U.S. Strategic Equity Fund

RIFAX

Annual Shareholder Report

December 31, 2024

This annual shareholder report contains important information about U.S. Strategic Equity Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
U.S. Strategic Equity Fund	$100	0.91%

How did the Fund perform last year and what affected its performance?

The U.S. large cap equity market maintained its strong upward trajectory in 2024 (with the Russell 1000^® Index returning 24.51%) driven by solid earnings, robust consumer spending and continued excitement around artificial intelligence. While the market was strong, it was led by unusual characteristics such as extremely narrow market concentration, which distinguished the second quarter specifically, and the third quarter was led by defensive parts of the market such as real estate and bond proxy sectors as the Fed began an easing cycle. The final quarter of 2024 saw the market rally around dynamic growth names following Trump’s re-election, leading to marked outperformance. Overall, communication services and information technology were the best performing sectors in the Russell 1000^® Index, while materials and health care lagged.
The Fund underperformed its primary benchmark for the fiscal year. Two of the Fund’s four money managers outperformed their assigned benchmarks for the fiscal year. Stock selection was the primary detractor over the period, as holdings within the information technology and healthcare sectors detracted from performance. Factor positioning was negative, as tilts toward smaller size and away from the most expensive and most volatile stocks were not rewarded, while a tilt toward above benchmark growth helped to reduce the negative impact. Sector allocation decisions were mixed over the period, as an overweight to the materials sector detracted from performance, while an underweight to the real estate sector added to performance. Russell Investment Management, LLC (“RIM”) fully equitized the Fund’s cash utilizing index futures over the fiscal year, which was beneficial given the return of the Russell 1000^® Index during the period.

How did the Fund perform over the last 10 years?*

The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

	U.S. Strategic Equity Fund	Russell 1000^® Index
2014	10,000	10,000
2015	10,111	10,092
2016	11,186	11,308
2017	13,512	13,761
2018	12,209	13,102
2019	15,904	17,220
2020	19,696	20,830
2021	23,713	26,340
2022	18,767	21,302
2023	23,701	26,953
2024	28,561	33,560

Annual Fund Performance*

	1 Year	5 Years	10 Years
U.S. Strategic Equity Fund	20.50%	12.42%	11.07%
Russell 1000^® Index	24.51%	14.28%	12.87%

*The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of any insurance company separate account or policy charges. Those charges, if included, would have reduced the performance.

Key Fund Statistics

Net Assets (thousands)	$607,288
Total Number of Portfolio Holdings	497
Total Advisory Fees Paid (thousands)	$4,393
Portfolio Turnover Rate	53%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	0.3%
Securities Sold Short	(5.9)%
Short-Term Investments	2.0%
Common Stocks	103.6%

Sector Exposure - Common Stocks

(% of Net Assets)

Value	Value
Technology	38.8%
Consumer Discretionary	14.7%
Financial Services	14.3%
Health Care	10.8%
Producer Durables	8.7%
Materials and Processing	4.7%
Consumer Staples	4.1%
Energy	4.0%
Utilities	3.5%
Other	(3.6)%

Material Fund Changes

Until February 29, 2024, RIM contractually agreed to waive 0.02% of its advisory fee. Effective March 1, 2024, RIM contractually agreed to waive 0.04% of its advisory fee.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2025 at https://connect.rightprospectus.com/russellinvestments?Site=RIFor upon request at 1-800-787-7354.

Additional Information

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

U.S. Strategic Equity Fund

Annual Shareholder Report

RIFAX

December 31, 2024

U.S. Small Cap Equity Fund

RIFBX

Annual Shareholder Report

December 31, 2024

This annual shareholder report contains important information about U.S. Small Cap Equity Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
U.S. Small Cap Equity Fund	$118	1.13%

How did the Fund perform last year and what affected its performance?

