2024
QUARTERLY
REPORT
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
March
31,
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.
This
Quarterly
Report
reports
on
four
of
these
Funds.
Page
Moderate
Strategy
Fund
3
Balanced
Strategy
Fund
5
Growth
Strategy
Fund
7
Equity
Growth
Strategy
Fund
9
Notes
to
Quarterly
Report
11
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Quarterly
Report
March
31,
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,
part
of
Rus-
sell
Investments.
Russell
Investment
Funds
Moderate
Strategy
Fund
Schedule
of
Investments
—
March
31,
2024
(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
160,961
2,137
Domestic
Equities
-
17.4%
RIF
U.S.
Small
Cap
Equity
Fund
123,616
1,835
RIF
U.S.
Strategic
Equity
Fund
501,541
10,547
12,382
Fixed
Income
-
51.4%
RIC
Long
Duration
Bond
Fund
Class
Y
521,696
4,221
RIC
Short
Duration
Bond
Fund
Class
Y
188,708
3,517
RIF
Strategic
Bond
Fund
3,286,131
28,819
36,557
International
Equities
-
20.3%
RIC
Emerging
Markets
Fund
Class
Y
91,151
1,436
RIC
Global
Equity
Fund
Class
Y
1,114,981
11,206
RIF
International
Developed
Markets
Fund
144,652
1,799
14,441
Multi-Asset
-
8.0%
RIC
Multi-Strategy
Income
Fund
Class
Y
602,207
5,721
Total
Investments
in
Affiliated
Funds
(cost
$68,894)
71,238
Total
Investments
-
100.1%
(identified
cost
$68,894)
71,238
Other
Assets
and
Liabilities,
Net
-
(0.1)%
(49)
Net
Assets
-
100.0%
71,189
Russell
Investment
Funds
Moderate
Strategy
Fund
Schedule
of
Investments,
continued
—
March
31,
2024
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
4
Moderate
Strategy
Fund
Transactions
(amounts
in
thousands)
during
the
period
ended
March
31,
2024
with
Underlying
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
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
$
44
$
13
$
(2
)
$
(14
)
$
2,137
$
13
$
—
RIF
U.S.
Small
Cap
Equity
Fund
1,778
60
100
10
87
1,835
21
—
RIF
U.S.
Strategic
Equity
Fund
10,279
145
845
95
873
10,547
145
—
RIC
Long
Duration
Bond
Fund
4,225
136
38
1
(103
)
4,221
39
—
RIC
Short
Duration
Bond
Fund
3,496
40
21
—
2
3,517
24
—
RIF
Strategic
Bond
Fund
28,968
281
235
(33
)
(162
)
28,819
—
—
RIC
Emerging
Markets
Fund
1,430
28
83
(11
)
72
1,436
—
—
RIC
Global
Equity
Fund
10,985
15
747
27
926
11,206
—
—
RIF
International
Developed
Markets
Fund
1,788
27
76
9
51
1,799
12
—
RIC
Multi-Strategy
Income
Fund
5,661
13
80
(2
)
129
5,721
—
—
$
70,732
$
789
$
2,238
$
94
$
1,861
$
71,238
$
254
$
—
Russell
Investment
Funds
Balanced
Strategy
Fund
Schedule
of
Investments
—
March
31,
2024
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Balanced
Strategy
Fund
5
Amounts
in
thousands
(except
share
amounts)
Shares
Fair
Value
$
Investments
in
Affiliated
Funds
-
100.0%
Alternative
-
4.5%
RIC
Global
Infrastructure
Fund
Class
Y
492,641
4,330
RIF
Global
Real
Estate
Securities
Fund
406,532
5,399
9,729
Domestic
Equities
-
20.4%
RIF
U.S.
Small
Cap
Equity
Fund
527,448
7,828
RIF
U.S.
