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

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: 811-05371

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

18th Floor

Seattle, Washington 98101

206-505-4846

______________________________________________

(Name and address of agent for service)

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

Date of fiscal year end:           December 31

Date of reporting period:        January 1, 2024 to June 30, 2024

Item 1. Reports to Stockholders

U.S. Strategic Equity Fund 

RIFAX 

Semi-Annual Shareholder Report

June 30, 2024 

This semi-annual shareholder report contains important information about U.S. Strategic Equity Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
U.S. Strategic Equity Fund	$47.69	0.90%

Key Fund Statistics

• Net Assets (thousands)$604,393
• Total Number of Portfolio Holdings 554
• Total Advisory Fees Paid (thousands) $2,143
• Portfolio Turnover Rate21%

Graphical Representation of Holdings

Asset Class Exposure

Value	Value
Securities Sold Short	(5.4)%
Short-Term Investments	2.0%
Common Stocks	103.4%

Sector Exposure - Common Stocks

(% of Net Assets) 

Value	Value
Technology	40.0%
Consumer Discretionary	14.2%
Financial Services	13.5%
Health Care	12.3%
Producer Durables	8.1%
Energy	4.1%
Materials and Processing	3.8%
Consumer Staples	3.7%
Utilities	3.7%
Other	(3.4)%

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://connect.rightprospectus.com/russellinvestments?Site=RIF.

U.S. Small Cap Equity Fund 

RIFBX 

Semi-Annual Shareholder Report

June 30, 2024 

This semi-annual shareholder report contains important information about U.S. Small Cap Equity Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
U.S. Small Cap Equity Fund	$56.89	1.13%

Key Fund Statistics

• Net Assets (thousands)$210,946
• Total Number of Portfolio Holdings 1,115
• Total Advisory Fees Paid (thousands) $956
• Portfolio Turnover Rate33%

Graphical Representation of Holdings

Asset Class Exposure

Value	Value
Other	0.7%
Securities Sold Short	(4.5)%
Other Securities	1.0%
Short-Term Investments	3.8%
Common Stocks	99.0%

Sector Exposure - Common Stocks

(% of Net Assets) 

Value	Value
Financial Services	19.6%
Producer Durables	17.0%
Health Care	16.6%
Technology	14.4%
Consumer Discretionary	11.2%
Materials and Processing	7.7%
Utilities	4.9%
Energy	4.7%
Consumer Staples	2.9%
Other	1.0%

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://connect.rightprospectus.com/russellinvestments?Site=RIF.

Global Real Estate Securities Fund 

RIFSX 

Semi-Annual Shareholder Report

June 30, 2024 

This semi-annual shareholder report contains important information about Global Real Estate Securities Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Global Real Estate Securities Fund	$44.21	0.90%

Key Fund Statistics

• Net Assets (thousands)$925,486
• Total Number of Portfolio Holdings 123
• Total Advisory Fees Paid (thousands) $3,637
• Portfolio Turnover Rate40%

Graphical Representation of Holdings

Asset Class Exposure

Value	Value
Other	(0.4)%
Other Securities	1.3%
Short-Term Investments	3.5%
Common Stocks	95.6%

Country Exposure - Common Stocks

(% of Net Assets) 

Value	Value
United States	59.9%
Japan	8.9%
Australia	5.5%
United Kingdom	5.2%
Singapore	2.8%
Canada	2.4%
France	2.4%
Germany	2.3%
Hong Kong	2.0%
Sweden	1.7%
Other	6.9%

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://connect.rightprospectus.com/russellinvestments?Site=RIF.

Growth Strategy Fund 

RIFIX 

Semi-Annual Shareholder Report

June 30, 2024 

This semi-annual shareholder report contains important information about Growth Strategy Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Growth Strategy Fund	$7.74	0.15%

Key Fund Statistics

• Net Assets (thousands)$181,623
• Total Number of Portfolio Holdings 11
• Total Advisory Fees Paid (thousands) $179
• Portfolio Turnover Rate1%

Graphical Representation of Holdings

Asset Class Exposure

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets) 

Value	Value
International Equities	41.1%
Domestic Equities	31.3%
Fixed Income	14.2%
Multi-Asset	8.0%
Alternative	5.4%

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://connect.rightprospectus.com/russellinvestments?Site=RIF.

Balanced Strategy Fund 

RIFHX 

Semi-Annual Shareholder Report

June 30, 2024 

This semi-annual shareholder report contains important information about Balanced Strategy Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Balanced Strategy Fund	$7.16	0.14%

Key Fund Statistics

• Net Assets (thousands)$216,463
• Total Number of Portfolio Holdings 11
• Total Advisory Fees Paid (thousands) $213
• Portfolio Turnover Rate5%

Graphical Representation of Holdings

Asset Class Exposure

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets) 

Value	Value
International Equities	36.0%
Fixed Income	32.5%
Domestic Equities	20.1%
Multi-Asset	7.0%
Alternative	4.4%

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://connect.rightprospectus.com/russellinvestments?Site=RIF.

Equity Growth Strategy Fund 

RIFJX 

Semi-Annual Shareholder Report

June 30, 2024 

This semi-annual shareholder report contains important information about Equity Growth Strategy Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Equity Growth Strategy Fund	$7.77	0.15%

Key Fund Statistics

• Net Assets (thousands)$48,601
• Total Number of Portfolio Holdings 10
• Total Advisory Fees Paid (thousands) $47
• Portfolio Turnover Rate4%

Graphical Representation of Holdings

Asset Class Exposure

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets) 

Value	Value
International Equities	44.8%
Domestic Equities	36.3%
Multi-Asset	8.0%
Alternative	6.4%
Fixed Income	4.5%

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://connect.rightprospectus.com/russellinvestments?Site=RIF.

International Developed Markets Fund 

RIFCX 

Semi-Annual Shareholder Report

June 30, 2024 

This semi-annual shareholder report contains important information about International Developed Markets Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
International Developed Markets Fund	$51.33	1.02%

Key Fund Statistics

• Net Assets (thousands)$343,416
• Total Number of Portfolio Holdings 572
• Total Advisory Fees Paid (thousands) $1,553
• Portfolio Turnover Rate13%

Graphical Representation of Holdings

Asset Class Exposure

Value	Value
Other	1.5%
Other Securities	0.3%
Preferred Stocks	1.3%
Short-Term Investments	2.2%
Common Stocks	94.7%

Country Exposure - Common Stocks

(% of Net Assets) 

Value	Value
Japan	16.6%
United States	10.9%
United Kingdom	9.0%
France	8.3%
Germany	6.5%
Netherlands	5.8%
Canada	4.7%
Switzerland	4.3%
Taiwan	2.8%
Italy	2.7%
Other	28.5%

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://connect.rightprospectus.com/russellinvestments?Site=RIF.

Strategic Bond Fund 

RIFDX 

Semi-Annual Shareholder Report

June 30, 2024 

This semi-annual shareholder report contains important information about Strategic Bond Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Strategic Bond Fund	$32.22	0.65%

Key Fund Statistics

• Net Assets (thousands)$866,243
• Total Number of Portfolio Holdings 1,470
• Total Advisory Fees Paid (thousands) $2,348
• Portfolio Turnover Rate33%

Graphical Representation of Holdings

Asset Class Exposure

Value	Value
Other	(7.9)%
Other Securities	0.2%
Short-Term Investments	27.5%
Long-Term Investments	80.2%

Long-Term Fixed Income Exposure

(% of Net Assets) 

Value	Value
Mortgage-Backed Securities	25.8%
Corporate Bonds and Notes	24.1%
International Debt	14.3%
Non-US Bonds	6.6%
United States Government Treasuries	4.8%
Asset-Backed Securities	4.3%
Loan Agreements	0.2%
Municipal Bonds	0.1%
Other	19.8%

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://connect.rightprospectus.com/russellinvestments?Site=RIF.

Moderate Strategy Fund 

RIFGX 

Semi-Annual Shareholder Report

June 30, 2024 

This semi-annual shareholder report contains important information about Moderate Strategy Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Moderate Strategy Fund	$7.08	0.14%

Key Fund Statistics

• Net Assets (thousands)$69,761
• Total Number of Portfolio Holdings 10
• Total Advisory Fees Paid (thousands) $69
• Portfolio Turnover Rate2%

Graphical Representation of Holdings

Asset Class Exposure

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets) 

Value	Value
Fixed Income	52.0%
International Equities	19.9%
Domestic Equities	17.1%
Multi-Asset	8.0%
Alternative	3.0%

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://connect.rightprospectus.com/russellinvestments?Site=RIF.

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.

(a)

The

registrant’s

Schedules

of

Investments

are

included

as

part

of

the

Financial

Statements

filed

under

Item

7

of

this

form.

(b)

Not

Applicable.

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

2024

SEMI-ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

Russell

Investment

Funds

JUNE

30,

2024

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

(Form

N-CSR

Item

7)

3

U.S.

Small

Cap

Equity

Fund

(Form

N-CSR

Item

7)

19

International

Developed

Markets

Fund

(Form

N-CSR

Item

7)

43

Strategic

Bond

Fund

(Form

N-CSR

Item

7)

65

Global

Real

Estate

Securities

Fund

(Form

N-CSR

Item

7)

113

Notes

to

Schedules

of

Investments

(Form

N-CSR

Item

7)

127

Notes

to

Financial

Highlights

(Form

N-CSR

Item

7)

129

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

130

Affiliated

Brokerage

Transactions

(Form

N-CSR

Item

7)

150

Basis

for

Approval

of

Investment

Advisory

Agreement

(Form

N-CSR

Item

11)

151

Adviser,

Money

Managers

and

Service

Providers

162

Russell

Investment

Funds

Semi-annual

Financial

Statements

and

Other

Information

June

30,

2024

(Unaudited)

Table

of

Contents

Russell

Investment

Funds

Copyright

©

Russell

Investments

2024.

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

Schedule

of

Investments

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

3

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

103.4%

Consumer

Discretionary

-

14.2%

Advance

Auto

Parts,

Inc.

9,328

591

Amazon.com,

Inc.(Æ)(Û)

122,102

23,596

Atmus

Filtration

Technologies,

Inc.

57,229

1,647

Autoliv,

Inc.

3,613

387

AutoZone,

Inc.(Æ)

498

1,476

BorgWarner,

Inc.

18,906

610

Central

Garden

&

Pet

Co.

Class

A(Æ)

740

24

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

42,750

2,678

Comcast

Corp.

Class

A

35,877

1,405

Costco

Wholesale

Corp.

5,330

4,530

Dick's

Sporting

Goods,

Inc.

2,502

538

Dillard's,

Inc.

Class

A

572

252

Domino's

Pizza,

Inc.

1,704

880

DR

Horton,

Inc.

6,566

925

Duolingo,

Inc.(Æ)

497

104

eBay,

Inc.

31,250

1,679

Expedia

Group,

Inc.(Æ)(Û)

6,122

771

FactSet

Research

Systems,

Inc.

1,452

593

Five

Below,

Inc.(Æ)

2,894

315

Foot

Locker,

Inc.(Ð)

6,697

167

Ford

Motor

Co.

71,319

894

Fox

Corp.

Class

A(Ð)

25,282

869

Garmin,

Ltd.

6,163

1,004

General

Motors

Co.(Û)

88,198

4,098

Genuine

Parts

Co.

3,378

467

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)(Ð)

20,585

234

Home

Depot,

Inc.

(The)

3,869

1,332

Hubbell,

Inc.

Class

B

1,804

659

Interpublic

Group

of

Cos.,

Inc.

(The)(Ð)

3,560

104

KB

Home

4,305

302

Lear

Corp.

4,716

539

Leggett

&

Platt,

Inc.(Ð)

29,751

341

Lennar

Corp.

Class

A(Û)

10,766

1,613

Leonardo

DRS,

Inc.(Æ)

6,320

161

Lithia

Motors,

Inc.

Class

A

2,375

600

Live

Nation

Entertainment,

Inc.(Æ)

23,677

2,219

Lowe's

Cos.,

Inc.

10,226

2,254

Lululemon

Athletica,

Inc.(Æ)(Û)

3,882

1,160

Marriott

International,

Inc.

Class

A

3,124

755

McDonald's

Corp.

8,424

2,147

MercadoLibre,

Inc.(Æ)(Ð)

94

154

Netflix,

Inc.

Class

B(Æ)

1,517

1,024

News

Corp.

Class

A

25,106

692

Nike,

Inc.

Class

B

5,877

443

NVR,

Inc.(Æ)

292

2,216

Omnicom

Group,

Inc.(Ð)

12,998

1,166

O'Reilly

Automotive,

Inc.(Æ)

2,267

2,394

Ross

Stores,

Inc.

8,289

1,205

Skechers

USA,

Inc.

Class

A(Æ)

7,550

522

Target

Corp.

7,785

1,152

Taylor

Morrison

Home

Corp.

Class

A(Æ)

1,625

90

Tesla,

Inc.(Æ)

9,099

1,801

Texas

Roadhouse,

Inc.

Class

A

5,379

924

TJX

Cos.,

Inc.

(The)

14,660

1,614

Tractor

Supply

Co.

1,650

445

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Tri

Pointe

Homes,

Inc.(Æ)

6,737

251

TripAdvisor,

Inc.(Æ)

25,496

454

Ulta

Beauty,

Inc.(Æ)

1,209

467

Walmart,

Inc.

20,148

1,364

Walt

Disney

Co.

(The)

12,534

1,245

Wayfair,

Inc.

Class

A(Æ)

15,517

818

Williams-Sonoma,

Inc.(Ð)

1,955

552

85,913

Consumer

Staples

-

3.7%

Ambev

SA

-

ADR(Æ)

295,903

607

Archer-Daniels-Midland

Co.(Û)

42,875

2,592

Boston

Beer

Co.,

Inc.

Class

A(Æ)

599

183

Church

&

Dwight

Co.,

Inc.

8,385

869

Coca-Cola

Co.

(The)

14,461

920

Conagra

Brands,

Inc.

50,575

1,437

CVS

Health

Corp.

41,505

2,451

Hershey

Co.

(The)

2,697

496

Kenvue,

Inc.

20,820

378

Kroger

Co.

(The)

38,730

1,934

Molson

Coors

Beverage

Co.

Class

B

6,574

334

Mondelez

International,

Inc.

Class

A

18,429

1,206

Monster

Beverage

Corp.(Æ)

50,935

2,544

PepsiCo,

Inc.

6,546

1,080

Philip

Morris

International,

Inc.

5,095

516

Pilgrim's

Pride

Corp.(Æ)

680

26

Procter

&

Gamble

Co.

(The)

10,963

1,808

Tyson

Foods,

Inc.

Class

A

49,087

2,805

Walgreens

Boots

Alliance,

Inc.

17,095

207

WK

Kellogg

Co.(Ð)

2,650

44

22,437

Energy

-

4.1%

Baker

Hughes

Co.

59,874

2,106

BP

PLC

-

ADR

38,221

1,380

Canadian

Natural

Resources,

Ltd.

21,750

774

Chevron

Corp.

15,320

2,396

Coterra

Energy,

Inc.

22,148

591

CVR

Energy,

Inc.

3,970

106

Devon

Energy

Corp.

10,979

520

Eaton

Corp.

PLC

8,920

2,797

EOG

Resources,

Inc.

4,270

538

Exxon

Mobil

Corp.

38,856

4,473

HF

Sinclair

Corp.(Ð)

5,907

315

Kinder

Morgan,

Inc.

27,479

546

Marathon

Petroleum

Corp.

10,028

1,740

Occidental

Petroleum

Corp.

8,824

556

Phillips

66

9,846

1,390

Shell

PLC

-

ADR

16,778

1,211

TechnipFMC

PLC

14,674

384

Valero

Energy

Corp.

15,987

2,506

Williams

Cos.,

Inc.

(The)

11,962

508

24,837

Financial

Services

-

13.5%

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

AerCap

Holdings,

Ltd.

/

AerCap

Global

Aviation

Trust

20,500

1,911

Affiliated

Managers

Group,

Inc.

2,922

457

Aflac,

Inc.

11,342

1,013

Alliance

Data

Systems

Corp.

5,999

267

Allstate

Corp.

(The)(Û)

14,530

2,320

Ally

Financial,

Inc.

4,580

182

American

Express

Co.

11,642

2,696

American

Tower

Corp.(ö)

2,122

412

Ameriprise

Financial,

Inc.

3,417

1,460

Apollo

Global

Management,

Inc.

17,304

2,043

Axis

Capital

Holdings,

Ltd.

7,377

521

Bank

of

America

Corp.

58,925

2,343

Bank

of

New

York

Mellon

Corp.

(The)

32,092

1,922

Berkshire

Hathaway,

Inc.

Class

B(Æ)

7,807

3,176

BlackRock,

Inc.

Class

A

754

594

BOK

Financial

Corp.

3,284

301

Brighthouse

Financial,

Inc.(Æ)(Ð)

7,523

326

Camden

Property

Trust(ö)

5,015

547

Carlyle

Group,

Inc.

(The)

43,343

1,740

CBRE

Group,

Inc.

Class

A(Æ)

7,914

705

Charles

Schwab

Corp.

(The)

10,137

747

Chubb,

Ltd.

3,352

855

Cincinnati

Financial

Corp.

3,921

463

Citigroup,

Inc.

58,783

3,730

CME

Group,

Inc.

Class

A

1,836

361

CNO

Financial

Group,

Inc.

3,829

106

Comerica,

Inc.(Û)

11,958

610

Corebridge

Financial,

Inc.

25,770

750

Cullen/Frost

Bankers,

Inc.(Û)

3,892

396

Equinix,

Inc.(ö)

566

428

Equity

Commonwealth(Æ)(ö)

15,309

297

Essex

Property

Trust,

Inc.(Ð)(ö)

2,715

739

Evercore,

Inc.

Class

A

2,438

508

Everest

Re

Group,

Ltd.

688

262

First

American

Financial

Corp.

10,043

542

Gaming

and

Leisure

Properties,

Inc.(ö)

8,445

382

Genworth

Financial,

Inc.

Class

A(Æ)

3,500

21

Globe

Life,

Inc.

4,169

343

Goldman

Sachs

Group,

Inc.

(The)

2,027

917

Hanover

Insurance

Group,

Inc.

(The)

7,004

879

Hartford

Financial

Services

Group,

Inc.

6,205

624

Howard

Hughes

Corp.

(The)(Æ)

11,684

757

Interactive

Brokers

Group,

Inc.

Class

A

5,336

654

Intercontinental

Exchange,

Inc.

3,208

439

InvenTrust

Properties

Corp.(ö)

40

1

Janus

Henderson

Group

PLC

2,978

100

JPMorgan

Chase

&

Co.

21,009

4,249

Kemper

Corp.

1,010

60

KeyCorp(Ð)(Û)

44,807

637

Kinsale

Capital

Group,

Inc.(Ð)

706

272

LPL

Financial

Holdings,

Inc.(Ð)

1,351

377

Marsh

&

McLennan

Cos.,

Inc.

2,092

441

MasterCard,

Inc.

Class

A(Û)

20,860

9,203

Mercury

General

Corp.

1,400

74

Morgan

Stanley

25,661

2,494

Northern

Trust

Corp.

4,624

388

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NU

Holdings,

Ltd.

Class

A(Æ)

93,616

1,207

Pinnacle

Financial

Partners,

Inc.(Ð)

1,914

153

Popular,

Inc.

6,405

566

Progressive

Corp.

(The)

5,227

1,086

Prologis,

LP(ö)

10,399

1,168

Public

Storage(ö)

1,460

420

Raymond

James

Financial,

Inc.

6,171

763

Reinsurance

Group

of

America,

Inc.

Class

A

5,381

1,105

RLI

Corp.(Ð)

1,777

250

Robinhood

Markets,

Inc.

Class

A(Æ)(Ð)

30,250

687

Ryan

Specialty

Holdings,

Inc.

Class

A

2,163

125

SLM

Corp.

26,391

549

State

Street

Corp.

4,614

341

Synchrony

Financial

31,049

1,465

TPG,

Inc.

7,975

331

Travelers

Cos.,

Inc.

(The)(Û)

16,247

3,304

US

Bancorp

41,478

1,647

Vestis

Corp.

13,100

160

Virtu

Financial,

Inc.

Class

A(Ð)

8,416

189

Visa,

Inc.

Class

A

7,588

1,992

Wells

Fargo

&

Co.

54,313

3,226

Weyerhaeuser

Co.(ö)

16,929

481

Willis

Towers

Watson

PLC

4,076

1,068

WR

Berkley

Corp.

6,223

489

81,814

Health

Care

-

12.3%

10X

Genomics,

Inc.

Class

A(Æ)

21,362

415

Abbott

Laboratories

8,512

884

AbbVie,

Inc.

19,228

3,298

Acadia

Pharmaceuticals,

Inc.(Æ)

16,228

264

Agilent

Technologies,

Inc.

14,655

1,900

Align

Technology,

Inc.(Æ)(Ð)

3,494

844

Amgen,

Inc.

2,914

910

Baxter

International,

Inc.

20,783

695

Biogen,

Inc.(Æ)

1,993

462

Boston

Scientific

Corp.(Æ)

6,906

532

Bristol-Myers

Squibb

Co.

45,704

1,898

Cardinal

Health,

Inc.

7,624

750

Centene

Corp.(Æ)

19,732

1,308

Cigna

Group

(The)

3,894

1,287

Corcept

Therapeutics,

Inc.(Æ)(Ð)

3,580

116

Danaher

Corp.

4,374

1,093

DaVita

HealthCare

Partners,

Inc.(Æ)

428

59

Dentsply

Sirona,

Inc.

28,122

700

Doximity,

Inc.

Class

A(Æ)(Ð)

9,046

253

Edwards

Lifesciences

Corp.(Æ)(Ð)

14,539

1,343

Elevance

Health,

Inc.(Û)

5,787

3,136

Eli

Lilly

&

Co.

5,282

4,782

Encompass

Health

Corp.

10,232

878

Exelixis,

Inc.(Æ)

42,504

955

Fortrea

Holdings,

Inc.(Æ)

12,160

284

Gilead

Sciences,

Inc.

12,679

870

GRAIL,

Inc.(Æ)(Ð)

882

14

GSK

PLC

-

ADR

28,384

1,093

HCA

Healthcare,

Inc.

2,459

790

Henry

Schein,

Inc.(Æ)

6,492

416

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Humana,

Inc.

4,581

1,712

Illumina,

Inc.(Æ)(Ð)(Û)

5,293

552

Incyte

Corp.(Æ)(Ð)

955

58

Inspire

Medical

Systems,

Inc.(Æ)

4,820

645

Intuitive

Surgical,

Inc.(Æ)

5,022

2,234

Ionis

Pharmaceuticals,

Inc.(Æ)(Ð)

7,764

370

Jazz

Pharmaceuticals

PLC(Æ)

6,434

687

Johnson

&

Johnson

16,229

2,372

McKesson

Corp.(Û)

3,290

1,921

Medtronic

PLC

21,620

1,702

Merck

&

Co.,

Inc.

12,167

1,506

Molina

Healthcare,

Inc.(Æ)(Ð)

4,209

1,251

Neurocrine

Biosciences,

Inc.(Æ)(Û)

4,545

626

Novocure,

Ltd.(Æ)

3,201

55

Organon

&

Co.

40,987

848

Oscar

Health,

Inc.

Class

A(Æ)

5,915

94

Pfizer,

Inc.

50,279

1,407

PTC

Therapeutics,

Inc.(Æ)(Ð)

12,725

389

QIAGEN

NV(Æ)

15,303

629

QuidelOrtho

Corp.(Æ)

21,379

710

Regeneron

Pharmaceuticals,

Inc.(Æ)

3,130

3,290

Royalty

Pharma

PLC

Class

A

27,127

715

Sanofi

SA

-

ADR

12,144

589

Sarepta

Therapeutics,

Inc.(Æ)

4,992

789

Solventum

Corp.(Æ)

1,582

84

Stryker

Corp.

5,885

2,002

Tandem

Diabetes

Care,

Inc.(Æ)

10,283

414

Thermo

Fisher

Scientific,

Inc.

1,566

866

Ultragenyx

Pharmaceutical,

Inc.(Æ)

5,414

222

UnitedHealth

Group,

Inc.

14,411

7,339

Veeva

Systems,

Inc.

Class

A(Æ)

7,225

1,322

Vertex

Pharmaceuticals,

Inc.(Æ)

4,377

2,052

Viatris,

Inc.

49,915

531

West

Pharmaceutical

Services,

Inc.

1,134

374

Zoetis,

Inc.

Class

A

10,872

1,885

74,471

Materials

and

Processing

-

3.8%

Boise

Cascade

Co.

2,051

244

Builders

FirstSource,

Inc.(Æ)

7,161

991

Carrier

Global

Corp.

16,393

1,034

Copart,

Inc.(Æ)

47,278

2,561

Crown

Holdings,

Inc.

16,951

1,261

DuPont

de

Nemours,

Inc.(Û)

15,462

1,245

Fastenal

Co.

11,325

712

FMC

Corp.

23,637

1,360

Freeport-McMoRan,

Inc.

24,008

1,167

Huntsman

Corp.

31,278

712

Lennox

International,

Inc.

1,262

675

Linde

PLC

4,970

2,181

Louisiana-Pacific

Corp.

9,078

747

Martin

Marietta

Materials,

Inc.

3,471

1,881

Nucor

Corp.

4,596

726

Packaging

Corp.

of

America

4,281

782

Southern

Copper

Corp.

5,460

588

Trane

Technologies

PLC

3,736

1,229

United

States

Steel

Corp.

2,493

94

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vulcan

Materials

Co.

7,707

1,917

Westlake

Chemical

Corp.(Ð)(Û)

3,504

507

22,614

Producer

Durables

-

8.1%

3M

Co.

6,328

647

AECOM

9,650

851

AGCO

Corp.(Ð)

5,852

573

Alaska

Air

Group,

Inc.(Æ)

15,685

634

Allison

Transmission

Holdings,

Inc.

Class

A(Ð)

4,019

305

Ametek,

Inc.

3,373

562

Amphenol

Corp.

Class

A(Û)

15,150

1,021

AO

Smith

Corp.

5,235

428

Automatic

Data

Processing,

Inc.(Ð)

2,475

591

Block,

Inc.

Class

A(Æ)

7,257

468

Chart

Industries,

Inc.(Æ)

6,072

876

Cintas

Corp.

1,009

707

CNH

Industrial

NV

53,421

541

Corpay,

Inc.(Æ)

2,056

548

CoStar

Group,

Inc.(Æ)

9,295

689

CSX

Corp.

63,175

2,113

Cummins,

Inc.(Û)

4,217

1,168

Deere

&

Co.

4,295

1,605

Delta

Air

Lines,

Inc.

28,744

1,364

Donaldson

Co.,

Inc.

9,684

693

Dover

Corp.

3,929

709

EMCOR

Group,

Inc.

2,089

763

Emerson

Electric

Co.

8,440

930

Expeditors

International

of

Washington,

Inc.

6,091

760

FedEx

Corp.

6,048

1,813

Fluor

Corp.(Æ)

1,924

84

Flywire

Corp.(Æ)

2,294

38

Fortive

Corp.

6,732

499

FTI

Consulting,

Inc.(Æ)

2,226

480

GE

Vernova,

Inc.(Æ)

911

156

General

Dynamics

Corp.

2,936

852

Global

Payments,

Inc.

15,132

1,463

Howmet

Aerospace,

Inc.

9,951

772

Illinois

Tool

Works,

Inc.

1,627

386

Insperity,

Inc.(Ð)

4,652

424

JB

Hunt

Transport

Services,

Inc.(Û)

10,961

1,754

Keysight

Technologies,

Inc.(Æ)

2,417

330

Landstar

System,

Inc.

6,810

1,256

Littelfuse,

Inc.

1,471

376

Magna

International,

Inc.

Class

A

18,470

774

ManpowerGroup,

Inc.

5,371

375

NEXTracker,

Inc.

Class

A(Æ)(Ð)

3,049

143

Nordson

Corp.

1,665

386

Northrop

Grumman

Corp.

3,922

1,710

Old

Dominion

Freight

Line,

Inc.

10,516

1,857

Oshkosh

Corp.

2,302

249

Otis

Worldwide

Corp.(Ð)(Û)

11,485

1,106

PACCAR

Financial

Corp.

6,261

644

Paychex,

Inc.

4,685

555

Pentair

PLC

8,793

674

Phinia,

Inc.(Ð)

9,866

388

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Regal

Rexnord

Corp.

3,245

439

Robert

Half,

Inc.(Ð)

8,441

540

Rollins,

Inc.

9,184

448

RXO,

Inc.(Æ)(Ð)

10,701

280

Schneider

National,

Inc.

Class

B(Ð)

13,009

314

Snap-on,

Inc.

3,044

796

Southwest

Airlines

Co.(Ð)

8,819

252

TransUnion(Ð)

8,480

629

TriNet

Group,

Inc.

3,570

357

U-Haul

Holding

Co.(Æ)(Û)

702

43

United

Parcel

Service,

Inc.

Class

B

2,568

351

United

Rentals,

Inc.

722

467

Veralto

Corp.(Û)

10,614

1,013

Vontier

Corp.

17,324

662

Waste

Management,

Inc.

2,929

625

WESCO

International,

Inc.

2,925

464

WW

Grainger,

Inc.

854

770

XPO,

Inc.(Æ)

7,308

776

Xylem,

Inc.

4,181

567

48,883

Technology

-

40.0%

Accenture

PLC

Class

A

8,817

2,675

Adobe,

Inc.(Æ)

1,995

1,108

Advanced

Micro

Devices,

Inc.(Æ)

22,008

3,570

Airbnb,

Inc.

Class

A(Æ)(Ð)(Û)

8,448

1,281

Akamai

Technologies,

Inc.(Æ)

4,956

141

Alphabet,

Inc.

Class

A

118,780

21,636

Alphabet,

Inc.

Class

C

26,189

4,804

Amkor

Technology,

Inc.

3,007

120

Analog

Devices,

Inc.

6,784

1,548

Apple,

Inc.(Û)

195,451

41,166

Applied

Materials,

Inc.

2,860

675

Arista

Networks,

Inc.(Æ)

1,338

469

ASML

Holding

NV

Class

G

426

436

Atlassian

Corp.

Class

A(Æ)

7,113

1,258

Avnet,

Inc.

10,627

547

Booking

Holdings,

Inc.(Û)

633

2,508

Box,

Inc.

Class

A(Æ)(Ð)

19,982

528

Broadcom,

Inc.

1,314

2,110

CACI

International,

Inc.

Class

A(Æ)

1,345

578

Cadence

Design

Systems,

Inc.(Æ)

3,120

960

CDW

Corp.

2,554

572

Cirrus

Logic,

Inc.(Æ)

4,878

623

Cisco

Systems,

Inc.

59,079

2,807

Cognizant

Technology

Solutions

Corp.

Class

A

12,672

862

CommVault

Systems,

Inc.(Æ)

5,622

683

Conduent,

Inc.

Class

A(Æ)(Ð)

10,987

324

Crowdstrike

Holdings,

Inc.

Class

A(Æ)(Ð)

3,882

1,487

Datadog,

Inc.

Class

A(Æ)

1,162

151

DigitalOcean

Holdings,

Inc.(Æ)(Ð)

7,162

249

DocuSign,

Inc.(Æ)

9,461

506

Dropbox,

Inc.

Class

A(Æ)(Ð)

58,670

1,318

DXC

Technology

Co.(Æ)

15,255

291

EPAM

Systems,

Inc.(Æ)

3,084

580

Fortinet,

Inc.(Æ)

25,633

1,545

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Gitlab,

Inc.

Class

A(Æ)(Ð)

3,020

150

Guidewire

Software,

Inc.(Æ)

8,207

1,132

Hewlett

Packard

Enterprise

Co.

48,638

1,030

HP,

Inc.

20,795

728

Intel

Corp.(Û)

65,772

2,037

International

Business

Machines

Corp.

4,976

861

Intuit,

Inc.

6,913

4,543

KBR,

Inc.(Ð)

18,109

1,161

Kyndryl

Holdings,

Inc.(Æ)

17,901

471

Lam

Research

Corp.

3,363

3,581

Lattice

Semiconductor

Corp.(Æ)

6,576

381

Lyft,

Inc.

Class

A(Æ)(Ð)

41,528

585

Maplebear,

Inc.(Æ)

13,869

446

Marvell

Technology,

Inc.

19,489

1,362

Meta

Platforms,

Inc.

Class

A

17,068

8,606

Micron

Technology,

Inc.

22,352

2,940

Microsoft

Corp.

102,188

45,673

Monolithic

Power

Systems,

Inc.

533

438

N-Able,

Inc.(Æ)

2,150

33

NAPCO

Security

Technologies,

Inc.(Û)

2,525

131

NCR

Atleos

Corp.(Æ)

7,960

215

NetApp,

Inc.

9,167

1,181

Nutanix,

Inc.

Class

A(Æ)

13,075

743

NVIDIA

Corp.

232,901

28,773

NXP

Semiconductors

NV

8,543

2,299

ON

Semiconductor

Corp.(Æ)

12,956

888

Oracle

Corp.

16,499

2,330

Palo

Alto

Networks,

Inc.(Æ)

8,276

2,806

Paycom

Software,

Inc.(Ð)

1,859

266

Playtika

Holding

Corp.

12,800

101

Procore

Technologies,

Inc.(Æ)

9,333

619

Qorvo,

Inc.(Æ)

6,360

738

QUALCOMM,

Inc.

701

140

RingCentral,

Inc.

Class

A(Æ)

5,049

142

ROBLOX

Corp.

Class

A(Æ)

20,763

773

Roku,

Inc.(Æ)(Ð)

1,275

76

Roper

Technologies,

Inc.

1,251

705

Salesforce,

Inc.

13,209

3,396

Seagate

Technology

Holdings

PLC

7,195

743

SentinelOne,

Inc.

Class

A(Æ)

23,577

496

ServiceNow,

Inc.(Æ)

3,836

3,018

Silicon

Laboratories,

Inc.(Æ)

2,403

266

Skyworks

Solutions,

Inc.

4,950

528

Smartsheet,

Inc.

Class

A(Æ)

13,846

610

Snap,

Inc.

Class

A(Æ)

14,973

249

Sonos,

Inc.(Æ)

20,908

309

Spotify

Technology

SA(Æ)

5,605

1,759

Synopsys,

Inc.(Æ)

1,400

833

Tenable

Holdings,

Inc.(Æ)

5,362

234

Teradata

Corp.(Æ)(Ð)

9,586

331

Teradyne,

Inc.

10,673

1,583

Texas

Instruments,

Inc.

18,518

3,602

Twilio,

Inc.

Class

A(Æ)(Ð)

1,613

92

Uber

Technologies,

Inc.(Æ)(Û)

34,824

2,531

VeriSign,

Inc.(Æ)

5,272

937

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Workday,

Inc.

Class

A(Æ)(Ð)

3,229

722

241,439

Utilities

-

3.7%

AT&T,

Inc.

141,378

2,702

ConocoPhillips

13,972

1,598

Constellation

Energy

Generation

LLC(Ð)

(Û)

7,771

1,556

Edison

International

15,043

1,080

Exelon

Corp.(Û)

65,499

2,267

FirstEnergy

Corp.

27,354

1,047

Gulfport

Energy

Corp.(Æ)

1,809

273

Iridium

Communications,

Inc.(Ð)

9,230

246

Magnolia

Oil

&

Gas

Corp.

Class

A

3,375

86

NextEra

Energy,

Inc.

28,633

2,028

NRG

Energy,

Inc.

29,785

2,319

PG&E

Corp.

90,405

1,578

Pinnacle

West

Capital

Corp.

6,070

464

T-Mobile

USA,

Inc.

11,132

1,961

Verizon

Communications,

Inc.

22,917

945

Vistra

Corp.(Û)

17,306

1,488

Xcel

Energy,

Inc.

14,501

774

22,412

Total

Common

Stocks

(cost

$414,570)

624,820

Short-Term

Investments

-

2.0%

U.S.

Cash

Management

Fund(@)

12,176,132

(∞)

12,173

Total

Short-Term

Investments

(cost

$12,171)

12,173

Total

Investments

-

105.4%

(identified

cost

$426,741)

636,993

Securities

Sold

Short

-

(5.4)%

Consumer

Discretionary

-

(0.8)%

Acushnet

Holdings

Corp.

(1,200)

(76)

Advanced

Energy

Industries,

Inc.

(3,246)

(353)

Asbury

Automotive

Group,

Inc.(Æ)

(584)

(133)

Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

(1,083)

(43)

Charter

Communications,

Inc.

Class

A(Æ)

(1,888)

(565)

Choice

Hotels

International,

Inc.

(580)

(69)

Churchill

Downs,

Inc.

(3,912)

(546)

Crocs,

Inc.(Æ)

(3,127)

(456)

FirstCash

Holdings,

Inc.

(2,947)

(309)

Group

1

Automotive,

Inc.

(1,416)

(421)

Joby

Aviation,

Inc.(Æ)

(17,642)

(90)

Kontoor

Brands,

Inc.

(2,966)

(196)

LGI

Homes,

Inc.(Æ)

(2,081)

(186)

Liberty

Media

Corp.(Æ)

(3,907)

(87)

Lithia

Motors,

Inc.

Class

A

(2,069)

(522)

Topgolf

Callaway

Brands

Corp.(Æ)

(22,693)

(347)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Warner

Bros

Discovery,

Inc.(Æ)

(76,988)

(573)

(4,972)

Energy

-

(0.2)%

Patterson-UTI

Energy,

Inc.

(20,958)

(217)

Sitio

Royalties

Corp.

Class

A

(7,302)

(172)

Sunrun,

Inc.(Æ)

(24,426)

(290)

Uranium

Energy

Corp.(Æ)

(36,895)

(222)

(901)

Financial

Services

-

(0.8)%

AGNC

Investment

Corp.(ö)

(6,329)

(60)

Apollo

Global

Management,

Inc.

(4,932)

(582)

Arbor

Realty

Trust,

Inc.(ö)

(20,327)

(292)

BGC

Group,

Inc.

Class

A

(31,874)

(265)

Cohen

&

Steers,

Inc.

(2,790)

(202)

Erie

Indemnity

Co.

Class

A

(842)

(305)

First

Financial

Bankshares,

Inc.

(11,331)

(335)

Glacier

Bancorp,

Inc.

(13,505)

(504)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

(14,048)

(416)

Healthcare

Realty

Trust,

Inc.(ö)

(30,304)

(499)

Iron

Mountain,

Inc.(ö)

(7,253)

(650)

New

York

Community

Bancorp,

Inc.

(2,044)

(7)

Old

National

Bancorp

(28,892)

(497)

Park

National

Corp.

(565)

(80)

ServisFirst

Bancshares,

Inc.

(2,503)

(158)

SoFi

Technologies,

Inc.(Æ)

(3,469)

(23)

Webster

Financial

Corp.

(3,419)

(149)

(5,024)

Health

Care

-

(1.0)%

Acadia

Healthcare

Co.,

Inc.(Æ)

(8,425)

(569)

Apollo

Medical

Holdings,

Inc.(Æ)

(1,105)

(45)

Axsome

Therapeutics,

Inc.(Æ)

(518)

(42)

Azenta,

Inc.(Æ)

(972)

(51)

Bio-Techne

Corp.

(1,609)

(115)

Crinetics

Pharmaceuticals,

Inc.(Æ)

(5,557)

(249)

Elanco

Animal

Health,

Inc.(Æ)

(2,950)

(42)

Ensign

Group,

Inc.

(The)

(3,045)

(377)

Geron

Corp.(Æ)

(62,047)

(263)

Globus

Medical,

Inc.

Class

A(Æ)

(11,031)

(755)

Halozyme

Therapeutics,

Inc.(Æ)

(6,477)

(339)

ICU

Medical,

Inc.(Æ)

(2,903)

(345)

Insmed,

Inc.(Æ)

(3,710)

(249)

LifeStance

Health

Group,

Inc.(Æ)

(21,161)

(104)

Neogen

Corp.(Æ)

(31,543)

(493)

NeoGenomics,

Inc.(Æ)

(8,993)

(125)

RadNet,

Inc.(Æ)

(6,823)

(402)

Repligen

Corp.(Æ)

(3,117)

(393)

Select

Medical

Holdings

Corp.

(5,257)

(184)

Sotera

Health

Co.(Æ)

(8,931)

(106)

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Surgery

Partners,

Inc.(Æ)

(7,692)

(183)

TransMedics

Group,

Inc.(Æ)

(1,174)

(177)

Vaxcyte,

Inc.(Æ)

(3,970)

(300)

(5,908)

Materials

and

Processing

-

(0.2)%

AAON,

Inc.

(6,852)

(598)

Pool

Corp.

(1,212)

(373)

Quaker

Chemical

Corp.

(413)

(70)

Rogers

Corp.(Æ)

(964)

(116)

SPX

Technologies,

Inc.(Æ)

(1,410)

(200)

(1,357)

Producer

Durables

-

(0.7)%

AeroVironment,

Inc.(Æ)

(1,337)

(244)

Badger

Meter,

Inc.

(3,021)

(563)

Brink's

Co.

(The)

(1,936)

(198)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(5,627)

(558)

Itron,

Inc.(Æ)

(3,709)

(367)

Kratos

Defense

&

Security

Solutions,

Inc.

(Æ)

(13,257)

(265)

OSI

Systems,

Inc.(Æ)

(1,926)

(265)

RBC

Bearings,

Inc.(Æ)

(1,499)

(404)

Teledyne

Technologies,

Inc.(Æ)

(1,318)

(511)

Union

Pacific

Corp.

(1,973)

(447)

Zurn

Elkay

Water

Solutions

Corp.

(13,590)

(400)

(4,222)

Technology

-

(1.4)%

Advanced

Micro

Devices,

Inc.(Æ)

(1,385)

(225)

Analog

Devices,

Inc.

(2,736)

(625)

Aspen

Technology,

Inc.(Æ)

(1,319)

(262)

Broadcom,

Inc.

(58)

(93)

Coherent

Corp.(Æ)

(8,764)

(635)

EchoStar

Corp.

Class

A(Æ)

(22,913)

(408)

Entegris,

Inc.

(512)

(69)

Envestnet,

Inc.(Æ)

(3,459)

(216)

ePlus,

Inc.(Æ)

(2,738)

(202)

Fiserv,

Inc.(Æ)

(3,554)

(530)

Frontier

Communications

Parent,

Inc.(Æ)

(12,401)

(325)

Gen

Digital,

Inc.

(26,129)

(653)

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

(2,526)

(282)

Marvell

Technology,

Inc.

(6,946)

(486)

MKS

Instruments,

Inc.

(1,496)

(195)

Onto

Innovation,

Inc.(Æ)

(1,806)

(397)

Oracle

Corp.

(1,227)

(173)

Plexus

Corp.(Æ)

(2,305)

(238)

PTC,

Inc.(Æ)

(1,687)

(306)

Sanmina

Corp.(Æ)

(8,154)

(540)

Take-Two

Interactive

Software,

Inc.(Æ)

(3,018)

(469)

Veeco

Instruments,

Inc.(Æ)

(1,849)

(86)

ViaSat,

Inc.(Æ)

(16,778)

(213)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vishay

Intertechnology,

Inc.

(21,859)

(487)

Wolfspeed,

Inc.(Æ)

(21,464)

(489)

(8,604)

Utilities

-

(0.3)%

Civitas

Resources,

Inc.

(4,230)

(292)

Cogent

Communications

Holdings,

Inc.

(7,752)

(438)

MGE

Energy,

Inc.

(1,690)

(126)

New

Fortress

Energy,

Inc.

(9,900)

(218)

Northern

Oil

and

Gas,

Inc.

(3,319)

(123)

Otter

Tail

Corp.

(5,189)

(454)

(1,651)

Total

Securities

Sold

Short

(proceeds

$29,699)

(32,639)

Other

Assets

and

Liabilities,

Net

-

0.0%

39

Net

Assets

-

100.0%

604,393

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

9

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

47

USD

12,976

09/24

(3)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(3)

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

$

85,913

$

—

$

—

$

—

$

85,913

14.2

Consumer

Staples

22,437

—

—

—

22,437

3.7

Energy

24,837

—

—

—

24,837

4.1

Financial

Services

81,814

—

—

—

81,814

13.5

Health

Care

74,471

—

—

—

74,471

12.3

Materials

and

Processing

22,614

—

—

—

22,614

3.8

Producer

Durables

48,883

—

—

—

48,883

8.1

Technology

241,439

—

—

—

241,439

40.0

Utilities

22,412

—

—

—

22,412

3.7

Short-Term

Investments

—

—

—

12,173

12,173

2.0

Total

Investments

624,820

—

—

12,173

636,993

105.4

Securities

Sold

Short

*

(32,639)

—

—

—

(32,639)

(5.4)

Other

Assets

and

Liabilities,

Net

—

**

100.0

Other

Financial

Instruments

A

Liabilities

Futures

Contracts

(3)

—

—

—

(3)

(—)

**

Total

Other

Financial

Instruments

***

$

(3)

$

—

$

—

$

—

$

(3)

*

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

**

***

Less

than

.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,

2024,

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

as

of

June

30,

2024,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

10

U.S.

Strategic

Equity

Fund

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts*

$

3

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

2,873

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(441)

*

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,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

11

Amounts

in

thousands

∆

      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.

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

$

32,639

$

—

$

32,639

Total

Financial

and

Derivative

Liabilities

32,639

—

32,639

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

32,639

$

—

$

32,639

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

$

32,639

$

—

$

32,639

$

—

Total

$

32,639

$

—

$

32,639

$

—

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

12

U.S.

Strategic

Equity

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

426,741

Investments,

at

fair

value(>)

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

636,993

Receivables:

Dividends

and

interest

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

28

4

Dividends

from

affiliated

funds

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

67

Investments

sold

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

308

Fund

shares

sold

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

2

From

broker(a)

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

500

Prepaid

expenses

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

4

Total

assets

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

638,15

8

Liabilities

Payables:

Due

to

custodian

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

3

Investments

purchased

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

178

Fund

shares

redeemed

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

464

Accrued

fees

to

affiliates

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

368

Other

accrued

expenses

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

110

Variation

margin

on

futures

contracts

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

3

Securities

sold

short,

at

fair

value(‡)

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

32,639

Total

liabilities

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

33,765

Net

Assets

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

$

604,393

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,

continued

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

223,823

Shares

of

beneficial

interest

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

28

3

Additional

paid-in

capital

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

380,28

7

Net

Assets

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

$

604,393

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

21.34

Net

assets

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

$

604,392,713

Shares

outstanding

($.01

par

value)

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

28,318,231

Amounts

in

thousands

(‡)    

Proceeds

on

securities

sold

short

$

29,699

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

12,173

(a)  

Receivable

from

Broker

for

Futures

$

500

(#)

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.

14

U.S.

Strategic

Equity

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2024

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

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

$

4,028

Dividends

from

affiliated

funds

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

440

Interest

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

22

Securities

lending

income

(net)

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

4

Total

investment

income

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

4,494

Expenses

Advisory

fees

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

2,143

Administrative

fees

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

147

Custodian

fees

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

43

Transfer

agent

fees

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

13

Professional

fees

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

39

Trustees’

fees

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

13

Printing

fees

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

9

Dividends

from

securities

sold

short

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

209

Interest

expense

paid

on

securities

sold

short

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

106

Miscellaneous

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

26

Expenses

before

reductions

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

2,748

Expense

reductions

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

(99)

Net

expenses

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

2,649

Net

investment

income

(loss)

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

1,845

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

18,030

Futures

contracts

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

2,873

Securities

sold

short

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

1,210

Net

realized

gain

(loss)

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

22,113

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

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

48,028

Investments

in

affiliated

funds

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

1

Futures

contracts

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

(441)

Securities

sold

short

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

913

Net

change

in

unrealized

appreciation

(depreciation)

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

48,501

Net

realized

and

unrealized

gain

(loss)

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

70,614

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

72,459

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

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2024

(Unaudited)

Fiscal

Year

Ended

December

31,

2023

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

1,845

$

4,277

Net

realized

gain

(loss)

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

22,113

12,673

Net

change

in

unrealized

appreciation

(depreciation)

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

48,501

102,446

Net

increase

(decrease)

in

net

assets

from

operations

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

72,459

119,396

Distributions

To

shareholders

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

(9,003)

(15,353)

Net

decrease

in

net

assets

from

distributions

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

(9,003)

(15,353)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(26,012)

(9,264)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

37,444

94,779

Net

Assets

Beginning

of

period

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

566,949

472,170

End

of

period

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

$

604,393

$

566,949

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2024

and

December

31,

2023

were

as

follows:

2024

(Unaudited)

2023

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

153

$

3,118

1,891

$

33,548

Proceeds

from

reinvestment

of

distributions

452

9,003

868

15,353

Payments

for

shares

redeemed

(1,875)

(38,13

3

)

(3,391)

(58,165)

Total

increase

(decrease)

(1,270)

$

(26,01

2

)

(632)

$

(9,264)

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.

16

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,

2024(

ƣ)

19.16

.06

2.43

2.49

(.03)

(.28)

December

31,

2023

15.62

.14

3.92

4.06

(.14)

(.38)

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)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

17

$

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

)

(.31)

21.34

13.11

604,393

.94

.90

.63

21

(.52)

19.16

26.29

566,949

.97

.96

.84

60

(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

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

18

U.S.

Strategic

Equity

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

June

30,

2024

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2024,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

340,314

Administrative

fees

24,660

Transfer

agent

fees

2,170

Trustee

fees

1,248

$

368,392

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

$

13,690

$

60,948

$

62,466

$

—

$

1

$

12,173

$

440

$

—

U.S.

Cash

Collateral

Fund

905

5,257

6,162

—

—

—

14

—

$

14,595

$

66,205

$

68,628

$

—

$

1

$

12,173

$

454

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

402,230,415

$

219,205,205

$

(17,085,255)

$

202,119,950

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

19

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

99.0%

Consumer

Discretionary

-

11.2%

1-800-Flowers.com,

Inc.

Class

A(Æ)

937

9

Abercrombie

&

Fitch

Co.

Class

A(Æ)

1,187

211

Academy

Sports

&

Outdoors,

Inc.

3,342

178

AerSale

Corp.(Æ)

52,187

361

American

Axle

&

Manufacturing

Holdings,

Inc.(Æ)

6,559

46

American

Eagle

Outfitters,

Inc.

8,906

178

America's

Car-Mart,

Inc.(Æ)

6,503

392

Asbury

Automotive

Group,

Inc.(Æ)

598

136

Atkore

,

Inc.

1,505

203

Atmus

Filtration

Technologies,

Inc.

5,441

157

Axon

Enterprise,

Inc.(Æ)

879

259

Bath

&

Body

Works,

Inc.(Ð)

2,004

78

Beacon

Roofing

Supply,

Inc.(Æ)

1,605

145

Beazer

Homes

USA,

Inc.(Æ)

3,860

106

Bloomin

'

Brands,

Inc.

27,544

530

Boot

Barn

Holdings,

Inc.(Æ)

8,562

1,104

BorgWarner,

Inc.(Û)

6,641

214

Cadre

Holdings,

Inc.

10,801

362

Carriage

Services,

Inc.

Class

A(Ð)

1,107

30

Cava

Group,

Inc.(Æ)

1,479

137

Celestica,

Inc.(Æ)

4,394

252

Century

Communities,

Inc.

1,607

131

Chegg

,

Inc.(Æ)

12,445

39

Clarus

Corp.

76,479

515

Columbia

Sportswear

Co.

2,151

170

Cooper-Standard

Holdings,

Inc.(Æ)

933

12

Coursera,

Inc.(Æ)

11,061

79

Cracker

Barrel

Old

Country

Store,

Inc.(Ñ)

905

38

CTS

Corp.

1,829

93

Dana

Holding

Corp.(Ð)

6,638

80

Dave

&

Buster's

Entertainment,

Inc.(Æ)

2,377

95

Denny's

Corp.(Æ)

9,818

70

Dillard's,

Inc.

Class

A(Ñ)(Û)

764

336

Driven

Brands

Holdings,

Inc.(Æ)

8,138

104

Duolingo

,

Inc.(Æ)(Û)

1,883

393

Dutch

Bros,

Inc.

Class

A(Æ)

610

25

El

Pollo

Loco

Holdings,

Inc.(Æ)

10,060

114

FirstCash

Holdings,

Inc.

1,838

193

Five

Below,

Inc.(Æ)

646

70

Foot

Locker,

Inc.

9,031

225

Forestar

Group,

Inc.(Æ)

2,057

66

Freshpet

,

Inc.(Æ)

2,023

262

Funko

,

Inc.

Class

A(Æ)(Ð)

3,828

37

Genesco,

Inc.(Æ)

1,132

29

Gentherm

,

Inc.(Æ)

3,021

149

Gildan

Activewear

,

Inc.

Class

A

12,489

474

GMS,

Inc.(Æ)

1,689

136

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)

28,042

318

GoPro,

Inc.

Class

A(Æ)

36,111

51

Green

Brick

Partners,

Inc.(Æ)

3,165

181

Group

1

Automotive,

Inc.

523

155

Haverty

Furniture

Cos.,

Inc.

8,920

226

HealthStream

,

Inc.

1,126

31

Hilton

Grand

Vacations,

Inc.(Æ)

2,469

100

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hims

&

Hers

Health,

Inc.(Æ)

12,227

247

International

Game

Technology

PLC

13,476

276

iRobot

Corp.(Æ)

4,092

37

J

Jill,

Inc.

1,623

57

Johnson

Outdoors,

Inc.

Class

A

9,664

338

KB

Home

7,461

524

Kontoor

Brands,

Inc.

2,176

144

Kura

Sushi

USA,

Inc.

Class

A(Æ)

8,488

536

Landsea

Homes

Corp.(Æ)

9,860

91

La-Z-Boy,

Inc.

4,110

153

Lear

Corp.(Û)

3,987

455

Leonardo

DRS,

Inc.(Æ)

11,258

287

LifeMD

,

Inc.(Æ)

8,946

61

Light

&

Wonder,

Inc.

Class

A(Æ)

955

100

Lincoln

Educational

Services

Corp.(Æ)

2,235

27

Lindblad

Expeditions

Holdings,

Inc.(Æ)(Ð)

2,692

26

M/I

Homes,

Inc.(Æ)

1,374

168

Madison

Square

Garden

Entertainment

Corp.(Æ)

4,335

148

Magnite

,

Inc.(Æ)

12,362

164

Malibu

Boats,

Inc.

Class

A(Æ)

1,143

40

MasterCraft

Boat

Holdings,

Inc.(Æ)

1,541

29

Meritage

Homes

Corp.

1,544

250

Monro

Muffler

Brake,

Inc.

14,666

350

Motorcar

Parts

of

America,

Inc.(Æ)

11,966

74

Movado

Group,

Inc.

2,726

68

Newell

Rubbermaid,

Inc.

54,334

348

nVent

Electric

PLC

826

63

ODP

Corp.

(The)(Æ)

2,244

88

OneSpaWorld

Holdings,

Ltd.(Æ)

70,632

1,086

Overstock.com,

Inc.(Æ)

9,079

119

Papa

John's

International,

Inc.

4,161

196

Perdoceo

Education

Corp.

5,550

119

PVH

Corp.

2,286

242

Red

Rock

Resorts,

Inc.

Class

A

1,212

67

Reservoir

Media,

Inc.(Æ)

26,362

208

REV

Group,

Inc.

7,350

183

Rocky

Brands,

Inc.

2,242

83

Rush

Street

Interactive,

Inc.(Æ)

12,132

116

Savers

Value

Village,

Inc.(Æ)(Ñ)

7,967

98

Scholastic

Corp.

1,699

60

Sensata

Technologies

Holding

PLC

4,154

155

Shake

Shack,

Inc.

Class

A(Æ)

267

24

Shoe

Carnival,

Inc.

4,203

155

Signet

Jewelers,

Ltd.

1,735

155

Smith

&

Wesson

Brands,

Inc.

10,160

146

Sonic

Automotive,

Inc.

Class

A

2,745

150

Steven

Madden,

Ltd.

9,552

404

Stitch

Fix,

Inc.

Class

A(Æ)

17,758

74

Stride,

Inc.(Æ)

7,623

537

Sturm

Ruger

&

Co.,

Inc.

4,334

181

Taylor

Morrison

Home

Corp.

Class

A(Æ)

4,051

225

TechTarget

,

Inc.(Æ)

1,074

33

Texas

Roadhouse,

Inc.

Class

A

3,732

641

Thor

Industries,

Inc.

1,997

187

Tilly's,

Inc.

