the

conclusion

of

the

Agreement

Information

Review

Meeting,

the

Independent

Trustees

communicated

additional

questions

and

requested

additional

Agreement

Evaluation

Information.

Certain

additional

Agreement

Evaluation

Information

requested

verbally

at

the

Agreement

Information

Review

Meeting

and

subsequent

thereto

in

writing

was

provided

to

the

Board

on

May

9,

2023.

On

May

15,

2023,

the

Independent

Trustees

met

by

video

conference

in

private

session

with

Independent

Counsel

to

further

discuss

the

Agreement

Evaluation

Information

and

review

the

additional

Agreement

Evaluation

Information

provided

to

date.

On

May

16,

2023,

the

Independent

Trustees

provided

follow-up

requests

and

comments

relating

to

the

additional

Agreement

Evaluation

Information.

On

May

19,

2023

and

at

the

Agreement

Evaluation

Meeting,

the

Board

Chair

and

Board,

respectively,

were

provided

with

responses

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

53

to

the

follow-up

requests

and

comments

relating

to

certain

of

the

additional

Agreement

Evaluation

Information

requested

at

the

Agreement

Information

Review

Meeting

and

subsequent

thereto.

At

the

Agreement

Evaluation

Meeting,

the

Independent

Trustees

again

met

in

person

in

a

private

session

with

Independent

Counsel

to

review

the

additional

or

updated

Agreement

Evaluation

Information

received

to

that

date.

At

the

Agreement

Evaluation

Meeting,

the

Board,

including

the

Independent

Trustees,

considered

the

proposed

continuance

of

the

Agreements

with

RIM,

Fund

management,

Independent

Counsel

and

Fund

Counsel.

The

Board

considered

that

the

Agreement

Evaluation

Information

and

presentations

made

by

RIM

at

the

Agreement

Information

Review

Meeting

and

the

Agreement

Evaluation

Meeting

as

part

of

this

review

encompassed

the

Funds

and

all

Other

RIM

Funds.

Information

received

by

the

Board,

including

the

Independent

Trustees,

prior

to

and

at

the

Agreement

Information

Review

Meeting,

the

Agreement

Evaluation

Meeting,

and

other

meetings

identified

above

is

included

in

the

Agreement

Evaluation

Information.

Prior

to

voting

at

the

Agreement

Evaluation

Meeting,

the

Independent

Trustees

met

in

private

session

with

Independent

Counsel

to

consider

Agreement

Evaluation

Information

received

from

RIM

and

management

at

and

prior

to

the

Agreement

Evaluation

Meeting.

The

discussion

below

reflects

all

of

these

reviews.

In

evaluating

the

Agreements,

the

Board

considered

that

each

of

the

Underlying

Funds

employs

a

manager-of-managers

method

of

investment

and

that

the

Underlying

Funds,

in

employing

a

manager-of-managers

method

of

investment,

operate

in

a

manner

that

is

different

from

many

other

investment

companies.

Specifically,

the

Board

considered

that

RIM

has

engaged

multiple

unaffiliated

Money

Managers

for

the

Underlying

Funds

and

is

responsible

for

paying

fees

to

the

Money

Managers

(“Money

Manager

Fees”)

out

of

the

advisory

fees

paid

by

the

Underlying

Funds

to

RIM

for

its

services

under

the

RIM

Agreement.

A

Money

Manager

may

have

(1)

a

discretionary

asset

management

assignment

pursuant

to

which

it

is

allocated

a

portion

of

an

Underlying

Fund’s

assets

to

manage

directly

and

for

which

it

selects

and

trades

the

individual

portfolio

securities

for

the

assets

assigned

to

it;

(2)

a

non-

discretionary

assignment

pursuant

to

which

it

provides

a

model

portfolio

to

RIM

representing

its

investment

recommendations,

based

upon

which

RIM

purchases

and

sells

securities

for

an

Underlying

Fund;

or

(3)

both

a

discretionary

and

a

non-discretionary

assignment.

Money

Manager

Fees

for

a

non-discretionary

assignment

may

be

the

same

as,

or

lower

than,

the

fees

would

be

for

a

discretionary

assignment

with

the

same

Money

Manager.

The

Board

considered

that

RIM

(rather

than

any

Money

Manager

in

the

case

of

Underlying

Funds)

is

responsible

under

the

RIM

Agreement

for

determining,

implementing

and

maintaining

the

investment

program

for

each

Fund

and,

in

conducting

each

Fund’s

investment

program,

allocating

assets

of

such

Fund

principally

among

its

Underlying

Funds.

The

assets

of

each

Fund

are

principally

invested

in

different

combinations

of

the

Underlying

Funds

pursuant

to

target

asset

allocations

set

by

RIM.

RIM

analyzes

opportunities

and

risks

at

the

aggregate

level

of

the

four

main

asset

classes

–

equities,

fixed

income,

multi-asset

and

alternatives

–

and

monitors

exposure

to

such

asset

classes

using

analytical

tools

to

seek

to

ensure

that

any

deviations

from

the

target

asset

allocations

are

intentional

and

tactical.

RIM

periodically

evaluates

each

Fund’s

allocation

between

asset

classes

to

seek

to

ensure

that

the

allocations

optimally

match

the

Fund’s

stated

investment

objectives

and

risk

profile.

RIM

may

modify

the

target

asset

allocation

for

any

Fund,

including

changes

to

the

Underlying

Funds

in

which

the

Funds

invest

from

time

to

time.

The

overall

performance

of

each

Fund

therefore

has

reflected,

in

part,

the

performance

of

RIM

in

designing

the

investment

program

of

the

Fund

and

in

determining

the

Funds’

target

strategic

asset

allocations.

The

overall

performance

of

each

Fund

also

has

reflected

the

performance

of

RIM

in

managing

its

Underlying

Funds.

Assets

of

each

Underlying

Fund

are

allocated

among

RIM

and

the

multiple

Money

Manager

strategies

selected

by

RIM

for

that

Underlying

Fund.

RIM

may

change

an

Underlying

Fund’s

asset

allocation

to

a

Money

Manager

at

any

time,

including

by

allocating

no

Underlying

Fund

assets

to

one

or

more

Money

Manager

strategies.

In

addition,

RIM

continues

to

manage

the

investment

of

each

Underlying

Fund’s

cash

and

portions

of

an

Underlying

Fund

during

transitions

between

discretionary

Money

Managers.

RIM

also

continues

to

manage

directly

any

portion

of

each

Underlying

Fund’s

assets

that

RIM

determines

not

to

allocate

to

Money

Manager

strategies.

Most

Underlying

Funds

usually,

but

not

always,

pursue

a

strategy

of

being

fully

invested

by

exposing

all

or

a

portion

of

their

cash

to

the

performance

of

certain

markets

by

purchasing

equity

securities,

fixed

income

securities

and/or

derivatives.

This

cash

“equitization”

strategy

is

managed

by

RIM

and

is

intended

to

cause

a

Fund

to

perform

as

though

its

cash

were

actually

invested

in

those

specified

markets

or

strategies.

With

respect

to

the

portion

of

an

Underlying

Fund

that

RIM

manages

based

upon

non-

discretionary

Money

Manager

model

portfolios,

RIM

constructs

a

portfolio

that

represents

the

aggregation

of

the

model

portfolios

based

upon

RIM’s

allocation

to

each

Money

Manager’s

strategy

through

an

“enhanced

portfolio

implementation,”

or

“emulation,”

process

designed

to

capture

return

streams

of

multiple

Money

Managers

in

a

centralized

portfolio.

RIM

then

implements

the

portfolio

consistent

with

the

aggregation

of

the

model

portfolios,

but

may

deviate

from

such

aggregation

for

the

purposes

of

exposure

and

transaction

cost

management.

RIM

stated

its

belief

that

the

Underlying

Funds

benefit

from

emulation

through,

among

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

54

Basis

for

Approval

of

Investment

Advisory

Agreement

other

things,

improved

incremental

returns

over

time

due

to

lower

aggregate

transaction

costs

(including

the

impact

of

lower

trading

volume

on

custody

charges)

and

turnover

from

reduced

trading

volumes,

and

the

potential

for

additional

commission

recapture.