Strategic
Equity
Fund
1,742,284
36,640
44,468
Fixed
Income
-
31.6%
RIC
Long
Duration
Bond
Fund
Class
Y
913,558
7,391
RIC
Short
Duration
Bond
Fund
Class
Y
224,464
4,184
RIF
Strategic
Bond
Fund
6,501,489
57,018
68,593
International
Equities
-
36.5%
RIC
Emerging
Markets
Fund
Class
Y
415,986
6,552
RIC
Global
Equity
Fund
Class
Y
6,584,075
66,170
RIF
International
Developed
Markets
Fund
527,869
6,566
79,288
Multi-Asset
-
7.0%
RIC
Multi-Strategy
Income
Fund
Class
Y
1,603,092
15,229
Total
Investments
in
Affiliated
Funds
(cost
$198,492)
217,307
Total
Investments
-
100.0%
(identified
cost
$198,492)
217,307
Other
Assets
and
Liabilities,
Net
-
(0.0)%
(100)
Net
Assets
-
100.0%
217,207
Russell
Investment
Funds
Balanced
Strategy
Fund
Schedule
of
Investments,
continued
—
March
31,
2024
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
6
Balanced
Strategy
Fund
Transactions
(amounts
in
thousands)
during
the
period
ended
March
31,
2024
with
Underlying
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
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
$
38
$
21
$
—
$
50
$
4,330
$
—
$
—
RIF
Global
Real
Estate
Securities
Fund
5,407
85
51
(8
)
(34
)
5,399
31
—
RIF
U.S.
Small
Cap
Equity
Fund
7,635
96
307
28
376
7,828
91
—
RIF
U.S.
Strategic
Equity
Fund
35,322
502
2,525
209
3,132
36,640
503
—
RIC
Long
Duration
Bond
Fund
7,456
132
19
1
(179
)
7,391
69
—
RIC
Short
Duration
Bond
Fund
4,111
71
—
—
2
4,184
28
—
RIF
Strategic
Bond
Fund
57,008
394
—
—
(384
)
57,018
—
—
RIC
Emerging
Markets
Fund
6,397
12
131
(6
)
280
6,552
—
—
RIC
Global
Equity
Fund
64,182
—
3,609
129
5,468
66,170
—
—
RIF
International
Developed
Markets
Fund
6,479
42
173
12
206
6,566
42
—
RIC
Multi-Strategy
Income
Fund
14,943
16
67
(3
)
340
15,229
—
—
$
213,203
$
1,388
$
6,903
$
362
$
9,257
$
217,307
$
764
$
—
Russell
Investment
Funds
Growth
Strategy
Fund
Schedule
of
Investments
—
March
31,
2024
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Growth
Strategy
Fund
7
Amounts
in
thousands
(except
share
amounts)
Shares
Fair
Value
$
Investments
in
Affiliated
Funds
-
100.0%
Alternative
-
5.3%
RIC
Global
Infrastructure
Fund
Class
Y
410,110
3,605
RIF
Global
Real
Estate
Securities
Fund
474,879
6,306
9,911
Domestic
Equities
-
31.8%
RIF
U.S.
Small
Cap
Equity
Fund
578,798
8,589
RIF
U.S.
Strategic
Equity
Fund
2,396,344
50,395
58,984
Fixed
Income
-
13.6%
RIC
Long
Duration
Bond
Fund
Class
Y
755,340
6,111
RIC
Opportunistic
Credit
Fund
Class
Y
420,422
3,548
RIF
Strategic
Bond
Fund
1,782,174
15,630
25,289
International
Equities
-
41.4%
RIC
Emerging
Markets
Fund
Class
Y
526,448
8,291
RIC
Global
Equity
Fund
Class
Y
5,433,621
54,608
RIF
International
Developed
Markets
Fund
1,119,500
13,927
76,826
Multi-Asset
-
7.9%
RIC
Multi-Asset
Growth
Strategy
Fund
Class
Y
1,397,605
14,661
Total
Investments
in
Affiliated
Funds
(cost
$156,265)
185,671
Total
Investments
-
100.0%
(identified
cost
$156,265)
185,671
Other
Assets
and
Liabilities,
Net
-
(0.0)%
(82)
Net
Assets
-
100.0%
185,589
Russell
Investment
Funds
Growth
Strategy
Fund
Schedule
of
Investments,
continued
—
March
31,
2024
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
8
Growth
Strategy
Fund
Transactions
(amounts
in
thousands)
during
the
period
ended
March
31,
2024
with
Underlying
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
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
$
47
$
3
$
—
$
43
$
3,605
$
—
$
—
RIF
Global
Real
Estate
Securities
Fund
6,294
82
21
(4
)
(45
)
6,306
37
—
RIF
U.S.