Class

A(Æ)

1,603

10

Toll

Brothers,

Inc.(Ð)

3,631

418

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

20

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Transcat

,

Inc.(Æ)

1,199

144

Tri

Pointe

Homes,

Inc.(Æ)

10,127

377

TripAdvisor,

Inc.(Æ)

4,825

86

Turtle

Beach

Corp.(Æ)

1,612

23

Udemy

,

Inc.(Æ)

5,020

43

Universal

Electronics,

Inc.(Æ)

457

5

Universal

Technical

Institute,

Inc.(Æ)

10,572

166

Urban

Outfitters,

Inc.(Æ)

4,289

176

VF

Corp.

23,783

321

Wabash

National

Corp.

6,704

146

Wayfair,

Inc.

Class

A(Æ)

2,616

138

Whirlpool

Corp.

2,246

230

Wingstop

,

Inc.

221

93

Winnebago

Industries,

Inc.

1,735

94

Wynn

Resorts,

Ltd.(Û)

258

23

Xponential

Fitness,

Inc.

Class

A(Æ)

1,293

20

Zillow

Group,

Inc.

Class

A(Æ)(Û)

1,932

87

Zumiez

,

Inc.(Æ)

2,847

55

23,533

Consumer

Staples

-

2.9%

Andersons,

Inc.

(The)(Ð)

596

30

Beauty

Health

Co.

(The)(Æ)

7,400

14

BellRing

Brands,

Inc.(Æ)

2,421

138

Boston

Beer

Co.,

Inc.

Class

A(Æ)(Û)

499

152

Calavo

Growers,

Inc.

17,738

403

Celsius

Holdings,

Inc.(Æ)

2,364

135

Coca-Cola

Bottling

Co.

168

182

Dole

PLC

3,630

45

elf

Beauty,

Inc.(Æ)

4,292

904

Energizer

Holdings,

Inc.

-

GDR

3,294

132

Fresh

Del

Monte

Produce,

Inc.

640

14

Grocery

Outlet

Holding

Corp.(Æ)

14,875

329

Helen

of

Troy,

Ltd.(Æ)

1,281

119

Herbalife,

Ltd.(Æ)

8,476

88

Inter

Parfums

,

Inc.

581

68

J&J

Snack

Foods

Corp.

3,468

563

John

B

Sanfilippo

&

Son,

Inc.

752

73

Medifast

,

Inc.

843

18

Natural

Grocers

by

Vitamin

Cottage,

Inc.

5,530

117

Nomad

Foods,

Ltd.

21,116

348

Primo

Water

Corp.

30,368

664

Quanex

Building

Products

Corp.

5,866

162

SpartanNash

Co.

2,086

39

Sprouts

Farmers

Market,

Inc.(Æ)

7,331

613

United

Natural

Foods,

Inc.(Æ)

1,784

23

USANA

Health

Sciences,

Inc.(Æ)

617

28

Vita

Coco

Co.,

Inc.

(The)(Æ)

5,671

158

Vital

Farms,

Inc.(Æ)

10,435

488

Weis

Markets,

Inc.

1,092

69

WK

Kellogg

Co.(Ð)

2,700

45

6,161

Energy

-

4.7%

Alpha

Metallurgical

Resources,

Inc.

294

82

Antero

Resources

Corp.(Æ)

2,957

96

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Aris

Water

Solutions,

Inc.

Class

A

83,530

1,309

Atlas

Energy

Solutions,

Inc.

7,665

153

Berry

Petroleum

Corp.

5,596

36

Broadwind

Energy,

Inc.(Æ)

31,246

102

ChampionX

Corp.

6,412

213

CVR

Energy,

Inc.

5,364

144

Delek

US

Holdings,

Inc.

9,246

229

Dril

-Quip,

Inc.(Æ)

15,795

294

Helix

Energy

Solutions

Group,

Inc.(Æ)

7,179

86

Helmerich

&

Payne,

Inc.

11,003

398

HF

Sinclair

Corp.(Û)

6,253

334

Kodiak

Gas

Services,

Inc.

16,919

461

Liberty

Energy,

Inc.

Class

A

9,777

204

Matador

Resources

Co.

2,931

175

Matrix

Service

Co.(Æ)

14,916

148

Montauk

Renewables,

Inc.(Æ)(Ð)

119

1

Murphy

Oil

Corp.

3,289

136

Natural

Gas

Services

Group,

Inc.(Æ)

8,973

181

Newpark

Resources,

Inc.(Æ)

21,377

178

NOV,

Inc.

12,450

237

NOW,

Inc.(Æ)

11,872

163

Oceaneering

International,

Inc.(Æ)

8,536

202

Oil

States

International,

Inc.(Æ)

3,448

15

Par

Pacific

Holdings,

Inc.(Æ)

5,524

139

Patterson-UTI

Energy,

Inc.

61,870

641

PBF

Energy,

Inc.

Class

A

7,420

341

Ramaco

Resources,

Inc.

Class

A

7,611

95

Ranger

Energy

Services,

Inc.

12,169

128

REX

American

Resources

Corp.(Æ)

2,322

106

Select

Water

Solutions,

Inc.

Class

A

11,390

122

Sitio

Royalties

Corp.

Class

A

18,353

433

SM

Energy

Co.

6,875

297

SunCoke

Energy,

Inc.

5,050

49

TechnipFMC

PLC

14,626

382

TETRA

Technologies,

Inc.(Æ)

54,118

187

Transocean,

Ltd.(Æ)(Ñ)

16,624

89

W&T

Offshore,

Inc.

119,519

256

Warrior

Met

Coal,

Inc.

5,199

326

Weatherford

International

PLC

4,166

510

World

Kinect

Corp.

13,393

346

10,024

Financial

Services

-

19.6%

1st

Source

Corp.

2,654

142

AGNC

Investment

Corp.(Ñ)(ö)

19,000

181

Agree

Realty

Corp.(ö)

5,642

349

Air

Lease

Corp.

Class

A

5,618

267

Alliance

Data

Systems

Corp.

3,011

134

Alpine

Income

Property

Trust,

Inc.(ö)

28,734

447

Americold

Realty

Trust,

Inc.(ö)

12,961

331

Ameris

Bancorp

2,601

131

Apple

Hospitality

REIT,

Inc.(ö)

3,760

55

Atlantic

Union

Bankshares

Corp.

3,247

107

Axis

Capital

Holdings,

Ltd.

1,381

98

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

3,734

131

BankUnited

,

Inc.

2,246

66

Banner

Corp.

2,542

126

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

21

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

BGC

Group,

Inc.

Class

A

40,391

335

Blackstone

Mortgage

Trust,

Inc.

Class

A(Ñ)

(ö)

3,632

63

BOK

Financial

Corp.

1,407

129

Bowhead

Specialty

Holdings,

Inc.(Æ)

4,449

113

Brighthouse

Financial,

Inc.(Æ)

3,608

156

Brixmor

Property

Group,

Inc.(ö)

16,365

378

Broadstone

Net

Lease,

Inc.(ö)

10,834

172

Brookfield

Reinsurance,

Ltd.(Æ)

1,269

53

Business

First

Bancshares,

Inc.

22,308

485

Cadence

Bank

13,581

384

Camden

Property

Trust(ö)

271

30

Capital

Bancorp,

Inc.

8,703

178

Capital

City

Bank

Group,

Inc.

9,159

261

Cathay

General

Bancorp

2,825

107

Chatham

Lodging

Trust(ö)

2,357

20

City

Holding

Co.

1,143

121

Clarivate

PLC(Æ)

33,910

193

CNO

Financial

Group,

Inc.

4,399

122

Comerica,

Inc.

6,814

348

Community

Bank

System,

Inc.

2,166

102

Community

Healthcare

Trust,

Inc.(ö)

19,900

465

Compass,

Inc.

Class

A(Æ)

16,899

61

Core

Scientific,

Inc.

(Æ)

2,691

25

Corebridge

Financial,

Inc.(Û)

14,669

427

Corporate

Office

Properties

Trust(ö)

7,547

189

CTO

Realty

Growth,

Inc.(ö)

18,479

323

Cullen/Frost

Bankers,

Inc.

6,054

615

DiamondRock

Hospitality

Co.(ö)

23,277

197

Dime

Community

Bancshares,

Inc.

5,938

121

Donegal

Group,

Inc.

Class

A

324

4

Douglas

Elliman

,

Inc.(Æ)

2,387

3

Easterly

Government

Properties,

Inc.(ö)

39,233

485

Equity

Commonwealth(Æ)(ö)

24,930

484

Esquire

Financial

Holdings,

Inc.

6,081

289

Essent

Group,

Ltd.

7,708

433

Essential

Properties

Realty

Trust,

Inc.(ö)

3,539

98

Evercore

,

Inc.

Class

A

1,936

404

Everest

Re

Group,

Ltd.(Û)

144

55

EZCORP,

Inc.

Class

A(Æ)

21,533

225

Federal

Agricultural

Mortgage

Corp.

Class

C

988

179

Fidelis

Insurance

Holdings,

Ltd.

23,409

382

First

American

Financial

Corp.

11,293

609

First

BanCorp

22,607

414

First

Commonwealth

Financial

Corp.

14,964

207

First

Financial

Bankshares

,

Inc.

4,308

127

First

Financial

Corp.

3,232

119

First

Foundation,

Inc.

11,224

74

First

Horizon

Corp.(Û)

12,304

194

First

Industrial

Realty

Trust,

Inc.(ö)

6,626

315

First

Internet

Bancorp

975

26

First

Interstate

BancSystem

,

Inc.

Class

A

3,479

97

First

Merchants

Corp.

3,934

131

First

Mid

Bancshares,

Inc.

9,931

327

Four

Corners

Property

Trust,

Inc.(ö)

6,712

166

FTAI

Aviation,

Ltd.

5,863

605

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fulton

Financial

Corp.

6,902

117

GCM

Grosvenor,

Inc.

Class

A

53,495

522

Genworth

Financial,

Inc.

Class

A(Æ)

38,129

230

German

American

Bancorp,

Inc.

10,138

358

Getty

Realty

Corp.(ö)

10,148

271

Glacier

Bancorp,

Inc.

14,906

556

Guaranty

Bancshares,

Inc.

9,220

291

Hamilton

Lane,

Inc.

Class

A

734

91

Hancock

Holding

Co.

3,019

144

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

7,715

228

Hanover

Insurance

Group,

Inc.

(The)

3,898

489

Hilltop

Holdings,

Inc.

5,228

164

Home

BancShares

,

Inc.

21,757

521

HomeTrust

Bancshares,

Inc.

101

3

Horace

Mann

Educators

Corp.

23,263

759

Horizon

Bancorp,

Inc.

7,904

98

Howard

Hughes

Corp.

(The)(Æ)(Ð)

2,671

173

Independence

Realty

Trust,

Inc.(ö)

10,396

195

Independent

Bank

Corp.

11,363

346

Innovative

Industrial

Properties,

Inc.(ö)

1,326

145

International

Bancshares

Corp.

2,742

157

International

Money

Express,

Inc.(Æ)

11,250

234

InvenTrust

Properties

Corp.(ö)

3,480

86

Investar

Holding

Corp.

10,566

163

Jackson

Financial,

Inc.

Class

A

9,876

733

James

River

Group

Holdings,

Ltd.

4,830

37

Janus

Henderson

Group

PLC

1,755

59

JER

Investment

Trust,

Inc.(Æ)(Š)(Þ)

1,771

—

John

Wiley

&

Sons,

Inc.

Class

A

2,843

116

Kearny

Financial

Corp.

3,000

18

Kemper

Corp.

12,495

741

Kinsale

Capital

Group,

Inc.(Ð)

870

335

Legalzoom.com,

Inc.(Æ)

16,628

140

LendingClub

Corp.(Æ)(Ð)

11,311

96

LendingTree

,

Inc.(Æ)

1,727

72

Live

Oak

Bancshares,

Inc.

3,951

139

LiveRamp

Holdings,

Inc.(Æ)

6,251

193

Marcus

&

Millichap,

Inc.

4,918

155

McGrath

RentCorp

(Ñ)

860

92

Metropolitan

Bank

Holding

Corp.(Æ)

10,141

427

Moelis

&

Co.

Class

A

1,864

106

Mr.

Cooper

Group,

Inc.(Æ)

1,312

107

MVB

Financial

Corp.

6,597

123

National

Bank

Holdings

Corp.

Class

A

23,564

920

NBT

Bancorp,

Inc.

14,463

558

NerdWallet

,

Inc.

Class

A(Æ)

1,942

28

NETSTREIT

Corp.(ö)

40,168

647

Newmark

Group,

Inc.

Class

A

21,809

223

NMI

Holdings,

Inc.

Class

A(Æ)

10,497

357

Northeast

Bank

5,885

358

Northrim

BanCorp

,

Inc.(Ð)

145

8

OceanFirst

Financial

Corp.

4,296

68

OFG

Bancorp

6,805

255

Old

National

Bancorp

25,613

440

Outfront

Media,

Inc.(ö)

14,299

205

Pagseguro

Digital,

Ltd.

Class

A(Æ)

28,193

330

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Park

Hotels

&

Resorts,

Inc.(ö)

17,979

269

Perella

Weinberg

Partners

24,651

401

Pinnacle

Financial

Partners,

Inc.

2,683

215

Plymouth

Industrial

REIT,

Inc.(ö)

11,101

237

Popular,

Inc.

6,085

538

Potlatch

Corp.(ö)

8,408

331

PRA

Group,

Inc.(Æ)

3,610

71

Preferred

Bank

1,599

121

Premier

Financial

Corp.

10,265

210

ProAssurance

Corp.(Æ)

2,616

32

Prosperity

Bancshares,

Inc.

5,368

328

Radian

Group,

Inc.

5,779

180

RE/MAX

Holdings,

Inc.

Class

A

24,178

196

Red

River

Bancshares,

Inc.

2,363

113

Redfin

Corp.(Æ)

13,706

82

Regency

Centers

Corp.(Ð)(ö)(Û)

461

29

Regional

Management

Corp.

553

16

Reinsurance

Group

of

America,

Inc.

Class

A(Û)

2,688

552

Renasant

Corp.

3,427

105

RLI

Corp.(Ð)

1,892

266

RMR

Group,

Inc.

(The)

Class

A

4,128

93

Robinhood

Markets,

Inc.

Class

A(Æ)(Ð)

17,338

394

Ryman

Hospitality

Properties,

Inc.(ö)

1,484

148

Safety

Insurance

Group,

Inc.

1,295

97

Seacoast

Banking

Corp.

of

Florida

19,651

465

Selective

Insurance

Group,

Inc.

2,018

189

Silvercrest

Asset

Management

Group,

Inc.

Class

A

4,903

76

Simmons

First

National

Corp.

Class

A

5,688

100

Skyward

Specialty

Insurance

Group,

Inc.

(Æ)

4,742

172

SLM

Corp.

11,515

239

SmartFinancial

,

Inc.

14,747

349

SouthState

Corp.

2,317

177

Stewart

Information

Services

Corp.

3,516

218

Stock

Yards

Bancorp,

Inc.

9,562

475

StoneX

Group,

Inc.(Æ)

903

68

Sunstone

Hotel

Investors,

Inc.(ö)

8,979

94

Terreno

Realty

Corp.(ö)

995

59

Texas

Capital

Bancshares,

Inc.(Æ)

1,941

119

Tiptree,

Inc.

Class

A

12,142

200

Towne

Bank

18,026

492

TPG,

Inc.(Ð)

5,431

225

TriCo

Bancshares

9,385

371

Triumph

Financial,

Inc.(Æ)

9,181

751

UMB

Financial

Corp.

1,785

149

UMH

Properties,

Inc.(ö)

14,014

224

United

Bankshares

,

Inc.

4,217

137

United

Community

Banks,

Inc.

4,494

114

United

Fire

Group,

Inc.

581

13

Universal

Insurance

Holdings,

Inc.

2,076

39

Valley

National

Bancorp

14,779

103

Vestis

Corp.

5,000

61

Walker

&

Dunlop,

Inc.

1,459

143

Webster

Financial

Corp.

2,342

102

Westwood

Holdings

Group,

Inc.

27,260

332

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

William

Penn

Bancorp

24,006

274

Xenia

Hotels

&

Resorts,

Inc.(ö)

7,783

112

41,283

Health

Care

-

16.6%

Acadia

Pharmaceuticals,

Inc.(Æ)

4,350

71

ACELYRIN,

Inc.(Æ)

9,416

42

ADMA

Biologics,

Inc.(Æ)

50,085

560

Akebia

Therapeutics,

Inc.(Æ)

10,851

11

Alector

,

Inc.(Æ)

5,923

27

Allogene

Therapeutics,

Inc.(Æ)

7,200

17

American

Well

Corp.

Class

A(Æ)

11,296

4

Amneal

Pharmaceuticals,

Inc.(Æ)(Ð)

1,326

8

AnaptysBio

,

Inc.(Æ)

1,450

36

ANI

Pharmaceuticals,

Inc.(Æ)

13,126

836

Arcellx

,

Inc.(Æ)

16,648

919

Ardelyx

,

Inc.(Æ)

4,777

35

Argenx

SE

-

ADR(Æ)

2,202

947

Arrowhead

Pharmaceuticals,

Inc.(Æ)

14,107

367

ARS

Pharmaceuticals,

Inc.(Æ)

997

8

Avanos

Medical,

Inc.(Æ)

6,111

122

Axogen

,

Inc.(Æ)

1,300

9

Beam

Therapeutics,

Inc.(Æ)

12,748

299

BioCryst

Pharmaceuticals,

Inc.(Æ)

6,751

42

Biohaven

,

Ltd.(Æ)

6,743

234

BioLife

Solutions,

Inc.(Æ)

32,312

692

Blueprint

Medicines

Corp.(Æ)

2,453

264

CareDx

,

Inc.(Æ)

10,797

168

Castle

Biosciences,

Inc.(Æ)

2,173

47

Catalyst

Pharmaceuticals,

Inc.(Æ)

8,940

138

Chemed

Corp.

675

366

CinCor

Pharma,

Inc.(Æ)(Š)

3,630

11

Coherus

Biosciences,

Inc.(Æ)

7,000

12

CONMED

Corp.

3,429

238

Contra

Inhibrx

,

Inc.(Æ)(Š)

5,417

3

Corcept

Therapeutics,

Inc.(Æ)

4,910

160

CorVel

Corp.(Æ)

398

101

Crinetics

Pharmaceuticals,

Inc.(Æ)

3,210

144

Cullinan

Oncology,

Inc.(Æ)

2,373

41

Cytokinetics,

Inc.(Æ)

5,017

272

CytomX

Therapeutics,

Inc.(Æ)

4,044

5

Doximity

,

Inc.

Class

A(Æ)(Ð)

5,444

152

Dyne

Therapeutics,

Inc.(Æ)

6,034

213

Editas

Medicine,

Inc.(Æ)(Ð)

4,988

23

Embecta

Corp.

4,889

61

Enanta

Pharmaceuticals,

Inc.(Æ)

1,328

17

Enovis

Corp.

Class

W(Æ)

5,973

270

Ensign

Group,

Inc.

(The)

1,002

124

Exelixis

,

Inc.(Æ)

15,652

352

Fate

Therapeutics,

Inc.(Æ)

7,137

23

FibroGen

,

Inc.(Æ)

5,419

5

Fortrea

Holdings,

Inc.(Æ)(Ð)

4,136

97

Fulgent

Genetics,

Inc.(Æ)

4,428

87

GeneDx

Holdings

Corp.(Æ)(Ñ)

6,139

160

Geron

Corp.(Æ)

123,819

525

Glaukos

Corp.(Æ)

1,212

143

Guardant

Health,

Inc.(Æ)

3,878

112

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Haemonetics

Corp.(Æ)

1,456

120

Halozyme

Therapeutics,

Inc.(Æ)

11,839

620

Harvard

Bioscience,

Inc.(Æ)

43,134

123

Health

Catalyst,

Inc.(Æ)

6,823

44

HealthEquity

,

Inc.(Æ)

4,836

417

Immunovant

,

Inc.(Æ)

10,950

289

Inari

Medical,

Inc.(Æ)(Û)

4,263

205

Incyte

Corp.(Æ)(Ð)

100

6

InfuSystem

Holdings,

Inc.(Æ)

47,265

323

Inhibrx

Biosciences,

Inc.(Æ)

4,985

71

Innoviva

,

Inc.(Æ)

23,488

385

Inogen

,

Inc.(Æ)

1,308

11

Insmed

,

Inc.(Æ)

2,178

146

Integer

Holdings

Corp.(Æ)

637

74

Intellia

Therapeutics,

Inc.(Æ)

8,754

196

Intra-Cellular

Therapies,

Inc.

Class

A(Æ)

3,424

234

Ionis

Pharmaceuticals,

Inc.(Æ)(Ð)

6,640

316

iRadimed

Corp.

15,896

698

iRhythm

Technologies,

Inc.(Æ)

632

68

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

14,294

93

Jasper

Therapeutics,

Inc.(Æ)

8,325

189

Joint

Corp.

(The)(Æ)

8,521

120

KalVista

Pharmaceuticals,

Inc.(Æ)

5,692

67

Keros

Therapeutics,

Inc.(Æ)

4,589

210

Kura

Oncology,

Inc.(Æ)

11,709

241

Kymera

Therapeutics,

Inc.(Æ)

2,206

66

Lantheus

Holdings,

Inc.(Æ)

2,981

239

Legend

Biotech

Corp.

-

ADR(Æ)

14,312

634

LeMaitre

Vascular,

Inc.

22,024

1,812

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

5,786

488

Madrigal

Pharmaceuticals,

Inc.(Æ)

349

98

Medpace

Holdings,

Inc.(Æ)

1,470

605

MeiraGTx

Holdings

PLC(Æ)

12,282

52

Merit

Medical

Systems,

Inc.(Æ)

1,821

157

Moonlake

Immunotherapeutics

(Æ)(Ñ)

2,140

94

Natera

,

Inc.(Æ)

2,616

283

National

HealthCare

Corp.

1,549

168

Nektar

Therapeutics(Æ)

9,115

11

Neurocrine

Biosciences,

Inc.(Æ)(Û)

6,745

929

Nevro

Corp.(Æ)

3,627

31

Nuvation

Bio,

Inc.(Æ)

4,000

12

Option

Care

Health,

Inc.(Æ)

16,960

470

OraSure

Technologies,

Inc.(Æ)(Ð)

1,665

7

Organon

&

Co.

17,223

357

Orthofix

Medical,

Inc.(Æ)

14,933

198

Oscar

Health,

Inc.

Class

A(Æ)

5,585

88

Owens

&

Minor,

Inc.(Æ)

9,223

124

Pacific

Biosciences

of

California,

Inc.(Æ)

(Ñ)

12,718

17

Pacira

BioSciences

,

Inc.(Æ)

2,785

80

Patterson

Cos.,

Inc.

6,729

162

Pediatrix

Medical

Group,

Inc.(Æ)

14,511

110

Pennant

Group,

Inc.

(The)(Æ)

8,477

197

Perrigo

Co.

PLC

24,331

625

Personalis

,

Inc.(Æ)

2,465

3

PetIQ

,

Inc.(Æ)

7,042

155

Phreesia

,

Inc.(Æ)

7,671

163

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Poseida

Therapeutics,

Inc.(Æ)

2,917

9

Prestige

Brands

Holdings,

Inc.(Æ)

1,707

118

PTC

Therapeutics,

Inc.(Æ)(Ð)

8,818

270

Pulmonx

Corp.(Æ)(Ð)

3,065

19

Quipt

Home

Medical

Corp.(Æ)

47,454

153

Radius

Health,

Inc.(Æ)(Š)

16,200

1

RadNet

,

Inc.(Æ)

8,727

514

Recursion

Pharmaceuticals,

Inc.

Class

A(Æ)

10,712

80

REGENXBIO,

Inc.(Æ)(Ð)

1,844

22

Repligen

Corp.(Æ)

2,363

298

Replimune

Group,

Inc.(Æ)

2,684

24

Rigel

Pharmaceuticals,

Inc.(Æ)

869

7

Rocket

Pharmaceuticals,

Inc.(Æ)

41,406

891

RxSight

,

Inc.(Æ)

5,725

344

Sage

Therapeutics,

Inc.(Æ)

8,141

88

Sangamo

BioSciences

,

Inc.(Æ)

934

—

Sarepta

Therapeutics,

Inc.(Æ)(Ð)

2,906

459

Schrodinger,

Inc.(Æ)

11,487

222

Select

Medical

Holdings

Corp.

9,215

323

Semler

Scientific,

Inc.(Æ)

600

21

SpringWorks

Therapeutics,

Inc.(Æ)

8,279

312

STAAR

Surgical

Co.(Æ)

1,908

91

Structure

Therapeutics,

Inc.

-

ADR(Æ)

1,725

68

Supernus

Pharmaceuticals,

Inc.(Æ)

7,917

212

Surmodics

,

Inc.(Æ)

3,823

161

Sutro

Biopharma,

Inc.(Æ)

6,281

18

Tandem

Diabetes

Care,

Inc.(Æ)(Û)

7,827

315

Tarsus

Pharmaceuticals,

Inc.(Æ)

2,449

67

Teleflex,

Inc.

815

171

Tenet

Healthcare

Corp.(Æ)

3,642

484

Terns

Pharmaceuticals,

Inc.(Æ)

30,704

209

TG

Therapeutics,

Inc.(Æ)

4,587

82

Theravance

Biopharma,

Inc.(Æ)

1,857

16

TransMedics

Group,

Inc.(Æ)

1,232

186

Travere

Therapeutics,

Inc.(Æ)(Ð)

12,517

103

Twist

Bioscience

Corp.(Æ)

615

30

UFP

Technologies,

Inc.(Æ)

5,112

1,349

Ultragenyx

Pharmaceutical,

Inc.(Æ)

8,925

367

United

Therapeutics

Corp.(Æ)

1,201

383

Utah

Medical

Products,

Inc.

5,323

356

Vanda

Pharmaceuticals,

Inc.(Æ)

3,740

21

Vaxcyte

,

Inc.(Æ)

687

52

Vera

Therapeutics,

Inc.(Æ)

968

35

Veradigm

,

Inc.(Æ)

25,943

246

Verve

Therapeutics,

Inc.(Æ)

2,200

11

Viemed

Healthcare,

Inc.(Æ)

12,062

79

Viking

Therapeutics,

Inc.(Æ)

19,257

1,021

Vir

Biotechnology,

Inc.(Æ)

1,373

12

Viridian

Therapeutics,

Inc.(Æ)

20,803

271

Xencor

,

Inc.(Æ)

13,719

260

Xenon

Pharmaceuticals,

Inc.(Æ)

10,371

404

Zai

Lab,

Ltd.

-

ADR(Æ)

11,425

198

Zimvie

,

Inc.(Æ)

9,913

181

Zymeworks

,

Inc.(Æ)

4,520

38

34,993

Materials

and

Processing

-

7.7%

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

AAON,

Inc.

3,080

269

Acuity

Brands,

Inc.

1,575

380

Advanced

Drainage

Systems,

Inc.

410

66

AdvanSix

,

Inc.

21,950

503

Alcoa

Corp.(Ð)

6,631

264

Algoma

Steel

Group,

Inc.(Ñ)

29,436

205

Allegheny

Technologies,

Inc.(Æ)

2,101

116

American

Vanguard

Corp.

2,130

18

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

12,781

43

Ashland,

Inc.

6,216

587

Aspen

Aerogels,

Inc.(Æ)

1,875

45

Avient

Corp.

10,393

454

AZEK

Co.,

Inc.

(The)(Æ)

17,106

721

Balchem

Corp.

523

80

Boise

Cascade

Co.

2,911

347

BrightView

Holdings,

Inc.(Æ)

6,130

81

Cabot

Corp.

1,830

168

Capstone

Copper

Corp.(Æ)

25,198

179

Codexis

,

Inc.(Æ)

6,838

21

Commercial

Metals

Co.(Û)

10,512

578

Constellium

SE(Æ)

9,153

172

Crown

Holdings,

Inc.(Û)

5,145

383

Eagle

Materials,

Inc.(Û)

394

86

Ecovyst

,

Inc.(Æ)

22,548

202

ERO

Copper

Corp.(Æ)

8,289

177

Fabrinet

(Æ)

1,310

321

Gauzy,

Ltd.(Æ)

3,568

43

Global

Industrial

Co.

682

21

Haynes

International,

Inc.

3,505

206

Hecla

Mining

Co.

16,587

80

Hudson

Technologies,

Inc.(Æ)

11,366

100

Huntsman

Corp.(Û)

19,094

435

Insteel

Industries,

Inc.

4,832

150

Interface,

Inc.

Class

A

2,741

40

JELD-WEN

Holding,

Inc.(Æ)

13,099

176

Kaiser

Aluminum

Corp.

4,960

436

Knife

River

Corp.(Æ)

643

45

Kronos

Worldwide,

Inc.

2,004

25

Lennox

International,

Inc.(Ð)

649

347

Lithium

Americas

Argentina

Corp.(Æ)(Ñ)

29,749

95

Louisiana-Pacific

Corp.(Û)

4,633

381

Mativ

Holdings,

Inc.

30,495

517

Mercer

International,

Inc.(Ð)

1,000

9

Modine

Manufacturing

Co.(Æ)

1,872

188

Myers

Industries,

Inc.

16,751

224

Northwest

Pipe

Co.(Æ)

5,149

175

O-I

Glass,

Inc.(Æ)

7,159

80

Olympic

Steel,

Inc.

3,028

136

Origin

Materials,

Inc.(Æ)

2,033

2

Orion

Engineered

Carbons

SA

4,138

91

Quaker

Chemical

Corp.

1,241

211

Ranpak

Holdings

Corp.(Æ)

30,438

196

Rayonier

Advanced

Materials,

Inc.(Æ)

49,328

268

Resolute

Forest

Products,

Inc.(Æ)(Š)

7,348

10

Rogers

Corp.(Æ)

886

107

Rush

Enterprises,

Inc.

Class

A

3,972

166

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ScanSource

,

Inc.(Æ)

580

26

Schnitzer

Steel

Industries,

Inc.

Class

A

22,385

342

Sealed

Air

Corp.

9,476

330

Silgan

Holdings,

Inc.

3,842

163

Simpson

Manufacturing

Co.,

Inc.

1,150

194

SiteOne

Landscape

Supply,

Inc.(Æ)

2,484

302

Sonoco

Products

Co.

5,960

302

SSR

Mining,

Inc.(Æ)

6,600

30

Stelco

Holdings,

Inc.

8,767

238

Stepan

Co.

10,323

867

Summit

Materials,

Inc.

Class

A(Æ)

4,189

153

Sylvamo

Corp.

2,076

142

Taseko

Mines,

Ltd.(Æ)

38,089

93

TimkenSteel

Corp.(Æ)

12,170

247

Trinseo

PLC

2,016

5

Tronox

Holdings

PLC

Class

A

19,667

309

UFP

Industries,

Inc.

1,572

176

Unifi,

Inc.(Æ)

241

1

United

States

Lime

&

Minerals,

Inc.

186

68

Universal

Stainless

&

Alloy

Products,

Inc.

(Æ)

1,483

41

VSE

Corp.

6,576

580

Worthington

Industries,

Inc.

2,102

99

Worthington

Steel,

Inc.

3,799

127

16,261

Producer

Durables

-

17.0%

Aaron's

Co.,

Inc.

(The)

7,676

77

ABM

Industries,

Inc.

3,459

175

Adient

PLC(Æ)

4,534

112

ADT,

Inc.

29,813

227

AECOM

4,959

437

AeroVironment

,

Inc.(Æ)

454

83

AGCO

Corp.(Ð)

2,727

267

Alight,

Inc.

Class

A(Æ)

13,739

101

Allied

Motion

Technologies,

Inc.

18,036

456

Allison

Transmission

Holdings,

Inc.

Class

A

2,756

209

AMN

Healthcare

Services,

Inc.(Æ)

3,246

166

Applied

Industrial

Technologies,

Inc.

981

190

Aqua

Metals,

Inc.(Æ)

147,091

47

ArcBest

Corp.

3,731

399

Arcosa

,

Inc.

4,758

397

Ardmore

Shipping

Corp.

23,505

530

Argan

,

Inc.

5,908

432

Arhaus

,

Inc.

6,114

104

ASGN,

Inc.(Æ)

1,771

156

Astec

Industries,

Inc.

11,097

329

Babcock

&

Wilcox

Enterprises(Æ)

129,619

188

Badger

Meter,

Inc.

914

170

Barnes

Group,

Inc.

20,458

847

Barrett

Business

Services,

Inc.

2,400

79

Blue

Bird

Corp.(Æ)

7,127

384

Bowlero

Corp.

Class

A(Ñ)

7,943

115

Bowman

Consulting

Group,

Ltd.(Æ)

5,903

188

Casella

Waste

Systems,

Inc.

Class

A(Æ)

6,183

613

CBIZ,

Inc.(Æ)

1,874

139

CECO

Environmental

Corp.(Æ)

11,563

334

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Chart

Industries,

Inc.(Æ)

531

77

Comfort

Systems

USA,

Inc.

1,058

322

Construction

Partners,

Inc.

Class

A(Æ)

885

49

Covenant

Logistics

Group,

Inc.

Class

A

4,113

203

Cross

Country

Healthcare,

Inc.(Æ)

6,484

90

Deluxe

Corp.

32,268

725

DHT

Holdings,

Inc.

29,102

337

Dycom

Industries,

Inc.(Æ)

703

119

Embraer

SA

-

ADR(Æ)

10,250

264

Encore

Wire

Corp.

858

249

EnerSys

5,953

616

Ennis,

Inc.

4,049

89

Enviri

Corp.(Æ)(Ð)

1,521

13

Esab

Corp.

1,650

156

EVERTEC,

Inc.

3,058

102

ExlService

Holdings,

Inc.(Æ)

4,091

128

Exponent,

Inc.

1,543

147

Faro

Technologies,

Inc.(Æ)

1,631

26

Federal

Signal

Corp.

4,579

383

Flowserve

Corp.

11,933

574

Fluor

Corp.(Æ)

11,434

498

Flywire

Corp.(Æ)

5,643

92

Franklin

Electric

Co.,

Inc.

1,402

135

Frontdoor

,

Inc.(Æ)

2,236

76

Frontier

Group

Holdings,

Inc.(Æ)(Ñ)

25,357

125

Genco

Shipping

&

Trading,

Ltd.

8,775

187

Generac

Holdings,

Inc.(Æ)

769

102

GEO

Group,

Inc.

(The)(Æ)

11,325

163

Granite

Construction,

Inc.

4,002

248

Green

Dot

Corp.

Class

A(Æ)

5,658

53

Heartland

Express,

Inc.

8,897

110

Heidrick

&

Struggles

International,

Inc.

8,824

279

Herc

Holdings,

Inc.

Class

W

2,042

272

Hillman

Solutions

Corp.(Æ)

14,308

127

HNI

Corp.

3,475

156

Hub

Group,

Inc.

Class

A

3,002

129

Hyster

-Yale

Materials

Handling,

Inc.

787

55

I3

Verticals,

Inc.

Class

A(Æ)

38,418

848

ICF

International,

Inc.

1,329

197

indie

Semiconductor,

Inc.

Class

A(Æ)

9,765

60

Insperity

,

Inc.(Ð)

2,430

222

Integrated

Electrical

Services,

Inc.(Æ)

1,111

155

International

Seaways,

Inc.

3,643

215

Janus

International

Group,

Inc.(Æ)

7,169

90

Kadant

,

Inc.

477

140

Kelly

Services,

Inc.

Class

A

1,892

40

Kennametal,

Inc.

5,108

120

Knight-Swift

Transportation

Holdings,

Inc.

4,475

223

Korn

Ferry

2,556

172

Landstar

System,

Inc.(Û)

1,788

330

Limbach

Holdings,

Inc.(Æ)

1,974

112

Lindsay

Corp.

2,240

275

Loar

Holdings,

Inc.(Æ)

464

25

Mama's

Creations,

Inc.(Æ)

35,409

239

Manitowoc

Co.,

Inc.

(The)(Æ)

2,252

26

ManpowerGroup

,

Inc.

2,957

206

Marten

Transport,

Ltd.

31,324

578

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

MasTec

,

Inc.(Æ)

1,313

140

Matson,

Inc.

1,670

219

Mesa

Laboratories,

Inc.

7,600

659

Mirion

Technologies,

Inc.(Æ)

15,211

163

Mitek

Systems,

Inc.(Æ)

45,537

509

Moneylion

,

Inc.(Æ)

1,667

123

Montrose

Environmental

Group,

Inc.(Æ)

4,249

189

Moog,

Inc.

Class

A

1,383

231

MSA

Safety,

Inc.

1,011

190

Mueller

Industries,

Inc.

3,230

184

MYR

Group,

Inc.(Æ)

737

100

National

Research

Corp.

Class

A

1,447

33

NEXTracker

,

Inc.

Class

A(Æ)(Ð)

6,659

312

Orion

Group

Holdings,

Inc.(Æ)

38,693

368

Oshkosh

Corp.

3,438

372

Paylocity

Holding

Corp.(Æ)

1,015

134

Payoneer

Global,

Inc.(Æ)

20,304

112

Paysafe

,

Ltd.(Æ)

2,520

45

Phinia

,

Inc.

3,136

123

Powell

Industries,

Inc.(Ð)

691

99

PROG

Holdings,

Inc.

9,246

321

Proto

Labs,

Inc.(Æ)

3,987

123

Radiant

Logistics,

Inc.(Æ)

33,316

190

Repay

Holdings

Corp.(Æ)

65,435

691

Resources

Connection,

Inc.

37,459

414

Robert

Half,

Inc.(Ð)

5,277

338

RXO,

Inc.(Æ)

15,216

398

Ryder

System,

Inc.(Ð)

2,086

258

Ryerson

Holding

Corp.

8,160

159

Saia,

Inc.(Æ)

1,259

597

Schneider

National,

Inc.

Class

B

16,278

393

Scorpio

Tankers,

Inc.

8,262

672

Scotts

Miracle-

Gro

Co.

(The)

Class

A

5,357

348

SHYFT

Group,

Inc.

(The)

3,520

42

Skyline

Champion

Corp.(Æ)

9,753

661

Sleep

Number

Corp.(Æ)

2,812

27

Stagwell

,

Inc.(Æ)

4,332

29

Star

Bulk

Carriers

Corp.

28,239

688

Steelcase,

Inc.

Class

A

5,170

67

Stericycle,

Inc.(Æ)

2,384

139

Sterling

Infrastructure,

Inc.(Æ)

4,017

475

Stoneridge,

Inc.(Æ)

33,029

527

Sun

Country

Airlines

Holdings,

Inc.(Æ)

16,375

206

Teekay

Tankers,

Ltd.

Class

A

5,662

390

Terex

Corp.

3,567

196

Thermon

Group

Holdings,

Inc.(Æ)

5,373

165

Tidewater,

Inc.(Æ)

2,341

223

TopBuild

Corp.(Æ)

1,051

405

TreeHouse

Foods,

Inc.(Æ)

4,194

154

TriNet

Group,

Inc.

2,108

211

TrueBlue

,

Inc.(Æ)

2,720

28

Tutor

Perini

Corp.(Æ)

8,944

195

U-Haul

Holding

Co.(Æ)(Û)

925

57

UniFirst

Corp.

566

97

Universal

Truckload

Services,

Inc.

2,609

106

V2X,

Inc.(Æ)

4,394

211

Vertiv

Holdings

Co.

Class

A

2,162

187

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Watts

Water

Technologies,

Inc.

Class

A

797

146

Werner

Enterprises,

Inc.

15,567

558

WESCO

International,

Inc.

2,016

320

WillScot

Mobile

Mini

Holdings

Corp.(Æ)

6,607

249

Xerox

Holdings

Corp.

9,078

105

XPO,

Inc.(Æ)

410

43

ZipRecruiter,

Inc.

Class

A(Æ)

8,199

74

35,888

Technology

-

14.4%

8x8,

Inc.(Æ)

69,037

153

A10

Networks,

Inc.

57,491

796

ACM

Research,

Inc.

Class

A(Æ)

9,221

213

Agilysys

,

Inc.(Æ)

1,396

145

Akamai

Technologies,

Inc.(Æ)

1,820

52

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

1,380

52

Altair

Engineering,

Inc.

Class

A(Æ)

1,643

161

Ambarella

,

Inc.(Æ)

1,875

101

American

Software,

Inc.

Class

A

83,216

760

Amkor

Technology,

Inc.(Û)

10,759

431

Appfolio

,

Inc.

Class

A(Æ)

2,093

512

Arlo

Technologies,

Inc.(Æ)

9,142

119

Augmedix

,

Inc.(Æ)

59,496

52

AvePoint

,

Inc.(Æ)

25,825

269

Axcelis

Technologies,

Inc.(Æ)

1,315

187

Bandwidth,

Inc.

Class

A(Æ)(Ð)

1,902

32

BigCommerce

Holdings,

Inc.(Æ)

7,580

61

Box,

Inc.

Class

A(Æ)

11,586

306

Calix,

Inc.(Æ)

5,313

188

Cargurus

,

Inc.(Æ)

3,888

102

Cars.com,

Inc.(Æ)

14,061

277

Cirrus

Logic,

Inc.(Æ)

3,547

453

Cohu

,

Inc.(Æ)

3,990

132

CommScope

Holding

Co.,

Inc.(Æ)

32,609

40

CommVault

Systems,

Inc.(Æ)

2,545

309

Conduent

,

Inc.

Class

A(Æ)(Ð)

8,775

259

Consensus

Cloud

Solutions,

Inc.

Class

W(Æ)

5,837

100

Couchbase

,

Inc.(Æ)

2,306

42

Credo

Technology

Group

Holding,

Ltd.(Æ)

2,651

85

CSG

Systems

International,

Inc.

1,810

75

CyberArk

Software,

Ltd.(Æ)

158

43

Descartes

Systems

Group,

Inc.

(The)(Æ)

1,677

162

DigitalBridge

Group,

Inc.

6,583

90

DigitalOcean

Holdings,

Inc.(Æ)(Ð)

4,462

155

Diodes,

Inc.(Æ)

1,625

117

DocuSign,

Inc.(Æ)(Ð)

376

20

Domo,

Inc.

Class

B(Æ)(Ð)

4,272

33

Donnelley

Financial

Solutions,

Inc.(Æ)

626

37

DoubleVerify

Holdings,

Inc.(Æ)

15,199

296

Dropbox,

Inc.

Class

A(Æ)(Ð)

14,574

327

DXC

Technology

Co.(Æ)

13,508

258

EPAM

Systems,

Inc.(Æ)

137

26

ePlus

,

Inc.(Æ)

2,237

165

Eventbrite,

Inc.

Class

A(Æ)(Ð)

8,469

41

EverQuote

,

Inc.

Class

A(Æ)

11,985

250

Expensify,

Inc.

Class

A(Æ)

1,326

2

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Extreme

Networks,

Inc.(Æ)

2,897

39

FormFactor

,

Inc.(Æ)

6,609

400

Gitlab

,

Inc.

Class

A(Æ)

4,052

201

Guidewire

Software,

Inc.(Æ)

6,446

889

Harmonic,

Inc.(Æ)

15,494

182

IDT

Corp.

Class

B

3,897

140

Immersion

Corp.

18,876

178

Insight

Enterprises,

Inc.(Æ)

840

167

Integral

Ad

Science

Holding

LLC(Æ)

8,822

86

Kaltura

,

Inc.(Æ)

203,075

244

KBR,

Inc.

9,935

637

Kulicke

&

Soffa

Industries,

Inc.

7,520

370

Kyndryl

Holdings,

Inc.(Æ)

16,202

426

Lyft,

Inc.

Class

A(Æ)(Ð)(Û)

17,574

248

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

2,622

292

Manhattan

Associates,

Inc.(Æ)

363

90

Maplebear

,

Inc.(Æ)(Û)

6,407

206

MaxLinear

,

Inc.

Class

A(Æ)

7,723

156

MediaAlpha

,

Inc.

Class

A(Æ)

1,436

19

MeridianLink

,

Inc.(Æ)

2,468

53

MicroStrategy

,

Inc.

Class

A(Æ)(Ñ)

257

354

NAPCO

Security

Technologies,

Inc.

8,192

426

NCR

Atleos

Corp.(Æ)

2,980

81

NETGEAR,

Inc.(Æ)

2,384

36

nLight

,

Inc.(Æ)

5,912

65

Novanta

,

Inc.(Æ)

893

146

Nutanix

,

Inc.

Class

A(Æ)

11,107

631

NVE

Corp.

3,687

275

Olo

,

Inc.

Class

A(Æ)

6,500

29

ON24,

Inc.(Æ)

24,434

147

OneSpan

,

Inc.(Æ)

11,433

147

Onto

Innovation,

Inc.(Æ)

2,211

485

Ooma

,

Inc.(Æ)

19,881

197

Opendoor

Technologies,

Inc.(Æ)

6,418

12

Outset

Medical,

Inc.(Æ)(Ð)

4,332

17

Parsons

Corp.(Æ)

915

75

Paycom

Software,

Inc.(Ð)

188

27

PDF

Solutions,

Inc.(Æ)

25,950

944

Pegasystems

,

Inc.

6,852

415

Perficient

,

Inc.(Æ)

1,928

144

Photronics

,

Inc.(Æ)

6,694

165

Planet

Labs

PBC(Æ)(Ð)

3,381

6

PlayAGS

,

Inc.(Æ)

27,886

321

Playtika

Holding

Corp.

4,128

32

Power

Integrations,

Inc.

1,732

122

Powerfleet

,

Inc.(Æ)

29,102

133

Preformed

Line

Products

Co.

447

56

Procore

Technologies,

Inc.(Æ)

5,010

332

Progress

Software

Corp.

1,588

86

Pros

Holdings,

Inc.(Æ)

8,354

239

PubMatic,

Inc.

Class

A(Æ)

5,361

109

Pure

Storage,

Inc.

Class

A(Æ)(Û)

3,615

232

Qualys

,

Inc.(Æ)

3,437

490

RADCOM,

Ltd.(Æ)

10,957

102

Rambus,

Inc.(Æ)

2,964

174

Ribbon

Communications,

Inc.(Æ)

4,404

14

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

RingCentral,

Inc.

Class

A(Æ)

5,605

158

Roku,

Inc.(Æ)(Ð)

3,316

199

Sanmina

Corp.(Æ)

2,005

133

Sapiens

International

Corp.

NV

2,165

73

SecureWorks

Corp.

Class

A(Æ)

914

6

Semtech

Corp.(Æ)

1,402

42

SentinelOne

,

Inc.

Class

A(Æ)(Ð)

11,732

247

Shutterstock

,

Inc.

1,286

50

Silicon

Laboratories,

Inc.(Æ)

2,497

276

Silicon

Motion

Technology

Corp.

-

ADR

1,292

105

Silvaco

Group,

Inc.(Æ)

9,685

174

SimilarWeb

,

Ltd.(Æ)

10,578

82

Simulations

Plus,

Inc.

19,503

948

SMART

Global

Holdings,

Inc.(Æ)

11,934

273

Smartsheet

,

Inc.

Class

A(Æ)

7,768

342

Sonos

,

Inc.(Æ)

16,358

241

Sprout

Social,

Inc.

Class

A(Æ)

2,173

78

SPS

Commerce,

Inc.(Æ)

900

169

Super

Micro

Computer,

Inc.(Æ)

1,468

1,203

Synaptics

,

Inc.(Æ)

1,460

129

Telos

Corp.(Æ)

3,228

13

Tenable

Holdings,

Inc.(Æ)

4,623

201

Teradata

Corp.(Æ)

8,581

297

Tower

Semiconductor,

Ltd.(Æ)

7,686

302

TrueCar

,

Inc.(Æ)

56,670

177

TTM

Technologies,

Inc.(Æ)

8,022

156

Unisys

Corp.(Æ)

5,413

22

Upland

Software,

Inc.(Æ)

1,000

3

Varonis

Systems,

Inc.(Æ)

7,649

367

Veeco

Instruments,

Inc.(Æ)

2,091

98

Verint

Systems,

Inc.(Æ)

6,463

208

Viavi

Solutions,

Inc.

Class

W(Æ)

16,274

112

Vimeo,

Inc.(Æ)

83,251

311

Vishay

Intertechnology

,

Inc.

28,724

641

Vivid

Seats,

Inc.

Class

A(Æ)

16,577

95

VTEX

Class

A(Æ)

33,413

243

Weave

Communications,

Inc.(Æ)

1,728

16

Wix.com,

Ltd.(Æ)

305

49

WNS

Holdings,

Ltd.(Æ)

9,380

492

Workiva

,

Inc.(Æ)

4,737

346

Xperi

,

Inc.(Æ)

3,580

29

Yelp,

Inc.

Class

A(Æ)

3,214

119

Yext

,

Inc.(Æ)(Ð)

7,780

42

Zeta

Global

Holdings

Corp.

Class

A(Æ)

17,874

315

30,357

Utilities

-

4.9%

Allete

,

Inc.

4,748

296

APA

Corp.

6,459

190

Artesian

Resources

Corp.

Class

A(Ñ)

10,893

383

Avista

Corp.

2,406

83

Brookfield

Infrastructure

Corp.

Class

A

1,615

54

California

Resources

Corp.

4,861

259

California

Water

Service

Group

5,475

265

Chord

Energy

Corp.

798

134

Civitas

Resources,

Inc.

3,317

229

CNX

Resources

Corp.(Æ)

5,794

141

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Evolution

Petroleum

Corp.

65,819

347

Excelerate

Energy,

Inc.

Class

A

19,516

360

Genie

Energy,

Ltd.

Class

B

6,180

90

Golar

LNG,

Ltd.

5,050

158

Gulfport

Energy

Corp.(Æ)

720

109

IDACORP,

Inc.

4,295

400

Iridium

Communications,

Inc.

6,500

173

Kosmos

Energy,

Ltd.(Æ)

60,657

336

Magnolia

Oil

&

Gas

Corp.

Class

A

28,657

726

New

Jersey

Resources

Corp.

2,126

91

Northern

Oil

and

Gas,

Inc.

4,080

152

NorthWestern

Corp.

1,849

93

NRG

Energy,

Inc.(Û)

7,892

614

ONE

Gas,

Inc.

1,467

94

Permian

Resources

Corp.

54,776

885

Pinnacle

West

Capital

Corp.(Û)

998

76

Portland

General

Electric

Co.

8,709

377

RGC

Resources,

Inc.

5,423

111

SandRidge

Energy,

Inc.

11,827

153

Saturn

Oil

&

Gas,

Inc.(Æ)

114,385

223

SilverBow

Resources,

Inc.(Æ)

13,607

515

Southwest

Gas

Holdings,

Inc.

1,746

123

Spire,

Inc.

4,023

244

Talos

Energy,

Inc.(Æ)

15,739

191

UGI

Corp.

3,244

74

Unitil

Corp.

9,843

510

Vistra

Corp.(Û)

5,634

484

York

Water

Co.

(The)

13,413

498

10,241

Total

Common

Stocks

(cost

$183,694)

208,741

Short-Term

Investments

-

3.8%

U.S.

Cash

Management

Fund(@)

8,095,644

(∞)

8,093

Total

Short-Term

Investments

(cost

$8,093)

8,093

Other

Securities

-

1.0%

U.S.

Cash

Collateral

Fund(@)(×)

2,034,945

(∞)

2,035

Total

Other

Securities

(cost

$2,035)

2,035

Total

Investments

-

103.8%

(identified

cost

$193,822)

218,869

Securities

Sold

Short

-

(4.5)%

Consumer

Discretionary

-

(0.5)%

Advanced

Energy

Industries,

Inc.

(1,288)

(140)

Akoustis

Technologies,

Inc.(Æ)

(6,397)

(1)

Altice

USA,

Inc.

Class

A(Æ)

(7,583)

(16)

AMMO,

Inc.(Æ)

(1,052)

(2)

Boston

Omaha

Corp.

Class

A(Æ)

(1,420)

(19)

Churchill

Downs,

Inc.

(1,216)

(170)

Clarus

Corp.

(101)

(1)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Ethan

Allen

Interiors,

Inc.

(1,371)

(38)

EW

Scripps

Co.

(The)

Class

A(Æ)

(4,600)

(14)

FirstCash

Holdings,

Inc.

(1,045)

(110)

Full

House

Resorts,

Inc.(Æ)

(855)

(4)

Gannett

Co.,

Inc.(Æ)

(2,700)

(12)

GrowGeneration

Corp.(Æ)

(400)

(1)

Joby

Aviation,

Inc.(Æ)

(11,274)

(58)

Kura

Sushi

USA,

Inc.

Class

A(Æ)

(178)

(11)

Leslie's,

Inc.(Æ)

(6,511)

(27)

Lithia

Motors,

Inc.

Class

A

(461)

(116)

Skillsoft

Corp.(Æ)

(180)

(3)

Topgolf

Callaway

Brands

Corp.(Æ)

(7,566)

(116)

VF

Corp.

(11,345)

(153)

Ziff

Davis,

Inc.(Æ)

(278)

(15)

(1,027)

Consumer

Staples

-

(0.1)%

Alico

,

Inc.

(620)

(16)

B&G

Foods,

Inc.

Class

A

(754)

(6)

Krispy

Kreme,

Inc.

(3,350)

(36)

MGP

Ingredients,

Inc.

(1,017)

(76)

WD-40

Co.

(373)

(82)

Westrock

Coffee

Co.(Æ)

(2,074)

(21)

(237)

Energy

-

(0.3)%

Ameresco

,

Inc.

Class

A(Æ)

(1,494)

(43)

Cleanspark

,

Inc.(Æ)

(419)

(7)

Core

Laboratories,

Inc.

(2,334)

(47)

Energy

Vault

Holdings,

Inc.(Æ)

(4,000)

(4)

Patterson-UTI

Energy,

Inc.

(14,326)

(148)

Ring

Energy,

Inc.(Æ)

(5,809)

(10)

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

(6,426)

(40)

Sitio

Royalties

Corp.

Class

A

(2,456)

(58)

Sunnova

Energy

International,

Inc.(Æ)

(5,842)

(33)

Sunrun

,

Inc.(Æ)

(7,765)

(92)

TPI

Composites,

Inc.(Æ)

(1,000)

(4)

Uranium

Energy

Corp.(Æ)

(16,222)

(97)

(583)

Financial

Services

-

(0.7)%

AGNC

Investment

Corp.(Ñ)(ö)

(1,733)

(17)

Applied

Digital

Corp.(Æ)

(2,869)

(17)

ARMOUR

Residential

REIT,

Inc.(ö)

(4,456)

(86)

BGC

Group,

Inc.

Class

A

(9,039)

(75)

Capitol

Federal

Financial,

Inc.

(8,021)

(44)

City

Holding

Co.

(211)

(22)

Cohen

&

Steers,

Inc.

(1,321)

(96)

Columbia

Financial,

Inc.(Æ)

(371)

(6)

Distribution

Solutions

Group,

Inc.(Æ)

(938)

(28)

Dynex

Capital,

Inc.(ö)

(5,773)

(69)

European

Wax

Center,

Inc.

Class

A(Æ)

(1,372)

(14)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

First

Financial

Bankshares

,

Inc.

(2,529)

(75)

Franklin

BSP

Realty

Trust,

Inc.(ö)

(2,527)

(32)

Glacier

Bancorp,

Inc.

(4,555)

(170)

Global

Net

Lease,

Inc.(ö)

(11,495)

(85)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

(4,331)

(128)

Healthcare

Realty

Trust,

Inc.(ö)

(9,552)

(157)

Lakeland

Financial

Corp.

(1,150)

(71)

MBIA,

Inc.

(1,900)

(10)

Office

Properties

Income

Trust(ö)

(5,400)

(11)

Old

National

Bancorp

(2,206)

(38)

Park

National

Corp.

(356)

(51)

Ready

Capital

Corp.(ö)

(6,989)

(57)

ServisFirst

Bancshares,

Inc.

(1,741)

(110)

Shore

Bancshares,

Inc.

(716)

(8)

Stock

Yards

Bancorp,

Inc.

(711)

(35)

(1,512)

Health

Care

-

(1.1)%

Acadia

Healthcare

Co.,

Inc.(Æ)

(2,102)

(142)

AdaptHealth

Corp.(Æ)

(4,843)

(48)

Agenus,

Inc.(Æ)

(1,404)

(23)

Alignment

Healthcare,

Inc.(Æ)

(3,900)

(30)

Avid

Bioservices

,

Inc.(Æ)

(4,076)

(29)

Bio-

Techne

Corp.

(2,130)

(153)

BridgeBio

Pharma,

Inc.(Æ)

(2,829)

(72)

ClearPoint

Neuro,

Inc.(Æ)

(537)

(3)

CorMedix

,

Inc.(Æ)

(1,400)

(6)

Crinetics

Pharmaceuticals,

Inc.(Æ)

(2,359)

(106)

Cue

Biopharma,

Inc.(Æ)

(1,000)

(1)

Cytokinetics,

Inc.(Æ)

(34)

(2)

EyePoint

Pharmaceuticals,

Inc.(Æ)

(1,495)

(13)

Geron

Corp.(Æ)

(22,846)

(97)

Globus

Medical,

Inc.