U.S. small cap equity market returns were muted for the first half of 2024, with the Russell 2000^® Index lagging the Russell 1000^® Index due to market reactions surrounding Fed rate cut delays and strong growth and momentum leadership within large cap stocks. The third quarter of 2024 saw a reversal, as small cap stocks rallied in response to the Fed commencing its easing monetary policy cycle. The final quarter of 2024 saw a return to prior performance, with the Russell 2000^® Index lagging the Russell 1000^® Index as the market rallied behind dynamic growth names following Trump’s re-election. Overall, information technology and consumer staples were the best performing sectors in the Russell 2000^® Index, while energy and healthcare lagged over the period.
The Fund underperformed its secondary benchmark for the fiscal year. Two out of the Fund’s six money managers with allocated assets outperformed their assigned benchmarks. Stock selection was negative, primarily driven by securities in the information technology, materials and consumer discretionary sectors underperforming. Factor positioning was a negative contributor, with exposure to higher quality and less expensive stocks detracting from performance. Sector allocation decisions were negative as well, as an underweight to the information technology sector and overweights to the healthcare and materials sectors detracted. Russell Investment Management, LLC (“RIM”) fully equitized the Fund’s cash utilizing index futures over the fiscal year, which was beneficial given the return of the Russell 2000^® Index during the period.

How did the Fund perform over the last 10 years?*

	U.S. Small Cap Equity Fund	Russell 3000^®Index^{Footnote Reference(a)}	Russell 2000^® Index
2014	10,000	10,000	10,000
2015	9,281	10,048	9,559
2016	11,013	11,327	11,595
2017	12,718	13,721	13,294
2018	11,195	13,002	11,830
2019	13,778	17,035	14,849
2020	15,528	20,593	17,813
2021	19,532	25,877	20,453
2022	16,416	20,907	16,273
2023	18,650	26,334	19,028
2024	20,240	32,604	21,223

Annual Fund Performance*

	1 Year	5 Years	10 Years
U.S. Small Cap Equity Fund	8.53%	8.00%	7.31%
Russell 3000^®Index^{Footnote Reference(a)}	23.81%	13.86%	12.55%
Russell 2000^® Index	11.54%	7.40%	7.82%

Key Fund Statistics

Net Assets (thousands)	$214,504
Total Number of Portfolio Holdings	1,134
Total Advisory Fees Paid (thousands)	$1,951
Portfolio Turnover Rate	73%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Securities Sold Short	(3.9)%
Short-Term Investments	3.7%
Common Stocks	100.2%

Sector Exposure - Common Stocks

(% of Net Assets)

Value	Value
Financial Services	24.1%
Health Care	17.0%
Producer Durables	16.1%
Technology	13.0%
Consumer Discretionary	12.7%
Materials and Processing	7.5%
Energy	4.0%
Utilities	3.4%
Consumer Staples	2.4%
Other	(0.2)%

Material Fund Changes

Until April 30, 2024, RIM contractually agreed to waive 0.04% of its advisory fee. Effective May 1, 2024, RIM contractually agreed to a Fund-level expense cap (with certain exclusions) of 1.05% on an annual basis.

Additional Information

Footnote	Description
Footnote^(a)	The Fund’s primary benchmark was changed from the Russell 2000^® Index to the Russell 3000^® Index effective January 1, 2024 to comply with new regulations that require the Fund’s primary benchmark to represent the overall applicable domestic equity market.

U.S. Small Cap Equity Fund

Annual Shareholder Report

RIFBX

December 31, 2024

International Developed Markets Fund

RIFCX

Annual Shareholder Report

December 31, 2024

This annual shareholder report contains important information about International Developed Markets Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
International Developed Markets Fund	$104	1.03%

How did the Fund perform last year and what affected its performance?

Over the fiscal year, the MSCI World ex USA Index (Net) was up 4.70%. Growth, momentum and value outperformed while small size, low volatility and quality lagged the benchmark. Positive market returns were primarily driven by expectations that central banks could engineer a soft landing for international economies.
The Fund underperformed its secondary benchmark over the fiscal year. The Fund’s tilt towards smaller names was a key detractor. Sector allocation was modestly positive, as the Fund’s underweights to the health care, energy and utilities sectors were tailwinds. Stock selection was impacted by overweight positions in Schlumberger NV and Randstad NV, along with an underweight position in Hitachi, Ltd, which were not rewarded over the period. This was partially offset by positive contributions from overweight positions in Taiwan Semiconductor Manufacturing Limited and Tencent Holdings, Ltd. The top performing money manager strategy was a growth strategy with exposure to growth and momentum along with positive stock selection, while the largest detractor was a value strategy with underweights to momentum and larger names. Russell Investment Management, LLC’s positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to quality, momentum and low volatility, outperformed over the fiscal year. The Fund’s use of derivatives to provide preferred positioning with respect to countries and currencies detracted over the fiscal year while the use of index futures to equitize a portion of uninvested cash performed as intended.

