2022
QUARTERLY
REPORT
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
March
31,
2022
FUND
Moderate
Strategy
Fund
Balanced
Strategy
Fund
Growth
Strategy
Fund
Equity
Growth
Strategy
Fund
Russell
Investment
Funds
Russell
Investment
Funds
is
a
series
investment
company
with
nine
different
investment
portfolios
referred
to
as
Funds.
This
Quarterly
Report
reports
on
four
of
these
Funds.
Page
Moderate
Strategy
Fund
3
Balanced
Strategy
Fund
4
Growth
Strategy
Fund
5
Equity
Growth
Strategy
Fund
6
Notes
to
Quarterly
Report
7
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Quarterly
Report
March
31,
2022
(Unaudited)
Table
of
Contents
Russell
Investment
Funds
-
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Copyright
©
Russell
Investments
2022.
All
rights
reserved.
Russell
Investments’
ownership
is
composed
of
a
majority
stake
held
by
funds
managed
by
TA
Associates,
with
a
significant
minority
stake
held
by
funds
managed
by
Reverence
Capital
Partners.
Russell
Investments’
employees
and
Hamilton
Lane
Advisors,
LLC
also
hold
minority,
non-controlling,
ownership
stakes.
Frank
Russell
Company
is
the
owner
of
the
Russell
trademark
contained
in
this
material
and
all
trademark
rights
related
to
the
Russell
trademarks,
which
the
members
of
the
Russell
Investment
group
of
companies
are
permitted
to
use
under
license
from
Frank
Russell
Company.
The
members
of
the
Russell
Investments
group
of
companies
are
not
affiliated
in
any
manner
with
Frank
Russell
Company
or
any
entity
operating
under
the
“FTSE
RUSSELL”
brand.
Fund
objectives,
risks,
charges
and
expenses
should
be
carefully
considered
before
in-
vesting.
A
prospectus
containing
this
and
other
important
information
must
precede
or
accompany
this
material.
Please
read
the
prospectus
carefully
before
investing.
Securities
distributed
through
Russell
Investments
Financial
Services,
LLC,
member
FINRA,
part
of
Russell
Investments.
Russell
Investment
Funds
Moderate
Strategy
Fund
Schedule
of
Investments
—
March
31,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Moderate
Strategy
Fund
3
Amounts
in
thousands
(except
share
amounts)
Shares
Fair
Value
$
Investments
in
Affiliated
Funds
-
100.1%
Alternative
-
3.0%
RIF
Global
Real
Estate
Securities
Fund
157,086
2,550
Domestic
Equities
-
13.5%
RIF
U.S.
Small
Cap
Equity
Fund
243,436
3,396
RIF
U.S.
Strategic
Equity
Fund
412,924
8,073
11,469
Fixed
Income
-
49.1%
RIC
Investment
Grade
Bond
Fund
Class
Y
586,867
11,896
RIC
Unconstrained
Total
Return
Fund
Class
Y
192,467
1,699
RIF
Strategic
Bond
Fund
2,872,958
28,040
41,635
International
Equities
-
24.5%
RIC
Emerging
Markets
Fund
Class
Y
97,275
1,699
RIC
Global
Equity
Fund
Class
Y
1,784,323
15,720
RIF
International
Developed
Markets
Fund
292,253
3,399
20,818
Multi-Asset
-
10.0%
RIC
Multi-Strategy
Income
Fund
Class
Y
827,400
8,497
Total
Investments
in
Affiliated
Funds
(cost
$83,436)
84,969
Total
Investments
-
100.1%
(identified
cost
$83,436)
84,969
Other
Assets
and
Liabilities,
Net
-
(0.1)%
(52)
Net
Assets
-
100.0%
84,917
Russell
Investment
Funds
Balanced
Strategy
Fund
Schedule
of
Investments
—
March
31,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
4
Balanced
Strategy
Fund
Amounts
in
thousands
(except
share
amounts)
Shares
Fair
Value
$
Investments
in
Affiliated
Funds
-
100.0%
Alternative
-
4.1%
RIF
Global
Real
Estate
Securities
Fund
607,669
9,862
Domestic
Equities
-
18.8%
RIF
U.S.
Small
Cap
Equity
Fund
695,948
9,708
RIF
U.S.