Class

A(Æ)

(3,125)

(214)

ICU

Medical,

Inc.(Æ)

(792)

(94)

Ideaya

Biosciences,

Inc.(Æ)

(298)

(10)

Inovio

Pharmaceuticals,

Inc.(Æ)

(787)

(6)

Joint

Corp.

(The)(Æ)

(1,130)

(16)

Kura

Oncology,

Inc.(Æ)

(2,312)

(48)

Lexicon

Pharmaceuticals,

Inc.(Æ)

(4,973)

(8)

Lineage

Cell

Therapeutics,

Inc.(Æ)

(3,800)

(4)

Neogen

Corp.(Æ)

(7,919)

(124)

OrthoPediatrics

Corp.(Æ)

(1,176)

(34)

Pliant

Therapeutics,

Inc.(Æ)

(184)

(2)

RadNet

,

Inc.(Æ)

(2,419)

(143)

Recursion

Pharmaceuticals,

Inc.

Class

A(Æ)

(1,805)

(14)

Repligen

Corp.(Æ)

(1,060)

(134)

Rocket

Pharmaceuticals,

Inc.(Æ)

(2,270)

(49)

Surgery

Partners,

Inc.(Æ)

(2,285)

(54)

Syndax

Pharmaceuticals,

Inc.(Æ)

(2,182)

(45)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Tango

Therapeutics,

Inc.(Æ)

(1,551)

(13)

TransMedics

Group,

Inc.(Æ)

(721)

(109)

US

Physical

Therapy,

Inc.

(670)

(62)

Vaxcyte

,

Inc.(Æ)

(2,573)

(194)

Veracyte

,

Inc.(Æ)

(5,883)

(127)

(2,229)

Materials

and

Processing

-

(0.2)%

5E

Advanced

Materials,

Inc.(Æ)

(1,601)

(2)

AAON,

Inc.

(1,737)

(151)

Aspen

Aerogels,

Inc.(Æ)

(3,160)

(75)

Compass

Minerals

International,

Inc.

(2,502)

(26)

Ivanhoe

Electric,

Inc.(Æ)

(3,069)

(29)

Mativ

Holdings,

Inc.

(2,238)

(38)

VSE

Corp.

(580)

(51)

(372)

Producer

Durables

-

(0.5)%

AeroVironment

,

Inc.(Æ)

(810)

(147)

Badger

Meter,

Inc.

(814)

(152)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(1,741)

(173)

Clean

Energy

Fuels

Corp.(Æ)

(7,974)

(21)

Deluxe

Corp.

(1,500)

(34)

FiscalNote

Holdings,

Inc.(Æ)

(4,200)

(6)

Forward

Air

Corp.

(3,626)

(69)

Great

Lakes

Dredge

&

Dock

Corp.(Æ)

(300)

(3)

Itron

,

Inc.(Æ)

(1,373)

(136)

Kadant

,

Inc.

(481)

(141)

Kratos

Defense

&

Security

Solutions,

Inc.

(Æ)

(1,000)

(20)

LanzaTech

Global,

Inc.(Æ)

(1,188)

(2)

MultiPlan

Corp.(Æ)

(11,950)

(5)

National

CineMedia

,

Inc.(Æ)

(534)

(2)

SES

AI

Corp.(Æ)

(1,400)

(2)

Workhorse

Group,

Inc.(Æ)

(367)

(1)

Zurn

Elkay

Water

Solutions

Corp.

(3,620)

(106)

(1,020)

Technology

-

(0.9)%

Aehr

Test

Systems(Æ)

(164)

(2)

Atomera

,

Inc.(Æ)

(1,311)

(5)

Cars.com,

Inc.(Æ)

(1,820)

(36)

Clearfield,

Inc.(Æ)

(1,170)

(45)

Coherent

Corp.(Æ)

(1,701)

(123)

Digi

International,

Inc.(Æ)

(1,276)

(29)

Digimarc

Corp.(Æ)

(873)

(27)

EchoStar

Corp.

Class

A(Æ)

(5,509)

(98)

Envestnet

,

Inc.(Æ)

(2,021)

(126)

Frontier

Communications

Parent,

Inc.(Æ)

(8,350)

(219)

Gen

Digital,

Inc.

(8,049)

(201)

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

(1,509)

(168)

MKS

Instruments,

Inc.

(443)

(58)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Navitas

Semiconductor

Corp.(Æ)

(4,212)

(16)

NextNav

,

Inc.(Æ)

(2,677)

(22)

Onto

Innovation,

Inc.(Æ)

(890)

(195)

PAR

Technology

Corp.(Æ)

(2,074)

(98)

PTC,

Inc.(Æ)

(912)

(166)

Veeco

Instruments,

Inc.(Æ)

(2,017)

(94)

Vertex,

Inc.

Class

A(Æ)

(377)

(14)

ViaSat

,

Inc.(Æ)

(75)

(1)

Vishay

Intertechnology

,

Inc.

(5,704)

(127)

Wolfspeed

,

Inc.(Æ)

(5,528)

(126)

(1,996)

Utilities

-

(0.2)%

Civitas

Resources,

Inc.

(651)

(45)

Cogent

Communications

Holdings,

Inc.

(2,033)

(115)

Lumen

Technologies,

Inc.(Æ)

(50,045)

(55)

MGE

Energy,

Inc.

(1,698)

(127)

New

Fortress

Energy,

Inc.

(2,554)

(56)

NextDecade

Corp.(Æ)

(2,654)

(21)

(419)

Total

Securities

Sold

Short

(proceeds

$8,912)

(9,395)

Other

Assets

and

Liabilities,

Net

-

0.7%

1,472

Net

Assets

-

100.0%

210,946

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

30

U.S.

Small

Cap

Equity

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

0.0%

JER

Investment

Trust,

Inc.

05/27/04

1,771

82.03

145

—

—

For

a

description

of

restricted

securities

see

note

9

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

111

USD

11,461

09/24

89

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

89

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Royal

Bank

of

Canada

CAD

50

USD

36

07/02/24

—

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

$

23,533

$

—

$

—

$

—

$

23,533

11.2

Consumer

Staples

6,161

—

—

—

6,161

2.9

Energy

10,024

—

—

—

10,024

4.7

Financial

Services

41,283

—

—

—

41,283

19.6

Health

Care

34,978

—

15

—

34,993

16.6

Materials

and

Processing

16,251

—

10

—

16,261

7.7

Producer

Durables

35,888

—

—

—

35,888

17.0

Technology

30,357

—

—

—

30,357

14.4

Utilities

10,241

—

—

—

10,241

4.9

Short-Term

Investments

—

—

—

8,093

8,093

3.8

Other

Securities

—

—

—

2,035

2,035

1.0

Total

Investments

208,716

—

25

10,128

218,869

103.8

Securities

Sold

Short

***

(9,395)

—

—

—

(9,395)

(4.5)

Other

Assets

and

Liabilities,

Net

0.7

100.0

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

31

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Other

Financial

Instruments

Assets

Futures

Contracts

89

—

—

—

89

—

*

Total

Other

Financial

Instruments

**

$

89

$

—

$

—

$

—

$

89

*

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,

2024,

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

as

of

June

30,

2024,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

32

U.S.

Small

Cap

Equity

Fund

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2024

(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*

$

89

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

422

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(550)

*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

33

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Securities

on

Loan*

Investments,

at

fair

value

$

1,942

$

—

$

1,942

Total

Financial

and

Derivative

Assets

1,942

—

1,942

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

1,942

$

—

$

1,942

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

$

17

$

—

$

17

$

—

Bank

of

Montreal

34

—

34

—

Bank

of

Nova

Scotia

176

—

176

—

Barclays

308

—

308

—

Citigroup

448

—

448

—

Fidelity

108

—

108

—

Goldman

Sachs

87

—

87

—

HSBC

177

—

177

—

Morgan

Stanley

157

—

157

—

Societe

Generale

373

—

373

—

Wells

Fargo

57

—

57

—

Total

$

1,942

$

—

$

1,942

$

—

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

34

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Short

Sales

Securities

sold

short,

at

fair

value

$

9,395

$

—

$

9,395

Total

Financial

and

Derivative

Liabilities

9,395

—

9,395

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

9,395

$

—

$

9,395

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

$

9,395

$

—

$

9,395

$

—

Total

$

9,395

$

—

$

9,395

$

—

*      Fair

value

of

securities

on

loan

as

reported

in

the

footnotes

to

the

Statement

of

Assets

and

Liabilities.

∆

      Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

35

Statement

of

Assets

and

Liabilities

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

193,822

Investments,

at

fair

value(*)(>)

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

218,869

Foreign

currency

holdings(

∆

)

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

31

Receivables:

Dividends

and

interest

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

130

Dividends

from

affiliated

funds

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

37

Investments

sold

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

3,630

Fund

shares

sold

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

3,506

From

broker(a)

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

412

Variation

margin

on

futures

contracts

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

89

Prepaid

expenses

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

1

Total

assets

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

226,705

Liabilities

Payables:

Due

to

custodian

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

1

Investments

purchased

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

377

Fund

shares

redeemed

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

3,717

Accrued

fees

to

affiliates

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

161

Other

accrued

expenses

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

73

Securities

sold

short,

at

fair

value(‡)

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

9,395

Payable

upon

return

of

securities

loaned

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

2,035

Total

liabilities

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

15,759

Net

Assets

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

$

210,946

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

36

U.S.

Small

Cap

Equity

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

26,462

Shares

of

beneficial

interest

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

148

Additional

paid-in

capital

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

184,336

Net

Assets

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

$

210,946

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

14.24

Net

assets

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

$

210,945,554

Shares

outstanding

($.01

par

value)

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

14,808,629

Amounts

in

thousands

(

∆

)    

Foreign

currency

holdings

-

cost

$

31

(*)    

Securities

on

loan

included

in

investments

$

1,942

(‡)    

Proceeds

on

securities

sold

short

$

8,912

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

and

U.S.

Cash

Collateral

Fund

$

10,128

(a)  

Receivable

from

Broker

for

Futures

$

412

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

37

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2024

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

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

$

1,610

Dividends

from

affiliated

funds

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

238

Interest

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

17

Securities

lending

income

(net)

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

14

Total

investment

income

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

1,879

Expenses

Advisory

fees

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

956

Administrative

fees

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

53

Custodian

fees

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

46

Transfer

agent

fees

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

5

Professional

fees

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

35

Trustees’

fees

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

5

Printing

fees

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

12

Dividends

from

securities

sold

short

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

74

Interest

expense

paid

on

securities

sold

short

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

41

Miscellaneous

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

10

Expenses

before

reductions

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

1,237

Expense

reductions

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

(38)

Net

expenses

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

1,199

Net

investment

income

(loss)

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

680

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

7,708

Futures

contracts

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

422

Securities

sold

short

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

(194)

Foreign

currency-related

transactions

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

(1)

Net

realized

gain

(loss)

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

7,935

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

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

(2,801)

Investments

in

affiliated

funds

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

1

Futures

contracts

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

(550)

Securities

sold

short

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

15

Net

change

in

unrealized

appreciation

(depreciation)

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

(3,335)

Net

realized

and

unrealized

gain

(loss)

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

4,600

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

5,280

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

38

U.S.

Small

Cap

Equity

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2024

(Unaudited)

Fiscal

Year

Ended

December

31,

2023

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

680

$

1,441

Net

realized

gain

(loss)

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

7,935

5,918

Net

change

in

unrealized

appreciation

(depreciation)

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

(3,335)

19,378

Net

increase

(decrease)

in

net

assets

from

operations

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

5,280

26,737

Distributions

To

shareholders

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

(2,849)

(2,804)

Net

decrease

in

net

assets

from

distributions

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

(2,849)

(2,804)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(7,364)

(14,216)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

(4,933)

9,717

Net

Assets

Beginning

of

period

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

215,879

206,162

End

of

period

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

$

210,946

$

215,879

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2024

and

December

31,

2023

were

as

follows:

2024

(Unaudited)

2023

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

206

$

2,932

586

$

7,441

Proceeds

from

reinvestment

of

distributions

203

2,849

208

2,804

Payments

for

shares

redeemed

(928)

(13,145)

(1,878)

(24,461)

Total

increase

(decrease)

(519)

$

(7,364)

(1,084)

$

(14,216)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

40

U.S.

Small

Cap

Equity

Fund

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

June

30,

2024

(

ƣ

)

14.08

.05

.30

.35

(.02)

(.17)

December

31,

2023

12.56

.09

1.61

1.70

(.09)

(.09)

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)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

41

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(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)

(.19)

14.24

2.49

210,946

1.17

1.13

.64

33

(.18)

14.08

13.61

215,879

1.17

1.13

.70

87

(.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

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

42

U.S.

Small

Cap

Equity

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

June

30,

2024

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2024,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

150,002

Administrative

fees

8,638

Transfer

agent

fees

760

Trustee

fees

1,539

$

160,939

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

$

9,962

$

27,231

$

29,101

$

—

$

1

$

8,093

$

238

$

—

U.S.

Cash

Collateral

Fund

3,175

18,254

19,394

—

—

2,035

104

—

$

13,137

$

45,485

$

48,495

$

—

$

1

$

10,128

$

342

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

190,503,660

$

34,984,858

$

(15,925,983)

$

19,058,875

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

43

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

94.7%

Australia

-

1.9%

Aristocrat

Leisure,

Ltd.

3,255

107

ASX,

Ltd.

-

ADR

2,670

107

Australia

&

New

Zealand

Banking

Group,

Ltd.

-

ADR

4,869

92

BHP

Group,

Ltd.

-

ADR

43,882

1,257

Brambles,

Ltd.

12,115

118

Coles

Group,

Ltd.

10,103

115

Commonwealth

Bank

of

Australia

-

ADR

3,378

287

Fortescue

Metals

Group,

Ltd.

16,319

233

Glencore

PLC

124,444

710

Independence

Group

NL

8,791

33

Insurance

Australia

Group,

Ltd.

93,947

447

Medibank

Pvt

,

Ltd.

36,191

90

National

Australia

Bank,

Ltd.

-

ADR

4,097

99

Northern

Star

Resources,

Ltd.

10,952

94

QBE

Insurance

Group,

Ltd.

56,604

656

Rio

Tinto

PLC

9,685

637

Rio

Tinto,

Ltd.

-

ADR

1,154

92

Telstra

Group,

Ltd.

179,403

432

Wesfarmers,

Ltd.

3,132

136

Woodside

Energy

Group,

Ltd.

36,570

690

6,432

Austria

-

0.7%

ams

AG(Æ)

94,328

129

Erste

Group

Bank

AG

34,775

1,647

Mondi

PLC

38,140

733

2,509

Belgium

-

0.2%

Ageas

SA

10,110

462

Proximus

SADP

21,425

170

632

Brazil

-

0.8%

Ambev

SA(Æ)

453,925

927

Atacadao

SA(Æ)

106,481

172

Banco

Bradesco

SA

-

ADR

192,385

431

Banco

do

Brasil

SA

42,154

201

Caixa

Seguridade

Participacoes

S/A

16,561

42

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo(Æ)

22,733

305

Lojas

Renner

SA(Æ)

107,934

241

Telefonica

Brasil

SA(Æ)

49,774

404

Ultrapar

Participacoes

SA

24,697

95

2,818

Burkina

Faso

-

0.1%

Endeavour

Mining

PLC

8,315

176

Canada

-

4.7%

Alimentation

Couche-Tard,

Inc.

2,589

145

ARC

Resources,

Ltd.

14,524

259

Bank

of

Montreal

995

84

Bank

of

Nova

Scotia

(The)

2,326

106

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Barrick

Gold

Corp.

27,207

454

Canadian

Imperial

Bank

of

Commerce

2,428

115

Canadian

National

Railway

Co.

16,975

2,006

Canadian

Natural

Resources,

Ltd.

6,566

234

Canadian

Pacific

Kansas

City,

Ltd.

1,090

86

CCL

Industries,

Inc.

Class

B

2,111

111

Cenovus

Energy,

Inc.

7,657

151

CGI

Group,

Inc.(Æ)

1,155

115

Constellation

Software,

Inc.

82

236

Dollarama

,

Inc.

9,740

889

Enbridge,

Inc.

4,216

150

Fairfax

Financial

Holdings,

Ltd.

253

288

Great-West

Lifeco

,

Inc.

13,568

396

iA

Financial

Corp.,

Inc.

3,847

242

Imperial

Oil,

Ltd.

1,855

126

Intact

Financial

Corp.

883

147

Kinross

Gold

Corp.

14,736

123

Loblaw

Cos.,

Ltd.

984

114

Magna

International,

Inc.

Class

A

24,520

1,028

Manulife

Financial

Corp.

44,674

1,190

Metro,

Inc.

Class

A

960

53

National

Bank

of

Canada

9,773

775

Nutrien

,

Ltd.

2,561

130

Royal

Bank

of

Canada

-

GDR

13,709

1,460

Shopify,

Inc.

Class

A(Æ)

15,497

1,024

Stantec

,

Inc.

10,477

877

Sun

Life

Financial,

Inc.

16,693

819

Suncor

Energy,

Inc.

5,749

219

Teck

Resources,

Ltd.

Class

B

2,025

97

TELUS

Corp.

3,860

58

TFI

International,

Inc.

924

134

Thomson

Reuters

Corp.

371

63

Toronto-Dominion

Bank

(The)

18,354

1,009

Tourmaline

Oil

Corp.

13,997

635

West

Fraser

Timber

Co.,

Ltd.

968

74

16,222

China

-

2.4%

Alibaba

Group

Holding,

Ltd.

141,414

1,271

Baidu,

Inc.

Class

A(Æ)

21,950

238

BOC

Hong

Kong

Holdings,

Ltd.

26,000

80

China

Merchants

Bank

Co.,

Ltd.

Class

H

67,000

304

China

Overseas

Land

&

Investment,

Ltd.

273,000

473

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H(Æ)

218,000

62

H

World

Group,

Ltd.

-

ADR

14,006

467

Haier

Smart

Home

Co.,

Ltd.

Class

H

147,800

494

Lenovo

Group,

Ltd.

482,000

680

Tencent

Holdings,

Ltd.

83,984

3,986

Weichai

Power

Co.,

Ltd.

Class

H

162,000

310

Wilmar

International,

Ltd.

19,000

43

8,408

Denmark

-

2.6%

AP

Moller

-

Maersk

A/S

Class

B

49

85

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

44

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Coloplast

A/S

Class

B

619

74

Danske

Bank

A/S

28,337

843

DSV

A/S

3,548

543

Genmab

A/S(Æ)

283

71

Novo

Nordisk

A/S

Class

B

45,862

6,552

Novozymes

A/S

Class

B

589

36

Svitzer

A/S(Æ)

98

4

Tryg

A/S

3,314

72

Vestas

Wind

Systems

A/S(Æ)

27,503

635

8,915

Finland

-

1.0%

Elisa

OYJ

6,549

300

Nokia

OYJ

474,358

1,805

Nordea

Bank

Abp

6,897

82

Sampo

OYJ

Class

A

7,597

326

UPM-

Kymmene

OYJ

21,817

761

3,274

France

-

8.3%

Accor

SA

44,280

1,826

Air

Liquide

SA

Class

A

1,689

291

Airbus

Group

SE

8,504

1,173

Amundi

SA(Ñ)(Þ)

14,487

930

AXA

SA

28,216

929

BNP

Paribas

SA

11,838

759

Bureau

Veritas

SA

36,735

1,014

Capgemini

SE

3,684

730

Carrefour

SA

30,855

436

Cie

de

Saint-Gobain

SA

8,705

674

Danone

SA

5,661

345

Dassault

Aviation

SA

3,042

551

Dassault

Systemes

SE

2,279

86

Edenred

SE

1,731

73

Eiffage

SA

915

84

Engie

SA

53,357

760

EssilorLuxottica

SA

568

122

Eurazeo

SE

1,650

132

Hermes

International

83

191

Kering

238

86

Legrand

SA

-

ADR

1,065

106

L'Oreal

SA

3,601

1,583

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

3,452

2,651

Michelin

(CGDE)

42,172

1,627

Orange

SA

-

ADR

56,519

566

Pernod

Ricard

SA

7,675

1,044

Publicis

Groupe

SA

-

ADR

6,189

656

Renault

SA

8,895

454

Rexel

SA

Class

H

50,636

1,303

Safran

SA

3,298

694

Sartorius

Stedim

Biotech

11,747

1,919

Societe

Generale

SA

28,063

655

Teleperformance

-

GDR

14,495

1,520

Thales

SA

1,678

270

TotalEnergies

SE

27,622

1,841

Valeo

SE

19,170

205

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vinci

SA

3,135

330

28,616

Germany

-

6.5%

adidas

AG

3,975

949

Allianz

SE

1,645

457

BASF

SE

41,475

2,004

Bayer

AG

41,691

1,179

Beiersdorf

AG

941

137

Brenntag

SE

6,628

447

Commerzbank

AG

7,694

117

Continental

AG

13,877

786

Covestro

AG(Æ)(Þ)

16,298

955

Daimler

Truck

Holding

AG

49,596

1,973

Deutsche

Boerse

AG

12,721

2,600

Deutsche

Post

AG

2,236

90

Deutsche

Telekom

AG

13,170

331

E.ON

SE

8,607

113

Evonik

Industries

AG

49,931

1,018

Fresenius

Medical

Care

AG

&

Co.

KGaA

22,615

865

Fresenius

SE

&

Co.

KGaA

(Æ)

17,631

526

GEA

Group

AG

6,603

275

Hannover

Rueck

SE

3,054

774

Heidelberg

Materials

AG

9,184

952

Infineon

Technologies

AG

-

ADR

22,256

818

Mercedes-Benz

Group

AG

11,499

795

Merck

KGaA

489

81

Muenchener

Rueckversicherungs-

Gesellschaft

AG

2,146

1,073

Rheinmetall

AG

1,677

853

SAP

SE

-

ADR

8,068

1,638

Siemens

AG

2,213

412

Symrise

AG

870

107

Talanx

AG

1,383

110

22,435

Hong

Kong

-

2.0%

AIA

Group,

Ltd.

362,339

2,457

CK

Asset

Holdings,

Ltd.

103,049

386

CK

Hutchison

Holdings,

Ltd.

Class

B

87,313

418

CLP

Holdings,

Ltd.

60,000

485

Hang

Seng

Bank,

Ltd.

36,700

470

Hong

Kong

&

China

Gas

Co.,

Ltd.

110,000

84

Hong

Kong

Exchanges

&

Clearing,

Ltd.

5,600

178

MTR

Corp.,

Ltd.

55,000

174

Power

Assets

Holdings,

Ltd.

82,000

441

Prudential

PLC

55,590

504

Sino

Land

Co.,

Ltd.

56,000

58

Techtronic

Industries

Co.,

Ltd.

90,771

1,036

WH

Group,

Ltd.(Þ)

402,000

264

6,955

Hungary

-

0.1%

OTP

Bank

PLC

5,799

288

India

-

1.4%

Axis

Bank,

Ltd.

-

GDR(Þ)

7,964

605

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

45

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

HDFC

Bank,

Ltd.

-

ADR

38,317

2,465

Larsen

&

Toubro,

Ltd.

-

GDR(Þ)

17,257

732

MakeMyTrip

,

Ltd.(Æ)

12,333

1,037

4,839

Indonesia

-

0.1%

Bank

Rakyat

Indonesia

Persero

Tbk

PT

1,143,500

319

Ireland

-

1.5%

AIB

Group

PLC

74,276

391

Bank

of

Ireland

Group

PLC

150,583

1,569

Flutter

Entertainment

PLC(Æ)

5,620

1,020

Kerry

Group

PLC

Class

A

14,701

1,190

Kingspan

Group

PLC

1,032

87

Ryanair

Holdings

PLC

-

ADR

6,847

797

Smurfit

Kappa

Group

PLC

2,179

97

5,151

Israel

-

0.1%

Bank

Hapoalim

BM

10,568

93

Bank

Leumi

Le-Israel

BM

12,839

105

Check

Point

Software

Technologies,

Ltd.(Æ)

1,026

169

Nice,

Ltd.(Æ)

547

95

462

Italy

-

2.7%

Assicurazioni

Generali

SpA

6,169

153

BPER

Banca

111,420

565

Coca-Cola

HBC

AG

-

ADR(Æ)

2,806

95

Davide

Campari-Milano

NV

56,249

530

Enel

SpA

224,172

1,564

Eni

SpA

-

ADR

56,956

877

FinecoBank

Banca

Fineco

SpA

137,734

2,053

Intesa

Sanpaolo

SpA

28,762

107

Moncler

SpA

9,676

593

Poste

Italiane

SpA

(Þ)

4,258

54

Recordati

SpA

5,843

306

Snam

Rete

Gas

SpA

100,956

446

Terna

Rete

Elettrica

Nazionale

SpA

44,770

346

UniCredit

SpA

39,583

1,475

9,164

Japan

-

16.6%

Advantest

Corp.

16,700

676

Ajinomoto

Co.,

Inc.

2,700

95

Alfresa

Holdings

Corp.

15,300

210

Alps

Alpine

Co.,

Ltd.

19,100

183

Amada

Co.,

Ltd.

19,900

221

Asahi

Group

Holdings,

Ltd.

1,600

56

Astellas

Pharma,

Inc.

47,100

466

Bridgestone

Corp.

25,800

1,017

Brother

Industries,

Ltd.

8,600

152

Canon,

Inc.

33,800

918

Chugai

Pharmaceutical

Co.,

Ltd.

3,600

129

Dai-ichi

Life

Holdings,

Inc.

21,250

571

Daiichi

Sankyo

Co.,

Ltd.

26,600

929

Daikin

Industries,

Ltd.

500

69

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Daito

Trust

Construction

Co.,

Ltd.

3,500

361

Daiwa

House

Industry

Co.,

Ltd.

4,700

119

DeNA

Co.,

Ltd.

13,400

133

Denso

Corp.

38,400

599

Dentsu

,

Inc.

15,200

384

Disco

Corp.

700

268

Eisai

Co.,

Ltd.

13,740

564

Fast

Retailing

Co.,

Ltd.

400

101

Fuji

Electric

Co.,

Ltd.

1,900

109

FUJIFILM

Holdings

Corp.

5,700

134

Fujitsu,

Ltd.

9,000

141

Fukuoka

Financial

Group,

Inc.

21,200

569

Hakuhodo

DY

Holdings,

Inc.

25,200

185

Hino

Motors,

Ltd.(Æ)

37,700

98

Hirose

Electric

Co.,

Ltd.

1,100

122

Honda

Motor

Co.,

Ltd.

39,813

428

Hoya

Corp.

800

94

Iida

Group

Holdings

Co.,

Ltd.

21,800

286

Isuzu

Motors,

Ltd.

55,300

735

ITOCHU

Corp.

20,000

981

Japan

Airlines

Co.,

Ltd.

13,000

205

Japan

Exchange

Group,

Inc.

5,000

117

Japan

Post

Bank

Co.,

Ltd.

Class

A

4,600

44

Japan

Post

Holdings

Co.,

Ltd.

15,600

155

Japan

Post

Insurance

Co.,

Ltd.

Class

A

19,300

376

Japan

Tobacco,

Inc.

27,400

742

JGC

Holdings

Corp.

18,600

146

Kajima

Corp.

5,100

89

Kao

Corp.

21,500

874

KDDI

Corp.

25,700

681

Keyence

Corp.

6,200

2,735

Kirin

Holdings

Co.,

Ltd.

46,900

605

Komatsu,

Ltd.

40,100

1,167

Kubota

Corp.

41,000

576

Kyocera

Corp.

55,900

643

Makita

Corp.

13,168

360

Mazda

Motor

Corp.

7,900

77

MEIJI

Holdings

Co.,

Ltd.

8,400

181

Minebea

Co.,

Ltd.

41,500

856

Mitsubishi

Corp.

5,300

104

Mitsubishi

Electric

Corp.

41,800

668

Mitsubishi

Estate

Co.,

Ltd.

25,500

402

Mitsubishi

Gas

Chemical

Co.,

Inc.

18,800

360

Mitsubishi

HC

Capital,

Inc.

13,300

88

Mitsubishi

UFJ

Financial

Group,

Inc.

11,400

123

Mitsui

&

Co.,

Ltd.

4,400

100

MS&AD

Insurance

Group

Holdings,

Inc.

91,700

2,048

Murata

Manufacturing

Co.,

Ltd.

7,200

149

NEC

Corp.

1,700

139

Nidec

Corp.

34,600

1,564

Nikon

Corp.

18,600

189

Nintendo

Co.,

Ltd.

4,200

224

Nippon

Prologis,

Inc.(ö)

84

131

Nippon

Steel

Corp.

3,700

78

Nippon

Telegraph

&

Telephone

Corp.

106,550

101

Nippon

Television

Holdings,

Inc.

15,800

229

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

46

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Nippon

Yusen

3,700

108

Nissan

Motor

Co.,

Ltd.

142,100

485

Nissin

Foods

Holdings

Co.,

Ltd.

3,300

84

Nitto

Denko

Corp.

27,900

2,212

Obayashi

Corp.

11,200

134

Obic

Co.,

Ltd.

400

52

Olympus

Corp.

45,700

735

Ono

Pharmaceutical

Co.,

Ltd.

35,391

483

ORIX

Corp.

4,200

93

Otsuka

Holdings

Co.,

Ltd.

6,000

253

Panasonic

Holdings

Corp.

6,800

56

Persol

Holdings

Co.,

Ltd.

163,800

228

Recruit

Holdings

Co.,

Ltd.

6,600

355

Resona

Holdings,

Inc.

205,300

1,363

Rinnai

Corp.

10,900

248

Rohm

Co.,

Ltd.

34,600

464

SCSK

Corp.

5,000

100

Secom

Co.,

Ltd.

2,600

154

Sega

Sammy

Holdings,

Inc.

20,300

301

Sekisui

Chemical

Co.,

Ltd.

19,100

265

Sekisui

House,

Ltd.

7,400

164

SG

Holdings

Co.,

Ltd.

12,200

112

Shin-Etsu

Chemical

Co.,

Ltd.

83,275

3,239

Shionogi

&

Co.,

Ltd.

3,100

121

SMC

Corp.

1,100

525

SoftBank

Corp.

8,700

106

Sompo

Japan

Nipponkoa

Holdings,

Inc.

26,400

564

Sony

Group

Corp.

9,810

834

Stanley

Electric

Co.,

Ltd.

12,839

229

Subaru

Corp.

41,944

893

Sumitomo

Electric

Industries,

Ltd.

15,600

244

Sumitomo

Heavy

Industries,

Ltd.

8,000

209

Sumitomo

Mitsui

Financial

Group,

Inc.

8,900

595

Sumitomo

Mitsui

Trust

Holdings,

Inc.

38,600

882

Sumitomo

Rubber

Industries,

Ltd.

18,400

184

Suntory

Beverage

&

Food,

Ltd.

25,600

909

T&D

Holdings,

Inc.

61,900

1,085

Taiheiyo

Cement

Corp.

8,800

222

Takeda

Pharmaceutical

Co.,

Ltd.

31,000

804

TDK

Corp.

18,200

1,112

Terumo

Corp.

6,400

106

THK

Co.,

Ltd.

15,600

280

Tokio

Marine

Holdings,

Inc.

34,100

1,280

Tokyo

Electron,

Ltd.

8,110

1,781

Toray

Industries,

Inc.

138,000

652

Toyota

Motor

Corp.

43,600

898

Trend

Micro,

Inc.

1,800

73

Tsuruha

Holdings,

Inc.

4,500

256

Unicharm

Corp.

4,300

138

USS

Co.,

Ltd.

16,000

135

Yamaha

Motor

Co.,

Ltd.

45,600

424

Yamato

Holdings

Co.,

Ltd.

25,994

285

56,943

Luxembourg

-

0.8%

ArcelorMittal

SA

36,102

823

Eurofins

Scientific

SE

37,437

1,861

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

RTL

Group

SA

5,556

169

2,853

Macao

-

0.2%

Galaxy

Entertainment

Group,

Ltd.

169,869

791

Malaysia

-

0.1%

CIMB

Group

Holdings

BHD

193,117

278

Mexico

-

0.1%

Fresnillo

PLC

26,516

189

Netherlands

-

5.8%

ABN

AMRO

Bank

NV(Þ)

36,355

596

Adyen

NV(Æ)(Þ)

176

210

Akzo

Nobel

NV

1,051

64

Argenx

SE(Æ)

1,320

571

ASM

International

NV

310

236

ASML

Holding

NV

2,692

2,777

BE

Semiconductor

Industries

NV

882

147

Ferrari

NV

2,347

960

Heineken

NV

8,053

777

ING

Groep

NV

113,344

1,942

Koninklijke

Ahold

Delhaize

NV

4,432

131

Koninklijke

KPN

NV

126,988

487

Koninklijke

Philips

NV(Æ)

52,953

1,332

NN

Group

NV

12,908

600

Randstad

NV

37,360

1,692

Shell

PLC

112,884

4,056

Universal

Music

Group

NV

99,266

2,943

VEON,

Ltd.

-

ADR(Æ)

5,377

139

Wolters

Kluwer

NV

1,533

253

19,913

New

Zealand

-

0.1%

Spark

New

Zealand,

Ltd.

91,708

232

Norway

-

0.5%

DNB

Bank

ASA

6,002

118

Equinor

ASA

Class

N

36,141

1,033

Norsk

Hydro

ASA

13,400

83

Orkla

ASA

35,142

285

Telenor

ASA

11,896

135

1,654

Portugal

-

0.1%

Energias

de

Portugal

SA

7,648

28

Jeronimo

Martins

SGPS

SA

10,131

198

226

Russia

-

0.0%

Gazprom

PJSC(Æ)(Š)

114,398

—

Lukoil

PJSC(Æ)(Š)

2,007

—

Mobile

TeleSystems

PJSC

-

ADR(Æ)

(Š)

27,365

—

Sberbank

of

Russia

PJSC(Æ)(Š)

88,440

—

—

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

47

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Singapore

-

0.7%

CapitaLand

Ascendas

REIT(ö)

27,900

53

DBS

Group

Holdings,

Ltd.

4,131

109

Grab

Holdings,

Ltd.

Class

A(Æ)

25,734

91

Oversea-Chinese

Banking

Corp.,

Ltd.

85,792

912

Singapore

Exchange,

Ltd.

16,800

117

Singapore

Technologies

Engineering,

Ltd.

29,300

94

Singapore

Telecommunications,

Ltd.

361,700

732

STMicroelectronics

NV

1,934

75

United

Overseas

Bank,

Ltd.

4,700

109

2,292

South

Africa

-

0.2%

Anglo

American

PLC

11,394

358

MTN

Group,

Ltd.

33,103

154

Old

Mutual,

Ltd.

387,774

263

775

South

Korea

-

1.3%

Coway

Co.,

Ltd.

4,975

231

Hankook

Tire

&

Technology

Co.,

Ltd.

5,913

194

Hyundai

Mobis

Co.,

Ltd.

2,710

494

KB

Financial

Group,

Inc.

10,106

573

KT

Corp.

-

ADR

33,867

463

Samsung

Electronics

Co.,

Ltd.

21,646

1,272

Shinhan

Financial

Group

Co.,

Ltd.

31,403

1,091

4,318

Spain

-

2.1%

Amadeus

IT

Group

SA

Class

A

28,302

1,883

Banco

Bilbao

Vizcaya

Argentaria

SA

-

ADR

9,306

93

Banco

Santander

SA

-

ADR

20,378

95

CaixaBank

SA

224,118

1,186

Cellnex

Telecom

SA(Þ)

17,817

578

Endesa

SA

-

ADR

2,131

40

Iberdrola

SA

15,811

205

Industria

de

Diseno

Textil

SA

62,829

3,105

Redeia

Corp.

SA

7,686

134

7,319

Sweden

-

1.8%

Assa

Abloy

AB

Class

B

27,405

776

Atlas

Copco

AB

Class

A

11,526

217

Atlas

Copco

AB

Class

B

52,449

849

Boliden

AB

12,387

395

Epiroc

AB

Class

A

5,150

103

Essity

Aktiebolag

Class

B

26,634

681

Hexagon

AB

Class

B

112,386

1,262

Investor

AB

Class

B

4,112

113

Sandvik

AB

25,023

503

Skandinaviska

Enskilda

Banken

AB

Class

A

10,055

149

SKF

AB

Class

B

27,647

552

Svenska

Handelsbanken

AB

Class

A

8,008

76

Telefonaktiebolaget

LM

Ericsson

Class

B

81,148

504

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Volvo

AB

Class

B

3,393

87

6,267

Switzerland

-

4.3%

ABB,

Ltd.

1,252

69

Adecco

Group

AG

13,302

442

Alcon,

Inc.

6,067

540

Baloise

Holding

AG

608

107

Barry

Callebaut

AG

32

52

Chocoladefab

riken

Lindt

&

Spruengli

AG

7

185

DSM-

Firmenich

AG

760

86

EMS-

Chemie

Holding

AG

402

330

Geberit

AG

180

107

Givaudan

SA

37

175

Julius

Baer

Group,

Ltd.

18,724

1,045

Kuehne

&

Nagel

International

AG

2,398

690

Logitech

International

SA

962

93

Novartis

AG

28,885

3,095

Partners

Group

Holding

AG

552

710

Schindler

Holding

AG

827

207

SGS

SA

6,736

599

Sika

AG

257

73

Straumann

Holding

AG

526

65

Swatch

Group

AG

(The)

Class

B

2,539

520

Swiss

Life

Holding

AG

272

200

Swisscom

AG

1,235

695

UBS

Group

AG

132,759

3,886

Zurich

Insurance

Group

AG

1,817

967

14,938

Taiwan

-

2.8%

Catcher

Technology

Co.,

Ltd.

42,513

303

E

Ink

Holdings,

Inc.

71,000

554

Hon

Hai

Precision

Industry

Co.,

Ltd.

88,184

578

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

125,000

3,718

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

26,384

4,586

9,739

Thailand

-

0.2%

Kasikornbank

PCL

166,100

567

United

Kingdom

-

9.0%

3i

Group

PLC

7,817

301

Ashtead

Group

PLC

1,895

126

AstraZeneca

PLC

12,908

2,012

Auto

Trader

Group

PLC(Þ)

10,287

104

Babcock

International

Group

PLC

40,758

269

BAE

Systems

PLC

12,460

208

Barclays

PLC

236,402

624

Barratt

Developments

PLC

36,562

217

Berkeley

Group

Holdings

PLC

756

44

British

American

Tobacco

PLC

39,153

1,204

British

Land

Co.

PLC

(The)(ö)

44,556

231

BT

Group

PLC

286,844

509

Burberry

Group

PLC

28,319

315

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Centrica

PLC

45,869

78

Compass

Group

PLC

74,900

2,039

Diageo

PLC

2,810

88

easyJet

PLC

68,500

395

HSBC

Holdings

PLC

241,129

2,087

Imperial

Tobacco

Group

PLC

2,349

60

Intermediate

Capital

Group

PLC

26,492

726

Intertek

Group

PLC

31,567

1,914

J

Sainsbury

PLC

289,283

933

Kingfisher

PLC

110,109

347

Land

Securities

Group

PLC(ö)

30,109

236

London

Stock

Exchange

Group

PLC

15,455

1,832

NatWest

Group

PLC

261,238

1,025

Pearson

PLC

7,718

96

Reckitt

Benckiser

Group

PLC

46,795

2,525

RELX

PLC

47,326

2,169

Rolls-Royce

Holdings

PLC(Æ)

42,052

243

Sage

Group

PLC

(The)

9,700

133

Schroders

PLC

34,148

157

Smith

&

Nephew

PLC

8,755

108

St.

James's

Place

PLC

27,635

191

Standard

Chartered

PLC

178,769

1,611

Tate

&

Lyle

PLC

29,942

227

Tesco

PLC

393,003

1,522

Travis

Perkins

PLC

26,830

261

Unilever

PLC

24,376

1,342

United

Utilities

Group

PLC

5,357

67

Vodafone

Group

PLC

180,615

159

Wausau

Paper

Corp.

63,950

586

Weir

Group

PLC

(The)

50,852

1,269

Wise

PLC

Class

A(Æ)

53,516

460

31,050

United

States

-

10.9%

Accenture

PLC

Class

A

6,754

2,049

Allegion

PLC

17,544

2,073

Amdocs,

Ltd.

16,401

1,294

Aon

PLC

Class

A

7,250

2,129

ARM

Holdings

PLC

-

ADR(Æ)

778

127

BP

PLC

187,758

1,131

CRH

PLC

1,354

100

CSL,

Ltd.

835

164

Experian

PLC

3,487

162

GSK

Finance

No.

3

PLC

111,644

2,152

Haleon

PLC

850,342

3,462

Holcim

AG(Æ)

7,190

638

Las

Vegas

Sands

Corp.

11,625

514

Linde

PLC

8,305

3,644

Medtronic

PLC

10,895

858

Nestle

SA

40,918

4,177

Roche

Holding

AG

11,118

3,085

Sanofi

SA

-

ADR

28,402

2,730

Schlumberger

NV

39,278

1,853

Schneider

Electric

SE

16,139

3,851

Spotify

Technology

SA(Æ)

3,070

963

Stellantis

NV

4,484

88

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Tenaris

SA

17,067

262

37,506

Total

Common

Stocks

(cost

$299,294)

325,465

Preferred

Stocks

-

1.3%

Brazil

-

0.1%

Raizen

Energia

SA

6.188%

(Ÿ)

385,686

203

Germany

-

0.5%

Henkel

AG

&

Co.

KGaA

2.242%

(Ÿ)

12,547

1,118

Volkswagen

AG

8.523%

(Ÿ)

5,651

638

1,756

South

Korea

-

0.7%

Samsung

Electronics

Co.,

Ltd.

1.592%

(Ÿ)

48,660

2,235

Total

Preferred

Stocks

(cost

$4,262)

4,194

Warrants

and

Rights

-

0.0%

Canada

-

0.0%

Constellation

Software,

Inc.(Æ)

2040

Warrants

82

—

Total

Warrants

and

Rights

(cost

$—)

—

Short-Term

Investments

-

2.2%

United

States

-

2.2%

U.S.

Cash

Management

Fund(@)

7,558,992

(∞)

7,557

Total

Short-Term

Investments

(cost

$7,556)

7,557

Other

Securities

-

0.3%

U.S.

Cash

Collateral

Fund(@)(×)

886,600

(∞)

887

Total

Other

Securities

(cost

$887)

887

Total

Investments

-

98.5%

(identified

cost

$311,999)

338,103

Other

Assets

and

Liabilities,

Net

-

1.5%

5,313

Net

Assets

-

100.0%

343,416

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

49

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

$

$

$

1.5%

ABN

AMRO

Bank

NV

10/03/19

EUR

36,355

17.33

630

596

Adyen

NV

04/19/22

EUR

176

1,538.11

271

210

Amundi

SA

02/21/19

EUR

14,487

64.26

931

930

Auto

Trader

Group

PLC

08/04/23

GBP

10,287

8.08

83

104

Axis

Bank,

Ltd.

04/12/24

7,964

66.41

529

605

Cellnex

Telecom

SA

11/11/20

EUR

17,817

52.64

938

578

Covestro

AG

08/15/19

EUR

16,298

52.10

849

955

Larsen

&

Toubro,

Ltd.

02/23/24

17,257

41.50

716

732

Poste

Italiane

SpA

06/07/24

EUR

4,258

13.82

59

54

WH

Group,

Ltd.

06/26/19

HKD

402,000

0.76

306

264

5,028

For

a

description

of

restricted

securities

see

note

9

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

10

EUR

749

07/24

(10)

DAX

Index

Futures

2

EUR

920

09/24

5

EURO

STOXX

50

Index

Futures

7

EUR

345

09/24

(2)

FTSE/MIB

Index

Futures

1

EUR

167

09/24

(1)

IBEX

35

Index

Futures

2

EUR

218

07/24

(3)

OMXS30

Index

Futures

11

SEK

2,836

07/24

—

S&P/TSX

60

Index

Futures

62

CAD

16,250

09/24

118

SPI

200

Index

Futures

110

AUD

21,373

09/24

109

TOPIX

Index

Futures

66

JPY

1,854,930

09/24

125

Short

Positions

FTSE

100

Index

Futures

14

GBP

1,150

09/24

23

Hang

Seng

Index

Futures

24

HKD

21,156

07/24

48

MSCI

Emerging

Markets

Index

Futures

381

USD

20,730

09/24

(175)

MSCI

Singapore

Index

Futures

77

SGD

2,436

07/24

(13)

S&P

500

E-Mini

Index

Futures

22

USD

6,074

09/24

4

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

228

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

2,777

AUD

4,138

09/18/24

(11)

Bank

of

America

USD

2,447

CAD

3,342

09/18/24

—

Bank

of

America

USD

61

CHF

55

07/02/24

—

Bank

of

America

USD

116

CHF

104

07/02/24

—

Bank

of

America

USD

236

EUR

220

07/02/24

—

Bank

of

America

USD

409

EUR

382

07/02/24

—

Bank

of

America

USD

245

GBP

194

07/02/24

—

Bank

of

America

USD

311

HKD

2,425

07/03/24

—

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

50

International

Developed

Markets

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

463

JPY

74,153

07/02/24

(2)

Bank

of

America

USD

3,920

JPY

602,107

09/18/24

(133)

Bank

of

America

USD

286

NOK

3,055

07/02/24

—

Bank

of

America

USD

763

SEK

7,818

09/18/24

(23)

Bank

of

America

USD

63

SGD

85

07/02/24

—

Bank

of

America

DKK

4,163

USD

597

07/02/24

(1)

Bank

of

America

EUR

2,051

USD

2,232

09/18/24

28

Barclays

USD

2,777

AUD

4,138

09/18/24

(11)

Barclays

USD

2,447

CAD

3,342

09/18/24

—

Barclays

USD

3,922

JPY

602,107

09/18/24

(135)

Barclays

USD

762

SEK

7,818

09/18/24

(22)

Barclays

EUR

2,051

USD

2,235

09/18/24

30

Citigroup

USD

2,779

AUD

4,138

09/18/24

(13)

Citigroup

USD

2,448

CAD

3,342

09/18/24

—

Citigroup

USD

3,920

JPY

602,107

09/18/24

(133)

Citigroup

USD

764

SEK

7,818

09/18/24

(23)

Citigroup

EUR

2,051

USD

2,233

09/18/24

28

HSBC

USD

2,776

AUD

4,138

09/18/24

(10)

HSBC

USD

2,447

CAD

3,342

09/18/24

1

HSBC

USD

3,918

JPY

602,107

09/18/24

(131)

HSBC

USD

763

SEK

7,818

09/18/24

(22)

HSBC

EUR

2,051

USD

2,231

09/18/24

26

Royal

Bank

of

Canada

USD

2,775

AUD

4,138

09/18/24

(9)

Royal

Bank

of

Canada

USD

2,446

CAD

3,342

09/18/24

1

Royal

Bank

of

Canada

USD

3,916

JPY

602,107

09/18/24

(130)

Royal

Bank

of

Canada

USD

763

SEK

7,818

09/18/24

(22)

Royal

Bank

of

Canada

EUR

2,051

USD

2,231

09/18/24

27

State

Street

USD

66

BRL

365

07/01/24

(1)

State

Street

USD

2,579

DKK

17,660

09/18/24

(32)

State

Street

USD

2,022

GBP

1,575

09/18/24

(31)

State

Street

USD

1,045

NOK

10,950

09/18/24

(17)

State

Street

CHF

990

USD

1,123

09/18/24

11

State

Street

HKD

2,630

USD

338

09/19/24

—

State

Street

NZD

220

USD

137

09/18/24

3

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(757)

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

$

—

$

6,432

$

—

$

—

$

6,432

1

.9

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

51

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

—

2,509

—

—

2,509

0

.7

Belgium

—

632

—

—

632

0

.2

Brazil

2,818

—

—

—

2,818

0

.8

Burkina

Faso

176

—

—

—

176

0

.1

Canada

16,222

—

—

—

16,222

4

.7

China

777

7,631

—

—

8,408

2

.4

Denmark

4

8,911

—

—

8,915

2

.6

Finland

—

3,274

—

—

3,274

1

.0

France

—

28,616

—

—

28,616

8

.3

Germany

—

22,435

—

—

22,435

6

.5

Hong

Kong

—

6,955

—

—

6,955

2

.0

Hungary

—

288

—

—

288

0

.1

India

3,502

1,337

—

—

4,839

1

.4

Indonesia

—

319

—

—

319

0

.1

Ireland

797

4,354

—

—

5,151

1

.5

Israel

169

293

—

—

462

0

.1

Italy

—

9,164

—

—

9,164

2

.7

Japan

—

56,943

—

—

56,943

16

.6

Luxembourg

—

2,853

—

—

2,853

0

.8

Macao

—

791

—

—

791

0

.2

Malaysia

—

278

—

—

278

0

.1

Mexico

—

189

—

—

189

0

.1

Netherlands

139

19,774

—

—

19,913

5

.8

New

Zealand

—

232

—

—

232

0

.1

Norway

—

1,654

—

—

1,654

0

.5

Portugal

—

226

—

—

226

0

.1

Russia

—

—

—

—

—

—

Singapore

91

2,201

—

—

2,292

0

.7

South

Africa

—

775

—

—

775

0

.2

South

Korea

463

3,855

—

—

4,318

1

.3

Spain

—

7,319

—

—

7,319

2

.1

Sweden

—

6,267

—

—

6,267

1

.8

Switzerland

115

14,823

—

—

14,938

4

.3

Taiwan

4,586

5,153

—

—

9,739

2

.8

Thailand

—

567

—

—

567

0

.2

United

Kingdom

—

31,050

—

—

31,050

9

.0

United

States

15,505

22,001

—

—

37,506

10

.9

Preferred

Stocks

203

3,991

—

—

4,194

1

.3

Warrants

and

Rights

—

—

—

—

—

—

Short-Term

Investments

—

—

—

7,557

7,557

2

.2

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

52

International

Developed

Markets

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Other

Securities

—

—

—

887

887

0

.3

Total

Investments

45,567

284,092

—

8,444

338,103

98

.5

Other

Assets

and

Liabilities,

Net

1

.5

100

.0

Other

Financial

Instruments

Assets

Futures

Contracts

432

—

—

—

432

0

.1

Foreign

Currency

Exchange

Contracts

—

155

—

—

155

—

*

A

Liabilities

Futures

Contracts

(204

)

—

—

—

(204

)

(0

.1)

Foreign

Currency

Exchange

Contracts

(4

)

(908

)

—

—

(912

)

(0

.3)

Total

Other

Financial

Instruments

**

$

224

$

(753

)

$

—

$

—

$

(529

)

*

Less

than

.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,

2024,

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

as

of

June

30,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

47,141

Consumer

Staples

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

23,041

Energy

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

16,893

Financial

Services

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

80,123

Health

Care

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

35,291

Materials

and

Processing

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

28,554

Producer

Durables

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

42,073

Technology

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

41,953

Utilities

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

10,396

Preferred

Stocks

Consumer

Discretionary

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

638

Consumer

Staples

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

1,118

Technology

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

2,235

Utilities

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

203

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

53

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Warrants

and

Rights

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

—

Short-Term

Investments

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

7,557

Other

Securities

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

887

Total

Investments

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

338,103

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

54

International

Developed

Markets

Fund

Russell

Investment

Funds

International

Developed

Markets

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2024

(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

$

—

$

155

Variation

margin

on

futures

contracts*

432

—

Total

$

432

$

155

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts*

$

204

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

912

Total

$

204

$

912

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Foreign

Currency

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

216

$

—

Foreign

currency

exchange

contracts

—

(2,003)

Total

$

216

$

(2,003)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

1,064

$

—

Foreign

currency

exchange

contracts

—

(2,241)

Total

$

1,064

$

(2,241)

*

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,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

55

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

$

834

$

—

$

834

Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

155

—

155

Total

Financial

and

Derivative

Assets

989

—

989

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

989

$

—

$

989

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

$

29

$

29

$

—

$

—

Barclays

30

30

—

—

Citigroup

862

28

834

—

HSBC

27

27

—

—

Royal

Bank

of

Canada

28

28

—

—

State

Street

13

13

—

—

Total

$

989

$

155

$

834

$

—

Russell

Investment

Funds

International

Developed

Markets

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

56

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

$

912

$

—

$

912

Total

Financial

and

Derivative

Liabilities

912

—

912

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(4)

—

(4)

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

908

$

—

$

908

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Pledged

∆

Net

Amount

Bank

of

America

$

168

$

29

$

—

$

139

Barclays

168

30

—

138

Citigroup

169

28

—

141

HSBC

163

27

—

136

Royal

Bank

of

Canada

161

28

—

133

State

Street

79

13

—

66

Total

$

908

$

155

$

—

$

753

*      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

57

Statement

of

Assets

and

Liabilities

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

311,999

Investments,

at

fair

value(*)(>)

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

338,103

Foreign

currency

holdings(

∆

)

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

2,925

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

155

Receivables:

Dividends

and

interest

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

520

Dividends

from

affiliated

funds

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

35

Investments

sold

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

1,882

Fund

shares

sold

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

11

Foreign

capital

gains

taxes

recoverable

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

1,084

From

broker(a)

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

3,609

Variation

margin

on

futures

contracts

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

230

Prepaid

expenses

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

2

Total

assets

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

348,556

Liabilities

Payables:

Investments

purchased

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

2,871

Fund

shares

redeemed

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

110

Accrued

fees

to

affiliates

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

269

Other

accrued

expenses

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

91

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

912

Payable

upon

return

of

securities

loaned

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

887

Total

liabilities

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

5,140

Net

Assets

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

$

343,416

Russell

Investment

Funds

International

Developed

Markets

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

58

International

Developed

Markets

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

29,846

Shares

of

beneficial

interest

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

280

Additional

paid-in

capital

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

313,290

Net

Assets

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

$

343,416

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

12.24

Net

assets

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

$

343,415,636

Shares

outstanding

($.01

par

value)

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

28,047,701

Amounts

in

thousands

(

∆

)    

Foreign

currency

holdings

-

cost

$

2,951

(*)    

Securities

on

loan

included

in

investments

$

834

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

and

U.S.

Cash

Collateral

Fund

$

8,444

(a)  

Receivable

from

Broker

for

Futures

$

3,609

(#)

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

59

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2024

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

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

$

7,153

Dividends

from

affiliated

funds

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

310

Interest

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

24

Securities

lending

income

(net)

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

50

Less

foreign

taxes

withheld

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

(838)

Total

investment

income

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

6,699

Expenses

Advisory

fees

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

1,553

Administrative

fees

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

86

Custodian

fees

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

72

Transfer

agent

fees

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

8

Professional

fees

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

41

Trustees’

fees

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

9

Printing

fees

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

9

Miscellaneous

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

22

Expenses

before

reductions

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

1,800

Expense

reductions

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

(35)

Net

expenses

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

1,765

Net

investment

income

(loss)

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

4,934

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

5,148

Investments

in

affiliated

funds

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

(1)

Futures

contracts

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

216

Foreign

currency

exchange

contracts

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

(2,003)

Foreign

currency-related

transactions

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

(99)

Net

realized

gain

(loss)

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

3,261

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

1,652

Investments

in

affiliated

funds

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

1

Futures

contracts

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

1,064

Foreign

currency

exchange

contracts

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

(2,241)

Foreign

currency-related

transactions

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

(156)

Net

change

in

unrealized

appreciation

(depreciation)

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

320

Net

realized

and

unrealized

gain

(loss)

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

3,581

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

8,515

Russell

Investment

Funds

International

Developed

Markets

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

60

International

Developed

Markets

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2024

(Unaudited)

Fiscal

Year

Ended

December

31,

2023

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

4,934

$

6,526

Net

realized

gain

(loss)

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

3,261

5,629

Net

change

in

unrealized

appreciation

(depreciation)

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

320

38,181

Net

increase

(decrease)

in

net

assets

from

operations

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

8,515

50,336

Distributions

To

shareholders

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

(2,232)

(6,308)

Net

decrease

in

net

assets

from

distributions

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

(2,232)

(6,308)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(10,430)

(17,149)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

(4,147)

26,879

Net

Assets

Beginning

of

period

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

347,563

320,684

End

of

period

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

$

343,416

$

347,563

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2024

and

December

31,

2023

were

as

follows:

2024

(Unaudited)

2023

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

358

$

4,372

1,322

$

15,051

Proceeds

from

reinvestment

of

distributions

188

2,232

533

6,308

Payments

for

shares

redeemed

(1,399)

(17,034)

(3,393)

(38,508)

Total

increase

(decrease)

(853)

$

(10,430)

(1,538)

$

(17,149)

Russell

Investment

Funds

International

Developed

Markets

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

62

International

Developed

Markets

Fund

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(

ƥ)(Ƃ)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

June

30,

2024

(ƣ)

12.03

.17

.12

.29

(.08)

—

December

31,

2023

10.54

.22

1.49

1.71

(.15)

(.07)

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)

—

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

63

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(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)

(.08)

12.24

2.41

343,416

1.04

1.02

2.86

13

(.22)

12.03

16.26

347,563

1.05

1.03

1.96

32

(.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

Russell

Investment

Funds

International

Developed

Markets

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

64

International

Developed

Markets

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

June

30,

2024

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2024,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

251,864

Administrative

fees

14,311

Transfer

agent

fees

1,259

Trustee

fees

1,791

$

269,225

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

$

13,253

$

41,127

$

46,823

$

(1

)

$

1

$

7,557

$

310

$

—

U.S.