How did the Fund perform over the last 10 years?*

	International Developed Markets Fund	MSCI World ex USA Index (Net)	International Developed Markets Linked Benchmark^{Footnote Reference(a)}
2014	10,000	10,000	10,000
2015	9,869	9,696	9,744
2016	10,102	9,963	9,981
2017	12,624	12,374	12,461
2018	10,747	10,631	10,705
2019	12,866	13,022	13,113
2020	13,519	14,010	14,107
2021	15,230	15,778	15,888
2022	13,243	13,523	13,618
2023	15,397	15,949	16,061
2024	15,824	16,699	16,816

Annual Fund Performance*

	1 Year	5 Years	10 Years
International Developed Markets Fund	2.78%	4.23%	4.70%
MSCI World ex USA Index (Net)	4.70%	5.10%	5.26%
International Developed Markets Linked Benchmark^{Footnote Reference(a)}	4.70%	5.10%	5.33%

Key Fund Statistics

Net Assets (thousands)	$335,410
Total Number of Portfolio Holdings	552
Total Advisory Fees Paid (thousands)	$3,143
Portfolio Turnover Rate	27%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	1.6%
Preferred Stocks	0.8%
Short-Term Investments	4.0%
Common Stocks	93.6%

Country Exposure - Common Stocks

(% of Net Assets)

Value	Value
Japan	16.4%
United States	11.0%
United Kingdom	9.8%
France	8.1%
Germany	7.2%
Netherlands	4.6%
Canada	4.1%
Switzerland	3.9%
Italy	3.2%
Taiwan	3.1%
Other Common Stocks	22.2%
Other	6.4%

Additional Information

Footnote	Description
Footnote^(a)	The International Developed Markets Linked Benchmark represents the returns of the Russell Developed ex-US Large Cap Index (Net) through December 31, 2017, and the returns of the MSCI World ex USA Index (Net) thereafter. For more information, see the Performance section in the Fund's Summary Prospectus.

International Developed Markets Fund

Annual Shareholder Report

RIFCX

December 31, 2024

Strategic Bond Fund

RIFDX

Annual Shareholder Report

December 31, 2024

This annual shareholder report contains important information about Strategic Bond Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Strategic Bond Fund	$65	0.65%

How did the Fund perform last year and what affected its performance?

Following the rally at the end of 2023, interest rates steadily climbed in 2024, but cooling inflation and a weakening labor market gave central banks confidence to start cutting rates. However, rates volatility (as measured by the ICE BofA MOVE Index) stayed at elevated levels throughout the fiscal year. Corporate bonds and securitized credit were top performers over the fiscal year as “all-in” yield buyers brought strong demand and drove credit spreads to decade-tight levels.
The Fund underperformed its primary benchmark for the fiscal year. The Fund’s overweight duration position implemented via derivatives detracted from performance as interest rates increased over the fiscal year. Sector allocation was additive to performance, as overweights to high yield corporates, commercial mortgaged-backed securities and emerging market debt benefited from a spread tightening environment. During the period, the Fund used derivatives to maintain a steepening bias in the Fund, which benefitted from the rates curve steepening during the fiscal year. The Fund also used government bond futures to seek to generate active returns through international rates positioning and currency forwards to seek to generate active returns through currency positioning and these strategies had a positive impact during the fiscal year.

How did the Fund perform over the last 10 years?*

	Strategic Bond Fund	Bloomberg U.S. Aggregate Bond Index
2014	10,000	10,000
2015	9,986	10,055
2016	10,296	10,321
2017	10,693	10,687
2018	10,607	10,688
2019	11,582	11,620
2020	12,558	12,492
2021	12,330	12,299
2022	10,570	10,699
2023	10,994	11,291
2024	11,085	11,432

Annual Fund Performance*

	1 Year	5 Years	10 Years
Strategic Bond Fund	0.83%	(0.87)%	1.04%
Bloomberg U.S. Aggregate Bond Index	1.25%	(0.33)%	1.35%

Key Fund Statistics

Net Assets (thousands)	$864,889
Total Number of Portfolio Holdings	956
Total Advisory Fees Paid (thousands)	$4,786
Portfolio Turnover Rate	94%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(8.1)%
Short-Term Investments	28.4%
Long-Term Investments	79.7%

Long-Term Fixed Income Exposure

(% of Net Assets)

Value	Value
Mortgage-Backed Securities	28.4%
Corporate Bonds and Notes	22.5%
International Debt	12.6%
Non-US Bonds	6.3%
United States Government Treasuries	5.6%
Asset-Backed Securities	4.3%
Other	20.3%

Material Fund Changes

Effective June 1, 2024, Russell Investment Management (“RIM”) contractually agreed to waive 0.01% of its advisory fee.