Strategic
Equity
Fund
1,844,461
36,060
45,768
Fixed
Income
-
29.4%
RIC
Unconstrained
Total
Return
Fund
Class
Y
543,987
4,803
RIF
Strategic
Bond
Fund
6,821,560
66,579
71,382
International
Equities
-
39.7%
RIC
Emerging
Markets
Fund
Class
Y
337,532
5,897
RIC
Global
Equity
Fund
Class
Y
8,900,824
78,416
RIF
International
Developed
Markets
Fund
1,033,350
12,018
96,331
Multi-Asset
-
8.0%
RIC
Multi-Strategy
Income
Fund
Class
Y
1,882,966
19,338
Total
Investments
in
Affiliated
Funds
(cost
$229,354)
242,681
Total
Investments
-
100.0%
(identified
cost
$229,354)
242,681
Other
Assets
and
Liabilities,
Net
–
(0.0)
%
(97)
Net
Assets
-
100.0%
242,584
Russell
Investment
Funds
Growth
Strategy
Fund
Schedule
of
Investments
—
March
31,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Growth
Strategy
Fund
5
Amounts
in
thousands
(except
share
amounts)
Shares
Fair
Value
$
Investments
in
Affiliated
Funds
-
100.0%
Alternative
-
5.1%
RIF
Global
Real
Estate
Securities
Fund
606,568
9,845
Domestic
Equities
-
24.9%
RIF
U.S.
Small
Cap
Equity
Fund
553,675
7,724
RIF
U.S.
Strategic
Equity
Fund
2,058,842
40,250
47,974
Fixed
Income
-
10.6%
RIC
Unconstrained
Total
Return
Fund
Class
Y
427,278
3,773
RIF
Strategic
Bond
Fund
1,708,878
16,679
20,452
International
Equities
-
49.5%
RIC
Emerging
Markets
Fund
Class
Y
210,415
3,676
RIC
Global
Equity
Fund
Class
Y
9,024,133
79,502
RIF
International
Developed
Markets
Fund
1,059,912
12,327
95,505
Multi-Asset
-
9.9%
RIC
Multi-Asset
Growth
Strategy
Fund
Class
Y
1,853,537
19,128
Total
Investments
in
Affiliated
Funds
(cost
$176,260)
192,904
Total
Investments
-
100.0%
(identified
cost
$176,260)
192,904
Other
Assets
and
Liabilities,
Net
–
(0.0)%
(78)
Net
Assets
-
100.0%
192,826
Russell
Investment
Funds
Equity
Growth
Strategy
Fund
Schedule
of
Investments
—
March
31,
2022
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
6
Equity
Growth
Strategy
Fund
Amounts
in
thousands
(except
share
amounts)
Shares
Fair
Value
$
Investments
in
Affiliated
Funds
-
100.1%
Alternative
-
5.1%
RIF
Global
Real
Estate
Securities
Fund
154,000
2,499
Domestic
Equities
-
27.6%
RIF
U.S.
Small
Cap
Equity
Fund
176,248
2,459
RIF
U.S.
Strategic
Equity
Fund
570,796
11,159
13,618
International
Equities
-
57.5%
RIC
Emerging
Markets
Fund
Class
Y
71,089
1,242
RIC
Global
Equity
Fund
Class
Y
2,683,140
23,638
RIF
International
Developed
Markets
Fund
295,373
3,435
28,315
Multi-Asset
-
9.9%
RIC
Multi-Asset
Growth
Strategy
Fund
Class
Y
473,987
4,892
Total
Investments
in
Affiliated
Funds
(cost
$45,527)
49,324
Total
Investments
-
100.1%
(identified
cost
$45,527)
49,324
Other
Assets
and
Liabilities,
Net
-
(0.1)%
(37)
Net
Assets
-
100.0%
49,287
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Notes
to
Quarterly
Report
—
March
31,
2022
(Unaudited)
Notes
to
Quarterly
Report
7
1.
Organization
Russell
Investment
Funds
(the
“Investment
Company”
or
“RIF”)
is
a
series
investment
company
with
nine
different
investment
portfolios
referred
to
as
funds.
This
Quarterly
Report
reports
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
this
Quarterly
Report)
refers
to
the
three
months
ended
March
31,
2022.
Each
of
the
Funds
listed
in
the
table
below
is
a
“fund
of
funds”
and
diversifies
its
assets
by
investing
in
shares
of
several
other
RIF
funds
and
in
certain
Russell
Investment
Company
(“RIC”)
funds
(the
“Underlying
Funds”).
Each
Fund
seeks
to
achieve
its
specific
investment
objective
by
investing
in
different
combinations
of
Underlying
Funds.
The
following
table
shows
each
Fund’s
approximate
target
strategic
asset
allocation
to
equity,
fixed
income,
multi-asset,
and
alternative
asset
classes
effective
May
1,
2021.