Cash

Collateral

Fund

721

18,609

18,443

—

—

887

37

—

$

13,974

$

59,736

$

65,266

$

(1

)

$

1

$

8,444

$

347

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

313,421,486

$

49,493,538

$

(25,341,365)

$

24,152,173

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

65

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

80.2%

Asset-Backed

Securities

-

4.3%

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)

300

297

BDS,

Ltd.

Series

2022-FL11

Class

ATS

2.100%

due

03/19/39

(CME

Term

SOFR

1

Month

+

1.800%)(Ê)(Þ)

3,822

3,808

Carlyle

Global

Market

Strategies

CLO,

Ltd.

Series

2024-5A

Class

A2R3

1.000%

due

01/20/32

(CME

Term

SOFR

3

Month

+

1.650%)(Ê)(Þ)

160

160

CarMax

Auto

Owner

Trust

Series

2024-1

Class

D

6.000%

due

07/15/30

50

50

Conseco

Financial

Corp.

Series

1998-2

Class

M1

6.940%

due

12/01/28

(~)(Ê)

490

466

Countrywide

Asset-Backed

Certificates

Trust

Series

2007-4

Class

A4W

4.640%

due

04/25/47

1,470

1,338

DLLAA

LLC

Series

2023-1A

Class

A4

5.730%

due

10/20/31

(Þ)

1,676

1,694

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

2.190%

due

08/21/31

(USD

1

Month

LIBOR

+

2.000%)(Ê)

450

434

Hilton

Grand

Vacations

Trust

Series

2023-1A

Class

C

6.940%

due

01/25/38

(Þ)

74

76

J.G.

Wentworth

XXXIX

LLC

Series

2017-2A

Class

B

5.090%

due

09/17/74

(Þ)

42

38

John

Deere

Owner

Trust

Series

2024-B

Class

A4

5.190%

due

05/15/31

1,500

1,509

Juniper

Valley

Park

CLO,

Ltd.

1.000%

due

07/20/36

4,320

4,320

Kubota

Credit

Owner

Trust

Series

2024-1A

Class

A4

5.200%

due

01/15/30

(Þ)

1,716

1,710

Series

2024-2A

Class

A4

5.190%

due

05/15/30

(Þ)

660

659

Lunar

Structured

Aircraft

Portfolio

Notes

Series

2021-1

Class

A

2.636%

due

10/15/46

(Þ)

194

174

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

3,998

Series

2023-FL12

Class

A

7.366%

due

10/19/38

(CME

Term

SOFR

1

Month

+

2.066%)(Ê)(Þ)

4,885

4,894

Series

2024-FL14

Class

A

7.076%

due

03/19/39

(CME

Term

SOFR

1

Month

+

1.737%)(Ê)(Þ)

1,874

1,872

MMAF

Equipment

Finance

LLC

Series

2024-A

Class

A4

5.100%

due

07/13/49

(Þ)

1,160

1,158

MVW

LLC

Series

2021-1WA

Class

C

1.940%

due

01/22/41

(Þ)

64

59

OneSky

Loan

Trust

Series

A

Class

A

3.875%

due

07/15/29

2,340

2,192

Option

One

Mortgage

Loan

Trust

Series

2007-FXD1

Class

3A4

5.860%

due

01/25/37

(~)(Ê)

250

237

PFS

Financing

Corp.

Series

2023-C

Class

A

5.520%

due

10/16/28

(Þ)

1,372

1,379

Series

2024-A

Class

A

6.183%

due

01/15/28

(SOFR

30

Day

Average

+

0.850%)(Ê)(Þ)

120

120

Series

2024-A

Class

B

6.633%

due

01/15/28

(SOFR

30

Day

Average

+

1.300%)(Ê)(Þ)

100

100

Renew

Series

2023-1A

Class

A

5.900%

due

11/20/58

(Þ)

270

262

Series

2024-1A

Class

A

6.208%

due

11/20/59

(Þ)

342

334

Saluda

Grade

Alternative

Mortgage

Trust

Series

2023-FIG4

Class

A

6.718%

due

11/25/53

(~)(Ê)(Þ)

842

852

SoFi

Professional

Loan

Program

Trust

Series

2021-A

Class

AFX

1.030%

due

08/17/43

(Þ)

49

42

Towd

Point

Mortgage

Trust

Series

2020-MH1

Class

A1

2.250%

due

02/25/60

(~)(Ê)(Þ)

978

936

Verdant

Receivables

LLC

Series

2023-1A

Class

A2

6.240%

due

01/13/31

(Þ)

1,070

1,076

Woodward

Capital

Management

LLC

Series

2024-CES1

Class

A1A

6.025%

due

02/25/44

(~)(Ê)(Þ)

1,289

1,290

37,534

Corporate

Bonds

and

Notes

-

24.1%

AbbVie,

Inc.

5.050%

due

03/15/34

150

150

5.350%

due

03/15/44

50

49

5.400%

due

03/15/54

130

129

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

66

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.500%

due

03/15/64

50

49

Series

WI

3.200%

due

11/21/29

80

73

4.050%

due

11/21/39

170

148

Africa

Finance

Corp.

Series

REGS

4.375%

due

04/17/26

(Þ)

393

380

African

Export-Import

Bank

(The)

2.634%

due

05/17/26

(Þ)

200

187

Aircastle,

Ltd.

2.850%

due

01/26/28

(Þ)

1,007

911

Alabama

Power

Co.

5.850%

due

11/15/33

80

83

Alaska

Airlines

Pass-Through

Trust

4.800%

due

08/15/27

(Þ)

73

71

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

5.875%

due

02/15/28

(Þ)

160

158

Alexandria

Real

Estate

Equities,

Inc.

2.000%

due

05/18/32

120

94

3.000%

due

05/18/51

150

90

Allied

World

Assurance

Co.

Holdings,

Ltd.

4.350%

due

10/29/25

849

848

Ally

Financial,

Inc.

6.992%

due

06/13/29

(SOFR

+

3.260%)(Ê)

788

818

Altria

Group,

Inc.

4.800%

due

02/14/29

40

39

2.450%

due

02/04/32

110

89

10.200%

due

02/06/39

22

30

3.400%

due

02/04/41

90

65

5.375%

due

01/31/44

643

602

3.875%

due

09/16/46

70

50

5.950%

due

02/14/49

10

10

Amazon.com,

Inc.

3.950%

due

04/13/52

110

88

Series

WI

3.875%

due

08/22/37

50

44

Amcor

PLC

Series

WI

3.625%

due

04/28/26

724

699

American

Airlines

Group,

Inc.

5.500%

due

04/20/26

(Þ)

107

106

8.500%

due

05/15/29

(Þ)

70

73

American

Airlines

Pass-Through

Trust

Series

2015-1

Class

A

3.375%

due

05/01/27

11

10

Series

2016-1

Class

AA

3.575%

due

01/15/28

45

43

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

Series

AA

Class

AA

3.650%

due

02/15/29

530

500

American

Express

Co.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.338%

due

10/30/26

(SOFR

+

1.330%)(Ê)

851

859

5.532%

due

04/25/30

(SOFR

+

1.090%)(Ê)

10

10

American

International

Group,

Inc.

Series

A-9

5.750%

due

04/01/48

(USD

3

Month

LIBOR

+

2.868%)(Ê)

1,610

1,576

American

Tower

Trust

#1

5.490%

due

03/15/28

(Þ)

2,305

2,314

American

Tower

Trust

#1

Pass-Through

Certificates

3.652%

due

03/23/28

(Þ)

903

849

American

Transmission

Systems,

Inc.

2.650%

due

01/15/32

(Þ)

50

42

Americo

Life,

Inc.

3.450%

due

04/15/31

(Þ)

70

56

Ameriprise

Financial,

Inc.

5.150%

due

05/15/33

150

150

AmFam

Holdings,

Inc.

2.805%

due

03/11/31

(Þ)

100

76

3.833%

due

03/11/51

(Þ)

80

48

Amgen,

Inc.

4.400%

due

05/01/45

70

59

5.650%

due

03/02/53

140

138

5.750%

due

03/02/63

90

88

Series

WI

4.663%

due

06/15/51

40

34

Analog

Devices,

Inc.

5.300%

due

04/01/54

90

88

Antero

Midstream

Partners,

LP

/

Antero

Midstream

Finance

Corp.

6.625%

due

02/01/32

(Þ)

170

172

Aon

NA,

Inc.

5.450%

due

03/01/34

280

279

5.750%

due

03/01/54

110

108

Apache

Corp.

7.750%

due

12/15/29

30

33

4.250%

due

01/15/44

60

44

Apollo

Global

Management,

Inc.

5.800%

due

05/21/54

80

79

AT&T,

Inc.

6.950%

due

01/15/28

450

463

4.500%

due

05/15/35

150

138

4.350%

due

06/15/45

26

22

3.850%

due

06/01/60

552

385

Series

WI

2.550%

due

12/01/33

40

32

6.375%

due

03/01/41

30

32

3.500%

due

09/15/53

30

20

3.800%

due

12/01/57

280

196

Athene

Holding,

Ltd.

3.450%

due

05/15/52

1,470

939

6.250%

due

04/01/54

140

140

Aviation

Capital

Group

LLC

1.950%

due

09/20/26

(Þ)

554

511

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

67

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Avnet,

Inc.

6.250%

due

03/15/28

1,459

1,497

Bank

of

America

Corp.

4.376%

due

04/27/28

(SOFR

+

1.580%)(Ê)

20

20

2.687%

due

04/22/32

(SOFR

+

1.320%)(Ê)

290

245

2.299%

due

07/21/32

(SOFR

+

1.220%)(Ê)

240

196

2.972%

due

02/04/33

(SOFR

+

1.330%)(Ê)

330

279

4.571%

due

04/27/33

(SOFR

+

1.830%)(Ê)

160

151

5.468%

due

01/23/35

(SOFR

+

1.650%)(Ê)

40

40

2.482%

due

09/21/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.200%)(Ê)

360

287

3.311%

due

04/22/42

(SOFR

+

1.580%)(Ê)

70

53

Series

MTN

4.271%

due

07/23/29

(CME

Term

SOFR

3

Month

+

1.572%)(Ê)

30

29

3.974%

due

02/07/30

(CME

Term

SOFR

3

Month

+

1.472%)(Ê)

30

28

2.884%

due

10/22/30

(CME

Term

SOFR

3

Month

+

1.452%)(Ê)

80

71

1.922%

due

10/24/31

(SOFR

+

1.370%)(Ê)

290

237

Barings

BDC,

Inc.

Series

WI

3.300%

due

11/23/26

581

536

Bath

&

Body

Works,

Inc.

6.950%

due

03/01/33

300

292

Bayer

US

Finance

II

LLC

6.650%

due

02/15/28

(Þ)

1,134

1,173

Becton

Dickinson

&

Co.

4.685%

due

12/15/44

8

7

Berry

Global,

Inc.

4.875%

due

07/15/26

(Þ)

384

377

Series

WI

1.570%

due

01/15/26

819

769

Berry

Petroleum

Corp.

7.000%

due

02/15/26

(Þ)

280

276

BlackRock,

Inc.

5.000%

due

03/14/34

90

89

Blackstone

Holdings

Finance

Co.

LLC

6.200%

due

04/22/33

(Þ)

50

53

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

6.625%

due

07/15/26

(Þ)

60

60

7.250%

due

07/15/32

(Þ)

140

144

Boeing

Co.

(The)

2.196%

due

02/04/26

90

85

3.100%

due

05/01/26

20

19

2.700%

due

02/01/27

40

37

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.800%

due

03/01/27

30

28

6.528%

due

05/01/34

(Þ)

130

133

3.250%

due

02/01/35

30

23

5.705%

due

05/01/40

90

83

3.750%

due

02/01/50

20

13

3.950%

due

08/01/59

90

57

Bon

Secours

Mercy

Health,

Inc.

3.464%

due

06/01/30

50

46

BP

Capital

Markets

America,

Inc.

3.000%

due

02/24/50

110

72

BP

Capital

Markets

PLC

6.450%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.153%)(Ê)(ƒ)

180

185

Brandywine

Operating

Partnership,

LP

3.950%

due

11/15/27

462

419

4.550%

due

10/01/29

166

144

Brighthouse

Financial,

Inc.

Series

WI

4.700%

due

06/22/47

509

395

Bristol-Myers

Squibb

Co.

2.350%

due

11/13/40

40

27

5.500%

due

02/22/44

30

30

5.550%

due

02/22/54

160

158

5.650%

due

02/22/64

40

39

Series

WI

3.900%

due

02/20/28

380

367

Broadcom

Corp.

/

Broadcom

Cayman

Finance,

Ltd.

Series

WI

3.500%

due

01/15/28

641

606

Broadcom,

Inc.

3.187%

due

11/15/36

(Þ)

190

150

Brunswick

Corp.

5.100%

due

04/01/52

215

167

Buckeye

Partners,

LP

3.950%

due

12/01/26

637

605

4.125%

due

12/01/27

120

112

Bunge,

Ltd.

Finance

Corp.

3.250%

due

08/15/26

1

1

Burlington

Northern

Santa

Fe

LLC

4.400%

due

03/15/42

60

52

Calpine

Corp.

4.500%

due

02/15/28

(Þ)

180

171

Cameron

LNG

LLC

3.701%

due

01/15/39

(Þ)

30

24

Campbell

Soup

Co.

4.150%

due

03/15/28

1,688

1,635

Cardinal

Health,

Inc.

5.450%

due

02/15/34

170

169

4.900%

due

09/15/45

275

241

Carlisle

Cos.,

Inc.

3.750%

due

12/01/27

923

879

Carrier

Global

Corp.

Series

WI

5.900%

due

03/15/34

140

146

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

68

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.577%

due

04/05/50

40

29

Cencora,

Inc.

5.125%

due

02/15/34

180

177

Centene

Corp.

Series

WI

4.250%

due

12/15/27

60

57

4.625%

due

12/15/29

60

57

3.375%

due

02/15/30

40

36

CenterPoint

Energy

Houston

Electric

LLC

4.950%

due

04/01/33

80

78

5.400%

due

07/01/34

40

40

4.500%

due

04/01/44

130

113

5.300%

due

04/01/53

10

10

CF

Industries,

Inc.

4.500%

due

12/01/26

(Þ)

1,324

1,292

Charles

Schwab

Corp.

(The)

5.853%

due

05/19/34

(SOFR

+

2.500%)(Ê)

90

92

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

237

Series

H

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.079%)(Ê)(ƒ)

140

120

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.250%

due

01/15/29

210

179

6.550%

due

06/01/34

420

420

3.500%

due

06/01/41

100

67

3.500%

due

03/01/42

40

27

3.850%

due

04/01/61

30

18

3.950%

due

06/30/62

30

18

Series

WI

3.750%

due

02/15/28

1,215

1,129

6.384%

due

10/23/35

20

20

6.484%

due

10/23/45

639

584

6.834%

due

10/23/55

20

19

Cheniere

Corpus

Christi

Holdings

LLC

Series

WI

5.125%

due

06/30/27

866

865

Cheniere

Energy

Partners,

LP

Series

WI

3.250%

due

01/31/32

60

51

Chesapeake

Energy

Corp.

5.500%

due

02/01/26

(Þ)

270

267

6.750%

due

04/15/29

(Þ)

230

230

Choice

Hotels

International,

Inc.

3.700%

due

12/01/29

816

733

Chord

Energy

Corp.

6.375%

due

06/01/26

(Þ)

80

80

Cigna

Corp.

2.400%

due

03/15/30

35

30

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.200%

due

03/15/40

60

44

Series

WI

4.375%

due

10/15/28

140

136

4.800%

due

08/15/38

30

28

Cigna

Group

(The)

5.600%

due

02/15/54

40

38

Cimarex

Energy

Co.

4.375%

due

03/15/29

130

118

Citigroup,

Inc.

3.106%

due

04/08/26

(SOFR

+

2.842%)(Ê)

30

29

3.520%

due

10/27/28

(CME

Term

SOFR

3

Month

+

1.413%)(Ê)

1,325

1,252

2.976%

due

11/05/30

(SOFR

+

1.422%)(Ê)

50

45

2.572%

due

06/03/31

(SOFR

+

2.107%)(Ê)

220

189

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

60

50

8.125%

due

07/15/39

90

113

Series

BKNT

5.570%

due

04/30/34

250

254

Citizens

Financial

Group,

Inc.

2.850%

due

07/27/26

1,058

999

4.575%

due

08/09/28

(SOFR

+

2.000%)(Ê)

185

179

Columbia

Pipelines

Holding

Co.

LLC

6.055%

due

08/15/26

(Þ)

30

30

6.042%

due

08/15/28

(Þ)

100

102

Columbia

Pipelines

Operating

Co.

LLC

6.036%

due

11/15/33

(Þ)

130

133

6.497%

due

08/15/43

(Þ)

241

251

6.714%

due

08/15/63

(Þ)

122

129

Comcast

Corp.

7.050%

due

03/15/33

150

168

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

14

4.000%

due

03/01/48

80

63

Series

WI

2.937%

due

11/01/56

30

18

2.987%

due

11/01/63

117

69

Comerica,

Inc.

3.800%

due

07/22/26

633

602

5.982%

due

01/30/30

(SOFR

+

2.155%)(Ê)

210

207

CommonSpirit

Health

2.782%

due

10/01/30

40

35

5.318%

due

12/01/34

250

245

3.910%

due

10/01/50

60

46

Commonwealth

Edison

Co.

6.450%

due

01/15/38

120

130

Conagra

Brands,

Inc.

1.375%

due

11/01/27

971

855

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

69

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Concentrix

Corp.

6.600%

due

08/02/28

1,574

1,593

ConocoPhillips

Co.

5.050%

due

09/15/33

150

149

Constellation

Brands,

Inc.

3.600%

due

02/15/28

1,714

1,625

Constellation

Energy

Generation

LLC

6.125%

due

01/15/34

60

63

Consumers

Energy

Co.

2.500%

due

05/01/60

18

10

Continental

Resources,

Inc.

2.268%

due

11/15/26

(Þ)

140

130

2.875%

due

04/01/32

(Þ)

60

48

Series

WI

4.375%

due

01/15/28

50

48

Corebridge

Financial,

Inc

Series

WI

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.846%)(Ê)

994

1,003

Coterra

Energy,

Inc.

Series

WI

4.375%

due

03/15/29

110

105

Crane

NXT

Co.

4.200%

due

03/15/48

162

115

Crown

Cork

&

Seal

Co.,

Inc.

7.375%

due

12/15/26

311

321

CVS

Health

Corp.

4.300%

due

03/25/28

31

30

3.250%

due

08/15/29

70

64

5.250%

due

01/30/31

170

168

2.125%

due

09/15/31

120

96

5.700%

due

06/01/34

100

100

4.780%

due

03/25/38

190

170

4.125%

due

04/01/40

40

32

Darden

Restaurants,

Inc.

3.850%

due

05/01/27

1,579

1,519

4.550%

due

02/15/48

178

145

DCP

Midstream

Operating,

LP

3.250%

due

02/15/32

80

69

6.450%

due

11/03/36

(Þ)

50

53

6.750%

due

09/15/37

(Þ)

202

218

5.600%

due

04/01/44

395

378

Dell

International

LLC

/

EMC

Corp.

Series

WI

8.100%

due

07/15/36

55

66

Delta

Air

Lines,

Inc.

7.375%

due

01/15/26

50

51

3.750%

due

10/28/29

30

28

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

4.500%

due

10/20/25

(Þ)

125

123

4.750%

due

10/20/28

(Þ)

1,008

982

Devon

Energy

Corp.

5.850%

due

12/15/25

70

70

5.600%

due

07/15/41

90

84

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.000%

due

06/15/45

100

85

Series

WI

5.250%

due

10/15/27

19

19

5.875%

due

06/15/28

153

154

4.500%

due

01/15/30

70

67

Diamondback

Energy,

Inc.

5.200%

due

04/18/27

150

150

4.400%

due

03/24/51

100

80

Dick's

Sporting

Goods,

Inc.

4.100%

due

01/15/52

1,278

901

Dominion

Energy,

Inc.

Series

C

3.375%

due

04/01/30

80

72

DPL,

Inc.

Series

AI

4.350%

due

04/15/29

360

336

Dresdner

Funding

Trust

I

8.151%

due

06/30/31

(Þ)

527

571

Duke

Energy

Carolinas

LLC

4.950%

due

01/15/33

30

30

6.100%

due

06/01/37

190

196

Duke

Energy

Corp.

3.300%

due

06/15/41

384

279

3.750%

due

09/01/46

791

576

Duke

Energy

Florida

LLC

5.875%

due

11/15/33

160

166

Duke

Energy

Indiana

LLC

5.400%

due

04/01/53

70

66

Series

YYY

3.250%

due

10/01/49

80

54

Duke

Energy

Ohio,

Inc.

5.250%

due

04/01/33

30

30

Duke

Energy

Progress

LLC

5.100%

due

03/15/34

120

119

Edison

International

5.750%

due

06/15/27

462

466

Series

A

5.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.698%)(Ê)(ƒ)

390

380

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

105

El

Paso

Natural

Gas

Co.

LLC

7.500%

due

11/15/26

300

311

Elevance

Health,

Inc.

4.100%

due

05/15/32

120

111

4.375%

due

12/01/47

10

8

Eli

Lilly

&

Co.

4.700%

due

02/09/34

80

78

5.000%

due

02/09/54

120

115

4.950%

due

02/27/63

50

46

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

484

551

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Endeavor

Energy

Resources,

LP

/

EER

Finance,

Inc.

5.750%

due

01/30/28

(Þ)

40

40

Energy

Transfer

Operating,

LP

4.200%

due

04/15/27

664

644

6.400%

due

12/01/30

290

305

7.375%

due

02/01/31

(Þ)

20

21

5.550%

due

05/15/34

40

40

5.950%

due

05/15/54

180

175

Energy

Transfer,

LP

6.000%

due

02/01/29

(Þ)

790

795

8.250%

due

11/15/29

100

112

3.750%

due

05/15/30

140

129

5.300%

due

04/01/44

10

9

6.250%

due

04/15/49

30

30

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

448

Series

G

7.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.306%)(Ê)(ƒ)

10

10

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

69

Enterprise

Products

Operating

LLC

7.550%

due

04/15/38

20

24

5.700%

due

02/15/42

40

40

4.850%

due

03/15/44

60

54

3.700%

due

01/31/51

60

44

3.300%

due

02/15/53

30

20

5.375%

due

02/15/78

(CME

Term

SOFR

3

Month

+

2.832%)(Ê)

1,145

1,069

Series

D

6.875%

due

03/01/33

170

189

8.574%

due

08/16/77

(CME

Term

SOFR

3

Month

+

3.248%)(Ê)

100

100

EOG

Resources,

Inc.

4.375%

due

04/15/30

50

49

EPR

Properties

Co.

4.500%

due

06/01/27

729

697

EQM

Midstream

Partners,

LP

7.500%

due

06/01/27

(Þ)

40

41

Series

30Y

6.500%

due

07/15/48

281

284

EQT

Corp.

3.125%

due

05/15/26

(Þ)

937

895

5.000%

due

01/15/29

10

10

3.625%

due

05/15/31

(Þ)

30

26

Equifax,

Inc.

2.350%

due

09/15/31

70

57

Equinix,

Inc.

1.800%

due

07/15/27

1,720

1,554

EquipmentShare.com,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

8.625%

due

05/15/32

(Þ)

280

290

Esab

Corp.

6.250%

due

04/15/29

(Þ)

60

60

Evergy

Kansas

Central,

Inc.

5.900%

due

11/15/33

80

82

Exxon

Mobil

Corp.

4.114%

due

03/01/46

40

33

4.327%

due

03/19/50

10

8

F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

807

834

FactSet

Research

Systems,

Inc.

2.900%

due

03/01/27

1,651

1,545

Ferguson

Finance

PLC

4.250%

due

04/20/27

(Þ)

1,600

1,552

Fifth

Third

Bancorp

Series

BKNT

3.850%

due

03/15/26

898

871

FirstEnergy

Corp.

Series

C

5.100%

due

07/15/47

50

43

FirstEnergy

Pennsylvania

Electric

Co.

5.200%

due

04/01/28

(Þ)

100

100

Florida

Gas

Transmission

Co.

LLC

2.300%

due

10/01/31

(Þ)

320

260

Florida

Power

&

Light

Co.

3.150%

due

10/01/49

40

27

Fluor

Corp.

4.250%

due

09/15/28

394

374

Ford

Motor

Co.

3.250%

due

02/12/32

120

99

4.750%

due

01/15/43

40

32

Ford

Motor

Credit

Co.

LLC

2.700%

due

08/10/26

200

188

2.900%

due

02/16/28

1,177

1,065

7.122%

due

11/07/33

250

264

Foundry

JV

Holdco

LLC

6.150%

due

01/25/32

(Þ)

300

306

Fox

Corp.

6.500%

due

10/13/33

110

115

Series

WI

5.476%

due

01/25/39

1,006

959

Freeport

Minerals

Corp.

9.500%

due

06/01/31

50

60

Freeport-McMoRan,

Inc.

5.400%

due

11/14/34

130

128

Frontier

Communications

Corp.

Series

E

6.860%

due

02/01/28

256

257

FS

KKR

Capital

Corp.

3.400%

due

01/15/26

921

876

2.625%

due

01/15/27

186

168

7.875%

due

01/15/29

62

64

Full

House

Resorts,

Inc.

8.250%

due

02/15/28

(Þ)

30

29

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Gartner,

Inc.

4.500%

due

07/01/28

(Þ)

842

812

General

Dynamics

Corp.

4.250%

due

04/01/40

110

97

4.250%

due

04/01/50

30

25

General

Motors

Co.

5.600%

due

10/15/32

80

80

6.250%

due

10/02/43

40

40

6.750%

due

04/01/46

20

21

Genting

New

York

LLC

3.300%

due

02/15/26

(Þ)

400

382

Genworth

Holdings,

Inc.

6.500%

due

06/15/34

299

278

Georgia

Power

Co.

5.250%

due

03/15/34

220

219

Gilead

Sciences,

Inc.

5.650%

due

12/01/41

30

30

Global

Atlantic

Finance

Co.

6.750%

due

03/15/54

(Þ)

90

89

7.950%

due

10/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.608%)(Ê)(Þ)

90

90

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.375%

due

04/15/26

1,530

1,518

Goldman

Sachs

BDC,

Inc.

2.875%

due

01/15/26

860

821

Goldman

Sachs

Group,

Inc.

(The)

3.615%

due

03/15/28

(SOFR

+

1.846%)(Ê)

1,686

1,612

4.223%

due

05/01/29

(CME

Term

SOFR

3

Month

+

1.563%)(Ê)

50

48

5.851%

due

04/25/35

(SOFR

+

1.552%)(Ê)

140

143

Series

DMTN

2.383%

due

07/21/32

(SOFR

+

1.248%)(Ê)

530

435

Series

W

7.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.156%)(Ê)(ƒ)

50

52

Golub

Capital

BDC,

Inc.

2.050%

due

02/15/27

1,009

907

Goodyear

Tire

&

Rubber

Co.

(The)

7.000%

due

03/15/28

125

127

Gray

Oak

Pipeline

LLC

2.600%

due

10/15/25

(Þ)

1,612

1,548

H.B.

Fuller

Co.

4.000%

due

02/15/27

104

100

Harley-Davidson

Financial

Services,

Inc.

6.500%

due

03/10/28

(Ñ)(Þ)

1,037

1,060

Hasbro,

Inc.

3.550%

due

11/19/26

1,420

1,355

HCA,

Inc.

5.500%

due

06/01/33

80

79

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.600%

due

04/01/34

120

119

5.125%

due

06/15/39

50

46

5.250%

due

06/15/49

163

145

6.000%

due

04/01/54

10

10

Heico

Corp.

5.250%

due

08/01/28

50

50

Hercules

Capital,

Inc.

3.375%

due

01/20/27

966

895

Hexcel

Corp.

3.950%

due

02/15/27

1,519

1,458

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

6.250%

due

11/01/28

(Þ)

260

257

Hillenbrand,

Inc.

4.500%

due

09/15/26

333

327

Hilton

Domestic

Operating

Co.,

Inc.

6.125%

due

04/01/32

(Þ)

60

60

Historic

TW,

Inc.

Zero

coupon

due

01/15/36

(~)(Ê)

170

176

Home

Depot,

Inc.

(The)

3.300%

due

04/15/40

50

39

4.250%

due

04/01/46

173

146

Honeywell

International,

Inc.

5.250%

due

03/01/54

70

68

Howmet

Aerospace,

Inc.

5.900%

due

02/01/27

938

949

Hudson

Pacific

Properties,

LP

3.950%

due

11/01/27

198

166

5.950%

due

02/15/28

160

136

4.650%

due

04/01/29

198

153

3.250%

due

01/15/30

174

120

Humana,

Inc.

5.875%

due

03/01/33

100

102

4.625%

due

12/01/42

20

17

4.950%

due

10/01/44

20

17

Huntington

Ingalls

Industries,

Inc.

Series

WI

3.483%

due

12/01/27

1,578

1,487

Huntington

National

Bank

(The)

4.552%

due

05/17/28

(SOFR

+

1.650%)(Ê)

1,259

1,226

Hyundai

Capital

America

5.400%

due

01/08/31

(Þ)

140

139

5.400%

due

06/24/31

(Þ)

110

109

ILFC

E-Capital

Trust

I

7.159%

due

12/21/65

(CME

Term

SOFR

3

Month

+

1.812%)(Ê)(Þ)

200

163

ILFC

E-Capital

Trust

II

7.409%

due

12/21/65

(CME

Term

SOFR

3

Month

+

2.062%)(Ê)(Þ)

350

290

Ingersoll

Rand,

Inc.

5.700%

due

08/14/33

90

92

Intel

Corp.

2.800%

due

08/12/41

40

28

4.900%

due

08/05/52

50

44

3.200%

due

08/12/61

80

49

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Intercontinental

Exchange,

Inc.

4.600%

due

03/15/33

30

29

4.950%

due

06/15/52

10

9

International

Flavors

&

Fragrances,

Inc.

1.230%

due

10/01/25

(Þ)

919

869

3.468%

due

12/01/50

(Þ)

1,032

677

Interstate

Power

and

Light

Co.

5.700%

due

10/15/33

100

101

Invitation

Homes,

Inc.

4.150%

due

04/15/32

50

46

Jabil

Circuit,

Inc.

5.450%

due

02/01/29

70

70

Jackson

National

Life

Global

Funding

3.050%

due

04/29/26

(Þ)

1,146

1,094

Jacobs

Engineering

Group,

Inc.

5.900%

due

03/01/33

802

802

Jane

Street

Group

/

JSG

Finance,

Inc.

7.125%

due

04/30/31

(Þ)

160

164

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

Series

WI

2.500%

due

01/15/27

713

663

5.125%

due

02/01/28

1,107

1,094

Jersey

Central

Power

&

Light

Co.

4.300%

due

01/15/26

(Þ)

988

970

JetBlue

Airways

Corp.

Series

1A

4.000%

due

11/15/32

1,410

1,319

Series

2019

2.750%

due

05/15/32

1,771

1,528

JM

Smucker

Co.

(The)

6.200%

due

11/15/33

80

84

JPMorgan

Chase

&

Co.

2.182%

due

06/01/28

(SOFR

+

1.890%)(Ê)

1,683

1,544

4.203%

due

07/23/29

(CME

Term

SOFR

3

Month

+

1.522%)(Ê)

40

39

8.750%

due

09/01/30

280

327

2.522%

due

04/22/31

(SOFR

+

2.040%)(Ê)

60

52

1.953%

due

02/04/32

(SOFR

+

1.065%)(Ê)

140

114

4.586%

due

04/26/33

(SOFR

+

1.800%)(Ê)

160

153

6.254%

due

10/23/34

(SOFR

+

1.810%)(Ê)

60

64

5.766%

due

04/22/35

(SOFR

+

1.490%)(Ê)

400

410

4.260%

due

02/22/48

(CME

Term

SOFR

3

Month

+

1.842%)(Ê)

30

25

3.328%

due

04/22/52

(SOFR

+

1.580%)(Ê)

30

21

Series

KK

3.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.850%)(Ê)(ƒ)

70

66

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kaiser

Foundation

Hospitals

4.150%

due

05/01/47

30

25

Series

2019

3.266%

due

11/01/49

30

21

Series

2021

2.810%

due

06/01/41

80

58

3.002%

due

06/01/51

20

13

Kenvue,

Inc.

Series

WI

5.050%

due

03/22/53

30

28

5.200%

due

03/22/63

40

38

KeyCorp

2.250%

due

04/06/27

940

854

Series

BKNT

6.950%

due

02/01/28

205

211

Kimco

Realty

Corp.

2.250%

due

12/01/31

180

144

Kinder

Morgan

Energy

Partners,

LP

7.300%

due

08/15/33

50

55

KKR

Group

Finance

Co.

II

LLC

5.500%

due

02/01/43

(Þ)

10

10

KLA

Corp.

4.650%

due

07/15/32

80

78

4.950%

due

07/15/52

20

19

Kohl's

Corp.

4.625%

due

05/01/31

603

504

Kraft

Heinz

Foods

Co.

Series

WI

5.200%

due

07/15/45

192

176

Kyndryl

Holdings,

Inc.

Series

WI

3.150%

due

10/15/31

210

176

4.100%

due

10/15/41

70

53

L3Harris

Technologies,

Inc.

2.900%

due

12/15/29

160

143

5.400%

due

07/31/33

140

140

Lam

Research

Corp.

1.900%

due

06/15/30

90

76

Las

Vegas

Sands

Corp.

3.900%

due

08/08/29

1,794

1,641

6.000%

due

08/15/29

80

80

Lear

Corp.

5.250%

due

05/15/49

187

165

Lennar

Corp.

Series

WI

5.000%

due

06/15/27

10

10

Lennox

International,

Inc.

1.700%

due

08/01/27

90

81

Lithia

Motors,

Inc.

3.875%

due

06/01/29

(Þ)

50

45

Lockheed

Martin

Corp.

3.900%

due

06/15/32

50

47

4.800%

due

08/15/34

280

273

4.500%

due

05/15/36

10

9

4.150%

due

06/15/53

50

40

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Lowe's

Cos.,

Inc.

2.800%

due

09/15/41

50

34

3.000%

due

10/15/50

100

63

LPL

Holdings,

Inc.

5.700%

due

05/20/27

130

131

4.625%

due

11/15/27

(Þ)

272

263

6.750%

due

11/17/28

90

95

Macy's

Retail

Holdings,

Inc.

4.500%

due

12/15/34

156

135

5.125%

due

01/15/42

115

93

4.300%

due

02/15/43

135

103

Main

Street

Capital

Corp.

3.000%

due

07/14/26

346

324

Manufacturers

&

Traders

Trust

Co.

4.650%

due

01/27/26

1,355

1,330

Marsh

&

McLennan

Cos.,

Inc.

2.375%

due

12/15/31

70

58

Massachusetts

Mutual

Life

Insurance

Co.

3.375%

due

04/15/50

(Þ)

50

34

Mastercard,

Inc.

3.850%

due

03/26/50

30

24

Mattel,

Inc.

3.375%

due

04/01/26

(Þ)

1,533

1,472

McDonald's

Corp.

4.700%

due

12/09/35

716

680

5.150%

due

09/09/52

120

111

Series

MTN

4.450%

due

03/01/47

40

34

4.450%

due

09/01/48

30

25

Medline

Borrower,

LP

6.250%

due

04/01/29

(Þ)

160

162

Merck

&

Co.,

Inc.

2.350%

due

06/24/40

40

27

Mercury

General

Corp.

4.400%

due

03/15/27

1,536

1,482

Meritage

Homes

Corp.

Series

WI

5.125%

due

06/06/27

539

531

Micron

Technology,

Inc.

2.703%

due

04/15/32

70

58

MidAmerican

Energy

Co.

3.650%

due

04/15/29

50

47

3.150%

due

04/15/50

60

40

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

6.500%

due

06/20/27

(Þ)

66

66

Molson

Coors

Beverage

Co.

4.200%

due

07/15/46

784

627

Mondelez

International,

Inc.

2.625%

due

09/04/50

40

24

Monongahela

Power

Co.

3.550%

due

05/15/27

(Þ)

592

564

5.850%

due

02/15/34

(Þ)

350

356

Morgan

Stanley

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.188%

due

04/28/26

(SOFR

+

1.990%)(Ê)

70

68

0.985%

due

12/10/26

(SOFR

+

0.720%)(Ê)

954

892

1.593%

due

05/04/27

(SOFR

+

0.879%)(Ê)

70

65

6.342%

due

10/18/33

(SOFR

+

2.560%)(Ê)

80

85

5.424%

due

07/21/34

(SOFR

+

1.880%)(Ê)

20

20

5.831%

due

04/19/35

(SOFR

+

1.580%)(Ê)

120

123

2.484%

due

09/16/36

(SOFR

+

1.360%)(Ê)

170

135

5.297%

due

04/20/37

(SOFR

+

2.620%)(Ê)

100

96

5.948%

due

01/19/38

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.430%)(Ê)

90

89

5.942%

due

02/07/39

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.800%)(Ê)

150

148

3.217%

due

04/22/42

(SOFR

+

1.485%)(Ê)

100

75

Series

GMTN

4.431%

due

01/23/30

(CME

Term

SOFR

3

Month

+

1.890%)(Ê)

10

10

Series

MTN

3.622%

due

04/01/31

(SOFR

+

3.120%)(Ê)

80

73

Morgan

Stanley

Bank

NA

Series

BKNT

5.504%

due

05/26/28

(SOFR

+

0.865%)(Ê)

250

252

Morgan

Stanley

Direct

Lending

Fund

Series

WI

4.500%

due

02/11/27

1,096

1,056

MPLX,

LP

4.800%

due

02/15/29

10

10

4.500%

due

04/15/38

20

17

4.700%

due

04/15/48

50

41

Murphy

Oil

Corp.

7.050%

due

05/01/29

145

150

5.875%

due

12/01/42

163

145

Navient

Corp.

Series

MTN

5.625%

due

08/01/33

451

360

NBCUniversal

Media

LLC

4.450%

due

01/15/43

7

6

New

York

Life

Global

Funding

4.550%

due

01/28/33

(Þ)

80

76

New

York

Life

Insurance

Co.

3.750%

due

05/15/50

(Þ)

100

75

New

York

State

Electric

&

Gas

Corp.

3.250%

due

12/01/26

(Þ)

1,133

1,068

Newell

Brands,

Inc.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

5.375%

due

04/01/36

177

158

5.500%

due

04/01/46

265

214

NextEra

Energy

Capital

Holdings,

Inc.

3.800%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.547%)(Ê)

978

902

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

553

638

Nissan

Motor

Acceptance

Co.

LLC

1.850%

due

09/16/26

(Þ)

40

37

Nissan

Motor

Acceptance

Corp.

2.000%

due

03/09/26

(Þ)

110

103

Nordstrom,

Inc.

6.950%

due

03/15/28

347

350

4.375%

due

04/01/30

200

182

5.000%

due

01/15/44

364

294

Series

WI

4.250%

due

08/01/31

170

151

Norfolk

Southern

Corp.

5.550%

due

03/15/34

140

143

Northrop

Grumman

Corp.

5.150%

due

05/01/40

80

76

5.050%

due

11/15/40

30

28

5.250%

due

05/01/50

50

47

Northwest

Pipeline

LLC

7.125%

due

12/01/25

250

253

Series

WI

4.000%

due

04/01/27

60

58

Northwestern

Mutual

Life

Insurance

Co.

(The)

3.450%

due

03/30/51

(Þ)

160

110

3.625%

due

09/30/59

(Þ)

80

54

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

2,263

2,042

Nuveen

LLC

5.550%

due

01/15/30

(Þ)

90

90

5.850%

due

04/15/34

(Þ)

110

110

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

1,510

1,371

Occidental

Petroleum

Corp.

5.550%

due

03/15/26

60

60

3.400%

due

04/15/26

70

67

7.875%

due

09/15/31

1,068

1,198

6.450%

due

09/15/36

215

225

7.950%

due

06/15/39

90

104

6.600%

due

03/15/46

174

182

4.400%

due

04/15/46

40

31

4.100%

due

02/15/47

20

15

Ohio

Edison

Co.

5.500%

due

01/15/33

(Þ)

90

89

Omega

Healthcare

Investors,

Inc.

4.750%

due

01/15/28

300

290

Series

WI

4.500%

due

04/01/27

779

754

Oncor

Electric

Delivery

Co.

LLC

3.100%

due

09/15/49

80

53

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.550%

due

06/15/54

(Þ)

210

206

Series

WI

4.150%

due

06/01/32

40

37

5.650%

due

11/15/33

110

113

ONEOK,

Inc.

6.050%

due

09/01/33

300

309

6.625%

due

09/01/53

180

192

Oracle

Corp.

4.300%

due

07/08/34

648

590

4.000%

due

07/15/46

70

53

6.900%

due

11/09/52

50

56

5.550%

due

02/06/53

350

331

Owl

Rock

Capital

Corp.

4.250%

due

01/15/26

920

892

Pacific

Gas

and

Electric

Co.

2.100%

due

08/01/27

30

27

2.500%

due

02/01/31

50

41

6.950%

due

03/15/34

200

215

5.800%

due

05/15/34

130

129

3.300%

due

08/01/40

20

14

4.750%

due

02/15/44

70

57

4.950%

due

07/01/50

80

66

3.500%

due

08/01/50

20

13

6.750%

due

01/15/53

100

104

6.700%

due

04/01/53

100

104

Series

WI

3.300%

due

12/01/27

950

886

PacifiCorp

5.450%

due

02/15/34

320

316

Parsley

Energy

LLC

/

Parsley

Finance

Corp.

4.125%

due

02/15/28

(Þ)

10

10

PayPal

Holdings,

Inc.

3.250%

due

06/01/50

30

20

5.250%

due

06/01/62

20

18

Pennsylvania

Electric

Co.

5.150%

due

03/30/26

(Þ)

680

675

PepsiCo,

Inc.

2.625%

due

10/21/41

455

317

Permian

Resources

Corp.

5.375%

due

01/15/26

(Þ)

130

129

Perrigo

Finance

Unlimited

Co.

4.900%

due

12/15/44

248

197

Pfizer,

Inc.

5.110%

due

05/19/43

230

219

5.300%

due

05/19/53

140

135

5.340%

due

05/19/63

30

28

PG&E

Wildfire

Recovery

Funding

LLC

Series

A-3

5.081%

due

06/01/41

120

119

Series

A-4

5.212%

due

12/01/47

30

29

Philip

Morris

International,

Inc.

2.100%

due

05/01/30

70

59

1.750%

due

11/01/30

130

106

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

5.125%

due

02/13/31

220

218

5.250%

due

02/13/34

40

39

6.375%

due

05/16/38

664

713

Piedmont

Operating

Partnership,

LP

9.250%

due

07/20/28

691

737

Plains

All

American

Pipeline,

LP

Series

B

9.694%

due

12/31/99

(CME

Term

SOFR

3

Month

+

4.372%)(Ê)(ƒ)

250

249

Plains

All

American

Pipeline,

LP

/

PAA

Finance

Corp.

4.650%

due

10/15/25

891

879

Series

WI

6.700%

due

05/15/36

10

11

PM

General

Purchaser

LLC

9.500%

due

10/01/28

(Þ)

140

143

PNC

Financial

Services

Group,

Inc.

(The)

Series

W

6.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

2.808%)(Ê)(ƒ)

170

166

PRA

Health

Sciences,

Inc.

2.875%

due

07/15/26

(Þ)

196

186

Prospect

Capital

Corp.

3.706%

due

01/22/26

(Ñ)

1,694

1,613

Prudential

Financial,

Inc.

4.500%

due

09/15/47

(USD

3

Month

LIBOR

+

2.380%)(Ê)

1,023

967

QUALCOMM,

Inc.

4.500%

due

05/20/52

50

43

QVC,

Inc.

5.950%

due

03/15/43

196

112

Radian

Group,

Inc.

4.875%

due

03/15/27

676

662

Raytheon

Technologies

Corp.

4.625%

due

11/16/48

130

112

5.375%

due

02/27/53

100

95

Regal

Rexnord

Corp.

Series

WI

6.050%

due

02/15/26

460

461

Reliance

Standard

Life

Global

Funding

II

1.512%

due

09/28/26

(Þ)

310

281

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/16/29

(Þ)

406

364

Series

REGS

4.625%

due

04/16/29

(Þ)

279

250

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

2.875%

due

10/15/26

(Þ)

100

93

Rockies

Express

Pipeline

LLC

4.950%

due

07/15/29

(Þ)

503

474

4.800%

due

05/15/30

(Þ)

173

160

6.875%

due

04/15/40

(Þ)

258

247

Royal

Caribbean

Cruises,

Ltd.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.500%

due

10/15/27

230

242

3.700%

due

03/15/28

246

230

6.250%

due

03/15/32

(Þ)

80

81

RPM

International,

Inc.

3.750%

due

03/15/27

909

872

RTX

Corp.

6.100%

due

03/15/34

450

474

S&P

Global,

Inc.

3.250%

due

12/01/49

10

7

Sabra

Health

Care,

LP

Series

WI

5.125%

due

08/15/26

1,485

1,462

Safeway,

Inc.

7.250%

due

02/01/31

200

213

San

Diego

Gas

&

Electric

Co.

Series

RRR

3.750%

due

06/01/47

100

75

Series

VVV

1.700%

due

10/01/30

70

57

Santander

Holdings

USA,

Inc.

5.807%

due

09/09/26

(SOFR

+

2.328%)(Ê)

860

856

2.490%

due

01/06/28

(SOFR

+

1.249%)(Ê)

683

629

SCE

Recovery

Funding

LLC

Series

A-1

4.697%

due

06/15/40

75

73

Seagate

HDD

Cayman

4.875%

due

06/01/27

380

371

4.091%

due

06/01/29

219

203

5.750%

due

12/01/34

207

201

Sealed

Air

Corp.

6.875%

due

07/15/33

(Þ)

349

359

Sempra

Energy

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.868%)(Ê)

953

877

Senior

Housing

Properties

Trust

4.750%

due

02/15/28

171

141

Service

Properties

Trust

5.250%

due

02/15/26

232

225

4.750%

due

10/01/26

183

171

4.950%

due

02/15/27

150

136

3.950%

due

01/15/28

162

136

4.950%

due

10/01/29

164

124

4.375%

due

02/15/30

164

116

Shell

International

Finance

BV

4.375%

due

05/11/45

60

51

SilverBow

Resources,

Inc.

13.089%

due

12/15/28

(CME

Term

SOFR

3

Month

+

7.750%)(Ê)(Þ)

402

421

Sixth

Street

Specialty

Lending,

Inc.

2.500%

due

08/01/26

1,605

1,489

Skyworks

Solutions,

Inc.

1.800%

due

06/01/26

1,750

1,627

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Smithfield

Foods,

Inc.

4.250%

due

02/01/27

(Þ)

759

731

Solventum

Corp.

5.450%

due

03/13/31

(Þ)

130

128

5.600%

due

03/23/34

(Þ)

190

187

5.900%

due

04/30/54

(Þ)

100

96

Southern

California

Edison

Co.

2.250%

due

06/01/30

100

85

4.000%

due

04/01/47

1,107

847

3.650%

due

02/01/50

100

71

5.750%

due

04/15/54

110

108

Series

C

4.125%

due

03/01/48

80

62

Series

G

2.500%

due

06/01/31

110

92

Southern

Co.

(The)

Series

21-A

3.750%

due

09/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.915%)(Ê)

451

424

Series

B

4.000%

due

01/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.733%)(Ê)

222

215

Southern

Co.

Gas

Capital

Corp.

6.000%

due

10/01/34

196

197

Southwestern

Energy

Co.

8.375%

due

09/15/28

10

10

4.750%

due

02/01/32

80

74

Sprint

LLC

7.625%

due

03/01/26

728

748

Starbucks

Corp.

4.300%

due

06/15/45

185

152

State

Street

Corp.

Series

I

6.700%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.613%)(Ê)(ƒ)

90

91

Steelcase,

Inc.

5.125%

due

01/18/29

363

344

Sunoco

Logistics

Partners

Operations,

LP

3.900%

due

07/15/26

90

87

SunTrust

Banks,

Inc.

Series

BKNT

4.050%

due

11/03/25

70

69

Synchrony

Financial

5.625%

due

08/23/27

909

901

Synovus

Financial

Corp.

5.625%

due

02/15/28

1,648

1,592

Tapestry,

Inc.

7.050%

due

11/27/25

50

51

7.000%

due

11/27/26

310

319

Targa

Resources

Corp.

4.200%

due

02/01/33

130

117

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

130

133

5.500%

due

03/01/30

30

30

4.875%

due

02/01/31

200

191

4.000%

due

01/15/32

150

135

Teachers

Insurance

&

Annuity

Association

of

America

4.900%

due

09/15/44

(Þ)

140

124

Tenet

Healthcare

Corp.

6.875%

due

11/15/31

310

327

Tennessee

Gas

Pipeline

Co.

LLC

7.625%

due

04/01/37

608

694

Texas

Eastern

Transmission,

LP

3.500%

due

01/15/28

(Þ)

854

806

Texas

Instruments,

Inc.

3.650%

due

08/16/32

70

64

3.875%

due

03/15/39

60

52

Thermo

Fisher

Scientific,

Inc.

5.300%

due

02/01/44

920

897

Time

Warner

Cable

Enterprises

LLC

8.375%

due

07/15/33

100

110

Time

Warner

Cable

LLC

6.550%

due

05/01/37

90

85

7.300%

due

07/01/38

180

182

5.500%

due

09/01/41

666

555

T-Mobile

USA,

Inc.

2.625%

due

02/15/29

60

54

Series

WI

3.750%

due

04/15/27

931

895

2.550%

due

02/15/31

824

699

3.000%

due

02/15/41

100

72

3.300%

due

02/15/51

90

61

Toledo

Hospital

(The)

4.982%

due

11/15/45

125

91

Toll

Brothers

Finance

Corp.

Series

10YR

4.350%

due

02/15/28

1,767

1,707

Topaz

Solar

Farms

LLC

5.750%

due

09/30/39

(Þ)

384

371

TopBuild

Corp.

3.625%

due

03/15/29

(Þ)

40

36

Toyota

Motor

Credit

Corp.

5.250%

due

09/11/28

90

91

Transcontinental

Gas

Pipe

Line

Co.

LLC

4.450%

due

08/01/42

80

70

Transocean,

Inc.

7.500%

due

04/15/31

105

99

6.800%

due

03/15/38

352

292

Travel

+

Leisure

Co.

5.750%

due

04/01/27

460

459

Truist

Financial

Corp.

6.047%

due

06/08/27

(SOFR

+

2.050%)(Ê)

1,110

1,118

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

4.873%

due

01/26/29

(SOFR

+

1.435%)(Ê)

582

571

5.867%

due

06/08/34

(SOFR

+

2.361%)(Ê)

10

10

Tyson

Foods,

Inc.

3.550%

due

06/02/27

992

948

Union

Pacific

Corp.

3.750%

due

02/05/70

10

7

Series

WI

2.891%

due

04/06/36

110

89

3.839%

due

03/20/60

60

44

United

Airlines

Pass-Through

Trust

5.800%

due

01/15/36

1,678

1,703

Series

2020-1

Class

B

4.875%

due

01/15/26

146

144

Series

A

3.100%

due

10/07/28

73

66

Series

AA

4.150%

due

08/25/31

503

472

2.700%

due

05/01/32

549

475

United

Airlines,

Inc.

4.625%

due

04/15/29

(Þ)

30

28

Series

144a

4.375%

due

04/15/26

(Þ)

220

213

United

Rentals

NA,

Inc.

3.875%

due

11/15/27

210

198

United

States

Cellular

Corp.

6.700%

due

12/15/33

385

409

United

States

Steel

Corp.

6.650%

due

06/01/37

148

147

UnitedHealth

Group,

Inc.

5.350%

due

02/15/33

230

233

5.700%

due

10/15/40

60

61

4.750%

due

05/15/52

40

35

5.875%

due

02/15/53

10

10

5.375%

due

04/15/54

180

175

Unum

Group

5.750%

due

08/15/42

796

765

US

Airways

Pass-Through

Trust

Class

A

3.950%

due

11/15/25

150

146

Valley

National

Bancorp

3.000%

due

06/15/31

(CME

Term

SOFR

3

Month

+

2.360%)(Ê)

281

219

Verizon

Communications,

Inc.

7.750%

due

12/01/30

100

114

4.500%

due

08/10/33

180

169

5.250%

due

03/16/37

60

59

2.650%

due

11/20/40

50

34

5.500%

due

03/16/47

10

10

4.000%

due

03/22/50

40

31

2.875%

due

11/20/50

90

57

5.500%

due

02/23/54

40

39

Series

WI

4.329%

due

09/21/28

53

52

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.987%

due

10/30/56

60

37

VICI

Properties,

Inc.

4.500%

due

09/01/26

(Þ)

283

275

4.500%

due

01/15/28

(Þ)

100

96

Vistra

Operations

Co.

LLC

3.700%

due

01/30/27

(Þ)

1,564

1,495

6.000%

due

04/15/34

(Þ)

150

150

Vontier

Corp.

Series

WI

1.800%

due

04/01/26

170

159

2.400%

due

04/01/28

130

115

Vornado

Realty,

LP

3.400%

due

06/01/31

143

112

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

3

Month

LIBOR

+

2.084%)(Ê)

944

818

Walgreens

Boots

Alliance,

Inc.

3.200%

due

04/15/30

402

337

4.500%

due

11/18/34

184

156

4.800%

due

11/18/44

356

280

4.100%

due

04/15/50

280

192

Walt

Disney

Co.

(The)

Series

WI

6.650%

due

11/15/37

40

45

WarnerMedia

Holdings,

Inc.

Series

WI

5.050%

due

03/15/42

734

597

Wells

Fargo

&

Co.

3.000%

due

10/23/26

80

76

3.584%

due

05/22/28

(CME

Term

SOFR

3

Month

+

1.572%)(Ê)

1,606

1,530

3.068%

due

04/30/41

(SOFR

+

2.530%)(Ê)

140

103

5.375%

due

11/02/43

110

103

4.650%

due

11/04/44

10

8

5.013%

due

04/04/51

(CME

Term

SOFR

3

Month

+

4.502%)(Ê)

80

73

Welltower,

Inc.

3.850%

due

06/15/32

80

72

Western

Digital

Corp.

4.750%

due

02/15/26

204

200

Western

Midstream

Operating,

LP

4.650%

due

07/01/26

100

98

4.500%

due

03/01/28

50

48

4.050%

due

02/01/30

70

65

6.150%

due

04/01/33

120

123

5.450%

due

04/01/44

20

18

5.500%

due

08/15/48

40

35

5.250%

due

02/01/50

60

53

Westinghouse

Air

Brake

Technologies

Corp.

Series

WI

3.450%

due

11/15/26

963

920

Williams

Cos.,

Inc.

(The)

7.750%

due

06/15/31

130

144

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Xcel

Energy,

Inc.

1.750%

due

03/15/27

1,116

1,015

Xerox

Corp.

4.800%

due

03/01/35

509

351

XPO

CNW,

Inc.

6.700%

due

05/01/34

294

303

XPO,

Inc.

6.250%

due

06/01/28

(Þ)

1,361

1,365

Zions

Bancorp

NA

3.250%

due

10/29/29

953

797

208,629

International

Debt

-

14.3%

ACWA

Power

Management

and

Investments

One,

Ltd.

5.950%

due

12/15/39

(Þ)

249

240

Aegon,

Ltd.

5.500%

due

04/11/48

(USD

6

Month

LIBOR

+

3.540%)(Ê)

1,630

1,568

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.300%

due

01/30/32

150

129

3.850%

due

10/29/41

150

117

AES

Panama

Generation

Holdings

SRL

4.375%

due

05/31/30

(Þ)

818

712

Alibaba

Group

Holding,

Ltd.

3.150%

due

02/09/51

290

186

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

1,623

1,544

AMMC

CLO

23,

Ltd.