Small
Cap
Equity
Fund
8,193
105
151
8
434
8,589
99
—
RIF
U.S.
Strategic
Equity
Fund
47,005
690
1,850
156
4,394
50,395
690
—
RIC
Long
Duration
Bond
Fund
6,143
122
6
—
(148
)
6,111
57
—
RIC
Opportunistic
Credit
Fund
3,440
32
—
—
76
3,548
—
—
RIF
Strategic
Bond
Fund
15,548
187
—
—
(105
)
15,630
—
—
RIC
Emerging
Markets
Fund
7,853
102
9
(2
)
347
8,291
—
—
RIC
Global
Equity
Fund
51,525
—
1,496
68
4,511
54,608
—
—
RIF
International
Developed
Markets
Fund
13,394
135
64
2
460
13,927
87
—
RIC
Multi-Asset
Growth
Strategy
Fund
14,032
56
—
—
573
14,661
—
—
$
176,945
$
1,558
$
3,600
$
228
$
10,540
$
185,671
$
970
$
—
Russell
Investment
Funds
Equity
Growth
Strategy
Fund
Schedule
of
Investments
—
March
31,
2024
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Equity
Growth
Strategy
Fund
9
Amounts
in
thousands
(except
share
amounts)
Shares
Fair
Value
$
Investments
in
Affiliated
Funds
-
100.1%
Alternative
-
6.5%
RIC
Global
Infrastructure
Fund
Class
Y
110,173
968
RIF
Global
Real
Estate
Securities
Fund
162,866
2,163
3,131
Domestic
Eq
uities
-
36.3%
RIF
U.S.
Small
Cap
Equity
Fund
181,600
2,695
RIF
U.S.
Strategic
Equity
Fund
704,236
14,810
17,505
Fixed
Income
-
4.4%
RIC
Long
Duration
Bond
Fund
Class
Y
145,130
1,174
RIC
Opportunistic
Credit
Fund
Class
Y
112,139
947
2,121
International
Equities
-
44.9%
RIC
Emerging
Markets
Fund
Class
Y
182,017
2,867
RIC
Global
Equity
Fund
Class
Y
1,390,445
13,974
RIF
International
Developed
Markets
Fund
384,906
4,788
21,629
Multi-Asset
-
8.0%
RIC
Multi-Asset
Growth
Strategy
Fund
Class
Y
364,620
3,825
Total
Investments
in
Affiliated
Funds
(cost
$39,732)
48,211
Total
Investments
-
100.1%
(identified
cost
$39,732)
48,211
Other
Assets
and
Liabilities,
Net
-
(0.1)%
(34)
Net
Assets
-
100.0%
48,177
Russell
Investment
Funds
Equity
Growth
Strategy
Fund
Schedule
of
Investments,
continued
—
March
31,
2024
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
10
Equity
Growth
Strategy
Fund
Transactions
(amounts
in
thousands)
during
the
period
ended
March
31,
2024
with
Underlying
Funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
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
$
50
$
7
$
—
$
12
$
968
$
—
$
—
RIF
Global
Real
Estate
Securities
Fund
2,115
107
45
(8
)
(6
)
2,163
12
—
RIF
U.S.
Small
Cap
Equity
Fund
2,616
73
131
1
136
2,695
31
—
RIF
U.S.