As
of
March
31,
2022,
the
equity
Underlying
Funds
in
which
the
Funds
may
invest
include
the
RIC
Sustainable
Equity,
RIF
U.S.
Small
Cap
Equity,
RIF
U.S.
Strategic
Equity,
RIC
Emerging
Markets,
RIC
Global
Equity,
and
RIF
International
Developed
Markets
Funds.
The
fixed
income
Underlying
Funds
in
which
the
Funds
may
invest
include
the
RIC
Opportunistic
Credit,
RIC
Investment
Grade
Bond,
RIC
Short
Duration
Bond,
RIC
Unconstrained
Total
Return,
and
RIF
Strategic
Bond
Funds.
The
multi-asset
Underlying
Funds
in
which
the
Funds
may
invest
include
the
RIC
Multi-
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
or
alternative
Underlying
Funds
to
result
in
investment
diversification
that
an
investor
could
otherwise
achieve
only
by
holding
numerous
individual
investments.
A
Fund’s
actual
allocation
may
vary
from
the
target
strategic
asset
allocation
at
any
point
in
time
(1)
due
to
market
movements,
(2)
by
up
to
+/-
5%
at
the
equity,
fixed
income,
multi-asset
or
alternative
category
level
based
on
Russell
Investment
Management,
LLC
(“RIM”)
capital
markets
research,
and/or
(3)
due
to
the
implementation
over
a
period
of
time
of
a
change
to
the
target
strategic
asset
allocation
including
the
addition
of
a
new
Underlying
Fund.
There
may
be
no
changes
in
the
asset
allocation
or
to
the
Underlying
Funds
in
a
given
period
or
such
changes
may
be
made
one
or
more
times
in
a
period.
*
As
described
above,
actual
asset
allocation
may
vary.
**
Alternative
Underlying
Funds
pursue
investment
strategies
that
differ
from
those
of
traditional
broad
market
equity
or
fixed
income
funds.
2.
Significant
Accounting
Policies
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds
in
the
preparation
of
this
Quarterly
Report.
These
policies
are
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
Quarterly
Report.
Actual
results
could
differ
from
those
Asset
Allocation*
Moderate
Strategy
Fund
Balanced
Strategy
Fund
Growth
Strategy
Fund
Equity
Growth
Strategy
Fund
Equity
38%
58%
74%
85%
Fixed
Income
49%
30%
11%
—
%
Multi-Asset
10%
8%
10%
10%
Alternative**
3%
4%
5%
5%
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Notes
to
Quarterly
Report,
continued
—
March
31,
2022
(Unaudited)
8
Notes
to
Quarterly
Report
estimates.
The
Funds
are
considered
investment
companies
under
U.S.
GAAP
and
follow
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Security
Valuation
The
Funds
value
portfolio
securities
according
to
Board-approved
securities
valuation
procedures
which
include
market
and
fair
value
procedures.
The
Board
has
delegated
the
responsibility
for
administration
of
the
securities
valuation
procedures
to
Russell
Investments
Fund
Services,
LLC
(“RIFUS”).
The
Funds
value
the
shares
of
the
Underlying
Funds
at
the
current
NAV
per
share
of
each
Underlying
Fund.
The
Funds
have
adopted
the
authoritative
guidance
under
U.S.
GAAP
for
estimating
the
fair
value
of
investments
in
funds
that
have
calculated
NAV
per
share
in
accordance
with
the
specialized
accounting
guidance
for
investment
companies.
Accordingly,
the
Funds
estimate
the
fair
value
of
an
investment
in
a
fund
using
the
NAV
per
share
without
further
adjustment
as
a
practical
expedient,
if
the
NAV
per
share
of
the
investment
is
determined
in
accordance
with
the
specialized
accounting
guidance
for
investment
companies
as
of
the
reporting
entity’s
measurement
date.
U.S.
GAAP
defines
fair
value
as
the
price
that
a
Fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
It
establishes
a
fair
value
hierarchy
that
prioritizes
inputs
to
valuation
methods,
requires
a
separate
disclosure
of
the
fair
value
hierarchy
for
each
major
category
of
assets
and
liabilities,
and
segregates
fair
value
measurements
into
levels
(Level
1,
2,
and
3).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Levels
1,
2
and
3
of
the
fair
value
hierarchy
are
defined
as
follows:
Level
1
—
Quoted
prices
(unadjusted)
in
active
markets
or
exchanges
for
identical
assets
and
liabilities.