The

Board

noted

the

variety

and

complexity

of

investment

advisory

services

that

RIM

provides

directly

or,

through

the

Underlying

Funds,

indirectly

to

the

Funds

under

the

RIM

Agreement.

In

the

case

of

Underlying

Funds,

RIM

is

responsible

for

selecting

(subject

to

Board

approval),

overseeing

and

evaluating

the

performance

results

of

the

Money

Managers

for

each

Underlying

Fund

and

for

actively

managing

allocations

and

reallocations

of

its

assets

among

Money

Manager

strategies

and

RIM

itself.

Each

discretionary

Money

Manager

for

an

Underlying

Fund

in

effect

performs

the

function

of

an

individual

portfolio

manager

who

is

responsible

for

researching,

selecting

and

trading

portfolio

securities

for

the

portion

of

the

Underlying

Fund

assigned

to

it

by

RIM

in

accordance

with

the

Underlying

Fund’s

applicable

investment

objective,

policies

and

restrictions,

any

specific

guidelines

placed

by

RIM

upon

their

selection

of

portfolio

securities,

and

the

Money

Manager’s

specified

role

in

an

Underlying

Fund.

A

Money

Manager’s

primary

role

is

to

pursue

a

particular

investment

strategy

that

has

been

selected

and

assigned

to

it

by

RIM

through

sector

and

security

selection

and

risk

control

measures

in

a

manner

that

is

consistent

with

its

RIM-assigned

guidelines.

The

Money

Managers

operate

subject

to

the

oversight

of,

and

instructions

from,

RIM.

For

each

Underlying

Fund,

RIM

is

responsible

for,

among

other

things,

providing

each

Money

Manager

with

the

investment

guidelines

and

policies

for

the

Underlying

Fund

and

any

specific

investment

restrictions;

monitoring

the

performance

of

each

Money

Manager

and

Underlying

Fund;

generally

supervising

compliance

by

the

discretionary

Money

Managers

and,

as

applicable,

the

non-discretionary

Money

Managers

with

each

Underlying

Fund’s

investment

objective

and

policies;

with

respect

to

Underlying

Funds

with

non-discretionary

Money

Managers,

purchasing

and

selling

securities

for

the

Underlying

Funds

based

on

model

portfolios

representing

the

investment

recommendations

of

the

non-discretionary

Money

Managers;

managing

Underlying

Fund

assets

that

are

not

allocated

to

Money

Manager

strategies;

managing

the

Underlying

Funds’

cash

balances;

and

recommending

at

least

annually

to

the

Board

whether

portfolio

management

contracts

should

be

renewed,

modified

or

terminated.

In

addition

to

its

annual

recommendation

as

to

the

renewal,

modification

or

termination

of

portfolio

management

contracts,

RIM

is

responsible

for

recommending

to

the

Board

additions

of

new

Money

Managers

or

terminations

or

replacements

of

existing

Money

Managers

at

any

time

when,

based

on

RIM’s

research

and

ongoing

review

and

analysis,

such

actions

are,

in

RIM’s

judgment,

appropriate.

RIM

provides

each

Money

Manager

with

specific

investment

guidelines

based

on

an

Underlying

Fund’s

investment

program

and

RIM’s

assessment

of

the

Money

Manager’s

expertise

and

investment

style

whereby

RIM

attempts

to

capitalize

on

the

strengths

of

each

Money

Manager

and

to

combine

their

investment

activities

in

a

complementary

fashion.

Therefore,

RIM’s

selection

of

Money

Managers

for

an

Underlying

Fund

is

made

not

only

on

the

basis

of

performance

considerations

but

also

on

the

basis

of

other

factors,

including

anticipated

compatibility

with

other

Money

Managers

in

the

same

Underlying

Fund.

In

light

of

the

foregoing,

the

overall

performance

of

each

Underlying

Fund

has

reflected,

in

great

part,

the

performance

of

RIM

in

designing

the

Underlying

Fund’s

investment

program,

structuring

the

Underlying

Fund,

selecting

effective

Money

Managers,

and

allocating

assets

among

the

Money

Manager

strategies

and

RIM

in

a

manner

designed

to

achieve

the

investment

objectives

of

the

Underlying

Fund.

In

the

Agreement

Evaluation

Information,

RIM

noted

the

broad

array

of

investment

management

services

provided

to

the

Underlying

Funds

by

RIM

and

the

relatively

narrow

portfolio

management

services

provided

to

the

Underlying

Funds

by

Money

Managers.

RIM

has

advised

the

Board

that

its

portfolio

construction

process

is

investment

led

and

designed

to

be

conducted

in

a

manner

that

is

consistent

with

its

fiduciary

duties.

The

objective

of

RIM’s

portfolio

construction

is

to

meet

a

portfolio’s

investment

objective

and

established

excess

return

target.

In

the

Agreement

Evaluation

Information,

RIM

noted

that

while

it

has

general

goals

for

Money

Manager

Fees

in

the

aggregate

globally,

there

are

no

specific

fee

targets

that

are

established

for

individual

portfolios,

which

includes

each

of

the

Underlying

Funds.

In

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

Money

Manager

Fees,

in

the

aggregate,

must

allow

RIM

to

remain

a

going

concern

with

sufficient

resources

to

provide

required

services

to

the

Funds

and

to

earn

a

reasonable

profit.

RIM

advised

the

Board

that

RIM

portfolio

managers

utilize

a

number

of

tools

in

the

portfolio

construction

process

in

order

to

meet

an

Underlying

Fund’s

objective

taking

into

account

Money

Manager

Fees.

These

tools

include,

among

others,

Money

Manager

selection,

Money

Manager

allocation,

Money

Manager

Fee

negotiations,

guideline

customization

and

RIM’s

direct

management

of

a

portion

of

the

Underlying

Funds’

assets

(as

further

described

below).

The

Board

considered

that

the

prospectuses

for

the

Funds

and

the

Underlying

Funds

and

other

public

disclosures

have

emphasized,

and

continue

to

emphasize,

to

investors

RIM’s

role

as

the

principal

investment

manager

for

each

Underlying

Fund,

rather

than

the

investment

selection

or

recommendation

role

of

these

Underlying

Funds’

Money

Managers,

and

describe

the

manner

in

which

the

Funds

or

Underlying

Funds

operate

so

that

investors

may

take

that

information

into

account

when

deciding

to

purchase

shares

of

any

such

Fund.

The

Board

further

considered

that

Fund

investors

in

pursuing

their

investment

goals

and

objectives

likely

purchased

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

55

their

shares

on

the

basis

of

this

information

and

RIM’s

reputation

and

experience

in

managing

the

manager-of-managers

structure

of

the

Underlying

Funds.

The

Board

also

considered

the

demands

and

complexity

of

managing

the

Underlying

Funds

pursuant

to

the

manager-of-managers

structure,

the

special

expertise

of

RIM

with

respect

to

the

manager-of-managers

structure

of

the

Underlying

Funds

and

the

possibility

that,

at

the

current

expense

ratio

of

each

Underlying

Fund,

there

might

be

no

acceptable

alternative

investment

managers

to

replace

RIM

on

comparable

terms

given

the

need

to

continue

the

manager-of-managers

strategy

of

such

Underlying

Fund

selected

by

shareholders

in

purchasing

their

shares.

In

addition

to

these

general

factors

relating

to

the

manager-of-managers

structure

of

the

Underlying

Funds,

the

Trustees

considered,

with

respect

to

each

Fund

and

Underlying

Fund,

various

specific

factors

in

evaluating

the

renewal

of

the

RIM

Agreement,

including

the

following:

1.

The

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided,

and

expected

to

be

provided,

to

the

Fund

or

the

Underlying

Fund

by

RIM;

2.

The

advisory

fee

paid

by

the

Fund

or

the

Underlying

Fund

to

RIM

for

its

services

under

the

RIM

Agreement

(the

“Advisory

Fee”),

and

the

fact

that

it

encompasses

all

investment

advisory

fees

paid

by

the

Fund

or

Underlying

Fund,

including,

in

the

case

of

Underlying

Funds,

the

fact

that

RIM

pays

all

Money

Manager

Fees

out

of

its

Advisory

Fee;

3.