Series

2020-23A

Class

BR2

2.103%

due

04/17/35

(CME

Term

SOFR

3

Month

+

2.050%)(Ê)(Þ)

150

150

Anglo

American

Capital

PLC

5.750%

due

04/05/34

(Þ)

200

200

Anheuser-Busch

InBev

Worldwide,

Inc.

5.000%

due

06/15/34

240

238

Apidos

CLO

XXVI

Series

26A-A2R

7.072%

due

07/18/29

(CME

Term

SOFR

3

Month

+

1.762%)(Ê)(Þ)

250

250

Arbor

Realty

CLO,

Ltd.

Series

2022-FL1

Class

A

1.500%

due

01/15/37

(SOFR

30

Day

Average

+

1.450%)(Ê)(Þ)

3,050

3,037

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)

2,637

2,633

Argentine

Republic

Government

International

Bond

1.000%

due

07/09/29

34

20

Banco

Bilbao

Vizcaya

Argentaria

SA

5.381%

due

03/13/29

200

201

Banco

Santander

SA

6.607%

due

11/07/28

200

210

Series

_

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

9.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.298%)(Ê)(ƒ)

200

222

Bank

of

Nova

Scotia

(The)

4.500%

due

12/16/25

957

942

4.588%

due

05/04/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.050%)(Ê)

717

646

8.625%

due

10/27/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.389%)(Ê)

200

210

Barclays

PLC

5.200%

due

05/12/26

1,360

1,344

4.836%

due

05/09/28

295

285

Barrick

NA

Finance

LLC

5.700%

due

05/30/41

100

99

BAT

Capital

Corp.

4.700%

due

04/02/27

733

722

2.259%

due

03/25/28

40

36

6.000%

due

02/20/34

70

71

3.734%

due

09/25/40

90

67

7.079%

due

08/02/43

119

125

Series

WI

3.557%

due

08/15/27

26

25

4.390%

due

08/15/37

163

138

BAT

International

Finance

PLC

1.668%

due

03/25/26

837

784

5.931%

due

02/02/29

220

225

Bayer

US

Finance

II

LLC

4.250%

due

12/15/25

(Þ)

1,015

993

Bellemeade

Re,

Ltd.

Series

2021-3A

Class

A2

1.050%

due

09/25/31

(SOFR

30

Day

Average

+

1.000%)(Ê)(Þ)

2,380

2,380

Series

2023-1

Class

M1A

7.521%

due

10/25/33

(SOFR

30

Day

Average

+

2.200%)(Ê)(Þ)

1,426

1,437

Benin

Government

International

Bond

7.960%

due

02/13/38

(Þ)

200

186

BNP

Paribas

SA

1.323%

due

01/13/27

(SOFR

+

1.004%)(Ê)(Þ)

744

694

4.625%

due

03/13/27

(Þ)

847

824

4.375%

due

03/01/33

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.483%)(Ê)

(Þ)

124

117

5.894%

due

12/05/34

(SOFR

+

1.866%)(Ê)(Þ)

260

266

7.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.899%)(Ê)(ƒ)(Þ)

360

363

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.969%)(Ê)(ƒ)(Þ)

200

212

BPCE

SA

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

5.936%

due

05/30/35

(SOFR

+

1.850%)(Ê)(Þ)

290

289

Brazil

Government

International

Bond

6.125%

due

03/15/34

230

221

Bristol

Park

CLO,

Ltd.

Series

2020-1A

Class

BR

6.710%

due

04/15/29

(USD

3

Month

LIBOR

+

1.450%)(Ê)(Þ)

250

250

British

Airways

Pass-Through

Trust

3.350%

due

06/15/29

(Þ)

67

63

British

Telecommunications

PLC

9.625%

due

12/15/30

40

49

Brookfield

Finance,

Inc.

3.450%

due

04/15/50

827

569

Canadian

Natural

Resources,

Ltd.

5.850%

due

02/01/35

661

656

Canadian

Pacific

Railway

Co.

3.100%

due

12/02/51

50

33

6.125%

due

09/15/15

656

666

Celulosa

Arauco

y

Constitucion

SA

4.250%

due

04/30/29

(Þ)

220

205

Series

WI

3.875%

due

11/02/27

1,520

1,421

Cencosud

SA

4.375%

due

07/17/27

(Þ)

1,651

1,588

CI

Financial

Corp.

7.500%

due

05/30/29

(Þ)

300

297

3.200%

due

12/17/30

1,312

1,034

Comision

Federal

de

Electricidad

3.348%

due

02/09/31

(Þ)

200

165

Credit

Agricole

SA

5.589%

due

07/05/26

(Þ)

250

251

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.644%)(Ê)

(Þ)

1,659

1,540

5.514%

due

07/05/33

(Þ)

250

252

8.125%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

6.185%)(Ê)

(ƒ)(Þ)

600

609

CSL

UK

Holdings,

Ltd.

3.850%

due

04/27/27

(Þ)

40

39

4.050%

due

04/27/29

(Þ)

30

29

4.250%

due

04/27/32

(Þ)

70

66

Daimler

Truck

Finance

NA

LLC

5.125%

due

09/25/27

(Þ)

190

189

5.375%

due

01/18/34

(Þ)

190

188

5.375%

due

06/25/34

(Þ)

150

148

Danske

Bank

A/S

0.976%

due

09/10/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.550%)(Ê)(Þ)

270

267

6.466%

due

01/09/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.100%)(Ê)(Þ)

230

231

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.621%

due

09/11/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.350%)(Ê)(Þ)

1,469

1,396

6.259%

due

09/22/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.180%)(Ê)(Þ)

135

136

1.549%

due

09/10/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.730%)(Ê)(Þ)

200

184

5.427%

due

03/01/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.950%)(Ê)(Þ)

280

280

Delhaize

America,

Inc.

9.000%

due

04/15/31

154

182

Deutsche

Bank

AG

2.129%

due

11/24/26

(SOFR

+

1.870%)(Ê)

1,480

1,405

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

2.553%)(Ê)

276

260

Deutsche

Telekom

International

Finance

BV

8.750%

due

06/15/30

50

58

DNB

Bank

ASA

1.127%

due

09/16/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.850%)(Ê)(Þ)

1,139

1,078

Eagle

RE,

Ltd.

Series

2021-2

Class

M1B

2.099%

due

04/25/34

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

677

679

Series

2021-2

Class

M1C

4.035%

due

04/25/34

(SOFR

30

Day

Average

+

3.450%)(Ê)(Þ)

2,001

2,046

Series

2021-2

Class

M2

4.299%

due

04/25/34

(SOFR

30

Day

Average

+

4.250%)(Ê)(Þ)

1,650

1,722

Ecopetrol

SA

4.625%

due

11/02/31

50

41

8.375%

due

01/19/36

150

147

5.875%

due

05/28/45

80

57

5.875%

due

11/02/51

70

49

Element

Fleet

Management

Corp.

6.271%

due

06/26/26

(Þ)

1,415

1,432

5.643%

due

03/13/27

(Þ)

210

211

Emera

US

Finance,

LP

Series

WI

3.550%

due

06/15/26

1,335

1,280

Enbridge,

Inc.

5.700%

due

03/08/33

550

554

7.375%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.708%)(Ê)

424

424

Series

16-A

6.000%

due

01/15/77

(CME

Term

SOFR

3

Month

+

4.152%)(Ê)

625

607

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Enel

Finance

America

LLC

7.100%

due

10/14/27

(Þ)

779

818

Enel

Finance

International

NV

6.800%

due

10/14/25

(Þ)

623

633

1.375%

due

07/12/26

(Þ)

157

145

Eni

USA,

Inc.

7.300%

due

11/15/27

1,300

1,380

Eurosail

PLC

Series

2006-2A

Class

B1B

5.009%

due

12/15/44

(USD

3

Month

LIBOR

+

0.240%)(Ê)(Þ)

565

561

Export-Import

Bank

of

Korea

(The)

4.875%

due

01/11/26

1,160

1,157

Fortis,

Inc.

Series

WI

3.055%

due

10/04/26

1,417

1,345

Freeport

Indonesia

PT

6.200%

due

04/14/52

(Þ)

427

421

Fresenius

Medical

Care

AG

&

Co.

KGaA

1.875%

due

12/01/26

(Þ)

1,184

1,079

Fresnillo

PLC

4.250%

due

10/02/50

(Þ)

260

191

Galaxy

XXVI

CLO,

Ltd.

Series

2024-26A

Class

BR

7.927%

due

11/22/31

(CME

Term

SOFR

3

Month

+

2.600%)(Ê)(Þ)

250

250

Garda

World

Security

Corp.

2022

Term

Loan

9.594%

due

02/01/29

(USD

3

Month

LIBOR

+

4.250%)(Ê)

69

69

GE

Capital

European

Funding

Unltd.

Co.

6.025%

due

03/01/38

EUR

40

53

Glencore

Funding

LLC

1.625%

due

09/01/25

(Þ)

90

86

Global

Auto

Holdings,

Ltd.

/

AAG

FH

UK,

Ltd.

8.750%

due

01/15/32

(Þ)

280

268

Greystone

Commercial

Real

Estate

Notes

Series

2024-HC3

Class

D

10.663%

due

03/15/41

(CME

Term

SOFR

1

Month

+

5.333%)(Ê)(Þ)

110

110

Grifols

Worldwide

Operations

USA,

Inc.

Term

Loan

B

7.444%

due

11/15/27

(USD

1

Month

LIBOR

+

2.000%)(Ê)

167

164

Harbor

Park

CLO,

Ltd.

Series

2024-1A

Class

B1R

7.030%

due

01/20/31

(CME

Term

SOFR

3

Month

+

1.700%)(Ê)(Þ)

100

100

HGI

CRE

CLO,

Ltd.

Series

2021-FL2

Class

A

5.459%

due

09/17/36

(USD

1

Month

LIBOR

+

1.000%)(Ê)(Þ)

1,340

1,331

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Highlands

Holdings

Bond

Issuer,

Ltd.

/

Highlands

Holdings

Bond

Co.-Issuer,

Inc.

7.625%

due

10/15/25

(Þ)

502

503

HSBC

Holdings

PLC

2.999%

due

03/10/26

(SOFR

+

1.430%)(Ê)

200

196

1.589%

due

05/24/27

(SOFR

+

1.290%)(Ê)

970

904

5.597%

due

05/17/28

(SOFR

+

1.060%)(Ê)

210

211

5.733%

due

05/17/32

(SOFR

+

1.520%)(Ê)

210

211

7.625%

due

05/17/32

669

732

5.719%

due

03/04/35

(SOFR

+

1.780%)(Ê)

410

412

Hudbay

Minerals,

Inc.

4.500%

due

04/01/26

(Þ)

250

245

Imperial

Brands

Finance

PLC

3.500%

due

07/26/26

(Þ)

1,410

1,354

5.875%

due

07/01/34

(Þ)

200

196

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

892

831

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

553

499

Intesa

Sanpaolo

SpA

7.000%

due

11/21/25

(Þ)

1,035

1,052

7.200%

due

11/28/33

(Þ)

350

374

7.800%

due

11/28/53

(Þ)

86

95

Israel

Government

International

Bond

5.500%

due

03/12/34

780

740

Ivory

Coast

Government

International

Bond

7.625%

due

01/30/33

(Þ)

200

194

JDE

Peet's

NV

1.375%

due

01/15/27

(Þ)

1,767

1,599

Jordan

Government

International

Bond

4.950%

due

07/07/25

(Þ)

310

301

KBC

Groep

NV

5.796%

due

01/19/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.100%)(Ê)(Þ)

534

538

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)

714

713

LCM

XXIII,

Ltd.

Series

2020-23A

Class

A1R

2.205%

due

10/20/29

(USD

3

Month

LIBOR

+

1.070%)(Ê)(Þ)

264

264

Lloyds

Banking

Group

PLC

4.650%

due

03/24/26

162

159

3.574%

due

11/07/28

(USD

3

Month

LIBOR

+

1.205%)(Ê)

248

233

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

7.500%

due

12/31/99

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.496%)(Ê)(ƒ)

200

200

Series

WI

4.582%

due

12/10/25

827

812

Macquarie

Bank,

Ltd.

5.272%

due

07/02/27

(Þ)

260

260

Madison

Park

Funding

XVII,

Ltd.

Series

2021-17A

Class

AR2

3.732%

due

07/21/30

(USD

3

Month

LIBOR

+

1.000%)(Ê)(Þ)

1,971

1,973

Madison

Park

Funding

XXIV,

Ltd.

Series

2024-24A

Class

BR2

6.879%

due

10/20/29

(CME

Term

SOFR

3

Month

+

1.550%)(Ê)(Þ)

250

250

Magnetite

XXIX,

Ltd.

Series

2021-29A

Class

B

7.056%

due

01/15/34

(CME

Term

SOFR

3

Month

+

1.662%)(Ê)(Þ)

250

250

Manulife

Financial

Corp.

4.061%

due

02/24/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

1.647%)(Ê)

1,613

1,545

Melco

Resorts

Finance,

Ltd.

5.375%

due

12/04/29

(Þ)

240

214

7.625%

due

04/17/32

(Þ)

200

198

Methanex

Corp.

5.250%

due

12/15/29

347

335

5.650%

due

12/01/44

151

130

Mexico

Government

International

Bond

3.500%

due

02/12/34

240

195

6.000%

due

05/07/36

200

195

4.350%

due

01/15/47

200

149

MISC

Capital

Two

Labuan,

Ltd.

3.750%

due

04/06/27

(Þ)

791

756

NatWest

Group

PLC

5.516%

due

09/30/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.270%)(Ê)

935

935

3.754%

due

11/01/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.100%)(Ê)

200

198

8.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.752%)(Ê)(ƒ)

200

202

NBK

Tier

1

Financing

2,

Ltd.

4.500%

due

12/31/99

(USD

Constant

Maturity

6

Year

Rate

+

2.832%)(Ê)

(ƒ)(Þ)

779

753

Neuberger

Berman

Loan

Advisers

CLO

30,

Ltd.

Series

2021-30A

Class

BR

6.979%

due

01/20/31

(CME

Term

SOFR

3

Month

+

1.662%)(Ê)(Þ)

310

310

Nippon

Life

Insurance

Co.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.750%

due

01/21/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.653%)(Ê)(Þ)

250

208

Nissan

Motor

Co.,

Ltd.

3.522%

due

09/17/25

(Þ)

200

194

Nokia

OYJ

4.375%

due

06/12/27

1,523

1,485

NTT

Finance

Corp.

5.136%

due

07/02/31

(Þ)

480

477

Oaktown

Re

III,

Ltd.

Series

2019-1A

Class

M1B

2.080%

due

07/25/29

(USD

1

Month

LIBOR

+

1.950%)(Ê)(Þ)

280

280

Oaktown

Re

VI,

Ltd.

Series

2021-1A

Class

M1B

2.060%

due

10/25/33

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

337

338

Oaktown

Re

VII,

Ltd.

Series

2021-2

Class

M1A

1.650%

due

04/25/34

(SOFR

30

Day

Average

+

1.600%)(Ê)(Þ)

280

280

Oaktown

Re,

Ltd.

Series

2021-1A

Class

M1C

3.010%

due

10/25/33

(SOFR

30

Day

Average

+

3.000%)(Ê)(Þ)

1,475

1,498

OCP

SA

3.750%

due

06/23/31

(Þ)

200

172

Octagon

Investment

Partners

30,

Ltd.

Series

2021-1A

Class

A1R

6.586%

due

03/17/30

(CME

Term

SOFR

3

Month

+

1.262%)(Ê)(Þ)

1,092

1,093

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

323

335

OZLM

Funding

II,

Ltd.

Series

2024-2A

Class

A2RA

7.130%

due

07/30/31

(CME

Term

SOFR

3

Month

+

1.800%)(Ê)(Þ)

250

250

Peruvian

Government

International

Bond

2.783%

due

01/23/31

70

60

Petrobras

Global

Finance

BV

6.900%

due

03/19/49

150

142

5.500%

due

06/10/51

40

32

Petroleos

del

Peru

SA

5.625%

due

06/19/47

(Þ)

200

127

Petroleos

Mexicanos

Series

WI

6.875%

due

10/16/25

250

249

Prologis,

LP

4.000%

due

05/05/34

EUR

130

139

Prosus

NV

4.027%

due

08/03/50

(Þ)

909

614

Provincia

de

Buenos

Aires

6.625%

due

09/01/37

(~)(Ê)(Þ)

466

192

Provincia

de

Cordoba

7.125%

due

12/10/25

(~)(Ê)(Þ)

100

92

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

7.450%

due

06/01/27

(~)(Ê)(Þ)

230

196

Puma

International

Financing

SA

7.750%

due

04/25/29

(Þ)

220

222

Radnor

RE,

Ltd.

Series

2021-1

Class

M1C

2.710%

due

12/27/33

(SOFR

30

Day

Average

+

2.700%)(Ê)(Þ)

596

601

Series

2021-2

Class

M1A

1.898%

due

11/25/31

(SOFR

30

Day

Average

+

1.850%)(Ê)(Þ)

8

8

Series

2023-1

Class

M1A

7.767%

due

07/25/33

(SOFR

30

Day

Average

+

2.700%)(Ê)(Þ)

1,285

1,302

Reliance

Industries,

Ltd.

3.667%

due

11/30/27

(Þ)

633

600

Renesas

Electronics

Corp.

2.170%

due

11/25/26

(Þ)

913

845

Reynolds

American,

Inc.

5.850%

due

08/15/45

70

65

Rogers

Communications,

Inc.

5.000%

due

02/15/29

250

247

Romania

Government

International

Bond

5.875%

due

01/30/29

(Þ)

870

864

Royal

Bank

of

Canada

Series

GMTN

5.150%

due

02/01/34

60

60

RWE

Finance

US

LLC

5.875%

due

04/16/34

(Þ)

330

330

Sands

China,

Ltd.

Series

WI

5.125%

due

08/08/25

200

198

Santander

UK

Group

Holdings

PLC

1.673%

due

06/14/27

(SOFR

+

0.989%)(Ê)

736

680

Class

N

4.750%

due

09/15/25

(Þ)

701

690

Sasol

Financing

USA

LLC

8.750%

due

05/03/29

(Þ)

250

254

Saudi

Arabian

Oil

Co.

1.625%

due

11/24/25

(Þ)

942

892

SK

Hynix,

Inc.

1.500%

due

01/19/26

(Þ)

1,581

1,484

Smurfit

Kappa

Treasury

Funding,

Ltd.

7.500%

due

11/20/25

128

131

5.200%

due

01/15/30

(Þ)

210

209

Societe

Generale

SA

4.750%

due

11/24/25

(Þ)

878

860

1.488%

due

12/14/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.100%)(Ê)(Þ)

678

634

2.797%

due

01/19/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.300%)(Ê)(Þ)

174

161

Sodexo,

Inc.

1.634%

due

04/16/26

(Þ)

1,595

1,484

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Southern

Copper

Corp.

5.250%

due

11/08/42

60

56

St.

Marys

Cement,

Inc.

5.750%

due

04/02/34

(Þ)

360

353

Standard

Chartered

PLC

1.456%

due

01/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)(Þ)

1,496

1,401

4.866%

due

03/15/33

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

1.970%)(Ê)(Þ)

189

181

7.014%

due

12/30/49

(USD

3

Month

LIBOR

+

1.460%)(Ê)(ƒ)(Þ)

195

196

Suncor

Energy,

Inc.

7.150%

due

02/01/32

769

840

SURA

Asset

Management

SA

4.375%

due

04/11/27

(Ñ)(Þ)

707

688

Suzano

Austria

GmbH

5.750%

due

07/14/26

(Þ)

1,309

1,311

Teck

Resources,

Ltd.

6.250%

due

07/15/41

20

20

5.400%

due

02/01/43

60

55

Series

WI

3.900%

due

07/15/30

90

83

Telefonica

Emisiones

SA

5.213%

due

03/08/47

150

132

Tesco

PLC

6.150%

due

11/15/37

(Þ)

623

624

T-Mobile

USA,

Inc.

3.700%

due

05/08/32

EUR

200

215

Toronto-Dominion

Bank

(The)

3.625%

due

09/15/31

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

2.205%)(Ê)

1,538

1,464

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.075%)(Ê)

200

207

7.250%

due

07/31/84

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.977%)(Ê)

200

199

TransAlta

Corp.

6.500%

due

03/15/40

252

250

TransCanada

Trust

5.600%

due

03/07/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.986%)(Ê)

430

390

TSMC

Arizona

Corp.

2.500%

due

10/25/31

200

169

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

919

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.758%)(Ê)(ƒ)(Þ)

250

280

Series

WI

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

4.500%

due

06/26/48

200

176

UniCredit

SpA

2.569%

due

09/22/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.300%)(Ê)(Þ)

117

112

1.982%

due

06/03/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.200%)(Ê)(Þ)

1,053

982

7.296%

due

04/02/34

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.914%)(Ê)(Þ)

198

202

UPM-Kymmene

OYJ

7.450%

due

11/26/27

(Þ)

699

730

Vale

Overseas,

Ltd.

6.875%

due

11/10/39

144

154

Var

Energi

ASA

7.500%

due

01/15/28

(Þ)

840

883

8.000%

due

11/15/32

(Þ)

268

300

Verdelite

Static

CLO,

Ltd.

Series

2024-1A

Class

B

1.000%

due

07/20/32

(CME

Term

SOFR

3

Month

+

1.650%)(Ê)(Þ)

110

110

Vodafone

Group

PLC

6.150%

due

02/27/37

50

53

7.000%

due

04/04/79

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.873%)(Ê)

886

913

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

2.875%

due

01/15/27

(Þ)

982

912

4.750%

due

09/17/44

(Þ)

200

153

Weir

Group

PLC

(The)

2.200%

due

05/13/26

(Þ)

1,007

945

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

83

3.020%

due

11/18/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.530%)(Ê)

100

82

Wipro

IT

Services

LLC

1.500%

due

06/23/26

(Þ)

819

761

Yamana

Gold,

Inc.

2.630%

due

08/15/31

30

25

Series

WI

4.625%

due

12/15/27

310

300

Yara

International

ASA

3.800%

due

06/06/26

(Þ)

1,441

1,391

ZF

NA

Capital,

Inc.

6.750%

due

04/23/30

(Þ)

150

153

123,695

Loan

Agreements

-

0.2%

Alterra

Mountain

Co.

Term

Loan

B4

8.594%

due

08/17/28

(USD

1

Month

LIBOR

+

3.250%)(Ê)

65

65

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Asplundh

Tree

Expert

LLC

Term

Loan

B

7.194%

due

09/04/27

(USD

1

Month

LIBOR

+

1.750%)(Ê)

169

169

Caesars

Entertainment,

Inc.

2024

Term

Loan

B1

8.097%

due

01/24/31

(USD

3

Month

LIBOR

+

2.750%)(Ê)

148

148

GFL

Environmental,

Inc.

2023

First

Lien

Term

Loan

7.826%

due

05/31/27

(USD

3

Month

LIBOR

+

2.500%)(Ê)

8

8

Nexstar

Broadcasting,

Inc.

Term

Loan

B4

7.958%

due

09/19/26

(USD

1

Month

LIBOR

+

2.500%)(Ê)

210

211

NRG

Energy,

Inc.

2024

Term

Loan

7.344%

due

03/27/31

(USD

1

Month

LIBOR

+

2.000%)(Ê)

170

170

Phoenix

Guarantor,

Inc.

2024

Term

Loan

8.594%

due

02/21/31

(USD

1

Month

LIBOR

+

3.250%)(Ê)

118

118

Truist

Insurance

Holdings

LLC

1st

Lien

Term

Loan

8.585%

due

05/06/31

(USD

3

Month

LIBOR

+

3.250%)(Ê)

250

250

Vistra

Operations

Co.

LLC

Term

Loan

B

8.094%

due

03/20/31

(USD

1

Month

LIBOR

+

2.750%)(Ê)

279

280

1,419

Mortgage-Backed

Securities

-

25.8%

2023-MIC

Trust

(The)

Series

2023-MIC

Class

A

8.437%

due

11/05/28

(~)(Ê)(Þ)

160

172

Alternative

Loan

Trust

Series

2007-16CB

Class

1A5

0.568%

due

08/25/37

(USD

1

Month

LIBOR

+

0.400%)(Ê)

220

138

Barclays

PLC

Series

2022-RPL1

Class

A

4.250%

due

02/25/28

(~)(Ê)(Þ)

626

599

BRAVO

Residential

Funding

Trust

Series

2023-NQM5

Class

A1

6.505%

due

06/25/63

(~)(Ê)(Þ)

92

93

Series

2023-NQM5

Class

A3

7.012%

due

06/25/63

(~)(Ê)(Þ)

143

143

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

2,627

BX

Trust

Series

2024-BIO

Class

C

7.940%

due

02/15/41

(CME

Term

SOFR

1

Month

+

2.640%)(Ê)(Þ)

5,702

5,677

Series

2024-MDHS

Class

A

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

6.991%

due

05/15/41

(CME

Term

SOFR

1

Month

+

1.641%)(Ê)(Þ)

3,058

3,050

Series

2024-MDHS

Class

B

7.191%

due

05/15/41

(CME

Term

SOFR

1

Month

+

1.841%)(Ê)(Þ)

1,850

1,845

CAMB

Commercial

Mortgage

Trust

Series

2019-LIFE

Class

F

2.735%

due

12/15/37

(USD

1

Month

LIBOR

+

2.550%)(Ê)(Þ)

987

982

Series

2021-CX2

Class

A

2.700%

due

11/10/46

(Þ)

3,322

2,699

Citigroup

Commercial

Mortgage

Trust

Series

2013-375P

Class

D

3.635%

due

05/10/35

(~)(Ê)(Þ)

1,418

1,322

CORE

Mortgage

Trust

Series

2019

Class

D

1.835%

due

12/15/31

(USD

1

Month

LIBOR

+

1.650%)(Ê)(Þ)

1,216

1,121

CRSO

Trust

Series

2023-BRND

7.121%

due

07/10/28

160

166

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.334%

due

04/10/37

(~)(Ê)(Þ)

985

713

Deutsche

Mortgage

Securities,

Inc.

Re-

REMIC

Trust

Series

2007-WM1

Class

A1

3.658%

due

06/27/37

(~)(Ê)(Þ)

212

180

DK

Trust

Series

2024-SPBX

Class

A

6.850%

due

03/15/34

(CME

Term

SOFR

1

Month

+

1.500%)(Ê)(Þ)

751

746

Eagle

RE,

Ltd.

Series

2021-1

Class

M2

9.765%

due

10/25/33

(SOFR

30

Day

Average

+

4.450%)(Ê)(Þ)

1,060

1,091

ELP

Commercial

Mortgage

Trust

Series

2021-ELP

Class

D

1.619%

due

11/15/36

(USD

1

Month

LIBOR

+

1.518%)(Ê)(Þ)

2,547

2,507

Fannie

Mae

2.600%

due

2031

375

327

6.000%

due

2032

7

7

5.000%

due

2033

2

2

5.500%

due

2034

6

6

4.500%

due

2035

143

139

5.500%

due

2037

44

44

5.500%

due

2038

184

183

6.000%

due

2039

16

16

4.000%

due

2040

118

112

5.500%

due

2040

217

215

6.000%

due

2040

48

49

4.000%

due

2041

176

167

6.000%

due

2041

77

79

3.500%

due

2043

403

368

4.000%

due

2044

402

380

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.500%

due

2045

463

419

3.000%

due

2046

70

61

3.500%

due

2046

99

90

4.000%

due

2046

478

448

4.500%

due

2046

166

160

3.000%

due

2047

278

242

3.500%

due

2047

216

195

4.000%

due

2047

39

37

4.500%

due

2048

557

533

5.000%

due

2048

108

106

3.000%

due

2049

3,138

2,703

4.000%

due

2049

534

499

5.000%

due

2049

244

240

2.500%

due

2050

5,901

4,834

3.000%

due

2050

6,034

5,197

2.000%

due

2051

11,426

9,004

2.500%

due

2051

467

386

4.000%

due

2052

4,995

4,574

5.000%

due

2053

2,981

2,886

5.500%

due

2053

4,485

4,439

5.500%

due

2054

500

493

30

Year

TBA(Ï)

5.000%

1,849

1,786

5.500%

21,850

21,549

6.000%

24,599

24,667

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2023-R08

Class

1M1

6.821%

due

10/25/43

(SOFR

30

Day

Average

+

1.500%)(Ê)(Þ)

134

135

Series

2023-R08

Class

1M2

7.821%

due

10/25/43

(SOFR

30

Day

Average

+

2.500%)(Ê)(Þ)

180

186

Fannie

Mae

REMICS

Series

1999-56

Class

Z

7.000%

due

12/18/29

2

2

Series

2004-W5

Class

A1

6.000%

due

02/25/47

86

88

Series

2005-24

Class

ZE

5.000%

due

04/25/35

71

71

FIGRE

Trust

Series

2024-HE1

Class

A

6.165%

due

03/25/54

(~)(Ê)(Þ)

2,267

2,267

Freddie

Mac

5.500%

due

2038

137

139

6.000%

due

2038

38

39

5.000%

due

2040

68

67

4.000%

due

2041

496

469

4.500%

due

2041

69

67

5.500%

due

2041

81

81

3.500%

due

2043

262

240

4.000%

due

2044

179

168

3.500%

due

2045

374

339

4.000%

due

2045

177

166

3.000%

due

2046

1,306

1,143

4.000%

due

2046

87

82

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

85

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.000%

due

2047

461

403

3.000%

due

2048

70

61

4.000%

due

2048

509

475

4.500%

due

2048

127

122

3.000%

due

2049

164

142

2.500%

due

2050

1,464

1,218

3.000%

due

2050

2,454

2,118

2.000%

due

2051

1,945

1,531

2.500%

due

2051

68

57

4.000%

due

2052

6,002

5,503

5.500%

due

2053

4,681

4,617

6.000%

due

2054

4,386

4,399

Freddie

Mac

REMICS

Series

2003-2624

Class

QH

5.000%

due

06/15/33

24

24

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

83

86

Series

2010-3632

Class

PK

5.000%

due

02/15/40

34

34

Series

2010-3653

Class

B

4.500%

due

04/15/30

60

59

Series

2012-4010

Class

KM

3.000%

due

01/15/42

29

27

FS

Commercial

Mortgage

Trust

Series

2023-4SZN

Class

B

7.544%

due

11/10/27

(~)(Ê)(Þ)

130

135

Ginnie

Mae

II

2.500%

due

2052

6,406

5,385

30

Year

TBA(Ï)

5.500%

8,760

8,691

6.000%

15,000

15,062

6.500%

13,700

13,895

GS

Mortgage

Securities

Trust

Series

2023-SHIP

Class

A

4.322%

due

09/10/38

(~)(Ê)(Þ)

1,999

1,947

Series

2023-SHIP

Class

B

5.101%

due

09/06/26

(~)(Ê)(Þ)

120

117

HMH

Trust

Series

2017-NSS

Class

E

6.292%

due

07/05/31

(Þ)

1,170

189

JPMorgan

Mortgage

Trust

Series

2018-3

Class

A3

3.500%

due

09/25/48

(~)(Ê)(Þ)

78

69

Series

2020-3

Class

A15

3.500%

due

08/25/50

(~)(Ê)(Þ)

130

113

Series

2021-6

Class

A6

2.500%

due

10/25/51

(~)(Ê)(Þ)

3,218

2,910

Series

2021-8

Class

A6

2.500%

due

12/25/51

(~)(Ê)(Þ)

2,740

2,470

Series

2021-12

Class

A4

2.500%

due

02/25/52

(~)(Ê)(Þ)

709

612

Series

2022-1

Class

A4

2.500%

due

07/25/52

(~)(Ê)(Þ)

2,658

2,270

Series

2022-2

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

1,236

1,054

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2022-3

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

2,643

2,256

Series

2022-4

Class

A4

3.000%

due

10/25/52

(~)(Ê)(Þ)

1,284

1,121

Series

2023-HE2

Class

A1

7.016%

due

03/25/54

(SOFR

30

Day

Average

+

1.700%)(Ê)(Þ)

1,573

1,586

Series

2024-HE1

Class

A1

6.820%

due

08/25/54

(SOFR

30

Day

Average

+

1.500%)(Ê)(Þ)

921

926

Series

2024-HE2

Class

A1

6.524%

due

10/25/54

(SOFR

30

Day

Average

+

1.200%)(Ê)(Þ)

866

867

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

A

0.951%

due

04/15/26

(USD

1

Month

LIBOR

+

0.801%)(Ê)(Þ)

4,196

4,162

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

D

3.865%

due

09/13/39

(~)(Ê)(Þ)

1,500

1,156

Series

2017-237P

Class

XA

Interest

Only

STRIPS

0.468%

due

09/13/39

(~)(Ê)(Þ)

8,761

84

Series

2017-237P

Class

XB

Interest

Only

STRIPS

0.175%

due

09/13/39

(~)(Ê)(Þ)

5,418

14

Onslow

Bay

Financial

LLC

Series

2023-NQM7

Class

A1

6.844%

due

04/25/63

(~)(Ê)(Þ)

176

178

Preston

Ridge

Partners

Mortgage

LLC

Series

2020-6

Class

A1

2.363%

due

11/25/25

(~)(Ê)(Þ)

304

303

Series

2021-3

Class

A1

1.867%

due

04/25/26

(~)(Ê)(Þ)

520

513

Series

2021-7

Class

A1

1.867%

due

08/25/26

(~)(Ê)(Þ)

563

550

Series

2021-9

Class

A1

2.363%

due

10/25/26

(~)(Ê)(Þ)

482

474

Series

2024-1

Class

A1

6.959%

due

02/25/29

(~)(Ê)(Þ)

2,738

2,749

PRKCM

Trust

Series

2024-AFC1

Class

A2

6.636%

due

03/25/59

(~)(Ê)(Þ)

160

160

RCKT

Mortgage

Trust

Series

2023-CES2

Class

A1A

6.808%

due

09/25/43

(~)(Ê)(Þ)

830

836

Saluda

Grade

Alternative

Mortgage

Trust

Series

2024-FIG5

Class

A

6.255%

due

04/25/54

(~)(Ê)(Þ)

2,655

2,671

Sequoia

Mortgage

Trust

Series

2015-1

Class

A1

3.500%

due

01/25/45

(~)(Ê)(Þ)

58

52

Series

2021-4

Class

A10

2.500%

due

06/25/51

(~)(Ê)(Þ)

1,771

1,591

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Towd

Point

Mortgage

Trust

Series

2023-CES1

Class

A1A

6.750%

due

07/25/63

(~)(Ê)(Þ)

2,147

2,160

Series

2023-CES2

Class

A1A

7.294%

due

10/25/63

(~)(Ê)(Þ)

1,369

1,395

Washington

Mutual

Mortgage

Pass-

Through

Certificates

Trust

Series

2005-10

Class

3CB1

6.000%

due

11/25/35

335

273

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series

2020-3

Class

A1

3.000%

due

06/25/50

(~)(Ê)(Þ)

849

708

WinWater

Mortgage

Loan

Trust

Series

2014-1

Class

A1

3.847%

due

06/20/44

(~)(Ê)(Þ)

85

79

Woodward

Capital

Management

LLC

Series

2024-CES2

Class

A1A

6.141%

due

04/25/44

(~)(Ê)(Þ)

1,726

1,725

223,646

Municipal

Bonds

-

0.1%

American

Municipal

Power,

Inc.

Revenue

Bonds

8.084%

due

02/15/50

70

91

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

4.926%

due

10/01/51

110

105

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

148

State

of

California

General

Obligation

Unlimited

7.300%

due

10/01/39

10

11

Texas

Natural

Gas

Securitization

Finance

Corp.

Revenue

Bonds

5.102%

due

04/01/35

291

291

779

Non-US

Bonds

-

6.6%

Andorra

Government

International

Bond

Series

EMTN

1.250%

due

05/06/31

(Þ)

EUR

3,500

3,177

EMF-UK

PLC

Series

2014-1X

Class

A1A

1.173%

due

03/13/46

(GBP

3

Month

LIBOR

+

0.980%)(Ê)(Þ)

GBP

410

517

Eurosail-UK

PLC

Series

2007-6NCX

Class

A3A

0.795%

due

09/13/45

(GBP

3

Month

LIBOR

+

0.700%)(Ê)(Þ)

GBP

418

525

Hellenic

Republic

International

Government

Bond

4.125%

due

06/15/54

(Þ)

EUR

1,339

1,379

Indonesia

Government

International

Bond

Series

FR87

6.500%

due

02/15/31

IDR

4,816,000

285

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Japan

30

Year

Government

International

Bond

Series

81

1.600%

due

12/20/53

JPY

465,100

2,543

Mexican

Bonos

Series

M

5.500%

due

03/04/27

MXN

172,700

8,383

8.500%

due

03/01/29

MXN

95,800

4,911

Mexican

Bonos

de

Desarrollo

Series

M

8.500%

due

11/18/38

MXN

7,730

374

Mexico

Government

International

Bond

4.000%

due

03/15/15

EUR

1,011

796

New

Zealand

Government

International

Bond

Series

0526

0.500%

due

05/15/26

NZD

5,680

3,191

Newgate

Funding

PLC

Series

2006-3X

Class

A3B

3.732%

due

12/01/50

(3

Month

EURIBOR

+

0.170%)(Ê)(Þ)

EUR

1,748

1,821

Norway

Government

International

Bond

Series

487

3.625%

due

04/13/34

(Þ)

NOK

17,000

1,592

Parkmore

Point

RMBS

PLC

Series

2022-1A

Class

A

5.362%

due

07/25/45

(SONIA

+

1.500%)(Ê)(Þ)

GBP

1,663

2,110

Petroleos

Mexicanos

Series

10.7

4.750%

due

02/26/29

(Þ)

EUR

2,869

2,676

Series

14-2

7.470%

due

11/12/26

MXN

74,930

3,630

Republic

of

South

Africa

Government

International

Bond

Series

2037

8.500%

due

01/31/37

ZAR

914

39

Series

2040

9.000%

due

01/31/40

ZAR

40,452

1,751

Series

2044

8.750%

due

01/31/44

ZAR

13,308

546

Series

2048

8.750%

due

02/28/48

ZAR

5,618

229

RMAC

Securities

No.

1

PLC

Series

2006-NS1X

Class

A2A

1.050%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

272

337

Series

2006-NS3X

Class

A2A

0.245%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

325

400

Series

2006-NS4X

Class

A3A

3.853%

due

06/12/44

(SONIA

+

0.289%)(Ê)(Þ)

GBP

583

722

Romania

Government

International

Bond

5.500%

due

09/18/28

(Þ)

EUR

1,100

1,208

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

5.625%

due

02/22/36

(Þ)

EUR

708

739

Series

REGS

2.750%

due

02/26/26

(Þ)

EUR

1,718

1,803

5.000%

due

09/27/26

(Þ)

EUR

1,268

1,385

2.500%

due

02/08/30

(Þ)

EUR

80

75

1.750%

due

07/13/30

(Þ)

EUR

1,601

1,399

2.124%

due

07/16/31

(Þ)

EUR

1,424

1,226

3.750%

due

02/07/34

(Þ)

EUR

470

432

3.875%

due

10/29/35

(Þ)

EUR

166

150

2.625%

due

12/02/40

(Þ)

EUR

1,845

1,281

2.875%

due

04/13/42

(Þ)

EUR

1,166

812

4.625%

due

04/03/49

(Þ)

EUR

424

373

3.375%

due

01/28/50

(Þ)

EUR

772

548

Taurus

UK

Designated

Activity

Co.

Series

2021-UK1A

Class

B

6.531%

due

05/17/31

(3

Month

SONIA

Deposit

Rate

+

1.300%)(Ê)

(Þ)

GBP

496

624

Towd

Point

Mortgage

Funding

Series

2019-A13X

Class

B

7.033%

due

07/20/45

(SONIA

+

1.800%)(Ê)(Þ)

GBP

885

1,119

Vantage

Data

Centers

Jersey

Borrower

Spv,

Ltd.

Series

2024-1A

Class

A2

6.172%

due

05/28/39

(Þ)

GBP

1,628

2,071

57,179

United

States

Government

Agencies

-

0.0%

United

States

Treasury

Notes

4.500%

due

05/31/29

370

372

United

States

Government

Treasuries

-

4.8%

United

States

Treasury

Notes

2.000%

due

08/15/25

1,227

1,186

0.250%

due

09/30/25

340

320

3.000%

due

10/31/25

771

751

2.250%

due

03/31/26

2,237

2,142

1.625%

due

05/15/26

1,918

1,811

4.875%

due

05/31/26

470

471

1.500%

due

08/15/26

2,677

2,505

1.625%

due

09/30/26

2,330

2,181

2.375%

due

05/15/27

1,490

1,403

0.375%

due

07/31/27

1,597

1,409

0.500%

due

08/31/27

1,215

1,073

0.750%

due

01/31/28

1,272

1,117

2.750%

due

02/15/28

2,074

1,955

2.875%

due

05/15/28

1,298

1,226

3.125%

due

11/15/28

163

155

5.250%

due

11/15/28

1,538

1,591

2.375%

due

05/15/29

1,950

1,781

4.000%

due

10/31/29

1,071

1,053

1.750%

due

11/15/29

691

607

0.625%

due

08/15/30

2,294

1,838

0.875%

due

11/15/30

1,017

823

1.250%

due

08/15/31

925

751

1.875%

due

02/15/32

797

669

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.750%

due

08/15/32

1,815

1,615

3.375%

due

05/15/33

444

411

3.875%

due

08/15/33

300

289

4.500%

due

11/15/33

1,385

1,398

4.000%

due

02/15/34

350

340

4.375%

due

05/15/34

300

300

1.375%

due

11/15/40

1,156

729

2.750%

due

11/15/42

780

598

3.125%

due

02/15/43

538

436

2.875%

due

05/15/43

764

593

4.625%

due

05/15/44

140

140

2.875%

due

08/15/45

779

592

3.000%

due

05/15/47

848

649

2.750%

due

11/15/47

133

97

3.000%

due

02/15/48

952

724

3.125%

due

05/15/48

593

461

3.375%

due

11/15/48

549

446

2.875%

due

05/15/49

183

135

1.250%

due

05/15/50

429

213

2.375%

due

05/15/51

925

609

2.000%

due

08/15/51

581

349

1.875%

due

11/15/51

568

330

4.000%

due

11/15/52

780

710

4.250%

due

02/15/54

210

200

41,182

Total

Long-Term

Investments

(cost

$723,710)

694,435

Preferred

Stocks

-

0.0%

Financial

Services

-

0.0%

KeyCorp

6.200%

due

12/15/27(¢)

3,917

86

Utilities

-

0.0%

SCE

Trust

VIII

6.950%

due

05/13/29(¢)

2,425

63

Total

Preferred

Stocks

(cost

$159)

149

Short-Term

Investments

-

27.5%

Africa

Finance

Corp.

3.125%

due

06/16/25

(Þ)

800

775

Agence

Francaise

de

Developpement

EPIC

Series

EMTN

6.365%

due

11/19/24

(SOFR

+

1.000%)(Ê)(Þ)

1,200

1,203

Air

Canada

Class

A

Pass-Through

Trust

Series

2013-1

Class

A

4.125%

due

05/15/25

(Þ)

30

29

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

Series

2017-1B

Class

B

4.950%

due

02/15/25

118

117

Aviation

Capital

Group

LLC

5.500%

due

12/15/24

(Þ)

140

140

Citizens

Financial

Group,

Inc.

4.023%

due

10/01/24

200

198

Comerica,

Inc.

Series

BKNT

2.500%

due

07/23/24

250

249

CPPIB

Capital,

Inc.

4.125%

due

10/21/24

(Þ)

950

946

DAE

Funding

LLC

1.550%

due

08/01/24

(Þ)

220

219

DISH

DBS

Corp.

Series

WI

5.875%

due

11/15/24

80

76

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2014-C03

Class

1M2

3.168%

due

07/25/24

(USD

1

Month

LIBOR

+

3.000%)(Ê)

84

84

Inter-American

Development

Bank

Series

GMTN

5.612%

due

02/04/25

(SOFR

+

0.250%)(Ê)

1,230

1,232

Lamar

Funding,

Ltd.

3.958%

due

05/07/25

(Þ)

200

196

Las

Vegas

Sands

Corp.

2.900%

due

06/25/25

540

524

NCL

Corp.,

Ltd.

3.625%

due

12/15/24

(Þ)

250

247

Newell

Brands,

Inc.

4.000%

due

12/01/24

170

168

Occidental

Petroleum

Corp.

6.950%

due

07/01/24

(ç)

5

5

Petroleos

Mexicanos

Series

REGS

7.190%

due

09/12/24

(Þ)

MXN

28,002

1,509

Range

Resources

Corp.

Series

WI

4.875%

due

05/15/25

140

139

Starwood

Property

Trust,

Inc.

3.750%

due

12/31/24

(Þ)

110

108

TD

SYNNEX

Corp.

Series

WI

1.250%

due

08/09/24

350

348

U.S.

Cash

Management

Fund(@)

120,562,518(∞)

120,526

United

States

Treasury

Bills

2.708%

due

07/02/24

(ç)(ž)

770

770

5.138%

due

07/16/24

(ž)

2,731

2,725

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.172%

due

07/18/24

(ž)

32,560

32,479

5.237%

due

07/25/24

(ž)

35,200

35,077

5.306%

due

08/01/24

(ž)

26,778

26,657

5.403%

due

08/29/24

(ž)

6,613

6,556

United

States

Treasury

Notes

4.868%

due

04/30/25

505

485

3.048%

due

05/15/25

1,868

1,820

4.921%

due

06/30/25

1,150

1,096

US

Airways

Pass-Through

Trust

Class

A

4.625%

due

06/03/25

88

87

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

3.750%

due

09/17/24

(Þ)

600

596

Western

Midstream

Operating,

LP

3.100%

due

02/01/25

280

275

Wynn

Macau,

Ltd.

4.875%

due

10/01/24

(Þ)

390

389

ZF

NA

Capital,

Inc.

4.750%

due

04/29/25

(Þ)

719

710

Total

Short-Term

Investments

(cost

$238,783)

238,760

Other

Securities

-

0.2%

U.S.

Cash

Collateral

Fund(@)(×)

1,762,998

(∞)

1,763

Total

Other

Securities

(cost

$1,763)

1,763

Total

Investments

-

107.9%

(identified

cost

$964,415)

935,107

Other

Assets

and

Liabilities,

Net

-

(7.9)%

(68,864)

Net

Assets

-

100.0%

866,243

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

89

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

30.0%

2023-MIC

Trust

(The)

03/06/24

160,000

107.41

172

172

ACWA

Power

Management

and

Investments

One,

Ltd.

01/11/24

249,243

97.05

242

240

AES

Panama

Generation

Holdings

SRL

08/03/23

818,431

88.06

721

712

Africa

Finance

Corp.

11/02/21

393,000

101.91

401

380

Africa

Finance

Corp.

09/13/22

800,000

98.18

785

775

African

Export-Import

Bank

(The)

05/10/21

200,000

100.00

200

187

Agence

Francaise

de

Developpement

EPIC

09/13/22

1,200,000

100.30

1,204

1,203

Air

Canada

Class

A

Pass-Through

Trust

10/17/23

29,953

95.77

29

29

Aircastle,

Ltd.

08/03/22

1,007,000

88.48

891

911

Alaska

Airlines

Pass-Through

Trust

04/05/23

72,564

97.15

70

71

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

09/20/23

160,000

97.36

156

158

Alimentation

Couche-Tard,

Inc.

09/19/17

1,623,000

94.91

1,540

1,544

American

Airlines

Group,

Inc.

04/12/21

106,667

100.46

107

106

American

Airlines

Group,

Inc.

11/17/23

70,000

100.02

70

73

American

Tower

Trust

#1

06/21/23

2,305,000

100.34

2,313

2,314

American

Tower

Trust

#1

Pass-Through

Certificates

05/08/24

903,000

93.95

848

849

American

Transmission

Systems,

Inc.

11/29/21

50,000

99.79

50

42

Americo

Life,

Inc.

04/12/21

70,000

99.80

70

56

AmFam

Holdings,

Inc.

04/09/21

80,000

103.22

83

48

AmFam

Holdings,

Inc.

04/12/21

100,000

100.11

100

76

AMMC

CLO

23,

Ltd.

04/16/24

150,000

100.00

150

150

Andorra

Government

International

Bond

04/28/21

EUR

3,500,000

115.68

4,049

3,177

Anglo

American

Capital

PLC

04/29/24

200,000

99.37

199

200

Antero

Midstream

Partners,

LP

/

Antero

Midstream

Finance

Corp.

01/11/24

170,000

100.00

170

172

Apidos

CLO

XXVI

08/01/23

250,000

99.31

248

250

Arbor

Realty

CLO,

Ltd.

01/26/22

3,050,000

100.00

3,050

3,037

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

09/20/21

299,784

100.00

300

297

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

05/05/22

2,636,604

100.00

2,637

2,633

Aviation

Capital

Group

LLC

04/13/21

140,000

101.63

142

140

Aviation

Capital

Group

LLC

12/11/23

554,000

90.90

504

511

Barclays

PLC

03/26/24

625,548

96.81

606

599

Bayer

US

Finance

II

LLC

12/07/23

1,015,000

97.48

989

993

Bayer

US

Finance

II

LLC

03/06/24

1,134,000

102.54

1,163

1,173

BDS,

Ltd.

04/04/22

3,821,963

100.00

3,822

3,808

Bellemeade

Re,

Ltd.

09/23/21

2,380,000

100.00

2,380

2,380

Bellemeade

Re,

Ltd.

10/18/23

1,426,000

100.00

1,426

1,437

Benin

Government

International

Bond

02/06/24

200,000

96.80

194

186

Berry

Global,

Inc.

03/06/23

384,000

97.59

375

377

Berry

Petroleum

Corp.

04/13/21

280,000

99.06

277

276

Blackstone

Holdings

Finance

Co.

LLC

10/31/22

50,000

99.85

50

53

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

02/07/23

60,000

98.91

59

60

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

05/14/24

140,000

100.00

140

144

BNP

Paribas

SA

06/10/20

847,000

103.88

880

824

BNP

Paribas

SA

08/08/22

360,000

100.00

360

363

BNP

Paribas

SA

11/09/22

200,000

100.00

200

212

BNP

Paribas

SA

09/12/23

124,000

90.65

112

117

BNP

Paribas

SA

11/28/23

260,000

100.00

260

266

BNP

Paribas

SA

04/25/24

744,000

93.16

693

694

Boeing

Co.

(The)

04/29/24

130,000

100.00

130

133

BPCE

SA

05/21/24

290,000

100.00

290

289

BRAVO

Residential

Funding

Trust

08/03/23

142,516

99.99

142

143

BRAVO

Residential

Funding

Trust

08/03/23

92,216

99.99

92

93

Bristol

Park

CLO,

Ltd.

06/08/23

250,000

98.38

246

250

British

Airways

Pass-Through

Trust

08/01/23

67,174

89.47

60

63

Broadcom,

Inc.

04/12/21

190,000

99.90

190

150

BX

Commercial

Mortgage

Trust

12/02/21

2,674,000

99.88

2,671

2,627

BX

Trust

01/24/24

5,702,000

99.75

5,688

5,677

BX

Trust

05/02/24

3,058,000

99.75

3,050

3,050

BX

Trust

05/02/24

1,850,000

99.75

1,845

1,845

Calpine

Corp.

05/16/24

180,000

95.14

171

171

CAMB

Commercial

Mortgage

Trust

01/25/19

987,000

100.11

988

982

CAMB

Commercial

Mortgage

Trust

10/22/21

3,322,000

102.70

3,412

2,699

Cameron

LNG

LLC

04/09/21

30,000

106.90

32

24

Carlyle

Global

Market

Strategies

CLO,

Ltd.

06/18/24

160,000

100.00

160

160

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

90

Strategic

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Celulosa

Arauco

y

Constitucion

SA

01/11/24

220,000

92.60

204

205

Cencosud

SA

09/12/23

1,651,000

94.22

1,556

1,588

CF

Industries,

Inc.

12/07/23

1,324,000

97.69

1,293

1,292

Chesapeake

Energy

Corp.

01/27/23

270,000

98.62

266

267

Chesapeake

Energy

Corp.

08/17/23

230,000

98.91

227

230

Chord

Energy

Corp.

02/01/23

80,000

99.19

79

80

CI

Financial

Corp.

05/22/24

300,000

99.07

297

297

Citigroup

Commercial

Mortgage

Trust

02/12/19

1,418,000

0.99

1,406

1,322

Columbia

Pipelines

Holding

Co.

LLC

08/02/23

30,000

100.00

30

30

Columbia

Pipelines

Holding

Co.

LLC

08/02/23

100,000

100.00

100

102

Columbia

Pipelines

Operating

Co.

LLC

08/02/23

130,000

99.97

130

133

Columbia

Pipelines

Operating

Co.

LLC

09/12/23

122,000

100.65

123

129

Columbia

Pipelines

Operating

Co.

LLC

09/12/23

241,000

99.51

240

251

Comision

Federal

de

Electricidad

04/12/21

200,000

97.69

195

165

Continental

Resources,

Inc.

11/09/21

140,000

96.90

136

130

Continental

Resources,

Inc.

11/09/21

60,000

99.94

60

48

CORE

Mortgage

Trust

03/01/19

1,216,000

100.00

1,216

1,121

CPPIB

Capital,

Inc.

09/14/22

950,000

99.99

950

946

Credit

Agricole

SA

06/13/22

600,000

100.68

604

609

Credit

Agricole

SA

06/27/23

250,000

100.00

250

252

Credit

Agricole

SA

06/27/23

250,000

100.07

250

251

Credit

Agricole

SA

03/06/24

1,659,000

93.15

1,545

1,540

CSL

UK

Holdings,

Ltd.

04/20/22

70,000

99.71

70

66

CSL

UK

Holdings,

Ltd.

04/20/22

30,000

99.85

30

29

CSL

UK

Holdings,

Ltd.

04/20/22

40,000

99.94

40

39

DAE

Funding

LLC

06/15/21

220,000

99.98

220

219

Daimler

Truck

Finance

NA

LLC

01/10/24

190,000

99.83

190

188

Daimler

Truck

Finance

NA

LLC

06/17/24

190,000

99.66

189

189

Daimler

Truck

Finance

NA

LLC

06/17/24

150,000

99.83

150

148

Danske

Bank

A/S

09/07/21

200,000

100.00

200

184

Danske

Bank

A/S

01/04/23

230,000

100.00

230

231

Danske

Bank

A/S

03/29/23

270,000

96.48

260

267

Danske

Bank

A/S

08/03/23

1,469,000

93.26

1,370

1,396

Danske

Bank

A/S

01/11/24

135,000

101.49

137

136

Danske

Bank

A/S

02/26/24

280,000

100.00

280

280

DBGS

Mortgage

Trust

04/03/19

985,000

101.04

995

713

DCP

Midstream

Operating,

LP

12/11/19

50,000

106.76

53

53

DCP

Midstream

Operating,

LP

11/06/23

202,000

101.10

204

218

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

09/16/20

125,000

100.10

125

123

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

09/16/20

1,008,000

98.28

975

982

Deutsche

Mortgage

Securities,

Inc.

Re-REMIC

Trust

01/04/17

212,015

100.42

213

180

DK

Trust

03/01/24

751,000

100.00

751

746

DLLAA

LLC

07/25/23

1,676,000

100.00

1,676

1,694

DNB

Bank

ASA

12/07/23

1,139,000

93.68

1,067

1,078

Dresdner

Funding

Trust

I

04/29/24

527,000

106.56

562

571

Eagle

RE,

Ltd.

10/29/21

677,057

100.00

677

679

Eagle

RE,

Ltd.

04/13/23

2,000,957

101.91

2,039

2,046

Eagle

RE,

Ltd.

11/15/23

1,060,000

103.82

1,100

1,091

Eagle

RE,

Ltd.

01/11/24

1,650,000

103.85

1,713

1,722

Element

Fleet

Management

Corp.

08/07/23

1,415,000

100.37

1,420

1,432

Element

Fleet

Management

Corp.

03/04/24

210,000

100.00

210

211

ELP

Commercial

Mortgage

Trust

11/01/21

2,547,035

98.43

2,507

2,507

EMF-UK

PLC

06/24/22

GBP

410,381

121.01

497

517

Endeavor

Energy

Resources,

LP

/

EER

Finance,

Inc.

01/24/23

40,000

98.88

40

40

Enel

Finance

America

LLC

08/07/23

779,000

104.16

811

818

Enel

Finance

International

NV

08/07/23

623,000

101.39

632

633

Enel

Finance

International

NV

12/07/23

157,000

92.27

145

145

Energy

Transfer

Operating,

LP

12/05/23

20,000

103.31

21

21

Energy

Transfer,

LP

11/07/23

790,000

98.44

778

795

EQM

Midstream

Partners,

LP

05/31/22

40,000

100.00

40

41

EQT

Corp.

