OMB APPROVAL

OMB Number: 3235-0570 Expires: September 30, 2025 Estimated average burden hours per response ........... 7.8

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-0
5371

Russell Investment Funds

(Exact name of registrant as specified in charter)

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

Mary Beth Albaneze, Secretary and Chief Legal Officer

1301 2nd Avenue

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, 2023 to December 31, 2023

Item 1. Reports to Stockholders

2023

ANNUAL

REPORT

Russell

Investment

Funds

DECEMBER

31,

2023

FUND

U.S.

Strategic

Equity

Fund

U.S.

Small

Cap

Equity

Fund

International

Developed

Markets

Fund

Strategic

Bond

Fund

Global

Real

Estate

Securities

Fund

Russell

Investment

Funds

Russell

Investment

Funds

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

Funds.

These

financial

statements

report

on

five

of

these

Funds.

Page

To

Our

Shareholders

3

U.S.

Strategic

Equity

Fund

4

U.S.

Small

Cap

Equity

Fund

27

International

Developed

Markets

Fund

55

Strategic

Bond

Fund

81

Global

Real

Estate

Securities

Fund

137

Notes

to

Schedule

of

Investments

157

Notes

to

Financial

Highlights

159

Notes

to

Financial

Statements

160

Report

of

Independent

Registered

Public

Accounting

Firm

180

Tax

Information

181

Affiliated

Brokerage

Transactions

182

Basis

for

Approval

of

Investment

Advisory

Contracts

183

Additional

Information

184

Disclosure

of

Information

about

Fund

Trustees

and

Officers

185

Adviser,

Money

Managers

and

Service

Providers

191

Russell

Investment

Funds

Annual

Report

December

31,

2023

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

Investment

group

of

companies

are

permitted

to

use

under

license

from

Frank

Russell

Company.

The

members

of

the

Russell

Investments

group

of

companies

are

not

affiliated

in

any

manner

with

Frank

Russell

Company

or

any

entity

operating

under

the

“FTSE

RUSSELL”

brand.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

investing.

A

prospectus

containing

this

and

other

important

information

must

precede

or

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

Securities

distributed

through

Russell

Investments

Financial

Services,

LLC,

member

FINRA,

part

of

Rus-

sell

Investments.

Indices

and

benchmarks

are

unmanaged

and

cannot

be

invested

in

directly.

Returns

represent

past

performance,

are

not

a

guarantee

of

future

performance,

and

are

not

indicative

of

any

specific

investment.

Index

return

information

is

provided

by

vendors

and

although

deemed

reliable,

is

not

guaranteed

by

Russell

Investments

or

its

affiliates.

S&P

®

is

a

registered

trademark

of

Standard

&

Poor’s

Financial

Services

LLC.

Performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

To

Our

Shareholders

To

Our

Shareholders

3

Fellow

Investors,

Since

1936,

our

purpose

has

been

improving

financial

security

for

people.

That

has

never

changed.

What’s

the

best

strategy

to

achieve

that

security?

We

believe

that

the

combination

of

our

investment

solutions,

a

sound

plan

and

timely

investment

advice

provides

the

best

route

to

achieving

your

desired

outcomes.

Your

financial

security

is

the

reason

we

work

hard

to

maintain

a

time-tested,

disciplined

investment

approach,

focused

on

meeting

our

clients’

financial

needs.

The

year

of

2023

has

been

one

that

demanded

constant

focus,

both

in

markets

and

investing:

For

the

one-year

period

ended

December

31,

2023,

U.S.

equities

returned

approximately

26.29%,

according

to

the

S&P

500

Index.*

In

comparison,

for

the

same

time

period,

developed

non-U.S.

equities,

as

measured

by

the

MSCI

World

ex-USA

Index,

provided

a

return

of

17.94%.*

With

market

uncertainty,

higher-than-average

interest

rates

from

the

U.S.

Federal

Reserve

(“the

Fed”),

and

high-but-

declining

inflation

challenges,

it

is

critical

to

be

disciplined

when

assessing

your

investment

plan.

While

it

is

important

to

challenge

prior

thinking,

it’s

just

as

vital

to

have

an

equally

high

bar

to

any

material

changes

to

long-term

strategies.

We

continue

to

emphasize

that

prioritizing

the

long-term

investment

plan

over

short-term

gains

is

most

consistently

rewarded.

As

we

approach

the

end

of

another

unprecedented

year,

we

maintain

our

focus

and

look

to

position

our

funds

for

the

period

ahead,

not

the

one

that

has

just

passed.

With

this

in

mind,

we

hold

the

following

views

on

markets:

We

believe

equities

have

limited

upside,

with

recession

risks

on

the

horizon.

Although

developed

non-U.S.

equities

are

cheaper

than

U.S.

equities,

we

have

a

neutral

preference

until

the

Fed

become

less

hawkish

and

the

U.S.

dollar

weakens.

Government

bond

valuations

have

improved

after

the

rise

in

yields.

We

see

U.S.,

UK

and

German

bonds

as

offering

good

value.

Japanese

bonds

still

look

expensive,

with

the

Bank

of

Japan

(BOJ)

defending

the

25-basis-

point

yield

limit.

We

think

a

mild

recession

before

the

end

of

2024

is

the

most

likely

outcome,

but

the

complexities

caused

by

the

pandemic

make

forecasting

difficult.

It

is

possible

that

we

get

a

soft

landing

where

the

economy

cools

enough

to

allow

the

Fed

to

start

lowering

rates

and

prevent

recession.

Our

annual

outlook

late

last

year

nominated

2023

as

the

year

of

the

diversified

portfolio,

where

a traditional

balanced

portfolio

of

60%

equities

and

40%

fixed

income was

expected

to

do

relatively

well.

This

still

looks

to

be

the

case

for

2024.

Your

goals

and

your

security—that’s

our

focus.

For

more

than

85

years,

we’ve

been

providing

solutions

to

help

investors

like

you

reach

those

financial

goals,

whether

you’re

saving

for

retirement,

already

depending

on

retirement

income

or

building

a

college

fund.

We

value

the

trust

you

have

placed

in

our

firm—there’s

nothing

we

work

harder

to

earn.

All

of

us

at

Russell

Investments

appreciate

the

opportunity

to

help

you

achieve

your

own

financial

security.

Best

regards,

Kate

El-Hillow

Global

Chief

Investment

Officer,

Russell

Investments

*

Source:

Morningstar.

Indexes

are

unmanaged

and

cannot

be

invested

in

directly.

The

S&P

500

Index

is

an

index,

with

dividends

reinvested,

of

500

issues

representative

of

leading

companies

in

the

U.S.

large

cap

securities

market.

The

MSCI

World

ex-USA

Index

is

a

free

float-adjusted

market

capitalization

index

that

is

designed

to

measure

the

equity

market

performance

of

developed

markets,

excluding

the

U.S.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Portfolio

Management

Discussion

and

Analysis

—

December

31,

2023

(Unaudited)

4

U.S.

Strategic

Equity

Fund

U.S.

Strategic

Equity

Fund

Total

Return

1

Year

26

.29%

5

Years

14

.19%§

10

Years

10

.23%§

Russell

1000

®

Index

**

Total

Return

1

Year

26

.53%

5

Years

15

.52%§

10

Years

11

.80%§

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Portfolio

Management

Discussion

and

Analysis,

continued

—

December

31,

2023

(Unaudited)

U.S.

Strategic

Equity

Fund

5

The

U.S.

Strategic

Equity

Fund

(the

“Fund”)

employs

a

multi-manager

approach

whereby

portions

of

the

Fund

are

allocated

to

different

money

manager

strategies.

Fund

assets

not

allocated

to

money

managers

are

managed

by

Russell

Investment

Management,

LLC

(“RIM”),

the

Fund’s

advisor.

RIM

may

change

a

Fund’s

asset

allocation

at

any

time,

including

not

allocating

Fund

assets

to

one

or

more

money

manager

strategies.

An

exemptive

order

from

the

Securities

and

Exchange

Commission

permits

RIM

to

engage

or

terminate

a

money

manager

at

any

time,

subject

to

approval

by

the

Fund’s

Board,

without

a

shareholder

vote.

Pursuant

to

the

terms

of

the

exemptive

order,

the

Fund

is

required

to

notify

its

shareholders

within

90

days

of

when

a

money

manager

begins

providing

services.

As

of

December

31,

2023,

the

Fund

had

four

money

managers.

What

is

the

Fund’s

investment

objective?

The

Fund

seeks

to

provide

long-term

capital

growth.

How

did

the

Fund

perform

relative

to

its

benchmark

for

the

fiscal

year

ended

December

31,

2023?

For

the

fiscal

year

ended

December

31,

2023

(the

“fiscal

year”),

the

Fund

gained

26.29%.

This

is

compared

to

the

Fund’s

benchmark,

the

Russell

1000

®

Index,

which

gained

26.53%

during

the

fiscal

year.

The

Fund’s

performance

includes

operating

expenses,

whereas

index

returns

are

unmanaged

and

do

not

include

expenses

of

any

kind.

For

the

fiscal

year,

the

Morningstar

®

Insurance

Large

Blend

Category,

a

group

of

funds

that

Morningstar,

Inc.

considers

to

have

investment

strategies

similar

to

those

of

the

Fund,

gained

23.77%.

This

return

serves

as

a

peer

comparison

and

is

expressed

net

of

operating

expenses.

RIM

may

assign

a

money

manager

a

specific

style

or

capitalization

benchmark

other

than

the

Fund’s

index

(a

“RIM-

assigned

benchmark”).

How

did

market

conditions

affect

the

Fund’s

performance?

The

U.S.

economy

experienced

further

moderation

throughout

2023.

The

Federal

Reserve's

persistent

efforts

to

tighten

monetary

policy,

coupled

with

the

waning

impact

of

fiscal

stimulus,

contributed

to

this

deceleration.

U.S.

large

cap

stocks

generated

a

strong

positive

return

for

the

fiscal

year,

driven

in

part

by

a

rally

in

the

final

two

months

of

2023.

Over

the

full

fiscal

year,

growth

and

quality-oriented

equities

outperformed,

while

value

and

lower

volatility-oriented

equities

underperformed.

Information

technology

and

communication

services

were

the

best

performing

sectors

while

energy

and

utilities

lagged.

How

did

the

investment

strategies

and

techniques

employed

by

the

Fund

and

its

money

managers

affect

its

benchmark

relative

performance?

Over

the

fiscal

year,

the

Fund

maintained

exposure

to

companies

with

lower

valuation,

higher

quality

and

growth,

and

lower

market

capitalization

compared

to

its

benchmark.

Overall,

the

Fund’s

factor

positioning

provided

mixed

results

as

tilts

toward

value

and

lower

volatility

were

not

rewarded,

while

tilts

toward

higher

quality

and

growth

were

additive.

Sector

allocation

decisions

were

positive

over

the

fiscal

year,

especially

an

overweight

to

information

technology

and

an

underweight

to

consumer

staples.

Stock

selection

was

mixed,

with

holdings

within

communication

services

being

rewarded

while

holdings

within

information

technology

detracted.

The

Fund

employs

discretionary

and

non-discretionary

money

managers.

The

Fund’s

discretionary

money

managers

select

the

individual

portfolio

securities

for

the

assets

assigned

to

them.

The

Fund’s

non-discretionary

money

managers

provide

a

model

portfolio

to

RIM

representing

their

investment

recommendations,

based

upon

which

RIM

purchases

and

sells

securities

for

the

Fund.

RIM

manages

assets

not

allocated

to

money

manager

strategies

and

the

Fund’s

cash

balances.

With

respect

to

certain

of

the

Fund’s

money

managers,

Brandywine

Global

Investment

Management,

LLC

outperformed

it’s

RIM-assigned

benchmark

over

the

fiscal

year.

Stock

selection

within

the

utilities

and

energy

sectors

was

the

primary

driver

of

excess

returns.

Sector

allocation

decisions

held

back

further

outperformance

as

underweights

to

information

technology

and

industrials

detracted.

William

Blair

Investment

Management,

LLC

underperformed

its

RIM-assigned

benchmark

over

the

fiscal

year.

Stock

selection

within

the

consumer

discretionary

and

information

technology

sectors

detracted

from

relative

performance.

Additionally,

sector

allocation

decisions

were

not

additive

mainly

due

to

an

underweight

to

information

technology

and

an

overweight

to

consumer

staples.

During

the

fiscal

year,

RIM

utilized

a

positioning

strategy

to

seek

to

control

Fund-level

exposures

and

risks

through

the

purchase

of

a

stock

portfolio.

Using

the

output

from

quantitative

and/

or

rules-based

processes

and

qualitative

analysis,

the

strategy

seeks

to

position

the

portfolio

to

meet

RIM’s

overall

preferred

positioning

with

respect

to

Fund

exposures

along

factor

and

industry

dimensions.

The

Fund’s

active

positioning

strategy

provided

exposure

to

RIM’s

strategic

equity

beliefs

associated

with

value,

quality,

and

low

volatility

factors.

During

the

fiscal

year,

the

strategy

underperformed

the

Fund’s

benchmark.

Factor

tilts

toward

stocks

with

lower

valuation

and

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Portfolio

Management

Discussion

and

Analysis,

continued

—

December

31,

2023

(Unaudited)

6

U.S.

Strategic

Equity

Fund

lower

volatility

were

not

rewarded,

however

a

tilt

toward

higher

quality

helped

reduce

the

magnitude

of

underperformance.

Sector

allocation

decisions

were

positive,

including

an

overweight

to

information

technology

and

an

underweight

to

utilities.

During

the

fiscal

year,

RIM

fully

equitized

the

Fund’s

cash

using

index

futures

contracts

to

provide

the

Fund

with

greater

market

exposure

and

this

strategy

performed

as

intended.

Describe

any

changes

to

the

Fund’s

structure

or

the

money

manager

line-up.

There

were

no

changes

to

the

Fund’s

structure

or

money

manager

line-up

during

the

fiscal

year.

The

views

expressed

in

this

report

reflect

those

of

the

portfolio

managers

only

through

the

end

of

the

fiscal

year

covered

by

the

report.

These

views

do

not

necessarily

represent

the

views

of

RIM,

or

any

other

person

in

RIM

or

any

other

affiliated

organization.

These

views

are

subject

to

change

at

any

time

based

upon

market

conditions

or

other

events,

and

RIM

disclaims

any

responsibility

to

update

the

views

contained

herein.

These

views

should

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Russell

Investment

Funds

(“RIF”)

Fund

are

based

on

numerous

factors,

should

not

be

relied

on

as

an

indication

of

investment

decisions

of

any

RIF

Fund.

Money

Managers

as

of

December

31,

2023

Styles

Brandywine

Global

Investment

Management,

LLC

Value

Jacobs

Levy

Equity

Management,

Inc.

Market

Oriented

J.P.

Morgan

Investment

Management

Inc.

Market

Oriented

William

Blair

Investment

Management,

LLC

Growth

*

Assumes

initial

investment

on

January

1,

2014.

**

Russell

1000

®

Index

includes

the

1,000

largest

companies

in

the

Russell

3000

®

Index.

The

Russell

1000

®

Index

return

reflects

adjustments

from

income

dividends

and

capital

gain

distributions

reinvested

as

of

the

ex-dividend

dates.

§

Annualized.

The

performance

shown

in

this

section

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges.

Performance

is

historical

and

assumes

reinvestment

of

all

dividends

and

capital

gains.  Investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

when

purchased.  Past

performance

is

not

indicative

of

future

results.  Additionally,

the

returns

presented

herein

may

differ

from

the

performance

reported

in

the

Financial

Highlights

as

the

returns

herein

are

calculated

in

a

manner

consistent

with

standardized

performance

in

accordance

with

Securities

and

Exchange

Commission

rules,

while

the

performance

in

the

Financial

Highlights

has

been

calculated

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

(“U.S.

GAAP”).

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Shareholder

Expense

Example

—

December

31,

2023

(Unaudited)

U.S.

Strategic

Equity

Fund

7

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

July

1,

2023

to

December

31,

2023

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

July

1,

2023

$

1,000.00

$

1,000.00

Ending

Account

Value

December

31,

2023

$

1,093.00

$

1,020.42

Expenses

Paid

During

Period*

$

5.01

$

4.84

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.95%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

May

reflect

amounts

waived

and/or

reimbursed.

Without

any

waivers

and/or

reimbursements,

expenses

would

have

been

higher.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

8

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

102.7%

Consumer

Discretionary

-

14.7%

Advance

Auto

Parts,

Inc.

10,086

616

Amazon.com,

Inc.(Æ)(Û)

130,183

19,780

Autoliv

,

Inc.

5,622

619

AutoZone,

Inc.(Æ)(Û)

645

1,668

Beacon

Roofing

Supply,

Inc.(Æ)

1,037

90

BorgWarner,

Inc.

18,120

650

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

1,116

2,552

Comcast

Corp.

Class

A

37,537

1,646

Costco

Wholesale

Corp.

7,371

4,865

Coupang

,

Inc.(Æ)(Ð)(Û)

12,558

203

Dana

Holding

Corp.

11,450

167

Dick's

Sporting

Goods,

Inc.

2,502

368

Dillard's,

Inc.

Class

A

618

249

Domino's

Pizza,

Inc.

1,843

760

DR

Horton,

Inc.

7,046

1,071

Driven

Brands

Holdings,

Inc.(Æ)

1,000

14

Duolingo

,

Inc.(Æ)

537

122

eBay,

Inc.(Û)

22,197

968

Expedia

Group,

Inc.(Æ)

6,632

1,007

FactSet

Research

Systems,

Inc.

1,452

693

Five

Below,

Inc.(Æ)

2,894

617

Ford

Motor

Co.(Û)

128,525

1,567

Fox

Corp.

Class

A

27,338

811

Garmin,

Ltd.

6,645

854

General

Motors

Co.(Û)

100,023

3,593

Genuine

Parts

Co.

3,378

468

GMS,

Inc.(Æ)

2,690

222

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)(Ð)

(Û)

30,309

434

Home

Depot,

Inc.

(The)

4,015

1,391

Hubbell,

Inc.

Class

B

1,804

593

KB

Home

4,655

291

Lear

Corp.

5,099

720

Lennar

Corp.

Class

A(Û)

11,415

1,701

Lithia

Motors,

Inc.

Class

A

2,375

782

Live

Nation

Entertainment,

Inc.(Æ)(Û)

25,758

2,411

Lowe's

Cos.,

Inc.

9,240

2,056

Lululemon

Athletica

,

Inc.(Æ)(Û)

4,089

2,091

McDonald's

Corp.

9,611

2,850

Netflix,

Inc.(Æ)

1,517

739

News

Corp.

Class

A

25,106

616

Nike,

Inc.

Class

B

19,243

2,089

NVR,

Inc.(Æ)

155

1,085

O'Reilly

Automotive,

Inc.(Æ)

2,710

2,575

Paramount

Global

Class

B

23,473

347

Penn

Entertainment,

Inc.(Æ)

16,483

429

Ross

Stores,

Inc.

9,590

1,327

Skechers

USA,

Inc.

Class

A(Æ)

7,550

471

Starbucks

Corp.

14,827

1,423

Target

Corp.

8,081

1,151

Taylor

Morrison

Home

Corp.

Class

A(Æ)

1,757

94

Tesla,

Inc.(Æ)

12,366

3,073

Texas

Roadhouse,

Inc.

Class

A

6,431

786

TJX

Cos.,

Inc.

(The)

16,208

1,520

Tractor

Supply

Co.

1,650

355

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Tri

Pointe

Homes,

Inc.(Æ)

5,360

190

Ulta

Beauty,

Inc.(Æ)

1,209

592

Visteon

Corp.(Æ)

830

104

Walmart,

Inc.

7,177

1,131

Walt

Disney

Co.

(The)

15,471

1,397

83,054

Consumer

Staples

-

4.4%

Archer-Daniels-Midland

Co.(Û)

25,188

1,819

Boston

Beer

Co.,

Inc.

Class

A(Æ)

648

224

Church

&

Dwight

Co.,

Inc.

8,385

793

Coca-Cola

Co.

(The)

50,299

2,964

Conagra

Brands,

Inc.

52,979

1,518

CVS

Health

Corp.

41,728

3,295

General

Mills,

Inc.

5,351

349

Hershey

Co.

(The)

2,697

503

Ingredion,

Inc.

6,383

693

Kenvue

,

Inc.

24,489

527

Kroger

Co.

(The)(Ð)(Û)

57,656

2,635

Molson

Coors

Beverage

Co.

Class

B

6,574

402

Monster

Beverage

Corp.(Æ)

46,929

2,704

PepsiCo,

Inc.

7,000

1,189

Philip

Morris

International,

Inc.

5,095

479

Procter

&

Gamble

Co.

(The)

11,405

1,671

Tyson

Foods,

Inc.

Class

A(Û)

50,844

2,733

Vector

Group,

Ltd.

5,300

60

Walgreens

Boots

Alliance,

Inc.

17,095

446

25,004

Energy

-

4.1%

Baker

Hughes

Co.

59,869

2,046

BP

PLC

-

ADR

40,661

1,439

Canadian

Natural

Resources,

Ltd.

11,592

760

Chevron

Corp.

16,354

2,439

Coterra

Energy,

Inc.

22,148

565

CVR

Energy,

Inc.(Ð)(Û)

4,293

130

Delek

US

Holdings,

Inc.

4,653

120

Devon

Energy

Corp.

12,297

557

Eaton

Corp.

PLC

12,192

2,936

Enphase

Energy,

Inc.(Æ)(Ð)(Û)

1,864

246

EOG

Resources,

Inc.

4,270

516

Exxon

Mobil

Corp.

17,679

1,768

Kinder

Morgan,

Inc.

35,739

630

Marathon

Oil

Corp.(Û)

4,426

107

Marathon

Petroleum

Corp.(Û)

10,701

1,588

Occidental

Petroleum

Corp.

8,824

527

Par

Pacific

Holdings,

Inc.(Æ)

2,807

102

Patterson-UTI

Energy,

Inc.(Ð)(Û)

4,088

44

Phillips

66

8,629

1,149

Pioneer

Natural

Resources

Co.

6,513

1,465

Shell

PLC

-

ADR

17,769

1,169

TechnipFMC

PLC

15,867

320

Valero

Energy

Corp.(Û)

16,177

2,103

Williams

Cos.,

Inc.

(The)

11,962

417

23,143

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

9

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Financial

Services

-

15.0%

AerCap

Holdings,

Ltd.

/

AerCap

Global

Aviation

Trust(Æ)

20,219

1,503

Affiliated

Managers

Group,

Inc.

3,147

476

Aflac,

Inc.

12,173

1,004

Air

Lease

Corp.

Class

A

10,825

454

Allstate

Corp.

(The)(Ð)(Û)

15,607

2,185

American

Express

Co.

11,439

2,143

American

Tower

Corp.(ö)

2,436

526

Ameriprise

Financial,

Inc.

3,564

1,354

Apollo

Global

Management,

Inc.

19,547

1,822

Axis

Capital

Holdings,

Ltd.

7,977

442

Bank

of

America

Corp.

54,746

1,843

Bank

of

New

York

Mellon

Corp.

(The)

33,839

1,761

Berkshire

Hathaway,

Inc.

Class

B(Æ)

10,606

3,783

BlackRock,

Inc.

Class

A

846

687

BOK

Financial

Corp.

3,551

304

Brighthouse

Financial,

Inc.(Æ)

8,635

457

Camden

Property

Trust(ö)

5,423

538

Carlyle

Group,

Inc.

(The)

40,921

1,665

CBRE

Group,

Inc.

Class

A(Æ)

9,604

894

Charles

Schwab

Corp.

(The)

18,704

1,287

Chubb,

Ltd.

3,352

758

Cincinnati

Financial

Corp.

3,921

406

Citigroup,

Inc.

66,651

3,428

CME

Group,

Inc.

Class

A

1,836

387

CNO

Financial

Group,

Inc.

6,840

191

Comerica,

Inc.

12,930

722

Corebridge

Financial,

Inc.

20,700

448

Cullen/Frost

Bankers,

Inc.(Û)

4,208

456

Dun

&

Bradstreet

Holdings,

Inc.

20,050

235

Equinix

,

Inc.(ö)

640

515

Equity

Commonwealth(ö)

16,554

318

Evercore

,

Inc.

Class

A

4,258

728

F&G

Annuities

&

Life,

Inc.(Ð)(Û)

1,540

71

First

American

Financial

Corp.

7,685

495

First

Horizon

Corp.(Û)

30,321

429

Gaming

and

Leisure

Properties,

Inc.(ö)

8,445

417

Globe

Life,

Inc.

4,169

507

Goldman

Sachs

Group,

Inc.

(The)

2,435

939

Hanover

Insurance

Group,

Inc.

(The)

7,278

884

Hartford

Financial

Services

Group,

Inc.

6,205

499

Host

Hotels

&

Resorts,

Inc.(ö)

16,950

330

Howard

Hughes

Corp.

(The)(Æ)(Ð)(Û)

12,117

1,037

Interactive

Brokers

Group,

Inc.

Class

A(Û)

5,770

478

Intercontinental

Exchange,

Inc.

3,908

502

Invitation

Homes,

Inc.(ö)

13,411

457

JPMorgan

Chase

&

Co.

22,225

3,780

KeyCorp(Û)

48,450

698

Kinsale

Capital

Group,

Inc.

763

256

Lamar

Advertising

Co.

Class

A(ö)

3,577

380

Lincoln

National

Corp.

7,678

207

LPL

Financial

Holdings,

Inc.

3,754

854

M&T

Bank

Corp.

2,244

308

Marsh

&

McLennan

Cos.,

Inc.

2,092

396

MasterCard,

Inc.

Class

A(Û)

25,179

10,739

Morgan

Stanley

32,075

2,991

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

New

York

Community

Bancorp,

Inc.

78,283

801

Northern

Trust

Corp.

4,624

390

Pinnacle

Financial

Partners,

Inc.(Ð)(Û)

2,070

181

PJT

Partners,

Inc.

Class

A

3,092

315

PNC

Financial

Services

Group,

Inc.

(The)

2,274

352

Popular,

Inc.

6,926

568

Principal

Financial

Group,

Inc.

3,979

313

Progressive

Corp.

(The)

10,552

1,681

Prologis,

Inc.(ö)

14,793

1,972

Public

Storage(ö)

1,953

596

Raymond

James

Financial,

Inc.

6,171

688

Reinsurance

Group

of

America,

Inc.

Class

A

5,818

941

Remitly

Global,

Inc.(Æ)

4,380

85

Robinhood

Markets,

Inc.

Class

A(Æ)(Ð)(Û)

30,250

385

Ryan

Specialty

Holdings,

Inc.

Class

A(Æ)

11,289

486

SLM

Corp.

29,618

566

Synchrony

Financial(Ð)(Û)

24,063

919

Texas

Capital

Bancshares,

Inc.(Æ)

3,336

216

TPG,

Inc.

7,820

338

Travelers

Cos.,

Inc.

(The)(Û)

9,919

1,889

US

Bancorp

41,141

1,781

Virtu

Financial,

Inc.

Class

A

11,150

226

Visa,

Inc.

Class

A

7,887

2,053

Wells

Fargo

&

Co.

67,536

3,324

Weyerhaeuser

Co.(ö)

21,791

758

Willis

Towers

Watson

PLC

4,352

1,050

WR

Berkley

Corp.

12,641

894

85,142

Health

Care

-

12.8%

Abbott

Laboratories

9,164

1,009

AbbVie,

Inc.

24,929

3,863

Agilent

Technologies,

Inc.

10,522

1,463

Align

Technology,

Inc.(Æ)

1,727

473

Amgen,

Inc.

3,167

912

AstraZeneca

PLC

-

ADR

7,597

512

Baxter

International,

Inc.

22,201

858

Biogen,

Inc.(Æ)

3,170

820

Boston

Scientific

Corp.(Æ)

6,906

399

Bristol-Myers

Squibb

Co.

39,074

2,005

Centene

Corp.(Æ)

9,277

688

Cigna

Group

(The)

6,026

1,805

Danaher

Corp.

4,374

1,012

DaVita

HealthCare

Partners,

Inc.(Æ)(Ð)(Û)

8,168

856

Dentsply

Sirona,

Inc.

25,544

909

Edwards

Lifesciences

Corp.(Æ)(Ð)(Û)

17,244

1,315

Elevance

Health,

Inc.

5,998

2,828

Eli

Lilly

&

Co.

5,573

3,249

Encompass

Health

Corp.

12,308

821

Exelixis

,

Inc.(Æ)

46,753

1,122

Gilead

Sciences,

Inc.

12,679

1,027

GSK

PLC

-

ADR

30,088

1,115

HCA

Healthcare,

Inc.

2,612

707

Henry

Schein,

Inc.(Æ)

6,492

492

Humana,

Inc.

4,117

1,885

Illumina,

Inc.(Æ)(Ð)(Û)

5,723

797

Incyte

Corp.(Æ)(Û)

14,607

917

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

10

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Intuitive

Surgical,

Inc.(Æ)

8,063

2,720

Ionis

Pharmaceuticals,

Inc.(Æ)(Ð)(Û)

8,395

425

Jazz

Pharmaceuticals

PLC(Æ)

6,963

857

Johnson

&

Johnson

16,940

2,655

Laboratory

Corp.

of

America

Holdings

1,326

301

Maravai

LifeSciences

Holdings,

Inc.

Class

A(Æ)

15,400

101

McKesson

Corp.

3,558

1,647

Medtronic

PLC

10,174

838

Merck

&

Co.,

Inc.

12,715

1,386

Molina

Healthcare,

Inc.(Æ)(Ð)(Û)

2,869

1,037

Neurocrine

Biosciences,

Inc.(Æ)(Û)

4,915

648

Novocure

,

Ltd.(Æ)

2,200

33

Omnicell

,

Inc.(Æ)

6,247

235

Organon

&

Co.

42,171

608

Pfizer,

Inc.

53,199

1,532

Premier,

Inc.

Class

A

8,291

185

PTC

Therapeutics,

Inc.(Æ)

9,120

251

Qiagen

NV(Æ)

15,777

685

Regeneron

Pharmaceuticals,

Inc.(Æ)

2,991

2,627

Sarepta

Therapeutics,

Inc.(Æ)

5,398

521

Stryker

Corp.

5,618

1,682

Tandem

Diabetes

Care,

Inc.(Æ)

11,119

329

Thermo

Fisher

Scientific,

Inc.

1,687

895

Ultragenyx

Pharmaceutical,

Inc.(Æ)(Ð)(Û)

5,854

280

UnitedHealth

Group,

Inc.

18,602

9,793

Veeva

Systems,

Inc.

Class

A(Æ)

7,289

1,403

Vertex

Pharmaceuticals,

Inc.(Æ)

3,831

1,559

Viatris

,

Inc.

55,687

603

West

Pharmaceutical

Services,

Inc.

1,330

468

Zoetis,

Inc.

Class

A

12,183

2,405

72,568

Materials

and

Processing

-

3.6%

Air

Products

&

Chemicals,

Inc.

1,270

348

Boise

Cascade

Co.

2,218

287

Builders

FirstSource

,

Inc.(Æ)

5,791

967

Copart

,

Inc.(Æ)

45,826

2,245

Crown

Holdings,

Inc.

8,736

805

Eagle

Materials,

Inc.

1,048

213

Eastman

Chemical

Co.

11,346

1,019

Fastenal

Co.

11,325

734

FMC

Corp.

21,561

1,359

Freeport-McMoRan,

Inc.

16,488

702

Huntsman

Corp.

22,879

575

Lennox

International,

Inc.

1,365

611

Linde

PLC

5,574

2,289

Louisiana-Pacific

Corp.(Ð)(Û)

8,395

595

Martin

Marietta

Materials,

Inc.

2,997

1,495

MP

Materials

Corp.(Æ)(Ð)(Û)

4,796

95

Newmont

Corp.

16,910

700

Nucor

Corp.

4,995

869

Packaging

Corp.

of

America

4,281

697

PPG

Industries,

Inc.

6,405

958

Resideo

Technologies,

Inc.(Æ)

4,000

75

Southern

Copper

Corp.

5,404

465

Trane

Technologies

PLC

4,453

1,086

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vulcan

Materials

Co.

5,270

1,196

20,385

Producer

Durables

-

8.4%

3M

Co.

6,328

692

AECOM(Ð)(Û)

10,435

965

AGCO

Corp.(Ð)(Û)

6,328

768

Alaska

Air

Group,

Inc.(Æ)

12,800

500

Allison

Transmission

Holdings,

Inc.

Class

A

13,386

778

Ametek

,

Inc.

3,373

556

Amphenol

Corp.

Class

A

7,483

742

AO

Smith

Corp.

5,235

432

Chart

Industries,

Inc.(Æ)

3,528

481

Cintas

Corp.

1,009

608

CNH

Industrial

NV

57,765

704

CoStar

Group,

Inc.(Æ)

18,873

1,649

CSX

Corp.

18,710

649

Cummins,

Inc.

3,378

809

Deere

&

Co.

5,511

2,204

Delta

Air

Lines,

Inc.

31,842

1,281

Donaldson

Co.,

Inc.

9,684

633

Dover

Corp.

4,376

673

EMCOR

Group,

Inc.

2,089

450

Emerson

Electric

Co.

9,937

967

ExlService

Holdings,

Inc.(Æ)

5,410

167

Expeditors

International

of

Washington,

Inc.

6,091

775

FedEx

Corp.

6,379

1,614

Fluor

Corp.(Æ)

2,080

81

Flywire

Corp.(Æ)(Ð)(Û)

2,480

57

Fortive

Corp.

6,732

496

Forward

Air

Corp.

5,826

366

FTI

Consulting,

Inc.(Æ)

2,226

443

General

Dynamics

Corp.

3,519

914

Global

Payments,

Inc.

12,895

1,638

Howmet

Aerospace,

Inc.

10,340

560

Illinois

Tool

Works,

Inc.

1,627

426

Insperity

,

Inc.

2,952

346

JB

Hunt

Transport

Services,

Inc.

2,840

567

Keysight

Technologies,

Inc.(Æ)

2,417

385

Landstar

System,

Inc.

7,198

1,394

Littelfuse

,

Inc.

1,471

394

Lockheed

Martin

Corp.

780

354

Magna

International,

Inc.

Class

A

7,589

448

ManpowerGroup

,

Inc.

4,647

369

MarketAxess

Holdings,

Inc.

1,392

408

NEXTracker

,

Inc.

Class

A(Æ)

8,066

378

Nordson

Corp.

1,665

440

Norfolk

Southern

Corp.

5,938

1,404

Northrop

Grumman

Corp.

3,841

1,798

Old

Dominion

Freight

Line,

Inc.(Û)

4,460

1,808

Oshkosh

Corp.

7,744

840

Otis

Worldwide

Corp.(Ð)(Û)

12,419

1,111

PACCAR

Financial

Corp.

6,876

671

Paychex,

Inc.

4,685

558

Payoneer

Global,

Inc.(Æ)

20,825

108

Pentair

PLC

10,643

774

Regal

Rexnord

Corp.

3,245

480

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

11

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Rollins,

Inc.

9,184

401

RXO,

Inc.(Æ)(Ð)(Û)

11,571

269

S&P

Global,

Inc.

2,104

927

Scotts

Miracle-

Gro

Co.

(The)

Class

A(Ð)(Û)

2,380

152

Snap-on,

Inc.

3,301

953

Southwest

Airlines

Co.(Ð)(Û)

9,536

275

Spirit

AeroSystems

Holdings,

Inc.

Class

A(Æ)(Ð)(Û)

4,687

149

Terex

Corp.(Ð)(Û)

2,219

127

TransUnion(Ð)(Û)

9,170

630

TriNet

Group,

Inc.(Æ)

3,860

459

U-Haul

Holding

Co.(Æ)

1,300

93

United

Parcel

Service,

Inc.

Class

B

2,568

404

United

Rentals,

Inc.

722

414

Vontier

Corp.

25,404

878

Waste

Management,

Inc.

2,929

525

WW

Grainger,

Inc.

929

770

Xerox

Holdings

Corp.

3,458

63

XPO,

Inc.(Æ)

7,881

690

Xylem,

Inc.

4,181

478

47,770

Technology

-

35.7%

Accenture

PLC

Class

A

18,176

6,378

Adobe,

Inc.(Æ)

2,112

1,260

Advanced

Micro

Devices,

Inc.(Æ)

23,247

3,427

Airbnb,

Inc.

Class

A(Æ)(Û)

11,484

1,563

Alphabet,

Inc.

Class

A(Æ)

123,322

17,227

Alphabet,

Inc.

Class

C(Æ)(Û)

26,194

3,692

Analog

Devices,

Inc.

3,693

733

Appfolio

,

Inc.

Class

A(Æ)(Ð)(Û)

1,263

219

Apple,

Inc.(Û)

153,995

29,649

Applied

Materials,

Inc.

2,860

464

ASML

Holding

NV

Class

G

642

486

Atlassian

Corp.

Class

A(Æ)(Ð)(Û)

6,645

1,581

Avnet,

Inc.

10,627

536

Bill.com

Holdings,

Inc.(Æ)(Ð)(Û)

2,658

217

Booking

Holdings,

Inc.(Æ)(Û)

579

2,054

Box,

Inc.

Class

A(Æ)

17,453

447

Broadcom,

Inc.

1,369

1,528

CACI

International,

Inc.

Class

A(Æ)

1,345

436

Cadence

Design

Systems,

Inc.(Æ)

3,120

850

CDW

Corp.

2,554

581

Cirrus

Logic,

Inc.(Æ)

5,275

439

Cisco

Systems,

Inc.

30,770

1,555

Cognex

Corp.

7,661

320

Cognizant

Technology

Solutions

Corp.

Class

A

12,672

957

CommVault

Systems,

Inc.(Æ)

6,079

485

Concentrix

Corp.

5,379

528

Conduent

,

Inc.

Class

A(Æ)(Ð)(Û)

10,987

257

Corteva

,

Inc.(Ð)(Û)

7,557

362

Crowdstrike

Holdings,

Inc.

Class

A(Æ)(Ð)

(Û)

5,335

1,362

Dell

Technologies,

Inc.

Class

C

17,125

1,310

DigitalOcean

Holdings,

Inc.(Æ)(Ð)(Û)

7,744

284

DocuSign,

Inc.(Æ)

10,230

608

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Dropbox,

Inc.

Class

A(Æ)(Ð)(Û)

30,144

889

DXC

Technology

Co.(Æ)

13,252

303

EPAM

Systems,

Inc.(Æ)

1,486

442

Etsy,

Inc.(Æ)(Ð)(Û)

2,678

217

Extreme

Networks,

Inc.(Æ)

1,950

34

F5,

Inc.(Æ)

3,843

688

Fidelity

National

Information

Services,

Inc.

(Û)

19,000

1,141

Five9,

Inc.(Æ)(Ð)(Û)

5,420

427

Fortinet,

Inc.(Æ)

21,758

1,273

GoDaddy

,

Inc.

Class

A(Æ)

11,844

1,257

Guidewire

Software,

Inc.(Æ)

8,874

968

Hewlett

Packard

Enterprise

Co.

52,709

895

HP,

Inc.(Û)

60,354

1,816

Integral

Ad

Science

Holding

LLC(Æ)

10,750

155

Intel

Corp.

71,248

3,580

International

Business

Machines

Corp.

4,976

814

Intuit,

Inc.

6,167

3,855

Juniper

Networks,

Inc.(Ð)(Û)

25,991

766

KBR,

Inc.

6,530

362

Koninklijke

Philips

NV(Æ)(Ñ)

38,533

899

Kyndryl

Holdings,

Inc.(Æ)

19,357

402

Lam

Research

Corp.

3,395

2,659

Lattice

Semiconductor

Corp.(Æ)

6,576

454

Lyft,

Inc.

Class

A(Æ)

44,904

673

Meta

Platforms,

Inc.

Class

A(Æ)(Û)

23,964

8,482

Micron

Technology,

Inc.

27,478

2,345

Microsoft

Corp.

107,402

40,387

NetApp,

Inc.

10,687

942

Nutanix

,

Inc.

Class

A(Æ)

8,607

410

NVIDIA

Corp.(Û)

26,547

13,147

NXP

Semiconductors

NV

11,466

2,634

Oracle

Corp.

22,071

2,327

Palo

Alto

Networks,

Inc.(Æ)

8,465

2,496

Paycom

Software,

Inc.(Ð)(Û)

500

103

Playtika

Holding

Corp.(Æ)

12,800

112

Procore

Technologies,

Inc.(Æ)

6,609

457

Pure

Storage,

Inc.

Class

A(Æ)

5,379

192

Qorvo

,

Inc.(Æ)

6,360

716

Qualys

,

Inc.(Æ)

1,833

360

Roper

Technologies,

Inc.

1,387

756

Salesforce,

Inc.(Æ)

13,761

3,621

Seagate

Technology

Holdings

PLC

5,617

480

SentinelOne

,

Inc.

Class

A(Æ)

9,440

259

ServiceNow

,

Inc.(Æ)

3,625

2,561

Silicon

Laboratories,

Inc.(Æ)(Ð)(Û)

2,598

344

Skyworks

Solutions,

Inc.

4,950

556

Smartsheet

,

Inc.

Class

A(Æ)

7,990

382

Snap,

Inc.

Class

A(Æ)(Ð)(Û)

9,535

161

Sonos

,

Inc.(Æ)

12,130

208

Spotify

Technology

SA(Æ)(Û)

5,786

1,087

Squarespace,

Inc.

Class

A(Æ)

4,220

139

Synopsys,

Inc.(Æ)

1,538

792

Tenable

Holdings,

Inc.(Æ)

5,798

267

Teradyne,

Inc.

13,817

1,499

Texas

Instruments,

Inc.

12,151

2,071

Twilio

,

Inc.

Class

A(Æ)

1,744

132

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

12

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Uber

Technologies,

Inc.(Æ)(Û)

54,055

3,328

VeriSign,

Inc.(Æ)

5,272

1,086

Workday,

Inc.

Class

A(Æ)

3,491

964

202,567

Utilities

-

4.0%

APA

Corp.(Û)

2,583

93

AT&T,

Inc.

123,327

2,069

ConocoPhillips

25,261

2,932

DTE

Energy

Co.(Ð)(Û)

7,312

806

Edison

International

14,974

1,070

Exelon

Corp.(Û)

46,927

1,685

FirstEnergy

Corp.

27,250

999

Gulfport

Energy

Corp.(Æ)

1,956

261

Iridium

Communications,

Inc.(Û)

9,980

411

NextEra

Energy,

Inc.

44,946

2,730

NRG

Energy,

Inc.

43,323

2,240

PG&E

Corp.

90,595

1,633

Pinnacle

West

Capital

Corp.(Ð)(Û)

6,563

471

T-Mobile

US,

Inc.

16,700

2,678

UGI

Corp.

18,221

448

Verizon

Communications,

Inc.

24,661

930

Vistra

Corp.

30,398

1,171

22,627

Total

Common

Stocks

(cost

$420,038)

582,260

Short-Term

Investments

-

2.4%

U.S.

Cash

Management

Fund(@)

13,693,958

(∞)

13,690

Total

Short-Term

Investments

(cost

$13,689)

13,690

Other

Securities

-

0.2%

U.S.

Cash

Collateral

Fund(@)(×)

904,800

(∞)

905

Total

Other

Securities

(cost

$905)

905

Total

Investments

-

105.3%

(identified

cost

$434,632)

596,855

Securities

Sold

Short

-

(5.3)%

Consumer

Discretionary

-

(0.6)%

Acushnet

Holdings

Corp.

(5,246)

(331)

Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

(1,160)

(46)

Churchill

Downs,

Inc.

(4,030)

(544)

FirstCash

Holdings,

Inc.

(100)

(11)

Freshpet

,

Inc.(Æ)

(5,851)

(508)

Kontoor

Brands,

Inc.

(3,120)

(195)

LGI

Homes,

Inc.(Æ)

(1,704)

(227)

Lithia

Motors,

Inc.

Class

A

(1,365)

(449)

Stride,

Inc.(Æ)

(2,399)

(142)

Topgolf

Callaway

Brands

Corp.(Æ)

(16,860)

(242)

Warner

Bros

Discovery,

Inc.(Æ)

(46,162)

(525)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

(3,220)

Consumer

Staples

-

(0.1)%

J&J

Snack

Foods

Corp.

(2,031)

(340)

MGP

Ingredients,

Inc.

(2,581)

(254)

(594)

Energy

-

(0.1)%

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

(8,464)

(132)

Sitio

Royalties

Corp.

Class

A

(7,818)

(184)

Sunrun

,

Inc.(Æ)

(19,051)

(374)

Uranium

Energy

Corp.(Æ)

(22,246)

(142)

(832)

Financial

Services

-

(1.2)%

Affirm

Holdings,

Inc.(Æ)

(1,693)

(83)

Arbor

Realty

Trust,

Inc.(ö)

(20,327)

(309)

BGC

Group,

Inc.

Class

A

(31,225)

(225)

Blackstone,

Inc.

Class

A

(4,714)

(617)

Columbia

Banking

System,

Inc.

(18,556)

(495)

Erie

Indemnity

Co.

Class

A

(804)

(269)

First

Financial

Bankshares

,

Inc.

(3,340)

(101)

Glacier

Bancorp,

Inc.

(14,459)

(597)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

(15,041)

(415)

Healthcare

Realty

Trust,

Inc.(ö)

(32,445)

(559)

Iron

Mountain,

Inc.(ö)

(7,766)

(544)

New

York

Community

Bancorp,

Inc.

(50,047)

(512)

Old

National

Bancorp

(30,934)

(523)

Park

National

Corp.

(605)

(80)

Ready

Capital

Corp.(ö)

(21,165)

(217)

ServisFirst

Bancshares,

Inc.

(2,680)

(179)

SoFi

Technologies,

Inc.(Æ)

(3,714)

(37)

VICI

Properties,

Inc.(ö)

(15,823)

(504)

Webster

Financial

Corp.

(5,676)

(288)

(6,554)

Health

Care

-

(0.8)%

10X

Genomics,

Inc.

Class

A(Æ)

(5,249)

(294)

Apollo

Medical

Holdings,

Inc.(Æ)

(3,460)

(132)

Axsome

Therapeutics,

Inc.(Æ)

(555)

(44)

Azenta

,

Inc.(Æ)

(2,550)

(166)

Bio-

Techne

Corp.

(1,723)

(133)

CONMED

Corp.

(724)

(79)

Crinetics

Pharmaceuticals,

Inc.(Æ)

(5,950)

(212)

Ensign

Group,

Inc.

(The)

(3,260)

(366)

Exact

Sciences

Corp.(Æ)

(6,948)

(514)

Halozyme

Therapeutics,

Inc.(Æ)

(1,164)

(43)

LifeStance

Health

Group,

Inc.(Æ)

(13,400)

(105)

Neogen

Corp.(Æ)

(22,577)

(454)

NeoGenomics

,

Inc.(Æ)

(9,629)

(156)

RadNet

,

Inc.(Æ)

(7,305)

(254)

Repligen

Corp.(Æ)

(3,337)

(600)

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

13

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Rocket

Pharmaceuticals,

Inc.(Æ)

(7,446)

(223)

Sotera

Health

Co.(Æ)

(9,562)

(161)

Surgery

Partners,

Inc.(Æ)

(3,674)

(118)

TransMedics

Group,

Inc.(Æ)

(625)

(49)

Vaxcyte

,

Inc.(Æ)

(4,250)

(267)

(4,370)

Materials

and

Processing

-

(0.3)%

AAON,

Inc.

(7,336)

(542)

Livent

Corp.(Æ)

(4,688)

(84)

Pool

Corp.

(1,298)

(517)

Quaker

Chemical

Corp.

(1,920)

(410)

SPX

Technologies,

Inc.(Æ)

(870)

(88)

(1,641)

Producer

Durables

-

(0.8)%

AeroVironment

,

Inc.(Æ)

(1,432)

(181)

Badger

Meter,

Inc.

(2,898)

(447)

Brink's

Co.

(The)

(2,073)

(182)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(5,341)

(456)

Dorman

Products,

Inc.(Æ)

(2,081)

(174)

Fox

Factory

Holding

Corp.(Æ)

(1,770)

(119)

GATX

Corp.

(3,938)

(473)

Kratos

Defense

&

Security

Solutions,

Inc.

(Æ)

(9,448)

(192)

LCI

Industries

(2,186)

(275)

OSI

Systems,

Inc.(Æ)

(1,462)

(189)

S&P

Global,

Inc.

(1,170)

(515)

Teledyne

Technologies,

Inc.(Æ)

(279)

(125)

Union

Pacific

Corp.

(2,112)

(519)

Zurn

Elkay

Water

Solutions

Corp.

(19,368)

(570)

(4,417)

Technology

-

(1.1

)%

Advanced

Micro

Devices,

Inc.(Æ)

(4,535)

(669)

Analog

Devices,

Inc.

(2,654)

(527)

Bentley

Systems,

Inc.

Class

B

(9,118)

(476)

Entegris

,

Inc.

(4,818)

(577)

ePlus

,

Inc.(Æ)

(2,520)

(201)

Fiserv,

Inc.(Æ)

(3,805)

(505)

Frontier

Communications

Parent,

Inc.(Æ)

(29,235)

(741)

Gen

Digital,

Inc.

(24,975)

(570)

Marvell

Technology,

Inc.

(6,362)

(384)

MKS

Instruments,

Inc.

(1,190)

(122)

Motorola

Solutions,

Inc.

(1,154)

(361)

Onto

Innovation,

Inc.(Æ)

(1,934)

(296)

PTC,

Inc.(Æ)

(784)

(137)

Take-Two

Interactive

Software,

Inc.(Æ)

(3,231)

(520)

ViaSat

,

Inc.(Æ)

(2,542)

(71)

Vishay

Intertechnology

,

Inc.

(14,420)

(346)

(6,503)

Utilities

-

(0.3)%

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Chord

Energy

Corp.

(1,410)

(234)

Civitas

Resources,

Inc.

(4,529)

(310)

Cogent

Communications

Holdings,

Inc.

(6,195)

(471)

Equitrans

Midstream

Corp.

(14,698)

(150)

Otter

Tail

Corp.

(5,556)

(472)

(1,637)

Total

Securities

Sold

Short

(proceeds

$25,915)

(29,768)

Other

Assets

and

Liabilities,

Net

–

(0.0)%

(138)

Net

Assets

-

100.0%

566,949

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

14

U.S.

Strategic

Equity

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

S&P

500

E-Mini

Index

Futures

58

USD

13,978

03/24

438

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

438

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

$

83,054

$

—

$

—

$

—

$

83,054

14

.7

Consumer

Staples

25,004

—

—

—

25,004

4

.4

Energy

23,143

—

—

—

23,143

4

.1

Financial

Services

85,142

—

—

—

85,142

15

.0

Health

Care

72,568

—

—

—

72,568

12

.8

Materials

and

Processing

20,385

—

—

—

20,385

3

.6

Producer

Durables

47,770

—

—

—

47,770

8

.4

Technology

202,567

—

—

—

202,567

35

.7

Utilities

22,627

—

—

—

22,627

4

.0

Short-Term

Investments

—

—

—

13,690

13,690

2

.4

Other

Securities

—

—

—

905

905

0

.2

Total

Investments

582,260

—

—

14,595

596,855

105

.3

Securities

Sold

Short

*

(29,768)

—

—

—

(29,768)

(5

.3)

Other

Assets

and

Liabilities,

Net

(—)

**

100

.0

Other

Financial

Instruments

Assets

Futures

Contracts

438

—

—

—

438

0

.1

Total

Other

Financial

Instruments

***

$

438

$

—

$

—

$

—

$

438

*

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

December

31,

2023,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

15

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

December

31,

2023,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

16

U.S.

Strategic

Equity

Fund

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Fair

Value

of

Derivative

Instruments

—

December

31,

2023

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts*

$

438

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

1,595

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

1,060

*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

17

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

$

880

$

—

$

880

Total

Financial

and

Derivative

Assets

880

—

880

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

880

$

—

$

880

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Received^

Net

Amount

Barclays

$

880

$

—

$

880

$

—

Total

$

880

$

—

$

880

$

—

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

18

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Short

Sales

Securities

sold

short,

at

fair

value

$

29,768

$

—

$

29,768

Total

Financial

and

Derivative

Liabilities

29,768

—

29,768

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

29,768

$

—

$

29,768

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

$

29,768

$

—

$

29,768

$

—

Total

$

29,768

$

—

$

29,768

$

—

*      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.

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

19

Statement

of

Assets

and

Liabilities

—

December

31,

2023

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

434,632

Investments,

at

fair

value(*)(>)

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

596,855

Receivables:

Dividends

and

interest

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

459

Dividends

from

affiliated

funds

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

72

Investments

sold

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

424

Fund

shares

sold

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

2

From

broker(a)

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

211

Variation

margin

on

futures

contracts

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

438

Total

assets

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

598,461

Liabilities

Payables:

Due

to

custodian

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

12

Investments

purchased

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

264

Fund

shares

redeemed

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

23

Accrued

fees

to

affiliates

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

366

Other

accrued

expenses

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

174

Securities

sold

short,

at

fair

value(‡)

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

29,768

Payable

upon

return

of

securities

loaned

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

905

Total

liabilities

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

31,512

Net

Assets

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

$

566,949

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

20

U.S.

Strategic

Equity

Fund

Statement

of

Assets

and

Liabilities,

continued

—

December

31,

2023

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

160,367

Shares

of

beneficial

interest

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

296

Additional

paid-in

capital

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

406,286

Net

Assets

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

$

566,949

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

19.16

Net

assets

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

$

566,949,119

Shares

outstanding

($.01

par

value)

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

29,587,868

Amounts

in

thousands

(*)    

Securities

on

loan

included

in

investments

$

880

(‡)    

Proceeds

on

securities

sold

short

$

25,915

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

and

U.S.

Cash

Collateral

Fund

$

14,595

(a)  

Receivable

from

Broker

for

Futures

$

211

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

21

Statement

of

Operations

—

For

the

Period

Ended

December

31,

2023

Amounts

in

thousands

Investment

Income

Dividends

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

$

8,365

Dividends

from

affiliated

funds

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

774

Interest

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

41

Securities

lending

income

(net)

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

2

Total

investment

income

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

9,182

Expenses

Advisory

fees

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

3,726

Administrative

fees

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

255

Custodian

fees

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

98

Transfer

agent

fees

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

22

Professional

fees

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

98

Trustees’

fees

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

29

Printing

fees

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

25

Dividends

from

securities

sold

short

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

523

Interest

expense

paid

on

securities

sold

short

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

172

Miscellaneous

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

19

Expenses

before

reductions

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

4,967

Expense

reductions

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

(62)

Net

expenses

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

4,905

Net

investment

income

(loss)

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

4,277

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

10,366

Futures

contracts

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

1,595

Securities

sold

short

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

712

Net

realized

gain

(loss)

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

12,673

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

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

106,517

Investments

in

affiliated

funds

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

(2)

Futures

contracts

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

1,060

Securities

sold

short

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

(5,129)

Net

change

in

unrealized

appreciation

(depreciation)

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

102,446

Net

realized

and

unrealized

gain

(loss)

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

115,119

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

119,396

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

22

U.S.

Strategic

Equity

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

For

the

Periods

Ended

December

31,

2023

2022

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

4,277

$

3,365

Net

realized

gain

(loss)

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

12,673

26,749

Net

change

in

unrealized

appreciation

(depreciation)

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

102,446

(158,280)

Net

increase

(decrease)

in

net

assets

from

operations

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

119,396

(128,166)

Distributions

To

shareholders

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

(15,353)

(41,639)

Net

decrease

in

net

assets

from

distributions

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

(15,353)

(41,639)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(9,264)

17,808

Total

Net

Increase

(Decrease)

in

Net

Assets

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

94,779

(151,997)

Net

Assets

Beginning

of

period

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

472,170

624,167

End

of

period

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

$

566,949

$

472,170

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2023

and

December

31,

2022

were

as

follows:

2023

2022

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

1,891

$

33,548

467

$

8,214

Proceeds

from

reinvestment

of

distributions

868

15,353

2,467

41,639

Payments

for

shares

redeemed

(3,391)

(58,165)

(1,806)

(32,045)

Total

increase

(decrease)

(632)

$

(9,264)

1,128

$

17,808

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

24

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

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

25

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(±)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(Ƃ)(∆)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(Ƃ)

%

Portfolio

Turnover

Rate

(.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.

26

U.S.

Strategic

Equity

Fund

Related

Party

Transactions,

Fees

and

Expenses

Accrued

fees

payable

to

affiliates

as

of

December

31,

2023

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

December

31,

2023

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

At

December

31,

2023,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

December

31,

2023

and

December

31,

2022,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

be

due

to

foreign

currency

gains

and

losses,

reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps. These

adjustments

have

no

impact

on

the

net

assets.

At

December

31,

2023,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

Advisory

fees

$

335,742

Administrative

fees

23,644

Transfer

agent

fees

2,080

Trustee

fees

4,692

$

366,158

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

17,773

$

141,312

$

145,393

$

—

$

(2

)

$

13,690

$

774

$

—

U.S.

Cash

Collateral

Fund

462

9,596

9,153

—

—

905

28

—

$

18,235

$

150,908

$

154,546

$

—

$

(2

)

$

14,595

$

802

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

(Capital

Loss

Carryforward)

$

415,007,264

$

163,563,667

$

(11,483,516)

$

152,080,151

$

1,461,330

$

6,823,678

December

31,

2023

December

31,

2022

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

$

7,193,538

$

8,158,964

$

—

$

4,043,293

$

37,595,928

$

—

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Portfolio

Management

Discussion

and

Analysis

—

December

31,

2023

(Unaudited)

U.S.

Small

Cap

Equity

Fund

27

U.S.

Small

Cap

Equity

Fund

Total

Return

1

Year

13

.61

%

5

Years

10

.75%§

10

Years

6

.60%§

Russell

2000

®

Index

**

Total

Return

1

Year

16

.93%

5

Years

9

.97%§

10

Years

7

.16%§

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Portfolio

Management

Discussion

and

Analysis,

continued

—

December

31,

2023

(Unaudited)

28

U.S.

Small

Cap

Equity

Fund

The

U.S.

Small

Cap

Equity

Fund

(the

“Fund”)

employs

a

multi-manager

approach

whereby

portions

of

the

Fund

are

allocated

to

different

money

manager

strategies.

Fund

assets

not

allocated

to

money

managers

are

managed

by

Russell

Investment

Management,

LLC

(“RIM”),

the

Fund’s

advisor.

RIM

may

change

the

allocation

of

the

Fund’s

assets

among

money

managers

at

any

time,

including

not

allocating

Fund

assets

to

one

or

more

money

manager

strategies.

An

exemptive

order

from

the

Securities

and

Exchange

Commission

permits

RIM

to

engage

or

terminate

a

money

manager

at

any

time,

subject

to

approval

by

the

Fund’s

Board,

without

a

shareholder

vote.

Pursuant

to

the

terms

of

the

exemptive

order,

the

Fund

is

required

to

notify

its

shareholders

within

90

days

of

when

a

money

manager

begins

providing

services.

As

of

December

31,

2023,

the

Fund

had

nine

money

managers.

What

is

the

Fund’s

investment

objective?

The

Fund

seeks

to

provide

long-term

capital

growth.

How

did

the

Fund

perform

relative

to

its

benchmark

for

the

fiscal

year

ended

December

31,

2023?

For

the

fiscal

year

ended

December

31,

2023

(the

“fiscal

year”),

the

Fund

gained

13.61%.

This

is

compared

to

the

Fund’s

benchmark,

the

Russell

2000

®

Index,

which

gained

16.93%

during

the

fiscal

year.

The

Fund’s

performance

includes

operating

expenses,

whereas

index

returns

are

unmanaged

and

do

not

include

expenses

of

any

kind.

For

the

fiscal

year,

the

Morningstar

®

Insurance

Small

Blend

Category,

a

group

of

funds

that

Morningstar,

Inc.

considers

having

investment

strategies

similar

to

those

of

the

Fund,

gained

15.57%.

This

return

serves

as

a

peer

comparison

and

is

expressed

net

of

operating

expenses.

RIM

may

assign

a

money

manager

a

specific

style

or

capitalization

benchmark

other

than

the

Fund’s

index

(a

“RIM-

assigned

benchmark”).

How

did

market

conditions

affect

the

Fund’s

performance?

The

U.S.

economy

experienced

further

moderation

throughout

2023.

The

Federal

Reserve's

persistent

efforts

to

tighten

monetary

policy,

coupled

with

the

waning

impact

of

fiscal

stimulus,

contributed

to

this

deceleration.

U.S.

small

cap

stocks

generated

a

positive

return

for

the

fiscal

year,

driven

largely

by

a

strong

rally

in

the

final

two

months

of

2023.

Over

the

full

fiscal

year,

the

smallest

market

capitalization

stocks

underperformed,

and

higher

quality

stocks

outperformed.

Consumer

discretionary

and

industrials

were

the

best

performing

sectors

while

the

utilities

and

health

care

sectors

lagged.

How

did

the

investment

strategies

and

techniques

employed

by

the

Fund

and

its

money

managers

affect

its

benchmark

relative

performance?

Over

the

fiscal

year,

the

Fund

maintained

exposure

to

U.S.

small

and

micro

capitalization

stocks

trading

at

discounted

valuations

as

well

as

companies

with

higher

growth

and

higher

quality.

Within

the

U.S.

small

cap

market,

the

preference

for

higher

quality

stocks

positively

impacted

benchmark

relative

performance,

while

exposure

to

the

smallest

market

capitalization

stocks

was

not

additive.

Sector

allocation

decisions,

including

an

underweight

to

the

utilities

sector

and

an

overweight

to

the

information

technology

sector,

were

positive

contributors

during

the

fiscal

year.

Stock

selection

by

the

Fund’s

money

managers

was

not

additive

to

performance

during

the

fiscal

year,

due

to

selection

within

the

information

technology

and

financials

sectors.

The

Fund

employs

discretionary

and

non-discretionary

money

managers.

The

Fund’s

discretionary

money

managers

select

the

individual

portfolio

securities

for

the

assets

assigned

to

them.

The

Fund’s

non-discretionary

money

managers

provide

a

model

portfolio

to

RIM

representing

their

investment

recommendations,

based

upon

which

RIM

purchases

and

sells

securities

for

the

Fund.

RIM

manages

assets

not

allocated

to

money

manager

strategies

and

the

Fund’s

cash

balances.

With

respect

to

certain

of

the

Fund’s

money

managers,

Boston

Partners

Global

Investors,

Inc.

was

the

strongest

performing

money

manager

relative

to

its

RIM-assigned

benchmark

over

the

fiscal

year.

The

money

manager’s

stock

selection

within

the

health

care

and

industrials

sectors

was

meaningfully

rewarded.

Additionally,

an

underweight

to

the

health

care

sector

and

overweight

to

the

information

technology

sector

were

also

beneficial.

Calamos

Advisors

LLC

underperformed

its

RIM-assigned

benchmark

over

the

fiscal

year.

The

money

manager’s

stock

selection

within

the

health

care

and

information

technology

sectors

was

not

beneficial.

Additionally,

exposure

to

the

energy

sector

and

an

overweight

to

the

health

care

sector

were

not

additive.

During

the

fiscal

year,

RIM

utilized

a

positioning

strategy

to

seek

to

control

Fund-level

exposures

and

risks

through

the

purchase

of

a

stock

portfolio.

Using

the

output

from

quantitative

and/

or

rules-based

processes

and

qualitative

analysis,

the

strategy

seeks

to

position

the

portfolio

to

meet

RIM’s

overall

preferred

positioning

with

respect

to

Fund

exposures

along

factor

and

industry

dimensions.

The

Fund’s

active

positioning

strategy

provided

exposure

to

RIM’s

strategic

equity

beliefs

associated

with

value

and

quality

factors.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Portfolio

Management

Discussion

and

Analysis,

continued

—

December

31,

2023

(Unaudited)

U.S.

Small

Cap

Equity

Fund

29

During

the

fiscal

year,

the

positioning

strategy

outperformed

the

Fund’s

benchmark.

Tilts

away

from

the

smallest

market

capitalization

stocks

and

towards

high

quality

companies

were

additive.

From

a

sector

perspective,

being

underweight

to

the

health

care

sector

and

overweight

to

the

consumer

discretionary

sector

added

value

to

Fund

performance.

During

the

fiscal

year,

RIM

equitized

the

Fund’s

cash

using

index

futures

contracts

to

provide

the

Fund

with

greater

market

exposure

and

this

strategy

performed

as

intended.

Describe

any

changes

to

the

Fund’s

structure

or

the

money

manager

line-up.

There

were

no

changes

to

the

Fund’s

structure

or

money

manager

line-up

during

the

fiscal

year.

The

views

expressed

in

this

report

reflect

those

of

the

portfolio

managers

only

through

the

end

of

the

fiscal

year

covered

by

the

report.

These

views

do

not

necessarily

represent

the

views

of

RIM,

or

any

other

person

in

RIM

or

any

other

affiliated

organization.

These

views

are

subject

to

change

at

any

time

based

upon

market

conditions

or

other

events,

and

RIM

disclaims

any

responsibility

to

update

the

views

contained

herein.

These

views

should

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Russell

Investment

Funds

(“RIF”)

Fund

are

based

on

numerous

factors,

should

not

be

relied

on

as

an

indication

of

investment

decisions

of

any

RIF

Fund.

Money

Managers

as

of

December

31,

2023

Styles

Ancora

Advisors,

LLC

Market

Oriented

BAMCO,

Inc.

Growth

Boston

Partners

Global

Investors,

Inc.

Value

Calamos

Advisors

LLC

Growth

Copeland

Capital

Management,

LLC

Market

Oriented

DePrince

,

Race

&

Zollo

,

Inc.

Value

Jacobs

Levy

Equity

Management,

Inc.

Market

Oriented

Penn

Capital

Management

Company,

LLC

Market

Oriented

Ranger

Investment

Management,

L.P.

Growth

*

Assumes

initial

investment

on

January

1,

2014.

**

Russell

2000

®

Index

measures

the

performance

of

the

small-cap

segment

of

the

U.S.

equity

universe.

The

Russell

2000

®

Index

is

a

subset

of

the

Russell

3000

®

Index

representing

approximately

10%

of

the

total

market

capitalization

of

that

index.

It

includes

approximately

2000

of

the

smallest

securities

based

on

a

combination

of

their

market

cap

and

current

index

membership.

The

Russell

2000

®

Index

is

constructed

to

provide

a

comprehensive

and

unbiased

small-cap

opportunity

barometer

and

is

completely

reconstituted

annually

to

ensure

larger

stocks

do

not

distort

the

performance

and

characteristics

of

the

true

small-cap

opportunity

set.

§

Annualized.

The

performance

shown

in

this

section

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges.

Performance

is

historical

and

assumes

reinvestment

of

all

dividends

and

capital

gains.  Investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

when

purchased.  Past

performance

is

not

indicative

of

future

results.  Additionally,

the

returns

presented

herein

may

differ

from

the

performance

reported

in

the

Financial

Highlights

as

the

returns

herein

are

calculated

in

a

manner

consistent

with

standardized

performance

in

accordance

with

Securities

and

Exchange

Commission

rules,

while

the

performance

in

the

Financial

Highlights

has

been

calculated

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

(“U.S.

GAAP”).

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Shareholder

Expense

Example

—

December

31,

2023

(Unaudited)

30

U.S.

Small

Cap

Equity

Fund

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

July

1,

2023

to

December

31,

2023

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

July

1,

2023

$

1,000.00

$

1,000.00

Ending

Account

Value

December

31,

2023

$

1,068.10

$

1,019.51

Expenses

Paid

During

Period*

$

5.89

$

5.75

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

1.13%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/

365

(to

reflect

the

one-half

year

period).

May

reflect

amounts

waived

and/or

reimbursed.

Without

any

waivers

and/or

reimbursements,

expenses

would

have

been

higher.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

31

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

100.3%

Consumer

Discretionary

-

11.6%

1-800-Flowers.com,

Inc.

Class

A(Æ)

5,060

55

2U,

Inc.(Æ)

9,595

12

Abercrombie

&

Fitch

Co.

Class

A(Æ)

1,187

105

Academy

Sports

&

Outdoors,

Inc.

2,374

157

Advance

Auto

Parts,

Inc.(Ð)(Û)

5,338

326

AerSale

Corp.(Æ)

52,187

663

America's

Car-Mart,

Inc.(Æ)

6,503

493

Asbury

Automotive

Group,

Inc.(Æ)

598

135

Atkore

,

Inc.(Æ)

1,078

172

Axon

Enterprise,

Inc.(Æ)

1,234

319

Beacon

Roofing

Supply,

Inc.(Æ)

3,135

273

Beazer

Homes

USA,

Inc.(Æ)

4,838

163

Bloomin

'

Brands,

Inc.

5,697

160

BlueLinx

Holdings,

Inc.(Æ)

511

58

Boot

Barn

Holdings,

Inc.(Æ)

11,070

850

BorgWarner,

Inc.(Û)

2,040

73

Cadre

Holdings,

Inc.

9,560

314

Carriage

Services,

Inc.

Class

A

1,252

31

Carrols

Restaurant

Group,

Inc.

17,905

141

Carter's,

Inc.

4,120

309

Celestica,

Inc.(Æ)

7,091

208

Century

Communities,

Inc.

2,009

183

Chegg

,

Inc.(Æ)

14,077

160

Chico's

FAS,

Inc.(Æ)

27,334

207

Clarus

Corp.

62,291

430

Columbia

Sportswear

Co.

2,151

171

Comtech

Telecommunications

Corp.

550

5

Cooper-Standard

Holdings,

Inc.(Æ)

1,055

21

Coursera,

Inc.(Æ)(Ð)(Û)

8,493

165

Cracker

Barrel

Old

Country

Store,

Inc.(Ñ)

905

70

CTS

Corp.

1,829

80

Dana

Holding

Corp.

10,619

155

Dillard's,

Inc.

Class

A(Ñ)(Û)

903

365

Driven

Brands

Holdings,

Inc.(Æ)

13,096

187

Duolingo

,

Inc.(Æ)(Û)

1,476

335

Enerpac

Tool

Group

Corp.

2,716

84

Enovix

Corp.(Æ)

1,679

21

Figs,

Inc.

Class

A(Æ)

6,466

45

FirstCash

Holdings,

Inc.

1,838

199

Foot

Locker,

Inc.

3,681

115

Forestar

Group,

Inc.(Æ)

2,502

83

Funko

,

Inc.

Class

A(Æ)(Ð)(Û)

7,158

55

Gambling.com

Group,

Ltd.(Æ)

8,098

79

Genesco,

Inc.(Æ)

1,280

45

Gentherm

,

Inc.(Æ)

3,021

158

G-III

Apparel

Group,

Ltd.(Æ)

3,390

115

Gildan

Activewear

,

Inc.

Class

A

9,795

324

GMS,

Inc.(Æ)

4,447

367

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)(Ð)

(Û)

32,653

468

GoPro,

Inc.

Class

A(Æ)(Ð)(Û)

37,999

132

Grand

Canyon

Education,

Inc.(Æ)(Û)

4,289

566

Green

Brick

Partners,

Inc.(Æ)

3,165

164

Group

1

Automotive,

Inc.

523

159

Haverty

Furniture

Cos.,

Inc.

8,920

317

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

HealthStream

,

Inc.

1,274

34

Hilton

Grand

Vacations,

Inc.(Æ)

2,469

99

Hims

&

Hers

Health,

Inc.(Æ)

17,187

153

International

Game

Technology

PLC

7,960

218

iRobot

Corp.(Æ)

2,463

95

Johnson

Outdoors,

Inc.

Class

A

7,305

390

KB

Home(Û)

7,852

490

Kontoor

Brands,

Inc.

2,176

136

Kura

Sushi

USA,

Inc.

Class

A(Æ)

7,113

541

Landsea

Homes

Corp.(Æ)

10,047

132

La-Z-Boy,

Inc.

4,110

152

Lear

Corp.(Û)

2,507

354

Leonardo

DRS,

Inc.(Æ)

7,296

146

Levi

Strauss

&

Co.

Class

A(Ñ)

19,238

318

Light

&

Wonder,

Inc.

Class

A(Æ)

955

78

M/I

Homes,

Inc.(Æ)

1,938

267

Macy's,

Inc.

10,093

203

Malibu

Boats,

Inc.

Class

A(Æ)

1,143

63

MasterCraft

Boat

Holdings,

Inc.(Æ)

1,743

39

MDC

Holdings,

Inc.

3,898

215

Meritage

Homes

Corp.

1,468

256

Monro

Muffler

Brake,

Inc.

12,096

355

Motorcar

Parts

of

America,

Inc.(Æ)

14,435

135

Movado

Group,

Inc.

2,726

82

Newell

Rubbermaid,

Inc.

64,069

556

ODP

Corp.

(The)(Æ)

2,244

126

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

1,895

144

On

Holding

AG

Class

A(Æ)

4,227

114

OneSpaWorld

Holdings,

Ltd.(Æ)

70,632

996

Overstock.com,

Inc.(Æ)

5,352

148

Papa

John's

International,

Inc.

4,222

322

Paramount

Global

Class

B(Û)

1,481

22

Perdoceo

Education

Corp.

5,550

97

PetMed

Express,

Inc.

1,000

8

Red

Rock

Resorts,

Inc.

Class

A

2,382

127

Reservoir

Media,

Inc.(Æ)

22,797

163

REV

Group,

Inc.

19,626

357

Rocky

Brands,

Inc.

8,656

261

Rover

Group,

Inc.(Æ)

19,983

217

Scholastic

Corp.

2,148

81

SeaWorld

Entertainment,

Inc.(Æ)(Ð)(Û)

3,147

166

Sensata

Technologies

Holding

PLC

3,420

128

Shoe

Carnival,

Inc.

4,203

127

Signet

Jewelers,

Ltd.

1,735

186

Smith

&

Wesson

Brands,

Inc.

29,157

395

Sonic

Automotive,

Inc.

Class

A

3,105

175

Steven

Madden,

Ltd.

10,811

454

Stitch

Fix,

Inc.

Class

A(Æ)

17,758

63

Stride,

Inc.(Æ)(Ð)(Û)

11,956

710

Taylor

Morrison

Home

Corp.

Class

A(Æ)

4,518

241

Texas

Roadhouse,

Inc.

Class

A

4,899

599

Tilly's,

Inc.

Class

A(Æ)

2,266

17

Toll

Brothers,

Inc.(Ð)(Û)

4,426

455

Transcat

,

Inc.(Æ)

817

89

Travel

+

Leisure

Co.

4,362

171

Tri

Pointe

Homes,

Inc.(Æ)(Û)

9,441

334

Turtle

Beach

Corp.(Æ)

207

2

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

32

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Universal

Electronics,

Inc.(Æ)

657

6

Universal

Technical

Institute,

Inc.(Æ)

3,290

41

Urban

Outfitters,

Inc.(Æ)

4,289

153

VF

Corp.

13,704

258

Warner

Music

Group

Corp.

Class

A(Û)

891

32

WideOpenWest

,

Inc.(Æ)(Ð)(Û)

1,600

6

Wingstop

,

Inc.

398

102

Winnebago

Industries,

Inc.

2,432

177

Wolverine

World

Wide,

Inc.

9,268

82

Wynn

Resorts,

Ltd.(Ð)(Û)

292

27

Xponential

Fitness,

Inc.

Class

A(Æ)

4,917

63

YETI

Holdings,

Inc.(Æ)

906

47

Zumiez

,

Inc.(Æ)

3,220

66

25,109

Consumer

Staples

-

2.9%

Andersons,

Inc.

(The)

674

39

Calavo

Growers,

Inc.(Û)

22,471

661

Celsius

Holdings,

Inc.(Æ)

2,628

143

Coca-Cola

Bottling

Co.

168

156

Coty,

Inc.

Class

A(Æ)

19,221

239

Dole

PLC

3,241

40

elf

Beauty,

Inc.(Æ)

6,071

876

Energizer

Holdings,

Inc.

-

GDR

3,294

121

Grocery

Outlet

Holding

Corp.(Æ)

16,850

454

Helen

of

Troy,

Ltd.(Æ)

1,281

155

Inter

Parfums

,

Inc.

581

84

J&J

Snack

Foods

Corp.

3,052

510

John

B

Sanfilippo

&

Son,

Inc.

752

78

Medifast

,

Inc.

954

64

Natural

Grocers

by

Vitamin

Cottage,

Inc.

5,530

88

Nomad

Foods,

Ltd.(Æ)

19,160

325

Post

Holdings,

Inc.(Æ)(Û)

471

41

Primo

Water

Corp.

55,854

841

Quanex

Building

Products

Corp.

8,073

247

Sovos

Brands,

Inc.(Æ)

28,571

629

SpartanNash

Co.

2,360

54

Sprouts

Farmers

Market,

Inc.(Æ)

4,770

229

Turning

Point

Brands,

Inc.(Ð)(Û)

244

6

USANA

Health

Sciences,

Inc.(Æ)

698

37

Vector

Group,

Ltd.(Ð)(Û)

7,150

81

Vita

Coco

Co.,

Inc.

(The)(Æ)

2,873

74

Weis

Markets,

Inc.

1,092

70

6,342

Energy

-

4.5%

Alpha

Metallurgical

Resources,

Inc.(Û)

497

168

Arch

Resources,

Inc.

1,578

262

Aris

Water

Solutions,

Inc.

Class

A

98,065

823

Atlas

Energy

Solutions,

Inc.

9,301

160

Berry

Petroleum

Corp.

6,330

44

Broadwind

Energy,

Inc.(Æ)

31,246

87

Centrus

Energy

Corp.

Class

A(Æ)(Ð)(Û)

809

44

ChampionX

Corp.

6,412

187

CONSOL

Energy,

Inc.

346

35

CVR

Energy,

Inc.(Ð)(Û)

6,068

184

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Delek

US

Holdings,

Inc.

13,020

336

Dril

-Quip,

Inc.(Æ)

24,794

577

Fluence

Energy,

Inc.(Æ)(Ð)(Û)

3,446

82

Green

Plains,

Inc.(Æ)

3,401

86

Helmerich

&

Payne,

Inc.

11,003

399

HF

Sinclair

Corp.

2,743

152

Kodiak

Gas

Services,

Inc.

41,990

843

Matador

Resources

Co.

2,931

167

Matrix

Service

Co.(Æ)

13,910

136

Montauk

Renewables,

Inc.(Æ)(Ð)(Û)

926

8

Murphy

Oil

Corp.

3,289

140

Natural

Gas

Services

Group,

Inc.(Æ)

13,253

213

Newpark

Resources,

Inc.(Æ)

5,154

34

NOW,

Inc.(Æ)

12,212

138

Oil

States

International,

Inc.(Æ)

2,900

20

Par

Pacific

Holdings,

Inc.(Æ)

6,248

227

Patterson-UTI

Energy,

Inc.(Û)

46,729

505

PBF

Energy,

Inc.

Class

A(Û)

7,209

317

Ramaco

Resources,

Inc.

Class

A(Ñ)(Û)

12,847

221

Range

Resources

Corp.(Ð)(Û)

1,908

58

Ranger

Energy

Services,

Inc.

16,625

170

REX

American

Resources

Corp.(Æ)

3,593

170

Select

Water

Solutions,

Inc.

Class

A

11,390

86

Sitio

Royalties

Corp.

Class

A

16,915

398

SM

Energy

Co.

9,753

378

Solaris

Oilfield

Infrastructure,

Inc.