In October 2024, RIM terminated Western Asset Management Company and Western Asset Management Company Limited as a money manager for the Fund and hired Allspring Global Investments, LLC as a money manager for the Fund. In December 2024, RIM hired RBC Global Asset Management (U.S.) Inc., an affiliate of an existing money manager, as a money manager for the Fund.

Additional Information

Strategic Bond Fund

Annual Shareholder Report

RIFDX

December 31, 2024

Global Real Estate Securities Fund

RIFSX

Annual Shareholder Report

December 31, 2024

This annual shareholder report contains important information about Global Real Estate Securities Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Global Real Estate Securities Fund	$92	0.91%

How did the Fund perform last year and what affected its performance?

For the fiscal year, the global real estate market underperformed relative to broader global equities. U.S. property markets stood out as the strongest performers, particularly office and mall REITs. Healthcare REITs also showed resilience, benefiting from long-term growth trends associated with an aging population. Data centers also outperformed, driven by increasing demand linked to advancements in artificial intelligence. In Europe, real estate securities showed strength, whereas property stocks in Asia lagged.
The Fund outperformed its secondary benchmark during the period. Favorable security selection among U.S. specialty REITs significantly contributed to performance, particularly due to the strong results from Iron Mountain, Inc., which benefitted from excitement surrounding its data center business. Stock selection within the U.S. health care sector and real estate securities in Australia was also beneficial. Unfavorable security selection among U.S. residential REITs had a marginally negative impact. Both of the Fund’s money managers demonstrated strong performance during the period, with favorable stock selection in U.S. specialty and office REITs, Australian real estate securities and an overweight position in U.S. health care REITs driving outperformance. Russell Investment Management, LLC’s positioning strategy, which implemented sector tilting through the purchase of real estate stocks, outperformed the Fund’s secondary benchmark. An overweight to the office sector was additive, while an underweight to malls detracted from performance. During the fiscal year, the Fund used index futures contracts to equitize the Fund’s cash and this strategy performed as intended.

How did the Fund perform over the last 10 years?*

	Global Real Estate Securities Fund	MSCI World Index (Net)^{Footnote Reference(a)}	FTSE EPRA Nareit Developed Index (Net)
2014	10,000	10,000	10,000
2015	10,025	9,913	9,921
2016	10,328	10,657	10,324
2017	11,547	13,045	11,394
2018	10,886	11,908	10,752
2019	13,242	15,203	13,107
2020	12,557	17,621	11,923
2021	15,971	21,465	15,033
2022	11,696	17,571	11,262
2023	12,930	21,751	12,351
2024	13,113	25,812	12,467

Annual Fund Performance*

	1 Year	5 Years	10 Years
Global Real Estate Securities Fund	1.42%	(0.20)%	2.75%
MSCI World Index (Net)^{Footnote Reference(a)}	18.67%	11.17%	9.95%
FTSE EPRA Nareit Developed Index (Net)	0.94%	(1.00)%	2.23%

Key Fund Statistics

Net Assets (thousands)	$928,816
Total Number of Portfolio Holdings	144
Total Advisory Fees Paid (thousands)	$7,612
Portfolio Turnover Rate	74%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	2.3%
Short-Term Investments	5.0%
Common Stocks	92.7%

Country Exposure - Common Stocks

(% of Net Assets)

Value	Value
United States	62.7%
Japan	7.8%
Australia	4.9%
United Kingdom	3.4%
Singapore	2.7%
Germany	2.4%
France	2.3%
Hong Kong	2.2%
Sweden	1.4%
Canada	1.2%
Other Common Stocks	1.7%
Other	7.3%

Additional Information

Footnote	Description
Footnote^(a)	The Fund’s primary benchmark was changed from the FTSE EPRA Nareit Developed Index (Net) to the MSCI World Index (Net) effective January 1, 2024 to comply with new regulations that require the Fund’s primary benchmark to represent the overall applicable global equity market.