05/10/21

30,000

100.00

30

26

EQT

Corp.

05/17/22

937,000

95.45

887

895

EquipmentShare.com,

Inc.

04/11/24

280,000

101.88

285

290

Esab

Corp.

03/25/24

60,000

100.00

60

60

Eurosail

PLC

02/27/23

564,623

97.81

552

561

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

91

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Eurosail-UK

PLC

01/21/21

GBP

418,005

135.69

567

525

Fannie

Mae

Connecticut

Avenue

Securities

Trust

11/16/23

133,710

100.00

134

135

Fannie

Mae

Connecticut

Avenue

Securities

Trust

11/16/23

180,000

100.00

180

186

Ferguson

Finance

PLC

05/06/24

1,600,000

97.01

1,552

1,552

FIGRE

Trust

03/19/24

2,267,500

100.03

2,268

2,267

FirstEnergy

Pennsylvania

Electric

Co.

03/28/23

100,000

99.89

100

100

Florida

Gas

Transmission

Co.

LLC

09/15/21

320,000

99.94

320

260

Foundry

JV

Holdco

LLC

05/02/24

300,000

99.75

299

306

Freeport

Indonesia

PT

09/12/23

427,000

87.85

375

421

Fresenius

Medical

Care

AG

&

Co.

KGaA

02/06/23

1,184,000

91.17

1,079

1,079

Fresnillo

PLC

04/09/21

260,000

98.49

256

191

FS

Commercial

Mortgage

Trust

10/19/23

130,000

99.99

130

135

Full

House

Resorts,

Inc.

11/16/23

30,000

91.35

27

29

Galaxy

XXVI

CLO,

Ltd.

05/13/24

250,000

100.00

250

250

Gartner,

Inc.

12/07/23

842,000

95.17

801

812

Genting

New

York

LLC

04/13/21

400,000

97.14

389

382

Glencore

Funding

LLC

04/13/21

90,000

100.13

90

86

Global

Atlantic

Finance

Co.

03/12/24

90,000

100.00

90

89

Global

Atlantic

Finance

Co.

06/04/24

90,000

100.00

90

90

Global

Auto

Holdings,

Ltd.

/

AAG

FH

UK,

Ltd.

01/11/24

280,000

100.00

280

268

Gray

Oak

Pipeline

LLC

01/11/24

1,612,000

96.52

1,556

1,548

Greystone

Commercial

Real

Estate

Notes

03/04/24

110,000

99.78

110

110

GS

Mortgage

Securities

Trust

08/04/23

120,000

95.96

115

117

GS

Mortgage

Securities

Trust

08/04/23

1,999,000

95.97

1,918

1,947

Harbor

Park

CLO,

Ltd.

04/19/24

100,000

100.00

100

100

Harley-Davidson

Financial

Services,

Inc.

04/25/24

1,037,000

100.85

1,046

1,060

Hellenic

Republic

International

Government

Bond

04/24/24

EUR

1,339,000

104.81

1,403

1,379

HGI

CRE

CLO,

Ltd.

09/17/21

1,339,824

100.00

1,340

1,331

Highlands

Holdings

Bond

Issuer,

Ltd.

/

Highlands

Holdings

Bond

Co.-Issuer,

Inc.

04/12/21

502,143

101.50

510

503

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

05/23/24

260,000

98.77

257

257

Hilton

Domestic

Operating

Co.,

Inc.

03/22/24

60,000

100.08

60

60

Hilton

Grand

Vacations

Trust

08/01/23

74,219

99.98

74

76

HMH

Trust

06/09/17

1,170,000

99.97

1,170

189

Hudbay

Minerals,

Inc.

02/23/24

250,000

97.02

243

245

Hyundai

Capital

America

01/03/24

140,000

99.66

140

139

Hyundai

Capital

America

06/18/24

110,000

99.91

110

109

ILFC

E-Capital

Trust

I

01/30/23

200,000

65.05

130

163

ILFC

E-Capital

Trust

II

08/12/22

350,000

69.52

243

290

Imperial

Brands

Finance

PLC

08/07/23

1,410,000

95.91

1,352

1,354

Imperial

Brands

Finance

PLC

06/24/24

200,000

99.50

199

196

Infraestructura

Energetica

Nova

SAPI

de

CV

07/06/22

892,000

94.23

840

831

InRetail

Consumer

02/06/24

553,000

90.37

500

499

International

Flavors

&

Fragrances,

Inc.

06/02/22

919,000

96.67

888

869

International

Flavors

&

Fragrances,

Inc.

10/03/23

1,032,000

56.51

583

677

Intesa

Sanpaolo

SpA

11/14/22

1,035,000

100.60

1,046

1,052

Intesa

Sanpaolo

SpA

11/20/23

350,000

99.91

350

374

Intesa

Sanpaolo

SpA

12/11/23

86,000

103.96

89

95

Ivory

Coast

Government

International

Bond

01/24/24

200,000

98.90

198

194

J.G.

Wentworth

XXXIX

LLC

01/02/24

42,023

88.80

37

38

Jackson

National

Life

Global

Funding

12/11/23

1,146,000

94.57

1,084

1,094

Jane

Street

Group

/

JSG

Finance,

Inc.

04/17/24

160,000

100.00

160

164

JDE

Peet's

NV

09/12/23

1,767,000

89.74

1,586

1,599

Jersey

Central

Power

&

Light

Co.

08/07/23

988,000

98.19

970

970

Jordan

Government

International

Bond

06/14/22

310,000

97.65

303

301

JPMorgan

Mortgage

Trust

06/05/20

77,825

102.84

80

69

JPMorgan

Mortgage

Trust

03/30/21

130,173

101.96

133

113

JPMorgan

Mortgage

Trust

04/26/21

3,218,469

102.11

3,286

2,910

JPMorgan

Mortgage

Trust

06/24/21

2,740,347

102.38

2,806

2,470

JPMorgan

Mortgage

Trust

01/26/22

2,657,968

99.14

2,635

2,270

JPMorgan

Mortgage

Trust

02/24/22

1,236,384

97.62

1,207

1,054

JPMorgan

Mortgage

Trust

03/23/22

2,643,477

96.25

2,544

2,256

JPMorgan

Mortgage

Trust

04/27/22

1,284,342

95.79

1,230

1,121

JPMorgan

Mortgage

Trust

04/20/23

708,999

88.64

628

612

JPMorgan

Mortgage

Trust

09/27/23

1,573,444

100.00

1,573

1,586

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

92

Strategic

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

JPMorgan

Mortgage

Trust

02/27/24

920,741

100.00

921

926

JPMorgan

Mortgage

Trust

05/29/24

865,962

100.00

866

867

KBC

Groep

NV

02/06/24

534,000

101.21

540

538

KKR

Group

Finance

Co.

II

LLC

02/20/15

10,000

108.54

11

10

Kookmin

Bank

08/05/21

714,000

106.07

757

713

Kubota

Credit

Owner

Trust

02/14/24

1,716,000

99.98

1,716

1,710

Kubota

Credit

Owner

Trust

06/18/24

660,000

99.99

660

659

Lamar

Funding,

Ltd.

07/26/22

200,000

98.51

197

196

LCM

XXIII,

Ltd.

01/29/20

263,930

100.00

264

264

Lithia

Motors,

Inc.

06/04/21

50,000

102.10

51

45

LPL

Holdings,

Inc.

12/11/23

272,000

95.31

259

263

Lunar

Structured

Aircraft

Portfolio

Notes

12/11/23

194,402

86.58

168

174

Macquarie

Bank,

Ltd.

06/26/24

260,000

100.00

260

260

Madison

Park

Funding

XVII,

Ltd.

06/20/24

1,970,737

100.13

1,973

1,973

Madison

Park

Funding

XXIV,

Ltd.

05/14/24

250,000

100.00

250

250

Magnetite

XXIX,

Ltd.

10/19/23

250,000

98.31

246

250

Massachusetts

Mutual

Life

Insurance

Co.

04/09/21

50,000

100.34

50

34

Mattel,

Inc.

08/07/23

1,533,000

95.31

1,461

1,472

Medline

Borrower,

LP

03/20/24

160,000

100.00

160

162

Melco

Resorts

Finance,

Ltd.

04/12/21

240,000

103.85

249

214

Melco

Resorts

Finance,

Ltd.

04/09/24

200,000

100.00

200

198

MF1

LLC

05/13/22

3,993,000

99.13

3,958

3,998

MF1

LLC

09/29/23

4,885,000

99.52

4,861

4,894

MF1

LLC

01/30/24

1,874,000

99.75

1,869

1,872

MHC

Commercial

Mortgage

Trust

04/06/21

4,196,061

99.25

4,165

4,162

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

06/25/20

66,000

99.72

66

66

MISC

Capital

Two

Labuan,

Ltd.

09/12/23

791,000

94.62

748

756

MMAF

Equipment

Finance

LLC

01/17/24

1,160,000

99.99

1,160

1,158

Monongahela

Power

Co.

09/12/23

350,000

99.83

349

356

Monongahela

Power

Co.

01/11/24

592,000

96.03

568

564

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

5,418,000

0.26

14

14

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

8,761,000

0.96

84

84

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

1,500,000

97.76

1,466

1,156

MVW

LLC

09/13/23

64,087

90.88

58

59

NBK

Tier

1

Financing

2,

Ltd.

02/06/23

779,000

94.76

738

753

NCL

Corp.,

Ltd.

01/30/24

250,000

98.97

247

247

Neuberger

Berman

Loan

Advisers

CLO

30,

Ltd.

01/25/24

310,000

99.95

310

310

New

York

Life

Global

Funding

01/24/23

80,000

99.84

80

76

New

York

Life

Insurance

Co.

04/09/21

100,000

107.42

107

75

New

York

State

Electric

&

Gas

Corp.

10/16/23

1,133,000

93.80

1,063

1,068

Newgate

Funding

PLC

05/04/21

EUR

1,747,606

118.16

2,065

1,821

NGPL

PipeCo

LLC

09/26/19

553,000

124.69

690

638

Nippon

Life

Insurance

Co.

04/09/21

250,000

96.40

241

208

Nissan

Motor

Acceptance

Co.

LLC

09/12/23

40,000

89.84

36

37

Nissan

Motor

Acceptance

Corp.

01/31/24

110,000

93.76

103

103

Nissan

Motor

Co.,

Ltd.

01/18/23

200,000

97.36

195

194

Northwestern

Mutual

Life

Insurance

Co.

(The)

04/09/21

160,000

101.57

162

110

Northwestern

Mutual

Life

Insurance

Co.

(The)

04/09/21

80,000

103.88

83

54

Norway

Government

International

Bond

02/06/24

NOK

17,000,000

9.33

1,587

1,592

NRG

Energy,

Inc.

04/12/21

2,263,000

95.30

2,081

2,042

NTT

Finance

Corp.

06/25/24

480,000

99.81

479

477

Nuveen

LLC

04/08/24

110,000

99.87

110

110

Nuveen

LLC

04/08/24

90,000

99.89

90

90

Oaktown

Re

III,

Ltd.

01/26/21

280,340

100.31

281

280

Oaktown

Re

VI,

Ltd.

04/14/21

337,187

100.00

337

338

Oaktown

Re

VII,

Ltd.

10/15/21

279,567

100.00

280

280

Oaktown

Re,

Ltd.

09/28/21

1,475,000

101.54

1,498

1,498

OCP

SA

06/10/21

200,000

99.53

199

172

Octagon

Investment

Partners

30,

Ltd.

06/07/24

1,091,534

100.13

1,093

1,093

Ohio

Edison

Co.

09/22/22

90,000

99.82

90

89

Oncor

Electric

Delivery

Co.

LLC

06/17/24

210,000

99.96

210

206

Onslow

Bay

Financial

LLC

09/18/23

175,968

99.99

176

178

Open

Text

Corp.

08/07/23

323,000

101.32

327

335

OZLM

Funding

II,

Ltd.

02/02/24

250,000

100.00

250

250

Parkmore

Point

RMBS

PLC

02/07/23

GBP

1,663,414

118.43

1,970

2,110

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

$

$

Parsley

Energy

LLC

/

Parsley

Finance

Corp.

09/25/20

10,000

95.81

10

10

Pennsylvania

Electric

Co.

03/28/23

680,000

99.53

675

675

Permian

Resources

Corp.

01/31/24

130,000

98.90

129

129

Petroleos

del

Peru

SA

04/09/21

200,000

105.81

212

127

Petroleos

Mexicanos

02/23/21

MXN

28,001,900

4.87

1,364

1,509

Petroleos

Mexicanos

04/02/24

EUR

2,869,000

92.58

2,656

2,676

PFS

Financing

Corp.

08/08/23

1,372,000

99.99

1,372

1,379

PFS

Financing

Corp.

01/30/24

100,000

100.00

100

100

PFS

Financing

Corp.

01/30/24

120,000

100.00

120

120

PM

General

Purchaser

LLC

11/30/23

140,000

100.18

140

143

PRA

Health

Sciences,

Inc.

01/11/24

196,000

94.70

186

186

Preston

Ridge

Partners

Mortgage

LLC

12/01/20

303,680

100.00

304

303

Preston

Ridge

Partners

Mortgage

LLC

04/28/21

519,766

100.00

520

513

Preston

Ridge

Partners

Mortgage

LLC

05/18/23

562,780

95.66

538

550

Preston

Ridge

Partners

Mortgage

LLC

05/24/23

481,779

95.89

462

474

Preston

Ridge

Partners

Mortgage

LLC

02/23/24

2,738,155

100.00

2,738

2,749

PRKCM

Trust

02/22/24

159,841

99.99

160

160

Prosus

NV

02/03/21

909,000

100.65

915

614

Provincia

de

Buenos

Aires

08/27/21

466,122

42.24

197

192

Provincia

de

Cordoba

04/12/21

100,002

69.50

69

92

Provincia

de

Cordoba

04/12/21

230,000

76.79

177

196

Puma

International

Financing

SA

04/18/24

220,000

100.00

220

222

Radnor

RE,

Ltd.

11/05/21

8,296

100.00

8

8

Radnor

RE,

Ltd.

07/27/23

1,285,000

100.00

1,285

1,302

Radnor

RE,

Ltd.

11/28/23

596,437

100.74

601

601

RCKT

Mortgage

Trust

09/13/23

829,565

99.99

829

836

Reliance

Industries,

Ltd.

02/06/24

633,000

95.67

606

600

Reliance

Standard

Life

Global

Funding

II

09/12/23

310,000

90.12

279

281

Renesas

Electronics

Corp.

12/11/23

913,000

91.88

839

845

Renew

07/31/23

270,193

96.16

260

262

Renew

01/11/24

341,530

100.00

342

334

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

04/29/24

406,000

88.05

358

364

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

04/29/24

279,000

88.27

246

250

RMAC

Securities

No.

1

PLC

04/15/21

GBP

324,760

133.65

434

400

RMAC

Securities

No.

1

PLC

04/15/21

GBP

582,751

133.72

779

722

RMAC

Securities

No.

1

PLC

04/15/21

GBP

272,048

134.56

366

337

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

09/21/21

100,000

100.00

100

93

Rockies

Express

Pipeline

LLC

04/29/24

173,000

90.57

157

160

Rockies

Express

Pipeline

LLC

04/29/24

503,000

92.83

467

474

Rockies

Express

Pipeline

LLC

04/29/24

258,000

95.82

247

247

Romania

Government

International

Bond

02/23/21

EUR

1,845,000

103.88

1,917

1,281

Romania

Government

International

Bond

07/08/21

EUR

1,166,000

117.59

1,371

812

Romania

Government

International

Bond

02/24/22

EUR

1,601,000

84.36

1,351

1,399

Romania

Government

International

Bond

02/24/22

EUR

1,424,000

85.15

1,212

1,225

Romania

Government

International

Bond

02/24/22

EUR

424,000

99.55

422

374

Romania

Government

International

Bond

03/01/22

EUR

166,000

104.78

174

150

Romania

Government

International

Bond

07/20/22

EUR

80,000

84.90

68

75

Romania

Government

International

Bond

09/21/22

EUR

1,718,000

95.78

1,646

1,803

Romania

Government

International

Bond

09/11/23

EUR

1,100,000

107.43

1,182

1,208

Romania

Government

International

Bond

09/12/23

EUR

772,000

65.51

506

548

Romania

Government

International

Bond

01/23/24

870,000

99.51

866

864

Romania

Government

International

Bond

02/15/24

EUR

708,000

106.73

756

739

Romania

Government

International

Bond

02/27/24

EUR

1,268,000

111.04

1,408

1,385

Romania

Government

International

Bond

04/19/24

EUR

470,000

92.04

433

432

Royal

Caribbean

Cruises,

Ltd.

02/22/24

80,000

100.27

80

81

RWE

Finance

US

LLC

04/11/24

330,000

99.62

329

330

Saluda

Grade

Alternative

Mortgage

Trust

02/07/24

841,975

102.10

860

852

Saluda

Grade

Alternative

Mortgage

Trust

04/05/24

2,655,068

100.00

2,655

2,671

Santander

UK

Group

Holdings

PLC

03/05/19

701,000

100.56

705

690

Sasol

Financing

USA

LLC

04/26/23

250,000

100.00

250

254

Saudi

Arabian

Oil

Co.

10/03/23

942,000

94.27

888

892

Sealed

Air

Corp.

04/29/24

349,000

101.03

353

359

Sequoia

Mortgage

Trust

10/21/16

57,902

102.52

59

52

Sequoia

Mortgage

Trust

05/06/21

1,770,899

102.52

1,816

1,591

SilverBow

Resources,

Inc.

11/21/23

402,309

98.17

395

421

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(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

$

$

$

SK

Hynix,

Inc.

01/11/24

1,581,000

93.95

1,485

1,484

Smithfield

Foods,

Inc.

05/06/24

759,000

96.14

730

731

Smurfit

Kappa

Treasury

Funding,

Ltd.

03/26/24

210,000

99.88

210

209

Societe

Generale

SA

11/21/22

878,000

97.47

856

860

Societe

Generale

SA

08/03/23

678,000

92.15

625

634

Societe

Generale

SA

02/06/24

174,000

92.82

161

161

Sodexo,

Inc.

09/12/23

1,595,000

93.12

1,485

1,484

SoFi

Professional

Loan

Program

Trust

01/29/24

49,177

87.20

43

42

Solventum

Corp.

02/23/24

100,000

99.58

100

96

Solventum

Corp.

02/23/24

130,000

99.78

130

128

Solventum

Corp.

02/23/24

190,000

99.93

190

187

St.

Marys

Cement,

Inc.

03/27/24

360,000

98.93

356

353

Standard

Chartered

PLC

08/03/23

1,496,000

92.16

1,379

1,401

Standard

Chartered

PLC

09/12/23

189,000

90.86

172

181

Standard

Chartered

PLC

04/30/24

195,000

101.16

197

196

Starwood

Property

Trust,

Inc.

04/24/24

110,000

98.84

109

108

SURA

Asset

Management

SA

11/06/23

707,000

92.73

656

688

Suzano

Austria

GmbH

01/11/24

1,309,000

100.55

1,316

1,311

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

496,354

140.62

698

624

Teachers

Insurance

&

Annuity

Association

of

America

06/14/16

140,000

110.88

155

124

Tesco

PLC

09/03/20

623,000

125.70

783

624

Texas

Eastern

Transmission,

LP

07/06/22

854,000

96.71

826

806

Topaz

Solar

Farms

LLC

04/29/24

384,000

99.04

380

371

TopBuild

Corp.

05/08/24

40,000

91.11

36

36

Towd

Point

Mortgage

Funding

01/20/21

GBP

885,000

136.45

1,208

1,119

Towd

Point

Mortgage

Trust

08/17/20

977,881

101.68

994

936

Towd

Point

Mortgage

Trust

07/21/23

2,147,178

99.84

2,144

2,160

Towd

Point

Mortgage

Trust

10/19/23

1,369,007

100.00

1,369

1,395

UBS

Group

AG

05/10/23

984,000

91.89

904

919

UBS

Group

AG

11/08/23

250,000

100.00

250

280

UniCredit

SpA

09/12/23

1,053,000

90.60

954

982

UniCredit

SpA

12/07/23

117,000

94.55

111

112

UniCredit

SpA

04/29/24

198,000

101.05

200

202

United

Airlines,

Inc.

04/14/21

30,000

100.96

30

28

United

Airlines,

Inc.

03/30/22

220,000

98.65

217

213

UPM-Kymmene

OYJ

11/21/22

699,000

104.31

729

730

Vantage

Data

Centers

Jersey

Borrower

Spv,

Ltd.

05/17/24

GBP

1,628,000

127.07

2,069

2,071

Var

Energi

ASA

02/06/23

840,000

103.77

872

883

Var

Energi

ASA

08/03/23

268,000

106.28

285

300

Verdant

Receivables

LLC

08/10/23

1,069,522

100.00

1,069

1,076

Verdelite

Static

CLO,

Ltd.

06/21/24

110,000

100.00

110

110

VICI

Properties,

Inc.

09/12/23

283,000

95.71

271

275

VICI

Properties,

Inc.

01/11/24

100,000

95.93

96

96

Vistra

Operations

Co.

LLC

08/07/23

1,564,000

94.31

1,475

1,495

Vistra

Operations

Co.

LLC

04/09/24

150,000

99.87

150

150

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

04/09/21

200,000

103.27

207

153

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

05/06/21

600,000

99.70

598

596

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

11/21/22

982,000

90.35

887

912

Weir

Group

PLC

(The)

01/11/24

1,007,000

94.36

950

945

Wells

Fargo

Mortgage

Backed

Securities

Trust

04/23/21

849,420

102.25

868

708

WinWater

Mortgage

Loan

Trust

03/29/17

85,265

102.03

87

79

Wipro

IT

Services

LLC

08/03/23

819,000

92.62

759

761

Woodward

Capital

Management

LLC

02/15/24

1,288,618

99.99

1,289

1,290

Woodward

Capital

Management

LLC

03/19/24

1,726,225

100.00

1,726

1,725

Wynn

Macau,

Ltd.

01/04/23

390,000

99.38

388

389

XPO,

Inc.

12/19/23

1,361,000

100.97

1,374

1,365

Yara

International

ASA

01/06/23

1,441,000

96.34

1,388

1,391

ZF

NA

Capital,

Inc.

06/13/22

719,000

98.52

707

710

ZF

NA

Capital,

Inc.

04/16/24

150,000

100.00

150

153

260,055

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

95

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

62

CAD

7,444

09/24

43

Long

Gilt

Futures

191

GBP

18,636

09/24

189

United

States

2

Year

Treasury

Note

Futures

1,907

USD

389,445

09/24

897

United

States

5

Year

Treasury

Note

Futures

772

USD

82,278

09/24

414

United

States

10

Year

Treasury

Note

Futures

1,100

USD

120,983

09/24

1,129

United

States

10

Year

Treasury

Ultra

Bond

Futures

892

USD

101,269

09/24

1,227

United

States

Treasury

Long

Bond

Futures

709

USD

83,884

09/24

1,072

United

States

Treasury

Ultra

Bond

Futures

369

USD

46,252

09/24

467

Short

Positions

Euro-Bobl

Futures

31

EUR

3,610

09/24

(34)

Euro-Bund

Futures

247

EUR

32,510

09/24

(198)

Euro-Buxl

Futures

6

EUR

781

09/24

(12)

Euro-OAT

Futures

49

EUR

6,033

09/24

71

Euro-Schatz

Futures

14

EUR

1,480

09/24

(7)

Japanese

10

Year

Government

Bond

Futures

49

JPY

7,000,140

09/24

40

Long

Gilt

Futures

81

GBP

7,903

09/24

(38)

United

States

2

Year

Treasury

Note

Futures

206

USD

42,069

09/24

(107)

United

States

5

Year

Treasury

Note

Futures

270

USD

28,776

09/24

(289)

United

States

10

Year

Treasury

Note

Futures

281

USD

30,906

09/24

(379)

United

States

10

Year

Treasury

Ultra

Bond

Futures

428

USD

48,591

09/24

(437)

United

States

Treasury

Ultra

Bond

Futures

65

USD

8,147

09/24

(91)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

3,957

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

3,223

EUR

2,959

07/09/24

(53)

Bank

of

America

EUR

171

USD

185

07/19/24

2

Bank

of

America

JPY

336,449

USD

2,184

07/09/24

90

Bank

of

New

York

USD

6,435

GBP

5,036

07/09/24

(68)

Barclays

USD

867

TRY

33,899

11/12/24

35

BNP

Paribas

USD

801

JPY

119,729

07/19/24

(55)

BNP

Paribas

USD

1,740

TRY

68,558

11/08/24

93

Citigroup

USD

859

AUD

1,300

07/17/24

9

Citigroup

USD

470

BRL

2,551

08/02/24

(15)

Citigroup

USD

3,536

BRL

18,415

08/02/24

(254)

Citigroup

USD

246

CAD

334

07/17/24

(2)

Citigroup

USD

492

CLP

464,762

07/17/24

2

Citigroup

USD

492

CLP

466,961

07/17/24

4

Citigroup

USD

753

CNY

5,407

07/17/24

5

Citigroup

USD

987

CNY

7,091

07/17/24

7

Citigroup

USD

118

COP

488,509

07/17/24

(1)

Citigroup

USD

123

COP

512,248

07/17/24

—

Citigroup

USD

302

COP

1,154,828

07/17/24

(25)

Citigroup

USD

308

COP

1,283,086

07/17/24

—

Citigroup

USD

400

COP

1,678,864

07/17/24

3

Citigroup

USD

416

COP

1,598,528

07/17/24

(32)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

96

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

USD

493

COP

2,054,541

07/17/24

—

Citigroup

USD

493

COP

2,052,444

07/17/24

—

Citigroup

USD

498

COP

1,899,166

07/17/24

(42)

Citigroup

USD

624

COP

2,382,151

07/17/24

(51)

Citigroup

USD

123

EUR

114

07/17/24

—

Citigroup

USD

150

EUR

140

07/17/24

—

Citigroup

USD

1,750

EUR

1,632

07/17/24

(1)

Citigroup

USD

1,959

EUR

1,800

07/17/24

(30)

Citigroup

USD

2,253

EUR

2,100

07/17/24

(3)

Citigroup

USD

83

GBP

66

07/17/24

1

Citigroup

USD

2,270

GBP

1,781

07/17/24

(18)

Citigroup

USD

220

IDR

3,579,246

07/17/24

(1)

Citigroup

USD

220

IDR

3,579,607

07/17/24

(1)

Citigroup

USD

368

IDR

5,886,751

07/17/24

(8)

Citigroup

USD

471

IDR

7,543,300

07/17/24

(10)

Citigroup

USD

471

IDR

7,531,523

07/17/24

(11)

Citigroup

USD

169

JPY

26,960

07/17/24

(1)

Citigroup

USD

3,330

KRW

4,464,032

07/17/24

(94)

Citigroup

USD

107

MXN

1,867

07/17/24

(5)

Citigroup

USD

146

MXN

2,632

07/17/24

(2)

Citigroup

USD

146

MXN

2,499

07/17/24

(10)

Citigroup

USD

151

MXN

2,810

07/17/24

2

Citigroup

USD

151

MXN

2,756

07/17/24

(1)

Citigroup

USD

155

MXN

2,854

07/17/24

1

Citigroup

USD

171

MXN

3,105

07/17/24

(2)

Citigroup

USD

257

MXN

4,655

07/17/24

(3)

Citigroup

USD

292

MXN

4,997

07/17/24

(19)

Citigroup

USD

334

MXN

5,600

07/17/24

(29)

Citigroup

USD

503

MXN

8,564

07/17/24

(36)

Citigroup

USD

729

MXN

12,413

07/17/24

(52)

Citigroup

USD

870

MXN

16,123

07/17/24

9

Citigroup

USD

870

MXN

16,282

07/17/24

18

Citigroup

USD

870

MXN

14,956

07/17/24

(54)

Citigroup

USD

990

MXN

17,085

07/17/24

(58)

Citigroup

USD

1,491

MXN

25,053

07/17/24

(125)

Citigroup

USD

1

NOK

8

07/17/24

—

Citigroup

USD

700

TRY

23,370

07/17/24

4

Citigroup

USD

140

ZAR

2,568

07/17/24

1

Citigroup

USD

338

ZAR

6,375

07/17/24

12

Citigroup

USD

338

ZAR

6,332

07/17/24

9

Citigroup

USD

360

ZAR

6,796

07/17/24

13

Citigroup

USD

414

ZAR

7,610

07/17/24

4

Citigroup

USD

423

ZAR

7,995

07/17/24

16

Citigroup

USD

601

ZAR

11,066

07/17/24

6

Citigroup

USD

705

ZAR

13,250

07/17/24

22

Citigroup

USD

1,122

ZAR

20,420

07/17/24

(1)

Citigroup

USD

2,285

ZAR

41,862

07/17/24

14

Citigroup

AUD

35

USD

23

07/17/24

—

Citigroup

AUD

1,266

USD

840

07/17/24

(5)

Citigroup

BRL

584

USD

106

08/02/24

2

Citigroup

CHF

775

EUR

800

07/17/24

(13)

Citigroup

CLP

418,796

USD

453

07/17/24

8

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

97

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

CLP

439,577

USD

468

07/17/24

1

Citigroup

CLP

768,124

USD

830

07/17/24

13

Citigroup

CNY

12,562

USD

1,742

07/17/24

(19)

Citigroup

COP

117,647

USD

30

07/17/24

1

Citigroup

COP

1,590,019

USD

406

07/17/24

24

Citigroup

COP

1,711,912

USD

435

07/17/24

23

Citigroup

COP

13,881,917

USD

3,631

07/17/24

296

Citigroup

EUR

810

CHF

780

07/17/24

2

Citigroup

EUR

1,210

JPY

204,755

07/17/24

(42)

Citigroup

EUR

1,608

JPY

260,972

07/17/24

(194)

Citigroup

EUR

35

NOK

412

07/17/24

2

Citigroup

EUR

786

NOK

9,152

07/17/24

30

Citigroup

EUR

185

USD

200

07/17/24

2

Citigroup

EUR

193

USD

207

07/17/24

1

Citigroup

EUR

328

USD

356

07/17/24

4

Citigroup

EUR

700

USD

761

07/17/24

11

Citigroup

EUR

1,250

USD

1,345

07/17/24

6

Citigroup

EUR

1,350

USD

1,451

07/17/24

5

Citigroup

EUR

1,550

USD

1,684

07/17/24

23

Citigroup

EUR

1,606

USD

1,730

07/17/24

9

Citigroup

EUR

2,105

USD

2,291

07/17/24

35

Citigroup

EUR

22,094

USD

24,074

07/17/24

395

Citigroup

GBP

897

EUR

1,043

07/17/24

(34)

Citigroup

GBP

130

USD

163

07/17/24

(1)

Citigroup

GBP

325

USD

411

07/17/24

—

Citigroup

IDR

14,473,360

USD

880

07/17/24

(5)

Citigroup

JPY

2,744

EUR

16

07/17/24

—

Citigroup

JPY

135,517

EUR

813

07/17/24

53

Citigroup

JPY

135,614

EUR

813

07/17/24

52

Citigroup

JPY

191,852

EUR

1,135

07/17/24

42

Citigroup

JPY

11,741

USD

76

07/17/24

3

Citigroup

JPY

16,613

USD

106

07/17/24

3

Citigroup

JPY

466,291

USD

3,118

07/17/24

213

Citigroup

KRW

1,561,586

USD

1,161

07/17/24

28

Citigroup

KRW

2,919,200

USD

2,169

07/17/24

53

Citigroup

MXN

3,001

USD

177

07/17/24

14

Citigroup

MXN

3,398

USD

196

07/17/24

11

Citigroup

MXN

4,843

USD

290

07/17/24

26

Citigroup

MXN

9,690

USD

580

07/17/24

52

Citigroup

MXN

29,826

USD

1,774

07/17/24

147

Citigroup

MXN

389,916

USD

23,392

07/17/24

2,127

Citigroup

NOK

9,166

EUR

805

07/17/24

8

Citigroup

NOK

16,888

USD

1,584

07/17/24

2

Citigroup

NZD

5,279

USD

3,182

07/17/24

(34)

Citigroup

ZAR

2,172

USD

117

07/17/24

(2)

Citigroup

ZAR

4,356

USD

230

07/17/24

(9)

Citigroup

ZAR

6,504

USD

358

07/17/24

1

Citigroup

ZAR

7,149

USD

390

07/17/24

(2)

Citigroup

ZAR

9,204

USD

484

07/17/24

(21)

Citigroup

ZAR

11,222

USD

591

07/17/24

(25)

Citigroup

ZAR

12,449

USD

655

07/17/24

(28)

Citigroup

ZAR

15,884

USD

870

07/17/24

(2)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

98

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

ZAR

53,875

USD

2,847

07/17/24

(110)

Citigroup

ZAR

53,875

USD

2,844

07/17/24

(114)

HSBC

USD

4,254

NOK

45,005

07/09/24

(38)

HSBC

SEK

22,623

USD

2,164

07/09/24

29

JPMorgan

Chase

USD

4,288

AUD

6,438

07/09/24

8

JPMorgan

Chase

USD

1,287

EUR

1,200

08/12/24

1

JPMorgan

Chase

USD

600

MXN

9,971

07/19/24

(57)

JPMorgan

Chase

IDR

2,169,764

USD

133

07/19/24

—

JPMorgan

Chase

JPY

17,298

USD

109

07/19/24

1

JPMorgan

Chase

MXN

7,029

USD

389

07/19/24

5

Morgan

Stanley

USD

592

BRL

3,024

07/19/24

(52)

Morgan

Stanley

GBP

6,803

USD

8,655

07/12/24

55

Morgan

Stanley

JPY

68,250

USD

439

07/19/24

13

Royal

Bank

of

Canada

USD

2,151

NZD

3,485

07/09/24

(28)

Royal

Bank

of

Canada

AUD

6,438

USD

4,280

07/09/24

(16)

State

Street

USD

110

EUR

102

07/09/24

—

State

Street

USD

122

NOK

1,295

07/09/24

—

State

Street

CHF

3

USD

3

07/09/24

—

State

Street

CHF

5,857

USD

6,580

07/09/24

55

State

Street

EUR

3,189

USD

3,449

08/12/24

27

State

Street

GBP

10

USD

13

07/01/24

—

State

Street

GBP

1,302

USD

1,647

07/09/24

1

State

Street

JPY

12,326

USD

77

07/09/24

—

State

Street

SEK

340

USD

32

07/09/24

—

UBS

NZD

7,059

USD

4,302

07/09/24

2

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

2,283

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

NZD

11,000

5.320%

(2)

3

Month

NZD-BBR-Telerate

(3)

10/19/25

—

1

1

Citigroup

NZD

11,100

5.221%

(2)

3

Month

NZD-BBR-Telerate

(3)

10/19/25

—

(10)

(10)

Citigroup

JPY

3,850,000

TONAR

(4)

0.290%

(4)

03/18/26

—

41

41

Citigroup

USD

10,000

4.884%

(4)

SOFR

(4)

04/19/26

—

28

28

Citigroup

NZD

3,800

5.050%

(2)

3

Month

NZD-BBR-Telerate

(3)

06/06/26

—

2

2

Citigroup

USD

18,500

4.667%

(4)

SOFR

(4)

06/07/26

—

12

12

Citigroup

BRL

8,349

11.160%

(4)

Brazil

CDI

Deposit

Rate

(4)

01/04/27

—

(26)

(26)

Citigroup

BRL

8,402

10.030%

(4)

Brazil

CDI

Deposit

Rate

(4)

01/04/27

—

(68)

(68)

Citigroup

BRL

9,929

10.200%

(4)

Brazil

CDI

Deposit

Rate

(4)

01/04/27

—

(71)

(71)

Citigroup

BRL

14,132

10.730%

(4)

Brazil

CDI

Deposit

Rate

(4)

01/04/27

—

(67)

(67)

Citigroup

BRL

15,100

11.110%

(4)

Brazil

CDI

Deposit

Rate

(4)

01/04/27

—

(50)

(50)

Citigroup

BRL

16,951

11.240%

(4)

Brazil

CDI

Deposit

Rate

(4)

01/04/27

—

(47)

(47)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

99

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Citigroup

BRL

19,168

10.710%

(4)

Brazil

CDI

Deposit

Rate

(4)

01/04/27

—

(93)

(93)

Citigroup

BRL

20,669

9.810%

(4)

Brazil

CDI

Deposit

Rate

(4)

01/04/27

—

(188)

(188)

Citigroup

MXN

24,400

9.660%

(1)

Mexico

Interbank

28

Day

Deposit

Rate

(1)

09/15/27

—

(2)

(2)

Citigroup

SEK

29,800

3

Month

STIBOR

(4)

3.570%

(2)

10/19/28

—

(155)

(155)

Citigroup

NOK

30,500

4.286%

(3)

6

Month

NIBOR

(4)

10/19/28

—

86

86

Citigroup

NOK

8,100

3.780%

(3)

6

Month

NIBOR

(4)

02/09/29

—

(10)

(10)

Citigroup

CZK

13,850

3.925%

(3)

6

Month

PRIBOR

(4)

06/19/29

—

2

2

Citigroup

CZK

13,850

3.945%

(3)

6

Month

PRIBOR

(4)

06/19/29

—

2

2

Citigroup

CZK

44,500

3.678%

(3)

6

Month

PRIBOR

(4)

06/19/29

—

(16)

(16)

Citigroup

SEK

19,400

3

Month

STIBOR

(4)

2.629%

(2)

02/08/34

—

(14)

(14)

Citigroup

CAD

4,200

CORRA

(3)

3.498%

(3)

03/26/34

—

(4)

(4)

Citigroup

HUF

613,800

6.460%

(3)

6

Month

BUBOR

(4)

06/19/34

—

(7)

(7)

Citigroup

CAD

3,200

CORRA

(3)

3.416%

(3)

03/26/54

—

(9)

(9)

Total

Open

Interest

Rate

Swap

Contracts

(å)

—

(663)

(663)

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

$

—

$

37,534

$

—

$

—

$

37,534

4.3

Corporate

Bonds

and

Notes

—

208,629

—

—

208,629

24.1

International

Debt

—

123,695

—

—

123,695

14.3

Loan

Agreements

—

1,419

—

—

1,419

0.2

Mortgage-Backed

Securities

—

223,646

—

—

223,646

25.8

Municipal

Bonds

—

779

—

—

779

0.1

Non-US

Bonds

—

57,179

—

—

57,179

6.6

United

States

Government

Agencies

—

372

—

—

372

—

*

United

States

Government

Treasuries

—

41,182

—

—

41,182

4.8

Preferred

Stocks

149

—

—

—

149

—

*

Short-Term

Investments

—

118,234

—

120,526

238,760

27.5

Other

Securities

—

—

—

1,763

1,763

0.2

Total

Investments

149

812,669

—

122,289

935,107

107.9

Other

Assets

and

Liabilities,

Net

(7.9)

100.0

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

100

Strategic

Bond

Fund

*

Less

than

.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.

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Other

Financial

Instruments

Assets

Futures

Contracts

5,549

—

—

—

5,549

0.

6

Foreign

Currency

Exchange

Contracts

—

4,307

—

—

4,307

0.5

Interest

Rate

Swap

Contracts

—

174

—

—

174

—

*

A

Liabilities

Futures

Contracts

(1,592)

—

—

—

(1,592)

(0.

2

)

Foreign

Currency

Exchange

Contracts

—

(2,024)

—

—

(2,024)

(0.2)

Interest

Rate

Swap

Contracts

—

(837)

—

—

(837)

(0.1)

Total

Other

Financial

Instruments

**

$

3,957

$

1,620

$

—

$

—

$

5,577

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,

2024,

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

as

of

June

30,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Andorra

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

3,177

Argentina

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

500

Australia

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

645

Belgium

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

776

Benin

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

186

Bermuda

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

14,165

Brazil

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

3,604

Canada

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

20,323

Cayman

Islands

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

12,501

Chile

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

3,214

China

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

800

Colombia

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

982

Denmark

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

2,494

Finland

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

2,215

France

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

11,420

Germany

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

5,513

Greece

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

1,379

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

101

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Hong

Kong

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

412

India

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

1,361

Indonesia

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

706

Ireland

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

1,210

Israel

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

740

Italy

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

5,793

Ivory

Coast

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

194

Japan

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

4,267

Jersey

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

6,501

Jordan

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

301

Kuwait

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

753

Macao

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

587

Malaysia

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

756

Mexico

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

24,310

Morocco

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

172

Netherlands

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

3,349

New

Zealand

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

3,191

Norway

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

3,853

Oman

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

196

Panama

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

712

Peru

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

686

Romania

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

12,295

Saudi

Arabia

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

1,132

Singapore

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

222

South

Africa

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

3,019

South

Korea

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

3,354

Spain

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

929

Switzerland

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

1,375

Taiwan

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

169

United

Arab

Emirates

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

219

United

Kingdom

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

25,017

United

States

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

743,432

Total

Investments

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

935,107

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

102

Strategic

Bond

Fund

Russell

Investment

Funds

Strategic

Bond

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Foreign

Currency

Contracts

Interest

Rate

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

4,307

$

—

Variation

margin

on

futures

contracts*

—

5,549

Interest

rate

swap

contracts,

at

fair

value

—

174

Total

$

4,307

$

5,723

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts*

$

—

$

1,592

Unrealized

depreciation

on

foreign

currency

exchange

contracts

2,024

—

Interest

rate

swap

contracts,

at

fair

value

—

837

Total

$

2,024

$

2,429

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

$

—

$

—

$

(6,890)

Interest

rate

swap

contracts

—

—

278

Credit

default

swap

contracts

(66)

—

—

Foreign

currency

exchange

contracts

—

(3,464)

—

Total

$

(66)

$

(3,464)

$

(6,612)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

—

$

—

$

(9,778)

Interest

rate

swap

contracts

—

—

(761)

Credit

default

swap

contracts

108

—

—

Foreign

currency

exchange

contracts

—

5,279

—

Total

$

108

$

5,279

$

(10,539)

*

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,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

103

Amounts

in

thousands

word

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Securities

on

Loan*

Investments,

at

fair

value

$

1,703

$

—

$

1,703

Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

4,307

—

4,307

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

at

fair

value

174

—

174

Total

Financial

and

Derivative

Assets

6,184

—

6,184

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

6,184

$

—

$

6,184

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

$

92

$

53

$

—

$

39

Barclays

35

—

—

35

BNP

Paribas

92

—

60

32

Citigroup

4,066

2,497

—

1,569

Goldman

Sachs

1,600

—

1,600

—

HSBC

29

29

—

—

JPMorgan

Chase

14

6

8

—

Morgan

Stanley

170

13

102

55

State

Street

84

—

—

84

UBS

2

—

—

2

Total

$

6,184

$

2,598

$

1,77

0

$

1,816

Russell

Investment

Funds

Strategic

Bond

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

104

Strategic

Bond

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

2,024

$

—

$

2,024

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

at

fair

value

837

—

837

Total

Financial

and

Derivative

Liabilities

2,861

—

2,861

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

2,861

$

—

$

2,861

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Pledged

∆

Net

Amount

Bank

of

America

$

53

$

53

$

—

$

—

Bank

of

New

York

68

—

—

68

BNP

Paribas

55

—

—

55

Citigroup

2,497

2,497

—

—

HSBC

38

29

—

9

JPMorgan

Chase

55

6

—

49

Morgan

Stanley

52

13

—

39

Royal

Bank

of

Canada

43

—

—

4

3

Total

$

2,861

$

2,598

$

—

$

26

3

*      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

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

105

Statement

of

Assets

and

Liabilities

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

964,415

Investments,

at

fair

value(*)(>)

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

935,107

Cash

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

258

Foreign

currency

holdings(

∆

)

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

833

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

4,307

Receivables:

Dividends

and

interest

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

5,723

Dividends

from

affiliated

funds

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

494

Investments

sold

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

2,120

Fund

shares

sold

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

7

From

broker(a)(b)

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

12,194

Variation

margin

on

futures

contracts

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

3,972

Prepaid

expenses

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

6

Interest

rate

swap

contracts,

at

fair

value

(•)

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

174

Total

assets

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

965,195

Liabilities

Payables:

Due

to

broker

(c)(d)

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

1,504

Investments

purchased

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

91,309

Fund

shares

redeemed

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

893

Accrued

fees

to

affiliates

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

431

Other

accrued

expenses

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

191

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

2,024

Payable

upon

return

of

securities

loaned

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

1,763

Interest

rate

swap

contracts,

at

fair

value

(•)

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

837

Total

liabilities

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

98,952

Net

Assets

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

$

866,243

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

106

Strategic

Bond

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(167,758)

Shares

of

beneficial

interest

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

993

Additional

paid-in

capital

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

1,033,008

Net

Assets

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

$

866,243

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

8.72

Net

assets

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

$

866,243,168

Shares

outstanding

($.01

par

value)

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

99,320,166

Amounts

in

thousands

(

∆

)    

Foreign

currency

holdings

-

cost

$

849

(•)

Interest

rate

swap

contracts

-

premiums

paid

(received)

$

—

(*)    

Securities

on

loan

included

in

investments

$

1,703

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

and

U.S.

Cash

Collateral

Fund

$

122,289

(a)  

Receivable

from

Broker

for

Futures

$

9,690

(b)  

Receivable

from

Broker

for

Swaps

$

2,504

(c)  

Due

to

Broker

for

Swaps

$

1,174

(d)  

Due

to

Broker

for

TBAs

$

330

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

107

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2024

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

from

affiliated

funds

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

$

2,897

Interest

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

19,755

Securities

lending

income

(net)

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

6

Total

investment

income

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

22,658

Expenses

Advisory

fees

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

2,348

Administrative

fees

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

213

Custodian

fees

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

88

Transfer

agent

fees

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

19

Professional

fees

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

62

Trustees’

fees

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

21

Printing

fees

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

14

Miscellaneous

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

18

Expenses

before

reductions

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

2,783

Expense

reductions

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

(7)

Net

expenses

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

2,776

Net

investment

income

(loss)

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

19,882

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(4,340)

Investments

in

affiliated

funds

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

(5)

Futures

contracts

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

(6,890)

Foreign

currency

exchange

contracts

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

(3,464)

Interest

rate

swap

contracts

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

278

Credit

default

swap

contracts

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

(66)

Foreign

currency-related

transactions

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

113

Net

realized

gain

(loss)

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

(14,374)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

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

(5,246)

Investments

in

affiliated

funds

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

4

Futures

contracts

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

(9,778)

Foreign

currency

exchange

contracts

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

5,279

Interest

rate

swap

contracts

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

(761)

Credit

default

swap

contracts

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

108

Foreign

currency-related

transactions

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

(208)

Net

change

in

unrealized

appreciation

(depreciation)

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

(10,602)

Net

realized

and

unrealized

gain

(loss)

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

(24,976)

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

(5,094)

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

108

Strategic

Bond

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2024

(Unaudited)

Fiscal

Year

Ended

December

31,

2023

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

19,882

$

32,120

Net

realized

gain

(loss)

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

(14,374)

(68,418)

Net

change

in

unrealized

appreciation

(depreciation)

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

(10,602)

69,605

Net

increase

(decrease)

in

net

assets

from

operations

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

(5,094)

33,307

Distributions

To

shareholders

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

(5,272)

(24,799)

Net

decrease

in

net

assets

from

distributions

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

(5,272)

(24,799)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

7,421

14,011

Total

Net

Increase

(Decrease)

in

Net

Assets

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

(2,945)

22,519

Net

Assets

Beginning

of

period

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

869,188

846,669

End

of

period

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

$

866,243

$

869,188

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2024

and

December

31,

2023

were

as

follows:

2024

(Unaudited)

2023

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

2,897

$

24,955

5,710

$

50,259

Proceeds

from

reinvestment

of

distributions

611

5,272

2,856

24,799

Payments

for

shares

redeemed

(2,630)

(22,806)

(7,030)

(61,047)

Total

increase

(decrease)

878

$

7,421

1,536

$

14,011

Russell

Investment

Funds

Strategic

Bond

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

110

Strategic

Bond

Fund

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(

ƥ

)(Ƃ)

$

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,

2024(

ƣ

)

8.83

.20

(.26)

(.06)

(.05)

—

—

December

31,

2023

8.74

.33

.01

.34

(.25)

—

—

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)

—

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

111

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(

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

)

(.05)

8.72

(.63)

866,243

.65

.65

4.66

33

(.25)

8.83

4.02

869,188

.66

.66

3.75

85

(.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

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

112

Strategic

Bond

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

June

30,

2024

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2024,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

385,265

Administrative

fees

35,673

Transfer

agent

fees

3,140

Trustee

fees

6,516

$

430,594

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

$

115,224

$

306,889

$

301,586

$

(5

)

$

4

$

120,526

$

2,897

$

—

U.S.

Cash

Collateral

Fund

1,148

5,743

5,128

—

—

1,763

19

—

$

116,372

$

312,632

$

306,714

$

(5

)

$

4

$

122,289

$

2,916

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

964,492,818

$

12,257,003

$

(35,403,695)

$

(23,146,692)

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

113

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

95.6%

Australia

-

5.5%

Charter

Hall

Group

-

ADR(ö)

260,867

1,931

Goodman

Group(ö)

1,074,186

24,756

GPT

Group

(The)(ö)

1,617,174

4,317

Ingenia

Communities

Group(ö)

1,044,149

3,311

Mirvac

Group(ö)

793,236

990

National

Storage

REIT(ö)

1,475,804

2,265

Region

RE,

Ltd.(ö)

1,106,492

1,541

Scentre

Group(ö)

1,974,435

4,111

Stockland(ö)

2,617,424

7,284

50,506

Belgium

-

0.8%

Aedifica

SA(ö)

62,562

3,796

VGP

NV

16,407

1,832

Warehouses

De

Pauw

CVA(ö)

81,553

2,202

7,830

Canada

-

2.4%

Boardwalk

Real

Estate

Investment

Trust(ö)

277,017

14,271

Chartwell

Retirement

Residences

486,103

4,566

InterRent

Real

Estate

Investment

Trust(ö)

387,184

3,371

22,208

China

-

0.5%

ESR

Group,

Ltd.(Þ)

3,515,200

4,611

France

-

2.4%

ARGAN

SA(ö)

19,335

1,514

Covivio(ö)

38,817

1,852

ICADE(Ñ)(ö)

30,966

764

Klepierre

SA

-

GDR(ö)

354,013

9,486

Unibail-Rodamco-Westfield(ö)

105,725

8,346

21,962

Germany

-

2.3%

LEG

Immobilien

SE

40,844

3,335

TAG

Immobilien

AG(Æ)

149,564

2,191

Vonovia

SE

557,581

15,826

21,352

Hong

Kong

-

2.0%

CK

Asset

Holdings,

Ltd.

288,908

1,082

Link

REIT(ö)

2,068,843

8,037

Sun

Hung

Kai

Properties,

Ltd.

1,131,552

9,783

18,902

Japan

-

8.9%

Advance

Residence

Investment

Corp.

(ö)

757

1,542

Daiwa

House

REIT

Investment

Corp.(ö)

1,673

2,557

GLP

J-REIT(ö)

4,204

3,427

Industrial

&

Infrastructure

Fund

Investment

Corp.(ö)

5,727

4,510

Invincible

Investment

Corp.(Ñ)(ö)

7,361

2,981

Japan

Hotel

REIT

Investment

Corp.(ö)

2,008

971

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Japan

Retail

Fund

Investment

Corp.(ö)

7,205

4,053

Keihanshin

Building

Co.,

Ltd.

297,900

3,110

Kenedix

Office

Investment

Corp.

Class

A(ö)

8,334

8,112

Mitsubishi

Estate

Co.,

Ltd.

946,292

14,907

Mitsui

Fudosan

Co.,

Ltd.

1,688,033

15,527

Mitsui

Fudosan

Logistics

Park,

Inc.(ö)

1,029

2,775

MORI

Trust

Sogo

REIT,

Inc.(ö)

9,326

4,023

Nippon

Prologis

REIT,

Inc.(ö)

2,077

3,238

Nomura

Real

Estate

Master

Fund,

Inc.

(ö)

3,175

2,818

Sumitomo

Realty

&

Development

Co.,

Ltd.

184,000

5,434

United

Urban

Investment

Corp.(ö)

2,223

1,975

81,960

Macao

-

0.2%

Galaxy

Entertainment

Group,

Ltd.

354,000

1,649

Netherlands

-

0.2%

CTP

NV(Þ)

104,628

1,779

Singapore

-

2.8%

CapitaLand

Ascendas

REIT(ö)

2,494,900

4,707

CapitaLand

Integrated

Commercial

Trust

Class

A(Æ)(ö)

5,867,900

8,537

Digital

Core

REIT

Management

Pte,

Ltd.(ö)

4,019,700

2,292

Frasers

Centrepoint

Trust(ö)

1,868,700

2,928

Keppel

DC

REIT(Æ)(ö)

2,115,500

2,799

Mapletree

Logistics

Trust(ö)

2,043,200

1,935

Parkway

Life

Real

Estate

Investment

Trust(Æ)(ö)

1,100,155

2,838

26,036

Spain

-

0.5%

Arima

Real

Estate

Socimi

SA(Æ)(ö)

28,718

257

Cellnex

Telecom

SA(Þ)

67,890

2,204

Merlin

Properties

Socimi

SA(ö)

213,688

2,386

4,847

Sweden

-

1.7%

Castellum

AB(Æ)

415,088

5,079

Catena

AB

50,748

2,527

Fastighets

AB

Balder

Class

B(Æ)

1,149,865

7,907

JM

AB

29,542

550

16,063

Switzerland

-

0.3%

PSP

Swiss

Property

AG

21,008

2,697

United

Kingdom

-

5.2%

Big

Yellow

Group

PLC(ö)

262,439

3,892

British

Land

Co.

PLC

(The)(ö)

900,795

4,672

Derwent

London

PLC(ö)

46,142

1,316

Grainger

PLC

1,596,387

4,918

Land

Securities

Group

PLC(ö)

338,533

2,654

Life

Science

REIT

PLC(Ñ)(ö)

1,261,525

536

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

114

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

LondonMetric

Property

PLC(ö)

2,202,785

5,390

PRS

REIT

PLC

(The)(ö)

832,870

791

Safestore

Holdings

PLC(ö)

338,147

3,291

Segro

PLC(ö)

1,249,327

14,197

Shaftesbury

Capital

PLC(ö)

960,905

1,692

Tritax

EuroBox

PLC(Þ)

1,089,673

836

UNITE

Group

PLC

(The)(ö)

381,864

4,309

48,494

United

States

-

59.9%

Agree

Realty

Corp.(ö)

123,286

7,636

Alexandria

Real

Estate

Equities,

Inc.(ö)

42,364

4,955

American

Healthcare

REIT,

Inc.(ö)

213,311

3,116

American

Homes

4

Rent

Class

A(ö)

364,196

13,534

American

Tower

Corp.(ö)

10,887

2,116

Americold

Realty

Trust,

Inc.(ö)

170,036

4,343

AvalonBay

Communities,

Inc.(ö)

106,676

22,070

Boyd

Gaming

Corp.

47,942

2,641

Brixmor

Property

Group,

Inc.(ö)

332,319

7,673

Caesars

Entertainment,

Inc.(Æ)

53,365

2,121

Camden

Property

Trust(ö)

34,153

3,726

CareTrust

REIT,

Inc.(ö)

148,783

3,734

Crown

Castle,

Inc.(ö)

76,703

7,494

CubeSmart(ö)

295,875

13,365

Digital

Realty

Trust,

Inc.(ö)

303,441

46,138

EastGroup

Properties,

Inc.(ö)

55,539

9,447

Equinix,

Inc.(ö)

31,073

23,510

Essential

Properties

Realty

Trust,

Inc.

(ö)

308,697

8,554

Essex

Property

Trust,

Inc.(ö)

90,499

24,634

Extra

Space

Storage,

LP(ö)

66,028

10,261

Federal

Realty

Investment

Trust(ö)

80,257

8,104

First

Industrial

Realty

Trust,

Inc.(ö)

139,257

6,616

Healthcare

Realty

Trust,

Inc.(ö)

385,374

6,351

Healthpeak

Properties,

Inc.(ö)

268,346

5,260

Highwoods

Properties,

Inc.(ö)

98,268

2,582

Host

Hotels

&

Resorts,

Inc.(ö)

444,682

7,995

Independence

Realty

Trust,

Inc.(ö)

27,050

507

Invitation

Homes,

Inc.(ö)

525,487

18,860

Iron

Mountain,

Inc.(ö)

213,995

19,178

Kimco

Realty

Corp.(ö)

408,713

7,954

Macerich

Co.