Strategic
Equity
Fund
13,960
324
802
36
1,292
14,810
200
—
RIC
Long
Duration
Bond
Fund
1,142
81
22
—
(27
)
1,174
11
—
RIC
Opportunistic
Credit
Fund
908
32
13
—
20
947
—
—
RIC
Emerging
Markets
Fund
2,759
71
83
(13
)
133
2,867
—
—
RIC
Global
Equity
Fund
13,349
87
626
10
1,154
13,974
—
—
RIF
International
Developed
Markets
Fund
4,608
113
92
1
158
4,788
30
—
RIC
Multi-Asset
Growth
Strategy
Fund
3,662
84
70
(5
)
154
3,825
—
—
$
46,032
$
1,022
$
1,891
$
22
$
3,026
$
48,211
$
284
$
—
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Notes
to
Quarterly
Report
—
March
31,
2024
(Unaudited)
Notes
to
Quarterly
Report
11
1.
Significant
Accounting
Policies
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
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
estimates.
The
Funds
are
considered
investment
companies
under
U.S.
GAAP
and
follow
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Security
Valuation
Each
of
the
Funds
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
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
Fund's
Board
of
Trustees
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
of
1940,
as
amended.
The
Funds
value
the
shares
of
the
Underlying
Funds
at
the
current
net
asset
value
(“NAV”)
per
share
of
each
Underlying
Fund.
The
Funds
have
adopted
the
authoritative
guidance
under
U.S.
GAAP
for
estimating
the
fair
value
of
investments
in
funds
that
have
calculated
NAV
per
share
in
accordance
with
the
specialized
accounting
guidance
for
investment
companies.
Accordingly,
the
Funds
estimate
the
fair
value
of
an
investment
in
a
fund
using
the
NAV
per
share
without
further
adjustment
as
a
practical
expedient,
if
the
NAV
per
share
of
the
investment
is
determined
in
accordance
with
the
specialized
accounting
guidance
for
investment
companies
as
of
the
reporting
entity's
measurement
date.
U.S.
GAAP
defines
fair
value
as
the
price
that
a
Fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
It
establishes
a
fair
value
hierarchy
that
prioritizes
inputs
to
valuation
methods,
requires
a
separate
disclosure
of
the
fair
value
hierarchy
for
each
major
category
of
assets
and
liabilities,
and
segregates
fair
value
measurements
into
levels
(Level
1,
2,
and
3).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Levels
1,
2
and
3
of
the
fair
value
hierarchy
are
defined
as
follows:
Level
1
—
Quoted
prices
(unadjusted)
in
active
markets
or
exchanges
for
identical
assets
and
liabilities.
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable,
which
may
include,
but
are
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
and
inputs
such
as
interest
rates,
yield
curves,
implied
volatilities,
credit
spreads
or
other
market
corroborated
inputs.
Level
3
—
Significant
unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
which
may
include
assumptions
made
by
RIM
that
are
used
in
determining
the
fair
value
of
investments.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
market
values
of
financial
instruments
categorized
as
Level
1
and
Level
2
of
the
fair
value
hierarchy
are
as
follows:
Russell
Investment
Funds
LifePoints
®
Funds
Variable
Target
Portfolio
Series
Notes
to
Quarterly
Report,
continued
—
March
31,
2024
(Unaudited)
12
Notes
to
Quarterly
Report
Equity
securities,
including
common
and
preferred
stock,
short
securities,
ETFs
and
restricted
securities
that
are
traded
on
a
national
securities
exchange
(or
reported
on
the
NASDAQ
national
market),
are
stated
at
the
last
reported
sales
price
on
the
day
of
valuation
or
official
closing
price,
as
applicable.
To
the
extent
these
securities
are
actively
traded,
and
valuation
adjustments
are
not
applied,
they
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
Investments
in
investment
funds
that
are
not
traded
on
a
national
securities
exchange
(or
reported
on
the
NASDAQ
national
market)
will
be
valued
based
upon
the
NAV
of
such
investments.
As
of
March
31,
2024,
all
investments
held
were
classified
as
Level
1
within
the
fair
value
hierarchy.
For
additional
information
on
the
Funds’
significant
accounting
policies
and
risks,
please
refer
to
the
Funds’
most
recent
semi-annual
or
annual
shareholder
report
and
prospectus.
Russell
Investment
Funds
1301
Second
Avenue
Seattle,
Washington
98101
800-787-7354
Fax:
206-505-3495