Class

A

20,062

160

TechnipFMC

PLC

20,486

413

TETRA

Technologies,

Inc.(Æ)

23,580

107

Valaris

,

Ltd.(Æ)

1,773

122

W&T

Offshore,

Inc.

85,412

278

Warrior

Met

Coal,

Inc.

8,239

502

Weatherford

International

PLC(Æ)

1,199

117

World

Kinect

Corp.(Ð)(Û)

5,813

132

9,686

Financial

Services

-

20.9%

1st

Source

Corp.

2,654

146

AGNC

Investment

Corp.(Ñ)(ö)

21,783

214

Agree

Realty

Corp.(ö)

8,670

546

Air

Lease

Corp.

Class

A(Û)

12,074

506

Alliance

Data

Systems

Corp.

1,507

50

Alpine

Income

Property

Trust,

Inc.(ö)

31,613

535

American

Equity

Investment

Life

Holding

Co.(Æ)

2,856

159

Ameris

Bancorp

2,601

138

Apple

Hospitality

REIT,

Inc.(ö)

3,760

62

Applied

Digital

Corp.(Æ)(Ñ)

15,934

107

Atlantic

Union

Bankshares

Corp.

3,247

119

Axis

Capital

Holdings,

Ltd.

6,324

350

Banco

Latinoamericano

de

Comercio

Exterior

SA

Class

E

354

9

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

3,734

119

BankUnited

,

Inc.

2,540

82

Banner

Corp.

2,542

136

BGC

Group,

Inc.

Class

A

14,605

105

Blackstone

Mortgage

Trust,

Inc.

Class

A(Ñ)

(ö)

3,632

77

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

33

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Brighthouse

Financial,

Inc.(Æ)

4,581

242

Brixmor

Property

Group,

Inc.(ö)

11,480

267

Broadstone

Net

Lease,

Inc.(ö)

10,834

187

Business

First

Bancshares,

Inc.

22,308

550

Byline

Bancorp,

Inc.

9,544

225

Cadence

Bank

19,014

563

Camden

Property

Trust(ö)(Û)

307

30

Capital

Bancorp,

Inc.

8,703

211

Capital

City

Bank

Group,

Inc.

7,576

223

Capstar

Financial

Holdings,

Inc.

8,375

157

Cathay

General

Bancorp

2,825

126

Chatham

Lodging

Trust(ö)

2,666

29

City

Holding

Co.

1,143

126

Clarivate

PLC(Æ)

28,444

263

CNO

Financial

Group,

Inc.

5,332

149

Coastal

Financial

Corp.(Æ)

25

1

Cohen

&

Steers,

Inc.

4,905

371

Comerica,

Inc.

7,708

430

Community

Bank

System,

Inc.

2,166

113

Community

Healthcare

Trust,

Inc.(ö)

18,900

503

Compass,

Inc.

Class

A(Æ)

22,715

85

Corebridge

Financial,

Inc.(Û)

16,593

359

Corporate

Office

Properties

Trust(ö)

9,237

237

CTO

Realty

Growth,

Inc.(ö)

18,479

320

Cullen/Frost

Bankers,

Inc.(Û)

3,561

386

Customers

Bancorp,

Inc.(Æ)

2,933

169

DiamondRock

Hospitality

Co.(ö)

27,454

258

Donegal

Group,

Inc.

Class

A

5,691

80

Douglas

Elliman

,

Inc.

125,103

369

Dun

&

Bradstreet

Holdings,

Inc.

8,850

104

Easterly

Government

Properties,

Inc.(ö)

47,532

639

Enova

International,

Inc.(Æ)

1,034

57

Enterprise

Financial

Services

Corp.

7,787

348

Equity

Commonwealth(ö)

22,500

432

Esquire

Financial

Holdings,

Inc.

6,081

304

Essent

Group,

Ltd.

7,708

406

Essential

Properties

Realty

Trust,

Inc.(ö)

3,539

90

Evercore

,

Inc.

Class

A

2,756

471

Everest

Re

Group,

Ltd.(Û)

163

58

EZCORP,

Inc.

Class

A(Æ)(Ð)(Û)

24,324

213

Federal

Agricultural

Mortgage

Corp.

Class

C

854

163

Fidelis

Insurance

Holdings,

Ltd.(Æ)

13,538

172

First

American

Financial

Corp.

11,159

719

First

BanCorp

22,607

372

First

Commonwealth

Financial

Corp.

14,964

231

First

Financial

Bankshares

,

Inc.

4,308

131

First

Financial

Corp.

3,232

139

First

Foundation,

Inc.

8,329

81

First

Horizon

Corp.

30,319

429

First

Industrial

Realty

Trust,

Inc.(ö)

4,968

262

First

Internet

Bancorp

1,303

31

First

Interstate

BancSystem

,

Inc.

Class

A

3,479

107

First

Merchants

Corp.

5,207

193

First

Mid

Bancshares,

Inc.

6,143

213

Four

Corners

Property

Trust,

Inc.(ö)

6,712

170

FTAI

Aviation,

Ltd.

9,141

424

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fulton

Financial

Corp.

6,902

114

GCM

Grosvenor,

Inc.

Class

A

46,836

420

Genworth

Financial,

Inc.

Class

A(Æ)

28,129

188

German

American

Bancorp,

Inc.

10,138

329

Getty

Realty

Corp.(ö)

8,604

251

Glacier

Bancorp,

Inc.

13,771

569

Goosehead

Insurance,

Inc.

Class

A(Æ)(Ð)

(Û)

1,255

95

Grid

Dynamics

Holdings,

Inc.(Æ)

4,333

58

Guaranty

Bancshares,

Inc.

7,283

245

Hamilton

Lane,

Inc.

Class

A

1,225

139

Hancock

Holding

Co.

3,019

147

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(Ñ)(ö)

19,678

543

Hanover

Insurance

Group,

Inc.

(The)

3,618

439

Hilltop

Holdings,

Inc.

4,745

167

Home

BancShares

,

Inc.

23,099

585

HomeStreet

,

Inc.

2,144

22

HomeTrust

Bancshares,

Inc.

114

3

Horace

Mann

Educators

Corp.

16,685

546

Howard

Hughes

Corp.

(The)(Æ)(Ð)(Û)

2,656

227

Independence

Realty

Trust,

Inc.(ö)

10,396

159

Independent

Bank

Corp.

3,468

157

Innovative

Industrial

Properties,

Inc.(ö)

1,326

134

Interactive

Brokers

Group,

Inc.

Class

A(Û)

657

54

International

Bancshares

Corp.

2,742

149

International

Money

Express,

Inc.(Æ)

9,006

199

Investar

Holding

Corp.

8,583

128

Jackson

Financial,

Inc.

Class

A

10,752

550

James

River

Group

Holdings,

Ltd.

193

2

JER

Investment

Trust,

Inc.(Æ)(Š)(Þ)

1,771

—

John

Wiley

&

Sons,

Inc.

Class

A

2,843

90

Kemper

Corp.

8,315

405

Kinsale

Capital

Group,

Inc.(Û)

1,106

370

Kite

Realty

Group

Trust(ö)

571

13

Legalzoom.com,

Inc.(Æ)

18,122

205

LendingClub

Corp.(Æ)

13,926

122

LendingTree

,

Inc.(Æ)

1,953

59

Live

Oak

Bancshares,

Inc.

3,951

180

LiveRamp

Holdings,

Inc.(Æ)

11,362

430

LuxUrban

Hotels,

Inc.(Æ)(Ñ)

12,679

76

Macerich

Co.

(The)(ö)

3,147

49

McGrath

RentCorp

1,212

145

Merchants

Bancorp

2,892

123

Metropolitan

Bank

Holding

Corp.(Æ)(Ñ)

9,972

552

Moelis

&

Co.

Class

A

3,034

170

Mr.

Cooper

Group,

Inc.(Æ)

1,312

85

MVB

Financial

Corp.

6,597

149

National

Bank

Holdings

Corp.

Class

A

20,456

761

Navient

Corp.

9,442

176

NETSTREIT

Corp.(ö)

65,815

1,175

Newmark

Group,

Inc.

Class

A

17,010

186

NMI

Holdings,

Inc.

Class

A(Æ)

10,497

312

Northeast

Bank

5,885

325

Northrim

BanCorp

,

Inc.

164

9

OFG

Bancorp

6,805

255

Old

National

Bancorp

17,538

296

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

34

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Old

Second

Bancorp,

Inc.

5,868

91

Outfront

Media,

Inc.(ö)

16,978

237

Pagseguro

Digital,

Ltd.

Class

A(Æ)

13,952

174

Park

Hotels

&

Resorts,

Inc.(ö)(Û)

14,950

229

Pathward

Financial,

Inc.

1,571

83

Perella

Weinberg

Partners

48,686

595

Phillips

Edison

&

Co.,

Inc.(ö)

1,012

37

Pinnacle

Financial

Partners,

Inc.

3,759

328

PJT

Partners,

Inc.

Class

A

854

87

Plymouth

Industrial

REIT,

Inc.(ö)

15,189

366

Popular,

Inc.

2,851

234

PRA

Group,

Inc.(Æ)

4,083

107

Preferred

Bank

1,599

117

Premier

Financial

Corp.

9,184

221

ProAssurance

Corp.

3,040

42

Prosperity

Bancshares,

Inc.

5,318

360

Radian

Group,

Inc.

5,779

165

RE/MAX

Holdings,

Inc.

Class

A

22,726

303

Red

River

Bancshares,

Inc.

2,363

133

Redfin

Corp.(Æ)(Ð)(Û)

15,504

160

Regency

Centers

Corp.(Ð)(ö)(Û)

522

35

Regional

Management

Corp.

626

16

Reinsurance

Group

of

America,

Inc.

Class

A(Û)

3,041

492

Renasant

Corp.

3,427

115

Remitly

Global,

Inc.(Æ)

7,942

154

RLJ

Lodging

Trust(ö)

9,919

116

RMR

Group,

Inc.

(The)

Class

A

4,229

119

Robinhood

Markets,

Inc.

Class

A(Æ)(Ð)(Û)

23,293

297

Ryan

Specialty

Holdings,

Inc.

Class

A(Æ)

4,800

206

Ryman

Hospitality

Properties,

Inc.(ö)

1,484

163

Sabra

Health

Care

REIT,

Inc.(ö)

2,491

36

Safety

Insurance

Group,

Inc.

1,272

97

Seacoast

Banking

Corp.

of

Florida

17,379

495

Selective

Insurance

Group,

Inc.

2,018

201

Silvercrest

Asset

Management

Group,

Inc.

Class

A

4,903

83

Simmons

First

National

Corp.

Class

A

5,688

113

Skyward

Specialty

Insurance

Group,

Inc.

(Æ)

7,396

251

SLM

Corp.

13,025

249

SmartFinancial

,

Inc.

13,408

328

SouthState

Corp.

2,317

196

SP

Plus

Corp.(Æ)

3,982

204

Spirit

Realty

Capital,

Inc.(ö)

6,410

280

Stewart

Information

Services

Corp.

4,749

279

Stock

Yards

Bancorp,

Inc.

8,886

458

StoneX

Group,

Inc.(Æ)(Ð)(Û)

1,021

75

Sunstone

Hotel

Investors,

Inc.(Ð)(ö)(Û)

10,157

109

Terreno

Realty

Corp.(ö)

995

62

Texas

Capital

Bancshares,

Inc.(Æ)

6,248

404

Tiptree,

Inc.

Class

A

17,976

341

Towne

Bank

6,184

184

TPG,

Inc.

6,143

265

TriCo

Bancshares

7,537

324

Triumph

Financial,

Inc.(Æ)

8,071

647

UMB

Financial

Corp.

1,785

149

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

UMH

Properties,

Inc.(ö)

14,014

215

United

Bankshares

,

Inc.

4,217

158

United

Community

Banks,

Inc.

4,494

131

United

Fire

Group,

Inc.

657

13

Universal

Insurance

Holdings,

Inc.

2,914

47

Valley

National

Bancorp

32,556

354

Virtu

Financial,

Inc.

Class

A

7,000

142

Walker

&

Dunlop,

Inc.

1,459

162

Webster

Financial

Corp.

4,670

237

Westamerica

BanCorp

8,225

464

Westwood

Holdings

Group,

Inc.

27,260

343

William

Penn

Bancorp

26,077

318

WW

International,

Inc.(Æ)

11,239

98

Xenia

Hotels

&

Resorts,

Inc.(ö)

8,804

120

45,199

Health

Care

-

16.6%

Adaptive

Biotechnologies

Corp.(Æ)(Ð)(Û)

6,198

30

Addus

HomeCare

Corp.(Æ)

1,200

111

ADMA

Biologics,

Inc.(Æ)

26,307

119

Akebia

Therapeutics,

Inc.(Æ)

12,274

15

Alector

,

Inc.(Æ)

6,700

53

Alkermes

PLC(Æ)(Û)

7,873

218

Alphatec

Holdings,

Inc.(Æ)

13,453

203

Amedisys

,

Inc.(Æ)

2,611

248

American

Well

Corp.

Class

A(Æ)

14,578

22

Amneal

Pharmaceuticals,

Inc.(Æ)

45,983

279

Amphastar

Pharmaceuticals,

Inc.(Æ)(Û)

6,000

371

AnaptysBio

,

Inc.(Æ)(Ð)(Û)

1,640

35

AngioDynamics

,

Inc.(Æ)

5,454

43

ANI

Pharmaceuticals,

Inc.(Æ)

13,019

718

Arcellx

,

Inc.(Æ)

11,862

658

Arcus

Biosciences,

Inc.(Æ)(Ð)(Û)

1,621

31

Ardelyx

,

Inc.(Æ)

14,386

89

Argenx

SE

-

ADR(Æ)

1,894

721

Arrowhead

Pharmaceuticals,

Inc.(Æ)

16,464

504

Arvinas

,

Inc.(Æ)

749

31

Avanos

Medical,

Inc.(Æ)

6,111

137

Avid

Bioservices

,

Inc.(Æ)

54,913

357

Axogen

,

Inc.(Æ)

1,600

11

Axonics

Modulation

Technologies,

Inc.(Æ)

3,851

240

Beam

Therapeutics,

Inc.(Æ)(Ñ)

9,365

255

BioLife

Solutions,

Inc.(Æ)

24,065

391

Blueprint

Medicines

Corp.(Æ)

2,346

216

Cara

Therapeutics,

Inc.(Æ)

3,700

3

CareDx

,

Inc.(Æ)

7,959

96

Castle

Biosciences,

Inc.(Æ)(Ð)(Û)

2,797

60

Catalyst

Pharmaceuticals,

Inc.(Æ)

10,112

170

Chemed

Corp.

574

336

CinCor

Pharma,

Inc.(Æ)(Š)

3,630

11

Coherus

Biosciences,

Inc.(Æ)

5,500

18

Computer

Programs

&

Systems,

Inc.(Æ)

1,300

15

CONMED

Corp.

5,354

586

CorVel

Corp.(Æ)

398

98

CymaBay

Therapeutics,

Inc.(Æ)

4,625

109

Cytokinetics,

Inc.(Æ)

14,740

1,231

CytomX

Therapeutics,

Inc.(Æ)(Ð)(Û)

4,574

7

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

35

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

DaVita

HealthCare

Partners,

Inc.(Æ)(Û)

4,177

438

Deciphera

Pharmaceuticals,

Inc.(Æ)

5,444

88

Denali

Therapeutics,

Inc.(Æ)

8,292

178

Dyne

Therapeutics,

Inc.(Æ)

6,034

80

Eagle

Pharmaceuticals,

Inc.(Æ)

296

2

Embecta

Corp.

5,530

105

Emergent

BioSolutions

,

Inc.(Æ)

7,115

17

Enanta

Pharmaceuticals,

Inc.(Æ)(Ð)(Û)

1,328

12

Enovis

Corp.

Class

W(Æ)

6,804

381

Ensign

Group,

Inc.

(The)

1,002

112

Esperion

Therapeutics,

Inc.(Æ)

6,100

18

Exelixis

,

Inc.(Æ)(Û)

21,057

505

Fate

Therapeutics,

Inc.(Æ)

9,430

35

FibroGen

,

Inc.(Æ)

6,130

5

Fulgent

Genetics,

Inc.(Æ)

4,428

128

Geron

Corp.(Æ)

71,278

150

Glaukos

Corp.(Æ)

2,065

164

Gossamer

Bio,

Inc.(Æ)

12,200

11

Guardant

Health,

Inc.(Æ)

5,739

155

Haemonetics

Corp.(Æ)

1,456

125

Halozyme

Therapeutics,

Inc.(Æ)

10,200

377

Harmony

Biosciences

Holdings,

Inc.(Æ)

2,439

79

Health

Catalyst,

Inc.(Æ)

4,098

38

HealthEquity

,

Inc.(Æ)

2,655

176

Immunovant

,

Inc.(Æ)

10,950

461

Inari

Medical,

Inc.(Æ)

5,243

340

Incyte

Corp.(Æ)(Û)

1,061

67

InfuSystem

Holdings,

Inc.(Æ)

42,074

443

Inhibrx

,

Inc.(Æ)

27,106

1,030

Innoviva

,

Inc.(Æ)

40,289

646

Inogen

,

Inc.(Æ)

1,480

8

Inspire

Medical

Systems,

Inc.(Æ)

527

107

Integer

Holdings

Corp.(Æ)

1,698

168

Intellia

Therapeutics,

Inc.(Æ)

8,754

267

Intra-Cellular

Therapies,

Inc.

Class

A(Æ)

741

53

Ionis

Pharmaceuticals,

Inc.(Æ)(Ð)(Û)

7,511

380

iRadimed

Corp.

18,340

871

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

10,200

117

iTeos

Therapeutics,

Inc.(Æ)

4,288

47

Joint

Corp.

(The)(Æ)

8,929

86

Keros

Therapeutics,

Inc.(Æ)

5,817

231

Krystal

Biotech,

Inc.(Æ)

1,002

124

Kura

Oncology,

Inc.(Æ)

13,759

198

Kymera

Therapeutics,

Inc.(Æ)

2,206

56

Lantheus

Holdings,

Inc.(Æ)

2,981

185

Legend

Biotech

Corp.

-

ADR(Æ)

7,393

445

LeMaitre

Vascular,

Inc.

22,626

1,284

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

1,143

82

Medpace

Holdings,

Inc.(Æ)

1,645

504

MeiraGTx

Holdings

PLC(Æ)

12,282

86

Merit

Medical

Systems,

Inc.(Æ)

1,821

138

MiMedx

Group,

Inc.(Æ)

22,124

194

ModivCare

,

Inc.(Æ)

4,124

181

Natera

,

Inc.(Æ)

2,167

136

National

HealthCare

Corp.

2,678

248

Nektar

Therapeutics(Æ)

9,115

5

Neogen

Corp.(Æ)

7,204

145

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NeoGenomics

,

Inc.(Æ)

6,863

111

Neurocrine

Biosciences,

Inc.(Æ)(Û)

7,831

1,032

NGM

Biopharmaceuticals,

Inc.(Æ)

3,110

3

Nurix

Therapeutics,

Inc.(Æ)(Ð)(Û)

3,773

39

Omnicell

,

Inc.(Æ)

1,896

71

Option

Care

Health,

Inc.(Æ)

10,543

355

OraSure

Technologies,

Inc.(Æ)(Ð)(Û)

1,883

15

Organon

&

Co.

10,940

158

Orthofix

Medical,

Inc.(Æ)

20,606

278

Owens

&

Minor,

Inc.(Æ)

11,427

220

Pacific

Biosciences

of

California,

Inc.(Æ)

12,718

125

Pacira

BioSciences

,

Inc.(Æ)

5,606

189

Pediatrix

Medical

Group,

Inc.(Æ)(Û)

20,261

188

Pennant

Group,

Inc.

(The)(Æ)

13,061

182

Perrigo

Co.

PLC

19,344

622

Personalis

,

Inc.(Æ)

2,788

6

PetIQ

,

Inc.(Æ)

13,499

267

Phathom

Pharmaceuticals,

Inc.(Æ)(Ð)(Û)

5,635

51

Pliant

Therapeutics,

Inc.(Æ)

4,293

78

Premier,

Inc.

Class

A

5,880

131

Prestige

Brands

Holdings,

Inc.(Æ)

1,707

105

PTC

Therapeutics,

Inc.(Æ)(Ð)(Û)

6,213

171

Pulmonx

Corp.(Æ)(Ð)(Û)

3,467

44

Quanterix

Corp.(Æ)

2,000

55

Quipt

Home

Medical

Corp.(Æ)

47,454

242

Radius

Health,

Inc.(Æ)(Š)

16,200

1

RadNet

,

Inc.(Æ)

4,341

151

Recursion

Pharmaceuticals,

Inc.

Class

A(Æ)

(Ñ)

10,712

106

REGENXBIO,

Inc.(Æ)(Ð)(Û)

5,588

100

Relay

Therapeutics,

Inc.(Æ)

7,578

83

Repligen

Corp.(Æ)

2,063

371

Rigel

Pharmaceuticals,

Inc.(Æ)

11,900

17

Rocket

Pharmaceuticals,

Inc.(Æ)

40,274

1,207

RxSight

,

Inc.(Æ)

9,466

382

Sage

Therapeutics,

Inc.(Æ)(Ð)(Û)

6,248

135

Sangamo

BioSciences

,

Inc.(Æ)

10,300

6

Sarepta

Therapeutics,

Inc.(Æ)(Ð)(Û)

2,726

263

Schrodinger,

Inc.(Æ)

10,951

392

Science

37

Holdings,

Inc.(Æ)

16,618

89

Select

Medical

Holdings

Corp.

4,285

101

Semler

Scientific,

Inc.(Æ)(Ð)(Û)

679

30

SI-BONE,

Inc.(Æ)

3,417

72

SpringWorks

Therapeutics,

Inc.(Æ)

7,576

277

STAAR

Surgical

Co.(Æ)

1,908

60

Structure

Therapeutics,

Inc.

-

ADR(Æ)

1,725

70

Supernus

Pharmaceuticals,

Inc.(Æ)

2,049

59

Surmodics

,

Inc.(Æ)

5,714

208

Sutro

Biopharma,

Inc.(Æ)(Ð)(Û)

3,305

14

Tactile

Systems

Technology,

Inc.(Æ)

6,476

93

Tandem

Diabetes

Care,

Inc.(Æ)(Ð)(Û)

8,853

262

Teleflex,

Inc.

556

139

Tenet

Healthcare

Corp.(Æ)(Û)

5,477

414

Terns

Pharmaceuticals,

Inc.(Æ)(Ñ)

16,303

106

TG

Therapeutics,

Inc.(Æ)

2,072

35

Travere

Therapeutics,

Inc.(Æ)

7,092

64

UFP

Technologies,

Inc.(Æ)

6,025

1,037

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

36

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ultragenyx

Pharmaceutical,

Inc.(Æ)(Û)

9,667

462

United

Therapeutics

Corp.(Æ)

1,201

264

Utah

Medical

Products,

Inc.

4,667

393

Vanda

Pharmaceuticals,

Inc.(Æ)

4,230

18

Veradigm

,

Inc.(Æ)(Ð)(Û)

9,724

102

Viemed

Healthcare,

Inc.(Æ)

12,062

95

Viking

Therapeutics,

Inc.(Æ)

16,019

298

Vir

Biotechnology,

Inc.(Æ)(Ð)(Û)

1,553

16

Viridian

Therapeutics,

Inc.(Æ)

20,803

453

Xencor

,

Inc.(Æ)

9,779

208

Xenon

Pharmaceuticals,

Inc.(Æ)

10,997

507

Y-

mAbs

Therapeutics,

Inc.(Æ)

1,650

11

Zai

Lab,

Ltd.

-

ADR(Æ)(Ñ)

8,262

226

Zimvie

,

Inc.(Æ)

10,174

181

Zymeworks

,

Inc.(Æ)

2,000

21

35,895

Materials

and

Processing

-

8.4%

AAON,

Inc.

2,055

152

Acuity

Brands,

Inc.(Ð)(Û)

1,782

365

Alcoa

Corp.

6,793

231

Algoma

Steel

Group,

Inc.

10,473

105

Allegheny

Technologies,

Inc.(Æ)

4,581

208

American

Vanguard

Corp.

2,409

26

Arizona

Sonoran

Copper

Co.,

Inc.(Æ)

98,009

130

Ashland,

Inc.

4,570

385

Avient

Corp.

10,393

432

Axalta

Coating

Systems,

Ltd.(Æ)

8,478

288

AZEK

Co.,

Inc.

(The)(Æ)

12,856

492

Balchem

Corp.

1,651

246

Boise

Cascade

Co.

3,281

424

BrightView

Holdings,

Inc.(Æ)

1,000

8

Builders

FirstSource

,

Inc.(Æ)

3,754

627

Cabot

Corp.

1,830

153

Capstone

Copper

Corp.(Æ)

32,464

158

Carpenter

Technology

Corp.

1,558

110

Clearwater

Paper

Corp.(Æ)

893

32

Codexis

,

Inc.(Æ)

7,735

24

Commercial

Metals

Co.

6,921

346

Constellium

SE(Æ)

9,153

183

Eagle

Materials,

Inc.(Ð)(Û)

193

39

Eastman

Chemical

Co.(Û)

891

80

Ecovyst

,

Inc.(Æ)

40,983

400

Element

Solutions,

Inc.

12,405

287

ERO

Copper

Corp.(Æ)

16,810

265

Gibraltar

Industries,

Inc.(Æ)

1,293

102

Global

Industrial

Co.

771

30

Haynes

International,

Inc.

3,505

200

Healthcare

Services

Group,

Inc.(Æ)

4,017

42

Hecla

Mining

Co.

24,414

117

Huntsman

Corp.(Ð)(Û)

12,742

320

Insteel

Industries,

Inc.

7,939

304

Interface,

Inc.

Class

A

3,100

39

JELD-WEN

Holding,

Inc.(Æ)

8,979

170

Kaiser

Aluminum

Corp.

13,931

992

Lennox

International,

Inc.(Ð)(Û)

734

329

Lithium

Americas

Argentina

Corp.(Æ)(Ñ)

18,738

118

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Louisiana-Pacific

Corp.(Ð)(Û)

5,241

371

Mativ

Holdings,

Inc.

35,435

543

Modine

Manufacturing

Co.(Æ)

5,702

340

MP

Materials

Corp.(Æ)(Ð)(Û)

3,056

61

Myers

Industries,

Inc.

9,537

187

Northwest

Pipe

Co.(Æ)

5,149

156

O-I

Glass,

Inc.(Æ)

7,159

117

Olympic

Steel,

Inc.

3,629

242

Origin

Materials,

Inc.(Æ)

2,300

2

Orion

Engineered

Carbons

SA

4,681

130

PGT

Innovations,

Inc.(Æ)

3,877

158

Piedmont

Lithium,

Inc.(Æ)(Ñ)

4,235

120

Quaker

Chemical

Corp.

966

206

Ranpak

Holdings

Corp.(Æ)

30,438

177

Rayonier

Advanced

Materials,

Inc.(Æ)

14,484

59

Resideo

Technologies,

Inc.(Æ)

7,868

148

Resolute

Forest

Products,

Inc.(Æ)(Š)

7,348

10

Rogers

Corp.(Æ)

886

117

Royal

Gold,

Inc.

1,902

230

Rush

Enterprises,

Inc.

Class

A

3,972

200

ScanSource

,

Inc.(Æ)

656

26

Schnitzer

Steel

Industries,

Inc.

Class

A

19,533

589

Sealed

Air

Corp.

9,476

346

SiteOne

Landscape

Supply,

Inc.(Æ)

2,258

367

SmartRent

,

Inc.(Æ)(Ñ)

40,187

128

Sonoco

Products

Co.

4,342

243

Stelco

Holdings,

Inc.

3,275

124

Stepan

Co.

8,823

834

Summit

Materials,

Inc.

Class

A(Æ)

3,408

131

Sylvamo

Corp.

2,348

115

Tecnoglass

,

Inc.

6,895

315

ThredUp

,

Inc.

Class

A(Æ)(Ñ)

32,589

73

TimkenSteel

Corp.(Æ)

12,170

285

Trinseo

PLC

44,178

370

Tronox

Holdings

PLC

Class

A

45,878

650

UFP

Industries,

Inc.

1,800

226

Unifi,

Inc.(Æ)

273

2

United

States

Lime

&

Minerals,

Inc.

367

85

Universal

Stainless

&

Alloy

Products,

Inc.

(Æ)

8,237

165

VSE

Corp.

4,966

321

Worthington

Industries,

Inc.

2,102

121

Worthington

Steel,

Inc.

2,102

59

18,108

Producer

Durables

-

16.3%

Aaron's

Co.,

Inc.

(The)

12,433

135

ABM

Industries,

Inc.

2,567

115

Adient

PLC(Æ)(Û)

5,129

186

ADT,

Inc.

13,623

93

AECOM(Ð)(Û)

4,363

403

AGCO

Corp.(Ð)(Û)

3,085

375

Air

Transport

Services

Group,

Inc.(Æ)

5,041

89

Alight,

Inc.

Class

A(Æ)

13,739

117

Allied

Motion

Technologies,

Inc.

16,870

510

Allison

Transmission

Holdings,

Inc.

Class

A

4,400

256

AMN

Healthcare

Services,

Inc.(Æ)

1,499

112

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

37

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Applied

Industrial

Technologies,

Inc.

1,450

250

Aqua

Metals,

Inc.(Æ)

133,824

102

ArcBest

Corp.

4,006

482

Arcosa

,

Inc.

4,758

393

Ardmore

Shipping

Corp.

43,197

609

Argan

,

Inc.

1,606

75

ASGN,

Inc.(Æ)

1,771

170

Astec

Industries,

Inc.(Ð)(Û)

3,584

133

Babcock

&

Wilcox

Enterprises(Æ)

66,975

98

Badger

Meter,

Inc.

1,467

226

Barnes

Group,

Inc.

16,610

542

Barrett

Business

Services,

Inc.

679

79

Blue

Bird

Corp.(Æ)

6,065

164

Bowman

Consulting

Group,

Ltd.(Æ)(Ñ)

3,579

127

Casella

Waste

Systems,

Inc.

Class

A(Æ)

6,962

595

CBIZ,

Inc.(Æ)

2,908

182

CECO

Environmental

Corp.(Æ)

21,469

435

Chart

Industries,

Inc.(Æ)

531

72

Clean

Harbors,

Inc.(Æ)

968

169

Comfort

Systems

USA,

Inc.

1,172

241

Construction

Partners,

Inc.

Class

A(Æ)

3,443

150

Covenant

Logistics

Group,

Inc.

Class

A

762

35

Cross

Country

Healthcare,

Inc.(Æ)

6,484

147

Daseke

,

Inc.(Æ)

41,169

333

Deluxe

Corp.

30,865

662

DHT

Holdings,

Inc.

23,207

228

Dycom

Industries,

Inc.(Æ)

703

81

Eagle

Bulk

Shipping,

Inc.(Ñ)

7,550

418

Encore

Wire

Corp.

846

181

Energy

Recovery,

Inc.(Æ)

4,643

87

EnerSys

5,296

535

Ennis,

Inc.

4,049

89

Enviri

Corp.(Æ)

1,721

15

EVERTEC,

Inc.

3,058

125

ExlService

Holdings,

Inc.(Æ)

7,863

243

Exponent,

Inc.

1,543

136

Faro

Technologies,

Inc.(Æ)

2,071

47

Federal

Signal

Corp.

6,079

467

Flowserve

Corp.

16,838

694

Fluor

Corp.(Æ)

10,573

414

Flywire

Corp.(Æ)(Ð)(Û)

6,383

148

Forward

Air

Corp.

2,348

148

Franklin

Electric

Co.,

Inc.

1,402

136

Frontdoor

,

Inc.(Æ)

2,236

79

Frontier

Group

Holdings,

Inc.(Æ)(Ñ)

24,390

133

Genco

Shipping

&

Trading,

Ltd.

8,775

146

Generac

Holdings,

Inc.(Æ)

731

94

GEO

Group,

Inc.

(The)(Æ)

11,325

123

Granite

Construction,

Inc.

5,921

301

Green

Dot

Corp.

Class

A(Æ)

4,620

46

Hackett

Group,

Inc.

(The)

1,294

29

Heartland

Express,

Inc.

5,486

78

Heidrick

&

Struggles

International,

Inc.

1,699

50

Helios

Technologies,

Inc.

1,183

54

Herc

Holdings,

Inc.

Class

W

1,233

184

Hillman

Solutions

Corp.(Æ)

21,203

195

HNI

Corp.

3,475

145

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hub

Group,

Inc.

Class

A(Æ)

1,501

138

Huron

Consulting

Group,

Inc.(Æ)

372

38

I3

Verticals,

Inc.

Class

A(Æ)

35,359

749

ICF

International,

Inc.

1,329

178

Insperity

,

Inc.(Û)

2,749

322

Integrated

Electrical

Services,

Inc.(Æ)

1,111

88

Janus

International

Group,

Inc.(Æ)

22,536

294

Kadant

,

Inc.

477

134

Kaman

Corp.

Class

A

18,769

450

Kennametal,

Inc.

5,108

132

Knight-Swift

Transportation

Holdings,

Inc.

4,475

258

Korn

Ferry

2,556

152

Landstar

System,

Inc.(Û)

2,022

392

Mama's

Creations,

Inc.(Æ)

10,186

50

Manitowoc

Co.,

Inc.

(The)(Æ)(Ð)(Û)

11,881

198

ManpowerGroup

,

Inc.(Û)

4,831

384

Marten

Transport,

Ltd.

3,951

83

MasTec

,

Inc.(Æ)

431

33

Matson,

Inc.

1,670

183

Mesa

Laboratories,

Inc.

4,420

463

MillerKnoll

,

Inc.

19,483

520

Mirion

Technologies,

Inc.(Æ)

8,890

91

Mitek

Systems,

Inc.(Æ)

45,537

594

Moog,

Inc.

Class

A

1,306

189

Mueller

Industries,

Inc.

3,230

152

MYR

Group,

Inc.(Æ)

737

107

National

Research

Corp.

Class

A

1,447

57

NEXTracker

,

Inc.

Class

A(Æ)

7,532

353

Orion

Group

Holdings,

Inc.(Æ)

61,209

302

Oshkosh

Corp.

3,889

422

OSI

Systems,

Inc.(Æ)

833

107

PAM

Transportation

Services,

Inc.(Æ)

691

14

Payoneer

Global,

Inc.(Æ)

22,967

120

Powell

Industries,

Inc.

782

69

Primoris

Services

Corp.

7,433

247

PROG

Holdings,

Inc.(Æ)

11,357

351

Proto

Labs,

Inc.(Æ)(Ð)(Û)

5,156

201

Radiant

Logistics,

Inc.(Æ)

29,849

198

Rent

the

Runway,

Inc.

Class

A(Æ)(Ñ)

336,413

177

Repay

Holdings

Corp.(Æ)

65,435

559

Resources

Connection,

Inc.

6,657

94

RXO,

Inc.(Æ)(Û)

12,098

281

Ryerson

Holding

Corp.

10,127

351

Saia,

Inc.(Æ)

826

362

Scorpio

Tankers,

Inc.

10,257

624

Scotts

Miracle-

Gro

Co.

(The)

Class

A

4,834

308

SHYFT

Group,

Inc.

(The)

3,982

49

Skyline

Champion

Corp.(Æ)(Û)

10,587

786

Sleep

Number

Corp.(Æ)(Ð)(Û)

3,181

47

Spirit

AeroSystems

Holdings,

Inc.

Class

A(Æ)(Ð)(Û)

6,695

213

Stagwell

,

Inc.(Æ)

4,900

32

Star

Bulk

Carriers

Corp.

11,328

241

Steelcase,

Inc.

Class

A

5,848

79

Stericycle,

Inc.(Æ)

2,384

118

Sterling

Infrastructure,

Inc.(Æ)

5,393

474

Stoneridge,

Inc.(Æ)

31,655

619

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

38

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sun

Country

Airlines

Holdings,

Inc.(Æ)

19,470

306

Teekay

Tankers,

Ltd.

Class

A

5,930

296

Tennant

Co.

3,358

311

Terex

Corp.(Ð)(Û)

4,102

236

Thermon

Group

Holdings,

Inc.(Æ)

7,307

238

Tidewater,

Inc.(Æ)

3,047

220

Titan

International,

Inc.(Æ)(Ð)(Û)

3,554

53

TopBuild

Corp.(Æ)

1,291

483

TransUnion(Ð)(Û)

888

61

TreeHouse

Foods,

Inc.(Æ)

9,496

394

TriNet

Group,

Inc.(Æ)(Û)

2,828

336

TrueBlue

,

Inc.(Æ)

3,077

47

Tutor

Perini

Corp.(Æ)

16,866

153

U-Haul

Holding

Co.(Æ)(Û)

1,950

140

UniFirst

Corp.

566

104

Universal

Truckload

Services,

Inc.

6,152

172

V2X,

Inc.(Æ)

4,394

204

Vertiv

Holdings

Co.

Class

A

6,280

302

Watts

Water

Technologies,

Inc.

Class

A

797

166

Werner

Enterprises,

Inc.

13,135

557

Willdan

Group,

Inc.(Æ)

1,477

32

WillScot

Mobile

Mini

Holdings

Corp.(Æ)

4,208

187

WNS

Holdings,

Ltd.

-

ADR(Æ)

8,100

512

Xerox

Holdings

Corp.

22,851

419

XPO,

Inc.(Æ)

1,188

104

ZipRecruiter,

Inc.

Class

A(Æ)

9,274

129

35,100

Technology

-

13.6%

8x8,

Inc.(Æ)

69,037

261

A10

Networks,

Inc.

48,003

632

ACM

Research,

Inc.

Class

A(Æ)

9,195

180

Adeia

,

Inc.(Ð)(Û)

1,100

14

ADTRAN

Holdings,

Inc.(Ð)(Û)

10,647

78

Agilysys

,

Inc.(Æ)

1,477

125

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

1,561

41

Ambarella

,

Inc.(Æ)

1,875

115

American

Software,

Inc.

Class

A

83,607

945

Amkor

Technology,

Inc.

5,656

188

Appfolio

,

Inc.

Class

A(Æ)

2,414

418

Arlo

Technologies,

Inc.(Æ)

7,864

75

Augmedix

,

Inc.(Æ)

52,997

310

AvePoint

,

Inc.(Æ)

18,630

153

AvidXchange

Holdings,

Inc.(Æ)

10,787

134

Axcelis

Technologies,

Inc.(Æ)

1,315

171

Bandwidth,

Inc.

Class

A(Æ)(Ð)(Û)

2,151

31

BigCommerce

Holdings,

Inc.(Æ)(Ð)(Û)

7,580

74

Blackbaud

,

Inc.(Æ)

3,094

268

Box,

Inc.

Class

A(Æ)

11,926

305

Braze,

Inc.

Class

A(Æ)

3,811

202

Brightcove

,

Inc.(Æ)

1,053

3

Bumble,

Inc.

Class

A(Æ)

2,174

32

Calix,

Inc.(Æ)

3,339

146

Cars.com,

Inc.(Æ)

10,339

196

CI&T,

Inc.

Class

A(Æ)

20,836

110

Cirrus

Logic,

Inc.(Æ)(Û)

4,012

334

Cohu

,

Inc.(Æ)

3,990

141

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CommScope

Holding

Co.,

Inc.(Æ)

26,786

76

CommVault

Systems,

Inc.(Æ)

2,013

161

Conduent

,

Inc.(Æ)

6,200

23

Conduent

,

Inc.

Class

A(Æ)(Ð)(Û)

8,985

210

Couchbase

,

Inc.(Æ)(Ð)(Û)

1,644

37

Credo

Technology

Group

Holding,

Ltd.(Æ)

(Û)

14,413

281

CS

Disco,

Inc.(Æ)(Ð)(Û)

1,900

14

CSG

Systems

International,

Inc.

1,810

96

CyberArk

Software,

Ltd.(Æ)

693

152

Daktronics,

Inc.(Æ)

4,100

35

DigitalBridge

Group,

Inc.

6,583

115

DigitalOcean

Holdings,

Inc.(Æ)(Ð)(Û)

5,047

185

Diodes,

Inc.(Æ)

1,625

131

Domo,

Inc.

Class

B(Æ)

4,832

50

Donnelley

Financial

Solutions,

Inc.(Æ)

1,904

119

DoubleVerify

Holdings,

Inc.(Æ)

10,724

394

Dropbox,

Inc.

Class

A(Æ)(Ð)(Û)

16,485

486

DXC

Technology

Co.(Æ)

15,280

349

Dynatrace

,

Inc.(Æ)

1,236

68

Endava

PLC

-

ADR(Æ)

5,329

415

ePlus

,

Inc.(Æ)

2,237

179

Eventbrite,

Inc.

Class

A(Æ)(Ð)(Û)

6,699

56

Everbridge

,

Inc.(Æ)

2,065

50

Evolv

Technologies

Holdings,

Inc.(Æ)(Ñ)

11,376

54

Expensify,

Inc.

Class

A(Æ)

1,500

4

Extreme

Networks,

Inc.(Æ)(Ð)(Û)

13,018

230

Fastly

,

Inc.

Class

A(Æ)

6,169

110

Five9,

Inc.(Æ)

2,880

227

FormFactor

,

Inc.(Æ)

8,091

337

Freshworks

,

Inc.

Class

A(Æ)

2,568

60

Genasys

,

Inc.(Æ)

51,825

105

Guidewire

Software,

Inc.(Æ)(Ð)(Û)

8,126

886

Harmonic,

Inc.(Æ)

18,061

235

HireRight

Holdings

Corp.(Æ)(Ð)(Û)

3,204

43

IDT

Corp.

Class

B(Æ)

3,897

133

Immersion

Corp.

24,155

171

Infinera

Corp.(Æ)(Ð)(Û)

3,713

18

Insight

Enterprises,

Inc.(Æ)

840

149

Intapp

,

Inc.(Æ)

3,514

134

Integral

Ad

Science

Holding

LLC(Æ)(Û)

9,979

144

Kaltura

,

Inc.(Æ)

97,240

190

KBR,

Inc.(Û)

9,191

509

Kulicke

&

Soffa

Industries,

Inc.

10,061

551

Kyndryl

Holdings,

Inc.(Æ)

18,327

381

Lightspeed

Commerce,

Inc.(Æ)

6,810

143

LivePerson

,

Inc.(Æ)

11,785

45

Lyft,

Inc.

Class

A(Æ)

19,879

298

MaxLinear

,

Inc.

Class

A(Æ)

10,385

247

MeridianLink

,

Inc.(Æ)

1,342

33

MicroStrategy

,

Inc.

Class

A(Æ)

65

41

Model

N,

Inc.(Æ)

28,212

760

NAPCO

Security

Technologies,

Inc.

10,841

371

NETGEAR,

Inc.(Æ)

2,697

39

nLight

,

Inc.(Æ)

8,905

120

Novanta

,

Inc.(Æ)

1,839

310

Nutanix

,

Inc.

Class

A(Æ)

8,677

414

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

39

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NVE

Corp.

3,260

256

ON24,

Inc.

25,068

198

OneSpan

,

Inc.(Æ)

18,797

201

Onto

Innovation,

Inc.(Æ)

3,380

517

Ooma

,

Inc.(Æ)

16,165

173

Outset

Medical,

Inc.(Æ)

4,900

26

PDF

Solutions,

Inc.(Æ)(Û)

27,479

883

Pegasystems

,

Inc.

7,388

361

Perficient

,

Inc.(Æ)

1,928

127

Planet

Labs

PBC(Æ)(Ð)(Û)

6,200

15

PlayAGS

,

Inc.(Æ)

23,364

197

Playtika

Holding

Corp.(Æ)(Û)

4,128

36

Power

Integrations,

Inc.

1,732

142

Preformed

Line

Products

Co.

447

60

Procore

Technologies,

Inc.(Æ)

5,113

354

Progress

Software

Corp.

1,588

86

PubMatic,

Inc.

Class

A(Æ)

1,000

16

Qualys

,

Inc.(Æ)

5,980

1,174

Quantum

Corp.(Æ)

1,901

1

Rackspace

Technology,

Inc.(Æ)

8,800

18

RADCOM,

Ltd.(Æ)

10,957

88

Rambus,

Inc.(Æ)

2,964

202

Ribbon

Communications,

Inc.(Æ)

4,982

14

Sanmina

Corp.(Æ)

2,005

103

Sapiens

International

Corp.

NV

2,165

63

SecureWorks

Corp.

Class

A(Æ)

1,134

8

SentinelOne

,

Inc.

Class

A(Æ)

10,858

298

Shutterstock

,

Inc.

1,286

62

Silicon

Laboratories,

Inc.(Æ)

2,489

329

Silicon

Motion

Technology

Corp.

-

ADR

2,204

135

Simulations

Plus,

Inc.

19,503

873

SMART

Global

Holdings,

Inc.(Æ)

5,335

101

Smartsheet

,

Inc.

Class

A(Æ)

7,417

355

Sonos

,

Inc.(Æ)(Ð)(Û)

18,503

317

Sprout

Social,

Inc.

Class

A(Æ)

2,173

133

SPS

Commerce,

Inc.(Æ)

1,565

303

Squarespace,

Inc.

Class

A(Æ)

4,523

149

Super

Micro

Computer,

Inc.(Æ)

1,525

433

Synaptics

,

Inc.(Æ)

1,460

167

Telos

Corp.(Æ)

3,651

13

Tenable

Holdings,

Inc.(Æ)

7,627

351

Tower

Semiconductor,

Ltd.(Æ)

3,747

114

TrueCar

,

Inc.(Æ)

40,712

141

TTM

Technologies,

Inc.(Æ)

8,022

127

Twilio

,

Inc.

Class

A(Æ)(Ð)(Û)

3,302

250

Unisys

Corp.(Æ)

4,215

24

Upland

Software,

Inc.(Æ)

1,000

4

Varonis

Systems,

Inc.(Æ)

13,181

597

Vertex,

Inc.

Class

A(Æ)

5,052

136

Viavi

Solutions,

Inc.

Class

W(Æ)(Û)

23,108

233

Vimeo,

Inc.(Æ)

84,742

332

Vishay

Intertechnology

,

Inc.

6,646

159

VTEX

Class

A(Æ)

32,301

222

Wix.com,

Ltd.(Æ)

221

27

Workiva

,

Inc.(Æ)

6,000

609

Xperi

,

Inc.(Æ)(Ð)(Û)

2,000

22

Yelp,

Inc.

Class

A(Æ)

1,824

86

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Yext

,

Inc.(Æ)(Ð)(Û)

8,800

52

29,329

Utilities

-

5.5%

Allete

,

Inc.

8,847

541

APA

Corp.(Ð)(Û)

2,256

81

Artesian

Resources

Corp.

Class

A

10,893

451

Avista

Corp.

2,406

86

Brookfield

Infrastructure

Corp.

Class

A

3,171

112

California

Resources

Corp.

9,942

544

California

Water

Service

Group

5,475

284

Callon

Petroleum

Co.(Æ)

6,942

225

Chord

Energy

Corp.

1,093

182

CNX

Resources

Corp.(Æ)(Ð)(Û)

14,896

298

Cogent

Communications

Holdings,

Inc.

1,427

108

Evolution

Petroleum

Corp.

65,819

382

Excelerate

Energy,

Inc.

Class

A

19,076

295

Genie

Energy,

Ltd.

Class

B

9,659

272

Golar

LNG,

Ltd.

6,169

142

Gulfport

Energy

Corp.(Æ)

1,583

211

IDACORP,

Inc.

3,056

300

Iridium

Communications,

Inc.(Û)

7,352

303

Kosmos

Energy,

Ltd.(Æ)

46,166

310

Magnolia

Oil

&

Gas

Corp.

Class

A

21,627

460

MGE

Energy,

Inc.

781

56

New

Jersey

Resources

Corp.

2,126

95

Northern

Oil

and

Gas,

Inc.

4,080

151

Northwest

Natural

Holding

Co.

13,046

508

NorthWestern

Corp.

1,849

94

NRG

Energy,

Inc.(Û)

10,652

551

ONE

Gas,

Inc.

3,865

246

Permian

Resources

Corp.

64,977

884

Pinnacle

West

Capital

Corp.(Ð)(Û)

1,129

81

Portland

General

Electric

Co.

8,709

377

RGC

Resources,

Inc.

5,423

110

SandRidge

Energy,

Inc.

13,950

191

Saturn

Oil

&

Gas,

Inc.(Æ)

71,408

119

SilverBow

Resources,

Inc.(Æ)

13,607

396

Southwest

Gas

Holdings,

Inc.

1,746

111

Spire,

Inc.

4,023

251

Talos

Energy,

Inc.(Æ)

15,739

224

UGI

Corp.

15,055

370

Unitil

Corp.

8,832

464

Vistra

Corp.(Û)

12,295

474

York

Water

Co.

(The)

13,413

518

11,858

Total

Common

Stocks

(cost

$188,779)

216,626

Short-Term

Investments

-

4.6%

U.S.

Cash

Management

Fund(@)

9,965,236

(∞)

9,962

Total

Short-Term

Investments

(cost

$9,962)

9,962

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

40

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Other

Securities

-

1.5%

U.S.

Cash

Collateral

Fund(@)(×)

3,175,230

(∞)

3,175

Total

Other

Securities

(cost

$3,175)

3,175

Total

Investments

-

106.4%

(identified

cost

$201,916)

229,763

Securities

Sold

Short

-

(4.9)%

Consumer

Discretionary

-

(0.4)%

Akoustis

Technologies,

Inc.(Æ)

(7,185)

(6)

America's

Car-Mart,

Inc.(Æ)

(154)

(12)

AMMO,

Inc.(Æ)

(3,516)

(7)

Bally's

Corp.(Æ)

(1,407)

(20)

Byrna

Technologies,

Inc.(Æ)

(875)

(6)

Churchill

Downs,

Inc.

(1,366)

(184)

Clarus

Corp.

(114)

(1)

Ethan

Allen

Interiors,

Inc.

(1,540)

(49)

Guess?,

Inc.

(1,467)

(34)

Joby

Aviation,

Inc.(Æ)

(8,603)

(57)

Kura

Sushi

USA,

Inc.

Class

A(Æ)

(200)

(15)

Lithia

Motors,

Inc.

Class

A

(518)

(170)

Monro

Muffler

Brake,

Inc.

(1,999)

(59)

Skillsoft

Corp.(Æ)

(202)

(3)

Topgolf

Callaway

Brands

Corp.(Æ)

(8,498)

(122)

Vicor

Corp.(Æ)

(836)

(38)

Victoria's

Secret

&

Co.(Æ)

(1,494)

(40)

Ziff

Davis,

Inc.(Æ)

(1,623)

(109)

(932)

Consumer

Staples

-

(0.1)%

Alico

,

Inc.

(696)

(20)

B&G

Foods,

Inc.

Class

A

(4,216)

(44)

J&J

Snack

Foods

Corp.

(668)

(112)

MGP

Ingredients,

Inc.

(1,142)

(113)

(289)

Energy

-

(0.2)%

Ameresco

,

Inc.

Class

A(Æ)

(1,370)

(43)

Cleanspark

,

Inc.(Æ)

(2,586)

(28)

Gevo

,

Inc.(Æ)

(7,711)

(9)

Ring

Energy,

Inc.(Æ)

(4,925)

(7)

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

(6,282)

(98)

Sitio

Royalties

Corp.

Class

A

(2,759)

(65)

Sunnova

Energy

International,

Inc.(Æ)

(3,484)

(53)

Sunrun

,

Inc.(Æ)

(4,948)

(97)

Uranium

Energy

Corp.(Æ)

(17,595)

(113)

(513)

Financial

Services

-

(0.8)%

Apollo

Commercial

Real

Estate

Finance,

Inc.(ö)

(4,883)

(57)

Applied

Digital

Corp.(Æ)

(3,222)

(22)

Arbor

Realty

Trust,

Inc.(ö)

(7,054)

(107)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ARMOUR

Residential

REIT,

Inc.(ö)

(5,005)

(97)

BGC

Group,

Inc.

Class

A

(10,310)

(75)

Brookfield

Realty

Capital

Corp.(Æ)

(4,259)

(16)

Columbia

Financial,

Inc.(Æ)

(417)

(8)

Distribution

Solutions

Group,

Inc.(Æ)

(1,054)

(33)

Dynex

Capital,

Inc.(ö)

(2,620)

(33)

European

Wax

Center,

Inc.

Class

A(Æ)

(1,541)

(21)

First

Financial

Bankshares

,

Inc.

(880)

(27)

Glacier

Bancorp,

Inc.

(5,116)

(212)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

(4,864)

(134)

Healthcare

Realty

Trust,

Inc.(ö)

(10,264)

(177)

Invesco

Mortgage

Capital,

Inc.(ö)

(2,748)

(24)

Lakeland

Financial

Corp.

(1,170)

(76)

New

York

Community

Bancorp,

Inc.

(17,580)

(180)

Old

National

Bancorp

(2,600)

(44)

Park

National

Corp.

(400)

(53)

Ready

Capital

Corp.(ö)

(5,205)

(53)

ServisFirst

Bancshares,

Inc.

(1,956)

(130)

Stock

Yards

Bancorp,

Inc.

(799)

(41)

World

Acceptance

Corp.(Æ)

(216)

(28)

WW

International,

Inc.(Æ)

(1,962)

(17)

(1,665)

Health

Care

-

(1.5)%

10X

Genomics,

Inc.

Class

A(Æ)

(855)

(48)

Akoya

Biosciences,

Inc.(Æ)

(1,453)

(7)

ALX

Oncology

Holdings,

Inc.(Æ)

(1,494)

(22)

Anavex

Life

Sciences

Corp.(Æ)

(2,236)

(21)

Apollo

Medical

Holdings,

Inc.(Æ)

(882)

(34)

Atossa

Therapeutics,

Inc.(Æ)

(6,029)

(5)

Avid

Bioservices

,

Inc.(Æ)

(4,578)

(30)

Azenta

,

Inc.(Æ)

(954)

(62)

BioLife

Solutions,

Inc.(Æ)

(2,464)

(40)

Bio-

Techne

Corp.

(2,392)

(185)

CareMax

,

Inc.(Æ)

(2,900)

(1)

Caribou

Biosciences,

Inc.(Æ)

(2,870)

(16)

Certara

,

Inc.(Æ)

(4,215)

(74)

ClearPoint

Neuro,

Inc.(Æ)

(603)

(4)

Collegium

Pharmaceutical,

Inc.(Æ)

(1,354)

(42)

Crinetics

Pharmaceuticals,

Inc.(Æ)

(2,649)

(94)

Cytokinetics,

Inc.(Æ)

(1,293)

(108)

Day

One

Biopharmaceuticals,

Inc.(Æ)

(930)

(14)

DocGo

,

Inc.(Æ)

(2,663)

(15)

Dyne

Therapeutics,

Inc.(Æ)

(1,707)

(23)

Exact

Sciences

Corp.(Æ)

(2,494)

(185)

EyePoint

Pharmaceuticals,

Inc.(Æ)

(1,679)

(39)

Geron

Corp.(Æ)

(22,145)

(47)

Halozyme

Therapeutics,

Inc.(Æ)

(2,472)

(91)

Harvard

Bioscience,

Inc.(Æ)

(900)

(5)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

41

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ICU

Medical,

Inc.(Æ)

(716)

(71)

Ideaya

Biosciences,

Inc.(Æ)

(335)

(12)

Inhibrx

,

Inc.(Æ)

(1,019)

(39)

Iovance

Biotherapeutics

,

Inc.(Æ)

(3,401)

(28)

Joint

Corp.

(The)(Æ)

(1,269)

(12)

Kura

Oncology,

Inc.(Æ)

(3,095)

(44)

LifeStance

Health

Group,

Inc.(Æ)

(2,600)

(20)

MannKind

Corp.(Æ)

(8,734)

(32)

Natera

,

Inc.(Æ)

(2,937)

(184)

Neogen

Corp.(Æ)

(8,894)

(179)

NeoGenomics

,

Inc.(Æ)

(4,606)

(75)

Orchestra

BioMed

Holdings,

Inc.(Æ)

(656)

(6)

OrthoPediatrics

Corp.(Æ)

(1,321)

(43)

Owens

&

Minor,

Inc.(Æ)

(324)

(6)

Pliant

Therapeutics,

Inc.(Æ)

(207)

(4)

R1

RCM,

Inc.(Æ)

(4,679)

(49)

RadNet

,

Inc.(Æ)

(2,717)

(94)

Recursion

Pharmaceuticals,

Inc.

Class

A(Æ)

(2,027)

(20)

Repligen

Corp.(Æ)

(1,191)

(214)

Replimune

Group,

Inc.(Æ)

(1,700)

(14)

Revance

Therapeutics,

Inc.(Æ)

(3,876)

(34)

Rocket

Pharmaceuticals,

Inc.(Æ)

(2,550)

(76)

SIGA

Technologies,

Inc.

(3,023)

(17)

Sotera

Health

Co.(Æ)

(2,538)

(43)

SpringWorks

Therapeutics,

Inc.(Æ)

(2,054)

(75)

Surgery

Partners,

Inc.(Æ)

(2,566)

(82)

TransMedics

Group,

Inc.(Æ)

(405)

(32)

US

Physical

Therapy,

Inc.

(613)

(57)

Vaxcyte

,

Inc.(Æ)

(2,360)

(148)

Ventyx

Biosciences,

Inc.(Æ)

(406)

(1)

Veracyte

,

Inc.(Æ)

(6,608)

(182)

Verastem

,

Inc.(Æ)

(797)

(6)

Viking

Therapeutics,

Inc.(Æ)

(823)

(15)

Zentalis

Pharmaceuticals,

Inc.(Æ)

(1,492)

(23)

(3,149)

Materials

and

Processing

-

(0.3)%

5E

Advanced

Materials,

Inc.(Æ)

(1,911)

(3)

AAON,

Inc.

(1,951)

(144)

Aspen

Aerogels,

Inc.(Æ)

(3,549)

(56)

Ivanhoe

Electric,

Inc.(Æ)

(2,885)

(29)

Livent

Corp.(Æ)

(5,793)

(104)

Mativ

Holdings,

Inc.

(2,079)

(32)

Piedmont

Lithium,

Inc.(Æ)

(1,063)

(30)

Pool

Corp.

(261)

(104)

Quaker

Chemical

Corp.

(440)

(94)

Sensient

Technologies

Corp.

(630)

(41)

SmartRent

,

Inc.(Æ)

(6,897)

(22)

(659)

Producer

Durables

-

(0.4)%

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Acacia

Research

Corp.(Æ)

(2,053)

(8)

AeroVironment

,

Inc.(Æ)

(910)

(115)

American

Superconductor

Corp.(Æ)

(1,162)

(13)

Badger

Meter,

Inc.

(914)

(141)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(1,955)

(167)

Dorman

Products,

Inc.(Æ)

(1,067)

(89)

Frontier

Group

Holdings,

Inc.(Æ)

(5,050)

(28)

Itron

,

Inc.(Æ)

(77)

(6)

LanzaTech

Global,

Inc.(Æ)

(1,334)

(7)

LCI

Industries

(184)

(23)

Mirion

Technologies,

Inc.(Æ)

(7,946)

(81)

National

CineMedia

,

Inc.(Æ)

(600)

(2)

NuScale

Power

Corp.(Æ)

(851)

(3)

Solid

Power,

Inc.(Æ)

(3,998)

(6)

Workhorse

Group,

Inc.(Æ)

(8,232)

(3)

Zurn

Elkay

Water

Solutions

Corp.

(4,628)

(136)

(828)

Technology

-

(1.0)%

Aehr

Test

Systems(Æ)

(184)

(5)

Atomera

,

Inc.(Æ)

(1,473)

(10)

Bentley

Systems,

Inc.

Class

B

(2,908)

(152)

BlackSky

Technology,

Inc.(Æ)

(4,800)

(7)

Cars.com,

Inc.(Æ)

(2,044)

(39)

Clearfield,

Inc.(Æ)

(1,314)

(38)

Digi

International,

Inc.(Æ)

(1,433)

(37)

Digimarc

Corp.(Æ)

(500)

(18)

Entegris

,

Inc.

(1,621)

(194)

Envestnet

,

Inc.(Æ)

(1,883)

(93)

ePlus

,

Inc.(Æ)

(842)

(67)

Frontier

Communications

Parent,

Inc.(Æ)

(9,378)

(238)

Gen

Digital,

Inc.

(8,674)

(198)

Matterport

,

Inc.(Æ)

(11,500)

(31)

MKS

Instruments,

Inc.

(1,324)

(136)

Onto

Innovation,

Inc.(Æ)

(1,202)

(184)

PAR

Technology

Corp.(Æ)

(2,330)

(102)

Porch

Group,

Inc.(Æ)

(3,679)

(11)

PTC,

Inc.(Æ)

(1,024)

(179)

Shutterstock

,

Inc.

(1,191)

(58)

SoundHound

AI,

Inc.

Class

A(Æ)

(5,243)

(11)

Terran

Orbital

Corp.(Æ)

(13,695)

(16)

Unity

Software,

Inc.(Æ)

(425)

(17)

Veeco

Instruments,

Inc.(Æ)

(1,834)

(57)

ViaSat

,

Inc.(Æ)

(5,029)

(141)

Vishay

Intertechnology

,

Inc.

(5,396)

(129)

(2,168)

Utilities

-

(0.2)%

Chord

Energy

Corp.

(229)

(38)

Cogent

Communications

Holdings,

Inc.

(1,845)

(140)

Equitrans

Midstream

Corp.

(4,773)

(49)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

42

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Lumen

Technologies,

Inc.(Æ)

(6,913)

(13)

Northern

Oil

and

Gas,

Inc.

(1,714)

(64)

Otter

Tail

Corp.

(900)

(76)

Tellurian,

Inc.(Æ)

(27,157)

(20)

(400)

Total

Securities

Sold

Short

(proceeds

$10,105)

(10,603)

Other

Assets

and

Liabilities,

Net

-

(1.5)%

(3,281)

Net

Assets

-

100.0%

215,879

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

43

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

—

—

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

98

USD

10,034

03/24

639

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

639

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

$

25,109

$

—

$

—

$

—

$

25,109

11

.6

Consumer

Staples

6,342

—

—

—

6,342

2

.9

Energy

9,686

—

—

—

9,686

4

.5

Financial

Services

45,199

—

—

—

45,199

20

.9

Health

Care

35,883

—

12

—

35,895

16

.6

Materials

and

Processing

18,098

—

10

—

18,108

8

.4

Producer

Durables

35,100

—

—

—

35,100

16

.3

Technology

29,329

—

—

—

29,329

13

.6

Utilities

11,858

—

—

—

11,858

5

.5

Short-Term

Investments

—

—

—

9,962

9,962

4

.6

Other

Securities

—

—

—

3,175

3,175

1

.5

Total

Investments

216,604

—

22

13,137

229,763

106

.4

Securities

Sold

Short

*

(10,603)

—

—

—

(10,603)

(4

.9)

Other

Assets

and

Liabilities,

Net

(1

.5)

100

.0

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

44

U.S.

Small

Cap

Equity

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Other

Financial

Instruments

Assets

Futures

Contracts

639

—

—

—

639

0

.3

Total

Other

Financial

Instruments

**

$

639

$

—

$

—

$

—

$

639

*

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

**

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

December

31,

2023,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

December

31,

2023,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Fair

Value

of

Derivative

Instruments

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

45

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts*

$

639

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

330

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

916

*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

46

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Securities

on

Loan*

Investments,

at

fair

value

$

2,917

$

—

$

2,917

Total

Financial

and

Derivative

Assets

2,917

—

2,917

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

2,917

$

—

$

2,917

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

$

87

$

—

$

87

$

—

Barclays

225

—

225

—

Citigroup

922

—

922

—

Fidelity

475

—

475

—

Goldman

Sachs

278

—

278

—

Morgan

Stanley

352

—

352

—

National

Bank

of

Canada

65

—

65

—

UBS

74

—

74

—

Wells

Fargo

439

—

439

—

Total

$

2,917

$

—

$

2,917

$

—

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

47

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

$

10,603

$

—

$

10,603

Total

Financial

and

Derivative

Liabilities

10,603

—

10,603

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

10,603

$

—

$

10,603

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

$

10,603

$

—

$

10,603

$

—

Total

$

10,603

$

—

$

10,603

$

—

*      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.

48

U.S.

Small

Cap

Equity

Fund

Statement

of

Assets

and

Liabilities

—

December

31,

2023

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

201,916

Investments,

at

fair

value(*)(>)

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

229,763

Foreign

currency

holdings(^)

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

28

Receivables:

Dividends

and

interest

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

221

Dividends

from

affiliated

funds

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

53

Investments

sold

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

1,589

Fund

shares

sold

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

13

Variation

margin

on

futures

contracts

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

639

Total

assets

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

232,306

Liabilities

Payables:

Due

to

broker

(a)

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

157

Investments

purchased

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

2,191

Fund

shares

redeemed

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

17

Accrued

fees

to

affiliates

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

165

Other

accrued

expenses

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

119

Securities

sold

short,

at

fair

value(‡)

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

10,603

Payable

upon

return

of

securities

loaned

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

3,175

Total

liabilities

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

16,427

Net

Assets

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

$

215,879

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

49

Statement

of

Assets

and

Liabilities,

continued

—

December

31,

2023

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

24,031

Shares

of

beneficial

interest

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

153

Additional

paid-in

capital

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

191,695

Net

Assets

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

$

215,879

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

14.08

Net

assets

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

$

215,879,150

Shares

outstanding

($.01

par

value)

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

15,327,852

Amounts

in

thousands

(^)    

Foreign

currency

holdings

-

cost

$

28

(*)    

Securities

on

loan

included

in

investments

$

2,917

(‡)    

Proceeds

on

securities

sold

short

$

10,105

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

and

U.S.

Cash

Collateral

Fund

$

13,137

(a)  

Due

to

Broker

for

Futures

$

157

(#)

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.

50

U.S.

Small

Cap

Equity

Fund

Statement

of

Operations

—

For

the

Period

Ended

December

31,

2023

Amounts

in

thousands

Investment

Income

Dividends

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

$

3,151

Dividends

from

affiliated

funds

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

548

Interest

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

36

Securities

lending

income

(net)

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

41

Total

investment

income

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

3,776

Expenses

Advisory

fees

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

1,859

Administrative

fees

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

103

Custodian

fees

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

91

Transfer

agent

fees

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

9

Professional

fees

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

77

Trustees’

fees

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

13

Printing

fees

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

18

Dividends

from

securities

sold

short

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

165

Interest

expense

paid

on

securities

sold

short

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

74

Miscellaneous

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

9

Expenses

before

reductions

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

2,418

Expense

reductions

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

(83)

Net

expenses

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

2,335

Net

investment

income

(loss)

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

1,441

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

4,834

Futures

contracts

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

330

Securities

sold

short

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

754

Net

realized

gain

(loss)

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

5,918

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

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

20,772

Investments

in

affiliated

funds

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

(2)

Futures

contracts

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

916

Securities

sold

short

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

(2,308)

Net

change

in

unrealized

appreciation

(depreciation)

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

19,378

Net

realized

and

unrealized

gain

(loss)

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

25,296

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

26,737

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

51

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

For

the

Periods

Ended

December

31,

2023

2022

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

1,441

$

887

Net

realized

gain

(loss)

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

5,918

(2,264)

Net

change

in

unrealized

appreciation

(depreciation)

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

19,378

(39,491)

Net

increase

(decrease)

in

net

assets

from

operations

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

26,737

(40,868)

Distributions

To

shareholders

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

(2,804)

(4,984)

Net

decrease

in

net

assets

from

distributions

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

(2,804)

(4,984)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(14,216)

(5,539)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

9,717

(51,391)

Net

Assets

Beginning

of

period

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

206,162

257,553

End

of

period

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

$

215,879

$

206,162

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2023

and

December

31,

2022

were

as

follows:

2023

2022

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

586

$

7,441

469

$

6,287

Proceeds

from

reinvestment

of

distributions

208

2,804

365

4,984

Payments

for

shares

redeemed

(1,878)

(24,461)

(1,291)

(16,810)

Total

increase

(decrease)

(1,084)

$

(14,216)

(457)

$

(5,539)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

52

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

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

53

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(

±

)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(

Ƃ

)(Δ)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(

Ƃ

)

%

Portfolio

Turnover

Rate

(.18)

14.08

13.6

1

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.

54

U.S,

Small

Cap

Equity

Fund

Related

Party

Transactions,

Fees

and

Expenses

Accrued

fees

payable

to

affiliates

as

of

December

31,

2023

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

December

31,

2023

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

At

December

31,

2023,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

December

31,

2023

and

December

31,

2022,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting. 

These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps. These

adjustments

have

no

impact

on

the

net

assets.

At

December

31,

2023,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities

.

Advisory

fees

$

152,520

Administrative

fees

8,867

Transfer

agent

fees

780

Trustee

fees

2,440

$

164,607

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

9,967

$

70,112

$

70,115

$

—

$

(2

)

$

9,962

$

548

$

—

U.S.

Cash

Collateral

Fund

4,245

36,922

37,992

—

—

3,175

169

—

$

14,212

$

107,034

$

108,107

$

—

$

(2

)

$

13,137

$

717

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

(Capital

Loss

Carryforward)

$

197,685,958

$

33,784,861

$

(12,310,599)

$

21,474,262

$

—

$

2,583,925

December

31,

2023

December

31,

2022

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

$

1,319,178

$

1,484,615

$

—

$

964,587

$

4,019,719

$

—

Russell

Investment

Funds

International

Developed

Markets

Fund

Portfolio

Management

Discussion

and

Analysis

—

December

31,

2023

(Unaudited)

International

Developed

Markets

Fund

55

International

Developed

Markets

Fund

Total

Return

1

Year

16

.26%

5

Years

7

.46%§

10

Years

3

.94%§

MSCI

World

ex

USA

Index

(Net)

**

Total

Return

1

Year

17

.94%

5

Years

8

.45%§

10

Years

4

.32%§

International

Develop

ed

Markets

Linked

Benchmark

***

Total

Return

1

Year

17

.94%

5

Years

8

.45%§

10

Years

4

.42%§

Russell

Investment

Funds

International

Developed

Markets

Fund

Portfolio

Management

Discussion

and

Analysis,

continued

—

December

31,

2023

(Unaudited)

56

International

Developed

Markets

Fund

The

International

Developed

Markets

Fund

(the

“Fund”)

employs

a

multi-manager

approach

whereby

Russell

Investment

Management,

LLC

(“RIM”)

manages

a

portion

of

the

Fund’s

assets

based

upon

model

portfolios

provided

by

multiple

non-

discretionary

money

managers.

The

Fund’s

money

managers

have

non-discretionary

assignments

pursuant

to

which

they

provide

a

model

portfolio

to

RIM

representing

their

investment

recommendations,

based

upon

which

RIM

purchases

and

sells

securities

for

the

Fund.

RIM

also

manages

the

portion

of

the

Fund’s

assets

that

RIM

determines

not

to

manage

based

upon

model

portfolios

provided

by

the

Fund’s

money

managers.

RIM

may

change

the

allocation

of

the

Fund’s

assets

at

any

time.

An

exemptive

order

from

the

Securities

and

Exchange

Commission

permits

RIM

to

engage

or

terminate

a

money

manager

at

any

time,

subject

to

approval

by

the

Fund’s

Board,

without

a

shareholder

vote.

Pursuant

to

the

terms

of

the

exemptive

order,

the

Fund

is

required

to

notify

its

shareholders

within

90

days

of

when

a

money

manager

begins

providing

services.

As

of

December

31,

2023,

the

Fund

had

three

money

managers.

What

is

the

Fund’s

investment

objective?

The

Fund

seeks

to

provide

long-term

capital

growth.

How

did

the

Fund

perform

relative

to

its

benchmark

for

the

fiscal

year

ended

December

31,

2023?

For

the

fiscal

year

ended

December

31,

2023

(the

“fiscal

year”),

the

Fund

gained

16.26%.

This

is

compared

to

the

Fund’s

benchmark,

the

MSCI

World

ex

USA

Index

(Net),

which

gained

17.94%

during

the

fiscal

year.

The

Fund’s

performance

includes

operating

expenses,

whereas

index

returns

are

unmanaged

and

do

not

include

expenses

of

any

kind.

For

the

fiscal

year,

the

Morningstar

®

Insurance

Foreign

Large

Blend

Category,

a

group

of

funds

that

Morningstar,

Inc.

considers

to

have

investment

strategies

similar

to

those

of

the

Fund,

gained

16.66%.

This

return

serves

as

a

peer

comparison

and

is

expressed

net

of

operating

expenses.

How

did

market

conditions

affect

the

Fund’s

performance?

Overall,

within

non-U.S.

developed

markets,

Europe

ex

UK

was

the

best

performing

region

in

an

up

market,

while

Asia-Pacific

ex-Japan

underperformed

relative

to

other

non-U.S.

developed

markets.

In

terms

of

sector

performance

within

the

Fund’s

benchmark

over

the

fiscal

year,

all

sectors

were

positive

with

the

top

performers

being

the

information

technology

and

industrials

sectors.

Real

estate

and

consumer

staples

were

the

weakest

performing

sectors.

From

a

factor

perspective,

the

value

factor

had

the

strongest

performance,

while

small

capitalization

size

and

growth

factor

were

the

main

detractors

over

the

fiscal

year.

How

did

the

investment

strategies

and

techniques

employed

by

the

Fund

and

its

money

managers

affect

its

benchmark

relative

performance?

The

Fund’s

tilt

towards

value

was

rewarded,

while

a

tilt

towards

smaller

capitalization

companies

detracted.

Sector

allocation

contributed

positively

to

performance,

with

underweights

to

health

care

and

real

estate

being

the

key

contributors.

The

Fund’s

regional

allocation

produced

flat

performance,

with

an

underweight

to

Asia-Pacific

ex-Japan

as

a

tailwind

and

an

overweight

to

emerging

markets

as

a

modest

headwind.

Stock

selection

was

ineffective

over

the

fiscal

year,

particularly

with

respect

to

selection

within

information

technology

and

industrials.

With

respect

to

certain

of

the

Fund’s

money

managers,

Wellington

Management

Company

LLP’s

(“Wellington”)

International

Contrarian

Value

ex

Small

Cap

strategy

contributed

positively

to

performance.

Wellington’s

tilt

towards

value

was

rewarded.

Sector

positioning

was

a

headwind,

mainly

driven

by

underweights

to

information

technology

and

industrials.

Regional

allocations

detracted

from

performance,

with

an

exposure

to

emerging

markets

being

the

main

detractor.

Stock

selection

contributed

positively

to

performance,

particularly

within

financials

and

energy.

Intermede

Investment

Partners

Limited

and

Intermede

Global

Partners

Inc.’s

growth

strategy

detracted

from

performance.

Tilts

away

from

value

and

towards

quality

were

not

rewarded.

An

overweight

to

information

technology

and

an

underweight

to

health

care

were

rewarded,

while

stock

selection

within

industrials

and

financials

detracted.

Regional

positioning

detracted

from

performance,

mainly

driven

by

overweight

exposures

to

emerging

markets.

Stock

selection

within

this

region

was

effective

and

partially

offset

the

negative

allocation

impact.

RIM

manages

assets

not

allocated

to

money

manager

strategies

and

the

Fund’s

cash

balances.

RIM

manages

a

multi-factor

positioning

strategy

that

seeks

to

increase

the

Fund’s

value

and

quality

exposure

while

moderating

volatility

exposure

and

expressing

RIM’s

total

preferred

positioning

across

multiple

factors

and

sectors.

The

strategy

uses

output

from

quantitative

and/or

rules-based

processes

and

qualitative

analysis

to

purchase

a

stock

portfolio

expressing

these

views.

The

positioning

strategy

underperformed

the

Fund’s

benchmark

for

the

fiscal

year

as

the

strategy’s

overweight

to

quality

and

lower

volatility

detracted.

Russell

Investment

Funds

International

Developed

Markets

Fund

Portfolio

Management

Discussion

and

Analysis,

continued

—

December

31,

2023

(Unaudited)

International

Developed

Markets

Fund

57

In

addition,

RIM

utilized

equity

index

futures

and

currency

forward

contracts

to

seek

to

position

the

portfolio

to

meet

RIM’s

overall

preferred

positioning

with

respect

to

country

and

currency

exposures.

This

strategy

contributed

positively

to

performance

during

the

fiscal

year.

During

the

fiscal

year,

RIM

used

index

futures

contracts

to

equitize

a

portion

of

the

Fund’s

cash

and

this

strategy

performed

as

expected.

Describe

any

changes

to

the

Fund’s

structure

or

the

money

manager

line-up.

There

were

no

changes

to

the

Fund’s

structure

or

money

manager

line-up

during

the

fiscal

year.

The

views

expressed

in

this

report

reflect

those

of

the

portfolio

managers

only

through

the

end

of

the

fiscal

year

covered

by

the

report.

These

views

do

not

necessarily

represent

the

views

of

RIM

or

any

other

person

in

RIM

or

any

other

affiliated

organization.

These

views

are

subject

to

change

at

any

time

based

upon

market

conditions

or

other

events,

and

RIM

disclaims

any

responsibility

to

update

the

views

contained

herein.

These

views

should

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Russell

Investment

Funds

(“RIF”)

Fund

are

based

on

numerous

factors,

should

not

be

relied

on

as

an

indication

of

investment

decisions

of

any

RIF

Fund.

Money

Managers

as

of

December

31,

2023

Styles

Intermede

Investment

Partners

Limited

and

Intermede

Global

Partners

Inc.

Growth

Pzena

Investment

Management

LLC

Value

Wellington

Management

Company

LLP

Blend

*

Assumes

initial

investment

on

January

1,

2014.

**

MSCI

World

ex

USA

Index

(Net)

is

a

free

float

‐

adjusted

market

capitalization

weighted

index

that

is

designed

to

measure

the

equity

market

performance

of

developed

markets,

excluding

the

U.S.

The

index

consists

of

22

developed

market

country

indexes.

***

International

Developed

Markets

Linked

Benchmark

provides

a

means

to

compare

the

Fund’s

average

annual

returns

to

a

secondary

benchmark

that

takes

into

account

historical

changes

in

the

Fund’s

primary

benchmark.

The

International

Developed

Markets

Linked

Benchmark

represents

the

returns

of

the

Russell

Developed

ex

US

Large

Cap

Index

(net

of

tax

on

dividends

from

foreign

holdings)

through

December

31,

2017,

and

the

returns

of

the

MSCI

World

ex

USA

Index

(net

of

tax

on

dividends

from

foreign

holdings)

thereafter.

§

Annualized.

The

performance

shown

in

this

section

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges.

Performance

is

historical

and

assumes

reinvestment

of

all

dividends

and

capital

gains.  Investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

when

purchased.  Past

performance

is

not

indicative

of

future

results.  Additionally,

the

returns

presented

herein

may

differ

from

the

performance

reported

in

the

Financial

Highlights

as

the

returns

herein

are

calculated

in

a

manner

consistent

with

standardized

performance

in

accordance

with

Securities

and

Exchange

Commission

rules,

while

the

performance

in

the

Financial

Highlights

has

been

calculated

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

(“U.S.

GAAP”).

Russell

Investment

Funds

International

Developed

Markets

Fund

Shareholder

Expense

Example

—

December

31,

2023

(Unaudited)

58

International

Developed

Markets

Fund

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

July

1,

2023

to

December

31,

2023

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

July

1,

2023

$

1,000.00

$

1,000.00

Ending

Account

Value

December

31,

2023

$

1,043.70

$

1,020.01

Expenses

Paid

During

Period*

$

5.31

$

5.24

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

1.03%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/

365

(to

reflect

the

one-half

year

period).