(The)(ö)

227,270

3,509

NetSTREIT

Corp.(ö)

300,341

4,835

Omega

Healthcare

Investors,

Inc.(ö)

8,339

286

Prologis,

LP(ö)

499,131

56,057

Public

Storage(ö)

69,034

19,858

Realty

Income

Corp.(ö)

293,679

15,512

Ryman

Hospitality

Properties,

Inc.(ö)

56,887

5,681

Simon

Property

Group,

Inc.(ö)

222,647

33,798

SL

Green

Realty

Corp.(Ñ)(ö)

151,680

8,591

STAG

Industrial,

Inc.(ö)

145,475

5,246

Sun

Communities,

Inc.(ö)

132,356

15,928

UDR,

Inc.(ö)

235,439

9,688

Ventas,

Inc.(ö)

129,559

6,641

VICI

Properties,

Inc.(ö)

462,587

13,249

Vornado

Realty

Trust(ö)

34,026

895

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Welltower,

Inc.(ö)

483,965

50,453

554,702

Total

Common

Stocks

(cost

$752,586)

885,598

Short-Term

Investments

-

3.5%

United

States

-

3.5%

U.S.

Cash

Management

Fund(@)

32,249,151

(∞)

32,239

Total

Short-Term

Investments

(cost

$32,238)

32,239

Other

Securities

-

1.3%

U.S.

Cash

Collateral

Fund(@)(×)

11,797,800

(∞)

11,798

Total

Other

Securities

(cost

$11,798)

11,798

Total

Investments

-

100.4%

(identified

cost

$796,622)

929,635

Other

Assets

and

Liabilities,

Net

-

(0.4%)

(4,149)

Net

Assets

-

100.0%

925,486

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

115

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

$

$

$

1.0%

Cellnex

Telecom

SA

07/07/23

EUR

67,890

35.47

2,408

2,204

CTP

NV

04/06/21

EUR

104,628

17.07

1,786

1,779

ESR

Group,

Ltd.

02/26/24

HKD

3,515,200

1.22

4,295

4,611

Tritax

EuroBox

PLC

03/15/21

EUR

1,089,673

1.45

1,575

836

9,430

For

a

description

of

restricted

securities

see

note

9

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

1,233

USD

41,860

09/24

250

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

250

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

$

—

$

50,506

$

—

$

—

$

50,506

5

.5

Belgium

—

7,830

—

—

7,830

0

.8

Canada

22,208

—

—

—

22,208

2

.4

China

—

4,611

—

—

4,611

0

.5

France

—

21,962

—

—

21,962

2

.4

Germany

—

21,352

—

—

21,352

2

.3

Hong

Kong

—

18,902

—

—

18,902

2

.0

Japan

—

81,960

—

—

81,960

8

.9

Macao

—

1,649

—

—

1,649

0

.2

Netherlands

—

1,779

—

—

1,779

0

.2

Singapore

—

26,036

—

—

26,036

2

.8

Spain

—

4,847

—

—

4,847

0

.5

Sweden

—

16,063

—

—

16,063

1

.7

Switzerland

—

2,697

—

—

2,697

0

.3

United

Kingdom

—

48,494

—

—

48,494

5

.2

United

States

554,702

—

—

—

554,702

59

.9

Short-Term

Investments

—

—

—

32,239

32,239

3

.5

Other

Securities

—

—

—

11,798

11,798

1

.3

Total

Investments

576,910

308,688

—

44,037

929,635

100

.4

Other

Assets

and

Liabilities,

Net

(0

.4)

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

116

Global

Real

Estate

Securities

Fund

*

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.

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

100

.0

Other

Financial

Instruments

Assets

Futures

Contracts

250

—

—

—

250

—

*

Total

Other

Financial

Instruments

**

$

250

$

—

$

—

$

—

$

250

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,

2024,

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

as

of

June

30,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Property

Sector

Exposure

Fair

Value

$

Diversified

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

146,657

Healthcare

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

83,245

Industrial

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

155,807

Lodging/Resorts

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

35,639

Office

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

40,033

Residential

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

167,327

Retail

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

117,406

Self

Storage

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

52,932

Technology

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

86,552

Short-Term

Investments

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

32,239

Other

Securities

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

11,798

Total

Investments

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

929,635

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

117

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts*

$

250

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Foreign

Currency

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(159)

$

—

Foreign

currency

exchange

contracts

—

58

Total

$

(159)

$

58

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(2,152)

$

—

Foreign

currency

exchange

contracts

—

2

Total

$

(2,152)

$

2

*

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,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

118

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

$

11,566

$

—

$

11,566

Total

Financial

and

Derivative

Assets

11,566

—

11,566

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

11,566

$

—

$

11,566

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

$

3,022

$

—

$

3,022

$

—

Goldman

Sachs

8,417

—

8,417

—

HSBC

127

—

127

—

Total

$

11,566

$

—

$

11,566

$

—

*      Fair

value

of

securities

on

loan

as

reported

in

the

footnotes

to

the

Statement

of

Assets

and

Liabilities.

∆

      Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

119

Statement

of

Assets

and

Liabilities

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

796,622

Investments,

at

fair

value(*)(>)

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

929,635

Foreign

currency

holdings(

∆

)

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

2,452

Receivables:

Dividends

and

interest

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

3,205

Dividends

from

affiliated

funds

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

129

Fund

shares

sold

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

197

Foreign

capital

gains

taxes

recoverable

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

285

From

broker(a)

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

2,147

Variation

margin

on

futures

contracts

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

253

Prepaid

expenses

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

7

Total

assets

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

938,310

Liabilities

Payables:

Fund

shares

redeemed

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

215

Accrued

fees

to

affiliates

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

651

Other

accrued

expenses

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

160

Payable

upon

return

of

securities

loaned

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

11,798

Total

liabilities

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

12,824

Net

Assets

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

$

925,486

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

120

Global

Real

Estate

Securities

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(18,010)

Shares

of

beneficial

interest

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

717

Additional

paid-in

capital

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

942,779

Net

Assets

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

$

925,486

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

12.92

Net

assets

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

$

925,485,866

Shares

outstanding

($.01

par

value)

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

71,651,737

Amounts

in

thousands

(

∆

)    

Foreign

currency

holdings

-

cost

$

2,472

(*)    

Securities

on

loan

included

in

investments

$

11,566

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

and

U.S.

Cash

Collateral

Fund

$

44,037

(a)  

Receivable

from

Broker

for

Futures

$

2,147

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

121

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2024

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

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

$

16,208

Dividends

from

affiliated

funds

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

639

Interest

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

29

Securities

lending

income

(net)

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

36

Less

foreign

taxes

withheld

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

(567)

Total

investment

income

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

16,345

Expenses

Advisory

fees

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

3,637

Administrative

fees

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

227

Custodian

fees

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

87

Transfer

agent

fees

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

20

Professional

fees

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

46

Trustees’

fees

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

22

Printing

fees

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

13

Miscellaneous

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

42

Total

expenses

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

4,094

Net

investment

income

(loss)

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

12,251

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(11,380)

Investments

in

affiliated

funds

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

(3)

Futures

contracts

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

(159)

Foreign

currency

exchange

contracts

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

58

Foreign

currency-related

transactions

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

(188)

Net

realized

gain

(loss)

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

(11,672)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

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

(21,754)

Investments

in

affiliated

funds

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

1

Futures

contracts

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

(2,152)

Foreign

currency

exchange

contracts

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

2

Foreign

currency-related

transactions

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

(60)

Net

change

in

unrealized

appreciation

(depreciation)

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

(23,963)

Net

realized

and

unrealized

gain

(loss)

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

(35,635)

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

(23,384)

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

122

Global

Real

Estate

Securities

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2024

(Unaudited)

Fiscal

Year

Ended

December

31,

2023

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

12,251

$

24,699

Net

realized

gain

(loss)

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

(11,672)

(51,106)

Net

change

in

unrealized

appreciation

(depreciation)

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

(23,963)

118,057

Net

increase

(decrease)

in

net

assets

from

operations

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

(23,384)

91,650

Distributions

To

shareholders

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

(10,127)

(15,782)

Net

decrease

in

net

assets

from

distributions

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

(10,127)

(15,782)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

9,435

14,109

Total

Net

Increase

(Decrease)

in

Net

Assets

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

(24,076)

89,977

Net

Assets

Beginning

of

period

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

949,562

859,585

End

of

period

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

$

925,486

$

949,562

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2024

and

December

31,

2023

were

as

follows:

2024

(Unaudited)

2023

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

1,605

$

20,504

3,020

$

37,228

Proceeds

from

reinvestment

of

distributions

790

10,127

1,309

15,782

Payments

for

shares

redeemed

(1,638)

(21,196)

(3,113)

(38,901)

Total

increase

(decrease)

757

$

9,435

1,216

$

14,109

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.

124

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,

2024(

ƣ

)

13.39

.17

(.50)

(.33)

(.14)

—

—

December

31,

2023

12.34

.35

.93

1.28

(.23)

—

—

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)

—

—

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

125

$

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)

(.14)

12.92

(2.43)

925,486

.90

.90

2.69

40

(.23)

13.39

10.55

949,562

.90

.90

2.82

63

(.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

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

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

June

30,

2024

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2024,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

604,942

Administrative

fees

37,809

Transfer

agent

fees

3,328

Trustee

fees

4,969

$

651,048

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

$

32,981

$

104,944

$

105,684

$

(3

)

$

1

$

32,239

$

639

$

—

U.S.

Cash

Collateral

Fund

9,101

62,278

59,581

—

—

11,798

270

—

$

42,082

$

167,222

$

165,265

$

(3

)

$

1

$

44,037

$

909

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

840,947,021

$

109,261,963

$

(20,323,962)

$

88,938,001

Russell

Investment

Funds

Notes

to

Schedules

of

Investments

—

June

30,

2024

(Unaudited)

Notes

to

Schedules

of

Investments

127

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,

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.

(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.

(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,

2024

(Unaudited)

128

Notes

to

Schedules

of

Investments

Foreign

Currency

Abbreviations:

GDS

-

Global

Depositary

Share

GSCI

–

Goldman

Sachs

Commodity

Index

HIBOR

–

Hong

Kong

Interbank

Offered

Rate

HICP

–

Harmonized

Index

of

Consumer

Prices

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

NSA

–

Not

Seasonally

Adjusted

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

CNH

-

Chinese

offshore

spot

ITL

-

Italian

lira

SKK

-

Slovakian

koruna

CNY

-

Chinese

renminbi

yuan

JPY

-

Japanese

yen

THB

-

Thai

baht

COP

-

Colombian

peso

KES

-

Kenyan

schilling

TRY

-

Turkish

lira

CRC

-

Costa

Rican

colon

KRW

-

South

Korean

won

TWD

-

Taiwanese

dollar

CZK

-

Czech

koruna

MXN

-

Mexican

peso

USD

-

United

States

dollar

DKK

-

Danish

krone

MYR

-

Malaysian

ringgit

UYU

–

Uruguayan

peso

DOP

-

Dominican

peso

NOK

-

Norwegian

krone

VEB

-

Venezuelan

bolivar

EGP

-

Egyptian

pound

NGN

–

Nigerian

naira

VND

-

Vietnamese

dong

EUR

-

Euro

NZD

-

New

Zealand

dollar

ZAR

-

South

African

rand

GBP

-

British

pound

sterling

PEN

-

Peruvian

nuevo

sol

GHS

-

Ghana

cedi

PHP

-

Philippine

peso

Russell

Investment

Funds

Notes

to

Financial

Highlights

—

June

30,

2024

(Unaudited)

Notes

to

Financial

Highlights

129

(ƣ)

For

the

period

ended

June

30,

2024

(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,

2024

0.80%

1.02%

December

31,

2023

0.82%

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%

Russell

Investment

Funds

Notes

to

Financial

Statements

—

June

30,

2024

(Unaudited)

130

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,

2024.

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

Board

has

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,

2024

(Unaudited)

Notes

to

Financial

Statements

131

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,

2024

(Unaudited)

132

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,

2024,

there

were

no

transfers

into

or

out

of

Level

3

of

the

fair

value

hierarchy.

Level

3

Fair

Value

Investments

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

of

financial

instruments

classified

as

Level

3

of

the

fair

value

hierarchy

are

as

follows:

Securities

and

other

assets

for

which

market

quotes

are

not

readily

available,

or

are

not

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

by

RIM

and

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Market

quotes

are

considered

not

readily

available

in

circumstances

where

there

is

an

absence

of

current

or

reliable

market-based

data

(e.g.,

trade

information

or

broker

quotes).

When

RIM

applies

fair

valuation

methods

that

use

significant

unobservable

inputs

to

determine

a

Fund’s

NAV,

securities

will

not

be

priced

on

the

basis

of

quotes

from

the

primary

market

in

which

they

are

traded,

but

instead

may

be

priced

by

another

method

that

RIM

believes

accurately

reflects

fair

value

and

will

be

categorized

as

Level

3

of

the

fair

value

hierarchy.

Fair

value

pricing

may

require

subjective

determinations

about

the

value

of

a

security.

While

the

securities

valuation

procedures

are

intended

to

result

in

a

calculation

of

a

Fund’s

NAV

that

fairly

reflects

security

values

as

of

the

time

of

pricing,

the

process

cannot

guarantee

that

fair

values

determined

by

RIM

would

accurately

reflect

the

price

that

a

Fund

could

obtain

for

a

security

if

it

were

to

dispose

of

that

security

as

of

the

time

of

pricing

(for

instance,

in

a

forced

or

distressed

sale).

The

prices

used

by

a

Fund

may

differ

from

the

value

that

would

be

realized

if

the

security

was

sold.

RIM

employs

third-party

pricing

vendors

to

provide

fair

value

measurements.

RIM

oversees

third-party

pricing

service

providers

in

order

to

support

the

valuation

process.

The

significant

unobservable

input

used

in

fair

value

measurement

of

certain

of

the

Funds’

preferred

equity

securities

is

the

redemption

value

calculated

on

a

fully-diluted

basis

if

converted

to

common

stock.

Significant

increases

or

decreases

in

the

redemption

value

would

have

a

direct

and

proportional

impact

to

fair

value.

The

significant

unobservable

inputs

used

in

fair

value

measurement

of

certain

of

the

Funds’

private

equity

securities

include

market

data

of

comparable

public

companies,

discount

rates,

EBITDA

multiples,

and

future

projected

cash

flows

for

the

portfolio

company.

These

inputs

are

utilized

in

valuation

models

that

are

based

on

market

analysis

and

discounted

cash

flow

methodologies.

Increases

(decreases)

in

the

discount

rates

would

result

in

a

lower

(higher)

fair

value

measurement,

while

increases

(decreases)

in

EBITDA

multiples

and

projected

cash

flows

would

result

in

a

higher

(lower)

fair

value

measurement.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2024

(Unaudited)

Notes

to

Financial

Statements

133

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.

Debt

obligation

securities

may

be

placed

in

a

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivable

when

the

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Federal

Income

Taxes

Since

the

Investment

Company

is

a

Massachusetts

business

trust,

each

Fund

is

a

separate

corporate

taxpayer

and

determines

its

net

investment

income

and

capital

gains

(or

losses)

and

the

amounts

to

be

distributed

to

each

Fund’s

shareholders

without

regard

to

the

income

and

capital

gains

(or

losses)

of

the

other

Funds.

Each

Fund

intends

to

qualify

or

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”),

and

intends

to

distribute

all

of

its

taxable

income

and

capital

gains.

Therefore,

no

federal

income

tax

provision

is

required

for

the

Funds.

The

Funds

comply

with

the

authoritative

guidance

for

uncertainty

in

income

taxes

which

requires

management

to

determine

whether

a

tax

position

of

the

Funds

is

more

likely

than

not

to

be

sustained

upon

examination,

including

resolution

of

any

related

appeals

or

litigation

processes,

based

on

the

technical

merits

of

the

position.

For

tax

positions

meeting

the

more

likely

than

not

threshold,

the

tax

amount

recognized

in

the

financial

statements

is

reduced

by

the

largest

benefit

that

has

a

greater

than

50%

likelihood

of

being

realized

upon

ultimate

settlement

with

the

relevant

taxing

authority.

Management

determined

that

no

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2024

(Unaudited)

134

Notes

to

Financial

Statements

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,

2024,

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,

2020

through

December

31,

2022,

no

examinations

are

in

progress

or

anticipated

at

this

time.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

Dividends

and

Distributions

to

Shareholders

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

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

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,

2024

(Unaudited)

Notes

to

Financial

Statements

135

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,

2024.

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,

among

others,

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,

operational

risk,

legal

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.

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,

2024,

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

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2024

(Unaudited)

136

Notes

to

Financial

Statements

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,

2024,

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,

2024,

the

Funds

did

not

enter

into

any

options.

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

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,

2024

(Unaudited)

Notes

to

Financial

Statements

137

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,

2024,

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

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

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,

2024

(Unaudited)

138

Notes

to

Financial

Statements

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,

2024,

for

which

the

Fund

is

the

seller

of

protection

are

disclosed

in

the

Schedules

of

Investments.

These

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

or

net

amounts

received

from

the

settlement

of

buy

protection

credit

default

swap

agreements

entered

into

by

the

Fund

for

the

same

referenced

entity

or

entities.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

illiquidity

and

counterparty

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2024

(Unaudited)

Notes

to

Financial

Statements

139

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,

2024,

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,

2024,

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,

2024,

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,

2024,

the

Funds

did

not

enter

into

any

currency

swaps.

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

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2024

(Unaudited)

140

Notes

to

Financial

Statements

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

offsetting

disclosure

is

based

on

various

netting

agreements

between

brokers

and

counterparties,

such

as

ISDA

Master

Agreements,

Master

Repo

Agreements

and

Master

Forward

Agreements.

Certain

Funds

utilize

multiple

counterparties.

The

quantitative

disclosure

begins

with

disaggregation

of

counterparties

by

legal

entity

and

the

roll

up

of

the

data

to

reflect

a

single

counterparty

in

the

table

within

the

Funds’

financial

statements.

Net

exposure

represents

the

net

receivable

(payable)

that

would

be

due

from/to

the

counterparty

in

the

event

of

default.

Exposure

from

OTC

derivatives

can

only

be

netted

across

transactions

governed

under

the

same

Master

Agreement

with

the

same

legal

entity.

Loan

Agreements

The

Strategic

Bond

Fund

may

invest

in

direct

debt

instruments,

which

are

interests

in

amounts

owed

by

corporate,

governmental,

or

other

borrowers

to

lenders

or

lending

syndicates.

The

Fund’s

investments

in

loans

may

be

in

the

form

of

participations

in

loans

or

assignments

of

all

or

a

portion

of

loans

from

third

parties.

A

loan

is

often

administered

by

a

bank

or

other

financial

institution

(the

“agent”)

that

acts

as

agent

for

all

holders.

The

agent

administers

the

terms

of

the

loan,

as

specified

in

the

loan

agreement.

When

investing

in

a

loan

participation,

the

Fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

agent

selling

the

loan

agreement

and

only

upon

receipt

by

the

agent

of

payments

from

the

borrower.

The

Fund

generally

has

no

right

to

enforce

compliance

with

the

terms

of

the

loan

agreement

with

the

borrower.

As

a

result,

the

Fund

may

be

subject

to

the

credit

risk

of

both

the

borrower

and

the

agent

that

is

selling

the

loan

agreement.

When

the

Fund

purchases

assignments

from

agents

it

acquires

direct

rights

against

the

borrower

on

the

loan.

Local

Access

Products

Certain

Funds

may

invest

in

local

access

products,

also

known

as

certificates

of

participation,

participation

notes

or

participation

interest

notes.

Local

access

products

are

issued

by

banks

or

broker-dealers

and

are

designed

to

replicate

the

performance

of

foreign

companies

or

foreign

securities

markets

and

can

be

used

by

the

Fund

as

an

alternative

means

to

access

the

securities

market

of

a

frontier

emerging

market

country.

The

performance

results

of

local

access

products

will

not

replicate

exactly

the

performance

of

the

foreign

companies

or

foreign

securities

markets

that

they

seek

to

replicate

due

to

transaction

and

other

expenses.

Investments

in

local

access

products

involve

certain

risks

in

addition

to

those

associated

with

a

direct

investment

in

the

underlying

foreign

companies

or

foreign

securities

markets

whose

return

they

seek

to

replicate.

There

can

be

no

assurance

that

there

will

be

a

trading

market

or

that

the

trading

price

of

local

access

products

will

equal

the

underlying

value

of

the

foreign

company

or

foreign

securities

market

that

it

seeks

to

replicate.

The

Funds

rely

on

the

creditworthiness

of

the

counterparty

issuing

the

local

access

products

and

have

no

rights

against

the

issuer

of

the

underlying

security.

The

Funds

seek

to

minimize

this

risk

by

entering

into

agreements

only

with

counterparties

that

RIM

deems

creditworthy.

Due

to

liquidity

and

transfer

restrictions,

the

secondary

markets

on

which

the

local

access

products

are

traded

may

be

less

liquid

than

the

markets

for

other

securities,

or

may

be

completely

illiquid.

Credit

Linked

Notes

Certain

Funds

may

invest

in

credit

linked

notes.

Credit

linked

notes

are

obligations

between

two

or

more

parties

where

the

payment

of

principal

and/or

interest

is

based

on

the

performance

of

some

obligation,

basket

of

obligations,

index

or

economic

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2024

(Unaudited)

Notes

to

Financial

Statements

141

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,

2024,

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

$27,483,040

and

$8,374,393,

respectively.

As

of

June

30,

2024,

the

U.S.

Strategic

Equity

and

U.S.

Small

Cap

Equity

Funds

held

$40,452,900

and

$11,744,107,

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.

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,

2024,

to

the

extent

that

a

loan

was

collateralized

by

cash,

such

collateral

was

invested

by

the

securities

lending

agent,

Goldman

Sachs

Agency

Lending

(“GSAL”),

in

the

U.S.

Cash

Collateral

Fund,

an

unregistered

fund

advised

by

RIM.

The

collateral

received

is

recorded

on

a

lending

Fund’s

Statement

of

Assets

and

Liabilities

along

with

the

related

obligation

to

return

the

collateral.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2024

(Unaudited)

142

Notes

to

Financial

Statements

Income

generated

from

the

investment

of

cash

collateral,

less

negotiated

rebate

fees

paid

to

participating

brokers,

is

divided

between

the

Fund

and

the

securities

lending

agent

and

is

reported

as

securities

lending

income

on

the

Fund’s

Statement

of

Operations.

To

the

extent

that

a

loan

is

secured

by

non-cash

collateral,

brokers

pay

the

Fund

negotiated

lenders’

fees,

which

are

divided

between

the

Fund

and

the

securities

lending

agent

and

are

recorded

as

securities

lending

income

for

the

Fund.

All

collateral

received

will

be

in

an

amount

at

least

equal

to

102%

(for

loans

of

U.S.

securities)

or

105%

(for

loans

of

non-

U.S.

securities)

of

the

fair

value

of

the

loaned

securities

at

the

inception

of

each

loan.

The

fair

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

the

next

day.

Should

the

borrower

of

the

securities

fail

financially,

there

is

a

risk

of

delay

in

recovery

of

the

securities

or

loss

of

rights

in

the

collateral.

Emerging

Markets

Securities

Certain

Funds

may

invest

in

emerging

markets

securities.

Investing

in

emerging

markets

securities

can

pose

some

risks

different

from,

and

greater

than,

risks

of

investing

in

U.S.

or

developed

markets

securities.

These

risks

include:

a

risk

of

loss

due

to

exposure

to

economic

structures

that

are

generally

less

diverse

and

mature,

and

to

political

systems

which

may

have

less

stability,

than

those

of

more

developed

countries;

smaller

market

capitalization

of

securities

markets,

which

may

suffer

periods

of

relative

illiquidity

(including

as

a

result

of

a

significant

reduction

in

the

number

of

market

participants

or

transactions);

significant

price

volatility;

restrictions

on

foreign

investment;

possible

difficulties

in

the

repatriation

of

investment

income

and

capital

including

as

a

result

of

the

closure

of

securities

markets

in

an

emerging

market

country;

and

generally,

less

stringent

investor

protection

standards

as

compared

with

investments

in

U.S.

or

other

developed

market

equity

securities.

In

addition,

foreign

investors

may

be

required

to

register

the

proceeds

of

sales

and

future

economic

or

political

crises

could

lead

to

price

controls,

forced

mergers,

expropriation

or

confiscatory

taxation,

seizure,

nationalization,

or

creation

of

government

monopolies.

The

currencies

of

emerging

market

countries

may

experience

significant

declines

against

the

U.S.

dollar,

and

devaluation

may

occur

subsequent

to

investments

in

these

currencies

by

the

Funds.

Emerging

market

securities

may

be

subject

to

currency

transfer

restrictions

and

may

experience

delays

and

disruptions

in

settlement

procedures

for

such

securities.

Inflation

and

rapid

fluctuations

in

inflation

rates

have

had,

and

may

continue

to

have,

negative

effects

on

the

economies

and

securities

markets

of

certain

emerging

market

countries.

Emerging

market

countries

may

be

more

likely

to

experience

the

imposition

of

economic

sanctions

by

foreign

governments.

In

addition,

emerging

market

countries

may

be

subject

to

less

stringent

requirements

regarding

accounting,

auditing,

financial

reporting

and

record

keeping

and

therefore,

all

material

information

may

not

be

available

or

reliable.

U.S.

regulatory

authorities’

ability

to

enforce

legal

and/or

regulatory

obligations

against

individuals

or

entities,

and

shareholders’

ability

to

bring

derivative

litigation

or

otherwise

enforce

their

legal

rights,

in

emerging

market

countries

may

be

limited.

Emerging

Markets

Debt

The

Strategic

Bond

Fund

may

invest

in

emerging

markets

debt.

The

Fund’s

emerging

markets

debt

securities

may

include

obligations

of

governments

and

corporations.

As

with

any

fixed

income

securities,

emerging

markets

debt

securities

are

subject

to

the

risk

of

being

downgraded

in

credit

rating

due

to

the

risk

of

default.

In

the

event

of

a

default

on

any

investments

in

foreign

debt

obligations,

it

may

be

more

difficult

for

the

Fund

to

obtain

or

to

enforce

a

judgment

against

the

issuers

of

such

securities.

With

respect

to

debt

issued

by

emerging

market

governments,

such

issuers

may

be

unwilling

to

pay

interest

and

repay

principal

when

due,

potentially

due

either

to

an

inability

to

pay

or

submission

to

political

pressure

not

to

pay,

and

as

a

result

may

default,

declare

temporary

suspensions

of

interest

payments

or

require

that

the

conditions

for

payment

be

renegotiated.

Repurchase

Agreements

The

Strategic

Bond

Fund

may

enter

into

repurchase

agreements.

A

repurchase

agreement

is

an

agreement

under

which

a

Fund

acquires

a

fixed

income

security

from

a

commercial

bank,

broker

or

dealer

and

simultaneously

agrees

to

resell

such

security

to

the

seller

at

an

agreed

upon

price

and

date

(normally

within

a

few

days

or

weeks).

The

resale

price

reflects

an

agreed

upon

interest

rate

effective

for

the

period

the

security

is

held

by

a

Fund

and

is

unrelated

to

the

interest

rate

on

the

security.

The

securities

acquired

by

a

Fund

constitute

collateral

for

the

repurchase

obligation.

In

these

transactions,

the

securities

acquired

by

a

Fund

(including

accrued

interest

earned

thereon)

must

have

a

total

value

in

excess

of

the

value

of

the

repurchase

agreement

and

must

be

held

by

the

custodian

bank

until

repurchased.

A

Fund

will

not

invest

more

than

15%

of

its

net

assets

(taken

at

current

fair

value)

in

repurchase

agreements

maturing

in

more

than

seven

days.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2024

(Unaudited)

Notes

to

Financial

Statements

143

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

prime

loans,

subprime

loans,

Alt-A

loans

and

non-conforming

loans

as

well

as

to

the

mortgage

and

credit

markets

generally.

Underlying

collateral

related

to

prime,

subprime,

Alt-A

and

non-conforming

mortgage

loans

may

be

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

prepayments

of

mortgages

resulting

from

foreclosures

or

declining

interest

rates.

These

foreclosed

or

refinanced

mortgages

are

paid

off

at

face

value

(par)

or

less,

causing

a

loss,

particularly

for

any

investor

who

may

have

purchased

the

security

at

a

premium

or

a

price

above

par.

In

such

an

environment,

this

risk

limits

the

potential

price

appreciation

of

these

securities.

Agency

Mortgage-Backed

Securities

Certain

MBS

may

be

issued

or

guaranteed

by

the

U.S.

government

or

a

government

sponsored

entity,

such

as

Fannie

Mae

(the

Federal

National

Mortgage

Association)

or

Freddie

Mac

(the

Federal

Home

Loan

Mortgage

Corporation).

Although

these

instruments

may

be

guaranteed

by

the

U.S.

government

or

a

government

sponsored

entity,

many

such

MBS

are

not

backed

by

the

full

faith

and

credit

of

the

United

States

and

are

still

exposed

to

the

risk

of

non-payment.

Privately

Issued

Mortgage-Backed

Securities

MBS

held

by

a

Fund

may

be

issued

by

private

issuers

including

commercial

banks,

savings

associations,

mortgage

companies,

investment

banking

firms,

finance

companies

and

special

purpose

finance

entities

(called

special

purpose

vehicles

or

SPVs)

and

other

entities

that

acquire

and

package

mortgage

loans

for

resale

as

MBS.

These

privately

issued

non-agency

MBS

may

offer

higher

yields

than

those

issued

by

government

agencies,

but

also

may

be

subject

to

greater

price

changes

than

governmental

issues.

Subprime

loans

refer

to

loans

made

to

borrowers

with

weakened

credit

histories

or

with

a

lower

capacity

to

make

timely

payments

on

their

loans.

Alt-A

loans

refer

to

loans

extended

to

borrowers

who

have

incomplete

documentation

of

income,

assets,

or

other

variables

that

are

important

to

the

credit

underwriting

processes.

Non-conforming

mortgages

are

loans

that

do

not

meet

the

standards

that

allow

purchase

by

government-sponsored

enterprises.

MBS

with

exposure

to

subprime

loans,

Alt-A

loans

or

nonconforming

loans

have

had

in

many

cases

higher

default

rates

than

those

loans

that

meet

government

underwriting

requirements.

The

risk

of

non-payment

is

greater

for

MBS

that

are

backed

by

mortgage

pools

that

contain

subprime,

Alt-A

and

non-conforming

loans,

but

a

level

of

risk

exists

for

all

loans.

Unlike

agency

MBS

issued

or

guaranteed

by

the

U.S.

government

or

a

government-sponsored

entity

(e.g.,

Fannie

Mae

and

Freddie

Mac),

MBS

issued

by

private

issuers

do

not

have

a

government

or

government-sponsored

entity

guarantee,

but

may

have

credit

enhancements

provided

by

external

entities

such

as

banks

or

financial

institutions

or

achieved

through

the

structuring

of

the

transaction

itself.

Examples

of

such

credit

support

arising

out

of

the

structure

of

the

transaction

include

the

issue

of

senior

and

subordinated

securities

(e.g.,

the

issuance

of

securities

by

an

SPV

in

multiple

classes

or

tranches,

with

one

or

more

classes

being

senior

to

other

subordinated

classes

as

to

the

payment

of

principal

and

interest,

with

the

result

that

defaults

on

the

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2024

(Unaudited)

144

Notes

to

Financial

Statements

underlying

mortgage

loans

are

borne

first

by

the

holders

of

the

subordinated

class);

creation

of

reserve

funds

(in

which

case

cash

or

investments,

sometimes

funded

from

a

portion

of

the

payments

on

the

underlying

mortgage

loans,

are

held

in

reserve

against

future

losses);

and

overcollateralization

(in

which

case

the

scheduled

payments

on,

or

the

principal

amount

of,

the

underlying

mortgage

loans

exceeds

that

required

to

make

payment

on

the

securities

and

pay

any

servicing

or

other

fees).

However,

there

can

be

no

guarantee

that

credit

enhancements,

if

any,

will

be

sufficient

to

prevent

losses

in

the

event

of

defaults

on

the

underlying

mortgage

loans.

In

addition,

MBS

that

are

issued

by

private

issuers

are

not

subject

to

the

underwriting

requirements

for

the

underlying

mortgages

that

are

applicable

to

those

MBS

that

have

a

government

or

government-sponsored

entity

guarantee.

As

a

result,

the

mortgage

loans

underlying

private

MBS

may,

and

frequently

do,

have

less

favorable

collateral,

credit

risk

or

other

underwriting

characteristics

than

government

or

government-sponsored

MBS

and

have

wider

variances

in

a

number

of

terms

including

interest

rate,

term,

size,

purpose

and

borrower

characteristics.

Privately

issued

pools

more

frequently

include

second

mortgages,

high

loan-to-value

mortgages

and

manufactured

housing

loans.

The

coupon

rates

and

maturities

of

the

underlying

mortgage

loans

in

a

private-label

MBS

pool

may

vary

to

a

greater

extent

than

those

included

in

a

government

guaranteed

pool,

and

the

pool

may

include

subprime

mortgage

loans.

Privately

issued

MBS

are

not

traded

on

an

exchange

and

there

may

be

a

limited

market

for

the

securities,

especially

when

there

is

a

perceived

weakness

in

the

mortgage

and

real

estate

market

sectors.

Without

an

active

trading

market,

MBS

held

in

a

Fund’s

portfolio

may

be

particularly

difficult

to

value

because

of

the

complexities

involved

in

assessing

the

value

of

the

underlying

mortgage

loans.

Asset-Backed

Securities

ABS

may

include

MBS,

loans,

receivables

or

other

assets.

The

value

of

the

Funds’

ABS

may

be

affected

by,

among

other

things,

actual

or

perceived

changes

in

interest

rates,

factors

concerning

the

interests

in

and

structure

of

the

issuer

or

the

originator

of

the

receivables,

the

market’s

assessment

of

the

quality

of

underlying

assets

or

actual

or

perceived

changes

in

the

credit

worthiness

of

the

individual

borrowers,

the

originator,

the

servicing

agent

or

the

financial

institution

providing

the

credit

support.

Payment

of

principal

and

interest

may

be

largely

dependent

upon

the

cash

flows

generated

by

the

assets

backing

the

securities.

Rising

or

high

interest

rates

tend

to

extend

the

duration

of

ABS,

making

them

more

volatile

and

more

sensitive

to

changes

in

interest

rates.

The

underlying

assets

are

sometimes

subject

to

prepayments

which

can

shorten

the

security’s

weighted

average

life

and

may

lower

its

return.

Defaults

on

loans

underlying

ABS

have

become

an

increasing

risk

for

ABS

that

are

secured

by

home

equity

loans

related

to

sub-prime,

Alt-A

or

non-conforming

mortgage

loans,

especially

in

a

declining

residential

real

estate

market.

ABS

(other

than

MBS)

present

certain

risks

that

are

not

presented

by

MBS.

Primarily,

these

securities

may

not

have

the

benefit

of

any

security

interest

in

the

related

assets.

Credit

card

receivables

are

generally

unsecured

and

the

debtors

are

entitled

to

the

protection

of

a

number

of

state

and

federal

consumer

credit

laws,

many

of

which

give

such

debtors

the

right

to

set

off

certain

amounts

owed

on

the

credit

cards,

thereby

reducing

the

balance

due.

There

is

the

possibility

that

recoveries

on

repossessed

collateral

may

not,

in

some

cases,

be

available

to

support

payments

on

these

securities.

ABS

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

To

lessen

the

effect

of

failures

by

obligors

on

underlying

assets

to

make

payments,

the

securities

may

contain

elements

of

credit

support

which

fall

into

two

categories:

(i)

liquidity

protection,

and

(ii)

protection

against

losses

resulting

from

ultimate

default

by

an

obligor

on

the

underlying

assets.

Liquidity

protection

refers

to

the

provision

of

advances,

generally

by

the

entity

administering

the

pool

of

assets,

to

ensure

that

the

receipt

of

payments

on

the

underlying

pool

occurs

in

a

timely

fashion.

Protection

against

losses

results

from

payment

of

the

insurance

obligations

on

at

least

a

portion

of

the

assets

in

the

pool.

This

protection

may

be

provided

through

guarantees,

policies

or

letters

of

credit

obtained

by

the

issuer

or

sponsor

from

third

parties,

through

various

means

of

structuring

the

transaction

or

through

a

combination

of

such

approaches.

The

Fund

will

not

pay

any

additional

or

separate

fees

for

credit

support.

The

degree

of

credit

support

provided

for

each

issue

is

generally

based

on

historical

information

respecting

the

level

of

credit

risk

associated

with

the

underlying

assets.

Delinquency

or

loss

in

excess

of

that

anticipated

or

failure

of

the

credit

support

could

adversely

affect

the

return

on

an

investment

in

such

a

security.

The

availability

of

ABS

may

be

affected

by

legislative

or

regulatory

developments.

It

is

possible

that

such

developments

may

require

the

Funds

to

dispose

of

any

then-existing

holdings

of

such

securities.

Forward

Commitments

The

Strategic

Bond

Fund

may

contract

to

purchase

securities

for

a

fixed

price

at

a

future

date

beyond

customary

settlement

time.

The

price

of

the

underlying

securities

and

the

date

when

the

securities

will

be

delivered

and

paid

for

are

fixed

at

the

time

the

transaction

is

negotiated.

The

Fund

may

dispose

of

a

forward

commitment

transaction

prior

to

settlement

if

it

is

appropriate

to

do

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2024

(Unaudited)

Notes

to

Financial

Statements

145

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,

2024,

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.

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

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.

This

could

occur

whether

or

not

the

Fund

invests

in

securities

of

issuers

located

in

or

with

significant

exposure

to

the

countries

directly

affected.

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

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2024

(Unaudited)

146

Notes

to

Financial

Statements

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,

2024,

the

Funds’

purchases

and

sales

of

investment

securities

(excluding

U.S.

government

and

agency

obligations,

short-term

investments,

options

and

repurchase

agreements)

were

as

follows:

During

the

period

ended

June

30,

2024,

the

Funds’

purchases

and

sales

of

U.S.

government

and

agency

obligations

(excluding

short-term

investments,

options

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.

RIM

has

waived

its

0.05%

advisory

fee

for

the

unregistered

fund.

RIFUS

charges

a

0.05%

administrative

fee

to

the

unregistered

fund.

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.

RIM

charges

a

management

fee

of

0.12%

to

this

unregistered

fund.

Out

of

the

management

fee,

RIM

pays

certain

expenses

of

the

unregistered

fund,

including

an

administrative

fee

of

0.025%

to

RIFUS.

RIM

retains

the

balance

of

the

management

fee.

Each

Fund’s

investment

in

the

U.S.

Cash

Collateral

Fund

is

disclosed

within

the

Fund’s

Schedule

of

Investments.

Funds

Purchases

Sales

U.S.

Strategic

Equity

Fund

$

122,783,879

$

151,161,924

U.S.

Small

Cap

Equity

Fund

68,098,813

79,361,507

International

Developed

Markets

Fund

44,176,508

45,850,848

Strategic

Bond

Fund

230,194,737

183,829,693

Global

Real

Estate

Securities

Fund

363,531,701

353,381,445

Funds

Purchases

Sales

Strategic

Bond

Fund

$

17,598,469

$

148,831,589

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2024

(Unaudited)

Notes

to

Financial

Statements

147

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

combined

average

daily

net

assets

of

the

Funds

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,

2024:

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

April

30,

2025,

0.04%

of

its

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,

2024

was

$98,541.

For

the

U.S.

Small

Cap

Equity

Fund,

RIM

has

contractually

agreed

to

waive,

until

April

30,

2025,

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses,

excluding

dividend

and

interest

expense

on

short

sales,

to

the

extent

such

direct

Fund-level

expenses

exceed

1.05%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

Direct

Fund-level

expenses

do

not

include

infrequent

and/or

unusual

expenses

(including

litigation

expenses)

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests

which

are

borne

indirectly

by

the

Fund.

The

total

amount

of

the

waiver

for

the

period

ended

June

30,

2024

was

$38,373.

There

were

no

reimbursements

for

the

period

ended

June

30,

2024.

For

the

International

Developed

Markets

Fund,

RIM

has

contractually

agreed

to

waive,

until

April

30,

2025,

0.02%

of

its

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,

2024

was

$34,515.

For

the

Strategic

Bond

Fund,

RIM

has

contractually

agreed

to

waive,

until

April

20,

2025,

0.01%

of

its

advisory

fee

for

the

Fund.

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,

2024

was

$7,134.

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,

2024

were

as

follows:

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

$

2,143,232

$

146,797

U.S.

Small

Cap

Equity

Fund

955,638

53,091

International

Developed

Markets

Fund

1,553,185

86,288

Strategic

Bond

Fund

2,348,236

213,476

Global

Real

Estate

Securities

Fund

3,636,86

4

227,304

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2024

(Unaudited)

148

Notes

to

Financial

Statements

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

Most

of

the

equity

transactions

that

RIM

effects

for

the

Funds

are

executed

through

Russell

Investments

Implementation

Services,

LLC

(“RIIS”),

a

registered

broker

and

an

affiliate

of

RIM.

This

presents

a

conflict

of

interest

because

RIIS

generates

revenue

from

executing

equity

transactions

for

the

Funds,

which

is

a

financial

incentive

for

RIM

to

favor

the

ongoing

selection

of

RIIS

for

execution

of

the

Funds’

equity

transactions.

To

oversee

its

use

of

RIIS

to

execute

equity

transactions

for

the

Funds,

RIM

reviews

third

party

trade

execution

quality

reports

and

RIIS’

commission

rates

relative

to

commission

rates

for

comparable

services.

RIIS

uses

a

multi-venue

trade

approach

whereby

RIIS

trades

through

its

network

of

independent

venues,

including

third-party

brokers

for

clearing

and

settlement

services,

to

which

RIIS

pays

a

portion

of

its

commission.

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

RIIS,

as

well

as

with

brokers

affiliated

with

other

money

managers.

The

Funds

are

permitted

to

purchase

or

sell

securities

from

or

to

certain

affiliated

funds

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board.

The

procedures

have

been

designed

to

ensure

that

any

purchase

or

sale

of

securities

by

the

Funds

from

or

to

another

fund

or

portfolio

that

are,

or

could

be,

considered

an

affiliate

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

advisers),

common

Trustees

and/or

common

officers

complies

with

Rule

17a

-7

of

the

Investment

Company

Act.

Further,

as

defined

under

the

procedures,

each

transaction

is

effected

at

the

current

market

value.

During

the

period

ended

June

30,

2024,

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

30

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,

2024,

the

regular

compensation

paid

to

the

Trustees

by

the

Russell

Investments

fund

complex

was

$1,142,000.

5.

Federal

Income

Taxes

As

of

June

30,

2024,

the

following

Funds

had

net

tax

basis

capital

loss

carryforwards

which

may

be

applied

against

net

realized

taxable

gains,

if

any.

Available

capital

loss

carryforwards

are

as

follows:

6.

Record

Ownership

As

of

June

30,

2024,

the

following

table

includes

shareholders

of

record

with

greater

than

10%

of

the

total

outstanding

shares

of

each

respective

Fund:

Funds

Amount

U.S.

Strategic

Equity

Fund

$

12,918

U.S.

Small

Cap

Equity

Fund

4,672

International

Developed

Markets

Fund

7,593

Strategic

Bond

Fund

18,786

Global

Real

Estate

Securities

Fund

20,003

No

Expiration

Funds

Short-Term

Long-Term

Total

Strategic

Bond

Fund

$

58,645,927

$

73,982,386

$

132,628,313

Global

Real

Estate

Securities

Fund

53,722,667

31,024,139

84,746,806

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2024

(Unaudited)

Notes

to

Financial

Statements

149

7.

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.

The

unfunded

loan

commitments

are

footnoted

in

the

Schedule

of

Investments.

As

of

June

30,

2024,

the

Funds

had

no

unfunded

loan

commitments.

8.

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

12,

2025,

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,

2024.

9.

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.

Funds

#

of

Shareholders

%

U.S.

Strategic

Equity

Fund

2

76.8

U.S.

Small

Cap

Equity

Fund

2

83.6

International

Developed

Markets

Fund

2

80.0

Strategic

Bond

Fund

1

68.1

Global

Real

Estate

Securities

Fund

2

85.3

Russell

Investment

Funds

Affiliated

Brokerage

Transactions

—

June

30,

2024

(Unaudited)

150

Affiliated

Brokerage

Transactions

As

discussed

in

Note

4

in

the

Notes

to

Financial

Statements

contained

in

this

semi-annual

report,

most

of

the

equity

transactions

that

RIM

effects

for

the

Funds

are

executed

through

Russell

Investments

Implementation

Services,

LLC

(“RIIS”),

a

registered

broker

and

an

affiliate

of

RIM.

This

presents

a

conflict

of

interest

because

RIIS

generates

revenue

from

executing

equity

transactions

for

the

Funds,

which

is

a

financial

incentive

for

RIM

to

favor

the

ongoing

selection

of

RIIS

for

execution

of

the

Funds'

equity

transactions.

To

oversee

its

use

of

RIIS

to

execute

equity

transactions

for

the

Funds,

RIM

reviews

third

party

trade

execution

quality

reports

and

RIIS'

commission

rates

relative

to

commission

rates

for

comparable

services.

RIIS

uses

a

multi-venue

trade

approach

whereby

RIIS

trades

through

its

network

of

independent

venues,

including

third-party

brokers

for

clearing

and

settlement

services,

to

which

RIIS

pays

a

portion

of

its

commission.

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

RIIS,

as

well

as

with

brokers

affiliated

with

other

money

managers.

RIIS

may

also

execute

foreign

currency

transactions

(“FX

transactions”)

on

an

agency

basis

on

behalf

of

the

Funds.

RIIS

may

charge

the

Funds

an

agency

fee

for

effecting

FX

transactions.

The

table

below

sets

forth:

(1)

the

aggregate

dollar

amount

of

brokerage

commissions

paid

by

the

Funds

for

the

period

ended

June

30,

2024

to

any

broker

that

is

an

affiliated

person

of

a

Fund,

RIM

or

the

relevant

money

manager;

(2)

for

RIIS,

an

affiliated

person

of

RIM,

the

net

amount

of

the

RIIS

commission

after

payment

by

RIIS

of

any

commissions

or

fees

to

third

party

brokers,

generally

for

clearing

and

settlement

services;

and

(3)

agency

fees

paid

to

RIIS

for

effecting

foreign

currency

transactions

("FX

Fees").

Funds

Affiliated

Broker

Total

Commissions

RIIS

Net

RIIS

FX

Fees

U.S.

Strategic

Equity

Fund

RIIS

$

5,477

$

5,031

$

‒

U.S.

Small

Cap

Equity

Fund

RIIS

13,545

12,003

50

International

Developed

Markets

Fund

RIIS

9,554

7,692

8,347

Global

Real

Estate

Securities

Fund

RIIS

56,050

45,492

24,663

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

151

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

20,

2024

(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

meetings

held

virtually

on

April

5,

2024

and

April

15,

2024,

the

Independent

Trustees

met

privately

with

Independent

Counsel

to

discuss

the

Agreement

Evaluation

Information

received

to

those

dates.

At

a

meeting

held

in

person

on

April

22,

2024,

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

23,

2024

(the

“Agreement

Information

Review

Meeting”),

the

Board,

including

the

Independent

Trustees,

in

preparation

for

the

Agreement

Evaluation

Meeting,

met:

(1)

in

an

executive

session

with

a

representative

of

TA

Associates

Management,

L.P.

(“TA

Associates”),

at

which

(i)

Independent

Counsel,

(ii)

Fund

Counsel,

(iii)

the

Chief

Financial

Officer

of

RIM

and

RIM’s

ultimate

parent

company,

and

(iv)

the

President,

Chief

Executive

Officer

and

non-Independent

Trustee

of

the

Funds,

who

is

also

a

Director

of

RIM

and

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

was

provided

to

the

Board

on

May

3,

2024.

On

May

13,

2024,

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.

After

the

conclusion

of

such

meeting,

the

Independent

Trustees

provided

follow-up

comments

and

questions

relating

to

the

additional

Agreement

Evaluation

Information.

On

May

16,

2024

and

at

the

Agreement

Evaluation

Meeting,

the

Board

was

provided

with

responses

to

the

follow-up

comments

and

questions

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)

152

Basis

for

Approval

of

Investment

Advisory

Agreement

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,

the

potential

for

additional

commission

recapture,

improved

portfolio

efficiency

and

control

by

enabling

the

implementation

team

more

options

for

controlling

investment

exposures,

managing

cash

flows

and

rebalances

between

Money

Manager

strategies,

and

managing

Money

Manager

transitions.

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

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

153

Manager

strategies;

managing

the

Funds’

cash

balances;

and

recommending

at

least

annually

to

the

Board

whether

portfolio

management

contracts

should

be

renewed,

modified

or

terminated.

In

addition

to

its

annual

recommendation

as

to

the

renewal,

modification

or

termination

of

portfolio

management

contracts,

RIM

is

responsible

for

recommending

to

the

Board

additions

of

new

Money

Managers

or

terminations

or

replacements

of

existing

Money

Managers

at

any

time

when,

based

on

RIM’s

research

and

ongoing

review

and

analysis,

such

actions

are,

in

RIM’s

judgment,

appropriate.

RIM

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

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

154

Basis

for

Approval

of

Investment

Advisory

Agreement

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;

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

initiatives

involving

cost

management

and

optimization

efforts,

potential

new

client

relationships,

initial

thoughts

on

potential

new

product

offerings,

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

Chief

Investment

Officer

of

Russell

Investments

discussed

with

the

Board

the

performance

of

certain

Funds,

how

RI

measures

performance

success,

and

recent

investment

process

enhancements

which

were

previously

discussed

with

the

Board

regarding

changes

to

the

level

and

composition

of

risk.

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,

capital

structure

and

liquidity

of

Russell

Investments

Group,

Ltd.,

and

the

impact

of

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.

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

155

As

noted

above,

RIM,

in

addition

to

managing

the

investment

of

each

Fund’s

cash,

directly

manages

a

portion

(which

may

represent

a

significant

portion)

of

the

Funds

pursuant

to

the

RIM

Agreement,

with

the

actual

allocation

of

Fund

assets

among

Money

Manager

strategies

and

RIM

being

determined

from

time

to

time

by

the

RIM

portfolio

manager(s).

In

the

management

of

Fund

assets

that

are

not

allocated

to

Money

Manager

strategies,

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

2023,

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

or

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.

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

156

Basis

for

Approval

of

Investment

Advisory

Agreement

The

Agreement

Evaluation

Information

outlined

various

changes

that

have

been

implemented

in

the

investment

program

for

the

Funds

in

recent

years

and

described

additional

changes

that

have

been

implemented

or

are

underway,

and

the

impact

of

such

changes,

to

the

investment

advisory

services

provided

to

the

Funds

by

RIM,

which

the

Trustees

took

into

account

in

their

contract

renewal

deliberations,

including

the

following:

•

The

Direct

Management

Services

described

above.

•

Most

discretionary

Money

Manager

equity

assignments

were

previously

converted

to

non-discretionary

assignments,

thereby

implementing

emulation

for

those

Money

Manager

equity

assignments.

The

Board

considered

the

potential

impacts

described

in

the

Agreement

Evaluation

Information,

both

positive

and

negative,

on

the

Funds

of

emulation.

RIM

noted

that,

in

implementing

emulation

for

most

equity

assignments

for

the

Funds,

it

assumes

various

additional

risks,

including

trade

error

risk

as

it

takes

over

responsibility

for

trading.

RIM

generally

effects

Fund

equity

portfolio

transactions

through

an

affiliated

broker

that

receives

a

portion

of

the

commissions

paid

by

the

Funds

for

effecting

some

of

these

transactions.

For

such

equity

transactions,

the

Funds

pay

RIM’s

affiliated

broker

dealer

commission

rates

that

are

determined

by

an

oversight

committee

of

RIM.

According

to

RIM,

the

Funds

pay

the

same

commission

rates

regardless

of

whether

the

affiliated

broker

dealer

receives

any

portion

of

the

commission.

RIM

noted

certain

enhancements

in

recent

years

to

the

emulation

process,

including

increasing

the

frequency

of

receipt

of

certain

Money

Manager

model

portfolios,

the

utilization

of

a

risk-based

portfolio

dashboard

and

model

liquidity

monitoring.

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.

•

Benchmark

changes

for

certain

Funds

to

comply

with

new

SEC

regulations.

•

Previous

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

previously

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

noted

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.

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

157

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

increased

slightly

in

2023,

and

RIM’s

2023

pre-tax

profit

margins

in

providing

investment

advisory

services

to

the

Funds

is

modestly

higher

than

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

as

of

September

30,

2023,

reflecting

the

prior

12

months.

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

Universe.

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

subsequently

in

2024

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

International

Developed

Markets

Fund,

RIM

noted

that

it

does

not

agree

with

the

Fund’s

Expense

Universe

categorization

and

requested

that

the

Third-Party

Information

also

include

a

custom

Expense

Universe

that

RIM

believes

is

a

more

appropriate

comparison.

The

Board

noted

that

the

Fund’s

total

expenses

ranked

more

favorably

against

the

custom

Expense

Universe,

and

considered

the

small

variance

of

the

Fund’s

total

expenses

to

the

third

quintile

of

its

custom

Expense

Universe.

With

respect

to

the

U.S.

Strategic

Equity

Fund

and

U.S.

Small

Cap

Equity

Fund,

the

Board

considered

that

each

Fund’s

total

expenses

ranked

in

the

third

quintile

of

its

Expense

Universe.

With

respect

to

the

Strategic

Bond

Fund,

the

Board

considered

that,

after

considering

a

request

from

the

Independent

Trustees,

RIM

agreed

to

implement

an

Advisory

Fee

waiver

for

the

Fund

in

2024

that,

while

in

effect,

would

have

a

beneficial

effect

on

comparisons

of

the

Fund’s

Management

Fee

relative

to

the

management

fees

of

its

Comparable

Funds.

The

Board

further

considered

that

the

Fund’s

total

expenses

ranked

in

the

third

quintile

of

its

Expense

Universe.

With

respect

to

the

Global

Real

Estate

Securities

Fund,

the

Board

considered

that

the

Fund’s

total

expenses

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

2024.

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

158

Basis

for

Approval

of

Investment

Advisory

Agreement

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

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.

The

Trustees

considered

RIM’s

explanation

that

the

advisory

fees

payable

to

RIM

by

the

Funds

and

the

Other

RIM

Funds

reflect,

among

other

things,

differences

in

the

type

of

product,

distribution

channel

and

investors.

The

Trustees

also

considered

the

differences

in

the

nature

and

scope

of

services

RIM

provides

to

institutional

clients

and

the

Funds.

RIM

explained,

among

other

things,

that

institutional

products

have

fewer

compliance,

administrative,

client

servicing/

communication

and

other

needs

than

the

Funds.

RIM

also

noted

that

due

to

the

number

and

nature

of

investors,

along

with

their

varied

needs

for

liquidity,

there

is

more

portfolio

liquidity

management

and

cash

flow

management

required

for

the

Funds

than

for

RIM’s

or

its

affiliates’

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

International

Developed

Markets

Fund

were

ranked

in

the

fourth

quintile

of

its

Expense

Universe,

the

total

expenses

for

the

U.S.

Strategic

Equity

Fund,

U.S.

Small

Cap

Equity

Fund

and

Strategic

Bond

Fund

were

each

ranked

in

the

third

quintile

of

its

Expense

Universe,

and

the

total

expenses

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

International

Developed

Markets

Fund,

RIM

noted

that

it

does

not

agree

with

the

Fund’s

Expense

Universe

categorization

and

requested

that

the

Third-Party

Information

also

include

a

custom

Expense

Universe

that

RIM

believes

is

a

more

appropriate

comparison.

The

Board

noted

that

the

Fund’s

total

expenses

ranked

more

favorably

against

the

custom

Expense

Universe,

and

considered

the

small

variance

of

the

Fund’s

total

expenses

to

the

third

quintile

of

its

custom

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.

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

159

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,

2023

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

was

ranked

in

the

fifth

quintile

of

its

Performance

Universe

for

the

3-year

period

ended

December

31,

2023,

and

was

ranked

in

the

second

quintile

of

its

Performance

Universe

for

the

1-year

period

and

the

fourth

quintile

of

its

Performance

Universe

for

the

5-year

period

ended

on

such

date.

For

the

3-year

period,

RIM

noted

that

the

Fund’s

tilt

toward

stocks

with

smaller

market

capitalization

characteristics

relative

to

the

Comparable

Funds

was

a

headwind,

as

mega

cap

securities

outperformed

within

the

U.S.

large

cap

market.

RIM

further

noted

that

the

Fund’s

peer

relative

sector

positioning

had

a

mixed

impact

overall

with

an

overweight

to

the

outperforming

energy

sector

rewarded

while

an

overweight

to

the

consumer

discretionary

sector

detracted

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

had

contributed

positively

to

the

Fund’s

performance.

With

respect

to

the

Strategic

Bond

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,

2023.

For

the

3-year

period,

RIM

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.

RIM

also

noted

that

in

2023,

the

Fund

maintained

a

longer

duration

compared

to

peers,

which

hurt

relative

performance

in

an

environment

where

interest

rates

rose,

and

had

less

credit

risk

relative

to

peers,

which

was

a

drag

on

performance.

The

Board

considered

that

a

Money

Manager

change

made

in

2021

has

contributed

positively

to

the

Fund’s

performance.

With

respect

to

the

Global

Real

Estate

Securities

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

was

ranked

in

the

fourth

quintile

for

the

1-,

3-

and

5-year

periods

ended

December

31,

2023.

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

performance

of

each

of

the

other

Funds

ranked

in

the

third

quintile

of

its

Performance

Universe

or

better

for

the

3-year

period

ended

December

31,

2023.

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

primary

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,

2023,

the

Global

Real

Estate

Securities

Fund

outperformed

its

benchmark;

for

the

3-year

period

ended

December

31,

2023,

the

U.S.

Small

Cap

Equity

Fund,

and

International

Developed

Markets

Fund

outperformed

their

respective

benchmarks;

and

for

the

5-year

period

ended

December

31,

2023,

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

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

160

Basis

for

Approval

of

Investment

Advisory

Agreement

Investments

Financial

Services,

LLC,

the

Funds’

underwriter;

and

RIM’s

recommendation

to

retain

each

discretionary

or

non-

discretionary

Money

Manager

on

the

current

terms

and

conditions,

including

at

the

current

fee

rate.

The

Board

received

reports

during

the

course

of

the

year

from

the

Funds’

CCO

regarding

her

assessments

of

Money

Manager

compliance

programs

and

any

compliance

issues.

RIM

did

not

identify

any

benefits

from

the

Funds’

portfolio

transactions

received

by

Money

Managers

or

their

affiliates

other

than

potential

benefits

from

soft

dollar

arrangements

or

commissions

paid

to

any

affiliated

broker-dealer

through

which

a

discretionary

Money

Manager

may

execute

trades.

RIM

recommended

that

each

of

the

Money

Managers

be

retained

for

its

current

discretionary

or

non-discretionary

assignment

at

its

current

fee

rate.

In

doing

so,

RIM,

as

it

has

in

the

past,

advised

the

Board

that

it

does

not

regard

Money

Manager

profitability

or

economies

of

scale

as

relevant

to

its

evaluation

of

the

portfolio

management

contracts

with

Money

Managers

because

the

willingness

of

Money

Managers

to

serve

in

such

capacity

depends

upon

arm’s-length

negotiations

with

RIM;

RIM

is

aware

of

the

standard

fee

rates

charged

by

Money

Managers

to

other

clients;

and

RIM

believes

that

the

fees

agreed

upon

with

Money

Managers

are

reasonable

and

appropriate

in

light

of

the

anticipated

quality

of

investment

advisory

services

to

be

rendered.

The

Board

accepted

RIM’s

explanation

of

the

relevance

of

Money

Manager

profitability

in

light

of

RIM’s

belief

that

such

fees

are

reasonable;

the

Board’s

findings

as

to

the

acceptability

of

the

Advisory

Fee

paid

by

each

Fund;

and

the

fact

that

each

Money

Manager’s

fee

is

paid

by

RIM.

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

At

the

quarterly

Board

meeting

held

on

February

27,

2024,

the

Board

received

a

proposal

from

RIM

to

approve

a

new

portfolio

management

contract

for

the

U.S.

Small

Cap

Equity

Fund

which

will

be

effective

as

of

the

closing

of

a

change

of

control

for

a

Money

Manager

of

the

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

22,

2023

meeting,

in

connection

with

their

evaluation

and

approval

of

the

Funds’

existing

investment

advisory

agreement

with

RIM

and

portfolio

management

contracts

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

161

with

then-current

Money

Managers

for

the

Funds,

as

well

as

information

received

throughout

the

course

of

the

year

regarding,

among

other

things,

the

quality

of

services

provided

to

the

Funds

in

the

case

of

the

existing

Money

Managers

and

the

reasonableness

of

the

aggregate

investment

advisory

fees

paid

by

the

Funds,

as

well

as

the

fact

that

the

aggregate

investment

advisory

fees

paid

by

the

Funds

would

not

increase

or

decrease

as

a

result

of

the

implementation

of

the

proposed

new

portfolio

management

contracts

because

the

Money

Managers’

investment

advisory

fees

are

paid

by

RIM.

Russell

Investment

Funds

Adviser,

Money

Managers

and

Service

Providers

—

June

30,

2024

(Unaudited)

162

Adviser,

Money

Managers

and

Service

Providers

Interested

Trustee

Vernon

Barback

Independent

Trustees

Michelle

L.

Cahoon

Michael

Day

Julie

Dien

Ledoux

Jeremy

May

Jeannie

Shanahan

Raymond

P.

Tennison,

Jr.

Jack

R.

Thompson

Officers

Vernon

Barback,

President

and

Chief

Executive

Officer

Cheryl

Wichers,

Chief

Compliance

Officer

Kari

Seabrands,

Treasurer,

Chief

Accounting

Officer

&

Chief

Financial

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

2024

SEMI-ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

JUNE

30,

2024

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

(Form

N-CSR

Item

7)

3

Balanced

Strategy

Fund

(Form

N-CSR

Item

7)

11

Growth

Strategy

Fund

(Form

N-CSR

Item

7)

19

Equity

Growth

Strategy

Fund

(Form

N-CSR

Item

7)

27

Notes

to

Financial

Highlights

(Form

N-CSR

Item

7)

35

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

36

Basis

for

Approval

of

Investment

Advisory

Agreement

(Form

N-CSR

Item

11)

43

Adviser

and

Service

Providers

54

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Semi-annual

Financial

Statements

and

Other

Information

June

30,

2024

(Unaudited)

Table

of

Contents

Russell

Investment

Funds

-

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Copyright

©

Russell

Investments

2024.

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

Schedule

of

Investments

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

3

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.0%

Alternative

-

3.0%

RIF

Global

Real

Estate

Securities

Fund

161,985

2,093

Domestic

Equities

-

17.1%

RIF

U.S.

Small

Cap

Equity

Fund

121,180

1,726

RIF

U.S.

Strategic

Equity

Fund

478,090

10,203

11,929

Fixed

Income

-

52.0%

RIC

Long

Duration

Bond

Fund

Class

Y

525,462

4,172

RIC

Short

Duration

Bond

Fund

Class

Y

187,442

3,492

RIF

Strategic

Bond

Fund

3,279,810

28,600

36,264

International

Equities

-

19.9%

RIC

Emerging

Markets

Fund

Class

Y

85,110

1,398

RIC

Global

Equity

Fund

Class

Y

1,062,629

10,839

RIF

International

Developed

Markets

Fund

138,508

1,695

13,932

Multi-Asset

-

8.0%

RIC

Multi-Strategy

Income

Fund

Class

Y

585,612

5,575

Total

Investments

in

Affiliated

Funds

(cost

$67,503)

69,793

Total

Investments

-

100.0%

(identified

cost

$67,503)

69,793

Other

Assets

and

Liabilities,

Net

-

(0.0)%

(32)

Net

Assets

-

100.0%

69,761

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

4

Moderate

Strategy

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

67,503

Investments,

at

fair

value(>)

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

69,793

Receivables:

Fund

shares

sold

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

8

From

affiliates

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

3

Total

assets

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

69,804

Liabilities

Payables:

Investments

purchased

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

8

Accrued

fees

to

affiliates

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

3

Other

accrued

expenses

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

32

Total

liabilities

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

43

Net

Assets

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

$

69,761

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,

continued

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(1,636

)

Shares

of

beneficial

interest

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

74

Additional

paid-in

capital

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

71,323

Net

Assets

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

$

69,761

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

9.46

Net

assets

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

$

69,760,667

Shares

outstanding

($.01

par

value)

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

7,370,992

Amounts

in

thousands

(>)    

Investments

in

affiliated

funds

$

69,793

(#)

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.

6

Moderate

Strategy

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2024

(Unaudited)

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

411

Expenses

Advisory

fees

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

69

Administrative

fees

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

15

Custodian

fees

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

15

Transfer

agent

fees

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

2

Professional

fees

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

17

Trustees’

fees

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

2

Printing

fees

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

6

Miscellaneous

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

3

Expenses

before

reductions

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

129

Expense

reductions

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

(80)

Net

expenses

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

49

Net

investment

income

(loss)

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

362

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

259

Capital

gain

distributions

from

affiliated

funds

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

140

Net

realized

gain

(loss)

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

399

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

1,662

Net

change

in

unrealized

appreciation

(depreciation)

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

1,662

Net

realized

and

unrealized

gain

(loss)

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

2,061

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

2,423

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

7

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2024

(Unaudited)

Fiscal

Year

Ended

December

31,

2023

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

362

$

1,739

Net

realized

gain

(loss)

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

399

(2,979)

Net

change

in

unrealized

appreciation

(depreciation)

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

1,662

8,804

Net

increase

(decrease)

in

net

assets

from

operations

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

2,423

7,564

Distributions

To

shareholders

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

(954)

(1,121)

Net

decrease

in

net

assets

from

distributions

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

(954)

(1,121)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(2,381)

(7,761)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

(912)

(1,318)

Net

Assets

Beginning

of

period

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

70,673

71,991

End

of

period

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

$

69,761

$

70,673

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2024

and

December

31,

2023

were

as

follows:

2024

(Unaudited)

2023

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

108

$

1,002

384

$

3,362

Proceeds

from

reinvestment

of

distributions

103

954

128

1,121

Payments

for

shares

redeemed

(467)

(4,337)

(1,394)

(12,244)

Total

increase

(decrease)

(256)

$

(2,381)

(882)

$

(7,761)

Russell

Investment

Funds

Moderate

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

8

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,

2024

(ƣ)

9.27

.05

.27

.32

(.13)

—

December

31,

2023

8.46

.21

.74

.95

(.14)

—

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)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

9

$

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

)

(.13)

9.46

3.46

69,761

.37

.14

.52

2

(.14)

9.27

11.32

70,673

.37

.14

2.42

32

(.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

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

10

Moderate

Strategy

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

June

30,

2024

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2024

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2024,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Administrative

fees

$

2,431

Transfer

agent

fees

252

Trustee

fees

583

$

3,266

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

$

2,122

$

102

$

59

$

(4

)

$

(68

)

$

2,093

$

23

$

—

RIF

U.S.

Small

Cap

Equity

Fund

1,778

90

166

22

2

1,726

2

20

RIF

U.S.

Strategic

Equity

Fund

10,279

198

1,387

208

905

10,203

38

120

RIC

Long

Duration

Bond

Fund

4,225

237

111

—

(179

)

4,172

81

—

RIC

Short

Duration

Bond

Fund

3,496

112

116

—

—

3,492

63

—

RIF

Strategic

Bond

Fund

28,968

713

717

(51

)

(313

)

28,600

176

—

RIC

Emerging

Markets

Fund

1,430

51

203

(12

)

132

1,398

—

—

RIC

Global

Equity

Fund

10,985

26

1,283

68

1,043

10,839

—

—

RIF

International

Developed

Markets

Fund

1,788

38

163

36

(4

)

1,695

12

—

RIC

Multi-Strategy

Income

Fund

5,661

34

256

(8

)

144

5,575

16

—

$

70,732

$

1,601

$

4,461

$

259

$

1,662

$

69,793

$

411

$

140

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

68,749,304

$

3,164,892

$

(2,121,613)

$

1,043,279

Russell

Investment

Funds

Balanced

Strategy

Fund

Schedule

of

Investments

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

11

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.0%

Alternative

-

4.4%

RIC

Global

Infrastructure

Fund

Class

Y

476,985

4,212

RIF

Global

Real

Estate

Securities

Fund

417,309

5,391

9,603

Domestic

Equities

-

20.1%

RIF

U.S.

Small

Cap

Equity

Fund

523,653

7,457

RIF

U.S.

Strategic

Equity

Fund

1,687,011

36,001

43,458

Fixed

Income

-

32.5%

RIC

Long

Duration

Bond

Fund

Class

Y

950,896

7,550

RIC

Short

Duration

Bond

Fund

Class

Y

232,962

4,340

RIF

Strategic

Bond

Fund

6,709,286

58,505

70,395

International

Equities

-

36.0%

RIC

Emerging

Markets

Fund

Class

Y

395,019

6,490

RIC

Global

Equity

Fund

Class

Y

6,383,750

65,114

RIF

International

Developed

Markets

Fund

515,805

6,314

77,918

Multi-Asset

-

7.0%

RIC

Multi-Strategy

Income

Fund

Class

Y

1,593,414

15,169

Total

Investments

in

Affiliated

Funds

(cost

$196,871)

216,543

Total

Investments

-

100.0%

(identified

cost

$196,871)

216,543

Other

Assets

and

Liabilities,

Net

-

(0.0)%

(80)

Net

Assets

-

100.0%

216,463

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

12

Balanced

Strategy

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

196,87

1

Investments,

at

fair

value(>)

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

216,543

Receivables:

Investments

sold

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

5

Prepaid

expenses

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

2

Total

assets

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

216,550

Liabilities

Payables:

Fund

shares

redeemed

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

5

Accrued

fees

to

affiliates

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

17

Other

accrued

expenses

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

65

Total

liabilities

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

87

Net

Assets

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

$

216,463

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

13

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

14,035

Shares

of

beneficial

interest

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

225

Additional

paid-in

capital

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

202,203

Net

Assets

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

$

216,463

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

9.64

Net

assets

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

$

216,463,021

Shares

outstanding

($.01

par

value)

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

22,462,082

Amounts

in

thousands

(>)    

Investments

in

affiliated

funds

$

216,543

(#)

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.

14

Balanced

Strategy

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2024

(Unaudited)

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

864

Expenses

Advisory

fees

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

213

Administrative

fees

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

45

Custodian

fees

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

15

Transfer

agent

fees

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

5

Professional

fees

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

19

Trustees’

fees

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

5

Printing

fees

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

8

Miscellaneous

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

6

Expenses

before

reductions

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

316

Expense

reductions

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

(167)

Net

expenses

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

149

Net

investment

income

(loss)

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

715

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

706

Capital

gain

distributions

from

affiliated

funds

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

505

Net

realized

gain

(loss)

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

1,211

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

9,748

Net

change

in

unrealized

appreciation

(depreciation)

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

9,748

Net

realized

and

unrealized

gain

(loss)

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

10,959

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

11,674

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

15

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2024

(Unaudited)

Fiscal

Year

Ended

December

31,

2023

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

715

$

4,151

Net

realized

gain

(loss)

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

1,211

(3,143)

Net

change

in

unrealized

appreciation

(depreciation)

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

9,748

27,198

Net

increase

(decrease)

in

net

assets

from

operations

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

11,674

28,206

Distributions

To

shareholders

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

(1,977)

(3,273)

Net

decrease

in

net

assets

from

distributions

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

(1,977)

(3,273)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(6,325)

(14,847)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

3,372

10,086

Net

Assets

Beginning

of

period

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

213,091

203,005

End

of

period

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

$

216,463

$

213,091

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2024

and

December

31,

2023

were

as

follows:

2024

(Unaudited)

2023

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

1,007

$

9,424

569

$

4,918

Proceeds

from

reinvestment

of

distributions

212

1,977

372

3,273

Payments

for

shares

redeemed

(1,892

)

(17,726

)

(2,662

)

(23,038

)

Total

increase

(decrease)

(673

)

$

(6,325

)

(1,721

)

$

(14,847

)

Russell

Investment

Funds

Balanced

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

16

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,

2024

(ƣ)

9.21

.0

3

.4

9

.52

(.09)

—

December

31,

2023

8.17

.17

1.01

1.18

(.12)

(.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)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

17

$

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)

(.09)

9.64

5.65

216,463

.30

.14

.

33

5

(.14)

9.21

14.52

213,091

.31

.14

2.01

18

(.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

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

18

Balanced

Strategy

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

June

30,

2024

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2024

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2024,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

7,099

Administrative

fees

7,550

Transfer

agent

fees

782

Trustee

fees

1,307

$

16,738

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

$

4,263

$

160

$

280

$

7

$

62

$

4,212

$

12

$

—

RIF

Global

Real

Estate

Securities

Fund

5,407

411

243

(23

)

(161

)

5,391

58

—

RIF

U.S.

Small

Cap

Equity

Fund

7,635

368

638

62

30

7,457

9

91

RIF

U.S.

Strategic

Equity

Fund

35,322

1,299

4,485

466

3,399

36,001

132

414

RIC

Long

Duration

Bond

Fund

7,456

859

456

(7

)

(302

)

7,550

143

—

RIC

Short

Duration

Bond

Fund

4,111

435

207

(1

)

2

4,340

76

—

RIF

Strategic

Bond

Fund

57,008

4,976

2,807

(122

)

(550

)

58,505

349

—

RIC

Emerging

Markets

Fund

6,397

140

598

(12

)

563

6,490

—

—

RIC

Global

Equity

Fund

64,182

1,271

6,898

298

6,261

65,114

—

—

RIF

International

Developed

Markets

Fund

6,479

202

482

61

54

6,314

42

—

RIC

Multi-Strategy

Income

Fund

14,943

581

722

(23

)

390

15,169

43

—

$

213,203

$

10,702

$

17,816

$

706

$

9,748

$

216,543

$

864

$

505

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

200,820,335

$

23,611,913

$

(7,888,847)

$

15,723,066

Russell

Investment

Funds

Growth

Strategy

Fund

Schedule

of

Investments

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Growth

Strategy

Fund

19

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.0%

Alternative

-

5.4%

RIC

Global

Infrastructure

Fund

Class

Y

404,232

3,570

RIF

Global

Real

Estate

Securities

Fund

485,321

6,270

9,840

Domestic

Equities

-

31.3%

RIF

U.S.

Small

Cap

Equity

Fund

568,153

8,090

RIF

U.S.

Strategic

Equity

Fund

2,287,337

48,812

56,902

Fixed

Income

-

14.2%

RIC

Long

Duration

Bond

Fund

Class

Y

779,557

6,190

RIC

Opportunistic

Credit

Fund

Class

Y

428,753

3,623

RIF

Strategic

Bond

Fund

1,831,251

15,968

25,781

International

Equities

-

41.1%

RIC

Emerging

Markets

Fund

Class

Y

499,933

8,214

RIC

Global

Equity

Fund

Class

Y

5,199,117

53,031

RIF

International

Developed

Markets

Fund

1,088,998

13,329

74,574

Multi-Asset

-

8.0%

RIC

Multi-Asset

Growth

Strategy

Fund

Class

Y

1,376,199

14,588

Total

Investments

in

Affiliated

Funds

(cost

$151,676)

181,685

Total

Investments

-

100.0%

(identified

cost

$151,676)

181,685

Other

Assets

and

Liabilities,

Net

-

(0.0)%

(62)

Net

Assets

-

100.0%

181,623

Russell

Investment

Funds

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

20

Growth

Strategy

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

151,676

Investments,

at

fair

value(>)

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

181,685

Receivables:

Investments

sold

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

130

Fund

shares

sold

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

11

Prepaid

expenses

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

1

Total

assets

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

181,827

Liabilities

Payables:

Fund

shares

redeemed

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

140

Accrued

fees

to

affiliates

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

14

Other

accrued

expenses

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

50

Total

liabilities

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

204

Net

Assets

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

$

181,623

Russell

Investment

Funds

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Growth

Strategy

Fund

21

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

24,526

Shares

of

beneficial

interest

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

180

Additional

paid-in

capital

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

156,917

Net

Assets

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

$

181,623

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

10.06

Net

assets

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

$

181,622,653

Shares

outstanding

($.01

par

value)

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

18,047,528

Amounts

in

thousands

(>)    

Investments

in

affiliated

funds

$

181,685

(#)

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.

22

Growth

Strategy

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2024

(Unaudited)

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

696

Expenses

Advisory

fees

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

179

Administrative

fees

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

38

Custodian

fees

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

15

Transfer

agent

fees

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

4

Professional

fees

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

20

Trustees’

fees

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

4

Printing

fees

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

7

Miscellaneous

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

7

Expenses

before

reductions

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

274

Expense

reductions

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

(139)

Net

expenses

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

135

Net

investment

income

(loss)

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

561

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

853

Capital

gain

distributions

from

affiliated

funds

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

667

Net

realized

gain

(loss)

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

1,520

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

10,941

Net

change

in

unrealized

appreciation

(depreciation)

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

10,941

Net

realized

and

unrealized

gain

(loss)

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

12,461

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

13,022

Russell

Investment

Funds

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Growth

Strategy

Fund

23

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2024

(Unaudited)

Fiscal

Year

Ended

December

31,

2023

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

561

$

2,917

Net

realized

gain

(loss)

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

1,520

(3,807)

Net

change

in

unrealized

appreciation

(depreciation)

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

10,941

28,902

Net

increase

(decrease)

in

net

assets

from

operations

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

13,022

28,012

Distributions

To

shareholders

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

(2,075)

(2,791)

Net

decrease

in

net

assets

from

distributions

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

(2,075)

(2,791)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(6,176)

(11,845)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

4,771

13,376

Net

Assets

Beginning

of

period

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

176,852

163,476

End

of

period

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

$

181,623

$

176,852

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2024

and

December

31,

2023

were

as

follows:

2024

(Unaudited)

2023

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

183

$

1,769

364

$

3,151

Proceeds

from

reinvestment

of

distributions

215

2,075

319

2,791

Payments

for

shares

redeemed

(1,024)

(10,020)

(2,050)

(17,787)

Total

increase

(decrease)

(626)

$

(6,176)

(1,367)

$

(11,845)

Russell

Investment

Funds

Growth

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

24

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,

2024(ƣ)

9.47

.03

.67

.70

(.11)

—

December

31,

2023

8.16

.15

1.30

1.45

(.07)

(.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)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Growth

Strategy

Fund

25

$

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)

(.11)

10.06

7.46

181,623

.30

.15

.31

1

(.14)

9.47

17.96

176,852

.31

.15

1.71

30

(.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

Russell

Investment

Funds

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

26

Growth

Strategy

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

June

30,

2024

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2024

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2024,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

6,195

Administrative

fees

6,330

Transfer

agent

fees

655

Trustee

fees

926

$

14,106

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

$

3,518

$

86

$

95

$

4

$

57

$

3,570

$

11

$

—

RIF

Global

Real

Estate

Securities

Fund

6,294

216

21

(4

)

(215

)

6,270

68

—

RIF

U.S.

Small

Cap

Equity

Fund

8,193

146

347

35

63

8,090

10

99

RIF

U.S.

Strategic

Equity

Fund

47,005

749

4,168

621

4,605

48,812

181

568

RIC

Long

Duration

Bond

Fund

6,143

314

6

—

(261

)

6,190

117

—

RIC

Opportunistic

Credit

Fund

3,440

107

5

—

81

3,623

40

—

RIF

Strategic

Bond

Fund

15,548

610

—

—

(190

)

15,968

96

—

RIC

Emerging

Markets

Fund

7,853

104

439

(65

)

761

8,214

—

—

RIC

Global

Equity

Fund

51,525

—

3,832

239

5,099

53,031

—

—

RIF

International

Developed

Markets

Fund

13,394

166

472

22

219

13,329

87

—

RIC

Multi-Asset

Growth

Strategy

Fund

14,032

165

332

1

722

14,588

86

—

$

176,945

$

2,663

$

9,717

$

853

$

10,941

$

181,685

$

696

$

667

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

154,923,312

$

29,311,011

$

(2,549,242)

$

26,761,769

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Schedule

of

Investments

—

June

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Growth

Strategy

Fund

27

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.0%

Alternative

-

6.4%

RIC

Global

Infrastructure

Fund

Class

Y

107,714

951

RIF

Global

Real

Estate

Securities

Fund

168,741

2,180

3,131

Domestic

Equities

-

36.3%

RIF

U.S.

Small

Cap

Equity

Fund

184,881

2,633

RIF

U.S.

Strategic

Equity

Fund

703,562

15,014

17,647

Fixed

Income

-

4.5%

RIC

Long

Duration

Bond

Fund

Class

Y

152,299

1,209

RIC

Opportunistic

Credit

Fund

Class

Y

114,820

970

2,179

International

Equities

-

44.8%

RIC

Emerging

Markets

Fund

Class

Y

178,551

2,934

RIC

Global

Equity

Fund

Class

Y

1,384,120

14,118

RIF

International

Developed

Markets

Fund

386,368

4,729

21,781

Multi-Asset

-

8.0%

RIC

Multi-Asset

Growth

Strategy

Fund

Class

Y

366,159

3,881

Total

Investments

in

Affiliated

Funds

(cost

$39,787)

48,619

Total

Investments

-

100.0%

(identified

cost

$39,787)

48,619

Other

Assets

and

Liabilities,

Net

-

(0.0)%

(18)

Net

Assets

-

100.0%

48,601

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

28

Equity

Growth

Strategy

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

39,787

Investments,

at

fair

value(>)

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

48,619

Receivables:

Fund

shares

sold

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

12

From

affiliates

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

5

Total

assets

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

48,636

Liabilities

Payables:

Investments

purchased

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

11

Accrued

fees

to

affiliates

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

2

Other

accrued

expenses

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

22

Total

liabilities

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

35

Net

Assets

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

$

48,601

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Growth

Strategy

Fund

29

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2024

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

6,167

Shares

of

beneficial

interest

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

50

Additional

paid-in

capital

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

42,384

Net

Assets

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

$

48,601

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

9.70

Net

assets

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

$

48,600,703

Shares

outstanding

($.01

par

value)

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

5,011,189

Amounts

in

thousands

(>)    

Investments

in

affiliated

funds

$

48,619

(#)

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.

30

Equity

Growth

Strategy

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2024

(Unaudited)

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

168

Expenses

Advisory

fees

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

47

Administrative

fees

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

10

Custodian

fees

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

15

Transfer

agent

fees

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

1

Professional

fees

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

17

Trustees’

fees

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

1

Printing

fees

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

8

Miscellaneous

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

3

Expenses

before

reductions

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

102

Expense

reductions

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

(67)

Net

expenses

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

35

Net

investment

income

(loss)

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

133

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

20

Capital

gain

distributions

from

affiliated

funds

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

195

Net

realized

gain

(loss)

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

215

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

3,362

Net

change

in

unrealized

appreciation

(depreciation)

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

3,362

Net

realized

and

unrealized

gain

(loss)

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

3,577

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

3,710

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Growth

Strategy

Fund

31

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2024

(Unaudited)

Fiscal

Year

Ended

December

31,

2023

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

133

$

710

Net

realized

gain

(loss)

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

215

(1,476)

Net

change

in

unrealized

appreciation

(depreciation)

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

3,362

8,562

Net

increase

(decrease)

in

net

assets

from

operations

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

3,710

7,796

Distributions

To

shareholders

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

(576)

(700)

Net

decrease

in

net

assets

from

distributions

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

(576)

(700)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(523)

(3,123)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

2,611

3,973

Net

Assets

Beginning

of

period

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

45,990

42,017

End

of

period

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

$

48,601

$

45,990

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2024

and

December

31,

2023

were

as

follows:

2024

(Unaudited)

2023

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

177

$

1,648

207

$

1,731

Proceeds

from

reinvestment

of

distributions

62

576

85

700

Payments

for

shares

redeemed

(298)

(2,747)

(674)

(5,554)

Total

increase

(decrease)

(59)

$

(523)

(382)

$

(3,123)

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.

32

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,

2024(ƣ

)

9.07

.03

.72

.75

(.12)

—

December

31,

2023

7.71

.13

1.36

1.49

(.05)

(.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)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Growth

Strategy

Fund

33

$

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)

(.12)

9.70

8.28

48,601

.44

.15

.

28

4

(.13)

9.07

19.52

45,990

.44

.15

1.62

36

(.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

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

34

Equity

Growth

Strategy

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

June

30,

2024

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2024

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2024,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Administrative

fees

$

1,690

Transfer

agent

fees

175

Trustee

fees

230

$

2,095

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

$

913

$

65

$

44

$

1

$

16

$

951

$

3

$

—

RIF

Global

Real

Estate

Securities

Fund

2,115

214

77

(10

)

(62

)

2,180

23

—

RIF

U.S.

Small

Cap

Equity

Fund

2,616

138

150

2

27

2,633

3

31

RIF

U.S.

Strategic

Equity

Fund

13,960

476

970

39

1,509

15,014

53

164

RIC

Long

Duration

Bond

Fund

1,142

177

62

(1

)

(47

)

1,209

22

—

RIC

Opportunistic

Credit

Fund

908

82

40

(1

)

21

970

11

—

RIC

Emerging

Markets

Fund

2,759

85

152

(20

)

262

2,934

—

—

RIC

Global

Equity

Fund

13,349

175

780

17

1,357

14,118

—

—

RIF

International

Developed

Markets

Fund

4,608

191

152

1

81

4,729

30

—

RIC

Multi-Asset

Growth

Strategy

Fund

3,662

182

153

(8

)

198

3,881

23

—

$

46,032

$

1,785

$

2,580

$

20

$

3,362

$

48,619

$

168

$

195

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

41,084,909

$

7,613,138

$

(78,550)

$

7,534,588

Russell

Investment

Funds

LifePoints

®

Variable

Target

Portfolio

Series

Notes

to

Financial

Highlights

—

June

30,

2024

(Unaudited)

Notes

to

Financial

Highlights

35

(ƣ)

For

the

period

ended

June

30,

2024

(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,

2024

(Unaudited)

36

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,

2024.

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

as

of

June

30,

2024.

The

equity

Underlying

Funds

in

which

the

Funds

may

invest

include

the

RIF

U.S.

Strategic

Equity,

RIC

Sustainable

Equity,

RIF

U.S.

Small

Cap

Equity,

RIF

International

Developed

Markets,

RIC

Global

Equity,

and

RIC

Emerging

Markets

Funds.

The

fixed

income

Underlying

Funds

in

which

the

Funds

may

invest

include

the

RIC

Opportunistic

Credit,

RIC

Long

Duration

Bond,

RIF

Strategic

Bond,

RIC

Investment

Grade

Bond

and

RIC

Short

Duration

Bond

Funds.

The

multi-asset

Underlying

Funds

in

which

the

Funds

may

invest

include

the

RIC

Multi-Strategy

Income

and

RIC

Multi-Asset

Growth

Strategy

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

strategic

asset

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.

RIM

may

change

a

Fund’s

target

strategic

asset

allocation

by

up

to

+/-

5%

at

the

equity,

fixed

income,

multi-asset

or

alternative

asset

class

level

based

on

RIM’s

capital

markets

research.

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.

A

Fund’s

target

strategic

asset

allocation

and

the

Underlying

Funds

in

which

a

Fund

may

invest

may

be

changed

from

time

to

time

without

shareholder

notice

or

approval.

*

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.

Asset

Allocation*

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Growth

Strategy

Fund

Equity

Growth

Strategy

Fund

Equity

37%

56%

72%

81%

Fixed

Income

52%

32.5%

14.5%

4.5%

Multi-Asset

8%

7%

8%

8%

Alternative

#

3%

4.5%

5.5%

6.5%

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2024

(Unaudited)

Notes

to

Financial

Statements

37

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

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

Board

has

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.

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,

registered

open-end

investment

companies,

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

without

further

adjustment

as

a

practical

expedient.

As

of

June

30,

2024,

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,

2024

(Unaudited)

38

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.

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,

2024,

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,

2020

through

December

31,

2022,

no

examinations

are

in

progress

or

anticipated

at

this

time.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

Dividends

and

Distributions

to

Shareholders

Income

dividends,

capital

gain

distributions

and

return

of

capital,

if

any,

are

recorded

on

the

ex-dividend

date.

Income

dividends

are

generally

declared

and

paid

quarterly.

Capital

gain

distributions

are

generally

declared

and

paid

annually.

An

additional

distribution

may

be

paid

by

the

Funds

to

avoid

imposition

of

federal

income

and

excise

tax

on

any

remaining

undistributed

capital

gains

and

net

investment

income.

The

timing

and

characterization

of

certain

income

and

capital

gain

distributions

are

determined

in

accordance

with

federal

tax

regulations

which

may

differ

from

U.S.

GAAP.

As

a

result,

net

investment

income

and

net

realized

gain

(or

loss)

on

investments

and

foreign

currency-related

transactions

for

a

reporting

period

may

differ

significantly

from

distributions

during

such

period.

The

differences

between

tax

regulations

and

U.S.

GAAP

primarily

relate

to

investments

in

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,

2024

(Unaudited)

Notes

to

Financial

Statements

39

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.

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

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.

This

could

occur

whether

or

not

the

Underlying

Fund

invests

in

securities

of

issuers

located

in

or

with

significant

exposure

to

the

countries

directly

affected.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

an

Underlying

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held

by

an

Underlying

Fund.

This

could

cause

an

Underlying

Fund

to

underperform

other

types

of

investments.

From

time

to

time,

outbreaks

of

infectious

illness,

public

health

emergencies

and

other

similar

issues

(“public

health

events”)

may

occur

in

one

or

more

countries

around

the

globe.

Such

public

health

events

have

had

significant

impacts

on

both

the

country

in

which

the

event

is

first

identified

as

well

as

other

countries

in

the

global

economy.

Public

health

events

have

reduced

consumer

demand

and

economic

output

in

one

or

more

countries

subject

to

the

public

health

event,

resulted

in

restrictions

on

trading

and

market

closures

(including

for

extended

periods

of

time),

increased

substantially

the

volatility

of

financial

markets,

and,

more

generally,

have

had

a

significant

negative

impact

on

the

economy

of

the

country

or

countries

subject

to

the

public

health

event.

Public

health

events

have

also

adversely

affected

the

global

economy,

global

supply

chains

and

the

securities

in

which

the

Underlying

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,

2024,

purchases

and

sales

of

Underlying

Funds

were

as

follows:

Funds

Purchases

Sales

Moderate

Strategy

Fund

$

1,601,478

$

4,461,381

Balanced

Strategy

Fund

10,702,420

17,816,274

Growth

Strategy

Fund

2,663,338

9,716,517

Equity

Growth

Strategy

Fund

1,784,952

2,579,632

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2024

(Unaudited)

40

Notes

to

Financial

Statements

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

net

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,

2024:

RIM

has

agreed

to

certain

waivers

of

its

advisory

fees

as

follows:

For

the

Moderate

Strategy

Fund,

RIM

has

contractually

agreed,

until

April

30,

2025,

to

waive

up

to

the

full

amount

of

its

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

(including

litigation

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,

2025,

to

waive

up

to

the

full

amount

of

its

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

(including

litigation

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,

2025,

to

waive

up

to

the

full

amount

of

its

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

(including

litigation

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,

2025,

to

waive

up

to

the

full

amount

of

its

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

(including

litigation

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,

2024,

RIM

waived/reimbursed

the

following

expenses:

Funds

Advisory

Administrative

Moderate

Strategy

Fund

$

69,445

$

14,757

Balanced

Strategy

Fund

212,643

45,187

Growth

Strategy

Fund

179,371

38,116

Equity

Growth

Strategy

Fund

46,871

9,960

Funds

Waiver

Reimbursement

Total

Moderate

Strategy

Fund

$

69,445

$

11,010

$

80,455

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2024

(Unaudited)

Notes

to

Financial

Statements

41

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,

2024

were

as

follows:

Distributor

Russell

Investments

Financial

Services,

LLC

(the

“Distributor”),

a

wholly

owned

subsidiary

of

RIM,

serves

as

the

distributor

for

RIF,

pursuant

to

a

distribution

agreement

with

RIF.

The

Distributor

receives

no

compensation

from

the

Investment

Company

for

its

services.

Board

of

Trustees

The

Russell

Investments

fund

complex

consists

of

RIC,

which

has

30

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,

2024,

the

regular

compensation

paid

to

the

Trustees

by

the

Russell

Investments

fund

complex

was

$1,142,000.

5.

Federal

Income

Taxes

As

of

June

30,

2024,

the

following

Funds

had

net

tax

basis

capital

loss

carryforwards

which

may

be

applied

against

net

realized

taxable

gains,

if

any.

Available

capital

loss

carryforwards

are

as

follows:

6.

Record

Ownership

As

of

June

30,

2024,

the

following

table

includes

shareholders

of

record

with

greater

than

10%

of

the

total

outstanding

shares

of

each

respective

Fund:

Funds

Waiver

Reimbursement

Total

Balanced

Strategy

Fund

167,123

—

167,123

Growth

Strategy

Fund

138,545

—

138,545

Equity

Growth

Strategy

Fund

46,871

20,288

67,159

Funds

Amount

Moderate

Strategy

Fund

$

1,528

Balanced

Strategy

Fund

4,678

Growth

Strategy

Fund

3,946

Equity

Growth

Strategy

Fund

1,031

No

Expiration

Funds

Short-Term

Long-Term

Total

Moderate

Strategy

Fund

$

207,455

$

2,979,152

$

3,186,607

Balanced

Strategy

Fund

283,526

3,037,387

3,320,913

Growth

Strategy

Fund

333,180

3,630,547

3,963,727

Equity

Growth

Strategy

Fund

139,867

1,475,850

1,615,717

Funds

#

of

Shareholders

%

Moderate

Strategy

Fund

2

95.6

Balanced

Strategy

Fund

2

95.9

Growth

Strategy

Fund

2

96.9

Equity

Growth

Strategy

Fund

2

95.3

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2024

(Unaudited)

42

Notes

to

Financial

Statements

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

12,

2025,

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,

2024.

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.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement

—(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

43

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

20,

2024

(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”),

except

for

the

Long

Duration

Bond

Fund,

for

which

the

Third-Party

Information

showed

performance

comparisons

for

Class

S

since

first

being

issued

on

September

11,

2023,

and

for

Class

Y

shares

prior

to

that

date.

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

meetings

held

virtually

on

April

5,

2024

and

April

15,

2024,

the

Independent

Trustees

met

privately

with

Independent

Counsel

to

discuss

the

Agreement

Evaluation

Information

received

to

those

dates.

At

a

meeting

held

in

person

on

April

22,

2024,

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

23,

2024

(the

“Agreement

Information

Review

Meeting”),

the

Board,

including

the

Independent

Trustees,

in

preparation

for

the

Agreement

Evaluation

Meeting,

met:

(1)

in

an

executive

session

with

a

representative

of

TA

Associates

Management,

L.P.

(“TA

Associates”),

at

which

(i)

Independent

Counsel,

(ii)

Fund

Counsel,

(iii)

the

Chief

Financial

Officer

of

RIM

and

RIM’s

ultimate

parent

company,

and

(iv)

the

President,

Chief

Executive

Officer

and

non-Independent

Trustee

of

the

Funds,

who

is

also

a

Director

of

RIM

and

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

was

provided

to

the

Board

on

May

3,

2024.

On

May

13,

2024,

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.

After

the

conclusion

of

such

meeting,

the

Independent

Trustees

provided

follow-up

comments

and

questions

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

44

Basis

for

Approval

of

Investment

Advisory

Agreement

relating

to

the

additional

Agreement

Evaluation

Information.

On

May

16,

2024

and

at

the

Agreement

Evaluation

Meeting,

the

Board

was

provided

with

responses

to

the

follow-up

comments

and

questions

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

most

of

the

Underlying

Funds

(the

“Manager-of-Managers

Underlying

Funds”)

employ

a

manager-of-managers

method

of

investment

and

that

the

Manager-of-Managers

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

Manager-of-Managers

Underlying

Funds

and

is

responsible

for

paying

fees

to

the

Money

Managers

(“Money

Manager

Fees”)

out

of

the

advisory

fees

paid

by

the

Manager-of-Managers

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

a

Manager-of-Managers

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

a

Manager-of-Managers

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

Long

Duration

Bond

Fund

does

not

employ

a

manager-of-managers

method

of

investment

and

is

instead

managed

only

by

RIM.

The

Board

considered

that

RIM

(rather

than

any

Money

Manager

in

the

case

of

Manager-of-Managers

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

strategic

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

strategic

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

strategic

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

Manager-of-Managers

Underlying

Fund

are

allocated

among

RIM

and

the

multiple

Money

Manager

strategies

selected

by

RIM

for

that

Manager-of-Managers

Underlying

Fund.

RIM

may

change

a

Manager-of-Managers

Underlying

Fund’s

target

strategic

asset

allocation

to

a

Money

Manager

at

any

time,

including

by

allocating

no

Manager-of-Managers

Underlying

Fund

assets

to

one

or

more

Money

Manager

strategies.

In

addition,

RIM

continues

to

manage

the

investment

of

each

Manager-of-Managers

Underlying

Fund’s

cash

and

portions

of

a

Manager-of-Managers

Underlying

Fund

during

transitions

between

discretionary

Money

Managers.

RIM

also

continues

to

manage

directly

any

portion

of

each

Manager-of-Managers

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

a

Manager-

of-Managers

Underlying

Fund

that

RIM

manages

based

upon

non-discretionary

Money

Manager

model

portfolios,

RIM

constructs

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

45

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

Manager-of-Managers

Underlying

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,

the

potential

for

additional

commission

recapture,

improved

portfolio

efficiency

and

control

by

enabling

the

implementation

team

more

options

for

controlling

investment

exposures,

managing

cash

flows

and

rebalances

between

Money

Manager

strategies,

and

managing

Money

Manager

transitions.

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

Manager-of-Managers

Underlying

Funds,

RIM

is

responsible

for

selecting

(subject

to

Board

approval),

overseeing

and

evaluating

the

performance

results

of

the

Money

Managers

for

each

Manager-of-Managers

Underlying

Fund

and

for

actively

managing

allocations

and

reallocations

of

its

assets

among

Money

Manager

strategies

and

RIM

itself.

Each

discretionary

Money

Manager

for

a

Manager-of-Managers

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

Manager-of-Managers

Underlying

Fund

assigned

to

it

by

RIM

in

accordance

with

the

Manager-of-Managers

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

a

Manager-of-Managers

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

Manager-of-Managers

Underlying

Fund,

RIM

is

responsible

for,

among

other

things,

providing

each

Money

Manager

with

the

investment

guidelines

and

policies

for

the

Manager-of-Managers

Underlying

Fund

and

any

specific

investment

restrictions;

monitoring

the

performance

of

each

Money

Manager

and

Manager-of-Managers

Underlying

Fund;

generally

supervising

compliance

by

the

discretionary

Money

Managers

and,

as

applicable,

the

non-discretionary

Money

Managers

with

each

Manager-of-Managers

Underlying

Fund’s

investment

objective

and

policies;

with

respect

to

Manager-of-Managers

Underlying

Funds

with

non-discretionary

Money

Managers,

purchasing

and

selling

securities

for

the

Manager-of-Managers

Underlying

Funds

based

on

model

portfolios

representing

the

investment

recommendations

of

the

non-discretionary

Money

Managers;

managing

Manager-of-Managers

Underlying

Fund

assets

that

are

not

allocated

to

Money

Manager

strategies;

managing

the

Manager-of-

Managers

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

a

Manager-of-Managers

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

the

investment

activities

of

Money

Managers

for

the

Manager-of-Managers

Underlying

Fund

in

a

complementary

fashion.

Therefore,

RIM’s

selection

of

Money

Managers

for

a

Manager-of-Managers

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

Manager-of-Managers

Underlying

Fund.

In

light

of

the

foregoing,

the

overall

performance

of

each

Manager-of-Managers

Underlying

Fund

has

reflected,

in

great

part,

the

performance

of

RIM

in

designing

the

Manager-of-Managers

Underlying

Fund’s

investment

program,

structuring

the

Manager-of-Managers

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

Manager-

of-Managers

Underlying

Fund.

In

the

Agreement

Evaluation

Information,

RIM

noted

the

broad

array

of

investment

management

services

provided

to

the

Manager-of-Managers

Underlying

Funds

by

RIM

and

the

relatively

narrow

portfolio

management

services

provided

to

the

Manager-of-Managers

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

Manager-of-Managers

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

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

46

Basis

for

Approval

of

Investment

Advisory

Agreement

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

Manager-of-Managers

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

Manager-of-Managers

Underlying

Funds’

assets

(as

further

described

below).

The

Board

considered

that

the

prospectuses

for

the

Funds

and

the

Manager-of-Managers

Underlying

Funds

and

other

public

disclosures

have

emphasized,

and

continue

to

emphasize,

to

investors

RIM’s

role

as

the

principal

investment

manager

for

each

such

Manager-of-Managers

Underlying

Fund,

rather

than

the

investment

selection

or

recommendation

role

of

the

Money

Managers,

and

describe

the

manner

in

which

the

Funds

or

Manager-of-Managers

Underlying

Funds

operate.

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

structure

of

the

Manager-of-Managers

Underlying

Funds.

The

Board

also

considered

the

demands

and

complexity

of

managing

the

Manager-of-Managers

Underlying

Funds

pursuant

to

the

manager-of-managers

structure,

the

special

expertise

of

RIM

with

respect

to

the

manager-of-managers

structure

of

the

Manager-of-

Managers

Underlying

Funds

and

the

possibility

that,

at

the

current

expense

ratio

of

each

Manager-of-Managers

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

Manager-of-Managers

Underlying

Fund.

In

addition

to

these

general

factors

relating

to

the

structure

of

the

Manager-of-Managers

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

Manager-of-Managers

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

initiatives

involving

cost

management

and

optimization

efforts,

potential

new

client

relationships,

initial

thoughts

on

potential

new

product

offerings,

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

Chief

Investment

Officer

of

Russell

Investments

discussed

with

the

Board

the

performance

of

certain

Funds

and

Underlying

Funds,

how

RI

measures

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

47

performance

success,

and

recent

investment

process

enhancements

which

were

previously

discussed

with

the

Board

regarding

changes

to

the

level

and

composition

of

risk

of

the

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

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,

capital

structure

and

liquidity

of

Russell

Investments

Group,

Ltd.,

and

the

impact

of

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

Manager-of-Managers

Underlying

Fund’s

cash,

directly

manages

a

portion

(which

may

represent

a

significant

portion)

of

the

Manager-of-Managers

Underlying

Funds

pursuant

to

the

RIM

Agreement,

with

the

actual

allocation

of

Manager-of-Managers

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

Manager-of-Managers

Underlying

Funds’

assets

that

are

not

allocated

to

Money

Manager

strategies,

RIM

utilizes

quantitative

and/or

rules-based

processes

and

qualitative

analysis

to

assess

Manager-of-Managers

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

2023,

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

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

48

Basis

for

Approval

of

Investment

Advisory

Agreement

Management

Services.

Therefore,

larger

portions

of

certain

Manager-of-Managers

Underlying

Funds

may

be

managed

directly

by

RIM

pursuant

to

the

Direct

Management

Services.

According

to

RIM,

for

the

Manager-of-Managers

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

a

Manager-of-Managers

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

Manager-of-Managers

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

Manager-of-Managers

Underlying

Fund

assets

to

Direct

Management

Services,

together

with

Money

Manager

selection,

allocations

among

Money

Manager

strategies,

renegotiation

of

Money

Manager

Fees

and

changes

in

existing

Money

Manager

assignments

from

discretionary

to

non-discretionary

assignments

where

there

is

a

related

Money

Manager

Fee

reduction

may

reduce

its

costs

of

providing

investment

advisory

services

to

the

Manager-of-Managers

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

Manager-of-Managers

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

Manager-of-Managers

Underlying

Funds

and

the

fact

that

the

aggregate

Advisory

Fees

paid

by

the

Manager-of-Managers

Underlying

Funds

are

not

increased

as

a

result

of

RIM’s

direct

management

of

Manager-of-Managers

Underlying

Fund

assets

as

part

of

the

Direct

Management

Services

or

otherwise.

The

Board

noted

that

changes

in

the

allocation

of

assets

among

Money

Manager

strategies,

to

Direct

Management

Services

or

in

connection

with

asset

allocation

programs

offered

by

RIM,

as

well

as

changes

in

the

allocation

of

Fund

assets

among

the

Underlying

Funds,

may

result

directly

in

higher

related

costs

to

affected

Underlying

Funds,

including

higher

brokerage

commissions

and

other

transaction

costs,

a

portion

of

which

is

paid

to

RIM’s

affiliated

broker

in

connection

with

execution

of

portfolio

transactions

in

connection

with

such

changes.

RIM

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

Manager-of-Managers

Underlying

Funds,

whereby

those

Manager-of-Managers

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

Manager-of-Managers

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

Manager-of-Managers

Underlying

Funds,

or

create

Money

Manager

bench

lineups

for

additional

Manager-of-Managers

Underlying

Funds.

The

Agreement

Evaluation

Information

outlined

various

changes

that

have

been

implemented

in

the

investment

program

for

the

Funds

and

the

Manager-of-Managers

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

Manager-of-Managers

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

Manager-

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

49

of-Managers

Underlying

Funds

of

emulation.

RIM

noted

that,

in

implementing

emulation

for

most

equity

assignments

for

the

Manager-of-Managers

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.

For

such

equity

transactions,

the

Underlying

Funds

pay

RIM’s

affiliated

broker

dealer

commission

rates

that

are

determined

by

an

oversight

committee

of

RIM.

According

to

RIM,

the

Underlying

Funds

pay

the

same

commission

rates

regardless

of

whether

the

affiliated

broker

dealer

receives

any

portion

of

the

commission.

RIM

noted

certain

enhancements

in

recent

years

to

the

emulation

process

for

Manager-of-Managers

Underlying

Funds,

including

increasing

the

frequency

of

receipt

of

certain

Money

Manager

model

portfolios,

the

utilization

of

a

risk-based

portfolio

dashboard

and

model

liquidity

monitoring.

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.

•

Benchmark

changes

for

certain

Underlying

Funds

to

comply

with

new

SEC

regulations.

•

Previous

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.

•

Modifications

to

the

target

strategic

asset

allocation

of

the

Funds

to

reflect

market

conditions,

capital

market

forecasts

and

RIM’s

desired

asset

class

exposures.

•

The

reduction

in

contractual

advisory

fee

rates

for

certain

RIC

Underlying

Funds

for

which

RIM

was

consistently

waiving

advisory

fees

or

reimbursing

Fund

expenses

under

an

expense

cap,

and

the

implementation

of

new

waivers

and/or

expense

caps

for

such

Funds.

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

Board

considered

that,

effective

March

1,

2024,

the

contractual

advisory

fee

rates

were

reduced

for

certain

RIC

Underlying

Funds

for

which

RIM

was

consistently

waiving

advisory

fees

or

reimbursing

Fund

expenses

under

an

expense

cap,

and

new

waivers

and/or

expense

caps

for

certain

RIC

Underlying

Funds

were

implemented

upon

the

expiration

of

the

prior

waivers

and/or

expense

caps.

To

assist

the

Board’s

evaluation

of

the

Management

Fees

and

total

expenses

of

such

RIC

Underlying

Funds,

RIM

provided

comparisons

and

discussion

of

the

Management

Fees

and

total

expenses

of

each

RIC

Underlying

Fund

on

an

annualized

pro

forma

basis

(i.e.,

adjusted

to

reflect

the

changes

to

contractual

Advisory

Fees

and

Advisory

Fee

waivers

and

expense

caps,

as

applicable)

relative

to

the

management

fees

and

total

expenses

of

such

RIC

Underlying

Fund’s

Comparable

Funds

included

in

the

Third-Party

Information.

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.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

50

Basis

for

Approval

of

Investment

Advisory

Agreement

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

previously

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

noted

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

increased

slightly

in

2023,

and

RIM’s

2023

pre-tax

profit

margins

in

providing

investment

advisory

services

to

the

Funds

is

modestly

higher

than

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

as

of

September

30,

2023

reflecting

the

prior

12

months.

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

Universe.

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

subsequently

in

2024

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

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

Manager-of-Managers

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

or

expense

limitation

arrangements

that

had

been

implemented

in

the

past

year,

and

those

proposed

to

be

implemented

in

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

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

51

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

and

its

affiliates’

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

and/or

expense

caps

for

the

Underlying

Funds,

and

considering

any

differences

in

the

investment

strategies

of

their

respective

Comparable

Funds

and

in

light

of

other

factors

discussed

above:

(1)

found

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

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;

in

the

case

of

Manager-of

Managers

Underlying

Funds,

the

variability

of

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure;

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,

2023

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

Manager-of-Managers

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

Manager-of-Managers

Underlying

Fund

investment

results.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

52

Basis

for

Approval

of

Investment

Advisory

Agreement

With

respect

to

the

Moderate

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,

2023,

and

was

ranked

in

the

third

quintile

of

its

Performance

Universe

for

the

1-year

period

and

the

fifth

quintile

of

its

Performance

Universe

for

the

5-year

period

ended

on

such

date.

The

performance

of

each

of

the

other

Funds

ranked

in

the

third

quintile

of

its

Performance

Universe

or

better

for

the

3-year

period

ended

December

31,

2023.

The

Board

considered

RIM’s

explanation

that

the

underperformance

of

the

Moderate

Strategy

Fund

relative

to

its

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,

within

fixed

income,

the

Funds’

higher

allocation

to

government

bonds

and

longer

duration

compared

to

their

Comparable

Funds

detracted

from

peer-relative

performance.

RIM

further

noted

that

the

Funds’

target

strategic

asset

allocations

were

modified

in

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

target

strategic

asset

allocation

of

the

Funds

in

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

Manager-of-Managers

Underlying

Funds’

performance

relative

to

their

primary

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,

2023,

for

the

1-year

period

ended

December

31,

2023,

the

RIC

Global

Infrastructure

Fund,

RIF

Global

Real

Estate

Securities

Fund,

RIC

Opportunistic

Credit

Fund,

RIC

Short

Duration

Bond

Fund,

and

RIC

Multi-Strategy

Income

Fund

outperformed

their

respective

benchmarks;

for

the

3-year

period

ended

December

31,

2023,

the

RIF

U.S.

Small

Cap

Equity

Fund,

RIF

International

Developed

Markets

Fund,

RIC

Global

Equity

Fund,

RIC

Opportunistic

Credit

Fund,

and

RIC

Multi-Strategy

Income

Fund

outperformed

their

respective

benchmarks;

and

for

the

5-year

period

ended

December

31,

2023,

the

RIF

U.S.

Small

Cap

Equity

Fund,

RIC

Global

Infrastructure

Fund,

RIF

Global

Real

Estate

Securities

Fund,

RIC

Opportunistic

Credit

Fund,

RIC

Short

Duration

Bond

Fund,

and

RIC

Multi-Strategy

Income

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

Manager-of-Managers

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

Manager-of-Managers

Underlying

Funds,

the

Board

received

and

considered

information

from

RIM

reporting,

among

other

things,

for

each

Money

Manager,

the

Money

Manager’s

performance

over

various

periods;

RIM’s

assessment

of

the

performance

of

each

Money

Manager;

any

significant

business

relationships

between

the

Money

Manager

and

RIM

or

Russell

Investments

Financial

Services,

LLC,

the

Funds’

and

Underlying

Funds’

underwriter;

and

RIM’s

recommendation

to

retain

each

discretionary

or

non-discretionary

Money

Manager

on

the

current

terms

and

conditions,

including

at

the

current

fee

rate.

The

Board

received

reports

during

the

course

of

the

year

from

the

Funds’

CCO

regarding

her

assessments

of

Money

Manager

compliance

programs

and

any

compliance

issues.

RIM

did

not

identify

any

benefits

from

the

Manager-of-Managers

Underlying

Funds’

portfolio

transactions

received

by

Money

Managers

or

their

affiliates

other

than

potential

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

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

Manager-of-Managers

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

Manager-of-Managers

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

Manager-of-Managers

Underlying

Fund

would

be

in

the

best

interests

of

the

Manager-of-Managers

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

a

Manager-of-Managers

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

Manager-of-Managers

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

Adviser

and

Service

Providers

—

June

30,

2024

(Unaudited)

54

Adviser

and

Service

Providers

Interested

Trustee

Vernon

Barback

Independent

Trustees

Michelle

L.

Cahoon

Michael

Day

Julie

Dien

Ledoux

Jeremy

May

Jeannie

Shanahan

Raymond

P.

Tennison,

Jr.

Jack

R.

Thompson

Officers

Vernon

Barback,

President

and

Chief

Executive

Officer

Cheryl

Wichers,

Chief

Compliance

Officer

Kari

Seabrands,

Treasurer,

Chief

Accounting

Officer

and

Chief

Financial

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 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not Applicable

Item 9.  Proxy Disclosures for Open-End Management Investment Companies.

Not Applicable

Item 10.  Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The information is included as part of the Financial Statements filed under Item 7 of this form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

The information is included as part of the Financial Statements filed under Item 7 of this form.

Item 12.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

 Not Applicable

Item 13.  Portfolio Managers of Closed-End Management Investment Companies

Not Applicable

Item 14.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

 Not Applicable

Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not Applicable

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable

Item 19.  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 13, 2024

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 13, 2024

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 13, 2024