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable,
which
may
include,
but
are
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
and
inputs
such
as
interest
rates,
yield
curves,
implied
volatilities,
credit
spreads
or
other
market
corroborated
inputs.
Level
3
—
Significant
unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
which
may
include
assumptions
made
by
RIFUS,
acting
at
the
discretion
of
the
Board,
that
are
used
in
determining
the
fair
value
of
investments.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
market
values
of
financial
instruments
categorized
as
Level
1
and
Level
2
of
the
fair
value
hierarchy
are
as
follows:
Equity
securities,
including
common
and
preferred
stock,
short
securities,
ETFs
and
restricted
securities
that
are
traded
on
a
national
securities
exchange
(or
reported
on
the
NASDAQ
national
market),
are
stated
at
the
last
reported
sales
price
on
the
day
of
valuation
or
official
closing
price,
as
applicable.
To
the
extent
these
securities
are
actively
traded,
and
valuation
adjustments
are
not
applied,
they
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
Investments
in
investment
funds
that
are
not
traded
on
a
national
securities
exchange
(or
reported
on
the
NASDAQ
national
market)
will
be
valued
based
upon
the
NAV
of
such
investments.
For
the
period
ended
March
31,
2022,
all
investments
held
were
classified
as
Level
1
within
the
fair
value
hierarchy.
Investment
Income
Distributions
of
income
and
capital
gains
from
the
Funds
or
Underlying
Funds
are
recorded
on
the
ex-dividend
date.
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Notes
to
Quarterly
Report,
continued
—
March
31,
2022
(Unaudited)
Notes
to
Quarterly
Report
9
Guarantees
In
the
normal
course
of
business,
the
Funds
may
enter
into
contracts
that
contain
a
variety
of
representations
which
provide
general
indemnifications.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Funds
that
have
not
yet
occurred.
However,
the
Funds
expect
the
risk
of
loss
to
be
remote.
LIBOR
The
Underlying
Funds
may
invest
in
certain
instruments
including,
but
not
limited
to,
repurchase
agreements,
collateralized
loan
obligations
and
mortgage-backed
securities,
that
rely
in
some
fashion
upon
London
Interbank
Offer
Rate
(“LIBOR”).
LIBOR
is
an
average
interest
rate,
determined
by
the
ICE
Benchmark
Administration,
that
banks
charge
one
another
for
the
use
of
short-term
money.
The
United
Kingdom’s
Financial
Conduct
Authority
(“FCA”),
which
regulates
LIBOR,
announced
plans
to
phase
out
the
use
of
LIBOR
by
the
end
of
2021.
However,
subsequent
announcements
by
the
FCA,
the
LIBOR
administrator
and
other
regulators
indicated
that
it
is
possible
that
certain
of
the
most
widely
used
LIBORs
may
continue
until
mid-2023.
There
remains
uncertainty
regarding
the
future
utilization
of
LIBOR
and
the
nature
of
any
replacement
rate
(e.g.,
the
Secured
Overnight
Financing
Rate,
which
is
intended
to
replace
U.S.
dollar
LIBOR
and
measures
the
cost
of
overnight
borrowings
through
repurchase
agreement
transactions
collateralized
with
U.S.
Treasury
securities).
Any
potential
effects
of
the
transition
away
from
LIBOR
on
the
Underlying
Funds
or
on
certain
instruments
in
which
an
Underlying
Fund
invests
can
be
difficult
to
ascertain,
and
they
may
vary
depending
on
factors
that
include,
but
are
not
limited
to:
(i)
existing
fallback
or
termination
provisions
in
individual
contracts
and
(ii)
whether,
how,
and
when
industry
participants
develop
and
adopt
new
reference
rates
and
fallbacks
for
both
legacy
and
new
products
and
instruments.
For
example,
certain
of
the
Underlying
Funds’
investments
may
involve
individual
contracts
that
have
no
existing
fallback
provision
or
language
that
contemplates
the
discontinuation
of
LIBOR,
and
those
investments
could
experience
increased
volatility
or
illiquidity
as
a
result
of
the
transition
process.
In
addition,
interest
rate
provisions
included
in
such
contracts
may
need
to
be
renegotiated
in
contemplation
of
the
transition
away
from
LIBOR.
The
transition
may
also
result
in
a
reduction
in
the
value
of
certain
instruments
held
by
an
Underlying
Fund,
including
those
described
in
this
paragraph,
or
a
reduction
in
the
effectiveness
of
related
Underlying
Fund
transactions
such
as
hedges.