May

reflect

amounts

waived

and/or

reimbursed.

Without

any

waivers

and/or

reimbursements,

expenses

would

have

been

higher.

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

59

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

91.9%

Australia

-

2.0%

Aristocrat

Leisure,

Ltd.

3,255

90

ASX,

Ltd.

-

ADR

2,670

115

BHP

Group,

Ltd.

-

ADR

45,746

1,568

Brambles,

Ltd.

12,115

112

Coles

Group,

Ltd.

10,103

111

Commonwealth

Bank

of

Australia

-

ADR

3,378

257

Fortescue

Metals

Group,

Ltd.

16,319

323

Glencore

PLC

130,880

785

Independence

Group

NL

8,791

54

Insurance

Australia

Group,

Ltd.

93,947

362

Medibank

Pvt,

Ltd.

36,191

88

Northern

Star

Resources,

Ltd.

10,952

102

QBE

Insurance

Group,

Ltd.

56,604

571

Rio

Tinto

PLC

9,685

719

Rio

Tinto,

Ltd.

-

ADR

1,154

106

Sonic

Healthcare,

Ltd.

3,598

78

Telstra

Group,

Ltd.

201,926

544

Wesfarmers,

Ltd.

3,132

122

Woodside

Energy

Group,

Ltd.

36,570

775

6,882

Austria

-

0.7%

ams

AG(Æ)

94,328

238

Erste

Group

Bank

AG

36,555

1,483

Mondi

PLC

41,954

821

2,542

Belgium

-

0.3%

Ageas

SA

10,110

440

Proximus

SADP

32,390

304

UCB

SA

1,259

110

854

Brazil

-

1.0%

Ambev

SA(Æ)

324,727

915

Atacadao

SA

126,340

323

Banco

Bradesco

SA

-

ADR

192,385

673

Banco

do

Brasil

SA

36,500

417

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo(Æ)

25,784

394

Telefonica

Brasil

SA

49,774

547

Ultrapar

Participacoes

SA

24,697

134

Yara

International

ASA

2,286

81

3,484

Burkina

Faso

-

0.1%

Endeavour

Mining

PLC

8,315

187

Canada

-

5.1%

Alimentation

Couche-Tard,

Inc.

2,589

152

ARC

Resources,

Ltd.

17,373

258

Bank

of

Montreal

995

98

Bank

of

Nova

Scotia

(The)

2,326

113

Barrick

Gold

Corp.

27,207

491

CAE,

Inc.(Æ)

74,082

1,599

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Canadian

Imperial

Bank

of

Commerce

2,428

117

Canadian

National

Railway

Co.

17,412

2,189

Canadian

Natural

Resources,

Ltd.

3,283

215

Canadian

Pacific

Kansas

City,

Ltd.

1,090

86

CCL

Industries,

Inc.

Class

B

948

43

Cenovus

Energy,

Inc.

7,657

128

CGI

Group,

Inc.(Æ)

1,155

124

Constellation

Software,

Inc.

82

203

Dollarama,

Inc.

8,669

625

Enbridge,

Inc.

4,216

152

Fairfax

Financial

Holdings,

Ltd.

109

101

Great-West

Lifeco,

Inc.

13,568

449

iA

Financial

Corp.,

Inc.

5,254

358

Imperial

Oil,

Ltd.

1,855

106

Intact

Financial

Corp.

883

136

Loblaw

Cos.,

Ltd.

984

95

Magna

International,

Inc.

Class

A

19,381

1,145

Manulife

Financial

Corp.

44,674

987

Metro,

Inc.

Class

A

960

50

National

Bank

of

Canada

9,773

745

Nutrien,

Ltd.

2,561

144

Royal

Bank

of

Canada

-

GDR

13,709

1,386

Saputo,

Inc.

-

ADR

4,003

81

Shopify,

Inc.

Class

A(Æ)

11,725

913

Stantec,

Inc.

10,477

841

Sun

Life

Financial,

Inc.

18,065

937

Suncor

Energy,

Inc.

5,749

184

Teck

Resources,

Ltd.

Class

B

2,025

86

TELUS

Corp.

3,860

69

TFI

International,

Inc.

924

126

Thomson

Reuters

Corp.

371

54

Toronto-Dominion

Bank

(The)

19,265

1,245

Tourmaline

Oil

Corp.

15,090

679

West

Fraser

Timber

Co.,

Ltd.

968

83

17,593

China

-

2.1%

Alibaba

Group

Holding,

Ltd.

116,614

1,127

Anta

Sports

Products,

Ltd.

37,400

365

Baidu,

Inc.

Class

A(Æ)

3,850

57

BOC

Hong

Kong

Holdings,

Ltd.

26,000

70

BYD

Co.,

Ltd.

Class

H

24,000

660

China

Merchants

Bank

Co.,

Ltd.

Class

H

67,000

233

China

Overseas

Land

&

Investment,

Ltd.

201,000

356

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H

218,000

109

H

World

Group,

Ltd.

-

ADR

12,654

423

Haier

Smart

Home

Co.,

Ltd.

Class

H

202,000

572

Tencent

Holdings,

Ltd.

81,684

3,086

Wilmar

International,

Ltd.

19,000

51

7,109

Denmark

-

2.0%

AP

Moller

-

Maersk

A/S

Class

B

49

88

Chr

Hansen

Holding

A/S

976

82

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

60

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Coloplast

A/S

Class

B

619

71

Danske

Bank

A/S

30,593

817

Genmab

A/S(Æ)

283

90

Novo

Nordisk

A/S

Class

B

48,072

4,972

Novozymes

A/S

Class

B

589

32

Tryg

A/S

3,314

72

Vestas

Wind

Systems

A/S(Æ)

25,593

814

7,038

Finland

-

0.9%

Elisa

OYJ

7,630

354

Kone

OYJ

Class

B

1,965

98

Mandatum

OYJ(Æ)

1,521

7

Nokia

OYJ(Þ)

385,345

1,324

Nordea

Bank

Abp

7,566

94

Sampo

OYJ

Class

A

7,597

332

UPM-Kymmene

OYJ

23,207

873

3,082

France

-

8.8%

Accor

SA

45,475

1,739

Air

Liquide

SA

Class

A

1,536

299

Airbus

Group

SE

7,832

1,209

Amundi

SA(Þ)

15,333

1,049

AXA

SA

28,652

935

BNP

Paribas

SA

10,570

732

Bouygues

SA

-

ADR

10,378

392

Bureau

Veritas

SA

36,735

928

Capgemini

SE

3,684

771

Carrefour

SA

25,210

461

Cie

de

Saint-Gobain

SA

11,614

859

Danone

SA

5,661

367

Dassault

Aviation

SA

3,627

718

Dassault

Systemes

SE

2,279

112

Edenred

SE

1,731

104

Eiffage

SA

915

98

Engie

SA

53,357

938

EssilorLuxottica

SA

558

112

Eurazeo

SE

1,650

131

Hermes

International

83

176

Kering

238

106

La

Francaise

des

Jeux

SAEM(Þ)

612

22

Legrand

SA

-

ADR

1,065

111

L'Oreal

SA

3,601

1,790

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

4,120

3,342

Michelin

(CGDE)

59,747

2,147

Orange

SA

-

ADR

61,313

698

Pernod

Ricard

SA

7,675

1,357

Publicis

Groupe

SA

-

ADR

5,565

517

Renault

SA

10,253

420

Rexel

SA

Class

H

50,636

1,392

Sartorius

Stedim

Biotech

7,137

1,896

Societe

Generale

SA

25,733

686

Teleperformance

-

GDR

7,184

1,050

Thales

SA

1,678

248

TotalEnergies

SE

28,953

1,967

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Valeo

SE

19,170

296

Vinci

SA

3,135

394

30,569

Germany

-

5.9%

adidas

AG

3,144

639

Allianz

SE

1,645

439

BASF

SE

41,469

2,233

Bayer

AG

15,368

571

Beiersdorf

AG

941

141

Brenntag

SE

6,628

609

CECONOMY

AG(Æ)

28,820

79

Continental

AG

4,685

398

Covestro

AG(Æ)(Þ)

21,722

1,263

Daimler

Truck

Holding

AG

57,039

2,142

Deutsche

Boerse

AG

13,024

2,681

Deutsche

Post

AG

2,236

111

Deutsche

Telekom

AG

13,170

316

E.ON

SE

8,607

115

Evonik

Industries

AG

49,931

1,019

Fresenius

Medical

Care

AG

&

Co.

KGaA

23,953

1,002

Fresenius

SE

&

Co.

KGaA

17,631

547

GEA

Group

AG

6,603

275

Hannover

Rueck

SE

3,054

730

Heidelberg

Materials

AG

10,133

905

Infineon

Technologies

AG

-

ADR

20,673

862

Mercedes-Benz

Group

AG

4,697

324

Merck

KGaA

489

78

Muenchener

Rueckversicherungs-

Gesellschaft

AG

2,252

933

Rheinmetall

AG

1,902

603

SAP

SE

-

ADR

3,390

522

Siemens

AG

3,988

748

Symrise

AG

870

96

Talanx

AG

1,383

99

20,480

Hong

Kong

-

2.6%

AIA

Group,

Ltd.

311,939

2,709

CK

Asset

Holdings,

Ltd.

91,049

455

CK

Hutchison

Holdings,

Ltd.

Class

B

87,313

470

CLP

Holdings,

Ltd.

67,500

556

Hang

Seng

Bank,

Ltd.

36,700

427

Hong

Kong

&

China

Gas

Co.,

Ltd.

110,000

85

Hong

Kong

Exchanges

&

Clearing,

Ltd.

18,800

643

MTR

Corp.,

Ltd.

71,000

277

Power

Assets

Holdings,

Ltd.

82,000

475

Sino

Land

Co.,

Ltd.

56,000

61

Sun

Hung

Kai

Properties,

Ltd.

8,500

92

Techtronic

Industries

Co.,

Ltd.

202,271

2,419

WH

Group,

Ltd.(Þ)

538,000

347

9,016

Hungary

-

0.1%

OTP

Bank

PLC

8,256

376

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

61

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

India

-

0.8%

HDFC

Bank,

Ltd.

-

ADR

43,175

2,898

Ireland

-

3.4%

Accenture

PLC

Class

A

8,426

2,957

AIB

Group

PLC

84,719

363

Bank

of

Ireland

Group

PLC

89,967

816

Flutter

Entertainment

PLC(Æ)

5,620

995

Kerry

Group

PLC

Class

A

16,870

1,463

Linde

PLC

8,488

3,486

Medtronic

PLC

6,678

550

Ryanair

Holdings

PLC

-

ADR(Æ)

7,202

960

Smurfit

Kappa

Group

PLC

2,179

86

11,676

Israel

-

0.1%

Bank

Hapoalim

BM

10,568

95

Bank

Leumi

Le-Israel

BM

12,839

103

Check

Point

Software

Technologies,

Ltd.(Æ)

1,026

157

Nice,

Ltd.(Æ)

547

109

464

Italy

-

2.6%

Assicurazioni

Generali

SpA

6,169

130

BPER

Banca

125,260

419

Coca-Cola

HBC

AG

-

ADR(Æ)

2,806

82

Davide

Campari-Milano

NV

56,397

636

Enel

SpA

224,172

1,668

Eni

SpA

-

ADR(Þ)

60,104

1,020

FinecoBank

Banca

Fineco

SpA

141,315

2,123

Moncler

SpA

8,642

533

Recordati

SpA

5,843

316

Snam

Rete

Gas

SpA

100,956

520

Terna

Rete

Elettrica

Nazionale

SpA

44,770

373

UniCredit

SpA

40,870

1,109

8,929

Japan

-

14.7%

Advantest

Corp.

7,600

262

Ajinomoto

Co.,

Inc.

2,700

104

Alfresa

Holdings

Corp.

10,500

178

Alps

Alpine

Co.,

Ltd.

19,100

166

Amada

Co.,

Ltd.

19,900

207

Asahi

Group

Holdings,

Ltd.

1,600

60

Astellas

Pharma,

Inc.

60,700

728

Bandai

Namco

Holdings,

Inc.

7,200

144

Bridgestone

Corp.

25,800

1,066

Brother

Industries,

Ltd.

8,600

137

Canon,

Inc.

38,100

977

Dai-ichi

Life

Holdings,

Inc.

25,250

536

Daiichi

Sankyo

Co.,

Ltd.

26,600

736

Daikin

Industries,

Ltd.

500

81

Daito

Trust

Construction

Co.,

Ltd.

3,500

405

Daiwa

House

Industry

Co.,

Ltd.

4,700

142

DeNA

Co.,

Ltd.

13,400

131

Denso

Corp.

38,400

576

Eisai

Co.,

Ltd.

11,940

597

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fast

Retailing

Co.,

Ltd.

400

99

Fuji

Electric

Co.,

Ltd.

1,900

81

FUJIFILM

Holdings

Corp.

1,900

114

Fujitsu,

Ltd.

900

136

Fukuoka

Financial

Group,

Inc.

21,200

500

Hakuhodo

DY

Holdings,

Inc.

17,200

131

Hino

Motors,

Ltd.(Æ)

37,700

123

Hirose

Electric

Co.,

Ltd.

1,100

124

Honda

Motor

Co.,

Ltd.

39,813

412

Hoya

Corp.

800

100

Iida

Group

Holdings

Co.,

Ltd.

21,800

325

Isuzu

Motors,

Ltd.

55,300

709

ITOCHU

Corp.

20,000

816

Japan

Airlines

Co.,

Ltd.

15,600

307

Japan

Exchange

Group,

Inc.

5,000

106

Japan

Post

Bank

Co.,

Ltd.

Class

A

4,600

47

Japan

Post

Holdings

Co.,

Ltd.

15,600

139

Japan

Tobacco,

Inc.

27,400

707

JGC

Holdings

Corp.

18,600

214

Kajima

Corp.

5,100

85

Kao

Corp.

21,500

884

KDDI

Corp.(Þ)

27,300

867

Keyence

Corp.

5,600

2,455

Kirin

Holdings

Co.,

Ltd.

60,900

892

Komatsu,

Ltd.

40,100

1,045

Kubota

Corp.

41,000

615

Kyocera

Corp.

59,200

861

Makita

Corp.

15,068

414

McDonald's

Holdings

Co.

Japan,

Ltd.

2,700

117

MEIJI

Holdings

Co.,

Ltd.

8,400

199

Minebea

Co.,

Ltd.

44,000

900

Mitsubishi

Electric

Corp.

61,300

865

Mitsubishi

Estate

Co.,

Ltd.

35,300

485

Mitsubishi

Gas

Chemical

Co.,

Inc.

18,800

301

Mitsubishi

HC

Capital,

Inc.

13,300

89

Mitsubishi

UFJ

Financial

Group,

Inc.

73,800

635

MS&AD

Insurance

Group

Holdings,

Inc.

37,800

1,483

Murata

Manufacturing

Co.,

Ltd.

7,200

152

NEC

Corp.

1,700

100

Nikon

Corp.

18,600

183

Nintendo

Co.,

Ltd.

4,200

219

Nippon

Prologis,

Inc.(Æ)(ö)

84

162

Nippon

Telegraph

&

Telephone

Corp.

237,350

290

Nippon

Television

Holdings,

Inc.

15,800

172

Nissan

Chemical

Corp.

1,900

74

Nissan

Motor

Co.,

Ltd.

124,700

487

Nissin

Foods

Holdings

Co.,

Ltd.

3,300

115

Nitto

Denko

Corp.

6,600

492

Nomura

Holdings,

Inc.

65,600

296

Obayashi

Corp.

11,200

97

Obic

Co.,

Ltd.

400

69

Olympus

Corp.

37,300

538

Ono

Pharmaceutical

Co.,

Ltd.

38,391

686

ORIX

Corp.

4,200

79

Otsuka

Holdings

Co.,

Ltd.

6,000

225

Panasonic

Holdings

Corp.

6,800

67

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

62

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Recruit

Holdings

Co.,

Ltd.

6,600

282

Resona

Holdings,

Inc.

231,300

1,171

SCSK

Corp.

5,000

99

Secom

Co.,

Ltd.

2,600

187

Sekisui

Chemical

Co.,

Ltd.

19,100

275

Sekisui

House,

Ltd.

7,400

164

Seven

&

i

Holdings

Co.,

Ltd.

2,100

83

SG

Holdings

Co.,

Ltd.

12,200

175

Shin-Etsu

Chemical

Co.,

Ltd.

86,075

3,597

Shionogi

&

Co.,

Ltd.

3,100

149

SMC

Corp.

1,100

588

SoftBank

Corp.

8,700

108

Sompo

Japan

Nipponkoa

Holdings,

Inc.

8,800

430

Sony

Group

Corp.

8,510

806

Stanley

Electric

Co.,

Ltd.

15,739

295

Subaru

Corp.

56,944

1,039

Sumitomo

Electric

Industries,

Ltd.

43,400

551

Sumitomo

Heavy

Industries,

Ltd.

9,600

241

Sumitomo

Mitsui

Financial

Group,

Inc.

9,900

482

Sumitomo

Mitsui

Trust

Holdings,

Inc.

38,600

740

Sumitomo

Rubber

Industries,

Ltd.

22,600

245

Suntory

Beverage

&

Food,

Ltd.

2,100

69

T&D

Holdings,

Inc.

64,800

1,028

Taiheiyo

Cement

Corp.

8,800

181

Takeda

Pharmaceutical

Co.,

Ltd.

31,000

890

TDK

Corp.

5,700

270

Terumo

Corp.

3,200

104

THK

Co.,

Ltd.

15,600

305

Toho

Co.,

Ltd.

1,400

47

Tokio

Marine

Holdings,

Inc.

36,700

916

Tokyo

Electron,

Ltd.

12,310

2,188

Toray

Industries,

Inc.

148,700

774

TOTO,

Ltd.

2,700

71

Toyota

Motor

Corp.

45,700

839

Trend

Micro,

Inc.

1,800

96

Tsuruha

Holdings,

Inc.

3,800

348

Unicharm

Corp.

4,300

155

USS

Co.,

Ltd.

8,000

161

Yakult

Honsha

Co.,

Ltd.

2,600

58

Yamaha

Motor

Co.,

Ltd.

45,600

406

Yamato

Holdings

Co.,

Ltd.

25,994

480

51,211

Luxembourg

-

1.2%

ArcelorMittal

SA

36,102

1,024

Eurofins

Scientific

SE

29,724

1,945

RTL

Group

SA

5,556

214

Spotify

Technology

SA(Æ)

3,641

684

Tenaris

SA

20,196

351

4,218

Macao

-

0.3%

Galaxy

Entertainment

Group,

Ltd.(Þ)

169,869

949

Malaysia

-

0.1%

CIMB

Group

Holdings

BHD

229,417

292

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Mexico

-

0.0%

Fresnillo

PLC

17,684

134

Netherlands

-

6.5%

ABN

AMRO

Bank

NV(Þ)

39,980

601

Adyen

NV(Æ)(Þ)

176

227

Akzo

Nobel

NV

1,051

87

ASML

Holding

NV

2,567

1,938

Euronext

NV(Þ)

1,779

154

Ferrari

NV

2,961

998

Heineken

Holding

NV

1,074

91

Heineken

NV

33,562

3,415

ING

Groep

NV

117,287

1,756

Koninklijke

Ahold

Delhaize

NV

8,299

238

Koninklijke

KPN

NV(Þ)

126,988

437

Koninklijke

Philips

NV(Æ)

90,691

2,118

NN

Group

NV

14,213

562

Randstad

NV

30,742

1,927

Shell

PLC

127,842

4,171

Universal

Music

Group

NV

126,292

3,606

VEON,

Ltd.

-

ADR(Æ)

5,377

106

Wolters

Kluwer

NV

1,240

176

22,608

New

Zealand

-

0.1%

Spark

New

Zealand,

Ltd.

109,920

360

Norway

-

0.2%

DNB

Bank

ASA

6,002

127

Equinor

ASA

Class

N

5,100

162

Norsk

Hydro

ASA

13,400

90

Orkla

ASA

35,142

272

Telenor

ASA

11,896

137

788

Portugal

-

0.1%

Energias

de

Portugal

SA

7,648

39

Jeronimo

Martins

SGPS

SA

12,162

309

348

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

—

—

Singapore

-

0.6%

CapitaLand

Ascendas

REIT(ö)

27,900

64

DBS

Group

Holdings,

Ltd.

3,756

95

Oversea-Chinese

Banking

Corp.,

Ltd.

90,892

893

Singapore

Exchange,

Ltd.

7,900

59

Singapore

Technologies

Engineering,

Ltd.

29,300

86

Singapore

Telecommunications,

Ltd.

389,300

727

STMicroelectronics

NV

1,934

97

United

Overseas

Bank,

Ltd.

4,700

101

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

63

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Venture

Corp.,

Ltd.

8,500

88

2,210

South

Africa

-

0.3%

Anglo

American

PLC

25,237

633

MTN

Group,

Ltd.

33,103

209

Old

Mutual,

Ltd.

387,774

277

1,119

South

Korea

-

1.3%

Coway

Co.,

Ltd.(Æ)

6,160

272

Hankook

Tire

&

Technology

Co.,

Ltd.

(Æ)

8,269

291

Hyundai

Mobis

Co.,

Ltd.

3,025

554

KB

Financial

Group,

Inc.

15,491

648

KT

Corp.

-

ADR(Þ)

37,334

502

LG

Energy

Solution,

Ltd.(Æ)

1,113

367

Samsung

Electronics

Co.,

Ltd.

16,183

984

Shinhan

Financial

Group

Co.,

Ltd.

31,403

976

4,594

Spain

-

1.9%

Amadeus

IT

Group

SA

Class

A

23,151

1,660

CaixaBank

SA

224,118

922

Cellnex

Telecom

SA(Þ)

19,544

772

Endesa

SA

-

ADR

2,131

43

Iberdrola

SA

15,811

207

Industria

de

Diseno

Textil

SA

64,395

2,809

Redeia

Corp.

SA

7,686

127

6,540

Sweden

-

2.1%

Assa

Abloy

AB

Class

B

29,330

845

Atlas

Copco

AB

Class

A

11,526

199

Atlas

Copco

AB

Class

B

52,449

778

Boliden

AB(Æ)

14,255

445

Epiroc

AB

Class

A

5,150

103

Essity

Aktiebolag

Class

B

26,634

660

Hexagon

AB

Class

B

164,954

1,987

Investor

AB

Class

B

4,112

96

Sandvik

AB

27,590

597

Skandinaviska

Enskilda

Banken

AB

Class

A

10,055

138

SKF

AB

Class

B

41,815

835

Telefonaktiebolaget

LM

Ericsson

Class

B

109,453

692

7,375

Switzerland

-

4.7%

ABB,

Ltd.

1,252

56

Adecco

Group

AG

13,302

655

Alcon,

Inc.

8,826

691

Baloise

Holding

AG

608

95

Barry

Callebaut

AG

32

54

Chocoladefabriken

Lindt

&

Spruengli

AG

6

72

DSM-Firmenich

AG

760

77

EMS-Chemie

Holding

AG

402

326

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Geberit

AG

180

116

Givaudan

SA

37

154

Julius

Baer

Group,

Ltd.

16,802

944

Kuehne

&

Nagel

International

AG

2,398

827

Lonza

Group

AG

244

103

Novartis

AG

29,641

2,993

Partners

Group

Holding

AG

552

798

Sandoz

Group

AG(Æ)

3,532

114

Schindler

Holding

AG

827

203

SGS

SA

6,736

582

Sika

AG

257

84

Straumann

Holding

AG

526

85

Swatch

Group

AG

(The)

Class

B

2,120

578

Swiss

Life

Holding

AG

189

131

Swisscom

AG

1,235

743

UBS

Group

AG

156,796

4,870

Zurich

Insurance

Group

AG

2,105

1,100

16,451

Taiwan

-

2.2%

Catcher

Technology

Co.,

Ltd.

50,513

318

Hon

Hai

Precision

Industry

Co.,

Ltd.

439,184

1,494

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

138,000

2,656

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

30,075

3,128

7,596

Thailand

-

0.2%

Kasikornbank

PCL

146,900

581

United

Kingdom

-

8.3%

3i

Group

PLC

7,817

241

Ashtead

Group

PLC

1,895

131

AstraZeneca

PLC(Þ)

13,752

1,852

Auto

Trader

Group

PLC(Þ)

10,287

94

Aviva

PLC

76,437

423

Babcock

International

Group

PLC

40,758

205

BAE

Systems

PLC

12,460

176

Barclays

PLC

313,295

610

Barratt

Developments

PLC

44,190

316

Berkeley

Group

Holdings

PLC

756

45

BP

PLC

196,129

1,159

British

American

Tobacco

PLC

37,139

1,084

British

Land

Co.

PLC

(The)(ö)

44,556

226

BT

Group

PLC

250,543

394

Burberry

Group

PLC

17,191

312

Compass

Group

PLC

76,784

2,098

Croda

International

PLC

1,241

80

Diageo

PLC

5,214

189

easyJet

PLC

76,177

495

Hargreaves

Lansdown

PLC

7,353

69

HSBC

Holdings

PLC

284,859

2,301

Imperial

Tobacco

Group

PLC

2,349

54

Intermediate

Capital

Group

PLC

26,492

566

Intertek

Group

PLC

32,466

1,753

J

Sainsbury

PLC

379,386

1,460

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

64

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kingfisher

PLC

126,669

392

Land

Securities

Group

PLC(ö)

30,109

269

London

Stock

Exchange

Group

PLC

1,322

156

NatWest

Group

PLC

229,940

642

Pearson

PLC

7,718

95

Reckitt

Benckiser

Group

PLC

26,079

1,799

RELX

PLC

8,946

355

Sage

Group

PLC

(The)

9,700

145

Schroders

PLC

34,148

186

Smith

&

Nephew

PLC

8,755

120

Spirax-Sarco

Engineering

PLC

311

42

St.

James's

Place

PLC

27,635

240

Standard

Chartered

PLC

200,013

1,692

Tesco

PLC

365,053

1,350

Travis

Perkins

PLC

62,480

658

Unilever

PLC

24,376

1,179

United

Utilities

Group

PLC

5,357

72

Vodafone

Group

PLC

180,615

157

Wausau

Paper

Corp.

63,950

608

Weir

Group

PLC

(The)

100,422

2,411

28,901

United

States

-

8.6%

Allegion

PLC

17,941

2,273

Amdocs,

Ltd.(Þ)

16,939

1,489

Aon

PLC

Class

A

7,056

2,053

ARM

Holdings

PLC

-

ADR(Æ)(Ñ)

9,298

699

CSL,

Ltd.

835

163

Experian

PLC

3,487

142

GSK

Finance

No.

3

PLC

114,594

2,117

Haleon

PLC

769,400

3,150

Holcim

AG(Æ)

7,190

565

Las

Vegas

Sands

Corp.

14,357

706

Lululemon

Athletica,

Inc.(Æ)

1,499

766

Nestle

SA

38,623

4,470

Roche

Holding

AG

10,479

3,041

Sanofi

SA

-

ADR

29,444

2,919

Schlumberger

NV

71,483

3,720

Schneider

Electric

SE

6,813

1,372

Stellantis

NV

4,484

105

29,750

Total

Common

Stocks

(cost

$294,713)

319,204

Preferred

Stocks

-

1.5%

Brazil

-

0.1%

Raizen

Energia

SA

7.088%

(Ÿ)

385,686

319

Germany

-

0.7%

Henkel

AG

&

Co.

KGaA

2.512%

(Ÿ)

14,414

1,159

Volkswagen

AG

7.879%

(Ÿ)

11,604

1,433

2,592

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

South

Korea

-

0.7%

Samsung

Electronics

Co.,

Ltd.

1.832%

(Ÿ)

50,202

2,421

Total

Preferred

Stocks

(cost

$5,372)

5,332

Warrants

and

Rights

-

0.0%

Canada

-

0.0%

Constellation

Software,

Inc.(Æ)

2040

Warrants

82

—

Total

Warrants

and

Rights

(cost

$—)

—

Short-Term

Investments

-

3.8%

United

States

-

3.8%

U.S.

Cash

Management

Fund(@)

13,256,928

(∞)

13,253

Total

Short-Term

Investments

(cost

$13,253)

13,253

Other

Securities

-

0.2%

U.S.

Cash

Collateral

Fund(@)(×)

721,175

(∞)

721

Total

Other

Securities

(cost

$721)

721

Total

Investments

-

97.4%

(identified

cost

$314,059)

338,510

Other

Assets

and

Liabilities,

Net

-

2.6%

9,053

Net

Assets

-

100.0%

347,563

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

65

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

$

$

$

3.7%

ABN

AMRO

Bank

NV

10/03/19

EUR

39,980

17.40

696

601

Adyen

NV

07/25/19

EUR

176

1,538.11

271

227

Amdocs,

Ltd.

02/10/21

16,939

79.76

1,351

1,489

Amundi

SA

02/21/19

EUR

15,333

63.60

975

1,049

AstraZeneca

PLC

04/25/18

GBP

13,752

83.70

1,151

1,852

Auto

Trader

Group

PLC

04/08/23

GBP

10,287

8.08

83

94

Cellnex

Telecom

SA

02/27/18

EUR

19,544

53.44

1,045

772

Covestro

AG

08/15/19

EUR

21,722

49.76

1,081

1,263

Eni

SpA

05/31/18

EUR

60,104

16.73

1,005

1,020

Euronext

NV

04/29/22

EUR

1,779

80.65

144

154

Galaxy

Entertainment

Group,

Ltd.

04/24/20

HKD

169,869

6.08

1,033

949

KDDI

Corp.

06/02/17

JPY

27,300

30.96

845

867

Koninklijke

KPN

NV

12/15/23

EUR

126,988

3.40

431

437

KT

Corp.

07/10/19

37,334

12.04

449

502

La

Francaise

des

Jeux

SAEM

12/02/22

EUR

612

40.36

25

22

Nokia

OYJ

06/26/19

EUR

385,345

4.49

1,731

1,324

WH

Group,

Ltd.

06/26/19

HKD

538,000

0.71

383

347

12,969

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

37

EUR

2,795

01/24

(11)

DAX

Index

Futures

4

EUR

1,691

03/24

(7)

EURO

STOXX

50

Index

Futures

30

EUR

1,363

03/24

(13)

FTSE

100

Index

Futures

4

GBP

310

03/24

9

FTSE/MIB

Index

Futures

4

EUR

610

03/24

(2)

IBEX

35

Index

Futures

6

EUR

605

01/24

(2)

OMXS30

Index

Futures

25

SEK

6,003

01/24

13

S&P/TSX

60

Index

Futures

98

CAD

24,900

03/24

605

SPI

200

Index

Futures

142

AUD

26,927

03/24

344

TOPIX

Index

Futures

102

JPY

2,413,320

03/24

136

Short

Positions

Hang

Seng

Index

Futures

28

HKD

23,985

01/24

(124)

MSCI

Emerging

Markets

Index

Futures

516

USD

26,669

03/24

(1,260)

MSCI

Singapore

Index

Futures

89

SGD

2,560

01/24

(74)

S&P

500

E-Mini

Index

Futures

58

USD

13,978

03/24

(450)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(836)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

New

York

USD

3,192

AUD

4,836

03/20/24

111

Bank

of

New

York

USD

3,245

CAD

4,396

03/20/24

76

Bank

of

New

York

USD

796

DKK

5,470

03/20/24

17

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

66

International

Developed

Markets

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

New

York

USD

4,463

JPY

638,023

03/21/24

117

Bank

of

New

York

USD

751

SEK

7,818

03/20/24

26

Citigroup

USD

3,188

AUD

4,836

03/20/24

115

Citigroup

USD

3,244

CAD

4,396

03/20/24

78

Citigroup

USD

796

DKK

5,470

03/20/24

17

Citigroup

USD

4,461

JPY

638,023

03/21/24

118

Citigroup

USD

752

SEK

7,818

03/20/24

26

HSBC

USD

3,192

AUD

4,836

03/20/24

111

HSBC

USD

3,245

CAD

4,396

03/20/24

76

HSBC

USD

796

DKK

5,470

03/20/24

18

HSBC

USD

4,463

JPY

638,023

03/21/24

117

HSBC

USD

751

SEK

7,818

03/20/24

26

Royal

Bank

of

Canada

USD

3,187

AUD

4,836

03/20/24

116

Royal

Bank

of

Canada

USD

3,244

CAD

4,396

03/20/24

78

Royal

Bank

of

Canada

USD

796

DKK

5,470

03/20/24

18

Royal

Bank

of

Canada

USD

4,457

JPY

638,023

03/21/24

122

Royal

Bank

of

Canada

USD

751

SEK

7,818

03/20/24

26

State

Street

USD

1,971

GBP

1,575

03/20/24

37

State

Street

USD

1,004

NOK

10,950

03/20/24

75

State

Street

CHF

2,520

USD

2,902

03/20/24

(117)

State

Street

EUR

3,315

USD

3,591

03/20/24

(81)

State

Street

HKD

2,630

USD

337

03/20/24

—

State

Street

NZD

2,500

USD

1,531

03/20/24

(50)

UBS

USD

3,234

AUD

4,836

03/20/24

69

UBS

USD

3,260

CAD

4,396

03/20/24

62

UBS

USD

802

DKK

5,470

03/20/24

11

UBS

USD

4,527

JPY

638,023

03/21/24

52

UBS

USD

761

SEK

7,818

03/20/24

17

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

1,484

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

$

—

$

6,882

$

—

$

—

$

6,882

2

.0

Austria

—

2,542

—

—

2,542

0

.7

Belgium

—

854

—

—

854

0

.3

Brazil

673

2,811

—

—

3,484

1

.0

Burkina

Faso

187

—

—

—

187

0

.1

Canada

17,593

—

—

—

17,593

5

.1

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

67

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

China

423

6,686

—

—

7,109

2

.1

Denmark

—

7,038

—

—

7,038

2

.0

Finland

—

3,082

—

—

3,082

0

.9

France

—

30,569

—

—

30,569

8

.8

Germany

—

20,480

—

—

20,480

5

.9

Hong

Kong

—

9,016

—

—

9,016

2

.6

Hungary

—

376

—

—

376

0

.1

India

2,898

—

—

—

2,898

0

.8

Ireland

7,953

3,723

—

—

11,676

3

.4

Israel

157

307

—

—

464

0

.1

Italy

—

8,929

—

—

8,929

2

.6

Japan

—

51,211

—

—

51,211

14

.7

Luxembourg

684

3,534

—

—

4,218

1

.2

Macao

—

949

—

—

949

0

.3

Malaysia

—

292

—

—

292

0

.1

Mexico

—

134

—

—

134

—

*

Netherlands

106

22,502

—

—

22,608

6

.5

New

Zealand

—

360

—

—

360

0

.1

Norway

—

788

—

—

788

0

.2

Portugal

—

348

—

—

348

0

.1

Russia

—

—

—

—

—

—

Singapore

—

2,210

—

—

2,210

0

.6

South

Africa

—

1,119

—

—

1,119

0

.3

South

Korea

502

4,092

—

—

4,594

1

.3

Spain

—

6,540

—

—

6,540

1

.9

Sweden

—

7,375

—

—

7,375

2

.1

Switzerland

—

16,451

—

—

16,451

4

.7

Taiwan

3,128

4,468

—

—

7,596

2

.2

Thailand

—

581

—

—

581

0

.2

United

Kingdom

—

28,901

—

—

28,901

8

.3

United

States

11,706

18,044

—

—

29,750

8

.6

Preferred

Stocks

—

5,332

—

—

5,332

1

.5

Warrants

and

Rights

—

—

—

—

—

—

Short-Term

Investments

—

—

—

13,253

13,253

3

.8

Other

Securities

—

—

—

721

721

0

.2

Total

Investments

46,010

278,526

—

13,974

338,510

97

.4

Other

Assets

and

Liabilities,

Net

2

.6

100

.0

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

68

International

Developed

Markets

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Other

Financial

Instruments

Assets

Futures

Contracts

1,107

—

—

—

1,107

0

.3

Foreign

Currency

Exchange

Contracts

—

1,732

—

—

1,732

0

.5

A

Liabilities

Futures

Contracts

(1,943

)

—

—

—

(1,943

)

(0

.6)

Foreign

Currency

Exchange

Contracts

—

(248

)

—

—

(248

)

(0

.1)

Total

Other

Financial

Instruments

**

$

(836

)

$

1,484

$

—

$

—

$

648

*

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

December

31,

2023,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

December

31,

2023,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

46,524

Consumer

Staples

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

25,168

Energy

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

16,011

Financial

Services

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

73,774

Health

Care

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

33,686

Materials

and

Processing

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

29,606

Producer

Durables

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

47,054

Technology

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

35,658

Utilities

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

11,723

Preferred

Stocks

Consumer

Discretionary

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

1,433

Consumer

Staples

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

1,159

Technology

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

2,421

Utilities

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

319

Warrants

and

Rights

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

—

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

69

Short-Term

Investments

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

13,253

Other

Securities

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

721

Total

Investments

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

338,510

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

70

International

Developed

Markets

Fund

Russell

Investment

Funds

International

Developed

Markets

Fund

Fair

Value

of

Derivative

Instruments

—

December

31,

2023

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

$

—

$

1,732

Variation

margin

on

futures

contracts*

1,107

—

Total

$

1,107

$

1,732

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts*

$

1,943

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

248

Total

$

1,943

$

248

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Foreign

Currency

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

4,077

$

—

Foreign

currency

exchange

contracts

—

(2,929)

Total

$

4,077

$

(2,929)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(38)

$

—

Foreign

currency

exchange

contracts

—

1,614

Total

$

(38)

$

1,614

*

Includes

cumulative

appreciation

(depreciat

ion)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

International

Developed

Markets

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

71

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

$

684

$

—

$

684

Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

1,732

—

1,732

Total

Financial

and

Derivative

Assets

2,416

—

2,416

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

2,416

$

—

$

2,416

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Received^

Net

Amount

Bank

of

New

York

$

347

$

—

$

—

$

347

Citigroup

354

—

—

354

HSBC

348

—

—

348

Morgan

Stanley

684

—

684

—

Royal

Bank

of

Canada

360

—

—

360

State

Street

112

112

—

—

UBS

211

—

—

211

Total

$

2,416

$

112

$

684

$

1,620

Russell

Investment

Funds

International

Developed

Markets

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

72

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

$

248

$

—

$

248

Total

Financial

and

Derivative

Liabilities

248

—

248

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

248

$

—

$

248

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

$

248

$

112

$

—

$

136

Total

$

248

$

112

$

—

$

136

*      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

73

Statement

of

Assets

and

Liabilities

—

December

31,

2023

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

314,059

Investments,

at

fair

value(*)(>)

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

338,510

Foreign

currency

holdings(^)

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

1,644

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

1,732

Receivables:

Dividends

and

interest

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

385

Dividends

from

affiliated

funds

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

62

Fund

shares

sold

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

2

Foreign

capital

gains

taxes

recoverable

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

973

From

broker(a)

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

6,523

Prepaid

expenses

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

1

Total

assets

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

349,83

2

Liabilities

Payables:

Fund

shares

redeemed

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

4

3

Accrued

fees

to

affiliates

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

271

Other

accrued

expenses

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

15

4

Variation

margin

on

futures

contracts

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

832

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

248

Payable

upon

return

of

securities

loaned

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

721

Total

liabilities

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

2,26

9

Net

Assets

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

$

347,563

Russell

Investment

Funds

International

Developed

Markets

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

74

International

Developed

Markets

Fund

Statement

of

Assets

and

Liabilities,

continued

—

December

31,

2023

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

23,563

Shares

of

beneficial

interest

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

289

Additional

paid-in

capital

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

323,711

Net

Assets

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

$

347,563

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

12.03

Net

assets

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

$

347,563,370

Shares

outstanding

($.01

par

value)

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

28,901,172

Amounts

in

thousands

(^)    

Foreign

currency

holdings

-

cost

$

1,631

(*)    

Securities

on

loan

included

in

investments

$

684

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

and

U.S.

Cash

Collateral

Fund

$

13,974

(a)  

Receivable

from

Broker

for

Futures

$

6,523

(#)

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

75

Statement

of

Operations

—

For

the

Period

Ended

December

31,

2023

Amounts

in

thousands

Investment

Income

Dividends

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

$

10,304

Dividends

from

affiliated

funds

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

591

Interest

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

103

Securities

lending

income

(net)

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

27

Less

foreign

taxes

withheld

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

(1,069)

Total

investment

income

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

9,956

Expenses

Advisory

fees

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

2,995

Administrative

fees

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

166

Custodian

fees

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

149

Transfer

agent

fees

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

15

Professional

fees

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

89

Trustees’

fees

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

19

Printing

fees

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

20

Miscellaneous

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

44

Expenses

before

reductions

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

3,497

Expense

reductions

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

(67)

Net

expenses

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

3,430

Net

investment

income

(loss)

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

6,526

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

(net

of

foreign

capital

gains

taxes

of

$33)

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

4,409

Investments

in

affiliated

funds

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

1

Futures

contracts

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

4,077

Foreign

currency

exchange

contracts

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

(2,929)

Foreign

currency-related

transactions

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

71

Net

realized

gain

(loss)

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

5,629

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

(net

of

deferred

tax

liability

for

f

oreign

capital

gains

taxes

of

$

30)

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

36,499

Investments

in

affiliated

funds

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

(2)

Futures

contracts

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

(38)

Foreign

currency

exchange

contracts

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

1,614

Foreign

currency-related

transactions

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

108

Net

change

in

unrealized

appreciation

(depreciation)

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

38,181

Net

realized

and

unrealized

gain

(loss)

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

43,810

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

50,336

Russell

Investment

Funds

International

Developed

Markets

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

76

International

Developed

Markets

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

For

the

Periods

Ended

December

31,

2023

2022

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

6,526

$

6,645

Net

realized

gain

(loss)

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

5,629

(6,064)

Net

change

in

unrealized

appreciation

(depreciation)

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

38,181

(49,469)

Net

increase

(decrease)

in

net

assets

from

operations

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

50,336

(48,888)

Distributions

To

shareholders

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

(6,308)

(6,345)

Net

decrease

in

net

assets

from

distributions

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

(6,308)

(6,345)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(17,149)

(1,546)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

26,879

(56,779)

Net

Assets

Beginning

of

period

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

320,684

377,463

End

of

period

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

$

347,563

$

320,684

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2023

and

December

31,

2022

were

as

follows:

2023

2022

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

1,322

$

15,051

1,306

$

13,869

Proceeds

from

reinvestment

of

distributions

533

6,308

568

6,345

Payments

for

shares

redeemed

(3,393)

(38,508)

(1,987)

(21,760)

Total

increase

(decrease)

(1,538)

$

(17,149)

(113)

$

(1,546)

Russell

Investment

Funds

International

Developed

Markets

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

78

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

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

79

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(

±

)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(

Ƃ

)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(

Ƃ

)

%

Portfolio

Turnover

Rate

(.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.

80

International

Developed

Markets

Fund

Related

Party

Transactions,

Fees

and

Expenses

Accrued

fees

payable

to

affiliates

as

of

December

31,

2023

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

December

31,

2023

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

At

December

31,

2023,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

December

31,

2023

and

December

31,

2022,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting. These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps. These

adjustments

have

no

impact

on

the

net

assets.

At

December

31,

2023,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

Advisory

fees

$

252,503

Administrative

fees

14,347

Transfer

agent

fees

1,262

Trustee

fees

3,009

$

271,121

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

11,069

$

108,765

$

106,580

$

1

$

(2

)

$

13,253

$

591

$

—

U.S.

Cash

Collateral

Fund

479

32,471

32,229

—

—

721

80

—

$

11,548

$

141,236

$

138,809

$

1

$

(2

)

$

13,974

$

671

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

(Capital

Loss

Carryforward)

$

315,730,326

$

42,954,529

$

(21,010,642)

$

21,943,887

$

2,232,296

$

—

December

31,

2023

December

31,

2022

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

$

6,308,007

$

—

$

—

$

340,786

$

6,004,133

$

—

Russell

Investment

Funds

Strategic

Bond

Fund

Portfolio

Management

Discussion

and

Analysis

—

December

31,

2023

(Unaudited)

Strategic

Bond

Fund

81

Strategic

Bond

Fund

Total

Return

1

Year

4

.02%

5

Years

0

.72%§

10

Years

1

.49%§

Bloomberg

U.S.

Aggregate

Bond

Index

**

Total

Return

1

Year

5

.53%

5

Years

1

.10%§

10

Years

1

.81%§

Russell

Investment

Funds

Strategic

Bond

Fund

Portfolio

Management

Discussion

and

Analysis,

continued

—

December

31,

2023

(Unaudited)

82

Strategic

Bond

Fund

The

Strategic

Bond

Fund

(the

“Fund”)

employs

a

multi-manager

approach

whereby

portions

of

the

Fund

are

allocated

to

different

money

manager

strategies.

Fund

assets

not

allocated

to

money

managers

are

managed

by

Russell

Investment

Management,

LLC

(“RIM”),

the

Fund’s

advisor.

RIM

may

change

the

allocation

of

the

Fund’s

assets

among

money

managers

at

any

time.

An

exemptive

order

from

the

Securities

and

Exchange

Commission

permits

RIM

to

engage

or

terminate

a

money

manager

at

any

time,

subject

to

approval

by

the

Fund’s

Board,

without

a

shareholder

vote.

Pursuant

to

the

terms

of

the

exemptive

order,

the

Fund

is

required

to

notify

its

shareholders

within

90

days

of

when

a

money

manager

begins

providing

services.

As

of

December

31,

2023,

the

Fund

had

three

money

managers.

What

is

the

Fund’s

investment

objective?

The

Fund

seeks

to

provide

total

return.

How

did

the

Fund

perform

relative

to

its

benchmark

for

the

fiscal

year

ended

December

31,

2023?

For

the

fiscal

year

ended

December

31,

2023

(the

“fiscal

year”),

the

Fund

gained

4.02%.

This

is

compared

to

the

Fund’s

benchmark,

the

Bloomberg

U.S.

Aggregate

Bond

Index,

which

gained

5.53%

during

the

fiscal

year.

The

Fund’s

performance

includes

operating

expenses,

whereas

index

returns

are

unmanaged

and

do

not

include

expenses

of

any

kind.

For

the

fiscal

year,

the

Morningstar

®

Insurance

Intermediate

Core-Plus

Bond

Category,

a

group

of

funds

that

Morningstar,

Inc.

considers

to

have

investment

strategies

similar

to

those

of

the

Fund,

gained

6.13%.

This

return

serves

as

a

peer

comparison

and

is

expressed

net

of

operating

expenses.

RIM

may

assign

a

money

manager

a

benchmark

other

than

the

Fund’s

index

(a

“RIM-assigned

benchmark”).

How

did

market

conditions

affect

the

Fund’s

performance?

Throughout

the

fiscal

year,

central

banks

maintained

a

robust

commitment

to

their

monetary

tightening

policies,

executing

interest

rate

hikes

at

an

aggressive

pace.

While

the

consistently

elevated

inflation

figures

from

the

prior

fiscal

year

started

to

decline,

this

slowdown

was

gradual.

This

moderation

in

inflation

and

a

resilient

economy

played

a

pivotal

role

in

facilitating

a

rebound

in

the

equity

and

credit

sectors,

driven

by

the

effects

of

the

stringent

monetary

policies.

However,

the

downturn

of

Silicon

Valley

Bank

and

Credit

Suisse

highlight

the

consequences

of

the

rapid

interest

rate

hikes

on

financial

institutions

and

credit

sensitive

sectors.

Despite

the

hardships

faced

by

interest

rate-sensitive

sectors,

a

resilient

economy

played

a

pivotal

role

in

propelling

risk

assets

forward.

In

the

fourth

quarter,

sentiment

shifted

due

to

a

change

in

the

U.S.

Federal

Reserve’s

rhetoric,

which

helped

the

Bloomberg

U.S.

Aggregate

Bond

Index

return

6.82%

for

the

final

quarter

of

the

year.

How

did

the

investment

strategies

and

techniques

employed

by

the

Fund

and

its

money

managers

affect

its

benchmark

relative

performance?

The

Fund’s

exposure

to

spread

sectors

added

to

performance

as

credit

spreads

largely

tightened.

The

Bloomberg

U.S.

Corporate

Bond

Index

posted

a

total

return

of

8.52%

for

the

fiscal

year,

while

the

Bloomberg

U.S.

Corporate

High

Yield

Index

had

a

13.44%

total

return.

U.S.

Treasuries

had

a

volatile

year,

with

the

10-Year

Treasury

yield

ending

the

year

nearly

where

it

started.

The

Fund

carried

a

long

duration

position

over

the

fiscal

year,

which

detracted

from

performance

as

rates

rose

across

the

global

yield

curve.

Notably,

tactical

positions

to

increase

the

Fund’s

duration

detracted

with

the

sell-off

in

rates.

Towards

the

end

of

the

period,

the

Fund

was

overweight

on

the

front

end

of

the

curve

and

underweight

longer

key

rate

durations,

which

dragged

during

the

rates

rally.

The

Fund

entered

the

fiscal

year

overweight

in

high-yield

corporate

credit

and

underweight

in

treasuries.

Sector

positioning

was

held

relatively

steady

throughout

the

fiscal

year.

The

exposure

to

spread

sectors

was

additive

over

the

year,

with

an

overweight

to

lower

quality

investment

grade

corporates

contributing

positively.

The

Fund

employs

discretionary

money

managers.

The

Fund’s

discretionary

money

managers

select

the

individual

portfolio

securities

for

the

assets

assigned

to

them.

RIM

manages

assets

not

allocated

to

money

manager

strategies

and

the

Fund’s

cash

balances.

With

respect

to

the

Fund’s

money

managers,

Western

Asset

Management

Company

LLC

and

Western

Asset

Management

Company

Limited

(“Western”)

outperformed

the

Fund’s

benchmark

but

underperformed

its

RIM-assigned

benchmark.

Western’s

Credit

Suisse

Additional

Tier

1

exposure

and

long

duration

position

detracted

from

performance.

RBC

Global

Asset

Management

(UK)

Limited

(“RBC”)

outperformed

the

Fund’s

benchmark

for

the

portion

of

the

fiscal

year

in

which

it

was

a

money

manager

for

the

Fund.

RBC’s

tactical

rotation

across

rates,

credit,

and

currency

contributed

positively

to

performance.

Short

positions

in

U.S.

rates

and

a

long

position

in

the

U.S.

dollar

were

the

largest

contributors

to

their

benchmark

relative

performance.

Schroder

Investment

Management

North

America

Inc.

(“Schroder”)

outperformed

the

Fund’s

benchmark

and

its

RIM-

assigned

benchmark

during

the

fiscal

year.

Schroder’s

short

duration

position

and

overweight

to

asset-backed

securities

and

commercial

mortgage-backed

securities

were

strong

contributors

over

the

year.

Russell

Investment

Funds

Strategic

Bond

Fund

Portfolio

Management

Discussion

and

Analysis,

continued

—

December

31,

2023

(Unaudited)

Strategic

Bond

Fund

83

During

the

fiscal

year,

RIM

managed

multiple

positioning

strategies

to

seek

to

achieve

the

desired

exposures

for

the

Fund.

RIM’s

U.S.

Investment

Grade

Intelligent

Credit

positioning

strategy,

which

screens

securities

based

on

value

within

the

Bloomberg

U.S.

Corporate

Bond

Index

and

purchases

physical

bonds

that

RIM

believes

to

be

undervalued,

outperformed

the

Fund’s

benchmark

but

underperformed

its

RIM-assigned

benchmark

(Bloomberg

U.S.

Corporates

Investment

Grade

Index).

The

strategy

is

a

credit

beta

strategy

with

a

defensive

nature;

as

credit

rallied

throughout

the

period,

a

shorter

active

duration

times

spread

versus

the

RIM-assigned

benchmark

caused

the

strategy

to

underperform

the

RIM-assigned

benchmark.

Additionally,

an

underweight

to

longer

duration

corporates

was

a

drag

as

rates

rallied

at

the

end

of

the

period.

RIM’s

U.S.

Government

positioning

strategy,

which

seeks

to

provide

exposure

to

securities

issued

by

the

U.S.

government,

outperformed

its

RIM-assigned

benchmark

(Bloomberg

U.S.

Government

Bond

Index)

and

provided

the

intended

government

exposure.

RIM

also

managed

currency

factor

and

rates

factor

strategies,

which

seek

to

generate

active

returns

through

currency

and

international

rates

positioning,

respectively,

and

utilize

long

and

short

positions

in

global

government

bond

futures

and

currency

forward

contracts.

These

strategies

both

detracted

during

the

fiscal

year.

During

the

fiscal

year,

RIM

also

implemented

tactical

positioning

strategies

using

derivatives.

These

positioning

strategies

detracted

from

Fund

performance

during

the

fiscal

year,

as

rising

rates

led

to

negative

contribution

from

interest

rate

derivatives

used

to

extend

duration.

However,

derivatives

were

used

to

implement

a

steepening

bias

in

the

portfolio,

which

benefitted

from

the

rates

curve

steepening

towards

the

end

of

the

fiscal

year.

RIM

also

utilized

credit

default

swaps

to

increase

and

decrease

credit

risk

at

certain

times

during

the

fiscal

year,

which

operated

as

intended.

Describe

any

changes

to

the

Fund’s

structure

or

the

money

manager

line-up.

In

March

2023,

RIM

hired

RBC

Global

Asset

Management

(UK)

Limited

and

terminated

BlueBay

Asset

Management

LLP

as

a

money

manager

for

the

Fund.

Additionally,

allocations

to

money

manager

strategies

were

adjusted.

The

views

expressed

in

this

report

reflect

those

of

the

portfolio

managers

only

through

the

end

of

the

fiscal

year

covered

by

the

report.

These

views

do

not

necessarily

represent

the

views

of

RIM,

or

any

other

person

in

RIM

or

any

other

affiliated

organization.

These

views

are

subject

to

change

at

any

time

based

upon

market

conditions

or

other

events,

and

RIM

disclaims

any

responsibility

to

update

the

views

contained

herein.

These

views

should

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Russell

Investment

Funds

(“RIF”)

Fund

are

based

on

numerous

factors,

should

not

be

relied

on

as

an

indication

of

investment

decisions

of

any

RIF

Fund.

Money

Managers

as

of

December

31,

2023

Styles

RBC

Global

Asset

Management

(UK)

Limited

Sector

Specialist

Schroder

Investment

Management

North

America

Inc.

Sector

Specialist

Western

Asset

Management

Company,

LLC

and

Western

Asset

Management

Company

Limited

Sector

Specialist

*

Assumes

initial

investment

on

January

1,

2014.

**

Bloomberg

U.S.

Aggregate

Bond

Index

is

an

index,

with

income

reinvested,

generally

representative

of

intermediate-term

government

bonds,

investment-

grade

corporate

debt

securities

and

mortgage-backed

securities.

§

Annualized.

The

performance

shown

in

this

section

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges.

Performance

is

historical

and

assumes

reinvestment

of

all

dividends

and

capital

gains.

Investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

when

purchased.

Past

performance

is

not

indicative

of

future

results.

Additionally,

the

returns

presented

herein

may

differ

from

the

performance

reported

in

the

Financial

Highlights

as

the

returns

herein

are

calculated

in

a

manner

consistent

with

standardized

performance

in

accordance

with

Securities

and

Exchange

Commission

rules,

while

the

performance

in

the

Financial

Highlights

has

been

calculated

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

(“U.S.

GAAP”).

Russell

Investment

Funds

Strategic

Bond

Fund

Shareholder

Expense

Example

—

December

31,

2023

(Unaudited)

84

Strategic

Bond

Fund

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

July

1,

2023

to

December

31,

2023

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

on

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

July

1,

2023

$

1,000.00

$

1,000.00

Ending

Account

Value

December

31,

2023

$

1,032.50

$

1,021.93

Expenses

Paid

During

Period*

$

3.33

$

3.31

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.65%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-

half

year

period).

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments

—

December

31,

2023

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

$

Long-Term

Investments

-

77.9%

Asset-Backed

Securities

-

4.5%

Amur

Equipment

Finance

Receivables

X

LLC

Series

2022-1A

Class

A2

1.640%

due

10/20/27

(Þ)

1,099

1,067

Amur

Equipment

Finance

Receivables

XI

LLC

Series

2022-2A

Class

A2

5.300%

due

06/21/28

(Þ)

1,424

1,420

Amur

Equipment

Finance

Receivables

XII

LLC

Series

2023-1A

Class

A2

6.090%

due

12/20/29

(Þ)

1,794

1,808

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

Series

2021-FL3

Class

A

1.155%

due

08/15/34

(USD

1

Month

LIBOR

+

1.070%)(Ê)(Þ)

5,030

4,977

BDS,

Ltd.

Series

2022-FL11

Class

ATS

2.100%

due

03/19/39

(CME

Term

SOFR

1

Month

+

1.800%)(Ê)(Þ)

3,822

3,811

CCG

Receivables

Trust

Series

2023-1

Class

A2

5.820%

due

09/16/30

(Þ)

1,284

1,292

Conseco

Financial

Corp.

Series

1998-2

Class

M1

6.940%

due

12/01/28

(~)(Ê)

569

537

Countrywide

Asset-Backed

Certificates

Trust

Series

2007-4

Class

A4W

4.640%

due

04/25/47

1,480

1,351

DLLAA

LLC

Series

2023-1A

Class

A4

5.730%

due

10/20/31

(Þ)

1,676

1,704

GoodLeap

Sustainable

Home

Improvements

Series

2021-5CS

Class

A

2.310%

due

10/20/48

(Þ)

883

688

GoodLeap

Sustainable

Home

Solutions

Trust

Series

2022-1GS

Class

A

2.700%

due

01/20/49

(Þ)

805

636

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

2.190%

due

08/21/31

(USD

1

Month

LIBOR

+

2.000%)(Ê)(Þ)

450

433

Hilton

Grand

Vacations

Trust

Series

2023-1A

Class

C

6.940%

due

01/25/38

(Þ)

90

91

Lunar

Structured

Aircraft

Portfolio

Notes

Series

2021-1

Class

A

2.636%

due

10/15/46

(Þ)

203

175

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

3,993

Series

2023-FL12

Class

A

7.366%

due

10/19/38

(CME

Term

SOFR

1

Month

+

2.066%)(Ê)(Þ)

4,885

4,885

MVW

LLC

Series

2021-1WA

Class

C

1.940%

due

01/22/41

(Þ)

79

72

OneSky

Loan

Trust

Series

A

Class

A

3.875%

due

07/15/29

(Þ)

2,575

2,385

Option

One

Mortgage

Loan

Trust

Series

2007-FXD1

Class

3A4

5.860%

due

01/25/37

(~)(Ê)

286

274

PFS

Financing

Corp.

Series

2023-C

Class

A

5.520%

due

10/16/28

(Þ)

1,372

1,387

Renew

Series

2023-1A

Class

A

5.900%

due

11/20/58

(Þ)

290

284

Towd

Point

Mortgage

Trust

Series

2020-MH1

Class

A1

2.250%

due

02/25/60

(~)(Ê)(Þ)

1,207

1,150

Verdant

Receivables

LLC

Series

2023-1A

Class

A2

6.240%

due

01/13/31

(Þ)

1,178

1,183

Verizon

Master

Trust

Series

2023-6

Class

A

5.350%

due

09/22/31

(Þ)

3,957

4,086

39,689

Corporate

Bonds

and

Notes

-

21.1%

AbbVie,

Inc.

Series

WI

3.200%

due

11/21/29

240

224

4.050%

due

11/21/39

170

154

Africa

Finance

Corp.

3.125%

due

06/16/25

(Þ)

800

763

Series

REGS

4.375%

due

04/17/26

(Þ)

393

378

African

Export-Import

Bank

(The)

2.634%

due

05/17/26

(Þ)

200

184

Air

Lease

Corp.

3.375%

due

07/01/25

(Þ)

240

232

1.875%

due

08/15/26

(Þ)

30

28

5.850%

due

12/15/27

220

226

5.300%

due

02/01/28

140

142

Aircastle

,

Ltd.

5.250%

due

08/11/25

(Þ)

585

577

2.850%

due

01/26/28

(Þ)

1,007

898

Alabama

Power

Co.

5.850%

due

11/15/33

80

86

Alaska

Airlines

Pass-Through

Trust

4.800%

due

08/15/27

(Þ)

76

74

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

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

$

Albertsons

Cos.

LLC

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

5.875%

due

02/15/28

(Þ)

160

160

Alcoa

Nederland

Holding

BV

5.500%

due

12/15/27

(Þ)

200

195

Alexandria

Real

Estate

Equities,

Inc.

2.000%

due

05/18/32

120

96

3.000%

due

05/18/51

(Þ)

150

99

Allied

World

Assurance

Co.

Holdings,

Ltd.

4.350%

due

10/29/25

849

827

Ally

Financial,

Inc.

8.000%

due

11/01/31

554

604

Altria

Group,

Inc.

4.800%

due

02/14/29

40

40

2.450%

due

02/04/32

(Þ)

210

171

10.200%

due

02/06/39

(Þ)

22

31

3.400%

due

02/04/41

90

66

5.375%

due

01/31/44

(Ñ)

643

631

3.875%

due

09/16/46

(Þ)

70

52

5.950%

due

02/14/49

10

10

Amazon.com,

Inc.

3.950%

due

04/13/52

110

96

Series

WI

3.875%

due

08/22/37

50

46

Amcor

Flexibles

NA,

Inc.

4.000%

due

05/17/25

884

868

Amcor

PLC

Series

WI

3.625%

due

04/28/26

(Þ)

1,065

1,028

American

Airlines

Group,

Inc.

5.500%

due

04/20/26

(Þ)

133

132

7.250%

due

02/15/28

(Þ)

250

253

8.500%

due

05/15/29

(Þ)

70

74

American

Airlines

Pass-Through

Trust

Series

2015-1

Class

A

3.375%

due

05/01/27

12

11

Series

2016-1

Class

AA

3.575%

due

01/15/28

47

44

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

Series

2017-1B

Class

B

4.950%

due

02/15/25

(Þ)

132

128

Series

AA

Class

AA

3.650%

due

02/15/29

549

508

American

Express

Co.

5.625%

due

07/28/34

(SOFR

+

1.930%)(Ê)

100

103

3.550%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.854%)(Ê)(ƒ)

40

34

American

Tower

Trust

#1

5.490%

due

03/15/28

(Þ)

1,408

1,428

American

Transmission

Systems,

Inc.

2.650%

due

01/15/32

(Þ)

50

42

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Americo

Life,

Inc.

3.450%

due

04/15/31

(Þ)

70

55

Ameriprise

Financial,

Inc.

5.150%

due

05/15/33

150

155

AmFam

Holdings,

Inc.

2.805%

due

03/11/31

(Þ)

100

77

3.833%

due

03/11/51

(Þ)

80

49

Amgen,

Inc.

4.400%

due

05/01/45

70

62

5.650%

due

03/02/53

140

147

5.750%

due

03/02/63

90

94

Series

WI

4.663%

due

06/15/51

40

36

Antero

Midstream

Partners,

LP

/

Antero

Midstream

Finance

Corp.

7.875%

due

05/15/26

(Þ)

70

72

Apache

Corp.

7.750%

due

12/15/29

30

32

4.750%

due

04/15/43

(Þ)

40

31

4.250%

due

01/15/44

60

43

Ares

Capital

Corp.

3.250%

due

07/15/25

(Þ)

1,555

1,490

Arthur

J

Gallagher

&

Co.

6.500%

due

02/15/34

200

219

AT&T,

Inc.

6.950%

due

01/15/28

450

471

4.500%

due

05/15/35

150

142

4.350%

due

06/15/45

26

22

3.850%

due

06/01/60

552

412

Series

WI

2.550%

due

12/01/33

40

33

6.375%

due

03/01/41

30

33

3.500%

due

09/15/53

30

22

3.800%

due

12/01/57

280

208

Avangrid

,

Inc.

3.200%

due

04/15/25

582

565

Avery

Dennison

Corp.

2.650%

due

04/30/30

(Þ)

831

734

Aviation

Capital

Group

LLC

1.950%

due

09/20/26

(Þ)

554

503

Bank

of

America

Corp.

4.376%

due

04/27/28

(SOFR

+

1.580%)(Ê)(Þ)

130

127

2.687%

due

04/22/32

(SOFR

+

1.320%)(Ê)

290

245

2.299%

due

07/21/32

(SOFR

+

1.220%)(Ê)(Þ)

240

196

2.972%

due

02/04/33

(SOFR

+

1.330%)(Ê)

380

323

4.571%

due

04/27/33

(SOFR

+

1.830%)(Ê)

160

153

2.482%

due

09/21/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.200%)(Ê)

450

356

3.311%

due

04/22/42

(SOFR

+

1.580%)(Ê)

70

55

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

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

$

Series

MTN

4.271%

due

07/23/29

(CME

Term

SOFR

3

Month

+

1.572%)(Ê)(Þ)

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)

410

333

Becton

Dickinson

and

Co.

4.685%

due

12/15/44

8

7

Berry

Global,

Inc.

4.875%

due

07/15/26

(Þ)

825

811

Series

WI

1.570%

due

01/15/26

(Þ)

819

761

Berry

Petroleum

Corp.

7.000%

due

02/15/26

(Þ)

210

203

Blackstone

Holdings

Finance

Co.

LLC

6.200%

due

04/22/33

(Þ)

190

203

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

7.625%

due

12/15/25

(Þ)

230

233

6.625%

due

07/15/26

(Þ)

60

59

Boardwalk

Pipelines,

LP

4.450%

due

07/15/27

(Þ)

768

752

Boeing

Co.

(The)

4.875%

due

05/01/25

(Þ)

220

219

2.196%

due

02/04/26

90

85

3.100%

due

05/01/26

20

19

2.700%

due

02/01/27

(Þ)

40

38

2.800%

due

03/01/27

30

28

3.200%

due

03/01/29

(Þ)

60

56

5.150%

due

05/01/30

(Þ)

190

193

3.250%

due

02/01/35

(Þ)

90

76

5.705%

due

05/01/40

(Þ)

90

93

3.750%

due

02/01/50

20

16

3.950%

due

08/01/59

190

145

Bon

Secours

Mercy

Health,

Inc.

3.464%

due

06/01/30

(Þ)

50

46

BP

Capital

Markets

America,

Inc.

3.000%

due

02/24/50

120

85

Brighthouse

Financial,

Inc.

Series

WI

4.700%

due

06/22/47

(Þ)

509

405

Bristol-Myers

Squibb

Co.

2.350%

due

11/13/40

(Þ)

40

28

Series

WI

3.900%

due

02/20/28

(Þ)

380

373

Broadcom,

Inc.

3.187%

due

11/15/36

(Þ)

190

154

Series

WI

3.875%

due

01/15/27

(Þ)

1,023

998

Brunswick

Corp.

5.100%

due

04/01/52

(Þ)

215

168

Bunge,

Ltd.

Finance

Corp.

3.250%

due

08/15/26

(Þ)

548

526

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Burlington

Northern

Santa

Fe

LLC

4.400%

due

03/15/42

60

55

Cameron

LNG

LLC

3.701%

due

01/15/39

(Þ)

30

25

Capital

One

Financial

Corp.

2.636%

due

03/03/26

(SOFR

+

1.290%)(Ê)

445

426

2.618%

due

11/02/32

(SOFR

+

1.265%)(Ê)

1,013

810

Cardinal

Health,

Inc.

4.900%

due

09/15/45

275

250

Carrier

Global

Corp.

5.800%

due

11/30/25

(Þ)

140

142

5.900%

due

03/15/34

(Þ)

140

151

Series

WI

3.577%

due

04/05/50

40

31

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.500%

due

08/15/30

(Þ)

10

9

Centene

Corp.

Series

WI

4.250%

due

12/15/27

60

58

4.625%

due

12/15/29

60

58

3.375%

due

02/15/30

40

36

CenterPoint

Energy

Houston

Electric

LLC

4.950%

due

04/01/33

80

81

4.500%

due

04/01/44

130

119

5.300%

due

04/01/53

10

10

CF

Industries,

Inc.

4.500%

due

12/01/26

(Þ)

1,324

1,295

4.950%

due

06/01/43

197

180

Charles

Schwab

Corp.

(The)

2.000%

due

03/20/28

40

36

5.643%

due

05/19/29

(SOFR

+

2.210%)(Ê)

130

133

5.853%

due

05/19/34

(SOFR

+

2.500%)(Ê)

90

93

6.136%

due

08/24/34

(SOFR

+

2.010%)(Ê)

170

179

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

111

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.250%

due

01/15/29

210

182

3.500%

due

06/01/41

(Þ)

100

71

3.500%

due

03/01/42

40

28

3.850%

due

04/01/61

60

37

3.950%

due

06/30/62

50

31

Series

WI

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

88

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.908%

due

07/23/25

(Þ)

930

921

6.384%

due

10/23/35

20

20

6.484%

due

10/23/45

639

628

6.834%

due

10/23/55

20

20

Cheniere

Corpus

Christi

Holdings

LLC

Series

WI

5.125%

due

06/30/27

866

870

Cheniere

Energy

Partners,

LP

Series

WI

3.250%

due

01/31/32

80

68

Cheniere

Energy,

Inc.

Series

WI

4.625%

due

10/15/28

930

908

Chesapeake

Energy

Corp.

5.500%

due

02/01/26

(Þ)

270

268

6.750%

due

04/15/29

(Þ)

230

232

Chord

Energy

Corp.

6.375%

due

06/01/26

(Þ)

80

80

Cigna

Corp.

2.400%

due

03/15/30

(Þ)

40

35

3.200%

due

03/15/40

60

47

Series

WI

4.375%

due

10/15/28

240

238

4.800%

due

08/15/38

(Þ)

30

29

Cimarex

Energy

Co.

4.375%

due

03/15/29

(Þ)

130

110

Citigroup,

Inc.

3.290%

due

03/17/26

(SOFR

+

1.528%)(Ê)

1,494

1,454

3.106%

due

04/08/26

(SOFR

+

2.842%)(Ê)

100

97

2.976%

due

11/05/30

(SOFR

+

1.422%)(Ê)

50

45

2.572%

due

06/03/31

(SOFR

+

2.107%)(Ê)

220

188

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

60

50

8.125%

due

07/15/39

90

116

7.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.211%)(Ê)(ƒ)

60

61

Series

Y

4.150%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.000%)(Ê)(ƒ)(Þ)

200

172

Citizens

Bank

NA

Series

BKNT

2.250%

due

04/28/25

(Þ)

971

928

Citizens

Financial

Group,

Inc.

2.850%

due

07/27/26

1,058

986

4.575%

due

08/09/28

(SOFR

+

2.000%)(Ê)(Þ)

185

176

Clorox

Co.

(The)

1.800%

due

05/15/30

100

83

Columbia

Pipelines

Holding

Co.

LLC

6.055%

due

08/15/26

(Þ)

30

31

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.042%

due

08/15/28

(Þ)

120

124

Columbia

Pipelines

Operating

Co.

LLC

6.036%

due

11/15/33

(Þ)

130

136

6.497%

due

08/15/43

(Þ)

241

258

6.714%

due

08/15/63

(Þ)

122

135

Comcast

Corp.

4.250%

due

10/15/30

120

118

7.050%

due

03/15/33

150

175

6.500%

due

11/15/35

19

22

3.250%

due

11/01/39

10

8

3.750%

due

04/01/40

10

9

3.400%

due

07/15/46

20

16

4.000%

due

03/01/48

80

67

Series

WI

2.937%

due

11/01/56

(Þ)

30

20

2.987%

due

11/01/63

117

75

Comerica,

Inc.

3.800%

due

07/22/26

1,145

1,076

CommonSpirit

Health

2.782%

due

10/01/30

40

35

3.910%

due

10/01/50

60

47

Commonwealth

Edison

Co.

6.450%

due

01/15/38

120

132

Conagra

Brands,

Inc.

1.375%

due

11/01/27

971

852

Concentrix

Corp.

6.650%

due

08/02/26

726

744

ConocoPhillips

Co.

5.050%

due

09/15/33

150

154

Constellation

Energy

Generation

LLC

6.125%

due

01/15/34

(Þ)

130

139

Consumers

Energy

Co.

2.500%

due

05/01/60

18

11

Continental

Resources,

Inc.

2.268%

due

11/15/26

(Þ)

140

129

2.875%

due

04/01/32

(Þ)

60

49

Series

WI

4.375%

due

01/15/28

50

48

Coterra

Energy,

Inc.

Series

WI

4.375%

due

03/15/29

110

107

CVS

Health

Corp.

3.625%

due

04/01/27

40

39

4.300%

due

03/25/28

31

30

3.250%

due

08/15/29

70

65

3.750%

due

04/01/30

50

47

5.250%

due

01/30/31

170

174

2.125%

due

09/15/31

(Þ)

120

99

4.780%

due

03/25/38

190

180

4.125%

due

04/01/40

40

34

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

222

5.600%

due

04/01/44

395

388

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

89

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Dell

International

LLC

/

EMC

Corp.

Series

WI

8.100%

due

07/15/36

55

68

Delta

Air

Lines,

Inc.

7.375%

due

01/15/26

(Þ)

50

52

3.750%

due

10/28/29

30

27

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

4.500%

due

10/20/25

(Þ)

104

103

4.750%

due

10/20/28

(Þ)

190

187

Devon

Energy

Corp.

5.850%

due

12/15/25

70

71

5.600%

due

07/15/41

90

87

5.000%

due

06/15/45

100

88

Series

WI

5.250%

due

10/15/27

19

19

5.875%

due

06/15/28

153

155

4.500%

due

01/15/30

70

67

Diamondback

Energy,

Inc.

4.400%

due

03/24/51

100

83

Discover

Bank

Series

BKNT

3.450%

due

07/27/26

803

759

Discover

Financial

Services

4.100%

due

02/09/27

(Þ)

960

921

Dominion

Energy,

Inc.

Series

C

3.375%

due

04/01/30

80

74

DR

Horton,

Inc.

1.300%

due

10/15/26

530

483

DTE

Energy

Co.

2.850%

due

10/01/26

(Þ)

793

750

Duke

Energy

Carolinas

LLC

4.950%

due

01/15/33

30

31

6.100%

due

06/01/37

190

204

Duke

Energy

Florida

LLC

5.875%

due

11/15/33

(Þ)

160

172

Duke

Energy

Indiana

LLC

5.400%

due

04/01/53

70

71

Series

YYY

3.250%

due

10/01/49

80

58

Duke

Energy

Ohio,

Inc.

5.250%

due

04/01/33

30

31

Edison

International

4.950%

due

04/15/25

915

909

5.750%

due

06/15/27

(Þ)

462

472

Series

A

5.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.698%)(Ê)(ƒ)

90

85

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

102

El

Paso

Natural

Gas

Co.

LLC

7.500%

due

11/15/26

300

320

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Elevance

Health,

Inc.

4.100%

due

05/15/32

150

143

5.500%

due

10/15/32

80

84

4.375%

due

12/01/47

(Þ)

10

9

Eli

Lilly

&

Co.

4.950%

due

02/27/63

50

52

Enable

Midstream

Partners,

LP

4.400%

due

03/15/27

959

938

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

484

569

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

645

6.400%

due

12/01/30

(Þ)

290

310

7.375%

due

02/01/31

(Þ)

20

21

Energy

Transfer,

LP

6.000%

due

02/01/29

(Þ)

790

797

5.250%

due

04/15/29

30

30

8.250%

due

11/15/29

100

114

3.750%

due

05/15/30

140

130

5.300%

due

04/01/44

10

9

6.250%

due

04/15/49

(Þ)

30

31

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

429

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

9

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

67

Enterprise

Products

Operating

LLC

4.150%

due

10/16/28

120

118

2.800%

due

01/31/30

100

90

7.550%

due

04/15/38

(Þ)

20

24

5.700%

due

02/15/42

40

42

4.850%

due

03/15/44

60

58

3.700%

due

01/31/51

(Þ)

60

48

3.300%

due

02/15/53

(Þ)

30

22

5.375%

due

02/15/78

(CME

Term

SOFR

3

Month

+

2.832%)(Ê)

320

287

Series

D

6.875%

due

03/01/33

170

195

8.638%

due

08/16/77

(CME

Term

SOFR

3

Month

+

3.248%)(Ê)

100

99

EOG

Resources,

Inc.

4.375%

due

04/15/30

50

50

EPR

Properties

Co.

4.500%

due

04/01/25

671

658

3.750%

due

08/15/29

969

852

EQM

Midstream

Partners,

LP

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

90

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.500%

due

06/01/27

(Þ)

40

41

EQT

Corp.

3.125%

due

05/15/26

(Þ)

937

889

3.900%

due

10/01/27

50

48

5.000%

due

01/15/29

10

10

3.625%

due

05/15/31

(Þ)

30

27

Equifax,

Inc.

2.350%

due

09/15/31

70

58

Equinix

,

Inc.

1.450%

due

05/15/26

1,605

1,483

Equities

Corp.

6.125%

due

02/01/25

79

79

Evergy

Kansas

Central,

Inc.

5.900%

due

11/15/33

80

86

Extra

Space

Storage,

LP

3.900%

due

04/01/29

50

47

Exxon

Mobil

Corp.

4.227%

due

03/19/40

20

19

4.114%

due

03/01/46

40

36

4.327%

due

03/19/50

(Þ)

10

9

F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

(Þ)

807

832

Ferguson

PLC

4.500%

due

10/24/28

(Þ)

906

892

Fifth

Third

Bancorp

6.339%

due

07/27/29

(SOFR

+

2.340%)(Ê)

140

146

Series

BKNT

3.850%

due

03/15/26

(Þ)

1,050

1,010

FirstEnergy

Corp.

Series

B

3.900%

due

07/15/27

120

115

Series

C

4.850%

due

07/15/47

50

46

Florida

Gas

Transmission

Co.

LLC

2.300%

due

10/01/31

(Þ)

320

263

Florida

Power

&

Light

Co.

3.150%

due

10/01/49

40

29

Ford

Motor

Co.

3.250%

due

02/12/32

120

100

4.750%

due

01/15/43

40

33

Ford

Motor

Credit

Co.

LLC

2.700%

due

08/10/26

200

185

7.122%

due

11/07/33

250

269

Fortive

Corp.

Series

WI

3.150%

due

06/15/26

778

746

Fox

Corp.

6.500%

due

10/13/33

(Þ)

110

119

Series

WI

5.476%

due

01/25/39

80

78

Freeport-McMoRan,

Inc.

5.400%

due

11/14/34

130

131

FS

KKR

Capital

Corp.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.400%

due

01/15/26

921

872

2.625%

due

01/15/27

186

167

7.875%

due

01/15/29

62

66

Full

House

Resorts

8.250%

due

02/15/28

(Þ)

30

28

Gartner,

Inc.

4.500%

due

07/01/28

(Þ)

842

798

General

Dynamics

Corp.

4.250%

due

04/01/40

110

103

4.250%

due

04/01/50

30

28

General

Motors

Co.

6.125%

due

10/01/25

140

142

5.600%

due

10/15/32

(Ñ)

80

82

6.250%

due

10/02/43

40

41

6.750%

due

04/01/46

20

22

Genting

New

York

LLC

3.300%

due

02/15/26

(Þ)

400

364

Genworth

Mortgage

Holdings,

Inc.

6.500%

due

08/15/25

(Þ)

1,314

1,310

Georgia

Power

Co.

3.250%

due

03/30/27

818

781

Gilead

Sciences,

Inc.

5.250%

due

10/15/33

160

167

5.650%

due

12/01/41

50

53

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.375%

due

04/15/26

(Þ)

1,253

1,245

Goldman

Sachs

BDC,

Inc.

2.875%

due

01/15/26

(Þ)

860

819

Goldman

Sachs

Group,

Inc.

(The)

3.615%

due

03/15/28

(SOFR

+

1.846%)(Ê)

100

96

3.691%

due

06/05/28

(CME

Term

SOFR

3

Month

+

1.772%)(Ê)

120

115

4.223%

due

05/01/29

(CME

Term

SOFR

3

Month

+

1.563%)(Ê)

50

48

3.800%

due

03/15/30

(Þ)

40

38

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

886

Hasbro,

Inc.

3.550%

due

11/19/26

1,420

1,346

HCA,

Inc.

5.250%

due

06/15/26

791

795

5.500%

due

06/01/33

160

163

5.125%

due

06/15/39

50

48

5.250%

due

06/15/49

163

152

Heico

Corp.

5.250%

due

08/01/28

90

92

Hercules

Capital,

Inc.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

91

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.375%

due

01/20/27

(Þ)

966

879

Hexcel

Corp.

3.950%

due

02/15/27

1,519

1,463

Home

Depot,

Inc.

(The)

3.300%

due

04/15/40

50

41

4.250%

due

04/01/46

173

156

Howmet

Aerospace,

Inc.

5.900%

due

02/01/27

938

962

Humana,

Inc.

5.875%

due

03/01/33

100

107

5.950%

due

03/15/34

180

193

4.625%

due

12/01/42

(Þ)

20

18

4.950%

due

10/01/44

20

19

Huntington

Bancshares,

Inc.

6.208%

due

08/21/29

(SOFR

+

2.020%)(Ê)

170

175

Huntington

Ingalls

Industries,

Inc.

Series

WI

3.483%

due

12/01/27

(Þ)

790

747

Huntsman

International

LLC

4.500%

due

05/01/29

(Þ)

799

770

ILFC

E-Capital

Trust

I

7.186%

due

12/21/65

(CME

Term

SOFR

3

Month

+

1.812%)(Ê)(Þ)

200

148

ILFC

E-Capital

Trust

II

7.436%

due

12/21/65

(CME

Term

SOFR

3

Month

+

2.062%)(Ê)(Þ)

350

271

Ingersoll

Rand,

Inc.

5.700%

due

08/14/33

150

159

Intel

Corp.

2.800%

due

08/12/41

(Þ)

40

30

4.900%

due

08/05/52

(Þ)

50

49

3.200%

due

08/12/61

80

55

Series

WI

3.734%

due

12/08/47

10

8

Inter-American

Development

Bank

Series

GMTN

5.637%

due

02/04/25

(SOFR

+

0.250%)(Ê)

1,230

1,231

Intercontinental

Exchange,

Inc.

4.600%

due

03/15/33

30

30

4.950%

due

06/15/52

10

10

International

Flavors

&

Fragrances,

Inc.

1.230%

due

10/01/25

(Þ)

919

851

3.468%

due

12/01/50

(Þ)

1,032

704

Interstate

Power

and

Light

Co.

5.700%

due

10/15/33

100

105

Intuit,

Inc.

5.200%

due

09/15/33

(Þ)

210

220

Invitation

Homes,

Inc.

4.150%

due

04/15/32

50

46

IQVIA,

Inc.

5.700%

due

05/15/28

(Þ)

633

645

Jabil

Circuit,

Inc.

5.450%

due

02/01/29

110

112

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Jackson

National

Life

Global

Funding

3.050%

due

04/29/26

(Þ)

1,146

1,080

Jacobs

Engineering

Group,

Inc.

5.900%

due

03/01/33

802

819

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

Series

WI

2.500%

due

01/15/27

713

656

Jersey

Central

Power

&

Light

Co.

4.300%

due

01/15/26

(Þ)

646

632

JetBlue

Airways

Corp.

Series

1A

4.000%

due

11/15/32

(Þ)

1,470

1,346

Series

2019

2.750%

due

05/15/32

(Þ)

1,825

1,540

JM

Smucker

Co.

(The)

6.200%

due

11/15/33

(Þ)

160

175

JPMorgan

Chase

&

Co.

5.110%

due

12/08/26

(Þ)

250

252

4.203%

due

07/23/29

(CME

Term

SOFR

3

Month

+

1.522%)(Ê)(Þ)

40

39

8.750%

due

09/01/30

280

336

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

155

6.254%

due

10/23/34

(SOFR

+

1.810%)(Ê)(Þ)

60

65

4.260%

due

02/22/48

(CME

Term

SOFR

3

Month

+

1.842%)(Ê)(Þ)

30

27

3.328%

due

04/22/52

(SOFR

+

1.580%)(Ê)

30

22

Series

KK

3.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.850%)(Ê)(ƒ)(Þ)

70

64

Kaiser

Foundation

Hospitals

4.150%

due

05/01/47

30

27

Series

2019

3.266%

due

11/01/49

(Þ)

30

23

Series

2021

2.810%

due

06/01/41

80

60

3.002%

due

06/01/51

20

14

Kenvue

,

Inc.

Series

WI

5.050%

due

03/22/53

(Þ)

30

31

5.200%

due

03/22/63

60

63

KeyCorp

2.250%

due

04/06/27

940

846

Series

BKNT

4.150%

due

08/08/25

1,383

1,341

Keysight

Technologies,

Inc.

4.600%

due

04/06/27

(Þ)

1,353

1,348

Kimco

Realty

Corp.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

92

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.250%

due

12/01/31

180

147

Kinder

Morgan

Energy

Partners,

LP

7.300%

due

08/15/33

50

57

5.500%

due

03/01/44

80

76

KKR

Group

Finance

Co.

II

LLC

5.500%

due

02/01/43

(Þ)

10

10

KLA

Corp.

4.650%

due

07/15/32

(Þ)

80

82

4.950%

due

07/15/52

(Þ)

20

20

Kraft

Heinz

Foods

Co.

Series

WI

5.200%

due

07/15/45

(Þ)

192

188

Kyndryl

Holdings,

Inc.

Series

WI

3.150%

due

10/15/31

210

175

4.100%

due

10/15/41

70

53

L3Harris

Technologies,

Inc.

5.400%

due

01/15/27

220

225

2.900%

due

12/15/29

160

145

5.400%

due

07/31/33

140

146

Lam

Research

Corp.

1.900%

due

06/15/30

(Þ)

90

77

Las

Vegas

Sands

Corp.

2.900%

due

06/25/25

540

519

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.

4.625%

due

12/15/27

(Þ)

60

58

3.875%

due

06/01/29

(Þ)

50

45

Lockheed

Martin

Corp.

1.850%

due

06/15/30

(Þ)

40

34

3.900%

due

06/15/32

50

48

4.500%

due

05/15/36

(Þ)

10

10

4.150%

due

06/15/53

50

45

Lowe's

Cos.,

Inc.

4.500%

due

04/15/30

50

50

2.800%

due

09/15/41

(Þ)

50

37

3.000%

due

10/15/50

100

68

LPL

Holdings,

Inc.

4.625%

due

11/15/27

(Þ)

811

783

6.750%

due

11/17/28

90

96

Manufacturers

&

Traders

Trust

Co.

4.650%

due

01/27/26

1,355

1,327

Mars,

Inc.

2.375%

due

07/16/40

(Þ)

160

115

Marsh

&

McLennan

Cos.,

Inc.

2.375%

due

12/15/31

70

60

Massachusetts

Mutual

Life

Insurance

Co.

3.375%

due

04/15/50

(Þ)

50

36

Mastercard

,

Inc.

3.850%

due

03/26/50

50

44

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Mattel,

Inc.

3.375%

due

04/01/26

(Þ)

1,533

1,458

McDonald's

Corp.

4.700%

due

12/09/35

716

707

5.150%

due

09/09/52

(Þ)

120

122

Series

MTN

3.600%

due

07/01/30

40

38

4.450%

due

03/01/47

(Þ)

40

37

4.450%

due

09/01/48

80

74

3.625%

due

09/01/49

10

8

4.200%

due

04/01/50

20

18

MDC

Holdings,

Inc.

2.500%

due

01/15/31

40

33

6.000%

due

01/15/43

50

46

Merck

&

Co.,

Inc.

2.350%

due

06/24/40

40

29

Mercury

General

Corp.

4.400%

due

03/15/27

1,536

1,465

Meritage

Homes

Corp.

Series

WI

6.000%

due

06/01/25

722

720

5.125%

due

06/06/27

(Þ)

539

531

Metropolitan

Edison

Co.

5.200%

due

04/01/28

(Þ)

100

101

Metropolitan

Life

Global

Funding

I

5.150%

due

03/28/33

(Þ)

150

153

Micron

Technology,

Inc.

2.703%

due

04/15/32

(Þ)

70

59

MidAmerican

Energy

Co.

3.650%

due

04/15/29

50

48

3.150%

due

04/15/50

60

43

Midwest

Connector

Capital

Co.

LLC

4.625%

due

04/01/29

(Þ)

609

586

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

6.500%

due

06/20/27

(Þ)

77

77

Molson

Coors

Beverage

Co.

4.200%

due

07/15/46

824

702

Mondelez

International,

Inc.

2.625%

due

09/04/50

40

27

Monongahela

Power

Co.

5.850%

due

02/15/34

(Þ)

350

367

Morgan

Stanley

2.188%

due

04/28/26

(SOFR

+

1.990%)(Ê)

70

67

0.985%

due

12/10/26

(SOFR

+

0.720%)(Ê)

1,500

1,380

1.593%

due

05/04/27

(SOFR

+

0.879%)(Ê)

70

65

6.342%

due

10/18/33

(SOFR

+

2.560%)(Ê)

80

86

5.424%

due

07/21/34

(SOFR

+

1.880%)(Ê)

20

20

2.484%

due

09/16/36

(SOFR

+

1.360%)(Ê)

230

182

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

93

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.297%

due

04/20/37

(SOFR

+

2.620%)(Ê)

130

127

5.948%

due

01/19/38

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.430%)(Ê)(Þ)

90

91

3.217%

due

04/22/42

(SOFR

+

1.485%)(Ê)

100

77

Series

BKNT

4.754%

due

04/21/26

(Þ)

250

250

Series

GMTN

4.431%

due

01/23/30

(CME

Term

SOFR

3

Month

+

1.890%)(Ê)

10

10

2.239%

due

07/21/32

(SOFR

+

1.178%)(Ê)

70

57

Series

MTN

3.622%

due

04/01/31

(SOFR

+

3.120%)(Ê)

80

74

Morgan

Stanley

Bank

NA

5.449%

due

07/20/29

(SOFR

+

1.630%)(Ê)

150

153

Motorola

Solutions,

Inc.

5.500%

due

09/01/44

115

114

MPLX,

LP

1.750%

due

03/01/26

(Þ)

1,697

1,587

4.800%

due

02/15/29

(Þ)

10

10

5.000%

due

03/01/33

40

39

4.500%

due

04/15/38

20

18

5.200%

due

03/01/47

30

28

4.700%

due

04/15/48

70

60

NBCUniversal

Media

LLC

4.450%

due

01/15/43

(Þ)

7

6

New

York

Life

Global

Funding

4.550%

due

01/28/33

(Þ)

80

79

New

York

Life

Insurance

Co.

3.750%

due

05/15/50

(Þ)

100

80

New

York

State

Electric

&

Gas

Corp.

3.250%

due

12/01/26

(Þ)

1,133

1,068

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)(Þ)

978

828

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

553

615

Nissan

Motor

Acceptance

Co.

LLC

1.850%

due

09/16/26

(Þ)

40

36

Norfolk

Southern

Corp.

5.550%

due

03/15/34

140

148

Northrop

Grumman

Corp.

5.150%

due

05/01/40

80

81

5.050%

due

11/15/40

30

30

5.250%

due

05/01/50

50

51

Northwest

Pipeline

LLC

7.125%

due

12/01/25

250

256

Series

WI

4.000%

due

04/01/27

60

59

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Northwestern

Mutual

Life

Insurance

Co.

(The)

3.450%

due

03/30/51

(Þ)

160

119

3.625%

due

09/30/59

(Þ)

80

59

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

320

289

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

1,510

1,350

Occidental

Petroleum

Corp.

5.550%

due

03/15/26

(Þ)

280

282

3.400%

due

04/15/26

70

67

8.500%

due

07/15/27

796

868

7.875%

due

09/15/31

(Þ)

90

102

6.450%

due

09/15/36

215

227

7.950%

due

06/15/39

90

105

6.600%

due

03/15/46

174

188

4.400%

due

04/15/46

40

33

4.100%

due

02/15/47

20

14

Ohio

Edison

Co.

5.500%

due

01/15/33

(Þ)

90

91

Omega

Healthcare

Investors,

Inc.

Series

WI

5.250%

due

01/15/26

(Þ)

840

835

4.500%

due

04/01/27

(Þ)

779

747

Oncor

Electric

Delivery

Co.

LLC

5.650%

due

11/15/33

(Þ)

190

202

3.100%

due

09/15/49

80

57

Series

WI

4.150%

due

06/01/32

40

38

ONEOK,

Inc.

4.000%

due

07/13/27

806

783

6.050%

due

09/01/33

300

318

6.625%

due

09/01/53

180

201

Oracle

Corp.

4.300%

due

07/08/34

648

605

4.000%

due

07/15/46

(Þ)

70

56

6.900%

due

11/09/52

50

59

5.550%

due

02/06/53

350

350

Owens

Corning

3.400%

due

08/15/26

1,482

1,428

Owl

Rock

Capital

Corp.

3.750%

due

07/22/25

(Þ)

600

575

4.250%

due

01/15/26

920

889

Pacific

Gas

and

Electric

Co.

4.950%

due

06/08/25

(Þ)

327

325

3.500%

due

06/15/25

285

276

2.100%

due

08/01/27

30

27

2.500%

due

02/01/31

(Þ)

50

41

6.950%

due

03/15/34

(Þ)

200

220

3.300%

due

08/01/40

20

15

4.750%

due

02/15/44

70

58

4.950%

due

07/01/50

80

68

3.500%

due

08/01/50

20

14

6.750%

due

01/15/53

100

109

6.700%

due

04/01/53

100

109

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

94

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

WI

3.300%

due

12/01/27

950

887

Park-Ohio

Industries,

Inc.

Series

WI

6.625%

due

04/15/27

150

139

Parsley

Energy

LLC

/

Parsley

Finance

Corp.

4.125%

due

02/15/28

(Þ)

10

10

PayPal

Holdings,

Inc.

2.300%

due

06/01/30

90

79

3.250%

due

06/01/50

30

22

5.250%

due

06/01/62

20

20

Pennsylvania

Electric

Co.

5.150%

due

03/30/26

(Þ)

680

679

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

1.700%

due

06/15/26

(Þ)

204

188

4.200%

due

04/01/27

(Þ)

398

385

4.400%

due

07/01/27

(Þ)

646

630

Permian

Resources

Corp.

6.875%

due

04/01/27

(Þ)

130

130

Pfizer,

Inc.

4.750%

due

05/19/33

60

60

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

(Þ)

30

30

Philip

Morris

International,

Inc.

2.100%

due

05/01/30

(Þ)

70

60

1.750%

due

11/01/30

130

107

6.375%

due

05/16/38

(Þ)

664

743

Pioneer

Natural

Resources

Co.

5.100%

due

03/29/26

130

131

2.150%

due

01/15/31

170

144

Plains

All

American

Pipeline,

LP

Series

B

9.751%

due

12/31/99

(CME

Term

SOFR

3

Month

+

4.372%)(Ê)(ƒ)(Þ)

250

242

Plains

All

American

Pipeline,

LP

/

PAA

Finance

Corp.

4.650%

due

10/15/25

891

881

Series

WI

6.700%

due

05/15/36

10

11

PM

General

Purchaser

LLC

9.500%

due

10/01/28

(Þ)

140

142

PNC

Financial

Services

Group,

Inc.

(The)

5.812%

due

06/12/26

(SOFR

+

1.322%)(Ê)(Þ)

50

50

6.875%

due

10/20/34

(SOFR

+

2.284%)(Ê)(Þ)

90

100

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

158

Progress

Energy,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.000%

due

10/30/31

559

631

Prologis,

LP

1.250%

due

10/15/30

(Ñ)

110

89

Prospect

Capital

Corp.

3.706%

due

01/22/26

(Ñ)(Þ)

1,003

938

Prudential

Financial,

Inc.

4.500%

due

09/15/47

(USD

3

Month

LIBOR

+

2.380%)(Ê)(Þ)

1,023

948

6.750%

due

03/01/53

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.848%)(Ê)

20

21

QUALCOMM,

Inc.

4.500%

due

05/20/52

50

47

Quest

Diagnostics,

Inc.

6.400%

due

11/30/33

170

189

Radian

Group,

Inc.

4.875%

due

03/15/27

(Þ)

676

653

Range

Resources

Corp.

Series

WI

4.875%

due

05/15/25

140

138

Raytheon

Technologies

Corp.

4.625%

due

11/16/48

(Þ)

130

119

5.375%

due

02/27/53

100

102

Regal

Rexnord

Corp.

6.050%

due

02/15/26

(Þ)

500

506

Reliance

Standard

Life

Global

Funding

II

1.512%

due

09/28/26

(Þ)

310

277

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

2.875%

due

10/15/26

(Þ)

100

92

RPM

International,

Inc.

3.750%

due

03/15/27

909

874

RTX

Corp.

6.100%

due

03/15/34

(Þ)

450

488

S&P

Global,

Inc.

1.250%

due

08/15/30

30

25

3.250%

due

12/01/49

(Þ)

10

7

Sabra

Health

Care,

LP

Series

WI

5.125%

due

08/15/26

1,485

1,458

San

Diego

Gas

&

Electric

Co.

Series

RRR

3.750%

due

06/01/47

100

80

Series

VVV

1.700%

due

10/01/30

70

58

Santander

Holdings

USA,

Inc.

5.807%

due

09/09/26

(SOFR

+

2.328%)(Ê)

860

862

SCE

Recovery

Funding

LLC

Series

A-1

4.697%

due

06/15/40

(Þ)

77

76

Sempra

Energy

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.868%)(Ê)(Þ)

953

818

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

95

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

SilverBow

Resources,

Inc.

13.135%

due

12/15/28

(CME

Term

SOFR

3

Month

+

7.750%)(Ê)(Þ)

410

406

Skyworks

Solutions,

Inc.

1.800%

due

06/01/26

533

494

Sonoco

Products

Co.

2.250%

due

02/01/27

(Þ)

741

682

Southern

California

Edison

Co.

2.250%

due

06/01/30

100

86

4.000%

due

04/01/47

(Þ)

1,107

902

3.650%

due

02/01/50

100

77

Series

C

4.125%

due

03/01/48

(Þ)

80

67

Series

G

2.500%

due

06/01/31

110

94

Southern

California

Gas

Co.

Series

XX

2.550%

due

02/01/30

833

732

Southern

Co.

(The)

5.113%

due

08/01/27

(Þ)

1,152

1,168

Southern

Co.

Gas

Capital

Corp.

6.000%

due

10/01/34

196

197

Southwest

Airlines

Co.

5.250%

due

05/04/25

(Þ)

50

50

Southwestern

Energy

Co.

8.375%

due

09/15/28

10

10

4.750%

due

02/01/32

80

74

Spirit

Loyalty

Cayman,

Ltd.

/

Spirit

IP

Cayman,

Ltd.

8.000%

due

09/20/25

(Þ)

280

201

Sprint

LLC

7.625%

due

03/01/26

728

761

Starbucks

Corp.

4.300%

due

06/15/45

(Þ)

185

164

Sunoco

Logistics

Partners

Operations,

LP

3.900%

due

07/15/26

90

87

SunTrust

Banks,

Inc.

Series

BKNT

4.050%

due

11/03/25

(Þ)

70

69

Synchrony

Financial

5.625%

due

08/23/27

909

893

Sysco

Corp.

3.250%

due

07/15/27

927

886

Tapestry,

Inc.

7.000%

due

11/27/26

310

321

7.700%

due

11/27/30

40

42

Targa

Resources

Corp.

4.200%

due

02/01/33

130

120

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

6.875%

due

01/15/29

130

134

5.500%

due

03/01/30

30

30

4.875%

due

02/01/31

200

194

4.000%

due

01/15/32

150

137

Teachers

Insurance

&

Annuity

Association

of

America

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.900%

due

09/15/44

(Þ)

140

132

Tennessee

Gas

Pipeline

Co.

LLC

7.000%

due

03/15/27

414

436

7.625%

due

04/01/37

(Þ)

608

698

Texas

Eastern

Transmission,

LP

3.500%

due

01/15/28

(Þ)

854

805

Texas

Instruments,

Inc.

3.650%

due

08/16/32

70

67

3.875%

due

03/15/39

80

74

Time

Warner

Cable

Enterprises

LLC

8.375%

due

07/15/33

100

116

Time

Warner

Cable

LLC

6.550%

due

05/01/37

(Þ)

90

89

7.300%

due

07/01/38

180

186

5.500%

due

09/01/41

(Þ)

666

576

T-Mobile

USA,

Inc.

2.625%

due

02/15/29

60

54

2.875%

due

02/15/31

(Þ)

70

62

Series

WI

1.500%

due

02/15/26

(Þ)

877

817

3.875%

due

04/15/30

(Þ)

40

38

2.550%

due

02/15/31

(Þ)

824

710

3.000%

due

02/15/41

100

75

3.300%

due

02/15/51

90

65

Toyota

Motor

Credit

Corp.

5.250%

due

09/11/28

90

93

Transcontinental

Gas

Pipe

Line

Co.

LLC

4.450%

due

08/01/42

(Þ)

80

70

Truist

Financial

Corp.

6.047%

due

06/08/27

(SOFR

+

2.050%)(Ê)(Þ)

1,150

1,170

5.867%

due

06/08/34

(SOFR

+

2.361%)(Ê)(Þ)

50

51

Tyson

Foods,

Inc.

3.550%

due

06/02/27

992

946

Union

Pacific

Corp.

3.750%

due

02/05/70

10

8

Series

WI

2.891%

due

04/06/36

110

93

3.839%

due

03/20/60

60

49

United

Airlines

Pass-Through

Trust

5.800%

due

01/15/36

1,678

1,702

Series

2020-1

Class

B

4.875%

due

01/15/26

176

171

Series

AA

4.150%

due

08/25/31

520

479

2.700%

due

05/01/32

566

479

United

Airlines,

Inc.

4.625%

due

04/15/29

(Þ)

30

28

Series

144a

4.375%

due

04/15/26

(Þ)

220

214

UnitedHealth

Group,

Inc.

2.000%

due

05/15/30

60

52

5.350%

due

02/15/33

(Þ)

380

402

5.700%

due

10/15/40

60

64

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

96

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.750%

due

05/15/52

40

38

5.875%

due

02/15/53

(Þ)

10

11

Unum

Group

5.750%

due

08/15/42

(Þ)

796

774

US

Airways

Pass-Through

Trust

Class

A

4.625%

due

06/03/25

(Þ)

93

90

3.950%

due

11/15/25

163

156

US

Bancorp

4.548%

due

07/22/28

(SOFR

+

1.660%)(Ê)

703

693

5.775%

due

06/12/29

(SOFR

+

2.020%)(Ê)

110

113

Verizon

Communications,

Inc.

2.100%

due

03/22/28

40

36

7.750%

due

12/01/30

100

117

4.500%

due

08/10/33

230

224

5.250%

due

03/16/37

60

62

2.650%

due

11/20/40

50

36

4.125%

due

08/15/46

60

51

5.500%

due

03/16/47

10

10

4.000%

due

03/22/50

40

33

2.875%

due

11/20/50

90

61

Series

WI

4.329%

due

09/21/28

53

52

2.987%

due

10/30/56

60

40

VICI

Properties,

Inc.

4.375%

due

05/15/25

(Þ)

362

356

4.500%

due

09/01/26

(Þ)

283

274

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

4.625%

due

06/15/25

(Þ)

1,135

1,115

Vistra

Operations

Co.

LLC

3.700%

due

01/30/27

(Þ)

1,564

1,481

Vontier

Corp.

Series

WI

1.800%

due

04/01/26

170

156

2.400%

due

04/01/28

130

114

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

3

Month

LIBOR

+

2.084%)(Ê)

944

773

Walgreens

Boots

Alliance,

Inc.

4.800%

due

11/18/44

624

520

Walt

Disney

Co.

(The)

Series

WI

6.650%

due

11/15/37

(Þ)

40

47

WarnerMedia

Holdings,

Inc.

Series

WI

5.050%

due

03/15/42

190

168

Wells

Fargo

&

Co.

0.805%

due

05/19/25

(SOFR

+

0.510%)(Ê)

40

39

3.000%

due

10/23/26

(Þ)

80

76

5.254%

due

12/11/26

320

324

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.574%

due

07/25/29

(SOFR

+

1.740%)(Ê)

70

71

5.389%

due

04/24/34

(SOFR

+

2.020%)(Ê)

61

61

6.491%

due

10/23/34

(SOFR

+

2.060%)(Ê)(Þ)

170

185

3.068%

due

04/30/41

(SOFR

+

2.530%)(Ê)

140

106

5.375%

due

11/02/43

110

107

4.650%

due

11/04/44

10

9

5.013%

due

04/04/51

(CME

Term

SOFR

3

Month

+

4.502%)(Ê)

100

95

Series

S

5.900%

due

12/29/49

(USD

3

Month

LIBOR

+

3.110%)(Ê)(ƒ)

280

277

Welltower

,

Inc.

3.850%

due

06/15/32

80

74

Western

Midstream

Operating,

LP

3.100%

due

02/01/25

280

272

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

125

5.450%

due

04/01/44

20

18

5.500%

due

08/15/48

(Þ)

40

36

5.250%

due

02/01/50

(Þ)

60

54

Westinghouse

Air

Brake

Technologies

Corp.

3.200%

due

06/15/25

444

429

Series

WI

3.450%

due

11/15/26

963

921

Williams

Cos.,

Inc.

(The)

3.750%

due

06/15/27

885

853

7.750%

due

06/15/31

130

146

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

5.500%

due

03/01/25

(Þ)

80

80

Xcel

Energy,

Inc.

1.750%

due

03/15/27

(Þ)

858

782

XPO,

Inc.

6.250%

due

06/01/28

(Þ)

1,361

1,377

Zions

Bancorp

NA

3.250%

due

10/29/29

(Þ)

953

779

183,144

International

Debt

-

14.5%

ABN

AMRO

Bank

NV

4.750%

due

07/28/25

(Þ)

1,040

1,019

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.100%

due

01/15/27

150

153

3.300%

due

01/30/32

(Þ)

150

131

3.850%

due

10/29/41

150

121

AES

Panama

Generation

Holdings

SRL

4.375%

due

05/31/30

(Þ)

833

700

Air

Canada

Pass

Through

Trust

Series

2013-1

Class

A

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

97

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.125%

due

05/15/25

(Þ)

31

30

Alcon

Finance

Corp.

2.750%

due

09/23/26

(Þ)

280

263

Alibaba

Group

Holding,

Ltd.

3.150%

due

02/09/51

290

190

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

1,642

1,580

Allegro

CLO

XI,

Ltd.

Series

2018-1RA

Class

A1

3.672%

due

10/21/28

(CME

Term

SOFR

3

Month

+

1.342%)(Ê)(Þ)

2,253

2,251

Anheuser-Busch

Cos.

LLC

/

Anheuser-

Busch

InBev

Worldwide,

Inc.

4.900%

due

02/01/46

50

49

Anheuser-Busch

InBev

Worldwide,

Inc.

5.550%

due

01/23/49

160

172

AP

Moller

-

Maersk

A/S

5.875%

due

09/14/33

(Þ)

240

250

Apidos

CLO

XXVI

Series

26A-A2R

7.072%

due

07/18/29

(CME

Term

SOFR

3

Month

+

1.762%)(Ê)(Þ)

250

249

Arbor

Realty

CLO,

Ltd.

Series

2021-FL2

Class

A

1.200%

due

05/15/36

(USD

1

Month

LIBOR

+

1.100%)(Ê)(Þ)

1,029

1,022

Series

2022-FL1

Class

A

1.500%

due

01/15/37

(SOFR

30

Day

Average

+

1.450%)(Ê)(Þ)

3,050

3,031

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

Series

2022-FL2

Class

A

6.710%

due

05/15/37

(CME

Term

SOFR

1

Month

+

1.850%)(Ê)(Þ)

2,638

2,638

ArcelorMittal

SA

6.550%

due

11/29/27

150

157

Argentine

Republic

Government

International

Bond

1.000%

due

07/09/29

34

14

Avolon

Holdings

Funding,

Ltd.

2.875%

due

02/15/25

(Þ)

100

96

Banco

Santander

SA

4.175%

due

03/24/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.000%)(Ê)

200

192

6.607%

due

11/07/28

200

213

9.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.298%)(Ê)(ƒ)

200

219

Bank

of

Nova

Scotia

(The)

4.500%

due

12/16/25

(Þ)

957

941

4.588%

due

05/04/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.050%)(Ê)(Þ)

717

641

8.625%

due

10/27/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.389%)(Ê)(Þ)

200

208

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Barclays

PLC

5.200%

due

05/12/26

(Þ)

1,360

1,351

Barrick

NA

Finance

LLC

5.700%

due

05/30/41

(Þ)

100

105

BAT

Capital

Corp.

4.700%

due

04/02/27

(Þ)

733

726

2.259%

due

03/25/28

40

36

3.734%

due

09/25/40

110

81

Series

WI

3.557%

due

08/15/27

26

25

4.390%

due

08/15/37

163

136

BAT

International

Finance

PLC

1.668%

due

03/25/26

837

777

5.931%

due

02/02/29

220

229

Bayer

US

Finance

II

LLC

4.250%

due

12/15/25

(Þ)

1,015

989

Bellemeade

Re,

Ltd.

Series

2019-3A

Class

M1C

2.099%

due

07/25/29

(USD

1

Month

LIBOR

+

1.950%)(Ê)

1,047

1,049

Series

2021-3A

Class

A2

1.050%

due

09/25/31

(SOFR

30

Day

Average

+

1.000%)(Ê)(Þ)

2,380

2,363

Series

2023-1

Class

M1A

7.521%

due

10/25/33

(SOFR

30

Day

Average

+

2.200%)(Ê)(Þ)

1,426

1,426

Bharti

Airtel,

Ltd.

4.375%

due

06/10/25

(Þ)

708

698

BNP

Paribas

SA

2.219%

due

06/09/26

(SOFR

+

2.074%)(Ê)(Þ)

799

763

4.625%

due

03/13/27

(Þ)

722

707

4.375%

due

03/01/33

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.483%)(Ê)

(Þ)

124

116

5.894%

due

12/05/34

(SOFR

+

1.866%)(Ê)(Þ)

260

272

7.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.899%)(Ê)(ƒ)(Þ)

360

367

8.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.354%)(Ê)(ƒ)(Þ)

200

209

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.969%)(Ê)(ƒ)(Þ)

200

214

BP

Capital

Markets

PLC

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.398%)(Ê)(ƒ)

749

711

Bristol

Park

CLO,

Ltd.

Series

2020-1A

Class

BR

6.710%

due

04/15/29

(USD

3

Month

LIBOR

+

1.450%)(Ê)(Þ)

250

249

British

Airways

Pass-Through

Trust

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

98

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.350%

due

06/15/29

(Þ)

74

67

British

Telecommunications

PLC

9.625%

due

12/15/30

40

50

Brookfield

Finance

LLC

3.450%

due

04/15/50

827

576

Canadian

Natural

Resources,

Ltd.

2.050%

due

07/15/25

222

212

3.850%

due

06/01/27

156

151

5.850%

due

02/01/35

(Þ)

661

673

Canadian

Pacific

Railway

Co.

3.100%

due

12/02/51

50

36

6.125%

due

09/15/15

656

732

Celulosa

Arauco

y

Constitucion

SA

Series

WI

3.875%

due

11/02/27

1,520

1,420

Cencosud

SA

4.375%

due

07/17/27

(Þ)

1,651

1,593

CI

Financial

Corp.

3.200%

due

12/17/30

1,392

1,099

CIFC

Funding,

Ltd.

Series

2021-4A

Class

A1R

5.275%

due

10/24/30

(USD

3

Month

LIBOR

+

0.950%)(Ê)(Þ)

809

809

Comision

Federal

de

Electricidad

3.348%

due

02/09/31

(Þ)

200

166

Credit

Agricole

SA

4.375%

due

03/17/25

(Þ)

1,256

1,234

1.907%

due

06/16/26

(SOFR

+

1.676%)(Ê)(Þ)

977

927

5.589%

due

07/05/26

(Þ)

250

254

5.514%

due

07/05/33

(Þ)

250

259

8.125%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

6.185%)(Ê)

(ƒ)(Þ)

600

611

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

68

Danske

Bank

A/S

3.773%

due

03/28/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.450%)(Ê)(Þ)

200

199

0.976%

due

09/10/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.550%)(Ê)(Þ)

270

261

6.466%

due

01/09/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.100%)(Ê)(Þ)

430

433

1.621%

due

09/11/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.350%)(Ê)(Þ)

1,469

1,371

1.549%

due

09/10/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.730%)(Ê)(Þ)

200

180

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.298%

due

04/01/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.750%)(Ê)(Þ)

430

417

Delhaize

America,

Inc.

9.000%

due

04/15/31

154

184

Deutsche

Bank

AG

4.500%

due

04/01/25

(Þ)

822

807

2.129%

due

11/24/26

(SOFR

+

1.870%)(Ê)

1,480

1,387

Deutsche

Telekom

International

Finance

BV

8.750%

due

06/15/30

50

60

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

1,057

Eagle

RE,

Ltd.

Series

2021-1

Class

M2

9.765%

due

10/25/33

(SOFR

30

Day

Average

+

4.450%)(Ê)(Þ)

1,060

1,101

Series

2021-2

Class

M1B

2.099%

due

04/25/34

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

1,481

1,484

Series

2021-2

Class

M1C

4.035%

due

04/25/34

(SOFR

30

Day

Average

+

3.450%)(Ê)(Þ)

2,001

2,045

Ecopetrol

SA

4.625%

due

11/02/31

50

42

5.875%

due

05/28/45

80

63

5.875%

due

11/02/51

70

53

Element

Fleet

Management

Corp.

6.271%

due

06/26/26

(Þ)

1,415

1,441

Enbridge,

Inc.

4.250%

due

12/01/26

888

876

5.700%

due

03/08/33

550

572

Enel

Finance

International

NV

6.800%

due

10/14/25

(Þ)

623

639

1.375%

due

07/12/26

(Þ)

157

143

7.100%

due

10/14/27

(Þ)

779

831

3.500%

due

04/06/28

(Þ)

706

662

Eni

USA,

Inc.

7.300%

due

11/15/27

1,300

1,398

Eurosail

PLC

Series

2006-2A

Class

B1B

5.009%

due

12/15/44

(USD

3

Month

LIBOR

+

0.240%)(Ê)(Þ)

790

781

Export-Import

Bank

of

Korea

(The)

4.875%

due

01/11/26

(Þ)

1,160

1,163

First

Quantum

Minerals,

Ltd.

6.875%

due

10/15/27

(Þ)

200

170

Fortis,

Inc.

Series

WI

3.055%

due

10/04/26

(Þ)

1,417

1,345

Freeport

Indonesia

PT

6.200%

due

04/14/52

(Þ)

427

423

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

99

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fresenius

Medical

Care

AG

&

Co.

KGaA

1.875%

due

12/01/26

(Þ)

1,184

1,070

Fresnillo

PLC

4.250%

due

10/02/50

(Þ)

260

199

Garda

World

Security

Corp.

2021

Term

Loan

B

9.746%

due

10/30/26

(USD

3

Month

LIBOR

+

4.250%)(Ê)

69

69

GE

Capital

European

Funding

Unltd

.

Co.

6.025%

due

03/01/38

EUR

40

55

GFL

Environmental,

Inc.

2023

First

Lien

Term

Loan

7.823%

due

05/31/27

(USD

3

Month

LIBOR

+

2.500%)(Ê)(Þ)

8

8

Glencore

Funding

LLC

1.625%

due

09/01/25

(Þ)

90

85

3.875%

due

10/27/27

(Þ)

100

96

5.400%

due

05/08/28

(Þ)

130

132

GoldenTree

Loan

Opportunities

IX,

Ltd.

Series

2018-9A

Class

BR2

6.899%

due

10/29/29

(USD

3

Month

LIBOR

+

1.600%)(Ê)(Þ)

260

260

Grifols

Worldwide

Operations

USA,

Inc.

Term

Loan

B

7.416%

due

11/15/27

(USD

3

Month

LIBOR

+

2.000%)(Ê)

177

177

HGI

CRE

CLO,

Ltd.

Series

2021-FL2

Class

A

5.459%

due

09/17/36

(USD

1

Month

LIBOR

+

1.000%)(Ê)(Þ)

1,363

1,344

Highlands

Holdings

Bond

Issuer,

Ltd.

/

Highlands

Holdings

Bond

Co.-Issuer,

Inc.

7.625%

due

10/15/25

(Þ)

502

510

Home

RE,

Ltd.

Series

2020-1

Class

M2

7.509%

due

10/25/30

(USD

1

Month

LIBOR

+

5.250%)(Ê)(Þ)

915

920

HSBC

Holdings

PLC

2.999%

due

03/10/26

(SOFR

+

1.430%)(Ê)(Þ)

639

620

2.099%

due

06/04/26

(SOFR

+

1.929%)(Ê)

400

381

7.625%

due

05/17/32

(Þ)

669

746

Imperial

Brands

Finance

PLC

3.500%

due

07/26/26

(Þ)

1,410

1,345

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

892

831

ING

Groep

NV

3.869%

due

03/28/26

(SOFR

+

1.640%)(Ê)(Þ)

1,356

1,329

1.400%

due

07/01/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.100%)(Ê)(Þ)

145

136

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Intesa

Sanpaolo

SpA

7.000%

due

11/21/25

(Þ)

1,035

1,060

7.200%

due

11/28/33

(Þ)

350

373

7.800%

due

11/28/53

(Þ)

86

94

JDE

Peet's

NV

1.375%

due

01/15/27

(Þ)

1,767

1,588

Jordan

Government

International

Bond

4.950%

due

07/07/25

(Þ)

310

303

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

700

Lamar

Funding,

Ltd.

3.958%

due

05/07/25

(Þ)

200

195

LCM

XXIII,

Ltd.

Series

2020-23A

Class

A1R

2.205%

due

10/20/29

(USD

3

Month

LIBOR

+

1.070%)(Ê)(Þ)

519

519

Lloyds

Banking

Group

PLC

4.650%

due

03/24/26

162

159

7.500%

due

12/31/99

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.496%)(Ê)(ƒ)

200

196

Series

WI

4.582%

due

12/10/25

(Þ)

827

809

Madison

Park

Funding

XVIII,

Ltd.

Series

2021-18A

Class

ARR

1.195%

due

10/21/30

(USD

3

Month

LIBOR

+

0.940%)(Ê)(Þ)

1,879

1,878

Magnetite

XV,

Ltd.

Series

2018-15A

Class

AR

3.793%

due

07/25/31

(USD

3

Month

LIBOR

+

1.010%)(Ê)(Þ)

526

524

Magnetite

XVII,

Ltd.

Series

2018-17A

Class

BR

7.138%

due

07/20/31

(CME

Term

SOFR

3

Month

+

1.812%)(Ê)(Þ)

250

249

Magnetite

XXIX,

Ltd.

Series

2021-29A

Class

B

7.056%

due

01/15/34

(CME

Term

SOFR

3

Month

+

1.662%)(Ê)(Þ)

250

248

Melco

Resorts

Finance,

Ltd.

5.375%

due

12/04/29

(Þ)

240

211

Mexico

Government

International

Bond

3.500%

due

02/12/34

240

203

4.350%

due

01/15/47

200

161

MISC

Capital

Two

Labuan,

Ltd.

3.750%

due

04/06/27

(Þ)

791

761

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

940

3.754%

due

11/01/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.100%)(Ê)

200

195

NBK

Tier

1

Financing

2,

Ltd.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

100

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.500%

due

12/31/99

(USD

Constant

Maturity

6

Year

Rate

+

2.832%)(Ê)

(ƒ)(Þ)

779

746

Neuberger

Berman

CLO

XV,

Ltd.

Series

2021-15A

Class

A1R2

6.576%

due

10/15/29

(USD

3

Month

LIBOR

+

0.920%)(Ê)(Þ)

1,295

1,293

Nippon

Life

Insurance

Co.

2.750%

due

01/21/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.653%)(Ê)(Þ)

250

207

Nissan

Motor

Co.,

Ltd.

3.522%

due

09/17/25

(Þ)

200

193

Nokia

OYJ

4.375%

due

06/12/27

(Þ)

1,523

1,475

Nomura

Holdings,

Inc.

1.851%

due

07/16/25

625

592

Oaktown

Re

III,

Ltd.

Series

2019-1A

Class

M1B

2.080%

due

07/25/29

(USD

1

Month

LIBOR

+

1.950%)(Ê)(Þ)

443

444

Oaktown

Re

VI,

Ltd.

Series

2021-1A

Class

M1B

2.060%

due

10/25/33

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

789

790

Oaktown

Re

VII,

Ltd.

Series

2021-2

Class

M1A

1.650%

due

04/25/34

(SOFR

30

Day

Average

+

1.600%)(Ê)(Þ)

512

512

Oaktown

Re,

Ltd.

Series

2021-1A

Class

M1C

3.010%

due

10/25/33

(SOFR

30

Day

Average

+

3.000%)(Ê)(Þ)

1,475

1,502

OCP

SA

3.750%

due

06/23/31

(Þ)

200

172

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

783

814

Peruvian

Government

International

Bond

2.783%

due

01/23/31

130

113

Petrobras

Global

Finance

BV

6.900%

due

03/19/49

(Þ)

150

149

5.500%

due

06/10/51

40

34

Petroleos

del

Peru

SA

5.625%

due

06/19/47

(Þ)

200

123

Petroleos

Mexicanos

Series

WI

6.875%

due

10/16/25

250

246

Pfizer,

Inc.

5.110%

due

05/19/43

280

279

5.300%

due

05/19/53

140

143

5.340%

due

05/19/63

40

40

Polaris

PLC

Series

2023-1

Class

A

5.186%

due

02/23/26

(SONIA

+

1.250%)(Ê)(Þ)

GBP

1,002

1,283

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Prodigy

Finance

Designated

Activity

Co.

Series

2021-1A

Class

A

1.437%

due

07/25/51

(USD

1

Month

LIBOR

+

1.250%)(Ê)(Þ)

561

556

Prosus

NV

4.027%

due

08/03/50

(Þ)

909

596

Provincia

de

Buenos

Aires

6.625%

due

09/01/37

(~)(Ê)(Þ)

475

181

Provincia

de

Cordoba

7.125%

due

12/10/25

(~)(Ê)(Þ)

133

121

7.450%

due

06/01/27

(~)(Ê)(Þ)

230

194

Radnor

RE,

Ltd.

Series

2021-1

Class

M1B

1.710%

due

12/27/33

(SOFR

30

Day

Average

+

1.700%)(Ê)(Þ)

364

364

Series

2021-1

Class

M1C

2.710%

due

12/27/33

(SOFR

30

Day

Average

+

2.700%)(Ê)(Þ)

774

781

Series

2021-2

Class

M1A

1.898%

due

11/25/31

(SOFR

30

Day

Average

+

1.850%)(Ê)(Þ)

291

291

Series

2023-1

Class

M1A

7.767%

due

07/25/33

(SOFR

30

Day

Average

+

2.700%)(Ê)(Þ)

1,285

1,293

RenaissanceRe

Holdings,

Ltd.

5.750%

due

06/05/33

70

71

Renesas

Electronics

Corp.

2.170%

due

11/25/26

(Þ)

913

833

Reynolds

American,

Inc.

5.850%

due

08/15/45

70

66

Sands

China,

Ltd.

Series

WI

5.125%

due

08/08/25

200

197

Santander

UK

Group

Holdings

PLC

1.673%

due

06/14/27

(SOFR

+

0.989%)(Ê)

736

669

Class

N

4.750%

due

09/15/25

(Þ)

701

686

Santander

UK

PLC

5.625%

due

09/15/45

(Þ)

271

218

Sasol

Financing

USA

LLC

8.750%

due

05/03/29

(Þ)

250

255

Saudi

Arabian

Oil

Co.

1.625%

due

11/24/25

(Þ)

942

886

Shell

International

Finance

BV

4.375%

due

05/11/45

(Þ)

60

55

Smurfit

Kappa

Treasury

Funding,

Ltd.

7.500%

due

11/20/25

128

131

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

624

Sodexo,

Inc.

1.634%

due

04/16/26

(Þ)

1,595

1,478

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

101

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Southern

Copper

Corp.

5.250%

due

11/08/42

60

58

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

1,370

4.866%

due

03/15/33

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

1.970%)(Ê)(Þ)

189

178

Suncor

Energy,

Inc.

7.150%

due

02/01/32

769

857

SURA

Asset

Management

SA

4.375%

due

04/11/27

(Þ)

1,210

1,164

Suzano

Austria

GmbH

Series

DM3N

3.125%

due

01/15/32

(Þ)

200

166

Teck

Resources,

Ltd.

6.250%

due

07/15/41

20

21

5.400%

due

02/01/43

60

57

Series

WI

3.900%

due

07/15/30

90

84

Telefonica

Emisiones

SA

5.213%

due

03/08/47

150

139

Tesco

PLC

6.150%

due

11/15/37

(Þ)

623

648

Thomson

Reuters

Corp.

3.350%

due

05/15/26

(Þ)

893

858

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

1,476

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.075%)(Ê)

200

208

TransAlta

Corp.

6.500%

due

03/15/40

30

30

Triton

Container

International,

Ltd.

2.050%

due

04/15/26

(Þ)

1,039

950

TSMC

Arizona

Corp.

2.500%

due

10/25/31

200

172

UBS

Group

AG

2.193%

due

06/05/26

(SOFR

+

2.044%)(Ê)(Þ)

576

548

1.364%

due

01/30/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.080%)(Ê)(Þ)

984

902

6.327%

due

12/22/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.600%)(Ê)(Þ)

200

206

6.537%

due

08/12/33

(SOFR

+

3.920%)(Ê)(Þ)

250

267

9.016%

due

11/15/33

(SOFR

+

5.020%)(Ê)(Þ)

250

307

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.000%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.344%)(Ê)

(ƒ)(Þ)

260

260

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.758%)(Ê)(ƒ)(Þ)

250

277

Series

WI

4.500%

due

06/26/48

200

197

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

110

1.982%

due

06/03/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.200%)(Ê)(Þ)

1,053

963

UPM-

Kymmene

OYJ

7.450%

due

11/26/27

(Þ)

699

732

Var

Energi

ASA

7.500%

due

01/15/28

(Þ)

840

890

8.000%

due

11/15/32

(Þ)

268

300

Vodafone

Group

PLC

6.150%

due

02/27/37

50

54

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

2.875%

due

01/15/27

(Þ)

982

874

4.750%

due

09/17/44

(Þ)

200

143

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

81

3.020%

due

11/18/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.530%)(Ê)

100

81

Wipro

IT

Services

LLC

1.500%

due

06/23/26

(Þ)

819

750

Yamana

Gold,

Inc.

2.630%

due

08/15/31

30

25

Series

WI

4.625%

due

12/15/27

(Þ)

310

299

Yara

International

ASA

3.800%

due

06/06/26

(Þ)

1,650

1,593

ZF

NA

Capital,

Inc.

4.750%

due

04/29/25

(Þ)

520

514

125,766

Loan

Agreements

-

0.1%

Alterra

Mountain

Co.

2021

Term

Loan

B2

8.931%

due

07/30/28

(USD

1

Month

LIBOR

+

3.500%)(Ê)

65

65

Harbor

Freight

Tools

USA,

Inc.

2021

Term

Loan

B

8.181%

due

10/19/27

(USD

1

Month

LIBOR

+

2.750%)(Ê)

66

66

Nexstar

Broadcasting,

Inc.

Term

Loan

B4

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

102

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.931%

due

09/19/26

(USD

1

Month

LIBOR

+

2.500%)(Ê)

210

210

Phoenix

Guarantor,

Inc.

Term

Loan

B

8.681%

due

03/05/26

(USD

1

Month

LIBOR

+

3.250%)(Ê)

118

118

United

Airlines,

Inc.

2021

Term

Loan

B

9.182%

due

04/21/28

(USD

1

Month

LIBOR

+

3.750%)(Ê)(Þ)

54

54

Verscend

Holding

Corp.

2021

Term

Loan

B

9.431%

due

08/27/25

(USD

1

Month

LIBOR

+

4.000%)(Ê)(Þ)

97

97

610

Mortgage-Backed

Securities

-

22.1%

Alternative

Loan

Trust

Series

2007-16CB

Class

1A5

0.568%

due

08/25/37

(USD

1

Month

LIBOR

+

0.400%)(Ê)(Þ)

223

142

BRAVO

Residential

Funding

Trust

Series

2023-NQM5

Class

A1

6.505%

due

06/25/63

(~)(Ê)(Þ)

105

106

Series

2023-NQM5

Class

A3

7.012%

due

06/25/63

(~)(Ê)(Þ)

162

163

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

2,577

BX

Trust

Series

2019-XL

Class

A

1.105%

due

10/15/36

(USD

1

Month

LIBOR

+

0.920%)(Ê)(Þ)

564

562

Series

2019-XL

Class

E

3.800%

due

10/15/36

(CME

Term

SOFR

1

Month

+

1.914%)(Ê)

1,201

1,193

CAMB

Commercial

Mortgage

Trust

Series

2019-LIFE

Class

F

2.735%

due

12/15/37

(USD

1

Month

LIBOR

+

2.550%)(Ê)(Þ)

987

947

Series

2021-CX2

Class

A

2.700%

due

11/10/46

(Þ)

3,322

2,750

Citigroup

Commercial

Mortgage

Trust

Series

2013-375P

Class

D

3.635%

due

05/10/35

(~)(Ê)(Þ)

1,418

1,276

CORE

Mortgage

Trust

Series

2019

Class

D

1.835%

due

12/15/31

(USD

1

Month

LIBOR

+

1.650%)(Ê)(Þ)

1,216

1,175

Credit

Suisse

Mortgage

Capital

Certificates

Series

2019-ICE4

Class

A

1.165%

due

05/15/36

(USD

1

Month

LIBOR

+

0.980%)(Ê)(Þ)

2,479

2,479

Credit

Suisse

Mortgage

Trust

Series

2019-ICE4

Class

E

2.335%

due

05/15/36

(USD

1

Month

LIBOR

+

2.150%)(Ê)(Þ)

1,279

1,270

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CRSO

Trust

Series

2023-BRND

7.121%

due

07/10/28

160

167

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.334%

due

04/10/37

(~)(Ê)(Þ)

985

695

Deutsche

Mortgage

Securities,

Inc.

Re-

REMIC

Trust

Series

2007-WM1

Class

A1

3.658%

due

06/27/37

(~)(Ê)(Þ)

218

187

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

2,473

Fannie

Mae

2.600%

due

2031

375

332

6.000%

due

2032

7

8

5.000%

due

2033

(Þ)

2

2

5.500%

due

2034

(Þ)

6

6

4.500%

due

2035

155

155

5.500%

due

2037

47

49

5.500%

due

2038

195

201

6.000%

due

2039

17

18

4.000%

due

2040

126

123

5.500%

due

2040

230

233

6.000%

due

2040

(Þ)

52

54

4.000%

due

2041

(Þ)

188

184

6.000%

due

2041

82

85

3.500%

due

2043

420

395

4.000%

due

2044

424

411

3.500%

due

2045

480

449

3.000%

due

2046

73

67

3.500%

due

2046

(Þ)

103

98

4.000%

due

2046

507

489

4.500%

due

2046

178

176

3.000%

due

2047

292

266

3.500%

due

2047

226

212

4.000%

due

2047

(Þ)

42

40

4.500%

due

2048

(Þ)

580

572

5.000%

due

2048

(Þ)

117

117

3.000%

due

2049

3,265

2,936

4.000%

due

2049

562

542

5.000%

due

2049

262

263

2.500%

due

2050

6,157

5,250

3.000%

due

2050

(Þ)

6,262

5,622

2.000%

due

2051

11,751

9,655

2.500%

due

2051

(Þ)

483

415

4.000%

due

2052

5,174

4,894

5.000%

due

2053

3,045

3,016

5.500%

due

2053

4,652

4,679

30

Year

TBA(Ï)

5.000%

(Þ)

2,237

2,214

5.500%

(Þ)

15,500

15,569

6.000%

8,100

8,224

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

103

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2023-R08

Class

1M1

6.821%

due

10/25/43

(SOFR

30

Day

Average

+

1.500%)(Ê)(Þ)

153

154

Series

2023-R08

Class

1M2

7.821%

due

10/25/43

(SOFR

30

Day

Average

+

2.500%)(Ê)(Þ)

180

184

Fannie

Mae

REMICS

Series

1999-56

Class

Z

7.000%

due

12/18/29

(Þ)

3

3

Series

2004-W5

Class

A1

6.000%

due

02/25/47

89

90

Series

2005-24

Class

ZE

5.000%

due

04/25/35

78

78

Freddie

Mac

5.500%

due

2038

148

153

6.000%

due

2038

39

41

5.000%

due

2040

73

74

4.000%

due

2041

546

533

4.500%

due

2041

(Þ)

73

73

5.500%

due

2041

86

88

3.500%

due

2043

282

267

4.000%

due

2044

189

183

3.500%

due

2045

394

369

4.000%

due

2045

(Þ)

188

181

3.000%

due

2046

1,372

1,252

4.000%

due

2046

91

88

3.000%

due

2047

(Þ)

483

440

3.000%

due

2048

(Þ)

75

67

4.000%

due

2048

535

516

4.500%

due

2048

142

140

3.000%

due

2049

169

152

2.500%

due

2050

1,529

1,322

3.000%

due

2050

(Þ)

2,595

2,321

2.000%

due

2051

(Þ)

2,013

1,653

2.500%

due

2051

71

61

4.000%

due

2052

6,241

5,904

5.500%

due

2053

(Þ)

4,832

4,851

Freddie

Mac

REMICS

Series

2003-2624

Class

QH

5.000%

due

06/15/33

27

27

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

90

94

Series

2010-3632

Class

PK

5.000%

due

02/15/40

39

39

Series

2010-3653

Class

B

4.500%

due

04/15/30

70

70

Series

2012-4010

Class

KM

3.000%

due

01/15/42

(Þ)

33

31

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

6,681

5,841

6.000%

due

2053

4,876

4,959

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

30

Year

TBA(Ï)

5.500%

(Þ)

13,340

13,436

6.000%

15,000

15,251

6.500%

(Þ)

10,700

10,953

GS

Mortgage

Securities

Trust

Series

2023-SHIP

Class

A

4.466%

due

09/06/26

(~)(Ê)(Þ)

1,999

1,943

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

547

JPMorgan

Mortgage

Trust

Series

2018-3

Class

A3

3.500%

due

09/25/48

(~)(Ê)(Þ)

82

73

Series

2020-3

Class

A15

3.500%

due

08/25/50

(~)(Ê)(Þ)

137

120

Series

2021-6

Class

A6

2.500%

due

10/25/51

(~)(Ê)(Þ)

3,441

3,122

Series

2021-8

Class

A6

2.500%

due

12/25/51

(~)(Ê)(Þ)

2,914

2,639

Series

2021-12

Class

A4

2.500%

due

02/25/52

(~)(Ê)(Þ)

743

648

Series

2022-1

Class

A4

2.500%

due

07/25/52

(~)(Ê)(Þ)

2,763

2,388

Series

2022-2

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

1,279

1,105

Series

2022-3

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

2,780

2,401

Series

2022-4

Class

A4

3.000%

due

10/25/52

(~)(Ê)(Þ)

1,339

1,183

Series

2023-HE2

Class

A1

7.016%

due

03/25/54

(SOFR

30

Day

Average

+

1.700%)(Ê)(Þ)

1,873

1,880

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

A

0.951%

due

04/15/26

(USD

1

Month

LIBOR

+

0.801%)(Ê)(Þ)

4,614

4,565

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

D

3.865%

due

09/13/39

(~)(Ê)(Þ)

1,500

1,061

Series

2017-237P

Class

XA

Interest

Only

STRIPS

0.468%

due

09/13/39

(~)(Ê)(Þ)

8,761

98

Series

2017-237P

Class

XB

Interest

Only

STRIPS

0.175%

due

09/13/39

(~)(Ê)(Þ)

5,418

16

Onslow

Bay

Financial

LLC

Series

2023-NQM7

Class

A1

6.844%

due

04/25/63

(~)(Ê)(Þ)

194

198

Preston

Ridge

Partners

Mortgage

LLC

Series

2020-6

Class

A1

2.363%

due

11/25/25

(~)(Ê)(Þ)

329

329

Series

2021-3

Class

A1

1.867%

due

04/25/26

(~)(Ê)(Þ)

616

601

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

104

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-7

Class

A1

1.867%

due

08/25/26

(~)(Ê)(Þ)

617

597

Series

2021-9

Class

A1

2.363%

due

10/25/26

(~)(Ê)(Þ)

536

519

RCKT

Mortgage

Trust

Series

2023-CES2

Class

A1A

6.808%

due

09/25/43

(~)(Ê)(Þ)

924

937

Sequoia

Mortgage

Trust

Series

2015-1

Class

A1

3.500%

due

01/25/45

(~)(Ê)(Þ)

59

53

Series

2021-4

Class

A10

2.500%

due

06/25/51

(~)(Ê)(Þ)

1,890

1,706

Towd

Point

Mortgage

Trust

Series

2023-CES1

Class

A1A

6.750%

due

07/25/63

(~)(Ê)(Þ)

2,438

2,477

Series

2023-CES2

Class

A1A

7.294%

due

10/25/63

(~)(Ê)(Þ)

1,510

1,545

Washington

Mutual

Mortgage

Pass-

Through

Certificates

Trust

Series

2005-10

Class

3CB1

6.000%

due

11/25/35

342

283

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series

2020-3

Class

A1

3.000%

due

06/25/50

(~)(Ê)(Þ)

906

773

WinWater

Mortgage

Loan

Trust

Series

2014-1

Class

A1

3.847%

due

06/20/44

(~)(Ê)(Þ)

91

85

192,266

Municipal

Bonds

-

0.1%

American

Municipal

Power,

Inc.

Revenue

Bonds

8.084%

due

02/15/50

70

94

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

4.926%

due

10/01/51

110

111

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

Bonds

4.132%

due

05/15/32

140

134

3.006%

due

05/15/50

220

156

State

of

California

General

Obligation

Unlimited

7.300%

due

10/01/39

10

12

Texas

Natural

Gas

Securitization

Finance

Corp.

Revenue

Bonds

5.102%

due

04/01/35

300

306

813

Non-US

Bonds

-

7.1%

Andorra

Government

International

Bond

Series

EMTN

1.250%

due

05/06/31

(Þ)

EUR

3,500

3,300

Banque

Ouest

Africaine

de

Developpement

Series

REGS

2.750%

due

01/22/33

(Þ)

EUR

1,382

1,163

Chile

Government

International

Bond

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.125%

due

07/05/34

(Þ)

EUR

1,170

1,317

EMF-UK

PLC

Series

2014-1X

Class

A1A

1.173%

due

03/13/46

(GBP

3

Month

LIBOR

+

0.980%)(Ê)(Þ)

GBP

435

548

Eurosail

PRIME-UK

PLC

Series

2007-PR1X

Class

A1

0.598%

due

09/13/45

(GBP

3

Month

LIBOR

+

0.400%)(Ê)(Þ)

GBP

331

415

Eurosail

-UK

PLC

Series

2007-6NCX

Class

A3A

0.795%

due

09/13/45

(GBP

3

Month

LIBOR

+

0.700%)(Ê)(Þ)

GBP

470

591

Finsbury

Square

Series

2021-1GRX

Class

AGRN

5.870%

due

12/16/67

(SONIA

+

0.650%)(Ê)(Þ)

GBP

982

1,247

Finsbury

Square

PLC

5.996%

due

12/16/71

GBP

319

406

Hellenic

Republic

Government

International

Bond

4.250%

due

06/15/33

(Þ)

EUR

691

832

4.375%

due

07/18/38

(Þ)

EUR

2,138

2,593

Indonesia

Government

International

Bond

Series

FR87

6.500%

due

02/15/31

IDR

4,816,000

311

Israel

Government

International

Bond

0.625%

due

01/18/32

(Þ)

EUR

2,787

2,363

Mexican

Bonos

Series

M

5.500%

due

03/04/27

MXN

172,700

9,114

8.500%

due

03/01/29

MXN

65,800

3,771

Mexican

Bonos

de

Desarrollo

Series

M

30

8.500%

due

11/18/38

MXN

7,730

434

Mexico

Government

International

Bond

4.000%

due

03/15/15

EUR

1,011

856

Newgate

Funding

PLC

Series

2006-3X

Class

A3B

3.732%

due

12/01/50

(3

Month

EURIBOR

+

0.170%)(Ê)(Þ)

EUR

1,900

2,013

Paragon

Mortgages

(No.

12)

PLC

0.293%

due

11/15/38

(SONIA

+

0.359%)(Ê)

GBP

1,061

1,323

Parkmore

Point

RMBS

PLC

Series

2022-1A

Class

A

5.362%

due

07/25/45

(SONIA

+

1.500%)(Ê)(Þ)

GBP

1,786

2,282

Petroleos

Mexicanos

Series

14-2

7.470%

due

11/12/26

MXN

71,430

3,674

Primrose

Residential

DAC

Series

2021-1

Class

A

4.626%

due

03/24/61

(1

Month

EURIBOR

+

0.750%)(Ê)(Þ)

EUR

1,404

1,546

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

105

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Republic

of

South

Africa

Government

International

Bond

Series

2035

8.875%

due

02/28/35

ZAR

37,582

1,733

Series

2037

8.500%

due

01/31/37

ZAR

57,040

2,438

RMAC

Securities

No.

1

PLC

Series

2006-NS1X

Class

A2A

1.050%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

288

357

Series

2006-NS3X

Class

A2A

0.245%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

352

434

Series

2006-NS4X

Class

A3A

3.853%

due

06/12/44

(SONIA

+

0.289%)(Ê)(Þ)

GBP

628

776

Romania

Government

International

Bond

5.500%

due

09/18/28

(Þ)

EUR

1,100

1,245

Series

REGS

2.750%

due

02/26/26

(Þ)

EUR

1,718

1,859

2.875%

due

05/26/28

(Þ)

EUR

318

328

2.500%

due

02/08/30

(Þ)

EUR

80

76

3.624%

due

05/26/30

(Þ)

EUR

52

53

1.750%

due

07/13/30

(Þ)

EUR

2,638

2,347

2.124%

due

07/16/31

(Þ)

EUR

1,424

1,250

3.875%

due

10/29/35

(Þ)

EUR

166

156

3.375%

due

02/08/38

(Þ)

EUR

137

118

2.625%

due

12/02/40

(Þ)

EUR

1,845

1,365

2.750%

due

04/14/41

(Þ)

EUR

1,124

831

2.875%

due

04/13/42

(Þ)

EUR

1,166

866

4.625%

due

04/03/49

(Þ)

EUR

424

392

3.375%

due

01/28/50

(Þ)

EUR

1,324

994

Taurus

CMBS

Series

2021-UK4A

Class

B

1.655%

due

08/17/31

(SONIA

+

1.500%)(Ê)(Þ)

GBP

467

576

Taurus

UK

Designated

Activity

Co.

Series

2021-UK1A

Class

B

6.518%

due

05/17/31

(3

Month

SONIA

Deposit

Rate

+

1.300%)(Ê)

(Þ)

GBP

496

616

Towd

Point

Mortgage

Funding

PLC

Series

2019-A13X

Class

B

7.021%

due

07/20/45

(SONIA

+

1.800%)(Ê)(Þ)

GBP

885

1,116

Towd

Point

Mortgage

Trust

Series

2021-GR4X

Class

A2R

2.244%

due

10/20/51

(SONIA

+

0.670%)(Ê)(Þ)

GBP

798

1,015

Warwick

Finance

Residential

Mortgages

Number

Three

PLC

0.854%

due

12/21/49

(SONIA

+

0.950%)(Ê)(Þ)

GBP

553

703

61,743

United

States

Government

Treasuries

-

8.4%

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

United

States

Treasury

Notes

2.000%

due

02/15/25

4,182

4,059

0.500%

due

03/31/25

1,445

1,374

0.375%

due

04/30/25

(Þ)

605

573

2.125%

due

05/15/25

1,868

1,808

0.250%

due

06/30/25

1,150

1,080

2.000%

due

08/15/25

1,227

1,181

0.250%

due

09/30/25

1,301

1,212

3.000%

due

10/31/25

771

753

2.250%

due

11/15/25

1,727

1,663

4.875%

due

11/30/25

10

10

1.625%

due

02/15/26

1,998

1,893

2.250%

due

03/31/26

2,237

2,146

1.625%

due

05/15/26

1,918

1,810

1.500%

due

08/15/26

2,677

2,505

1.625%

due

09/30/26

2,330

2,185

2.375%

due

05/15/27

1,490

1,415

0.500%

due

05/31/27

1,673

1,490

0.375%

due

07/31/27

(Þ)

1,597

1,409

0.500%

due

08/31/27

1,215

1,073

4.125%

due

09/30/27

1,814

1,825

0.750%

due

01/31/28

1,272

1,121

2.750%

due

02/15/28

2,074

1,983

1.250%

due

03/31/28

1,267

1,136

2.875%

due

05/15/28

1,298

1,245

2.875%

due

08/15/28

1,398

1,338

3.125%

due

11/15/28

2,030

1,961

5.250%

due

11/15/28

1,538

1,631

4.375%

due

11/30/28

(Þ)

1,030

1,054

2.375%

due

05/15/29

1,950

1,807

4.000%

due

10/31/29

1,071

1,076

1.750%

due

11/15/29

1,963

1,752

0.625%

due

08/15/30

(Þ)

2,294

1,861

0.875%

due

11/15/30

2,764

2,271

4.375%

due

11/30/30

230

236

1.875%

due

02/15/32

2,411

2,073

2.750%

due

08/15/32

1,815

1,662

3.375%

due

05/15/33

1,724

1,654

3.875%

due

08/15/33

60

60

4.500%

due

11/15/33

(Þ)

1,995

2,094

1.125%

due

08/15/40

1,166

744

1.375%

due

11/15/40

1,156

767

2.750%

due

11/15/42

780

631

3.125%

due

02/15/43

538

460

2.875%

due

05/15/43

764

627

4.375%

due

08/15/43

60

61

4.750%

due

11/15/43

220

236

3.625%

due

02/15/44

660

605

3.125%

due

08/15/44

773

655

2.875%

due

08/15/45

779

628

3.000%

due

05/15/47

848

693

2.750%

due

11/15/47

919

715

3.000%

due

02/15/48

952

776

3.125%

due

05/15/48

593

494

3.375%

due

11/15/48

549

478

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

106

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.875%

due

05/15/49

(Þ)

1,054

838

1.250%

due

05/15/50

1,626

876

2.375%

due

05/15/51

925

660

2.000%

due

08/15/51

1,322

863

1.875%

due

11/15/51

1,145

724

4.000%

due

11/15/52

780

770

4.125%

due

08/15/53

(Þ)

10

10

72,790

Total

Long-Term

Investments

(cost

$701,276)

676,821

Common

Stocks

-

0.0%

Technology

-

0.0%

Sungard

Availability

Services

Capital,

LP(Æ)(Š)

1,760

—

Total

Common

Stocks

(cost

$44)

—

Preferred

Stocks

-

0.0%

Financial

Services

-

0.0%

KeyCorp

6.200%

due

12/15/27(¢)

6,942

149

Prudential

Financial,

Inc.

5.950%

due

09/01/27(¢)

950

24

173

Total

Preferred

Stocks

(cost

$197)

173

Short-Term

Investments

-

26.7%

Africa

Finance

Corp.

Series

REGS

3.875%

due

04/13/24

(Þ)

900

893

Agence

Francaise

de

Developpement

EPIC

Series

EMTN

5.727%

due

11/19/24

(SOFR

+

1.000%)(Ê)(Þ)

1,200

1,207

Air

Lease

Corp.

Series

MTN

0.700%

due

02/15/24

130

129

Aviation

Capital

Group

LLC

5.500%

due

12/15/24

(Þ)

140

139

Avolon

Holdings

Funding,

Ltd.

3.950%

due

07/01/24

(Þ)

20

20

Citizens

Financial

Group,

Inc.

4.023%

due

10/01/24

(Þ)

200

195

CPPIB

Capital,

Inc.

4.125%

due

10/21/24

(Þ)

950

942

DAE

Funding

LLC

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.550%

due

08/01/24

(Þ)

220

214

DISH

DBS

Corp.

Series

WI

5.875%

due

11/15/24

80

75

DISH

Network

Corp.

2.375%

due

03/15/24

(Ñ)(Þ)

450

445

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2014-C03

Class

1M2

3.168%

due

07/25/24

(USD

1

Month

LIBOR

+

3.000%)(Ê)

89

90

Ford

Motor

Credit

Co.

LLC

3.664%

due

09/08/24

(Þ)

200

197

Intesa

Sanpaolo

SpA

5.017%

due

06/26/24

(Þ)

510

505

National

General

Holdings

Corp.

6.750%

due

05/15/24

(Þ)

610

611

Newell

Brands,

Inc.

4.000%

due

12/01/24

170

167

Nissan

Motor

Acceptance

Corp.

1.050%

due

03/08/24

(Þ)

180

178

Occidental

Petroleum

Corp.

6.950%

due

07/01/24

(Þ)

5

5

Petroleos

Mexicanos

Series

REGS

7.190%

due

09/12/24

(Þ)

MXN

70,822

3,978

QVC,

Inc.

4.850%

due

04/01/24

280

277

Senior

Housing

Properties

Trust

4.750%

due

05/01/24

120

120

Spirit

Airlines

Pass

Through

Trust

Series

2015-1

Class

B

4.450%

due

04/01/24

56

55

Sprint

LLC

Series

WI

7.125%

due

06/15/24

100

100

TD

SYNNEX

Corp.

Series

WI

1.250%

due

08/09/24

350

341

U.S.

Cash

Management

Fund(@)

115,258,301(∞)

115,224

United

States

Treasury

Bills

2.688%

due

01/04/24

(ž)(ç)

100

100

United

States

Treasury

Notes

2.750%

due

02/15/24

26,000

25,918

2.250%

due

03/31/24

43,300

42,977

2.000%

due

04/30/24

27,500

27,212

2.500%

due

04/30/24

(Þ)

9,000

8,918

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

3.750%

due

09/17/24

(Þ)

600

589

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

107

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Wynn

Macau,

Ltd.

4.875%

due

10/01/24

(Þ)

390

385

Total

Short-Term

Investments

(cost

$231,749)

232,206

Other

Securities

-

0.1%

U.S.

Cash

Collateral

Fund(@)(×)

1,147,545

(∞)

1,148

Total

Other

Securities

(cost

$1,148)

1,148

Total

Investments

-

104.7%

(identified

cost

$934,414)

910,348

Other

Assets

and

Liabilities,

Net

-

(4.7)%

(41,160)

Net

Assets

-

100.0%

869,188

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

108

Strategic

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

46.2

%

ABN

AMRO

Bank

NV

02/04/22

1,040,000

101.36

1,054

1,019

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

10/21/21

150,000

99.69

150

131

AES

Panama

Generation

Holdings

SRL

08/03/23

832,816

87.25

727

700

Africa

Finance

Corp.

11/02/21

393,000

102.43

403

378

Africa

Finance

Corp.

09/13/22

800,000

97.27

778

763

Africa

Finance

Corp.

09/13/22

900,000

99.54

896

893

African

Export-Import

Bank

(The)

05/10/21

200,000

100.00

200

184

Agence

Francaise

de

Developpement

EPIC

09/13/22

1,200,000

100.68

1,208

1,207

Air

Canada

Pass

Through

Trust

10/17/23

31,383

94.95

30

30

Air

Lease

Corp.

06/17/20

240,000

101.48

244

232

Air

Lease

Corp.

05/17/21

30,000

99.60

30

28

Aircastle

,

Ltd.

08/03/22

1,007,000

87.06

877

898

Aircastle

,

Ltd.

08/03/23

585,000

98.03

573

577

Alaska

Airlines

Pass-Through

Trust

04/05/23

76,484

96.88

74

74

Albertsons

Cos.

LLC

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

09/20/23

160,000

97.04

155

160

Alcoa

Nederland

Holding

BV

01/24/23

200,000

98.65

197

195

Alcon

Finance

Corp.

12/11/23

280,000

93.00

260

263

Alexandria

Real

Estate

Equities,

Inc.

04/09/21

150,000

93.86

141

99

Alimentation

Couche-Tard,

Inc.

09/19/17

1,642,000

96.61

1,586

1,580

Allegro

CLO

XI,

Ltd.

11/09/23

2,252,604

100.00

2,253

2,251

Alternative

Loan

Trust

01/19/17

223,349

83.38

186

142

Altria

Group,

Inc.

07/09/13

22,000

140.15

31

31

Altria

Group,

Inc.

03/25/20

70,000

84.87

59

52

Altria

Group,

Inc.

04/12/21

210,000

89.52

188

171

Amcor

PLC

08/03/23

1,065,000

95.35

1,015

1,028

American

Airlines

Group,

Inc.

04/12/21

133,333

100.58

134

132

American

Airlines

Group,

Inc.

02/08/23

250,000

99.74

249

253

American

Airlines

Group,

Inc.

11/17/23

70,000

100.02

70

74

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

06/01/22

131,750

97.39

128

128

American

Tower

Trust

#1

06/21/23

1,408,000

100.58

1,416

1,428

American

Transmission

Systems,

Inc.

11/29/21

50,000

99.77

50

42

Americo

Life,

Inc.

04/12/21

70,000

99.79

70

55

AmFam

Holdings,

Inc.

04/09/21

80,000

103.26

83

49

AmFam

Holdings,

Inc.

04/12/21

100,000

100.11

100

77

Amur

Equipment

Finance

Receivables

X

LLC

10/25/23

1,098,962

96.53

1,061

1,067

Amur

Equipment

Finance

Receivables

XI

LLC

09/14/22

1,423,545

99.98

1,423

1,419

Amur

Equipment

Finance

Receivables

XII

LLC

06/22/23

1,793,599

99.99

1,793

1,808

Andorra

Government

International

Bond

04/28/21

EUR

3,500,000

115.54

4,044

3,300

Antero

Midstream

Partners,

LP

/

Antero

Midstream

Finance

Corp.

01/26/23

70,000

102.22

72

72

AP

Moller

-

Maersk

A/S

09/11/23

240,000

99.60

239

250

Apache

Corp.

10/28/16

40,000

64.04

26

31

Apidos

CLO

XXVI

08/01/23

250,000

99.25

248

249

Arbor

Realty

CLO,

Ltd.

05/26/21

1,029,000

100.00

1,029

1,022

Arbor

Realty

CLO,

Ltd.

01/26/22

3,050,000

100.00

3,050

3,031

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

09/20/21

5,030,000

100.00

5,030

4,977

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

05/05/22

2,638,000

100.00

2,638

2,638

Ares

Capital

Corp.

04/07/20

1,555,000

94.37

1,467

1,490

Avery

Dennison

Corp.

07/06/22

831,000

87.63

728

734

Aviation

Capital

Group

LLC

04/13/21

140,000

103.38

145

139

Aviation

Capital

Group

LLC

12/11/23

554,000

89.02

493

503

Avolon

Holdings

Funding,

Ltd.

04/12/21

100,000

100.28

100

96

Avolon

Holdings

Funding,

Ltd.

04/12/21

20,000

100.82

20

20

Bank

of

America

Corp.

05/15/19

30,000

102.91

31

29

Bank

of

America

Corp.

07/15/21

240,000

100.00

240

196

Bank

of

America

Corp.

04/21/22

130,000

100.00

130

127

Bank

of

Nova

Scotia

(The)

04/06/22

717,000

82.12

589

641

Bank

of

Nova

Scotia

(The)

10/17/22

200,000

100.00

200

208

Bank

of

Nova

Scotia

(The)

09/12/23

957,000

97.18

930

941

Banque

Ouest

Africaine

de

Developpement

02/23/21

EUR

1,382,000

91.64

1,266

1,163

Barclays

PLC

08/03/23

1,360,000

97.43

1,325

1,351

Barrick

NA

Finance

LLC

06/13/16

100,000

107.77

108

105

BAT

Capital

Corp.

08/07/23

733,000

97.48

715

726

Bayer

US

Finance

II

LLC

12/07/23

1,015,000

96.67

981

989

BDS,

Ltd.

04/04/22

3,822,000

100.00

3,822

3,811

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

109

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

$

$

$

Bellemeade

Re,

Ltd.

09/23/21

2,380,000

100.00

2,380

2,363

Bellemeade

Re,

Ltd.

10/18/23

1,426,000

100.00

1,426

1,426

Berry

Global,

Inc.

03/06/23

825,000

97.04

801

811

Berry

Global,

Inc.

08/03/23

819,000

91.86

752

761

Berry

Petroleum

Corp.

04/13/21

210,000

98.89

208

203

Bharti

Airtel,

Ltd.

09/13/21

708,000

103.40

732

698

Blackstone

Holdings

Finance

Co.

LLC

10/31/22

190,000

99.84

190

203

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

01/24/23

230,000

100.90

232

233

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

02/01/23

60,000

98.67

59

59

BNP

Paribas

SA

06/02/20

799,000

94.45

755

763

BNP

Paribas

SA

06/10/20

722,000

105.75

763

707

BNP

Paribas

SA

08/08/22

360,000

100.00

360

367

BNP

Paribas

SA

11/09/22

200,000

100.00

200

214

BNP

Paribas

SA

08/07/23

200,000

100.00

200

209

BNP

Paribas

SA

09/12/23

124,000

90.25

112

116

BNP

Paribas

SA

11/28/23

260,000

100.00

260

272

Boardwalk

Pipelines,

LP

08/03/23

768,000

95.63

734

752

Boeing

Co.

(The)

04/30/19

60,000

99.26

60

56

Boeing

Co.

(The)

07/29/19

90,000

91.43

82

76

Boeing

Co.

(The)

07/29/19

40,000

99.88

40

38

Boeing

Co.

(The)

04/30/20

220,000

100.00

220

219

Boeing

Co.

(The)

04/30/20

190,000

100.00

190

193

Boeing

Co.

(The)

04/30/20

90,000

100.00

90

93

Bon

Secours

Mercy

Health,

Inc.

04/12/21

50,000

106.14

53

46

BRAVO

Residential

Funding

Trust

08/03/23

162,153

100.00

162

163

BRAVO

Residential

Funding

Trust

08/03/23

104,922

100.00

105

106

Brighthouse

Financial,

Inc.

09/12/23

509,000

72.77

370

405

Bristol

Park

CLO,

Ltd.

06/08/23

250,000

98.22

246

249

Bristol-Myers

Squibb

Co.

11/20/19

380,000

104.81

398

373

Bristol-Myers

Squibb

Co.

04/09/21

40,000

93.56

37

28

British

Airways

Pass-Through

Trust

08/01/23

73,891

88.80

66

67

Broadcom,

Inc.

04/12/21

190,000

99.90

190

154

Broadcom,

Inc.

08/03/23

1,023,000

95.47

977

998

Brunswick

Corp.

12/07/23

215,000

75.43

162

168

Bunge,

Ltd.

Finance

Corp.

10/16/23

548,000

93.64

513

526

BX

Commercial

Mortgage

Trust

12/02/21

2,674,000

99.88

2,671

2,577

BX

Trust

09/13/23

563,908

99.82

563

562

CAMB

Commercial

Mortgage

Trust

01/25/19

987,000

100.11

988

947

CAMB

Commercial

Mortgage

Trust

10/22/21

3,322,000

102.76

3,414

2,750

Cameron

LNG

LLC

04/09/21

30,000

107.08

32

25

Canadian

Natural

Resources,

Ltd.

09/03/20

661,000

119.70

791

673

Carrier

Global

Corp.

11/15/23

140,000

99.84

140

151

Carrier

Global

Corp.

11/15/23

140,000

99.97

140

142

CCG

Receivables

Trust

11/17/23

1,284,398

99.69

1,280

1,292

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

04/14/20

10,000

101.38

10

9

Cencosud

SA

09/12/23

1,651,000

93.38

1,542

1,593

CF

Industries,

Inc.

12/07/23

1,324,000

97.25

1,288

1,295

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

04/09/21

100,000

96.37

96

71

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

08/03/23

930,000

98.56

917

921

Chesapeake

Energy

Corp.

05/12/22

270,000

98.21

265

268

Chesapeake

Energy

Corp.

08/17/23

230,000

98.82

227

232

Chile

Government

International

Bond

06/28/23

EUR

1,170,000

106.55

1,247

1,317

Chord

Energy

Corp.

02/01/23

80,000

99.00

79

80

CIFC

Funding,

Ltd.

02/01/23

809,132

99.39

804

809

Cigna

Corp.

04/09/21

30,000

98.39

29

29

Cigna

Corp.

04/12/21

40,000

99.89

40

35

Cimarex

Energy

Co.

11/03/21

130,000

105.58

137

110

Citigroup

Commercial

Mortgage

Trust

02/12/19

1,418,000

0.99

1,405

1,276

Citigroup,

Inc.

10/20/21

200,000

100.00

200

172

Citizens

Bank

NA

04/04/23

971,000

93.59

909

928

Citizens

Financial

Group,

Inc.

08/03/23

185,000

93.80

174

176

Citizens

Financial

Group,

Inc.

10/11/23

200,000

96.10

192

195

Columbia

Pipelines

Holding

Co.

LLC

08/02/23

30,000

100.00

30

31

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

110

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

$

$

$

Columbia

Pipelines

Holding

Co.

LLC

08/02/23

120,000

100.00

120

124

Columbia

Pipelines

Operating

Co.

LLC

08/02/23

122,000

100.65

123

135

Columbia

Pipelines

Operating

Co.

LLC

08/02/23

130,000

99.97

130

136

Columbia

Pipelines

Operating

Co.

LLC

09/12/23

241,000

99.51

240

258

Comcast

Corp.

04/02/20

30,000

102.96

31

20

Comision

Federal

de

Electricidad

04/12/21

200,000

97.53

195

166

Constellation

Energy

Generation

LLC

09/26/23

130,000

99.91

130

139

Continental

Resources,

Inc.

11/09/21

140,000

96.29

135

129

Continental

Resources,

Inc.

11/09/21

60,000

99.94

60

49

CORE

Mortgage

Trust

03/01/19

1,216,000

100.00

1,216

1,175

CPPIB

Capital,

Inc.

09/14/22

950,000

99.97

950

942

Credit

Agricole

SA

06/11/20

1,256,000

100.64

1,264

1,234

Credit

Agricole

SA

03/03/22

977,000

98.11

959

927

Credit

Agricole

SA

06/13/22

600,000

100.68

604

611

Credit

Agricole

SA

06/27/23

250,000

100.00

250

259

Credit

Agricole

SA

06/27/23

250,000

100.08

250

254

Credit

Suisse

Mortgage

Capital

Certificates

10/05/22

2,478,833

98.88

2,451

2,479

Credit

Suisse

Mortgage

Trust

05/28/19

1,278,818

100.00

1,279

1,270

CSL

UK

Holdings,

Ltd.

04/20/22

70,000

99.69

70

68

CSL

UK

Holdings,

Ltd.

04/20/22

30,000

99.83

30

29

CSL

UK

Holdings,

Ltd.

04/20/22

40,000

99.93

40

39

CVS

Health

Corp.

08/09/21

120,000

99.51

119

99

DAE

Funding

LLC

06/15/21

220,000

99.89

220

214

Danske

Bank

A/S

09/07/21

200,000

100.00

200

180

Danske

Bank

A/S

03/03/22

270,000

95.06

257

261

Danske

Bank

A/S

03/28/22

200,000

100.00

200

199

Danske

Bank

A/S

03/28/22

430,000

100.00

430

417

Danske

Bank

A/S

01/04/23

430,000

100.00

430

433

Danske

Bank

A/S

08/03/23

1,469,000

91.83

1,349

1,371

DBGS

Mortgage

Trust

04/03/19

985,000

101.09

996

695

DCP

Midstream

Operating,

LP

12/11/19

50,000

106.95

53

53

DCP

Midstream

Operating,

LP

11/06/23

202,000

101.13

204

222

Delta

Air

Lines,

Inc.

06/10/20

50,000

99.99

50

52

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

09/16/20

190,000

100.48

191

187

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

09/16/20

104,166

99.98

104

103

Deutsche

Bank

AG

03/06/23

822,000

98.07

806

807

Deutsche

Mortgage

Securities,

Inc.

Re-REMIC

Trust

01/04/17

218,290

100.44

219

187

Discover

Financial

Services

08/03/23

960,000

93.59

898

921

DISH

Network

Corp.

05/13/22

450,000

98.37

443

445

DLLAA

LLC

07/25/23

1,676,000

100.00

1,676

1,704

DNB

Bank

ASA

12/07/23

1,139,000

92.33

1,052

1,057

DTE

Energy

Co.

08/03/23

793,000

93.42

741

750

Duke

Energy

Florida

LLC

11/06/23

160,000

99.82

160

172

Eagle

RE,

Ltd.

10/29/21

1,481,211

100.00

1,481

1,484

Eagle

RE,

Ltd.

04/13/23

2,000,957

102.00

2,041

2,045

Eagle

RE,

Ltd.

11/15/23

1,060,000

103.99

1,102

1,101

Edison

International

08/07/23

462,000

100.63

465

472

Element

Fleet

Management

Corp.

08/07/23

1,415,000

100.45

1,421

1,441

Elevance

Health,

Inc.

04/09/21

10,000

116.57

12

9

ELP

Commercial

Mortgage

Trust

11/01/21

2,547,035

98.38

2,506

2,474

EMF-UK

PLC

06/24/22

GBP

435,252

120.97

527

548

Endeavor

Energy

Resources,

LP

/

EER

Finance,

Inc.

01/24/23

40,000

98.75

39

40

Enel

Finance

International

NV

01/05/18

706,000

100.61

710

662

Enel

Finance

International

NV

10/06/22

623,000

101.91

635

639

Enel

Finance

International

NV

08/07/23

779,000

104.73

816

831

Enel

Finance

International

NV

12/07/23

157,000

90.49

142

143

Energy

Transfer

Operating,

LP

10/10/23

290,000

99.89

290

310

Energy

Transfer

Operating,

LP

12/05/23

20,000

103.50

21

21

Energy

Transfer,

LP

01/09/19

30,000

102.14

31

31

Energy

Transfer,

LP

11/07/23

790,000

98.29

776

797

Enterprise

Products

Operating

LLC

12/03/19

20,000

137.68

28

24

Enterprise

Products

Operating

LLC

02/26/20

60,000

99.36

60

48

Enterprise

Products

Operating

LLC

09/07/21

30,000

99.21

30

22

EQM

Midstream

Partners,

LP

05/31/22

40,000

100.00

40

41

EQT

Corp.

05/10/21

30,000

100.00

30

27

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

111

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

$

$

$

EQT

Corp.

05/10/21

937,000

94.31

875

889

Eurosail

PLC

02/27/23

790,487

97.77

773

781

Eurosail

PRIME-UK

PLC

03/25/21

GBP

330,683

135.22

447

415

Eurosail

-UK

PLC

01/21/21

GBP

470,407

135.66

638

591

Export-Import

Bank

of

Korea

(The)

01/04/23

1,160,000

99.79

1,158

1,163

Exxon

Mobil

Corp.

04/03/20

10,000

119.71

12

9

F&G

Annuities

&

Life,

Inc.

02/06/23

807,000

102.19

825

832

Fannie

Mae

05/19/04

2,179

97.88

2

2

Fannie

Mae

06/07/06

396

97.79

—

—

Fannie

Mae

05/25/11

188,250

100.23

189

184

Fannie

Mae

06/08/12

6,179

105.84

6

6

Fannie

Mae

06/19/12

51,560

106.43

55

54

Fannie

Mae

04/25/13

54,107

106.17

57

57

Fannie

Mae

03/07/14

59,255

107.40

64

61

Fannie

Mae

03/27/14

35,007

106.85

37

36

Fannie

Mae

05/03/17

41,581

104.36

43

40

Fannie

Mae

11/01/18

53,287

103.97

55

53

Fannie

Mae

04/11/19

103,320

101.77

105

98

Fannie

Mae

12/18/19

408,515

101.75

416

368

Fannie

Mae

04/06/20

258,121

107.91

279

254

Fannie

Mae

04/15/20

66,437

108.21

72

66

Fannie

Mae

06/10/20

2,056,920

105.71

2,174

1,843

Fannie

Mae

01/04/21

145,969

106.11

155

126

Fannie

Mae

01/20/21

6,204,986

101.91

6,307

5,080

Fannie

Mae

01/05/23

15,500,000

100.82

15,627

15,569

Fannie

Mae

12/27/23

2,236,518

99.06

2,216

2,214

Fannie

Mae

Connecticut

Avenue

Securities

Trust

11/16/23

153,438

100.00

153

154

Fannie

Mae

Connecticut

Avenue

Securities

Trust

11/16/23

180,000

100.00

180

184

Fannie

Mae

REMICS

07/13/06

2,561

100.71

3

3

Ferguson

PLC

12/06/22

906,000

95.55

866

892

Fifth

Third

Bancorp

12/07/23

1,050,000

95.07

998

1,010

Finsbury

Square

09/21/22

GBP

981,954

119.63

1,175

1,247

First

Quantum

Minerals,

Ltd.

01/30/23

200,000

96.70

193

170

Florida

Gas

Transmission

Co.

LLC

09/15/21

320,000

99.94

320

263

Ford

Motor

Credit

Co.

LLC

10/18/22

200,000

97.83

196

197

Fortis,

Inc.

08/07/23

1,417,000

93.77

1,329

1,345

Fox

Corp.

10/05/23

110,000

99.22

109

119

Freddie

Mac

10/02/08

14,413

99.91

14

15

Freddie

Mac

07/08/11

72,949

102.63

75

73

Freddie

Mac

09/23/15

187,817

105.26

198

181

Freddie

Mac

01/10/17

189,963

99.81

190

173

Freddie

Mac

07/09/19

74,859

101.16

76

67

Freddie

Mac

08/19/20

620,009

106.55

661

552

Freddie

Mac

01/20/21

953,153

103.11

983

785

Freddie

Mac

04/27/21

904,858

100.80

912

740

Freddie

Mac

05/31/23

4,831,981

99.94

4,829

4,852

Freddie

Mac

REMICS

04/08/13

33,362

102.60

34

31

Freeport

Indonesia

PT

09/12/23

427,000

87.78

375

423

Fresenius

Medical

Care

AG

&

Co.

KGaA

02/06/23

1,184,000

89.50

1,060

1,070

Fresnillo

PLC

04/09/21

260,000

98.48

256

199

FS

Commercial

Mortgage

Trust

10/19/23

130,000

100.00

130

135

Full

House

Resorts

11/16/23

30,000

90.40

27

28

Gartner,

Inc.

12/07/23

842,000

94.64

797

798

Genting

New

York

LLC

04/13/21

400,000

96.33

385

364

Genworth

Mortgage

Holdings,

Inc.

08/03/23

1,314,000

99.17

1,303

1,310

GFL

Environmental,

Inc.

2023

First

Lien

Term

Loan

09/22/23

8,426

99.17

8

8

Ginnie

Mae

II

12/14/23

13,340,000

100.54

13,411

13,436

Ginnie

Mae

II

12/14/23

10,700,000

102.28

10,944

10,953

Glencore

Funding

LLC

01/16/19

100,000

96.47

96

96

Glencore

Funding

LLC

04/13/21

90,000

100.18

90

85

Glencore

Funding

LLC

05/02/23

130,000

99.97

130

132

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

03/26/19

1,253,000

100.03

1,253

1,245

GoldenTree

Loan

Opportunities

IX,

Ltd.

05/26/23

260,000

98.53

256

260

Goldman

Sachs

BDC,

Inc.

10/11/22

860,000

93.61

805

819

Goldman

Sachs

Group,

Inc.

(The)

04/12/21

40,000

107.59

43

38

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

112

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

$

$

$

GoodLeap

Sustainable

Home

Improvements

10/21/21

882,564

99.99

882

688

GoodLeap

Sustainable

Home

Solutions

Trust

01/24/22

804,883

99.98

805

636

Greenpoint

Manufactured

Housing

Contract

Trust

06/16/17

450,000

99.72

449

433

GS

Mortgage

Securities

Trust

08/04/23

120,000

95.84

115

117

GS

Mortgage

Securities

Trust

08/04/23

1,999,000

95.85

1,916

1,943

Hellenic

Republic

Government

International

Bond

07/11/23

EUR

2,138,000

108.62

2,322

2,593

Hellenic

Republic

Government

International

Bond

12/04/23

EUR

691,000

114.50

791

832

Hercules

Capital,

Inc.

08/04/22

966,000

91.03

879

879

HGI

CRE

CLO,

Ltd.

09/17/21

1,362,824

100.00

1,363

1,344

Highlands

Holdings

Bond

Issuer,

Ltd.

/

Highlands

Holdings

Bond

Co.-Issuer,

Inc.

04/12/21

502,143

102.05

512

510

Hilton

Grand

Vacations

Trust

08/01/23

90,016

99.98

90

91

HMH

Trust

06/09/17

1,170,000

99.97

1,170

547

Home

RE,

Ltd.

08/09/22

914,870

102.16

935

920

HSBC

Holdings

PLC

04/16/21

669,000

132.03

883

746

HSBC

Holdings

PLC

08/07/23

639,000

96.25

615

620

Humana,

Inc.

06/13/16

20,000

103.10

21

18

Huntington

Ingalls

Industries,

Inc.

10/25/22

790,000

91.54

723

747

Huntsman

International

LLC

02/06/23

799,000

94.08

752

770

ILFC

E-Capital

Trust

I

08/12/22

200,000

65.02

130

148

ILFC

E-Capital

Trust

II

08/12/22

350,000

69.48

243

271

Imperial

Brands

Finance

PLC

08/07/23

1,410,000

95.00

1,339

1,345

Infraestructura

Energetica

Nova

SAPI

de

CV

07/06/22

892,000

93.50

834

831

ING

Groep

NV

08/07/23

1,356,000

97.46

1,322

1,329

ING

Groep

NV

12/07/23

145,000

93.53

136

136

Intel

Corp.

08/10/21

40,000

99.92

40

30

Intel

Corp.

08/02/22

50,000

99.80

50

49

International

Flavors

&

Fragrances,

Inc.

06/02/22

919,000

95.39

877

851

International

Flavors

&

Fragrances,

Inc.

10/03/23

1,032,000

56.23

580

704

Intesa

Sanpaolo

SpA

06/14/22

510,000

98.03

500

505

Intesa

Sanpaolo

SpA

11/14/22

1,035,000

100.81

1,049

1,060

Intesa

Sanpaolo

SpA

11/20/23

350,000

99.90

350

373

Intesa

Sanpaolo

SpA

12/11/23

86,000

103.98

89

94

Intuit,

Inc.

09/12/23

210,000

99.44

209

220

IQVIA,

Inc.

08/07/23

633,000

99.85

632

645

Israel

Government

International

Bond

11/07/23

EUR

2,787,000

76.07

2,120

2,363

Jackson

National

Life

Global

Funding

12/11/23

1,146,000

93.19

1,068

1,080

JDE

Peet's

NV

09/12/23

1,767,000

87.89

1,553

1,588

Jersey

Central

Power

&

Light

Co.

08/07/23

646,000

97.45

630

632

JetBlue

Airways

Corp.

05/02/23

1,825,417

85.45

1,560

1,540

JetBlue

Airways

Corp.

07/12/23

1,469,947

92.09

1,354

1,346

JM

Smucker

Co.

(The)

10/11/23

160,000

99.94

160

175

Jordan

Government

International

Bond

06/14/22

310,000

96.56

299

303

JPMorgan

Chase

&

Co.

12/19/18

40,000

99.74

40

39

JPMorgan

Chase

&

Co.

04/09/21

30,000

116.57

35

26

JPMorgan

Chase

&

Co.

05/05/21

70,000

100.00

70

64

JPMorgan

Chase

&

Co.

10/16/23

60,000

100.00

60

65

JPMorgan

Chase

&

Co.

12/05/23

250,000

100.00

250

252

JPMorgan

Mortgage

Trust

06/05/20

81,561

102.89

84

73

JPMorgan

Mortgage

Trust

03/30/21

136,770

102.00

139

120

JPMorgan

Mortgage

Trust

04/26/21

3,441,254

102.14

3,515

3,122

JPMorgan

Mortgage

Trust

06/24/21

2,913,821

102.42

2,984

2,639

JPMorgan

Mortgage

Trust

01/26/22

2,762,705

99.13

2,739

2,388

JPMorgan

Mortgage

Trust

02/24/22

1,279,420

97.59

1,249

1,105

JPMorgan

Mortgage

Trust

03/23/22

2,779,668

96.20

2,674

2,401

JPMorgan

Mortgage

Trust

04/27/22

1,338,772

95.73

1,282

1,183

JPMorgan

Mortgage

Trust

04/20/23

743,402

88.48

658

648

JPMorgan

Mortgage

Trust

09/27/23

1,873,098

100.00

1,873

1,880

Kaiser

Foundation

Hospitals

04/12/21

30,000

104.94

31

23

Kenvue

,

Inc.

03/08/23

30,000

99.37

30

31

Keysight

Technologies,

Inc.

10/16/23

1,353,000

96.23

1,302

1,348

KKR

Group

Finance

Co.

II

LLC

02/20/15

10,000

108.69

11

10

KLA

Corp.

06/21/22

20,000

99.10

20

20

KLA

Corp.

06/21/22

80,000

99.95

80

82

Kookmin

Bank

08/05/21

714,000

106.07

757

700

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

113

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

$

$

$

Kraft

Heinz

Foods

Co.

10/16/23

192,000

85.14

163

188

Lam

Research

Corp.

04/12/21

90,000

98.61

89

77

Lamar

Funding,

Ltd.

07/26/22

200,000

97.67

195

195

LCM

XXIII,

Ltd.

01/29/20

518,664

100.00

519

519

Lithia

Motors,

Inc.

06/04/21

50,000

102.30

51

45

Lithia

Motors,

Inc.

06/07/21

60,000

103.57

62

58

Lloyds

Banking

Group

PLC

09/06/22

827,000

98.54

815

809

Lockheed

Martin

Corp.

06/14/16

10,000

108.87

11

10

Lockheed

Martin

Corp.

04/12/21

40,000

98.79

39

34

Lowe's

Cos.,

Inc.

09/13/21

50,000

99.90

50

37

LPL

Holdings,

Inc.

12/11/23

811,000

94.69

768

783

Lunar

Structured

Aircraft

Portfolio

Notes

12/11/23

202,564

86.34

175

175

Madison

Park

Funding

XVIII,

Ltd.

12/01/21

1,878,741

100.00

1,879

1,878

Magnetite

XV,

Ltd.

10/04/22

526,027

98.26

517

524

Magnetite

XVII,

Ltd.

09/20/23

250,000

99.56

249

249

Magnetite

XXIX,

Ltd.

10/19/23

250,000

98.24

246

248

Mars,

Inc.

04/09/21

160,000

94.08

151

115

Massachusetts

Mutual

Life

Insurance

Co.

04/09/21

50,000

100.35

50

36

Mattel,

Inc.

08/07/23

1,533,000

94.07

1,442

1,458

McDonald's

Corp.

04/16/21

40,000

117.14

47

37

McDonald's

Corp.

08/07/23

120,000

95.22

114

122

Melco

Resorts

Finance,

Ltd.

04/12/21

240,000

104.16

250

211

Meritage

Homes

Corp.

12/11/23

539,000

97.01

523

531

Metropolitan

Edison

Co.

03/28/23

100,000

99.88

100

101

Metropolitan

Life

Global

Funding

I

03/21/23

150,000

99.87

150

153

MF1

LLC

05/13/22

3,993,000

99.10

3,957

3,993

MF1

LLC

09/29/23

4,885,000

99.51

4,861

4,885

MHC

Commercial

Mortgage

Trust

04/06/21

4,614,300

99.22

4,578

4,565

Micron

Technology,

Inc.

10/18/21

70,000

100.00

70

59

Midwest

Connector

Capital

Co.

LLC

11/06/23

609,000

91.66

558

586

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

06/25/20

77,000

99.67

77

77

MISC

Capital

Two

Labuan,

Ltd.

09/12/23

791,000

93.74

741

761

Monongahela

Power

Co.

09/12/23

350,000

99.82

349

367

Morgan

Stanley

01/17/23

90,000

100.00

90

91

Morgan

Stanley

04/19/23

250,000

100.00

250

250

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

5,418,000

0.30

16

16

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

8,761,000

1.12

98

98

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

1,500,000

97.70

1,465

1,061

MPLX,

LP

11/07/18

10,000

99.68

10

10

MPLX,

LP

09/12/23

1,697,000

91.78

1,557

1,587

MVW

LLC

09/13/23

78,828

90.64

71

72

National

General

Holdings

Corp.

11/01/22

610,000

100.14

611

611

NBCUniversal

Media

LLC

07/21/21

7,000

122.42

9

6

NBK

Tier

1

Financing

2,

Ltd.

02/06/23

779,000

94.76

738

746

Neuberger

Berman

CLO

XV,

Ltd.

08/31/21

1,294,853

100.00

1,295

1,293

New

York

Life

Global

Funding

01/24/23

80,000

99.83

80

79

New

York

Life

Insurance

Co.

04/09/21

100,000

107.51

107

80

New

York

State

Electric

&

Gas

Corp.

10/16/23

1,133,000

92.63

1,050

1,068

Newgate

Funding

PLC

05/04/21

EUR

1,899,704

118.13

2,244

2,013

NextEra

Energy

Capital

Holdings,

Inc.

06/02/22

978,000

85.61

837

828

NGPL

PipeCo

LLC

09/26/19

553,000

125.32

693

615

Nippon

Life

Insurance

Co.

04/09/21

250,000

96.35

241

207

Nissan

Motor

Acceptance

Co.

LLC

09/12/23

40,000

87.75

35

36

Nissan

Motor

Acceptance

Corp.

11/03/22

180,000

98.92

178

178

Nissan

Motor

Co.,

Ltd.

09/10/20

200,000

96.33

193

193

Nokia

OYJ

03/06/23

1,523,000

95.14

1,449

1,475

Northwestern

Mutual

Life

Insurance

Co.

(The)

04/09/21

160,000

101.59

163

119

Northwestern

Mutual

Life

Insurance

Co.

(The)

04/09/21

80,000

103.91

83

59

NRG

Energy,

Inc.

04/12/21

320,000

99.94

320

289

Oaktown

Re

III,

Ltd.

01/26/21

442,990

100.34

444

444

Oaktown

Re

VI,

Ltd.

04/14/21

788,585

100.00

789

790

Oaktown

Re

VII,

Ltd.

10/15/21

512,245

100.00

512

512

Oaktown

Re,

Ltd.

09/28/21

1,475,000

101.62

1,499

1,502

Occidental

Petroleum

Corp.

09/12/19

5,000

101.91

5

5

Occidental

Petroleum

Corp.

09/12/19

280,000

100.82

280

282

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

114

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

$

$

$

Occidental

Petroleum

Corp.

08/29/23

90,000

110.61

100

102

OCP

SA

06/10/21

200,000

99.50

199

172

Ohio

Edison

Co.

09/22/22

90,000

99.81

90

91

Omega

Healthcare

Investors,

Inc.

03/06/23

779,000

95.17

741

747

Omega

Healthcare

Investors,

Inc.

12/07/23

840,000

98.47

827

835

Oncor

Electric

Delivery

Co.

LLC

11/08/23

190,000

99.83

190

202

OneSky

Loan

Trust

02/03/22

2,575,145

101.27

2,608

2,385

Onslow

Bay

Financial

LLC

09/18/23

194,071

100.00

194

198

Open

Text

Corp.

08/07/23

783,000

101.49

795

814

Oracle

Corp.

10/05/21

70,000

105.95

74

56

Owl

Rock

Capital

Corp.

08/07/23

600,000

94.98

570

575

Pacific

Gas

and

Electric

Co.

06/16/20

50,000

99.93

50

41

Pacific

Gas

and

Electric

Co.

08/07/23

327,000

98.29

321

325

Pacific

Gas

and

Electric

Co.

11/06/23

200,000

99.75

199

220

Parkmore

Point

RMBS

PLC

02/07/23

GBP

1,786,226

118.40

2,115

2,282

Parsley

Energy

LLC

/

Parsley

Finance

Corp.

09/25/20

10,000

95.30

10

10

Pennsylvania

Electric

Co.

03/28/23

680,000

99.41

674

679

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

09/12/23

204,000

89.97

184

188

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

11/06/23

646,000

94.20

609

630

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

12/07/23

398,000

95.58

380

385

Permian

Resources

Corp.

12/07/23

130,000

99.28

129

130

Petrobras

Global

Finance

BV

04/09/21

150,000

110.31

165

149

Petroleos

del

Peru

SA

04/09/21

200,000

105.87

212

122

Petroleos

Mexicanos

02/23/21

MXN

70,821,800

4.96

3,515

3,978

PFS

Financing

Corp.

08/08/23

1,372,000

99.99

1,372

1,387

PG&E

Wildfire

Recovery

Funding

LLC

07/13/22

30,000

100.00

30

30

Philip

Morris

International,

Inc.

04/29/20

70,000

99.59

70

60

Philip

Morris

International,

Inc.

08/25/21

664,000

137.91

916

743

Plains

All

American

Pipeline,

LP

04/09/21

250,000

82.28

206

242

PM

General

Purchaser

LLC

11/30/23

140,000

100.19

140

142

PNC

Financial

Services

Group,

Inc.

(The)

06/07/23

50,000

100.00

50

50

PNC

Financial

Services

Group,

Inc.

(The)

10/17/23

90,000

100.00

90

100

Polaris

PLC

09/29/23

GBP

1,001,938

122.50

1,227

1,283

Preston

Ridge

Partners

Mortgage

LLC

12/01/20

328,761

100.00

329

329

Preston

Ridge

Partners

Mortgage

LLC

04/28/21

616,247

100.00

616

601

Preston

Ridge

Partners

Mortgage

LLC

05/18/23

616,860

94.71

584

597

Preston

Ridge

Partners

Mortgage

LLC

05/24/23

536,154

95.05

510

519

Primrose

Residential

DAC

03/03/23

EUR

1,403,635

106.43

1,494

1,546

Prodigy

Finance

Designated

Activity

Co.

07/12/21

560,642

99.47

558

556

Prospect

Capital

Corp.

04/16/21

1,003,000

100.52

1,008

938

Prosus

NV

02/03/21

909,000

100.66

915

596

Provincia

de

Buenos

Aires

08/27/21

474,811

41.33

196

181

Provincia

de

Cordoba

04/12/21

133,336

69.50

93

121

Provincia

de

Cordoba

04/12/21

230,000

73.60

169

194

Prudential

Financial,

Inc.

09/12/23

1,023,000

90.50

926

948

Radian

Group,

Inc.

10/16/23

676,000

94.04

636

653

Radnor

RE,

Ltd.

11/05/21

290,808

100.00

291

291

Radnor

RE,

Ltd.

01/13/22

363,881

100.13

364

364

Radnor

RE,

Ltd.

07/27/23

1,285,000

100.00

1,285

1,293

Radnor

RE,

Ltd.

11/28/23

774,000

100.78

780

781

Raytheon

Technologies

Corp.

04/09/21

130,000

121.75

158

119

RCKT

Mortgage

Trust

09/13/23

924,018

99.99

924

937

Regal

Rexnord

Corp.

01/09/23

500,000

100.58

503

506

Reliance

Standard

Life

Global

Funding

II

09/12/23

310,000

88.11

273

277

Renesas

Electronics

Corp.

12/11/23

913,000

90.32

825

833

Renew

07/31/23

289,509

96.13

278

284

RMAC

Securities

No.

1

PLC

04/15/21

GBP

351,535

133.56

469

434

RMAC

Securities

No.

1

PLC

04/15/21

GBP

628,343

133.64

840

776

RMAC

Securities

No.

1

PLC

04/15/21

GBP

288,366

134.49

388

357

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

09/21/21

100,000

100.00

100

92

Romania

Government

International

Bond

02/23/21

EUR

1,845,000

103.67

1,913

1,365

Romania

Government

International

Bond

07/08/21

EUR

1,166,000

117.59

1,371

866

Romania

Government

International

Bond

08/03/21

EUR

1,124,000

85.36

959

831

Romania

Government

International

Bond

02/24/22

EUR

1,424,000

83.86

1,194

1,250

Romania

Government

International

Bond

02/24/22

EUR

2,638,000

86.16

2,273

2,347

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

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

$

$

$

Romania

Government

International

Bond

02/24/22

EUR

137,000

95.76

131

118

Romania

Government

International

Bond

02/24/22

EUR

424,000

99.44

422

392

Romania

Government

International

Bond

02/25/22

EUR

318,000

103.63

330

328

Romania

Government

International

Bond

03/01/22

EUR

166,000

104.57

174

156

Romania

Government

International

Bond

05/04/22

EUR

1,324,000

66.27

877

994

Romania

Government

International

Bond

07/20/22

EUR

80,000

83.54

67

76

Romania

Government

International

Bond

07/21/22

EUR

52,000

87.27

45

53

Romania

Government

International

Bond

09/21/22

EUR

1,718,000

94.78

1,628

1,859

Romania

Government

International

Bond

09/11/23

EUR

1,100,000

107.43

1,182

1,245

RTX

Corp.

11/06/23

450,000

99.81

449

488

S&P

Global,

Inc.

04/09/21

10,000

104.89

10

7

Santander

UK

Group

Holdings

PLC

03/05/19

701,000

100.79

706

686

Santander

UK

PLC

12/11/23

271,000

76.91

208

218

Sasol

Financing

USA

LLC

04/26/23

250,000

100.00

250

255

Saudi

Arabian

Oil

Co.

04/11/22

942,000

92.33

870

886

SCE

Recovery

Funding

LLC

04/19/23

77,101

99.99

77

76

Sempra

Energy

06/02/22

953,000

88.26

841

818

Sequoia

Mortgage

Trust

10/21/16

58,993

102.58

60

53

Sequoia

Mortgage

Trust

05/06/21

1,890,073

102.56

1,939

1,706

Shell

International

Finance

BV

05/06/15

60,000

99.83

60

55

SilverBow

Resources,

Inc.

11/21/23

410,000

98.03

402

406

Societe

Generale

SA

11/21/22

878,000

96.62

848

860

Societe

Generale

SA

08/03/23

678,000

90.67

615

624

Sodexo,

Inc.

09/12/23

1,595,000

91.32

1,457

1,478

Sonoco

Products

Co.

12/11/23

741,000

90.60

671

682

Southern

California

Edison

Co.

04/09/21

80,000

107.76

86

67

Southern

California

Edison

Co.

10/03/23

1,107,000

70.46

780

902

Southern

Co.

(The)

08/07/23

1,152,000

98.02

1,129

1,168

Southwest

Airlines

Co.

04/13/21

50,000

105.02

52

50

Spirit

Loyalty

Cayman,

Ltd.

/

Spirit

IP

Cayman,

Ltd.

11/14/22

280,000

97.74

274

201

Standard

Chartered

PLC

08/03/23

1,496,000

90.72

1,357

1,370

Standard

Chartered

PLC

09/12/23

189,000

90.47

171

178

Starbucks

Corp.

10/16/23

185,000

77.45

143

164

SunTrust

Banks,

Inc.

06/28/23

70,000

96.34

67

69

SURA

Asset

Management

SA

11/06/23

1,210,000

91.57

1,108

1,164

Suzano

Austria

GmbH

06/28/21

200,000

98.91

198

166

Taurus

CMBS

07/28/21

GBP

466,514

139.09

649

576

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

496,354

140.62

698

616

Teachers

Insurance

&

Annuity

Association

of

America

06/14/16

140,000

111.05

155

132

Tennessee

Gas

Pipeline

Co.

LLC

10/05/20

608,000

130.04

791

698

Tesco

PLC

09/03/20

623,000

126.44

788

648

Texas

Eastern

Transmission,

LP

07/06/22

854,000

96.29

822

805

Thomson

Reuters

Corp.

11/21/22

893,000

96.40

861

858

Time

Warner

Cable

LLC

09/03/20

666,000

122.90

818

576

Time

Warner

Cable

LLC

04/09/21

90,000

127.97

115

89

T-Mobile

USA,

Inc.

04/02/20

40,000

99.51

40

38

T-Mobile

USA,

Inc.

07/06/20

824,000

100.12

831

710

T-Mobile

USA,

Inc.

01/11/21

70,000

99.51

70

62

T-Mobile

USA,

Inc.

08/03/23

877,000

92.14

808

817

Towd

Point

Mortgage

Funding

PLC

01/20/21

GBP

885,000

136.45

1,208

1,116

Towd

Point

Mortgage

Trust

08/17/20

1,207,499

101.70

1,228

1,150

Towd

Point

Mortgage

Trust

02/15/23

GBP

798,000

119.14

951

1,015

Towd

Point

Mortgage

Trust

07/21/23

2,438,183

99.85

2,434

2,477

Towd

Point

Mortgage

Trust

10/19/23

1,510,498

100.00

1,510

1,545

Transcontinental

Gas

Pipe

Line

Co.

LLC

04/09/21

80,000

91.39

73

70

Triton

Container

International,

Ltd.

09/12/23

1,039,000

90.44

940

950

Truist

Financial

Corp.

06/05/23

50,000

100.00

50

51

Truist

Financial

Corp.

06/05/23

1,150,000

100.18

1,154

1,171

UBS

Group

AG

01/28/19

260,000

100.00

260

260

UBS

Group

AG

08/08/22

250,000

100.00

250

267

UBS

Group

AG

11/09/22

250,000

100.00

250

307

UBS

Group

AG

05/10/23

984,000

90.43

890

902

UBS

Group

AG

08/03/23

576,000

93.76

540

548

UBS

Group

AG

09/18/23

200,000

100.00

200

206

UBS

Group

AG

11/08/23

250,000

100.00

250

277

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

116

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

$

$

$

UniCredit

SpA

09/12/23

1,053,000

89.14

939

963

UniCredit

SpA

12/07/23

117,000

93.41

109

110

United

Airlines,

Inc.

04/14/21

30,000

101.04

30

28

United

Airlines,

Inc.

03/30/22

220,000

98.30

216

214

United

Airlines,

Inc.

2021

Term

Loan

B

04/14/21

53,773

99.50

53

54

United

States

Treasury

Notes

02/16/21

2,294,000

81.02

1,859

1,861

United

States

Treasury

Notes

04/16/21

1,054,000

111.80

1,178

838

United

States

Treasury

Notes

10/14/21

1,597,000

97.17

1,552

1,409

United

States

Treasury

Notes

10/14/21

605,000

99.49

602

573

United

States

Treasury

Notes

07/20/23

9,000,000

99.06

8,916

8,918

United

States

Treasury

Notes

10/12/23

10,000

93.86

9

10

United

States

Treasury

Notes

11/13/23

1,995,000

103.93

2,066

2,094

United

States

Treasury

Notes

12/13/23

1,030,000

101.72

1,048

1,054

UnitedHealth

Group,

Inc.

10/25/22

10,000

99.25

10

11

UnitedHealth

Group,

Inc.

10/25/22

380,000

99.67

379

402

Unum

Group

05/13/20

796,000

97.78

778

774

UPM-

Kymmene

OYJ

11/21/22

699,000

104.87

733

732

US

Airways

Pass-Through

Trust

02/14/23

92,717

96.72

90

90

Var

Energi

ASA

02/06/23

840,000

104.23

876

890

Var

Energi

ASA

08/03/23

268,000

106.55

286

300

Verdant

Receivables

LLC

08/10/23

1,178,000

100.00

1,178

1,183

Verizon

Master

Trust

09/12/23

3,957,000

99.99

3,957

4,086

Verscend

Holding

Corp.

2021

Term

Loan

B

02/16/21

97,198

100.75

98

97

VICI

Properties,

Inc.

09/12/23

283,000

94.81

268

274

VICI

Properties,

Inc.

11/06/23

362,000

97.34

352

356

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

03/06/23

1,135,000

97.59

1,108

1,115

Vistra

Operations

Co.

LLC

08/07/23

1,564,000

93.31

1,459

1,481

Walt

Disney

Co.

(The)

03/15/19

40,000

129.45

52

47

Warwick

Finance

Residential

Mortgages

Number

Three

PLC

02/10/21

GBP

552,843

138.63

766

703

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

04/09/21

200,000

103.31

207

143

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

05/06/21

600,000

99.02

594

589

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

11/21/22

982,000

88.65

870

874

Wells

Fargo

&

Co.

10/19/16

80,000

99.93

80

76

Wells

Fargo

&

Co.

10/16/23

170,000

100.00

170

185

Wells

Fargo

Mortgage

Backed

Securities

Trust

04/23/21

905,525

102.29

926

773

Western

Midstream

Operating,

LP

01/31/20

60,000

98.04

59

54

Western

Midstream

Operating,

LP

04/09/21

40,000

101.57

41

36

WinWater

Mortgage

Loan

Trust

03/29/17

90,968

102.07

93

85

Wipro

IT

Services

LLC

08/03/23

819,000

90.89

744

750

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

02/09/23

80,000

98.75

79

80

Wynn

Macau,

Ltd.

01/04/23

390,000

98.18

383

385

Xcel

Energy,

Inc.

11/06/23

858,000

88.60

760

782

XPO,

Inc.

12/19/23

1,361,000

101.07

1,376

1,377

Yamana

Gold,

Inc.

06/28/21

310,000

105.71

328

299

Yara

International

ASA

01/06/23

1,650,000

95.53

1,576

1,593

ZF

NA

Capital,

Inc.

06/03/22

520,000

97.12

505

514

Zions

Bancorp

NA

08/03/22

953,000

90.01

858

779

401,566

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

117

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

39

CAD

4,843

03/24

158

Long

Gilt

Futures

115

GBP

11,804

03/24

828

United

States

2

Year

Treasury

Note

Futures

1,762

USD

362,820

03/24

3,094

United

States

5

Year

Treasury

Note

Futures

907

USD

98,657

03/24

2,126

United

States

10

Year

Treasury

Note

Futures

555

USD

62,654

03/24

1,624

United

States

10

Year

Treasury

Ultra

Bond

Futures

971

USD

114,593

03/24

3,442

United

States

Treasury

Long

Bond

Futures

191

USD

23,863

03/24

1,150

United

States

Treasury

Ultra

Bond

Futures

479

USD

63,991

03/24

5,693

Short

Positions

Euro-

Bobl

Futures

18

EUR

2,147

03/24

(45)

Euro-Bund

Futures

278

EUR

38,147

03/24

(1,217)

Euro-

Buxl

Futures

4

EUR

567

03/24

(41)

Japanese

10

Year

Government

Bond

Futures

29

JPY

4,254,590

03/24

(279)

Japanese

10

Year

Mini

Government

Bond

Futures

106

JPY

1,553,218

03/24

(123)

Long

Gilt

Futures

73

GBP

7,493

03/24

(523)

United

States

2

Year

Treasury

Note

Futures

123

USD

25,327

03/24

(187)

United

States

5

Year

Treasury

Note

Futures

288

USD

31,326

03/24

(480)

United

States

10

Year

Treasury

Note

Futures

397

USD

44,817

03/24

(1,408)

United

States

10

Year

Treasury

Ultra

Bond

Futures

14

USD

1,652

03/24

(69)

United

States

Treasury

Long

Bond

Futures

9

USD

1,124

03/24

(8)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

13,735

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

1,189

GBP

931

01/10/24

(2)

Bank

of

America

USD

1,842

JPY

259,345

01/10/24

(2)

Bank

of

America

USD

4,124

NOK

44,586

01/10/24

265

Bank

of

America

AUD

33

USD

22

01/10/24

—

Bank

of

America

CHF

37

USD

44

01/10/24

—

Bank

of

America

EUR

3,286

USD

3,536

02/09/24

(98)

Bank

of

America

NOK

451

USD

45

01/10/24

—

Bank

of

America

NZD

1

USD

—

01/10/24

—

BNP

Paribas

USD

1,105

EUR

1,043

01/19/24

46

Citigroup

USD

119

CAD

162

01/18/24

4

Citigroup

USD

313

CAD

420

01/18/24

4

Citigroup

USD

840

CAD

1,156

01/18/24

32

Citigroup

USD

850

CAD

1,153

01/18/24

20

Citigroup

USD

1,680

CAD

2,310

01/18/24

63

Citigroup

USD

91

CLP

85,983

01/18/24

6

Citigroup

USD

257

CLP

235,236

01/18/24

9

Citigroup

USD

259

CLP

236,149

01/18/24

9

Citigroup

USD

517

CLP

471,678

01/18/24

18

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

118

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

USD

647

CLP

590,858

01/18/24

23

Citigroup

USD

868

CLP

792,708

01/18/24

31

Citigroup

USD

1,614

CLP

1,495,078

01/18/24

82

Citigroup

USD

819

CNY

5,951

01/18/24

21

Citigroup

USD

830

CNY

6,047

01/18/24

24

Citigroup

USD

871

CNY

6,325

01/18/24

22

Citigroup

USD

78

COP

343,805

01/18/24

11

Citigroup

USD

81

COP

351,333

01/18/24

10

Citigroup

USD

81

COP

352,128

01/18/24

10

Citigroup

USD

117

COP

506,193

01/18/24

13

Citigroup

USD

157

COP

678,323

01/18/24

18

Citigroup

USD

208

COP

899,356

01/18/24

23

Citigroup

USD

235

COP

1,025,709

01/18/24

29

Citigroup

USD

292

COP

1,309,712

01/18/24

45

Citigroup

USD

466

COP

2,037,264

01/18/24

59

Citigroup

USD

466

COP

2,059,570

01/18/24

64

Citigroup

USD

548

COP

2,454,793

01/18/24

83

Citigroup

USD

1,280

COP

5,097,920

01/18/24

32

Citigroup

USD

272

EUR

255

01/18/24

10

Citigroup

USD

1,080

EUR

1,000

01/18/24

25

Citigroup

USD

1,690

EUR

1,562

01/18/24

36

Citigroup

USD

2,525

EUR

2,300

01/18/24

16

Citigroup

USD

33

GBP

27

01/18/24

1

Citigroup

USD

43

GBP

35

01/18/24

1

Citigroup

USD

166

GBP

134

01/18/24

4

Citigroup

USD

178

GBP

147

01/18/24

9

Citigroup

USD

226

GBP

179

01/18/24

2

Citigroup

USD

314

GBP

250

01/18/24

4

Citigroup

USD

370

GBP

298

01/18/24

10

Citigroup

USD

534

IDR

8,399,199

01/18/24

12

Citigroup

USD

534

IDR

8,396,529

01/18/24

11

Citigroup

USD

612

IDR

9,612,027

01/18/24

13

Citigroup

USD

100

ILS

397

01/18/24

9

Citigroup

USD

3,142

ILS

12,055

01/18/24

188

Citigroup

USD

92

JPY

13,456

01/18/24

4

Citigroup

USD

114

JPY

16,878

01/18/24

6

Citigroup

USD

136

JPY

19,392

01/18/24

2

Citigroup

USD

168

JPY

24,978

01/18/24

10

Citigroup

USD

331

JPY

48,601

01/18/24

15

Citigroup

USD

4,979

JPY

729,444

01/18/24

205

Citigroup

USD

71

MXN

1,304

01/18/24

6

Citigroup

USD

71

MXN

1,303

01/18/24

6

Citigroup

USD

75

MXN

1,370

01/18/24

6

Citigroup

USD

75

MXN

1,372

01/18/24

6

Citigroup

USD

75

MXN

1,369

01/18/24

6

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

119

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

USD

75

MXN

1,369

01/18/24

6

Citigroup

USD

97

MXN

1,797

01/18/24

8

Citigroup

USD

98

MXN

1,805

01/18/24

8

Citigroup

USD

242

MXN

4,480

01/18/24

21

Citigroup

USD

488

MXN

8,474

01/18/24

10

Citigroup

USD

640

MXN

11,880

01/18/24

58

Citigroup

USD

1,096

MXN

18,999

01/18/24

20

Citigroup

USD

1,655

MXN

28,779

01/18/24

36

Citigroup

USD

191

NZD

324

01/18/24

14

Citigroup

USD

112

TWD

3,545

01/18/24

4

Citigroup

USD

112

TWD

3,541

01/18/24

4

Citigroup

USD

112

TWD

3,542

01/18/24

4

Citigroup

USD

167

TWD

5,257

01/18/24

6

Citigroup

USD

567

TWD

17,893

01/18/24

21

Citigroup

USD

620

TWD

19,527

01/18/24

22

Citigroup

USD

169

ZAR

3,173

01/18/24

5

Citigroup

USD

200

ZAR

3,761

01/18/24

5

Citigroup

USD

421

ZAR

7,950

01/18/24

13

Citigroup

USD

513

ZAR

9,631

01/18/24

13

Citigroup

USD

850

ZAR

15,735

01/18/24

9

Citigroup

USD

1,818

ZAR

33,614

01/18/24

17

Citigroup

CHF

1,113

EUR

1,170

01/18/24

(65)

Citigroup

CHF

5,515

USD

6,338

01/10/24

(223)

Citigroup

CLP

155,330

USD

167

01/18/24

(10)

Citigroup

CLP

224,609

USD

238

01/18/24

(17)

Citigroup

CLP

227,895

USD

238

01/18/24

(20)

Citigroup

CLP

375,548

USD

429

01/18/24

3

Citigroup

CLP

470,571

USD

536

01/18/24

2

Citigroup

CLP

476,810

USD

504

01/18/24

(36)

Citigroup

CLP

496,755

USD

533

01/18/24

(30)

Citigroup

CLP

720,530

USD

819

01/18/24

1

Citigroup

CLP

749,253

USD

857

01/18/24

7

Citigroup

CNY

18,332

USD

2,515

01/18/24

(73)

Citigroup

COP

1,547,439

USD

380

01/18/24

(18)

Citigroup

COP

1,744,404

USD

420

01/18/24

(29)

Citigroup

COP

1,922,055

USD

470

01/18/24

(24)

Citigroup

COP

2,155,626

USD

518

01/18/24

(36)

Citigroup

COP

3,086,456

USD

742

01/18/24

(52)

Citigroup

COP

12,017,615

USD

2,690

01/18/24

(402)

Citigroup

EUR

395

CHF

372

01/18/24

14

Citigroup

EUR

595

GBP

519

01/18/24

10

Citigroup

EUR

945

GBP

813

01/18/24

(14)

Citigroup

EUR

435

HUF

167,748

01/18/24

4

Citigroup

EUR

775

HUF

296,554

01/18/24

(6)

Citigroup

EUR

745

NOK

8,694

01/18/24

66

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

120

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

EUR

218

PLN

974

01/18/24

14

Citigroup

EUR

326

PLN

1,471

01/18/24

27

Citigroup

EUR

600

PLN

2,775

01/18/24

85

Citigroup

EUR

656

PLN

2,965

01/18/24

58

Citigroup

EUR

240

SEK

2,833

01/18/24

32

Citigroup

EUR

542

SEK

6,288

01/18/24

51

Citigroup

EUR

37

USD

39

01/18/24

(1)

Citigroup

EUR

100

USD

110

01/18/24

(1)

Citigroup

EUR

104

USD

114

01/18/24

(1)

Citigroup

EUR

237

USD

255

01/18/24

(6)

Citigroup

EUR

276

USD

293

01/18/24

(11)

Citigroup

EUR

600

USD

650

01/18/24

(12)

Citigroup

EUR

600

USD

643

01/18/24

(19)

Citigroup

EUR

960

USD

1,051

01/18/24

(9)

Citigroup

EUR

1,382

USD

1,460

01/18/24

(67)

Citigroup

EUR

2,300

USD

2,462

01/18/24

(78)

Citigroup

EUR

22,460

USD

23,837

01/18/24

(971)

Citigroup

GBP

169

EUR

195

01/18/24

1

Citigroup

GBP

172

EUR

200

01/18/24

3

Citigroup

GBP

1,970

EUR

2,266

01/18/24

(18)

Citigroup

GBP

98

USD

119

01/18/24

(5)

Citigroup

GBP

170

USD

215

01/18/24

(2)

Citigroup

GBP

352

USD

431

01/18/24

(19)

Citigroup

GBP

547

USD

688

01/18/24

(9)

Citigroup

HUF

53,561

EUR

135

01/17/24

(10)

Citigroup

HUF

57,795

EUR

146

01/17/24

(10)

Citigroup

HUF

100,199

EUR

253

01/17/24

(17)

Citigroup

HUF

104,799

EUR

265

01/17/24

(17)

Citigroup

HUF

25,321

EUR

65

01/18/24

(3)

Citigroup

HUF

26,803

EUR

68

01/18/24

(3)

Citigroup

HUF

35,398

EUR

90

01/18/24

(4)

Citigroup

HUF

75,303

EUR

192

01/18/24

(8)

Citigroup

HUF

146,708

EUR

374

01/18/24

(18)

Citigroup

IDR

2,992,262

USD

193

01/18/24

(1)

Citigroup

IDR

3,934,428

USD

254

01/18/24

(1)

Citigroup

IDR

6,320,612

USD

409

01/18/24

(2)

Citigroup

IDR

6,324,702

USD

409

01/18/24

(2)

Citigroup

IDR

6,719,985

USD

435

01/18/24

(2)

Citigroup

ILS

12,452

USD

3,140

01/18/24

(300)

Citigroup

JPY

8,985

USD

61

01/18/24

(3)

Citigroup

JPY

31,711

USD

212

01/18/24

(13)

Citigroup

JPY

32,374

USD

219

01/18/24

(11)

Citigroup

JPY

62,686

USD

431

01/18/24

(14)

Citigroup

JPY

183,928

USD

1,280

01/18/24

(27)

Citigroup

JPY

370,935

USD

2,500

01/18/24

(136)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

121

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

MXN

199

USD

11

01/18/24

(1)

Citigroup

MXN

349

USD

19

01/18/24

(1)

Citigroup

MXN

591

USD

33

01/18/24

(1)

Citigroup

MXN

900

USD

52

01/18/24

(1)

Citigroup

MXN

1,500

USD

87

01/18/24

(2)

Citigroup

MXN

2,815

USD

153

01/18/24

(13)

Citigroup

MXN

2,840

USD

160

01/18/24

(7)

Citigroup

MXN

6,713

USD

364

01/18/24

(31)

Citigroup

MXN

8,723

USD

492

01/18/24

(20)

Citigroup

MXN

10,862

USD

626

01/18/24

(12)

Citigroup

MXN

13,000

USD

709

01/18/24

(55)

Citigroup

MXN

14,013

USD

749

01/18/24

(74)

Citigroup

MXN

23,250

USD

1,355

01/18/24

(11)

Citigroup

MXN

27,457

USD

1,491

01/18/24

(122)

Citigroup

MXN

47,650

USD

2,775

01/18/24

(24)

Citigroup

MXN

75,557

USD

4,366

01/18/24

(73)

Citigroup

MXN

100,928

USD

5,454

01/18/24

(474)

Citigroup

MXN

100,928

USD

5,483

01/18/24

(446)

Citigroup

NZD

237

USD

140

01/18/24

(9)

Citigroup

NZD

353

USD

219

01/18/24

(4)

Citigroup

PLN

95

EUR

21

01/18/24

(1)

Citigroup

PLN

293

EUR

64

01/18/24

(7)

Citigroup

PLN

514

EUR

117

01/18/24

(3)

Citigroup

PLN

591

EUR

135

01/18/24

(3)

Citigroup

PLN

1,681

EUR

385

01/18/24

(4)

Citigroup

PLN

2,374

EUR

521

01/18/24

(56)

Citigroup

PLN

2,427

EUR

553

01/18/24

(11)

Citigroup

SEK

4,184

EUR

370

01/18/24

(13)

Citigroup

SEK

4,401

EUR

385

01/18/24

(23)

Citigroup

ZAR

833

USD

44

01/18/24

(2)

Citigroup

ZAR

833

USD

44

01/18/24

(2)

Citigroup

ZAR

839

USD

44

01/18/24

(2)

Citigroup

ZAR

840

USD

44

01/18/24

(2)

Citigroup

ZAR

840

USD

44

01/18/24

(2)

Citigroup

ZAR

840

USD

44

01/18/24

(2)

Citigroup

ZAR

841

USD

44

01/18/24

(2)

Citigroup

ZAR

961

USD

51

01/18/24

(2)

Citigroup

ZAR

1,554

USD

84

01/18/24

(1)

Citigroup

ZAR

2,300

USD

122

01/18/24

(4)

Citigroup

ZAR

2,390

USD

130

01/18/24

(1)

Citigroup

ZAR

2,501

USD

131

01/18/24

(5)

Citigroup

ZAR

6,659

USD

350

01/18/24

(14)

Citigroup

ZAR

14,625

USD

790

01/18/24

(9)

Citigroup

ZAR

32,667

USD

1,748

01/18/24

(36)

Citigroup

ZAR

82,855

USD

4,213

01/18/24

(311)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

122

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

HSBC

USD

2,116

NZD

3,425

01/10/24

49

HSBC

AUD

6,323

USD

4,202

01/10/24

(108)

JPMorgan

Chase

USD

2,279

EUR

2,051

01/10/24

(14)

JPMorgan

Chase

USD

543

MXN

9,971

01/19/24

42

JPMorgan

Chase

IDR

2,169,764

USD

138

01/19/24

(3)

Morgan

Stanley

USD

591

BRL

3,024

01/19/24

31

Morgan

Stanley

USD

813

JPY

119,729

01/19/24

38

Royal

Bank

of

Canada

USD

3,453

EUR

3,181

01/10/24

59

Royal

Bank

of

Canada

JPY

310,761

USD

2,129

01/10/24

(76)

State

Street

USD

3,486

GBP

2,758

01/10/24

30

State

Street

USD

53

GBP

42

02/09/24

—

State

Street

USD

2,310

GBP

1,824

02/09/24

15

State

Street

EUR

6

USD

7

01/02/24

—

State

Street

EUR

16

USD

18

02/09/24

—

State

Street

GBP

138

USD

175

02/09/24

(1)

State

Street

GBP

12,637

USD

15,531

02/09/24

(581)

UBS

USD

22

EUR

20

02/09/24

—

UBS

SEK

21,718

USD

2,183

01/10/24

29

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(2,996)

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

3,730

5.212%

(3)

3

Month

NZD-BBR-Telerate

(3)

10/19/25

—

17

17

Citigroup

CAD

5,500

4.818%

(3)

6

Month

Canadian

Dealer

Offer

Rate

(3)

10/19/25

—

58

58

Citigroup

NZD

8,700

5.435%

(3)

3

Month

NZD-BBR-Telerate

(3)

10/19/25

—

62

62

Citigroup

NZD

11,000

5.320%

(3)

3

Month

NZD-BBR-Telerate

(3)

10/19/25

—

63

63

Citigroup

NZD

11,100

5.221%

(3)

3

Month

NZD-BBR-Telerate

(3)

10/19/25

—

50

50

Citigroup

CAD

18,300

4.718%

(3)

6

Month

Canadian

Dealer

Offer

Rate

(3)

10/19/25

—

168

168

Citigroup

CAD

6,600

4.189%

(3)

6

Month

Canadian

Dealer

Offer

Rate

(3)

12/13/25

—

27

27

Citigroup

CAD

6,000

3.940%

(3)

6

Month

Canadian

Dealer

Offer

Rate

(3)

12/15/25

—

3

3

Citigroup

EUR

12,200

6

Month

EURIBOR

(4)

2.971%

(3)

12/18/25

—

(28)

(28)

Citigroup

SEK

29,800

3

Month

STIBOR

(2)

3.570%

(2)

10/19/28

—

(151)

(151)

Citigroup

NOK

30,500

4.286%

(4)

6

Month

NIBOR

(4)

10/19/28

—

102

102

Citigroup

CAD

1,300

6

Month

Canadian

Dealer

Offer

Rate

(3)

3.855%

(3)

10/19/33

—

(62)

(62)

Citigroup

CAD

4,200

6

Month

Canadian

Dealer

Offer

Rate

(3)

3.557%

(3)

10/19/33

—

(120)

(120)

Citigroup

CAD

1,400

6

Month

Canadian

Dealer

Offer

Rate

(3)

3.365%

(3)

12/13/33

—

(26)

(26)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

123

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

CAD

1,400

6

Month

Canadian

Dealer

Offer

Rate

(3)

3.214%

(3)

12/15/33

—

(12)

(12)

Citigroup

CAD

2,400

6

Month

Canadian

Dealer

Offer

Rate

(3)

3.109%

(3)

12/15/53

—

(53)

(53)

Total

Open

Interest

Rate

Swap

Contracts

(å)

—

98

98

Credit

Default

Swap

Contracts

Amounts

in

thousands

Credit

Indices

-

Purchase

Protection

Reference

Entity

Counterparty

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

CDX

NA

High

Yield

Index

Bank

of

America

USD

1,871

(5.000%)

(2)

12/20/28

(13)

(99)

(112)

CDX

NA

Investment

Grade

Index

Bank

of

America

USD

1,590

(1.000%)

(2)

12/20/28

(23)

(9)

(32)

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

(36)

(108)

(144)

Total

Open

Credit

Default

Swap

Contracts

(å)

(36)

(108)

(144)

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

$

—

$

39,689

$

—

$

—

$

39,689

4

.5

Corporate

Bonds

and

Notes

—

183,144

—

—

183,144

21

.1

International

Debt

—

125,766

—

—

125,766

14

.5

Loan

Agreements

—

610

—

—

610

0

.1

Mortgage-Backed

Securities

—

192,266

—

—

192,266

22

.1

Municipal

Bonds

—

813

—

—

813

0

.1

Non-US

Bonds

—

61,743

—

—

61,743

7

.1

United

States

Government

Treasuries

—

72,790

—

—

72,790

8

.4

Common

Stocks

—

—

—

—

—

—

Preferred

Stocks

173

—

—

—

173

—

*

Short-Term

Investments

—

116,982

—

115,224

232,206

26

.7

Other

Securities

—

—

—

1,148

1,148

0

.1

Total

Investments

173

793,803

—

116,372

910,348

104

.7

Other

Assets

and

Liabilities,

Net

(4

.7)

100

.0

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

124

Strategic

Bond

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Other

Financial

Instruments

Assets

Futures

Contracts

18,115

—

—

—

18,115

2

.1

Foreign

Currency

Exchange

Contracts

—

2,674

—

—

2,674

0

.3

Interest

Rate

Swap

Contracts

—

550

—

—

550

0

.1

A

Liabilities

Futures

Contracts

(4,380

)

—

—

—

(4,380

)

(0

.5)

Foreign

Currency

Exchange

Contracts

—

(5,670

)

—

—

(5,670

)

(0

.7)

Interest

Rate

Swap

Contracts

—

(452

)

—

—

(452

)

(0

.1)

Credit

Default

Swap

Contracts

—

(144

)

—

—

(144

)

(—)

*

Total

Other

Financial

Instruments

**

$

13,735

$

(3,042

)

$

—

$

—

$

10,693

*

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

December

31,

2023,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

December

31,

2023,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Andorra

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

3,300

Argentina

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

510

Australia

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

613

Austria

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

166

Belgium

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

221

Bermuda

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

17,897

Brazil

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

1,775

Canada

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

16,967

Cayman

Islands

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

16,563

Chile

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

4,330

China

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

786

Colombia

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

1,323

Denmark

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

3,112

Finland

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

2,206

France

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

11,708

Germany

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

4,827

Greece

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

3,425

Hong

Kong

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

211

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

125

Amounts

in

thousands

Country

Exposure

Fair

Value

$

India

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

1,448

Indonesia

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

734

Ireland

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

3,946

Israel

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

2,363

Italy

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

6,778

Japan

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

1,825

Jordan

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

303

Kuwait

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

746

Luxembourg

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

157

Macao

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

582

Malaysia

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

761

Mexico

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

23,691

Morocco

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

172

Netherlands

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

4,311

Norway

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

2,247

Oman

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

195

Panama

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

700

Peru

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

236

Romania

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

11,881

Saudi

Arabia

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

886

Singapore

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

462

South

Africa

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

4,425

South

Korea

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

1,863

Spain

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

940

Switzerland

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

3,227

Taiwan

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

172

Togo

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

1,163

United

Arab

Emirates

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

214

United

Kingdom

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

28,756

United

States

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

715,054

Zambia

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

170

Total

Investments

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

910,348

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

126

Strategic

Bond

Fund

Russell

Investment

Funds

Strategic

Bond

Fund

Fair

Value

of

Derivative

Instruments

—

December

31,

2023

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Credit

Contracts

Foreign

Currency

Contracts

Interest

Rate

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

2,674

$

—

Variation

margin

on

futures

contracts*

—

—

18,115

Interest

rate

swap

contracts,

at

fair

value

—

—

550

Total

$

—

$

2,674

$

18,665

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts*

$

—

$

—

$

4,380

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

5,670

—

Interest

rate

swap

contracts,

at

fair

value

—

—

452

Credit

default

swap

contracts,

at

fair

value

144

—

—

Total

$

144

$

5,670

$

4,832

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

$

—

$

—

$

(28,298)

Interest

rate

swap

contracts

—

—

1,600

Credit

default

swap

contracts

(240)

—

—

Foreign

currency

exchange

contracts

—

(3,568)

—

Total

$

(240)

$

(3,568)

$

(26,698)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

—

$

—

$

11,864

Interest

rate

swap

contracts

—

—

78

Credit

default

swap

contracts

71

—

—

Foreign

currency

exchange

contracts

—

2,583

—

Total

$

71

$

2,583

$

11,942

*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Strategic

Bond

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

127

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

$

1,102

$

—

$

1,102

Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

2,674

—

2,674

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

at

fair

value

550

—

550

Total

Financial

and

Derivative

Assets

4,326

—

4,326

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

4,326

$

—

$

4,326

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

$

265

$

4

$

—

$

261

Bank

of

Montreal

80

—

80

—

BNP

Paribas

46

—

—

46

Citigroup

2,617

2,617

—

—

Goldman

Sachs

589

—

589

—

HSBC

49

49

—

—

JPMorgan

Chase

42

3

—

39

Morgan

Stanley

198

—

128

70

Royal

Bank

of

Canada

59

59

—

—

State

Street

47

16

—

31

UBS

29

—

—

29

Wells

Fargo

305

—

305

—

Total

$

4,326

$

2,748

$

1,102

$

476

Russell

Investment

Funds

Strategic

Bond

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

128

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

$

5,670

$

—

$

5,670

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

at

fair

value

452

—

452

Credit

Default

Swap

Contracts

Credit

default

swap

contracts,

at

fair

value

144

—

144

Total

Financial

and

Derivative

Liabilities

6,266

—

6,266

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

6,266

$

—

$

6,266

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

$

246

$

4

$

242

$

—

Citigroup

5,238

2,617

2,621

—

HSBC

108

49

—

59

JPMorgan

Chase

16

3

—

13

Royal

Bank

of

Canada

76

59

—

17

State

Street

582

16

—

566

Total

$

6,266

$

2,748

$

2,863

$

655

*      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

129

Statement

of

Assets

and

Liabilities

—

December

31,

2023

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

934,414

Investments,

at

fair

value(*)(>)

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

910,348

Cash

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

23

Foreign

currency

holdings(^)

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

740

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

2,674

Receivables:

Dividends

and

interest

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

6,148

Dividends

from

affiliated

funds

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

475

Investments

sold

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

26,066

Fund

shares

sold

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

164

From

broker(a)(b)

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

11,749

Variation

margin

on

futures

contracts

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

15,274

Interest

rate

swap

contracts,

at

fair

value(•)

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

550

Total

assets

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

974,211

Liabilities

Payables:

Due

to

broker

(c)

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

3,869

Investments

purchased

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

91,483

Accrued

fees

to

affiliates

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

449

Other

accrued

expenses

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

282

Variation

margin

on

futures

contracts

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

1,526

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

5,670

Payable

upon

return

of

securities

loaned

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

1,148

Interest

rate

swap

contracts,

at

fair

value(•)

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

452

Credit

default

swap

contracts,

at

fair

value(+)

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

144

Total

liabilities

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

105,023

Net

Assets

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

$

869,188

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

130

Strategic

Bond

Fund

Statement

of

Assets

and

Liabilities,

continued

—

December

31,

2023

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(157,392)

Shares

of

beneficial

interest

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

984

Additional

paid-in

capital

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

1,025,596

Net

Assets

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

$

869,188

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

8.83

Net

assets

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

$

869,188,248

Shares

outstanding

($.01

par

value)

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

98,442,095

Amounts

in

thousands

(^)    

Foreign

currency

holdings

-

cost

$

712

(*)    

Securities

on

loan

included

in

investments

$

1,102

(•)    

Interest

rate

swap

contracts

-

premiums

paid

(received)

$

—

(+)    

Credit

default

swap

contracts

-

premiums

paid

(received)

$

(36)

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

and

U.S.

Cash

Collateral

Fund

$

116,372

(a)  

Receivable

from

Broker

for

Futures

$

5,056

(b)  

Receivable

from

Broker

for

Swaps

$

6,693

(c)  

Due

to

Broker

for

Futures

$

3,869

(#)

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

131

Statement

of

Operations

—

For

the

Period

Ended

December

31,

2023

Amounts

in

thousands

Investment

Income

Dividends

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

$

32

Dividends

from

affiliated

funds

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

4,197

Interest

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

33,5

25

Securities

lending

income

(net)

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

3

Total

investment

income

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

37,757

Expenses

Advisory

fees

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

4,711

Administrative

fees

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

428

Custodian

fees

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

182

Transfer

agent

fees

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

38

Professional

fees

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

154

Trustees’

fees

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

52

Printing

fees

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

41

Miscellaneous

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

31

Total

expenses

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

5,637

Net

investment

income

(loss)

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

32,120

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(37,870)

Investments

in

affiliated

funds

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

(1)

Futures

contracts

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

(28,298)

Foreign

currency

exchange

contracts

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

(3,568)

Interest

rate

swap

contracts

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

1,600

Credit

default

swap

contracts

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

(240)

Foreign

currency-related

transactions

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

(41)

Net

realized

gain

(loss)

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

(68,418)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

54,99

9

Investments

in

affiliated

funds

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

(11)

Futures

contracts

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

11,864

Foreign

currency

exchange

contracts

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

2,583

Interest

rate

swap

contracts

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

78

Credit

default

swap

contracts

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

71

Foreign

currency-related

transactions

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

2

1

Net

change

in

unrealized

appreciation

(depreciation)

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

69,605

Net

realized

and

unrealized

gain

(loss)

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

1,187

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

33,307

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

132

Strategic

Bond

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

For

the

Periods

Ended

December

31,

2023

2022

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

32,120

$

17,337

Net

realized

gain

(loss)

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

(68,418)

(77,916)

Net

change

in

unrealized

appreciation

(depreciation)

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

69,605

(85,177)

Net

increase

(decrease)

in

net

assets

from

operations

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

33,307

(145,756)

Distributions

To

shareholders

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

(24,799)

(17,256)

From

return

of

capital

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

—

(5,052)

Net

decrease

in

net

assets

from

distributions

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

(24,799)

(22,308)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

14,011

(11,079)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

22,519

(179,143)

Net

Assets

Beginning

of

period

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

846,669

1,025,812

End

of

period

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

$

869,188

$

846,669

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2023

and

December

31,

2022

were

as

follows:

2023

2022

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

5,710

$

50,259

3,142

$

29,772

Proceeds

from

reinvestment

of

distributions

2,856

24,799

2,471

22,308

Payments

for

shares

redeemed

(7,030)

(61,047)

(6,783)

(63,159)

Total

increase

(decrease)

1,536

$

14,011

(1,170)

$

(11,079)

Russell

Investment

Funds

Strategic

Bond

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

134

Strategic

Bond

Fund

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(ƥ)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

$

Return

of

Capital

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

135

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(±)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

%

Portfolio

Turnover

Rate

(.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.

136

Strategic

Bond

Fund

Related

Party

Transactions,

Fees

and

Expenses

Accrued

fees

payable

to

affiliates

as

of

December

31,

2023

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

December

31,

2023

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

At

December

31,

2023

,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

December

31,

2023

and

December

31,

2022,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting. These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps. These

adjustments

have

no

impact

on

the

net

assets.

At

December

31,

2023,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

Advisory

fees

$

399,511

Administrative

fees

36,319

Transfer

agent

fees

3,197

Trustee

fees

9,561

$

448,588

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

64,685

$

723,142

$

672,591

$

(1

)

$

(11

)

$

115,224

$

4,197

$

—

U.S.

Cash

Collateral

Fund

—

2,896

1,748

—

—

1,148

7

—

$

64,685

$

726,038

$

674,339

$

(1

)

$

(11

)

$

116,372

$

4,204

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

(Capital

Loss

Carryforward)

$

934,682,661

$

7,469,330

$

(21,095,678)

$

(13,626,348)

$

—

$

(132,628,313)

December

31,

2023

December

31,

2022

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

$

24,799,030

$

—

$

—

$

17,255,975

$

—

$

5,051,7

52

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Portfolio

Management

Discussion

and

Analysis

—

December

31,

2023

(Unaudited)

Global

Real

Estate

Securities

Fund

137

Global

Real

Estate

Securities

Fund

Total

Return

1

Year

10

.55%

5

Years

3

.50%§

10

Years

4

.02%§

FTSE

EPRA

Nareit

Developed

Index

(Net)

**

Total

Return

1

Year

9

.68%

5

Years

2

.81%§

10

Years

3

.57%§

MSCI

World

Index

(Net)

***

Total

Return

1

Year

23

.79%

5

Years

12

.80%§

10

Years

8

.60%§

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Portfolio

Management

Discussion

and

Analysis,

continued

—

December

31,

2023

(Unaudited)

138

Global

Real

Estate

Securities

Fund

The

Global

Real

Estate

Securities

Fund

(the

“Fund”)

employs

a

multi-manager

approach

whereby

Russell

Investment

Management,

LLC

(“RIM”)

manages

a

portion

of

the

Fund’s

assets

based

upon

model

portfolios

provided

by

multiple

non-

discretionary

money

managers.

The

Fund’s

money

managers

have

non-discretionary

assignments

pursuant

to

which

they

provide

a

model

portfolio

to

RIM

representing

their

investment

recommendations,

based

upon

which

RIM

purchases

and

sells

securities

for

the

Fund.

RIM

also

manages

the

portion

of

the

Fund’s

assets

that

RIM

determines

not

to

manage

based

upon

model

portfolios

provided

by

the

Fund’s

money

managers.

RIM

may

change

the

allocation

of

the

Fund’s

assets

at

any

time.

An

exemptive

order

from

the

Securities

and

Exchange

Commission

permits

RIM

to

engage

or

terminate

a

money

manager

at

any

time,

subject

to

approval

by

the

Fund’s

Board,

without

a

shareholder

vote.

Pursuant

to

the

terms

of

the

exemptive

order,

the

Fund

is

required

to

notify

its

shareholders

within

90

days

of

when

a

money

manager

begins

providing

services.

As

of

December

31,

2023,

the

Fund

had

two

money

managers.

What

is

the

Fund’s

investment

objective?

The

Fund

seeks

to

provide

current

income

and

long-term

capital

growth.

How

did

the

Fund

perform

relative

to

its

benchmark

for

the

fiscal

year

ended

December

31,

2023?

For

the

fiscal

year

ended

December

31,

2023

(the

“fiscal

year”),

the

Fund

gained

10.55%.

This

is

compared

to

the

Fund’s

benchmark,

the

FTSE

EPRA

Nareit

Developed

Index

(Net),

which

gained

9.68%

during

the

fiscal

year.

The

Fund’s

performance

includes

operating

expenses,

whereas

index

returns

are

unmanaged

and

do

not

include

expenses

of

any

kind.

For

the

fiscal

year,

the

Morningstar

®

Insurance

Global

Real

Estate

Category,

a

group

of

funds

that

Morningstar,

Inc.

considers

to

have

investment

strategies

similar

to

those

of

the

Fund,

gained

11.15%

This

return

serves

as

a

peer

comparison

and

is

expressed

net

of

operating

expenses.

How

did

market

conditions

affect

the

Fund’s

performance?

For

the

fiscal

year,

the

global

listed

property

market,

as

measured

by

the

FTSE

EPRA

Nareit

Developed

Index

(Net),

gained

9.68%,

underperforming

global

equities.

Within

real

estate

securities,

performance

was

mixed

across

most

major

markets.

Europe

finished

at

the

top

of

the

index,

followed

closely

by

North

America.

Both

regions

benefitted

from

a

rally

late

in

the

year,

driven

by

falling

interest

rates.

Asia

lagged,

underperforming

the

index

as

concerns

over

China’s

economy

served

as

a

headwind

during

the

year.

With

respect

to

property

sectors,

U.S.

technology

real

estate

investment

trusts

(“REITs”)

led

gains.

The

sector

benefitted

from

strong

leasing

demand

due

to

excitement

over

artificial

intelligence.

Malls

also

finished

near

the

top

of

the

index,

driven

by

a

fourth

quarter

rally.

Industrial

and

storage

REITs

were

above

average

performers.

Office,

health

care

and

residential

REITs

managed

healthy

gains,

but

finished

behind

the

index.

Net

lease

was

the

weakest

sector,

ending

in

negative

territory

year.

How

did

the

investment

strategies

and

techniques

employed

by

the

Fund

and

its

money

managers

affect

its

benchmark

relative

performance?

Favorable

security

selection

within

the

health

care

sector

drove

the

Fund’s

performance.

An

overweight

to

and

positive

stock

selection

within

the

technology

sector

further

contributed

to

benchmark-relative

performance.

Security

selection

among

Japan

developers

had

a

negative

impact.

With

respect

to

the

Fund’s

money

managers,

Cohen

&

Steers

Capital

Management,

Inc.,

Cohen

&

Steers

UK

Limited

and

Cohen

&

Steers

Asia

Limited

outperformed

the

Fund’s

benchmark

for

the

fiscal

year.

Favorable

security

selection

within

the

health

care

sector

drove

the

manager’s

outperformance

during

the

fiscal

year.

An

overweight

to

and

positive

stock

selection

among

U.S.

technology

REITs

further

contributed

to

benchmark-relative

performance.

Negative

stock

selection

among

residential

REITs

was

a

notable

detractor.

RREEF

America

L.L.C.,

DWS

Investments

Australia

Limited

and

DWS

Alternatives

Global

Limited

(operating

under

the

brand

name

DWS)

(“DWS”)

outperformed

the

Fund’s

benchmark

for

the

fiscal

year.

Security

selection

within

the

specialty

and

technology

sectors

contributed

to

DWS’s

performance.

Favorable

security

selection

among

property

stocks

in

Continental

Europe

was

additive.

Stock

selection

among

Japan

developers

marginally

detracted

from

performance.

RIM

manages

assets

not

allocated

to

money

manager

strategies

and

the

Fund’s

cash

balances.

During

the

fiscal

year,

RIM

continued

to

utilize

a

strategy

to

implement

regional

and

property

sector

tilting

through

the

direct

purchase

of

real

estate

stocks.

Using

quantitative

and/

or

rules-based

processes

and

qualitative

analysis,

the

strategy

seeks

to

position

the

portfolio

to

meet

RIM’s

overall

preferred

positioning

with

respect

to

regional

and

property

type

exposures.

The

strategy

outperformed

relative

to

the

Fund’s

benchmark

for

the

fiscal

year.

Positioning

within

the

U.S.

drove

performance.

Within

the

U.S.,

an

underweight

to

residential

REITs

was

beneficial

while

an

underweight

to

malls

detracted.

During

the

fiscal

year,

the

Fund

used

index

futures

to

equitize

the

Fund’s

cash

and

this

strategy

performed

as

intended.

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Portfolio

Management

Discussion

and

Analysis,

continued

—

December

31,

2023

(Unaudited)

Global

Real

Estate

Securities

Fund

139

Describe

any

changes

to

the

Fund’s

structure

or

the

money

manager

line-up.

There

were

no

changes

to

the

Fund’s

structure

or

money

manager

line-up

during

the

fiscal

year.

The

views

expressed

in

this

report

reflect

those

of

the

portfolio

managers

only

through

the

end

of

the

fiscal

year

covered

by

the

report.

These

views

do

not

necessarily

represent

the

views

of

RIM

or

any

other

person

in

RIM

or

any

other

affiliated

organization.

These

views

are

subject

to

change

at

any

time

based

upon

market

conditions

or

other

events,

and

RIM

disclaims

any

responsibility

to

update

the

views

contained

herein.

These

views

should

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Russell

Investment

Funds

(“RIF”)

Fund

are

based

on

numerous

factors,

should

not

be

relied

on

as

an

indication

of

investment

decisions

of

any

RIF

Fund.

Money

Managers

as

of

December

31,

2023

Styles

Cohen

&

Steers

Capital

Management,

Inc.,

Cohen

&

Steers

UK

Limited

and

Cohen

&

Steers

Asia

Limited

Market-Oriented

RREEF

America

L.L.C.,

DWS

Investments

Australia

Limited

and

DWS

Alternatives

Global

Limited

(operating

under

the

brand

name

DWS)

Market-Oriented

*

Assumes

initial

investment

on

January

1,

2014.

**

FTSE

EPRA

Nareit

Developed

Index

(Net)

is

an

unmanaged

market-weighted

total

return

index,

which

consists

of

publicly

traded

equity

REITs

and

listed

property

companies

from

developed

markets

whose

floats

are

larger

than

$100

million

and

derive

more

than

half

of

their

revenue

from

property-related

activities

and

is

net

of

dividend

withholding

taxes.

***

MSCI

World

Index

(Net)

is

a

free

float

‐

adjusted

market

capitalization

weighted

index

that

is

designed

to

measure

the

equity

market

performance

of

developed

markets.

The

index

consists

of

23

developed

market

country

indexes.

§

Annualized.

The

performance

shown

in

this

section

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges.

Performance

is

historical

and

assumes

reinvestment

of

all

dividends

and

capital

gains.  Investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

when

purchased.  Past

performance

is

not

indicative

of

future

results.  Additionally,

the

returns

presented

herein

may

differ

from

the

performance

reported

in

the

Financial

Highlights

as

the

returns

herein

are

calculated

in

a

manner

consistent

with

standardized

performance

in

accordance

with

Securities

and

Exchange

Commission

rules,

while

the

performance

in

the

Financial

Highlights

has

been

calculated

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

(“U.S.

GAAP”).

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Shareholder

Expense

Example

—

December

31,

2023

(Unaudited)

140

Global

Real

Estate

Securities

Fund

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

July

1,

2023

to

December

31,

2023

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

July

1,

2023

$

1,000.00

$

1,000.00

Ending

Account

Value

December

31,

2023

$

1,078.30

$

1,020.72

Expenses

Paid

During

Period*

$

4.66

$

4.53

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.89%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/

365

(to

reflect

the

one-half

year

period).

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

141

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

95.8%

Australia

-

4.0%

Centuria

Industrial

REIT(ö)

419,330

926

Charter

Hall

Group

-

ADR(ö)

377,278

3,073

Charter

Hall

Retail

REIT(ö)

489,749

1,201

Dexus(ö)

63,724

332

Goodman

Group(ö)

274,019

4,705

GPT

Group

(The)(ö)

2,385,969

7,508

Ingenia

Communities

Group(ö)

934,615

2,821

National

Storage

REIT(ö)

754,200

1,178

Region

RE,

Ltd.(ö)

1,544,707

2,369

Scentre

Group(ö)

2,449,653

4,968

Stockland(ö)

2,829,834

8,577

37,658

Belgium

-

0.9%

Aedifica

SA(ö)

46,745

3,277

Cofinimmo

SA(ö)

18,109

1,432

VGP

NV

9,595

1,110

Warehouses

De

Pauw

CVA(ö)

90,295

2,835

8,654

Canada

-

2.6%

Boardwalk

Real

Estate

Investment

Trust(ö)

225,312

12,131

Canadian

Apartment

Properties(ö)

78,009

2,873

Chartwell

Retirement

Residences

368,464

3,259

InterRent

Real

Estate

Investment

Trust(ö)

227,397

2,270

RioCan

Real

Estate

Investment

Trust(ö)

268,687

3,776

24,309

France

-

1.2%

ARGAN

SA(ö)

11,209

1,056

Covivio(ö)

3,414

184

ICADE(ö)

25,336

999

Klepierre

SA

-

GDR(ö)(Þ)

342,005

9,352

11,591

Germany

-

2.5%

LEG

Immobilien

SE(Æ)

57,980

5,077

TAG

Immobilien

AG(Æ)

149,564

2,179

Vonovia

SE

521,696

16,439

23,695

Hong

Kong

-

3.7%

CK

Asset

Holdings,

Ltd.

2,143,908

10,722

Hongkong

Land

Holdings,

Ltd.

113,682

395

Hysan

Development

Co.,

Ltd.

60,000

119

Link

REIT(ö)

2,305,343

12,892

Sun

Hung

Kai

Properties,

Ltd.

968,052

10,418

Wharf

Holdings,

Ltd.

(The)

80,000

257

Wharf

Real

Estate

Investment

Co.,

Ltd.

153,247

521

35,324

Japan

-

9.5%

Activia

Properties,

Inc.(ö)

1,082

2,977

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Advance

Residence

Investment

Corp.

(ö)

1,496

3,349

Comforia

Residential

REIT,

Inc.(ö)

132

296

Daiwa

House

REIT

Investment

Corp.(ö)

2,094

3,733

Daiwa

Office

Investment

Corp.(ö)

435

2,049

Hulic

REIT,

Inc.(ö)

298

315

Industrial

&

Infrastructure

Fund

Investment

Corp.(ö)

3,530

3,489

Invincible

Investment

Corp.(ö)

8,240

3,559

Japan

Excellent,

Inc.(ö)

235

209

Japan

Hotel

REIT

Investment

Corp.(ö)

6,711

3,290

Japan

Prime

Realty

Investment

Corp.(ö)

521

1,292

Japan

Retail

Fund

Investment

Corp.(ö)

3,091

2,231

Keihanshin

Building

Co.,

Ltd.

316,500

3,187

Kenedix

Office

Investment

Corp.

Class

A(ö)

6,473

7,375

Mitsubishi

Estate

Co.,

Ltd.

842,392

11,572

Mitsui

Fudosan

Co.,

Ltd.

566,111

13,837

Mitsui

Fudosan

Logistics

Park,

Inc.

(Æ)(ö)

984

3,188

MORI

Trust

Sogo

REIT,

Inc.(ö)

9,599

4,930

Nippon

Prologis

REIT,

Inc.(Æ)(ö)

4,305

8,285

Nomura

Real

Estate

Holdings,

Inc.

165,300

4,337

Sumitomo

Realty

&

Development

Co.,

Ltd.

165,100

4,893

United

Urban

Investment

Corp.(ö)

2,253

2,300

90,693

Macao

-

0.0%

Sands

China,

Ltd.(Æ)

80,000

233

Netherlands

-

0.9%

CTP

NV(Þ)

123,864

2,093

Eurocommercial

Properties

NV(ö)

56,990

1,403

Unibail-Rodamco-Westfield(Æ)(ö)

70,546

5,197

8,693

Singapore

-

3.4%

CapitaLand

Ascendas

REIT(ö)

2,371,900

5,431

CapitaLand

Integrated

Commercial

Trust

Class

A(Æ)(ö)

2,410,000

3,749

Capitaland

Investment,

Ltd.

3,269,900

7,802

City

Developments,

Ltd.

34,600

174

Frasers

Centrepoint

Trust(Æ)(ö)

1,242,500

2,125

Frasers

Logistics

&

Commercial

Trust(Æ)(ö)(Þ)

3,757,600

3,266

Keppel

DC

REIT(Æ)(ö)

1,634,200

2,409

Mapletree

Industrial

Trust(ö)

1,107,200

2,102

Mapletree

Logistics

Trust(ö)

2,009,300

2,641

Parkway

Life

Real

Estate

Investment

Trust(Æ)(ö)

1,055,255

2,942

32,641

Spain

-

0.7%

Arima

Real

Estate

Socimi

SA(Æ)(ö)

69,840

490

Cellnex

Telecom

SA(Þ)

61,410

2,426

Inmobiliaria

Colonial

Socimi

SA(ö)

134,436

976

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

142

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Merlin

Properties

Socimi

SA(ö)

232,577

2,580

6,472

Sweden

-

1.5%

Castellum

AB(Æ)

275,623

3,941

Catena

AB

41,259

1,938

Fabege

AB(Ñ)

206,806

2,219

Fastighets

AB

Balder

Class

B(Æ)

763,097

5,450

Pandox

AB

20,014

298

13,846

Switzerland

-

0.4%

PSP

Swiss

Property

AG

25,947

3,633

United

Kingdom

-

4.7%

Big

Yellow

Group

PLC(ö)

288,875

4,489

British

Land

Co.

PLC

(The)(ö)

879,264

4,458

Derwent

London

PLC(ö)

66,661

1,996

Grainger

PLC

1,257,030

4,230

Land

Securities

Group

PLC(ö)

545,085

4,879

Life

Science

REIT

PLC(Ñ)(ö)

1,261,525

1,015

LXI

REIT

PLC(ö)(Þ)

234,024

311

PRS

REIT

PLC

(The)(ö)

832,870

915

Safestore

Holdings

PLC(ö)

323,498

3,631

Segro

PLC(ö)

1,003,599

11,296

Shaftesbury

Capital

PLC(ö)

664,336

1,165

Sirius

Real

Estate,

Ltd.(ö)

238,693

286

Tritax

EuroBox

PLC(Þ)

1,089,673

839

UNITE

Group

PLC

(The)(ö)

379,290

5,030

44,540

United

States

-

59.8%

Agree

Realty

Corp.(ö)

121,962

7,678

American

Homes

4

Rent

Class

A(ö)

267,129

9,606

American

Tower

Corp.(ö)

15,920

3,437

Americold

Realty

Trust,

Inc.(ö)

330,035

9,990

AvalonBay

Communities,

Inc.(ö)

94,366

17,667

Boyd

Gaming

Corp.

41,070

2,571

Brixmor

Property

Group,

Inc.(ö)

322,807

7,512

Camden

Property

Trust(ö)

42,021

4,172

CareTrust

REIT,

Inc.(ö)

64,825

1,451

CubeSmart(ö)

153,359

7,108

Digital

Realty

Trust,

Inc.(ö)

232,201

31,250

EastGroup

Properties,

Inc.(ö)

54,888

10,074

Equinix,

Inc.(ö)(Þ)

50,894

40,990

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

45,644

3,220

Essential

Properties

Realty

Trust,

Inc.

(ö)

359,061

9,178

Essex

Property

Trust,

Inc.(ö)

65,298

16,190

Extra

Space

Storage,

Inc.(ö)

75,986

12,183

Healthcare

Realty

Trust,

Inc.(ö)

385,374

6,640

Highwoods

Properties,

Inc.(ö)

149,134

3,424

Host

Hotels

&

Resorts,

Inc.(ö)

139,078

2,708

Invitation

Homes,

Inc.(ö)

635,282

21,670

Iron

Mountain,

Inc.(ö)

224,087

15,682

Jones

Lang

LaSalle,

Inc.(Æ)

1,507

285

Kimco

Realty

Corp.(ö)

499,514

10,645

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kite

Realty

Group

Trust(ö)

313,680

7,171

Medical

Properties

Trust,

Inc.(Ñ)(ö)

208,573

1,024

Mid-America

Apartment

Communities,

Inc.(ö)

39,433

5,302

Omega

Healthcare

Investors,

Inc.(ö)

87,741

2,690

Prologis,

Inc.(ö)

488,863

65,165

Public

Storage(ö)

78,587

23,969

Realty

Income

Corp.(ö)

393,541

22,597

Regency

Centers

Corp.(ö)

27,618

1,850

Ryman

Hospitality

Properties,

Inc.(ö)

52,548

5,783

SBA

Communications

Corp.(ö)

27,887

7,075

Simon

Property

Group,

Inc.(ö)

252,072

35,956

SL

Green

Realty

Corp.(Ñ)(ö)

103,463

4,673

Spirit

Realty

Capital,

Inc.(ö)

233,627

10,207

STAG

Industrial,

Inc.(ö)

153,577

6,029

Sun

Communities,

Inc.(ö)

162,345

21,697

UDR,

Inc.(ö)

323,889

12,402

Ventas,

Inc.(ö)

177,975

8,870

VICI

Properties,

Inc.(ö)

610,428

19,460

Vornado

Realty

Trust(ö)

215,473

6,087

Welltower,

Inc.(ö)

458,868

41,376

WP

Carey,

Inc.(ö)

46,011

2,982

567,696

Total

Common

Stocks

(cost

$754,912)

909,678

Short-Term

Investments

-

3.5%

United

States

-

3.5%

U.S.

Cash

Management

Fund(@)

32,990,922

(∞)

32,981

Total

Short-Term

Investments

(cost

$32,981)

32,981

Other

Securities

-

0.9%

U.S.

Cash

Collateral

Fund(@)(×)

9,101,498

(∞)

9,101

Total

Other

Securities

(cost

$9,101)

9,101

Total

Investments

-

100.2%

(identified

cost

$796,994)

951,760

Other

Assets

and

Liabilities,

Net

-

(0.2%)

(2,198)

Net

Assets

-

100.0%

949,562

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

143

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

$

$

$

6.2%

Cellnex

Telecom

SA

07/17/23

EUR

61,410

37.34

2,293

2,426

CTP

NV

04/06/21

EUR

123,864

17.46

2,162

2,093

Equinix,

Inc.

06/25/21

50,894

634.04

32,269

40,990

Frasers

Logistics

&

Commercial

Trust

07/12/21

SGD

3,757,600

1.05

3,941

3,266

Klepierre

SA

05/12/20

EUR

342,005

20.48

7,003

9,352

LXI

REIT

PLC

09/05/22

GBP

234,024

1.35

315

311

Tritax

EuroBox

PLC

03/15/21

EUR

1,089,673

1.45

1,575

839

59,277

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

1,072

USD

38,217

03/24

2,402

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

2,402

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

83

CAD

109

01/02/24

—

Bank

of

America

USD

673

CAD

891

01/03/24

—

Bank

of

America

USD

282

JPY

39,660

01/04/24

—

Bank

of

America

USD

195

SGD

257

01/02/24

—

Bank

of

America

HKD

6,373

USD

816

01/02/24

(2)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(2)

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

$

—

$

37,658

$

—

$

—

$

37,658

4

.0

Belgium

—

8,654

—

—

8,654

0

.9

Canada

24,309

—

—

—

24,309

2

.6

France

—

11,591

—

—

11,591

1

.2

Germany

—

23,695

—

—

23,695

2

.5

Hong

Kong

—

35,324

—

—

35,324

3

.7

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

144

Global

Real

Estate

Securities

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Japan

—

90,693

—

—

90,693

9

.5

Macao

—

233

—

—

233

—

*

Netherlands

—

8,693

—

—

8,693

0

.9

Singapore

—

32,641

—

—

32,641

3

.4

Spain

—

6,472

—

—

6,472

0

.7

Sweden

—

13,846

—

—

13,846

1

.5

Switzerland

—

3,633

—

—

3,633

0

.4

United

Kingdom

—

44,540

—

—

44,540

4

.7

United

States

567,696

—

—

—

567,696

59

.8

Short-Term

Investments

—

—

—

32,981

32,981

3

.5

Other

Securities

—

—

—

9,101

9,101

0

.9

Total

Investments

592,005

317,673

—

42,082

951,760

100

.2

Other

Assets

and

Liabilities,

Net

(0

.2)

100

.0

Other

Financial

Instruments

Assets

Futures

Contracts

2,402

—

—

—

2,402

0

.3

A

Liabilities

Foreign

Currency

Exchange

Contracts

(2

)

—

—

—

(2

)

(—)

*

Total

Other

Financial

Instruments

**

$

2,400

$

—

$

—

$

—

$

2,400

*

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

December

31,

2023,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

December

31,

2023,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

145

Amounts

in

thousands

Property

Sector

Exposure

Fair

Value

$

Diversified

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

196,510

Healthcare

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

68,253

Industrial

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

140,493

Lodging/Resorts

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

37,671

Office

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

33,856

Residential

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

171,512

Retail

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

121,239

Self

Storage

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

52,558

Technology

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

87,586

Short-Term

Investments

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

32,981

Other

Securities

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

9,101

Total

Investments

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

951,760

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

146

Global

Real

Estate

Securities

Fund

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Fair

Value

of

Derivative

Instruments

—

December

31,

2023

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Foreign

Currency

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts*

$

2,402

$

—

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

—

$

2

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Foreign

Currency

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(102)

$

—

Foreign

currency

exchange

contracts

—

(451)

Total

$

(102)

$

(451)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

3,468

$

—

Foreign

currency

exchange

contracts

—

(124)

Total

$

3,468

$

(124)

*

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

disclosu

re

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

147

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

$

8,571

$

—

$

8,571

Total

Financial

and

Derivative

Assets

8,571

—

8,571

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

8,571

$

—

$

8,571

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

$

643

$

—

$

643

$

—

Fidelity

546

—

546

—

Goldman

Sachs

4,722

—

4,722

—

HSBC

241

—

241

—

Morgan

Stanley

2,419

—

2,419

—

Total

$

8,571

$

—

$

8,571

$

—

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

148

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

2

$

—

$

2

Total

Financial

and

Derivative

Liabilities

2

—

2

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(2)

—

(2)

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

—

$

—

$

—

*      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

149

Statement

of

Assets

and

Liabilities

—

December

31,

2023

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

796,994

Investments,

at

fair

value(*)(>)

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

951,760

Foreign

currency

holdings(^)

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

2,029

Receivables:

Dividends

and

interest

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

3,787

Dividends

from

affiliated

funds

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

148

Investments

sold

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

816

Fund

shares

sold

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

114

Foreign

capital

gains

taxes

recoverable

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

330

Variation

margin

on

futures

contracts

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

2,406

Prepaid

expenses

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

1

Total

assets

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

961,391

Liabilities

Payables:

Due

to

broker

(a)

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

552

Investments

purchased

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

1,231

Fund

shares

redeemed

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

14

Accrued

fees

to

affiliates

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

680

Other

accrued

expenses

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

249

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

2

Payable

upon

return

of

securities

loaned

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

9,101

Total

liabilities

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

11,829

Net

Assets

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

$

949,562

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

150

Global

Real

Estate

Securities

Fund

Statement

of

Assets

and

Liabilities,

continued

—

December

31,

2023

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

15,501

Shares

of

beneficial

interest

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

709

Additional

paid-in

capital

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

933,352

Net

Assets

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

$

949,562

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

13.39

Net

assets

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

$

949,562,181

Shares

outstanding

($.01

par

value)

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

70,894,510

Amounts

in

thousands

(^)    

Foreign

currency

holdings

-

cost

$

2,033

(*)    

Securities

on

loan

included

in

investments

$

8,571

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

and

U.S.

Cash

Collateral

Fund

$

42,082

(a)  

Due

to

Broker

for

Futures

$

552

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

151

Statement

of

Operations

—

For

the

Period

Ended

December

31,

2023

Amounts

in

thousands

Investment

Income

Dividends

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

$

32,126

Dividends

from

affiliated

funds

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

1,511

Interest

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

80

Securities

lending

income

(net)

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

58

Less

foreign

taxes

withheld

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

(1,174)

Total

investment

income

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

32,601

Expenses

Advisory

fees

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

7,011

Administrative

fees

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

438

Custodian

fees

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

172

Transfer

agent

fees

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

39

Professional

fees

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

124

Trustees’

fees

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

51

Printing

fees

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

36

Miscellaneous

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

31

Total

expenses

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

7,902

Net

investment

income

(loss)

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

24,699

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(50,329)

Investments

in

affiliated

funds

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

2

Futures

contracts

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

(102)

Foreign

currency

exchange

contracts

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

(451)

Foreign

currency-related

transactions

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

(226)

Net

realized

gain

(loss)

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

(51,106)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

114,691

Investments

in

affiliated

funds

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

(5)

Futures

contracts

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

3,468

Foreign

currency

exchange

contracts

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

(124)

Foreign

currency-related

transactions

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

27

Net

change

in

unrealized

appreciation

(depreciation)

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

118,057

Net

realized

and

unrealized

gain

(loss)

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

66,951

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

91,650

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

152

Global

Real

Estate

Securities

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

For

the

Periods

Ended

December

31,

2023

2022

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

24,699

$

18,842

Net

realized

gain

(loss)

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

(51,106)

(52,445)

Net

change

in

unrealized

appreciation

(depreciation)

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

118,057

(269,722)

Net

increase

(decrease)

in

net

assets

from

operations

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

91,650

(303,325)

Distributions

To

shareholders

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

(15,782)

(15,495)

From

return

of

capital

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

—

(4,589)

Net

decrease

in

net

assets

from

distributions

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

(15,782)

(20,084)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

14,109

37,657

Total

Net

Increase

(Decrease)

in

Net

Assets

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

89,977

(285,752)

Net

Assets

Beginning

of

period

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

859,585

1,145,337

End

of

period

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

$

949,562

$

859,585

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2023

and

December

31,

2022

were

as

follows:

2023

2022

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

3,020

$

37,228

3,957

$

51,215

Proceeds

from

reinvestment

of

distributions

1,309

15,782

1,452

20,084

Payments

for

shares

redeemed

(3,113)

(38,901)

(2,228)

(33,642)

Total

increase

(decrease)

1,216

$

14,109

3,181

$

37,657

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

154

Global

Real

Estate

Securities

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

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

155

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(±)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(Ƃ)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(Ƃ)

%

Portfolio

Turnover

Rate

(.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.

156

Global

Real

Estate

Securities

Fund

Related

Party

Transactions,

Fees

and

Expenses

Accrued

fees

payable

to

affiliates

as

of

December

31,

2023

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

December

31,

2023

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

At

December

31,

2023,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

December

31,

2023

and

December

31,

2022,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting. These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps. These

adjustments

have

no

impact

on

the

net

assets.

At

December

31,

2023,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

Advisory

fees

$

627,738

Administrative

fees

39,234

Transfer

agent

fees

3,453

Trustee

fees

9,482

$

679,907

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

32,549

$

170,983

$

170,548

$

2

$

(5

)

$

32,981

$

1,511

$

—

U.S.

Cash

Collateral

Fund

2,436

88,794

82,129

—

—

9,101

307

—

$

34,985

$

259,777

$

252,677

$

2

$

(5

)

$

42,082

$

1,818

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

(Capital

Loss

Carryforward)

$

843,627,761

$

125,112,899

$

(14,576,845)

$

110,536,054

$

5,526,414

$

(84,746,806)

December

31,

2023

December

31,

2022

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

$

15,781,980

$

—

$

—

$

7,274,696

$

8,219,388

$

4,589,599

Russell

Investment

Funds

Notes

to

Schedule

of

Investments

—

December

31,

2023

Notes

to

Schedule

of

Investments

157

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.

See

note

2

in

the

Notes

to

Financial

Statements

.

(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

Russell

Investment

Funds

Notes

to

Schedule

of

Investments,

continued

—

December

31,

2023

158

Notes

to

Schedule

of

Investments

Foreign

Currency

Abbreviations:

GDR

-

Global

Depositary

Receipt

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

CNY

-

Chinese

offshore

spot

ITL

-

Italian

lira

SKK

-

Slovakian

koruna

CNY

-

Chinese

renminbi

yuan

JPY

-

Japanese

yen

THB

-

Thai

baht

COP

-

Colombian

peso

KES

-

Kenyan

schilling

TRY

-

Turkish

lira

CRC

-

Costa

Rican

colon

KRW

-

South

Korean

won

TWD

-

Taiwanese

dollar

CZK

-

Czech

koruna

MXN

-

Mexican

peso

USD

-

United

States

dollar

DKK

-

Danish

krone

MYR

-

Malaysian

ringgit

UYU

–

Uruguayan

peso

DOP

-

Dominican

peso

NOK

-

Norwegian

krone

VEB

-

Venezuelan

bolivar

EGP

-

Egyptian

pound

NGN

–

Nigerian

naira

VND

-

Vietnamese

dong

EUR

-

Euro

NZD

-

New

Zealand

dollar

ZAR

-

South

African

rand

GBP

-

British

pound

sterling

PEN

-

Peruvian

nuevo

sol

GHS

-

Ghana

cedi

PHP

-

Philippine

peso

Russell

Investment

Funds

Notes

to

Financial

Highlights

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Notes

to

Financial

Highlights

159

(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.

(±)

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

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

—

December

31,

2023

160

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

twelve

months

ended

December

31,

2023.

2.

Significant

Accounting

Policies

The

Funds’

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

financial

statements.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

each

Fund

in

the

preparation

of

its

financial

statements.

Security

Valuation

The

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures

and

pricing

sources

and

services,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

a

description

of

the

pricing

sources

and

services

used

by

the

Funds.

With

respect

to

a

Fund’s

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

Russell

Investment

Management,

LLC

(“RIM”),

the

Funds’

adviser,

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

2

and

3

of

the

fair

value

hierarchy

are

defined

as

follows:

Level

1

—

Quoted

prices

(unadjusted)

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

and

inputs

such

as

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

or

other

market

corroborated

inputs.

Level

3

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

RIM,

that

are

used

in

determining

the

fair

value

of

investments.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

December

31,

2023

Notes

to

Financial

Statements

161

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

market

values

of

financial

instruments

categorized

as

Level

1

and

Level

2

of

the

fair

value

hierarchy

are

as

follows:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

ETFs

and

restricted

securities

that

are

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market),

are

stated

at

the

last

reported

sales

price

on

the

day

of

valuation

or

official

closing

price,

as

applicable.

To

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Preferred

stock

and

other

equities

traded

on

inactive

markets

or

valued

by

reference

to

similar

instruments

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Certain

foreign

equity

securities

may

be

fair

valued

using

a

pricing

service

that

considers

the

correlation

of

the

trading

patterns

of

the

foreign

security

to

the

intraday

trading

in

the

U.S.

markets

for

investments

such

as

American

Depositary

Receipts,

financial

futures,

exchange-traded

funds,

and

the

movement

of

certain

indexes

of

securities,

based

on

the

statistical

analysis

of

historical

relationships.

Foreign

equity

securities

prices

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Fixed

income

securities

including

corporate,

convertible,

U.S.

government

agency,

municipal

bonds

and

notes,

U.S.

treasury

obligations,

sovereign

issues,

bank

loans,

bank

notes

and

non-U.S.

bonds

are

normally

valued

by

pricing

service

providers

that

use

broker-dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

service

providers’

internal

models

use

inputs

that

are

observable

such

as

issuer

details,

interest

rates,

yield

curves,

prepayment

speeds,

credit

risks/spreads

and

default

rates.

Such

fixed

income

securities

that

use

pricing

service

internal

models

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Such

fixed

income

securities

that

use

broker-dealer

quotations

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Fixed

income

securities

purchased

on

a

delayed-delivery

basis

and

marked-to-market

daily

until

settlement

at

the

forward

settlement

date

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Mortgage

and

asset-backed

securities

are

usually

issued

as

separate

tranches,

or

classes,

of

securities

within

each

deal.

These

securities

are

also

normally

valued

by

pricing

service

providers

that

use

broker-dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

models

for

these

securities

usually

consider

tranche-level

attributes,

including

estimated

cash

flows

of

each

tranche,

market-based

yield

spreads

for

each

tranche,

and

current

market

data,

as

well

as

incorporate

deal

collateral

performance,

as

available.

Mortgage

and

asset-backed

securities

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

will

be

valued

based

upon

the

NAV

of

such

investments.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity’s

measurement

date.

Short-term

investments

having

a

maturity

of

60

days

or

less

are

generally

valued

at

amortized

cost,

which

approximates

fair

market

value.

These

investments

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Derivative

instruments

are

instruments

such

as

foreign

currency

exchange

contracts,

futures

contracts,

options

contracts,

or

swap

agreements

that

derive

their

value

from

underlying

asset

prices,

indices,

reference

rates,

and

other

inputs

or

a

combination

of

these

factors.

Derivatives

may

be

classified

into

two

groups

depending

upon

the

way

that

they

are

traded:

privately

traded

over-the-counter

(“OTC”)

derivatives

that

do

not

go

through

an

exchange

or

intermediary

and

exchange-traded

derivatives

that

are

traded

through

specialized

derivatives

exchanges

or

other

regulated

exchanges.

OTC

derivatives

are

normally

valued

on

the

basis

of

broker-dealer

quotations

or

pricing

service

providers.

Depending

on

the

product

and

the

terms

of

the

transaction,

the

value

of

the

derivative

instrument

can

be

estimated

by

a

pricing

service

provider

using

a

series

of

techniques,

including

simulation

pricing

models.

The

pricing

models

use

inputs

that

are

observed

from

actively

quoted

markets

such

as

issuer

details,

indices,

spreads,

interest

rates,

yield

curves,

dividends

and

exchange

rates.

OTC

derivatives

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy,

with

the

exception

of

foreign

currency

spot

contracts

which

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

OTC

derivatives

that

use

broker-dealer

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

December

31,

2023

162

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

December

31,

2023,

the

U.S.

Strategic

Equity

Fund,

U.S.

Small

Cap

Equity

Fund,

International

Developed

Markets

Fund

and

Global

Real

Estate

Securities

Fund

had

no

transfers

into

or

out

of

Level

3

of

the

fair

value

hierarchy.

The

Strategic

Bond

Fund

had

transfers

out

of

Level

3

into

Level

2

representing

financial

instruments

for

which

approved

vendor

sources

became

available

or

inputs

became

observable.

The

amount

transferred

was

$

2,385,156.

Level

3

Fair

Value

Investments

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

of

financial

instruments

classified

as

Level

3

of

the

fair

value

hierarchy

are

as

follows:

Securities

and

other

assets

for

which

market

quotes

are

not

readily

available,

or

are

not

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

by

RIM

and

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Market

quotes

are

considered

not

readily

available

in

circumstances

where

there

is

an

absence

of

current

or

reliable

market-based

data

(e.g.,

trade

information

or

broker

quotes).

When

RIM

applies

fair

valuation

methods

that

use

significant

unobservable

inputs

to

determine

a

Fund’s

NAV,

securities

will

not

be

priced

on

the

basis

of

quotes

from

the

primary

market

in

which

they

are

traded,

but

instead

may

be

priced

by

another

method

that

RIM

believes

accurately

reflects

fair

value

and

will

be

categorized

as

Level

3

of

the

fair

value

hierarchy.

Fair

value

pricing

may

require

subjective

determinations

about

the

value

of

a

security.

While

the

securities

valuation

procedures

are

intended

to

result

in

a

calculation

of

a

Fund’s

NAV

that

fairly

reflects

security

values

as

of

the

time

of

pricing,

the

process

cannot

guarantee

that

fair

values

determined

by

RIM

would

accurately

reflect

the

price

that

a

Fund

could

obtain

for

a

security

if

it

were

to

dispose

of

that

security

as

of

the

time

of

pricing

(for

instance,

in

a

forced

or

distressed

sale).

The

prices

used

by

a

Fund

may

differ

from

the

value

that

would

be

realized

if

the

security

was

sold.

RIM

employs

third-party

pricing

vendors

to

provide

fair

value

measurements.

RIM

oversees

third-party

pricing

service

providers

in

order

to

support

the

valuation

process.

These

significant

unobservable

inputs

are

further

disclosed

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund

as

applicable.

If

third-party

evaluated

vendor

pricing

is

neither

available

nor

deemed

to

be

indicative

of

fair

value,

RIM

may

elect

to

obtain

indicative

market

quotations

(“broker

quotes”)

directly

from

the

broker

or

passed

through

from

a

third-party

vendor.

In

the

event

that

the

source

of

fair

value

is

from

a

single

source

broker

quote,

these

securities

are

classified

as

Level

3

per

the

fair

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

December

31,

2023

Notes

to

Financial

Statements

163

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

accruals

need

to

be

made

in

the

financial

statements

due

to

uncertain

tax

positions.

Management

continually

reviews

and

adjusts

the

Funds’

liability

for

income

taxes

based

on

analyses

of

tax

laws

and

regulations,

as

well

as

their

interpretations,

and

other

relevant

factors.

Each

Fund

files

a

U.S.

tax

return.

As

of

December

31,

2023,

the

Funds

had

recorded

no

liabilities

for

net

unrecognized

tax

benefits

relating

to

uncertain

income

tax

positions

they

have

taken

or

expect

to

take

in

future

tax

returns.

While

the

statute

of

limitations

remains

open

to

examine

the

Funds’

U.S.

tax

returns

filed

for

the

fiscal

years

ended

December

31,

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

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

December

31,

2023

164

Notes

to

Financial

Statements

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

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.

Declared

Payable

Funds

Quarterly

April,

July,

October

and

mid-December

U.S.

Strategic

Equity,

U.S.

Small

Cap

Equity,

Strategic

Bond

and

Global

Real

Estate

Securities

Funds

Annually

Mid-December

International

Developed

Markets

Fund

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

December

31,

2023

Notes

to

Financial

Statements

165

Capital

Gains

Taxes

The

Funds

may

be

subject

to

capital

gains

taxes

and

repatriation

taxes

imposed

by

certain

countries

in

which

they

invest.

The

International

Developed

Markets,

Strategic

Bond

and

Global

Real

Estate

Securities

Funds

may

record

a

deferred

capital

gains

tax

liability

with

respect

to

the

unrealized

appreciation

on

foreign

securities

for

potential

capital

gains

and

repatriation

taxes

as

of

December

31,

2023.

The

accrual

for

capital

gains

and

repatriation

taxes

is

included

in

total

distributable

earnings

(losses)

in

the

Statements

of

Assets

and

Liabilities.

The

amounts

related

to

capital

gains

and

repatriation

taxes

are

included

in

net

realized

gain

(loss)

on

investments

and

change

in

unrealized

gain

(loss)

on

investments

in

the

Statements

of

Operations.

Derivatives

The

Funds

may

invest

in

derivatives.

Derivatives

are

instruments

or

agreements

whose

value

is

derived

from

an

underlying

security

or

index.

They

include,

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

December

31,

2023,

if

applicable,

are

disclosed

in

the

Fair

Value

of

Derivative

Instruments

table

following

each

applicable

Fund’s

Schedule

of

Investments.

The

financial

derivative

instruments

outstanding

as

of

period

end

on

the

Schedules

of

Investments

and

the

amount

of

net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

on

financial

derivative

instruments

during

the

period,

as

disclosed

on

the

Fair

Value

of

Derivative

Instruments

tables,

serve

as

indicators

of

the

volume

of

financial

derivative

activity

for

the

Funds.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

December

31,

2023

166

Notes

to

Financial

Statements

Foreign

Currency

Exchange

Contracts

Certain

Funds

may

enter

into

foreign

currency

exchange

spot

contracts

and

forward

foreign

currency

exchange

contracts

(“FX

contracts”).

From

time

to

time,

certain

Funds

may

enter

into

FX

contracts

to

hedge

certain

foreign

currency-denominated

assets.

FX

contracts

are

recorded

at

fair

value.

Certain

risks

may

arise

upon

entering

into

these

FX

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

their

FX

contracts

and

are

generally

limited

to

the

amount

of

unrealized

gain

on

the

FX

contracts,

if

any,

that

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

For

the

period

ended

December

31,

2023,

the

following

Funds

entered

into

FX

contracts

primarily

for

the

strategies

listed

below:

Options

Certain

Funds

may

purchase

and

sell

(write)

both

call

and

put

options

on

securities,

securities

indexes,

foreign

currencies

and

other

assets.

Such

options

are

traded

on

a

national

securities

exchange

or

in

an

OTC

market.

The

Funds

may

also

purchase

and

sell

(write)

call

and

put

options

on

foreign

currencies.

When

a

Fund

writes

a

covered

call

or

a

put

option,

an

amount

equal

to

the

premium

received

by

the

Fund

is

included

in

the

Fund’s

Statement

of

Assets

and

Liabilities

as

an

asset

and

as

an

equivalent

liability.

The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

current

fair

value

of

the

option

written.

The

Fund

receives

a

premium

on

the

sale

of

a

call

option

but

gives

up

the

opportunity

to

profit

from

any

increase

in

the

value

of

the

underlying

instrument

above

the

exercise

price

of

the

option,

and

when

the

Fund

writes

a

put

option

it

is

exposed

to

a

decline

in

the

price

of

the

underlying

instrument.

When

a

Fund

sells

an

uncovered

call

option,

it

does

not

simultaneously

have

a

long

position

in

the

underlying

security.

When

a

Fund

sells

an

uncovered

put

option,

it

does

not

simultaneously

have

a

short

position

in

the

underlying

security.

Uncovered

options

are

riskier

than

covered

options

because

there

is

no

underlying

security

held

by

the

Fund

that

can

act

as

a

partial

hedge.

Whether

an

option

which

the

Fund

has

written

expires

on

its

stipulated

expiration

date

or

the

Fund

enters

into

a

closing

purchase

transaction,

the

Fund

realizes

a

gain

(or

loss,

if

the

cost

of

a

closing

purchase

transaction

exceeds

the

premium

received

when

the

option

was

sold)

without

regard

to

any

unrealized

gain

or

loss

on

the

underlying

security,

and

the

liability

related

to

such

option

is

extinguished.

If

a

call

option

which

the

Fund

has

written

is

exercised,

the

Fund

realizes

a

capital

gain

or

loss

from

the

sale

of

the

underlying

security,

and

the

proceeds

from

such

sale

are

increased

by

the

premium

originally

received.

When

a

put

option

which

a

Fund

has

written

is

exercised,

the

amount

of

the

premium

originally

received

will

reduce

the

cost

of

the

security

which

a

Fund

purchases

upon

exercise

of

the

option.

The

Funds’

use

of

written

options

involves,

to

varying

degrees,

elements

of

market

risk

in

excess

of

the

amount

recognized

in

the

Statements

of

Assets

and

Liabilities.

The

face

or

contract

amounts

of

these

instruments

reflect

the

extent

of

the

Funds’

exposure

to

market

risk.

The

risks

may

be

caused

by

an

imperfect

correlation

between

movements

in

the

price

of

the

instrument

and

the

price

of

the

underlying

securities

and

interest

rates.

Certain

Funds

may

enter

into

swaptions

(an

option

on

a

swap).

In

a

swaption,

in

exchange

for

an

option,

the

buyer

gains

the

right

but

not

the

obligation

to

enter

into

a

specified

swap

agreement

with

the

issuer

on

a

specified

future

date.

The

writer

of

the

contract

receives

the

premium

and

bears

the

risk

of

unfavorable

changes

in

the

preset

rate

on

the

underlying

swap.

For

the

period

ended

December

31,

2023,

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

be

made

on

a

daily

basis

as

the

price

of

the

futures

contract

fluctuates.

Changes

in

initial

settlement

value

are

accounted

for

as

unrealized

appreciation

(depreciation)

until

the

contracts

are

terminated,

at

which

time

realized

gains

and

losses

are

recognized.

Funds

Strategies

International

Developed

Markets

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets

and

trade

settlement

Strategic

Bond

Fund

Return

enhancement

and

hedging

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

and

trade

settlement

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

December

31,

2023

Notes

to

Financial

Statements

167

For

the

period

ended

December

31,

2023,

the

following

Funds

entered

into

futures

contracts

primarily

for

the

strategies

listed

below:

Swap

Agreements

Certain

Funds

may

enter

into

swap

agreements,

on

either

an

asset-based

or

liability-based

basis,

depending

on

whether

they

are

hedging

their

assets

or

their

liabilities,

and

will

usually

enter

into

swaps

on

a

net

basis

(i.e.,

the

two

payment

streams

are

netted

out,

with

the

Funds

receiving

or

paying

only

the

net

amount

of

the

two

payments).

When

a

Fund

engages

in

a

swap,

it

exchanges

its

obligations

to

pay

or

rights

to

receive

payments

for

the

obligations

to

pay

or

rights

to

receive

payments

of

another

party

(i.e.,

an

exchange

of

floating

rate

payments

for

fixed

rate

payments).

Certain

Funds

may

enter

into

several

different

types

of

swap

agreements

including

credit

default,

interest

rate,

total

return

(equity

and/or

index)

and/or

currency

swaps.

Credit

default

swaps

are

a

counterparty

agreement

which

allows

the

transfer

of

third-party

credit

risk

(the

possibility

that

an

issuer

will

default

on

its

obligation

by

failing

to

pay

principal

or

interest

in

a

timely

manner)

from

one

party

to

another.

The

lender

faces

the

credit

risk

from

a

third-party

and

the

counterparty

in

the

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Interest

rate

swaps

are

a

counterparty

agreement,

can

be

customized

to

meet

each

party’s

needs,

and

involve

the

exchange

of

a

fixed

or

variable

payment

per

period

for

a

payment

that

is

not

fixed.

Total

return

swaps

are

a

counterparty

agreement

where

two

parties

exchange

two

sets

of

cash

flows

on

predetermined

dates

for

an

agreed

upon

amount

of

time.

The

cash

flows

will

typically

be

an

equity

index

value

swapped

with

a

floating

rate

such

as

SOFR

plus

or

minus

a

pre-defined

spread.

Total

return

swap

agreements

are

a

counterparty

agreement

intended

to

expose

cash

to

markets

or

to

effect

investment

transactions

consistent

with

those

Funds’

investment

objectives

and

strategies.

Currency

swaps

are

a

counterparty

agreement

where

two

parties

exchange

specified

amounts

of

different

currencies

which

are

followed

by

each

paying

the

other

a

series

of

interest

payments

that

are

based

on

the

principal

cash

flow.

At

maturity

the

principal

amounts

are

returned.

The

Funds

generally

expect

to

enter

into

these

transactions

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

their

portfolios

or

to

protect

against

any

increase

in

the

price

of

securities

they

anticipate

purchasing

at

a

later

date,

or

for

return

enhancement.

Under

most

swap

agreements

entered

into

by

a

Fund,

the

parties’

obligations

are

determined

on

a

“net

basis”.

If

there

is

a

default

by

the

other

party

to

such

a

transaction,

the

Funds

will

have

contractual

remedies

pursuant

to

the

agreement

related

to

the

transaction.

A

Fund

may

not

receive

the

expected

amount

under

a

swap

agreement

if

the

other

party

to

the

agreement

defaults

or

becomes

bankrupt.

Credit

Default

Swaps

The

Strategic

Bond

Fund

may

enter

into

credit

default

swaps.

A

credit

default

swap

can

refer

to

corporate

issues,

government

issues,

asset-backed

securities

or

an

index

of

assets,

each

known

as

the

reference

entity

or

underlying

asset.

The

Fund

may

act

as

either

the

buyer

or

the

seller

of

a

credit

default

swap

involving

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

default

or

other

credit

event.

Depending

upon

the

terms

of

the

contract,

the

credit

default

swap

may

be

closed

via

physical

settlement.

However,

due

to

the

possible

or

potential

instability

in

the

market,

there

is

a

risk

that

the

seller

may

be

unable

to

deliver

the

underlying

debt

security

to

the

other

party

to

the

agreement.

Additionally,

the

Fund

may

not

receive

the

expected

amount

under

the

swap

agreement

if

the

other

party

to

the

agreement

defaults

or

becomes

bankrupt.

In

an

unhedged

credit

default

swap,

the

Fund

would

enter

into

a

credit

default

swap

without

owning

the

underlying

asset

or

debt

issued

by

the

reference

entity.

Credit

default

swaps

allow

the

Fund

to

acquire

or

reduce

credit

exposure

to

a

particular

issuer,

asset

or

basket

of

instruments.

As

the

seller

of

protection

in

a

credit

default

swap,

the

Fund

would

be

required

to

pay

the

par

or

other

agreed-upon

value

(or

otherwise

perform

according

to

the

swap

contract)

of

a

reference

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

other

specified

credit

event)

and

the

counterparty

would

be

required

to

surrender

the

reference

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

Funds

Strategies

U.S.

Strategic

Equity

Fund

Exposing

cash

to

markets

U.S.

Small

Cap

Equity

Fund

Exposing

cash

to

markets

International

Developed

Markets

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Strategic

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

December

31,

2023

168

Notes

to

Financial

Statements

obligations.

As

a

seller

of

protection,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

that

Fund

would

be

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

The

Fund

may

also

purchase

protection

via

credit

default

swap

contracts

in

order

to

offset

the

risk

of

default

of

debt

securities

held

in

its

portfolio

or

to

take

a

short

position

in

a

debt

security,

in

which

case

the

Fund

would

function

as

the

counterparty

referenced

in

the

preceding

paragraph.

If

a

credit

event

occurs

and

cash

settlement

is

not

elected,

a

variety

of

other

deliverable

obligations

may

be

delivered

in

lieu

of

the

specific

referenced

obligation.

The

ability

to

deliver

other

obligations

may

result

in

a

cheapest-to-deliver

option

(i.e.,

the

buyer

of

protection’s

right

to

choose

the

deliverable

obligation

with

the

lowest

value

following

a

credit

event).

The

Fund

may

use

credit

default

swaps

to

provide

a

measure

of

protection

against

defaults

of

the

issuers

(i.e.,

to

reduce

risk

where

the

Fund

owns

or

has

exposure

to

the

referenced

obligation)

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

(as

measured

by

the

credit

default

swap’s

spread)

of

a

particular

issuer’s

default.

Deliverable

obligations

for

credit

default

swaps

on

asset-backed

securities

in

most

instances

are

limited

to

the

specific

referenced

obligation

as

performance

for

asset-backed

securities

can

vary

across

deals.

Prepayments,

principal

paydowns,

and

other

writedown

or

loss

events

on

the

underlying

mortgage

loans

will

reduce

the

outstanding

principal

balance

of

the

referenced

obligation.

These

reductions

may

be

temporary

or

permanent

as

defined

under

the

terms

of

the

swap

agreement

and

the

notional

amount

for

the

swap

agreement

generally

will

be

adjusted

by

corresponding

amounts.

The

Strategic

Bond

Fund

may

use

credit

default

swaps

on

asset-backed

securities

to

provide

a

measure

of

protection

against

defaults

(or

other

defined

credit

events)

of

the

referenced

obligation

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

of

a

particular

referenced

obligation’s

default

(or

another

defined

credit

event).

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

may

include,

but

are

not

limited

to,

investment

grade

securities,

high

yield

securities,

asset-backed

securities,

emerging

markets,

and/or

various

credit

ratings

within

each

sector.

Credit

indices

are

traded

using

credit

default

swaps

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

that

name’s

weight

in

the

index.

The

composition

of

the

indices

changes

periodically,

usually

every

six

months,

and,

for

most

indices,

each

name

has

an

equal

weight

in

the

index.

Traders

may

use

credit

default

swaps

on

indices

to

speculate

on

changes

in

credit

quality.

Implied

credit

spreads,

represented

in

absolute

terms,

utilized

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

as

of

period-end

are

disclosed

in

the

Schedules

of

Investments

and

generally

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

(or

other

defined

credit

event)

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

entering

into

a

credit

default

swap

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

asset-

backed

securities

and

credit

indices,

the

quoted

market

prices

and

resulting

values

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

and

increasing

fair

values,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

generally

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

of

protection

could

be

required

to

make

under

a

credit

default

swap

agreement

equals

the

notional

amount

of

the

agreement.

Notional

amounts

of

all

credit

default

swap

agreements

outstanding

as

of

December

31,

2023,

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

default

swap

than

when

it

purchases

a

credit

default

swap.

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

December

31,

2023

Notes

to

Financial

Statements

169

and

recover

nothing

should

a

credit

event

fail

to

occur

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

creditworthiness

of

the

Fund’s

swap

counterparty

declines,

the

risk

that

the

counterparty

may

not

perform

could

increase,

potentially

resulting

in

a

loss

to

the

Fund.

To

limit

the

counterparty

risk

involved

in

swap

agreements,

the

Fund

will

only

enter

into

swap

agreements

with

counterparties

that

meet

certain

standards

of

creditworthiness.

Although

there

can

be

no

assurance

that

the

Fund

will

be

able

to

do

so,

the

Fund

may

be

able

to

reduce

or

eliminate

its

exposure

under

a

swap

agreement

either

by

assignment

or

other

disposition,

or

by

entering

into

an

offsetting

swap

agreement

with

the

same

party

or

another

creditworthy

party.

The

Fund

may

have

limited

ability

to

eliminate

its

exposure

under

a

credit

default

swap

if

the

credit

quality

of

the

reference

entity

or

underlying

asset

has

declined.

For

the

period

ended

December

31,

2023,

the

Strategic

Bond

Fund

entered

into

credit

default

swaps

primarily

for

return

enhancement,

hedging

and

exposing

cash

to

markets.

Interest

Rate

Swaps

Certain

Funds

may

enter

into

interest

rate

swaps.

The

use

of

interest

rate

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

If

RIM

or

a

money

manager

using

this

technique

is

incorrect

in

its

forecast

of

fair

values,

interest

rates

and

other

applicable

factors,

the

investment

performance

of

a

Fund

might

diminish

compared

to

what

it

would

have

been

if

this

investment

technique

were

not

used.

Interest

rate

swaps

do

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

obligated

to

make.

Interest

rate

swaps

are

traded

on

exchanges

and

are

subject

to

central

clearing.

If

the

clearing

house

or

futures

commission

merchant

defaults,

a

Fund’s

risk

of

loss

consists

of

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

entitled

to

receive.

The

counterparty

risk

for

cleared

derivatives

is

generally

lower

than

for

uncleared

derivatives.

However,

clearing

may

subject

a

Fund

to

increased

costs

or

margin

requirements.

For

the

period

ended

December

31,

2023,

the

Strategic

Bond

Fund

entered

into

interest

rate

swaps

primarily

for

return

enhancement,

hedging

and

exposing

cash

to

markets.

Total

Return

Swaps

Certain

Funds

may

enter

into

total

return

swap

agreements

to

expose

cash

to

markets

or

to

effect

investment

transactions.

Total

return

swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

few

weeks

to

more

than

one

year.

In

a

standard

total

return

swap

transaction,

the

two

parties

agree

to

exchange

the

returns

(or

differentials

in

rates

of

return)

earned

or

realized

on

particular

investments

or

instruments.

The

returns

to

be

exchanged

between

the

parties

are

calculated

with

respect

to

a

“notional

amount”

(i.e.,

a

specified

dollar

amount

that

is

hypothetically

invested

in

a

“basket”

of

securities

representing

a

particular

index).

For

the

period

ended

December

31,

2023,

the

Funds

did

not

enter

into

any

total

return

swaps.

Currency

Swaps

Certain

Funds

may

enter

into

currency

swap

agreements

to

enhance

returns

or

for

hedging

purposes.

Currency

swap

agreements

are

agreements

where

two

parties

exchange

specified

amounts

of

different

currencies

which

are

followed

by

paying

the

other

a

series

of

interest

payments

that

are

based

on

the

principal

cash

flow.

At

maturity,

the

principal

amounts

are

exchanged.

For

the

period

ended

December

31,

2023,

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

ISDA

Master

Agreement.

Any

election

to

terminate

early

could

be

material

to

the

financial

statements.

Since

different

types

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

December

31,

2023

170

Notes

to

Financial

Statements

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

—

December

31,

2023

Notes

to

Financial

Statements

171

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

December

31,

2023,

the

market

value

of

securities

on

loan

through

the

reciprocal

lending

program

for

the

U.S.

Strategic

Equity

and

U.S.

Small

Cap

Equity

Funds

was

$18,764,312

and

$8,783,165,

respectively.

As

of

December

31,

2023,

the

U.S.

Strategic

Equity

and

U.S.

Small

Cap

Equity

Funds

held

$37,814,497

and

$13,455,749,

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

December

31,

2023,

to

the

extent

that

a

loan

was

collateralized

by

cash,

such

collateral

was

invested

by

the

securities

lending

agent,

Goldman

Sachs

Agency

Lending

(“GSAL”),

in

the

U.S.

Cash

Collateral

Fund,

an

unregistered

fund

advised

by

RIM.

The

collateral

received

is

recorded

on

a

lending

Fund’s

Statement

of

Assets

and

Liabilities

along

with

the

related

obligation

to

return

the

collateral.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

December

31,

2023

172

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

—

December

31,

2023

Notes

to

Financial

Statements

173

Mortgage-Related

and

Other

Asset-Backed

Securities

The

Strategic

Bond

Fund

may

invest

in

mortgage

or

other

asset-backed

securities

(“ABS”).

These

securities

may

include

mortgage

instruments

issued

by

U.S.

government

agencies

(“agency

mortgages”)

or

those

issued

by

private

entities

(“non-

agency

mortgages”).

Specific

types

of

instruments

may

include

reverse

mortgages,

mortgage

pass-through

securities,

collateralized

mortgage

obligations

(“CMO”),

commercial

mortgage-backed

securities,

mortgage

dollar

rolls,

CMO

residuals,

stripped

mortgage-backed

securities

and

other

securities

that

directly

or

indirectly

represent

a

participation

in,

or

are

secured

by

a

payable

from,

mortgage

loans

on

real

property.

The

value

of

a

Fund’s

mortgage-backed

securities

(“MBS”)

may

be

affected

by,

among

other

things,

changes

or

perceived

changes

in

interest

rates,

factors

concerning

the

interests

in

and

structure

of

the

issuer

or

the

originator

of

the

mortgage,

or

the

quality

of

the

underlying

assets.

The

mortgages

underlying

the

securities

may

default

or

decline

in

quality

or

value.

Through

its

investments

in

MBS,

a

Fund

has

exposure

to

subprime

loans,

Alt-A

loans

and

non-conforming

loans

as

well

as

to

the

mortgage

and

credit

markets

generally.

Underlying

collateral

related

to

subprime,

Alt-A

and

non-conforming

mortgage

loans

has

become

increasingly

susceptible

to

defaults

and

declines

in

quality

or

value,

especially

in

a

declining

residential

real

estate

market.

In

addition,

regulatory

or

tax

changes

may

adversely

affect

the

mortgage

securities

markets

as

a

whole.

Mortgage-Backed

Securities

MBS

often

have

stated

maturities

of

up

to

thirty

years

when

they

are

issued,

depending

upon

the

length

of

the

mortgages

underlying

the

securities.

In

practice,

however,

unscheduled

or

early

payments

of

principal

and

interest

on

the

underlying

mortgages

may

make

the

securities’

effective

maturity

shorter

than

this,

and

the

prevailing

interest

rates

may

be

higher

or

lower

than

the

current

yield

of

a

Fund’s

portfolio

at

the

time

resulting

in

reinvestment

risk.

Rising

or

high

interest

rates

may

result

in

slower

than

expected

principal

payments

which

may

tend

to

extend

the

duration

of

MBS,

making

them

more

volatile

and

more

sensitive

to

changes

in

interest

rates.

This

is

known

as

extension

risk.

MBS

may

have

less

potential

for

capital

appreciation

than

comparable

fixed

income

securities

due

to

the

likelihood

of

increased

prepayments

of

mortgages

resulting

from

foreclosures

or

declining

interest

rates.

These

foreclosed

or

refinanced

mortgages

are

paid

off

at

face

value

(par)

or

less,

causing

a

loss,

particularly

for

any

investor

who

may

have

purchased

the

security

at

a

premium

or

a

price

above

par.

In

such

an

environment,

this

risk

limits

the

potential

price

appreciation

of

these

securities.

Agency

Mortgage-Backed

Securities

Certain

MBS

may

be

issued

or

guaranteed

by

the

U.S.

government

or

a

government

sponsored

entity,

such

as

Fannie

Mae

(the

Federal

National

Mortgage

Association)

or

Freddie

Mac

(the

Federal

Home

Loan

Mortgage

Corporation).

Although

these

instruments

may

be

guaranteed

by

the

U.S.

government

or

a

government

sponsored

entity,

many

such

MBS

are

not

backed

by

the

full

faith

and

credit

of

the

United

States

and

are

still

exposed

to

the

risk

of

non-payment.

Privately

Issued

Mortgage-Backed

Securities

MBS

held

by

a

Fund

may

be

issued

by

private

issuers

including

commercial

banks,

savings

associations,

mortgage

companies,

investment

banking

firms,

finance

companies

and

special

purpose

finance

entities

(called

special

purpose

vehicles

or

SPVs)

and

other

entities

that

acquire

and

package

mortgage

loans

for

resale

as

MBS.

These

privately

issued

non-agency

MBS

may

offer

higher

yields

than

those

issued

by

government

agencies,

but

also

may

be

subject

to

greater

price

changes

than

governmental

issues.

Subprime

loans

refer

to

loans

made

to

borrowers

with

weakened

credit

histories

or

with

a

lower

capacity

to

make

timely

payments

on

their

loans.

Alt-A

loans

refer

to

loans

extended

to

borrowers

who

have

incomplete

documentation

of

income,

assets,

or

other

variables

that

are

important

to

the

credit

underwriting

processes.

Non-conforming

mortgages

are

loans

that

do

not

meet

the

standards

that

allow

purchase

by

government-sponsored

enterprises.

MBS

with

exposure

to

subprime

loans,

Alt-A

loans

or

nonconforming

loans

have

had

in

many

cases

higher

default

rates

than

those

loans

that

meet

government

underwriting

requirements.

The

risk

of

non-payment

is

greater

for

MBS

that

are

backed

by

mortgage

pools

that

contain

subprime,

Alt-A

and

non-conforming

loans,

but

a

level

of

risk

exists

for

all

loans.

Unlike

agency

MBS

issued

or

guaranteed

by

the

U.S.

government

or

a

government-sponsored

entity

(e.g.,

Fannie

Mae

and

Freddie

Mac),

MBS

issued

by

private

issuers

do

not

have

a

government

or

government-sponsored

entity

guarantee,

but

may

have

credit

enhancements

provided

by

external

entities

such

as

banks

or

financial

institutions

or

achieved

through

the

structuring

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

—

December

31,

2023

174

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

—

December

31,

2023

Notes

to

Financial

Statements

175

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

December

31,

2023,

the

Strategic

Bond

Fund

had

no

cash

collateral

balances

in

connection

with

TBAs.

Inflation-Indexed

Bonds

The

Strategic

Bond

Fund

may

invest

in

inflation-indexed

securities,

which

are

typically

bonds

or

notes

designed

to

provide

a

return

higher

than

the

rate

of

inflation

(based

on

a

designated

index)

if

held

to

maturity.

A

common

type

of

inflation-indexed

security

is

a

U.S.

Treasury

Inflation-Protected

Security

(“TIPS”).

The

principal

of

a

TIPS

increases

with

inflation

and

decreases

with

deflation,

as

measured

by

the

Consumer

Price

Index.

When

a

TIPS

matures,

the

adjusted

principal

or

original

principal

is

paid,

whichever

is

greater.

TIPS

pay

interest

twice

a

year,

at

a

fixed

rate.

The

rate

is

applied

to

the

adjusted

principal;

so,

like

the

principal,

interest

payments

rise

with

inflation

and

fall

with

deflation.

Guarantees

In

the

normal

course

of

business,

the

Funds

may

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

of

loss

to

be

remote.

London

Interbank

Offered

Rate

(“LIBOR”)

The

Funds

may

invest

in

certain

instruments

including,

but

not

limited

to,

repurchase

agreements,

collateralized

loan

obligations

and

mortgage-backed

securities,

that

historically

relied

in

some

fashion

upon

LIBOR.

LIBOR

is

an

average

interest

rate,

determined

by

the

ICE

Benchmark

Administration,

that

banks

charge

one

another

for

the

use

of

short-term

money.

The

United

Kingdom’s

Financial

Conduct

Authority

(“FCA”),

which

regulates

LIBOR,

announced

plans

to

phase

out

the

use

of

LIBOR

by

the

end

of

2021.

After

June

30,

2023,

all

tenors

of

LIBOR

have

either

ceased

to

be

published

or,

in

the

case

of

1-month,

3-

month

and

6-month

U.S.

dollar

LIBOR

settings,

are

no

longer

being

published

on

a

representative

basis.

Replacement

rates

that

have

been

identified

include

SOFR,

which

is

intended

to

replace

U.S.

dollar

LIBOR

and

measures

the

cost

of

overnight

borrowings

through

repurchase

agreement

transactions

collateralized

with

U.S.

Treasury

securities,

the

Sterling

Overnight

Index

Average

Rate

(“SONIA”),

which

is

intended

to

replace

British

Pound

Sterling

LIBOR

and

measures

the

overnight

interest

rate

paid

by

banks

for

unsecured

transactions

in

the

sterling

market,

and

other

rates

derived

from

markets

connected

to

SOFR,

such

as

Term

SOFR.

On

April

3,

2023,

the

FCA

announced

its

decision

to

require

LIBOR’s

administrator

to

publish

an

unrepresentative

“synthetic

LIBOR”

using

a

changed

methodology

until

at

least

the

end

of

September

2024.

The

impact

of

synthetic

LIBOR

is

uncertain

and

some

LIBOR

contracts

may

use

synthetic

LIBOR

instead

of

other

alternative

reference

rates.

Accordingly,

synthetic

LIBOR

may

be

a

significant

factor

in

the

cost

of

financing

certain

Fund

investments

or

the

value

or

return

on

certain

other

Fund

investments.

Although

the

transition

process

away

from

LIBOR

has

become

increasingly

well-defined,

there

remains

uncertainty

regarding

the

nature

of

any

replacement

rate,

and

any

potential

effects

of

the

transition

away

from

LIBOR

on

a

Fund

or

on

certain

instruments

in

which

a

Fund

invests

can

be

difficult

to

ascertain.

The

transition

process

may

involve,

among

other

things,

increased

volatility

or

illiquidity

in

markets

for

instruments

that

were

tied

to

LIBOR

or

continue

to

be

tied

to

synthetic

LIBOR

and

may

result

in

a

reduction

in

value

of

certain

instruments

held

by

a

Fund.

The

unavailability

of

LIBOR

may

affect

the

value,

liquidity

or

return

on

certain

Fund

investments

and

may

result

in

additional

costs

in

connection

with

closing

out

positions

and

entering

into

new

trades.

Pricing

adjustments

to

a

Fund’s

investments

resulting

from

a

substitute

reference

rate

may

adversely

affect

the

Fund’s

performance

and/or

NAV.

At

this

time,

it

is

not

possible

to

predict

the

effect

of

the

establishment

of

SOFR,

SONIA

or

any

other

replacement

rates

or

any

other

reforms

to

LIBOR.

The

impact

of

any

substitute

reference

rate

will

vary

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

December

31,

2023

176

Notes

to

Financial

Statements

on

an

investment-by-investment

basis.

These

developments

could

negatively

impact

financial

markets

in

general

and

present

heightened

risks

to

the

Funds,

including

with

respect

to

their

performance,

liquidity

and

volatility.

Market,

Credit

and

Counterparty

Risk

In

the

normal

course

of

business,

the

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

a

transaction

to

perform

(credit

risk).

Similar

to

credit

risk,

the

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Funds’

financial

statements

(the

“Assets”).

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Funds’

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Funds’

Statements

of

Assets

and

Liabilities.

Global

economies

and

financial

markets

are

becoming

increasingly

interconnected

and

political

and

economic

conditions

(including

instability

and

volatility

due

to

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

As

a

result,

issuers

of

securities

held

by

a

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

a

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held.

This

could

cause

a

Fund

to

underperform

other

types

of

investments.

From

time

to

time,

outbreaks

of

infectious

illness,

public

health

emergencies

and

other

similar

issues

(“public

health

events”)

may

occur

in

one

or

more

countries

around

the

globe.

Such

public

health

events

have

had

significant

impacts

on

both

the

country

in

which

the

event

is

first

identified

as

well

as

other

countries

in

the

global

economy.

Public

health

events

have

reduced

consumer

demand

and

economic

output

in

one

or

more

countries

subject

to

the

public

health

event,

resulted

in

restrictions

on

trading

and

market

closures

(including

for

extended

periods

of

time),

increased

substantially

the

volatility

of

financial

markets,

and,

more

generally,

have

had

a

significant

negative

impact

on

the

economy

of

the

country

or

countries

subject

to

the

public

health

event.

Public

health

events

have

also

adversely

affected

the

global

economy,

global

supply

chains

and

the

securities

in

which

the

Funds

invest

across

a

number

of

industries,

sectors

and

asset

classes.

The

extent

of

the

impact

depends

on,

among

other

factors,

the

scale

and

duration

of

any

such

public

health

event.

Public

health

events

have

resulted

in

the

governments

of

affected

countries

taking

potentially

significant

measures

to

seek

to

mitigate

the

transmission

of

the

infectious

illness

or

other

public

health

issue

including,

among

other

measures,

imposing

travel

restrictions

and/or

quarantines

and

limiting

the

operations

of

non-essential

businesses.

Any

of

these

events

could

adversely

affect

a

Fund’s

investments

and

performance,

including

by

exacerbating

other

pre-existing

political,

social

and

economic

risks.

Governmental

authorities

and

other

entities

may

respond

to

such

events

with

fiscal

and/or

monetary

policy

changes.

It

is

not

guaranteed

that

these

policy

changes

will

have

their

intended

effect

and

it

is

possible

that

the

implementation

of

or

subsequent

reversal

of

such

policy

changes

could

increase

volatility

in

financial

markets,

which

could

adversely

affect

a

Fund’s

investments

and

performance.

Russia’s

large-scale

invasion

of

Ukraine

in

early

2022

and

the

geo-political

events

that

followed

have

impacted

the

Funds’

operations.

The

Funds

are

restricted

from

trading

and

repatriating

any

currency

or

securities

denominated

in

Russian

Rubles,

therefore

the

fair

value

of

Russian

securities

held

by

the

Funds

were

valued

at

zero

shortly

after

the

invasion.

Certain

of

these

securities

may

have

produced

income

prior

to

the

onset

of

the

conflict,

but

are

considered

non-income

producing

until

income

balances

are

able

to

be

repatriated

in

the

future.

3.

Investment

Transactions

Securities

During

the

period

ended

December

31,

2023,

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:

Funds

Purchases

Sales

U.S.

Strategic

Equity

Fund

$

297,306,008

$

311,277,548

U.S.

Small

Cap

Equity

Fund

169,650,807

183,177,844

International

Developed

Markets

Fund

98,949,747

116,747,487

Strategic

Bond

Fund

421,359,799

428,825,503

Global

Real

Estate

Securities

Fund

561,300,999

532,525,819

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

December

31,

2023

Notes

to

Financial

Statements

177

During

the

period

ended

December

31,

2023,

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.

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

December

31,

2023:

RIM

has

agreed

to

certain

waivers

of

its

advisory

fees

as

follows:

Funds

Purchases

Sales

Strategic

Bond

Fund

$

244,366,349

$

247,749,903

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

$

3,725,653

$

255,182

U.S.

Small

Cap

Equity

Fund

1,858,867

103,270

International

Developed

Markets

Fund

2,995,442

166,413

Strategic

Bond

Fund

4,710,660

428,242

Global

Real

Estate

Securities

Fund

7,010,724

438,170

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

December

31,

2023

178

Notes

to

Financial

Statements

For

the

U.S.

Strategic

Equity

Fund,

RIM

has

contractually

agreed

to

waive,

until

February

29,

2024,

0.02%

of

its

0.73%

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

December

31,

2023

was

$61,516.

For

the

U.S.

Small

Cap

Equity

Fund,

RIM

has

contractually

agreed

to

waive,

until

April

30,

2024,

0.04%

of

its

0.90%

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

December

31,

2023

was

$82,616.

For

the

International

Developed

Markets

Fund,

RIM

has

contractually

agreed

to

waive,

until

April

30,

2024,

0.02%

of

its

0.90%

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

December

31,

2023

was

$66,565.

RIM

does

not

have

the

ability

to

recover

amounts

waived

or

reimbursed

from

previous

periods.

Transfer

and

Dividend

Disbursing

Agent

RIFUS

serves

as

transfer

agent

and

provides

dividend

disbursing

services

to

the

Funds.

For

this

service,

RIFUS

is

paid

a

fee

based

upon

the

average

daily

net

assets

of

the

Funds

for

transfer

agency

and

dividend

disbursing

services.

RIFUS

retains

a

portion

of

this

fee

for

services

provided

to

the

Funds

and

pays

the

balance

to

unaffiliated

agents

who

assist

in

providing

these

services.

Transfer

agency

fees

paid

by

the

Funds

presented

herein

for

the

period

ended

December

31,

2023

were

as

follows:

Distributor

Russell

Investments

Financial

Services,

LLC

(the

“Distributor”),

a

wholly

owned

subsidiary

of

RIM,

serves

as

the

distributor

for

RIF,

pursuant

to

a

distribution

agreement

with

RIF.

The

Distributor

receives

no

compensation

from

the

Investment

Company

for

its

services.

Affiliated

Brokerage

Transactions

A

money

manager

may

effect

portfolio

transactions

for

the

segment

of

a

Fund’s

portfolio

assigned

to

the

money

manager

with

a

broker-dealer

affiliated

with

a

Fund,

the

money

manager

or

RIM,

including

Russell

Investments

Implementation

Services,

LLC

(“RIIS”),

a

registered

broker-dealer

and

investment

adviser

and

an

affiliate

of

RIM,

as

well

as

with

brokers

affiliated

with

other

money

managers.

All

or

substantially

all

of

the

equity

and

derivative

portfolio

transactions

that

RIM

effects

for

the

Funds

are

executed

through

RIIS.

Use

of

an

affiliated

broker-dealer

may

present

a

potential

conflict

of

interest

as

such

broker-

dealer

generally

receives

compensation

for

effecting

portfolio

transactions

which

may

provide

a

financial

incentive

for

RIM

or

a

money

manager

to

select

an

affiliated

broker-dealer.

RIIS

uses

a

multi-venue

trade

approach

whereby

RIIS

trades

with

RIIS’

network

of

independent

venues,

including

brokers

for

execution,

clearing

and

other

services.

Trades

placed

through

RIIS

and

its

independent

venues

are

made

(i)

to

manage

trading

associated

with

changes

in

money

managers,

rebalancing

across

existing

money

managers,

cash

flows

and

other

portfolio

transitions,

(ii)

to

execute

portfolio

securities

transactions

for

the

portion

of

certain

Fund’s

assets

that

RIM

determines

not

to

allocate

to

money

manager

strategies,

(iii)

to

execute

portfolio

securities

transactions

for

the

portion

of

a

Fund’s

assets

that

RIM

manages

based

upon

model

portfolios

provided

by

the

Fund’s

non-

discretionary

managers

or

(iv)

to

execute

money

manager’s

portfolio

securities

transactions

for

the

segment

of

a

Fund’s

portfolio

assigned

to

the

money

manager.

RIM

has

authorized

RIIS

to

effect

certain

listed

futures,

swaps,

OTC

derivative

transactions,

and

cleared

swaps,

including

foreign

currency

spots,

forwards

and

options

trading

on

behalf

of

the

Funds.

The

Funds

are

permitted

to

purchase

or

sell

securities

from

or

to

certain

affiliated

funds

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board.

The

procedures

have

been

designed

to

ensure

that

any

purchase

or

sale

of

securities

by

the

Funds

from

or

to

another

fund

or

portfolio

that

are,

or

could

be,

considered

an

affiliate

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

advisers),

common

Trustees

and/or

common

officers

complies

with

Rule

17a

-7

of

the

Investment

Company

Act.

Further,

as

defined

under

the

procedures,

each

transaction

is

effected

at

the

current

market

value.

During

the

period

ended

December

31,

2023,

the

Funds

did

not

engage

in

purchases

and

sales

of

securities

pursuant

to

Rule

17a

-7

of

the

Investment

Company

Act.

Funds

Amount

U.S.

Strategic

Equity

Fund

$

22,456

U.S.

Small

Cap

Equity

Fund

9,088

International

Developed

Markets

Fund

14,644

Strategic

Bond

Fund

37,685

Global

Real

Estate

Securities

Fund

38,559

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

December

31,

2023

Notes

to

Financial

Statements

179

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

December

31,

2023,

the

regular

compensation

paid

to

the

Trustees

by

the

Russell

Investments

fund

complex

was

$1,991,333.

5.

Federal

Income

Taxes

As

of

December

31,

2023,

the

following

Funds

had

net

tax

basis

capital

loss

carryforwards

which

may

be

applied

against

any

net

realized

taxable

gains,

if

any.

Available

capital

loss

carryforwards

are

as

follows:

6.

Record

Ownership

As

of

December

31,

2023,

the

following

table

includes

shareholders

of

record

with

greater

than

10%

of

the

total

outstanding

shares

of

each

respective

Fund:

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.

For

the

period

ended

December

31,

2023,

the

Fund

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

13,

2024,

but

may

be

renewed

on

an

annual

basis

thereafter.

Borrowings

made

by

the

Funds

will

be

utilized

solely

for

temporary

or

emergency

purposes

as

contemplated

by

the

Investment

Company

Act

including,

without

limitation,

funding

shareholder

redemptions.

Interest

on

borrowing

is

charged

to

a

Fund

at

a

variable

rate

as

determined

in

accordance

with

the

Credit

Agreement.

In

addition,

a

commitment

fee

computed

at

an

annual

rate

of

0.20%

on

the

daily

unused

portion

of

the

line

of

credit

is

allocated

among

the

participating

Funds

pro-rata

based

on

average

daily

net

assets

for

the

applicable

period.

The

Funds

are

subject

to

certain

covenants

contained

in

the

Credit

Agreement.

Failure

to

comply

with

these

covenants

could

cause

the

acceleration

of

the

repayment

of

the

amount

outstanding

under

the

Credit

Agreement.

Expenses

associated

with

the

line

of

credit,

such

as

legal

fees

and

the

commitment

fee,

are

shown

on

the

Statement

of

Operations

as

miscellaneous

fees.

The

Funds

did

not

make

any

borrowings

under

the

line

of

credit

during

the

period

ended

December

31,

2023.

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.

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

Fu

nds

#

of

Shareholders

%

U.S.

Strategic

Equity

Fund

2

76.1

U.S.

Small

Cap

Equity

Fund

2

83.9

International

Developed

Markets

Fund

2

80.5

Strategic

Bond

Fund

1

68.3

Global

Real

Estate

Securities

Fund

2

86.3

Report

of

Independent

Registered

Public

Accounting

Firm

180

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

Russell

Investment

Funds

and

Shareholders

of

U.S.

Strategic

Equity

Fund,

U.S.

Small

Cap

Equity

Fund,

International

Developed

Markets

Fund,

Strategic

Bond

Fund

and

Global

Real

Estate

Securities

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

U.S.

Strategic

Equity

Fund,

U.S.

Small

Cap

Equity

Fund,

International

Developed

Markets

Fund,

Strategic

Bond

Fund

and

Global

Real

Estate

Securities

Fund

(five

of

the

funds

constituting

Russell

Investment

Funds,

hereafter

collectively

referred

to

as

the

“Funds”)

as

of

December

31,

2023,

the

related

statements

of

operations

for

the

year

ended

December

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2023

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

February

13,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Russell

Investments

family

of

funds

since

1981.

PricewaterhouseCoopers

LLP,

1420

Fifth

Avenue,

Suite

2800,

Seattle,

WA

98101

T:

(206)

398

3000,

www.pwc.com/us

Russell

Investment

Funds

Tax

Information

—

December

31,

2023

(Unaudited)

Tax

Information

181

For

the

tax

year

ended

December

31,

2023,

the

Funds

designate

100%

or

the

maximum

amount

allowable,

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

The

Form

1099

you

receive

in

January

2024

will

show

the

tax

status

of

all

distributions

paid

to

your

account

in

calendar

year

2023.

The

Funds

designate

dividends

distributed

during

the

fiscal

year

as

qualifying

for

the

dividends

received

deduction

for

corporate

shareholders

as

follows:

Pursuant

to

Section

852

of

the

Internal

Revenue

Code,

the

Funds

designate

the

following

amounts

as

long-term

capital

gain

dividends

for

their

taxable

year

ended

December

31,

2023:

The

Funds

listed

below

paid

foreign

taxes

and

recognized

foreign

source

income

during

the

taxable

year

ended

December

31,

2023.

Pursuant

to

Section

853

of

the

Internal

Revenue

Code,

the

Funds

designate

the

following

per

share

amounts

of

foreign

taxes

paid

and

income

earned

from

foreign

sources:

Please

consult

a

tax

adviser

for

any

questions

about

federal

or

state

income

tax

laws.

U.S.

Strategic

Equity

84.1%

U.S.

Small

Cap

Equity

100.0%

International

Developed

Markets

0.0%

Global

Real

Estate

Securities

0.0%

Strategic

Bond

0.0%

U.S.

Strategic

Equity

$

8,158,964

U.S.

Small

Cap

Equity

1,484,615

International

Developed

Markets

—

Global

Real

Estate

Securities

—

Strategic

Bond

—

Funds

Foreign

Taxes

Paid

Foreign

Taxes

Paid

Per

Share

Foreign

Source

Income

Foreign

Source

Income

Per

Share

International

Developed

Markets

$

941,125

$

0.0326

$

10,174,448

$

0.3520

Russell

Investment

Funds

Affiliated

Brokerage

Transactions

—

December

31,

2023

(Unaudited)

182

Affiliated

Brokerage

Transactions

As

discussed

in

Note

4

in

the

Notes

to

Financial

Statements

contained

in

this

annual

report,

a

money

manager

may

effect

portfolio

transactions

for

the

segment

of

a

Fund’s

portfolio

assigned

to

the

money

manager

with

a

broker-dealer

affiliated

with

a

Fund,

the

money

manager

or

RIM,

including

Russell

Investments

Implementation

Services,

LLC

(“RIIS”),

a

registered

broker-dealer

and

investment

adviser

and

an

affiliate

of

RIM,

as

well

as

with

brokers

affiliated

with

other

money

managers.

All

or

substantially

all

of

the

equity

and

derivative

portfolio

transactions

that

RIM

effects

for

the

Funds

are

executed

through

RIIS.

Use

of

an

affiliated

broker-

dealer

may

present

a

potential

conflict

of

interest

as

such

broker-dealer

generally

receives

compensation

for

effecting

portfolio

transactions

which

may

provide

a

financial

incentive

for

RIM

or

a

money

manager

to

select

an

affiliated

broker-dealer.

RIIS

uses

a

multi-venue

trade

approach

whereby

RIIS

trades

with

RIIS’

network

of

independent

venues,

including

brokers

for

execution,

clearing,

and

other

services.

Trades

placed

through

RIIS

and

its

independent

venues

are

made

(i)

to

manage

trading

associated

with

changes

in

money

managers,

rebalancing

across

existing

money

managers,

cash

flows

and

other

portfolio

transitions,

(ii)

to

execute

portfolio

securities

transactions

for

the

portion

of

certain

Fund’s

assets

that

RIM

determines

not

to

allocate

to

money

managers

strategies,

(iii)

to

execute

portfolio

securities

transactions

for

the

portion

of

a

Fund’s

assets

that

RIM

manages

based

upon

model

portfolios

provided

by

the

Fund’s

non-discretionary

managers

or

(iv)

to

execute

money

manager’s

portfolio

securities

transactions

for

the

segment

of

a

Fund’s

portfolio

assigned

to

the

money

manager.

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

December

31,

2023

to

any

broker

that

is

an

affiliated

person

of

a

Fund

or

RIM;

(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

$

11,259

$

9,954

$

—

U.S.

Small

Cap

Equity

Fund

RIIS

38,000

32,479

171

International

Developed

Markets

Fund

RIIS

24,226

19,372

17,903

Global

Real

Estate

Securities

Fund

RIIS

83,050

69,559

39,306

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Contracts

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

183

Quarterly

Approval

of

Money

Manager

Contracts

At

the

quarterly

Board

meeting

held

on

August

22,

2023,

the

Board

received

a

proposal

from

RIM

to

approve

a

new

portfolio

management

contract

for

the

U.S.

Small

Cap

Equity

Fund.

The

Trustees

approved

the

terms

of

the

proposed

new

portfolio

management

contract

based

upon

their

consideration

of,

among

other

information,

RIM’s

recommendation

to

hire

the

Money

Manager

at

the

proposed

fee

rate;

information

as

to

the

reason

for

the

proposed

Money

Manager

hire;

information

as

to

the

Money

Manager’s

role

in

the

management

of

the

Fund’s

investment

portfolio

(including

the

amount

of

Fund

assets

to

be

allocated

to

the

Money

Manager

or

managed

pursuant

to

the

Money

Manager’s

strategy);

RIM’s

evaluation

of

the

anticipated

quality

of

the

investment

advisory

services

to

be

provided

by

the

Money

Manager;

performance

information

for

the

new

Money

Manager;

information

as

to

any

significant

business

relationships

between

the

Money

Manager

and

RIM

or

Russell

Investments

Financial

Services,

LLC,

the

Fund’s

underwriter

(“RIFIS”);

the

CCO’s

current

or

prior

evaluation

of

the

Money

Manager’s

compliance

program,

policies

and

procedures

in

relation

to

the

Money

Manager’s

role

in

the

management

of

the

Fund’s

investment

portfolio,

and

current

or

prior

certification

that

they

were

consistent

with

applicable

legal

standards;

RIM’s

explanation

as

to

the

lack

of

relevance

of

Money

Manager

profitability

to

the

evaluation

of

portfolio

management

contracts

with

Money

Managers

because

the

willingness

of

Money

Managers

to

serve

in

such

capacity

depends

upon

arm’s-length

negotiations

with

RIM;

RIM’s

awareness

of

the

standard

fee

rates

charged

by

the

Money

Manager

to

other

clients;

RIM’s

belief

that

the

proposed

Money

Manager

fees

would

be

reasonable

in

light

of

the

anticipated

quality

of

investment

advisory

services

to

be

rendered;

the

increase

or

decrease

in

aggregate

Money

Manager

fees

to

be

paid

by

RIM

from

its

advisory

fee

as

a

result

of

the

engagement

of

the

Money

Manager;

and

the

expected

costs,

if

any,

of

transitioning

Fund

assets

to

the

Money

Manager

or

its

strategy.