The

combined

Advisory

Fee

paid

to

RIM

and

the

administrative

fee

paid

to

RIM’s

wholly

owned

subsidiary

for

administrative

services

(the

“Administrative

Fee,”

and

together

with

the

Advisory

Fee,

the

“Management

Fee”);

4.

The

performance

of

the

Funds

and

the

Underlying

Funds

relative

to

their

respective

benchmark

indices

and

Comparable

Funds;

5.

Information

provided

by

RIM

as

to

other

fees

and

benefits

received

by

RIM

or

its

affiliates

in

connection

with

the

Fund

or

the

Underlying

Fund,

including

any

administrative

or

transfer

agent

fees,

any

fees

received

for

management

or

administration

of

funds

in

which

the

Underlying

Funds

invest

their

uninvested

cash

and

securities

lending

cash

collateral,

and

commissions

or

other

compensation

in

connection

with

the

execution

of

portfolio

securities

and

foreign

exchange

transactions;

6.

Information

provided

by

RIM

as

to

expenses

incurred

by

the

Fund

or

Underlying

Fund;

7.

Information

provided

by

RIM

as

to

the

profits

that

RIM

derives

from

its

mutual

fund

operations

generally

and

from

the

Fund

or

the

Underlying

Fund

(excluding

sales

and

client

service

expenses);

and

8.

Information

provided

by

RIM

concerning

economies

of

scale

and

whether

any

scale

economies

are

adequately

shared

with

the

Fund

or

the

Underlying

Fund.

In

connection

with

the

Trustees’

consideration

of

the

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided,

and

which

are

expected

to

be

provided,

to

the

Funds

and

the

Underlying

Funds,

including

Fund

portfolio

management

services,

the

Board

discussed

with

senior

representatives

of

RIM

who

are

also

senior

representatives

of

RIM’s

ultimate

parent

company

certain

changes

in

senior

personnel

and

the

impact

of

other

recent

changes

in

Russell

Investments’

(as

defined

below)

personnel

providing

services

to

the

Funds

and

the

Underlying

Funds.

The

CIO

discussed

with

the

Board

the

performance

of

the

Funds

as

well

as

certain

adjustments

to

portfolio

positioning

and

aspects

of

the

natural

evolution

of

RI’s

investment

process

for

certain

Underlying

Funds.

The

Board

also

discussed

the

Funds’

compliance

program

with

the

Funds’

Chief

Compliance

Officer

(“CCO”),

including

certain

items

reported

in

the

annual

report

of

the

CCO

required

under

Rule

38a-1

of

the

1940

Act

(the

“Annual

CCO

Report”).

The

Annual

CCO

Report

included

the

status

of

the

goals

for

the

past

year

related

to

the

compliance

program

that

the

CCO

identified

in

connection

with

last

year’s

Annual

CCO

Report.

The

Annual

CCO

Report

also

included

information

on

the

resources

of

the

compliance

program

and

the

status

of

various

compliance,

operations

and

technology

initiatives

previously

discussed

with

the

Board.

The

CCO

and

Russell

Investments’

Global

Chief

Compliance

Officer

discussed

with

the

Board,

and

the

Board

noted,

certain

enhancements

made

to

the

compliance

programs

of

RIM

and

the

Funds

over

the

past

year

and

suggestions

for

additional

enhancements

going

forward,

certain

staffing

changes

and

areas

of

focus

for

the

upcoming

year.

The

CCO

advised

the

Board

that

the

Funds

and

RIM,

with

respect

to

the

services

RIM

provides

to

the

Funds,

have

each

adopted

and

effectively

implemented

written

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

56

Basis

for

Approval

of

Investment

Advisory

Agreement

policies

and

procedures

that

are

reasonably

designed

to

prevent

violation

of

the

Federal

Securities

Laws

(as

such

term

is

defined

in

the

1940

Act).

The

Board

also

received

information

from

and

discussed

with

the

CCO

interactions

between

RIM

and

its

principal

regulators

over

the

past

twelve

months.

RIM

is

an

indirect

wholly

owned

subsidiary

of

Russell

Investments

Group,

Ltd.,

through

which

the

limited

partners

of

certain

private

equity

funds

affiliated

with

TA

Associates

indirectly

have

a

majority

ownership

interest

through

alternative

investment

vehicles

and

the

limited

partners

of

certain

private

equity

funds

affiliated

with

Reverence

Capital

Partners,

L.P.

(“Reverence

Capital”)

indirectly

have

a

significant

minority

controlling

ownership

interest

through

certain

Reverence

Capital

funds

and

alternative

investment

vehicles

in

RIM

and

its

affiliates

(“Russell

Investments”).

Certain

of

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-controlling

positions

in

Russell

Investments.

In

connection

with

the

Board’s

initial

approval

of

the

RIM

Agreement

in

2015,

TA

Associates

advised

the

Board

of

its

plans

ultimately

to

effect

a

sale

or

other

disposition

of

its

ownership

interest

in

Russell

Investments.

Any

such

future

transaction

(“Transaction”)

could

cause

a

change

of

control

of

RIM

resulting,

among

other

things,

in

an

assignment

and

termination

of

the

RIM

Agreement,

as

required

by

the

1940

Act

and

by

the

terms

and

conditions

of

the

RIM

Agreement.

In

the

event

of

a

Transaction,

the

Board

would

be

required

to

consider

the

approval

of

the

terms

and

conditions

of

a

replacement

agreement

(“Successor

Agreement”)

for

the

RIM

Agreement

and,

thereafter,

to

submit

the

Successor

Agreement

to

each

Fund’s

shareholders

for

approval,

as

required

by

the

1940

Act.

During

the

executive

session

with

a

representative

of

TA

Associates

held

in

connection

with

the

Agreement

Information

Review

Meeting,

among

other

things,

the

status

of

TA

Associates’

indirect

investment

in

RIM

and

RIM’s

access

to

sufficient

resources

to

support

its

activities

in

respect

of

the

Funds,

including

in

light

of

the

current

market

environment,

current

debt

levels

of

Russell

Investments

Group,

Ltd.

and

certain

changes

in

Russell

Investments’

senior

management

were

discussed.

The

Board

was

not

advised

of

any

change

in

TA

Associates’

ultimate

plans

regarding

its

ownership

interest

in

Russell

Investments.

The

Board

was

advised

of

TA

Associates’

commitment

to

continue

to

support

the

same

level

of

services

currently

being

provided

by

RIM

and

its

affiliates

to

the

Funds.

As

noted

above,

RIM,

in

addition

to

managing

the

investment

of

each

Underlying

Fund’s

cash,

directly

manages

a

portion

(which

may

represent

a

significant

portion)

of

the

Underlying

Funds

pursuant

to

the

RIM

Agreement,

with

the

actual

allocation

of

Underlying

Fund

assets

among

Money

Manager

strategies

and

RIM

being

determined

from

time

to

time

by

the

RIM

portfolio

manager(s).

In

the

management

of

Underlying

Funds’

assets,

RIM

utilizes

quantitative

and/or

rules-based

processes

and

qualitative

analysis

to

assess

Underlying

Fund

characteristics

and

invests

in

securities

and

instruments

which

are

intended

to

provide

the

desired

exposures

(such

as

lower

volatility,

momentum,

value,

growth,

quality,

capitalization

size,

industry,

sector,

region,

currency,

credit

or

mortgage

exposure,

country

risk,

yield

curve

positioning,

or

interest

rates).

For

example,

RIM

may

utilize

tools

such

as

“optimization,”

which

involves

the

analysis

of

tradeoffs

between

various

risk

and

return

factors

as

well

as

turnover

and

transaction

costs,

in

order

to

estimate

optimal

portfolio

positioning.

RIM

may

use

strategies

based

on

indexes,

including

optimized

index

sampling

(strategies

that

seek

to

purchase

a

sampling

of

securities

using

optimization

and

risk

models)

and/or

index

replication.

For

certain

Underlying

Funds,

RIM

may

invest

in

derivative

instruments

and

may

use

derivatives

to

take

both

long

and

short

positions.

RIM’s

direct

management

of

assets

for

these

purposes

is

hereinafter

referred

to

as

the

“Direct

Management

Services.”

While

no

new

direct

management

strategies

were

implemented

in

2022,

the

Board

has

been

advised

that,

where

appropriate

in

its

judgment,

RIM

may

continue

exploring

the

possible

addition

of

new

or

expansion

of

existing

Direct

Management

Services.

Therefore,

larger

portions

of

certain

Underlying

Funds

may

be

managed

directly

by

RIM

pursuant

to

the

Direct

Management

Services.

According

to

RIM,

for

the

Underlying

Funds,

its

portfolio

managers

combine

Money

Manager

strategies

and,

through

RIM’s

Direct

Management

Services,

align

exposures

with

RIM’s

preferred

positioning

by

seeking

to

precisely

manage

portfolio

exposures

as

well

as

to

generate

alpha

as

they

construct

portfolios.

RIM’s

Direct

Management

Services

are

customized

portfolios

directly

managed

by

RIM

for

use

within

the

total

portfolio

of

an

Underlying

Fund.

RIM’s

Direct

Management

Services

are

used

in

conjunction

with

allocations

to

Money

Manager

strategies

to

fully

reflect

RIM’s

strategic

and

dynamic

insights

with

integrated

liquidity

and

risk

management.

The

Board

considered

that

RIM

is

not

required

to

pay

Money

Manager

Fees

to

any

Money

Managers

with

respect

to

assets

for

which

it

provides

Direct

Management

Services

and

that

the

profits

derived

by

RIM

generally

and

from

the

Underlying

Funds

consequently

may

be

increased,

although

RIM

noted

that

it

incurs

additional

costs

in

providing

Direct

Management

Services.

RIM

advised

the

Board

that

allocations,

or

increased

allocations,

of

Underlying

Fund

assets

to

Direct

Management

Services,

together

with

Money

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

57

Manager

selection,

allocations

among

Money

Manager

strategies,

renegotiation

of

Money

Manager

Fees

and

changes

in

existing

Money

Manager

assignments

from

discretionary

to

non-discretionary

assignments

where

there

is

a

related

Money

Manager

Fee

reduction

may

reduce

its

costs

of

providing

investment

advisory

services

to

the

Underlying

Funds,

which

would

benefit

RIM.

The

Board

considered

RIM’s

advice

that

any

such

benefit,

including

any

increased

profits

to

RIM,

ultimately

may

be

partially

offset

by

the

impact

of

any

new

or

additional

fee

waivers

or

expense

caps

separately

agreed

upon

and

implemented

from

time

to

time

for

the

affected

Underlying

Funds

and

any

costs

of

incremental

investments

or

increased

cost

allocations

that

RIM

may

incur

to

support

Direct

Management

Services.

The

Board

also

considered

information

provided

by

RIM

as

to

the

potential

benefits

of

the

Direct

Management

Services

to

the

Underlying

Funds,

and

the

fact

that

the

aggregate

Advisory

Fees

paid

by

the

Underlying

Funds

are

not

increased

as

a

result

of

RIM’s

direct

management

of

Underlying

Fund

assets

as

part

of

the

Direct

Management

Services

or

otherwise.

The

Board

noted

that

changes

in

the

allocation

of

assets

among

Money

Manager

strategies,

to

Direct

Management

Services,

as

well

as

changes

in

the

allocation

of

Fund

assets

among

the

Underlying

Funds,

may

result

directly

in

higher

related

costs

to

affected

Underlying

Funds,

including

higher

brokerage

commissions

and

other

transaction

costs,

a

portion

of

which

is

paid

to

RIM’s

affiliated

broker

in

connection

with

execution

of

portfolio

transactions

in

connection

with

such

changes.

RIM

advised

the

Board

that,

in

order

to

preserve

flexibility

and

to

manage

risks,

and

consistent

with

the

terms

of

the

manager-of-

managers

exemptive

order,

in

2019

RIM

created

Money

Manager

“bench”

lineups

for

certain

Underlying

Funds,

whereby

those

Underlying

Funds

have

Board-approved

portfolio

management

contracts

with

Money

Managers

that

are

not

funded

(i.e.,

have

an

asset

allocation

of

zero).

In

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

the

opportunity

to

decrease

a

Money

Manager’s

allocation

to

zero,

but

not

terminate

the

Money

Manager,

allows

RIM

to

potentially

realize

gains

from

strategies

that

may

have

been

overly

rewarded

in

the

marketplace

over

the

short

to

medium

term,

or

provide

the

opportunity

to

retain

capacity

with

a

Money

Manager

that

may

otherwise

be

closed

to

new

business.

The

Board

noted

that

RIM

does

not

believe

there

are

any

detriments

to

the

Underlying

Funds

or

RIM

from

the

use

of

a

Money

Manager

bench.

RIM

has

advised

the

Board

that

RIM

may

add

Money

Managers

to,

or

remove

Money

Managers

from,

a

Money

Manager

bench

lineup

for

Underlying

Funds,

or

create

Money

Manager

bench

lineups

for

additional

Underlying

Funds.

The

Agreement

Evaluation

Information

outlined

various

changes

that

have

been

implemented

in

the

investment

program

for

the

Funds

and

the

Underlying

Funds

in

recent

years

and

described

additional

changes

that

have

been

implemented

or

are

underway,

and

the

impact

of

such

changes,

to

the

investment

advisory

services

provided

to

the

Underlying

Funds

by

RIM,

which

the

Trustees

took

into

account

in

their

contract

renewal

deliberations,

including

the

following:

•

The

Direct

Management

Services

described

above.

•

Most

discretionary

Money

Manager

equity

assignments

for

Underlying

Funds

were

previously

converted

to

non-discretionary

assignments,

thereby

implementing

emulation

for

those

Money

Manager

equity

assignments.

The

Board

considered

the

potential

impacts

described

in

the

Agreement

Evaluation

Information,

both

positive

and

negative,

on

the

Underlying

Funds

of

emulation.

RIM

noted

that,

in

implementing

emulation

for

most

equity

assignments

for

the

Underlying

Funds,

it

assumes

various

additional

risks,

including

trade

error

risk

as

it

takes

over

responsibility

for

trading.

RIM

generally

effects

Underlying

Fund

equity

portfolio

transactions

through

an

affiliated

broker

that

receives

a

portion

of

the

commissions

paid

by

the

Funds

for

effecting

some

of

these

transactions.

According

to

RIM,

the

Underlying

Funds

pay

the

same

commission

rates

regardless

of

whether

the

affiliate

receives

any

portion

of

the

commission.

The

commission

rates

the

Underlying

Funds

pay

on

trades

RIM

effects

through

its

affiliated

broker

dealer

are

determined

by

an

oversight

committee

of

RIM.

RIM

noted

certain

recent

enhancements

to

the

emulation

process

for

Underlying

Funds,

including

increasing

the

frequency

of

receipt

of

certain

Money

Manager

model

portfolios

and

the

utilization

of

a

risk-based

portfolio

dashboard.

While

RIM

generally

implements

Money

Manager

equity

strategies

via

emulation,

RIM

has

determined

and

may

determine

that

certain

Money

Manager

equity

strategies

should

be

implemented

by

Money

Managers

on

a

discretionary

basis.

•

RIM

has

renegotiated

fees

with

certain

Money

Managers

to

lower

levels

and

advised

the

Board

that

it

will

continue

to

assess

opportunities

for

Money

Manager

Fee

reductions

in

the

future.

RIM

advised

the

Board

that

it

has

not

experienced,

and

does

not

expect

to

experience,

any

diminution

in

the

nature,

scope

or

quality

of

services

provided

by

Money

Managers

as

a

result

of

renegotiated

Money

Manager

Fees.

•

Investment

strategy

and/or

benchmark

changes

for

certain

Underlying

Funds.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

58

Basis

for

Approval

of

Investment

Advisory

Agreement

•

Adjustments

to

the

overall

credit

quality

and

risk

exposures

for

certain

fixed-income

Underlying

Funds

to

better

align

these

Funds

with

their

peer

group

constituents

which

is

expected

to

result

in

a

higher

level

of

differentiation

between

those

Underlying

Funds.

•

RIM

modified

the

strategic

asset

allocation

of

the

Funds

in

the

first

quarter

of

2023

to

reflect

market

conditions,

capital

market

forecasts

and

RIM’s

desired

asset

class

exposures.

In

evaluating

the

Funds’

and

Underlying

Funds’

Advisory

Fees

and

Management

Fees,

the

Board

considered

that,

in

the

Agreement

Evaluation

Information

and

at

past

meetings,

RIM

noted

differences

between

the

investment

strategies

of

certain

Underlying

Funds

and

their

respective

Comparable

Funds

in

pursuing

their

investment

objectives.

The

Third-Party

Information

included,

among

other

things,

comparisons

of

the

Funds’

Advisory

Fees

and

Management

Fees

with

the

advisory

fees

and

management

fees

of

their

Comparable

Funds

on

an

actual

basis

(i.e.,

giving

effect

to

any

fee

waivers

and/or

expense

caps

implemented

by

RIM

with

respect

to

a

Fund

and

by

the

managers

of

such

Fund’s

Comparable

Funds).

The

Third-Party

Information

showed,

among

other

things,

that

the

Moderate

Strategy

Fund,

Balanced

Strategy

Fund

and

Growth

Strategy

Fund

each

had

a

Management

Fee

which,

compared

with

the

management

fees

of

its

respective

Comparable

Funds

on

an

actual

basis,

was

ranked

in

the

second

quintile

of

its

Expense

Universe

for

that

expense

component,

and

the

Equity

Growth

Strategy

Fund

had

a

Management

Fee

which,

compared

with

the

management

fees

of

its

respective

Comparable

Funds

on

an

actual

basis,

was

ranked

in

the

first

quintile

of

its

Expense

Universe

for

that

expense

component.

In

these

rankings,

the

first

quintile

represents

funds

with

the

lowest

management

fees

among

funds

in

the

Expense

Universe,

and

the

fifth

quintile

represents

funds

with

the

highest

management

fees

among

funds

in

the

Expense

Universe.

The

comparisons

were

based

upon

the

latest

fiscal

years

for

the

Expense

Universe

funds.

The

Funds

and

the

RIF

Underlying

Funds

are

distributed

exclusively

to

holders

of

variable

annuity

and

variable

life

insurance

contracts

issued

by

insurance

companies

(“Insurance

Contract

Holders”).

Among

other

things,

RIM

noted

that

meaningful

comparisons

of

management

fees

between

funds

affiliated

with

insurance

companies

issuing

variable

annuity

and

life

insurance

policies

to

Insurance

Contract

Holders

and

funds

that

are

not

affiliated

with

such

insurance

companies,

such

as

the

Funds

and

the

RIF

Underlying

Funds,

are

difficult

as

insurance

companies

have

flexibility

to

allocate

certain

fees

between

the

variable

annuity

and

variable

life

insurance

contracts

held

by

Insurance

Contract

Holders

and

the

affiliated

underlying

funds.

RIM

also

discussed

the

administrative

services

provided

by

an

insurance

company

to

Insurance

Contract

Holders

invested

in

the

Funds

and

the

RIF

Underlying

Funds

and

the

costs

associated

with

the

provision

of

such

administrative

services.

RIM

explained

that

these

administrative

services

benefit

the

Funds’

and

RIF

Underlying

Funds’

Insurance

Contract

Holders

and

are

necessary

for

the

operation

of

the

Funds

and

the

RIF

Underlying

Funds.

In

discussing

the

Management

Fees

for

the

Underlying

Funds

generally,

RIM

noted,

among

other

things,

that

its

Management

Fees

for

the

Underlying

Funds

encompass

services

that

are

typical

to

services

provided

by

investment

advisers

to

the

Underlying

Funds’

Comparable

Funds,

as

well

as

transition

management

services

that

enable

efficient

and

cost-effective

asset

transition

events

and

the

administration

of

a

cash

equitization

program.

RIM

also

advised

the

Board

that

its

pre-tax

profit

margins

from

its

relationships

with

the

Funds

and

Underlying

Funds

decreased

in

2022,

and

RIM’s

2022

pre-tax

profit

margins

in

providing

investment

advisory

services

to

the

Funds

is

comparable

with

the

median

of

the

operating

profit

margins

of

public

investment

management

company

peers

(in

each

case,

including

sales

and

client

service

expenses)

based

on

a

survey

conducted

for

the

year

2021.

RIM

has

expressed

its

view

that

Advisory

Fees

should

also

be

considered

not

only

in

isolation,

but

also

in

the

context

of

a

Fund’s

or

Underlying

Fund’s

total

expense

ratio

to

obtain

a

complete

picture.

The

Board

considers

each

Fund’s

and

Underlying

Fund’s

Advisory

Fee

and

Management

Fee

on

both

a

standalone

basis

and

in

the

context

of

the

Fund’s

or

Underlying

Fund’s

total

expense

ratio.

The

Board

also

considers

the

various

expense

components,

other

than

the

Advisory

Fee

and

Management

Fee,

that

comprise

each

Fund’s

total

expense

ratio,

and

the

extent

to

which

such

expense

components

contribute

to

each

Fund’s

total

expense

rankings

within

its

Expense

Group.

The

Board

has

engaged,

and

continues

to

engage,

in

discussions

with

RIM

to

identify

opportunities,

where

appropriate,

for

improving

the

Advisory

Fee,

Management

Fee

and/or

total

expense

comparisons

for

certain

Underlying

Funds

relative

to

their

respective

Comparable

Funds

through

Advisory

Fee

waivers

or

expense

caps.

At

the

Agreement

Information

Review

Meeting

and

the

Agreement

Evaluation

Meeting,

the

Board

reviewed

and

discussed

with

RIM

the

Management

Fees

and

total

expense

ratios

of

the

Underlying

Funds

relative

to

their

respective

Comparable

Funds,

including

the

fee

waivers

RIM

had

implemented

and

agreed

to

implement

to

reduce

Management

Fees

and/or

total

expenses

for

certain

Underlying

Funds,

and

the

Underlying

Funds’

Comparable

Fund

fee

and

expense

trending

year-over-year.

Based

on

that

review

and

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

59

discussions

with

RIM,

including

discussions

with

RIM

regarding

the

reasonableness

of

various

components

of

certain

Underlying

Funds’

total

expense

ratio

other

than

its

Management

Fee,

the

Independent

Trustees

will

continue

to

evaluate

and

engage

in

ongoing

discussions

with

management

regarding

Management

Fee

and

total

expense

comparisons

of

the

Underlying

Funds.

Based

upon

information

provided

by

RIM,

the

Board

considered

for

each

Fund

and

Underlying

Fund

whether

economies

of

scale

have

been

realized

and

whether

the

Advisory

Fee

for

such

Fund

or

Underlying

Fund

appropriately

reflects

or

should

be

revised

to

reflect

any

such

economies.

The

Board

considered,

among

other

things,

the

variability

of

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure

employed

by

the

Underlying

Funds

as

well

as

net

Fund

redemptions

or

purchases

in

recent

years.

With

respect

to

each

Underlying

Fund,

the

Board

considered

any

Advisory

Fee

waivers

that

had

been

implemented

in

the

past

year,

and

those

proposed

to

be

implemented

in

2023

and

2024.

In

addition,

the

Board,

in

the

case

of

certain

Underlying

Funds,

considered

Advisory

Fee

breakpoints

that

previously

had

been

implemented

for

those

Underlying

Funds.

The

Funds

are

primarily

distributed

through,

and

their

assets

are

primarily

attributed

to,

The

Northwestern

Mutual

Life

Insurance

Company

(“Northwestern

Mutual”).

The

Funds

continue

to

experience

outflows;

however,

RIM

advised

the

Board

there

is

regular

contact

with

Northwestern

Mutual

in

order

to

maintain

product

availability

and

continue

efforts

to

grow

the

product

line.

RIM

expressed

its

belief

that

Northwestern

Mutual

is

still

committed

to

the

Funds

and

RIF

Underlying

Funds.

However,

the

Board

has

received

no

direct

assurances

in

this

regard

from

Northwestern

Mutual.

If

Northwestern

Mutual

were

to

discontinue

its

participation

in

the

Funds,

the

Board

considered

that

it

is

unlikely

that

the

Funds

would

remain

viable.

RIM

previously

expressed

its

belief

that

the

Funds

will

remain

viable

in

the

near

term,

and

the

Board

was

not

advised

of

any

change

in

RIM’s

belief

in

this

regard.

The

Board

considered,

among

other

things,

the

potential

negative

implications

for

significant

future

Fund

asset

growth

if

additional

insurance

companies

do

not

make

the

Funds

available

to

their

variable

annuity

and

variable

life

insurance

policyholders.

The

Board

also

considered

that

the

fee

rates

payable

to

RIM

or

its

affiliates

by

institutional

clients

with

investment

objectives

similar

to

those

of

the

Funds

in

some

cases

are

lower

than

the

advisory

fee

rates

paid

by

the

Funds

(including

indirect

expenses

of

investing

in

Underlying

Funds).

The

Trustees

considered

the

differences

in

the

nature

and

scope

of

services

RIM

provides

to

institutional

clients

and

the

Funds

and

the

Underlying

Funds.

RIM

explained,

among

other

things,

that

institutional

products

have

fewer

compliance,

administrative,

client

servicing/communication

and

other

needs

than

the

Funds

and

the

Underlying

Funds.

RIM

also

noted

that

due

to

the

number

and

nature

of

investors,

along

with

their

varied

needs

for

liquidity,

there

is

more

portfolio

liquidity

management

and

cash

flow

management

required

for

the

Underlying

Funds

than

for

RIM’s

institutional

clients,

where

assets

are

relatively

stable.

In

addition,

RIM

noted

that

the

Funds

and

the

Underlying

Funds

are

subject

to

heightened

regulatory

requirements

relative

to

institutional

clients,

including

new

rules

recently

adopted

by

the

U.S.

Securities

and

Exchange

Commission.

Accordingly,

the

Trustees

concluded

that

the

services

provided

to

the

Funds

and

Underlying

Funds

are

sufficiently

different

from

the

services

provided

to

such

institutional

clients

that

comparisons

are

not

probative

and

should

not

be

given

significant

weight.

With

respect

to

the

Funds’

total

expenses,

the

Third-Party

Information

showed

that

the

total

direct

expenses

(i.e.,

not

including

indirect

expenses

of

the

Underlying

Funds)

for

the

Balanced

Strategy

Fund

ranked

in

the

first

quintile

of

its

Expense

Universe,

and

the

total

direct

expenses

for

the

Moderate

Strategy

Fund,

Growth

Strategy

Fund

and

Equity

Growth

Strategy

Fund

each

ranked

in

the

second

quintile

of

its

Expense

Universe.

In

these

rankings,

the

first

quintile

represents

the

funds

with

the

lowest

total

expenses

among

funds

in

the

Expense

Universe

and

the

fifth

quintile

represents

funds

with

the

highest

total

expenses

among

the

Expense

Universe

funds.

On

the

basis

of

the

Agreement

Evaluation

Information,

and

other

information

previously

received

by

the

Board

from

RIM

during

the

course

of

the

year

and

prior

years,

or

presented

at

or

in

connection

with

the

Agreement

Information

Review

Meeting

and

Agreement

Evaluation

Meeting

by

RIM

and

its

affiliates,

the

Board,

in

respect

of

each

Fund

and

Underlying

Fund,

after

giving

effect

to

any

applicable

fee

waivers

for

the

Underlying

Funds,

and

considering

any

differences

in

the

investment

strategies

of

their

respective

Comparable

Funds

and

in

light

of

other

factors

discussed

above:

(1)

found

that

the

Advisory

Fee

and

Administrative

Fee

were

acceptable

in

light

of

the

nature,

scope

and

overall

quality

of

the

investment

advisory

and

other

services

provided,

and

expected

to

be

provided,

to

the

Fund

or

Underlying

Fund

and

to

provide

continuity

of

investment

advisory

and

other

services

by

RIM

and

its

affiliates

to

the

Fund

or

Underlying

Fund;

(2)

either

found

that

the

relative

expense

ratio

of

each

Fund

and

Underlying

Fund

was

comparable

to

those

of

its

Comparable

Funds

or

took

into

account

the

factors

noted

above,

and

other

factors

in

respect

of

the

Underlying

Funds,

in

considering

the

relative

expense

ratio

as

compared

to

those

of

its

Comparable

Funds;

(3)

found

that

the

other

benefits

and

fees

received

by

RIM

or

its

affiliates

from

the

Fund

or

Underlying

Fund

identified

in

the

Agreement

Evaluation

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

60

Basis

for

Approval

of

Investment

Advisory

Agreement

Information

were

not

considered

to

be

excessive;

(4)

found

that

RIM’s

reported

profitability

with

respect

to

the

Fund

and

Underlying

Fund

was

not

considered

to

be

excessive

in

light

of

the

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided

by

RIM

and

applicable

judicial

and

regulatory

guidance;

and

(5)

found

that

the

Advisory

Fee

charged

by

RIM

appropriately

reflects

any

economies

of

scale

realized

by

such

Fund

or

Underlying

Fund

in

light

of

various

factors,

including

potential

negative

implications

for

significant

future

Fund

asset

growth

if

additional

insurance

companies

do

not

make

the

Funds

available

to

their

Insurance

Contract

Holders;

the

Advisory

Fee

breakpoints

that

are

in

place

for

certain

Underlying

Funds;

the

variability

of

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure

employed

by

the

Underlying

Funds;

and

RIM’s

advice

that

it

does

not

believe

it

will

experience

meaningful

economies

of

scale.

The

Board

concluded

that,

under

the

circumstances

and

based

on

RIM’s

performance

information

and

reviews

for

each

Fund

and

Underlying

Fund,

the

performance

of

each

of

the

Funds

and

Underlying

Funds

supported

the

continuation

of

the

RIM

Agreement.

In

assessing

the

performance

of

the

Funds

and

the

Underlying

Funds

with

at

least

three

years

of

performance

history,

the

Board

focused

upon

each

Fund’s

performance

for

the

3-year

period

ended

December

31,

2022

as

most

relevant,

but

also

considered

Fund

and

Underlying

Fund

performance

for

the

1-year

and,

where

applicable,

5-year

periods

ended

on

such

date.

In

reviewing

the

performance

of

the

Funds

and

Underlying

Funds

generally,

the

Board

took

into

consideration

various

steps

taken

by

RIM

in

the

past

few

years

to

enhance

the

performance

of

certain

Underlying

Funds,

including

changes

in

Money

Managers

or

their

allocations,

changes

to

investment

strategies,

and

RIM’s

implementation

or

expansion

of

its

Direct

Management

Services

and

other

strategies,

which

may

not

yet

be

fully

reflected

in

Underlying

Fund

investment

results.

With

respect

to

the

Moderate

Strategy

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

was

ranked

in

the

fifth

quintile

of

its

Performance

Universe

for

the

1-,

3-

and

5-year

periods

ended

December

31,

2022.

With

respect

to

the

Balanced

Strategy

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

was

ranked

in

the

fifth

quintile

of

its

Performance

Universe

for

the

3-

and

5-year

periods

ended

December

31,

2022,

and

was

ranked

in

the

fourth

quintile

of

its

Performance

Universe

for

the

1-year

period

ended

on

such

date.

With

respect

to

the

Growth

Strategy

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

was

ranked

in

the

fourth

quintile

of

its

Performance

Universe

for

the

3-year

period

ended

December

31,

2022,

was

ranked

in

the

third

quintile

of

its

Performance

Universe

for

the

1-year

period

ended

on

such

date,

and

was

ranked

the

fifth

quintile

of

its

Performance

Universe

for

the

5-year

period

ended

on

such

date.

With

respect

to

the

Equity

Growth

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

was

ranked

in

the

fourth

quintile

of

its

Performance

Universe

for

the

1-

and

3-year

periods

ended

December

31,

2022,

and

was

ranked

in

the

fifth

quintile

of

its

Performance

Universe

for

the

5-year

period

ended

on

such

date.

The

Board

considered

RIM’s

explanation

that

the

underperformance

of

the

Funds

relative

to

their

respective

Comparable

Funds

for

the

3-year

period

was

primarily

driven

by

asset

allocation

differences.

RIM

noted,

among

other

things,

that

in

comparison

to

the

Funds’

Performance

Universes,

the

Funds

have

more

exposure

to

diversified,

growth-oriented

asset

classes

beyond

traditional

equities,

such

as

global

high

yield

debt,

emerging

market

debt,

global

real

estate,

infrastructure,

and

commodities,

which

are

included

to

provide

diversification

benefits

and

dampen

volatility,

but

detracted

from

the

Funds’

performance

in

a

strong

equity

environment

over

the

3-year

period.

The

Board

also

considered

RIM’s

explanation

that

the

Funds’

relative

overweight

to

non-U.S.

equities

versus

U.S.

equities

negatively

impacted

peer

relative

performance,

as

U.S.

equities

outperformed

non-U.S.

equities

on

an

annualized

basis

during

the

period.

RIM

noted

that

the

Funds’

overweight

to

value,

in

alignment

with

RIM’s

strategic

belief

and

tactical

preferences,

compared

to

their

Comparable

Funds

detracted

from

peer-relative

performance

over

the

3-year

period

as

growth

equities

outperformed

value

equities.

RIM

further

noted

that

the

Funds’

strategic

asset

allocations

were

modified

in

April

2021,

with

the

objective

of

improving

return

potential

given

the

current

capital

markets

environment

and

capital

markets

forecasts,

and

improving

asset

class

and

performance

attribution

transparency.

RIM

also

noted

that

it

modified

the

strategic

asset

allocation

of

the

Funds

in

March

2023

to

reflect

market

conditions,

capital

market

forecasts

and

RIM’s

desired

asset

class

exposures.

In

evaluating

performance,

the

Board

considered

each

Fund’s

and

Underlying

Fund’s

performance

not

only

relative

to

its

Comparable

Funds,

but

also

in

absolute

terms

and

relative

to

appropriate

benchmarks

and

indices.

The

Board

considered

the

Underlying

Funds’

performance

relative

to

their

benchmarks

in

light

of

RIM’s

advice

that

its

investment

philosophy

and

process

seek

to

combine

investment

managers

to

produce

benchmark-beating

returns

with

above-average

consistency.

Among

the

Underlying

Funds

in

which

the

Funds

were

invested

as

of

December

31,

2022,

for

the

1-year

period

ended

December

31,

2022,

the

RIF

U.S.

Small

Cap

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

61

Equity

Fund,

RIF

International

Developed

Markets

Fund

and

RIC

Global

Equity

Fund

outperformed

their

respective

benchmarks;

for

the

3-year

period

ended

December

31,

2022,

the

RIF

U.S.

Small

Cap

Equity

Fund,

RIC

Global

Equity

Fund

and

RIF

Global

Real

Estate

Securities

Fund

outperformed

their

respective

benchmarks;

and

for

the

5-year

period

ended

December

31,

2022,

the

RIF

U.S.

Small

Cap

Equity

Fund

and

RIF

Global

Real

Estate

Securities

Fund

outperformed

their

respective

benchmarks.

The

Board

also

considered

the

Money

Manager

changes

that

have

been

made

during

the

past

year

and

that

the

performance

of

Money

Managers

continues

to

impact

the

performance

of

the

Funds

and

Underlying

Funds

for

periods

prior

and

subsequent

to

their

termination.

Further,

the

Board

considered

the

implementation

of

additional

strategies

or

refinements

to

strategies

discussed

in

the

Agreement

Evaluation

Information

and/or

prior

Board

meetings

that

have

been

and

may

be

employed

by

RIM

in

respect

of

certain

Underlying

Funds.

After

considering

the

foregoing

and

other

relevant

factors,

including

factors

described

above,

the

Board

concluded

in

respect

of

each

Fund

and

Underlying

Fund

that

continuation

of

the

RIM

Agreement

would

be

in

the

best

interest

of

such

Fund

and

its

shareholders

and

voted

to

approve

the

continuation

of

the

RIM

Agreement.

At

the

Agreement

Information

Review

Meeting

and

Agreement

Evaluation

Meeting,

with

respect

to

the

evaluation

of

the

terms

of

portfolio

management

contracts

with

Money

Managers

for

the

Underlying

Funds,

the

Board

received

and

considered

information

from

RIM

reporting,

among

other

things,

for

each

Money

Manager,

the

Money

Manager’s

performance

over

various

periods;

RIM’s

assessment

of

the

performance

of

each

Money

Manager;

any

significant

business

relationships

between

the

Money

Manager

and

RIM

or

Russell

Investments

Financial

Services,

LLC,

the

Funds’

and

Underlying

Funds’

underwriter;

and

RIM’s

recommendation

to

retain

each

discretionary

or

non-discretionary

Money

Manager

on

the

current

terms

and

conditions,

including

at

the

current

fee

rate,

other

than

one

discretionary

Money

Manager

for

two

Manager-of-Managers

Underlying

Funds

pending

termination

that

RIM

recommended

be

retained

until

a

termination

date

to

be

determined

in

RIM’s

discretion,

but

for

no

more

than

a

one-year

period.

The

Board

received

reports

during

the

course

of

the

year

from

the

Funds’

CCO

regarding

her

assessments

of

Money

Manager

compliance

programs

and

any

compliance

issues.

RIM

did

not

identify

any

benefits

from

the

Underlying

Funds’

portfolio

transactions

received

by

Money

Managers

or

their

affiliates

other

than

potential

benefits

from

soft

dollar

arrangements

or

commissions

paid

to

any

affiliated

broker-dealer

through

which

a

discretionary

Money

Manager

may

execute

trades.

RIM

recommended

that

each

of

the

Money

Managers

be

retained

for

its

current

discretionary

or

non-discretionary

assignment

at

its

current

fee

rate.

In

doing

so,

RIM,

as

it

has

in

the

past,

advised

the

Board

that

it

does

not

regard

Money

Manager

profitability

or

economies

of

scale

as

relevant

to

its

evaluation

of

the

portfolio

management

contracts

with

Money

Managers

because

the

willingness

of

Money

Managers

to

serve

in

such

capacity

depends

upon

arm’s-length

negotiations

with

RIM;

RIM

is

aware

of

the

standard

fee

rates

charged

by

Money

Managers

to

other

clients;

and

RIM

believes

that

the

fees

agreed

upon

with

Money

Managers

are

reasonable

and

appropriate

in

light

of

the

anticipated

quality

of

investment

advisory

services

to

be

rendered.

The

Board

accepted

RIM’s

explanation

of

the

relevance

of

Money

Manager

profitability

in

light

of

RIM’s

belief

that

such

fees

are

reasonable;

the

Board’s

findings

as

to

the

acceptability

of

the

Advisory

Fee

paid

by

each

Underlying

Fund;

and

the

fact

that

each

Money

Manager’s

fee

is

paid

by

RIM.

Based

upon

RIM’s

recommendations,

together

with

relevant

Agreement

Evaluation

Information,

the

Board

concluded

that

the

fees

paid

to

the

Money

Managers

of

each

Underlying

Fund

are

acceptable

in

light

of

RIM’s

assessment

of

quality

of

the

investment

advisory

services

provided

and

that

continuation

of

the

portfolio

management

contract

with

each

Money

Manager

of

each

Underlying

Fund

would

be

in

the

best

interests

of

such

Underlying

Fund

and

its

shareholders.

*

*

*

This

discussion

is

not

intended

to

include

all

of

the

factors

and

information

considered

by

the

Board.

In

their

deliberations,

the

Trustees

did

not

identify

any

particular

information

as

to

the

RIM

Agreement

or,

other

than

RIM’s

recommendation,

the

portfolio

management

contract

with

any

Money

Manager

for

an

Underlying

Fund

that

was

all-important

or

controlling,

except,

in

the

case

of

the

RIM

Agreement,

the

need

to

continue

the

managers-of-managers

structure

of

the

Underlying

Funds,

and

each

Trustee

attributed

different

weights

to

the

various

factors

considered.

The

Trustees

evaluated

all

information

available

to

them

on

a

Fund-by-Fund

basis

and

their

determinations

were

made

in

respect

of

each

Fund

and

Underlying

Fund.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Liquidity

Risk

Management

Program

—

June

30,

2023

(Unaudited)

62

Liquidity

Risk

Management

Program

The

Funds

have

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

in

accordance

with

Rule

22e-4

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”).

The

Program

seeks

to

assess,

manage,

and

review

each

Fund’s

“liquidity

risk.”

For

purposes

of

the

Liquidity

Rule,

“liquidity

risk”

is

defined

as

the

risk

that

a

Fund

is

unable

to

satisfy

redemption

requests

without

significantly

diluting

remaining

investors’

interests

in

the

Fund.

The

Program

is

comprised

of

various

components

designed

to

support

the

assessment

and/or

management

of

liquidity

risk,

including:

1.

Assessment,

management

and

periodic

review

of

each

Fund’s

liquidity

risk;

2.

Classification

of

each

Fund’s

investments

into

four

categories

or

liquidity

buckets

based

on

how

long

it

would

take

to

convert

the

investment

to

cash

(the

“Classification

Regime”);

3.

Establishment

and

annual

review

of

a

highly

liquid

investment

minimum

(“HLIM”)

for

each

Fund

that

does

not

invest

primarily

in

“highly

liquid”

investments

(as

defined

under

the

Liquidity

Rule);

4.

Requirements

applicable

to

a

Fund’s

holdings

of

“illiquid

investments”

(as

defined

under

the

Liquidity

Rule);

and

5.

Implementation

of

redemption

in-kind

policies

and

procedures.

The

Board

of

Trustees

of

RIF

(the

“Board”)

appointed

RIM,

the

Funds’

investment

adviser,

as

the

Program

administrator

(the

“Program

Administrator”).

The

Program

Administrator

has

delegated

responsibility

to

implement

and

administer

the

Program,

subject

to

oversight

by

the

Program

Administrator,

to

one

or

more

RIM

associates

(the

“Program

Administrator

Delegate”).

The

Program

Administrator,

through

the

Program

Administrator

Delegate,

monitors

the

adequacy

and

effectiveness

of

the

Program’s

implementation

and

on

a

periodic

basis

assesses

each

Fund’s

liquidity

risk

based

on

a

variety

of

factors.

At

the

May

22,

2023

meeting

of

the

Regulatory

and

Investment

Compliance

Committee

of

the

Board

(the

“Meeting”),

the

Program

Administrator

reviewed

the

Program

Administrator’s

annual

written

report

(the

“Report”)

addressing

the

Program’s

operation

as

well

as

the

adequacy

and

effectiveness

of

its

implementation

for

the

period

from

January

1,

2022

through

December

31,

2022

(the

“Program

Reporting

Period”).

The

Report

summarized

the

factors

considered

by

the

Program

Administrator

in

assessing

whether

the

Program

has

been

adequately

and

effectively

implemented

with

respect

to

each

Fund.

Such

information

and

factors

included,

among

other

things:

(1)

the

framework

used

to

assess,

manage,

and

periodically

review

each

Fund’s

liquidity

risk

and

the

results

of

this

assessment;

(2)

the

methodology

and

inputs

used

in

connection

with

the

Classification

Regime,

including

circumstances

in

which

the

Program

Administrator

adjusted

a

preliminary

classification

provided

by

the

third-party

service

provider

engaged

to

assist

in

preparing

classifications

of

portfolio

investments

(the

“Service

Provider”)

or

adjusted

the

inputs

used

by

the

Service

Provider

to

generate

preliminary

classifications;

(3)

whether

a

new

HLIM

should

be

established,

or

an

existing

HLIM

continued

or

modified,

for

each

Fund

and

the

procedures

for

monitoring

for

HLIM

compliance;

(4)

whether

a

Fund

invested

more

than

15%

of

its

assets

in

illiquid

investments

and

the

procedures

for

monitoring

for

this

limit;

(5)

specific

liquidity

events

arising

during

the

Program

Reporting

Period,

including

the

impact

on

Fund

liquidity

caused

by

extended

non-U.S.

market

closures;

and

(6)

actions

taken

by

the

Program

Administrator

and

Program

Administrator

Delegate

during

the

Program

Reporting

Period

to

manage

Fund

liquidity

and

liquidity

risk.

The

Board

was

informed

that,

in

connection

with

its

previous

annual

review

and

assessment

of

the

Program,

the

Program

Administrator

made

certain

updates

to

the

Program

during

the

Program

Reporting

Period.

The

Board

was

also

informed

of

certain

updates

to

the

Program

that

would

be

implemented

in

the

2023

reporting

period.

Based

on

the

Program

Administrator’s

review

and

the

factors

set

forth

in

the

Report,

the

Report

concluded

that:

(1)

the

Program

continues

to

be

reasonably

designed

to

effectively

assess

and

manage

each

Fund’s

liquidity

risk;

(2)

each

Fund’s

liquidity

risk

continues

to

be

appropriate

in

light

of

the

Fund’s

investment

objective

and

strategies;

(3)

each

Fund’s

investment

strategies

continue

to

be

appropriate

for

an

open-ended

management

investment

company;

and

(4)

the

Program

has

been

adequately

and

effectively

implemented

with

respect

to

each

Fund,

including

the

establishment

and

operation

of

the

HLIM

for

applicable

Funds.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Shareholder

Requests

for

Additional

Information

—

June

30,

2023

(Unaudited)

Shareholder

Requests

for

Additional

Information

63

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

Adviser

and

Service

Providers

—

June

30,

2023

(Unaudited)

64

Adviser

and

Service

Providers

Interested

Trustee

Vernon

Barback

Independent

Trustees

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

Kari

Seabrands,

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

1776

Heritage

Drive

North

Quincy,

MA

02171

Office

of

Shareholder

Inquiries

1301

Second

Avenue

Seattle,

WA

98101

(800)

787-7354

Legal

Counsel

Dechert

LLP

One

International

Place,

40th

Floor

100

Oliver

Street

Boston,

MA

02110

Distributor

Russell

Investments

Financial

Services,

LLC

1301

Second

Avenue

Seattle,

WA

98101

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

1420

5th

Avenue,

Suite

2800

Seattle,

WA

98101

This

report

is

prepared

from

the

books

and

records

of

the

Funds

and

is

submitted

for

the

general

information

of

shareholders

and

is

not

authorized

for

distribution

to

prospective

investors

unless

accompanied

or

preceded

by

an

effective

Prospectus.

Nothing

herein

contained

is

to

be

considered

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

Russell

Investment

Funds.

Such

offering

is

made

only

by

Prospectus,

which

includes

details

as

to

offering

price

and

other

material

information.

Russell

Investment

Funds

1301

Second

Avenue

Seattle,

Washington

98101

800-787-7354

Fax:

206-505-3495

Item 2. Code of Ethics. [Annual Report Only]

Item 3. Audit Committee Financial Expert. [Annual Report Only]

Item 4. Principal Accountant Fees and Services. [Annual Report Only]

Item 5.  Audit Committee of Listed Registrants.  [Not Applicable]

Item 6.  [Schedules of Investments are included as part of the Report to Shareholders filed under Item 1 of this form]

Items 7-9. [Not Applicable]

Item 10.  Submission of Matters to a Vote of Security Holders

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

Item 11. Controls and Procedures

(a) Registrant's principal executive officer and principal financial officer have concluded that Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the date this report is filed with the Securities and Exchange Commission.

(b) There were no changes in Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies [Not Applicable]

Item 13.  Exhibit List

(a)Certification for principal executive officer of Registrant as required by Rule 30a-2(a) under the Act and certification for principal financial officer of Registrant as required by Rule 30a-2(a) under the Act. ex99_cert

(b)

Certification for principal executive officer and principal financial officer of Registrant as required by Rule 30a-2(b) under the Act

. ex99.906_cert

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Russell Investment Funds

By:      /s/ Vernon Barback                                                                                        

            Vernon Barback   

President & Chief Executive Officer (Principal Executive Officer), Russell Investment Funds

Date:  August 14, 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:  August 14, 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:  August 14, 2023