Global Real Estate Securities Fund

Annual Shareholder Report

RIFSX

December 31, 2024

Moderate Strategy Fund

RIFGX

Annual Shareholder Report

December 31, 2024

This annual shareholder report contains important information about Moderate Strategy Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Moderate Strategy Fund	$14	0.14%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 24% return, with U.S. mid cap and small cap equities delivering gains of approximately 15% and 11%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of approximately 7% and 5%, respectively. The Fed began normalizing monetary policy in 2024, implementing 100 basis points of rate cuts during the year. Despite these cuts, U.S. Treasury yields rose by year-end compared to their 2023 levels, resulting in the underperformance of longer-duration fixed income assets relative to shorter-duration ones. High all-in yields, combined with tightening spreads, drove strong returns in high-yield bonds.
The Fund outperformed its primary benchmark for the fiscal year. The Fund’s strategic asset allocation positioning maintained a slight overweight to key risk factors, including equity beta (volatility in relation to the overall market) which contributed positively. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Moderate Strategy Fund	Bloomberg U.S. Universal Index^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	10,000	10,000	10,000
2015	9,829	10,043	10,055
2016	10,591	10,436	10,321
2017	11,638	10,863	10,687
2018	11,065	10,835	10,688
2019	12,452	11,842	11,620
2020	13,249	12,739	12,492
2021	14,340	12,598	12,299
2022	12,095	10,961	10,699
2023	13,464	11,638	11,291
2024	14,338	11,875	11,432

Annual Fund Performance*

	1 Year	5 Years	10 Years
Moderate Strategy Fund	6.48%	2.86%	3.67%
Bloomberg U.S. Universal Index^{Footnote Reference(a)}	2.04%	0.06%	1.73%
Bloomberg U.S. Aggregate Bond Index	1.25%	(0.33)%	1.35%

Key Fund Statistics

Net Assets (thousands)	$66,178
Total Number of Portfolio Holdings	10
Total Advisory Fees Paid (thousands)	$139
Portfolio Turnover Rate	8%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	52.3%
International Equities	20.0%
Domestic Equities	16.9%
Multi-Asset	8.0%
Alternative	2.9%
Other	(0.1)%

Additional Information

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the Bloomberg U.S. Universal Index effective May 1, 2024, as Russell Investment Management, LLC, the Fund's adviser, believes the Bloomberg U.S. Universal Index better represents the largest asset classes invested in by the Fund.

Moderate Strategy Fund

Annual Shareholder Report

RIFGX

December 31, 2024

Balanced Strategy Fund

RIFHX

Annual Shareholder Report

December 31, 2024

This annual shareholder report contains important information about Balanced Strategy Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Balanced Strategy Fund	$15	0.14%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 24% return, with U.S. mid cap and small cap equities delivering gains of approximately 15% and 11%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of approximately 7% and 5%, respectively. The Fed began normalizing monetary policy in 2024, implementing 100 basis points of rate cuts during the year. Despite these cuts, U.S. Treasury yields rose by year-end compared to their 2023 levels, resulting in the underperformance of longer-duration fixed income assets relative to shorter-duration ones. High all-in yields, combined with tightening spreads, drove strong returns in high-yield bonds.
The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Balanced Strategy Fund	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	10,000	10,000	10,000
2015	9,770	9,764	10,055
2016	10,654	10,531	10,321
2017	11,933	13,056	10,687
2018	11,122	11,827	10,688
2019	12,951	14,973	11,620
2020	13,942	17,406	12,492
2021	15,760	20,633	12,299
2022	13,183	16,844	10,699
2023	15,098	20,584	11,291
2024	16,529	24,183	11,432

Annual Fund Performance*

	1 Year	5 Years	10 Years
Balanced Strategy Fund	9.48%	5.00%	5.15%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	17.49%	10.06%	9.23%
Bloomberg U.S. Aggregate Bond Index	1.25%	(0.33)%	1.35%

Key Fund Statistics

Net Assets (thousands)	$211,569
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$432
Portfolio Turnover Rate	11%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	36.1%
Fixed Income	32.5%
Domestic Equities	20.0%
Multi-Asset	7.0%
Alternative	4.4%

Additional Information

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the MSCI ACWI Index (Net) effective May 1, 2024, as Russell Investment Management, LLC, the Fund's adviser, believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Balanced Strategy Fund