The

Trustees’

approvals

also

reflected

their

findings

at

prior

meetings,

including

their

May

23,

2023

meeting,

in

connection

with

their

evaluation

and

approval

of

the

Funds’

existing

investment

advisory

agreement

with

RIM

and

portfolio

management

contracts

with

then-current

Money

Managers

for

the

Funds,

as

well

as

information

received

throughout

the

course

of

the

year

regarding,

among

other

things,

the

quality

of

services

provided

to

the

Funds

in

the

case

of

the

existing

Money

Managers

and

the

reasonableness

of

the

aggregate

investment

advisory

fees

paid

by

the

Funds,

as

well

as

the

fact

that

the

aggregate

investment

advisory

fees

paid

by

the

Funds

would

not

increase

or

decrease

as

a

result

of

the

implementation

of

the

proposed

new

portfolio

management

contracts

because

the

Money

Managers’

investment

advisory

fees

are

paid

by

RIM.

Russell

Investment

Funds

Additional

Information

—

December

31,

2023

(Unaudited)

184

Additional

Information

Each

Fund

files

portfolio

holdings

information

within

60

days

after

the

end

of

each

fiscal

quarter

as

an

exhibit

on

Form

N-PORT.

Portfolio

holdings

information

for

the

third

month

of

each

fiscal

quarter

is

publicly

available

on

the

SEC’s

website

at

http://www.

sec.gov.

Each

Fund’s

complete

schedule

of

portfolio

holdings

for

the

second

and

fourth

quarters

of

each

fiscal

year

is

included

in

the

semi-annual

and

annual

reports

to

Fund

shareholders.

The

Board

has

delegated

to

RIM,

as

RIF’s

investment

adviser,

the

primary

responsibility

for

monitoring,

evaluating

and

voting

proxies

solicited

by

or

with

respect

to

issuers

of

securities

in

which

assets

of

the

Funds

may

be

invested.

RIM

has

established

a

proxy

voting

committee

and

has

adopted

written

proxy

voting

policies

and

procedures

(“P&P”)

and

proxy

voting

guidelines

(“Guidelines”).

The

Funds

maintain

a

Portfolio

Holdings

Disclosure

Policy

that

governs

the

timing

and

circumstances

of

disclosure

to

shareholders

and

third

parties

of

information

regarding

the

portfolio

investments

held

by

the

Funds.

A

description

of

the

P&P,

Guidelines,

Portfolio

Holdings

Disclosure

Policy

and

additional

information

about

Fund

Trustees

are

contained

in

the

Funds’

Statement

of

Additional

Information

(“SAI”).

The

SAI

and

information

regarding

how

the

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30,

2023

are

available

(i)

free

of

charge,

upon

request,

by

calling

the

Funds

at

(800)

787-7354,

and

(ii)

on

the

Securities

and

Exchange

Commission’s

website

at

www.sec.gov.

If

possible,

depending

on

contract

owner

registration

and

address

information,

and

unless

you

have

otherwise

opted

out,

only

one

copy

of

the

RIF

prospectus

will

be

sent

to

contract

owners

at

the

same

address.

Unless

you

specifically

request

paper

copies

of

the

annual

and

semi-annual

reports

from

your

insurance

company,

you

will

be

notified

by

mail

each

time

the

annual

and

semi-annual

reports

are

posted

and

provided

with

a

website

link

to

access

the

reports.

If

you

would

like

to

receive

a

separate

copy

of

these

documents,

please

contact

your

insurance

company.

If

you

currently

receive

multiple

copies

of

the

prospectus,

annual

report

and

semi-annual

report

and

would

like

to

request

to

receive

a

single

copy

of

these

documents

in

the

future,

please

call

your

insurance

company.

Some

insurance

companies

may

offer

electronic

delivery

of

the

Funds’

prospectuses

and

annual

and

semi-annual

reports.

Please

contact

your

insurance

company

for

further

details.

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

that

require

mutual

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

reports

for

the

Funds

will

be

for

the

reporting

period

ending

June

30,

2024.

Management

is

currently

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Funds’

shareholder

reports.

Russell

Investment

Funds

Disclosure

of

Information

about

Fund

Trustees

and

Officers

—

December

31,

2023

(Unaudited)

Disclosure

of

Information

about

Fund

Trustees

and

Officers

185

The

following

tables

provide

information

for

each

officer

and

trustee

of

the

Russell

Investments

fund

complex.

The

Russell

Investments

fund

complex

consists

of

Russell

Investment

Company

(“RIC”),

which

has

30

funds

and

Russell

Investment

Funds

(“RIF”),

which

has

nine

funds.

Each

of

the

Trustees

is

a

trustee

of

RIC

and

RIF.

The

first

table

provides

information

for

the

Interested

Trustee.

The

second

table

provides

information

for

the

Independent

Trustees.

The

third

table

provides

information

for

the

officers.

Furthermore,

each

Trustee

possesses

the

following

specific

attributes:

Ms.

Cahoon

has

had

experience

as

the

senior

financial

executive

of

other

investment

companies

and

their

investment

adviser

and

distributor,

as

well

as

a

certified

public

accountant

who

previously

provided

audit

services

in

the

financial

sector

at

a

multi-national

accounting

firm

and

has

been

determined

by

the

Board

to

be

an

“audit

committee

financial

expert”;

Mr.

Day

has

had

experience

as

an

executive-level

leader

in

corporate

finance

and

accounting,

as

a

member

of

the

boards

of

other

companies

and

non-profit

organizations,

and

as

a

certified

public

accountant;

Ms.

Ledoux

has

had

investment

experience

as

a

portfolio

manager

and

has

had

experience

as

a

member

of

the

board

of

trustees

of

other

investment

companies;

Mr.

May

has

had

business,

financial

services,

accounting

and

investment

management

experience

as

a

senior

executive

and

board

member

of

financial

services,

investment

management

and

other

organizations,

as

well

as

experience

as

a

board

member

of

other

investment

companies

and

as

a

certified

public

accountant;

Ms.

Shanahan

has

had

financial,

risk

management,

governance

and

compliance

experience

in

highly

regulated

industries

as

a

senior

executive

at

large

financial

institutions,

and

as

a

member

of

the

board

of

a

non-profit

organization;

Mr.

Tennison

has

had

business,

financial

and

investment

experience

as

a

senior

executive

of

a

corporation

with

international

activities

and

was

trained

as

an

accountant;

and

Mr.

Thompson

has

had

experience

in

business,

governance,

investment

and

financial

reporting

matters

as

a

senior

executive

of

an

organization

sponsoring

and

managing

other

investment

companies,

and,

subsequently,

has

served

as

a

board

member

of

other

investment

companies.

Mr.

Barback

has

had

experience

as

a

senior

executive

of

other

financial

services

companies

with

responsibility

for

investment,

financial,

and

operational

matters

affecting

asset

managers

and

related

service

providers.

As

a

senior

officer

of

an

affiliate

of

RIM,

Mr.

Barback

is

in

a

position

to

provide

the

Board

with

such

entity’s

perspectives

on

the

management,

operations

and

distribution

of

the

RIC

and

RIF

Funds.

*

Each

Trustee

shall

retire

from

service

on

the

Board

of

Trustees

at

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

However,

at

the

discretion

of

the

Board

and

upon

the

request

of

the

Trustee,

a

one-year

waiver

may

be

granted

from

the

application

of

the

policy,

which

will

allow

the

Trustee

to

continue

to

serve

on

the

Board

for

an

additional

one-year

period

following

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

A

maximum

of

five

one-year

waivers

may

be

requested

by

the

Trustee

and

granted

by

the

Board

to

the

Trustee.

#

Mr.

Barback

is

Chief

Operating

Officer

of

an

affiliate

of

RIM

and

is

therefore

an

Interested

Trustee.

Name,

Age,

Address

Position(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office*

Principal

Occupation(s)

During

the

Past

5

Years

No.

of

Portfolios

in

Russell

Investments

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

the

Past

5

Years

INTERESTED

TRUSTEE

Vernon

Barback#

Born

August

24,

1956

1301

Second

Avenue,

18th

Floor,

Seattle,

WA

98101

President

and

Chief

Executive

Officer

since

2022

Trustee

since

2021

Appointed

until

successor

is

chosen

and

qualified

by

Trustees

Appointed

until

successor

is

duly

elected

and

qualified

President

and

CEO,

RIC

and

RIF

Chief

Operating

Officer,

Russell

Investments

From

2021

–

2022,

Chief

Administrative

Officer,

Russell

Investments

From

2019

–

2021,

Vice

Chairman,

Russell

Investments

Until

2020,

Director,

NorthStar

Topco,

LLC

(technology

and

services

outsourcing

company)

From

2016

–

2019,

President,

Russell

Investments

39

Until

2020,

Director

of

NorthStar

Topco,

LLC

(technology

and

services

outsourcing

company)

Russell

Investment

Funds

Disclosure

of

Information

about

Fund

Trustees

and

Officers,

continued

—

December

31,

2023

(Unaudited)

186

Disclosure

of

Information

about

Fund

Trustees

and

Officers

*

Each

Trustee

shall

retire

from

service

on

the

Board

of

Trustees

at

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

However,

at

the

discretion

of

the

Board

and

upon

the

request

of

the

Trustee,

a

one-year

waiver

may

be

granted

from

the

application

of

the

policy,

which

will

allow

the

Trustee

to

continue

to

serve

on

the

Board

for

an

additional

one-year

period

following

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

A

maximum

of

five

one-year

waivers

may

be

requested

by

the

Trustee

and

granted

by

the

Board

to

the

Trustee.

Name,

Age,

Address

Position(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office*

Principal

Occupation(s)

During

the

Past

5

Years

No.

of

Portfolios

in

Russell

Investments

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

the

Past

5

Years

INDEPENDENT

TRUSTEES

Michelle

L.

Cahoon

Born

July

5,

1966

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Trustee

since

2021

Chairman

of

the

Audit

Committee

since

2023

Appointed

until

successor

is

duly

elected

and

qualified

Appointed

until

successor

is

duly

elected

and

qualified

Retired

From

January

to

March

2019,

Consulting

Chief

Financial

Officer,

Driehaus

Capital

Management

LLC

(investment

adviser)

Until

2018,

Chief

Financial

Officer

and

Treasurer,

Driehaus

Capital

Management

LLC

and

Driehaus

Securities

LLC

(broker

dealer)

Until

2018,

Vice

President

and

Treasurer,

Driehaus

Mutual

Funds

(investment

company)

Trustee

and

Audit

Committee

Chair

Fairway

Private

Equity

&

Venture

Capital

Opportunities

Fund

(investment

company)

39

Trustee

and

Audit

Committee

Chair

Fairway

Private

Equity

&

Venture

Capital

Opportunities

Fund

(investment

company)

Michael

Day

Born

October

23,

1957

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Trustee

since

2021

Appointed

until

successor

is

duly

elected

and

qualified

President

and

Chief

Executive

Officer,

Topa

Insurance

Group

(insurance

company)

39

Director,

Topa

Insurance

Group

(insurance

company)

Director,

Puppet,

Inc.

(information

technology

company)

Director,

Somos,

Inc.

(information

technology

company)

Until

2019,

Director,

Recology

(waste

management

company)

Russell

Investment

Funds

Disclosure

of

Information

about

Fund

Trustees

and

Officers,

continued

—

December

31,

2023

(Unaudited)

Disclosure

of

Information

about

Fund

Trustees

and

Officers

187

*

Each

Trustee

shall

retire

from

service

on

the

Board

of

Trustees

at

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

However,

at

the

discretion

of

the

Board

and

upon

the

request

of

the

Trustee,

a

one-year

waiver

may

be

granted

from

the

application

of

the

policy,

which

will

allow

the

Trustee

to

continue

to

serve

on

the

Board

for

an

additional

one-year

period

following

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

A

maximum

of

five

one-year

waivers

may

be

requested

by

the

Trustee

and

granted

by

the

Board

to

the

Trustee.

Name,

Age,

Address

Position(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office*

Principal

Occupation(s)

During

the

Past

5

Years

No.

of

Portfolios

in

Russell

Investments

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

the

Past

5

Years

INDEPENDENT

TRUSTEES

(continued)

Julie

Dien

Ledoux

Born

August

17,

1969

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Trustee

since

2019

Vice

Chairman

since

2023

Appointed

until

successor

is

duly

elected

and

qualified

Approved

Annually

Retired

39

Until

2018,

Trustee

of

Avenue

Credit

Strategies

Fund

(investment

company)

Russell

Investment

Funds

Disclosure

of

Information

about

Fund

Trustees

and

Officers,

continued

—

December

31,

2023

(Unaudited)

188

Disclosure

of

Information

about

Fund

Trustees

and

Officers

*

Each

Trustee

shall

retire

from

service

on

the

Board

of

Trustees

at

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

However,

at

the

discretion

of

the

Board

and

upon

the

request

of

the

Trustee,

a

one-year

waiver

may

be

granted

from

the

application

of

the

policy,

which

will

allow

the

Trustee

to

continue

to

serve

on

the

Board

for

an

additional

one-year

period

following

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

A

maximum

of

five

one-year

waivers

may

be

requested

by

the

Trustee

and

granted

by

the

Board

to

the

Trustee.

Name,

Age,

Address

Position(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office*

Principal

Occupation(s)

During

the

Past

5

Years

No.

of

Portfolios

in

Russell

Investments

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

the

Past

5

Years

INDEPENDENT

TRUSTEES

(continued)

Jeremy

May

Born

March

30,

1970

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Trustee

since

2021

Appointed

until

successor

is

duly

elected

and

qualified

Founder

and

Chief

Executive

Officer,

Paralel

Technologies

LLC

(information

technology

company)

Until

March

2021,

Chief

Operating

Officer

of

Magnifi

LLC

(information

technology

company)

Until

2019,

President

ALPS

Portfolio

Solutions

and

Executive

Vice

President

of

ALPS

Advisors

and

ALPS

Holdings

(investment

company)

39

Trustee

and

Chairman

of

Bow

River

Capital

Evergreen

Fund

(investment

company)

Until

2022,

Trustee

and

Chairman

of

New

Age

Alpha

ETF

Trust

(investment

company)

Until

March

2021,

Interested

Director

of

Reaves

Utility

Income

Trust

(investment

Company)

Until

February

2021,

Interested

Director

of

ALPS

Series

Trust

(investment

company)

Until

2019,

Interested

Director

of

RiverNorth

Opportunities

Fund

(investment

company)

Russell

Investment

Funds

Disclosure

of

Information

about

Fund

Trustees

and

Officers,

continued

—

December

31,

2023

(Unaudited)

Disclosure

of

Information

about

Fund

Trustees

and

Officers

189

*

Each

Trustee

shall

retire

from

service

on

the

Board

of

Trustees

at

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

However,

at

the

discretion

of

the

Board

and

upon

the

request

of

the

Trustee,

a

one-year

waiver

may

be

granted

from

the

application

of

the

policy,

which

will

allow

the

Trustee

to

continue

to

serve

on

the

Board

for

an

additional

one-year

period

following

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

A

maximum

of

five

one-year

waivers

may

be

requested

by

the

Trustee

and

granted

by

the

Board

to

the

Trustee.

Name,

Age,

Address

Position(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office*

Principal

Occupation(s)

During

the

Past

5

Years

No.

of

Portfolios

in

Russell

Investments

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

the

Past

5

Years

INDEPENDENT

TRUSTEES

(continued)

Jeannie

Shanahan

Born

February

15,

1964

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Trustee

since

2021

Chairman

of

Regulatory

and

Investment

Compliance

Committee

since

2023

Appointed

until

successor

is

duly

elected

and

qualified

Appointed

until

successor

is

duly

elected

and

qualified

Until

2021,

President

of

Twin

Star

Consulting,

LLC

(consulting

company)

39

None

Raymond

P.

Tennison

Jr.

Born

December

21,

1955

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Trustee

since

2000

Chairman

since

2021

Appointed

until

successor

is

duly

elected

and

qualified

Approved

Annually

Retired

39

None

Jack

R.

Thompson

Born

March

21,

1949

1301

Second

Avenue,

18th

Floor,

Seattle,

WA

98101

Trustee

since

2005

Chairman

of

the

Nominating

and

Governance

Committee

since

2021

Appointed

until

successor

is

duly

elected

and

qualified

Appointed

until

successor

is

duly

elected

and

qualified

Retired

39

None

Russell

Investment

Funds

Disclosure

of

Information

about

Fund

Trustees

and

Officers,

continued

—

December

31,

2023

(Unaudited)

190

Disclosure

of

Information

about

Fund

Trustees

and

Officers

Name,

Age,

Address

Positions(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office

Principal

Occupation(s)

During

the

Past

5

Years

OFFICERS

Vernon

Barback

Born

August

24,

1956

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

President

and

Chief

Executive

Officer

since

2022

Until

successor

is

chosen

and

qualified

by

Trustees

President

and

CEO,

RIC

and

RIF

Chief

Operating

Officer,

Russell

Investments

From

2021

–

2022,

Chief

Administrative

Officer,

Russell

Investments

From

2019

–

2021,

Vice

Chairman,

Russell

Investments

Until

2020,

Director,

NorthStar

Topco,

LLC

(technology

and

services

outsourcing

company)

From

2016

–

2019,

President,

Russell

Investments

Cheryl

Wichers

Born

December

16,

1966

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Chief

Compliance

Officer

since

2005

Until

removed

by

Independent

Trustees

Chief

Compliance

Officer,

RIC

and

RIF

Chief

Compliance

Officer,

Russell

Investments

Fund

Services,

LLC

(“RIFUS”)

Kari

Seabrands

Born

September

9,

1969

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Treasurer,

Chief

Accounting

Officer

and

Chief

Financial

Officer

since

2023

Until

successor

is

chosen

and

qualified

by

Trustees

Senior

Director,

Head

of

Global

Fund

Services,

Russell

Investments

Until

2023,

Director,

Fund

Administration,

Russell

Investments

Treasurer,

Chief

Accounting

Officer

and

Chief

Financial

Officer,

RIC

and

RIF

Director,

Russell

Investments

Financial

Services,

LLC

(“RIFIS”)

and

RIFUS

Kate

El-Hillow

Born

August

17,

1974

1301

Second

Avenue,

18th

Floor,

Seattle

WA

98101

Chief

Investment

Officer

since

2021

Until

removed

by

Trustees

Chief

Investment

Officer

and

President,

Russell

Investments

Chief

Investment

Officer,

RIC

and

RIF

President,

RIM

Until

2021,

Deputy

Chief

Investment

Officer,

Senior

Portfolio

Manager,

Head

of

Strategy

Selection

and

Head

of

Portfolio

Management

&

Risk,

Goldman

Sachs

Mary

Beth

Albaneze

Born

April

25,

1969

1301

Second

Avenue,

18th

Floor,

Seattle,

WA

98101

Secretary

and

Chief

Legal

Officer

since

2010

Until

successor

is

chosen

and

qualified

by

Trustees

Associate

General

Counsel,

Russell

Investments

Secretary,

RIM,

RIFUS

and

RIFIS

Secretary

and

Chief

Legal

Officer,

RIC

and

RIF

Secretary,

U.S.

One,

LLC

Russell

Investment

Funds

Adviser,

Money

Managers

and

Service

Providers

—

December

31,

2023

(Unaudited)

Adviser,

Money

Managers

and

Service

Providers

191

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

Kari

Seabrands,

Treasurer,

Chief

Accounting

Officer

and

Chief

Financial

Officer

Cheryl

Wichers,

Chief

Compliance

Officer

Kate

El-Hillow,

Chief

Investment

Officer

Mary

Beth

Albaneze,

Secretary

and

Chief

Legal

Officer

Adviser

Russell

Investment

Management,

LLC

1301

Second

Avenue

Seattle, WA

98101

Administrator

and

Transfer

and

Dividend

Disbursing

Agent

Russell

Investments

Fund

Services,

LLC

1301

Second

Avenue

Seattle, WA

98101

Custodian

State

Street

Bank

and

Trust

Company

1776

Heritage

Drive

North

Quincy,

MA

02171

Office

of

Shareholder

Inquiries

1301

Second

Avenue

Seattle, WA

98101

(800)

787-7354

Legal

Counsel

Dechert

LLP

One

International

Place,

40th

Floor

100

Oliver

Street

Boston, MA

02110

Distributor

Russell

Investments

Financial

Services,

LLC

1301

Second

Avenue

Seattle, WA

98101

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

1420

5th

Avenue,

Suite

2800

Seattle, WA

98101

Money

Managers

U.S.

Strategic

Equity

Fund

Brandywine

Global

Investment

Management,

LLC,

Philadelphia,

PA

Jacobs

Levy

Equity

Management,

Inc., Florham

Park,

NJ

J.P.

Morgan

Investment

Management

Inc.,

New

York,

NY

William

Blair

Investment

Management,

LLC,

Chicago,

IL

U.S.

Small

Cap

Equity

Fund

Ancora

Advisors,

LLC,

Mayfield

Heights,

OH

BAMCO,

Inc.,

New

York,

NY

Boston

Partners

Global

Investors,

Inc.,

New

York,

NY

Calamos

Advisors

LLC,

Naperville,

IL

Copeland

Capital

Management,

LLC,

Conshohocken,

PA

DePrince,

Race

&

Zollo,

Inc., Winter

Park, FL

Jacobs

Levy

Equity

Management,

Inc., Florham

Park, NJ

Penn

Capital

Management

Company,

LLC,

Philadelphia, PA

Ranger

Investment

Management,

L.P.,

Dallas,

TX

International

Developed

Markets

Fund

Intermede

Investment

Partners

Limited,

London,

United

Kingdom

and

Intermede

Global

Partners

Inc.,

San

Francisco,

CA

Pzena

Investment

Management

LLC,

New York, NY

Wellington

Management

Company

LLP,

Boston,

MA

Strategic

Bond

Fund

RBC

Global

Asset

Management

(UK)

Limited,

London,

United

Kingdom

Schroder

Investment

Management

North

America

Inc.,

New

York,

NY

Western

Asset

Management

Company

LLC,

Pasadena,

CA

and

Western

Asset

Management

Company

Limited,

London,

United

Kingdom

Global

Real

Estate

Securities

Fund

Cohen

&

Steers

Capital

Management,

Inc.,

New York, NY,

Cohen

&

Steers

UK

Limited,

London,

United

Kingdom

and

Cohen

&

Steers

Asia

Limited,

Hong

Kong,

China

RREEF

America

L.L.C.,

Chicago,

IL,

DWS

Investments

Australia

Limited,

Sydney,

Australia

and

DWS

Alternatives

Global

Limited,

London,

United

Kingdom,

operating

under

the

brand

name

DWS

This

report

is

prepared

from

the

books

and

records

of

the

Funds

and

is

submitted

for

the

general

information

of

shareholders

and

is

not

authorized

for

distribution

to

prospective

investors

unless

accompanied

or

preceded

by

an

effective

Prospectus.

Nothing

herein

contained

is

to

be

considered

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

Russell

Investment

Funds.

Such

offering

is

made

only

by

Prospectus,

which

includes

details

as

to

offering

price

and

other

material

information.

Russell

Investment

Funds

1301

Second

Avenue

Seattle,

Washington

98101

800-787-7354

Fax:

206-505-3495

2023

ANNUAL

REPORT

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

DECEMBER

31,

2023

FUND

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Growth

Strategy

Fund

Equity

Growth

Strategy

Fund

Russell

Investment

Funds

Russell

Investment

Funds

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

Funds.

These

financial

statements

report

on

four

of

these

Funds.

Page

To

Our

Shareholders

3

Moderate

Strategy

Fund

4

Balanced

Strategy

Fund

18

Growth

Strategy

Fund

32

Equity

Growth

Strategy

Fund

46

Notes

to

Financial

Highlights

59

Notes

to

Financial

Statements

60

Report

of

Independent

Registered

Public

Accounting

Firm

67

Tax

Information

68

Additional

Information

69

Disclosure

of

Information

about

Fund

Trustees

and

Officers

70

Adviser

and

Service

Providers

76

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Annual

Report

December

31,

2023

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.

Indices

and

benchmarks

are

unmanaged

and

cannot

be

invested

in

directly.

Returns

represent

past

performance,

are

not

a

guarantee

of

future

performance,

and

are

not

indicative

of

any

specific

investment.

Index

return

information

is

provided

by

vendors

and

although

deemed

reliable,

is

not

guaranteed

by

Russell

Investments

or

its

affiliates.

S&P

®

is

a

registered

trademark

of

Standard

&

Poor’s

Financial

Services

LLC.

Performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

To

Our

Shareholders

To

Our

Shareholders

3

Fellow

Investors,

Since

1936,

our

purpose

has

been

improving

financial

security

for

people.

That

has

never

changed.

What’s

the

best

strategy

to

achieve

that

security?

We

believe

that

the

combination

of

our

investment

solutions,

a

sound

plan

and

timely

investment

advice

provides

the

best

route

to

achieving

your

desired

outcomes.

Your

financial

security

is

the

reason

we

work

hard

to

maintain

a

time-tested,

disciplined

investment

approach,

focused

on

meeting

our

clients’

financial

needs.

The

year

of

2023

has

been

one

that

demanded

constant

focus,

both

in

markets

and

investing:

For

the

one-year

period

ended

December

31,

2023,

U.S.

equities

returned

approximately

26.29%,

according

to

the

S&P

500

Index.*

In

comparison,

for

the

same

time

period,

developed

non-U.S.

equities,

as

measured

by

the

MSCI

World

ex-USA

Index,

provided

a

return

of

17.94%.*

With

market

uncertainty,

higher-than-average

interest

rates

from

the

U.S.

Federal

Reserve

(“the

Fed”),

and

high-but-

declining

inflation

challenges,

it

is

critical

to

be

disciplined

when

assessing

your

investment

plan.

While

it

is

important

to

challenge

prior

thinking,

it’s

just

as

vital

to

have

an

equally

high

bar

to

any

material

changes

to

long-term

strategies.

We

continue

to

emphasize

that

prioritizing

the

long-term

investment

plan

over

short-term

gains

is

most

consistently

rewarded.

As

we

approach

the

end

of

another

unprecedented

year,

we

maintain

our

focus

and

look

to

position

our

funds

for

the

period

ahead,

not

the

one

that

has

just

passed.

With

this

in

mind,

we

hold

the

following

views

on

markets:

We

believe

equities

have

limited

upside,

with

recession

risks

on

the

horizon.

Although

developed

non-U.S.

equities

are

cheaper

than

U.S.

equities,

we

have

a

neutral

preference

until

the

Fed

become

less

hawkish

and

the

U.S.

dollar

weakens.

Government

bond

valuations

have

improved

after

the

rise

in

yields.

We

see

U.S.,

UK

and

German

bonds

as

offering

good

value.

Japanese

bonds

still

look

expensive,

with

the

Bank

of

Japan

(BOJ)

defending

the

25-basis-

point

yield

limit.

We

think

a

mild

recession

before

the

end

of

2024

is

the

most

likely

outcome,

but

the

complexities

caused

by

the

pandemic

make

forecasting

difficult.

It

is

possible

that

we

get

a

soft

landing

where

the

economy

cools

enough

to

allow

the

Fed

to

start

lowering

rates

and

prevent

recession.

Our

annual

outlook

late

last

year

nominated

2023

as

the

year

of

the

diversified

portfolio,

where

a traditional

balanced

portfolio

of

60%

equities

and

40%

fixed

income was

expected

to

do

relatively

well.

This

still

looks

to

be

the

case

for

2024.

Your

goals

and

your

security—that’s

our

focus.

For

more

than

85

years,

we’ve

been

providing

solutions

to

help

investors

like

you

reach

those

financial

goals,

whether

you’re

saving

for

retirement,

already

depending

on

retirement

income

or

building

a

college

fund.

We

value

the

trust

you

have

placed

in

our

firm—there’s

nothing

we

work

harder

to

earn.

All

of

us

at

Russell

Investments

appreciate

the

opportunity

to

help

you

achieve

your

own

financial

security.

Best

regards,

Kate

El-Hillow

Global

Chief

Investment

Officer,

Russell

Investments

*

Source:

Morningstar.

Indexes

are

unmanaged

and

cannot

be

invested

in

directly.

The

S&P

500

Index

is

an

index,

with

dividends

reinvested,

of

500

issues

representative

of

leading

companies

in

the

U.S.

large

cap

securities

market.

The

MSCI

World

ex-USA

Index

is

a

free

float-adjusted

market

capitalization

index

that

is

designed

to

measure

the

equity

market

performance

of

developed

markets,

excluding

the

U.S.

Russell

Investment

Funds

Moderate

Strategy

Fund

Portfolio

Management

Discussion

and

Analysis

—

December

31,

2023

(Unaudited)

4

Moderate

Strategy

Fund

Moderate

Strategy

Fund

Total

Return

1

Year

11

.32%

5

Years

4

.00%§

10

Years

3

.51%§

Bloomberg

U.S.

Aggregate

Bond

Index

*

*

Total

Return

1

Year

5

.53%

5

Years

1

.10%§

10

Years

1

.81%§

Russell

1000

®

Index

***

Total

Return

1

Year

26

.53%

5

Years

15

.52%§

10

Years

11

.80%§

Russell

Investment

Funds

Moderate

Strategy

Fund

Portfolio

Management

Discussion

and

Analysis,

continued

—

December

31,

2023

(Unaudited)

Moderate

Strategy

Fund

5

The

Moderate

Strategy

Fund

(the

“Fund”)

is

a

fund

of

funds

that

invests

in

other

Russell

Investment

Funds

(“RIF”)

and

Russell

Investment

Company

(“RIC”)

mutual

funds

(the

“Underlying

Funds”).

Certain

Underlying

Funds

employ

a

multi-manager

approach

whereby

portions

of

the

Underlying

Funds

are

allocated

to

different

money

manager

strategies.

Underlying

Fund

assets

not

allocated

to

money

managers

are

managed

by

Russell

Investment

Management,

LLC

(“RIM”),

the

Fund’s

and

Underlying

Funds’

advisor.

RIM,

as

the

Underlying

Funds’

advisor,

may

change

the

allocation

of

the

Underlying

Funds’

assets

among

money

managers

at

any

time.

An

exemptive

order

from

the

Securities

and

Exchange

Commission

permits

RIM

to

engage

or

terminate

a

money

manager

in

an

Underlying

Fund

at

any

time,

subject

to

approval

by

the

Underlying

Fund’s

Board,

without

a

shareholder

vote.

Pursuant

to

the

terms

of

the

exemptive

order,

an

Underlying

Fund

is

required

to

notify

its

shareholders

within

90

days

of

when

a

money

manager

begins

providing

services.

What

is

the

Fund’s

investment

objective?

The

Fund

seeks

to

provide

current

income

and

moderate

long-

term

capital

appreciation.

How

did

the

Fund

perform

relative

to

its

benchmark

for

the

fiscal

year

ended

December

31,

2023?

For

the

fiscal

year

ended

December

31,

2023

(the

“fiscal

year”),

the

Fund

gained

11.32%.

This

is

compared

to

the

Fund’s

primary

benchmark,

the

Bloomberg

U.S.

Aggregate

Bond

Index,

which

gained

5.53%

during

the

fiscal

year.

The

Fund’s

performance

includes

operating

expenses,

whereas

index

returns

are

unmanaged

and

do

not

include

expenses

of

any

kind.

For

the

fiscal

year,

the

Morningstar

®

Insurance

Allocation

–

30%

to

50%

Equity

Category,

a

group

of

funds

that

Morningstar,

Inc.

considers

to

have

investment

strategies

similar

to

those

of

the

Fund,

gained

11.55%.

This

return

serves

as

a

peer

comparison

and

is

expressed

net

of

operating

expenses.

How

did

market

conditions

affect

the

Fund’s

performance?

Over

the

fiscal

year,

global

inflation

continued

to

moderate

as

central

bank

rate

hikes

percolated

through

the

economy.

At

the

end

of

the

first

quarter

of

2023,

the

collapses

of

Silicon

Valley

Bank

and

Credit

Suisse

highlighted

the

impacts

that

the

rate

hikes

had

on

banks.

The

regional

banking

crisis

in

March

precipitated

fears

of

contagion

risk

in

the

financial

sector

but

fears

of

a

long-

term

impact

were

short-lived

as

markets

rebounded.

Despite

the

hardships

faced

by

interest

rate-sensitive

sectors,

a

resilient

economy

played

a

pivotal

role

in

propelling

risk

assets

forward.

In

equity

markets,

the

U.S.,

Japan

and

Europe

had

the

strongest

regional

returns

over

the

period.

In

the

U.S.,

the

equity

rally

that

started

in

the

fourth

quarter

of

2022

was

highlighted

by

outsized

performance

from

large

cap

growth

names.

Communication

Services

and

Information

Technology

were

the

strongest

sectors

in

the

U.S.,

while

Utilities

and

Consumer

Staples

generally

underperformed.

In

the

fixed

income

markets,

bonds

with

credit

risk

tended

to

generate

better

returns

than

investments

in

similar

maturity

government

bonds.

The

ICE

BofAML

MOVE

Index,

which

measures

bond

volatility,

continued

to

stay

at

elevated

levels

during

the

fiscal

year

as

central

banks

maintained

a

hawkish

posture.

In

the

fourth

quarter,

sentiment

shifted

due

to

a

change

in

the

U.S.

Federal

Reserve’s

(the

“Fed”)

rhetoric,

leading

the

market

to

price

in

a

dovish

pivot

in

the

Fed’s

policy

stance,

which

helped

the

Bloomberg

U.S.

Aggregate

Bond

Index

return

6.82%

for

the

final

quarter

of

the

year.

How

did

the

investment

strategies

and

techniques

employed

by

the

Fund

and

the

Underlying

Funds

affect

the

Fund’s

performance?

The

Fund

is

a

fund

of

funds,

and

its

performance

is

largely

based

on

RIM’s

target

strategic

asset

allocations

and

the

performance

of

the

Underlying

Funds

in

which

the

Fund

invests.

In

order

to

seek

to

achieve

the

Fund’s

objective

during

the

fiscal

year,

RIM’s

target

strategic

asset

allocation

included

investments

in

global

equity,

fixed

income,

multi-asset

and

alternative

Underlying

Funds.

Overall,

the

Fund’s

asset

allocation

was

additive

relative

to

the

primary

benchmark

over

the

fiscal

year.

Equities

generally

outperformed

the

Fund’s

primary

benchmark

over

the

fiscal

year.

Government

bonds

generated

positive

returns

for

the

year.

Yields

on

U.S.

treasuries

dropped

sharply

in

November

and

December,

as

the

market

started

pricing

in

a

Fed

pivot

and

rate

cuts

in

2024.

Within

equities,

underlying

preferences

for

small-cap

securities

detracted.

An

underweight

to

U.S.

large

cap

equities

and

overweight

to

international

equities

also

detracted.

Global

real

estate

underperformed

equities

as

the

rise

in

interest

rates

put

pressure

on

the

sector,

though

the

sector

outperformed

the

Fund’s

primary

fixed

income

benchmark.

Equity

markets

delivered

strong

positive

returns

over

the

fiscal

year,

with

high

volatility

levels.

In

terms

of

Underlying

Fund

performance,

the

RIC

Global

Equity

Fund

slightly

lagged

its

benchmark,

with

growth

managers

being

the

top

performers,

while

low

volatility

managers

had

the

weakest

performance.

The

U.S.

Small

Cap

Equity

Fund

delivered

absolute

positive

returns

over

the

period,

but

underperformed

its

benchmark

due

to

exposure

to

the

smallest

market

capitalization

stocks.

The

U.S.

Strategic

Equity

Fund

provided

strong

total

returns,

broadly

in

line

with

the

Russell

1000

®

Index.

The

Underlying

Fund

maintained

exposure

to

companies

with

lower

valuation,

higher

quality

and

growth,

and

lower

market

capitalization

compared

to

its

benchmark.

Russell

Investment

Funds

Moderate

Strategy

Fund

Portfolio

Management

Discussion

and

Analysis,

continued

—

December

31,

2023

(Unaudited)

6

Moderate

Strategy

Fund

Fixed

income

performance

was

mixed

over

the

fiscal

year,

delivering

absolute

positive

returns.

The

Strategic

Bond

Fund

underperformed

its

benchmark

due

to

a

long

duration

posture.

The

RIC

Long

Duration

Bond

Fund

provided

corporate

and

government

exposure

when

it

was

introduced

as

an

Underlying

Fund

on

September

13,

2023,

which

was

additive

on

the

strong

rates

rally.

The

multi-asset

and

alternative

portions

of

the

Fund’s

portfolio

delivered

positive

returns

over

the

fiscal

year.

The

RIC

Multi-

Strategy

Income

Fund

outperformed

its

underlying

benchmark,

benefiting

from

an

overweight

to

risky

assets

on

average

and

relatively

high

exposure

to

growth

and

volatility.

Nimble

tactical

asset

allocation

was

additive.

Within

the

Global

Real

Estate

Securities

Fund,

favorable

security

selection

within

the

health

care

sector

drove

the

Underlying

Fund’s

performance.

An

overweight

to

and

positive

stock

selection

within

the

technology

sector

further

contributed

to

benchmark-relative

performance.

The

RIC

Global

Infrastructure

Fund

outperformed

its

underlying

benchmark,

the

S&P

Global

Infrastructure

Index

(net

of

tax

on

dividends

from

foreign

holdings),

over

the

one-year

period.

Describe

any

changes

to

the

Fund’s

structure

or

allocation

to

the

Underlying

Funds.

In

March

2023,

RIM

modified

the

Fund’s

target

strategic

asset

allocation,

which

resulted

in

a

decrease

in

equity

exposures

and

an

increase

in

exposures

to

core

bonds. 

Specifically,

RIM

modified

the

Fund’s

target

strategic

asset

allocation

to

51%

to

fixed

income,

36%

to

equity,

10%

to

multi-asset

and

3%

to

alternative

asset

classes.

In

September

2023,

RIM

modified

the

Fund’s

target

strategic

asset

allocation

to

better

align

with

RIM’s

preferred

positioning,

primarily

with

respect

to

credit

and

duration

exposures.

Specifically,

RIM

modified

the

Fund’s

target

strategic

asset

allocation

to

37%

to

equity,

52%

to

fixed

income,

8%

to

multi-

asset

and

3%

to

alternative

asset

classes.

As

a

result

of

the

target

strategic

asset

allocation

changes,

RIM

added

allocations

to

the

RIC

Long

Duration

Bond

Fund

and

RIC

Short

Duration

Bond

Fund

and

removed

an

allocation

to

the

RIC

Unconstrained

Total

Return

Fund

and

the

RIC

Investment

Grade

Bond

Fund.

The

views

expressed

in

this

report

reflect

those

of

the

portfolio

managers

only

through

the

end

of

the

fiscal

year

covered

by

the

report.

These

views

do

not

necessarily

represent

the

views

of

RIM,

or

any

other

person

in

RIM

or

any

other

affiliated

organization.

These

views

are

subject

to

change

at

any

time

based

upon

market

conditions

or

other

events,

and

RIM

disclaims

any

responsibility

to

update

the

views

contained

herein.

These

views

should

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Russell

Investment

Funds

(“RIF”)

Fund

are

based

on

numerous

factors,

should

not

be

relied

on

as

an

indication

of

investment

decisions

of

any

RIF

Fund.

*

Assumes

initial

investment

on

January

1,

2014.

**

Bloomberg

U.S.

Aggregate

Bond

Index

is

an

index,

with

income

reinvested,

generally

representative

of

intermediate-term

government

bonds,

investment

grade

corporate

debt

securities

and

mortgage-backed

securities.

***

Russell

1000

®

Index

includes

the

1,000

largest

companies

in

the

Russell

3000

®

Index.

The

Russell

1000

®

Index

return

reflects

adjustments

from

income

dividends

and

capital

gain

distributions

reinvested

as

of

the

ex-dividend

dates.

§

Annualized.

The

performance

shown

in

this

section

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges.

Performance

is

historical

and

assumes

reinvestment

of

all

dividends

and

capital

gains.  Investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

when

purchased.  Past

performance

is

not

indicative

of

future

results.  Additionally,

the

returns

presented

herein

may

differ

from

the

performance

reported

in

the

Financial

Highlights

as

the

returns

herein

are

calculated

in

a

manner

consistent

with

standardized

performance

in

accordance

with

Securities

and

Exchange

Commission

rules,

while

the

performance

in

the

Financial

Highlights

has

been

calculated

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

(“U.S.

GAAP”).

Russell

Investment

Funds

Moderate

Strategy

Fund

Shareholder

Expense

Example

—

December

31,

2023

(Unaudited)

Moderate

Strategy

Fund

7

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

July

1,

2023

to

December

31,

2023

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

July

1,

2023

$

1,000.00

$

1,000.00

Ending

Account

Value

December

31,

2023

$

1,051.70

$

1,024.50

Expenses

Paid

During

Period*

$

0.72

$

0.71

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.14%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-

half

year

period).

May

reflect

amounts

waived

and/or

reimbursed.

Without

any

waivers

and/or

reimbursements,

expenses

would

have

been

higher.

Russell

Investment

Funds

Moderate

Strategy

Fund

Schedule

of

Investments

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

8

Moderate

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.1%

Alternative

-

3.0%

RIF

Global

Real

Estate

Securities

Fund

158,475

2,122

Domestic

Equities

-

17.1%

RIF

U.S.

Small

Cap

Equity

Fund

126,286

1,778

RIF

U.S.

Strategic

Equity

Fund

536,441

10,279

12,057

Fixed

Income

-

51.9%

RIC

Long

Duration

Bond

Fund

Class

Y

509,663

4,225

RIC

Short

Duration

Bond

Fund

Class

Y

187,636

3,496

RIF

Strategic

Bond

Fund

3,280,651

28,968

36,689

International

Equities

-

20.1%

RIC

Emerging

Markets

Fund

Class

Y

94,733

1,430

RIC

Global

Equity

Fund

Class

Y

1,191,448

10,985

RIF

International

Developed

Markets

Fund

148,586

1,788

14,203

Multi-Asset

-

8.0%

RIC

Multi-Strategy

Income

Fund

Class

Y

609,388

5,661

Total

Investments

in

Affiliated

Funds

(cost

$70,104)

70,732

Total

Investments

-

100.1%

(identified

cost

$70,104)

70,732

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(59)

Net

Assets

-

100.0%

70,673

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

9

Statement

of

Assets

and

Liabilities

—

December

31,

2023

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

70,104

Investments,

at

fair

value(>)

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

70,732

Receivables:

Investments

sold

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

10

Fund

shares

sold

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

3

From

affiliates

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

1

Prepaid

expenses

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

1

Total

assets

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

70,747

Liabilities

Payables:

Fund

shares

redeemed

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

13

Accrued

fees

to

affiliates

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

4

Other

accrued

expenses

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

57

Total

liabilities

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

74

Net

Assets

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

$

70,673

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

10

Moderate

Strategy

Fund

Statement

of

Assets

and

Liabilities,

continued

—

December

31,

2023

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(3,105)

Shares

of

beneficial

interest

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

76

Additional

paid-in

capital

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

73,702

Net

Assets

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

$

70,673

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

9.27

Net

assets

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

$

70,672,722

Shares

outstanding

($.01

par

value)

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

7,627,087

Amounts

in

thousands

(>)    

Investments

in

affiliated

funds

$

70,732

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

11

Statement

of

Operations

—

For

the

Period

Ended

December

31,

2023

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

1,839

Expenses

Advisory

fees

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

144

Administrative

fees

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

31

Custodian

fees

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

28

Transfer

agent

fees

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

3

Professional

fees

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

39

Trustees’

fees

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

4

Printing

fees

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

14

Miscellaneous

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

4

Expenses

before

reductions

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

26

7

Expense

reductions

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

(16

7

)

Net

expenses

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

100

Net

investment

income

(loss)

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

1,739

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

(3,114)

Capital

gain

distributions

from

affiliated

funds

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

135

Net

realized

gain

(loss)

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

(2,979)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

8,804

Net

change

in

unrealized

appreciation

(depreciation)

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

8,804

Net

realized

and

unrealized

gain

(loss)

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

5,825

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

7,564

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

12

Moderate

Strategy

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

For

the

Periods

Ended

December

31,

2023

2022

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

1,739

$

1,253

Net

realized

gain

(loss)

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

(2,979)

(425)

Net

change

in

unrealized

appreciation

(depreciation)

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

8,804

(15,284)

Net

increase

(decrease)

in

net

assets

from

operations

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

7,564

(14,456)

Distributions

To

shareholders

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

(1,121)

(3,585)

Net

decrease

in

net

assets

from

distributions

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

(1,121)

(3,585)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(7,761)

(6,956)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

(1,318)

(24,997)

Net

Assets

Beginning

of

period

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

71,991

96,988

End

of

period

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

$

70,673

$

71,991

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2023

and

December

31,

2022

were

as

follows:

2023

2022

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

384

$

3,362

319

$

2,931

Proceeds

from

reinvestment

of

distributions

128

1,121

386

3,58

5

Payments

for

shares

redeemed

(1,394)

(12,244)

(1,458)

(13,472)

Total

increase

(decrease)

(882)

$

(7,761)

(753)

$

(6,956)

Russell

Investment

Funds

Moderate

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

14

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

December

31,

2023

8.46

.2

1

.7

4

.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

15

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(◊

)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(

∏

)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(∏)

(

Ƃ)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(‡)(Ƃ)

%

Portfolio

Turnover

Rate

(.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.

16

Moderate

Strategy

Fund

Related

Party

Transactions,

Fees

and

Expenses

Accrued

fees

payable

to

affiliates

as

of

December

31,

2023

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

December

31,

2023

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

At

December

31,

2023,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

December

31,

2023

and

December

31,

2022,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Administrative

fees

$

2,525

Transfer

agent

fees

262

Trustee

fees

851

$

3,638

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

RIF

Global

Real

Estate

Securities

Fund

$

2,144

$

350

$

568

$

(80

)

$

276

$

2,122

$

40

$

—

RIF

U.S.

Small

Cap

Equity

Fund

2,886

126

1,464

56

174

1,778

14

11

RIF

U.S.

Strategic

Equity

Fund

6,800

4,072

2,556

(274

)

2,237

10,279

137

124

RIC

Investment

Grade

Bond

Fund

10,061

675

10,543

(2,018

)

1,825

—

249

—

RIC

Long

Duration

Bond

Fund

—

4,383

358

(3

)

203

4,225

15

—

RIC

Short

Duration

Bond

Fund

—

3,747

315

(1

)

65

3,496

35

—

RIC

Unconstrained

Total

Return

Fund

1,454

33

1,520

(67

)

100

—

—

—

RIF

Strategic

Bond

Fund

23,822

7,458

2,595

(202

)

485

28,968

792

—

RIC

Emerging

Markets

Fund

1,442

145

244

(32

)

119

1,430

37

—

RIC

Global

Equity

Fund

13,330

1,364

5,832

(693

)

2,816

10,985

154

—

RIF

International

Developed

Markets

Fund

2,886

139

1,575

371

(33

)

1,788

36

—

RIC

Multi-Strategy

Income

Fund

7,217

401

2,323

(171

)

537

5,661

330

—

$

72,042

$

22,893

$

29,893

$

(3,114

)

$

8,804

$

70,732

$

1,839

$

135

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

(Capital

Loss

Carryforward)

$

70,998,435

$

1,754,763

$

(2,021,659)

$

(266,896)

$

618,563

$

(3,186,607)

December

31,

2023

December

31,

2022

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Distribution

in

Excess

$

1,120,721

$

—

$

—

$

1,363,058

$

2,140,261

$

81,413

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

17

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting. 

These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps. These

adjustments

have

no

impact

on

the

net

assets.

At

December

31,

2023,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

Federal

Income

Taxes,

continued

Russell

Investment

Funds

Balanced

Strategy

Fund

Portfolio

Management

Discussion

and

Analysis

—

December

31,

2023

(Unaudited)

18

Balanced

Strategy

Fund

Balanced

Strategy

Fund

Total

Return

1

Year

14

.52%

5

Years

6

.30%§

10

Years

4

.68%§

Bloomberg

U.S.

Aggregate

Bond

Index

**

Total

Return

1

Year

5

.53%

5

Years

1

.10%§

10

Years

1

.81%§

Russell

1000

®

Index

***

Total

Return

1

Year

26

.53%

5

Years

15

.52%§

10

Years

11

.80%§

MSCI

World

ex

USA

Index

(Net)

****

Total

Return

1

Year

17

.94%

5

Years

8

.45%§

10

Years

4

.32%§

Russell

Investment

Funds

Balanced

Strategy

Fund

Portfolio

Management

Discussion

and

Analysis,

continued

—

December

31,

2023

(Unaudited)

Balanced

Strategy

Fund

19

The

Balanced

Strategy

Fund

(the

“Fund”)

is

a

fund

of

funds

that

invests

in

other

Russell

Investment

Funds

(“RIF”)

and

Russell

Investment

Company

(“RIC”)

mutual

funds

(the

“Underlying

Funds”).

Certain

Underlying

Funds

employ

a

multi-manager

approach

whereby

portions

of

the

Underlying

Funds

are

allocated

to

different

money

manager

strategies.

Underlying

Fund

assets

not

allocated

to

money

managers

are

managed

by

Russell

Investment

Management,

LLC

(“RIM”),

the

Fund’s

and

Underlying

Funds’

advisor.

RIM,

as

the

Underlying

Funds’

advisor,

may

change

the

allocation

of

the

Underlying

Funds’

assets

among

money

managers

at

any

time.

An

exemptive

order

from

the

Securities

and

Exchange

Commission

permits

RIM

to

engage

or

terminate

a

money

manager

in

an

Underlying

Fund

at

any

time,

subject

to

approval

by

the

Underlying

Fund’s

Board,

without

a

shareholder

vote.

Pursuant

to

the

terms

of

the

exemptive

order,

an

Underlying

Fund

is

required

to

notify

its

shareholders

within

90

days

of

when

a

money

manager

begins

providing

services.

What

is

the

Fund’s

investment

objective?

The

Fund

seeks

to

provide

above

average

long-term

capital

appreciation

and

a

moderate

level

of

current

income.

How

did

the

Fund

perform

relative

to

its

benchmark

for

the

fiscal

year

ended

December

31,

2023?

For

the

fiscal

year

ended

December

31,

2023

(the

“fiscal

year”),

the

Fund

gained

14.52%.

This

is

compared

to

the

Fund’s

primary

benchmark,

the

Bloomberg

U.S.

Aggregate

Bond

Index,

which

gained

5.53%

during

the

fiscal

year.

The

Fund’s

performance

includes

operating

expenses,

whereas

index

returns

are

unmanaged

and

do

not

include

expenses

of

any

kind.

For

the

fiscal

year,

the

Morningstar

®

Insurance

Allocation

–

50%

to

70%

Equity

Category,

a

group

of

funds

that

Morningstar,

Inc.

considers

to

have

investment

strategies

similar

to

those

of

the

Fund,

gained

14.84%.

This

return

serves

as

a

peer

comparison

and

is

expressed

net

of

operating

expenses.

How

did

market

conditions

affect

the

Fund’s

performance?

Over

the

fiscal

year,

global

inflation

continued

to

moderate

as

central

bank

rate

hikes

percolated

through

the

economy.

At

the

end

of

the

first

quarter

of

2023,

the

collapses

of

Silicon

Valley

Bank

and

Credit

Suisse

highlighted

the

impacts

that

the

rate

hikes

had

on

banks.

The

regional

banking

crisis

in

March

precipitated

fears

of

contagion

risk

in

the

financial

sector

but

fears

of

a

long-

term

impact

were

short-lived

as

markets

rebounded.

Despite

the

hardships

faced

by

interest

rate-sensitive

sectors,

a

resilient

economy

played

a

pivotal

role

in

propelling

risk

assets

forward.

In

equity

markets,

the

U.S.,

Japan

and

Europe

had

the

strongest

regional

returns

over

the

period.

In

the

U.S.,

the

equity

rally

that

started

in

the

fourth

quarter

of

2022

was

highlighted

by

outsized

performance

from

large

cap

growth

names.

Communication

Services

and

Information

Technology

were

the

strongest

sectors

in

the

U.S.,

while

Utilities

and

Consumer

Staples

generally

underperformed.

In

the

fixed

income

markets,

bonds

with

credit

risk

tended

to

generate

better

returns

than

investments

in

similar

maturity

government

bonds.

The

ICE

BofAML

MOVE

Index,

which

measures

bond

volatility,

continued

to

stay

at

elevated

levels

during

the

fiscal

year

as

central

banks

maintained

a

hawkish

posture.

In

the

fourth

quarter,

sentiment

shifted

due

to

a

change

in

the

U.S.

Federal

Reserve’s

(the

“Fed”)

rhetoric,

leading

the

market

to

price

in

a

dovish

pivot

in

the

Fed’s

policy

stance,

which

helped

the

Bloomberg

U.S.

Aggregate

Bond

Index

return

6.82%

for

the

final

quarter

of

the

year.

How

did

the

investment

strategies

and

techniques

employed

by

the

Fund

and

the

Underlying

Funds

affect

the

Fund’s

performance?

The

Fund

is

a

fund

of

funds,

and

its

performance

is

largely

based

on

RIM’s

target

strategic

asset

allocations

and

the

performance

of

the

Underlying

Funds

in

which

the

Fund

invests.

In

order

to

seek

to

achieve

the

Fund’s

objective

during

the

fiscal

year,

RIM’s

target

strategic

asset

allocation

included

investments

in

global

equity,

fixed

income,

multi-asset

and

alternative

Underlying

Funds.

Overall,

the

Fund’s

asset

allocation

was

additive

relative

to

the

primary

benchmark

over

the

fiscal

year.

Equities

generally

outperformed

the

Fund’s

primary

benchmark

over

the

fiscal

year.

Government

bonds

generated

positive

returns

for

the

year.

Yields

on

U.S.

treasuries

dropped

sharply

in

November

and

December,

as

the

market

started

pricing

in

a

Fed

pivot

and

rate

cuts

in

2024.

Within

equities,

underlying

preferences

for

small-cap

securities

detracted.

An

underweight

to

U.S.

large

cap

equities

and

overweight

to

international

equities

also

detracted.

Global

real

estate

underperformed

equities

as

the

rise

in

interest

rates

put

pressure

on

the

sector,

though

the

sector

outperformed

the

Fund’s

primary

fixed

income

benchmark.

Equity

markets

delivered

strong

positive

returns

over

the

fiscal

year,

with

high

volatility

levels.

In

terms

of

Underlying

Fund

performance,

the

RIC

Global

Equity

Fund

slightly

lagged

its

benchmark,

with

growth

managers

being

the

top

performers,

while

low

volatility

managers

had

the

weakest

performance.

The

U.S.

Small

Cap

Equity

Fund

delivered

absolute

positive

returns

over

the

period,

but

underperformed

its

benchmark

due

to

exposure

to

the

smallest

market

capitalization

stocks.

The

U.S.

Strategic

Equity

Fund

provided

strong

total

returns,

broadly

in

line

with

the

Russell

1000

®

Index.

The

Underlying

Fund

maintained

exposure

to

companies

with

lower

valuation,

higher

quality

and

growth,

and

lower

market

capitalization

compared

to

its

benchmark.

Russell

Investment

Funds

Balanced

Strategy

Fund

Portfolio

Management

Discussion

and

Analysis,

continued

—

December

31,

2023

(Unaudited)

20

Balanced

Strategy

Fund

Fixed

income

performance

was

mixed

over

the

fiscal

year,

delivering

absolute

positive

returns.

The

Strategic

Bond

Fund

underperformed

its

benchmark

due

to

a

long

duration

posture.

The

multi-asset

and

alternative

portions

of

the

Fund’s

portfolio

delivered

positive

returns

over

the

fiscal

year.

The

RIC

Multi-

Strategy

Income

Fund

outperformed

its

underlying

benchmark,

benefiting

from

an

overweight

to

risky

assets

on

average

and

relatively

high

exposure

to

growth

and

volatility.

Nimble

tactical

asset

allocation

was

additive.

Within

the

Global

Real

Estate

Securities

Fund,

favorable

security

selection

within

the

health

care

sector

drove

the

Underlying

Fund’s

performance.

An

overweight

to

and

positive

stock

selection

within

the

technology

sector

further

contributed

to

benchmark-relative

performance.

The

RIC

Global

Infrastructure

Fund

outperformed

its

underlying

benchmark,

the

S&P

Global

Infrastructure

Index

(net

of

tax

on

dividends

from

foreign

holdings),

over

the

one-year

period.

Describe

any

changes

to

the

Fund’s

structure

or

allocation

to

the

Underlying

Funds.

In

March

2023,

RIM

modified

the

Fund’s

target

strategic

asset

allocation,

which

resulted

in

a

decrease

in

equity

exposures

and

an

increase

in

exposures

to

core

bonds.

Specifically,

RIM

modified

the

Fund’s

target

strategic

asset

allocation

to

56%

to

equity,

32%

to

fixed

income,

8%

to

multi-asset

and

4%

to

alternative

asset

classes.

As

a

result

of

the

target

strategic

asset

allocation

changes,

RIM

added

an

allocation

to

the

RIC

Global

Infrastructure

Fund.

In

September

2023,

RIM

modified

the

Fund’s

target

strategic

asset

allocation

to

better

align

with

RIM’s

preferred

positioning,

primarily

with

respect

to

credit

and

duration

exposures.

Specifically,

RIM

modified

the

Fund’s

target

strategic

asset

allocation

to

56%

to

equity,

32.5%

to

fixed

income,

7%

to

multi-

asset

and

4.5%

to

alternative

asset

classes.

As

a

result

of

the

target

strategic

asset

allocation

changes,

RIM

added

allocations

to

the

RIC

Long

Duration

Bond

Fund

and

RIC

Short

Duration

Bond

Fund

and

removed

an

allocation

to

the

RIC

Unconstrained

Total

Return

Fund.

The

views

expressed

in

this

report

reflect

those

of

the

portfolio

managers

only

through

the

end

of

the

fiscal

year

covered

by

the

report.

These

views

do

not

necessarily

represent

the

views

of

RIM,

or

any

other

person

in

RIM

or

any

other

affiliated

organization.

These

views

are

subject

to

change

at

any

time

based

upon

market

conditions

or

other

events,

and

RIM

disclaims

any

responsibility

to

update

the

views

contained

herein.

These

views

should

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Russell

Investment

Funds

(“RIF”)

Fund

are

based

on

numerous

factors,

should

not

be

relied

on

as

an

indication

of

investment

decisions

of

any

RIF

Fund.

*

Assumes

initial

investment

on

January

1,

2014.

**

Bloomberg

U.S.

Aggregate

Bond

Index

is

an

index,

with

income

reinvested,

generally

representative

of

intermediate-term

government

bonds,

investment

grade

corporate

debt

securities

and

mortgage-backed

securities.

***

Russell

1000

®

Index

includes

the

1,000

largest

companies

in

the

Russell

3000

®

Index.

The

Russell

1000

®

Index

return

reflects

adjustments

from

income

dividends

and

capital

gain

distributions

reinvested

as

of

the

ex-dividend

dates.

****

MSCI

World

ex

USA

Index

(Net)

is

a

free

float

-

adjusted

market

capitalization

weighted

index

that

is

designed

to

measure

the

equity

market

performance

of

developed

markets,

excluding

the

U.S.

The

index

consists

of

22

developed

market

country

indexes.

§

Annualized.

The

performance

shown

in

this

section

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges.

Performance

is

historical

and

assumes

reinvestment

of

all

dividends

and

capital

gains.  Investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

when

purchased.  Past

performance

is

not

indicative

of

future

results.  Additionally,

the

returns

presented

herein

may

differ

from

the

performance

reported

in

the

Financial

Highlights

as

the

returns

herein

are

calculated

in

a

manner

consistent

with

standardized

performance

in

accordance

with

Securities

and

Exchange

Commission

rules,

while

the

performance

in

the

Financial

Highlights

has

been

calculated

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

(“U.S.

GAAP”).

Russell

Investment

Funds

Balanced

Strategy

Fund

Shareholder

Expense

Example

—

December

31,

2023

(Unaudited)

Balanced

Strategy

Fund

21

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

July

1,

2023

to

December

31,

2023

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

July

1,

2023

$

1,000.00

$

1,000.00

Ending

Account

Value

December

31,

2023

$

1,057.30

$

1,024.50

Expenses

Paid

During

Period*

$

0.73

$

0.71

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.14%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-

half

year

period).

May

reflect

amounts

waived

and/or

reimbursed.

Without

any

waivers

and/or

reimbursements,

expenses

would

have

been

higher.

Russell

Investment

Funds

Balanced

Strategy

Fund

Schedule

of

Investments

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

22

Balanced

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.1%

Alternative

-

4.5%

RIC

Global

Infrastructure

Fund

Class

Y

490,535

4,263

RIF

Global

Real

Estate

Securities

Fund

403,801

5,407

9,670

Domestic

Equities

-

20.2%

RIF

U.S.

Small

Cap

Equity

Fund

542,238

7,635

RIF

U.S.

Strategic

Equity

Fund

1,843,529

35,322

42,957

Fixed

Income

-

32.2%

RIC

Long

Duration

Bond

Fund

Class

Y

899,326

7,456

RIC

Short

Duration

Bond

Fund

Class

Y

220,668

4,111

RIF

Strategic

Bond

Fund

6,456,198

57,008

68,575

International

Equities

-

36.2%

RIC

Emerging

Markets

Fund

Class

Y

423,674

6,397

RIC

Global

Equity

Fund

Class

Y

6,961,160

64,182

RIF

International

Developed

Markets

Fund

538,591

6,479

77,058

Multi-Asset

-

7.0%

RIC

Multi-Strategy

Income

Fund

Class

Y

1,608,554

14,943

Total

Investments

in

Affiliated

Funds

(cost

$203,279)

213,203

Total

Investments

-

100.1%

(identified

cost

$203,279)

213,203

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(112)

Net

Assets

-

100.0%

213,091

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

23

Statement

of

Assets

and

Liabilities

—

December

31,

2023

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

203,279

Investments,

at

fair

value(>)

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

213,203

Receivables:

Investments

sold

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

53

Prepaid

expenses

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

1

Total

assets

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

213,257

Liabilities

Payables:

Fund

shares

redeemed

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

53

Accrued

fees

to

affiliates

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

18

Other

accrued

expenses

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

95

Total

liabilities

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

166

Net

Assets

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

$

213,091

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

24

Balanced

Strategy

Fund

Statement

of

Assets

and

Liabilities,

continued

—

December

31,

2023

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

4,338

Shares

of

beneficial

interest

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

231

Additional

paid-in

capital

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

208,522

Net

Assets

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

$

213,091

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

9.21

Net

assets

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

$

213,091,265

Shares

outstanding

($.01

par

value)

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

23,135,490

Amounts

in

thousands

(>)    

Investments

in

affiliated

funds

$

213,203

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

25

Statement

of

Operations

—

For

the

Period

Ended

December

31,

2023

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

4,440

Expenses

Advisory

fees

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

413

Administrative

fees

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

88

Custodian

fees

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

27

Transfer

agent

fees

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

9

Professional

fees

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

49

Trustees’

fees

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

12

Printing

fees

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

21

Miscellaneous

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

11

Expenses

before

reductions

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

630

Expense

reductions

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

(341)

Net

expenses

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

289

Net

investment

income

(loss)

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

4,151

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

(3,686)

Capital

gain

distributions

from

affiliated

funds

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

543

Net

realized

gain

(loss)

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

(3,143)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

27,198

Net

change

in

unrealized

appreciation

(depreciation)

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

27,198

Net

realized

and

unrealized

gain

(loss)

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

24,055

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

28,206

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

26

Balanced

Strategy

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

For

the

Periods

Ended

December

31,

2023

2022

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

4,151

$

3,483

Net

realized

gain

(loss)

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

(3,143)

549

Net

change

in

unrealized

appreciation

(depreciation)

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

27,198

(46,329)

Net

increase

(decrease)

in

net

assets

from

operations

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

28,206

(42,297)

Distributions

To

shareholders

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

(3,273)

(11,723)

Net

decrease

in

net

assets

from

distributions

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

(3,273)

(11,723)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(14,847)

(3,390)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

10,086

(57,410)

Net

Assets

Beginning

of

period

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

203,005

260,415

End

of

period

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

$

213,091

$

203,005

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2023

and

December

31,

2022

were

as

follows:

2023

2022

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

569

$

4,918

685

$

6,299

Proceeds

from

reinvestment

of

distributions

372

3,273

1,297

11,723

Payments

for

shares

redeemed

(2,662)

(23,038)

(2,448)

(21,412)

Total

increase

(decrease)

(1,721)

$

(14,847)

(466)

$

(3,390)

Russell

Investment

Funds

Balanced

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

28

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

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

29

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(◊)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(∏)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(∏)(Ƃ)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(‡)(Ƃ)

%

Portfolio

Turnover

Rate

(.14)

9.21

14.52

213,091

.3

1

.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.

30

Balanced

Strategy

Fund

Related

Party

Transactions,

Fees

and

Expenses

Accrued

fees

payable

to

affiliates

as

of

December

31,

2023

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

December

31,

2023

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

At

December

31,

2023,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

December

31,

2023

and

December

31,

2022,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Advisory

fees

$

7,8

1

0

Administrative

fees

7,554

Transfer

agent

fees

7

8

2

Trustee

fees

2,257

$

18,40

3

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

$

—

$

4,467

$

368

$

7

$

157

$

4,263

$

116

$

—

RIF

Global

Real

Estate

Securities

Fund

7,965

1,424

4,278

(1,143

)

1,439

5,407

82

—

RIF

U.S.

Small

Cap

Equity

Fund

8,019

540

1,804

(162

)

1,042

7,635

51

49

RIF

U.S.

Strategic

Equity

Fund

29,128

6,056

6,172

(1,038

)

7,348

35,322

452

494

RIC

Long

Duration

Bond

Fund

—

7,255

152

1

352

7,456

26

—

RIC

Short

Duration

Bond

Fund

—

4,246

210

(1

)

76

4,111

42

—

RIC

Unconstrained

Total

Return

Fund

4,077

66

4,238

(184

)

279

—

—

—

RIF

Strategic

Bond

Fund

56,285

8,282

7,893

(318

)

652

57,008

1,674

—

RIC

Emerging

Markets

Fund

5,082

2,384

1,373

(275

)

579

6,397

163

—

RIC

Global

Equity

Fund

65,649

1,856

16,019

(1,252

)

13,948

64,182

897

—

RIF

International

Developed

Markets

Fund

10,460

311

5,414

1,033

89

6,479

129

—

RIC

Multi-Strategy

Income

Fund

16,437

995

3,372

(354

)

1,237

14,943

808

—

$

203,102

$

37,882

$

51,293

$

(3,686

)

$

27,198

$

213,203

$

4,440

$

543

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

(Capital

Loss

Carryforward)

$

205,225,164

$

15,638,735

$

(7,660,751)

$

7,977,984

$

1,264,973

$

(3,320,913)

December

31,

2023

December

31,

2022

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

$

2,885,861

$

386,767

$

—

$

3,596,670

$

8,126,266

$

—

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

31

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps.

These

adjustments

have

no

impact

on

the

net

assets.

At

December

31,

2023,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

Federal

Income

Taxes,

continued

Russell

Investment

Funds

Growth

Strategy

Fund

Portfolio

Management

Discussion

and

Analysis

—

December

31,

2023

(Unaudited)

32

Growth

Strategy

Fund

Growth

Strategy

Fund

Total

Return

1

Year

17

.96%

5

Years

8

.25%§

10

Years

5

.69%§

Russell

1000

®

Index

**

Total

Return

1

Year

26

.53%

5

Years

15

.52%§

10

Years

11

.80%§

Bloomberg

U.S.

Aggregate

Bond

Index

***

Total

Return

1

Year

5

.53%

5

Years

1

.10%§

10

Years

1

.81%§

MSCI

World

ex

USA

Index

(Net)

****

Total

Return

1

Year

17

.94%

5

Years

8

.45%§

10

Years

4

.32%§

Russell

Investment

Funds

Growth

Strategy

Fund

Portfolio

Management

Discussion

and

Analysis,

continued

—

December

31,

2023

(Unaudited)

Growth

Strategy

Fund

33

The

Growth

Strategy

Fund

(the

“Fund”)

is

a

fund

of

funds

that

invests

in

other

Russell

Investment

Funds

(“RIF”)

and

Russell

Investment

Company

(“RIC”)

mutual

funds

(the

“Underlying

Funds”).

Certain

Underlying

Funds

employ

a

multi-manager

approach

whereby

portions

of

the

Underlying

Funds

are

allocated

to

different

money

manager

strategies.

Underlying

Fund

assets

not

allocated

to

money

managers

are

managed

by

Russell

Investment

Management,

LLC

(“RIM”),

the

Fund’s

and

Underlying

Funds’

advisor.

RIM,

as

the

Underlying

Funds’

advisor,

may

change

the

allocation

of

the

Underlying

Funds’

assets

among

money

managers

at

any

time.

An

exemptive

order

from

the

Securities

and

Exchange

Commission

permits

RIM

to

engage

or

terminate

a

money

manager

in

an

Underlying

Fund

at

any

time,

subject

to

approval

by

the

Underlying

Fund’s

Board,

without

a

shareholder

vote.

Pursuant

to

the

terms

of

the

exemptive

order,

an

Underlying

Fund

is

required

to

notify

its

shareholders

within

90

days

of

when

a

money

manager

begins

providing

services.

What

is

the

Fund’s

investment

objective?

The

Fund

seeks

to

provide

high

long-term

capital

appreciation,

and

as

a

secondary

objective,

current

income.

How

did

the

Fund

perform

relative

to

its

benchmark

for

the

fiscal

year

ended

December

31,

2023?

For

the

fiscal

year

ended

December

31,

2023

(the

“fiscal

year”),

the

Fund

gained

17.96%.

This

is

compared

to

the

Fund’s

primary

benchmark,

the

Russell

1000

®

Index,

which

gained

26.53%

during

the

fiscal

year.

The

Fund’s

performance

includes

operating

expenses,

whereas

index

returns

are

unmanaged

and

do

not

include

expenses

of

any

kind.

For

the

fiscal

year,

the

Morningstar

®

Insurance

Allocation

–

70%

to

85%

Equity

Category,

a

group

of

funds

that

Morningstar,

Inc.

considers

to

have

investment

strategies

similar

to

those

of

the

Fund,

gained

16.50%.

This

return

serves

as

a

peer

comparison

and

is

expressed

net

of

operating

expenses.

How

did

market

conditions

affect

the

Fund’s

performance?

Over

the

fiscal

year,

global

inflation

continued

to

moderate

as

central

bank

rate

hikes

percolated

through

the

economy.

At

the

end

of

the

first

quarter

of

2023,

the

collapses

of

Silicon

Valley

Bank

and

Credit

Suisse

highlighted

the

impacts

that

the

rate

hikes

had

on

banks.

The

regional

banking

crisis

in

March

precipitated

fears

of

contagion

risk

in

the

financial

sector

but

fears

of

a

long-

term

impact

were

short-lived

as

markets

rebounded.

Despite

the

hardships

faced

by

interest

rate-sensitive

sectors,

a

resilient

economy

played

a

pivotal

role

in

propelling

risk

assets

forward.

In

equity

markets,

the

U.S.,

Japan

and

Europe

had

the

strongest

regional

returns

over

the

period.

In

the

U.S.,

the

equity

rally

that

started

in

the

fourth

quarter

of

2022

was

highlighted

by

outsized

performance

from

large

cap

growth

names.

Communication

Services

and

Information

Technology

were

the

strongest

sectors

in

the

U.S.,

while

Utilities

and

Consumer

Staples

generally

underperformed.

In

the

fixed

income

markets,

bonds

with

credit

risk

tended

to

generate

better

returns

than

investments

in

similar

maturity

government

bonds.

The

ICE

BofAML

MOVE

Index,

which

measures

bond

volatility,

continued

to

stay

at

elevated

levels

during

the

fiscal

year

as

central

banks

maintained

a

hawkish

posture.

In

the

fourth

quarter,

sentiment

shifted

due

to

a

change

in

the

U.S.

Federal

Reserve’s

(the

“Fed”)

rhetoric,

leading

the

market

to

price

in

a

dovish

pivot

in

the

Fed’s

policy

stance,

which

helped

the

Bloomberg

U.S.

Aggregate

Bond

Index

return

6.82%

for

the

final

quarter

of

the

year.

How

did

the

investment

strategies

and

techniques

employed

by

the

Fund

and

the

Underlying

Funds

affect

the

Fund’s

performance?

The

Fund

is

a

fund

of

funds,

and

its

performance

is

largely

based

on

RIM’s

target

strategic

asset

allocations

and

the

performance

of

the

Underlying

Funds

in

which

the

Fund

invests.

In

order

to

seek

to

achieve

the

Fund’s

objective

during

the

fiscal

year,

RIM’s

target

strategic

asset

allocation

included

investments

in

global

equity,

fixed

income,

multi-asset

and

alternative

Underlying

Funds.

Overall,

the

Fund’s

asset

allocation

detracted

relative

to

the

primary

benchmark

over

the

fiscal

year.

While

fixed

income

generated

positive

returns

for

the

year,

it

generally

underperformed

U.S.

equities

and

the

Fund’s

duration

and

credit

exposure

detracted.

Yields

on

U.S.

treasuries

dropped

sharply

in

November

and

December,

as

the

market

started

pricing

in

a

Fed

pivot

and

rate

cuts

in

2024.

Within

equities,

underlying

preferences

for

small-cap

securities

detracted.

An

underweight

to

U.S.

large

cap

equities

and

overweight

to

international

equities

also

detracted.

Global

real

estate

underperformed

the

Fund’s

primary

benchmark

as

the

rise

in

interest

rates

put

pressure

on

the

sector.

Equity

markets

delivered

strong

positive

returns

over

the

fiscal

year,

with

high

levels

of

volatility.

In

terms

of

Underlying

Fund

performance,

the

RIC

Global

Equity

Fund

slightly

lagged

its

benchmark,

with

growth

managers

being

the

top

performers,

while

low

volatility

managers

had

the

weakest

performance.

The

U.S.

Small

Cap

Equity

Fund

delivered

absolute

positive

returns

over

the

period,

but

underperformed

its

benchmark

due

to

exposure

to

the

smallest

market

capitalization

stocks.

The

U.S.

Strategic

Equity

Fund

provided

strong

total

returns,

broadly

in

line

with

the

Russell

1000

®

Index.

The

Underlying

Fund

maintained

exposure

to

companies

with

lower

valuation,

higher

quality

and

growth,

and

lower

market

capitalization

compared

to

its

benchmark.

Russell

Investment

Funds

Growth

Strategy

Fund

Portfolio

Management

Discussion

and

Analysis,

continued

—

December

31,

2023

(Unaudited)

34

Growth

Strategy

Fund

Fixed

income

was

a

detractor

over

the

fiscal

year,

delivering

positive

absolute

returns,

but

underperforming

versus

the

Russell

1000

®

Index.

The

Strategic

Bond

Fund

underperformed

its

benchmark

due

to

a

long

duration

posture.

The

RIC

Multi-Asset

Growth

Strategy

Fund

performed

in

line

with

its

underlying

benchmark,

holding

allocations

to

risk

assets

including

equities,

credit,

REITS

and

convertible

bonds.

Within

the

Global

Real

Estate

Securities

Fund,

favorable

security

selection

within

the

health

care

sector

drove

the

Underlying

Fund’s

performance.

An

overweight

to

and

positive

stock

selection

within

the

technology

sector

further

contributed

to

benchmark-relative

performance.

The

RIC

Global

Infrastructure

Fund

outperformed

its

underlying

benchmark,

the

S&P

Global

Infrastructure

Index

(net

of

tax

on

dividends

from

foreign

holdings),

over

the

one-year

period.

Describe

any

changes

to

the

Fund’s

structure

or

allocation

to

the

Underlying

Funds.

In

March

2023,

RIM

modified

the

Fund’s

target

strategic

asset

allocation,

which

resulted

in

a

decrease

in

equity

exposures

and

an

increase

in

exposures

to

core

bonds.

Specifically,

RIM

modified

the

Fund’s

target

strategic

asset

allocation

to

71%

to

equity,

14%

to

fixed

income,

10%

to

multi-asset

and

5%

to

alternative

asset

classes.

As

a

result

of

the

target

strategic

asset

allocation

changes,

RIM

added

an

allocation

to

the

RIC

Global

Infrastructure

Fund.

In

September

2023,

RIM

modified

the

Fund’s

target

strategic

asset

allocation

to

better

align

with

RIM’s

preferred

positioning,

primarily

with

respect

to

credit

and

duration

exposures.

Specifically,

RIM

modified

the

Fund’s

target

strategic

asset

allocation

to

72%

to

equity,

14.5%

to

fixed

income,

8%

to

multi-

asset

and

5.5%

to

alternative

asset

classes.

As

a

result

of

the

target

strategic

asset

allocation

changes,

RIM

added

allocations

to

the

RIC

Long

Duration

Bond

Fund

and

RIC

Opportunistic

Credit

Fund

and

removed

an

allocation

to

the

RIC

Unconstrained

Total

Return

Fund.

The

views

expressed

in

this

report

reflect

those

of

the

portfolio

managers

only

through

the

end

of

the

fiscal

year

covered

by

the

report.

These

views

do

not

necessarily

represent

the

views

of

RIM,

or

any

other

person

in

RIM

or

any

other

affiliated

organization.

These

views

are

subject

to

change

at

any

time

based

upon

market

conditions

or

other

events,

and

RIM

disclaims

any

responsibility

to

update

the

views

contained

herein.

These

views

should

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Russell

Investment

Funds

(“RIF”)

Fund

are

based

on

numerous

factors,

should

not

be

relied

on

as

an

indication

of

investment

decisions

of

any

RIF

Fund.

*

Assumes

initial

investment

on

January

1,

2014.

**

Russell

1000

®

Index

includes

the

1,000

largest

companies

in

the

Russell

3000

®

Index.

The

Russell

1000

®

Index

return

reflects

adjustments

from

income

dividends

and

capital

gain

distributions

reinvested

as

of

the

ex-dividend

dates.

***

Bloomberg

U.S.

Aggregate

Bond

Index

is

an

index,

with

income

reinvested,

generally

representative

of

intermediate-term

government

bonds,

investment

grade

corporate

debt

securities

and

mortgage-backed

securities.

****

MSCI

World

ex

USA

Index

(Net)

is

a

free

float

‐

adjusted

market

capitalization

weighted

index

that

is

designed

to

measure

the

equity

market

performance

of

developed

markets,

excluding

the

U.S.

The

index

consists

of

22

developed

market

country

indexes.

§

Annualized.

The

performance

shown

in

this

section

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges.

Performance

is

historical

and

assumes

reinvestment

of

all

dividends

and

capital

gains.  Investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

when

purchased.  Past

performance

is

not

indicative

of

future

results.  Additionally,

the

returns

presented

herein

may

differ

from

the

performance

reported

in

the

Financial

Highlights

as

the

returns

herein

are

calculated

in

a

manner

consistent

with

standardized

performance

in

accordance

with

Securities

and

Exchange

Commission

rules,

while

the

performance

in

the

Financial

Highlights

has

been

calculated

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

(“U.S.

GAAP”).

Russell

Investment

Funds

Growth

Strategy

Fund

Shareholder

Expense

Example

—

December

31,

2023

(Unaudited)

Growth

Strategy

Fund

35

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

July

1,

2023

to

December

31,

2023

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

July

1,

2023

$

1,000.00

$

1,000.00

Ending

Account

Value

December

31,

2023

$

1,066.20

$

1,024.45

Expenses

Paid

During

Period*

$

0.78

$

0.77

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.15%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-

half

year

period).

May

reflect

amounts

waived

and/or

reimbursed.

Without

any

waivers

and/or

reimbursements,

expenses

would

have

been

higher.

Russell

Investment

Funds

Growth

Strategy

Fund

Schedule

of

Investments

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

36

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.1%

Alternative

-

5.6%

RIC

Global

Infrastructure

Fund

Class

Y

404,780

3,518

RIF

Global

Real

Estate

Securities

Fund

470,066

6,294

9,812

Domestic

Equities

-

31.2%

RIF

U.S.

Small

Cap

Equity

Fund

581,874

8,193

RIF

U.S.

Strategic

Equity

Fund

2,453,285

47,005

55,198

Fixed

Income

-

14.2%

RIC

Long

Duration

Bond

Fund

Class

Y

740,956

6,143

RIC

Opportunistic

Credit

Fund

Class

Y

416,444

3,440

RIF

Strategic

Bond

Fund

1,760,846

15,548

25,131

International

Equities

-

41.2%

RIC

Emerging

Markets

Fund

Class

Y

520,084

7,853

RIC

Global

Equity

Fund

Class

Y

5,588,424

51,525

RIF

International

Developed

Markets

Fund

1,113,377

13,394

72,772

Multi-Asset

-

7.9%

RIC

Multi-Asset

Growth

Strategy

Fund

Class

Y

1,392,103

14,032

Total

Investments

in

Affiliated

Funds

(cost

$157,877)

176,945

Total

Investments

-

100.1%

(identified

cost

$157,877)

176,945

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(93)

Net

Assets

-

100.0%

176,852

Russell

Investment

Funds

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Growth

Strategy

Fund

37

Statement

of

Assets

and

Liabilities

—

December

31,

2023

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

157,877

Investments,

at

fair

value(>)

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

176,945

Receivables:

Investments

sold

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

2

Fund

shares

sold

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

2

Prepaid

expenses

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

1

Total

assets

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

176,95

0

Liabilities

Payables:

Fund

shares

redeemed

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

4

Accrued

fees

to

affiliates

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

15

Other

accrued

expenses

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

7

9

Total

liabilities

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

98

Net

Assets

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

$

176,852

Russell

Investment

Funds

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

38

Growth

Strategy

Fund

Statement

of

Assets

and

Liabilities,

continued

—

December

31,

2023

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

13,57

9

Shares

of

beneficial

interest

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

187

Additional

paid-in

capital

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

163,08

6

Net

Assets

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

$

176,852

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

9.47

Net

assets

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

$

176,852,290

Shares

outstanding

($.01

par

value)

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

18,673,635

Amounts

in

thousands

(>)    

Investments

in

affiliated

funds

$

176,945

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Growth

Strategy

Fund

39

Statement

of

Operations

—

For

the

Period

Ended

December

31,

2023

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

3,173

Expenses

Advisory

fees

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

341

Administrative

fees

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

72

Custodian

fees

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

29

Transfer

agent

fees

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

7

Professional

fees

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

47

Trustees’

fees

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

10

Printing

fees

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

17

Miscellaneous

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

10

Expenses

before

reductions

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

533

Expense

reductions

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

(277)

Net

expenses

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

256

Net

investment

income

(loss)

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

2,917

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

(4,456)

Capital

gain

distributions

from

affiliated

funds

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

649

Net

realized

gain

(loss)

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

(3,807)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

28,902

Net

change

in

unrealized

appreciation

(depreciation)

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

28,902

Net

realized

and

unrealized

gain

(loss)

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

25,095

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

28,012

Russell

Investment

Funds

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

40

Growth

Strategy

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

For

the

Periods

Ended

December

31,

2023

2022

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

2,917

$

2,162

Net

realized

gain

(loss)

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

(3,807)

1,70

4

Net

change

in

unrealized

appreciation

(depreciation)

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

28,902

(39,14

9

)

Net

increase

(decrease)

in

net

assets

from

operations

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

28,012

(35,283)

Distributions

To

shareholders

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

(2,791)

(10,518)

Net

decrease

in

net

assets

from

distributions

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

(2,791)

(10,518)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(11,845)

(149)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

13,376

(45,950)

Net

Assets

Beginning

of

period

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

163,476

209,426

End

of

period

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

$

176,852

$

163,476

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2023

and

December

31,

2022

were

as

follows:

2023

2022

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

364

$

3,15

1

420

$

3,724

Proceeds

from

reinvestment

of

distributions

319

2,79

1

1,155

10,518

Payments

for

shares

redeemed

(2,050)

(17,787)

(1,604)

(14,391)

Total

increase

(decrease)

(1,367)

$

(11,845)

(29)

$

(149)

Russell

Investment

Funds

Growth

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

42

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

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

43

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(

◊

)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(

∏

)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(

∏

)(

Ƃ

)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(

‡

)(

Ƃ

)

%

Portfolio

Turnover

Rate

(.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.

44

Growth

Strategy

Fund

Related

Party

Transactions,

Fees

and

Expenses

Accrued

fees

payable

to

affiliates

as

of

December

31,

2023

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

December

31,

2023

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

At

December

31,

2023,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

December

31,

2023

and

December

31,

2022,

respectively,

the

Fund

made

the

following

tax

basis

distributions

:

Advisory

fees

$

6,699

Administrative

fees

6,249

Transfer

agent

fees

647

Trustee

fees

1,708

$

15,303

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

$

—

$

3,665

$

275

$

(4

)

$

132

$

3,518

$

95

$

—

RIF

Global

Real

Estate

Securities

Fund

7,848

1,212

3,144

(801

)

1,179

6,294

99

—

RIF

U.S.

Small

Cap

Equity

Fund

6,452

2,374

1,640

(99

)

1,106

8,193

56

52

RIF

U.S.

Strategic

Equity

Fund

33,093

18,026

11,023

(1,223

)

8,132

47,005

556

597

RIC

Long

Duration

Bond

Fund

—

6,126

267

(8

)

292

6,143

21

—

RIC

Opportunistic

Credit

Fund

—

3,628

246

(5

)

63

3,440

120

—

RIC

Unconstrained

Total

Return

Fund

3,266

109

3,452

(146

)

223

—

—

—

RIF

Strategic

Bond

Fund

14,393

6,497

5,262

(259

)

179

15,548

490

—

RIC

Emerging

Markets

Fund

3,268

4,627

306

(22

)

286

7,853

201

—

RIC

Global

Equity

Fund

67,828

721

29,324

(1,943

)

14,243

51,525

717

—

RIF

International

Developed

Markets

Fund

11,000

3,938

3,048

390

1,114

13,394

238

—

RIC

Multi-Asset

Growth

Strategy

Fund

16,406

732

4,723

(336

)

1,953

14,032

580

—

$

163,554

$

51,655

$

62,710

$

(4,456

)

$

28,902

$

176,945

$

3,173

$

649

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

(Capital

Loss

Carryforward)

$

159,363,382

$

20,319,125

$

(2,737,543)

$

17,581,582

$

1,517,208

$

(3,963,727)

December

31,

2023

December

31,

2022

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

$

1,399,698

$

1,391,050

$

—

$

2,271,049

$

8,247,066

$

—

Russell

Investment

Funds

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Growth

Strategy

Fund

45

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting. These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps.

These

adjustments

have

no

impact

on

the

net

assets.

At

December

31,

2023,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

Federal

Income

Taxes,

continued

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Portfolio

Management

Discussion

and

Analysis

—

December

31,

2023

(Unaudited)

46

Equity

Growth

Strategy

Fund

Equity

Growth

Strategy

Fund

Total

Return

1

Year

19

.52%

5

Years

8

.88%§

10

Years

6

.03%§

Russell

1000

®

Index

**

Total

Return

1

Year

26

.53%

5

Years

15

.52%§

10

Years

11

.80%§

MSCI

World

ex

USA

Index

(Net)

***

Total

Return

1

Year

17

.94%

5

Years

8

.45%§

10

Years

4

.32%§

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Portfolio

Management

Discussion

and

Analysis,

continued

—

December

31,

2023

(Unaudited)

Equity

Growth

Strategy

Fund

47

The

Equity

Growth

Strategy

Fund

(the

“Fund”)

is

a

fund

of

funds

that

invests

in

other

Russell

Investment

Funds

(“RIF”)

and

Russell

Investment

Company

(“RIC”)

mutual

funds

(the

“Underlying

Funds”).

Certain

Underlying

Funds

employ

a

multi-

manager

approach

whereby

portions

of

the

Underlying

Funds

are

allocated

to

different

money

manager

strategies.

Underlying

Fund

assets

not

allocated

to

money

managers

are

managed

by

Russell

Investment

Management,

LLC

(“RIM”),

the

Fund’s

and

Underlying

Funds’

advisor.

RIM,

as

the

Underlying

Funds’

advisor,

may

change

the

allocation

of

the

Underlying

Funds’

assets

among

money

managers

at

any

time.

An

exemptive

order

from

the

Securities

and

Exchange

Commission

permits

RIM

to

engage

or

terminate

a

money

manager

in

an

Underlying

Fund

at

any

time,

subject

to

approval

by

the

Underlying

Fund’s

Board,

without

a

shareholder

vote.

Pursuant

to

the

terms

of

the

exemptive

order,

an

Underlying

Fund

is

required

to

notify

its

shareholders

within

90

days

of

when

a

money

manager

begins

providing

services.

What

is

the

Fund’s

investment

objective?

The

Fund

seeks

to

provide

high

long-term

capital

appreciation.

How

did

the

Fund

perform

relative

to

its

benchmark

for

the

fiscal

year

ended

December

31,

2023?

For

the

fiscal

year

ended

December

31,

2023

(the

“fiscal

year”),

the

Fund

gained

19.52%.

This

is

compared

to

the

Fund’s

primary

benchmark,

the

Russell

1000

®

Index,

which

gained

26.53%

during

the

fiscal

year.

The

Fund’s

performance

includes

operating

expenses,

whereas

index

returns

are

unmanaged

and

do

not

include

expenses

of

any

kind.

For

the

fiscal

year,

the

Morningstar

®

Insurance

Allocation

–

75%

to

85%

Equity

Category,

a

group

of

funds

that

Morningstar,

Inc.

considers

to

have

investment

strategies

similar

to

those

of

the

Fund,

gained

16.50%.

This

return

serves

as

a

peer

comparison

and

is

expressed

net

of

operating

expenses.

How

did

market

conditions

affect

the

Fund’s

performance?

Over

the

fiscal

year,

global

inflation

continued

to

moderate

as

central

bank

rate

hikes

percolated

through

the

economy.

At

the

end

of

the

first

quarter

of

2023,

the

collapses

of

Silicon

Valley

Bank

and

Credit

Suisse

highlighted

the

impacts

that

the

rate

hikes

had

on

banks.

The

regional

banking

crisis

in

March

precipitated

fears

of

contagion

risk

in

the

financial

sector

but

fears

of

a

long-

term

impact

were

short-lived

as

markets

rebounded.

Despite

the

hardships

faced

by

interest

rate-sensitive

sectors,

a

resilient

economy

played

a

pivotal

role

in

propelling

risk

assets

forward.

In

equity

markets,

the

U.S.,

Japan

and

Europe

had

the

strongest

regional

returns

over

the

period.

In

the

U.S.,

the

equity

rally

that

started

in

the

fourth

quarter

of

2022

was

highlighted

by

outsized

performance

from

large

cap

growth

names.

Communication

Services

and

Information

Technology

were

the

strongest

sectors

in

the

U.S.,

while

Utilities

and

Consumer

Staples

generally

underperformed.

In

the

fixed

income

markets,

bonds

with

credit

risk

tended

to

generate

better

returns

than

investments

in

similar

maturity

government

bonds.

The

ICE

BofAML

MOVE

Index,

which

measures

bond

volatility,

continued

to

stay

at

elevated

levels

during

the

fiscal

year

as

central

banks

maintained

a

hawkish

posture.

In

the

fourth

quarter,

sentiment

shifted

due

to

a

change

in

the

U.S.

Federal

Reserve’s

(the

“Fed”)

rhetoric,

leading

the

market

to

price

in

a

dovish

pivot

in

the

Fed’s

policy

stance,

which

helped

the

Bloomberg

U.S.

Aggregate

Bond

Index

return

6.82%

for

the

final

quarter

of

the

year.

How

did

the

investment

strategies

and

techniques

employed

by

the

Fund

and

the

Underlying

Funds

affect

the

Fund’s

performance?

The

Fund

is

a

fund

of

funds,

and

its

performance

is

largely

based

on

RIM’s

target

strategic

asset

allocations

and

the

performance

of

the

Underlying

Funds

in

which

the

Fund

invests.

In

order

to

seek

to

achieve

the

Fund’s

objective

during

the

fiscal

year,

RIM’s

target

strategic

asset

allocation

included

investments

in

global

equity,

fixed

income,

multi-asset

and

alternative

Underlying

Funds.

Overall,

the

Fund’s

asset

allocation

detracted

relative

to

the

primary

benchmark

over

the

fiscal

year.

While

fixed

income

generated

positive

returns

for

the

year,

it

generally

underperformed

U.S.

equities

and

the

Fund’s

duration

and

credit

exposure

detracted.

Yields

on

U.S.

treasuries

dropped

sharply

in

November

and

December,

as

the

market

started

pricing

in

a

Fed

pivot

and

rate

cuts

in

2024.

Within

equities,

underlying

preferences

for

small-cap

securities

detracted.

An

underweight

to

U.S.

large

cap

equities

and

overweight

to

international

equities

also

detracted.

Global

real

estate

underperformed

the

Fund’s

primary

benchmark

as

the

rise

in

interest

rates

put

pressure

on

the

sector.

Equity

markets

delivered

strong

positive

returns

over

the

fiscal

year,

with

high

levels

of

volatility.

In

terms

of

Underlying

Fund

performance,

the

RIC

Global

Equity

Fund

slightly

lagged

its

benchmark,

with

growth

managers

being

the

top

performers,

while

low

volatility

managers

had

the

weakest

performance.

The

U.S.

Small

Cap

Equity

Fund

delivered

absolute

positive

returns

over

the

period,

but

underperformed

its

benchmark

due

to

exposure

to

the

smallest

market

capitalization

stocks.

The

U.S.

Strategic

Equity

Fund

provided

strong

total

returns,

broadly

in

line

with

the

Russell

1000

®

Index.

The

Underlying

Fund

maintained

exposure

to

companies

with

lower

valuation,

higher

quality

and

growth,

and

lower

market

capitalization

compared

to

its

benchmark.

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Portfolio

Management

Discussion

and

Analysis,

continued

—

December

31,

2023

(Unaudited)

48

Equity

Growth

Strategy

Fund

Fixed

income

was

a

detractor

over

the

fiscal

year,

delivering

positive

absolute

returns,

but

underperforming

versus

the

Russell

1000

®

Index.

The

Strategic

Bond

Fund

underperformed

its

benchmark

due

to

a

long

duration

posture.

The

RIC

Multi-Asset

Growth

Strategy

Fund

performed

in

line

with

its

underlying

benchmark,

holding

allocations

to

risk

assets

including

equities,

credit,

REITS

and

convertible

bonds.

Within

the

Global

Real

Estate

Securities

Fund,

favorable

security

selection

within

the

health

care

sector

drove

the

Underlying

Fund’s

performance.

An

overweight

to

and

positive

stock

selection

within

the

technology

sector

further

contributed

to

benchmark-relative

performance.

The

RIC

Global

Infrastructure

Fund

outperformed

its

underlying

benchmark,

the

S&P

Global

Infrastructure

Index

(net

of

tax

on

dividends

from

foreign

holdings),

over

the

one-year

period.

Describe

any

changes

to

the

Fund’s

structure

or

allocation

to

the

Underlying

Funds.

In

March

2023,

RIM

modified

the

Fund’s

target

strategic

asset

allocation,

which

resulted

in

a

decrease

in

equity

exposures

and

an

increase

in

exposures

to

core

bonds.

Specifically,

RIM

modified

the

Fund’s

target

strategic

asset

allocation

to

80%

to

equity,

10%

to

multi-asset,

6%

to

alternative

and

4%

to

fixed

income

asset

classes.

As

a

result

of

the

target

strategic

asset

allocation

changes,

RIM

added

an

allocation

to

the

RIC

Global

Infrastructure

Fund

and

Strategic

Bond

Fund.

In

September

2023,

RIM

modified

the

Fund’s

target

strategic

asset

allocation

to

better

align

with

RIM’s

preferred

positioning,

primarily

with

respect

to

credit

and

duration

exposures.

Specifically,

RIM

modified

the

Fund’s

target

strategic

asset

allocation

to

81%

to

equity,

8%

to

multi-asset,

6.5%

to

alternative

and

4.5%

to

fixed

income

asset

classes.

As

a

result

of

the

target

strategic

asset

allocation

changes,

RIM

added

allocations

to

the

RIC

Long

Duration

Bond

Fund

and

RIC

Opportunistic

Credit

Fund

and

removed

an

allocation

to

the

Strategic

Bond

Fund.

The

views

expressed

in

this

report

reflect

those

of

the

portfolio

managers

only

through

the

end

of

the

fiscal

year

covered

by

the

report.

These

views

do

not

necessarily

represent

the

views

of

RIM,

or

any

other

person

in

RIM

or

any

other

affiliated

organization.

These

views

are

subject

to

change

at

any

time

based

upon

market

conditions

or

other

events,

and

RIM

disclaims

any

responsibility

to

update

the

views

contained

herein.

These

views

should

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Russell

Investment

Funds

(“RIF”)

Fund

are

based

on

numerous

factors,

should

not

be

relied

on

as

an

indication

of

investment

decisions

of

any

RIF

Fund.

*

Assumes

initial

investment

on

January

1,

2014.

**

Russell

1000

®

Index

includes

the

1,000

largest

companies

in

the

Russell

3000

®

Index.

The

Russell

1000

®

Index

return

reflects

adjustments

from

income

dividends

and

capital

gain

distributions

reinvested

as

of

the

ex-dividend

dates.

***

MSCI

World

ex

USA

Index

(Net)

is

a

free

float

‐

adjusted

market

capitalization

weighted

index

that

is

designed

to

measure

the

equity

market

performance

of

developed

markets,

excluding

the

U.S.

The

index

consists

of

22

developed

market

country

indexes.

§

Annualized.

The

performance

shown

in

this

section

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges.

Performance

is

historical

and

assumes

reinvestment

of

all

dividends

and

capital

gains.  Investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

when

purchased.  Past

performance

is

not

indicative

of

future

results.  Additionally,

the

returns

presented

herein

may

differ

from

the

performance

reported

in

the

Financial

Highlights

as

the

returns

herein

are

calculated

in

a

manner

consistent

with

standardized

performance

in

accordance

with

Securities

and

Exchange

Commission

rules,

while

the

performance

in

the

Financial

Highlights

has

been

calculated

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

(“U.S.

GAAP”).

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Shareholder

Expense

Example

—

December

31,

2023

(Unaudited)

Equity

Growth

Strategy

Fund

49

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

July

1,

2023

to

December

31,

2023

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

July

1,

2023

$

1,000.00

$

1,000.00

Ending

Account

Value

December

31,

2023

$

1,069.30

$

1,024.45

Expenses

Paid

During

Period*

$

0.78

$

0.77

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.15%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-

half

year

period).

May

reflect

amounts

waived

and/or

reimbursed.

Without

any

waivers

and/or

reimbursements,

expenses

would

have

been

higher.

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Schedule

of

Investments

—

December

31,

2023

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

50

Equity

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.1%

Alternative

-

6.6%

RIC

Global

Infrastructure

Fund

Class

Y

105,055

913

RIF

Global

Real

Estate

Securities

Fund

157,959

2,115

3,028

Domestic

Equities

-

36.0%

RIF

U.S.

Small

Cap

Equity

Fund

185,830

2,616

RIF

U.S.

Strategic

Equity

Fund

728,614

13,960

16,576

Fixed

Income

-

4.5%

RIC

Long

Duration

Bond

Fund

Class

Y

137,809

1,142

RIC

Opportunistic

Credit

Fund

Class

Y

109,871

908

2,050

International

Equities

-

45.0%

RIC

Emerging

Markets

Fund

Class

Y

182,735

2,759

RIC

Global

Equity

Fund

Class

Y

1,447,778

13,349

RIF

International

Developed

Markets

Fund

383,054

4,608

20,716

Multi-Asset

-

8.0%

RIC

Multi-Asset

Growth

Strategy

Fund

Class

Y

363,273

3,662

Total

Investments

in

Affiliated

Funds

(cost

$40,562)

46,032

Total

Investments

-

100.1%

(identified

cost

$40,562)

46,032

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(42)

Net

Assets

-

100.0%

45,990

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Growth

Strategy

Fund

51

Statement

of

Assets

and

Liabilities

—

December

31,

2023

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

40,562

Investments,

at

fair

value(>)

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

46,032

Receivables:

Fund

shares

sold

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

3

From

affiliates

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

3

Prepaid

expenses

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

1

Total

assets

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

46,039

Liabilities

Payables:

Investments

purchased

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

3

Accrued

fees

to

affiliates

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

2

Other

accrued

expenses

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

44

Total

liabilities

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

49

Net

Assets

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

$

45,990

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

52

Equity

Growth

Strategy

Fund

Statement

of

Assets

and

Liabilities,

continued

—

December

31,

2023

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

3,033

Shares

of

beneficial

interest

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

51

Additional

paid-in

capital

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

42,906

Net

Assets

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

$

45,990

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

9.07

Net

assets

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

$

45,989,945

Shares

outstanding

($.01

par

value)

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

5,070,007

Amounts

in

thousands

(>)    

Investments

in

affiliated

funds

$

46,032

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Growth

Strategy

Fund

53

Statement

of

Operations

—

For

the

Period

Ended

December

31,

2023

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

776

Expenses

Advisory

fees

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

88

Administrative

fees

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

19

Custodian

fees

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

27

Transfer

agent

fees

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

2

Professional

fees

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

37

Trustees’

fees

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

3

Printing

fees

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

12

Miscellaneous

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

4

Expenses

before

reductions

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

192

Expense

reductions

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

(126)

Net

expenses

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

66

Net

investment

income

(loss)

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

710

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

(1,665)

Capital

gain

distributions

from

affiliated

funds

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

189

Net

realized

gain

(loss)

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

(1,476)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

8,562

Net

change

in

unrealized

appreciation

(depreciation)

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

8,562

Net

realized

and

unrealized

gain

(loss)

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

7,086

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

7,796

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

54

Equity

Growth

Strategy

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

For

the

Periods

Ended

December

31,

2023

2022

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

710

$

525

Net

realized

gain

(loss)

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

(1,476

)

265

Net

change

in

unrealized

appreciation

(depreciation)

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

8,562

(9,971

)

Net

increase

(decrease)

in

net

assets

from

operations

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

7,796

(9,181

)

Distributions

To

shareholders

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

(700

)

(2,752

)

Net

decrease

in

net

assets

from

distributions

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

(700

)

(2,752

)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(3,123

)

1,875

Total

Net

Increase

(Decrease)

in

Net

Assets

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

3,973

(10,058

)

Net

Assets

Beginning

of

period

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

42,017

52,075

End

of

period

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

$

45,990

$

42,017

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2023

and

December

31,

2022

were

as

follows:

2023

2022

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

207

$

1,731

333

$

2,73

9

Proceeds

from

reinvestment

of

distributions

85

700

318

2,75

2

Payments

for

shares

redeemed

(674)

(5,554)

(437)

(3,616)

Total

increase

(decrease)

(382)

$

(3,123)

214

$

1,87

5

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.

56

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

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

57

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(◊)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(∏)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(∏)(Ƃ)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(‡)(Ƃ)

%

Portfolio

Turnover

Rate

(.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.

58

Equity

Growth

Strategy

Fund

Related

Party

Transactions,

Fees

and

Expenses

Accrued

fees

payable

to

affiliates

as

of

December

31,

2023

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

December

31,

2023

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

At

December

31,

2023,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

December

31,

2023

and

December

31,

2022,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps.

These

adjustments

have

no

impact

on

the

net

assets.

At

December

31,

2023,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

Administrative

fees

$

1,615

Transfer

agent

fees

168

Trustee

fees

430

$

2,213

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

$

—

$

966

$

84

$

(3

)

$

34

$

913

$

25

$

—

RIF

Global

Real

Estate

Securities

Fund

2,104

400

548

(78

)

237

2,115

34

—

RIF

U.S.

Small

Cap

Equity

Fund

2,076

669

446

(37

)

354

2,616

17

17

RIF

U.S.

Strategic

Equity

Fund

9,343

5,517

2,933

(412

)

2,445

13,960

165

172

RIC

Long

Duration

Bond

Fund

—

1,123

33

(2

)

54

1,142

3

—

RIC

Opportunistic

Credit

Fund

—

949

56

(1

)

16

908

31

—

RIF

Strategic

Bond

Fund

—

1,909

1,831

(78

)

—

—

18

—

RIC

Emerging

Markets

Fund

1,068

1,854

253

(24

)

114

2,759

69

—

RIC

Global

Equity

Fund

20,225

425

10,683

(849

)

4,231

13,349

184

—

RIF

International

Developed

Markets

Fund

3,007

1,557

436

(7

)

487

4,608

80

—

RIC

Multi-Asset

Growth

Strategy

Fund

4,229

379

1,362

(174

)

590

3,662

150

—

$

42,052

$

15,748

$

18,665

$

(1,665

)

$

8,562

$

46,032

$

776

$

189

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

(Capital

Loss

Carryforward)

$

41,323,628

$

4,900,454

$

(191,638)

$

4,708,816

$

441,906

$

(1,615,717)

December

31,

2023

December

31,

2022

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

$

269,304

$

431,169

$

—

$

514,587

$

2,237,906

$

—

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Highlights

—

December

31,

2023

Notes

to

Financial

Highlights

59

(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.

(∏)

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/or

reimbursed

by

Russell

Investment

Management,

LLC

(“RIM”).

(◊)

The

total

return

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements

—

December

31,

2023

60

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

twelve

months

ended

December

31,

2023.

Each

of

the

Funds

listed

in

the

table

below

is

a

“fund

of

funds”

and

diversifies

its

assets

by

investing

in

shares

of

several

other

RIF

funds

and

in

certain

Russell

Investment

Company

(“RIC”)

funds

(the

“Underlying

Funds”).

The

financial

statements

of

the

Underlying

Funds

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

December

31,

2023.

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

allocation

for

any

Fund,

including

changes

to

the

Underlying

Funds

in

which

a

Fund

invests,

from

time

to

time.

RIM’s

allocation

decisions

are

generally

based

on

RIM’s

outlook

on

the

business

and

economic

cycle,

relative

market

valuations

and

market

sentiment.

A

Fund’s

actual

allocation

may

vary

from

the

target

strategic

asset

allocation

at

any

point

in

time

due

to

market

movements

and/or

due

to

the

implementation

over

a

period

of

time

of

a

change

to

the

target

strategic

asset

allocation

including

the

addition

of

a

new

Underlying

Fund.

There

may

be

no

changes

in

the

asset

allocation

or

to

the

Underlying

Funds

in

a

given

period

or

such

changes

may

be

made

one

or

more

times

in

a

period.

*

As

described

above,

actual

asset

allocation

may

vary.

#

Alternative

Underlying

Funds

pursue

investment

strategies

that

differ

from

those

of

traditional

broad

market

equity

or

fixed

income

funds.

2.

Significant

Accounting

Policies

The

Funds’

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

financial

statements.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

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

—

December

31,

2023

Notes

to

Financial

Statements

61

reporting

guidance

applicable

to

investment

companies.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

each

Fund

in

the

preparation

of

its

financial

statements.

Security

Valuation

The

Underlying

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures

and

pricing

sources

and

services,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

a

description

of

the

pricing

sources

and

services

used

by

the

Underlying

Funds.

With

respect

to

an

Underlying

Fund’s

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

RIM

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act.

The

Funds

value

the

shares

of

the

Underlying

Funds

at

the

NAV

per

share

of

each

Underlying

Fund.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

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

December

31,

2023,

all

investments

held

were

classified

as

Level

1

within

the

fair

value

hierarchy.

Investment

Transactions

Investment

transactions

are

reflected

as

of

the

trade

date

for

financial

reporting

purposes.

This

may

cause

the

NAV

stated

in

the

financial

statements

to

be

different

from

the

NAV

at

which

shareholders

may

transact.

Realized

gains

and

losses

from

securities

transactions,

if

applicable,

are

recorded

on

the

basis

of

specific

identified

cost

incurred.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

December

31,

2023

62

Notes

to

Financial

Statements

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

December

31,

2023,

the

Funds

had

recorded

no

liabilities

for

net

unrecognized

tax

benefits

relating

to

uncertain

income

tax

positions

they

have

taken

or

expect

to

take

in

future

tax

returns.

While

the

statute

of

limitations

remains

open

to

examine

the

Funds’

U.S.

tax

returns

filed

for

the

fiscal

years

ended

December

31,

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

—

December

31,

2023

Notes

to

Financial

Statements

63

Guarantees

In

the

normal

course

of

business,

the

Funds

may

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

of

loss

to

be

remote.

London

Interbank

Offered

Rate

(“LIBOR”)

The

Underlying

Funds

may

invest

in

certain

instruments

including,

but

not

limited

to,

repurchase

agreements,

collateralized

loan

obligations

and

mortgage-backed

securities,

that

historically

relied

in

some

fashion

upon

LIBOR.

LIBOR

is

an

average

interest

rate,

determined

by

the

ICE

Benchmark

Administration,

that

banks

charge

one

another

for

the

use

of

short-term

money.

The

United

Kingdom’s

Financial

Conduct

Authority

(“FCA”),

which

regulates

LIBOR,

announced

plans

to

phase

out

the

use

of

LIBOR

by

the

end

of

2021.

After

June

30,

2023,

all

tenors

of

LIBOR

have

either

ceased

to

be

published

or,

in

the

case

of

1-month,

3-

month

and

6-month

U.S.

dollar

LIBOR

settings,

are

no

longer

being

published

on

a

representative

basis.

Replacement

rates

that

have

been

identified

include

the

Secured

Overnight

Financing

Rate

(“SOFR”),

which

is

intended

to

replace

U.S.

dollar

LIBOR

and

measures

the

cost

of

overnight

borrowings

through

repurchase

agreement

transactions

collateralized

with

U.S.

Treasury

securities,

the

Sterling

Overnight

Index

Average

Rate

(“SONIA”),

which

is

intended

to

replace

British

Pound

Sterling

LIBOR

and

measures

the

overnight

interest

rate

paid

by

banks

for

unsecured

transactions

in

the

sterling

market,

and

other

rates

derived

from

markets

connected

to

SOFR,

such

as

Term

SOFR.

On

April

3,

2023,

the

FCA

announced

its

decision

to

require

LIBOR’s

administrator

to

publish

an

unrepresentative

“synthetic

LIBOR”

using

a

changed

methodology

until

at

least

the

end

of

September

2024.

The

impact

of

synthetic

LIBOR

is

uncertain

and

some

LIBOR

contracts

may

use

synthetic

LIBOR

instead

of

other

alternative

reference

rates.

Accordingly,

synthetic

LIBOR

may

be

a

significant

factor

in

the

cost

of

financing

certain

Underlying

Fund

investments

or

the

value

or

return

on

certain

other

Underlying

Fund

investments.

Although

the

transition

process

away

from

LIBOR

has

become

increasingly

well-defined,

there

remains

uncertainty

regarding

the

nature

of

any

replacement

rate,

and

any

potential

effects

of

the

transition

away

from

LIBOR

on

an

Underlying

Fund

or

on

certain

instruments

in

which

an

Underlying

Fund

invests

can

be

difficult

to

ascertain.

The

transition

process

may

involve,

among

other

things,

increased

volatility

or

illiquidity

in

markets

for

instruments

that

were

tied

to

LIBOR

or

continue

to

be

tied

to

synthetic

LIBOR

and

may

result

in

a

reduction

in

value

of

certain

instruments

held

by

an

Underlying

Fund.

The

unavailability

of

LIBOR

may

affect

the

value,

liquidity

or

return

on

certain

Underlying

Fund

investments

and

may

result

in

additional

costs

in

connection

with

closing

out

positions

and

entering

into

new

trades.

Pricing

adjustments

to

an

Underlying

Fund’s

investments

resulting

from

a

substitute

reference

rate

may

adversely

affect

the

Underlying

Fund’s

performance

and/or

NAV.

At

this

time,

it

is

not

possible

to

predict

the

effect

of

the

establishment

of

SOFR,

SONIA

or

any

other

replacement

rates

or

any

other

reforms

to

LIBOR.

The

impact

of

any

substitute

reference

rate

will

vary

on

an

investment-by-investment

basis.

These

developments

could

negatively

impact

financial

markets

in

general

and

present

heightened

risks

to

the

Underlying

Funds,

including

with

respect

to

their

performance,

liquidity

and

volatility.

Market,

Credit

and

Counterparty

Risk

In

the

normal

course

of

business,

the

Underlying

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

a

transaction

to

perform

(credit

risk).

Similar

to

credit

risk,

the

Underlying

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Underlying

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Underlying

Funds’

financial

statements

(the

“Assets”).

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Underlying

Funds’

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Underlying

Funds’

Statements

of

Assets

and

Liabilities.

Global

economies

and

financial

markets

are

becoming

increasingly

interconnected

and

political

and

economic

conditions

(including

instability

and

volatility

due

to

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

As

a

result,

issuers

of

securities

held

by

an

Underlying

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

an

Underlying

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held

by

an

Underlying

Fund.

This

could

cause

an

Underlying

Fund

to

underperform

other

types

of

investments.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

December

31,

2023

64

Notes

to

Financial

Statements

From

time

to

time,

outbreaks

of

infectious

illness,

public

health

emergencies

and

other

similar

issues

(“public

health

events”)

may

occur

in

one

or

more

countries

around

the

globe.

Such

public

health

events

have

had

significant

impacts

on

both

the

country

in

which

the

event

is

first

identified

as

well

as

other

countries

in

the

global

economy.

Public

health

events

have

reduced

consumer

demand

and

economic

output

in

one

or

more

countries

subject

to

the

public

health

event,

resulted

in

restrictions

on

trading

and

market

closures

(including

for

extended

periods

of

time),

increased

substantially

the

volatility

of

financial

markets,

and,

more

generally,

have

had

a

significant

negative

impact

on

the

economy

of

the

country

or

countries

subject

to

the

public

health

event.

Public

health

events

have

also

adversely

affected

the

global

economy,

global

supply

chains

and

the

securities

in

which

the

Underlying

Funds

invest

across

a

number

of

industries,

sectors

and

asset

classes.

The

extent

of

the

impact

depends

on,

among

other

factors,

the

scale

and

duration

of

any

such

public

health

event.

Public

health

events

have

resulted

in

the

governments

of

affected

countries

taking

potentially

significant

measures

to

seek

to

mitigate

the

transmission

of

the

infectious

illness

or

other

public

health

issue

including,

among

other

measures,

imposing

travel

restrictions

and/or

quarantines

and

limiting

the

operations

of

non-essential

businesses.

Any

of

these

events

could

adversely

affect

an

Underlying

Fund’s

investments

and

performance,

including

by

exacerbating

other

pre-existing

political,

social

and

economic

risks.

Governmental

authorities

and

other

entities

may

respond

to

such

events

with

fiscal

and/or

monetary

policy

changes.

It

is

not

guaranteed

that

these

policy

changes

will

have

their

intended

effect

and

it

is

possible

that

the

implementation

of

or

subsequent

reversal

of

such

policy

changes

could

increase

volatility

in

financial

markets,

which

could

adversely

affect

an

Underlying

Fund’s

investments

and

performance.

3.

Investment

Transactions

Underlying

Funds

During

the

period

ended

December

31,

2023,

purchases

and

sales

of

Underlying

Funds

were

as

follows:

4.

Related

Party

Transactions,

Fees

and

Expenses

Adviser,

Administrator,

Transfer

and

Dividend

Disbursing

Agent

RIM

provides

or

oversees

the

provision

of

all

investment

advisory

and

portfolio

management

services

for

the

Funds.

RIFUS

is

the

Funds’

administrator

and

transfer

agent.

RIFUS,

in

its

capacity

as

the

Funds’

administrator,

provides

or

oversees

the

provision

of

all

administrative

services

for

the

Funds.

RIFUS,

in

its

capacity

as

the

Funds’

transfer

agent

and

dividend

disbursing

agent,

is

responsible

for

providing

transfer

agency

and

dividend

disbursing

services

to

the

Funds.

RIFUS

is

a

wholly-owned

subsidiary

of

RIM.

RIM

is

an

indirect,

wholly-owned

subsidiary

of

Russell

Investments

Group,

Ltd.

An

affiliated

company

is

a

company

in

which

a

Fund

has

ownership

of

at

least

5%

of

the

voting

securities

or

which

the

Fund

controls,

is

controlled

by

or

is

under

common

control

with.

See

each

Fund’s

Related

Party

Transactions,

Fees

and

Expenses

for

disclosure

of

transactions

with

affiliated

companies.

Each

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

0.0425%

specified

in

the

table

below

is

based

on

the

combined

average

daily

net

assets

of

the

Funds

and

is

payable

monthly

to

RIFUS.

The

following

shows

the

total

amount

of

each

of

these

fees

paid

by

the

Funds

for

the

period

ended

December

31,

2023:

Funds

Purchases

Sales

Moderate

Strategy

Fund

$

22,893,220

$

29,892,563

Balanced

Strategy

Fund

37,881,990

51,292,976

Growth

Strategy

Fund

51,654,827

62,710,071

Equity

Growth

Strategy

Fund

15,748,210

18,665,402

Annual

Rate

Funds

Advisory

(%)

Administrative

(%)

Moderate

Strategy

Fund

0.20

up

to

0.0425

Balanced

Strategy

Fund

0.20

up

to

0.0425

Growth

Strategy

Fund

0.20

up

to

0.0425

Equity

Growth

Strategy

Fund

0.20

up

to

0.0425

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

December

31,

2023

Notes

to

Financial

Statements

65

RIM

has

agreed

to

certain

waivers

of

its

advisory

fees

as

follows:

For

the

Moderate

Strategy

Fund,

RIM

has

contractually

agreed,

until

April

30,

2024,

to

waive

up

to

the

full

amount

of

its

0.20%

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.14%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

infrequent

and/or

unusual

expenses

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Balanced

Strategy

Fund,

RIM

has

contractually

agreed,

until

April

30,

2024,

to

waive

up

to

the

full

amount

of

its

0.20%

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.14%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

infrequent

and/or

unusual

expenses

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Growth

Strategy

Fund,

RIM

has

contractually

agreed,

until

April

30,

2024,

to

waive

up

to

the

full

amount

of

its

0.20%

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.15%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

infrequent

and/or

unusual

expenses

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Equity

Growth

Strategy

Fund,

RIM

has

contractually

agreed,

until

April

30,

2024,

to

waive

up

to

the

full

amount

of

its

0.20%

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.15%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

infrequent

and/or

unusual

expenses

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

period

ended

December

31,

2023,

RIM

waived/reimbursed

the

following

expenses:

RIM

does

not

have

the

ability

to

recover

amounts

waived

or

reimbursed

from

previous

periods.

Transfer

and

Dividend

Disbursing

Agent

RIFUS

serves

as

transfer

agent

and

provides

dividend

disbursing

services

to

the

Funds.

For

this

service,

RIFUS

is

paid

a

fee

based

upon

the

average

daily

net

assets

of

the

Funds

for

transfer

agency

and

dividend

disbursing

services.

RIFUS

retains

a

portion

of

this

fee

for

services

provided

to

the

Funds

and

pays

the

balance

to

unaffiliated

agents

who

assist

in

providing

these

services.

Transfer

agency

fees

paid

by

the

Funds

presented

herein

for

the

period

ended

December

31,

2023

were

as

follows:

Funds

Advisory

Administrative

Moderate

Strategy

Fund

$

143,715

$

30,539

Balanced

Strategy

Fund

412,908

87,743

Growth

Strategy

Fund

340,561

72,369

Equity

Growth

Strategy

Fund

87,814

18,661

Funds

Waiver

Reimbursement

Total

Moderate

Strategy

Fund

$

143,715

$

23,713

$

167,428

Balanced

Strategy

Fund

341,447

—

341,447

Growth

Strategy

Fund

276,964

—

276,964

Equity

Growth

Strategy

Fund

87,814

38,293

126,107

Funds

Amount

Moderate

Strategy

Fund

$

3,162

Balanced

Strategy

Fund

9,084

Growth

Strategy

Fund

7,492

Equity

Growth

Strategy

Fund

1,932

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

December

31,

2023

66

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.

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

December

31,

2023,

the

regular

compensation

paid

to

the

Trustees

by

the

Russell

Investments

fund

complex

was

$1,991,333.

5.

Federal

Income

Taxes

As

of

December

31,

2023,

the

following

Funds

had

net

tax

basis

capital

loss

carryforwards

which

may

be

applied

against

any

net

realized

taxable

gains,

if

any.

Available

capital

loss

carryforwards

are

as

follows:

6.

Record

Ownership

As

of

December

31,

2023,

the

following

table

includes

shareholders

of

record

with

greater

than

10%

of

the

total

outstanding

shares

of

each

respective

Fund:

7.

Line

of

Credit

The

Funds

participate

in

a

$200

million

unsecured

line

of

credit

agreement

with

State

Street

Bank

and

Trust

Company

(the

“Credit

Agreement”),

which

is

currently

in

effect

through

March

13,

2024,

but

may

be

renewed

on

an

annual

basis

thereafter.

Borrowings

made

by

the

Funds

will

be

utilized

solely

for

temporary

or

emergency

purposes

as

contemplated

by

the

Investment

Company

Act

including,

without

limitation,

funding

shareholder

redemptions.

Interest

on

borrowing

is

charged

to

a

Fund

at

a

variable

rate

as

determined

in

accordance

with

the

Credit

Agreement.

In

addition,

a

commitment

fee

computed

at

an

annual

rate

of

0.20%

on

the

daily

unused

portion

of

the

line

of

credit

is

allocated

among

the

participating

Funds

pro-rata

based

on

average

daily

net

assets

for

the

applicable

period.

The

Funds

are

subject

to

certain

covenants

contained

in

the

Credit

Agreement.

Failure

to

comply

with

these

covenants

could

cause

the

acceleration

of

the

repayment

of

the

amount

outstanding

under

the

Credit

Agreement.

Expenses

associated

with

the

line

of

credit,

such

as

legal

fees

and

the

commitment

fee,

are

shown

on

the

Statement

of

Operations

as

miscellaneous

fees.

The

Funds

did

not

make

any

borrowings

under

the

line

of

credit

during

the

period

ended

December

31,

2023.

8.

Subsequent

Events

Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

determined

no

events

have

occurred

that

require

disclosure.

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

95.5

Balanced

Strategy

Fund

2

97.3

Growth

Strategy

Fund

2

96.7

Equity

Growth

Strategy

Fund

2

95.9

Report

of

Independent

Registered

Public

Accounting

Firm

Report

of

Independent

Registered

Public

Accounting

Firm

67

To

the

Board

of

Trustees

of

Russell

Investment

Funds

and

Shareholders

of

Moderate

Strategy

Fund,

Balanced

Strategy

Fund,

Growth

Strategy

Fund

and

Equity

Growth

Strategy

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

Moderate

Strategy

Fund,

Balanced

Strategy

Fund,

Growth

Strategy

Fund

and

Equity

Growth

Strategy

Fund

(four

of

the

funds

constituting

Russell

Investment

Funds,

hereafter

collectively

referred

to

as

the

“Funds”)

as

of

December

31,

2023,

the

related

statements

of

operations

for

the

year

ended

December

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2023

by

correspondence

with

the

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

February

13,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Russell

Investments

family

of

funds

since

1981.

PricewaterhouseCoopers

LLP,

1420

Fifth

Avenue,

Suite

2800,

Seattle,

WA

98101

T:

(206)

398

3000,

www.pwc.com/us

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Tax

Information

—

December

31,

2023

(Unaudited)

68

Tax

Information

For

the

tax

year

ended

December

31,

2023,

the

Funds

designate

100%

or

the

maximum

amount

allowable,

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

The

Form

1099

you

receive

in

January

2024

will

show

the

tax

status

of

all

distributions

paid

to

your

account

in

calendar

year

2023.

The

Funds

designate

dividends

distributed

during

the

fiscal

year

as

qualifying

for

the

dividends

received

deduction

for

corporate

shareholders

as

follows:

Pursuant

to

Section

852

of

the

Internal

Revenue

Code,

the

Funds

designate

the

following

amounts

as

long-term

capital

gain

dividends

for

their

taxable

year

ended

December

31,

2023:

Balanced

Strategy

$

386,767

Growth

Strategy

$1,391,050

Equity

Growth

Strategy

$

431,169

Moderate

Strategy

12.4%

Balanced

Strategy

20.7%

Growth

Strategy

28.5%

Equity

Growth

Strategy

33.1%

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Additional

Information

—

December

31,

2023

(Unaudited)

Additional

Information

69

Each

Fund

files

portfolio

holdings

information

within

60

days

after

the

end

of

each

fiscal

quarter

as

an

exhibit

on

Form

N-PORT.

Portfolio

holdings

information

for

the

third

month

of

each

fiscal

quarter

is

publicly

available

on

the

SEC’s

website

at

http://www.

sec.gov.

Each

Fund’s

complete

schedule

of

portfolio

holdings

for

the

second

and

fourth

quarters

of

each

fiscal

year

is

included

in

the

semi-annual

and

annual

reports

to

Fund

shareholders.

The

Board

has

delegated

to

RIM,

as

RIF’s

investment

adviser,

the

primary

responsibility

for

monitoring,

evaluating

and

voting

proxies

solicited

by

or

with

respect

to

issuers

of

securities

in

which

assets

of

the

Underlying

Funds

may

be

invested.

RIM

has

established

a

proxy

voting

committee

and

has

adopted

written

proxy

voting

policies

and

procedures

(“P&P”)

and

proxy

voting

guidelines

(“Guidelines”).

The

Funds

maintain

a

Portfolio

Holdings

Disclosure

Policy

that

governs

the

timing

and

circumstances

of

disclosure

to

shareholders

and

third

parties

of

information

regarding

the

portfolio

investments

held

by

the

Funds.

A

description

of

the

P&P,

Guidelines,

Portfolio

Holdings

Disclosure

Policy

and

additional

information

about

Fund

Trustees

are

contained

in

the

Funds’

Statement

of

Additional

Information

(“SAI”).

The

SAI

and

information

regarding

how

the

Underlying

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30,

2023

are

available

(i)

free

of

charge,

upon

request,

by

calling

the

Funds

at

(800)

787-7354,

and

(ii)

on

the

Securities

and

Exchange

Commission’s

website

at

www.sec.gov.

If

possible,

depending

on

contract

owner

registration

and

address

information,

and

unless

you

have

otherwise

opted

out,

only

one

copy

of

the

RIF

prospectus

will

be

sent

to

contract

owners

at

the

same

address.

Unless

you

specifically

request

paper

copies

of

the

annual

and

semi-annual

reports

from

your

insurance

company,

you

will

be

notified

by

mail

each

time

the

annual

and

semi-annual

reports

are

posted

and

provided

with

a

website

link

to

access

the

reports.

If

you

would

like

to

receive

a

separate

copy

of

these

documents,

please

contact

your

insurance

company.

If

you

currently

receive

multiple

copies

of

the

prospectus,

annual

report

and

semi-annual

report

and

would

like

to

request

to

receive

a

single

copy

of

these

documents

in

the

future,

please

call

your

insurance

company.

Some

insurance

companies

may

offer

electronic

delivery

of

the

Funds’

prospectuses

and

annual

and

semi-annual

reports.

Please

contact

your

insurance

company

for

further

details.

Financial

statements

of

the

Underlying

Funds

can

be

obtained

at

no

charge

by

calling

the

Funds

at

(800)

787-7354.

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

that

require

mutual

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

reports

for

the

Funds

will

be

for

the

reporting

period

ending

June

30,

2024.

Management

is

currently

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Funds’

shareholder

reports.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Disclosure

of

Information

about

Fund

Trustees

and

Officers

—

December

31,

2023

(Unaudited)

70

Disclosure

of

Information

about

Fund

Trustees

and

Officers

The

following

tables

provide

information

for

each

officer

and

trustee

of

the

Russell

Investments

fund

complex.

The

Russell

Investments

fund

complex

consists

of

Russell

Investment

Company

(“RIC”),

which

has

30

funds

and

Russell

Investment

Funds

(“RIF”),

which

has

nine

funds.

Each

of

the

Trustees

is

a

trustee

of

RIC

and

RIF.

The

first

table

provides

information

for

the

Interested

Trustee.

The

second

table

provides

information

for

the

Independent

Trustees.

The

third

table

provides

information

for

the

officers.

Furthermore,

each

Trustee

possesses

the

following

specific

attributes:

Ms.

Cahoon

has

had

experience

as

the

senior

financial

executive

of

other

investment

companies

and

their

investment

adviser

and

distributor,

as

well

as

a

certified

public

accountant

who

previously

provided

audit

services

in

the

financial

sector

at

a

multi-national

accounting

firm

and

has

been

determined

by

the

Board

to

be

an

“audit

committee

financial

expert”;

Mr.

Day

has

had

experience

as

an

executive-level

leader

in

corporate

finance

and

accounting,

as

a

member

of

the

boards

of

other

companies

and

non-profit

organizations,

and

as

a

certified

public

accountant;

Ms.

Ledoux

has

had

investment

experience

as

a

portfolio

manager

and

has

had

experience

as

a

member

of

the

board

of

trustees

of

other

investment

companies;

Mr.

May

has

had

business,

financial

services,

accounting

and

investment

management

experience

as

a

senior

executive

and

board

member

of

financial

services,

investment

management

and

other

organizations,

as

well

as

experience

as

a

board

member

of

other

investment

companies

and

as

a

certified

public

accountant;

Ms.

Shanahan

has

had

financial,

risk

management,

governance

and

compliance

experience

in

highly

regulated

industries

as

a

senior

executive

at

large

financial

institutions,

and

as

a

member

of

the

board

of

a

non-profit

organization;

Mr.

Tennison

has

had

business,

financial

and

investment

experience

as

a

senior

executive

of

a

corporation

with

international

activities

and

was

trained

as

an

accountant;

and

Mr.

Thompson

has

had

experience

in

business,

governance,

investment

and

financial

reporting

matters

as

a

senior

executive

of

an

organization

sponsoring

and

managing

other

investment

companies,

and,

subsequently,

has

served

as

a

board

member

of

other

investment

companies.

Mr.

Barback

has

had

experience

as

a

senior

executive

of

other

financial

services

companies

with

responsibility

for

investment,

financial,

and

operational

matters

affecting

asset

managers

and

related

service

providers.

As

a

senior

officer

of

an

affiliate

of

RIM,

Mr.

Barback

is

in

a

position

to

provide

the

Board

with

such

entity’s

perspectives

on

the

management,

operations

and

distribution

of

the

RIC

and

RIF

Funds.

*

Each

Trustee

shall

retire

from

service

on

the

Board

of

Trustees

at

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

However,

at

the

discretion

of

the

Board

and

upon

the

request

of

the

Trustee,

a

one-year

waiver

may

be

granted

from

the

application

of

the

policy,

which

will

allow

the

Trustee

to

continue

to

serve

on

the

Board

for

an

additional

one-year

period

following

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

A

maximum

of

five

one-year

waivers

may

be

requested

by

the

Trustee

and

granted

by

the

Board

to

the

Trustee.

#

Mr.

Barback

is

Chief

Operating

Officer

of

an

affiliate

of

RIM

and

is

therefore

an

Interested

Trustee.

Name,

Age,

Address

Position(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office*

Principal

Occupation(s)

During

the

Past

5

Years

No.

of

Portfolios

in

Russell

Investments

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

the

Past

5

Years

INTERESTED

TRUSTEE

Vernon

Barback#

Born

August

24,

1956

1301

Second

Avenue,

18th

Floor,

Seattle,

WA

98101

President

and

Chief

Executive

Officer

since

2022

Trustee

since

2021

Appointed

until

successor

is

chosen

and

qualified

by

Trustees

Appointed

until

successor

is

duly

elected

and

qualified

President

and

CEO,

RIC

and

RIF

Chief

Operating

Officer,

Russell

Investments

From

2021

–

2022,

Chief

Administrative

Officer,

Russell

Investments

From

2019

–

2021,

Vice

Chairman,

Russell

Investments

Until

2020,

Director,

NorthStar

Topco,

LLC

(technology

and

services

outsourcing

company)

From

2016

–

2019,

President,

Russell

Investments

39

Until

2020,

Director

of

NorthStar

Topco,

LLC

(technology

and

services

outsourcing

company)

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Disclosure

of

Information

about

Fund

Trustees

and

Officers,

continued

—

December

31,

2023

(Unaudited)

Disclosure

of

Information

about

Fund

Trustees

and

Officers

71

*

Each

Trustee

shall

retire

from

service

on

the

Board

of

Trustees

at

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

However,

at

the

discretion

of

the

Board

and

upon

the

request

of

the

Trustee,

a

one-year

waiver

may

be

granted

from

the

application

of

the

policy,

which

will

allow

the

Trustee

to

continue

to

serve

on

the

Board

for

an

additional

one-year

period

following

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

A

maximum

of

five

one-year

waivers

may

be

requested

by

the

Trustee

and

granted

by

the

Board

to

the

Trustee.

Name,

Age,

Address

Position(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office*

Principal

Occupation(s)

During

the

Past

5

Years

No.

of

Portfolios

in

Russell

Investments

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

the

Past

5

Years

INDEPENDENT

TRUSTEES

Michelle

L.

Cahoon

Born

July

5,

1966

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Trustee

since

2021

Chairman

of

the

Audit

Committee

since

2023

Appointed

until

successor

is

duly

elected

and

qualified

Appointed

until

successor

is

duly

elected

and

qualified

Retired

From

January

to

March

2019,

Consulting

Chief

Financial

Officer,

Driehaus

Capital

Management

LLC

(investment

adviser)

Until

2018,

Chief

Financial

Officer

and

Treasurer,

Driehaus

Capital

Management

LLC

and

Driehaus

Securities

LLC

(broker

dealer)

Until

2018,

Vice

President

and

Treasurer,

Driehaus

Mutual

Funds

(investment

company)

Trustee

and

Audit

Committee

Chair

Fairway

Private

Equity

&

Venture

Capital

Opportunities

Fund

(investment

company)

39

Trustee

and

Audit

Committee

Chair

Fairway

Private

Equity

&

Venture

Capital

Opportunities

Fund

(investment

company)

Michael

Day

Born

October

23,

1957

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Trustee

since

2021

Appointed

until

successor

is

duly

elected

and

qualified

President

and

Chief

Executive

Officer,

Topa

Insurance

Group

(insurance

company)

39

Director,

Topa

Insurance

Group

(insurance

company)

Director,

Puppet,

Inc.

(information

technology

company)

Director,

Somos,

Inc.

(information

technology

company)

Until

2019,

Director,

Recology

(waste

management

company)

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Disclosure

of

Information

about

Fund

Trustees

and

Officers,

continued

—

December

31,

2023

(Unaudited)

72

Disclosure

of

Information

about

Fund

Trustees

and

Officers

*

Each

Trustee

shall

retire

from

service

on

the

Board

of

Trustees

at

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

However,

at

the

discretion

of

the

Board

and

upon

the

request

of

the

Trustee,

a

one-year

waiver

may

be

granted

from

the

application

of

the

policy,

which

will

allow

the

Trustee

to

continue

to

serve

on

the

Board

for

an

additional

one-year

period

following

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

A

maximum

of

five

one-year

waivers

may

be

requested

by

the

Trustee

and

granted

by

the

Board

to

the

Trustee.

Name,

Age,

Address

Position(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office*

Principal

Occupation(s)

During

the

Past

5

Years

No.

of

Portfolios

in

Russell

Investments

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

the

Past

5

Years

INDEPENDENT

TRUSTEES

(continued)

Julie

Dien

Ledoux

Born

August

17,

1969

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Trustee

since

2019

Vice

Chairman

since

2023

Appointed

until

successor

is

duly

elected

and

qualified

Approved

Annually

Retired

39

Until

2018,

Trustee

of

Avenue

Credit

Strategies

Fund

(investment

company)

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Disclosure

of

Information

about

Fund

Trustees

and

Officers,

continued

—

December

31,

2023

(Unaudited)

Disclosure

of

Information

about

Fund

Trustees

and

Officers

73

*

Each

Trustee

shall

retire

from

service

on

the

Board

of

Trustees

at

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

However,

at

the

discretion

of

the

Board

and

upon

the

request

of

the

Trustee,

a

one-year

waiver

may

be

granted

from

the

application

of

the

policy,

which

will

allow

the

Trustee

to

continue

to

serve

on

the

Board

for

an

additional

one-year

period

following

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

A

maximum

of

five

one-year

waivers

may

be

requested

by

the

Trustee

and

granted

by

the

Board

to

the

Trustee.

Name,

Age,

Address

Position(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office*

Principal

Occupation(s)

During

the

Past

5

Years

No.

of

Portfolios

in

Russell

Investments

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

the

Past

5

Years

INDEPENDENT

TRUSTEES

(continued)

Jeremy

May

Born

March

30,

1970

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Trustee

since

2021

Appointed

until

successor

is

duly

elected

and

qualified

Founder

and

Chief

Executive

Officer,

Paralel

Technologies

LLC

(information

technology

company)

Until

March

2021,

Chief

Operating

Officer

of

Magnifi

LLC

(information

technology

company)

Until

2019,

President

ALPS

Portfolio

Solutions

and

Executive

Vice

President

of

ALPS

Advisors

and

ALPS

Holdings

(investment

company)

39

Trustee

and

Chairman

of

Bow

River

Capital

Evergreen

Fund

(investment

company)

Until

2022,

Trustee

and

Chairman

of

New

Age

Alpha

ETF

Trust

(investment

company)

Until

March

2021,

Interested

Director

of

Reaves

Utility

Income

Trust

(investment

Company)

Until

February

2021,

Interested

Director

of

ALPS

Series

Trust

(investment

company)

Until

2019,

Interested

Director

of

RiverNorth

Opportunities

Fund

(investment

company)

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Disclosure

of

Information

about

Fund

Trustees

and

Officers,

continued

—

December

31,

2023

(Unaudited)

74

Disclosure

of

Information

about

Fund

Trustees

and

Officers

*

Each

Trustee

shall

retire

from

service

on

the

Board

of

Trustees

at

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

However,

at

the

discretion

of

the

Board

and

upon

the

request

of

the

Trustee,

a

one-year

waiver

may

be

granted

from

the

application

of

the

policy,

which

will

allow

the

Trustee

to

continue

to

serve

on

the

Board

for

an

additional

one-year

period

following

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

A

maximum

of

five

one-year

waivers

may

be

requested

by

the

Trustee

and

granted

by

the

Board

to

the

Trustee.

Name,

Age,

Address

Position(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office*

Principal

Occupation(s)

During

the

Past

5

Years

No.

of

Portfolios

in

Russell

Investments

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

the

Past

5

Years

INDEPENDENT

TRUSTEES

(continued)

Jeannie

Shanahan

Born

February

15,

1964

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Trustee

since

2021

Chairman

of

Regulatory

and

Investment

Compliance

Committee

since

2023

Appointed

until

successor

is

duly

elected

and

qualified

Appointed

until

successor

is

duly

elected

and

qualified

Until

2021,

President

of

Twin

Star

Consulting,

LLC

(consulting

company)

39

None

Raymond

P.

Tennison

Jr.

Born

December

21,

1955

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Trustee

since

2000

Chairman

since

2021

Appointed

until

successor

is

duly

elected

and

qualified

Approved

Annually

Retired

39

None

Jack

R.

Thompson

Born

March

21,

1949

1301

Second

Avenue,

18th

Floor,

Seattle,

WA

98101

Trustee

since

2005

Chairman

of

the

Nominating

and

Governance

Committee

since

2021

Appointed

until

successor

is

duly

elected

and

qualified

Appointed

until

successor

is

duly

elected

and

qualified

Retired

39

None

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Disclosure

of

Information

about

Fund

Trustees

and

Officers,

continued

—

December

31,

2023

(Unaudited)

Disclosure

of

Information

about

Fund

Trustees

and

Officers

75

Name,

Age,

Address

Positions(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office

Principal

Occupation(s)

During

the

Past

5

Years

OFFICERS

Vernon

Barback

Born

August

24,

1956

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

President

and

Chief

Executive

Officer

since

2022

Until

successor

is

chosen

and

qualified

by

Trustees

President

and

CEO,

RIC

and

RIF

Chief

Operating

Officer,

Russell

Investments

From

2021

–

2022,

Chief

Administrative

Officer,

Russell

Investments

From

2019

–

2021,

Vice

Chairman,

Russell

Investments

Until

2020,

Director,

NorthStar

Topco,

LLC

(technology

and

services

outsourcing

company)

From

2016

–

2019,

President,

Russell

Investments

Cheryl

Wichers

Born

December

16,

1966

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Chief

Compliance

Officer

since

2005

Until

removed

by

Independent

Trustees

Chief

Compliance

Officer,

RIC

and

RIF

Chief

Compliance

Officer,

Russell

Investments

Fund

Services,

LLC

(“RIFUS”)

Kari

Seabrands

Born

September

9,

1969

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Treasurer,

Chief

Accounting

Officer

and

Chief

Financial

Officer

since

2023

Until

successor

is

chosen

and

qualified

by

Trustees

Senior

Director,

Head

of

Global

Fund

Services,

Russell

Investments

Until

2023,

Director,

Fund

Administration,

Russell

Investments

Treasurer,

Chief

Accounting

Officer

and

Chief

Financial

Officer,

RIC

and

RIF

Director,

Russell

Investments

Financial

Services,

LLC

(“RIFIS”)

and

RIFUS

Kate

El-Hillow

Born

August

17,

1974

1301

Second

Avenue,

18th

Floor,

Seattle

WA

98101

Chief

Investment

Officer

since

2021

Until

removed

by

Trustees

Chief

Investment

Officer

and

President,

Russell

Investments

Chief

Investment

Officer,

RIC

and

RIF

President,

RIM

Until

2021,

Deputy

Chief

Investment

Officer,

Senior

Portfolio

Manager,

Head

of

Strategy

Selection

and

Head

of

Portfolio

Management

&

Risk,

Goldman

Sachs

Mary

Beth

Albaneze

Born

April

25,

1969

1301

Second

Avenue,

18th

Floor,

Seattle,

WA

98101

Secretary

and

Chief

Legal

Officer

since

2010

Until

successor

is

chosen

and

qualified

by

Trustees

Associate

General

Counsel,

Russell

Investments

Secretary,

RIM,

RIFUS

and

RIFIS

Secretary

and

Chief

Legal

Officer,

RIC

and

RIF

Secretary,

U.S.

One,

LLC

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Adviser

and

Service

Providers

—

December

31,

2023

(Unaudited)

76

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

Kari

Seabrands,

Treasurer,

Chief

Accounting

Officer

and

Chief

Financial

Officer

Cheryl

Wichers,

Chief

Compliance

Officer

Kate

El-Hillow,

Chief

Investment

Officer

Mary

Beth

Albaneze,

Secretary

and

Chief

Legal

Officer

Adviser

Russell

Investment

Management,

LLC

1301

Second

Avenue

Seattle,

WA

98101

Administrator

and

Transfer

and

Dividend

Disbursing

Agent

Russell

Investments

Fund

Services,

LLC

1301

Second

Avenue

Seattle,

WA

98101

Custodian

State

Street

Bank

and

Trust

Company

1776

Heritage

Drive

North

Quincy,

MA

02171

Office

of

Shareholder

Inquiries

1301

Second

Avenue

Seattle,

WA

98101

(800)

787-7354

Legal

Counsel

Dechert

LLP

One

International

Place,

40th

Floor

100

Oliver

Street

Boston,

MA

02110

Distributor

Russell

Investments

Financial

Services,

LLC

1301

Second

Avenue

Seattle,

WA

98101

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

1420

5th

Avenue,

Suite

2800

Seattle,

WA

98101

This

report

is

prepared

from

the

books

and

records

of

the

Funds

and

is

submitted

for

the

general

information

of

shareholders

and

is

not

authorized

for

distribution

to

prospective

investors

unless

accompanied

or

preceded

by

an

effective

Prospectus.

Nothing

herein

contained

is

to

be

considered

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

Russell

Investment

Funds.

Such

offering

is

made

only

by

Prospectus,

which

includes

details

as

to

offering

price

and

other

material

information.

Russell

Investment

Funds

1301

Second

Avenue

Seattle,

Washington

98101

800-787-7354

Fax:

206-505-3495

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer (“Code”).  There have been no amendments to, or waivers in connection with, the Code during the period covered by this Report.  The registrant has filed a copy of the Code as an exhibit to its annual report on this Form N-CSR.

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

Registrant's board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee.  Michelle Cahoon has been determined to be the Audit Committee Financial Expert and is also determined to be “independent” for purposes of Item 3, paragraph (a)(2)(i) and (ii) of Form N-CSR.

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

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

2022     $282,793

2023     $277,558

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item and the nature of the services comprising those fees were as follows:

Fees                                         Nature of Services

2022    $100,329                                 Tax services performed in connection with the audit

2023    $98,344                                   Tax services performed in connection with the audit

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning and the nature of the services comprising the fees were as follows:

Fees                                         Nature of Services

2022    $92,865                                   Tax services

2023    $92,865                                   Tax services

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item and the nature of the services comprising those fees were as follows:

Fees                                         Nature of Services

2022    $0                                           

2023    $0                                           

(e) (1) Registrant’s audit committee has adopted the following pre-approval policies and procedures for certain services provided by registrant’s accountants:

Russell Investment Company

Russell Investment Funds

Audit and Non-Audit Services Pre-Approval Policy

Effective Date:  August 25, 2020

I.Statement of Purpose.

This Audit and Non-Audit Services Pre-Approval Policy (“Policy”) has been adopted by the joint Audit Committee (the “Audit Committee”) of Russell Investment Company (“RIC”) and Russell Investment Funds (“RIF”) to apply to any and all engagements of the independent auditor with: (1) RIC and RIF, respectively, for audit and permissible non-audit services and (2) the Funds’ adviser or its control affiliates (collectively, “Adviser Entities”) for permissible non-audit services that relate directly to the Funds’ operations or financial reporting (“fund-related services”).

[1]

   The term “Fund” shall collectively refer to each series of RIC and RIF.  The term “Investment Adviser” shall refer to the Funds’ adviser, Russell Investment Management, LLC (“RIM”).  This Policy does not delegate to management the responsibilities set forth herein for the pre-approval of services performed by the Funds’ independent auditor. 

II.Statement of Principles.

Under the Sarbanes-Oxley Act of 2002 (the “Act”) and rules adopted by the United States Securities and Exchange Commission (the “SEC”), the Audit Committee of the Funds’ Board of Trustees (the “Audit Committee”) is charged with responsibility for the appointment, compensation and oversight of the work of the independent auditor for the Funds.  As part of these responsibilities, the Audit Committee is required to pre-approve: (1) the audit services and permissible non-audit services, such as audit-related, tax and other services (“non-audit services”), to be performed by the independent auditor for the Funds, and (2) the services to be performed by the independent auditor for Adviser Entities that relate directly to the operations and financial reporting of the fund, in each case to assure that the independence of the auditor is not in any way compromised or impaired with respect to the Funds.  In determining whether an auditor is independent in light of the services it provides to a Fund or Adviser Entity, there are four guiding principles under the Act and relevant SEC rules that must be considered.  In general, the independence of the auditor to the Funds could be deemed impaired if the auditor has a relationship or provides a service that:

·

Creates a mutual or conflicting interest between the auditor and the audit client (including the Funds whose financial statements are being audited, as well as affiliates of the Funds covered by relevant SEC rules);

·

Results in the auditor acting as management or an employee of the audit client;

·

Places the auditor in the position of auditing its own work; or

·

Places the accountant in a position of being an advocate for the audit client.

Accordingly, it is the Funds’ policy that the independent auditor for the Funds must not be engaged to perform any service that contravenes the rules adopted by the SEC governing auditor independence, including the four guidelines set forth above, or which in any way could be deemed to impair or compromise the independence of the auditor for the Funds.  This Policy is designed to accomplish those requirements and will henceforth be applied to all engagements by the Funds of their independent auditor, whether for audit, audit-related, tax, or other non-audit services, as well as to engagements of the auditor by Adviser Entities for fund-related services.

Rules adopted by the SEC establish two distinct approaches to the pre-approval of auditor services by the Audit Committee.  The proposed services either may receive general pre-approval through adoption by the Audit Committee of pre-approval policies and procedures, provided the policies and procedures are detailed as to the particular services (e.g., a list of authorized services for the fund, together with a budget of expected costs for those services), the Audit Committee is informed of each service and such policies and procedures do not include delegation of the Audit Committee’s responsibilities to management (“general pre-approval”), or specific pre-approval by the Audit Committee of all services provided to the Funds or fund-related services provided to Adviser Entities on a case-by-case basis (“specific pre-approval”). 

The Funds’ Audit Committee believes that the combination of these two approaches reflected in this Policy will result in an effective and efficient procedure for the pre-approval of permissible services performed by the Funds’ independent auditor.  The Funds’ Audit and Non-Audit Pre-Approved Services Schedule lists the audit, audit-related, tax and other services (including fund-related services) that have the general pre-approval of the Audit Committee.

[2]

  As set forth in this Policy, unless a particular service has received general pre-approval, those services will require specific pre-approval by the Audit Committee before any such services can be provided by the independent auditor.  Any proposed service to the Funds or Adviser Entities that exceeds the pre-approved budget for those services will also require specific pre-approval by the appropriate Audit Committee.

In assessing whether a particular audit or non-audit service should be approved, the Audit Committee will take into account the ratio between the total amounts paid for audit, audit-related, tax and other services, based on historical patterns, with a view toward assuring that the level of fees paid for non-audit services as they relate to the fees paid for audit services does not compromise or impair the independence of the auditor.  The Audit Committee will review the list of general pre-approved services, including the pre-approved budget for those services, at least annually and more frequently if deemed appropriate by the Audit Committee, and may implement changes thereto from time to time.

III.Delegation.

As provided in the Act and in the SEC’s rules, the Audit Committee from time to time may delegate either general or specific pre-approval authority to one or more of its members.  Any member to whom such authority is delegated must report any pre-approval decisions to the Audit Committee at its next scheduled meeting.

IV.Audit Services.

The annual audit services engagement terms and fees for the independent auditor for the Funds require specific pre-approval of the Audit Committee.  Audit services include the annual financial statement audit and other procedures required to be performed by the independent auditor in order to be able to form an opinion on the financial statements for the Funds for that year.  These other procedures include reviews of information systems, procedural reviews and testing performed in order to understand and rely on the Funds’ systems of internal control, and consultations relating to the audit.  Audit services also include the attestation engagement for the independent auditor’s report on the report from management on financial reporting internal controls.  The Audit Committee will review the audit services engagement as necessary or appropriate in the sole judgment of the Audit Committee. 

In addition to the pre-approval by the Audit Committee of the annual engagement of the independent auditor to perform audit services described above, the Audit Committee may grant general pre-approval to other audit services, which are those services that only the independent auditor reasonably can provide.  These services are generally related to the issuance of an audit opinion, and may include statutory audits and services associated with the Funds’ SEC registration statement on Form N-1A, periodic reports and documents filed with or information requested by the SEC or other regulatory or self-regulatory organizations, or other documents issued in connection with the Funds’ securities offerings.

The audit services engagement terms and fees for the independent auditor for the Funds, as described above, must be specifically pre-approved by the Audit Committee or its delegate on an annual basis. The Audit Committee has pre-approved the other audit services set forth in Schedule A of the Audit and Non-Audit Pre-Approved Services Schedule.  All other audit services not listed in Schedule A of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

V.Audit-Related Services.

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the financial statements for the Funds, or the separate financial statements for a series of the Funds that are traditionally performed by the independent auditor.  Because the Audit Committee believes that the provision of audit-related services does not compromise or impair the independence of the auditor and is consistent with the SEC’s rules on auditor independence, the Audit Committee may grant pre-approval to audit related services.  “Audit-related services” include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal reporting requirements, including  reports required to be filed with the SEC pursuant to applicable requirements.

The Audit Committee has pre-approved the audit-related services set forth in Schedule B of the Audit and Non-Audit Pre-Approved Services Schedule.  All other audit-related services not listed in Schedule B of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

VI.Tax Services.

The Audit Committee believes that the independent auditor can provide tax services to the Funds, such as tax compliance, tax planning and tax advice, without impairing the auditor’s independence and the SEC has stated that the independent auditor may provide such services.  Consequently, the Audit Committee believes that it may grant general pre-approval to those tax services that have historically been provided by the auditor, that the Audit Committee has reviewed and believes would not impair the independence of the auditor, and that are consistent with the SEC’s rules on auditor independence.  However, the Audit Committee will not permit the retention of the independent auditor to provide tax advice in connection with any transaction recommended by the independent auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported by the United States Internal Revenue Code and related regulations or the applicable tax statutes and regulations that apply to the Funds’ investments outside the United States.  The Audit Committee will consult with the Treasurer of the Funds or outside counsel to determine that the Funds’ tax planning and reporting positions are consistent with this policy. 

The Audit Committee has pre-approved the tax services set forth in Schedule C of the Audit and Non-Audit Pre-Approved Services Schedule. All other tax services not listed in Schedule C of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

VII.All Other Services.

The Audit Committee believes, based on the SEC’s rules prohibiting the independent auditor from providing specific non-audit services, that other types of non-audit services are permitted.  Accordingly, the Audit Committee believes that it may grant general pre-approval to those permissible non-audit services classified as “all other” services that the Audit Committee believes are routine and recurring services, would not impair or compromise the independence of the auditor and are consistent with the SEC’s rules on auditor independence.

The Audit Committee has pre-approved the permissible “all other services” set forth in Schedule D of the Audit and Non-Audit Pre-Approved Services Schedule.  Permissible “all other services” not listed in Schedule D of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

A list of the SEC’s prohibited non-audit services are as follows:

• Bookkeeping or other services relating to the accounting records or financial statements of the Funds

• Financial information system design and implementation

• Appraisal or valuation services, fairness opinions or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions

• Human resources services

• Broker-dealer, investment adviser or investment banking services

• Legal services unrelated to the audit

• Expert services unrelated to the audit

The SEC’s rules and relevant official interpretations and guidance should be consulted to determine the scope of these prohibited services and the applicability of any exceptions to certain of the prohibitions.  Under no circumstance may an executive, manager or associate of the Funds, the Investment Adviser or an Adviser Entity authorize the independent auditor for the Funds to provide prohibited non-audit services.

VIII.De Minimis Waiver.

In accordance with the Act and SEC regulations, notwithstanding anything in this Policy to the contrary, the pre-approval requirements of this Policy are waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided:

            (a)        The aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by RIC or RIF, as applicable, to the independent auditor during the fiscal year in which the services were provided;

            (b)        Such services were not recognized by the Funds at the time of the engagement to be non-audit services requiring pre-approval by the Audit Committee or its delegate; and

            (c)        Such services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee or its delegate prior to the completion of the audit, pursuant to the pre-approval provisions of this Policy.

With respect to the provision of fund-related services to Adviser Entities, the aggregate amount of services provided must constitute no more than five percent of the total amount of fees paid by RIC or RIF, as applicable, and the relevant Adviser Entities to the independent auditor during the fiscal year in which the services were provided.

In connection with the approval of any non-audit service pursuant to this de minimis exception, a record shall be made indicating that each of the conditions for this exception has been satisfied.

IX.Pre-Approval Fee Levels or Budgeted Amounts.

Pre-approved fee levels or budgeted amounts for all services to be provided by the independent auditor will be established annually by the Audit Committee and shall be subject to periodic subsequent review during the year if deemed appropriate by the Audit Committee (separate amounts may be specified for the Funds and for other affiliates in the investment company complex subject to pre-approval).  Any proposed services exceeding these levels or amounts will require specific pre-approval by the Audit Committee.  The Audit Committee will be mindful of the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services.  For each fiscal year, the Audit Committee may determine the appropriateness of the ratio between the total amount of fees for audit, audit-related, and tax services for the Funds (including any audit-related or tax services fees for affiliates subject to pre-approval), and the total amount of fees for certain permissible non-audit services classified as “all other services” for the Funds (including any such services for affiliates subject to pre-approval by the Audit Committee or its delegate).

X.Procedures.

All requests or applications for services to be provided by the independent auditor that do not require specific pre-approval by the Audit Committee will be submitted to the “RIC & RIF Clearance Committee” (the “Clearance Committee”) (which shall be comprised of not less than three members, including the Treasurer of the Funds who shall serve as its Chairperson) and must include a detailed description of the services to be rendered and the estimated costs of those services.  The Clearance Committee will determine whether such services are included within the list of services that have received general pre-approval by the Audit Committee.  The Audit Committee will be informed not less frequently than quarterly by the Chairperson of the Clearance Committee of any such services rendered by the independent auditor for the Funds and the fees paid to the independent auditors for such services.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Clearance Committee and must include a joint certification by the engagement partner of the independent auditor and the Chairperson of the Clearance Committee that, in their view, the request or application does not involve a prohibited non-audit service and is consistent with the SEC’s rules governing auditor independence.

Russell Investments’ associates and the officers of RIC and RIF will report to the Chairman of the Audit Committee any breach of this Policy that comes to the attention of the Internal Audit Department or an officer of RIC or RIF.

XI.Additional Requirements.

The Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work performed by the independent auditor and to assure the independent auditor’s continuing independence from the Funds and their affiliates.  Such efforts will include, but not be limited to, reviewing a written annual statement from the independent auditor delineating all relationships between the independent auditor and RIC, RIF, RIM and their subsidiaries and affiliates (including persons in financial reporting oversight roles) that may reasonably be thought to bear on the auditor’s independence, consistent with Public Company Accounting Oversight Board Rule 3526, and discussing with the independent auditor its methods and procedures for ensuring its independence.

(e) (2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X is as follows:

Audit Fees                                          0%

Audit-Related Fees                           0%

Tax Fees                                             0%

All Other Fees                                   0%

(f) For services, 50 percent or more of which were pre-approved, the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) The aggregate non-audit fees billed by registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were as follows:

2022   $0

2023   $0

(h) The registrant’s audit committee of the board of trustees has considered whether the provision of nonaudit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i)Not applicable, as the registrant has not been identified by the SEC as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j)Not applicable, as the registrant is not a foreign issuer.

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

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

Items 7-9. [Not Applicable]

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

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

Item 11. Controls and Procedures

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

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

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

Item 13.  Exhibit List

(a)

Code of Ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as

codeofethics

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

(c)

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

. ex99.906_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:  February 15, 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:  February 15, 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:  February 15, 2024

[1]

Adviser Entities include the Funds’ investment adviser (but not a sub-adviser whose role is primarily portfolio management and whose activities are overseen by the principal investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Funds.

2

As noted below, the annual audit services engagement terms and fees for the independent auditor for the Funds require specific pre-approval of the Audit Committee.