Any
such
effects
of
the
transition
away
from
LIBOR,
as
well
as
other
unforeseen
effects,
could
result
in
losses
to
an
Underlying
Fund.
Market,
Credit
and
Counterparty
Risk
In
the
normal
course
of
business,
the
Underlying
Funds
trade
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
a
transaction
to
perform
(credit
risk).
Similar
to
credit
risk,
the
Underlying
Funds
may
also
be
exposed
to
counterparty
risk
or
risk
that
an
institution
or
other
entity
with
which
the
Underlying
Funds
have
unsettled,
or
open
transactions
will
default.
The
potential
loss
could
exceed
the
value
of
the
relevant
assets
recorded
in
the
Underlying
Funds’
financial
statements
(the
“Assets”).
The
Assets
consist
principally
of
cash
due
from
counterparties
and
investments.
The
extent
of
the
Underlying
Funds’
exposure
to
market,
credit
and
counterparty
risks
with
respect
to
the
Assets
approximates
their
carrying
value
as
recorded
in
the
Underlying
Funds’
Statements
of
Assets
and
Liabilities.
Global
economies
and
financial
markets
are
becoming
increasingly
interconnected
and
political
and
economic
conditions
(including
recent
instability
and
volatility
due
to
international
trade
disputes)
and
events
(including
natural
disasters,
pandemics,
epidemics,
social
unrest
and
government
shutdowns)
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
As
a
result,
issuers
of
securities
held
by
an
Underlying
Fund
may
experience
significant
declines
in
the
value
of
their
assets
and
even
cease
operations.
Such
conditions
and/or
events
may
not
have
the
same
impact
on
all
types
of
securities
and
may
expose
an
Underlying
Fund
to
greater
market
and
liquidity
risk
and
potential
difficulty
in
valuing
portfolio
instruments
held
by
an
Underlying
Fund.
This
could
cause
an
Underlying
Fund
to
underperform
other
types
of
investments.
From
time
to
time,
outbreaks
of
infectious
illness,
public
health
emergencies
and
other
similar
issues
(“public
health
events”)
may
occur
in
one
or
more
countries
around
the
globe.
Such
public
health
events
have
had
significant
impacts
on
both
the
country
in
which
the
event
is
first
identified
as
well
as
other
countries
in
the
global
economy.
Public
health
events
have
reduced
consumer
demand
and
economic
output
in
one
or
more
countries
subject
to
the
public
health
event,
resulted
in
restrictions
on
trading
and
market
closures
(including
for
extended
periods
of
time),
increased
substantially
the
volatility
of
financial
markets,
and,
more
generally,
have
had
a
significant
negative
impact
on
the
economy
of
the
country
or
countries
subject
to
the
public
health
event.
Public
health
events
have
also
adversely
affected
the
global
economy,
global
supply
chains
and
the
securities
in
which
the
Underlying
Fund’s
invest
across
a
number
of
industries,
sectors
and
asset
classes.
The
extent
of
the
impact
depends
on,
among
other
factors,
the
scale
and
duration
of
any
such
public
health
event.
Public
health
events
have
resulted
in
the
governments
of
affected
countries
taking
potentially
significant
measures
to
seek
to
mitigate
the
transmission
of
the
infectious
illness
or
other
public
health
issue
including,
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Notes
to
Quarterly
Report,
continued
—
March
31,
2022
(Unaudited)
10
Notes
to
Quarterly
Report
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.
Related
Party
Transactions
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.
4.
Federal
Income
Taxes
As
of
March
31,
2022,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
5.
Subsequent
Events
Management
has
evaluated
the
events
and/or
transactions
that
have
occurred
through
the
date
this
Quarterly
Report
was
issued
and
noted
no
events
have
occurred
that
require
disclosure.
Moderate
Strategy
Fund
Balanced
Strategy
Fund
Growth
Strategy
Fund
Equity
Growth
Strategy
Fund
Cost
of
Investments
$
84,558,962
$
233,136,972
$
179,322,845
$
46,785,573
Unrealized
Appreciation
$
1,039,488
$
11,914,750
$
14,715,928
$
2,694,979
Unrealized
Depreciation
(629,420)
(2,370,849)
(1,134,702)
(156,298)
Net
Unrealized
Appreciation
(Depreciation)
$
410,068
$
9,543,901
$
13,581,226
$
2,538,681
Russell
Investment
Funds
1301
Second
Avenue
Seattle,
Washington
98101
800-787-7354
Fax:
206-505-3495