Annual Shareholder Report

RIFHX

December 31, 2024

Growth Strategy Fund

RIFIX

Annual Shareholder Report

December 31, 2024

This annual shareholder report contains important information about Growth Strategy Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Growth Strategy Fund	$16	0.15%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 24% return, with U.S. mid cap and small cap equities delivering gains of approximately 15% and 11%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of approximately 7% and 5%, respectively. The Fed began normalizing monetary policy in 2024, implementing 100 basis points of rate cuts during the year. Despite these cuts, U.S. Treasury yields rose by year-end compared to their 2023 levels, resulting in the underperformance of longer-duration fixed income assets relative to shorter-duration ones. High all-in yields, combined with tightening spreads, drove strong returns in high-yield bonds.
The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Growth Strategy Fund	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Russell 1000^® Index
2014	10,000	10,000	10,000
2015	9,669	9,764	10,092
2016	10,609	10,531	11,308
2017	12,270	13,056	13,761
2018	11,282	11,827	13,102
2019	13,320	14,973	17,220
2020	14,619	17,406	20,830
2021	17,169	20,633	26,340
2022	14,215	16,844	21,302
2023	16,768	20,584	26,953
2024	18,770	24,183	33,560

Annual Fund Performance*

	1 Year	5 Years	10 Years
Growth Strategy Fund	11.94%	7.10%	6.50%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	17.49%	10.06%	9.23%
Russell 1000^® Index	24.51%	14.28%	12.87%

Key Fund Statistics

Net Assets (thousands)	$179,482
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$364
Portfolio Turnover Rate	8%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	41.0%
Domestic Equities	31.4%
Fixed Income	14.3%
Multi-Asset	8.0%
Alternative	5.3%

Additional Information

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Russell 1000^® Index to the MSCI ACWI Index (Net) effective May 1, 2024, as Russell Investment Management, LLC, the Fund's adviser, believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Growth Strategy Fund

Annual Shareholder Report

RIFIX

December 31, 2024

Equity Growth Strategy Fund

RIFJX

Annual Shareholder Report

December 31, 2024

This annual shareholder report contains important information about Equity Growth Strategy Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Equity Growth Strategy Fund	$16	0.15%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 24% return, with U.S. mid cap and small cap equities delivering gains of approximately 15% and 11%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of approximately 7% and 5%, respectively. The Fed began normalizing monetary policy in 2024, implementing 100 basis points of rate cuts during the year. Despite these cuts, U.S. Treasury yields rose by year-end compared to their 2023 levels, resulting in the underperformance of longer-duration fixed income assets relative to shorter-duration ones. High all-in yields, combined with tightening spreads, drove strong returns in high-yield bonds.
The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Equity Growth Strategy Fund	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Russell 1000^® Index
2014	10,000	10,000	10,000
2015	9,613	9,764	10,092
2016	10,656	10,531	11,308
2017	12,526	13,056	13,761
2018	11,342	11,827	13,102
2019	13,620	14,973	17,220
2020	14,745	17,406	20,830
2021	17,636	20,633	26,340
2022	14,518	16,844	21,302
2023	17,352	20,584	26,953
2024	19,624	24,183	33,560

Annual Fund Performance*

	1 Year	5 Years	10 Years
Equity Growth Strategy Fund	13.09%	7.58%	6.97%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	17.49%	10.06%	9.23%
Russell 1000^® Index	24.51%	14.28%	12.87%

Key Fund Statistics

Net Assets (thousands)	$48,053
Total Number of Portfolio Holdings	10
Total Advisory Fees Paid (thousands)	$97
Portfolio Turnover Rate	11%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	45.0%
Domestic Equities	36.1%
Multi-Asset	8.1%
Alternative	6.4%
Fixed Income	4.5%
Other	(0.1)%

Additional Information

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Russell 1000^® Index to the MSCI ACWI Index (Net) effective May 1, 2024, as Russell Investment Management, LLC, the Fund's adviser, believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Equity Growth Strategy Fund

Annual Shareholder Report

RIFJX

December 31, 2024

Item 2. Code of Ethics.

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.

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.

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:

2023 $277,558

2024 $295,937

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

2023 $98,344 Tax Services performed in connection with the Audit

2024 $103,259 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

2023 $92,865 Tax services

2024 $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

2023 $0

2024 $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 Investments 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:

(a) 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);

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

(d) 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:

(a) Bookkeeping or other services relating to the accounting records or financial statements of the Funds

(b) Financial information system design and implementation

(d) Actuarial services

(e) Internal audit outsourcing services

(f) Management functions

(g) Human resources services

(h) Broker-dealer, investment adviser or investment banking services

(i) Legal services unrelated to the audit

(j) 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.

Footnotes

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.

(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:

2023 $0

2024 $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

(a) The registrant’s Schedules of Investments are included as part of the Financial Statements filed under Item 7 of this form.

(b) Not Applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies