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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05371

Russell Investment Funds

(Exact name of registrant as specified in charter)

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

Mary Beth Albaneze, Secretary and Chief Legal Officer

1301 2nd Avenue

18th Floor

Seattle, Washington 98101

206-505-4846

______________________________________________

(Name and address of agent for service)

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

Date of fiscal year end:           December 31

Date of reporting period:        January 1, 2025 to June 30, 2025

Item 1. Reports to Stockholders

U.S. Strategic Equity Fund 

RIFAX 

Semi-Annual Shareholder Report

June 30, 2025 

This semi-annual shareholder report contains important information about U.S. Strategic Equity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
U.S. Strategic Equity Fund	$45	0.89%

Key Fund Statistics

• Net Assets (thousands)$625,574
• Total Number of Portfolio Holdings 495
• Total Advisory Fees Paid (thousands) $2,155
• Portfolio Turnover Rate41%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	0.2%
Securities Sold Short	(5.1)%
Short-Term Investments	3.4%
Common Stocks	101.5%

Sector Exposure - Common Stocks

(% of Net Assets) 

Value	Value
Technology	39.9%
Consumer Discretionary	14.9%
Financial Services	14.6%
Health Care	9.5%
Producer Durables	7.7%
Materials and Processing	4.1%
Consumer Staples	3.8%
Energy	3.7%
Utilities	3.3%
Other	(1.5)%

Additional Information

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

U.S. Small Cap Equity Fund 

RIFBX 

Semi-Annual Shareholder Report

June 30, 2025 

This semi-annual shareholder report contains important information about U.S. Small Cap Equity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
U.S. Small Cap Equity Fund	$54	1.11%

Key Fund Statistics

• Net Assets (thousands)$194,948
• Total Number of Portfolio Holdings 1,108
• Total Advisory Fees Paid (thousands) $878
• Portfolio Turnover Rate46%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	0.2%
Securities Sold Short	(3.8)%
Short-Term Investments	4.8%
Common Stocks	98.8%

Sector Exposure - Common Stocks

(% of Net Assets) 

Value	Value
Financial Services	21.6%
Producer Durables	17.2%
Health Care	16.5%
Technology	13.2%
Consumer Discretionary	12.3%
Materials and Processing	8.1%
Energy	3.9%
Utilities	3.2%
Consumer Staples	2.8%
Other	1.2%

Additional Information

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

International Developed Markets Fund 

RIFCX 

Semi-Annual Shareholder Report

June 30, 2025 

This semi-annual shareholder report contains important information about International Developed Markets Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
International Developed Markets Fund	$55	1.02%

Key Fund Statistics

• Net Assets (thousands)$386,781
• Total Number of Portfolio Holdings 561
• Total Advisory Fees Paid (thousands) $1,592
• Portfolio Turnover Rate22%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	2.3%
Preferred Stocks	0.4%
Short-Term Investments	5.1%
Common Stocks	92.2%

Country Exposure - Common Stocks

(% of Net Assets) 

Value	Value
Japan	15.8%
United States	9.8%
United Kingdom	9.5%
Germany	8.4%
France	8.3%
Netherlands	4.4%
Switzerland	3.8%
Canada	3.6%
China	3.3%
Italy	3.0%
Other Common Stocks	22.3%
Other	7.8%

Additional Information

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

Strategic Bond Fund 

RIFDX 

Semi-Annual Shareholder Report

June 30, 2025 

This semi-annual shareholder report contains important information about Strategic Bond Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Strategic Bond Fund	$33	0.65%

Key Fund Statistics

• Net Assets (thousands)$868,855
• Total Number of Portfolio Holdings 1,039
• Total Advisory Fees Paid (thousands) $2,355
• Portfolio Turnover Rate24%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(1.4)%
Short-Term Investments	18.7%
Long-Term Fixed Income Investments	82.7%

Long-Term Fixed Income Exposure

(% of Net Assets) 

Value	Value
Mortgage-Backed Securities	26.4%
Corporate Bonds and Notes	24.9%
International Debt	14.0%
Non-US Bonds	6.9%
United States Government Treasuries	6.0%
Asset-Backed Securities	4.2%
United States Government Agencies	0.3%
Other	17.3%

Additional Information

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

Global Real Estate Securities Fund 

RIFSX 

Semi-Annual Shareholder Report

June 30, 2025 

This semi-annual shareholder report contains important information about Global Real Estate Securities Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Global Real Estate Securities Fund	$47	0.91%

Key Fund Statistics

• Net Assets (thousands)$973,490
• Total Number of Portfolio Holdings 140
• Total Advisory Fees Paid (thousands) $3,756
• Portfolio Turnover Rate34%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	1.4%
Short-Term Investments	4.3%
Common Stocks	94.3%

Country Exposure - Common Stocks

(% of Net Assets) 

Value	Value
United States	58.1%
Japan	9.4%
Australia	5.9%
United Kingdom	4.3%
Hong Kong	3.0%
Singapore	2.9%
France	2.5%
Germany	2.5%
Sweden	1.6%
Canada	1.3%
Other Common Stocks	2.8%
Other	5.7%

Additional Information

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

Moderate Strategy Fund 

RIFGX 

Semi-Annual Shareholder Report

June 30, 2025 

This semi-annual shareholder report contains important information about Moderate Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Moderate Strategy Fund	$7	0.14%

Key Fund Statistics

• Net Assets (thousands)$66,320
• Total Number of Portfolio Holdings 11
• Total Advisory Fees Paid (thousands) $65
• Portfolio Turnover Rate10%

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	53.9%
International Equities	20.6%
Domestic Equities	15.6%
Multi-Asset	8.0%
Alternative	2.0%
Other	(0.1)%

Additional Information

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

Balanced Strategy Fund 

RIFHX 

Semi-Annual Shareholder Report

June 30, 2025 

This semi-annual shareholder report contains important information about Balanced Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Balanced Strategy Fund	$7	0.14%

Key Fund Statistics

• Net Assets (thousands)$216,033
• Total Number of Portfolio Holdings 11
• Total Advisory Fees Paid (thousands) $208
• Portfolio Turnover Rate10%

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	35.2%
Fixed Income	33.2%
Domestic Equities	20.7%
Multi-Asset	7.0%
Alternative	3.9%

Additional Information

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

Aggressive Strategy Fund 

RIFIX 

Semi-Annual Shareholder Report

June 30, 2025 

This semi-annual shareholder report contains important information about Aggressive Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Aggressive Strategy Fund	$8	0.15%

Key Fund Statistics

• Net Assets (thousands)$181,476
• Total Number of Portfolio Holdings 11
• Total Advisory Fees Paid (thousands) $176
• Portfolio Turnover Rate9%

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	40.2%
Domestic Equities	32.7%
Fixed Income	14.3%
Multi-Asset	7.9%
Alternative	4.9%

Additional Information

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

Equity Aggressive Strategy Fund 

RIFJX 

Semi-Annual Shareholder Report

June 30, 2025 

This semi-annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=RIF. You can also request this information by contacting us at 1-800-787-7354.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Equity Aggressive Strategy Fund	$8	0.15%

Key Fund Statistics

• Net Assets (thousands)$51,820
• Total Number of Portfolio Holdings 10
• Total Advisory Fees Paid (thousands) $49
• Portfolio Turnover Rate12%

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	43.0%
Domestic Equities	38.8%
Multi-Asset	8.0%
Alternative	5.4%
Fixed Income	4.9%
Other	(0.1)%

Additional Information

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

Item 2. Code of Ethics.

Annual Report Only

Item 3. Audit Committee Financial Expert.

Annual Report Only

Item 4. Principal Accountant Fees and Services.

Annual Report Only

Item 5.  Audit Committee of Listed Registrants. 

Not Applicable.

Item 6.  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

2025

SEMI-ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

Russell

Investment

Funds

JUNE

30,

2025

FUND

U.S.

Strategic

Equity

Fund

U.S.

Small

Cap

Equity

Fund

International

Developed

Markets

Fund

Strategic

Bond

Fund

Global

Real

Estate

Securities

Fund

Russell

Investment

Funds

Russell

Investment

Funds

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

Funds.

These

financial

statements

report

on

five

of

these

Funds.

Page

U.S.

Strategic

Equity

Fund

(Form

N-CSR

Item

7)

3

U.S.

Small

Cap

Equity

Fund

(Form

N-CSR

Item

7)

18

International

Developed

Markets

Fund

(Form

N-CSR

Item

7)

39

Strategic

Bond

Fund

(Form

N-CSR

Item

7)

59

Global

Real

Estate

Securities

Fund

(Form

N-CSR

Item

7)

96

Notes

to

Schedules

of

Investments

(Form

N-CSR

Item

7)

108

Notes

to

Financial

Highlights

(Form

N-CSR

Item

7)

110

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

111

Affiliated

Brokerage

Transactions

(Form

N-CSR

Item

7)

131

Basis

for

Approval

of

Investment

Advisory

Agreement

(Form

N-CSR

Item

11)

132

Adviser,

Money

Managers

and

Service

Providers

143

Russell

Investment

Funds

Semi-annual

Financial

Statements

and

Other

Information

June

30,

2025

(Unaudited)

Table

of

Contents

Russell

Investment

Funds

Copyright

©

Russell

Investments

2025.

All

rights

reserved.

Russell

Investments’

ownership

is

composed

of

a

majority

stake

held

by

funds

managed

by

TA

Associates

Management,

L.P.,

with

a

significant

minority

stake

held

by

funds

managed

by

Reverence

Capital

Partners,

L.P.

Certain

of

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-

controlling,

ownership

stakes.

Frank

Russell

Company

is

the

owner

of

the

Russell

trademarks

contained

in

this

material

and

all

trademark

rights

related

to

the

Russell

trademarks,

which

the

members

of

the

Russell

Investments

group

of

companies

are

permitted

to

use

under

license

from

Frank

Russell

Company.

The

members

of

the

Russell

Investments

group

of

companies

are

not

affiliated

in

any

manner

with

Frank

Russell

Company

or

any

entity

operating

under

the

“FTSE

RUSSELL”

brand.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

investing.

A

prospectus

containing

this

and

other

important

information

must

precede

or

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

Securities

distributed

through

Russell

Investments

Financial

Services,

LLC,

member

FINRA

and

part

of

Russell

Investments.

Performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

3

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

101.5%

Consumer

Discretionary

-

14.9%

Abercrombie

&

Fitch

Co.

Class

A(Æ)

10,557

875

Amazon.com,

Inc.(Æ)

111,956

24,562

AutoZone,

Inc.(Æ)

121

449

Axon

Enterprise,

Inc.(Æ)

928

768

Carnival

Corp.(Æ)

18,394

517

Central

Garden

&

Pet

Co.

Class

A(Æ)(Û)

740

23

Charter

Communications,

Inc.

Class

A(Æ)

1,129

462

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

76,353

4,287

Columbia

Sportswear

Co.(Ð)

5,780

353

Comcast

Corp.

Class

A

76,242

2,721

Costco

Wholesale

Corp.

4,821

4,773

Coupang

,

Inc.(Æ)

54,748

1,640

Deckers

Outdoor

Corp.(Æ)(Ð)

8,298

855

Dollar

General

Corp.(Ð)(Û)

36,802

4,209

Domino's

Pizza,

Inc.

1,859

838

Expedia

Group,

Inc.

1,360

229

Ford

Motor

Co.

43,067

467

Garmin,

Ltd.(Ð)

6,131

1,280

General

Motors

Co.(Û)

53,090

2,613

Hilton

Worldwide

Holdings,

Inc.

1,767

471

Home

Depot,

Inc.

(The)

4,171

1,529

Lear

Corp.(Ð)

9,415

894

Lennar

Corp.

Class

A

4,035

446

Leonardo

DRS,

Inc.

2,092

97

Life

Time

Group

Holdings,

Inc.(Æ)

11,100

337

Live

Nation

Entertainment,

Inc.(Æ)

12,710

1,923

Lowe's

Cos.,

Inc.

11,570

2,567

Marriott

International,

Inc.

Class

A

3,940

1,076

McDonald's

Corp.

7,787

2,275

Meritage

Homes

Corp.

5,120

343

Netflix,

Inc.

Class

B(Æ)

2,020

2,705

NIKE,

Inc.

Class

B

7,193

511

NVR,

Inc.(Æ)(Ð)

157

1,160

O'Reilly

Automotive,

Inc.(Æ)(Ð)

50,115

4,517

Royal

Caribbean

Cruises,

Ltd.

2,666

835

Starbucks

Corp.

4,911

450

Target

Corp.(Û)

24,090

2,376

Tesla,

Inc.(Æ)

14,981

4,759

TJX

Cos.,

Inc.

(The)

5,109

631

Tractor

Supply

Co.(Ð)

28,668

1,513

TripAdvisor,

Inc.(Æ)(Ð)

13,026

170

Walmart,

Inc.

37,785

3,695

Walt

Disney

Co.

(The)

24,670

3,059

Williams-Sonoma,

Inc.(Ð)

3,707

606

Wingstop

,

Inc.

4,781

1,610

Yum!

Brands,

Inc.

3,111

461

92,937

Consumer

Staples

-

3.8%

Altria

Group,

Inc.

10,358

607

Ambev

SA

-

ADR

314,182

757

Archer-Daniels-Midland

Co.

12,168

642

Coca-Cola

Co.

(The)

12,356

874

Conagra

Brands,

Inc.

38,400

786

CVS

Health

Corp.

52,876

3,648

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

10,176

822

General

Mills,

Inc.

8,126

421

Kenvue

,

Inc.

12,327

258

Keurig

Dr

Pepper,

Inc.

13,507

447

Kimberly-Clark

Corp.

3,356

433

Kroger

Co.

(The)

42,519

3,050

Mondelez

International,

Inc.

Class

A

20,275

1,367

Monster

Beverage

Corp.(Æ)(Û)

54,019

3,384

PepsiCo,

Inc.

6,581

869

Philip

Morris

International,

Inc.

7,379

1,344

Pilgrim's

Pride

Corp.(Ð)

11,879

534

Procter

&

Gamble

Co.

(The)

8,900

1,418

Sysco

Corp.

5,920

449

Tyson

Foods,

Inc.

Class

A

29,841

1,669

23,779

Energy

-

3.7%

Baker

Hughes

Co.

57,121

2,190

BP

PLC

-

ADR

25,225

755

Canadian

Natural

Resources,

Ltd.

35,428

1,112

Chevron

Corp.

6,322

905

CVR

Energy,

Inc.

10,467

281

Devon

Energy

Corp.

25,705

818

Diamondback

Energy,

Inc.

3,133

431

Eaton

Corp.

PLC

8,106

2,894

EOG

Resources,

Inc.(Ð)

14,169

1,695

Exxon

Mobil

Corp.

37,690

4,063

Halliburton

Co.(Û)

15,454

315

Magna

International,

Inc.

Class

A

14,645

565

ONEOK,

Inc.

5,490

448

Phillips

66(Ð)

15,660

1,868

Schlumberger

NV

28,660

969

Shell

PLC

-

ADR

14,898

1,049

Valero

Energy

Corp.(Ð)

16,329

2,195

Williams

Cos.,

Inc.

(The)

11,962

751

23,304

Financial

Services

-

14.6%

AerCap

Holdings

NV

17,970

2,102

Affiliated

Managers

Group,

Inc.

2,922

575

Aflac,

Inc.

7,659

808

Allstate

Corp.

(The)

6,409

1,290

Ally

Financial,

Inc.

41,228

1,606

American

Express

Co.

9,373

2,990

American

International

Group,

Inc.

5,228

447

American

Tower

Corp.(ö)

2,116

468

Ameriprise

Financial,

Inc.

3,919

2,092

Annaly

Capital

Management,

Inc.(ö)

69,359

1,305

Aon

PLC

Class

A

1,281

457

Apollo

Global

Management,

Inc.

6,911

980

Arthur

J

Gallagher

&

Co.

6,610

2,116

Axis

Capital

Holdings,

Ltd.

7,377

766

Bank

of

America

Corp.

71,939

3,404

Bank

of

New

York

Mellon

Corp.

(The)

6,772

617

Berkshire

Hathaway,

Inc.

Class

B(Æ)

8,155

3,961

BlackRock,

Inc.

836

877

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

4

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Blackstone,

Inc.

Class

A

3,181

476

BOK

Financial

Corp.

3,284

321

Bread

Financial

Holdings,

Inc.

9,852

563

Brighthouse

Financial,

Inc.(Æ)

7,523

405

Brown

&

Brown,

Inc.

4,129

458

Camden

Property

Trust(ö)

12,023

1,355

Capital

One

Financial

Corp.

3,325

707

Carlyle

Group,

Inc.

(The)

42,496

2,184

Charles

Schwab

Corp.

(The)

7,110

649

Chubb,

Ltd.

1,658

480

Citigroup,

Inc.

50,496

4,298

CME

Group,

Inc.

Class

A

2,193

604

CNA

Financial

Corp.

2,160

101

Corebridge

Financial,

Inc.

47,450

1,684

Cullen/Frost

Bankers,

Inc.(Û)

3,892

500

Essex

Property

Trust,

Inc.(Ð)(ö)

4,707

1,334

Federated

Hermes,

Inc.

Class

B(Ð)

2,340

104

First

American

Financial

Corp.

9,956

611

First

Industrial

Realty

Trust,

Inc.(ö)

2,230

107

Globe

Life,

Inc.

8,452

1,050

Goldman

Sachs

Group,

Inc.

(The)

1,526

1,080

Hanover

Insurance

Group,

Inc.

(The)

3,366

572

Host

Hotels

&

Resorts,

Inc.(ö)

41,537

638

Houlihan

Lokey

,

Inc.

Class

A(Ð)

500

90

Howard

Hughes

Holdings,

Inc.(Æ)

11,184

755

Interactive

Brokers

Group,

Inc.

Class

A(Ð)

34,104

1,890

Intercontinental

Exchange,

Inc.

2,529

464

InvenTrust

Properties

Corp.(ö)

3,220

88

JPMorgan

Chase

&

Co.

15,488

4,490

KKR

&

Co.,

Inc.

Class

A

3,613

481

M&T

Bank

Corp.

4,673

907

Marsh

&

McLennan

Cos.,

Inc.

2,976

651

MasterCard,

Inc.

Class

A

17,509

9,839

Mercury

General

Corp.

500

34

MetLife,

Inc.

5,593

450

Morgan

Stanley

15,550

2,190

NU

Holdings,

Ltd.

Class

A(Æ)(Ð)

39,046

536

Popular,

Inc.

6,405

706

Progressive

Corp.

(The)

3,110

830

Prologis,

Inc.(ö)

9,207

968

Public

Storage(ö)

953

280

Realty

Income

Corp.(ö)

7,839

452

Reinsurance

Group

of

America,

Inc.

Class

A

5,381

1,067

RLI

Corp.(Ð)

3,564

257

SEI

Investments

Co.(Ð)

1,120

101

Selective

Insurance

Group,

Inc.

3,702

321

Synchrony

Financial(Ð)

24,922

1,663

Synovus

Financial

Corp.

13,336

690

Travelers

Cos.,

Inc.

(The)(Û)

11,925

3,190

Truist

Financial

Corp.

11,009

473

US

Bancorp

14,972

677

VICI

Properties,

Inc.(ö)

13,907

453

Visa,

Inc.

Class

A

7,581

2,692

Wells

Fargo

&

Co.

58,695

4,703

Welltower

,

Inc.(ö)

3,098

476

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Willis

Towers

Watson

PLC

4,214

1,292

91,298

Health

Care

-

9.5%

Abbott

Laboratories

9,014

1,226

AbbVie,

Inc.

14,435

2,679

Agilent

Technologies,

Inc.

20,252

2,390

Align

Technology,

Inc.(Æ)

6,554

1,241

Amgen,

Inc.

2,078

580

AstraZeneca

PLC

-

ADR

7,920

553

Becton

Dickinson

&

Co.

2,581

444

Boston

Scientific

Corp.(Æ)

5,288

568

Bristol-Myers

Squibb

Co.

10,503

486

Cardinal

Health,

Inc.

2,899

487

Cencora

,

Inc.

Class

A

1,568

470

Cigna

Group

(The)

2,393

791

Corcept

Therapeutics,

Inc.(Æ)(Ð)

7,560

555

Dentsply

Sirona,

Inc.(Ð)

14,300

227

DexCom

,

Inc.(Æ)(Ð)

12,810

1,118

Edwards

Lifesciences

Corp.(Æ)(Û)

30,685

2,400

Elevance

Health,

Inc.

1,997

777

Eli

Lilly

&

Co.

4,254

3,316

Exelixis

,

Inc.(Æ)(Û)

10,814

477

GE

HealthCare

Technologies,

Inc.

24,765

1,834

Genmab

A/S

-

ADR(Æ)

25,963

536

Gilead

Sciences,

Inc.

8,080

896

GSK

PLC

-

ADR

29,736

1,142

HCA

Healthcare,

Inc.

1,456

558

Humana,

Inc.

4,206

1,028

Icon

PLC(Æ)

5,514

802

IDEXX

Laboratories,

Inc.(Æ)

5,241

2,811

Illumina,

Inc.(Æ)(Ð)

5,960

569

Incyte

Corp.(Æ)

20,130

1,371

Intuitive

Surgical,

Inc.(Æ)

1,714

931

Jazz

Pharmaceuticals

PLC(Æ)

4,358

462

Johnson

&

Johnson

16,797

2,566

LifeStance

Health

Group,

Inc.(Æ)

15,613

81

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)(Ð)

824

94

McKesson

Corp.(Ð)(Û)

3,145

2,305

Medpace

Holdings,

Inc.(Æ)(Ð)

1,352

424

Medtronic

PLC

26,805

2,337

Merck

&

Co.,

Inc.

13,151

1,041

Moderna

,

Inc.(Æ)(Ð)

8,837

244

Neurocrine

Biosciences,

Inc.(Æ)(Û)

913

115

Organon

&

Co.

42,413

410

Pfizer,

Inc.

57,975

1,405

Quest

Diagnostics,

Inc.

2,532

455

Regeneron

Pharmaceuticals,

Inc.(Û)

2,874

1,509

ResMed

,

Inc.

1,774

458

Royalty

Pharma

PLC

Class

A

20,567

741

Sanofi

SA

-

ADR

13,820

668

Sarepta

Therapeutics,

Inc.(Æ)(Ð)

11,183

191

Stryker

Corp.

5,242

2,074

Thermo

Fisher

Scientific,

Inc.

929

377

Twist

Bioscience

Corp.(Æ)

3,697

136

UnitedHealth

Group,

Inc.

9,041

2,820

Veeva

Systems,

Inc.

Class

A(Æ)

4,895

1,410

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

5

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vertex

Pharmaceuticals,

Inc.(Æ)

3,347

1,490

Viatris

,

Inc.

64,024

572

West

Pharmaceutical

Services,

Inc.(Û)

5,387

1,179

Zoetis,

Inc.

Class

A

4,335

676

59,503

Materials

and

Processing

-

4.1%

Air

Products

&

Chemicals,

Inc.

1,591

449

Boise

Cascade

Co.

2,051

178

Builders

FirstSource

,

Inc.(Æ)

2,744

320

Carrier

Global

Corp.

14,493

1,061

Celanese

Corp.

Class

A

33,208

1,837

Commercial

Metals

Co.

3,620

177

Copart

,

Inc.(Æ)

40,243

1,975

Crown

Holdings,

Inc.(Û)

21,364

2,200

Ecolab,

Inc.

2,540

684

Fastenal

Co.

11,039

464

FMC

Corp.

35,851

1,497

Freeport-McMoRan,

Inc.

36,189

1,569

General

Electric

Co.

2,916

751

Huntsman

Corp.(Ð)

31,278

326

Johnson

Controls

International

PLC

4,301

454

Lennox

International,

Inc.(Ð)

2,428

1,392

Linde

PLC

4,748

2,228

Louisiana-Pacific

Corp.

9,049

778

Martin

Marietta

Materials,

Inc.

2,237

1,228

MDU

Resources

Group,

Inc.(Ð)

1,250

21

Newmont

Corp.

9,979

581

Reliance,

Inc.(Û)

1,000

314

Southern

Copper

Corp.(Ð)

7,183

727

Trane

Technologies

PLC

2,932

1,282

Vulcan

Materials

Co.

6,491

1,693

Watsco

,

Inc.(Ð)

1,536

678

Westlake

Corp.

7,026

533

25,397

Producer

Durables

-

7.7%

3M

Co.

2,310

352

Amphenol

Corp.

Class

A

6,616

653

ArcBest

Corp.

1,000

77

Automatic

Data

Processing,

Inc.

1,408

434

Boeing

Co.

(The)(Æ)

2,155

452

Caterpillar,

Inc.

1,994

774

Cintas

Corp.

2,208

492

Comfort

Systems

USA,

Inc.

3,260

1,748

CSX

Corp.

41,788

1,364

Deere

&

Co.

3,185

1,620

Delta

Air

Lines,

Inc.

30,693

1,509

EMCOR

Group,

Inc.

2,236

1,196

Emerson

Electric

Co.

3,546

473

Expeditors

International

of

Washington,

Inc.

(Ð)

2,104

240

FedEx

Corp.

5,649

1,284

FTI

Consulting,

Inc.(Æ)

3,505

566

Gartner,

Inc.(Æ)

1,056

427

GE

Vernova

,

Inc.(Û)

1,604

849

Global

Payments,

Inc.

29,079

2,327

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Graco

,

Inc.(Ð)

8,968

771

Honeywell

International,

Inc.

2,611

608

Howmet

Aerospace,

Inc.

8,059

1,500

Huntington

Ingalls

Industries,

Inc.(Ð)

7,043

1,701

Illinois

Tool

Works,

Inc.(Ð)(Û)

5,448

1,347

Insperity

,

Inc.

4,652

280

JB

Hunt

Transport

Services,

Inc.(Û)

8,612

1,237

Knight-Swift

Transportation

Holdings,

Inc.

8,460

374

Landstar

System,

Inc.(Ð)

4,775

664

Lockheed

Martin

Corp.

926

429

ManpowerGroup

,

Inc.

8,638

349

MasTec

,

Inc.(Æ)

3,758

640

Moody's

Corp.

952

478

Norfolk

Southern

Corp.

1,777

455

Northrop

Grumman

Corp.

3,844

1,922

Old

Dominion

Freight

Line,

Inc.

1,653

268

Otis

Worldwide

Corp.(Û)

6,748

668

PACCAR,

Inc.

6,429

611

Paychex,

Inc.

4,860

707

PayPal

Holdings,

Inc.(Æ)

6,055

450

Powell

Industries,

Inc.(Ð)

570

120

Quanta

Services,

Inc.

1,252

473

Raytheon

Co.

3,612

527

Regal

Rexnord

Corp.

6,621

960

Republic

Services,

Inc.

Class

A

2,864

706

Robert

Half,

Inc.

8,441

347

Rollins,

Inc.(Û)

13,945

787

Ryder

System,

Inc.

4,071

647

S&P

Global,

Inc.

1,237

652

Schneider

National,

Inc.

Class

B(Ð)

13,009

314

Scotts

Miracle-

Gro

Co.

(The)

Class

A

9,874

651

Southwest

Airlines

Co.

22,847

741

Teledyne

Technologies,

Inc.(Æ)

881

451

Tetra

Tech,

Inc.

16,677

600

Trade

Desk,

Inc.

(The)

Class

A(Æ)(Ð)(Û)

10,714

771

TransDigm

Group,

Inc.

313

476

TransUnion

21,969

1,933

TriNet

Group,

Inc.

4,688

343

Union

Pacific

Corp.

2,491

573

United

Airlines,

Inc.(Æ)

5,335

425

United

Parcel

Service,

Inc.

Class

B

4,874

492

United

Rentals,

Inc.

817

616

Verisk

Analytics,

Inc.

Class

A

1,422

443

Vontier

Corp.

24,562

906

Waste

Management,

Inc.

2,939

673

Westinghouse

Air

Brake

Technologies

Corp.

2,169

454

48,377

Technology

-

39.9%

Accenture

PLC

Class

A

3,163

945

Adobe,

Inc.(Æ)

8,782

3,398

Airbnb,

Inc.

Class

A(Æ)

3,704

490

Alphabet,

Inc.

Class

A

47,985

8,456

Alphabet,

Inc.

Class

C(Û)

26,286

4,663

Amkor

Technology,

Inc.(Ð)

19,016

399

Appfolio

,

Inc.

Class

A(Æ)(Ð)

1,780

410

Apple,

Inc.(Û)

164,227

33,694

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

6

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Applied

Materials,

Inc.

1,950

357

Arista

Networks,

Inc.(Æ)

28,541

2,920

Asana,

Inc.

Class

A(Æ)(Ð)

13,227

179

ASML

Holding

NV

Class

G

403

323

Atlassian

Corp.

Class

A(Æ)

7,279

1,478

Autodesk,

Inc.(Æ)

1,542

477

Blackbaud

,

Inc.(Æ)(Ð)

1,320

85

Booking

Holdings,

Inc.

555

3,213

Broadcom,

Inc.(Ð)

51,515

14,200

Broadridge

Financial

Solutions,

Inc.

1,827

444

Cadence

Design

Systems,

Inc.(Æ)

2,112

651

Cirrus

Logic,

Inc.(Æ)

4,878

509

Cisco

Systems,

Inc.

20,887

1,449

Cognizant

Technology

Solutions

Corp.

Class

A

9,777

763

Corteva

,

Inc.

6,184

461

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

1,369

697

Datadog

,

Inc.

Class

A(Æ)

16,757

2,251

DigitalOcean

Holdings,

Inc.(Æ)(Ð)

7,162

205

DoorDash

,

Inc.

Class

A(Æ)

3,286

810

Dropbox,

Inc.

Class

A(Æ)(Ð)

48,450

1,386

EPAM

Systems,

Inc.(Æ)

5,870

1,038

Fiserv,

Inc.(Æ)

4,726

815

Fortinet,

Inc.(Æ)(Û)

5,472

578

Hewlett

Packard

Enterprise

Co.

17,675

361

Intel

Corp.

21,744

487

International

Business

Machines

Corp.

3,551

1,047

Intuit,

Inc.

6,613

5,209

IPG

Photonics

Corp.(Æ)

2,584

177

Jabil,

Inc.

7,615

1,661

KBR,

Inc.

6,900

331

KLA

Corp.

658

589

Lam

Research

Corp.

22,631

2,203

Lyft,

Inc.

Class

A(Æ)

74,572

1,175

Manhattan

Associates,

Inc.(Æ)

6,486

1,281

Marqeta

,

Inc.

Class

A(Æ)(Ð)

70,083

409

Match

Group,

Inc.

31,297

967

Meta

Platforms,

Inc.

Class

A(Û)

26,550

19,596

Micron

Technology,

Inc.

18,494

2,279

Microsoft

Corp.(Û)

84,380

41,971

Motorola

Solutions,

Inc.

2,021

850

MSCI,

Inc.

Class

A

791

456

NCR

Atleos

Corp.(Æ)

7,460

213

NVIDIA

Corp.(Û)

276,282

43,650

NXP

Semiconductors

NV

8,816

1,926

ON

Semiconductor

Corp.(Æ)

22,050

1,156

Oracle

Corp.

18,325

4,006

Palantir

Technologies,

Inc.

Class

A(Æ)

10,083

1,375

Palo

Alto

Networks,

Inc.(Æ)

8,725

1,785

Pegasystems

,

Inc.

18,400

996

Playtika

Holding

Corp.

6,600

31

QUALCOMM,

Inc.(Ð)(Û)

20,767

3,307

RingCentral,

Inc.

Class

A(Æ)

14,061

399

ROBLOX

Corp.

Class

A(Æ)

15,915

1,674

Roku,

Inc.(Æ)

12,750

1,121

Roper

Technologies,

Inc.

926

525

Salesforce,

Inc.

12,980

3,540

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ServiceNow

,

Inc.(Æ)

3,313

3,406

Silicon

Laboratories,

Inc.(Æ)(Ð)

2,128

314

Snap,

Inc.

Class

A(Æ)(Ð)

14,573

127

Spotify

Technology

SA(Æ)(Û)

846

649

Super

Micro

Computer,

Inc.(Æ)

10,327

506

Synopsys,

Inc.(Æ)

989

507

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

3,126

708

TE

Connectivity

PLC

2,909

491

Teradata

Corp.(Æ)

14,680

327

Texas

Instruments,

Inc.

2,456

510

Tyler

Technologies,

Inc.(Æ)

3,347

1,984

Uber

Technologies,

Inc.(Æ)

30,686

2,863

UiPath

,

Inc.

Class

A(Æ)

46,052

589

VeriSign,

Inc.

5,814

1,679

Workday,

Inc.

Class

A(Æ)

1,761

423

Workiva

,

Inc.(Æ)(Ð)

500

34

249,614

Utilities

-

3.3%

American

Electric

Power

Co.,

Inc.

5,213

541

AT&T,

Inc.

144,913

4,194

Comstock

Resources,

Inc.(Æ)(Ð)

5,430

150

ConocoPhillips

15,066

1,352

Consolidated

Edison,

Inc.

4,537

455

Duke

Energy

Corp.

4,476

528

Edison

International

14,076

726

Entergy

Corp.

11,050

919

Exelon

Corp.

15,945

692

FirstEnergy

Corp.

23,608

951

Gulfport

Energy

Corp.(Æ)

1,309

263

NextEra

Energy,

Inc.

16,837

1,169

NRG

Energy,

Inc.

10,292

1,653

PG&E

Corp.

29,373

410

Sempra

Energy

18,208

1,380

Southern

Co.

(The)

17,807

1,635

T-Mobile

US,

Inc.

3,452

823

United

States

Cellular

Corp.(Æ)

710

45

Verizon

Communications,

Inc.

23,693

1,025

WEC

Energy

Group,

Inc.

4,246

442

Xcel

Energy,

Inc.

23,785

1,620

20,973

Total

Common

Stocks

(cost

$421,444)

635,182

Short-Term

Investments

-

3.4%

U.S.

Cash

Management

Fund(@)

21,250,083

(∞)

21,244

Total

Short-Term

Investments

(cost

$21,244)

21,244

Total

Investments

-

104.9%

(identified

cost

$442,688)

656,426

Securities

Sold

Short

-

(5.1)%

Consumer

Discretionary

-

(0.9)%

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

7

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Advanced

Energy

Industries,

Inc.

(1,070)

(142)

Asbury

Automotive

Group,

Inc.(Æ)

(1,367)

(326)

Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

(8,946)

(418)

Caesars

Entertainment,

Inc.(Æ)

(18,632)

(529)

Dutch

Bros,

Inc.

Class

A(Æ)

(8,916)

(610)

Hilton

Grand

Vacations,

Inc.(Æ)

(12,115)

(503)

Joby

Aviation,

Inc.(Æ)

(33,310)

(351)

Liberty

Media

Corp.

Class

C(Æ)

(3,361)

(273)

Lithia

Motors,

Inc.

Class

A

(1,622)

(548)

Somnigroup

International,

Inc.

(7,785)

(530)

Tapestry,

Inc.

(6,262)

(550)

Under

Armour

,

Inc.

Class

A(Æ)

(18,958)

(130)

Warner

Bros.

Discovery,

Inc.(Æ)

(59,111)

(677)

(5,587)

Consumer

Staples

-

(0.0)%

Kenvue

,

Inc.

(12,340)

(258)

Energy

-

(0.4)%

Core

Natural

Resources,

Inc.

(3,820)

(266)

EQT

Corp.

(9,272)

(541)

First

Solar,

Inc.(Æ)

(3,849)

(637)

Kodiak

Gas

Services,

Inc.

(4,403)

(151)

Patterson-UTI

Energy,

Inc.

(13,079)

(77)

Sunrun

,

Inc.(Æ)

(14,384)

(118)

Uranium

Energy

Corp.(Æ)

(41,407)

(282)

Warrior

Met

Coal,

Inc.

(10,106)

(463)

(2,535)

Financial

Services

-

(0.3)%

AGNC

Investment

Corp.(ö)

(6,329)

(58)

BGC

Group,

Inc.

Class

A

(31,874)

(326)

HA

Sustainable

Infrastructure

Capital,

Inc.

(12,592)

(338)

Old

National

Bancorp

(26,845)

(573)

Shift4

Payments,

Inc.

Class

A(Æ)

(6,144)

(609)

UWM

Holdings

Corp.

(68,482)

(284)

(2,188)

Health

Care

-

(0.8)%

Acadia

Healthcare

Co.,

Inc.(Æ)

(19,507)

(443)

Addus

HomeCare

Corp.(Æ)

(1,717)

(198)

Agios

Pharmaceuticals,

Inc.(Æ)

(8,121)

(270)

Avidity

Biosciences,

Inc.(Æ)

(5,444)

(155)

Axsome

Therapeutics,

Inc.(Æ)

(1,175)

(123)

CG

Oncology,

Inc.(Æ)

(20,995)

(546)

Crinetics

Pharmaceuticals,

Inc.(Æ)

(8,856)

(255)

Elanco

Animal

Health,

Inc.(Æ)

(39,909)

(570)

HealthEquity

,

Inc.(Æ)

(2,191)

(230)

Immunovant

,

Inc.(Æ)

(1,280)

(20)

Insmed

,

Inc.(Æ)

(3,710)

(373)

PROCEPT

BioRobotics

Corp.(Æ)

(4,690)

(270)

Protagonist

Therapeutics,

Inc.(Æ)

(3,325)

(184)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

QuidelOrtho

Corp.(Æ)

(8,214)

(237)

RadNet

,

Inc.(Æ)

(8,019)

(456)

Revolution

Medicines,

Inc.(Æ)

(11,508)

(423)

Vaxcyte

,

Inc.(Æ)

(6,965)

(226)

(4,979)

Materials

and

Processing

-

(0.1)%

Cleveland-Cliffs,

Inc.(Æ)

(30,339)

(231)

OPENLANE,

Inc.(Æ)

(2,383)

(58)

VSE

Corp.

(958)

(125)

(414)

Producer

Durables

-

(1.0)%

AeroVironment

,

Inc.(Æ)

(1,863)

(531)

Bloom

Energy

Corp.

Class

A(Æ)

(4,531)

(108)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(5,627)

(649)

First

Advantage

Corp.(Æ)

(26,250)

(436)

JBT

Marel

Corp.

(4,336)

(521)

Loar

Holdings,

Inc.(Æ)

(7,234)

(623)

MARA

Holdings,

Inc.(Æ)

(3,608)

(57)

Mercury

Systems,

Inc.(Æ)

(7,152)

(385)

Mirion

Technologies,

Inc.(Æ)

(23,553)

(507)

NuScale

Power

Corp.(Æ)

(13,962)

(552)

OSI

Systems,

Inc.(Æ)

(2,792)

(628)

RBC

Bearings,

Inc.(Æ)

(1,499)

(577)

Tidewater,

Inc.(Æ)

(2,571)

(119)

Willscot

Holdings

Corp.

(7,827)

(215)

Zurn

Elkay

Water

Solutions

Corp.

(1,790)

(66)

(5,974)

Technology

-

(1.4)%

Advanced

Micro

Devices,

Inc.(Æ)

(1,385)

(197)

Analog

Devices,

Inc.

(2,736)

(651)

CCC

Intelligent

Solutions

Holdings,

Inc.(Æ)

(5,400)

(51)

Clearwater

Analytics

Holdings,

Inc.

Class

A(Æ)

(20,599)

(452)

Coherent

Corp.(Æ)

(8,253)

(736)

Concentrix

Corp.

(9,409)

(497)

EchoStar

Corp.

Class

A(Æ)

(7,800)

(216)

Entegris

,

Inc.

(6,832)

(551)

Freshworks

,

Inc.

Class

A(Æ)

(16,037)

(239)

Gen

Digital,

Inc.

(18,130)

(533)

Impinj

,

Inc.(Æ)

(2,794)

(310)

Lattice

Semiconductor

Corp.(Æ)

(11,433)

(560)

Lumentum

Holdings,

Inc.

Class

E(Æ)

(7,128)

(678)

Marvell

Technology,

Inc.

(6,946)

(538)

PAR

Technology

Corp.(Æ)

(3,812)

(264)

Progress

Software

Corp.

(8,202)

(524)

Rambus,

Inc.(Æ)

(5,972)

(382)

TTM

Technologies,

Inc.(Æ)

(11,584)

(473)

Unity

Software,

Inc.(Æ)

(26,110)

(632)

(8,484)

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

8

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Utilities

-

(0.2)%

Chord

Energy

Corp.

(3,932)

(381)

Expand

Energy

Corp.

(4,580)

(535)

UGI

Corp.

(12,740)

(464)

(1,380)

Total

Securities

Sold

Short

(proceeds

$28,120)

(31,799)

Other

Assets

and

Liabilities,

Net

-

0.2%

947

Net

Assets

-

100.0%

625,574

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

9

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

S&P

500

E-Mini

Index

Futures

63

USD

19,699

09/25

518

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

518

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

$

92,937

$

—

$

—

$

—

$

92,937

14.9

Consumer

Staples

23,779

—

—

—

23,779

3.8

Energy

23,304

—

—

—

23,304

3.7

Financial

Services

91,298

—

—

—

91,298

14.6

Health

Care

59,503

—

—

—

59,503

9.5

Materials

and

Processing

25,397

—

—

—

25,397

4.1

Producer

Durables

48,377

—

—

—

48,377

7.7

Technology

249,614

—

—

—

249,614

39.9

Utilities

20,973

—

—

—

20,973

3.3

Short-Term

Investments

—

—

—

21,244

21,244

3.4

Total

Investments

635,182

—

—

21,244

656,426

104.9

Securities

Sold

Short

*

(31,799)

—

—

—

(31,799)

(5.1)

Other

Assets

and

Liabilities,

Net

0.2

100.0

Other

Financial

Instruments

Assets

Futures

Contracts

518

—

—

—

518

0.1

Total

Other

Financial

Instruments

**

$

518

$

—

$

—

$

—

$

518

*

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

June

30,

2025,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

June

30,

2025

,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

10

U.S.

Strategic

Equity

Fund

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts

$

518

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

737

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

0

Futures

contracts

$

92

2

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

11

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

$

31,799

$

—

$

31,799

Total

Financial

and

Derivative

Liabilities

31,799

—

31,799

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

31,799

$

—

$

31,799

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

$

31,799

$

—

$

31,799

$

—

Total

$

31,799

$

—

$

31,799

$

—

^      Collateral

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.

12

U.S.

Strategic

Equity

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

442,688

Investments,

at

fair

value(>)

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

656,426

Receivables:

Dividends

and

interest

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

405

Dividends

from

affiliated

funds

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

80

Investments

sold

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

1,307

From

broker(a)

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

933

Variation

margin

on

futures

contracts

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

518

Prepaid

expenses

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

4

Total

assets

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

659,673

Liabilities

Payables:

Due

to

custodian

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

12

Investments

purchased

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

1,634

Fund

shares

redeemed

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

68

Accrued

fees

to

affiliates

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

375

Other

accrued

expenses

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

211

Securities

sold

short,

at

fair

value(‡)

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

31,799

Total

liabilities

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

34,099

Net

Assets

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

$

625,574

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

13

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

236,372

Shares

of

beneficial

interest

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

288

Additional

paid-in

capital

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

388,914

Net

Assets

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

$

625,574

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

21.72

Net

assets

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

$

625,574,165

Shares

outstanding

($.01

par

value)

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

28,796,885

Amounts

in

thousands

(‡)    

Proceeds

on

securities

sold

short

$

28,120

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

21,244

(a)  

Receivable

from

Broker

for

Futures

$

933

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

14

U.S.

Strategic

Equity

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2025

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

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

$

4,168

Dividends

from

affiliated

funds

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

557

Interest

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

32

Total

investment

income

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

4,757

Expenses

Advisory

fees

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

2,155

Administrative

fees

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

148

Custodian

fees

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

45

Transfer

agent

fees

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

13

Professional

fees

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

49

Trustees’

fees

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

16

Printing

fees

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

15

Dividends

from

securities

sold

short

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

119

Interest

expense

paid

on

securities

sold

short

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

136

Miscellaneous

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

4

1

Expenses

before

reductions

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

2,737

Expense

reductions

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

(118)

Net

expenses

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

2,619

Net

investment

income

(loss)

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

2,138

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

30,983

Investments

in

affiliated

funds

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

(5)

Futures

contracts

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

737

Securities

sold

short

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

(1,433)

Net

realized

gain

(loss)

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

30,282

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

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

(2,854)

Investments

in

affiliated

funds

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

(1)

Futures

contracts

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

922

Securities

sold

short

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

330

Net

change

in

unrealized

appreciation

(depreciation)

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

(1,603)

Net

realized

and

unrealized

gain

(loss)

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

28,679

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

30,817

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

15

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2025

(Unaudited)

Fiscal

Year

Ended

December

31,

2024

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

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

$

2,138

$

3,501

Net

realized

gain

(loss)

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

30,282

54,237

Net

change

in

unrealized

appreciation

(depreciation)

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

(1,603)

53,372

Net

increase

(decrease)

in

net

assets

from

operations

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

30,817

111,110

Distributions

To

shareholders

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

(15,359)

(50,563)

Net

decrease

in

net

assets

from

distributions

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

(15,359)

(50,563)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

2,828

(20,208)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

18,286

40,339

Net

Assets

Beginning

of

period

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

607,288

566,949

End

of

period

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

$

625,574

$

607,288

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2025

and

December

31,

2024

were

as

follows:

2025

(Unaudited)

2024

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

944

$

18,689

272

$

5,766

Proceeds

from

reinvestment

of

distributions

715

15,359

2,394

50,563

Payments

for

shares

redeemed

(1,512)

(31,220)

(3,604)

(76,537)

Total

increase

(decrease)

147

$

2,828

(938)

$

(20,208)

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

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

06/30/25

(

ƣ)

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

Per-Share

Data

–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

21.20‌

19.16‌

15.62‌

21.46‌

19.58‌

16.03‌

Income

(loss)

from

investment

operations:

—‌

—‌

—‌

—‌

—‌

—‌

$

Net

Investment

Income

(Loss)

(

ƥ

)(

Ƃ

)

.07‌

.12‌

.14‌

.11‌

.07‌

.09‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.99‌

3.78‌

3.92‌

(4.51‌)

3.87‌

3.67‌

$

Total

from

Investment

Operations

1.06‌

3.90‌

4.06‌

(4.40‌)

3.94‌

3.76‌

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.03‌)

(.20‌)

(.14‌)

(.10‌)

(.12‌)

(.07‌)

$

Distributions

from

Net

Realized

Gain

(.51‌)

(1.66‌)

(.38‌)

(1.34‌)

(1.94‌)

(.14‌)

$

Total

Distributions

(.54‌)

(1.86‌)

(.52‌)

(1.44‌)

(2.06‌)

(.21‌)

$

Net

Asset

Value,

End

of

Period

21.72‌

21.20‌

19.16‌

15.62‌

21.46‌

19.58‌

%

Total

Return

(

ǿ

)(

±

)

5.03‌

20.50‌

26.29‌

(20.86‌)

20.40‌

23.84‌

–

–

–

–

–

–

Ratios/Supplemental

Data

–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000)

625,574‌

607,288‌

566,949‌

472,170‌

624,167‌

561,105‌

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(

ɯ

)

.93‌

.94‌

.97‌

.88‌

.84‌

.84‌

%

Expenses,

Net

(

Ƃ

)(

ɯ

)(

∆

)

.89‌

.91‌

.96‌

.88‌

.84‌

.84‌

%

Net

Investment

Income

(

Ƃ

)(

ɯ

)

.72‌

.58‌

.84‌

.65‌

.32‌

.58‌

%

Portfolio

Turnover

Rate

(

ǿ

)

41‌

53‌

60‌

100‌

33‌

44‌

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

17

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

June

30,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2025

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

345,219

Administrative

fees

25,016

Transfer

agent

fees

2,201

Trustees'

fees

2,800

$

375,236

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

$

11,859

$

84,084

$

74,693

$

(5

)

$

(1

)

$

21,244

$

557

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

421,894,514

$

219,767,365

$

(16,516,771)

$

203,250,594

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

18

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

98.8%

Consumer

Discretionary

-

12.3%

1-800-Flowers.com,

Inc.

Class

A(Æ)

1,600

8

Abercrombie

&

Fitch

Co.

Class

A(Æ)

1,151

95

Academy

Sports

&

Outdoors,

Inc.

2,374

106

Accel

Entertainment,

Inc.(Æ)

1,231

15

Adtalem

Global

Education,

Inc.(Æ)

879

112

Advance

Auto

Parts,

Inc.

2,212

103

AerSale

Corp.(Æ)

25,553

154

AMC

Networks,

Inc.

Class

A(Æ)

3,219

20

American

Axle

&

Manufacturing

Holdings,

Inc.(Æ)(Ð)

28,264

115

American

Eagle

Outfitters,

Inc.

35,161

338

American

Public

Education,

Inc.(Æ)

6,159

188

Asbury

Automotive

Group,

Inc.(Æ)

598

143

Atkore,

Inc.

956

67

Atmus

Filtration

Technologies,

Inc.

2,338

85

Axon

Enterprise,

Inc.(Æ)

349

289

Bath

&

Body

Works,

Inc.

3,174

95

Beazer

Homes

USA,

Inc.(Æ)

2,879

64

Birkenstock

Holding

PLC(Æ)

2,139

105

Blade

Air

Mobility,

Inc.(Æ)

53,316

215

BlueLinx

Holdings,

Inc.(Æ)

1,885

140

Boot

Barn

Holdings,

Inc.(Æ)

5,618

854

BorgWarner,

Inc.

9,551

320

Brilliant

Earth

Group,

Inc.

Class

A(Æ)

66,646

91

Brinker

International,

Inc.(Æ)

1,173

212

Brunswick

Corp.

10,016

553

Cadre

Holdings,

Inc.

7,088

226

Carriage

Services,

Inc.

Class

A

779

36

Cavco

Industries,

Inc.(Æ)

230

100

Celestica,

Inc.(Æ)

660

103

Century

Communities,

Inc.

1,857

105

Chegg,

Inc.(Æ)

3,155

4

Clarus

Corp.

150,551

522

Cooper-Standard

Holdings,

Inc.(Æ)(Ð)

656

14

CTS

Corp.

1,323

56

Dana

Holding

Corp.

12,022

206

Dave

&

Buster's

Entertainment,

Inc.(Æ)

1,612

49

Denny's

Corp.(Æ)

48,693

200

Designer

Brands,

Inc.

Class

A

4,302

10

Dillard's,

Inc.

Class

A(Û)

231

97

Douglas

Dynamics,

Inc.

19,072

562

Driven

Brands

Holdings,

Inc.(Æ)

10,792

190

Duolingo,

Inc.(Æ)(Û)

608

249

Dutch

Bros,

Inc.

Class

A(Æ)

1,688

115

FIGS,

Inc.

Class

A(Æ)(Ð)

10,647

60

FirstCash

Holdings,

Inc.

2,052

277

Five

Below,

Inc.(Æ)

1,327

174

Foot

Locker,

Inc.(Æ)

3,681

90

Forestar

Group,

Inc.(Æ)

1,447

29

Freshpet,

Inc.(Æ)(Ð)

1,644

112

Funko,

Inc.

Class

A(Æ)

3,854

18

Genesco,

Inc.(Æ)

797

16

Genius

Sports,

Ltd.(Æ)

19,093

199

Gentherm,

Inc.(Æ)

2,869

81

G-III

Apparel

Group,

Ltd.(Æ)

6,990

157

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Gildan

Activewear,

Inc.

Class

A

4,421

218

GMS,

Inc.(Æ)

1,689

184

Golden

Entertainment,

Inc.

15,626

460

GoPro,

Inc.

Class

A(Æ)

5,833

4

Gray

Television,

Inc.

8,400

38

Green

Brick

Partners,

Inc.(Æ)

4,908

309

Group

1

Automotive,

Inc.

356

155

Haverty

Furniture

Cos.,

Inc.

15,931

324

HealthStream,

Inc.

792

22

Hims

&

Hers

Health,

Inc.(Æ)

1,887

94

Johnson

Outdoors,

Inc.

Class

A

10,601

321

KB

Home

1,345

71

KinderCare

Learning

Cos.,

Inc.(Æ)(Ð)

3,199

32

Kontoor

Brands,

Inc.

1,139

75

Kura

Sushi

USA,

Inc.

Class

A(Æ)

10,554

908

La-Z-Boy,

Inc.

1,839

68

Lear

Corp.(Ð)

1,804

171

Legacy

Education,

Inc.(Æ)

17,362

194

Leonardo

DRS,

Inc.

3,629

169

Leslie's,

Inc.(Æ)

7,650

3

Life

Time

Group

Holdings,

Inc.(Æ)

3,080

93

LifeMD,

Inc.(Æ)

4,823

66

Lincoln

Educational

Services

Corp.(Æ)

14,568

336

Lindblad

Expeditions

Holdings,

Inc.(Æ)(Ð)

1,893

22

Lucid

Group,

Inc.(Æ)(Ð)

13,801

29

M/I

Homes,

Inc.(Æ)

750

84

Madison

Square

Garden

Entertainment

Corp.(Æ)

3,050

122

Magnite,

Inc.(Æ)

2,973

72

Marine

Products

Corp.

24,099

205

Marriott

Vacations

Worldwide

Corp.

2,809

203

MasterCraft

Boat

Holdings,

Inc.(Æ)

74

1

Matthews

International

Corp.

Class

A

8,989

215

Meritage

Homes

Corp.(Û)

4,428

297

Monro

Muffler

Brake,

Inc.

5,006

75

Motorcar

Parts

of

America,

Inc.(Æ)

3,458

39

Movado

Group,

Inc.(Ð)

17,010

259

Newell

Brands,

Inc.

67,988

367

OneSpaWorld

Holdings,

Ltd.

34,027

694

OptimizeRx

Corp.(Æ)

3,703

50

Papa

John's

International,

Inc.

20,169

987

Perdoceo

Education

Corp.

3,215

105

QuinStreet,

Inc.(Æ)

27,436

442

Reservoir

Media,

Inc.(Æ)

39,547

303

REV

Group,

Inc.(Ð)

2,006

95

Rocky

Brands,

Inc.

8,856

197

Rush

Street

Interactive,

Inc.(Æ)

29,503

440

Scholastic

Corp.

2,058

43

Shake

Shack,

Inc.

Class

A(Æ)

1,195

168

SharkNinja,

Inc.(Æ)(Û)

1,982

196

Shoe

Carnival,

Inc.

4,982

93

Signet

Jewelers,

Ltd.

1,735

138

Smith

&

Wesson

Brands,

Inc.

7,533

65

Sonic

Automotive,

Inc.

Class

A(Û)

1,931

154

Sportradar

Holding

AG

Class

A(Æ)

2,265

64

Stitch

Fix,

Inc.

Class

A(Æ)

28,238

104

Stride,

Inc.(Æ)

1,422

206

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

19

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Super

Group

SGHC,

Ltd.

19,478

214

Superior

Group

of

Cos.,

Inc.

197

2

Taylor

Morrison

Home

Corp.

Class

A(Æ)

1,373

84

TEGNA,

Inc.

11,002

184

Texas

Roadhouse,

Inc.

Class

A

3,655

685

Thor

Industries,

Inc.

4,323

384

Toll

Brothers,

Inc.(Û)

2,758

315

Tri

Pointe

Homes,

Inc.(Æ)

5,970

191

TripAdvisor,

Inc.(Æ)(Ð)

6,173

81

Udemy,

Inc.(Æ)

5,990

42

Under

Armour,

Inc.

Class

C(Æ)

12,003

78

Universal

Electronics,

Inc.(Æ)

321

2

Universal

Technical

Institute,

Inc.(Æ)

6,195

210

Urban

Outfitters,

Inc.(Æ)

2,408

175

Victoria's

Secret

&

Co.(Æ)

3,870

72

Visteon

Corp.(Æ)

1,244

116

Wabash

National

Corp.

15,254

162

Wayfair,

Inc.

Class

A(Æ)(Û)

4,709

241

Webtoon

Entertainment,

Inc.(Æ)

1,400

13

Wingstop,

Inc.(Û)

1,945

655

Winmark

Corp.

122

46

Winnebago

Industries,

Inc.

17,263

501

Wyndham

Hotels

&

Resorts,

Inc.

700

57

Ziff

Davis,

Inc.(Æ)

2,945

89

Zumiez,

Inc.(Æ)

2,002

27

24,019

Consumer

Staples

-

2.8%

Arko

Corp.

3,634

15

Beauty

Health

Co.

(The)(Æ)

5,396

10

Calavo

Growers,

Inc.

8,037

214

Coty,

Inc.

Class

A(Æ)(Ð)

18,262

85

Dole

PLC(Ð)

3,021

42

Edgewell

Personal

Care

Co.

2,629

62

elf

Beauty,

Inc.(Æ)

1,221

152

Grocery

Outlet

Holding

Corp.(Æ)

5,064

63

Helen

of

Troy,

Ltd.(Æ)

1,831

52

Herbalife,

Ltd.(Æ)(Ð)

10,908

94

J&J

Snack

Foods

Corp.

2,598

295

Lifevantage

Corp.

1,158

15

Medifast,

Inc.(Æ)

593

8

National

Beverage

Corp.(Æ)(Û)

1,081

47

National

Vision

Holdings,

Inc.(Æ)

14,709

338

Nomad

Foods,

Ltd.

7,191

122

Pilgrim's

Pride

Corp.(Ð)

5,894

265

Quanex

Building

Products

Corp.

49,133

929

Sprouts

Farmers

Market,

Inc.(Æ)

4,066

669

United

Natural

Foods,

Inc.(Æ)

5,184

121

USANA

Health

Sciences,

Inc.(Æ)

1,144

35

Vita

Coco

Co.,

Inc.

(The)(Æ)

15,460

558

Vital

Farms,

Inc.(Æ)

15,779

608

Warby

Parker,

Inc.

Class

A(Æ)

25,101

551

Weis

Markets,

Inc.

1,092

79

Zevia

PBC

Class

A(Æ)

13,155

42

5,471

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Energy

-

3.9%

Aris

Water

Solutions,

Inc.

Class

A

40,405

956

Berry

Corporation

8,246

23

ChampionX

Corp.

3,743

93

CVR

Energy,

Inc.(Ð)

3,773

101

Delek

US

Holdings,

Inc.(Ð)

35,521

752

DNOW,

Inc.(Æ)

11,103

165

Expro

Group

Holdings

NV(Æ)

6,863

59

Hallador

Energy

Co.(Æ)

4,672

74

HF

Sinclair

Corp.

18,640

766

Kodiak

Gas

Services,

Inc.

1,962

67

Liberty

Energy,

Inc.

Class

A

11,402

131

Matador

Resources

Co.

1,644

78

Matrix

Service

Co.(Æ)

25,315

342

Murphy

Oil

Corp.

3,289

74

National

Energy

Services

Reunited

Corp.

(Æ)

30,917

186

Natural

Gas

Services

Group,

Inc.(Æ)

10,098

261

NPK

International,

Inc.(Æ)

39,138

333

Oceaneering

International,

Inc.(Æ)

8,199

170

Patterson-UTI

Energy,

Inc.

47,091

279

PBF

Energy,

Inc.

Class

A

3,755

81

ProPetro

Holding

Corp.(Æ)(Ð)

7,868

47

Ramaco

Resources,

Inc.

Class

A

7,611

100

Ranger

Energy

Services,

Inc.

Class

A

1,128

13

REX

American

Resources

Corp.(Æ)

1,763

86

RPC,

Inc.(Ð)

6,167

29

Select

Water

Solutions,

Inc.

Class

A

76,403

660

SM

Energy

Co.

6,028

149

Solaris

Energy

Infrastructure,

Inc.

Class

A

3,648

103

SunCoke

Energy,

Inc.

3,553

31

TechnipFMC

PLC(Û)

11,585

399

TETRA

Technologies,

Inc.(Æ)

84,079

283

United

States

Antimony

Corp.(Æ)

23,477

51

VAALCO

Energy,

Inc.

31,461

114

Viper

Energy,

Inc.

1,224

47

W&T

Offshore,

Inc.

123,190

203

Warrior

Met

Coal,

Inc.

3,087

141

World

Kinect

Corp.

4,836

137

7,584

Financial

Services

-

21.6%

1st

Source

Corp.

1,724

107

Acadia

Realty

Trust(ö)

9,496

176

Agree

Realty

Corp.(ö)

1,167

85

Air

Lease

Corp.

Class

A

3,816

223

Ally

Financial,

Inc.(Û)

9,379

365

Alpine

Income

Property

Trust,

Inc.(ö)

28,200

415

American

Integrity

Insurance

Group,

Inc.

(Æ)

6,588

121

Americold

Realty

Trust,

Inc.(ö)

17,153

285

Ameris

Bancorp

2,175

141

Atlantic

Union

Bankshares

Corp.

2,533

79

Atlanticus

Holdings

Corp.(Æ)(Ð)

6,593

361

Axis

Capital

Holdings,

Ltd.

1,472

153

Axos

Financial,

Inc.(Æ)

3,274

249

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

20

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Baldwin

Insurance

Group,

Inc.

(The)

Class

A(Æ)

3,261

140

Bancorp,

Inc.

(The)(Æ)

3,114

177

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

4,530

201

Bank

OZK

3,600

169

BankUnited,

Inc.(Û)

1,580

56

Banner

Corp.

1,667

107

BGC

Group,

Inc.

Class

A

32,026

328

Blackstone

Mortgage

Trust,

Inc.

Class

A(ö)

11,489

221

BOK

Financial

Corp.(Û)

989

97

Bowhead

Specialty

Holdings,

Inc.(Æ)

5,400

203

Bread

Financial

Holdings,

Inc.

6,157

352

Brighthouse

Financial,

Inc.(Æ)

2,539

137

Brixmor

Property

Group,

Inc.(ö)

10,851

283

Broadstone

Net

Lease,

Inc.(ö)

18,124

291

Business

First

Bancshares,

Inc.

23,020

567

Cadence

Bank

9,610

307

Camden

Property

Trust(ö)(Û)

3,182

359

Capital

Bancorp,

Inc.

11,171

375

Capital

City

Bank

Group,

Inc.

9,510

374

Cathay

General

Bancorp

2,825

129

Centerspace(ö)

2,188

132

Central

Pacific

Financial

Corp.

5,738

161

Chatham

Lodging

Trust(ö)

1,658

12

City

Holding

Co.

917

112

Claros

Mortgage

Trust,

Inc.(Ð)(ö)

5,760

16

CNO

Financial

Group,

Inc.

6,718

259

Comerica,

Inc.(Ð)(Û)

4,794

286

Community

Bank

System,

Inc.

7,328

417

Community

Healthcare

Trust,

Inc.(ö)

34,634

576

Compass,

Inc.

Class

A(Æ)(Û)

26,107

164

COPT

Defense

Properties(ö)

5,631

155

CTO

Realty

Growth,

Inc.(ö)

31,955

552

Cullen/Frost

Bankers,

Inc.(Û)

4,638

596

Cushman

&

Wakefield

PLC(Æ)

14,543

161

Dave,

Inc.(Æ)

1,333

358

DiamondRock

Hospitality

Co.(ö)

20,216

155

Dime

Community

Bancshares,

Inc.

7,379

199

Diversified

Healthcare

Trust(Ð)(ö)

1,820

6

Donegal

Group,

Inc.

Class

A

228

5

Eastern

Bankshares,

Inc.

7,567

116

Enova

International,

Inc.(Æ)

2,092

233

Enterprise

Financial

Services

Corp.

4,724

260

Esquire

Financial

Holdings,

Inc.

3,519

333

Essent

Group,

Ltd.

2,097

127

Essential

Properties

Realty

Trust,

Inc.(ö)

3,539

113

European

Wax

Center,

Inc.

Class

A(Æ)

1,100

6

eXp

World

Holdings,

Inc.(Ð)

7,042

64

EZCORP,

Inc.

Class

A(Æ)

14,501

201

Federal

Agricultural

Mortgage

Corp.

Class

C

927

180

Fidelis

Insurance

Holdings,

Ltd.

3,992

66

First

American

Financial

Corp.

5,685

349

First

BanCorp

12,473

260

First

Commonwealth

Financial

Corp.

10,981

178

First

Financial

Corp.

2,023

110

First

Foundation,

Inc.(Æ)(Ð)

2,489

13

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

First

Internet

Bancorp

568

15

First

Interstate

BancSystem,

Inc.

Class

A

3,479

100

First

Merchants

Corp.

3,288

126

First

Mid

Bancshares,

Inc.

9,931

372

Five

Star

Bancorp

1,206

34

Flagstar

Financial,

Inc.

15,644

166

Four

Corners

Property

Trust,

Inc.(ö)

3,387

91

FTAI

Aviation,

Ltd.

3,018

347

Fulton

Financial

Corp.

5,554

100

Genworth

Financial,

Inc.

Class

A(Æ)

30,673

239

German

American

Bancorp,

Inc.

12,118

467

Getty

Realty

Corp.(ö)

9,041

250

Glacier

Bancorp,

Inc.

7,874

339

Globe

Life,

Inc.

2,517

313

Guaranty

Bancshares,

Inc.

6,780

288

HA

Sustainable

Infrastructure

Capital,

Inc.

5,276

142

Hamilton

Lane,

Inc.

Class

A

734

104

Hancock

Holding

Co.

2,475

142

Hanover

Insurance

Group,

Inc.

(The)

2,862

486

Heritage

Financial

Corp.

7,147

170

Heritage

Insurance

Holdings,

Inc.(Æ)

12,140

303

Hilltop

Holdings,

Inc.(Û)

3,847

117

Home

BancShares,

Inc.

15,907

453

Horizon

Bancorp,

Inc.

16,133

248

Howard

Hughes

Holdings,

Inc.(Æ)(Û)

1,879

127

Independence

Realty

Trust,

Inc.(ö)

8,238

146

Independent

Bank

Corp.

16,878

828

Innovative

Industrial

Properties,

Inc.(ö)

982

54

International

Bancshares

Corp.

2,298

153

International

Money

Express,

Inc.(Æ)

1,578

16

InvenTrust

Properties

Corp.(ö)

2,448

67

Jackson

Financial,

Inc.

Class

A

2,782

247

James

River

Group

Holdings,

Ltd.(Ð)

2,606

15

JER

Investment

Trust,

Inc.(Æ)(Š)(Þ)

1,771

—

John

Wiley

&

Sons,

Inc.

Class

A

2,234

100

Jones

Lang

LaSalle,

Inc.(Æ)

643

164

Kearny

Financial

Corp.

2,110

14

Kemper

Corp.

7,716

498

Kennedy-Wilson

Holdings,

Inc.

3,448

23

Kite

Realty

Group

Trust(ö)

8,940

202

Lazard,

Inc.

6,576

315

Legacy

Housing

Corp.(Æ)

8,902

202

Legalzoom.com,

Inc.(Æ)

12,482

111

LendingClub

Corp.(Æ)

12,998

156

LendingTree,

Inc.(Æ)

1,340

50

Live

Oak

Bancshares,

Inc.(Û)

4,769

142

Macerich

Co.

(The)(ö)

7,956

129

Marcus

&

Millichap,

Inc.

17,236

529

Marex

Group

PLC

1,892

75

McGrath

RentCorp

860

100

Metropolitan

Bank

Holding

Corp.(Æ)

10,093

706

Mid

Penn

Bancorp,

Inc.

13,035

368

Moelis

&

Co.

Class

A

1,864

116

Mr.

Cooper

Group,

Inc.(Æ)

1,312

196

National

Bank

Holdings

Corp.

Class

A

4,829

182

NBT

Bancorp,

Inc.

13,338

554

NerdWallet,

Inc.

Class

A(Æ)

2,912

32

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

21

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NETSTREIT

Corp.(ö)

50,592

857

Newmark

Group,

Inc.

Class

A

17,829

217

NMI

Holdings,

Inc.

Class

A(Æ)

3,427

145

NNN

REIT,

Inc.(ö)

5,807

251

Northeast

Bank

4,931

439

Northpointe

Bancshares,

Inc.

14,197

195

OceanFirst

Financial

Corp.

12,050

212

OFG

Bancorp

5,285

226

Onity

Group,

Inc.(Æ)

4,251

162

Origin

Bancorp,

Inc.

9,060

324

OUTFRONT

Media,

Inc.(ö)

9,269

151

Pacific

Premier

Bancorp,

Inc.

4,193

88

Palomar

Holdings,

Inc.(Æ)

563

87

Park

Hotels

&

Resorts,

Inc.(Ð)(ö)

592

6

PennyMac

Financial

Services,

Inc.

1,448

144

Perella

Weinberg

Partners

28,869

561

Piedmont

Office

Realty

Trust,

Inc.

Class

A(ö)

5,618

41

Piper

Sandler

Cos.

315

88

Plymouth

Industrial

REIT,

Inc.(ö)

11,101

178

Popular,

Inc.

3,907

431

PotlatchDeltic

Corp.(ö)

15,904

610

PRA

Group,

Inc.(Æ)

2,540

37

Preferred

Bank

1,294

112

Prosperity

Bancshares,

Inc.

7,132

501

Radian

Group,

Inc.

4,061

146

RE/MAX

Holdings,

Inc.

Class

A(Æ)

16,956

139

Real

Brokerage,

Inc.

(The)(Æ)(Ð)

6,119

28

Red

River

Bancshares,

Inc.

1,832

108

Regional

Management

Corp.(Ð)

389

11

Reinsurance

Group

of

America,

Inc.

Class

A

1,891

375

Renasant

Corp.

14,199

510

RLI

Corp.(Ð)

3,400

246

RMR

Group,

Inc.

(The)

Class

A

542

9

Ryman

Hospitality

Properties,

Inc.(ö)

1,484

146

Safety

Insurance

Group,

Inc.(Ð)

963

76

Seacoast

Banking

Corp.

of

Florida

19,050

526

Selective

Insurance

Group,

Inc.

1,602

139

ServisFirst

Bancshares,

Inc.

3,675

285

Simmons

First

National

Corp.

Class

A

4,420

84

Skyward

Specialty

Insurance

Group,

Inc.

(Æ)

733

42

SL

Green

Realty

Corp.(ö)

3,009

186

Slide

Insurance

Holdings,

Inc.(Æ)

2,695

58

SLM

Corp.(Ð)

9,035

296

SmartFinancial,

Inc.

10,176

344

South

Plains

Financial,

Inc.

8,623

311

SouthState

Corp.

1,343

124

Stewart

Information

Services

Corp.

1,439

94

Stock

Yards

Bancorp,

Inc.

3,968

313

StoneX

Group,

Inc.(Æ)

2,507

228

Sunstone

Hotel

Investors,

Inc.(ö)

6,317

55

Texas

Capital

Bancshares,

Inc.(Æ)

1,545

123

Third

Coast

Bancshares,

Inc.(Æ)

473

15

Tiptree,

Inc.

Class

A

6,223

147

Towne

Bank

12,245

419

TriCo

Bancshares

6,974

282

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Triumph

Financial,

Inc.(Æ)

10,001

551

Trupanion,

Inc.(Æ)(Ð)

1,374

76

UL

Solutions,

Inc.

Class

A

5,477

399

UMB

Financial

Corp.

1,358

143

UMH

Properties,

Inc.(ö)

30,585

514

United

Bankshares,

Inc.

3,311

121

United

Community

Banks,

Inc.

4,494

134

Universal

Insurance

Holdings,

Inc.

1,263

35

Unum

Group(Û)

3,190

258

Valley

National

Bancorp

14,779

132

Vestis

Corp.

10,113

58

Walker

&

Dunlop,

Inc.

3,026

213

Webster

Financial

Corp.

4,642

253

WesBanco,

Inc.

18,019

570

Westwood

Holdings

Group,

Inc.

5,541

86

Wintrust

Financial

Corp.

359

44

Xenia

Hotels

&

Resorts,

Inc.(ö)

5,424

68

42,176

Health

Care

-

16.5%

10X

Genomics,

Inc.

Class

A(Æ)

12,533

145

AdaptHealth

Corp.(Æ)

18,704

176

Adaptive

Biotechnologies

Corp.(Æ)

16,157

188

ADMA

Biologics,

Inc.(Æ)

110,475

2,012

agilon

health,

Inc.(Æ)

28,149

65

Akebia

Therapeutics,

Inc.(Æ)

7,634

28

Akero

Therapeutics,

Inc.(Æ)

7,746

413

Aldeyra

Therapeutics,

Inc.(Æ)(Ð)

2,424

9

Alector,

Inc.(Æ)(Ð)

4,167

6

Align

Technology,

Inc.(Æ)(Û)

147

28

AnaptysBio,

Inc.(Æ)

2,153

48

ANI

Pharmaceuticals,

Inc.(Æ)

16,601

1,083

Apogee

Therapeutics,

Inc.(Æ)

1,241

54

Arcellx,

Inc.(Æ)

4,764

314

Arcturus

Therapeutics

Holdings,

Inc.(Æ)(Ð)

2,620

34

Arcus

Biosciences,

Inc.(Æ)(Ð)

3,684

30

Ardelyx,

Inc.(Æ)

6,600

26

Artivion,

Inc.(Æ)

1,119

35

Arvinas,

Inc.(Æ)

970

7

Ascendis

Pharma

A/S

-

ADR(Æ)

1,501

259

Astrana

Health,

Inc.(Æ)(Ð)

1,790

45

AtriCure,

Inc.(Æ)

950

31

Aurinia

Pharmaceuticals,

Inc.(Æ)(Ð)

6,349

54

Axogen,

Inc.(Æ)

2,833

31

Axsome

Therapeutics,

Inc.(Æ)

996

104

Beam

Therapeutics,

Inc.(Æ)(Ð)

2,380

41

Bicara

Therapeutics,

Inc.(Æ)

3,801

35

BioCryst

Pharmaceuticals,

Inc.(Æ)

25,363

227

BioLife

Solutions,

Inc.(Æ)

21,635

466

BridgeBio

Pharma,

Inc.(Æ)

14,879

642

Butterfly

Network,

Inc.(Æ)

10,615

21

CareDx,

Inc.(Æ)

20,438

399

CARGO

Therapeutics,

Inc.(Æ)(Ð)

3,887

16

Caribou

Biosciences,

Inc.(Æ)

1,759

2

Catalyst

Pharmaceuticals,

Inc.(Æ)

5,498

119

Centessa

Pharmaceuticals

PLC

-

ADR(Æ)

7,266

96

Chemed

Corp.

769

374

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

22

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CinCor

Pharma,

Inc.(Æ)(Š)

3,630

11

Concentra

Group

Holdings

Parent,

Inc.

3,628

75

CONMED

Corp.

2,254

117

Contra

Inhibrx,

Inc.(Æ)(Š)

5,417

4

Corcept

Therapeutics,

Inc.(Æ)(Ð)

6,371

468

CorVel

Corp.(Æ)

956

98

Crinetics

Pharmaceuticals,

Inc.(Æ)

7,785

224

Cytek

Biosciences,

Inc.(Æ)

3,340

11

Cytokinetics,

Inc.(Æ)

5,143

170

Embecta

Corp.

8,198

79

Enanta

Pharmaceuticals,

Inc.(Æ)

934

7

Enovis

Corp.

Class

W(Æ)

8,497

266

Ensign

Group,

Inc.

(The)

1,002

155

Entrada

Therapeutics,

Inc.(Æ)

979

7

Exagen,

Inc.(Æ)

10,595

74

Exelixis,

Inc.(Æ)(Û)

9,828

433

Fate

Therapeutics,

Inc.(Æ)

2,142

2

Fulgent

Genetics,

Inc.(Æ)

1,280

25

GeneDx

Holdings

Corp.(Æ)

2,962

273

Glaukos

Corp.(Æ)

1,158

120

GoodRx

Holdings,

Inc.

Class

A(Æ)

5,916

29

GRAIL,

Inc.(Æ)(Ð)

825

42

Guardant

Health,

Inc.(Æ)

7,392

385

Guardian

Pharmacy

Services,

Inc.

Class

A(Æ)

1,825

39

Haemonetics

Corp.(Æ)

1,122

84

Halozyme

Therapeutics,

Inc.(Æ)

11,029

574

HealthEquity,

Inc.(Æ)

7,489

785

Heron

Therapeutics,

Inc.(Æ)

1,900

4

Illumina,

Inc.(Æ)(Ð)

540

52

Incyte

Corp.(Æ)(Û)

500

34

Inmode,

Ltd.(Æ)

6,291

91

Innoviva,

Inc.(Æ)

18,946

381

Inogen,

Inc.(Æ)

920

6

Insmed,

Inc.(Æ)

9,568

963

Insulet

Corp.(Æ)

637

200

Integer

Holdings

Corp.(Æ)

637

78

Integra

LifeSciences

Holdings

Corp.(Æ)

5,086

62

Iovance

Biotherapeutics,

Inc.(Æ)(Ð)

15,685

27

iRadimed

Corp.

15,769

943

iRhythm

Technologies,

Inc.(Æ)

1,833

282

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

8,473

6

Janux

Therapeutics,

Inc.(Æ)

1,918

44

Joint

Corp.

(The)(Æ)

10,902

126

Keros

Therapeutics,

Inc.(Æ)

3,471

46

Kodiak

Sciences,

Inc.(Æ)(Ð)

2,000

7

KORU

Medical

Systems,

Inc.(Æ)

12,166

44

Krystal

Biotech,

Inc.(Æ)

565

78

Kura

Oncology,

Inc.(Æ)

6,193

36

Lantheus

Holdings,

Inc.(Æ)

1,390

114

LeMaitre

Vascular,

Inc.

16,068

1,334

LENZ

Therapeutics,

Inc.(Æ)

1,683

49

LifeStance

Health

Group,

Inc.(Æ)

7,197

37

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)(Ð)

10,528

1,197

Madrigal

Pharmaceuticals,

Inc.(Æ)

1,784

540

MannKind

Corp.(Æ)

11,389

43

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Maravai

LifeSciences

Holdings,

Inc.

Class

A(Æ)

4,200

10

Masimo

Corp.(Æ)

230

39

Medpace

Holdings,

Inc.(Æ)

761

239

Merit

Medical

Systems,

Inc.(Æ)

4,075

381

Merus

NV(Æ)

2,125

112

MiMedx

Group,

Inc.(Æ)(Ð)

1,900

12

Mirum

Pharmaceuticals,

Inc.(Æ)

7,559

385

Myriad

Genetics,

Inc.(Æ)

7,083

38

Natera,

Inc.(Æ)

2,023

342

National

HealthCare

Corp.

1,340

143

Nektar

Therapeutics(Æ)

321

8

Neurocrine

Biosciences,

Inc.(Æ)

1,394

175

NeuroPace,

Inc.(Æ)

4,477

50

Novavax,

Inc.(Æ)(Ð)

2,241

14

Nuvalent,

Inc.

Class

A(Æ)

3,387

258

Omnicell,

Inc.(Æ)

3,346

98

Option

Care

Health,

Inc.(Æ)

3,852

125

OraSure

Technologies,

Inc.(Æ)(Ð)

2,314

7

Orthofix

Medical,

Inc.(Æ)

19,940

222

Pacira

BioSciences,

Inc.(Æ)

4,235

101

PACS

Group,

Inc.(Æ)

2,913

38

Pediatrix

Medical

Group,

Inc.(Æ)

12,269

176

Pennant

Group,

Inc.

(The)(Æ)

21,015

627

Perrigo

Co.

PLC

24,084

644

Personalis,

Inc.(Æ)

1,734

11

Phibro

Animal

Health

Corp.

Class

A

25,542

652

Phreesia,

Inc.(Æ)

7,440

212

Prestige

Brands

Holdings,

Inc.(Æ)

1,707

136

PROCEPT

BioRobotics

Corp.(Æ)

2,816

162

Prothena

Corp.

PLC(Æ)(Ð)

5,176

31

PTC

Therapeutics,

Inc.(Æ)

8,917

436

Quipt

Home

Medical

Corp.(Æ)

51,896

93

RadNet,

Inc.(Æ)

2,354

134

Repligen

Corp.(Æ)

2,169

270

Revolution

Medicines,

Inc.(Æ)

8,419

310

Rhythm

Pharmaceuticals,

Inc.(Æ)

6,109

386

Rigel

Pharmaceuticals,

Inc.(Æ)

695

13

Sage

Therapeutics,

Inc.(Æ)

3,727

34

Sangamo

Therapeutics,

Inc.(Æ)

657

—

Scholar

Rock

Holding

Corp.(Æ)

8,648

306

Select

Medical

Holdings

Corp.

10,863

165

SI-BONE,

Inc.(Æ)

9,161

172

SIGA

Technologies,

Inc.

2,400

16

Soleno

Therapeutics,

Inc.(Æ)

4,675

392

Stevanato

Group

SpA

14,357

351

Stoke

Therapeutics,

Inc.(Æ)(Ð)

1,100

13

Summit

Therapeutics,

Inc.(Æ)

7,685

164

Supernus

Pharmaceuticals,

Inc.(Æ)

3,194

101

Tandem

Diabetes

Care,

Inc.(Æ)(Ð)

11,308

211

Tarsus

Pharmaceuticals,

Inc.(Æ)

7,298

296

Teleflex,

Inc.

2,126

252

Telix

Pharmaceuticals,

Ltd.

-

ADR(Æ)

4,337

70

Tenet

Healthcare

Corp.(Æ)

678

119

Terns

Pharmaceuticals,

Inc.(Æ)

1,671

6

TG

Therapeutics,

Inc.(Æ)

16,415

591

Theravance

Biopharma,

Inc.(Æ)(Ð)

106

1

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

23

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Travere

Therapeutics,

Inc.(Æ)(Ð)

10,457

155

Twist

Bioscience

Corp.(Æ)

3,968

146

Tyra

Biosciences,

Inc.(Æ)

1,416

14

UFP

Technologies,

Inc.(Æ)

2,796

683

Ultragenyx

Pharmaceutical,

Inc.(Æ)

3,327

121

uniQure

NV(Æ)

4,859

68

Varex

Imaging

Corp.(Æ)

2,990

26

Vera

Therapeutics,

Inc.(Æ)

8,042

189

Veracyte,

Inc.(Æ)

2,797

76

Verona

Pharma

PLC

-

ADR(Æ)

6,099

577

Viemed

Healthcare,

Inc.(Æ)

19,325

134

Vir

Biotechnology,

Inc.(Æ)

4,195

21

Viridian

Therapeutics,

Inc.(Æ)

3,889

54

Waystar

Holding

Corp.(Æ)

1,868

76

Xencor,

Inc.(Æ)(Ð)

2,772

22

Xenon

Pharmaceuticals,

Inc.(Æ)

1,867

58

Xeris

Biopharma

Holdings,

Inc.(Æ)

6,900

32

Zentalis

Pharmaceuticals,

Inc.(Æ)

6,232

7

Zimvie,

Inc.(Æ)

21,423

200

32,053

Materials

and

Processing

-

8.1%

AAON,

Inc.

5,620

414

Acuity,

Inc.

1,108

331

AdvanSix,

Inc.

22,106

525

Alcoa

Corp.

3,931

116

Algoma

Steel

Group,

Inc.

28,988

200

A-Mark

Precious

Metals,

Inc.

158

3

American

Vanguard

Corp.(Æ)

1,498

6

Apogee

Enterprises,

Inc.

1,441

59

Ardagh

Metal

Packaging

SA

4,991

21

Ashland,

Inc.

2,345

118

Avient

Corp.

8,899

288

Balchem

Corp.

523

83

Belden,

Inc.

1,761

204

Boise

Cascade

Co.

1,963

170

BrightView

Holdings,

Inc.(Æ)

19,974

333

Builders

FirstSource,

Inc.(Æ)

2,094

244

Cabot

Corp.

1,243

93

Capstone

Copper

Corp.(Æ)

27,101

166

Carpenter

Technology

Corp.

1,454

402

Celanese

Corp.

Class

A

4,979

275

Century

Aluminum

Co.(Æ)

12,021

217

Clearwater

Paper

Corp.(Æ)

1,276

35

Codexis,

Inc.(Æ)(Ð)

4,459

11

Commercial

Metals

Co.(Ð)

5,414

265

Constellium

SE(Æ)

23,801

317

Crown

Holdings,

Inc.

3,823

394

ERO

Copper

Corp.(Æ)

11,333

191

Fabrinet(Æ)

791

233

Ferroglobe

PLC

188,755

693

FMC

Corp.

4,352

182

Global

Industrial

Co.

676

18

Greif,

Inc.

Class

A

5,619

365

H.B.

Fuller

Co.

3,369

203

Hecla

Mining

Co.

16,587

99

Hudson

Technologies,

Inc.(Æ)

11,366

92

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Huntsman

Corp.(Ð)

45,295

472

Installed

Building

Products,

Inc.

546

98

Insteel

Industries,

Inc.

4,554

169

JELD-WEN

Holding,

Inc.(Æ)(Ð)

7,725

30

Karat

Packaging,

Inc.

21,556

607

Knife

River

Corp.(Æ)

1,412

115

Koppers

Holdings,

Inc.

7,738

249

Kronos

Worldwide,

Inc.

23,476

146

Lennox

International,

Inc.(Ð)(Û)

599

343

Lithium

Argentina

AG(Æ)

40,498

84

Louisiana-Pacific

Corp.

3,259

280

Masterbrand,

Inc.(Æ)

9,232

101

Mativ

Holdings,

Inc.

30,808

210

Minerals

Technologies,

Inc.

987

54

Modine

Manufacturing

Co.(Æ)

549

54

Mosaic

Co.

(The)

1,948

71

MRC

Global,

Inc.(Æ)

7,813

107

Myers

Industries,

Inc.

26,335

382

Northwest

Pipe

Co.(Æ)

9,802

402

O-I

Glass,

Inc.(Æ)

7,159

105

Olympic

Steel,

Inc.

3,199

104

Origin

Materials,

Inc.(Æ)

1,343

1

Orion

SA(Ð)

2,912

31

Perimeter

Solutions,

Inc.(Æ)

7,236

101

Quaker

Chemical

Corp.

1,766

198

Ranpak

Holdings

Corp.(Æ)

30,438

109

Rayonier

Advanced

Materials,

Inc.(Æ)

28,693

110

Reliance,

Inc.(Û)

1,153

362

Resideo

Technologies,

Inc.(Æ)

8,969

198

Resolute

Forest

Products,

Inc.(Æ)(Š)

7,348

10

Rush

Enterprises,

Inc.

Class

A

2,479

128

ScanSource,

Inc.(Æ)

408

17

Simpson

Manufacturing

Co.,

Inc.

1,540

239

Sonoco

Products

Co.

5,960

260

SPX

Technologies,

Inc.(Æ)

1,242

208

SSR

Mining,

Inc.(Æ)

1,900

24

Stepan

Co.

13,496

737

Sylvamo

Corp.

1,461

73

Taseko

Mines,

Ltd.(Æ)

97,635

308

thyssenkrupp

AG

9,712

104

Timken

Co.

(The)

1,082

78

TimkenSteel

Corp.(Æ)

21,346

329

UFP

Industries,

Inc.

1,547

154

Unifi,

Inc.(Æ)

188

1

Westlake

Corp.

626

48

Worthington

Industries,

Inc.

2,102

134

Worthington

Steel,

Inc.

10,699

319

15,830

Producer

Durables

-

17.2%

ABM

Industries,

Inc.

6,426

303

ACCO

Brands

Corp.

400

1

ADT,

Inc.

15,236

129

Alight,

Inc.

Class

A

13,739

78

Allegiant

Travel

Co.

Class

A(Æ)

2,382

131

Allient,

Inc.

3,620

131

AMN

Healthcare

Services,

Inc.(Æ)

6,790

140

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

24

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Applied

Industrial

Technologies,

Inc.

585

136

ArcBest

Corp.(Ð)

3,751

289

Arcosa,

Inc.

1,709

148

Ardmore

Shipping

Corp.

37,401

359

Argan,

Inc.

2,247

495

ASGN,

Inc.(Æ)

1,241

62

Astec

Industries,

Inc.

4,029

168

Aurora

Innovation,

Inc.(Æ)

15,885

83

Badger

Meter,

Inc.

207

51

Barrett

Business

Services,

Inc.

1,688

70

Bowman

Consulting

Group,

Ltd.(Æ)

9,966

287

Brink's

Co.

(The)

1,352

121

Casella

Waste

Systems,

Inc.

Class

A(Æ)

3,872

447

CECO

Environmental

Corp.(Æ)

11,264

319

Chart

Industries,

Inc.(Æ)

531

87

Comfort

Systems

USA,

Inc.

141

76

Compass

Diversified

Holdings

900

6

CoreCivic,

Inc.(Æ)

8,677

183

Covenant

Logistics

Group,

Inc.

Class

A

26,033

628

Cross

Country

Healthcare,

Inc.(Æ)

6,484

85

CryoPort,

Inc.(Æ)

1,300

10

Custom

Truck

One

Source,

Inc.(Æ)

54,786

271

Deluxe

Corp.

33,985

541

DHT

Holdings,

Inc.

13,917

150

Dorian

LPG,

Ltd.

3,173

77

Dycom

Industries,

Inc.(Æ)

703

172

Eastman

Kodak

Co.(Æ)

28,160

159

Embraer

SA

-

ADR

1,878

107

EMCOR

Group,

Inc.(Û)

816

436

Energy

Recovery,

Inc.(Æ)

2,149

27

EnerSys

8,449

725

Ennis,

Inc.

4,049

73

Enviri

Corp.(Æ)(Ð)

1,070

9

ESCO

Technologies,

Inc.

663

127

EVERTEC,

Inc.

2,283

82

Exponent,

Inc.

1,251

93

Federal

Signal

Corp.

6,434

685

First

Advantage

Corp.(Æ)

2,214

37

Flowserve

Corp.

5,638

295

Fluor

Corp.(Æ)(Ð)

5,588

287

Franklin

Covey

Co.(Æ)

616

14

Franklin

Electric

Co.,

Inc.

1,128

101

FTI

Consulting,

Inc.(Æ)

1,692

273

GEO

Group,

Inc.

(The)(Æ)

5,403

129

Graco,

Inc.(Ð)

1,987

171

Green

Dot

Corp.

Class

A(Æ)

3,980

43

GXO

Logistics,

Inc.(Æ)

4,299

209

Heartland

Express,

Inc.

2,399

21

Heidrick

&

Struggles

International,

Inc.

1,333

61

Helios

Technologies,

Inc.

21,277

710

Herc

Holdings,

Inc.

Class

W

1,223

161

Hillman

Solutions

Corp.(Æ)

12,572

90

HNI

Corp.

2,368

116

Holley,

Inc.(Æ)

56,761

114

Hub

Group,

Inc.

Class

A

8,644

289

Huntington

Ingalls

Industries,

Inc.(Ð)

1,869

451

Hyster-Yale,

Inc.

553

22

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

I3

Verticals,

Inc.

Class

A(Æ)

43,514

1,196

Insperity,

Inc.

1,841

111

International

Seaways,

Inc.

2,111

77

Itron,

Inc.(Æ)

553

73

JetBlue

Airways

Corp.(Æ)(Ð)

34,734

147

Kelly

Services,

Inc.

Class

A

2,813

33

Kennametal,

Inc.

37,603

863

Kforce,

Inc.

7,792

321

Knight-Swift

Transportation

Holdings,

Inc.

4,282

189

Korn

Ferry

2,002

147

Lamb

Weston

Holdings,

Inc.

3,242

168

Landstar

System,

Inc.

1,416

197

Latham

Group,

Inc.(Æ)

9,369

60

Limbach

Holdings,

Inc.(Æ)

5,823

816

Lovesac

Co.

(The)(Æ)(Ð)

1,020

19

Mama's

Creations,

Inc.(Æ)

24,113

200

Manitowoc

Co.,

Inc.

(The)(Æ)

14,161

170

ManpowerGroup,

Inc.

3,140

127

MARA

Holdings,

Inc.(Æ)

6,123

96

Marten

Transport,

Ltd.

42,145

547

MasTec,

Inc.(Æ)

760

130

Matson,

Inc.

1,039

116

Maximus,

Inc.

2,573

181

Mayville

Engineering

Co.,

Inc.(Æ)

817

13

Mercury

Systems,

Inc.(Æ)

2,149

116

Mesa

Laboratories,

Inc.

8,069

760

MillerKnoll,

Inc.

43,439

844

MSA

Safety,

Inc.

1,002

168

MSC

Industrial

Direct

Co.,

Inc.

Class

A

3,747

319

Mueller

Industries,

Inc.

2,391

190

MYR

Group,

Inc.(Æ)(Ð)

2,386

433

National

CineMedia,

Inc.

42,192

204

NEXTracker,

Inc.

Class

A(Æ)

3,812

207

NV5

Global,

Inc.(Æ)

3,195

74

Orion

Group

Holdings,

Inc.(Æ)(Ð)

31,400

285

Paylocity

Holding

Corp.(Æ)

2,366

429

Paymentus

Holdings,

Inc.

Class

A(Æ)

2,351

77

Payoneer

Global,

Inc.(Æ)

14,284

98

Paysafe,

Ltd.(Æ)

1,773

22

PHINIA,

Inc.

2,365

105

Pitney

Bowes,

Inc.

18,676

204

Primoris

Services

Corp.

1,173

91

Priority

Technology

Holdings,

Inc.(Æ)

14,641

114

Proficient

Auto

Logistics,

Inc.(Æ)

41,474

301

PROG

Holdings,

Inc.(Ð)

6,675

196

Proto

Labs,

Inc.(Æ)

2,315

93

Radiant

Logistics,

Inc.(Æ)

40,588

247

Regal

Rexnord

Corp.

1,486

215

Resources

Connection,

Inc.

87,592

470

Riot

Blockchain,

Inc.(Æ)

9,423

106

Robert

Half,

Inc.

13,053

536

Ryder

System,

Inc.

1,669

265

Ryerson

Holding

Corp.

6,981

151

Saia,

Inc.(Æ)(Ð)

1,391

381

Schneider

National,

Inc.

Class

B

9,803

237

Scorpio

Tankers,

Inc.

6,857

268

Scotts

Miracle-Gro

Co.

(The)

Class

A

8,493

560

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

25

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sezzle,

Inc.(Æ)

1,673

300

Shyft

Group,

Inc.

(The)

2,702

34

Skyline

Champion

Corp.(Æ)

4,204

263

SkyWest,

Inc.(Æ)

2,231

230

Sleep

Number

Corp.(Æ)

1,979

13

Star

Bulk

Carriers

Corp.

9,355

161

Steelcase,

Inc.

Class

A(Ð)

3,637

38

Sterling

Infrastructure,

Inc.(Æ)

1,740

401

StoneCo,

Ltd.

Class

A(Æ)

13,796

221

Stoneridge,

Inc.(Æ)

40,157

283

Sun

Country

Airlines

Holdings,

Inc.(Æ)

19,362

228

TAT

Technologies,

Ltd.(Æ)

4,826

147

Teekay

Tankers,

Ltd.

Class

A

8,506

355

Tennant

Co.

5,830

452

Terex

Corp.

2,028

95

Tetra

Tech,

Inc.(Û)

8,661

311

Thermon

Group

Holdings,

Inc.(Æ)

3,809

107

Titan

Machinery,

Inc.(Æ)

6,737

133

TopBuild

Corp.(Æ)

409

132

Toro

Co.

(The)

2,029

143

TriNet

Group,

Inc.

2,161

158

TrueBlue,

Inc.(Æ)

12,488

81

Tutor

Perini

Corp.(Æ)(Ð)

8,596

402

UniFirst

Corp.

566

107

V2X,

Inc.(Æ)

3,547

172

Watts

Water

Technologies,

Inc.

Class

A

283

70

Werner

Enterprises,

Inc.

32,694

895

Willscot

Holdings

Corp.

10,162

278

Xerox

Holdings

Corp.(Ð)

14,158

75

ZipRecruiter,

Inc.

Class

A(Æ)

6,360

32

33,431

Technology

-

13.2%

8x8,

Inc.(Æ)

82,635

162

ACI

Worldwide,

Inc.(Æ)

3,825

176

ACM

Research,

Inc.

Class

A(Æ)

8,359

217

ADTRAN

Holdings,

Inc.(Æ)

3,642

33

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

9,641

247

Ambarella,

Inc.(Æ)

4,883

323

Amkor

Technology,

Inc.

7,805

164

Appfolio,

Inc.

Class

A(Æ)(Ð)

2,125

489

Appian

Corp.

Class

A(Æ)

8,780

262

Asana,

Inc.

Class

A(Æ)(Ð)

9,117

123

AvePoint,

Inc.(Æ)

10,824

209

Aviat

Networks,

Inc.(Æ)

497

12

Axcelis

Technologies,

Inc.(Æ)

1,094

76

Bandwidth,

Inc.

Class

A(Æ)

1,337

21

Benchmark

Electronics,

Inc.

3,601

140

BigCommerce

Holdings,

Inc.(Æ)

5,333

27

BlackBerry,

Ltd.(Æ)

8,077

37

Blend

Labs,

Inc.

Class

A(Æ)

40,251

133

Box,

Inc.

Class

A(Æ)

5,423

185

Bumble,

Inc.

Class

A(Æ)

8,237

54

C3.ai,

Inc.

Class

A(Æ)

5,878

144

Calix,

Inc.(Æ)

6,033

321

Cargurus,

Inc.(Æ)

6,632

222

Cars.com,

Inc.(Æ)

13,774

163

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Chime

Financial,

Inc.

Class

A(Æ)

1,113

38

Ciena

Corp.(Æ)

1,385

113

Cirrus

Logic,

Inc.(Æ)(Û)

2,495

260

Coherent

Corp.(Æ)

1,553

139

CommScope

Holding

Co.,

Inc.(Æ)

34,196

283

CommVault

Systems,

Inc.(Æ)

2,092

365

Conduent,

Inc.(Æ)

7,897

21

Consensus

Cloud

Solutions,

Inc.

Class

W(Æ)

4,621

107

Crane

NXT

Co.

3,067

165

Credo

Technology

Group

Holding,

Ltd.(Æ)

3,519

326

Cricut,

Inc.

Class

A(Ð)

1,000

7

CSG

Systems

International,

Inc.

1,810

118

CyberArk

Software,

Ltd.(Æ)

454

185

Daktronics,

Inc.(Æ)

11,499

174

Digital

Turbine,

Inc.(Æ)

55,748

329

DigitalOcean

Holdings,

Inc.(Æ)

6,881

197

Diodes,

Inc.(Æ)

3,195

169

Domo,

Inc.

Class

B(Æ)(Ð)

3,418

48

Dropbox,

Inc.

Class

A(Æ)(Ð)

10,628

304

EPAM

Systems,

Inc.(Æ)

97

17

ePlus,

Inc.(Æ)

1,861

134

Etsy,

Inc.(Æ)(Ð)

5,082

255

Eventbrite,

Inc.

Class

A(Æ)(Ð)

3,374

9

EverQuote,

Inc.

Class

A(Æ)

2,039

49

Evolent

Health,

Inc.

Class

A(Æ)(Ð)

7,963

90

Extreme

Networks,

Inc.(Æ)

4,606

83

Fastly,

Inc.

Class

A(Æ)

14,262

101

FormFactor,

Inc.(Æ)

2,898

100

Graham

Corp.(Æ)

4,211

208

Grindr,

Inc.(Æ)

1,886

43

Guidewire

Software,

Inc.(Æ)

1,637

385

IBEX

Holdings,

Ltd.(Æ)

619

18

IDT

Corp.

Class

B

1,465

100

Ingram

Micro

Holding,

Corp.

2,288

48

Innodata,

Inc.(Æ)

668

34

Insight

Enterprises,

Inc.(Æ)

590

81

Integral

Ad

Science

Holding

LLC(Æ)(Ð)

5,519

46

InterDigital,

Inc.

283

63

IonQ,

Inc.(Æ)

2,444

105

Ituran

Location

and

Control,

Ltd.

4,728

183

Jabil,

Inc.(Û)

2,266

494

Kaltura,

Inc.(Æ)

157,194

316

Karooooo,

Ltd.

1,540

75

KBR,

Inc.

7,514

360

Kulicke

&

Soffa

Industries,

Inc.

2,343

81

Lumentum

Holdings,

Inc.

Class

E(Æ)

2,965

282

Lyft,

Inc.

Class

A(Æ)

18,201

287

Manhattan

Associates,

Inc.(Æ)

1,835

362

Maplebear,

Inc.(Æ)(Ð)

8,062

365

Marqeta,

Inc.

Class

A(Æ)(Ð)

49,072

286

Match

Group,

Inc.(Ð)

10,826

334

MaxLinear,

Inc.

Class

A(Æ)(Ð)

3,773

54

MediaAlpha,

Inc.

Class

A(Æ)

2,725

30

MeridianLink,

Inc.(Æ)(Ð)

1,259

20

monday.com,

Ltd.(Æ)

736

231

Napco

Security

Technologies,

Inc.

11,108

330

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

26

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

nCino,

Inc.(Æ)

24,348

681

NCR

Atleos

Corp.(Æ)(Ð)

1,657

47

NCR

Voyix

Corp.(Æ)

16,632

195

NETGEAR,

Inc.(Æ)

8,808

256

Nextdoor

Holdings,

Inc.(Æ)

13,613

23

Novanta,

Inc.(Æ)

893

115

Nutanix,

Inc.

Class

A(Æ)(Û)

2,938

225

Nutex

Health,

Inc.(Æ)

336

42

NVE

Corp.

7,659

564

Oddity

Tech,

Ltd.

Class

A(Æ)

1,518

115

Okta,

Inc.(Æ)

299

30

Olo,

Inc.

Class

A(Æ)

21,999

196

ON24,

Inc.(Æ)(Ð)

945

5

Onestream,

Inc.(Æ)

3,817

108

Ooma,

Inc.(Æ)

15,288

197

Opendoor

Technologies,

Inc.(Æ)

40,533

22

PAR

Technology

Corp.(Æ)

1,304

90

PC

Connection,

Inc.

462

30

PDF

Solutions,

Inc.(Æ)

34,506

738

Pegasystems,

Inc.

23,114

1,251

Photronics,

Inc.(Æ)

5,721

108

Plexus

Corp.(Æ)

873

118

Porch

Group,

Inc.(Æ)

28,194

332

Power

Integrations,

Inc.

1,732

97

Pros

Holdings,

Inc.(Æ)

353

6

PubMatic,

Inc.

Class

A(Æ)(Ð)

2,780

35

Pure

Storage,

Inc.

Class

A(Æ)(Ð)

1,540

89

Qualys,

Inc.(Æ)

995

142

Rackspace

Technology,

Inc.(Æ)(Ð)

82,979

106

RADCOM,

Ltd.(Æ)

8,805

120

Rambus,

Inc.(Æ)

2,964

190

Rapid7,

Inc.(Æ)

5,695

132

Red

Violet,

Inc.

5,904

290

Ribbon

Communications,

Inc.(Æ)

3,098

12

RingCentral,

Inc.

Class

A(Æ)

8,078

229

Roku,

Inc.(Æ)(Û)

3,626

319

Sanmina

Corp.(Æ)

2,005

196

SEMrush

Holdings,

Inc.

Class

A(Æ)(Ð)

910

8

Silicon

Laboratories,

Inc.(Æ)(Ð)

2,355

347

Silicon

Motion

Technology

Corp.

-

ADR

5,496

413

Simulations

Plus,

Inc.

9,206

161

SiTime

Corp.(Æ)

1,641

350

Sonos,

Inc.(Æ)

11,508

124

SPS

Commerce,

Inc.(Æ)

900

122

Synaptics,

Inc.(Æ)

1,128

73

Telos

Corp.(Æ)

1,930

6

Tenable

Holdings,

Inc.(Æ)

2,515

85

Teradata

Corp.(Æ)

13,246

296

Tower

Semiconductor,

Ltd.(Æ)

3,252

141

TrueCar,

Inc.(Æ)

69,501

132

UiPath,

Inc.

Class

A(Æ)

23,199

297

Unisys

Corp.(Æ)

3,808

17

Upland

Software,

Inc.(Æ)

703

1

Varonis

Systems,

Inc.(Æ)

2,197

111

Verint

Systems,

Inc.(Æ)

7,278

143

Vimeo,

Inc.(Æ)

78,665

318

Vishay

Intertechnology,

Inc.

61,010

969

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vivid

Seats,

Inc.

Class

A(Æ)

66,954

113

VTEX

Class

A(Æ)

18,957

125

Weave

Communications,

Inc.(Æ)

4,665

39

Workiva,

Inc.(Æ)

4,126

282

Xperi,

Inc.(Æ)(Ð)

2,418

19

Yelp,

Inc.

Class

A(Æ)

2,261

77

Zeta

Global

Holdings

Corp.

Class

A(Æ)

9,720

151

25,718

Utilities

-

3.2%

Artesian

Resources

Corp.

Class

A

5,865

197

Avista

Corp.

2,406

91

BKV

Corp.(Æ)

7,867

190

Black

Hills

Corp.

2,248

126

California

Resources

Corp.

2,146

98

CNX

Resources

Corp.(Æ)

4,366

147

Comstock

Resources,

Inc.(Æ)(Ð)

6,954

192

Evolution

Petroleum

Corp.

75,605

355

Excelerate

Energy,

Inc.

Class

A

42,104

1,235

Golar

LNG,

Ltd.

4,075

168

Granite

Ridge

Resources,

Inc.

1,000

6

Gulfport

Energy

Corp.(Æ)

1,666

335

IDACORP,

Inc.

2,184

252

Infinity

Natural

Resources,

Inc.

Class

A(Æ)

9,063

166

Lumen

Technologies,

Inc.(Æ)

21,613

95

Magnolia

Oil

&

Gas

Corp.

Class

A

11,053

249

Middlesex

Water

Co.

2,791

151

New

Jersey

Resources

Corp.

2,126

95

Northwestern

Energy

Group,

Inc.

4,238

217

ONE

Gas,

Inc.

1,467

106

Permian

Resources

Corp.

18,892

257

Portland

General

Electric

Co.

8,267

336

RGC

Resources,

Inc.

6,714

150

SandRidge

Energy,

Inc.

9,646

104

Southwest

Gas

Holdings,

Inc.

1,351

101

Spire,

Inc.

4,659

340

Talos

Energy,

Inc.(Æ)

12,343

105

Telephone

and

Data

Systems,

Inc.

2,730

97

Unitil

Corp.

3,953

206

Vital

Energy,

Inc.(Æ)

3,394

55

York

Water

Co.

(The)

2,072

66

6,288

Total

Common

Stocks

(cost

$175,336)

192,570

Short-Term

Investments

-

4.8%

U.S.

Cash

Management

Fund(@)

9,403,080

(∞)

9,400

Total

Short-Term

Investments

(cost

$9,400)

9,400

Total

Investments

-

103.6%

(identified

cost

$184,736)

201,970

Securities

Sold

Short

-

(3.8)%

Consumer

Discretionary

-

(0.3)%

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

27

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Beyond,

Inc.(Æ)

(2,389)

(17)

Dutch

Bros,

Inc.

Class

A(Æ)

(1,251)

(86)

Hilton

Grand

Vacations,

Inc.(Æ)

(900)

(37)

Jack

in

the

Box,

Inc.

(1,829)

(32)

Joby

Aviation,

Inc.(Æ)

(17,375)

(183)

Lithia

Motors,

Inc.

Class

A

(391)

(132)

Potbelly

Corp.(Æ)

(1,374)

(17)

Tapestry,

Inc.

(1,403)

(123)

(627)

Consumer

Staples

-

(0.1)%

Alico,

Inc.

(456)

(15)

Cadiz,

Inc.(Æ)

(1,613)

(5)

Quanex

Building

Products

Corp.

(2,501)

(47)

Turning

Point

Brands,

Inc.

(629)

(48)

Westrock

Coffee

Co.(Æ)

(1,975)

(11)

(126)

Energy

-

(0.3)%

Aemetis,

Inc.(Æ)

(1,290)

(3)

ASP

Isotopes,

Inc.(Æ)

(1,982)

(15)

Centrus

Energy

Corp.

Class

A(Æ)

(317)

(58)

Cleanspark,

Inc.(Æ)

(308)

(3)

Core

Natural

Resources,

Inc.

(1,749)

(122)

Hallador

Energy

Co.(Æ)

(794)

(13)

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

(15,510)

(66)

Solaris

Energy

Infrastructure,

Inc.

Class

A

(1,101)

(31)

Sunrun,

Inc.(Æ)

(2,848)

(23)

T1

Energy,

Inc.(Æ)

(3,723)

(5)

TPI

Composites,

Inc.(Æ)

(1,894)

(2)

Uranium

Energy

Corp.(Æ)

(22,378)

(152)

Warrior

Met

Coal,

Inc.

(1,396)

(64)

(557)

Financial

Services

-

(0.4)%

AGNC

Investment

Corp.(ö)

(1,273)

(12)

AirSculpt

Technologies,

Inc.(Æ)

(722)

(3)

Applied

Digital

Corp.(Æ)

(2,109)

(21)

BGC

Group,

Inc.

Class

A

(5,356)

(55)

Burke

&

Herbert

Financial

Services

Corp.

(246)

(15)

California

BanCorp(Æ)

(302)

(5)

Cipher

Mining,

Inc.(Æ)

(3,560)

(17)

Dynex

Capital,

Inc.(ö)

(602)

(7)

Forge

Global

Holdings,

Inc.(Æ)

(240)

(5)

Glacier

Bancorp,

Inc.

(896)

(39)

Global

Net

Lease,

Inc.(ö)

(8,447)

(64)

Hudson

Pacific

Properties,

Inc.(Æ)(ö)

(15,262)

(42)

Hut

8

Corp.(Æ)

(329)

(6)

Old

National

Bancorp

(5,740)

(123)

Piper

Sandler

Cos.

(465)

(129)

PJT

Partners,

Inc.

Class

A

(668)

(110)

Ready

Capital

Corp.(ö)

(5,136)

(22)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Rithm

Property

Trust,

Inc.(ö)

(1,182)

(3)

Shift4

Payments,

Inc.

Class

A(Æ)

(1,350)

(134)

UWM

Holdings

Corp.

(4,703)

(19)

(831)

Health

Care

-

(0.6)%

4D

Molecular

Therapeutics,

Inc.(Æ)

(1,129)

(4)

Acadia

Healthcare

Co.,

Inc.(Æ)

(2,135)

(48)

ArriVent

Biopharma,

Inc.(Æ)

(440)

(10)

Astria

Therapeutics,

Inc.(Æ)

(891)

(5)

aTyr

Pharma,

Inc.(Æ)

(5,825)

(29)

Avidity

Biosciences,

Inc.(Æ)

(3,575)

(102)

Axsome

Therapeutics,

Inc.(Æ)

(848)

(88)

Capricor

Therapeutics,

Inc.(Æ)

(723)

(7)

Celcuity,

Inc.(Æ)

(699)

(9)

CG

Oncology,

Inc.(Æ)

(4,029)

(105)

ClearPoint

Neuro,

Inc.(Æ)

(951)

(11)

Coherus

BioSciences,

Inc.(Æ)

(5,500)

(4)

Corbus

Pharmaceuticals

Holdings,

Inc.(Æ)

(249)

(2)

Crinetics

Pharmaceuticals,

Inc.(Æ)

(1,733)

(50)

Day

One

Biopharmaceuticals,

Inc.(Æ)

(1,201)

(8)

Dianthus

Therapeutics,

Inc.(Æ)

(1,153)

(21)

Eton

Pharmaceuticals,

Inc.(Æ)

(1,817)

(26)

Geron

Corp.(Æ)

(44,852)

(63)

InfuSystem

Holdings,

Inc.(Æ)

(656)

(4)

Inhibikase

Therapeutics,

Inc.(Æ)

(260)

(1)

INmune

Bio,

Inc.(Æ)

(682)

(2)

KalVista

Pharmaceuticals,

Inc.(Æ)

(2,062)

(23)

Lexicon

Pharmaceuticals,

Inc.(Æ)

(6,086)

(6)

Palvella

Therapeutics,

Inc.(Æ)

(245)

(5)

Perspective

Therapeutics,

Inc.(Æ)

(720)

(2)

PROCEPT

BioRobotics

Corp.(Æ)

(1,004)

(58)

Protagonist

Therapeutics,

Inc.(Æ)

(1,035)

(57)

QuidelOrtho

Corp.(Æ)

(1,680)

(48)

RadNet,

Inc.(Æ)

(2,171)

(124)

Replimune

Group,

Inc.(Æ)

(3,862)

(36)

Revolution

Medicines,

Inc.(Æ)

(3,087)

(114)

Savara,

Inc.(Æ)

(3,517)

(8)

Vaxcyte,

Inc.(Æ)

(3,440)

(112)

Viridian

Therapeutics,

Inc.(Æ)

(3,553)

(50)

(1,242)

Materials

and

Processing

-

(0.2)%

Alcoa

Corp.

(4,392)

(130)

Cleveland-Cliffs,

Inc.(Æ)

(12,013)

(91)

Dakota

Gold

Corp.(Æ)

(2,079)

(8)

Interface,

Inc.

Class

A

(1,802)

(38)

Ivanhoe

Electric,

Inc.(Æ)

(4,133)

(37)

LSI

Industries,

Inc.

(727)

(12)

VSE

Corp.

(621)

(81)

(397)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

28

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Producer

Durables

-

(0.7)%

AeroVironment,

Inc.(Æ)

(640)

(182)

Amprius

Technologies,

Inc.(Æ)

(5,074)

(21)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(1,279)

(148)

Dorman

Products,

Inc.(Æ)

(793)

(97)

First

Advantage

Corp.(Æ)

(2,801)

(47)

Forward

Air

Corp.(Æ)

(2,664)

(65)

I3

Verticals,

Inc.

Class

A(Æ)

(1,400)

(38)

indie

Semiconductor,

Inc.

Class

A(Æ)

(14,405)

(51)

JBT

Marel

Corp.

(1,030)

(124)

Loar

Holdings,

Inc.(Æ)

(322)

(28)

NET

Power,

Inc.(Æ)

(5,209)

(13)

NuScale

Power

Corp.(Æ)

(2,827)

(112)

OSI

Systems,

Inc.(Æ)

(640)

(144)

Proficient

Auto

Logistics,

Inc.(Æ)

(1,447)

(11)

RBC

Bearings,

Inc.(Æ)

(429)

(165)

Red

Cat

Holdings,

Inc.(Æ)

(1,318)

(10)

Zurn

Elkay

Water

Solutions

Corp.

(2,661)

(97)

(1,353)

Technology

-

(1.0)%

Aehr

Test

Systems(Æ)

(720)

(9)

Applied

Optoelectronics,

Inc.(Æ)

(682)

(17)

BlackSky

Technology,

Inc.(Æ)

(859)

(18)

Clearwater

Analytics

Holdings,

Inc.

Class

A(Æ)

(5,435)

(119)

Coherent

Corp.(Æ)

(1,945)

(173)

Concentrix

Corp.

(623)

(33)

Digi

International,

Inc.(Æ)

(937)

(33)

Entegris,

Inc.

(455)

(37)

Five9,

Inc.(Æ)

(1,904)

(50)

Freshworks,

Inc.

Class

A(Æ)

(660)

(10)

Gen

Digital,

Inc.

(3,422)

(101)

Immersion

Corp.

(2,365)

(19)

Impinj,

Inc.(Æ)

(1,289)

(143)

Kopin

Corp.(Æ)

(6,847)

(10)

Lattice

Semiconductor

Corp.(Æ)

(2,564)

(126)

Lumentum

Holdings,

Inc.

Class

E(Æ)

(1,662)

(158)

NextNav,

Inc.(Æ)

(4,740)

(72)

PAR

Technology

Corp.(Æ)

(1,524)

(106)

Powerfleet,

Inc.(Æ)

(10,103)

(44)

Progress

Software

Corp.

(1,930)

(123)

Simulations

Plus,

Inc.

(184)

(3)

SoundHound

AI,

Inc.

Class

A(Æ)

(564)

(6)

TTM

Technologies,

Inc.(Æ)

(2,433)

(100)

Unity

Software,

Inc.(Æ)

(5,700)

(138)

Verint

Systems,

Inc.(Æ)

(1,690)

(33)

ViaSat,

Inc.(Æ)

(12,014)

(175)

(1,856)

Utilities

-

(0.2)%

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Gogo,

Inc.(Æ)

(3,108)

(46)

NextDecade

Corp.(Æ)

(1,951)

(17)

Prairie

Operating

Co.(Æ)

(2,098)

(6)

Sable

Offshore

Corp.(Æ)

(1,517)

(33)

Talos

Energy,

Inc.(Æ)

(7,129)

(61)

UGI

Corp.

(4,485)

(163)

(326)

Total

Securities

Sold

Short

(proceeds

$6,672)

(7,315)

Other

Assets

and

Liabilities,

Net

-

0.2%

293

Net

Assets

-

100.0%

194,948

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

29

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

0.0%

JER

Investment

Trust,

Inc.

05/27/04

1,771

82.03

145

—

—

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Russell

2000

E-Mini

Index

Futures

85

USD

9,315

09/25

311

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

311

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

$

24,019

$

—

$

—

$

—

$

24,019

12.3

Consumer

Staples

5,471

—

—

—

5,471

2.8

Energy

7,584

—

—

—

7,584

3.9

Financial

Services

42,176

—

—

—

42,176

21.6

Health

Care

32,038

—

15

—

32,053

16.5

Materials

and

Processing

15,820

—

10

—

15,830

8.1

Producer

Durables

33,431

—

—

—

33,431

17.2

Technology

25,718

—

—

—

25,718

13.2

Utilities

6,288

—

—

—

6,288

3.2

Short-Term

Investments

—

—

—

9,400

9,400

4.8

Total

Investments

192,545

—

25

9,400

201,970

103.6

Securities

Sold

Short

*

(7,315)

—

—

—

(7,315)

(3.8)

Other

Assets

and

Liabilities,

Net

0.2

100.0

Other

Financial

Instruments

Assets

Futures

Contracts

311

—

—

—

311

0.2

Total

Other

Financial

Instruments

**

$

311

$

—

$

—

$

—

$

311

*

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

**

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

30

U.S.

Small

Cap

Equity

Fund

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

June

30,

2025,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

June

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

31

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts

$

311

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Foreign

Currency

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(1,246)

$

—

Foreign

currency

exchange

contracts

—

1

Total

$

(1,246)

$

1

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

0

0

Futures

contracts

$

7

3

2

$

—

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

32

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Short

Sales

Securities

sold

short,

at

fair

value

$

7,315

$

—

$

7,315

Total

Financial

and

Derivative

Liabilities

7,315

—

7,315

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

7,315

$

—

$

7,315

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

$

7,315

$

—

$

7,315

$

—

Total

$

7,315

$

—

$

7,315

$

—

^      Collateral

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

33

Statement

of

Assets

and

Liabilities

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

184,736

Investments,

at

fair

value(>)

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

201,970

Cash

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

12

Receivables:

Dividends

and

interest

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

149

Dividends

from

affiliated

funds

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

32

Investments

sold

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

1,653

Fund

shares

sold

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

14

From

broker(a)

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

488

Variation

margin

on

futures

contracts

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

311

Prepaid

expenses

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

1

Total

assets

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

204,630

Liabilities

Payables:

Investments

purchased

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

2,014

Fund

shares

redeemed

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

45

Accrued

fees

to

affiliates

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

143

Other

accrued

expenses

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

165

Securities

sold

short,

at

fair

value(‡)

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

7,315

Total

liabilities

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

9,682

Net

Assets

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

$

194,948

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

34

U.S.

Small

Cap

Equity

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

10,38

6

Shares

of

beneficial

interest

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

148

Additional

paid-in

capital

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

184,41

4

Net

Assets

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

$

194,948

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

13.18

Net

assets

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

$

194,947,781

Shares

outstanding

($.01

par

value)

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

14,787,604

Amounts

in

thousands

(‡)    

Proceeds

on

securities

sold

short

$

6,672

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

9,400

(a)  

Receivable

from

Broker

for

Futures

$

488

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

35

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2025

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

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

$

1,63

5

Dividends

from

affiliated

funds

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

217

Interest

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

16

Total

investment

income

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

1,86

8

Expenses

Advisory

fees

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

878

Administrative

fees

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

49

Custodian

fees

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

47

Transfer

agent

fees

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

4

Professional

fees

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

39

Trustees’

fees

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

6

Printing

fees

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

12

Dividends

from

securities

sold

short

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

30

Interest

expense

paid

on

securities

sold

short

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

31

Miscellaneous

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

17

Expenses

before

reductions

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

1,113

Expense

reductions

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

(32)

Net

expenses

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

1,081

Net

investment

income

(loss)

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

78

7

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

567

Investments

in

affiliated

funds

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

(2)

Futures

contracts

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

(1,246)

Foreign

currency

exchange

contracts

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

1

Securities

sold

short

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

(347)

Foreign

currency-related

transactions

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

(1)

Net

realized

gain

(loss)

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

(1,028)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

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

(8,590)

Futures

contracts

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

732

Securities

sold

short

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

146

Net

change

in

unrealized

appreciation

(depreciation)

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

(7,712)

Net

realized

and

unrealized

gain

(loss)

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

(8,740)

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

(7,95

3

)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

36

U.S.

Small

Cap

Equity

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2025

(Unaudited)

Fiscal

Year

Ended

December

31,

2024

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

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

$

78

7

$

1,332

Net

realized

gain

(loss)

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

(1,028)

19,718

Net

change

in

unrealized

appreciation

(depreciation)

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

(7,712)

(3,374)

Net

increase

(decrease)

in

net

assets

from

operations

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

(7,95

3

)

17,676

Distributions

To

shareholders

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

(3,626)

(19,742)

Net

decrease

in

net

assets

from

distributions

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

(3,626)

(19,742)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(7,97

7

)

691

Total

Net

Increase

(Decrease)

in

Net

Assets

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

(19,556)

(1,375)

Net

Assets

Beginning

of

period

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

214,504

215,879

End

of

period

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

$

194,948

$

214,504

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2025

and

December

31,

2024

were

as

follows:

2025

(Unaudited)

2024

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

290

$

3,696

437

$

6,403

Proceeds

from

reinvestment

of

distributions

261

3,626

1,413

19,742

Payments

for

shares

redeemed

(1,200)

(15,29

9

)

(1,741)

(25,454)

Total

increase

(decrease)

(649)

$

(7,97

7

)

109

$

691

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

37

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

06/30/25

(ƣ)

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

Per-Share

Data

–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

13.90‌

14.08‌

12.56‌

15.27‌

15.75‌

14.30‌

Income

(loss)

from

investment

operations:

—‌

—‌

—‌

—‌

—‌

—‌

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.05‌

.09‌

.09‌

.05‌

.01‌

.02‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.53‌)

1.10‌

1.61‌

(2.46‌)

3.92‌

1.75‌

$

Total

from

Investment

Operations

(.48‌)

1.19‌

1.70‌

(2.41‌)

3.93‌

1.77‌

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.02‌)

(.24‌)

(.09‌)

(.03‌)

(.04‌)

(.01‌)

$

Distributions

from

Net

Realized

Gain

(.22‌)

(1.13‌)

(.09‌)

(.27‌)

(4.37‌)

(.31‌)

$

Total

Distributions

(.24‌)

(1.37‌)

(.18‌)

(.30‌)

(4.41‌)

(.32‌)

$

Net

Asset

Value,

End

of

Period

13.18‌

13.90‌

14.08‌

12.56‌

15.27‌

15.75‌

%

Total

Return

(ǿ)(±)

(3.56‌)

8.53‌

13.61‌

(15.96‌)

25.79‌

12.70‌

–

–

–

–

–

–

Ratios/Supplemental

Data

–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000)

194,948‌

214,504‌

215,879‌

206,162‌

257,553‌

236,264‌

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.14‌

1.16‌

1.17‌

1.15‌

1.14‌

1.25‌

%

Expenses,

Net

(Ƃ)(ɯ)(∆)

1.11‌

1.13‌

1.13‌

1.12‌

1.13‌

1.25‌

%

Net

Investment

Income

(Ƃ)(ɯ)

.8

1‌

.61‌

.70‌

.40‌

.05‌

.12‌

%

Portfolio

Turnover

Rate

(ǿ)

46‌

73‌

87‌

101‌

114‌

125‌

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

38

U.S.

Small

Cap

Equity

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

June

30,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2025

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

132,803

Administrative

fees

7,861

Transfer

agent

fees

691

Trustees'

fees

1,349

$

142,704

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

$

7,829

$

34,605

$

33,032

$

(2

)

$

—

$

9,400

$

217

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

183,891,340

$

23,760,309

$

(12,685,972)

$

11,074,337

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

39

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

92.2%

Australia

-

1.9%

Aristocrat

Leisure,

Ltd.

3,255

140

ASX,

Ltd.

2,670

123

BHP

Group,

Ltd.

49,963

1,201

Brambles,

Ltd.

19,372

299

Coles

Group,

Ltd.

18,236

250

Commonwealth

Bank

of

Australia

4,837

588

Computershare,

Ltd.

5,228

137

Evolution

Mining,

Ltd.

23,371

120

Medibank

Pvt,

Ltd.

36,191

120

Northern

Star

Resources,

Ltd.

15,327

190

Pro

Medicus,

Ltd.

598

112

Qantas

Airways,

Ltd.

16,110

114

QBE

Insurance

Group,

Ltd.

69,426

1,069

Rio

Tinto

PLC

15,383

896

Rio

Tinto,

Ltd.

1,154

81

Sigma

Healthcare,

Ltd.(Æ)

59,974

118

Suncorp

Group,

Ltd.

28,739

409

Telstra

Group,

Ltd.

177,152

564

Transurban

Group(Æ)

27,389

252

Wesfarmers,

Ltd.

5,033

281

Westpac

Banking

Corp.

7,552

168

7,232

Austria

-

0.7%

Ams-OSRAM

AG(Æ)

9,432

127

Erste

Group

Bank

AG

25,393

2,159

Mondi

PLC

28,235

461

2,747

Belgium

-

0.3%

Ageas

SA

9,041

610

Anheuser-Busch

InBev

SA

3,448

237

KBC

Groep

NV

1,202

124

Proximus

SADP

14,126

137

1,108

Brazil

-

1.1%

Ambev

SA

322,486

791

Banco

Bradesco

SA

-

ADR

275,513

851

Banco

do

Brasil

SA

86,470

352

Lojas

Renner

SA

118,790

430

MercadoLibre,

Inc.(Æ)

297

776

Natura

&

Co.

Holding

SA(Æ)

88,737

180

Telefonica

Brasil

SA

118,480

674

Ultrapar

Participacoes

SA

60,622

196

Wheaton

Precious

Metals

Corp.

1,545

139

4,389

Burkina

Faso

-

0.1%

Endeavour

Mining

PLC

8,315

256

Canada

-

3.6%

Agnico

Eagle

Mines,

Ltd.

2,785

332

Alamos

Gold,

Inc.

Class

A

2,079

55

Bank

of

Montreal

1,016

113

Barrick

Mining

Corp.

26,964

561

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Brookfield

Asset

Management,

Inc.

Class

A

1,855

103

Canadian

Imperial

Bank

of

Commerce

3,354

238

Canadian

Natural

Resources,

Ltd.

3,367

106

CCL

Industries,

Inc.

Class

B

2,111

123

Constellation

Software,

Inc.

116

425

Dollarama,

Inc.

6,910

974

Enbridge,

Inc.

7,994

363

Fairfax

Financial

Holdings,

Ltd.

172

310

Franco-Nevada

Corp.

Class

T

773

127

George

Weston,

Ltd.

550

110

Great-West

Lifeco,

Inc.

12,163

463

iA

Financial

Corp.,

Inc.

3,247

356

Imperial

Oil,

Ltd.

8,486

674

Intact

Financial

Corp.

1,404

326

Kinross

Gold

Corp.

14,736

230

Loblaw

Cos.,

Ltd.

1,705

282

Magna

International,

Inc.

Class

A

23,066

892

Manulife

Financial

Corp.

26,671

853

Metro,

Inc.

Class

A

960

75

RB

Global,

Inc.

1,024

109

Royal

Bank

of

Canada

12,799

1,687

Saputo,

Inc.

8,003

164

Shopify,

Inc.

Class

A(Æ)

10,538

1,216

Stantec,

Inc.

8,196

892

Sun

Life

Financial,

Inc.

14,882

990

Suncor

Energy,

Inc.

2,441

91

Tourmaline

Oil

Corp.

10,886

525

WSP

Global,

Inc.

551

112

13,877

China

-

3.3%

Alibaba

Group

Holding,

Ltd.

92,214

1,309

Baidu,

Inc.

Class

A(Æ)

32,950

351

BOC

Hong

Kong

Holdings,

Ltd.

26,000

113

China

Mengniu

Dairy

Co.,

Ltd.

95,000

195

China

Merchants

Bank

Co.,

Ltd.

Class

H

58,500

410

China

Overseas

Land

&

Investment,

Ltd.

335,000

582

Haier

Smart

Home

Co.,

Ltd.

Class

H

193,200

554

Prosus

NV(Æ)

4,201

235

Tencent

Holdings,

Ltd.

78,884

5,067

Trip.com

Group,

Ltd.

-

ADR

45,009

2,639

Weichai

Power

Co.,

Ltd.

Class

H

176,000

358

Xiaomi

Corp.

Class

B(Æ)(Þ)

81,800

630

Yangzijiang

Shipbuilding

Holdings,

Ltd.

82,400

144

12,587

Denmark

-

1.9%

AP

Moller

-

Maersk

A/S

Class

B

59

110

Carlsberg

A/S

Class

B

3,045

432

Danske

Bank

A/S

35,775

1,458

DSV

A/S

3,858

927

Novo

Nordisk

A/S

Class

B

62,077

4,332

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

40

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Novonesis

(Novozymes)

B

Class

B

589

42

7,301

Finland

-

0.9%

Elisa

OYJ

4,569

254

Nokia

OYJ

348,620

1,803

Nordea

Bank

Abp

6,897

103

Sampo

OYJ

Class

A

78,995

850

Wartsila

OYJ

Abp

Class

B

16,032

379

3,389

France

-

8.3%

Accor

SA

26,866

1,405

Airbus

SE

4,307

901

Amundi

SA(Þ)

13,176

1,068

Arkema

SA

16,795

1,240

AXA

SA

23,099

1,135

BNP

Paribas

SA

12,771

1,150

Bureau

Veritas

SA

32,349

1,116

Capgemini

SE

5,381

921

Carrefour

SA

34,272

483

Cie

de

Saint-Gobain

SA

7,635

898

Cie

Generale

des

Etablissements

Michelin

SCA

31,942

1,189

Credit

Agricole

SA

33,759

640

Danone

SA

13,233

1,081

Dassault

Aviation

SA

1,960

695

Engie

SA

51,325

1,209

EssilorLuxottica

SA

765

210

Hermes

International

370

1,004

L'Air

Liquide

SA

Class

A

1,122

232

L'Oreal

SA

1,482

635

LVMH

Moet

Hennessy

Louis

Vuitton

SE

5,387

2,825

Orange

SA

60,355

921

Publicis

Groupe

SA

9,317

1,052

Renault

SA

8,895

411

Rexel

SA

Class

H

52,864

1,631

Safran

SA

3,232

1,053

Sartorius

Stedim

Biotech

8,330

1,994

Societe

Generale

SA

26,812

1,536

Teleperformance

14,820

1,439

Thales

SA

464

136

TotalEnergies

SE

21,062

1,295

Valeo

SE

19,170

210

Vinci

SA

2,615

386

32,101

Germany

-

8.4%

adidas

AG

3,057

713

Allianz

SE

2,035

825

BASF

SE

38,618

1,905

Bayer

AG

35,964

1,081

Continental

AG

20,610

1,798

CTS

Eventim

AG

&

Co.

KGaA

14,241

1,773

Daimler

Truck

Holding

AG

52,378

2,479

Deutsche

Bank

AG

5,226

155

Deutsche

Boerse

AG

7,570

2,470

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Deutsche

Post

AG

3,462

160

Deutsche

Telekom

AG

13,245

485

E.ON

SE

8,607

158

Evonik

Industries

AG

49,338

1,017

Fresenius

Medical

Care

AG

&

Co.

KGaA

20,532

1,177

Fresenius

SE

&

Co.

KGaA

18,133

912

GEA

Group

AG

5,332

373

Hannover

Rueck

SE

2,789

878

Heidelberg

Materials

AG

1,995

469

Infineon

Technologies

AG

18,705

796

Mercedes-Benz

Group

AG

13,856

811

MTU

Aero

Engines

AG

6,202

2,758

Muenchener

Rueckversicherungs-

Gesellschaft

AG

1,762

1,143

Rheinmetall

AG

853

1,805

SAP

SE

8,654

2,632

Siemens

AG

3,107

797

Siemens

Energy

AG(Æ)

2,449

283

Symrise

AG

24,923

2,617

32,470

Hong

Kong

-

2.0%

AIA

Group,

Ltd.

369,139

3,320

ASMPT,

Ltd.

19,800

145

CK

Asset

Holdings,

Ltd.

83,049

367

CLP

Holdings,

Ltd.

53,000

446

Hong

Kong

Exchanges

&

Clearing,

Ltd.

8,500

455

Power

Assets

Holdings,

Ltd.

48,000

308

Prudential

PLC

170,340

2,138

Sino

Land

Co.,

Ltd.

196,000

209

Sun

Hung

Kai

Properties,

Ltd.

10,000

115

WH

Group,

Ltd.(Þ)

400,000

385

7,888

India

-

1.0%

Axis

Bank,

Ltd.

-

GDR(Þ)

9,020

627

HDFC

Bank,

Ltd.

-

ADR

33,126

2,540

Larsen

&

Toubro,

Ltd.

-

GDR(Þ)

17,257

739

3,906

Indonesia

-

0.2%

Bank

Negara

Indonesia

Persero

Tbk

PT

719,700

183

Bank

Rakyat

Indonesia

Persero

Tbk

PT

1,871,900

433

616

Ireland

-

1.1%

AIB

Group

PLC

74,276

611

Bank

of

Ireland

Group

PLC

147,480

2,104

Flutter

Entertainment

PLC(Æ)

5,101

1,449

4,164

Israel

-

0.2%

Bank

Hapoalim

BM

7,600

146

Bank

Leumi

Le-Israel

BM

8,525

158

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

41

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Check

Point

Software

Technologies,

Ltd.(Æ)

1,404

311

615

Italy

-

3.0%

BPER

Banca

70,370

640

Coca-Cola

HBC

AG

10,064

523

Davide

Campari-Milano

NV

222,882

1,499

Enel

SpA

156,356

1,484

Eni

SpA

57,599

933

FinecoBank

Banca

Fineco

SpA

126,739

2,813

Generali

3,093

110

Intesa

Sanpaolo

SpA

28,762

166

Moncler

SpA

7,021

401

Recordati

SpA

3,577

225

Ryanair

Holdings

PLC

-

ADR

14,820

855

Snam

SpA

18,972

115

Terna

-

Rete

Elettrica

Nazionale

7,792

80

UniCredit

SpA

28,944

1,941

11,785

Japan

-

15.8%

Advantest

Corp.

14,500

1,074

Aeon

Co.,

Ltd.

1,900

58

Ajinomoto

Co.,

Inc.

5,400

144

Alfresa

Holdings

Corp.

11,600

158

Alps

Alpine

Co.,

Ltd.

13,900

149

Amada

Co.,

Ltd.

13,400

146

Asahi

Group

Holdings,

Ltd.

4,800

64

Asics

Corp.

10,600

271

Bandai

Namco

Holdings,

Inc.

7,700

276

Bridgestone

Corp.

35,300

1,442

Canon,

Inc.

29,500

854

Capcom

Co.,

Ltd.

4,500

154

Chiba

Bank,

Ltd.

(The)

57,600

531

Chugai

Pharmaceutical

Co.,

Ltd.

7,200

376

Daifuku

Co.,

Ltd.

4,300

111

Dai-ichi

Life

Holdings,

Inc.

36,200

274

Daiichi

Sankyo

Co.,

Ltd.

5,000

116

Daikin

Industries,

Ltd.

7,700

910

Daito

Trust

Construction

Co.,

Ltd.

3,000

327

Daiwa

House

Industry

Co.,

Ltd.

4,700

162

Denso

Corp.

53,300

719

Dentsu,

Inc.

19,900

442

East

Japan

Railway

Co.

6,000

130

Eisai

Co.,

Ltd.

5,140

148

FANUC

Corp.

27,200

740

Fast

Retailing

Co.,

Ltd.

1,300

445

Fujikura,

Ltd.

2,900

152

Fujitsu,

Ltd.

15,400

374

Fukuoka

Financial

Group,

Inc.

19,300

514

Hakuhodo

DY

Holdings,

Inc.

25,200

209

Hino

Motors,

Ltd.(Æ)

37,700

94

Hitachi,

Ltd.

50,800

1,472

Honda

Motor

Co.,

Ltd.

45,313

437

Horiba,

Ltd.

3,000

233

IHI

Corp.

1,500

163

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Iida

Group

Holdings

Co.,

Ltd.

21,800

307

Isuzu

Motors,

Ltd.

4,100

52

Japan

Airlines

Co.,

Ltd.

13,000

265

Japan

Post

Insurance

Co.,

Ltd.

Class

A

22,200

501

Japan

Tobacco,

Inc.

27,200

801

JGC

Holdings

Corp.

18,600

161

Kajima

Corp.

8,300

216

KDDI

Corp.

11,800

203

Keyence

Corp.

5,900

2,369

Kirin

Holdings

Co.,

Ltd.

10,500

147

Kobe

Bussan

Co.,

Ltd.

1,800

56

Koito

Manufacturing

Co.,

Ltd.

30,000

358

Komatsu,

Ltd.

28,200

923

Konami

Holdings

Corp.

1,300

206

Kubota

Corp.

50,700

568

Kyocera

Corp.

38,200

459

LY

Corp.

15,100

56

M3,

Inc.

7,800

108

Makita

Corp.

1,068

33

MatsukiyoCocokara

&

Co.

2,800

58

MEIJI

Holdings

Co.,

Ltd.

6,100

135

Minebea

Co.,

Ltd.

65,700

961

Mitsubishi

Estate

Co.,

Ltd.

36,200

677

Mitsubishi

Gas

Chemical

Co.,

Inc.

12,200

187

Mitsubishi

Heavy

Industries,

Ltd.

16,600

416

Mitsubishi

UFJ

Financial

Group,

Inc.

35,500

486

Mitsui

Fudosan

Co.,

Ltd.

12,000

116

Mizuho

Financial

Group,

Inc.

10,900

300

MonotaRO

Co.,

Ltd.

2,700

53

MS&AD

Insurance

Group

Holdings,

Inc.

40,000

892

Murata

Manufacturing

Co.,

Ltd.

135,700

2,007

NEC

Corp.

12,900

378

Nikon

Corp.

13,800

141

Nintendo

Co.,

Ltd.

11,300

1,084

Nippon

Telegraph

&

Telephone

Corp.

106,550

114

Nippon

Television

Holdings,

Inc.

13,500

313

Nissan

Motor

Co.,

Ltd.

106,600

259

Nitto

Denko

Corp.

96,700

1,865

Nomura

Research

Institute,

Ltd.

4,900

197

Obayashi

Corp.

7,100

107

Obic

Co.,

Ltd.

2,000

78

Olympus

Corp.

90,300

1,071

Ono

Pharmaceutical

Co.,

Ltd.

9,391

102

Oracle

Corp.

900

107

Osaka

Gas

Co.,

Ltd.

2,200

56

Otsuka

Holdings

Co.,

Ltd.

4,800

238

Pan

Pacific

International

Holdings

Corp.

4,600

158

Panasonic

Holdings

Corp.

27,300

293

Persol

Holdings

Co.,

Ltd.

163,800

319

Recruit

Holdings

Co.,

Ltd.

5,600

330

Resona

Holdings,

Inc.

235,400

2,161

Rinnai

Corp.

10,900

270

Rohm

Co.,

Ltd.

38,100

486

Sanrio

Co.,

Ltd.

2,300

111

SCREEN

Holdings

Co.,

Ltd.

4,300

349

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

42

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

SCSK

Corp.

1,900

57

Secom

Co.,

Ltd.

5,200

187

Sega

Sammy

Holdings,

Inc.

12,200

293

Sekisui

Chemical

Co.,

Ltd.

19,100

345

Shin-Etsu

Chemical

Co.,

Ltd.

64,675

2,131

Shionogi

&

Co.,

Ltd.

32,400

585

SMC

Corp.

1,400

504

SoftBank

Corp.

723,800

1,119

Sompo

Holdings,

Inc.

34,700

1,040

Sony

Group

Corp.

69,550

1,813

Stanley

Electric

Co.,

Ltd.

12,839

254

Subaru

Corp.

20,844

362

Sumitomo

Heavy

Industries,

Ltd.

8,000

164

Sumitomo

Mitsui

Financial

Group,

Inc.

16,900

424

Sumitomo

Mitsui

Trust

Holdings,

Inc.

28,000

742

Sumitomo

Rubber

Industries,

Ltd.

18,400

209

Suntory

Beverage

&

Food,

Ltd.

38,900

1,245

Suzuki

Motor

Corp.

20,400

246

T&D

Holdings,

Inc.

55,900

1,223

Taiheiyo

Cement

Corp.

4,900

121

Taisei

Corp.

2,600

151

Taiyo

Nippon

Sanso

Corp.

1,400

53

Takeda

Pharmaceutical

Co.,

Ltd.

27,100

837

TDK

Corp.

112,100

1,311

THK

Co.,

Ltd.

7,300

194

TIS,

Inc.

1,700

57

Toho

Co.,

Ltd.

1,900

112

Tokio

Marine

Holdings,

Inc.

32,500

1,371

Tokyo

Electron,

Ltd.

13,010

2,484

Toray

Industries,

Inc.

101,200

691

Toyota

Motor

Corp.

13,600

234

Trend

Micro,

Inc.

1,700

117

Tsuruha

Holdings,

Inc.

4,500

352

Unicharm

Corp.

166,900

1,209

Yamato

Holdings

Co.,

Ltd.

25,994

348

Zozo,

Inc.

5,200

56

61,174

Luxembourg

-

0.4%

ArcelorMittal

SA

45,538

1,439

RTL

Group

SA

3,991

175

1,614

Macao

-

0.3%

Galaxy

Entertainment

Group,

Ltd.

283,869

1,263

Mexico

-

0.2%

America

Movil

SAB

de

CV

-

ADR

31,549

566

Fresnillo

PLC

11,563

229

795

Netherlands

-

4.4%

ABN

AMRO

Bank

NV(Þ)

33,905

928

Adyen

NV(Æ)(Þ)

586

1,076

Argenx

SE(Æ)

1,117

616

ASML

Holding

NV

2,814

2,253

Ferrari

NV

1,862

913

Heineken

NV

4,521

396

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ING

Groep

NV

105,754

2,321

Koninklijke

Ahold

Delhaize

NV

4,432

185

Koninklijke

KPN

NV

162,133

791

Koninklijke

Philips

NV

51,380

1,233

NN

Group

NV

12,078

803

Randstad

NV

32,188

1,487

Universal

Music

Group

NV

122,831

3,986

VEON,

Ltd.

-

ADR(Æ)

3,212

148

17,136

New

Zealand

-

0.1%

Contact

Energy,

Ltd.

25,590

140

Meridian

Energy,

Ltd.

41,685

150

Xero,

Ltd.(Æ)

447

53

343

Norway

-

0.8%

DNB

Bank

ASA

33,530

928

Equinor

ASA

Class

N

53,269

1,345

Gjensidige

Forsikring

ASA

7,023

178

Kongsberg

Gruppen

ASA

5,712

222

Norsk

Hydro

ASA

5,322

30

Orkla

ASA

35,142

382

Telenor

ASA

7,222

112

3,197

Poland

-

0.3%

Zabka

Group

SA(Æ)

216,015

1,296

Russia

-

0.0%

Gazprom

PJSC(Æ)(Š)

114,398

—

LUKOIL

PJSC(Š)

2,007

—

Mobile

TeleSystems

PJSC

-

ADR(Æ)

(Š)

27,365

—

Sberbank

of

Russia

PJSC(Æ)(Š)

88,440

—

—

Singapore

-

1.4%

DBS

Group

Holdings,

Ltd.

32,331

1,143

Grab

Holdings,

Ltd.

Class

A(Æ)

365,546

1,839

Oversea-Chinese

Banking

Corp.,

Ltd.

73,792

947

Singapore

Exchange,

Ltd.

16,800

197

Singapore

Technologies

Engineering,

Ltd.

17,900

110

Singapore

Telecommunications,

Ltd.

331,800

997

5,233

South

Africa

-

0.3%

Anglo

American

PLC

10,035

296

MTN

Group,

Ltd.

67,308

535

Old

Mutual,

Ltd.

313,428

215

Valterra

Platinum,

Ltd.(Æ)

1,165

51

1,097

South

Korea

-

1.6%

Coway

Co.,

Ltd.

3,675

263

Hankook

Tire

&

Technology

Co.,

Ltd.

4,280

126

Hyundai

Mobis

Co.,

Ltd.

2,710

575

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

43

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

KB

Financial

Group,

Inc.

8,751

719

KT

Corp.

-

ADR

26,754

556

Samsung

Electronics

Co.,

Ltd.

27,969

1,240

Shinhan

Financial

Group

Co.,

Ltd.

28,418

1,293

SK

Hynix,

Inc.

4,394

952

SK

Telecom

Co.,

Ltd.

10,146

426

6,150

Spain

-

1.4%

Aena

SME

SA(Þ)

6,901

184

Banco

Bilbao

Vizcaya

Argentaria

SA

17,097

263

Banco

Santander

SA

37,496

311

CaixaBank

SA

84,784

735

Endesa

SA

14,408

456

Iberdrola

SA

22,437

431

Industria

de

Diseno

Textil

SA

58,077

3,026

Telefonica

SA

23,356

123

5,529

Sweden

-

1.3%

Assa

Abloy

AB

Class

B

12,035

376

Atlas

Copco

AB

Class

A

42,007

681

Atlas

Copco

AB

Class

B

57,452

819

Essity

Aktiebolag

Class

B

23,528

652

Industrivarden

AB

Class

C

4,935

178

Investor

AB

Class

B

3,766

111

Lifco

AB

Class

B

2,729

110

Saab

AB

Class

B

3,123

174

Skanska

AB

Class

B

10,848

253

SKF

AB

Class

B

22,675

521

Svenska

Cellulosa

AB

SCA

Class

B

19,365

252

Svenska

Handelsbanken

AB

Class

A

8,008

107

Tele2

AB

Class

B

17,450

255

Telefonaktiebolaget

LM

Ericsson

Class

B

81,417

698

5,187

Switzerland

-

3.8%

ABB,

Ltd.

6,609

395

Adecco

Group

AG

11,291

336

Chocoladefabriken

Lindt

&

Spruengli

AG

13

369

Cie

Financiere

Richemont

SA

Class

A

1,998

378

Galderma

Group

AG

7,189

1,047

Geberit

AG

180

142

Helvetia

Holding

AG

235

55

Julius

Baer

Group,

Ltd.

17,049

1,150

Lonza

Group

AG

3,742

2,674

Partners

Group

Holding

AG

517

678

Schindler

Holding

AG

537

200

SGS

SA

5,581

568

Swatch

Group

AG

(The)

Class

B

2,539

414

Swisscom

AG

286

203

UBS

Group

AG

143,366

4,871

Zurich

Insurance

Group

AG

1,601

1,123

14,603

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Taiwan

-

2.6%

Delta

Electronics,

Inc.

44,000

620

E

Ink

Holdings,

Inc.

62,000

469

MediaTek,

Inc.

12,000

511

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

106,000

3,827

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

19,871

4,501

9,928

Thailand

-

0.2%

Kasikornbank

PCL

155,300

733

United

Kingdom

-

9.5%

3i

Group

PLC

6,084

344

AstraZeneca

PLC

12,419

1,732

Auto

Trader

Group

PLC(Þ)

10,287

116

Babcock

International

Group

PLC

16,494

260

BAE

Systems

PLC

14,553

377

Barclays

PLC

251,203

1,163

British

American

Tobacco

PLC

39,527

1,870

British

Land

Co.

PLC

(The)(ö)

47,110

243

BT

Group

PLC

286,844

763

Burberry

Group

PLC(Æ)

22,302

363

CK

Hutchison

Holdings,

Ltd.

Class

B

79,313

490

Compass

Group

PLC

66,812

2,263

Croda

International

PLC

4,229

170

Diageo

PLC

12,372

311

Diploma

PLC

25,005

1,678

easyJet

PLC

76,595

560

Halma

PLC

4,786

210

Hikma

Pharmaceuticals

PLC

5,730

156

HSBC

Holdings

PLC

180,284

2,183

Imperial

Tobacco

Group

PLC

2,349

93

Intermediate

Capital

Group

PLC

24,486

648

International

Consolidated

Airlines

Group

SA

25,296

119

Intertek

Group

PLC

32,726

2,130

J

Sainsbury

PLC

367,526

1,462

Kingfisher

PLC

110,109

440

Land

Securities

Group

PLC(ö)

50,140

434

Lloyds

Banking

Group

PLC

115,627

122

London

Stock

Exchange

Group

PLC

11,553

1,688

National

Grid

PLC

21,307

311

NatWest

Group

PLC

64,167

450

Next

PLC

1,516

259

Reckitt

Benckiser

Group

PLC

38,715

2,634

RELX

PLC

70,943

3,848

Rolls-Royce

Holdings

PLC

90,368

1,201

Schroders

PLC

23,104

115

Smiths

Group

PLC

3,602

111

Standard

Chartered

PLC

108,527

1,799

Tate

&

Lyle

PLC

37,223

264

Tesco

PLC

108,391

597

Travis

Perkins

PLC

26,830

224

Unilever

PLC

23,692

1,443

Wise

PLC

Class

A(Æ)

53,828

769

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

44

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

WPP

PLC

70,895

496

36,909

United

States

-

9.8%

Alcon,

Inc.

5,509

489

Amdocs,

Ltd.

15,008

1,369

Amrize,

Ltd.(Æ)

9,989

498

Aon

PLC

Class

A

3,392

1,210

BP

PLC

171,816

857

CyberArk

Software,

Ltd.(Æ)

511

208

Experian

PLC

3,487

180

Ferrovial

SE

2,417

129

GSK

PLC

128,930

2,458

Haleon

PLC

634,794

3,266

Holcim

AG(Æ)

9,989

744

James

Hardie

Industries

PLC(Æ)

17,960

496

Linde

PLC

6,606

3,099

Medtronic

PLC

9,699

845

Nestle

SA

17,535

1,742

Novartis

AG

25,796

3,121

Roche

Holding

AG

9,103

2,976

Sanofi

SA

23,131

2,238

Schlumberger

NV

31,834

1,076

Schneider

Electric

SE

18,244

4,865

Shell

PLC

97,216

3,409

Spotify

Technology

SA(Æ)

1,927

1,479

Swiss

Re

AG

4,537

787

Tenaris

SA

17,067

319

37,860

Total

Common

Stocks

(cost

$293,519)

356,478

Preferred

Stocks

-

0.4%

Brazil

-

0.0%

Raizen

Energia

SA

0.668%

(Ÿ)

385,686

117

Germany

-

0.4%

Henkel

AG

&

Co.

KGaA

2.983%

(Ÿ)

9,258

727

Volkswagen

AG

6.775%

(Ÿ)

6,653

703

1,430

Total

Preferred

Stocks

(cost

$2,014)

1,547

Warrants

and

Rights

-

0.0%

Canada

-

0.0%

Constellation

Software,

Inc.(Æ)(Š)

2040

Warrants

82

—

Total

Warrants

and

Rights

(cost

$—)

—

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Short-Term

Investments

-

5.1%

United

States

-

5.1%

U.S.

Cash

Management

Fund(@)

19,674,253

(∞)

19,668

Total

Short-Term

Investments

(cost

$19,668)

19,668

Total

Investments

-

97.7%

(identified

cost

$315,201)

377,693

Other

Assets

and

Liabilities,

Net

-

2.3%

9,088

Net

Assets

-

100.0%

386,781

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

45

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

1.5%

ABN

AMRO

Bank

NV

10/03/19

EUR

33,905

17.34

588

928

Adyen

NV

04/19/22

EUR

586

1,750.52

1,026

1,076

Aena

SME

SA

01/23/25

EUR

6,901

22.86

158

184

Amundi

SA

02/21/19

EUR

13,176

65.00

856

1,068

Auto

Trader

Group

PLC

08/04/23

GBP

10,287

8.08

83

116

Axis

Bank,

Ltd.

04/12/24

9,020

65.08

587

627

Larsen

&

Toubro,

Ltd.

02/23/24

17,257

41.50

716

739

WH

Group,

Ltd.

06/26/19

HKD

400,000

0.76

305

385

Xiaomi

Corp.

04/11/25

HKD

81,800

5.65

463

630

5,753

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

CAC

40

Euro

Index

Futures

25

EUR

1,917

07/25

(5)

DAX

Index

Futures

3

EUR

1,804

09/25

38

EURO

STOXX

50

Index

Futures

22

EUR

1,172

09/25

5

FTSE/MIB

Index

Futures

2

EUR

399

09/25

5

IBEX

35

Index

Futures

4

EUR

557

07/25

4

OMXS30

Index

Futures

21

SEK

5,235

07/25

—

S&P/TSX

60

Index

Futures

87

CAD

27,840

09/25

259

SPI

200

Index

Futures

66

AUD

14,086

09/25

2

TOPIX

Index

Futures

46

JPY

1,313,530

09/25

228

Short

Positions

FTSE

100

Index

Futures

27

GBP

2,373

09/25

27

Hang

Seng

Index

Futures

24

HKD

28,901

07/25

6

MSCI

Emerging

Markets

Index

Futures

255

USD

15,727

09/25

(372)

MSCI

Singapore

Index

Futures

77

SGD

3,167

07/25

(39)

S&P

500

E-Mini

Index

Futures

3

USD

938

09/25

(25)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

133

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

311

AUD

476

07/02/25

2

Bank

of

America

USD

125

CAD

171

07/02/25

—

Bank

of

America

USD

179

CHF

143

07/02/25

1

Bank

of

America

USD

202

CHF

160

07/02/25

—

Bank

of

America

USD

385

CHF

308

07/02/25

3

Bank

of

America

USD

181

EUR

154

07/02/25

—

Bank

of

America

USD

919

EUR

784

07/02/25

5

Bank

of

America

USD

55

HKD

432

07/03/25

—

Bank

of

America

USD

236

JPY

34,049

07/02/25

—

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

46

International

Developed

Markets

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

1,692

JPY

243,922

07/02/25

2

Bank

of

America

USD

331

NOK

3,343

07/02/25

1

Bank

of

America

CAD

1,176

USD

864

07/02/25

—

Bank

of

America

CHF

393

USD

495

07/02/25

—

Bank

of

America

DKK

479

USD

75

07/02/25

—

Bank

of

America

DKK

827

USD

130

07/02/25

(1)

Bank

of

America

EUR

43

USD

50

07/02/25

—

Bank

of

America

EUR

55

USD

65

07/02/25

—

Bank

of

America

GBP

83

USD

114

07/02/25

—

Bank

of

America

GBP

245

USD

336

07/02/25

(1)

Bank

of

America

GBP

379

USD

520

07/02/25

(1)

Bank

of

America

GBP

486

USD

666

07/02/25

(1)

Bank

of

America

HKD

86

USD

11

07/03/25

—

Bank

of

America

ILS

310

USD

92

07/01/25

—

Bank

of

America

SEK

921

USD

97

07/02/25

—

Bank

of

America

SEK

1,672

USD

176

07/02/25

—

Bank

of

America

SEK

1,898

USD

200

07/02/25

(1)

Bank

of

America

SGD

163

USD

128

07/02/25

—

Bank

of

America

SGD

228

USD

179

07/02/25

(1)

BNP

Paribas

USD

2,288

AUD

3,503

09/17/25

22

BNP

Paribas

USD

4,086

CAD

5,558

09/17/25

11

BNP

Paribas

USD

3,609

JPY

517,888

09/17/25

18

BNP

Paribas

USD

1,117

SEK

10,636

09/17/25

13

BNP

Paribas

GBP

753

USD

1,019

09/17/25

(16)

Morgan

Stanley

USD

529

CAD

720

09/17/25

2

Morgan

Stanley

USD

118

EUR

100

09/17/25

1

Morgan

Stanley

USD

238

JPY

34,170

09/17/25

1

Morgan

Stanley

AUD

160

USD

105

09/17/25

(1)

Royal

Bank

of

Canada

USD

2,288

AUD

3,503

09/17/25

22

Royal

Bank

of

Canada

USD

4,086

CAD

5,558

09/17/25

12

Royal

Bank

of

Canada

USD

3,620

JPY

517,888

09/17/25

7

Royal

Bank

of

Canada

USD

1,121

SEK

10,636

09/17/25

9

Royal

Bank

of

Canada

GBP

753

USD

1,021

09/17/25

(14)

State

Street

USD

2,288

AUD

3,503

09/17/25

21

State

Street

USD

4,087

CAD

5,558

09/17/25

11

State

Street

USD

3,617

JPY

517,888

09/17/25

10

State

Street

USD

1,120

SEK

10,636

09/17/25

10

State

Street

BRL

1,033

USD

190

07/02/25

—

State

Street

CHF

1,091

USD

1,347

09/17/25

(41)

State

Street

DKK

3,720

USD

577

09/17/25

(14)

State

Street

EUR

875

USD

1,012

09/17/25

(25)

State

Street

GBP

753

USD

1,021

09/17/25

(14)

State

Street

HKD

2,630

USD

338

09/17/25

—

State

Street

NOK

4,050

USD

402

09/17/25

—

State

Street

NZD

220

USD

133

09/17/25

(1)

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

47

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Toronto

Dominion

Bank

USD

2,288

AUD

3,503

09/17/25

21

Toronto

Dominion

Bank

USD

4,086

CAD

5,558

09/17/25

11

Toronto

Dominion

Bank

USD

3,616

JPY

517,888

09/17/25

11

Toronto

Dominion

Bank

USD

1,117

SEK

10,636

09/17/25

13

Toronto

Dominion

Bank

GBP

753

USD

1,019

09/17/25

(16)

Westpac

USD

2,288

AUD

3,503

09/17/25

22

Westpac

USD

4,087

CAD

5,558

09/17/25

11

Westpac

USD

3,618

JPY

517,888

09/17/25

9

Westpac

USD

1,121

SEK

10,636

09/17/25

9

Westpac

GBP

753

USD

1,021

09/17/25

(14)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

129

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

$

601

$

6,631

$

—

$

—

$

7,232

1

.9

Austria

—

2,747

—

—

2,747

0

.7

Belgium

236

872

—

—

1,108

0

.3

Brazil

4,389

—

—

—

4,389

1

.1

Burkina

Faso

256

—

—

—

256

0

.1

Canada

13,877

—

—

—

13,877

3

.6

China

2,639

9,948

—

—

12,587

3

.3

Denmark

110

7,191

—

—

7,301

1

.9

Finland

—

3,389

—

—

3,389

0

.9

France

136

31,965

—

—

32,101

8

.3

Germany

160

32,310

—

—

32,470

8

.4

Hong

Kong

115

7,773

—

—

7,888

2

.0

India

2,540

1,366

—

—

3,906

1

.0

Indonesia

—

616

—

—

616

0

.2

Ireland

—

4,164

—

—

4,164

1

.1

Israel

310

305

—

—

615

0

.2

Italy

970

10,815

—

—

11,785

3

.0

Japan

2,650

58,524

—

—

61,174

15

.8

Luxembourg

—

1,614

—

—

1,614

0

.4

Macao

—

1,263

—

—

1,263

0

.3

Mexico

566

229

—

—

795

0

.2

Netherlands

148

16,988

—

—

17,136

4

.4

New

Zealand

53

290

—

—

343

0

.1

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

48

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

Norway

334

2,863

—

—

3,197

0

.8

Poland

—

1,296

—

—

1,296

0

.3

Russia

—

—

—

—

—

—

Singapore

1,839

3,394

—

—

5,233

1

.4

South

Africa

51

1,046

—

—

1,097

0

.3

South

Korea

556

5,594

—

—

6,150

1

.6

Spain

—

5,529

—

—

5,529

1

.4

Sweden

285

4,902

—

—

5,187

1

.3

Switzerland

802

13,801

—

—

14,603

3

.8

Taiwan

4,501

5,427

—

—

9,928

2

.6

Thailand

—

733

—

—

733

0

.2

United

Kingdom

230

36,679

—

—

36,909

9

.5

United

States

9,785

28,075

—

—

37,860

9

.8

Preferred

Stocks

117

1,430

—

—

1,547

0

.4

Warrants

and

Rights

—

—

—

—

—

—

Short-Term

Investments

—

—

—

19,668

19,668

5

.1

Total

Investments

48,256

309,769

—

19,668

377,693

97

.7

Other

Assets

and

Liabilities,

Net

2

.3

100

.0

Other

Financial

Instruments

Assets

Futures

Contracts

574

—

—

—

574

0

.1

Foreign

Currency

Exchange

Contracts

14

277

—

—

291

0

.1

A

Liabilities

Futures

Contracts

(441

)

—

—

—

(441

)

(0

.1)

Foreign

Currency

Exchange

Contracts

(7

)

(155

)

—

—

(162

)

(—)

*

Total

Other

Financial

Instruments

**

$

140

$

122

$

—

$

—

$

262

*

Less

than

.05%

of

net

assets.

**

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

June

30,

2025,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

June

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

49

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

55,894

Consumer

Staples

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

25,401

Energy

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

15,886

Financial

Services

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

95,478

Health

Care

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

33,609

Materials

and

Processing

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

31,722

Producer

Durables

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

40,313

Technology

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

46,366

Utilities

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

11,809

Preferred

Stocks

Consumer

Discretionary

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

703

Consumer

Staples

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

727

Utilities

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

117

Warrants

and

Rights

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

—

Short-Term

Investments

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

19,668

Total

Investments

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

377,693

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

50

International

Developed

Markets

Fund

Russell

Investment

Funds

International

Developed

Markets

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Foreign

Currency

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

291

Variation

margin

on

futures

contracts*

574

—

Total

$

574

$

291

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

0

0

Variation

margin

on

futures

contracts*

$

441

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

162

Total

$

441

$

162

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Foreign

Currency

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(319)

$

—

Foreign

currency

exchange

contracts

—

970

Total

$

(319

)

$

970

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

0

0

Futures

contracts

$

(

88

)

$

—

Foreign

currency

exchange

contracts

—

1,313

Total

$

(88)

$

1,313

*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

International

Developed

Markets

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

51

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

Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

291

$

—

$

291

Total

Financial

and

Derivative

Assets

291

—

291

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

(14)

—

(14)

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

277

$

—

$

277

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

BNP

Paribas

$

64

$

16

$

—

$

48

Morgan

Stanley

4

1

—

3

Royal

Bank

of

Canada

50

13

—

37

State

Street

53

53

—

—

Toronto

Dominion

Bank

56

16

—

40

Westpac

50

14

—

36

Total

$

277

$

113

$

—

$

164

Russell

Investment

Funds

International

Developed

Markets

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

52

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

$

162

$

—

$

162

Total

Financial

and

Derivative

Liabilities

162

—

162

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(7)

—

(7)

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

155

$

—

$

155

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

BNP

Paribas

$

16

$

16

$

—

$

—

Morgan

Stanley

1

1

—

—

Royal

Bank

of

Canada

13

13

—

—

State

Street

95

53

—

42

Toronto

Dominion

Bank

16

16

—

—

Westpac

14

14

—

—

Total

$

155

$

113

$

—

$

42

^

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

53

Statement

of

Assets

and

Liabilities

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

315,201

Investments,

at

fair

value(>)

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

377,693

Foreign

currency

holdings(^)

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

1,820

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

291

Receivables:

Dividends

and

interest

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

594

Dividends

from

affiliated

funds

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

63

Investments

sold

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

17,090

Fund

shares

sold

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

22

Foreign

capital

gains

taxes

recoverable

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

1,292

From

broker(a)

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

4,611

Variation

margin

on

futures

contracts

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

135

Prepaid

expenses

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

2

Total

assets

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

403,613

Liabilities

Payables:

Investments

purchased

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

16,065

Fund

shares

redeemed

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

116

Accrued

fees

to

affiliates

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

284

Other

accrued

expenses

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

205

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

162

Total

liabilities

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

16,832

Net

Assets

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

$

386,781

Russell

Investment

Funds

International

Developed

Markets

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

54

International

Developed

Markets

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

76,299

Shares

of

beneficial

interest

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

279

Additional

paid-in

capital

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

310,203

Net

Assets

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

$

386,781

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

13.86

Net

assets

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

$

386,780,822

Shares

outstanding

($.01

par

value)

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

27,900,592

Amounts

in

thousands

(^)    

Foreign

currency

holdings

-

cost

$

1,796

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

19,668

(a)  

Receivable

from

Broker

for

Futures

$

4,611

(#)

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

55

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2025

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

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

$

7,333

Dividends

from

affiliated

funds

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

298

Interest

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

36

Less

foreign

taxes

withheld

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

(762)

Total

investment

income

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

6,905

Expenses

Advisory

fees

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

1,592

Administrative

fees

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

88

Custodian

fees

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

68

Transfer

agent

fees

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

8

Professional

fees

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

48

Trustees’

fees

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

9

Printing

fees

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

14

Miscellaneous

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

28

Expenses

before

reductions

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

1,855

Expense

reductions

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

(45)

Net

expenses

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

1,810

Net

investment

income

(loss)

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

5,095

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

13,287

Investments

in

affiliated

funds

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

(3)

Futures

contracts

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

(319)

Foreign

currency

exchange

contracts

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

970

Foreign

currency-related

transactions

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

166

Net

realized

gain

(loss)

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

14,101

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

40,447

Futures

contracts

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

(88)

Foreign

currency

exchange

contracts

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

1,313

Foreign

currency-related

transactions

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

203

Net

change

in

unrealized

appreciation

(depreciation)

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

41,875

Net

realized

and

unrealized

gain

(loss)

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

55,976

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

61,071

Russell

Investment

Funds

International

Developed

Markets

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

56

International

Developed

Markets

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2025

(Unaudited)

Fiscal

Year

Ended

December

31,

2024

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

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

$

5,095

$

6,675

Net

realized

gain

(loss)

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

14,101

7,723

Net

change

in

unrealized

appreciation

(depreciation)

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

41,875

(4,194)

Net

increase

(decrease)

in

net

assets

from

operations

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

61,071

10,204

Distributions

To

shareholders

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

(2,330)

(16,209)

Net

decrease

in

net

assets

from

distributions

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

(2,330)

(16,209)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(7,370)

(6,148)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

51,371

(12,153)

Net

Assets

Beginning

of

period

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

335,410

347,563

End

of

period

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

$

386,781

$

335,410

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2025

and

December

31,

2024

were

as

follows:

2025

(Unaudited)

2024

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

1,220

$

15,601

813

$

10,139

Proceeds

from

reinvestment

of

distributions

185

2,330

1,379

16,209

Payments

for

shares

redeemed

(1,990)

(25,301)

(2,608)

(32,496)

Total

increase

(decrease)

(585)

$

(7,370)

(416)

$

(6,148)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

57

Russell

Investment

Funds

International

Developed

Markets

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

06/30/25

(ƣ)

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

Per-Share

Data

–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

11.77‌

12.03‌

10.54‌

12.35‌

12.18‌

11.72‌

Income

(loss)

from

investment

operations:

—‌

—‌

—‌

—‌

—‌

—‌

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.18‌

.24‌

.22‌

.22‌

.23‌

.12‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.99‌

.09‌

1.49‌

(1.82‌)

1.27‌

.47‌

$

Total

from

Investment

Operations

2.17‌

.33‌

1.71‌

(1.60‌)

1.50‌

.59‌

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

—‌

(.37‌)

(.15‌)

—‌

(.33‌)

(.13‌)

$

Distributions

from

Net

Realized

Gain

(.08‌)

(.22‌)

(.07‌)

(.21‌)

(1.00‌)

—‌

$

Total

Distributions

(.08‌)

(.59‌)

(.22‌)

(.21‌)

(1.33‌)

(.13‌)

$

Net

Asset

Value,

End

of

Period

13.86‌

11.77‌

12.03‌

10.54‌

12.35‌

12.18‌

%

Total

Return

(ǿ)(±)

18.53‌

2.78‌

16.26‌

(13.04‌)

12.66‌

5.08‌

–

–

–

–

–

–

Ratios/Supplemental

Data

–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000)

386,781‌

335,410‌

347,563‌

320,684‌

377,463‌

395,518‌

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.05‌

1.05‌

1.05‌

1.05‌

1.04‌

1.06‌

%

Expenses,

Net

(Ƃ)(ɯ)

1.02‌

1.03‌

1.03‌

1.03‌

1.03‌

1.06‌

%

Net

Investment

Income

(Ƃ)(ɯ)

2.88‌

1.91‌

1.96‌

2.04‌

1.78‌

1.17‌

%

Portfolio

Turnover

Rate

(ǿ)

22‌

27‌

32‌

33‌

32‌

59‌

Russell

Investment

Funds

International

Developed

Markets

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

58

International

Developed

Markets

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

June

30,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2025

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

265,720

Administrative

fees

15,631

Transfer

agent

fees

1,375

Trustees'

fees

1,627

$

284,353

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

13,507

$

62,291

$

56,127

$

(3

)

$

—

$

19,668

$

298

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

317,695,712

$

75,145,559

$

(14,886,373)

$

60,259,186

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

59

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Fixed

Income

Investments

-

82.7%

Asset-Backed

Securities

-

4.2%

Audax

Senior

Debt

CLO

12

LLC

Series

2025-12A

Class

B

5.917%

due

04/22/37

(CME

Term

SOFR

3

Month

+

1.750%)(Ê)(Þ)

1,770

1,769

AXIS

Equipment

Finance

Receivables

XIV

LLC

Series

2024-2A

Class

B

5.200%

due

07/21/31

(Þ)

1,128

1,148

BRAVO

Residential

Funding

Trust

Series

2024-CES2

Class

A1A

5.549%

due

09/25/54

(~)(Ê)(Þ)

574

574

Business

Jet

Securities

LLC

Series

2024-2A

Class

A

5.364%

due

09/15/39

(Þ)

884

886

Churchill

Middle

Market

CLO

LLC

Series

2025-1A

Class

BR

5.976%

due

04/20/38

(CME

Term

SOFR

3

Month

+

1.700%)(Ê)(Þ)

1,670

1,670

CLI

Funding

IX

LLC

Series

2024-1A

Class

A

5.630%

due

07/20/49

(Þ)

1,190

1,199

Conseco

Financial

Corp.

Series

1998-2

Class

M1

6.940%

due

12/01/28

(~)(Ê)

353

355

Countrywide

Asset-Backed

Certificates

Trust

Series

2007-4

Class

A4W

4.315%

due

04/25/47

(~)(Ê)

1,453

1,395

DLLAA

LLC

Series

2025-1A

Class

A4

5.080%

due

04/20/33

(Þ)

1,370

1,402

FIGRE

Trust

Series

2023-HE2

Class

B

7.688%

due

05/25/53

(~)(Ê)(Þ)

392

409

Series

2024-HE1

Class

A

6.165%

due

03/25/54

(~)(Ê)(Þ)

1,764

1,797

Series

2024-HE2

Class

A

6.380%

due

05/25/54

(~)(Ê)(Þ)

1,818

1,856

Series

2024-HE4

Class

A

5.056%

due

09/25/54

(~)(Ê)(Þ)

1,037

1,037

Series

2024-SL1

Class

A1

5.748%

due

07/25/53

(~)(Ê)(Þ)

2,313

2,339

Series

2025-HE2

Class

A

5.775%

due

03/25/55

(~)(Ê)(Þ)

1,944

1,970

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

6.437%

due

08/21/31

(USD

1

Month

LIBOR

+

2.000%)(Ê)

375

362

JPMorgan

Mortgage

Trust

Series

2024-HE3

Class

A1

5.502%

due

02/25/55

(SOFR

30

Day

Average

+

1.200%)(Ê)(Þ)

541

540

Kubota

Credit

Owner

Trust

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2024-1A

Class

A4

5.200%

due

01/15/30

(Þ)

1,716

1,754

Series

2024-2A

Class

A4

5.190%

due

05/15/30

(Þ)

660

675

MMAF

Equipment

Finance

LLC

Series

2025-A

Class

A4

5.020%

due

06/13/50

(Þ)

1,250

1,279

OneSky

Loan

Trust

Series

A

Class

A

3.875%

due

07/15/29

2,033

1,946

Option

One

Mortgage

Loan

Trust

Series

2007-FXD1

Class

3A4

5.860%

due

01/25/37

(~)(Ê)

203

198

RCKT

Mortgage

Trust

Series

2024-CES1

Class

A1A

6.025%

due

02/25/44

(~)(Ê)(Þ)

931

935

Series

2024-CES2

Class

A1A

6.141%

due

04/25/44

(~)(Ê)(Þ)

1,274

1,282

Series

2024-CES3

Class

A1A

6.591%

due

05/25/44

(~)(Ê)(Þ)

945

957

Series

2024-CES6

Class

A1A

5.344%

due

09/25/44

(~)(Ê)(Þ)

1,024

1,022

Saluda

Grade

Alternative

Mortgage

Trust

Series

2023-FIG3

Class

A

7.067%

due

08/25/53

(~)(Ê)(Þ)

1,178

1,212

Series

2023-FIG4

Class

A

6.718%

due

11/25/53

(~)(Ê)(Þ)

681

702

Series

2024-FIG5

Class

A

6.255%

due

04/25/54

(~)(Ê)(Þ)

2,158

2,197

Towd

Point

Mortgage

Trust

Series

2020-MH1

Class

A1

2.250%

due

02/25/60

(~)(Ê)(Þ)

581

566

Series

2023-CES2

Class

A1A

7.294%

due

10/25/63

(~)(Ê)(Þ)

982

997

36,430

Corporate

Bonds

and

Notes

-

24.9%

Consumer

Discretionary

-

3.1%

American

Airlines

Pass-Through

Trust

Series

AA

Class

AA

3.650%

due

02/15/29

492

473

Aptiv

Swiss

Holdings,

Ltd.

4.150%

due

05/01/52

440

315

6.875%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.385%)(Ê)

15

15

Bath

&

Body

Works,

Inc.

6.950%

due

03/01/33

234

241

Best

Buy

Co.,

Inc.

1.950%

due

10/01/30

420

368

BorgWarner,

Inc.

5.400%

due

08/15/34

225

228

Carnival

Corp.

4.000%

due

08/01/28

(Þ)

1,110

1,086

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

60

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

Series

WI

3.750%

due

02/15/28

1,378

1,351

Cummins,

Inc.

5.450%

due

02/20/54

500

484

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

4.750%

due

10/20/28

(Þ)

918

920

DR

Horton,

Inc.

5.500%

due

10/15/35

780

794

Ferguson

Finance

PLC

4.250%

due

04/20/27

(Þ)

1,089

1,080

Ford

Motor

Credit

Co.

LLC

7.122%

due

11/07/33

509

528

Fox

Corp.

Series

WI

4.709%

due

01/25/29

1,183

1,193

General

Motors

Co.

6.125%

due

10/01/25

75

75

General

Motors

Financial

Co.,

Inc.

5.800%

due

06/23/28

1,108

1,142

Home

Depot,

Inc.

(The)

4.500%

due

12/06/48

906

777

3.350%

due

04/15/50

785

551

Hyatt

Hotels

Corp.

4.375%

due

09/15/28

565

563

Hyundai

Capital

America

2.375%

due

10/15/27

(Þ)

520

495

1.800%

due

01/10/28

(Þ)

360

336

Kohl's

Corp.

5.125%

due

05/01/31

339

243

Las

Vegas

Sands

Corp.

3.900%

due

08/08/29

616

586

Lennar

Corp.

Series

WI

5.000%

due

06/15/27

451

454

LKQ

Corp.

Series

WI

5.750%

due

06/15/28

1,030

1,061

Lowe's

Cos.,

Inc.

6.500%

due

03/15/29

783

840

3.000%

due

10/15/50

200

125

Macy's

Retail

Holdings

LLC

4.500%

due

12/15/34

148

118

5.125%

due

01/15/42

132

90

4.300%

due

02/15/43

76

48

Mattel,

Inc.

3.750%

due

04/01/29

(Þ)

682

654

Meritage

Homes

Corp.

3.875%

due

04/15/29

(Þ)

1,039

1,002

Newell

Brands,

Inc.

6.875%

due

04/01/36

352

337

7.000%

due

04/01/46

185

158

Nissan

Motor

Acceptance

Co.

LLC

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.950%

due

09/15/26

(Þ)

679

684

Nordstrom,

Inc.

5.000%

due

01/15/44

327

227

Series

WI

4.250%

due

08/01/31

354

314

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/16/29

(Þ)

247

219

4.625%

due

04/06/31

(Þ)

119

97

Series

REGS

4.625%

due

04/16/29

(Þ)

127

113

Royal

Caribbean

Cruises,

Ltd.

7.500%

due

10/15/27

102

108

3.700%

due

03/15/28

87

85

Steelcase,

Inc.

5.125%

due

01/18/29

193

192

Tapestry,

Inc.

5.500%

due

03/11/35

294

295

Toll

Brothers

Finance

Corp.

Series

10YR

4.350%

due

02/15/28

1,083

1,078

Travel

+

Leisure

Co.

6.000%

due

04/01/27

275

277

Under

Armour

,

Inc.

3.250%

due

06/15/26

195

192

United

Airlines

Pass-Through

Trust

5.800%

due

01/15/36

1,297

1,316

Series

AA

4.150%

due

08/25/31

470

448

2.700%

due

05/01/32

514

460

VF

Corp.

6.450%

due

11/01/37

466

408

WarnerMedia

Holdings,

Inc.

5.141%

due

03/15/

52

208

128

Series

WI

3.755%

due

03/15/27

113

107

5.050%

due

03/15/42

1,134

669

Whirlpool

Corp.

2.400%

due

05/15/31

148

126

4.700%

due

05/14/32

104

97

5.500%

due

03/01/33

243

236

5.750%

due

03/01/34

282

275

Yum!

Brands,

Inc.

6.875%

due

11/15/37

16

17

5.350%

due

11/01/43

311

296

27,195

Consumer

Staples

-

0.7%

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

5.875%

due

02/15/28

(Þ)

160

160

3.500%

due

03/15/29

(Þ)

50

47

Altria

Group,

Inc.

5.375%

due

01/31/44

643

607

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

61

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

4.750%

due

01/15/29

(Þ)

430

420

Flowers

Foods,

Inc.

2.400%

due

03/15/31

592

518

Mars,

Inc.

5.000%

due

03/01/32

(Þ)

150

152

5.200%

due

03/01/35

(Þ)

590

597

5.700%

due

05/01/55

(Þ)

460

459

5.800%

due

05/01/65

(Þ)

290

290

Molson

Coors

Beverage

Co.

4.200%

due

07/15/46

784

626

Philip

Morris

International,

Inc.

6.375%

due

05/16/38

330

366

Tyson

Foods,

Inc.

4.350%

due

03/01/29

1,242

1,234

United

Rentals

NA,

Inc.

3.875%

due

11/15/27

97

95

5,571

Energy

-

2.5%

Antero

Resources

Corp.

5.375%

due

03/01/30

(Þ)

424

427

BP

Capital

Markets

America,

Inc.

2.939%

due

06/04/51

1,160

728

Buckeye

Partners,

LP

3.950%

due

12/01/26

330

326

4.125%

due

12/01/27

260

256

5.600%

due

10/15/44

47

40

Cameron

LNG

LLC

2.902%

due

07/15/31

(Þ)

711

646

Columbia

Pipelines

Holding

Co.

LLC

6.042%

due

08/15/28

(Þ)

633

659

Columbia

Pipelines

Operating

Co.

LLC

6.497%

due

08/15/43

(Þ)

241

249

Coterra

Energy,

Inc.

Series

WI

4.375%

due

03/15/29

1,246

1,233

DCP

Midstream

Operating,

LP

5.600%

due

04/01/44

395

361

DT

Midstream,

Inc.

4.125%

due

06/15/29

(Þ)

859

830

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

484

554

Energy

Transfer,

LP

5.550%

due

02/15/28

1,060

1,091

5.000%

due

05/15/50

780

653

Enterprise

Products

Operating

LLC

5.375%

due

02/15/78

(CME

Term

SOFR

3

Month

+

2.832%)(Ê)

825

811

Expand

Energy

Corp.

4.750%

due

02/01/32

673

653

Exxon

Mobil

Corp.

3.452%

due

04/15/51

230

163

Global

Marine,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.000%

due

06/01/28

173

160

Kinder

Morgan

Energy

Partners,

LP

5.400%

due

09/01/44

725

672

Marathon

Petroleum

Corp.

Series

WI

3.800%

due

04/01/28

620

611

Midwest

Connector

Capital

Co.

LLC

4.625%

due

04/01/29

(Þ)

854

847

MPLX,

LP

4.000%

due

03/15/28

1,849

1,830

Murphy

Oil

Corp.

5.875%

due

12/01/42

163

133

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

553

630

Occidental

Petroleum

Corp.

6.375%

due

09/01/28

648

674

Oceaneering

International,

Inc.

6.000%

due

02/01/28

194

196

ONEOK,

Inc.

4.550%

due

07/15/28

1,112

1,116

5.650%

due

11/01/28

470

487

6.100%

due

11/15/32

355

375

Rockies

Express

Pipeline

LLC

4.950%

due

07/15/29

(Þ)

100

98

4.800%

due

05/15/30

(Þ)

100

97

7.500%

due

07/15/38

(Þ)

99

101

6.875%

due

04/15/40

(Þ)

190

190

Targa

Resources

Corp.

6.150%

due

03/01/29

726

764

Tennessee

Gas

Pipeline

Co.

LLC

7.625%

due

04/01/37

608

703

Texas

Eastern

Transmission,

LP

3.500%

due

01/15/28

(Þ)

854

837

Topaz

Solar

Farms

LLC

5.750%

due

09/30/39

(Þ)

185

181

Transocean,

Inc.

7.500%

due

04/15/31

118

97

6.800%

due

03/15/38

329

231

Valero

Energy

Corp.

4.350%

due

06/01/28

15

14

Western

Midstream

Operating,

LP

4.500%

due

03/01/28

572

569

21,293

Financial

Services

-

7.4%

200

Park

Funding

Trust

5.740%

due

02/15/55

(Þ)

530

522

Acadian

Asset

Management,

Inc.

4.800%

due

07/27/26

266

265

Aircastle

,

Ltd.

2.850%

due

01/26/28

(Þ)

1,007

959

5.950%

due

02/15/29

(Þ)

1,160

1,198

Ally

Financial,

Inc.

6.992%

due

06/13/29

(SOFR

+

3.260%)(Ê)

788

829

American

Tower

Corp.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

62

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.500%

due

03/15/28

725

745

5.450%

due

02/15/34

360

370

American

Tower

Trust

#1

5.490%

due

03/15/28

(Þ)

2,647

2,692

3.652%

due

03/23/28

(Þ)

903

882

Aon

NA,

Inc.

5.750%

due

03/01/54

445

439

Ares

Capital

Corp.

2.875%

due

06/15/28

1,295

1,220

Athene

Holding,

Ltd.

3.450%

due

05/15/52

1,470

936

AXIS

Specialty

Finance

PLC

4.000%

due

12/06/27

915

906

Banc

of

California

Series

MTN

3.250%

due

05/01/31

(CME

Term

SOFR

3

Month

+

2.520%)(Ê)

216

192

Bank

of

America

Corp.

5.819%

due

09/15/29

(SOFR

+

1.570%)(Ê)

395

412

2.687%

due

04/22/32

(SOFR

+

1.320%)(Ê)

1,250

1,122

Series

MTN

3.824%

due

01/20/28

(CME

Term

SOFR

3

Month

+

1.837%)(Ê)

670

664

2.972%

due

02/04/33

(SOFR

+

1.330%)(Ê)

750

671

Barings

BDC,

Inc.

Series

WI

3.300%

due

11/23/26

581

568

Berkshire

Hathaway

Finance

Corp.

2.850%

due

10/15/50

880

568

Blackstone

Holdings

Finance

Co.

LLC

2.550%

due

03/30/32

(Þ)

510

440

Brandywine

Operating

Partnership,

LP

3.950%

due

11/15/27

515

501

8.300%

due

03/15/28

8

9

Brown

&

Brown,

Inc.

5.250%

due

06/23/32

130

132

5.550%

due

06/23/35

180

184

6.250%

due

06/23/55

190

196

Capital

One

Financial

Corp.

6.312%

due

06/08/29

(SOFR

+

2.640%)(Ê)

1,202

1,262

6.377%

due

06/08/34

(SOFR

+

2.860%)(Ê)

425

452

Citigroup,

Inc.

2.666%

due

01/29/31

(SOFR

+

1.146%)(Ê)

555

508

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

695

616

5.449%

due

06/11/35

(SOFR

+

1.447%)(Ê)

785

802

CNO

Financial

Group,

Inc.

5.250%

due

05/30/29

681

687

Corebridge

Financial,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

WI

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.846%)(Ê)

994

1,025

Diversified

Healthcare

Trust

4.750%

due

02/15/28

210

194

Dresdner

Funding

Trust

I

8.151%

due

06/30/31

(Þ)

331

365

Enstar

Finance

LLC

5.500%

due

01/15/42

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.006%)(Ê)

325

320

EPR

Properties

Co.

4.500%

due

06/01/27

729

725

Equifax,

Inc.

5.100%

due

06/01/28

450

459

Equinix

,

Inc.

3.900%

due

04/15/32

670

634

F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

807

846

FS

KKR

Capital

Corp.

3.400%

due

01/15/26

640

634

Genworth

Holdings,

Inc.

6.500%

due

06/15/34

186

184

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.300%

due

01/15/29

878

888

Goldman

Sachs

Group,

Inc.

(The)

3.850%

due

01/26/27

205

204

3.102%

due

02/24/33

(SOFR

+

1.410%)(Ê)

490

441

5.536%

due

01/28/36

(SOFR

+

1.380%)(Ê)

610

626

Golub

Capital

BDC,

Inc.

2.050%

due

02/15/27

1,009

962

Hercules

Capital,

Inc.

3.375%

due

01/20/27

966

936

High

Street

Funding

Trust

III

5.807%

due

02/15/55

(Þ)

296

287

Highwoods

Realty,

LP

4.125%

due

03/15/28

1,064

1,043

Hudson

Pacific

Properties,

LP

5.950%

due

02/15/28

99

97

4.650%

due

04/01/29

257

231

3.250%

due

01/15/30

107

88

Huntington

Bancshares,

Inc.

6.208%

due

08/21/29

(SOFR

+

2.020%)(Ê)

568

596

Intercontinental

Exchange,

Inc.

3.000%

due

06/15/50

265

173

JPMorgan

Chase

&

Co.

3.782%

due

02/01/28

(CME

Term

SOFR

3

Month

+

1.599%)(Ê)

540

535

5.012%

due

01/23/30

(SOFR

+

1.310%)(Ê)

685

698

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

63

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.580%

due

04/22/32

(CME

Term

SOFR

3

Month

+

1.250%)(Ê)

630

563

5.502%

due

01/24/36

(SOFR

+

1.315%)(Ê)

600

618

KeyCorp.

5.000%

due

01/26/33

890

878

LPL

Holdings,

Inc.

4.000%

due

03/15/29

(Þ)

1,129

1,097

M&T

Bank

Corp.

7.413%

due

10/30/29

(SOFR

+

2.800%)(Ê)

583

633

Manufacturers

&

Traders

Trust

Co.

4.700%

due

01/27/28

1,370

1,382

Mercury

General

Corp.

4.400%

due

03/15/27

1,083

1,074

Morgan

Stanley

2.943%

due

01/21/33

(SOFR

+

1.290%)(Ê)

405

361

3.217%

due

04/22/42

(SOFR

+

1.485%)(Ê)

325

247

Series

10YR

3.625%

due

01/20/27

725

719

Series

MTN

3.125%

due

07/27/26

195

193

5.424%

due

07/21/34

(SOFR

+

1.880%)(Ê)

750

769

Morgan

Stanley

Direct

Lending

Fund

Series

WI

4.500%

due

02/11/27

1,096

1,089

Nuveen

LLC

4.000%

due

11/01/28

(Þ)

295

293

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

1,136

1,089

Ohio

National

Financial

Services,

Inc.

6.800%

due

01/24/30

(Þ)

195

194

Omega

Healthcare

Investors,

Inc.

3.375%

due

02/01/31

310

283

Peachtree

Corners

Funding

Trust

II

6.012%

due

05/15/35

(Þ)

330

338

Piedmont

Operating

Partnership,

LP

9.250%

due

07/20/28

691

770

PNC

Financial

Services

Group,

Inc.

(The)

5.676%

due

01/22/35

(SOFR

+

1.902%)(Ê)

215

223

Prospect

Capital

Corp.

3.437%

due

10/15/28

391

351

Prudential

Financial,

Inc.

4.500%

due

09/15/47

(USD

3

Month

LIBOR

+

2.380%)(Ê)

1,023

1,006

Radian

Group,

Inc.

4.875%

due

03/15/27

676

677

Realty

Income

Corp.

2.850%

due

12/15/32

540

473

Sabra

Health

Care,

LP

3.200%

due

12/01/31

445

397

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sammons

Financial

Group,

Inc.

4.450%

due

05/12/27

(Þ)

605

604

Santander

Holdings

USA,

Inc.

2.490%

due

01/06/28

(SOFR

+

1.249%)(Ê)

683

661

6.499%

due

03/09/29

(SOFR

+

2.356%)(Ê)

574

598

Series

WI

4.400%

due

07/13/27

180

180

Service

Properties

Trust

4.950%

due

10/01/29

319

278

4.375%

due

02/15/30

300

252

Simon

Property

Group,

LP

1.750%

due

02/01/28

265

250

3.250%

due

09/13/49

950

638

Synchrony

Financial

5.625%

due

08/23/27

555

566

3.950%

due

12/01/27

612

602

5.150%

due

03/19/29

472

474

Synovus

Financial

Corp.

5.625%

due

02/15/28

1,019

1,030

Truist

Financial

Corp.

Series

MTN

4.873%

due

01/26/29

(SOFR

+

1.435%)(Ê)

505

511

1.887%

due

06/07/29

(SOFR

+

0.862%)(Ê)

475

442

Series

P

4.950%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.605%)(Ê)(ƒ)

575

574

Unum

Group

4.046%

due

08/15/41

(Þ)

550

440

4.500%

due

12/15/49

170

135

US

Bancorp

4.653%

due

02/01/29

(SOFR

+

1.230%)(Ê)

1,025

1,032

5.678%

due

01/23/35

(SOFR

+

1.860%)(Ê)

425

441

Valley

National

Bancorp

3.000%

due

06/15/31

(CME

Term

SOFR

3

Month

+

2.360%)(Ê)

209

183

Vornado

Realty,

LP

2.150%

due

06/01/26

45

44

3.400%

due

06/01/31

279

249

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

3

Month

LIBOR

+

2.084%)(Ê)

944

903

Wells

Fargo

&

Co.

5.198%

due

01/23/30

(SOFR

+

1.500%)(Ê)

650

666

5.389%

due

04/24/34

(SOFR

+

2.020%)(Ê)

1,370

1,403

Western

Alliance

Bancorp

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

64

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.000%

due

06/15/31

(CME

Term

SOFR

3

Month

+

2.250%)(Ê)

202

187

Zions

Bancorp

NA

3.250%

due

10/29/29

366

337

64,537

Health

Care

-

2.6%

AbbVie,

Inc.

5.400%

due

03/15/54

235

229

Series

WI

3.200%

due

11/21/29

265

253

4.250%

due

11/21/49

685

564

Altria

Group,

Inc.

4.800%

due

02/14/29

633

640

Amgen,

Inc.

5.150%

due

03/02/28

405

414

4.200%

due

02/22/52

200

156

Biogen,

Inc.

5.750%

due

05/15/35

240

247

6.450%

due

05/15/55

360

371

Block

Financial

LLC

2.500%

due

07/15/28

608

573

Bristol-Myers

Squibb

Co.

2.550%

due

11/13/50

555

324

5.550%

due

02/22/54

370

360

5.650%

due

02/22/64

290

281

Series

WI

3.900%

due

02/20/28

380

378

Cardinal

Health,

Inc.

4.900%

due

09/15/45

275

244

Centene

Corp.

2.450%

due

07/15/28

800

744

3.000%

due

10/15/30

1,010

903

Coca-Cola

Co.

(The)

2.600%

due

06/01/50

420

259

Conagra

Brands,

Inc.

1.375%

due

11/01/27

971

906

Constellation

Brands,

Inc.

3.600%

due

02/15/28

1,057

1,038

CVS

Health

Corp.

4.300%

due

03/25/28

15

15

4.250%

due

04/01/50

1,210

915

Elevance

Health,

Inc.

4.750%

due

02/15/30

215

218

5.200%

due

02/15/35

570

576

Equifax,

Inc.

3.100%

due

05/15/30

405

379

2.350%

due

09/15/31

640

558

General

Mills,

Inc.

5.500%

due

10/17/28

1,226

1,271

HCA,

Inc.

5.625%

due

09/01/28

1,018

1,048

5.750%

due

03/01/35

530

545

Series

WI

3.625%

due

03/15/32

585

539

Kroger

Co.

(The)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.500%

due

09/15/54

670

635

Merck

&

Co.,

Inc.

2.750%

due

12/10/51

630

387

Pfizer,

Inc.

4.750%

due

05/19/33

540

539

2.550%

due

05/28/40

330

237

Philip

Morris

International,

Inc.

5.750%

due

11/17/32

1,030

1,088

Royalty

Pharma

PLC

Series

WI

1.750%

due

09/02/27

535

507

S&P

Global,

Inc.

2.300%

due

08/15/60

360

184

Series

WI

3.900%

due

03/01/62

110

82

Safeway,

Inc.

7.250%

due

02/01/31

200

213

Smithfield

Foods,

Inc.

4.250%

due

02/01/27

(Þ)

759

752

3.000%

due

10/15/30

(Þ)

520

473

Tenet

Healthcare

Corp.

6.875%

due

11/15/31

171

184

Toledo

Hospital

(The)

4.982%

due

11/15/45

125

101

6.015%

due

11/15/48

359

328

UnitedHealth

Group,

Inc.

5.875%

due

02/15/53

880

881

6.050%

due

02/15/63

405

411

Universal

Health

Services,

Inc.

Series

WI

1.650%

due

09/01/26

1,083

1,046

22,996

Materials

and

Processing

-

0.4%

Celanese

US

Holdings

LLC

7.050%

due

11/15/30

482

507

6.629%

due

07/15/32

55

57

7.200%

due

11/15/33

388

412

CF

Industries,

Inc.

4.500%

due

12/01/26

(Þ)

1,061

1,062

H.B.

Fuller

Co.

4.000%

due

02/15/27

223

220

International

Flavors

&

Fragrances,

Inc.

1.832%

due

10/15/27

(Þ)

81

76

2.300%

due

11/01/30

(Þ)

685

606

RPM

International,

Inc.

3.750%

due

03/15/27

540

534

United

States

Steel

Corp.

6.650%

due

06/01/37

180

191

3,665

Producer

Durables

-

2.2%

Avnet,

Inc.

6.250%

due

03/15/28

1,030

1,070

Caterpillar,

Inc.

5.200%

due

05/15/35

700

713

CH

Robinson

Worldwide,

Inc.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

65

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.200%

due

04/15/28

728

724

Crown

Cork

&

Seal

Co.,

Inc.

7.375%

due

12/15/26

195

203

Flowserve

Corp.

3.500%

due

10/01/30

265

248

Fluor

Corp.

4.250%

due

09/15/28

312

307

GFL

Environmental,

Inc.

3.500%

due

09/01/28

(Þ)

622

600

6.750%

due

01/15/31

(Þ)

177

185

HEICO

Corp.

5.250%

due

08/01/28

550

564

Hexcel

Corp.

4.200%

due

02/15/27

1,084

1,075

Honeywell

International,

Inc.

4.500%

due

01/15/34

395

387

Huntington

Ingalls

Industries,

Inc.

Series

WI

3.483%

due

12/01/27

1,102

1,079

Ingersoll

Rand,

Inc.

5.400%

due

08/14/28

507

523

Jabil,

Inc.

3.600%

due

01/15/30

510

488

Jacobs

Engineering

Group,

Inc.

5.900%

due

03/01/33

802

834

Kirby

Corp.

4.200%

due

03/01/28

1,052

1,043

Lennox

International,

Inc.

5.500%

due

09/15/28

431

444

Masco

Corp.

1.500%

due

02/15/28

1,373

1,274

Nordson

Corp.

5.600%

due

09/15/28

528

544

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

6.200%

due

06/15/30

(Þ)

510

544

Republic

Services,

Inc.

5.000%

due

04/01/34

340

345

RTX

Corp.

4.125%

due

11/16/28

980

976

6.400%

due

03/15/54

405

443

Sealed

Air

Corp.

1.573%

due

10/15/26

(Þ)

1,146

1,099

6.875%

due

07/15/33

(Þ)

174

188

United

Parcel

Service,

Inc.

5.250%

due

05/14/35

470

480

5.950%

due

05/14/55

480

493

Waste

Management,

Inc.

4.625%

due

02/15/33

575

576

Westinghouse

Air

Brake

Technologies

Corp.

4.700%

due

09/15/28

640

644

XPO

CNW,

Inc.

6.700%

due

05/01/34

39

41

XPO,

Inc.

6.250%

due

06/01/28

(Þ)

1,029

1,044

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

19,178

Technology

-

2.3%

Apple,

Inc.

3.000%

due

06/20/27

735

722

Belo

Corp.

7.750%

due

06/01/27

130

136

7.250%

due

09/15/27

52

54

Booz

Allen

Hamilton,

Inc.

4.000%

due

07/01/29

(Þ)

1,307

1,255

CDW

LLC

/

CDW

Finance

Corp.

3.250%

due

02/15/29

893

846

Crane

NXT

Co.

6.550%

due

11/15/36

65

67

4.200%

due

03/15/48

265

160

Dell

International

LLC

/

EMC

Corp.

Series

WI

6.020%

due

06/15/26

555

560

Entegris

,

Inc.

4.750%

due

04/15/29

(Þ)

1,225

1,213

Fiserv,

Inc.

5.375%

due

08/21/28

943

970

3.500%

due

07/01/29

445

429

Foundry

JV

Holdco

LLC

6.100%

due

01/25/36

(Þ)

1,235

1,279

Gartner,

Inc.

4.500%

due

07/01/28

(Þ)

842

833

3.750%

due

10/01/30

(Þ)

458

429

Hewlett

Packard

Enterprise

Co.

5.000%

due

10/15/34

425

412

5.600%

due

10/15/54

440

406

Hubbell,

Inc.

3.150%

due

08/15/27

568

554

Intuit,

Inc.

5.200%

due

09/15/33

510

528

5.500%

due

09/15/53

325

322

Kyndryl

Holdings,

Inc.

6.350%

due

02/20/34

375

401

Leidos

,

Inc.

Series

WI

4.375%

due

05/15/30

486

479

Marvell

Technology,

Inc.

5.950%

due

09/15/33

215

227

5.450%

due

07/15/35

240

242

Series

*

4.875%

due

06/22/28

325

329

Micron

Technology,

Inc.

5.375%

due

04/15/28

695

714

MSCI,

Inc.

4.000%

due

11/15/29

(Þ)

976

944

NetApp,

Inc.

2.700%

due

06/22/30

555

507

5.700%

due

03/17/35

469

482

News

Corp.

3.875%

due

05/15/29

(Þ)

627

600

Oracle

Corp.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

66

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.250%

due

11/15/27

950

928

2.875%

due

03/25/31

630

574

3.950%

due

03/25/51

215

159

5.550%

due

02/06/53

225

211

Seagate

HDD

Cayman

4.091%

due

06/01/29

323

309

4.125%

due

01/15/31

205

188

5.750%

due

12/01/34

60

59

VMware

LLC

1.800%

due

08/15/28

929

859

Western

Digital

Corp.

4.750%

due

02/15/26

19

19

19,406

Utilities

-

3.7%

Ameren

Illinois

Co.

3.800%

due

05/15/28

385

382

American

Electric

Power

Co.,

Inc.

5.200%

due

01/15/29

673

690

AT&T,

Inc.

4.250%

due

03/01/27

535

534

3.650%

due

06/01/51

980

695

3.850%

due

06/01/60

552

386

Berkshire

Hathaway

Energy

Co.

6.125%

due

04/01/36

618

665

CenterPoint

Energy

Houston

Electric

LLC

Series

K2

6.950%

due

03/15/33

586

661

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

3.700%

due

04/01/51

230

153

5.250%

due

04/01/53

420

358

Series

WI

4.200%

due

03/15/28

420

416

Comcast

Corp.

3.400%

due

04/01/30

215

206

Series

WI

2.937%

due

11/01/56

630

370

Dominion

Energy

South

Carolina,

Inc.

6.250%

due

10/15/53

943

1,019

DTE

Electric

Co.

Series

A

1.900%

due

04/01/28

275

260

Duke

Energy

Carolinas

LLC

2.450%

due

08/15/29

750

699

Duke

Energy

Corp.

3.300%

due

06/15/41

384

288

3.750%

due

09/01/46

791

585

Duke

Energy

Progress

LLC

3.450%

due

03/15/29

505

492

FactSet

Research

Systems,

Inc.

2.900%

due

03/01/27

1,065

1,040

Indianapolis

Power

&

Light

Co.

5.700%

due

04/01/54

(Þ)

500

497

ITC

Holdings

Corp.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

144A

4.950%

due

09/22/27

(Þ)

519

525

Lumen

Technologies,

Inc.

Series

P

7.600%

due

09/15/39

98

84

Meta

Platforms,

Inc.

4.600%

due

05/15/28

705

718

5.400%

due

08/15/54

505

492

Monongahela

Power

Co.

3.550%

due

05/15/27

(Þ)

592

583

Motorola

Solutions,

Inc.

4.600%

due

05/23/29

770

774

2.300%

due

11/15/30

225

200

National

Fuel

Gas

Co.

5.500%

due

10/01/26

783

791

New

York

State

Electric

&

Gas

Corp.

3.250%

due

12/01/26

(Þ)

387

381

NextEra

Energy

Capital

Holdings,

Inc.

3.800%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.547%)(Ê)

978

936

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

1,241

1,178

Oglethorpe

Power

Corp.

Series

WI

3.750%

due

08/01/50

750

526

Pacific

Gas

and

Electric

Co.

Series

WI

3.300%

due

12/01/27

950

919

PacifiCorp

3.500%

due

06/15/29

290

280

Progress

Energy,

Inc.

7.750%

due

03/01/31

553

637

Public

Service

Enterprise

Group,

Inc.

5.875%

due

10/15/28

865

906

Qwest

Corp.

7.250%

due

09/15/25

88

88

Sempra

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.868%)(Ê)

573

552

Southern

California

Edison

Co.

2.250%

due

06/01/30

932

819

Southern

Co.

(The)

5.113%

due

08/01/27

603

612

Sprint

Capital

Corp.

6.875%

due

11/15/28

1,167

1,253

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

557

580

Time

Warner

Cable

LLC

5.500%

due

09/01/41

677

615

T-Mobile

USA,

Inc.

4.950%

due

03/15/28

375

382

3.375%

due

04/15/29

138

133

5.750%

due

01/15/34

613

642

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

67

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

WI

3.750%

due

04/15/27

505

500

3.875%

due

04/15/30

496

482

3.300%

due

02/15/51

575

381

Verizon

Communications,

Inc.

3.550%

due

03/22/51

1,615

1,155

Series

WI

4.272%

due

01/15/36

554

512

Virginia

Electric

and

Power

Co.

5.550%

due

08/15/54

215

208

Vistra

Operations

Co.

LLC

3.700%

due

01/30/27

(Þ)

1,180

1,165

4.300%

due

07/15/29

(Þ)

1,170

1,154

Xcel

Energy,

Inc.

4.000%

due

06/15/28

884

877

32,436

216,277

International

Debt

-

14.0%

Abu

Dhabi

Crude

Oil

Pipeline

LLC

4.600%

due

11/02/47

(Þ)

779

695

ACWA

Power

Management

and

Investments

One,

Ltd.

5.950%

due

12/15/39

(Þ)

238

235

Adani

Electricity

Mumbai,

Ltd.

3.949%

due

02/12/30

(Þ)

456

407

Adani

Ports

&

Special

Economic

Zone,

Ltd.

4.000%

due

07/30/27

(Þ)

480

463

4.200%

due

08/04/27

(Þ)

485

469

Aegon

,

Ltd.

5.500%

due

04/11/48

(USD

6

Month

LIBOR

+

3.540%)(Ê)

806

810

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

5.100%

due

01/19/29

450

458

3.300%

due

01/30/32

580

525

Africa

Finance

Corp.

Series

REGS

4.375%

due

04/17/26

(Þ)

393

389

AGL

CLO

21,

Ltd.

Series

2022-21A

Class

A1R

5.630%

due

10/21/37

(~)(Ê)(Þ)

4,400

4,416

AGL

CLO

23,

Ltd.

Series

2025-23A

Class

A1R

5.420%

due

04/20/38

(CME

Term

SOFR

3

Month

+

1.150%)(Ê)(Þ)

2,550

2,547

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

705

694

2.950%

due

01/25/30

(Þ)

582

544

Allianz

SE

6.350%

due

09/06/53

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.232%)(Ê)(Þ)

600

628

America

Movil

SAB

de

CV

3.625%

due

04/22/29

637

618

Ares

Loan

Funding

VIII,

Ltd.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2025-ALF8

Class

A1

5.543%

due

01/24/38

(CME

Term

SOFR

3

Month

+

1.250%)(Ê)(Þ)

550

551

Ares

LXVII

CLO,

Ltd.

Series

2025-67A

Class

A1R

5.472%

due

01/25/38

(CME

Term

SOFR

3

Month

+

1.190%)(Ê)(Þ)

1,530

1,527

AstraZeneca

PLC

2.125%

due

08/06/50

265

147

Australia

and

New

Zealand

Banking

Group,

Ltd.

2.570%

due

11/25/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.700%)(Ê)(Þ)

650

570

Avolon

Holdings

Funding,

Ltd.

2.750%

due

02/21/28

(Þ)

520

493

Bain

Capital

Credit

CLO,

Ltd.

Series

2024-2A

Class

A1

5.776%

due

07/15/37

(CME

Term

SOFR

3

Month

+

1.520%)(Ê)(Þ)

1,500

1,504

Banco

de

Bogota

SA

Series

EMTQ

4.375%

due

08/03/27

(Þ)

720

707

Banco

Inbursa

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

Inbursa

4.375%

due

04/11/27

(Þ)

1,096

1,085

Banco

Santander

SA

5.588%

due

08/08/28

760

785

3.490%

due

05/28/30

600

570

Bangkok

Bank

PCL

9.025%

due

03/15/29

(Þ)

858

970

Bank

of

Nova

Scotia

(The)

4.588%

due

05/04/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.050%)(Ê)

717

678

Barclays

PLC

6.490%

due

09/13/29

(SOFR

+

2.220%)(Ê)

775

819

6.224%

due

05/09/34

(SOFR

+

2.980%)(Ê)

1,095

1,162

Barings

CLO,

Ltd.

Series

2025-1A

Class

A

5.415%

due

04/20/38

(CME

Term

SOFR

3

Month

+

1.130%)(Ê)(Þ)

1,400

1,401

Series

2025-1A

Class

A1R2

5.516%

due

01/15/38

(CME

Term

SOFR

3

Month

+

1.260%)(Ê)(Þ)

3,040

3,043

BAT

Capital

Corp.

Series

WI

4.540%

due

08/15/47

640

517

Bellemeade

Re,

Ltd.

Series

2023-1

Class

M1A

6.505%

due

10/25/33

(SOFR

30

Day

Average

+

2.200%)(Ê)(Þ)

1,167

1,170

Bimbo

Bakeries

USA,

Inc.

6.050%

due

01/15/29

(Þ)

686

717

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

68

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

BNP

Paribas

SA

4.625%

due

03/13/27

(Þ)

847

847

5.497%

due

05/20/30

(SOFR

+

1.590%)(Ê)(Þ)

1,095

1,124

Bombardier,

Inc.

7.450%

due

05/01/34

(Þ)

117

127

British

Airways

Pass-Through

Trust

Series

2018-1

Class

AA

3.800%

due

09/20/31

(Þ)

508

490

Canadian

Natural

Resources,

Ltd.

2.950%

due

07/15/30

605

555

5.850%

due

02/01/35

661

672

Canadian

Pacific

Railway

Co.

6.125%

due

09/15/15

656

668

Carlyle

Global

Market

Strategies

CLO,

Ltd.

Series

2024-2A

Class

AR2

5.760%

due

07/20/37

(CME

Term

SOFR

3

Month

+

1.490%)(Ê)(Þ)

2,000

2,006

Cellnex

Telecom

SA

3.875%

due

07/07/41

(Þ)

650

513

Celulosa

Arauco

y

Constitucion

SA

Series

WI

3.875%

due

11/02/27

834

818

Cencosud

SA

4.375%

due

07/17/27

(Þ)

1,172

1,162

Cenovus

Energy,

Inc.

2.650%

due

01/15/32

984

850

CGI,

Inc.

Series

WI

1.450%

due

09/14/26

1,310

1,266

CI

Financial

Corp.

3.200%

due

12/17/30

364

321

CIFC

Funding,

Ltd.

Series

2024-5A

Class

A1R3

5.660%

due

07/17/37

(CME

Term

SOFR

3

Month

+

1.380%)(Ê)(Þ)

2,300

2,307

Credit

Agricole

SA

3.250%

due

01/14/30

(Þ)

750

698

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.644%)(Ê)

(Þ)

1,115

1,084

Daimler

Truck

Finance

North

America

LLC

5.375%

due

01/18/34

(Þ)

580

582

Danske

Bank

A/S

5.705%

due

03/01/30

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.400%)(Ê)(Þ)

1,160

1,202

Deutsche

Bank

AG

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

2.553%)(Ê)

276

273

Deutsche

Telekom

International

Finance

BV

8.750%

due

06/15/30

587

693

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Diageo

Capital

PLC

5.625%

due

10/05/33

650

683

Eagle

RE,

Ltd.

Series

2021-2

Class

M1C

7.755%

due

04/25/34

(SOFR

30

Day

Average

+

3.450%)(Ê)(Þ)

1,217

1,234

Series

2021-2

Class

M2

8.555%

due

04/25/34

(SOFR

30

Day

Average

+

4.250%)(Ê)(Þ)

1,650

1,714

Elmwood

CLO

V,

Ltd.

Series

2024-2A

Class

ARR

5.640%

due

10/20/37

(CME

Term

SOFR

3

Month

+

1.370%)(Ê)(Þ)

3,700

3,723

Enbridge,

Inc.

7.375%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.708%)(Ê)

424

437

Series

16-A

6.000%

due

01/15/77

(CME

Term

SOFR

3

Month

+

4.152%)(Ê)

625

625

Enel

Finance

International

NV

7.750%

due

10/14/52

(Þ)

820

984

Eni

USA,

Inc.

7.300%

due

11/15/27

1,009

1,073

Export-Import

Bank

of

Korea

(The)

4.875%

due

01/11/26

1,160

1,163

Flatiron

CLO

26,

Ltd.

Series

2024-4A

Class

A

5.586%

due

01/15/38

(CME

Term

SOFR

3

Month

+

1.330%)(Ê)(Þ)

3,000

3,011

Flatiron

RR

CLO,

Ltd.

Series

2025-30A

Class

A1

5.443%

due

04/15/38

(CME

Term

SOFR

3

Month

+

1.160%)(Ê)(Þ)

1,100

1,097

Fortis,

Inc.

Series

WI

3.055%

due

10/04/26

1,105

1,086

Fresenius

Medical

Care

US

Finance

III,

Inc.

1.875%

due

12/01/26

(Þ)

1,184

1,138

Glencore

Funding

LLC

5.634%

due

04/04/34

(Þ)

650

664

5.893%

due

04/04/54

(Þ)

320

314

Hazine

Mustesarligi

Varlik

Kiralama

AS

6.750%

due

09/01/30

(Þ)

2,056

2,055

HGI

CRE

CLO,

Ltd.

Series

2021-FL2

Class

A

5.426%

due

09/17/36

(CME

Term

SOFR

1

Month

+

1.114%)(Ê)(Þ)

970

967

Home

RE,

Ltd.

Series

2022-1

Class

B1

13.305%

due

10/25/34

(SOFR

30

Day

Average

+

9.000%)(Ê)(Þ)

1,430

1,657

HSBC

Holdings

PLC

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

69

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.390%

due

11/03/28

(SOFR

+

3.350%)(Ê)

600

637

5.286%

due

11/19/30

(SOFR

+

1.290%)(Ê)

325

332

Series

**

7.625%

due

05/17/32

669

735

ICICI

Bank,

Ltd.

3.800%

due

12/14/27

(Þ)

599

588

Imperial

Brands

Finance

PLC

3.500%

due

07/26/26

(Þ)

650

642

6.375%

due

07/01/55

(Þ)

740

750

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

892

870

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

1,159

1,099

JDE

Peet's

NV

1.375%

due

01/15/27

(Þ)

1,105

1,051

LG

Energy

Solution,

Ltd.

5.625%

due

09/25/26

(Þ)

786

794

Lloyds

Banking

Group

PLC

5.985%

due

08/07/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.480%)(Ê)

1,095

1,111

LSEGA

Financing

PLC

2.000%

due

04/06/28

(Þ)

747

703

Macquarie

Airfinance

Holdings,

Ltd.

6.400%

due

03/26/29

(Þ)

130

136

5.150%

due

03/17/30

(Þ)

445

445

6.500%

due

03/26/31

(Þ)

180

191

Macquarie

Group,

Ltd.

1.629%

due

09/23/27

(SOFR

+

0.910%)(Ê)(Þ)

2,865

2,766

Magnetite

XXVI,

Ltd.

Series

2025-26A

Class

AR2

5.416%

due

01/25/38

(CME

Term

SOFR

3

Month

+

1.150%)(Ê)(Þ)

1,410

1,414

Marks

&

Spencer

PLC

7.125%

due

12/01/37

(Þ)

139

149

Mercedes-Benz

Finance

North

America

LLC

4.800%

due

03/30/28

(Þ)

485

491

Methanex

Corp.

5.250%

due

12/15/29

147

145

5.650%

due

12/01/44

151

120

MISC

Capital

Two

Labuan,

Ltd.

3.750%

due

04/06/27

(Þ)

1,101

1,086

Mitsubishi

UFJ

Financial

Group,

Inc.

5.441%

due

02/22/34

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.630%)(Ê)

835

859

National

Australia

Bank,

Ltd.

2.332%

due

08/21/30

(Þ)

810

717

NBK

SPC,

Ltd.

1.625%

due

09/15/27

(SOFR

+

1.050%)(Ê)(Þ)

667

643

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Nissan

Motor

Co.,

Ltd.

4.345%

due

09/17/27

(Þ)

258

248

4.810%

due

09/17/30

(Þ)

20

18

Nokia

OYJ

4.375%

due

06/12/27

1,157

1,151

Oaktown

Re,

Ltd.

Series

2021-1A

Class

M1C

7.305%

due

10/25/33

(SOFR

30

Day

Average

+

3.000%)(Ê)(Þ)

507

510

OCP

CLO,

Ltd.

Series

2021-22A

Class

AR

5.620%

due

10/20/37

(~)(Ê)(Þ)

1,600

1,606

Octagon

Investment

Partners

32,

Ltd.

Series

2024-1A

Class

A1R3

5.636%

due

10/31/37

(CME

Term

SOFR

3

Month

+

1.380%)(Ê)(Þ)

1,400

1,403

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

323

335

Port

of

Newcastle

Investments

Financing

Pty,

Ltd.

5.900%

due

11/24/31

(Þ)

95

95

Prosus

NV

4.850%

due

07/06/27

(Þ)

1,160

1,162

3.832%

due

02/08/51

(Þ)

710

456

Radnor

RE,

Ltd.

Series

2021-1

Class

M1C

7.005%

due

12/27/33

(SOFR

30

Day

Average

+

2.700%)(Ê)(Þ)

37

37

Series

2023-1

Class

M1A

7.005%

due

07/25/33

(SOFR

30

Day

Average

+

2.700%)(Ê)(Þ)

694

697

Regatta

XXVII

Funding,

Ltd.

Series

2024-1A

Class

A1

5.813%

due

04/26/37

(CME

Term

SOFR

3

Month

+

1.530%)(Ê)(Þ)

1,000

1,003

Reliance

Industries,

Ltd.

3.667%

due

11/30/27

(Þ)

633

621

Rogers

Communications,

Inc.

5.000%

due

02/15/29

275

279

5.300%

due

02/15/34

535

536

7.125%

due

04/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.620%)(Ê)

510

515

5.250%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.590%)(Ê)(Þ)

386

382

Santander

UK

Group

Holdings

PLC

2.469%

due

01/11/28

(SOFR

+

1.220%)(Ê)

1,228

1,190

Scentre

Group

Trust

2

Series

144A

5.125%

due

09/24/80

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.685%)(Ê)(Þ)

710

696

SK

Hynix,

Inc.

5.500%

due

01/16/27

(Þ)

771

781

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

70

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

SMBC

Aviation

Capital

Finance

DAC

5.550%

due

04/03/34

(Þ)

655

662

Societe

Generale

SA

2.797%

due

01/19/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.300%)(Ê)(Þ)

1,149

1,116

Standard

Chartered

PLC

7.014%

due

07/29/49

(USD

3

Month

LIBOR

+

1.460%)(Ê)(Þ)

195

203

Suncor

Energy,

Inc.

7.000%

due

11/15/28

746

801

Suzano

International

Finance

BV

5.500%

due

01/17/27

622

629

Telecom

Italia

Capital

SA

6.375%

due

11/15/33

104

109

6.000%

due

09/30/34

355

355

7.200%

due

07/18/36

134

143

7.721%

due

06/04/38

172

186

Tesco

PLC

6.150%

due

11/15/37

(Þ)

623

637

Textainer

Marine

Containers

VII,

Ltd.

Series

2024-1A

Class

A

5.250%

due

08/20/49

(Þ)

1,656

1,663

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)

1,098

1,085

TransAlta

Corp.

6.500%

due

03/15/40

182

176

TransCanada

Trust

5.600%

due

03/07/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.986%)(Ê)

430

418

UBS

Group

AG

2.746%

due

02/11/33

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.100%)(Ê)(Þ)

600

524

9.016%

due

11/15/33

(SOFR

+

5.020%)(Ê)(Þ)

750

927

UniCredit

SpA

3.127%

due

06/03/32

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.550%)(Ê)(Þ)

578

523

United

Utilities

PLC

6.875%

due

08/15/28

800

859

UPM-

Kymmene

OYJ

7.450%

due

11/26/27

(Þ)

699

741

Var

Energi

ASA

7.500%

due

01/15/28

(Þ)

788

835

8.000%

due

11/15/32

(Þ)

268

304

Videotron,

Ltd.

3.625%

due

06/15/29

(Þ)

478

457

Vodafone

Group

PLC

7.000%

due

04/04/79

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.873%)(Ê)

699

735

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Voya

CLO,

Ltd.

Series

2024-4A

Class

A1RR

5.616%

due

10/15/37

(CME

Term

SOFR

3

Month

+

1.360%)(Ê)(Þ)

1,000

1,003

121,483

Mortgage-Backed

Securities

-

26.4%

Alternative

Loan

Trust

Series

2007-16CB

Class

1A5

5.102%

due

08/25/37

(CME

Term

SOFR

1

Month

+

0.514%)(Ê)

207

131

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

Series

2021-FL3

Class

A

5.496%

due

08/15/34

(CME

Term

SOFR

1

Month

+

1.184%)(Ê)(Þ)

1,020

1,019

Series

2021-FL4

Class

A

5.776%

due

11/15/36

(CME

Term

SOFR

1

Month

+

1.464%)(Ê)(Þ)

679

679

Series

2022-FL1

Class

A

5.754%

due

01/15/37

(SOFR

30

Day

Average

+

1.450%)(Ê)(Þ)

1,398

1,398

Barclays

Mortgage

Loan

Trust

Series

2022-RPL1

Class

A

4.250%

due

02/25/28

(~)(Ê)(Þ)

542

537

BDS

LLC

Series

2022-FL11

Class

ATS

6.121%

due

03/19/39

(CME

Term

SOFR

1

Month

+

1.800%)(Ê)(Þ)

2,548

2,550

Series

2025-FL14

Class

A

5.599%

due

10/21/42

(CME

Term

SOFR

1

Month

+

1.282%)(Ê)(Þ)

697

694

BRAVO

Residential

Funding

Trust

Series

2025-CES1

Class

A1A

5.703%

due

02/25/55

(~)(Ê)(Þ)

4,443

4,464

BX

Commercial

Mortgage

Trust

Series

2021-CIP

Class

D

6.098%

due

12/15/38

(CME

Term

SOFR

1

Month

+

1.785%)(Ê)(Þ)

2,352

2,352

Series

2024-MDHS

Class

A

5.953%

due

05/15/41

(CME

Term

SOFR

1

Month

+

1.641%)(Ê)(Þ)

2,325

2,326

Series

2024-MDHS

Class

B

6.153%

due

05/15/41

(CME

Term

SOFR

1

Month

+

1.841%)(Ê)(Þ)

1,407

1,408

BX

Trust

Series

2024-BIO

Class

C

6.952%

due

02/15/41

(CME

Term

SOFR

1

Month

+

2.640%)(Ê)(Þ)

5,702

5,666

Series

2024-VLT4

Class

C

6.452%

due

07/15/29

(CME

Term

SOFR

1

Month

+

2.140%)(Ê)(Þ)

2,093

2,082

Series

2025-ROIC

Class

C

5.855%

due

03/15/30

(CME

Term

SOFR

1

Month

+

1.543%)(Ê)(Þ)

1,025

1,015

Series

2025-ROIC

Class

D

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

71

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.304%

due

03/15/30

(CME

Term

SOFR

1

Month

+

1.993%)(Ê)(Þ)

3,454

3,400

CAMB

Commercial

Mortgage

Trust

Series

2021-CX2

Class

A

2.700%

due

11/10/46

(Þ)

3,322

2,862

Series

2021-CX2

Class

C

2.864%

due

11/10/46

(~)(Ê)(Þ)

3,244

2,660

Chase

Home

Lending

Mortgage

Trust

Series

2025-3

Class

A11

7.500%

due

02/25/56

(SOFR

30

Day

Average

+

1.300%)(Ê)(Þ)

1,397

1,400

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.334%

due

04/10/37

(~)(Ê)(Þ)

985

788

Deutsche

Mortgage

Securities,

Inc.

Re-

REMIC

Trust

Series

2007-WM1

Class

A1

4.496%

due

06/27/37

(~)(Ê)(Þ)

182

164

DK

Trust

Series

2024-SPBX

Class

A

5.812%

due

03/15/34

(CME

Term

SOFR

1

Month

+

1.500%)(Ê)(Þ)

751

751

Ellington

Financial

Mortgage

Trust

Series

2024-CES1

Class

A1

5.522%

due

01/26/60

(~)(Ê)(Þ)

1,452

1,458

ELP

Commercial

Mortgage

Trust

Series

2021-ELP

Class

D

5.946%

due

11/15/38

(CME

Term

SOFR

1

Month

+

1.634%)(Ê)(Þ)

2,547

2,540

Fannie

Mae

2.600%

due

2031

371

337

6.000%

due

2032

5

5

5.000%

due

2033

2

2

5.500%

due

2034

5

5

4.500%

due

2035

119

120

5.500%

due

2037

38

39

5.500%

due

2038

153

158

6.000%

due

2039

14

14

4.000%

due

2040

101

98

5.500%

due

2040

192

198

6.000%

due

2040

42

44

4.000%

due

2041

152

148

6.000%

due

2041

67

70

3.500%

due

2043

363

339

4.000%

due

2044

344

330

3.500%

due

2045

435

404

3.000%

due

2046

62

56

3.500%

due

2046

89

84

4.000%

due

2046

421

401

4.500%

due

2046

155

151

3.000%

due

2047

254

227

3.500%

due

2047

197

184

4.000%

due

2047

35

33

4.500%

due

2048

499

486

5.000%

due

2048

98

97

3.000%

due

2049

2,913

2,553

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.000%

due

2049

475

450

5.000%

due

2049

214

214

2.500%

due

2050

5,578

4,653

3.000%

due

2050

5,502

4,828

2.000%

due

2051

10,764

8,583

2.500%

due

2051

434

365

4.000%

due

2052

4,591

4,282

4.500%

due

2053

6,684

6,409

5.000%

due

2053

2,745

2,703

5.500%

due

2053

3,947

3,966

30

Year

TBA(Ï)

5.000%

20,339

19,936

5.500%

450

450

Fannie

Mae

REMIC

Trust

Series

2004-W5

Class

A1

6.000%

due

02/25/47

78

79

Fannie

Mae

REMICS

Series

1999-56

Class

Z

7.000%

due

12/18/29

1

1

Series

2005-24

Class

ZE

5.000%

due

04/25/35

54

55

FIGRE

Trust

Series

2024-HE6

Class

A

5.724%

due

12/25/54

(~)(Ê)(Þ)

1,407

1,420

Freddie

Mac

5.500%

due

2038

121

125

6.000%

due

2038

35

36

5.000%

due

2040

60

61

4.000%

due

2041

431

419

4.500%

due

2041

62

62

5.500%

due

2041

70

72

3.500%

due

2043

235

221

4.000%

due

2044

160

154

3.500%

due

2045

336

314

4.000%

due

2045

171

163

3.000%

due

2046

1,174

1,053

4.000%

due

2046

77

74

3.000%

due

2047

422

379

3.000%

due

2048

63

56

4.000%

due

2048

457

434

4.500%

due

2048

124

121

3.000%

due

2049

148

131

2.500%

due

2050

1,354

1,147

3.000%

due

2050

2,245

1,975

2.000%

due

2051

1,818

1,452

2.500%

due

2051

64

54

4.000%

due

2052

5,611

5,234

4.500%

due

2052

6,475

6,210

5.500%

due

2053

4,229

4,239

6.000%

due

2054

3,669

3,733

5.500%

due

2055

6,661

6,704

Freddie

Mac

REMICS

Series

2003-2624

Class

QH

5.000%

due

06/15/33

20

20

Series

2006-R007

Class

ZA

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

72

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.000%

due

05/15/36

70

73

Series

2010-3632

Class

PK

5.000%

due

02/15/40

25

25

Series

2010-3653

Class

B

4.500%

due

04/15/30

42

42

Series

2012-4010

Class

KM

3.000%

due

01/15/42

25

24

Ginnie

Mae

II

2.500%

due

2052

5,809

4,938

6.000%

due

2055

9,973

10,124

30

Year

TBA(Ï)

5.000%

4,000

3,929

5.500%

5,285

5,291

6.000%

1,000

1,014

GS

Mortgage

Securities

Trust

Series

2023-SHIP

Class

A

4.466%

due

09/10/38

(~)(Ê)(Þ)

1,899

1,887

HMH

Trust

Series

2017-NSS

Class

E

6.292%

due

07/05/31

(Þ)

1,170

60

Hudson

Yards

Mortgage

Trust

Series

2025-SPRL

Class

A

5.649%

due

01/13/40

(~)(Ê)(Þ)

971

1,000

JPMorgan

Mortgage

Trust

Series

2018-3

Class

A3

3.500%

due

09/25/48

(~)(Ê)(Þ)

65

58

Series

2020-3

Class

A15

3.500%

due

08/25/50

(~)(Ê)(Þ)

113

100

Series

2021-6

Class

A6

2.500%

due

10/25/51

(~)(Ê)(Þ)

2,812

2,609

Series

2021-8

Class

A6

2.500%

due

12/25/51

(~)(Ê)(Þ)

2,406

2,233

Series

2021-12

Class

A4

2.500%

due

02/25/52

(~)(Ê)(Þ)

640

571

Series

2022-1

Class

A4

2.500%

due

07/25/52

(~)(Ê)(Þ)

2,387

2,107

Series

2022-2

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

1,085

957

Series

2022-3

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

2,443

2,150

Series

2022-4

Class

A4

3.000%

due

10/25/52

(~)(Ê)(Þ)

1,129

1,018

Series

2024-HE2

Class

A1

5.502%

due

10/25/54

(SOFR

30

Day

Average

+

1.200%)(Ê)(Þ)

1,409

1,408

Series

2025-CES1

Class

A1

5.666%

due

05/25/55

(~)(Ê)(Þ)

765

768

Series

2025-CES2

Class

A1

5.592%

due

06/25/55

(Þ)

2,406

2,418

Series

2025-HE1

Class

A1

5.452%

due

08/25/55

(SOFR

30

Day

Average

+

1.150%)(Ê)(Þ)

2,951

2,945

Series

2025-HE1

Class

M1

5.702%

due

08/25/55

(SOFR

30

Day

Average

+

1.400%)(Ê)(Þ)

2,200

2,197

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

MF1

LLC

Series

2022-FL9

Class

A

6.468%

due

06/19/37

(CME

Term

SOFR

1

Month

+

2.150%)(Ê)(Þ)

3,768

3,769

Series

2024-FL14

Class

A

6.055%

due

03/19/39

(CME

Term

SOFR

1

Month

+

1.737%)(Ê)(Þ)

1,890

1,897

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

A

5.227%

due

04/15/38

(CME

Term

SOFR

1

Month

+

0.915%)(Ê)(Þ)

617

617

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

XA

Interest

Only

STRIPS

0.468%

due

09/13/39

(~)(Ê)(Þ)

8,761

54

Series

2017-237P

Class

XB

Interest

Only

STRIPS

0.175%

due

09/13/39

(~)(Ê)(Þ)

5,418

9

PRPM

LLC

Series

2024-7

Class

A1

5.870%

due

11/25/29

(~)(Ê)(Þ)

856

856

Series

2024-RCF6

Class

A1

4.000%

due

10/25/54

(~)(Ê)(Þ)

1,681

1,640

Series

2025-2

Class

A1

6.469%

due

05/25/30

(~)(Ê)(Þ)

2,043

2,040

Series

2025-4

Class

A1

6.179%

due

06/25/30

(~)(Ê)(Þ)

2,193

2,208

RCKT

Mortgage

Trust

Series

2023-CES2

Class

A1A

6.808%

due

09/25/43

(~)(Ê)(Þ)

582

587

Series

2024-CES5

Class

A1A

5.846%

due

08/25/44

(~)(Ê)(Þ)

806

810

Series

2024-CES9

Class

A1A

5.582%

due

12/25/44

(~)(Ê)(Þ)

3,133

3,138

Series

2025-CES2

Class

A1A

5.503%

due

02/25/55

(~)(Ê)(Þ)

3,400

3,411

Series

2025-CES4

Class

A1A

5.811%

due

05/25/55

(~)(Ê)(Þ)

2,772

2,794

RFR

Trust

Series

2025-SGRM

Class

B

5.863%

due

03/11/29

(~)(Ê)(Þ)

2,742

2,780

Series

2025-SGRM

Class

C

6.013%

due

03/11/29

(~)(Ê)(Þ)

2,385

2,405

Sequoia

Mortgage

Trust

Series

2015-1

Class

A1

3.500%

due

01/25/45

(~)(Ê)(Þ)

53

49

TCO

Commercial

Mortgage

Trust

Series

2024-DPM

Class

A

5.555%

due

12/15/39

(CME

Term

SOFR

1

Month

+

1.243%)(Ê)(Þ)

1,633

1,631

Towd

Point

Mortgage

Trust

Series

2023-CES1

Class

A1A

6.750%

due

07/25/63

(~)(Ê)(Þ)

1,384

1,393

VDCM

Commercial

Mortgage

Trust

Series

2025-AZ

Class

B

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

73

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.798%

due

07/13/44

(~)(Ê)(Þ)

1,460

1,463

Series

2025-AZ

Class

C

6.149%

due

07/13/44

(~)(Ê)(Þ)

2,824

2,829

Washington

Mutual

Mortgage

Pass-

Through

Certificates

Trust

Series

2005-10

Class

3CB1

6.000%

due

11/25/35

305

257

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series

2020-3

Class

A1

3.000%

due

06/25/50

(~)(Ê)(Þ)

763

656

WinWater

Mortgage

Loan

Trust

Series

2014-1

Class

A1

3.929%

due

06/20/44

(~)(Ê)(Þ)

79

76

229,279

Non-US

Bonds

-

6.9%

Andorra

Government

International

Bond

Series

EMTN

1.250%

due

05/06/31

(Þ)

EUR

2,000

2,108

Australia

Government

International

Bond

Series

147

3.250%

due

06/21/39

(Þ)

AUD

803

466

Series

162

1.750%

due

06/21/51

(Þ)

AUD

4,214

1,511

Bundesrepublik

Deutschland

Bundesanleihe

Series

10Y

0.000%

due

02/15/31

(Þ)(ž)

EUR

1,157

1,205

Colombian

TES

Series

B

6.000%

due

04/28/28

COP

3,400,200

749

13.250%

due

02/09/33

COP

10,885,000

2,787

Hong

Kong

Government

Bond

Programme

1.250%

due

06/29/27

HKD

48,250

6,064

Iceland

Rikisbref

6.500%

due

01/24/31

ISK

173,264

1,390

Japan

30

Year

Government

International

Bond

Series

80

1.800%

due

09/20/53

JPY

311,000

1,745

Series

81

1.600%

due

12/20/53

JPY

401,050

2,133

Series

82

1.800%

due

03/20/54

JPY

47,750

265

Series

84

2.100%

due

09/20/54

JPY

364,950

2,176

Series

85

2.300%

due

12/20/54

JPY

214,200

1,336

Japan

40

Year

Government

International

Bond

Series

13

0.500%

due

03/20/60

JPY

369,850

1,224

Series

17

2.200%

due

03/20/64

JPY

109,200

610

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Mexico

Government

International

Bond

2.250%

due

08/12/36

EUR

243

222

5.125%

due

05/04/37

EUR

494

573

4.000%

due

03/15/15

EUR

1,011

788

Petroleos

Mexicanos

Series

10.7

4.750%

due

02/26/29

(Þ)

EUR

4,067

4,572

Republic

of

South

Africa

Government

International

Bond

Series

2032

8.250%

due

03/31/32

ZAR

29,056

1,567

Series

2035

8.875%

due

02/28/35

ZAR

39,431

2,079

Romanian

Government

International

Bond

5.500%

due

09/18/28

(Þ)

EUR

828

1,015

5.875%

due

07/11/32

(Þ)

EUR

1,632

1,940

5.625%

due

02/22/36

(Þ)

EUR

708

793

Series

REGS

2.750%

due

02/26/26

(Þ)

EUR

1,718

2,024

6.625%

due

09/27/29

(Þ)

EUR

981

1,244

1.750%

due

07/13/30

(Þ)

EUR

2,011

2,032

2.124%

due

07/16/31

(Þ)

EUR

1,787

1,747

3.750%

due

02/07/34

(Þ)

EUR

1,931

1,939

2.625%

due

12/02/40

(Þ)

EUR

1,651

1,206

2.875%

due

04/13/42

(Þ)

EUR

1,465

1,070

4.625%

due

04/03/49

(Þ)

EUR

424

373

3.375%

due

01/28/50

(Þ)

EUR

104

74

Taurus

UK

Designated

Activity

Co.

Series

2021-UK1A

Class

B

5.522%

due

05/17/31

(SONIA

+

1.300%)(Ê)(Þ)

GBP

496

680

United

Kingdom

Gilt

Bonds

4.375%

due

07/31/54

(Þ)

GBP

2,381

2,832

Vantage

Data

Centers

Germany

Borrower

Sarl

Series

2025-1A

Class

A2

4.292%

due

06/28/50

(Þ)

EUR

2,902

3,410

Vantage

Data

Centers

Jersey

Borrower

Spv

,

Ltd.

Series

2024-1A

Class

A2

6.172%

due

05/28/39

(Þ)

GBP

1,628

2,284

60,233

United

States

Government

Agencies

-

0.3%

Federal

Farm

Credit

Banks

Funding

Corp.

5.130%

due

05/19/33

2,955

2,950

United

States

Government

Treasuries

-

6.0%

United

States

Treasury

Notes

1.500%

due

08/15/26

591

575

1.625%

due

09/30/26

2,330

2,266

4.625%

due

11/15/26

1,190

1,202

4.250%

due

12/31/26

2,503

2,518

2.375%

due

05/15/27

1,490

1,453

0.375%

due

07/31/27

1,597

1,490

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

74

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.500%

due

08/31/27

1,215

1,134

0.750%

due

01/31/28

1,272

1,180

2.750%

due

02/15/28

2,074

2,025

2.875%

due

05/15/28

1,298

1,269

3.125%

due

11/15/28

163

160

5.250%

due

11/15/28

1,538

1,609

4.250%

due

02/28/29

395

402

4.125%

due

03/31/29

1,670

1,693

2.375%

due

05/15/29

1,950

1,855

4.000%

due

07/31/29

420

424

4.000%

due

10/31/29

1,071

1,081

1.750%

due

11/15/29

691

636

4.375%

due

12/31/29

1,229

1,260

4.250%

due

01/31/30

2,019

2,059

0.625%

due

08/15/30

2,294

1,956

0.875%

due

11/15/30

1,017

873

1.125%

due

02/15/31

760

658

1.250%

due

08/15/31

925

791

1.875%

due

02/15/32

797

700

2.750%

due

08/15/32

1,815

1,674

3.375%

due

05/15/33

444

423

3.875%

due

08/15/33

300

296

4.500%

due

11/15/33

1,385

1,423

4.000%

due

02/15/34

1,490

1,475

4.375%

due

05/15/34

195

198

3.875%

due

08/15/34

819

800

4.250%

due

11/15/34

1,587

1,592

4.625%

due

02/15/35

3,004

3,100

4.500%

due

02/15/36

385

395

1.375%

due

11/15/40

631

402

3.125%

due

11/15/41

490

402

2.750%

due

11/15/42

1,100

838

3.125%

due

02/15/43

538

432

2.875%

due

05/15/43

764

589

4.625%

due

11/15/44

668

654

2.875%

due

08/15/45

779

582

3.000%

due

05/15/47

848

635

2.750%

due

11/15/47

133

95

3.000%

due

02/15/48

472

351

3.125%

due

05/15/48

593

450

3.375%

due

11/15/48

549

434

2.875%

due

05/15/49

183

131

1.250%

due

05/15/50

429

206

2.375%

due

05/15/51

1,100

698

2.000%

due

08/15/51

581

335

1.875%

due

11/15/51

568

316

4.000%

due

11/15/52

445

389

4.250%

due

02/15/54

415

379

4.625%

due

05/15/54

460

447

4.500%

due

11/15/54

302

288

51,698

Total

Long-Term

Fixed

Income

Investments

(cost

$729,516)

718,350

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Short-Term

Investments

-

18.7%

Japan

Treasury

Discount

Bills

Series

1301

0.000%

due

07/22/25

(ž)

JPY

2,500,000

17,356

Series

1302

0.000%

due

07/28/25

(ž)

JPY

1,300,000

9,025

U.S.

Cash

Management

Fund(@)

82,709,202

(∞)

82,684

United

States

Treasury

Bills

4.347%

due

08/26/25

(ž)

54,350

53,985

Total

Short-Term

Investments

(cost

$163,064)

163,050

Total

Investments

-

101.4%

(identified

cost

$892,580)

881,400

Other

Assets

and

Liabilities,

Net

-

(1.4)%

(12,545)

Net

Assets

-

100.0%

868,855

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

75

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

$

$

$

35.2%

200

Park

Funding

Trust

02/25/25

530,000

100.00

530

522

Abu

Dhabi

Crude

Oil

Pipeline

LLC

07/12/24

779,000

90.22

703

695

ACWA

Power

Management

and

Investments

One,

Ltd.

01/11/24

238,134

97.17

231

235

Adani

Electricity

Mumbai,

Ltd.

06/12/25

456,000

89.11

406

407

Adani

Ports

&

Special

Economic

Zone,

Ltd.

02/11/25

480,000

95.38

458

463

Adani

Ports

&

Special

Economic

Zone,

Ltd.

02/11/25

485,000

95.64

464

469

Africa

Finance

Corp.

11/02/21

393,000

100.86

396

389

AGL

CLO

21,

Ltd.

04/01/25

4,400,000

99.97

4,399

4,416

AGL

CLO

23,

Ltd.

01/31/25

2,550,000

100.00

2,550

2,547

Aircastle

,

Ltd.

08/03/22

1,007,000

91.44

921

959

Aircastle

,

Ltd.

10/30/24

1,160,000

102.07

1,184

1,198

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

09/20/23

160,000

98.03

157

160

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

08/20/24

50,000

94.20

47

47

Alimentation

Couche-Tard,

Inc.

09/12/23

705,000

96.14

678

694

Alimentation

Couche-Tard,

Inc.

05/12/25

582,000

91.89

535

544

Allianz

SE

10/30/24

600,000

106.14

637

628

American

Tower

Trust

#1

06/21/23

2,647,000

99.28

2,628

2,692

American

Tower

Trust

#1

05/08/24

903,000

94.11

850

882

Andorra

Government

International

Bond

04/28/21

EUR

2,000,000

112.02

2,240

2,108

Antero

Resources

Corp.

01/07/25

424,000

97.47

413

427

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

09/20/21

1,019,787

99.97

1,019

1,019

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

11/22/24

679,483

100.00

679

679

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

11/22/24

1,398,109

99.98

1,398

1,398

Ares

Loan

Funding

VIII,

Ltd.

12/19/24

550,000

100.00

550

551

Ares

LXVII

CLO,

Ltd.

01/21/25

1,530,000

100.00

1,530

1,527

Audax

Senior

Debt

CLO

12

LLC

02/21/25

1,770,000

100.00

1,770

1,769

Australia

and

New

Zealand

Banking

Group,

Ltd.

10/30/24

650,000

85.70

557

570

Australia

Government

International

Bond

04/01/25

AUD

4,214,000

33.63

1,417

1,511

Australia

Government

International

Bond

04/01/25

AUD

803,000

54.27

436

466

Avolon

Holdings

Funding,

Ltd.

10/30/24

520,000

93.88

488

493

AXIS

Equipment

Finance

Receivables

XIV

LLC

07/23/24

1,128,000

100.13

1,129

1,148

Bain

Capital

Credit

CLO,

Ltd.

04/17/25

1,500,000

99.90

1,499

1,504

Banco

de

Bogota

SA

12/12/24

720,000

97.55

702

707

Banco

Inbursa

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

Inbursa

08/08/24

1,096,000

98.03

1,074

1,085

Bangkok

Bank

PCL

05/13/25

858,000

111.97

961

970

Barclays

Mortgage

Loan

Trust

03/26/24

541,968

97.65

529

537

Barings

CLO,

Ltd.

12/20/24

3,040,000

100.00

3,040

3,043

Barings

CLO,

Ltd.

02/14/25

1,400,000

100.00

1,400

1,401

BDS

LLC

04/04/22

2,548,193

100.00

2,548

2,550

BDS

LLC

02/21/25

697,000

99.75

695

694

Bellemeade

Re,

Ltd.

10/18/23

1,166,688

100.00

1,167

1,170

Bimbo

Bakeries

USA,

Inc.

02/11/25

686,000

102.52

703

717

Blackstone

Holdings

Finance

Co.

LLC

10/30/24

510,000

85.94

438

440

BNP

Paribas

SA

06/10/20

847,000

102.48

868

847

BNP

Paribas

SA

10/30/24

1,095,000

101.24

1,109

1,124

Bombardier,

Inc.

06/11/25

117,000

106.96

125

127

Booz

Allen

Hamilton,

Inc.

05/13/25

1,307,000

95.14

1,243

1,255

BRAVO

Residential

Funding

Trust

10/09/24

573,508

99.99

573

574

BRAVO

Residential

Funding

Trust

04/08/25

4,443,274

100.00

4,443

4,464

British

Airways

Pass-Through

Trust

12/06/24

508,108

96.82

492

490

Bundesrepublik

Deutschland

Bundesanleihe

06/09/25

EUR

1,157,010

101.15

1,170

1,205

Business

Jet

Securities

LLC

09/06/24

884,366

100.00

884

886

BX

Commercial

Mortgage

Trust

12/02/21

2,352,171

99.89

2,350

2,352

BX

Commercial

Mortgage

Trust

05/02/24

1,406,768

99.76

1,403

1,408

BX

Commercial

Mortgage

Trust

05/02/24

2,325,350

99.76

2,320

2,326

BX

Trust

01/24/24

5,702,000

99.77

5,689

5,666

BX

Trust

02/20/25

3,454,000

99.77

3,446

3,400

BX

Trust

02/20/25

1,025,000

99.77

1,023

1,015

BX

Trust

06/13/25

2,093,000

99.75

2,088

2,082

CAMB

Commercial

Mortgage

Trust

10/22/21

3,322,000

102.59

3,408

2,862

CAMB

Commercial

Mortgage

Trust

09/24/24

3,244,000

81.62

2,648

2,660

Cameron

LNG

LLC

05/12/25

711,000

88.38

628

646

Carlyle

Global

Market

Strategies

CLO,

Ltd.

04/23/25

2,000,000

99.90

1,998

2,006

Carnival

Corp.

09/16/24

1,110,000

96.94

1,076

1,086

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

76

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

$

$

$

Cellnex

Telecom

SA

10/30/24

650,000

78.95

513

513

Cencosud

SA

09/12/23

1,172,000

95.77

1,122

1,162

CF

Industries,

Inc.

12/07/23

1,061,000

98.61

1,046

1,062

Chase

Home

Lending

Mortgage

Trust

03/14/25

1,396,984

100.00

1,397

1,400

Churchill

Middle

Market

CLO

LLC

02/24/25

1,670,000

100.00

1,670

1,670

CIFC

Funding,

Ltd.

04/24/25

2,300,000

99.90

2,298

2,307

CLI

Funding

IX

LLC

07/24/24

1,190,313

100.49

1,196

1,199

Columbia

Pipelines

Holding

Co.

LLC

05/12/25

633,000

102.53

649

659

Columbia

Pipelines

Operating

Co.

LLC

09/12/23

241,000

99.53

240

249

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

05/12/25

430,000

96.63

416

420

Credit

Agricole

SA

03/06/24

1,115,000

93.81

1,046

1,084

Credit

Agricole

SA

10/30/24

750,000

91.74

688

698

Daimler

Truck

Finance

North

America

LLC

10/30/24

580,000

100.71

584

582

Danske

Bank

A/S

10/30/24

1,160,000

101.94

1,183

1,202

DBGS

Mortgage

Trust

04/03/19

985,000

100.96

994

788

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

04/16/24

918,000

97.16

892

920

Deutsche

Mortgage

Securities,

Inc.

Re-REMIC

Trust

01/04/17

181,790

100.37

182

164

DK

Trust

03/01/24

751,000

100.00

751

751

DLLAA

LLC

01/14/25

1,370,000

99.97

1,370

1,402

Dresdner

Funding

Trust

I

04/29/24

331,000

105.80

350

365

DT

Midstream,

Inc.

06/12/25

859,000

96.03

825

830

Eagle

RE,

Ltd.

04/13/23

1,217,363

101.74

1,239

1,234

Eagle

RE,

Ltd.

01/11/24

1,650,000

103.51

1,708

1,714

Ellington

Financial

Mortgage

Trust

12/10/24

1,452,042

99.99

1,452

1,458

Elmwood

CLO

V,

Ltd.

04/24/25

3,700,000

99.85

3,695

3,723

ELP

Commercial

Mortgage

Trust

11/01/21

2,547,035

98.52

2,509

2,540

Enel

Finance

International

NV

10/03/24

820,000

128.01

1,050

984

Entegris

,

Inc.

07/02/24

1,225,000

97.02

1,188

1,213

Ferguson

Finance

PLC

05/06/24

1,089,000

98.02

1,067

1,080

FIGRE

Trust

03/19/24

1,763,847

100.03

1,764

1,797

FIGRE

Trust

07/19/24

1,817,714

101.26

1,841

1,856

FIGRE

Trust

09/09/24

1,036,864

100.00

1,037

1,037

FIGRE

Trust

10/31/24

2,312,669

99.99

2,313

2,339

FIGRE

Trust

12/11/24

1,407,288

99.99

1,407

1,420

FIGRE

Trust

02/20/25

391,726

103.47

405

409

FIGRE

Trust

03/20/25

1,944,373

100.12

1,947

1,970

Flatiron

CLO

26,

Ltd.

11/01/24

3,000,000

100.00

3,000

3,011

Flatiron

RR

CLO,

Ltd.

03/24/25

1,100,000

100.00

1,100

1,097

Foundry

JV

Holdco

LLC

02/04/25

1,235,000

99.93

1,234

1,279

Fresenius

Medical

Care

US

Finance

III,

Inc.

02/06/23

1,184,000

94.68

1,121

1,138

Gartner,

Inc.

12/07/23

842,000

96.27

811

833

Gartner,

Inc.

05/13/25

458,000

92.38

423

429

GFL

Environmental,

Inc.

04/07/25

622,000

94.40

587

600

GFL

Environmental,

Inc.

05/01/25

177,000

104.05

184

185

Glencore

Funding

LLC

10/30/24

320,000

101.04

323

314

Glencore

Funding

LLC

10/30/24

650,000

101.28

658

664

GS

Mortgage

Securities

Trust

08/04/23

1,899,000

96.21

1,827

1,887

Hazine

Mustesarligi

Varlik

Kiralama

AS

06/26/25

2,056,000

99.58

2,047

2,055

HGI

CRE

CLO,

Ltd.

09/17/21

970,154

100.00

970

967

High

Street

Funding

Trust

III

02/27/25

296,000

100.00

296

287

HMH

Trust

06/09/17

1,170,000

99.96

1,170

60

Home

RE,

Ltd.

05/09/25

1,430,000

113.58

1,624

1,657

Hudson

Yards

Mortgage

Trust

01/07/25

971,000

100.00

971

1,000

Hyundai

Capital

America

10/30/24

360,000

92.50

333

336

Hyundai

Capital

America

10/30/24

520,000

94.53

492

495

ICICI

Bank,

Ltd.

10/03/24

599,000

98.61

591

588

Imperial

Brands

Finance

PLC

10/30/24

650,000

98.41

640

642

Imperial

Brands

Finance

PLC

06/24/25

740,000

99.52

736

750

Indianapolis

Power

&

Light

Co.

10/30/24

500,000

101.39

507

497

Infraestructura

Energetica

Nova

SAPI

de

CV

07/06/22

892,000

95.75

854

870

InRetail

Consumer

02/06/24

1,159,000

93.21

1,080

1,099

International

Flavors

&

Fragrances,

Inc.

10/30/24

685,000

86.72

594

606

International

Flavors

&

Fragrances,

Inc.

11/12/24

81,000

93.16

75

76

ITC

Holdings

Corp.

05/13/25

519,000

100.36

521

525

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

77

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

$

$

$

JDE

Peet's

NV

09/12/23

1,105,000

93.61

1,034

1,051

JPMorgan

Mortgage

Trust

06/05/20

64,691

102.73

66

58

JPMorgan

Mortgage

Trust

03/30/21

113,344

101.89

115

100

JPMorgan

Mortgage

Trust

04/26/21

2,811,719

102.03

2,869

2,609

JPMorgan

Mortgage

Trust

06/24/21

2,406,496

102.30

2,462

2,233

JPMorgan

Mortgage

Trust

01/26/22

2,387,379

99.17

2,367

2,107

JPMorgan

Mortgage

Trust

02/24/22

1,085,048

97.69

1,060

957

JPMorgan

Mortgage

Trust

03/23/22

2,442,815

96.36

2,354

2,150

JPMorgan

Mortgage

Trust

04/27/22

1,128,535

95.91

1,082

1,018

JPMorgan

Mortgage

Trust

04/20/23

640,462

88.97

570

571

JPMorgan

Mortgage

Trust

05/29/24

1,409,253

100.20

1,412

1,408

JPMorgan

Mortgage

Trust

12/18/24

541,088

100.37

543

540

JPMorgan

Mortgage

Trust

01/29/25

764,911

100.00

765

768

JPMorgan

Mortgage

Trust

02/26/25

2,950,675

100.00

2,951

2,945

JPMorgan

Mortgage

Trust

02/26/25

2,200,000

100.00

2,200

2,197

JPMorgan

Mortgage

Trust

03/18/25

2,405,719

100.00

2,406

2,418

Kubota

Credit

Owner

Trust

02/14/24

1,716,000

99.98

1,716

1,754

Kubota

Credit

Owner

Trust

06/18/24

660,000

99.99

660

675

LG

Energy

Solution,

Ltd.

08/08/24

786,000

100.79

792

794

LPL

Holdings,

Inc.

08/08/24

1,129,000

95.20

1,075

1,097

LSEGA

Financing

PLC

09/16/24

747,000

94.45

706

703

Macquarie

Airfinance

Holdings,

Ltd.

10/30/24

130,000

102.59

133

136

Macquarie

Airfinance

Holdings,

Ltd.

10/30/24

180,000

103.43

186

191

Macquarie

Airfinance

Holdings,

Ltd.

10/30/24

445,000

98.22

437

445

Macquarie

Group,

Ltd.

10/30/24

2,865,000

95.32

2,731

2,766

Magnetite

XXVI,

Ltd.

01/28/25

1,410,000

100.00

1,410

1,414

Marks

&

Spencer

PLC

09/16/24

139,000

109.90

153

149

Mars,

Inc.

03/05/25

290,000

99.42

288

290

Mars,

Inc.

03/05/25

460,000

99.46

458

459

Mars,

Inc.

03/05/25

150,000

99.81

150

152

Mars,

Inc.

03/05/25

590,000

99.83

589

597

Mattel,

Inc.

02/11/25

682,000

94.84

647

654

Mercedes-Benz

Finance

North

America

LLC

01/07/25

485,000

99.33

482

491

Meritage

Homes

Corp.

04/07/25

1,039,000

95.87

996

1,002

MF1

LLC

05/13/22

3,767,936

99.19

3,737

3,769

MF1

LLC

03/17/25

1,890,000

100.18

1,893

1,897

MHC

Commercial

Mortgage

Trust

04/06/21

617,212

99.30

613

617

Midwest

Connector

Capital

Co.

LLC

03/25/25

854,000

98.98

845

847

MISC

Capital

Two

Labuan,

Ltd.

09/12/23

1,101,000

96.81

1,066

1,086

MMAF

Equipment

Finance

LLC

01/22/25

1,250,000

99.96

1,250

1,279

Monongahela

Power

Co.

01/11/24

592,000

97.35

576

583

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

5,418,000

0.17

9

9

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

8,761,000

0.62

54

54

MSCI,

Inc.

05/12/25

976,000

95.32

930

944

National

Australia

Bank,

Ltd.

10/30/24

810,000

86.82

703

717

NBK

SPC,

Ltd.

12/12/24

667,000

95.55

637

643

New

York

State

Electric

&

Gas

Corp.

10/16/23

387,000

96.23

372

381

News

Corp.

02/11/25

627,000

94.52

593

600

NGPL

PipeCo

LLC

09/26/19

553,000

123.38

682

630

Nissan

Motor

Acceptance

Co.

LLC

03/07/25

679,000

101.69

690

684

Nissan

Motor

Co.,

Ltd.

04/02/25

258,000

97.51

252

248

Nissan

Motor

Co.,

Ltd.

06/11/25

20,000

91.75

18

18

NRG

Energy,

Inc.

03/06/24

1,241,000

93.20

1,157

1,178

Nuveen

LLC

10/30/24

295,000

97.86

289

293

Oaktown

Re,

Ltd.

09/28/21

506,531

101.38

514

510

OCP

CLO,

Ltd.

04/01/25

1,600,000

99.95

1,599

1,606

Octagon

Investment

Partners

32,

Ltd.

04/28/25

1,400,000

99.88

1,398

1,403

Ohio

National

Financial

Services,

Inc.

09/16/24

195,000

101.00

197

194

Open

Text

Corp.

08/07/23

323,000

100.96

326

335

Peachtree

Corners

Funding

Trust

II

05/14/25

330,000

100.00

330

338

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

10/30/24

510,000

105.09

536

544

Petroleos

Mexicanos

04/02/24

EUR

4,067,000

96.06

3,907

4,572

Port

of

Newcastle

Investments

Financing

Pty,

Ltd.

09/16/24

95,000

96.00

91

95

Prosus

NV

07/12/24

1,160,000

98.58

1,143

1,162

Prosus

NV

10/30/24

710,000

67.51

479

456

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

78

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

$

$

$

PRPM

LLC

10/07/24

1,681,096

96.82

1,628

1,640

PRPM

LLC

11/08/24

856,309

100.00

856

856

PRPM

LLC

04/25/25

2,042,523

99.99

2,042

2,040

PRPM

LLC

06/03/25

2,193,000

100.00

2,193

2,208

Radnor

RE,

Ltd.

07/27/23

693,883

100.00

694

697

Radnor

RE,

Ltd.

11/28/23

36,583

100.67

37

37

RCKT

Mortgage

Trust

09/13/23

581,943

99.97

582

587

RCKT

Mortgage

Trust

02/15/24

930,833

99.98

931

935

RCKT

Mortgage

Trust

03/19/24

1,273,834

99.98

1,274

1,282

RCKT

Mortgage

Trust

08/14/24

1,023,954

99.99

1,024

1,022

RCKT

Mortgage

Trust

12/12/24

805,510

100.66

811

810

RCKT

Mortgage

Trust

12/12/24

3,133,037

99.99

3,133

3,138

RCKT

Mortgage

Trust

01/17/25

944,874

101.60

960

957

RCKT

Mortgage

Trust

02/26/25

3,399,967

100.00

3,400

3,411

RCKT

Mortgage

Trust

04/24/25

2,772,467

100.45

2,785

2,794

Regatta

XXVII

Funding,

Ltd.

04/08/25

1,000,000

99.80

998

1,003

Reliance

Industries,

Ltd.

02/06/24

633,000

96.86

613

621

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

04/29/24

247,000

90.20

223

219

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

04/29/24

127,000

90.36

115

113

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

09/16/24

119,000

87.69

104

97

RFR

Trust

02/18/25

2,385,000

99.99

2,385

2,405

RFR

Trust

02/18/25

2,742,000

99.99

2,742

2,780

Rockies

Express

Pipeline

LLC

04/29/24

100,000

91.93

92

97

Rockies

Express

Pipeline

LLC

04/29/24

190,000

96.27

183

190

Rockies

Express

Pipeline

LLC

09/17/24

99,000

104.85

104

101

Rockies

Express

Pipeline

LLC

12/03/24

100,000

96.70

97

98

Rogers

Communications,

Inc.

08/06/24

386,000

97.22

375

382

Romanian

Government

International

Bond

02/23/21

EUR

1,651,000

102.15

1,686

1,206

Romanian

Government

International

Bond

07/08/21

EUR

1,465,000

108.57

1,591

1,070

Romanian

Government

International

Bond

02/24/22

EUR

1,787,000

88.90

1,589

1,747

Romanian

Government

International

Bond

02/24/22

EUR

424,000

99.77

423

373

Romanian

Government

International

Bond

09/21/22

EUR

1,718,000

97.89

1,682

2,024

Romanian

Government

International

Bond

09/11/23

EUR

828,000

107.45

890

1,015

Romanian

Government

International

Bond

09/12/23

EUR

2,011,000

89.07

1,791

2,032

Romanian

Government

International

Bond

02/15/24

EUR

708,000

106.79

756

793

Romanian

Government

International

Bond

04/19/24

EUR

1,931,000

94.60

1,827

1,939

Romanian

Government

International

Bond

03/25/25

EUR

981,000

115.74

1,135

1,244

Romanian

Government

International

Bond

03/26/25

EUR

1,632,000

107.20

1,750

1,940

Romanian

Government

International

Bond

05/08/25

EUR

104,000

63.94

67

74

Saluda

Grade

Alternative

Mortgage

Trust

02/07/24

680,697

102.05

695

702

Saluda

Grade

Alternative

Mortgage

Trust

04/05/24

2,158,186

99.99

2,158

2,197

Saluda

Grade

Alternative

Mortgage

Trust

03/13/25

1,178,461

102.48

1,208

1,212

Sammons

Financial

Group,

Inc.

10/30/24

605,000

98.46

596

604

Scentre

Group

Trust

2

10/30/24

710,000

98.43

699

696

Sealed

Air

Corp.

04/29/24

174,000

100.90

176

188

Sealed

Air

Corp.

10/02/24

1,146,000

96.19

1,102

1,099

Sequoia

Mortgage

Trust

10/21/16

53,401

102.40

55

49

SK

Hynix,

Inc.

05/13/25

771,000

100.81

777

781

SMBC

Aviation

Capital

Finance

DAC

10/30/24

655,000

100.58

659

662

Smithfield

Foods,

Inc.

05/06/24

759,000

97.57

741

752

Smithfield

Foods,

Inc.

10/30/24

520,000

87.82

457

473

Societe

Generale

SA

02/11/25

1,149,000

96.04

1,103

1,116

Standard

Chartered

PLC

04/30/24

195,000

101.16

197

203

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

496,354

140.62

698

680

TCO

Commercial

Mortgage

Trust

12/06/24

1,633,000

99.76

1,629

1,631

Tesco

PLC

09/03/20

623,000

124.19

774

637

Texas

Eastern

Transmission,

LP

07/06/22

854,000

97.59

833

837

Textainer

Marine

Containers

VII,

Ltd.

08/06/24

1,656,000

100.00

1,656

1,663

Topaz

Solar

Farms

LLC

04/29/24

184,545

99.08

183

181

Towd

Point

Mortgage

Trust

08/17/20

580,682

101.63

590

566

Towd

Point

Mortgage

Trust

07/21/23

1,383,614

99.84

1,381

1,393

Towd

Point

Mortgage

Trust

10/19/23

981,691

99.99

982

997

UBS

Group

AG

10/30/24

750,000

121.73

913

927

UBS

Group

AG

10/30/24

600,000

85.71

514

524

UniCredit

SpA

04/07/25

578,000

89.06

515

523

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

79

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

$

$

$

United

Kingdom

Gilt

Bonds

03/24/25

GBP

2,381,000

111.60

2,657

2,832

Unum

Group

10/30/24

550,000

80.03

440

440

UPM-

Kymmene

OYJ

11/21/22

699,000

103.13

721

741

Vantage

Data

Centers

Germany

Borrower

Sarl

05/22/25

EUR

2,902,000

112.78

3,273

3,410

Vantage

Data

Centers

Jersey

Borrower

Spv

,

Ltd.

05/17/24

GBP

1,628,000

127.07

2,069

2,284

Var

Energi

ASA

02/06/23

788,000

102.78

810

835

Var

Energi

ASA

08/03/23

268,000

105.70

283

304

VDCM

Commercial

Mortgage

Trust

06/24/25

1,460,000

100.00

1,460

1,463

VDCM

Commercial

Mortgage

Trust

06/24/25

2,824,000

100.00

2,824

2,829

Videotron,

Ltd.

05/12/25

478,000

94.27

451

457

Vistra

Operations

Co.

LLC

08/07/23

1,180,000

96.41

1,138

1,165

Vistra

Operations

Co.

LLC

10/30/24

1,170,000

96.42

1,128

1,154

Voya

CLO,

Ltd.

04/03/25

1,000,000

99.95

1,000

1,003

Wells

Fargo

Mortgage

Backed

Securities

Trust

04/23/21

763,465

102.16

780

656

WinWater

Mortgage

Loan

Trust

03/29/17

78,930

101.93

80

76

XPO,

Inc.

12/19/23

1,029,000

100.74

1,037

1,044

305,614

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Commonwealth

10

Year

Treasury

Bond

Future

153

AUD

17,537

09/25

106

Long

Gilt

Futures

107

GBP

9,954

09/25

322

United

States

2

Year

Treasury

Note

Futures

665

USD

138,334

09/25

524

United

States

5

Year

Treasury

Note

Futures

660

USD

71,940

09/25

723

United

States

10

Year

Treasury

Note

Futures

455

USD

51,017

09/25

826

United

States

10

Year

Ultra

Treasury

Note

Futures

1,050

USD

119,977

09/25

2,887

United

States

Treasury

Long

Bond

Futures

334

USD

38,565

09/25

1,087

United

States

Treasury

Ultra

Bond

Futures

344

USD

40,979

09/25

1,712

Short

Positions

Canadian

10

Year

Government

Bond

Futures

64

CAD

7,808

09/25

(36)

Euro-

Bobl

Futures

63

EUR

7,414

09/25

25

Euro-Bund

Futures

159

EUR

20,694

09/25

164

Euro-

Buxl

30

Year

Bond

Futures

5

EUR

594

09/25

9

Euro-Schatz

Futures

1

EUR

107

09/25

—

Japanese

10

Year

Government

Bond

Futures

51

JPY

7,090,020

09/25

(201)

Japanese

10

Year

Mini

Government

Bond

Futures

4

JPY

55,640

09/25

—

Long

Gilt

Futures

6

GBP

558

09/25

(20)

United

States

2

Year

Treasury

Note

Futures

184

USD

38,276

09/25

(146)

United

States

5

Year

Treasury

Note

Futures

21

USD

2,289

09/25

(3)

United

States

10

Year

Ultra

Treasury

Note

Futures

115

USD

13,139

09/25

(228)

United

States

Treasury

Long

Bond

Futures

1

USD

115

09/25

(4)

United

States

Treasury

Ultra

Bond

Futures

75

USD

8,934

09/25

(421)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

7,326

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

80

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

BNP

Paribas

CHF

5,270

USD

6,447

07/11/25

(203)

Citigroup

USD

139

AUD

229

07/09/25

12

Citigroup

USD

390

AUD

607

07/09/25

10

Citigroup

USD

1,968

AUD

3,033

07/09/25

28

Citigroup

USD

3,083

AUD

4,921

07/09/25

156

Citigroup

USD

54

CAD

74

07/09/25

1

Citigroup

USD

88

CAD

120

07/09/25

1

Citigroup

USD

241

CAD

342

07/09/25

10

Citigroup

USD

261

CAD

374

07/09/25

14

Citigroup

USD

2,880

CAD

3,989

07/09/25

51

Citigroup

USD

147

CNY

1,045

10/16/25

—

Citigroup

USD

170

CNY

1,209

10/16/25

—

Citigroup

USD

417

CNY

2,966

10/16/25

—

Citigroup

USD

735

CNY

5,225

10/16/25

—

Citigroup

USD

73

COP

320,153

07/09/25

6

Citigroup

USD

323

COP

1,394,203

07/09/25

18

Citigroup

USD

327

COP

1,412,827

07/09/25

18

Citigroup

USD

360

COP

1,603,368

07/09/25

32

Citigroup

USD

3,855

COP

15,751,543

07/09/25

(4)

Citigroup

USD

329

EUR

296

07/09/25

19

Citigroup

USD

344

EUR

309

07/09/25

20

Citigroup

USD

360

EUR

328

07/09/25

26

Citigroup

USD

407

EUR

369

07/09/25

28

Citigroup

USD

438

EUR

384

07/09/25

14

Citigroup

USD

955

EUR

850

07/09/25

47

Citigroup

USD

1,080

EUR

942

07/09/25

30

Citigroup

USD

1,556

EUR

1,413

07/09/25

109

Citigroup

USD

1,562

EUR

1,415

07/09/25

105

Citigroup

USD

1,573

EUR

1,413

07/09/25

92

Citigroup

USD

1,590

EUR

1,440

07/09/25

107

Citigroup

USD

2,861

EUR

2,500

07/09/25

85

Citigroup

USD

4,045

EUR

3,600

07/09/25

197

Citigroup

USD

4,275

EUR

3,747

07/11/25

141

Citigroup

USD

1,649

GBP

1,256

07/09/25

75

Citigroup

USD

2,578

GBP

1,900

07/09/25

30

Citigroup

USD

2,887

GBP

2,100

07/09/25

(4)

Citigroup

USD

3,049

HKD

23,913

07/09/25

(1)

Citigroup

USD

3,050

HKD

23,913

07/09/25

(2)

Citigroup

USD

1,450

IDR

24,009,825

07/09/25

29

Citigroup

USD

51

JPY

7,428

07/09/25

—

Citigroup

USD

160

JPY

23,129

07/09/25

1

Citigroup

USD

580

JPY

83,569

07/09/25

1

Citigroup

USD

719

JPY

103,238

07/09/25

(2)

Citigroup

USD

731

JPY

105,313

07/09/25

1

Citigroup

USD

3,610

JPY

520,147

07/09/25

5

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

81

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

USD

36,929

JPY

5,327,221

07/09/25

93

Citigroup

USD

1,434

JPY

204,493

07/11/25

(12)

Citigroup

USD

310

KRW

423,206

07/09/25

3

Citigroup

USD

405

KRW

546,583

07/09/25

(1)

Citigroup

USD

541

KRW

749,768

07/09/25

13

Citigroup

USD

745

KRW

1,022,546

07/09/25

11

Citigroup

USD

909

KRW

1,259,799

07/09/25

23

Citigroup

USD

1,450

KRW

2,068,933

07/09/25

80

Citigroup

USD

776

KRW

1,043,426

10/16/25

1

Citigroup

USD

1,470

KRW

1,987,734

10/16/25

9

Citigroup

USD

754

MXN

14,313

07/09/25

8

Citigroup

USD

813

MXN

15,809

07/09/25

29

Citigroup

USD

983

MXN

20,300

07/09/25

98

Citigroup

USD

987

MXN

20,392

07/09/25

99

Citigroup

USD

1,437

MXN

28,202

07/09/25

64

Citigroup

USD

1,630

MXN

33,000

07/09/25

128

Citigroup

USD

1,786

MXN

37,331

07/09/25

202

Citigroup

USD

683

MXN

13,059

10/16/25

5

Citigroup

USD

28

NOK

287

07/09/25

1

Citigroup

USD

1,264

NOK

13,301

07/09/25

56

Citigroup

USD

23

THB

749

07/09/25

—

Citigroup

USD

76

ZAR

1,474

07/09/25

8

Citigroup

USD

131

ZAR

2,556

07/09/25

14

Citigroup

USD

229

ZAR

4,489

07/09/25

24

Citigroup

USD

355

ZAR

7,050

07/09/25

43

Citigroup

USD

365

ZAR

7,252

07/09/25

44

Citigroup

USD

1,389

ZAR

25,900

07/09/25

73

Citigroup

USD

3,560

ZAR

63,361

07/09/25

17

Citigroup

AUD

130

USD

78

07/09/25

(8)

Citigroup

AUD

231

USD

139

07/09/25

(13)

Citigroup

AUD

432

USD

259

07/09/25

(26)

Citigroup

AUD

1,198

USD

763

07/09/25

(26)

Citigroup

AUD

1,649

USD

1,032

07/09/25

(53)

Citigroup

AUD

5,150

USD

3,150

07/09/25

(239)

Citigroup

AUD

3,033

USD

1,972

10/16/25

(28)

Citigroup

CAD

448

USD

321

07/09/25

(8)

Citigroup

CAD

4,452

USD

3,109

07/09/25

(162)

Citigroup

CHF

1,833

EUR

1,960

07/09/25

(2)

Citigroup

COP

20,482,094

USD

4,877

07/09/25

(131)

Citigroup

COP

15,751,543

USD

3,802

10/16/25

3

Citigroup

CZK

2,678

EUR

107

07/09/25

(1)

Citigroup

CZK

4,406

EUR

174

07/09/25

(4)

Citigroup

CZK

13,323

EUR

531

07/09/25

(9)

Citigroup

CZK

25,947

EUR

1,035

07/09/25

(17)

Citigroup

CZK

25,972

EUR

1,034

07/09/25

(19)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

82

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

EUR

35

CHF

33

07/09/25

—

Citigroup

EUR

1,952

CHF

1,800

07/09/25

(30)

Citigroup

EUR

2,886

CZK

72,325

07/09/25

45

Citigroup

EUR

2,868

GBP

2,410

07/09/25

(72)

Citigroup

EUR

4,602

JPY

738,937

07/09/25

(287)

Citigroup

EUR

426

NOK

5,067

07/09/25

1

Citigroup

EUR

514

NOK

6,112

07/09/25

1

Citigroup

EUR

992

NOK

11,886

07/09/25

10

Citigroup

EUR

22

NOK

261

10/16/25

—

Citigroup

EUR

547

NOK

6,490

10/16/25

(4)

Citigroup

EUR

695

NOK

8,276

10/16/25

(3)

Citigroup

EUR

1,266

NOK

15,022

10/16/25

(10)

Citigroup

EUR

40

USD

46

07/09/25

(1)

Citigroup

EUR

150

USD

170

07/09/25

(7)

Citigroup

EUR

180

USD

198

07/09/25

(14)

Citigroup

EUR

265

USD

304

07/09/25

(9)

Citigroup

EUR

341

USD

390

07/09/25

(12)

Citigroup

EUR

378

USD

432

07/09/25

(14)

Citigroup

EUR

434

USD

488

07/09/25

(23)

Citigroup

EUR

439

USD

498

07/09/25

(18)

Citigroup

EUR

1,010

USD

1,098

07/09/25

(93)

Citigroup

EUR

1,150

USD

1,277

07/09/25

(78)

Citigroup

EUR

1,290

USD

1,439

07/09/25

(81)

Citigroup

EUR

1,294

USD

1,441

07/09/25

(84)

Citigroup

EUR

1,439

USD

1,604

07/09/25

(92)

Citigroup

EUR

1,625

USD

1,766

07/09/25

(149)

Citigroup

EUR

3,826

USD

4,320

07/09/25

(189)

Citigroup

EUR

24,203

USD

27,005

07/09/25

(1,518)

Citigroup

GBP

1,187

EUR

1,400

07/09/25

20

Citigroup

GBP

1,223

EUR

1,454

07/09/25

36

Citigroup

GBP

1,256

USD

1,625

07/09/25

(99)

Citigroup

GBP

4,000

USD

5,161

07/09/25

(330)

Citigroup

GBP

2,100

USD

2,888

10/16/25

4

Citigroup

HKD

3,212

USD

410

07/09/25

1

Citigroup

HKD

44,614

USD

5,700

07/09/25

13

Citigroup

HKD

23,913

USD

3,058

08/07/25

—

Citigroup

HKD

23,913

USD

3,070

10/16/25

(1)

Citigroup

IDR

130,519

USD

8

07/09/25

—

Citigroup

IDR

11,837,016

USD

723

07/09/25

(6)

Citigroup

IDR

12,042,291

USD

737

07/09/25

(5)

Citigroup

JPY

24,314

EUR

145

07/09/25

1

Citigroup

JPY

93,091

EUR

584

07/09/25

41

Citigroup

JPY

621,533

EUR

3,820

07/09/25

182

Citigroup

JPY

17,000

USD

120

07/09/25

2

Citigroup

JPY

26,477

USD

185

07/09/25

1

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

83

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

JPY

32,750

USD

233

07/09/25

5

Citigroup

JPY

39,400

USD

278

07/09/25

4

Citigroup

JPY

59,250

USD

416

07/09/25

5

Citigroup

JPY

102,046

USD

720

07/09/25

11

Citigroup

JPY

151,966

USD

1,031

07/09/25

(25)

Citigroup

JPY

161,485

USD

1,099

07/09/25

(24)

Citigroup

JPY

195,000

USD

1,356

07/09/25

—

Citigroup

JPY

219,464

USD

1,533

07/09/25

8

Citigroup

JPY

320,628

USD

2,230

07/09/25

2

Citigroup

JPY

1,046,732

USD

7,057

07/09/25

(217)

Citigroup

JPY

1,299,236

USD

9,090

07/09/25

61

Citigroup

JPY

2,498,610

USD

17,586

07/09/25

222

Citigroup

JPY

5,327,221

USD

37,335

10/16/25

(94)

Citigroup

KRW

9,153

USD

7

07/09/25

—

Citigroup

KRW

504,344

USD

368

07/09/25

(5)

Citigroup

KRW

657,770

USD

480

07/09/25

(7)

Citigroup

KRW

673,886

USD

491

07/09/25

(7)

Citigroup

KRW

926,552

USD

654

07/09/25

(31)

Citigroup

KRW

999,328

USD

733

07/09/25

(6)

Citigroup

KRW

1,123,078

USD

796

07/09/25

(35)

Citigroup

KRW

1,176,724

USD

859

07/09/25

(11)

Citigroup

MXN

3,573

USD

171

07/09/25

(19)

Citigroup

MXN

165,774

USD

7,987

07/09/25

(841)

Citigroup

MXN

14,313

USD

746

10/16/25

(8)

Citigroup

NOK

261

EUR

22

07/09/25

—

Citigroup

NOK

6,091

EUR

514

07/09/25

2

Citigroup

NOK

8,354

EUR

703

07/09/25

—

Citigroup

NOK

8,359

EUR

703

07/09/25

(1)

Citigroup

NOK

287

USD

28

07/09/25

(1)

Citigroup

NOK

428

USD

42

07/09/25

(1)

Citigroup

NOK

12,873

USD

1,235

07/09/25

(42)

Citigroup

THB

749

USD

22

07/09/25

(1)

Citigroup

ZAR

4,055

USD

215

07/09/25

(14)

Citigroup

ZAR

6,065

USD

319

07/09/25

(24)

Citigroup

ZAR

6,892

USD

385

07/09/25

(4)

Citigroup

ZAR

7,074

USD

397

07/09/25

(3)

Citigroup

ZAR

12,268

USD

646

07/09/25

(46)

Citigroup

ZAR

15,258

USD

816

07/09/25

(45)

Citigroup

ZAR

25,900

USD

1,389

07/09/25

(73)

Citigroup

ZAR

34,137

USD

1,811

07/09/25

(116)

Citigroup

ZAR

2,881

USD

161

10/16/25

(1)

Citigroup

ZAR

63,361

USD

3,535

10/16/25

(17)

Morgan

Stanley

EUR

2,902

USD

3,327

08/08/25

(99)

State

Street

USD

69

CAD

95

07/11/25

—

State

Street

USD

4,262

CAD

5,845

07/11/25

33

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

84

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

State

Street

USD

52

CHF

41

07/11/25

—

State

Street

USD

2,153

EUR

1,836

07/11/25

11

State

Street

USD

1,061

GBP

786

07/11/25

17

State

Street

USD

39

JPY

5,584

07/11/25

—

State

Street

USD

38

NOK

386

07/11/25

—

State

Street

GBP

9

USD

13

07/01/25

—

State

Street

GBP

1,579

USD

2,166

07/11/25

(2)

State

Street

GBP

2,353

USD

3,136

08/08/25

(93)

Westpac

USD

2,130

NOK

21,560

07/11/25

9

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(2,701)

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

JPY

2,911,000

TONAR

(4)

0.829%

(4)

03/14/27

2

(68)

(67)

Citigroup

JPY

1,500,000

TONAR

(4)

0.846%

(4)

03/24/27

—

(36)

(36)

Citigroup

USD

18,912

3.743%

(4)

SOFR

(4)

05/22/27

—

67

68

Citigroup

USD

19,028

3.768%

(4)

SOFR

(4)

05/22/27

—

76

76

Citigroup

JPY

1,755,969

TONAR

(4)

0.723%

(4)

05/22/27

—

(4)

(4)

Citigroup

USD

19,000

3.742%

(4)

SOFR

(4)

05/27/27

—

69

69

Citigroup

USD

3,400

SOFR

(4)

3.364%

(4)

08/20/54

—

370

370

Citigroup

GBP

1,900

Sterling

Overnight

Index

Average

Rate

(4)

4.446%

(4)

03/24/55

—

2

2

Citigroup

JPY

16,759

TONAR

(4)

1.880%

(4)

04/11/55

—

8

8

Citigroup

JPY

16,759

TONAR

(4)

1.870%

(4)

04/11/55

—

8

8

Total

Open

Interest

Rate

Swap

Contracts

(å)

2

492

494

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

Fair

Value

$

CDX

NA

Emerging

Markets

Index

Citigroup

USD

6,850

(1.000%)

(2)

06/20/30

213

(45)

168

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

213

(45)

168

Sovereign

Issues

-

Purchase

Protection

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

85

Credit

Default

Swap

Contracts

Amounts

in

thousands

Credit

Indices

-

Purchase

Protection

Reference

Entity

Counterparty

Implied

Credit

Spread

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)  

$

Unrealized

Appreciation

Fair

Value

$

Mexico

Government

International

Bond

Barclays

1.073%

USD

1,047

(1.000%)

(2)

06/20/30

19

(16)

3

Mexico

Government

International

Bond

Morgan

Stanley

1.073%

USD

1,886

(1.000%)

(2)

06/20/30

34

(28)

6

Total

Open

Sovereign

Issues

-

Purchase

Protection

Contracts

53

(44)

9

Total

Open

Credit

Default

Swap

Contracts

(å)

266

(89)

177

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

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

36,430

$

—

$

—

$

36,430

4

.2

Corporate

Bonds

and

Notes

—

216,277

—

—

216,277

24

.9

International

Debt

—

121,483

—

—

121,483

14

.0

Mortgage-Backed

Securities

—

229,279

—

—

229,279

26

.4

Non-US

Bonds

—

60,233

—

—

60,233

6

.9

United

States

Government

Agencies

—

2,950

—

—

2,950

0

.3

United

States

Government

Treasuries

—

51,698

—

—

51,698

6

.0

Short-Term

Investments

—

80,366

—

82,684

163,050

18

.7

Total

Investments

—

798,716

—

82,684

881,400

101

.4

Other

Assets

and

Liabilities,

Net

(1

.4)

100

.0

Other

Financial

Instruments

Assets

Futures

Contracts

8,385

—

—

—

8,385

1

.0

Foreign

Currency

Exchange

Contracts

—

3,416

—

—

3,416

0

.4

Interest

Rate

Swap

Contracts

—

601

—

—

601

0

.1

Credit

Default

Swap

Contracts

—

177

—

—

177

—

*

A

Liabilities

Futures

Contracts

(1,059

)

—

—

—

(1,059

)

(0

.1)

Foreign

Currency

Exchange

Contracts

—

(6,117

)

—

—

(6,117

)

(0

.7)

Interest

Rate

Swap

Contracts

—

(107

)

—

—

(107

)

(—)

*

Total

Other

Financial

Instruments

**

$

7,326

$

(2,030

)

$

—

$

—

$

5,296

*

Less

than

.05%

of

net

assets.

**

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

86

Strategic

Bond

Fund

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

June

30,

2025,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

June

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Andorra

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

2,108

Australia

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

7,798

Bermuda

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

6,322

Brazil

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

629

Canada

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

13,771

Cayman

Islands

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

20,522

Chile

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

1,980

China

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

3,281

Colombia

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

4,242

Denmark

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

1,202

Finland

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

1,892

France

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

4,868

Germany

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

5,706

Hong

Kong

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

6,064

Iceland

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

1,390

India

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

2,548

Ireland

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

2,819

Italy

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

3,374

Japan

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

36,994

Jersey

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

16,293

Kuwait

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

643

Luxembourg

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

3,410

Malaysia

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

1,086

Mexico

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

9,444

Netherlands

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

1,861

Nigeria

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

389

Norway

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

1,139

Peru

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

1,099

Romania

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

15,457

Saudi

Arabia

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

235

South

Africa

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

3,647

South

Korea

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

2,738

Spain

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

1,868

Switzerland

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

1,451

Thailand

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

970

Turkey

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

2,055

United

Arab

Emirates

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

695

United

Kingdom

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

16,107

United

States

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

673,303

Total

Investments

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

881,400

Russell

Investment

Funds

Strategic

Bond

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

87

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

$

—

$

3,416

$

—

Variation

margin

on

futures

contracts*

—

—

8,385

Interest

rate

swap

contracts,

at

fair

value

—

—

601

Credit

default

swap

contracts,

at

fair

value

177

—

—

Total

$

177

$

3,416

$

8,986

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

0

0

0

Variation

margin

on

futures

contracts*

$

—

$

—

$

1,059

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

6,117

—

Interest

rate

swap

contracts,

at

fair

value

—

—

107

Total

$

—

$

6,117

$

1,166

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

$

—

$

—

$

(3,434)

Interest

rate

swap

contracts

—

—

(914)

Credit

default

swap

contracts

(39)

—

—

Foreign

currency

exchange

contracts

—

288

—

Total

$

(39)

$

288

$

(4,348)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

0

0

0

Futures

contracts

$

—

$

—

$

11,202

Interest

rate

swap

contracts

—

—

1,077

Credit

default

swap

contracts

(89)

—

—

Foreign

currency

exchange

contracts

—

(6,215)

—

Total

$

(89)

$

(6,215)

$

12,279

*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Strategic

Bond

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

88

Strategic

Bond

Fund

Amounts

in

thousands

word

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

3,416

$

—

$

3,416

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

at

fair

value

601

—

601

Credit

Default

Swap

Contracts

Credit

default

swap

contracts,

at

fair

value

177

—

177

Total

Financial

and

Derivative

Assets

4,194

—

4,194

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

4,194

$

—

$

4,194

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

$

3

$

—

$

—

$

3

Citigroup

4,114

3,985

—

129

Morgan

Stanley

7

—

—

7

State

Street

61

2

—

59

Westpac

9

—

—

9

Total

$

4,194

$

3,987

$

—

$

207

Russell

Investment

Funds

Strategic

Bond

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

89

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

$

6,117

$

—

$

6,117

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

at

fair

value

107

—

107

Total

Financial

and

Derivative

Liabilities

6,224

—

6,224

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

6,224

$

—

$

6,224

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

BNP

Paribas

$

203

$

—

$

—

$

203

Citigroup

5,826

3,985

1,841

—

Morgan

Stanley

100

—

10

90

State

Street

95

2

—

93

Total

$

6,224

$

3,987

$

1,851

$

386

^      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.

90

Strategic

Bond

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

892,580

Investments,

at

fair

value(>)

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

881,400

Cash

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

773

Foreign

currency

holdings(^)

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

550

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

3,416

Receivables:

Dividends

and

interest

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

6,287

Dividends

from

affiliated

funds

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

290

Investments

sold

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

8,037

Fund

shares

sold

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

93

From

broker(a)(b)(c)

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

12,315

Variation

margin

on

futures

contracts

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

7,627

Prepaid

expenses

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

5

Interest

rate

swap

contracts,

at

fair

value(•)

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

601

Credit

default

swap

contracts,

at

fair

value(+)

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

177

Total

assets

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

921,571

Liabilities

Payables:

Due

to

broker

(d)(e)

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

860

Investments

purchased

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

44,422

Fund

shares

redeemed

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

163

Accrued

fees

to

affiliates

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

424

Other

accrued

expenses

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

331

Variation

margin

on

futures

contracts

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

292

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

6,117

Interest

rate

swap

contracts,

at

fair

value(•)

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

107

Total

liabilities

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

52,716

Net

Assets

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

$

868,855

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

91

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(162,532)

Shares

of

beneficial

interest

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

991

Additional

paid-in

capital

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

1,030,396

Net

Assets

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

$

868,855

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

8.77

Net

assets

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

$

868,855,473

Shares

outstanding

($.01

par

value)

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

99,087,987

Amounts

in

thousands

(>)  

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

82,684

(^)  

Foreign

currency

holdings

-

cost

$

524

(•)  

Interest

rate

swap

contracts

-

premiums

paid

(received)

$

2

(+)  

Credit

default

swap

contracts

-

premiums

paid

(received)

$

266

(a)  

Receivable

from

Broker

for

Futures

$

5,326

(b)  

Receivable

from

Broker

for

Swaps

$

6,729

(c)  

Receivable

from

Broker

for

TBAs

$

260

(d)  

Due

to

Broker

for

Swaps

$

250

(e)  

Due

to

Broker

for

TBAs

$

610

(#)

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.

92

Strategic

Bond

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2025

(Unaudited)

Amounts

in

thousands

Investment

Income

Interest

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

$

18,498

Dividends

from

affiliated

funds

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

2,393

Total

investment

income

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

20,891

Expenses

Advisory

fees

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

2,355

Administrative

fees

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

214

Custodian

fees

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

100

Transfer

agent

fees

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

19

Professional

fees

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

77

Trustees’

fees

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

23

Printing

fees

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

21

Miscellaneous

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

20

Expenses

before

reductions

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

2,829

Expense

reductions

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

(43)

Net

expenses

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

2,786

Net

investment

income

(loss)

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

18,105

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(1,370)

Investments

in

affiliated

funds

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

(17)

Futures

contracts

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

(3,434)

Foreign

currency

exchange

contracts

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

288

Interest

rate

swap

contracts

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

(914)

Credit

default

swap

contracts

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

(39)

Foreign

currency-related

transactions

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

(106)

Net

realized

gain

(loss)

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

(5,592)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

16,211

Investments

in

affiliated

funds

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

(13)

Futures

contracts

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

11,202

Foreign

currency

exchange

contracts

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

(6,215)

Interest

rate

swap

contracts

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

1,077

Credit

default

swap

contracts

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

(89)

Foreign

currency-related

transactions

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

158

Net

change

in

unrealized

appreciation

(depreciation)

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

22,331

Net

realized

and

unrealized

gain

(loss)

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

16,739

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

34,844

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

93

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2025

(Unaudited)

Fiscal

Year

Ended

December

31,

2024

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

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

$

18,105

$

39,590

Net

realized

gain

(loss)

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

(5,592)

(16,552)

Net

change

in

unrealized

appreciation

(depreciation)

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

22,331

(15,184)

Net

increase

(decrease)

in

net

assets

from

operations

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

34,844

7,854

Distributions

To

shareholders

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

(5,864)

(41,974)

Net

decrease

in

net

assets

from

distributions

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

(5,864)

(41,974)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(25,014)

29,821

Total

Net

Increase

(Decrease)

in

Net

Assets

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

3,966

(4,299)

Net

Assets

Beginning

of

period

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

864,889

869,188

End

of

period

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

$

868,855

$

864,889

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2025

and

December

31,

2024

were

as

follows:

2025

(Unaudited)

2024

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

1,778

$

15,293

4,751

$

41,341

Proceeds

from

reinvestment

of

distributions

675

5,864

4,865

41,974

Payments

for

shares

redeemed

(5,356)

(46,171)

(6,067)

(53,494)

Total

increase

(decrease)

(2,903)

$

(25,014)

3,549

$

29,821

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

94

Strategic

Bond

Fund

Russell

Investment

Funds

Strategic

Bond

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

06/30/25

(ƣ)

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

Per-Share

Data

–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

8.48‌

8.83‌

8.74‌

10.46‌

10.88‌

10.56‌

Income

(loss)

from

investment

operations:

—‌

—‌

—‌

—‌

—‌

—‌

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.18‌

.4

0‌

.33‌

.18‌

.12‌

.20‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.17‌

(.33‌

)

.01‌

(1.67‌)

(.32‌)

.68‌

$

Total

from

Investment

Operations

.35‌

.07‌

.34‌

(1.49‌)

(.20‌)

.88‌

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.06‌)

(.42‌)

(.25‌)

(.17‌)

(.09‌)

(.20‌)

$

Distributions

from

Net

Realized

Gain

—‌

—‌

—‌

(.01‌)

(.13‌)

(.36‌)

$

Return

of

Capital

—‌

—‌

—‌

(.05‌)

—‌

—‌

$

Total

Distributions

(.06‌)

(.42‌)

(.25‌)

(.23‌)

(.22‌)

(.56‌)

$

Net

Asset

Value,

End

of

Period

8.77‌

8.48‌

8.83‌

8.74‌

10.46‌

10.88‌

%

Total

Return

(ǿ)(±)

4.12‌

.83‌

4.02‌

(14.28‌)

(1.82‌)

8.43‌

–

–

–

–

–

–

Ratios/Supplemental

Data

–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000)

868,855‌

864,889‌

869,188‌

846,669‌

1,025,812‌

917,169‌

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.66‌

.65‌

.66‌

.66‌

.66‌

.69‌

%

Expenses,

Net

(Ƃ)(ɯ)

.65‌

.65‌

.66‌

.66‌

.66‌

.69‌

%

Net

Investment

Income

(Ƃ)(ɯ)

4.23‌

4.

55‌

3.75‌

1.91‌

1.12‌

1.82‌

%

Portfolio

Turnover

Rate

(ǿ)

24‌

94‌

85‌

63‌

93‌

92‌

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

95

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

June

30,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2025

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

381,534

Administrative

fees

35,327

Transfer

agent

fees

3,109

Trustees'

fees

4,311

$

424,281

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

$

153,080

$

228,857

$

299,223

$

(17

)

$

(13

)

$

82,684

$

2,393

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

889,694,421

$

9,778,447

$

(13,004,864)

$

(3,226,417)

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

96

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

94.3%

Australia

-

5.9%

Charter

Hall

Group(ö)

279,664

3,532

Dexus(ö)

579,214

2,535

Goodman

Group(ö)

1,147,933

25,874

GPT

Group

(The)(ö)

727,215

2,317

Ingenia

Communities

Group(ö)

858,473

3,092

Mirvac

Group(ö)

4,452,548

6,462

NEXTDC,

Ltd.(Æ)

185,775

1,773

Region

RE,

Ltd.(ö)

51,934

75

Scentre

Group(ö)

2,345,129

5,512

Stockland(ö)

1,871,660

6,621

57,793

Belgium

-

1.1%

Aedifica

SA(ö)

66,733

5,190

Shurgard

Self

Storage,

Ltd.(ö)

25,008

1,091

VGP

NV

6,887

693

Warehouses

De

Pauw

CVA(ö)

145,674

3,551

10,525

Canada

-

1.3%

Boardwalk

Real

Estate

Investment

Trust(ö)

12,151

624

Chartwell

Retirement

Residences

349,511

4,771

Choice

Properties

Real

Estate

Investment

Trust(ö)

325,885

3,559

First

Capital

Real

Estate

Investment

Trust(ö)

260,347

3,470

12,424

France

-

2.5%

ARGAN

SA(ö)

13,054

1,008

Covivio

SA(ö)

46,472

2,934

Icade

SA(ö)

30,966

870

Klepierre

SA(ö)

224,797

8,907

Mercialys

SA(ö)

69,173

867

Unibail-Rodamco-Westfield(ö)

98,983

9,473

24,059

Germany

-

2.5%

LEG

Immobilien

SE

27,663

2,454

Sirius

Real

Estate,

Ltd.(ö)

728,036

975

TAG

Immobilien

AG

232,248

4,128

Vonovia

SE

479,658

16,895

24,452

Hong

Kong

-

3.0%

Hongkong

Land

Holdings,

Ltd.

712,900

4,116

Link

REIT(ö)

1,758,143

9,373

Sun

Hung

Kai

Properties,

Ltd.

886,052

10,174

SUNeVision

Holdings,

Ltd.

866,000

836

Wharf

Real

Estate

Investment

Co.,

Ltd.

1,509,000

4,273

28,772

Japan

-

9.4%

Activia

Properties,

Inc.(ö)

3,777

3,221

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Daiwa

Securities

Living

Investments

Corp.(ö)

4,062

2,695

GLP

J-REIT(ö)

1,395

1,255

Industrial

&

Infrastructure

Fund

Investment

Corp.(ö)

4,835

4,078

Invincible

Investment

Corp.(ö)

4,939

2,126

Japan

Metropolitan

Fund

Investment

Corp.(ö)

7,788

5,521

Japan

Real

Estate

Investment

Corp.(ö)

3,604

2,950

KDX

Realty

Investment

Corp.

Class

A(ö)

4,823

5,225

Keihanshin

Building

Co.,

Ltd.

288,600

3,011

Mitsubishi

Estate

Co.,

Ltd.

763,692

14,289

Mitsui

Fudosan

Co.,

Ltd.

1,462,033

14,124

Mitsui

Fudosan

Logistics

Park,

Inc.(ö)

8,144

5,910

Mori

Trust

Sogo

REIT,

Inc.(ö)

7,867

3,768

Nippon

Accommodations

Fund,

Inc.(ö)

3,282

2,683

Nippon

Building

Fund,

Inc.(ö)

1,963

1,811

Nippon

Prologis

REIT,

Inc.(ö)

7,829

4,324

Nomura

Real

Estate

Holdings,

Inc.

33,500

196

Nomura

Real

Estate

Master

Fund,

Inc.

(ö)

3,004

3,070

Orix

JREIT,

Inc.(ö)

1,291

1,684

Sumitomo

Realty

&

Development

Co.,

Ltd.

258,000

9,947

91,888

Netherlands

-

0.2%

CTP

NV(Þ)

94,023

1,979

Singapore

-

2.9%

CapitaLand

Ascendas

REIT(ö)

3,640,100

7,675

CapitaLand

Integrated

Commercial

Trust

Class

A(ö)

3,576,849

6,105

Capitaland

Investment,

Ltd.

905,200

1,887

Digital

Core

REIT

Management

Pte,

Ltd.(ö)

3,065,300

1,626

Frasers

Centrepoint

Trust(ö)

2,658,200

4,767

Frasers

Logistics

&

Commercial

Trust(ö)(Þ)

1,813,600

1,220

Mapletree

Logistics

Trust(ö)

3,441,300

3,195

Parkway

Life

Real

Estate

Investment

Trust(ö)

616,655

1,989

28,464

Spain

-

0.5%

Cellnex

Telecom

SA(Þ)

50,665

1,973

Merlin

Properties

Socimi

SA(ö)

246,144

3,227

5,200

Sweden

-

1.6%

Castellum

AB

283,270

3,741

Catena

AB

44,901

2,293

Fastighets

AB

Balder

Class

B(Æ)

882,632

6,598

Nyfosa

AB

138,320

1,379

Wihlborgs

Fastigheter

AB

149,564

1,627

15,638

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

97

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Switzerland

-

1.0%

PSP

Swiss

Property

AG

27,078

5,001

Swiss

Prime

Site

AG

Class

A

33,082

4,970

9,971

United

Kingdom

-

4.3%

Big

Yellow

Group

PLC(ö)

202,577

2,815

British

Land

Co.

PLC

(The)(ö)

936,429

4,839

Derwent

London

PLC(ö)

41,100

1,169

Grainger

PLC

1,143,487

3,454

Land

Securities

Group

PLC(ö)

383,301

3,321

Life

Science

REIT

PLC(ö)

976,648

611

LondonMetric

Property

PLC(ö)

3,643,516

10,155

PRS

REIT

PLC

(The)(ö)

625,069

929

Safestore

Holdings

PLC(ö)

210,390

2,045

Segro

PLC(ö)

560,935

5,234

Shaftesbury

Capital

PLC(ö)

885,863

1,900

UNITE

Group

PLC

(The)(ö)

472,667

5,518

41,990

United

States

-

58.1%

Agree

Realty

Corp.(ö)

221,160

16,158

American

Healthcare

REIT,

Inc.(ö)

182,914

6,720

American

Homes

4

Rent

Class

A(ö)

316,613

11,420

American

Tower

Corp.(ö)

832

184

Americold

Realty

Trust,

Inc.(ö)

237,586

3,951

AvalonBay

Communities,

Inc.(ö)

9,878

2,010

Brixmor

Property

Group,

Inc.(ö)

373,487

9,726

BXP,

Inc.(ö)

23,865

1,610

Caesars

Entertainment,

Inc.(Æ)

141,601

4,020

Camden

Property

Trust(ö)

6,913

779

CareTrust

REIT,

Inc.(ö)

43,640

1,335

Crown

Castle,

Inc.(ö)

98,809

10,151

CubeSmart(ö)

138,270

5,876

Digital

Realty

Trust,

Inc.(ö)

221,331

38,585

EastGroup

Properties,

Inc.(ö)

70,140

11,722

EPR

Properties(ö)

112,136

6,533

Equinix,

Inc.(ö)

41,662

33,141

Equity

Residential(ö)

173,760

11,727

Essential

Properties

Realty

Trust,

Inc.

(ö)

345,591

11,028

Essex

Property

Trust,

Inc.(ö)

69,189

19,608

Extra

Space

Storage,

Inc.(ö)

88,797

13,092

First

Industrial

Realty

Trust,

Inc.(ö)

115,668

5,567

Healthcare

Realty

Trust,

Inc.(ö)

352,682

5,594

Healthpeak

Properties,

Inc.(ö)

38,938

682

Highwoods

Properties,

Inc.(ö)

76,323

2,373

Host

Hotels

&

Resorts,

Inc.(ö)

617,385

9,483

Hudson

Pacific

Properties,

Inc.(Æ)(ö)

1,127,475

3,089

Independence

Realty

Trust,

Inc.(ö)

282,711

5,001

Invitation

Homes,

Inc.(ö)

472,477

15,497

Iron

Mountain,

Inc.(ö)

190,249

19,514

Kilroy

Realty

Corp.(ö)

149,662

5,135

Kimco

Realty

Corp.(ö)

518,169

10,892

Kite

Realty

Group

Trust(ö)

170,963

3,872

Mid-America

Apartment

Communities,

Inc.(ö)

87,161

12,901

Omega

Healthcare

Investors,

Inc.(ö)

198,793

7,286

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

PACS

Group,

Inc.(Æ)

39,186

506

Prologis,

Inc.(ö)

419,730

44,122

Public

Storage(ö)

88,944

26,098

Realty

Income

Corp.(ö)

177,428

10,222

Regency

Centers

Corp.(ö)

90,268

6,430

Ryman

Hospitality

Properties,

Inc.(ö)

3,366

332

SBA

Communications

Corp.(ö)

16,136

3,789

Simon

Property

Group,

Inc.(ö)

165,523

26,609

SmartStop

Self

Storage

REIT,

Inc.

117,790

4,268

Sun

Communities,

Inc.(ö)

164,116

20,759

Terreno

Realty

Corp.(ö)

3,047

171

UDR,

Inc.(ö)

148,734

6,073

Ventas,

Inc.(ö)

183,458

11,585

VICI

Properties,

Inc.(ö)

433,794

14,142

Vornado

Realty

Trust(ö)

7,039

269

Welltower,

Inc.(ö)

380,853

58,549

Weyerhaeuser

Co.(ö)

214,342

5,506

565,692

Total

Common

Stocks

(cost

$729,637)

918,847

Short-Term

Investments

-

4.3%

United

States

-

4.3%

U.S.

Cash

Management

Fund(@)

41,505,360

(∞)

41,493

Total

Short-Term

Investments

(cost

$41,493)

41,493

Total

Investments

-

98.6%

(identified

cost

$771,130)

960,340

Other

Assets

and

Liabilities,

Net

-

1.4%

13,150

Net

Assets

-

100.0%

973,490

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

98

Global

Real

Estate

Securities

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

0.5%

Cellnex

Telecom

SA

11/06/23

EUR

50,665

34.21

1,733

1,973

CTP

NV

04/06/21

EUR

94,023

16.70

1,570

1,979

Frasers

Logistics

&

Commercial

Trust

03/20/25

SGD

1,813,600

0.68

1,236

1,220

5,172

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Dow

Jones

U.S.

Real

Estate

Index

Futures

1,497

USD

54,326

09/25

(516)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(516)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

69

GBP

50

07/01/25

—

Bank

of

America

USD

441

GBP

322

07/02/25

—

Bank

of

America

AUD

1,188

USD

779

07/01/25

(3)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(3)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Common

Stocks

Australia

$

—

$

57,793

$

—

$

—

$

57,793

5

.9

Belgium

—

10,525

—

—

10,525

1

.1

Canada

12,424

—

—

—

12,424

1

.3

France

—

24,059

—

—

24,059

2

.5

Germany

—

24,452

—

—

24,452

2

.5

Hong

Kong

—

28,772

—

—

28,772

3

.0

Japan

—

91,888

—

—

91,888

9

.4

Netherlands

—

1,979

—

—

1,979

0

.2

Singapore

—

28,464

—

—

28,464

2

.9

Spain

—

5,200

—

—

5,200

0

.5

Sweden

—

15,638

—

—

15,638

1

.6

Switzerland

—

9,971

—

—

9,971

1

.0

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

99

*

Less

than

.05%

of

net

assets.

**

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

United

Kingdom

—

41,990

—

—

41,990

4

.3

United

States

565,692

—

—

—

565,692

58

.1

Short-Term

Investments

—

—

—

41,493

41,493

4

.3

Total

Investments

578,116

340,731

—

41,493

960,340

98

.6

Other

Assets

and

Liabilities,

Net

1

.4

100

.0

Other

Financial

Instruments

A

Liabilities

Futures

Contracts

(516

)

—

—

—

(516

)

(0

.1)

Foreign

Currency

Exchange

Contracts

(3

)

—

—

—

(3

)

(—)

*

Total

Other

Financial

Instruments

**

$

(519

)

$

—

$

—

$

—

$

(519

)

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

June

30,

2025,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

June

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Property

Sector

Exposure

Fair

Value

$

Common

Stocks

Data

Centers

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

836

Diversified

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

202,560

Healthcare

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

99,017

Industrial

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

125,618

Lodging/Resorts

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

30,103

Office

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

43,598

Residential

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

149,316

Retail

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

133,216

Self

Storage

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

55,285

Technology

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

79,298

Short-Term

Investments

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

41,493

Total

Investments

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

960,340

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

100

Global

Real

Estate

Securities

Fund

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Foreign

Currency

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

0

0

Variation

margin

on

futures

contracts*

$

516

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

3

Total

$

516

$

3

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Foreign

Currency

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

1,083

$

—

Foreign

currency

exchange

contracts

—

(165)

Total

$

1,083

$

(165)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

0

0

Futures

contracts

$

1,616

$

—

Foreign

currency

exchange

contracts

—

(27)

Total

$

1,616

$

(27)

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

Notes

to

Financial

Statements.

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

101

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

$

3

$

—

$

3

Total

Financial

and

Derivative

Liabilities

3

—

3

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(3)

—

(3)

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

—

$

—

$

—

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.

102

Global

Real

Estate

Securities

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

771,130

Investments,

at

fair

value(>)

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

960,340

Foreign

currency

holdings(^)

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

5,617

Receivables:

Dividends

and

interest

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

3,435

Dividends

from

affiliated

funds

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

163

Investments

sold

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

782

Fund

shares

sold

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

279

Foreign

capital

gains

taxes

recoverable

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

366

From

broker(a)

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

4,729

Prepaid

expenses

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

5

Total

assets

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

975,716

Liabilities

Payables:

Investments

purchased

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

510

Fund

shares

redeemed

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

181

Accrued

fees

to

affiliates

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

687

Other

accrued

expenses

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

333

Variation

margin

on

futures

contracts

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

512

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

3

Total

liabilities

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

2,226

Net

Assets

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

$

973,490

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

103

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

56,093

Shares

of

beneficial

interest

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

699

Additional

paid-in

capital

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

916,698

Net

Assets

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

$

973,490

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

13.93

Net

assets

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

$

973,490,446

Shares

outstanding

($.01

par

value)

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

69,872,144

Amounts

in

thousands

(^)    

Foreign

currency

holdings

-

cost

$

5,591

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

41,493

(a)  

Receivable

from

Broker

for

Futures

$

4,729

(#)

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.

104

Global

Real

Estate

Securities

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2025

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

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

$

19,609

Dividends

from

affiliated

funds

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

953

Interest

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

63

Less

foreign

taxes

withheld

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

(649)

Total

investment

income

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

19,976

Expenses

Advisory

fees

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

3,756

Administrative

fees

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

235

Custodian

fees

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

90

Transfer

agent

fees

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

21

Professional

fees

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

63

Trustees’

fees

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

25

Printing

fees

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

19

Miscellaneous

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

63

Total

expenses

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

4,272

Net

investment

income

(loss)

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

15,704

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(1,164)

Investments

in

affiliated

funds

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

(10)

Futures

contracts

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

1,083

Foreign

currency

exchange

contracts

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

(165)

Foreign

currency-related

transactions

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

435

Net

realized

gain

(loss)

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

179

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

40,525

Investments

in

affiliated

funds

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

1

Futures

contracts

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

1,616

Foreign

currency

exchange

contracts

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

(27)

Foreign

currency-related

transactions

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

129

Net

change

in

unrealized

appreciation

(depreciation)

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

42,244

Net

realized

and

unrealized

gain

(loss)

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

42,423

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

58,127

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

105

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2025

(Unaudited)

Fiscal

Year

Ended

December

31,

2024

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

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

$

15,704

$

22,943

Net

realized

gain

(loss)

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

179

3,368

Net

change

in

unrealized

appreciation

(depreciation)

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

42,244

(10,678)

Net

increase

(decrease)

in

net

assets

from

operations

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

58,127

15,633

Distributions

To

shareholders

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

(11,492)

(21,676)

Net

decrease

in

net

assets

from

distributions

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

(11,492)

(21,676)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(1,961)

(14,703)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

44,674

(20,746)

Net

Assets

Beginning

of

period

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

928,816

949,562

End

of

period

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

$

973,490

$

928,816

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2025

and

December

31,

2024

were

as

follows:

2025

(Unaudited)

2024

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

1,261

$

16,838

2,501

$

32,730

Proceeds

from

reinvestment

of

distributions

850

11,492

1,637

21,676

Payments

for

shares

redeemed

(2,252)

(30,291)

(5,019)

(69,109)

Total

increase

(decrease)

(141)

$

(1,961)

(881)

$

(14,703)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

106

Global

Real

Estate

Securities

Fund

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

06/30/25

(ƣ)

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

Per-Share

Data

–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

13.27‌

13.39‌

12.34‌

17.22‌

14.37‌

15.40‌

Income

(loss)

from

investment

operations:

—‌

—‌

—‌

—‌

—‌

—‌

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.22‌

.32‌

.35‌

.28‌

.36‌

.26‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.60‌

(.13‌)

.93‌

(4.86‌)

3.44‌

(1.09‌)

$

Total

from

Investment

Operations

.82‌

.19‌

1.28‌

(4.58‌)

3.80‌

(.83‌)

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.16‌)

(.31‌)

(.23‌)

(.11‌)

(.78‌)

(.20‌)

$

Distributions

from

Net

Realized

Gain

—‌

—‌

—‌

(.12‌)

(.17‌)

—‌

$

Return

of

Capital

—‌

—‌

—‌

(.07‌)

—‌

—‌

$

Total

Distributions

(.16‌)

(.31‌)

(.23‌)

(.30‌)

(.95‌)

(.20‌)

$

Net

Asset

Value,

End

of

Period

13.93‌

13.27‌

13.39‌

12.34‌

17.22‌

14.37‌

%

Total

Return

(ǿ)(±)

6.24‌

1.42‌

10.55‌

(26.77‌)

27.19‌

(5.18‌)

–

–

–

–

–

–

Ratios/Supplemental

Data

–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000)

973,490‌

928,816‌

949,562‌

859,585‌

1,145,337‌

932,641‌

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.91‌

.91‌

.90‌

.91‌

.91‌

.91‌

%

Expenses,

Net

(Ƃ)(ɯ)

.91‌

.91‌

.90‌

.91‌

.91‌

.91‌

%

Net

Investment

Income

(Ƃ)(ɯ)

3.35‌

2.41‌

2.82‌

1.99‌

2.22‌

1.94‌

%

Portfolio

Turnover

Rate

(ǿ)

34‌

74‌

63‌

68‌

68‌

96‌

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

107

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

June

30,

2025

were

as

follows:

.

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2025

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

638,575

Administrative

fees

39,911

Transfer

agent

fees

3,513

Trustees'

fees

4,514

$

686,513

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

$

46,970

$

151,189

$

156,657

$

(10

)

$

1

$

41,493

$

953

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

811,664,883

$

160,163,952

$

(12,005,061)

$

148,158,891

Russell

Investment

Funds

Notes

to

Schedules

of

Investments

—

June

30,

2025

(Unaudited)

108

Notes

to

Schedules

of

Investments

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.

(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.

(

i

)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

options

written

contracts.

(

Š)

Value

was

determined

using

significant

unobservable

inputs

.

(

~)

Rate

fluctuates

based

on

various

factors

such

as

changes

in

current

rates

and

prepayments

of

the

underlying

assets,

changes

in

the

Consumer

Price

Index

(

CPI

)

or

other

contractual

arrangements

.

(

@)

Affiliate

.

(

Ÿ)

Rate

noted

is

dividend

yield

at

period

end

.

(

¢)

Date

shown

reflects

next

contractual

call

date.

(

Œ

)

Unfunded

loan

agreement.

(

Ð

)

All

or

a

portion

of

the

shares

of

this

security

are

on

loan

through

the

reciprocal

lending

program

with

State

Street.

(0)

Weekly

payment

frequency

.

(1)

Monthly

payment

frequency

.

(2)

Quarterly

payment

frequency

.

(3)

Semi-annual

payment

frequency

.

(4)

Annual

payment

frequency

.

(5)

Payment

at

termination

.

ADR

-

American

Depositary

Receipt

ADS

-

American

Depositary

Share

AONIA

-

Australian

Overnight

Index

Average

BBR

-

Bank

Bill

Rate

BBSW

-

Bank

Bill

Swap

Reference

Rate

BUBOR

–Budapest

Interbank

Offered

Rate

CIBOR

-

Copenhagen

Interbank

Offered

Rate

CME

-

Chicago

Mercantile

Exchange

CMO

-

Collateralized

Mortgage

Obligation

CORRA-

Canadian

Overnight

Repo

Rate

Average

CPI

-

Consumer

Price

Index

CVO

-

Contingent

Value

Obligation

EBITDA

–

Earnings

Before

Interest,

Taxes,

Depreciation,

and

Amortization

EMU

-

European

Economic

and

Monetary

Union

EURIBOR

-

Euro

Interbank

Offered

Bank

EUTA

–

Eurozone

Tobacco

Index

FDIC

-

Federal

Deposit

Insurance

Company

GDR

-

Global

Depositary

Receipt

GDS

-

Global

Depositary

Share

GSCI

–

Goldman

Sachs

Commodity

Index

Russell

Investment

Funds

Notes

to

Schedules

of

Investments,

continued

—

June

30,

2025

(Unaudited)

Notes

to

Schedules

of

Investments

109

Foreign

Currency

Abbreviations:

HIBOR

–

Hong

Kong

Interbank

Offered

Rate

HICP

–

Harmonized

Index

of

Consumer

Prices

JIBAR

-

Johannesburg

Interbank

Agreed

Rate

KSDA

–

Korean

Securities

Dealers

Association

LIBOR

-

London

Interbank

Offered

Rate

MIBOR

-

Mumbai

Interbank

Offered

Rate

NIBOR

-

Norwegian

Interbank

Offered

Rate

NSA

–

Not

Seasonally

Adjusted

NSERO

–

India

National

Stock

Exchange

Offered

Rate

PIK

-

Payment

in

Kind

PRIBOR

–

Prague

Interbank

Offered

Rate

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

SOFR

–

Secured

Overnight

Financing

Rate

SONIA

–

Sterling

Overnight

Index

Average

STIBOR

–

Stockholm

Interbank

Offered

Rate

STRIPS

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

SFE

-

Sydney

Futures

Exchange

TBA

-

To

Be

Announced

Security

TONAR

–

Tokyo

Overnight

Average

Rate

UK

-

United

Kingdom

WTI

–

West

Texas

Intermediate

ARS

-

Argentine

peso

HKD

-

Hong

Kong

dollar

PKR

-

Pakistani

rupee

AUD

-

Australian

dollar

HUF

-

Hungarian

forint

PLN

-

Polish

zloty

BRL

-

Brazilian

real

IDR

-

Indonesian

rupiah

RON

-

Romanian

New

Leu

CAD

-

Canadian

dollar

ILS

-

Israeli

shekel

RUB

-

Russian

ruble

CHF

-

Swiss

franc

INR

-

Indian

rupee

SEK

-

Swedish

krona

CLP

-

Chilean

peso

ISK

-

Icelandic

krona

SGD

-

Singapore

dollar

CNH

-

Chinese

offshore

spot

ITL

-

Italian

lira

SKK

-

Slovakian

koruna

CNY

-

Chinese

renminbi

yuan

JPY

-

Japanese

yen

THB

-

Thai

baht

COP

-

Colombian

peso

KES

-

Kenyan

schilling

TRY

-

Turkish

lira

CRC

-

Costa

Rican

colon

KRW

-

South

Korean

won

TWD

-

Taiwanese

dollar

CZK

-

Czech

koruna

MXN

-

Mexican

peso

USD

-

United

States

dollar

DKK

-

Danish

krone

MYR

-

Malaysian

ringgit

UYU

–

Uruguayan

peso

DOP

-

Dominican

peso

NOK

-

Norwegian

krone

VEB

-

Venezuelan

bolivar

EGP

-

Egyptian

pound

NGN

–

Nigerian

naira

VND

-

Vietnamese

dong

EUR

-

Euro

NZD

-

New

Zealand

dollar

ZAR

-

South

African

rand

GBP

-

British

pound

sterling

PEN

-

Peruvian

nuevo

sol

GHS

-

Ghana

cedi

PHP

-

Philippine

peso

Russell

Investment

Funds

Notes

to

Financial

Highlights

—

June

30,

2025

(Unaudited)

110

Notes

to

Financial

Highlights

(ƣ)

For

the

period

ended

June

30,

2025

(Unaudited).

(ƥ)

Average

daily

shares

outstanding

were

used

for

this

calculation.

(Ƃ)

May

reflect

amounts

waived

and/or

reimbursed

by

Russell

Investment

Management,

LLC

(“RIM”).

(Ɵ)

Less

than

$.01

per

share.

(ǿ)

Periods

less

than

one

year

are

not

annualized.

(ɯ)

Periods

less

than

one

year

are

annualized.

(±)

The

total

return

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges.

(∆)

For

the

following

funds,

the

respective

annualized

net

expense

ratios,

not

including

the

dividends

and

interest

expense

from

short

sales,

were

as

follows:

For

the

period

ended

U.S.

Strategic

Equity

Fund

U.S.

Small

Cap

Equity

Fund

June

30,

2025

0.80%

1.05%

December

31,

2024

0.80%

1.03%

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%

Russell

Investment

Funds

Notes

to

Financial

Statements

—

June

30,

2025

(Unaudited)

Notes

to

Financial

Statements

111

1.

Organization

Russell

Investment

Funds

(the

“Investment

Company”

or

“RIF”)

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

funds.

These

financial

statements

report

on

five

of

these

funds

(each

a

“Fund”

and

collectively

the

“Funds”).

The

Investment

Company

provides

the

investment

base

for

one

or

more

variable

insurance

products

issued

by

one

or

more

insurance

companies.

These

Funds

are

offered

at

net

asset

value

(“NAV”)

to

qualified

insurance

company

separate

accounts

offering

variable

insurance

products.

The

Investment

Company

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(“Investment

Company

Act”),

as

an

open-end

management

investment

company.

It

is

organized

and

operated

as

a

Massachusetts

business

trust

under

a

Third

Amended

and

Restated

Master

Trust

Agreement

dated

December

7,

2020,

as

amended

(“Master

Trust

Agreement”),

and

the

provisions

of

Massachusetts

law

governing

the

operation

of

a

Massachusetts

business

trust.

The

Investment

Company’s

Master

Trust

Agreement

permits

the

Board

of

Trustees

(the

“Board”)

to

issue

an

unlimited

number

of

shares

of

beneficial

interest.

Each

of

the

Funds

is

diversified.

Under

the

Investment

Company

Act,

a

diversified

company

is

defined

as

a

management

company

which

meets

the

following

requirements:

at

least

75%

of

the

value

of

its

total

assets

is

represented

by

cash

and

cash

equivalents

(including

receivables),

government

securities,

securities

of

other

investment

companies,

and

other

securities

for

the

purposes

of

this

calculation

limited

in

respect

of

any

one

issuer

to

an

amount

not

greater

in

value

than

five

percent

of

the

value

of

the

total

assets

of

such

management

company

and

to

not

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer.

Unless

otherwise

specified,

“period”

(as

used

within

the

financial

statements)

refers

to

the

six

months

ended

June

30,

2025.

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.

Segment

Reporting

Topic

280

defines

an

operating

segment

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses

and

has

operating

results

that

are

regularly

reviewed

by

its

chief

operating

decision

maker

(“CODM”)

to

assess

performance

and

make

resource

allocation

decisions.

The

Funds’

adviser,

Russell

Investment

Management,

LLC

(“RIM”),

serves

as

the

CODM.

Since

RIM

evaluates

each

Fund

holistically,

each

Fund

is

a

single

reporting

segment.

RIM

uses

total

returns,

Fund

expense

information,

and

share

transactions

presented

in

the

Funds’

financial

statements

to

assess

the

single

segment

performance

and

make

decisions.

The

accounting

policies

of

the

segment

are

the

same

as

those

described

in

this

“Significant

Accounting

Policies”

note.

Segment

assets

and

significant

expenses

are

reflected

in

each

Funds’

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations,

respectively.

Recent

Accounting

Pronouncements

In

December

2023,

the

FASB

issued

Accounting

Standards

Update

(“ASU”),

ASU

2023-09,

Improvements

to

Income

Tax

Disclosures,

which

amends

quantitative

and

qualitative

income

tax

disclosure

requirements

to

increase

disclosure

consistency,

bifurcate

income

tax

information

by

jurisdiction

and

remove

information

that

is

no

longer

beneficial.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

and

early

adoption

is

permitted.

At

this

time,

management

is

evaluating

the

implications

of

these

changes

on

the

financial

statements.

Security

Valuation

The

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

a

description

of

the

pricing

sources

and

services

used

by

the

Funds.

With

respect

to

a

Fund’s

investments

that

do

not

have

readily

available

market

quotations,

the

Board

has

designated

RIM,

the

Funds’

adviser,

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act.

However,

the

Board

retains

oversight

over

the

valuation

process.

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

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

112

Notes

to

Financial

Statements

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,

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

(or

reported

on

the

NASDAQ

national

market)

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

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

Notes

to

Financial

Statements

113

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

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

portfolio

instruments

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

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

more

often

(typically

daily)

since

significant

events

may

occur

between

the

close

of

foreign

markets

and

the

time

of

pricing

of

the

foreign

securities.

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.

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

or

pricing

service

prices

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

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

114

Notes

to

Financial

Statements

securities

valuation

procedures

are

intended

to

result

in

a

calculation

of

a

Fund’s

NAV

that

fairly

reflects

security

values

as

of

the

time

of

pricing,

the

process

cannot

guarantee

that

fair

values

determined

by

RIM

would

accurately

reflect

the

price

that

a

Fund

could

obtain

for

a

security

if

it

were

to

dispose

of

that

security

as

of

the

time

of

pricing

(for

instance,

in

a

forced

or

distressed

sale).

The

prices

used

by

a

Fund

may

differ

from

the

value

that

would

be

realized

if

the

security

was

sold.

RIM

employs

third-party

pricing

vendors

to

provide

fair

value

measurements.

RIM

oversees

third-party

pricing

service

providers

in

order

to

support

the

valuation

process.

The

significant

unobservable

input

used

in

fair

value

measurement

of

certain

of

the

Funds’

preferred

equity

securities

is

the

redemption

value

calculated

on

a

fully-diluted

basis

if

converted

to

common

stock.

Significant

increases

or

decreases

in

the

redemption

value

would

have

a

direct

and

proportional

impact

to

fair

value.

The

significant

unobservable

inputs

used

in

fair

value

measurement

of

certain

of

the

Funds’

private

equity

securities

include

market

data

of

comparable

public

companies,

discount

rates,

EBITDA

multiples,

and

future

projected

cash

flows

for

the

portfolio

company.

These

inputs

are

utilized

in

valuation

models

that

are

based

on

market

analysis

and

discounted

cash

flow

methodologies.

Increases

(decreases)

in

the

discount

rates

would

result

in

a

lower

(higher)

fair

value

measurement,

while

increases

(decreases)

in

EBITDA

multiples

and

projected

cash

flows

would

result

in

a

higher

(lower)

fair

value

measurement.

The

significant

unobservable

input

used

in

the

fair

value

measurement

of

certain

Funds’

debt

securities

is

the

yield

to

worst

ratio.

Significant

increases

(decreases)

in

the

yield

to

worst

ratio

would

result

in

a

lower

(higher)

fair

value

measurement.

These

significant

unobservable

inputs

are

further

disclosed

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund

as

applicable.

If

third-party

evaluated

vendor

pricing

is

neither

available

nor

deemed

to

be

indicative

of

fair

value,

RIM

may

elect

to

obtain

indicative

market

quotations

(“broker

quotes”)

directly

from

the

broker

or

passed

through

from

a

third-party

vendor.

In

the

event

that

the

source

of

fair

value

is

from

a

single

source

broker

quote,

these

securities

are

classified

as

Level

3

per

the

fair

value

hierarchy.

Broker

quotes

are

typically

received

from

established

market

participants.

Although

independently

received

on

a

daily

basis,

RIM

does

not

have

the

transparency

to

view

the

underlying

inputs

which

support

the

broker

quotes.

Significant

changes

in

the

broker

quote

would

have

direct

and

proportional

changes

in

the

fair

value

of

the

security.

There

is

a

third-party

pricing

exception

to

the

quantitative

disclosure

requirement

when

prices

are

not

determined

by

the

reporting

entity.

RIM

is

exercising

this

exception

and

has

made

a

reasonable

attempt

to

obtain

quantitative

information

from

the

third-party

pricing

vendors

regarding

the

unobservable

inputs

used.

For

fair

valuations

using

significant

unobservable

inputs,

U.S.

GAAP

requires

a

reconciliation

of

the

beginning

to

ending

balances

for

reported

fair

values

that

present

changes

attributable

to

total

realized

and

unrealized

gains

or

losses,

purchases

and

sales,

and

transfers

in/out

of

the

Level

3

category

during

the

period.

Additionally,

U.S.

GAAP

requires

quantitative

information

regarding

the

significant

unobservable

inputs

used

in

the

determination

of

fair

value

of

assets

categorized

as

Level

3

in

the

fair

value

hierarchy.

In

accordance

with

the

requirements

of

U.S.

GAAP,

a

fair

value

hierarchy,

a

Level

3

reconciliation

and

an

additional

disclosure

about

fair

value

measurements,

if

any,

has

been

included

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund.

Investment

Transactions

Investment

transactions

are

reflected

as

of

the

trade

date

for

financial

reporting

purposes.

This

may

cause

the

NAV

stated

in

the

financial

statements

to

be

different

from

the

NAV

at

which

shareholders

may

transact.

Realized

gains

and

losses

from

securities

transactions,

if

applicable,

are

recorded

on

the

basis

of

specific

identified

cost

incurred

within

a

particular

Fund.

Investment

Income

Dividend

income

is

recorded

net

of

applicable

withholding

taxes

on

the

ex-dividend

date,

except

that

certain

dividends

from

foreign

securities

are

recorded

as

soon

as

the

Funds

are

informed

of

the

dividend,

subsequent

to

the

ex-dividend

date.

To

the

extent

the

dividend

represents

a

return

of

capital

or

capital

gain

for

tax

purposes,

reclassifications

are

made

which

may

be

based

on

management’s

estimates.

Interest

income

is

recorded

daily

on

the

accrual

basis.

The

Strategic

Bond

Fund

classifies

gains

and

losses

realized

on

prepayments

received

on

mortgage-backed

securities

as

an

adjustment

to

interest

income.

Losses

realized

on

principal

paydowns

may

result

in

negative

interest

income

on

the

Fund’s

Statement

of

Operations

if

there

is

insufficient

interest

income

to

offset

such

losses.

All

premiums

and

discounts,

including

original

issue

discounts,

are

amortized/accreted

using

the

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

Notes

to

Financial

Statements

115

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

June

30,

2025,

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,

2021

through

December

31,

2023,

no

examinations

are

in

progress

or

anticipated

at

this

time.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

Dividends

and

Distributions

to

Shareholders

For

all

Funds,

income,

capital

gain

distributions

and

return

of

capital,

if

any,

are

recorded

on

the

ex-dividend

date.

Income

distributions

are

generally

declared

and

paid

according

to

the

following

schedule:

The

Funds

intend

to

distribute

substantially

all

of

the

distributions

they

receive

from

real

estate

investment

trust

(“REIT”)

investments,

less

expenses,

as

well

as

income

from

other

investments.

Such

distributions

may

be

comprised

of

income,

return

of

capital,

and

capital

gains.

The

Funds

may

also

realize

capital

gains

on

the

sale

of

REIT

shares

and

other

investments.

Capital

gain

distributions

are

generally

declared

and

paid

annually.

An

additional

distribution

may

be

paid

by

the

Funds

to

avoid

imposition

of

federal

income

and

excise

tax

on

any

remaining

undistributed

capital

gains

and

net

investment

income.

The

timing

and

characterization

of

certain

income

and

capital

gain

distributions

are

determined

in

accordance

with

federal

tax

regulations

which

may

differ

from

U.S.

GAAP.

As

a

result,

net

investment

income

and

net

realized

gain

(or

loss)

on

investments

and

foreign

currency-related

transactions

for

a

reporting

period

may

differ

significantly

from

distributions

during

such

period.

The

differences

between

tax

regulations

and

U.S.

GAAP

primarily

relate

to

investments

in

options,

futures,

forward

contracts,

swap

contracts,

passive

foreign

investment

companies,

foreign-denominated

investments,

mortgage-backed

securities,

certain

securities

sold

at

a

loss,

wash

sale

deferrals

and

capital

loss

carryforwards.

Accordingly,

the

Funds

may

periodically

make

reclassifications

among

certain

of

their

capital

accounts

without

impacting

their

NAVs.

Expenses

The

Funds

pay

their

own

expenses

other

than

those

expressly

assumed

by

RIM,

the

Funds’

adviser,

or

Russell

Investments

Fund

Services,

LLC

(“RIFUS”),

the

Funds’

administrator

and

transfer

agent.

Most

expenses

can

be

directly

attributed

to

the

individual

Funds.

Expenses

which

cannot

be

directly

attributed

to

a

specific

Fund

are

allocated

among

all

Funds

principally

based

on

their

relative

net

assets.

Declared

Payable

Funds

Quarterly

April,

July,

October

and

mid-December

U.S.

Strategic

Equity,

U.S.

Small

Cap

Equity,

Strategic

Bond

and

Global

Real

Estate

Securities

Funds

Annually

Mid-December

International

Developed

Markets

Fund

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

116

Notes

to

Financial

Statements

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.

Capital

Gains

Taxes

The

Funds

may

be

subject

to

capital

gains

taxes

and

repatriation

taxes

imposed

by

certain

countries

in

which

they

invest.

The

International

Developed

Markets,

Strategic

Bond,

and

Global

Real

Estate

Securities

Funds

may

record

a

deferred

capital

gains

tax

liability

with

respect

to

the

unrealized

appreciation

on

foreign

securities

for

potential

capital

gains

and

repatriation

taxes

as

of

June

30,

2025.

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-

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

Notes

to

Financial

Statements

117

traded

or

exchange-cleared

derivatives

are

established

through

regulation,

as

well

as

set

by

the

broker

or

applicable

clearing

house.

Margin

for

exchange-traded

and

exchange-cleared

transactions

are

detailed

in

the

Statements

of

Assets

and

Liabilities

as

receivables

for

variation

margin

on

futures

contracts

and

payables

for

variation

margin

on

futures

contracts.

Securities

and

cash

pledged

as

collateral

are

reflected

as

assets

on

the

Statements

of

Assets

and

Liabilities

as

either

a

component

of

investments

at

fair

value

(securities)

or

receivable

from

broker.

Cash

collateral

received

is

not

typically

held

in

a

segregated

account

and

as

such

is

reflected

as

a

liability

on

the

Statements

of

Assets

and

Liabilities

as

due

to

broker.

Typically,

the

Funds

and

counterparties

are

not

permitted

to

sell,

repledge,

rehypothecate

or

otherwise

use

collateral

pledged

by

the

other

party

unless

explicitly

permitted

by

each

respective

governing

agreement.

The

effects

of

derivative

instruments,

categorized

by

risk

exposure,

on

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

for

the

period

ended

June

30,

2025,

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.

Foreign

Currency

Exchange

Contracts

Certain

Funds

may

enter

into

foreign

currency

exchange

spot

contracts

and

forward

foreign

currency

exchange

contracts

(“FX

contracts”).

From

time

to

time,

certain

Funds

may

enter

into

FX

contracts

to

hedge

certain

foreign

currency-denominated

assets.

FX

contracts

are

recorded

at

fair

value.

Certain

risks

may

arise

upon

entering

into

these

FX

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

their

FX

contracts

and

are

generally

limited

to

the

amount

of

unrealized

gain

on

the

FX

contracts,

if

any,

that

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

For

the

period

ended

June

30,

2025,

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.

Funds

Strategies

International

Developed

Markets

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets

and

trade

settlement

Strategic

Bond

Fund

Return

enhancement

and

hedging

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

and

trade

settlement

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

118

Notes

to

Financial

Statements

Certain

Funds

may

enter

into

swaptions

(an

option

on

a

swap).

In

a

swaption,

in

exchange

for

an

option,

the

buyer

gains

the

right

but

not

the

obligation

to

enter

into

a

specified

swap

agreement

with

the

issuer

on

a

specified

future

date.

The

writer

of

the

contract

receives

the

premium

and

bears

the

risk

of

unfavorable

changes

in

the

preset

rate

on

the

underlying

swap.

For

the

period

ended

June

30,

2025,

the

Funds

did

not

purchase

or

sell

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.

For

the

period

ended

June

30,

2025,

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

Funds

Strategies

U.S.

Strategic

Equity

Fund

Exposing

cash

to

markets

U.S.

Small

Cap

Equity

Fund

Exposing

cash

to

markets

International

Developed

Markets

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Strategic

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

Notes

to

Financial

Statements

119

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

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

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

120

Notes

to

Financial

Statements

amount

of

the

swap,

generally

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

of

protection

could

be

required

to

make

under

a

credit

default

swap

agreement

equals

the

notional

amount

of

the

agreement.

Notional

amounts

of

all

credit

default

swap

agreements

outstanding

as

of

June

30,

2025,

for

which

the

Fund

is

the

seller

of

protection,

are

disclosed

in

the

Schedule

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

and

recover

nothing

should

a

credit

event

fail

to

occur

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

creditworthiness

of

the

Fund’s

swap

counterparty

declines,

the

risk

that

the

counterparty

may

not

perform

could

increase,

potentially

resulting

in

a

loss

to

the

Fund.

To

limit

the

counterparty

risk

involved

in

swap

agreements,

the

Fund

will

only

enter

into

swap

agreements

with

counterparties

that

meet

certain

standards

of

creditworthiness.

Although

there

can

be

no

assurance

that

the

Fund

will

be

able

to

do

so,

the

Fund

may

be

able

to

reduce

or

eliminate

its

exposure

under

a

swap

agreement

either

by

assignment

or

other

disposition,

or

by

entering

into

an

offsetting

swap

agreement

with

the

same

party

or

another

creditworthy

party.

The

Fund

may

have

limited

ability

to

eliminate

its

exposure

under

a

credit

default

swap

if

the

credit

quality

of

the

reference

entity

or

underlying

asset

has

declined.

For

the

period

ended

June

30,

2025,

the

Strategic

Bond

Fund

entered

into

credit

default

swaps

primarily

for

return

enhancement,

hedging

and

exposing

cash

to

markets.

Interest

Rate

Swaps

Certain

Funds

may

enter

into

interest

rate

swaps.

The

use

of

interest

rate

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

If

RIM

or

a

money

manager

using

this

technique

is

incorrect

in

its

forecast

of

fair

values,

interest

rates

and

other

applicable

factors,

the

investment

performance

of

a

Fund

might

diminish

compared

to

what

it

would

have

been

if

this

investment

technique

were

not

used.

Interest

rate

swaps

do

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

obligated

to

make.

Interest

rate

swaps

are

traded

on

exchanges

and

are

subject

to

central

clearing.

If

the

clearing

house

or

futures

commission

merchant

defaults,

a

Fund’s

risk

of

loss

consists

of

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

entitled

to

receive.

The

counterparty

risk

for

cleared

derivatives

is

generally

lower

than

for

uncleared

derivatives.

However,

clearing

may

subject

a

Fund

to

increased

costs

or

margin

requirements.

For

the

period

ended

June

30,

2025,

the

Strategic

Bond

Fund

entered

into

interest

rate

swaps

primarily

for

return

enhancement,

hedging

and

exposing

cash

to

markets.

Total

Return

Swaps

Certain

Funds

may

enter

into

total

return

swap

agreements

to

expose

cash

to

markets

or

to

effect

investment

transactions.

Total

return

swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

few

weeks

to

more

than

one

year.

In

a

standard

total

return

swap

transaction,

the

two

parties

agree

to

exchange

the

returns

(or

differentials

in

rates

of

return)

earned

or

realized

on

particular

investments

or

instruments.

The

returns

to

be

exchanged

between

the

parties

are

calculated

with

respect

to

a

“notional

amount”

(i.e.,

a

specified

dollar

amount

that

is

hypothetically

invested

in

a

“basket”

of

securities

representing

a

particular

index).

For

the

period

ended

June

30,

2025,

the

Funds

did

not

enter

into

any

total

return

swaps.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

Notes

to

Financial

Statements

121

Currency

Swaps

Certain

Funds

may

enter

into

currency

swap

agreements

to

enhance

returns

or

for

hedging

purposes.

Currency

swap

agreements

are

agreements

where

two

parties

exchange

specified

amounts

of

different

currencies

which

are

followed

by

paying

the

other

a

series

of

interest

payments

that

are

based

on

the

principal

cash

flow.

At

maturity,

the

principal

amounts

are

exchanged.

For

the

period

ended

June

30,

2025,

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

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

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

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

122

Notes

to

Financial

Statements

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

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.

Dividend

expenses

for

short

sales

are

recorded

on

the

ex-dividend

date

while

interest

expenses

on

short

sales

are

accrued

daily.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

Notes

to

Financial

Statements

123

As

of

June

30,

2025,

the

market

value

of

securities

on

loan

through

the

reciprocal

lending

program

for

the

U.S.

Strategic

Equity

and

U.S.

Small

Cap

Equity

Funds

was

$27,776,590

and

$6,300,644,

respectively.

As

of

June

30,

2025,

the

U.S.

Strategic

Equity

and

U.S.

Small

Cap

Equity

Funds

held

$39,977,709

and

$9,040,473

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.

The

collateral

received

is

recorded

on

a

lending

Fund’s

Statement

of

Assets

and

Liabilities

along

with

the

related

obligation

to

return

the

collateral.

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

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

124

Notes

to

Financial

Statements

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.

Mortgage-Related

and

Other

Asset-Backed

Securities

The

Strategic

Bond

Fund

may

invest

in

mortgage

or

other

asset-backed

securities

(“ABS”).

These

securities

may

include

mortgage

instruments

issued

by

U.S.

government

agencies

(“agency

mortgages”)

or

those

issued

by

private

entities

(“non-

agency

mortgages”).

Specific

types

of

instruments

may

include

reverse

mortgages,

mortgage

pass-through

securities,

collateralized

mortgage

obligations

(“CMO”),

commercial

mortgage-backed

securities,

mortgage

dollar

rolls,

CMO

residuals,

stripped

mortgage-backed

securities

and

other

securities

that

directly

or

indirectly

represent

a

participation

in,

or

are

secured

by

a

payable

from,

mortgage

loans

on

real

property.

The

value

of

a

Fund’s

mortgage-backed

securities

(“MBS”)

may

be

affected

by,

among

other

things,

changes

or

perceived

changes

in

interest

rates,

factors

concerning

the

interests

in

and

structure

of

the

issuer

or

the

originator

of

the

mortgage,

or

the

quality

of

the

underlying

assets.

The

mortgages

underlying

the

securities

may

default

or

decline

in

quality

or

value.

Through

its

investments

in

MBS,

a

Fund

has

exposure

to

prime

loans,

subprime

loans,

Alt-A

loans

and

non-conforming

loans

as

well

as

to

the

mortgage

and

credit

markets

generally.

Underlying

collateral

related

to

prime,

subprime,

Alt-A

and

non-conforming

mortgage

loans

may

be

susceptible

to

defaults

and

declines

in

quality

or

value,

especially

in

a

declining

residential

real

estate

market.

In

addition,

regulatory

or

tax

changes

may

adversely

affect

the

mortgage

securities

markets

as

a

whole.

Mortgage-Backed

Securities

MBS

often

have

stated

maturities

of

up

to

thirty

years

when

they

are

issued,

depending

upon

the

length

of

the

mortgages

underlying

the

securities.

In

practice,

however,

unscheduled

or

early

payments

of

principal

and

interest

on

the

underlying

mortgages

may

make

the

securities’

effective

maturity

shorter

than

this,

and

the

prevailing

interest

rates

may

be

higher

or

lower

than

the

current

yield

of

a

Fund’s

portfolio

at

the

time

resulting

in

reinvestment

risk.

Rising

or

high

interest

rates

may

result

in

slower

than

expected

principal

payments

which

may

tend

to

extend

the

duration

of

MBS,

making

them

more

volatile

and

more

sensitive

to

changes

in

interest

rates.

This

is

known

as

extension

risk.

MBS

may

have

less

potential

for

capital

appreciation

than

comparable

fixed

income

securities

due

to

the

likelihood

of

prepayments

of

mortgages

resulting

from

foreclosures

or

declining

interest

rates.

These

foreclosed

or

refinanced

mortgages

are

paid

off

at

face

value

(par)

or

less,

causing

a

loss,

particularly

for

any

investor

who

may

have

purchased

the

security

at

a

premium

or

a

price

above

par.

In

such

an

environment,

this

risk

limits

the

potential

price

appreciation

of

these

securities.

Agency

Mortgage-Backed

Securities

Certain

MBS

may

be

issued

or

guaranteed

by

the

U.S.

government

or

a

government

sponsored

entity,

such

as

Fannie

Mae

(the

Federal

National

Mortgage

Association)

or

Freddie

Mac

(the

Federal

Home

Loan

Mortgage

Corporation).

Although

these

instruments

may

be

guaranteed

by

the

U.S.

government

or

a

government

sponsored

entity,

many

such

MBS

are

not

backed

by

the

full

faith

and

credit

of

the

United

States

and

are

still

exposed

to

the

risk

of

non-payment.

Privately

Issued

Mortgage-Backed

Securities

MBS

held

by

a

Fund

may

be

issued

by

private

issuers

including

commercial

banks,

savings

associations,

mortgage

companies,

investment

banking

firms,

finance

companies

and

special

purpose

finance

entities

(called

special

purpose

vehicles

or

SPVs)

and

other

entities

that

acquire

and

package

mortgage

loans

for

resale

as

MBS.

These

privately

issued

non-agency

MBS

may

offer

higher

yields

than

those

issued

by

government

agencies,

but

also

may

be

subject

to

greater

price

changes

than

governmental

issues.

Subprime

loans

refer

to

loans

made

to

borrowers

with

weakened

credit

histories

or

with

a

lower

capacity

to

make

timely

payments

on

their

loans.

Alt-A

loans

refer

to

loans

extended

to

borrowers

who

have

incomplete

documentation

of

income,

assets,

or

other

variables

that

are

important

to

the

credit

underwriting

processes.

Non-conforming

mortgages

are

loans

that

do

not

meet

the

standards

that

allow

purchase

by

government-sponsored

enterprises.

MBS

with

exposure

to

subprime

loans,

Alt-A

loans

or

nonconforming

loans

have

had

in

many

cases

higher

default

rates

than

those

loans

that

meet

government

underwriting

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

Notes

to

Financial

Statements

125

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

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.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

126

Notes

to

Financial

Statements

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

so

and

may

realize

short-term

gains

(or

losses)

upon

such

sale.

A

forward

commitment

transaction

involves

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

declines

prior

to

the

settlement

date

or

the

other

party

to

the

transaction

fails

to

complete

the

transaction.

The

Strategic

Bond

Fund

may

invest

in

to-be-announced

(“TBA”)

mortgage-backed

securities.

A

TBA

security

is

a

forward

mortgage-backed

securities

trade

in

which

a

seller

agrees

to

issue

a

TBA

mortgage-backed

security

at

a

future

date.

The

securities

are

purchased

and

sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

maturity

date.

The

Fund

may

enter

into

TBA

commitments

to

purchase

securities

and/or

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

securities

it

owns

under

delayed

delivery

arrangements,

or

take

a

short

position

in

mortgage-backed

securities.

Due

to

timing

differences,

TBAs

may

be

reflected

as

Securities

Sold

Short

in

the

Schedule

of

Investments.

The

actual

principal

amount

and

maturity

date

will

be

determined

upon

settlement

when

the

specific

mortgage

pools

are

assigned.

These

securities

are

within

the

parameters

of

industry

“good

delivery”

standards.

As

of

June

30,

2025,

the

Strategic

Bond

Fund

had

no

cash

collateral

balances

in

connection

with

TBAs.

Inflation-Indexed

Bonds

The

Strategic

Bond

Fund

may

invest

in

inflation-indexed

securities,

which

are

typically

bonds

or

notes

designed

to

provide

a

return

higher

than

the

rate

of

inflation

(based

on

a

designated

index)

if

held

to

maturity.

A

common

type

of

inflation-indexed

security

is

a

U.S.

Treasury

Inflation-Protected

Security

(“TIPS”).

The

principal

of

a

TIPS

increases

with

inflation

and

decreases

with

deflation,

as

measured

by

the

Consumer

Price

Index.

When

a

TIPS

matures,

the

adjusted

principal

or

original

principal

is

paid,

whichever

is

greater.

TIPS

pay

interest

twice

a

year,

at

a

fixed

rate.

The

rate

is

applied

to

the

adjusted

principal;

so,

like

the

principal,

interest

payments

rise

with

inflation

and

fall

with

deflation.

Guarantees

In

the

normal

course

of

business,

the

Funds

may

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

of

loss

to

be

remote.

Market,

Credit

and

Counterparty

Risk

In

the

normal

course

of

business,

the

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

a

transaction

to

perform

(credit

risk).

Similar

to

credit

risk,

the

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Funds’

financial

statements

(the

“Assets”).

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Funds’

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Funds’

Statements

of

Assets

and

Liabilities.

Global

financial

markets

are

increasingly

interconnected

and

political

and

economic

conditions

(including

instability

and

volatility

due

to

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

As

a

result,

issuers

of

securities

held

by

a

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

This

could

occur

whether

or

not

the

Fund

invests

in

securities

of

issuers

located

in

or

with

significant

exposure

to

the

countries

directly

affected.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

a

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held

by

a

Fund.

This

could

cause

a

Fund

to

underperform

other

types

of

investments.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

Notes

to

Financial

Statements

127

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

June

30,

2025,

the

Funds’

purchases

and

sales

of

investment

securities

(excluding

U.S.

government

and

agency

obligations,

short-term

investments,

options

and

repurchase

agreements)

were

as

follows:

During

the

period

ended

June

30,

2025,

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.

Funds

Purchases

Sales

U.S.

Strategic

Equity

Fund

$

236,697,348

$

253,951,201

U.S.

Small

Cap

Equity

Fund

86,176,596

99,304,316

International

Developed

Markets

Fund

74,581,891

88,815,653

Strategic

Bond

Fund

248,648,113

147,464,241

Global

Real

Estate

Securities

Fund

324,653,446

306,059,437

Fund

Purchases

Sales

Strategic

Bond

Fund

$

38,806,447

$

25,943,486

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

128

Notes

to

Financial

Statements

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.

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

average

daily

net

assets

of

each

Fund

and

is

payable

monthly

to

RIFUS.

*

Administrative

fees

are

assessed

on

total

Fund

net

assets

based

on

a

tiered

fee

schedule.

The

following

table

shows

the

total

amount

of

each

of

these

fees

paid

by

the

Funds

for

the

period

ended

June

30,

2025:

RIM

has

agreed

to

certain

waivers

of

its

advisory

fees

as

follows:

For

the

U.S.

Strategic

Equity

Fund,

RIM

contractually

agreed,

until

April

30,

2025,

to

waive

0.04%

of

its

advisory

fee.

Effective

May

1,

2025,

RIM

contractually

agreed,

until

April

30,

2026,

to

waive

0.04%

of

its

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

June

30,

2025

was

$118,061.

For

the

U.S.

Small

Cap

Equity

Fund,

RIM

contractually

agreed,

until

April

30,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses,

excluding

dividend

and

interest

expenses

on

short

sales,

to

the

extent

that

direct

Fund-level

expenses

exceed

1.05%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

May

1,

2025,

RIM

contractually

agreed,

until

May

31,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses,

excluding

dividend

and

interest

expenses

on

short

sales,

to

the

extent

that

direct

Fund-level

expenses

exceed

1.05%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

June

1,

2025,

RIM

contractually

agreed,

until

April

30,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses,

excluding

dividend

and

interest

expenses

on

short

sales,

to

the

extent

that

direct

Fund-level

expenses

exceed

1.026%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

contingency

fees

paid

to

vendors

for

foreign

tax

reclaims

and

for

certain

securities

litigation

recoveries,

infrequent

and/or

unusual

expenses

(including

litigation

expenses)

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

June

30,

2025

was

$32,379.

There

were

no

reimbursements

for

the

period

ended

June

30,

2025.

For

the

International

Developed

Markets

Fund,

RIM

contractually

agreed,

until

April

30,

2025,

to

waive

0.02%

of

its

advisory

fee.

Effective

May

1,

2025,

RIM

contractually

agreed,

until

May

31,

2025,

to

waive

0.02%

of

its

advisory

fee.

Effective

June

1,

2025,

RIM

contractually

agreed,

until

April

30,

2026,

to

waive

0.05%

of

its

advisory

fee.

This

waiver

may

not

be

terminated

Annual

Rate

Funds

Advisory

(%)

Administration

(%)*

U.S.

Strategic

Equity

Fund

0.73

Up

to

0.05

U.S.

Small

Cap

Equity

Fund

0.90

Up

to

0.05

International

Developed

Markets

Fund

0.90

Up

to

0.05

Strategic

Bond

Fund

0.55

Up

to

0.05

Global

Real

Estate

Securities

Fund

0.80

Up

to

0.05

Funds

Advisory

Administrative

U.S.

Strategic

Equity

Fund

$

2,154,605

$

147,576

U.S.

Small

Cap

Equity

Fund

877,693

48,761

International

Developed

Markets

Fund

1,591,707

88,428

Strategic

Bond

Fund

2,354,982

214,089

Global

Real

Estate

Securities

Fund

3,755,758

234,735

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

Notes

to

Financial

Statements

129

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

June

30,

2025

was

$44,750.

For

the

Strategic

Bond

Fund,

RIM

contractually

agreed,

until

April

30,

2025,

to

waive

0.01%

of

its

advisory

fee.

Effective

May

1,

2025,

RIM

contractually

agreed,

until

April

30,

2026,

to

waive

0.01%

of

its

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

June

30,

2025

was

$42,818.

RIM

does

not

have

the

ability

to

recover

amounts

waived

or

reimbursed

from

previous

periods

Transfer

and

Dividend

Disbursing

Agent

RIFUS

serves

as

transfer

agent

and

provides

dividend

disbursing

services

to

the

Funds.

For

this

service,

RIFUS

is

paid

a

fee

based

upon

the

average

daily

net

assets

of

the

Funds

for

transfer

agency

and

dividend

disbursing

services.

RIFUS

retains

a

portion

of

this

fee

for

services

provided

to

the

Funds

and

pays

the

balance

to

unaffiliated

agents

who

assist

in

providing

these

services.

Transfer

agency

fees

paid

by

the

Funds

presented

herein

for

the

period

ended

June

30,

2025

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

Substantially

all

of

the

equity

transactions

that

RIM

effects

for

the

Funds

are

executed

through

Russell

Investments

Implementation

Services,

LLC

(“RIIS”),

a

registered

broker

and

an

affiliate

of

RIM.

This

presents

a

conflict

of

interest

because

RIIS

generates

revenue

from

executing

equity

transactions

for

the

Funds,

which

is

a

financial

incentive

for

RIM

to

favor

the

ongoing

selection

of

RIIS

for

execution

of

the

Funds’

equity

transactions.

To

oversee

its

use

of

RIIS

to

execute

equity

transactions

for

the

Funds,

RIM

reviews

third-party

reports

regarding

RIIS’

trade

execution

quality

and

commission

rates

relative

to

commission

rates

for

comparable

services.

RIIS

uses

a

multi-venue

trade

approach

whereby

RIIS

trades

through

its

network

of

independent

venues,

including

third-party

brokers

for

clearing

and

settlement

services,

to

which

RIIS

pays

a

portion

of

its

commission.

A

money

manager

may

effect

portfolio

transactions

for

the

segment

of

a

Fund’s

portfolio

assigned

to

the

money

manager

with

a

broker-dealer

affiliated

with

a

Fund,

the

money

manager

or

RIM,

including

RIIS,

as

well

as

with

brokers

affiliated

with

other

money

managers.

The

Funds

are

permitted

to

purchase

or

sell

securities

from

or

to

certain

affiliated

funds

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board.

The

procedures

have

been

designed

to

ensure

that

any

purchase

or

sale

of

securities

by

the

Funds

from

or

to

another

fund

or

portfolio

that

are,

or

could

be,

considered

an

affiliate

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

advisers),

common

Trustees

and/or

common

officers

complies

with

Rule

17a

-7

of

the

Investment

Company

Act.

Further,

as

defined

under

the

procedures,

each

transaction

is

effected

at

the

current

market

value.

During

the

period

ended

June

30,

2025,

the

Funds

did

not

engage

in

purchases

and

sales

of

securities

pursuant

to

Rule

17a

-7

of

the

Investment

Company

Act.

Board

of

Trustees

–

(Form

N-CSR

Item

10)

The

Russell

Investments

fund

complex

consists

of

Russell

Investment

Company

(“RIC”),

RIF,

Russell

Investments

Exchange

Traded

Funds

(“RIETF”),

the

Russell

Investments

Strategic

Credit

Fund

(“RISCF”),

and

the

Russell

Investments

New

Economy

Infrastructure

Fund

(“RINEIF”).

Each

of

the

Trustees

on

the

Board

is

a

Trustee

of

RIC,

RIF,

RIETF,

RISCF,

and

RINEIF.

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.

Funds

Amount

U.S.

Strategic

Equity

Fund

$

12,987

U.S.

Small

Cap

Equity

Fund

4,291

International

Developed

Markets

Fund

7,782

Strategic

Bond

Fund

18,840

Global

Real

Estate

Securities

Fund

20,657

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

130

Notes

to

Financial

Statements

For

the

period

ended

June

30,

2025,

the

total

compensation

paid

to

the

Trustees

by

the

Russell

Investments

fund

complex

was

$1,207,000.

Trustees’

fees

accrued

for

each

Fund

for

the

period

ended

June

30,

2025

are

shown

in

each

Fund’s

Statement

of

Operations.

5.

Federal

Income

Taxes

As

of

June

30,

2025,

the

following

Funds

had

net

tax

basis

capital

loss

carryforwards

which

may

be

applied

against

net

realized

taxable

gains,

if

any.

Available

capital

loss

carryforwards

are

as

follows:

6.

Record

Ownership

As

of

June

30,

2025,

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.

The

unfunded

loan

commitments

are

footnoted

in

the

Schedule

of

Investments.

As

of

June

30,

2025,

the

Funds

had

no

unfunded

loan

commitments.

8.

Line

of

Credit

The

Funds

participate

in

a

$200

million

unsecured

line

of

credit

agreement

with

State

Street

Bank

and

Trust

Company

(the

“Credit

Agreement”),

which

is

currently

in

effect

through

March

11,

2026,

but

may

be

renewed

on

an

annual

basis

thereafter.

Borrowings

made

by

the

Funds

will

be

utilized

solely

for

temporary

or

emergency

purposes

as

contemplated

by

the

Investment

Company

Act

including,

without

limitation,

funding

shareholder

redemptions.

Interest

on

borrowing

is

charged

to

a

Fund

at

a

variable

rate

as

determined

in

accordance

with

the

Credit

Agreement.

In

addition,

a

commitment

fee

computed

at

an

annual

rate

of

0.20%

on

the

daily

unused

portion

of

the

line

of

credit

is

allocated

among

the

participating

Funds

pro-rata

based

on

average

daily

net

assets

for

the

applicable

period.

The

Funds

are

subject

to

certain

covenants

contained

in

the

Credit

Agreement.

Failure

to

comply

with

these

covenants

could

cause

the

acceleration

of

the

repayment

of

the

amount

outstanding

under

the

Credit

Agreement.

Expenses

associated

with

the

line

of

credit,

such

as

legal

fees

and

the

commitment

fee,

are

shown

on

the

Statement

of

Operations

as

miscellaneous

fees.

The

Funds

did

not

make

any

borrowings

under

the

line

of

credit

during

the

period

ended

June

30,

2025.

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

Totals

Strategic

Bond

Fund

$

68,865,681

$

98,003,865

$

166,869,546

Global

Real

Estate

Securities

Fund

73,762,868

34,228,977

107,991,845

Funds

#

of

Shareholders

%

U.S.

Strategic

Equity

Fund

2

75.9

U.S.

Small

Cap

Equity

Fund

2

85.6

International

Developed

Markets

Fund

2

80.8

Strategic

Bond

Fund

1

67.2

Global

Real

Estate

Securities

Fund

2

83.6

Russell

Investment

Funds

Affiliated

Brokerage

Transactions

—

June

30,

2025

(Unaudited)

Affiliated

Brokerage

Transactions

131

As

discussed

in

Note

4

in

the

Notes

to

Financial

Statements

contained

in

this

semi-annual

report,

substantially

all

of

the

equity

transactions

that

RIM

effects

for

the

Funds

are

executed

through

Russell

Investments

Implementation

Services,

LLC

(“RIIS”),

a

registered

broker

and

an

affiliate

of

RIM.

This

presents

a

conflict

of

interest

because

RIIS

generates

revenue

from

executing

equity

transactions

for

the

Funds,

which

is

a

financial

incentive

for

RIM

to

favor

the

ongoing

selection

of

RIIS

for

execution

of

the

Funds'

equity

transactions.

To

oversee

its

use

of

RIIS

to

execute

equity

transactions

for

the

Funds,

RIM

reviews

third-party

reports

regarding

RIIS’

trade

execution

quality

and

commission

rates

relative

to

commission

rates

for

comparable

services.

RIIS

uses

a

multi-venue

trade

approach

whereby

RIIS

trades

through

its

network

of

independent

venues,

including

third-party

brokers

for

clearing

and

settlement

services,

to

which

RIIS

pays

a

portion

of

its

commission.

A

money

manager

may

effect

portfolio

transactions

for

the

segment

of

a

Fund's

portfolio

assigned

to

the

money

manager

with

a

broker-dealer

affiliated

with

a

Fund,

the

money

manager

or

RIM,

including

RIIS,

as

well

as

with

brokers

affiliated

with

other

money

managers.

RIIS

may

also

execute

foreign

currency

transactions

(“FX

transactions”)

on

an

agency

basis

on

behalf

of

the

Funds.

RIIS

may

charge

the

Funds

an

agency

fee

for

effecting

FX

transactions.

The

table

below

sets

forth:

(1)

the

aggregate

dollar

amount

of

brokerage

commissions

paid

by

the

Funds

for

the

period

ended

June

30,

2025

to

any

broker

that

is

an

affiliated

person

of

a

Fund,

RIM

or

the

relevant

money

manager;

(2)

for

RIIS,

an

affiliated

person

of

RIM,

the

net

amount

of

the

RIIS

commission

after

payment

by

RIIS

of

any

commissions

or

fees

to

third

party

brokers,

generally

for

clearing

and

settlement

services;

and

(3)

agency

fees

paid

to

RIIS

for

effecting

foreign

currency

transactions

("FX

Fees").

Funds

Affiliated

Broker

Total

Commissions

RIIS

Net

RIIS

FX

Fees

U.S.

Strategic

Equity

Fund

RIIS

$

8,151

$

7,172

$

‒

U.S.

Small

Cap

Equity

Fund

RIIS

19,594

17,157

51

International

Developed

Markets

Fund

RIIS

16,819

13,133

13,014

Global

Real

Estate

Securities

Fund

RIIS

47,028

39,784

23,315

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement

—

(Unaudited)

132

Basis

for

Approval

of

Investment

Advisory

Agreement

Approval

of

Investment

Advisory

Agreement

The

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that

the

Board

of

Trustees

(the

“Board”),

including

a

majority

of

its

members

who

are

not

considered

to

be

“interested

persons”

under

the

1940

Act

(the

“Independent

Trustees”)

voting

separately,

approve

for

an

initial

term

not

to

exceed

two

years

and,

thereafter,

approve

the

continuation

of

the

advisory

agreement

with

Russell

Investment

Management,

LLC

(“RIM”)

(the

“RIM

Agreement”)

and

the

portfolio

management

contract

with

each

Money

Manager

of

the

Funds

(collectively,

the

“portfolio

management

contracts”

and,

with

the

RIM

Agreement,

the

“Agreements”)

on

at

least

an

annual

basis

and

that

the

terms

and

conditions

of

the

RIM

Agreement

and

the

terms

and

conditions

of

each

portfolio

management

contract

provide

for

its

termination

if

continuation

is

not

approved

annually.

The

Board,

including

all

of

the

Independent

Trustees,

considered

and

approved

the

continuation

of

the

Agreements

at

a

meeting

held

in

person

on

May

19,

2025

(the

“Agreement

Evaluation

Meeting”).

During

the

course

of

a

year,

the

Trustees

receive

a

wide

variety

of

materials

regarding,

among

other

things,

the

investment

performance

of

the

Funds,

sales

and

redemptions

of

the

Funds’

shares,

management

of

the

Funds

and

other

services

provided

by

RIM

(and

its

affiliates)

and

the

Money

Managers

and

compliance

with

applicable

regulatory

requirements.

In

preparation

for

the

annual

review,

the

Independent

Trustees,

with

the

advice

and

assistance

of

their

independent

counsel

(“Independent

Counsel”),

also

requested

and

the

Board

considered:

(1)

information

and

reports

prepared

by

RIM

relating

to

the

services

provided

by

RIM

(and

its

affiliates)

and

the

Money

Managers

to

the

Funds;

(2)

information

and

reports

prepared

by

RIM

relating

to

the

profitability

of

each

Fund

to

RIM

(and

its

affiliates);

and

(3)

information

received

from

an

independent,

nationally

recognized

provider

of

investment

company

information

(the

“Third-Party

Provider”)

comparing

(i)

the

performance

of

the

Funds

over

various

time

periods

and

(ii)

the

Funds’

respective

operating

expenses

as

of

each

Fund’s

last

fiscal

year

end,

with

other

peer

funds

not

managed

by

RIM,

believed

by

the

Third-Party

Provider

to

be

generally

comparable

to

the

Funds

(the

“Third-

Party

Information”).

In

the

case

of

each

Fund,

its

other

peer

funds

are

collectively

hereinafter

referred

to

as

the

Fund’s

“Comparable

Funds,”

and,

with

the

Fund,

such

Comparable

Funds

are

collectively

hereinafter

referred

to

as

the

Fund’s

“Performance

Universe”

in

the

case

of

performance

comparisons,

and

the

Fund’s

“Expense

Universe”

in

the

case

of

operating

expense

comparisons.

The

foregoing

and

other

information

received

by

the

Board,

including

the

Independent

Trustees,

in

connection

with

its

evaluations

of

the

Agreements

are

collectively

called

the

“Agreement

Evaluation

Information.”

The

Trustees’

evaluations

also

reflected

the

knowledge

and

familiarity

gained

as

Board

members

of

the

Funds

and

the

other

RIM-managed

funds

for

which

the

Board

has

supervisory

responsibility

(“Other

RIM

Funds”)

with

respect

to

services

provided

by

RIM,

RIM’s

affiliates

and

each

Money

Manager.

The

Trustees

received

a

memorandum

from

counsel

to

the

Funds

(“Fund

Counsel”)

discussing

the

legal

standards

for

their

consideration

of

the

continuations

of

the

Agreements,

and

the

Independent

Trustees

separately

received

a

memorandum

regarding

their

responsibilities

from

their

Independent

Counsel.

At

meetings

held

virtually

on

April

7,

2025

and

April

14,

2025,

the

Independent

Trustees

met

privately

with

Independent

Counsel

to

discuss

the

Agreement

Evaluation

Information

received

prior

to

those

dates.

At

a

meeting

held

in

person

on

April

21,

2025,

the

Independent

Trustees

met

privately

with

Independent

Counsel

to

discuss

the

Agreement

Evaluation

Information.

At

a

meeting

held

in

person

on

April

22,

2025

(the

“Agreement

Information

Review

Meeting”),

the

Board,

including

the

Independent

Trustees,

in

preparation

for

the

Agreement

Evaluation

Meeting,

met:

(1)

in

an

executive

session

with

a

representative

of

TA

Associates

Management,

L.P.

(“TA

Associates”),

at

which

(i)

Independent

Counsel,

(ii)

Fund

Counsel,

(iii)

the

Chairman

and

Chief

Executive

Officer

of

RIM’s

ultimate

parent

company;

(iv)

the

Chief

Financial

Officer

of

RIM

and

RIM’s

ultimate

parent

company,

and

(v)

the

President,

Chief

Executive

Officer

and

non-Independent

Trustee

of

the

Funds,

who

is

also

a

Director

of

RIM

and

Vice

Chairman

of

RIM’s

ultimate

parent

company,

were

present;

(2)

met

with

representatives

of

RIM;

and

then

(3)

the

Independent

Trustees

met

in

a

private

session

with

Independent

Counsel

at

which

no

representatives

of

RIM

or

the

Funds’

management

were

present

to

further

review

and

discuss

the

Agreement

Evaluation

Information

received

to

that

date.

On

the

basis

of

that

review,

at

the

conclusion

of

the

Agreement

Information

Review

Meeting,

the

Independent

Trustees

requested

that

RIM

consider

additional

advisory

fee

waivers

for

the

RIF

U.S.

Small

Cap

Equity

Fund

and

RIF

International

Developed

Markets

Fund

.

RIM’s

proposal

for

a

decrease

in

the

direct

fund-level

cap

and

an

additional

advisory

fee

waiver,

respectively,

was

provided

to

the

Board

on

May

5,

2025.

On

May

12,

2025,

the

Independent

Trustees

met

by

video

conference

in

a

private

session

with

Independent

Counsel

to

further

discuss

the

Agreement

Evaluation

Information

provided

to

date.

At

the

Agreement

Evaluation

Meeting,

the

Independent

Trustees

again

met

in

person

in

a

private

session

with

Independent

Counsel

to

review

the

additional

or

updated

Agreement

Evaluation

Information

received

to

that

date.

At

the

Agreement

Evaluation

Meeting,

the

Board,

including

the

Independent

Trustees,

considered

the

proposed

continuance

of

the

Agreements

with

RIM,

Fund

management,

Independent

Counsel

and

Fund

Counsel.

The

Board

considered

that

the

Agreement

Evaluation

Information

and

presentations

made

by

RIM

at

the

Agreement

Information

Review

Meeting

and

the

Agreement

Evaluation

Meeting

as

part

of

this

review

encompassed

the

Funds

and

all

Other

RIM

Funds.

Information

received

by

the

Board,

including

the

Independent

Trustees,

prior

to

and

at

the

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

133

Agreement

Information

Review

Meeting,

the

Agreement

Evaluation

Meeting,

and

other

meetings

identified

above

is

included

in

the

Agreement

Evaluation

Information.

Prior

to

voting

at

the

Agreement

Evaluation

Meeting,

the

Independent

Trustees

again

met

in

private

session

with

Independent

Counsel

to

consider

Agreement

Evaluation

Information

received

from

RIM

and

management

at

and

prior

to

the

Agreement

Evaluation

Meeting.

The

discussion

below

reflects

the

culmination

of

all

of

these

reviews.

In

evaluating

the

Agreements,

the

Board

considered

that

each

of

the

Funds

employs

a

manager-of-managers

method

of

investment

and

that

such

Funds,

in

employing

a

manager-of-managers

method

of

investment,

operate

in

a

manner

that

is

different

from

many

other

investment

companies.

Specifically,

the

Board

considered

that

RIM

has

engaged

multiple

unaffiliated

Money

Managers

for

the

Funds

and

is

responsible

for

paying

fees

to

the

Money

Managers

(“Money

Manager

Fees”)

out

of

the

advisory

fees

paid

by

the

Funds

to

RIM

for

its

services

under

the

RIM

Agreement.

A

Money

Manager

may

have

(1)

a

discretionary

asset

management

assignment

pursuant

to

which

it

is

allocated

a

portion

of

a

Fund’s

assets

to

manage

directly

and

for

which

it

selects

and

trades

the

individual

portfolio

securities

for

the

assets

assigned

to

it;

(2)

a

non-discretionary

assignment

pursuant

to

which

it

provides

a

model

portfolio

to

RIM

representing

its

investment

recommendations,

based

upon

which

RIM

purchases

and

sells

securities

for

a

Fund;

or

(3)

both

a

discretionary

and

a

non-discretionary

assignment.

Money

Manager

Fees

for

a

non-discretionary

assignment

may

be

the

same

as,

or

lower

than,

the

fees

would

be

for

a

discretionary

assignment

with

the

same

Money

Manager.

The

Board

considered

that

RIM

(rather

than

any

Money

Manager)

is

responsible

under

the

RIM

Agreement

for

determining,

implementing

and

maintaining

the

investment

program

for

each

Fund.

In

this

regard,

assets

of

each

Fund

are

allocated

among

RIM

and

the

multiple

Money

Manager

strategies

selected

by

RIM

for

that

Fund.

RIM

may

change

a

Fund’s

asset

allocation

to

a

Money

Manager

at

any

time,

including

by

allocating

no

Fund

assets

to

one

or

more

Money

Manager

strategies.

In

addition,

RIM

continues

to

manage

the

investment

of

each

Fund’s

cash

and

portions

of

a

Fund

during

transitions

between

discretionary

Money

Managers.

RIM

also

continues

to

manage

directly

any

portion

of

each

Fund’s

assets

that

RIM

determines

not

to

allocate

to

Money

Manager

strategies.

Most

Funds

usually,

but

not

always,

pursue

a

strategy

of

being

fully

invested

by

exposing

all

or

a

portion

of

their

cash

to

the

performance

of

certain

markets

by

purchasing

equity

securities,

fixed

income

securities

and/or

derivatives.

This

cash

“equitization”

strategy

is

managed

by

RIM

and

is

intended

to

cause

a

Fund

to

perform

as

though

its

cash

were

actually

invested

in

those

specified

markets

or

strategies.

With

respect

to

the

portion

of

a

Fund

that

RIM

manages

based

upon

non-discretionary

Money

Manager

model

portfolios,

RIM

constructs

a

portfolio

that

represents

the

aggregation

of

the

model

portfolios

based

upon

RIM’s

allocation

to

each

Money

Manager’s

strategy

through

an

“enhanced

portfolio

implementation,”

or

“emulation,”

process

designed

to

capture

return

streams

of

multiple

Money

Managers

in

a

centralized

portfolio.

RIM

then

implements

the

portfolio

consistent

with

the

aggregation

of

the

model

portfolios,

but

may

deviate

from

such

aggregation

for

the

purposes

of

exposure

and

transaction

cost

management.

RIM

stated

its

belief

that

the

Funds

benefit

from

emulation

through,

among

other

things,

improved

incremental

returns

over

time

due

to

lower

aggregate

transaction

costs

(including

the

impact

of

lower

trading

volume

on

custody

charges)

and

lower

turnover

from

reduced

trading

volumes,

the

potential

for

additional

commission

recapture,

improved

portfolio

efficiency

and

control

by

enabling

the

implementation

team

more

options

for

controlling

investment

exposures,

managing

cash

flows

and

rebalances

between

Money

Manager

strategies,

and

managing

Money

Manager

transitions.

The

Board

noted

the

variety

and

complexity

of

investment

advisory

services

that

RIM

provides

to

the

Funds

under

the

RIM

Agreement.

RIM

is

responsible

for

selecting

(subject

to

Board

approval),

overseeing

and

evaluating

the

performance

results

of

the

Money

Managers

for

each

Fund

and

for

actively

managing

allocations

and

reallocations

of

its

assets

among

Money

Manager

strategies

and

RIM

itself.

Each

discretionary

Money

Manager

for

a

Fund

in

effect

performs

the

function

of

an

individual

portfolio

manager

who

is

responsible

for

researching,

selecting

and

trading

portfolio

securities

for

the

portion

of

the

Fund

assigned

to

it

by

RIM

in

accordance

with

the

Fund’s

applicable

investment

objective,

policies

and

restrictions,

any

specific

guidelines

placed

by

RIM

upon

their

selection

of

portfolio

securities,

and

the

Money

Manager’s

specified

role

in

a

Fund.

A

Money

Manager’s

primary

role

is

to

pursue

a

particular

investment

strategy

that

has

been

selected

and

assigned

to

it

by

RIM

through

sector

and

security

selection

and

risk

control

measures

in

a

manner

that

is

consistent

with

its

RIM-assigned

guidelines.

The

Money

Managers

operate

subject

to

the

oversight

of,

and

instructions

from,

RIM.

For

each

Fund,

RIM

is

responsible

for,

among

other

things,

providing

each

Money

Manager

with

the

investment

guidelines

and

policies

for

the

Fund

and

any

specific

investment

restrictions;

monitoring

the

performance

of

each

Money

Manager

and

Fund;

generally

supervising

compliance

by

the

discretionary

Money

Managers

and,

as

applicable,

the

non-discretionary

Money

Managers

with

each

Fund’s

investment

objective

and

policies;

with

respect

to

Funds

with

non-discretionary

Money

Managers,

purchasing

and

selling

securities

for

the

Funds

based

on

model

portfolios

representing

the

investment

recommendations

of

the

non-discretionary

Money

Managers;

managing

Fund

assets

that

are

not

allocated

to

Money

Manager

strategies;

managing

the

Funds’

cash

balances;

and

recommending

at

least

annually

to

the

Board

whether

portfolio

management

contracts

should

be

renewed,

modified

or

terminated.

In

addition

to

its

annual

recommendation

as

to

the

renewal,

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

134

Basis

for

Approval

of

Investment

Advisory

Agreement

modification

or

termination

of

portfolio

management

contracts,

RIM

is

responsible

for

recommending

to

the

Board

additions

of

new

Money

Managers

or

terminations

or

replacements

of

existing

Money

Managers

at

any

time

when,

based

on

RIM’s

research

and

ongoing

review

and

analysis,

such

actions

are,

in

RIM’s

judgment,

appropriate.

RIM

provides

each

Money

Manager

with

specific

investment

guidelines

based

on

a

Fund’s

investment

program

and

RIM’s

assessment

of

the

Money

Manager’s

expertise

and

investment

style

whereby

RIM

attempts

to

capitalize

on

the

strengths

of

each

Money

Manager

and

to

combine

their

investment

activities

in

a

complementary

fashion.

Therefore,

RIM’s

selection

of

Money

Managers

is

made

not

only

on

the

basis

of

performance

considerations

but

also

on

the

basis

of

other

factors,

including

anticipated

compatibility

with

other

Money

Managers

in

the

same

Fund.

In

light

of

the

foregoing,

the

overall

performance

of

each

Fund

has

reflected,

in

great

part,

the

performance

of

RIM

in

designing

the

Fund’s

investment

program,

structuring

the

Fund,

selecting

effective

Money

Managers,

and

allocating

assets

among

the

Money

Manager

strategies

and

RIM

in

a

manner

designed

to

achieve

the

investment

objectives

of

the

Fund.

In

the

Agreement

Evaluation

Information,

RIM

noted

the

broad

array

of

investment

management

services

provided

to

the

Funds

by

RIM

and

the

relatively

narrow

scope

of

portfolio

management

services

provided

to

the

Funds

by

Money

Managers.

RIM

has

advised

the

Board

that

its

portfolio

construction

process

is

investment

led

and

designed

to

be

conducted

in

a

manner

that

is

consistent

with

its

fiduciary

duties.

The

objective

of

RIM’s

portfolio

construction

is

to

meet

a

portfolio’s

investment

objective

and

established

excess

return

target.

In

the

Agreement

Evaluation

Information,

RIM

noted

that

while

it

has

general

goals

for

Money

Manager

Fees

in

the

aggregate

globally,

there

are

no

specific

fee

targets

that

are

established

for

individual

portfolios,

which

includes

each

of

the

Funds.

In

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

Money

Manager

Fees,

in

the

aggregate,

must

allow

RIM

to

remain

a

going

concern

with

sufficient

resources

to

provide

required

services

to

the

Funds

and

to

earn

a

reasonable

profit.

RIM

advised

the

Board

that

RIM

portfolio

managers

utilize

a

number

of

tools

in

the

portfolio

construction

process

in

order

to

meet

a

Fund’s

objective

taking

into

account

Money

Manager

Fees.

These

tools

include,

among

others,

Money

Manager

selection,

Money

Manager

allocation,

Money

Manager

Fee

negotiations,

guideline

customization

and

RIM’s

direct

management

of

a

portion

of

the

Funds’

assets

(as

further

described

below).

The

Board

considered

that

the

prospectuses

for

the

Funds

and

other

public

disclosures

have

emphasized,

and

continue

to

emphasize,

to

investors

RIM’s

role

as

the

principal

investment

manager

for

each

such

Fund,

rather

than

the

investment

selection

or

recommendation

role

of

the

Money

Managers,

and

describe

the

manner

in

which

the

Funds

operate

so

that

investors

may

take

that

information

into

account

when

deciding

to

purchase

shares

of

any

Fund.

The

Board

further

considered

that

Fund

investors

in

pursuing

their

investment

goals

and

objectives

likely

purchased

their

shares

on

the

basis

of

this

information

and

RIM’s

reputation

and

experience

in

managing

the

Funds’

manager-of-managers

structure.

The

Board

also

considered

the

demands

and

complexity

of

managing

the

Funds

pursuant

to

the

manager-of-managers

structure,

the

special

expertise

of

RIM

with

respect

to

the

manager-of-managers

structure

of

the

Funds

and

the

possibility

that,

at

the

current

expense

ratio

of

each

Fund,

there

might

be

no

acceptable

alternative

investment

managers

to

replace

RIM

on

comparable

terms

given

the

need

to

continue

the

manager-of-managers

strategy

of

such

Fund

selected

by

shareholders

in

purchasing

their

shares.

In

addition

to

these

general

factors

relating

to

the

manager-of-managers

structure

of

the

Funds,

the

Trustees

considered,

with

respect

to

each

Fund,

various

specific

factors

in

evaluating

the

renewal

of

the

RIM

Agreement,

including

the

following:

1.

The

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided,

and

expected

to

be

provided,

to

the

Fund

by

RIM;

2.

The

advisory

fee

paid

by

the

Fund

to

RIM

for

its

services

under

the

RIM

Agreement

(the

“Advisory

Fee”),

and

the

fact

that

RIM

pays

all

Money

Manager

Fees

out

of

its

Advisory

Fee;

3.

The

combined

Advisory

Fee

paid

to

RIM

and

the

administrative

fee

paid

to

RIM’s

wholly

owned

subsidiary

for

administrative

services

(the

“Administrative

Fee,”

and

together

with

the

Advisory

Fee,

the

“Management

Fee”);

4.

The

performance

of

the

Funds

relative

to

their

respective

benchmark

indices

and

Comparable

Funds;

5.

Information

provided

by

RIM

as

to

other

fees

and

benefits

received

by

RIM

or

its

affiliates

in

connection

with

the

Fund,

including

any

administrative

or

transfer

agent

fees,

any

fees

received

for

management

or

administration

of

the

fund

in

which

the

Funds

invest

their

uninvested

cash,

and

commissions

or

other

compensation

in

connection

with

the

execution

of

portfolio

securities

and

foreign

exchange

transactions;

6.

Information

provided

by

RIM

as

to

expenses

incurred

by

the

Fund;

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

135

7.

Information

provided

by

RIM

as

to

the

profits

that

RIM

derives

from

its

mutual

fund

operations

generally

and

from

the

Fund

(excluding

sales

and

client

service

expenses);

and

8.

Information

provided

by

RIM

concerning

economies

of

scale

and

whether

any

scale

economies

are

adequately

shared

with

the

Fund.

In

connection

with

the

Trustees’

consideration

of

the

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided,

and

which

are

expected

to

be

provided,

to

the

Funds,

including

Fund

portfolio

management

services,

the

Board

discussed

with

senior

representatives

of

RIM

and

RIM’s

ultimate

parent

company

certain

initiatives

and

growth

strategies

involving

new

and

potential

new

client

relationships,

new

and

expected

new

product

offerings,

certain

changes

in

senior

personnel

and

the

impact

of

other

recent

changes

in

Russell

Investments’

(as

defined

below)

personnel

providing

services

to

the

Funds.

The

President

and

Chief

Investment

Officer

of

Russell

Investments

discussed

with

the

Board

the

performance

of

certain

Funds,

how

Russell

Investments

measures

performance

success,

and

recent

and

planned

investment

process

enhancements.

The

Board

also

discussed

the

Funds’

compliance

program

with

the

Funds’

Chief

Compliance

Officer

(“CCO”),

including

certain

items

reported

in

the

annual

report

of

the

CCO

required

under

Rule

38a-1

of

the

1940

Act

(the

“Annual

CCO

Report”).

The

Annual

CCO

Report

included

the

status

of

projects,

initiatives

and

enhancements

in

the

past

year

related

to

the

compliance

program

that

the

CCO

identified

in

connection

with

last

year’s

Annual

CCO

Report.

The

Annual

CCO

Report

also

included

information

on

the

resources

of

the

compliance

program

and

the

status

of

various

compliance,

operations

and

technology

initiatives

previously

discussed

with

the

Board.

The

CCO

and

Russell

Investments’

Global

Chief

Compliance

Officer

discussed

with

the

Board,

and

the

Board

noted,

certain

enhancements

made

to

the

compliance

programs

of

RIM

and

the

Funds

over

the

past

year

and

suggestions

for

additional

enhancements

going

forward,

certain

staffing

changes

and

areas

of

focus

for

the

upcoming

year.

The

CCO

advised

the

Board

that

the

Funds

and

RIM,

with

respect

to

the

services

RIM

provides

to

the

Funds,

have

each

adopted

and

effectively

implemented

written

policies

and

procedures

that

are

reasonably

designed

to

prevent

violation

of

the

Federal

Securities

Laws

(as

such

term

is

defined

in

the

1940

Act).

RIM

is

an

indirect

wholly

owned

subsidiary

of

Russell

Investments

Group,

Ltd.,

through

which

the

limited

partners

of

certain

private

equity

funds

affiliated

with

TA

Associates

indirectly

have

a

majority

ownership

interest

through

alternative

investment

vehicles

and

the

limited

partners

of

certain

private

equity

funds

affiliated

with

Reverence

Capital

Partners,

L.P.

(“Reverence

Capital”)

indirectly

have

a

significant

minority

controlling

ownership

interest

(as

“control”

is

defined

in

the

1940

Act)

through

certain

Reverence

Capital

funds

and

alternative

investment

vehicles

in

RIM

and

its

affiliates

(“Russell

Investments”).

Certain

of

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-controlling

positions

in

Russell

Investments.

In

connection

with

the

Board’s

initial

approval

of

the

RIM

Agreement

in

2015,

TA

Associates

advised

the

Board

of

its

plans

ultimately

to

effect

a

sale

or

other

disposition

of

its

ownership

interest

in

Russell

Investments.

Any

such

future

transaction

(“Transaction”)

could

cause

a

change

of

control

of

RIM

resulting,

among

other

things,

in

an

assignment

and

termination

of

the

RIM

Agreement,

as

required

by

the

1940

Act

and

by

the

terms

and

conditions

of

the

RIM

Agreement.

In

the

event

of

a

Transaction,

the

Board

would

be

required

to

consider

the

approval

of

the

terms

and

conditions

of

a

replacement

agreement

(“Successor

Agreement”)

for

the

RIM

Agreement

and,

thereafter,

to

submit

the

Successor

Agreement

to

each

Fund’s

shareholders

for

approval,

as

required

by

the

1940

Act.

During

the

executive

session

with

a

representative

of

TA

Associates

held

in

connection

with

the

Agreement

Information

Review

Meeting,

among

other

things,

the

status

of

TA

Associates’

indirect

investment

in

RIM

and

RIM’s

access

to

sufficient

resources

to

support

its

activities

in

respect

of

the

Funds,

including

in

light

of

the

current

market

environment,

current

debt

levels,

capital

structure

and

liquidity

of

Russell

Investments

Group,

Ltd.,

and

the

impact

of

certain

changes

in

Russell

Investments’

senior

management

were

discussed.

The

Board

was

not

advised

of

any

change

in

TA

Associates’

ultimate

plans

regarding

its

ownership

interest

in

Russell

Investments.

The

Board

was

advised

of

TA

Associates’

commitment

to

continue

to

support

the

same

level

of

services

currently

being

provided

by

RIM

and

its

affiliates

to

the

Funds.

As

noted

above,

RIM,

in

addition

to

managing

the

investment

of

each

Fund’s

cash,

directly

manages

a

portion

(which

may

represent

a

significant

portion)

of

the

Funds

pursuant

to

the

RIM

Agreement,

with

the

actual

allocation

of

Fund

assets

among

Money

Manager

strategies

and

RIM

being

determined

from

time

to

time

by

the

RIM

portfolio

manager(s).

RIM

may

utilize

tools

such

as

“optimization,”

which

involves

the

analysis

of

tradeoffs

between

various

risk

and

return

factors

as

well

as

turnover

and

transaction

costs,

in

order

to

estimate

optimal

portfolio

positioning.

RIM

may

use

strategies

based

on

indexes,

including

optimized

index

sampling

(strategies

that

seek

to

purchase

a

sampling

of

securities

using

optimization

and

risk

models)

and/or

index

replication.

For

certain

Funds,

RIM

may

invest

in

derivative

instruments

and

may

use

derivatives

to

take

both

long

and

short

positions.

RIM’s

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

136

Basis

for

Approval

of

Investment

Advisory

Agreement

direct

management

of

assets

for

these

purposes

is

hereinafter

referred

to

as

the

“Direct

Management

Services.”

While

no

new

direct

management

strategies

were

implemented

in

2024,

the

Board

has

been

advised

that,

where

appropriate

in

its

judgment,

RIM

may

continue

exploring

the

possible

addition

of

new

or

expansion

of

existing

Direct

Management

Services.

Therefore,

larger

portions

of

certain

Funds

may

be

managed

directly

by

RIM

pursuant

to

the

Direct

Management

Services.

According

to

RIM,

its

portfolio

managers

combine

Money

Manager

strategies

and,

through

RIM’s

Direct

Management

Services,

align

exposures

with

RIM’s

preferred

positioning

by

seeking

to

precisely

manage

portfolio

exposures

as

well

as

to

generate

alpha

as

they

construct

portfolios.

RIM’s

Direct

Management

Services

are

customized

portfolios

directly

managed

by

RIM

for

use

within

the

total

portfolio

of

a

Fund.

RIM’s

Direct

Management

Services

are

used

in

conjunction

with

allocations

to

Money

Manager

strategies

to

fully

reflect

RIM’s

strategic

and

dynamic

insights

with

integrated

liquidity

and

risk

management.

The

Board

considered

that

RIM

is

not

required

to

pay

Money

Manager

Fees

to

any

Money

Managers

with

respect

to

assets

for

which

it

provides

Direct

Management

Services

and

that

the

profits

derived

by

RIM

generally

and

from

the

Funds

consequently

may

be

increased,

although

RIM

noted

that

it

incurs

additional

costs

in

providing

Direct

Management

Services.

RIM

advised

the

Board

that

allocations,

or

increased

allocations,

of

Fund

assets

to

Direct

Management

Services,

together

with

Money

Manager

selection,

allocations

among

Money

Manager

strategies,

renegotiation

of

Money

Manager

Fees

and

changes

in

existing

Money

Manager

assignments

from

discretionary

to

non-discretionary

assignments

where

there

is

a

related

Money

Manager

Fee

reduction

may

reduce

its

costs

of

providing

investment

advisory

services

to

the

Funds,

which

would

benefit

RIM.

The

Board

considered

RIM’s

advice

that

any

such

benefit,

including

any

increased

profits

to

RIM,

ultimately

may

be

partially

offset

by

the

impact

of

any

new

or

additional

fee

waivers

or

expense

caps

separately

agreed

upon

and

implemented

from

time

to

time

for

the

affected

Funds

and

any

costs

of

incremental

investments

or

increased

cost

allocations

that

RIM

may

incur

to

support

Direct

Management

Services.

The

Board

also

considered

information

provided

by

RIM

as

to

the

potential

benefits

of

the

Direct

Management

Services

to

the

Funds,

and

the

fact

that

the

aggregate

Advisory

Fees

paid

by

the

Funds

are

not

increased

as

a

result

of

RIM’s

direct

management

of

Fund

assets

as

part

of

the

Direct

Management

Services

or

otherwise.

The

Board

noted

that

changes

in

the

allocation

of

assets

among

Money

Manager

strategies

or

to

Direct

Management

Services,

as

well

as

changes

in

the

allocation

of

affiliated

funds-of-funds’

assets

among

the

Funds,

may

result

directly

in

higher

related

costs

to

affected

Funds,

including

higher

brokerage

commissions

and

other

transaction

costs,

a

portion

of

which

is

paid

to

RIM’s

affiliated

broker

in

connection

with

execution

of

portfolio

transactions

in

connection

with

such

changes.

RIM

advised

the

Board

that,

in

order

to

preserve

flexibility

and

to

manage

risks,

and

consistent

with

the

terms

of

the

manager-of-

managers

exemptive

order,

in

2019

RIM

created

Money

Manager

“bench”

lineups

for

certain

Funds,

whereby

those

Funds

have

Board-approved

portfolio

management

contracts

with

Money

Managers

that

are

not

funded

(i.e.,

have

an

asset

allocation

of

zero).

In

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

the

opportunity

to

decrease

a

Money

Manager’s

allocation

to

zero,

but

not

terminate

the

Money

Manager,

allows

RIM

to

potentially

realize

gains

from

strategies

that

may

have

been

overly

rewarded

in

the

marketplace

over

the

short

to

medium

term,

or

provide

the

opportunity

to

retain

capacity

with

a

Money

Manager

that

may

otherwise

be

closed

to

new

business.

The

Board

noted

that

RIM

does

not

believe

there

are

any

detriments

to

the

Funds

or

RIM

from

the

use

of

a

Money

Manager

bench.

RIM

has

advised

the

Board

that

RIM

may

add

Money

Managers

to,

or

remove

Money

Managers

from,

a

Money

Manager

bench

lineup

for

Funds,

or

create

Money

Manager

bench

lineups

for

additional

Funds.

The

Agreement

Evaluation

Information

outlined

various

changes

that

have

been

implemented

in

the

investment

program

for

the

Funds

in

recent

years

and

described

additional

changes

that

have

been

implemented

or

are

underway,

and

the

impact

of

such

changes,

to

the

investment

advisory

services

provided

to

the

Funds

by

RIM,

which

the

Trustees

took

into

account

in

their

contract

renewal

deliberations,

including

the

following:

•

The

Direct

Management

Services

described

above.

•

Most

discretionary

Money

Manager

equity

assignments

were

previously

converted

to

non-discretionary

assignments,

thereby

implementing

emulation

for

those

Money

Manager

equity

assignments.

The

Board

considered

the

potential

impacts

described

in

the

Agreement

Evaluation

Information,

both

positive

and

negative,

on

the

Funds

of

emulation.

RIM

noted

that,

in

implementing

emulation

for

most

equity

assignments

for

the

Funds,

it

assumes

various

additional

risks,

including

trade

error

risk

as

it

takes

over

responsibility

for

trading.

RIM

generally

effects

Fund

equity

portfolio

transactions

through

an

affiliated

broker

that

receives

a

portion

of

the

commissions

paid

by

the

Funds

for

effecting

some

of

these

transactions.

For

such

equity

transactions,

the

Funds

pay

RIM’s

affiliated

broker

dealer

commission

rates

that

are

determined

by

an

oversight

committee

of

RIM.

According

to

RIM,

the

Funds

pay

the

same

commission

rates

regardless

of

whether

the

affiliated

broker

dealer

receives

any

portion

of

the

commission.

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

137

RIM

noted

certain

enhancements

in

recent

years

to

the

emulation

process,

including

increasing

the

frequency

of

receipt

of

certain

Money

Manager

model

portfolios,

the

utilization

of

a

risk-based

portfolio

dashboard

and

model

liquidity

monitoring.

While

RIM

generally

implements

Money

Manager

equity

strategies

via

emulation,

RIM

has

determined

and

may

determine

that

certain

Money

Manager

equity

strategies

should

be

implemented

by

Money

Managers

on

a

discretionary

basis.

•

RIM

has

renegotiated

fees

with

certain

Money

Managers

to

lower

levels

and

advised

the

Board

that

it

will

continue

to

assess

opportunities

for

Money

Manager

Fee

reductions

in

the

future.

RIM

advised

the

Board

that

it

has

not

experienced,

and

does

not

expect

to

experience,

any

diminution

in

the

nature,

scope

or

quality

of

services

provided

by

Money

Managers

as

a

result

of

renegotiated

Money

Manager

Fees.

•

Benchmark

changes

for

certain

Funds

to

comply

with

new

SEC

regulations.

In

evaluating

the

Funds’

Advisory

Fees

and

Management

Fees,

the

Board

considered

that,

in

the

Agreement

Evaluation

Information

and

at

past

meetings,

RIM

noted

differences

between

the

investment

strategies

of

certain

Funds

and

their

respective

Comparable

Funds

in

pursuing

their

investment

objectives.

To

assist

the

Board’s

evaluation

of

the

Advisory

Fees,

Management

Fees

and

total

expenses

of

the

Funds,

RIM

provided

comparisons

and

discussion

of

the

Management

Fees

and

total

expenses

of

each

Fund

on

an

adjusted

basis

to

reflect

the

annualized

impact

of

advisory

fee

waivers

and

expense

caps,

as

applicable,

that

were

implemented

in

2024

relative

to

the

management

fees

and

total

expenses

of

such

Fund’s

Comparable

Funds

included

in

the

Third-Party

Information

(the

“Annualized

Information”).

The

Annualized

Information

included,

among

other

things,

comparisons

of

the

Funds’

Management

Fees

with

the

management

fees

of

their

Comparable

Funds

on

an

actual

basis

(i.e.,

giving

effect

to

any

fee

waivers

and/or

expense

caps

implemented

by

RIM

with

respect

to

a

Fund

and

by

the

managers

of

such

Fund’s

Comparable

Funds).

The

Annualized

Information

showed,

among

other

things,

that

each

Fund

had

a

Management

Fee

which,

compared

with

the

management

fees

of

its

respective

Comparable

Funds

on

an

actual

basis,

was

ranked

in

the

fifth

quintile

of

its

Expense

Universe

for

that

expense

component.

In

these

rankings,

the

first

quintile

represents

funds

with

the

lowest

management

fees

among

funds

in

the

Expense

Universe,

and

the

fifth

quintile

represents

funds

with

the

highest

management

fees

among

funds

in

the

Expense

Universe.

The

comparisons

were

based

upon

the

latest

fiscal

years

for

the

Expense

Universe

funds.

The

Funds

are

distributed

exclusively

to

holders

of

variable

annuity

and

variable

life

insurance

contracts

issued

by

insurance

companies

(“Insurance

Contract

Holders”).

Among

other

things,

RIM

previously

noted

that

meaningful

comparisons

of

management

fees

between

funds

affiliated

with

insurance

companies

issuing

variable

annuity

and

life

insurance

policies

to

Insurance

Contract

Holders

and

funds

that

are

not

affiliated

with

such

insurance

companies,

such

as

the

Funds,

are

difficult

as

insurance

companies

have

flexibility

to

allocate

certain

fees

between

the

variable

annuity

and

variable

life

insurance

contracts

held

by

Insurance

Contract

Holders

and

the

affiliated

underlying

funds.

RIM

also

noted

the

administrative

services

provided

by

an

insurance

company

to

Insurance

Contract

Holders

invested

in

the

Funds

and

the

costs

associated

with

the

provision

of

such

administrative

services.

RIM

explained

that

these

administrative

services

benefit

these

Funds’

Insurance

Contract

Holders

and

are

necessary

for

the

operation

of

the

Funds.

In

discussing

the

Funds’

Management

Fees

generally,

RIM

noted,

among

other

things,

that

its

Management

Fees

for

the

Funds

encompass

services

that

are

typical

to

services

provided

by

investment

advisers

to

the

Funds’

Comparable

Funds,

as

well

as

transition

management

services

that

enable

efficient

and

cost-effective

asset

transition

events

and

the

administration

of

a

cash

equitization

program.

RIM

also

advised

the

Board

that

its

pre-tax

profit

margin

from

its

relationships

with

the

Funds

increased

slightly

in

2024,

and

RIM’s

2024

pre-tax

profit

margin

in

providing

investment

advisory

services

to

the

Funds

is

higher

than

the

median

of

the

operating

profit

margins

of

public

investment

management

company

peers

(in

each

case,

including

sales

and

client

service

expenses)

based

on

a

survey

conducted

as

of

September

30,

2024,

reflecting

the

prior

12

months.

The

Board

considered

each

Fund’s

Advisory

Fee

and

Management

Fee

on

both

a

standalone

basis

and

in

the

context

of

the

Fund’s

total

expense

ratio.

The

Board

also

considers

the

various

expense

components,

other

than

the

Advisory

Fee

and

Management

Fee,

that

comprise

each

Fund’s

total

expense

ratio,

and

the

extent

to

which

such

expense

components

contribute

to

each

Fund’s

total

expense

rankings

within

its

Expense

Universe.

The

Board

has

engaged,

and

continues

to

engage,

in

discussions

with

RIM

to

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

138

Basis

for

Approval

of

Investment

Advisory

Agreement

identify

opportunities,

where

appropriate,

for

improving

the

Advisory

Fee,

Management

Fee

and/or

total

expense

comparisons

for

certain

Funds

relative

to

their

respective

Comparable

Funds

through

Advisory

Fee

waivers

or

expense

caps.

At

the

Agreement

Information

Review

Meeting

and

the

Agreement

Evaluation

Meeting,

the

Board

reviewed

and

discussed

with

RIM

the

Management

Fees

and

total

expense

ratios

of

the

Funds

relative

to

their

respective

Comparable

Funds,

including

the

fee

waivers

or

expense

caps

RIM

had

previously

implemented

and

agreed

to

implement

in

the

future

to

reduce

Management

Fees

and/or

total

expenses

for

certain

Funds,

and

Comparable

Fund

fee

and

expense

trending

year-over-year.

Based

on

that

review

and

discussions

with

RIM,

including

discussions

with

RIM

regarding

the

reasonableness

of

various

components

of

certain

Funds’

total

expense

ratio

other

than

its

Management

Fee,

the

Independent

Trustees

will

continue

to

evaluate

and

engage

in

ongoing

discussions

with

management

regarding

Management

Fee

and

total

expense

comparisons.

The

Board

considered

RIM’s

explanation

of

the

reasons

for

each

Fund’s

actual

Management

Fee

rankings.

RIM

expressed

its

belief

that

each

Fund’s

Management

Fee

was

fair

and

reasonable

notwithstanding

the

Annualized

Information

comparisons

based

on,

and

as

discussed

in,

the

Agreement

Evaluation

Information.

With

respect

to

the

U.S.

Strategic

Equity

Fund,

the

Board

considered

that

the

Fund’s

total

expenses

ranked

in

the

third

quintile

of

its

Expense

Universe.

With

respect

to

the

U.S.

Small

Cap

Equity

Fund,

the

Board

considered

that,

after

considering

a

request

from

the

Independent

Trustees,

RIM

agreed

to

decrease

the

fund-level

expense

cap

for

the

Fund

in

two

phases

that,

while

in

effect,

would

have

a

beneficial

effect

on

comparisons

of

the

Fund’s

Management

Fee

relative

to

the

management

fees

of

its

Comparable

Funds.

The

Board

further

considered

that

the

Fund’s

total

expenses

ranked

in

the

third

quintile

of

its

Expense

Universe.

With

respect

to

the

International

Developed

Markets

Fund,

the

Board

considered

that,

after

considering

a

request

from

the

Independent

Trustees,

RIM

agreed

to

increase

the

advisory

fee

waiver

for

the

Fund

in

two

phases

that,

while

in

effect,

would

have

a

beneficial

effect

on

comparisons

of

the

Fund’s

Management

Fee

relative

to

the

management

fees

of

its

Comparable

Funds.

RIM

noted

that

it

does

not

agree

with

the

Fund’s

Expense

Universe

categorization

and

requested

that

the

Third-Party

Information

also

include

a

custom

Expense

Universe

that

RIM

believes

is

a

more

appropriate

comparison.

The

Board

noted

that

the

Fund’s

total

expenses

ranked

more

favorably

against

the

custom

Expense

Universe,

and

considered

the

small

variance

of

the

Fund’s

total

expenses

to

the

third

quintile

of

its

custom

Expense

Universe.

In

considering

the

Fund’s

Management

Fee

rankings,

the

Board

took

account

of

the

Fund’s

favorable

3-

and

5-year

performance

rankings

relative

to

the

constituents

of

its

custom

Performance

Universe.

With

respect

to

the

Strategic

Bond

Fund,

the

Board

considered

that,

after

considering

a

request

from

the

Independent

Trustees,

RIM

agreed

to

implement

an

Advisory

Fee

waiver

for

the

Fund

in

2024.

The

Board

further

considered

that

the

Fund’s

total

expenses

ranked

in

the

third

quintile

of

its

Expense

Universe.

With

respect

to

the

Global

Real

Estate

Securities

Fund,

the

Board

considered

that

the

Fund’s

total

expenses

ranked

in

the

second

quintile

of

its

Expense

Universe.

Based

upon

information

provided

by

RIM,

the

Board

considered

for

each

Fund

whether

economies

of

scale

have

been

realized

and

whether

the

Advisory

Fee

for

such

Fund

appropriately

reflects

or

should

be

revised

to

reflect

any

such

economies.

The

Board

considered,

among

other

things,

the

variability

of

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure

employed

by

the

Funds,

as

well

as

net

Fund

redemptions

or

purchases

in

recent

years.

With

respect

to

each

Fund,

the

Board

considered

any

Advisory

Fee

waivers

or

expense

caps

that

had

been

implemented

in

the

past

year

and

those

proposed

to

be

implemented

in

the

future.

The

Funds

are

primarily

distributed

through,

and

their

assets

are

primarily

attributed

to,

The

Northwestern

Mutual

Life

Insurance

Company

(“Northwestern

Mutual”).

The

Funds

continue

to

experience

outflows;

however,

RIM

advised

the

Board

there

is

regular

contact

with

Northwestern

Mutual

in

order

to

maintain

product

availability

and

continue

efforts

to

grow

the

product

line.

RIM

expressed

its

belief

that

Northwestern

Mutual

is

still

committed

to

the

Funds.

However,

the

Board

has

received

no

direct

assurances

in

this

regard

from

Northwestern

Mutual.

If

Northwestern

Mutual

were

to

discontinue

its

participation

in

the

Funds,

the

Board

considered

that

it

is

unlikely

that

the

Funds

would

remain

viable.

RIM

previously

expressed

its

belief

that

the

Funds

will

remain

viable

in

the

near

term,

and

the

Board

was

not

advised

of

any

change

in

RIM’s

belief

in

this

regard.

The

Board

considered,

among

other

things,

the

potential

negative

implications

for

significant

future

Fund

asset

growth

if

additional

insurance

companies

do

not

make

the

Funds

available

to

their

variable

annuity

and

variable

life

insurance

policyholders.

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

139

The

Board

also

considered

that

the

advisory

fee

rates

payable

to

RIM

by

Other

RIM

Funds

and

fee

rates

payable

to

RIM

or

its

affiliates

by

other

registered

investment

companies

and

by

institutional

clients

with

investment

objectives

similar

to

those

of

the

Funds

in

some

cases

are

lower

than

the

advisory

fee

rates

paid

by

the

Funds.

The

Trustees

considered

RIM’s

explanation

that

the

advisory

fees

payable

to

RIM

by

the

Funds

and

the

Other

RIM

Funds

reflect,

among

other

things,

differences

in

the

type

of

product,

distribution

channel

and

investors.

The

Trustees

also

considered

the

differences

in

the

nature

and

scope

of

services

RIM

provides

to

other

registered

investment

companies

and

institutional

clients

relative

to

those

provided

to

the

Funds.

With

respect

to

institutional

clients,

RIM

explained,

among

other

things,

that

institutional

products

have

fewer

compliance,

administrative,

client

servicing/

communication

and

other

needs

than

the

Funds.

RIM

also

noted

that

due

to

the

number

and

nature

of

investors,

along

with

their

varied

needs

for

liquidity,

there

is

more

portfolio

liquidity

management

and

cash

flow

management

required

for

the

Funds

than

for

RIM’s

or

its

affiliates’

institutional

clients,

where

assets

are

relatively

stable.

In

addition,

RIM

noted

that

the

Funds

are

subject

to

heightened

regulatory

requirements

relative

to

institutional

clients.

Accordingly,

the

Trustees

concluded

that

the

services

provided

to

the

Funds

are

sufficiently

different

from

the

services

provided

to

such

institutional

clients

that

comparisons

are

not

probative

and

should

not

be

given

significant

weight.

With

respect

to

the

Funds’

total

expenses,

the

Annualized

Information

showed

that

the

total

expenses

for

the

International

Developed

Markets

Fund

were

ranked

in

the

fourth

quintile

of

its

Expense

Universe,

the

total

expenses

for

the

U.S.

Strategic

Equity

Fund,

U.S.

Small

Cap

Equity

Fund

and

Strategic

Bond

Fund

were

each

ranked

in

the

third

quintile

of

its

Expense

Universe,

and

the

total

expenses

for

the

Global

Real

Estate

Securities

Fund

were

ranked

in

the

second

quintile

of

its

Expense

Universe.

In

these

rankings,

the

first

quintile

represents

the

funds

with

the

lowest

total

expenses

among

funds

in

the

Expense

Universe

and

the

fifth

quintile

represents

funds

with

the

highest

total

expenses

among

the

Expense

Universe

funds.

With

respect

to

the

International

Developed

Markets

Fund,

the

Board

considered

that,

after

considering

a

request

from

the

Independent

Trustees,

RIM

agreed

to

increase

the

advisory

fee

waiver

for

the

Fund

in

two

phases

that,

while

in

effect,

would

have

a

beneficial

effect

on

comparisons

of

the

Fund’s

total

expenses

relative

to

the

total

expenses

of

its

Comparable

Funds.

RIM

noted

that

it

does

not

agree

with

the

Fund’s

Expense

Universe

categorization

and

requested

that

the

Third-Party

Information

also

include

a

custom

Expense

Universe

that

RIM

believes

is

a

more

appropriate

comparison.

The

Board

noted

that

the

Fund’s

total

expenses

ranked

more

favorably

against

the

custom

Expense

Universe,

and

considered

the

small

variance

of

the

Fund’s

total

expenses

to

the

third

quintile

of

its

custom

Expense

Universe.

RIM

expressed

its

belief

that

each

Fund’s

total

expense

ratio

was

fair

and

reasonable

notwithstanding

the

Annualized

Information

comparisons

based

on,

and

as

discussed

in,

the

Agreement

Evaluation

Information.

On

the

basis

of

the

Agreement

Evaluation

Information,

and

other

information

previously

received

by

the

Board

from

RIM

during

the

course

of

the

year

and

prior

years,

or

presented

at

or

in

connection

with

the

Agreement

Information

Review

Meeting

and

Agreement

Evaluation

Meeting

by

RIM

and

its

affiliates,

the

Board,

in

respect

of

each

Fund,

after

giving

effect

to

any

applicable

fee

waivers

or

expense

caps

and

in

light

of

other

factors

discussed

above:

(1)

found

that

the

Advisory

Fee

and

Administrative

Fee

were

acceptable

in

light

of

the

nature,

scope

and

overall

quality

of

the

investment

advisory

and

other

services

provided,

and

expected

to

be

provided,

to

the

Fund

and

to

provide

continuity

of

investment

advisory

and

other

services

by

RIM

and

its

affiliates

to

the

Fund;

(2)

either

found

that

the

relative

expense

ratio

of

the

Fund

was

comparable

to

those

of

its

Comparable

Funds

or

took

into

account

the

factors

noted

above

in

considering

the

relative

expense

ratio

as

compared

to

those

of

its

Comparable

Funds;

(3)

found

that

the

other

benefits

and

fees

received

by

RIM

or

its

affiliates

from

the

Fund

identified

in

the

Agreement

Evaluation

Information

were

not

considered

to

be

excessive;

(4)

found

that

RIM’s

reported

profitability

with

respect

to

the

Fund

was

not

considered

to

be

excessive

in

light

of

the

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided

by

RIM

and

applicable

judicial

and

regulatory

guidance;

and

(5)

found

that

the

Advisory

Fee

charged

by

RIM

appropriately

reflects

any

economies

of

scale

realized

by

such

Fund

in

light

of

various

factors,

including

potential

negative

implications

for

significant

future

Fund

asset

growth

if

additional

insurance

companies

do

not

make

the

Funds

available

to

their

Insurance

Contract

Holders;

the

variability

of

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure

employed

by

the

Funds;

and

RIM’s

advice

that

it

does

not

believe

it

will

experience

meaningful

economies

of

scale.

The

Board

concluded

that,

under

the

circumstances

and

based

on

RIM’s

performance

information

and

reviews

for

each

Fund,

the

performance

of

each

of

the

Funds

supported

the

continuation

of

the

RIM

Agreement.

In

assessing

the

performance

of

the

Funds,

the

Board

focused

on

each

Fund’s

performance

for

the

3-year

period

ended

December

31,

2024

as

most

relevant

but

also

considered

Fund

performance

for

the

1-

and

5-year

periods

ended

on

such

date.

In

reviewing

the

Funds’

performance

generally,

the

Board

took

into

consideration

various

steps

taken

by

RIM

in

the

past

few

years

to

enhance

the

performance

of

certain

Funds,

including

changes

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

140

Basis

for

Approval

of

Investment

Advisory

Agreement

in

Money

Managers

or

their

allocations,

and

RIM’s

implementation

or

expansion

of

its

Direct

Management

Services

and

other

strategies,

which

may

not

yet

be

fully

reflected

in

Fund

investment

results.

With

respect

to

the

U.S.

Strategic

Equity

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

was

ranked

in

the

fifth

quintile

of

its

Performance

Universe

for

the

3-year

period

ended

December

31,

2024,

and

was

ranked

in

the

fourth

quintile

of

its

Performance

Universe

for

each

of

the

1-and

5-year

periods

ended

on

such

date.

For

the

3-year

period,

RIM

noted

that

the

Fund’s

tilt

toward

stocks

with

cheaper

valuation

ratios

and

smaller

market

capitalization

characteristics

relative

to

its

Comparable

Funds

was

a

headwind,

as

the

most

expensive

and

largest

market

capitalization

stocks

notably

outperformed

within

the

U.S.

large

cap

market.

RIM

further

noted

that

the

Fund’s

peer

relative

sector

positioning

had

a

positive

impact

overall,

with

an

overweight

to

the

outperforming

information

technology

sector

and

an

underweight

to

the

underperforming

real

estate

sector

adding

to

fund

performance,

while

an

overweight

to

the

underperforming

consumer

discretionary

sector

detracted

slightly.

The

Board

considered

that

the

changes

to

certain

Money

Managers

and

changes

in

allocations

among

Money

Managers

and

RIM’s

Direct

Management

Services

that

were

implemented

in

2022

have

contributed

positively

to

the

Fund’s

performance.

With

respect

to

the

Strategic

Bond

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

was

ranked

in

the

fifth

quintile

of

its

Performance

Universe

for

each

of

the

1-,

3-

and

5-year

periods

ended

December

31,

2024.

RIM

noted

that

the

Fund’s

relative

overweight

to

interest

rate

risk

detracted

from

performance

in

2022,

when

interest

rates

increased,

while

the

Fund’s

higher

quality

credit

profile

partially

offset

2022’s

negative

relative

performance.

RIM

also

noted

that

in

2023

and

2024,

the

Fund

maintained

an

overweight

duration

position

compared

to

its

Comparable

Funds,

which

hurt

relative

performance

in

an

environment

where

interest

rates

rose,

and

had

less

securitized

credit

exposure

relative

to

its

Comparable

Funds,

which

was

a

slight

drag

on

performance.

The

Board

considered

that

a

Money

Manager

change

made

in

2024

has

contributed

positively

to

the

Fund’s

performance.

With

respect

to

the

Global

Real

Estate

Securities

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

was

ranked

in

the

fourth

quintile

of

its

Performance

Universe

for

each

of

the

3-

and

5-year

periods

ended

December

31,

2024,

and

was

ranked

in

the

first

quintile

of

its

Performance

Universe

for

the

1-year

period

ended

on

such

date.

RIM

noted

that

the

Fund’s

Performance

Universe

includes

a

number

of

constituents

with

strategies

that

are

notably

different

from

the

Fund’s

global

real

estate

focus,

including

regionally

focused

real

estate

strategies

with

performance

patterns

that

significantly

diverge

from

that

of

the

Fund,

and

a

number

of

constituents

that

are

benchmarked

to

different

indexes

than

the

Fund’s

benchmark

index,

leading

to

persistent

structural

differences

with

respect

to

sector

and

regional

exposures.

The

performance

of

each

of

the

other

Funds

ranked

in

the

third

quintile

of

its

Performance

Universe

or

better

for

the

3-year

period

ended

December

31,

2024.

In

evaluating

performance,

the

Board

considered

each

Fund’s

performance

not

only

relative

to

its

Comparable

Funds,

but

also

in

absolute

terms

and

relative

to

its

benchmark.

The

Board

considered

the

Funds’

performance

relative

to

their

primary

benchmarks

in

light

of

RIM’s

advice

that

its

investment

philosophy

and

process

seek

to

combine

investment

managers

to

produce

benchmark-

beating

returns

with

above-average

consistency.

For

the

1-year

period

ended

December

31,

2024,

the

Global

Real

Estate

Securities

Fund

outperformed

its

benchmark;

for

the

3-year

period

ended

December

31,

2024,

none

of

the

Funds

outperformed

their

respective

benchmarks;

and

for

the

5-year

period

ended

December

31,

2024,

the

U.S.

Small

Cap

Equity

Fund

and

Global

Real

Estate

Securities

Fund

outperformed

their

respective

benchmarks.

The

Board

also

considered

the

Money

Manager

changes

that

have

been

made

during

the

past

year

and

that

the

performance

of

Money

Managers

continues

to

impact

Fund

performance

for

periods

prior

and

subsequent

to

their

termination.

After

considering

the

foregoing

and

other

relevant

factors,

including

factors

described

above,

the

Board

concluded

in

respect

of

each

Fund

that

continuation

of

the

RIM

Agreement

would

be

in

the

best

interest

of

such

Fund

and

its

shareholders

and

voted

to

approve

the

continuation

of

the

RIM

Agreement.

At

the

Agreement

Information

Review

Meeting

and

Agreement

Evaluation

Meeting,

with

respect

to

the

evaluation

of

the

terms

of

portfolio

management

contracts

with

Money

Managers,

the

Board

received

and

considered

information

from

RIM

reporting,

among

other

things,

for

each

Money

Manager:

the

Money

Manager’s

performance

over

various

periods;

RIM’s

assessment

of

the

performance

of

each

Money

Manager;

any

significant

business

relationships

between

the

Money

Manager

and

RIM

or

Russell

Investments

Financial

Services,

LLC,

the

Funds’

underwriter;

and

RIM’s

recommendation

to

retain

each

discretionary

or

non-

discretionary

Money

Manager

on

the

current

terms

and

conditions,

including

at

the

current

fee

rate.

The

Board

received

reports

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

141

during

the

course

of

the

year

from

the

Funds’

CCO

regarding

her

assessments

of

Money

Manager

compliance

programs

and

any

compliance

issues.

RIM

did

not

identify

any

benefits

from

the

Funds’

portfolio

transactions

received

by

Money

Managers

or

their

affiliates

other

than

potential

benefits

from

soft

dollar

arrangements

or

commissions

paid

to

any

affiliated

broker-dealer

through

which

a

discretionary

Money

Manager

may

execute

trades.

RIM

recommended

that

each

of

the

Money

Managers

be

retained

for

its

current

discretionary

or

non-discretionary

assignment

at

its

current

fee

rate.

In

doing

so,

RIM,

as

it

has

in

the

past,

advised

the

Board

that

it

does

not

regard

Money

Manager

profitability

or

economies

of

scale

as

relevant

to

its

evaluation

of

the

portfolio

management

contracts

with

Money

Managers

because

the

willingness

of

Money

Managers

to

serve

in

such

capacity

depends

upon

arm’s-length

negotiations

with

RIM;

RIM

is

aware

of

the

standard

fee

rates

charged

by

Money

Managers

to

other

clients;

and

RIM

believes

that

the

fees

agreed

upon

with

Money

Managers

are

reasonable

and

appropriate

in

light

of

the

anticipated

quality

of

investment

advisory

services

to

be

rendered.

The

Board

accepted

RIM’s

explanation

of

the

relevance

of

Money

Manager

profitability

in

light

of

RIM’s

belief

that

such

fees

are

reasonable;

the

Board’s

findings

as

to

the

acceptability

of

the

Advisory

Fee

paid

by

each

Fund;

and

the

fact

that

each

Money

Manager’s

fee

is

paid

by

RIM.

Based

upon

RIM’s

recommendations,

together

with

relevant

Agreement

Evaluation

Information,

the

Board

concluded

that

the

fees

paid

to

the

Money

Managers

of

each

Fund

are

acceptable

in

light

of

RIM’s

assessment

of

the

quality

of

the

investment

advisory

services

provided

and

that

continuation

of

the

portfolio

management

contract

with

each

Money

Manager

of

each

Fund

would

be

in

the

best

interests

of

the

Fund

and

its

shareholders.

*

*

*

This

discussion

is

not

intended

to

include

all

of

the

factors

and

information

considered

by

the

Board.

In

their

deliberations,

the

Trustees

did

not

identify

any

particular

information

as

to

the

RIM

Agreement

or,

other

than

RIM’s

recommendation,

the

portfolio

management

contract

with

any

Money

Manager

that

was

all-important

or

controlling,

except,

in

the

case

of

the

RIM

Agreement,

the

need

to

continue

the

managers-of-managers

structure

of

the

Funds,

and

each

Trustee

attributed

different

weights

to

the

various

factors

considered.

The

Trustees

evaluated

all

information

available

to

them

on

a

Fund-by-Fund

basis

and

their

determinations

were

made

in

respect

of

each

Fund.

Quarterly

Approval

of

Money

Manager

Contracts

At

a

special

Board

meeting

held

on

February

25,

2025,

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

20,

2024

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

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

142

Basis

for

Approval

of

Investment

Advisory

Agreement

the

Funds

would

not

increase

or

decrease

as

a

result

of

the

implementation

of

the

proposed

new

portfolio

management

contracts

because

the

Money

Managers’

investment

advisory

fees

are

paid

by

RIM.

Russell

Investment

Funds

Adviser,

Money

Managers

and

Service

Providers

—

June

30,

2025

(Unaudited)

Adviser,

Money

Managers

and

Service

Providers

143

Interested

Trustee

Vernon

Barback

Independent

Trustees

Michelle

L.

Cahoon

Michael

Day

Julie

Dien

Ledoux

Jeremy

May

Ellen

M.

Needham

Jeannie

Shanahan

Raymond

P.

Tennison,

Jr.

Jack

R.

Thompson

Officers

Vernon

Barback,

President

and

Chief

Executive

Officer

Cheryl

Wichers,

Chief

Compliance

Officer

Kari

Seabrands,

Treasurer,

Chief

Accounting

Officer

&

Chief

Financial

Officer*

Kate

El-Hillow,

Chief

Investment

Officer

Mary

Beth

Albaneze,

Secretary

and

Chief

Legal

Officer

Adviser

Russell

Investment

Management,

LLC

1301

Second

Avenue

Seattle, WA

98101**

Administrator

and

Transfer

and

Dividend

Disbursing

Agent

Russell

Investments

Fund

Services,

LLC

1301

Second

Avenue

Seattle, WA

98101**

Custodian

State

Street

Bank

and

Trust

Company

1776

Heritage

Drive

North

Quincy,

MA

02171

Office

of

Shareholder

Inquiries

1301

Second

Avenue

Seattle, WA

98101**

(800)

787-7354

Legal

Counsel

Dechert

LLP

One

International

Place,

40th

Floor

100

Oliver

Street

Boston, MA

02110

Distributor

Russell

Investments

Financial

Services,

LLC

1301

Second

Avenue

Seattle, WA

98101**

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

1420

5th

Avenue,

Suite

2800

Seattle, WA

98101

Money

Managers

U.S.

Strategic

Equity

Fund

Brandywine

Global

Investment

Management,

LLC,

Philadelphia,

PA

Jacobs

Levy

Equity

Management,

Inc., Florham

Park, NJ

J.P.

Morgan

Investment

Management

Inc.,

New

York,

NY

William

Blair

Investment

Management,

LLC,

Chicago,

IL

U.S.

Small

Cap

Equity

Fund

Ancora

Advisors,

LLC,

Mayfield

Heights,

OH

Boston

Partners

Global

Investors,

Inc.,

Boston,

MA

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

Lord,

Abbett

&

Co.

LLC,

Jersey

City,

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

Allspring

Global

Investments,

LLC,

Charlotte,

NC

RBC

Global

Asset

Management

(U.S.)

Inc.,

Minneapolis,

MN

and

RBC

Global

Asset

Management

(UK)

Limited,

London,

United

Kingdom

Schroder

Investment

Management

North

America

Inc.,

New

York,

NY

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.

*

Effective

July

23,

2025,

Ross

Erickson

was

appointed

Treasurer,

Chief

Accounting

Officer

&

Chief

Financial

Officer.

**

Effective

September

2025,

the

address

will

change

to

401

Union

Street.

Suite

1800,

Seattle,

Washington

98101.

Russell

Investment

Funds

1301

Second

Avenue

Seattle,

Washington

98101*

800-787-7354

Fax:

206-505-3495

*

Effective

September

2025,

the

address

will

change

to

401

Union

Street.

Suite

1800,

Seattle,

Washington

98101.

2025

SEMI-ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

JUNE

30,

2025

FUND

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Aggressive

Strategy

Fund

(formerly,

Growth

Strategy

Fund)

Equity

Aggressive

Strategy

Fund

(formerly,

Equity

Growth

Strategy

Fund)

Russell

Investment

Funds

Russell

Investment

Funds

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

Funds.

These

financial

statements

report

on

four

of

these

Funds.

Page

Moderate

Strategy

Fund

(Form

N-CSR

Item

7)

3

Balanced

Strategy

Fund

(Form

N-CSR

Item

7)

10

Aggressive

Strategy

Fund

(Form

N-CSR

Item

7)

17

Equity

Aggressive

Strategy

Fund

(Form

N-CSR

Item

7)

24

Notes

to

Financial

Highlights

(Form

N-CSR

Item

7)

31

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

32

Basis

for

Approval

of

Investment

Advisory

Agreement

(Form

N-CSR

Item

11)

39

Adviser

and

Service

Providers

50

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Semi-annual

Financial

Statements

and

Other

Information

June

30,

2025

(Unaudited)

Table

of

Contents

Russell

Investment

Funds

-

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Copyright

©

Russell

Investments

2025.

All

rights

reserved.

Russell

Investments’

ownership

is

composed

of

a

majority

stake

held

by

funds

managed

by

TA

Associates

Management,

L.P.,

with

a

significant

minority

stake

held

by

funds

managed

by

Reverence

Capital

Partners,

L.P.

Certain

of

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-

controlling,

ownership

stakes.

Frank

Russell

Company

is

the

owner

of

the

Russell

trademarks

contained

in

this

material

and

all

trademark

rights

related

to

the

Russell

trademarks,

which

the

members

of

the

Russell

Investments

group

of

companies

are

permitted

to

use

under

license

from

Frank

Russell

Company.

The

members

of

the

Russell

Investments

group

of

companies

are

not

affiliated

in

any

manner

with

Frank

Russell

Company

or

any

entity

operating

under

the

“FTSE

RUSSELL”

brand.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

investing.

A

prospectus

containing

this

and

other

important

information

must

precede

or

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

Securities

distributed

through

Russell

Investments

Financial

Services,

LLC,

member

FINRA

and

part

of

Russell

Investments.

Performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Russell

Investment

Funds

Moderate

Strategy

Fund

Schedule

of

Investments

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

3

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.1%

Alternative

-

2.0%

RIF

Global

Real

Estate

Securities

Fund

95,375

1,329

Domestic

Equities

-

15.6%

RIF

U.S.

Small

Cap

Equity

Fund

100,402

1,323

RIF

U.S.

Strategic

Equity

Fund

414,757

9,009

10,332

Fixed

Income

-

53.9%

RIC

Long

Duration

Bond

Fund

Class

Y

334,931

2,649

RIC

Opportunistic

Credit

Fund

Class

Y

306,208

2,646

RIC

Short

Duration

Bond

Fund

Class

Y

173,945

3,307

RIF

Strategic

Bond

Fund

3,095,603

27,148

35,750

International

Equities

-

20.6%

RIC

Emerging

Markets

Fund

Class

Y

88,706

1,649

RIC

Global

Equity

Fund

Class

Y

952,767

10,347

RIF

International

Developed

Markets

Fund

120,302

1,667

13,663

Multi-Asset

-

8.0%

RIC

Multi-Strategy

Income

Fund

Class

Y

535,479

5,307

Total

Investments

in

Affiliated

Funds

(cost

$62,221)

66,381

Total

Investments

-

100.1%

(identified

cost

$62,221)

66,381

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(61)

Net

Assets

-

100.0%

66,320

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

4

Moderate

Strategy

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

62,221

Investments,

at

fair

value(>)

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

66,381

Receivables:

Investments

sold

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

13

Fund

shares

sold

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

13

From

affiliates

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

3

Total

assets

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

66,410

Liabilities

Payables:

Fund

shares

redeemed

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

26

Accrued

fees

to

affiliates

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

3

Other

accrued

expenses

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

61

Total

liabilities

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

90

Net

Assets

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

$

66,320

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

5

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

1,781

Shares

of

beneficial

interest

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

67

Additional

paid-in

capital

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

64,472

Net

Assets

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

$

66,320

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

9.95

Net

assets

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

$

66,319,836

Shares

outstanding

($.01

par

value)

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

6,666,246

Amounts

in

thousands

(>)    

Investments

in

affiliated

funds

$

66,381

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

6

Moderate

Strategy

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2025

(Unaudited)

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

403

Expenses

Advisory

fees

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

65

Administrative

fees

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

14

Custodian

fees

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

16

Transfer

agent

fees

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

1

Professional

fees

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

20

Trustees’

fees

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

2

Printing

fees

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

7

Miscellaneous

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

4

Expenses

before

reductions

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

129

Expense

reductions

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

(83)

Net

expenses

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

46

Net

investment

income

(loss)

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

357

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

(178)

Capital

gain

distributions

from

affiliated

funds

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

237

Net

realized

gain

(loss)

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

59

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

3,365

Net

change

in

unrealized

appreciation

(depreciation)

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

3,365

Net

realized

and

unrealized

gain

(loss)

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

3,424

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

3,781

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

7

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2025

(Unaudited)

Fiscal

Year

Ended

December

31,

2024

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

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

$

357

$

2,415

Net

realized

gain

(loss)

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

59

1,887

Net

change

in

unrealized

appreciation

(depreciation)

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

3,365

167

Net

increase

(decrease)

in

net

assets

from

operations

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

3,781

4,469

Distributions

To

shareholders

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

(949)

(2,415)

Net

decrease

in

net

assets

from

distributions

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

(949)

(2,415)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(2,690)

(6,549)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

142

(4,495)

Net

Assets

Beginning

of

period

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

66,178

70,673

End

of

period

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

$

66,320

$

66,178

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2025

and

December

31,

2024

were

as

follows:

2025

(Unaudited)

2024

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

84

$

801

211

$

2,018

Proceeds

from

reinvestment

of

distributions

99

949

255

2,415

Payments

for

shares

redeemed

(459)

(4,440)

(1,151)

(10,982)

Total

increase

(decrease)

(276)

$

(2,690)

(685)

$

(6,549)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

8

Moderate

Strategy

Fund

Russell

Investment

Funds

Moderate

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

06/30/25

(ƣ)

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

Per-Share

Data

–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.53‌

9.27‌

8.46‌

10.47‌

10.48‌

10.05‌

Income

(loss)

from

investment

operations:

—‌

—‌

—‌

—‌

—‌

—‌

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.0

5‌

.33‌

.21‌

.14‌

.36‌

.16‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.

51‌

.26‌

.74‌

(1.75‌)

.48‌

.46‌

$

Total

from

Investment

Operations

.56‌

.59‌

.95‌

(1.61‌)

.84‌

.62‌

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.14‌)

(.33‌)

(.14‌)

(.16‌)

(.46‌)

(.19‌)

$

Distributions

from

Net

Realized

Gain

—‌

—‌

—‌

(.24‌)

(.39‌)

—‌

$

Total

Distributions

(.14‌)

(.33‌)

(.14‌)

(.40‌)

(.85‌)

(.19‌)

$

Net

Asset

Value,

End

of

Period

9.95‌

9.53‌

9.27‌

8.46‌

10.47‌

10.48‌

%

Total

Return

(ǿ)(◊)

5.92‌

6.48‌

11.32‌

(15.65‌)

8.23‌

6.40‌

–

–

–

–

–

–

Ratios/Supplemental

Data

–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000)

66,320‌

66,178‌

70,673‌

71,991‌

96,988‌

92,798‌

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(∏)

.39‌

.38‌

.37‌

.37‌

.36‌

.39‌

%

Expenses,

Net

(ɯ)(∏)(Ƃ)

.14‌

.14‌

.14‌

.14‌

.14‌

.14‌

%

Net

Investment

Income

(‡)(ǿ)(Ƃ

)

.

54‌

3.48‌

2.42‌

1.57‌

3.36‌

1.69‌

%

Portfolio

Turnover

Rate

(ǿ)

10‌

8‌

32‌

6‌

53‌

23‌

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

9

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

June

30,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2025

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Administrative

fees

$

2,322

Transfer

agent

fees

240

Trustees'

fees

428

$

2,990

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

$

1,910

$

87

$

734

$

(113

)

$

179

$

1,329

$

21

$

—

RIF

U.S.

Small

Cap

Equity

Fund

1,612

140

344

3

(88

)

1,323

23

5

RIF

U.S.

Strategic

Equity

Fund

9,607

511

1,347

69

169

9,009

13

225

RIC

Long

Duration

Bond

Fund

3,963

177

1,614

(10

)

133

2,649

36

—

RIC

Opportunistic

Credit

Fund

—

2,713

97

(1

)

31

2,646

26

—

RIC

Short

Duration

Bond

Fund

3,338

233

308

6

38

3,307

66

—

RIF

Strategic

Bond

Fund

27,285

1,382

2,431

(336

)

1,248

27,148

181

—

RIC

Emerging

Markets

Fund

1,299

423

328

23

232

1,649

—

—

RIC

Global

Equity

Fund

10,281

753

1,673

118

868

10,347

—

—

RIF

International

Developed

Markets

Fund

1,630

86

331

71

211

1,667

4

7

RIC

Multi-Strategy

Income

Fund

5,301

40

370

(8

)

344

5,307

33

—

$

66,226

$

6,545

$

9,577

$

(178

)

$

3,365

$

66,381

$

403

$

237

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

63,481,860

$

5,101,604

$

(2,202,925)

$

2,898,679

Russell

Investment

Funds

Balanced

Strategy

Fund

Schedule

of

Investments

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

10

Balanced

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.0%

Alternative

-

3.9%

RIC

Global

Infrastructure

Fund

Class

Y

412,311

4,288

RIF

Global

Real

Estate

Securities

Fund

305,437

4,255

8,543

Domestic

Equities

-

20.7%

RIF

U.S.

Small

Cap

Equity

Fund

409,676

5,400

RIF

U.S.

Strategic

Equity

Fund

1,810,838

39,331

44,731

Fixed

Income

-

33.2%

RIC

Long

Duration

Bond

Fund

Class

Y

817,081

6,463

RIC

Opportunistic

Credit

Fund

Class

Y

494,363

4,271

RIF

Strategic

Bond

Fund

6,967,869

61,108

71,842

International

Equities

-

35.2%

RIC

Emerging

Markets

Fund

Class

Y

408,907

7,602

RIC

Global

Equity

Fund

Class

Y

5,800,503

62,993

RIF

International

Developed

Markets

Fund

388,364

5,383

75,978

Multi-Asset

-

7.0%

RIC

Multi-Strategy

Income

Fund

Class

Y

1,517,875

15,042

Total

Investments

in

Affiliated

Funds

(cost

$189,580)

216,136

Total

Investments

-

100.0%

(identified

cost

$189,580)

216,136

Other

Assets

and

Liabilities,

Net

-

(0.0)%

(103)

Net

Assets

-

100.0%

216,033

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

11

Statement

of

Assets

and

Liabilities

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

189,580

Investments,

at

fair

value(>)

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

216,136

Receivables:

Investments

sold

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

24

Prepaid

expenses

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

1

Total

assets

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

216,161

Liabilities

Payables:

Fund

shares

redeemed

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

23

Accrued

fees

to

affiliates

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

16

Other

accrued

expenses

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

89

Total

liabilities

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

128

Net

Assets

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

$

216,033

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

12

Balanced

Strategy

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

24,745

Shares

of

beneficial

interest

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

213

Additional

paid-in

capital

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

191,075

Net

Assets

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

$

216,033

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

10.12

Net

assets

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

$

216,032,958

Shares

outstanding

($.01

par

value)

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

21,336,714

Amounts

in

thousands

(>)    

Investments

in

affiliated

funds

$

216,136

(#)

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

13

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2025

(Unaudited)

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

891

Expenses

Advisory

fees

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

208

Administrative

fees

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

44

Custodian

fees

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

16

Transfer

agent

fees

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

5

Professional

fees

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

24

Trustees’

fees

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

6

Printing

fees

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

8

Miscellaneous

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

7

Expenses

before

reductions

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

318

Expense

reductions

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

(172)

Net

expenses

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

146

Net

investment

income

(loss)

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

745

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

1,034

Capital

gain

distributions

from

affiliated

funds

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

877

Net

realized

gain

(loss)

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

1,911

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

11,657

Net

change

in

unrealized

appreciation

(depreciation)

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

11,657

Net

realized

and

unrealized

gain

(loss)

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

13,568

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

14,313

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

14

Balanced

Strategy

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2025

(Unaudited)

Fiscal

Year

Ended

December

31,

2024

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

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

$

745

$

6,302

Net

realized

gain

(loss)

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

1,911

8,347

Net

change

in

unrealized

appreciation

(depreciation)

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

11,657

4,975

Net

increase

(decrease)

in

net

assets

from

operations

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

14,313

19,624

Distributions

To

shareholders

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

(7,228)

(6,302)

Net

decrease

in

net

assets

from

distributions

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

(7,228)

(6,302)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(2,621)

(14,844)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

4,464

(1,522)

Net

Assets

Beginning

of

period

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

211,569

213,091

End

of

period

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

$

216,033

$

211,569

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2025

and

December

31,

2024

were

as

follows:

2025

(Unaudited)

2024

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

387

$

3,761

1,279

$

12,134

Proceeds

from

reinvestment

of

distributions

739

7,228

651

6,302

Payments

for

shares

redeemed

(1,398

)

(13,610

)

(3,457

)

(33,280

)

Total

increase

(decrease)

(272

)

$

(2,621

)

(1,527

)

$

(14,844

)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

15

Russell

Investment

Funds

Balanced

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

06/30/25

(ƣ)

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

Per-Share

Data

–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.79‌

9.21‌

8.17‌

10.28‌

10.26‌

9.78‌

Income

(loss)

from

investment

operations:

—‌

—‌

—‌

—‌

—‌

—‌

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.03‌

.28‌

.17‌

.14‌

.40‌

.14‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.64‌

.59‌

1.01‌

(1.78‌)

.89‌

.58‌

$

Total

from

Investment

Operations

.67‌

.87‌

1.18‌

(1.64‌)

1.29‌

.72‌

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.10‌)

(.29‌)

(

.12‌

)

(.16‌)

(.51‌)

(.11‌)

$

Distributions

from

Net

Realized

Gain

(.24‌)

—‌

(.02‌)

(.31‌)

(.76‌)

(.13‌)

$

Total

Distributions

(.34‌)

(.29‌)

(.14‌)

(.47‌)

(1.27‌)

(.24‌)

$

Net

Asset

Value,

End

of

Period

10.12‌

9.79‌

9.21‌

8.17‌

10.28‌

10.26‌

%

Total

Return

(ǿ)(◊)

6.94‌

9.48‌

14.52‌

(16.35‌)

13.04‌

7.65‌

–

–

–

–

–

–

Ratios/Supplemental

Data

–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000)

216,033‌

211,569‌

213,091‌

203,005‌

260,415‌

249,718‌

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(∏)

.30‌

.30‌

.31‌

.31‌

.31‌

.33‌

%

Expenses,

Net

(ɯ)(∏)(Ƃ)

.14‌

.14‌

.14‌

.14‌

.14‌

.14‌

%

Net

Investment

Income

(‡)(ǿ)(Ƃ)

.36‌

2.91‌

2.01‌

1.58‌

3.76‌

1.55‌

%

Portfolio

Turnover

Rate

(ǿ)

10‌

11‌

18‌

6‌

47‌

17‌

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

16

Balanced

Strategy

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

June

30,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2025

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

6,256

Administrative

fees

7,425

Transfer

agent

fees

769

Trustees'

fees

1,146

$

15,596

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

$

4,226

$

9

$

536

$

57

$

532

$

4,288

$

5

$

—

RIF

Global

Real

Estate

Securities

Fund

5,043

230

1,220

(85

)

287

4,255

59

—

RIF

U.S.

Small

Cap

Equity

Fund

7,290

473

1,914

146

(595

)

5,400

103

20

RIF

U.S.

Strategic

Equity

Fund

35,067

6,170

3,249

(48

)

1,391

39,331

58

829

RIC

Long

Duration

Bond

Fund

7,241

647

1,666

(8

)

249

6,463

78

—

RIC

Opportunistic

Credit

Fund

—

4,387

163

(3

)

50

4,271

41

—

RIC

Short

Duration

Bond

Fund

4,295

58

4,372

126

(107

)

—

43

—

RIF

Strategic

Bond

Fund

57,315

5,553

3,731

(242

)

2,213

61,108

398

—

RIC

Emerging

Markets

Fund

6,273

1,177

990

56

1,086

7,602

—

—

RIC

Global

Equity

Fund

63,836

1,150

7,689

516

5,180

62,993

—

—

RIF

International

Developed

Markets

Fund

6,229

167

1,975

562

400

5,383

15

28

RIC

Multi-Strategy

Income

Fund

14,852

416

1,154

(43

)

971

15,042

91

—

$

211,667

$

20,437

$

28,659

$

1,034

$

11,657

$

216,136

$

891

$

877

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

193,401,823

$

29,756,065

$

(7,021,664)

$

22,734,401

Russell

Investment

Funds

Aggressive

Strategy

Fund

Schedule

of

Investments

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

17

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.0%

Alternative

-

4.9%

RIC

Global

Infrastructure

Fund

Class

Y

346,907

3,608

RIF

Global

Real

Estate

Securities

Fund

379,685

5,289

8,897

Domestic

Equities

-

32.7%

RIF

U.S.

Small

Cap

Equity

Fund

410,626

5,412

RIF

U.S.

Strategic

Equity

Fund

2,480,524

53,877

59,289

Fixed

Income

-

14.3%

RIC

Long

Duration

Bond

Fund

Class

Y

1,133,742

8,968

RIC

Opportunistic

Credit

Fund

Class

Y

515,893

4,457

RIF

Strategic

Bond

Fund

1,426,545

12,511

25,936

International

Equities

-

40.2%

RIC

Emerging

Markets

Fund

Class

Y

491,819

9,143

RIC

Global

Equity

Fund

Class

Y

4,877,408

52,969

RIF

International

Developed

Markets

Fund

785,012

10,880

72,992

Multi-Asset

-

7

.9%

RIC

Multi-Asset

Strategy

Fund

Class

Y

1,257,606

14,450

Total

Investments

in

Affiliated

Funds

(cost

$143,038)

181,564

Total

Investments

-

100.0%

(identified

cost

$143,038)

181,564

Other

Assets

and

Liabilities,

Net

-

(0.0)%

(88)

Net

Assets

-

100.0%

181,476

Russell

Investment

Funds

Aggressive

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

18

Aggressive

Strategy

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

143,038

Investments,

at

fair

value(>)

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

181,564

Receivables:

Investments

sold

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

17

Prepaid

expenses

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

1

Total

assets

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

181,582

Liabilities

Payables:

Fund

shares

redeemed

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

17

Accrued

fees

to

affiliates

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

13

Other

accrued

expenses

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

76

Total

liabilities

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

106

Net

Assets

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

$

181,476

Russell

Investment

Funds

Aggressive

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

19

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

36,300

Shares

of

beneficial

interest

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

169

Additional

paid-in

capital

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

145,007

Net

Assets

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

$

181,476

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

10.75

Net

assets

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

$

181,475,562

Shares

outstanding

($.01

par

value)

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

16,877,723

Amounts

in

thousands

(>)    

Investments

in

affiliated

funds

$

181,564

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Aggressive

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

20

Aggressive

Strategy

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2025

(Unaudited)

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

642

Expenses

Advisory

fees

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

176

Administrative

fees

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

37

Custodian

fees

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

16

Transfer

agent

fees

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

4

Professional

fees

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

24

Trustees’

fees

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

5

Printing

fees

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

8

Miscellaneous

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

6

Expenses

before

reductions

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

276

Expense

reductions

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

(144)

Net

expenses

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

132

Net

investment

income

(loss)

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

510

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

(365)

Capital

gain

distributions

from

affiliated

funds

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

1,224

Net

realized

gain

(loss)

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

859

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

12,262

Net

change

in

unrealized

appreciation

(depreciation)

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

12,262

Net

realized

and

unrealized

gain

(loss)

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

13,121

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

13,631

Russell

Investment

Funds

Aggressive

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

21

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2025

(Unaudited)

Fiscal

Year

Ended

December

31,

2024

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

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

$

510

$

4,482

Net

realized

gain

(loss)

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

859

8,856

Net

change

in

unrealized

appreciation

(depreciation)

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

12,262

7,196

Net

increase

(decrease)

in

net

assets

from

operations

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

13,631

20,534

Distributions

To

shareholders

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

(6,944)

(4,500)

Net

decrease

in

net

assets

from

distributions

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

(6,944)

(4,500)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(4,693)

(13,404)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

1,994

2,630

Net

Assets

Beginning

of

period

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

179,482

176,852

End

of

period

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

$

181,476

$

179,482

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2025

and

December

31,

2024

were

as

follows:

2025

(Unaudited)

2024

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

155

$

1,582

356

$

3,584

Proceeds

from

reinvestment

of

distributions

670

6,944

449

4,500

Payments

for

shares

redeemed

(1,300)

(13,219)

(2,126)

(21,488)

Total

increase

(decrease)

(475)

$

(4,693)

(1,321)

$

(13,404)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

22

Aggressive

Strategy

Fund

Russell

Investment

Funds

Aggressive

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

06/30/25

(ƣ)

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

Per-Share

Data

–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.34‌

9.47‌

8.16‌

10.44‌

10.32‌

9.72‌

Income

(loss)

from

investment

operations:

—‌

—‌

—‌

—‌

—‌

—‌

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.03‌

.25‌

.15‌

.11‌

.46‌

.09‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.78‌

.87‌

1.30‌

(1.86‌)

1.27‌

.82‌

$

Total

from

Investment

Operations

.81‌

1.12‌

1.45‌

(1.75‌)

1.73‌

.91‌

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.11‌)

(.25‌)

(.07‌)

(.11‌)

(.51‌)

(.15‌)

$

Distributions

from

Net

Realized

Gain

(.29‌)

—‌

(.07‌)

(.42‌)

(1.10‌)

(.16‌)

$

Total

Distributions

(.40‌)

(.25‌)

(.14‌)

(.53‌)

(1.61‌)

(.31‌)

$

Net

Asset

Value,

End

of

Period

10.75‌

10.34‌

9.47‌

8.16‌

10.44‌

10.32‌

%

Total

Return

(ǿ)(◊)

8.02‌

11.94‌

17.96‌

(17.20‌)

17.44‌

9.75‌

–

–

–

–

–

–

Ratios/Supplemental

Data

–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000)

181,476‌

179,482‌

176,852‌

163,476‌

209,426‌

198,806‌

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(∏)

.31‌

.31‌

.31‌

.31‌

.32‌

.3

3‌

%

Expenses,

Net

(ɯ)(∏)(Ƃ)

.15‌

.15‌

.15‌

.15‌

.15‌

.15‌

%

Net

Investment

Income

(‡)(ǿ)(Ƃ)

.29‌

2.46‌

1.71‌

1.23‌

4.20‌

.97‌

%

Portfolio

Turnover

Rate

(ǿ)

9‌

8‌

30‌

5‌

53‌

16‌

Russell

Investment

Funds

Aggressive

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

23

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

June

30,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2025

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

5,492

Administrative

fees

6,243

Transfer

agent

fees

647

Trustees'

fees

954

$

13,336

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

$

3,551

$

46

$

481

$

45

$

447

$

3,608

$

4

$

—

RIF

Global

Real

Estate

Securities

Fund

5,916

311

1,190

(146

)

398

5,289

70

—

RIF

U.S.

Small

Cap

Equity

Fund

8,045

327

2,425

(7

)

(528

)

5,412

112

22

RIF

U.S.

Strategic

Equity

Fund

48,245

7,951

4,062

(126

)

1,869

53,877

80

1,143

RIC

Long

Duration

Bond

Fund

6,050

3,410

721

(2

)

231

8,968

92

—

RIC

Opportunistic

Credit

Fund

3,649

1,116

413

(2

)

107

4,457

65

—

RIF

Strategic

Bond

Fund

16,040

1,161

5,200

(883

)

1,393

12,511

84

—

RIC

Emerging

Markets

Fund

7,946

895

1,053

44

1,311

9,143

—

—

RIC

Global

Equity

Fund

52,649

282

4,621

219

4,440

52,969

—

—

RIF

International

Developed

Markets

Fund

13,082

307

4,456

468

1,479

10,880

32

59

RIC

Multi-Asset

Strategy

Fund

14,389

261

1,340

25

1,115

14,450

103

—

$

179,562

$

16,067

$

25,962

$

(365

)

$

12,262

$

181,564

$

642

$

1,224

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

146,1

85,530

$

36,9

86,475

$

(1,6

08,399)

$

3

5,3

78,076

Russell

Investment

Funds

Equity

Aggressive

Strategy

Fund

Schedule

of

Investments

—

June

30,

2025

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

24

Equity

Aggressive

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.1%

Alternative

-

5.4%

RIC

Global

Infrastructure

Fund

Class

Y

98,693

1,026

RIF

Global

Real

Estate

Securities

Fund

127,500

1,776

2,802

Domestic

Equities

-

38.8%

RIF

U.S.

Small

Cap

Equity

Fund

117,681

1,551

RIF

U.S.

Strategic

Equity

Fund

853,816

18,545

20,096

Fixed

Income

-

4.9%

RIC

Long

Duration

Bond

Fund

Class

Y

194,665

1,540

RIC

Opportunistic

Credit

Fund

Class

Y

117,823

1,018

2,558

International

Equities

-

43.0%

RIC

Emerging

Markets

Fund

Class

Y

167,886

3,121

RIC

Global

Equity

Fund

Class

Y

1,386,304

15,055

RIF

International

Developed

Markets

Fund

296,664

4,112

22,288

Multi-Asset

-

8.0%

RIC

Multi-Asset

Strategy

Fund

Class

Y

359,529

4,131

Total

Investments

in

Affiliated

Funds

(cost

$40,383)

51,875

Total

Investments

-

100.1%

(identified

cost

$40,383)

51,875

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(55)

Net

Assets

-

100.0%

51,820

Russell

Investment

Funds

Equity

Aggressive

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

25

Statement

of

Assets

and

Liabilities

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

40,383

Investments,

at

fair

value(>)

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

51,875

Receivables:

Fund

shares

sold

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

2

From

a

ffiliates

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

3

Total

assets

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

51,880

Liabilities

Payables:

Investments

purchased

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

1

Accrued

fees

to

affiliates

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

2

Other

accrued

expenses

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

57

Total

liabilities

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

60

Net

Assets

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

$

51,820

Russell

Investment

Funds

Equity

Aggressive

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

26

Equity

Aggressive

Strategy

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2025

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

10,571

Shares

of

beneficial

interest

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

49

Additional

paid-in

capital

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

41,200

Net

Assets

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

$

51,820

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

10.60

Net

assets

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

$

51,819,583

Shares

outstanding

($.01

par

value)

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

4,886,726

Amounts

in

thousands

(>)    

Investments

in

affiliated

funds

$

51,875

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Equity

Aggressive

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

27

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2025

(Unaudited)

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

164

Expenses

Advisory

fees

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

49

Administrative

fees

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

10

Custodian

fees

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

16

Transfer

agent

fees

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

1

Professional

fees

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

19

Trustees’

fees

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

1

Printing

fees

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

7

Miscellaneous

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

5

Expenses

before

reductions

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

10

8

Expense

reductions

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

(7

1

)

Net

expenses

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

37

Net

investment

income

(loss)

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

127

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

(43)

Capital

gain

distributions

from

affiliated

funds

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

393

Net

realized

gain

(loss)

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

350

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

3,579

Net

change

in

unrealized

appreciation

(depreciation)

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

3,579

Net

realized

and

unrealized

gain

(loss)

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

3,929

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

4,056

Russell

Investment

Funds

Equity

Aggressive

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

28

Equity

Aggressive

Strategy

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2025

(Unaudited)

Fiscal

Year

Ended

December

31,

2024

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

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

$

127

$

1,111

Net

realized

gain

(loss)

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

350

2,290

Net

change

in

unrealized

appreciation

(depreciation)

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

3,579

2,443

Net

increase

(decrease)

in

net

assets

from

operations

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

4,056

5,844

Distributions

To

shareholders

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

(1,252)

(1,110)

Net

decrease

in

net

assets

from

distributions

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

(1,252)

(1,110)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

963

(2,671)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

3,767

2,063

Net

Assets

Beginning

of

period

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

48,053

45,990

End

of

period

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

$

51,820

$

48,053

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2025

and

December

31,

2024

were

as

follows:

2025

(Unaudited)

2024

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

234

$

2,362

271

$

2,600

Proceeds

from

reinvestment

of

distributions

123

1,252

115

1,110

Payments

for

shares

redeemed

(268)

(2,651)

(659)

(6,381)

Total

increase

(decrease)

89

$

963

(273)

$

(2,671)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

29

Russell

Investment

Funds

Equity

Aggressive

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

06/30/25

(ƣ)

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

Per-Share

Data

–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.02‌

9.07‌

7.71‌

9.94‌

9.50‌

9.20‌

Income

(loss)

from

investment

operations:

—‌

—‌

—‌

—‌

—‌

—‌

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.

03‌

.22‌

.13‌

.10‌

.46‌

.08‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.

80‌

.96‌

1.36‌

(1.81‌)

1.36‌

.64‌

$

Total

from

Investment

Operations

.83‌

1.18‌

1.49‌

(1.71‌)

1.82‌

.72‌

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.11‌)

(.23‌)

(.05‌)

(.10‌)

(.53‌)

(.17‌)

$

Distributions

from

Net

Realized

Gain

(.14‌)

—‌

(.08‌)

(.42‌)

(.85‌)

(.25‌)

$

Total

Distributions

(.25‌)

(.23‌)

(.13‌)

(.52‌)

(1.38‌)

(.42‌)

$

Net

Asset

Value,

End

of

Period

10.60‌

10.02‌

9.07‌

7.71‌

9.94‌

9.50‌

%

Total

Return

(ǿ)(◊)

8.43‌

13.09‌

19.52‌

(17.68‌)

19.61‌

8.26‌

–

–

–

–

–

–

Ratios/Supplemental

Data

–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000)

51,820‌

48,053‌

45,990‌

4

2,017‌

52,075‌

45,322‌

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(∏)

.44‌

.45‌

.44‌

.44‌

.43‌

.52‌

%

Expenses,

Net

(ɯ)(∏)(Ƃ)

.15‌

.15‌

.15‌

.15‌

.15‌

.15‌

%

Net

Investment

Income

(‡)(ǿ)(Ƃ)

.26‌

2.29‌

1.62‌

1.18‌

4.38‌

.95‌

%

Portfolio

Turnover

Rate

(ǿ)

12‌

11‌

36‌

9‌

48‌

28‌

Russell

Investment

Funds

Equity

Aggressive

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

30

Equity

Aggressive

Strategy

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

June

30,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2025

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Administrative

fees

$

1,770

Transfer

agent

fees

184

Trustees'

fees

199

$

2,153

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

$

965

$

65

$

139

$

8

$

127

$

1,026

$

1

$

—

RIF

Global

Real

Estate

Securities

Fund

2,095

288

690

(84

)

167

1,776

25

—

RIF

U.S.

Small

Cap

Equity

Fund

2,663

218

1,126

(33

)

(171

)

1,551

38

8

RIF

U.S.

Strategic

Equity

Fund

14,705

3,854

664

(45

)

695

18,545

27

363

RIC

Long

Duration

Bond

Fund

1,203

439

146

(4

)

48

1,540

16

—

RIC

Opportunistic

Credit

Fund

969

147

124

—

26

1,018

16

—

RIC

Emerging

Markets

Fund

2,861

266

480

(8

)

482

3,121

—

—

RIC

Global

Equity

Fund

13,986

466

681

1

1,283

15,055

—

—

RIF

International

Developed

Markets

Fund

4,780

267

1,661

131

595

4,112

12

22

RIC

Multi-Asset

Strategy

Fund

3,868

302

357

(9

)

327

4,131

29

—

$

48,095

$

6,312

$

6,068

$

(43

)

$

3,579

$

51,875

$

164

$

393

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

41,656,924

$

10,218,273

$

—

$

10,218,273

Russell

Investment

Funds

LifePoints

®

Variable

Target

Portfolio

Series

Notes

to

Financial

Highlights

—

June

30,

2025

(Unaudited)

Notes

to

Financial

Highlights

31

(ƣ)

For

the

period

ended

June

30,

2025

(Unaudited).

(ƥ)

Average

daily

shares

outstanding

were

used

for

this

calculation.

(‡)

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

the

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

(ǿ)

Periods

less

than

one

year

are

not

annualized.

(ɯ)

The

ratios

for

periods

less

than

one

year

are

annualized.

(∏)

The

calculation

includes

only

those

expenses

charged

directly

to

the

Fund

and

does

not

include

expenses

charged

to

the

Underlying

Funds

in

which

the

Fund

invests.

(Ƃ)

May

reflect

amounts

waived

and

reimbursed

by

Russell

Investment

Management,

LLC

(“RIM”).

(Ɵ)

Less

than

$.01

per

share.

(◊)

The

total

return

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements

—

June

30,

2025

(Unaudited)

32

Notes

to

Financial

Statements

1.

Organization

Russell

Investment

Funds

(the

“Investment

Company”

or

“RIF”)

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

funds.

These

financial

statements

report

on

four

of

these

funds

(each

a

“Fund”

and

collectively

the

“Funds”).

The

Investment

Company

provides

the

investment

base

for

one

or

more

variable

insurance

products

issued

by

one

or

more

insurance

companies.

These

Funds

are

offered

at

net

asset

value

(“NAV”)

to

qualified

insurance

company

separate

accounts

offering

variable

insurance

products.

The

Investment

Company

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(“Investment

Company

Act”),

as

an

open-end

management

investment

company.

It

is

organized

and

operated

as

a

Massachusetts

business

trust

under

a

Third

Amended

and

Restated

Master

Trust

Agreement

dated

December

7,

2020,

as

amended

(“Master

Trust

Agreement”),

and

the

provisions

of

Massachusetts

law

governing

the

operation

of

a

Massachusetts

business

trust.

The

Investment

Company’s

Master

Trust

Agreement

permits

the

Board

of

Trustees

(the

“Board”)

to

issue

an

unlimited

number

of

shares

of

beneficial

interest.

Each

of

the

Funds

is

diversified.

Under

the

Investment

Company

Act,

a

diversified

company

is

defined

as

a

management

company

which

meets

the

following

requirements:

at

least

75%

of

the

value

of

its

total

assets

is

represented

by

cash

and

cash

equivalents

(including

receivables),

government

securities,

securities

of

other

investment

companies,

and

other

securities

for

the

purposes

of

this

calculation

limited

in

respect

of

any

one

issuer

to

an

amount

not

greater

in

value

than

five

percent

of

the

value

of

the

total

assets

of

such

management

company

and

to

not

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer.

Unless

otherwise

specified,

“period”

(as

used

within

the

financial

statements)

refers

to

the

six

months

ended

June

30,

2025.

Each

of

the

Funds

listed

in

the

table

below

is

a

“fund

of

funds”

and

diversifies

its

assets

by

investing

in

shares

of

several

other

RIF

funds

and

in

certain

Russell

Investment

Company

(“RIC”)

funds

(the

“Underlying

Funds”).

These

financial

statements

should

be

read

in

conjunction

with

the

financial

statements

of

the

Underlying

Funds,

which

can

be

obtained

by

calling

the

Funds

at

(800)

787-7354.

Each

Fund

seeks

to

achieve

its

specific

investment

objective

by

investing

in

different

combinations

of

Underlying

Funds.

The

following

table

shows

each

Fund’s

approximate

target

strategic

asset

allocation

to

equity,

fixed

income,

multi-asset

and

alternative

asset

classes

as

of

June

30,

2025.

The

equity

Underlying

Funds

in

which

the

Funds

may

invest

include

the

RIF

U.S.

Strategic

Equity,

RIC

Sustainable

Aware

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

Strategy

Funds.

The

alternative

Underlying

Funds

in

which

the

Funds

may

invest

include

the

RIC

Global

Infrastructure

and

RIF

Global

Real

Estate

Securities

Funds.

Each

Fund

intends

its

strategy

of

investing

in

combinations

of

equity,

fixed

income,

multi-asset

and

alternative

Underlying

Funds

to

result

in

investment

diversification

that

an

investor

could

otherwise

achieve

only

by

holding

numerous

individual

investments.

Russell

Investment

Management,

LLC

(“RIM”),

the

Funds’

investment

adviser,

may

modify

the

target

strategic

asset

allocation

for

any

Fund,

including

changes

to

the

Underlying

Funds

in

which

a

Fund

invests,

from

time

to

time.

RIM’s

allocation

decisions

are

generally

based

on

RIM’s

outlook

on

the

business

and

economic

cycle,

relative

market

valuations

and

market

sentiment.

RIM

may

change

a

Fund’s

target

strategic

asset

allocation

by

up

to

+/-5%

at

the

equity,

fixed

income,

multi-asset

or

alternative

asset

class

level

based

on

RIM’s

capital

markets

research.

A

Fund’s

actual

allocation

may

vary

from

the

target

strategic

asset

allocation

at

any

point

in

time

due

to

market

movements

and/

or

due

to

the

implementation

over

a

period

of

time

of

a

change

to

the

target

strategic

asset

allocation

including

the

addition

of

a

new

Underlying

Fund.

A

Fund’s

target

strategic

asset

allocation

and

the

Underlying

Funds

in

which

a

Fund

may

invest

may

be

changed

from

time

to

time

without

shareholder

notice

or

approval.

*

As

described

above,

actual

asset

allocation

may

vary.

#

Alternative

Underlying

Funds

pursue

investment

strategies

that

differ

from

those

of

traditional

broad

market

equity

or

fixed

income

funds.

Asset

Allocation*

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Aggressive

Strategy

Fund

Equity

Aggressive

Strategy

Fund

Equity

36%

55.5%

72.5%

81.5%

Fixed

Income

54%

33.5%

14.5%

5%

Multi-Asset

8%

7%

8%

8%

Alternative

#

2%

4%

5%

5.5%

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

Notes

to

Financial

Statements

33

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.

Segment

Reporting

Topic

280

defines

an

operating

segment

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses

and

has

operating

results

that

are

regularly

reviewed

by

its

chief

operating

decision

maker

(“CODM”)

to

assess

performance

and

make

resource

allocation

decisions.

The

Funds’

adviser,

RIM,

serves

as

the

CODM.

Since

RIM

evaluates

each

Fund

holistically,

each

Fund

is

a

single

reporting

segment.

RIM

uses

total

returns,

Fund

expense

information,

and

share

transactions

presented

in

the

Funds’

financial

statements

to

assess

the

single

segment

performance

and

make

decisions.

The

accounting

policies

of

the

segment

are

the

same

as

those

described

in

this

“Significant

Accounting

Policies”

note.

Segment

assets

and

significant

expenses

are

reflected

in

each

Funds’

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations,

respectively.

Recent

Accounting

Pronouncements

In

December

2023,

the

FASB

issued

Accounting

Standards

Update

(“ASU”),

ASU

2023-09,

Improvements

to

Income

Tax

Disclosures,

which

amends

quantitative

and

qualitative

income

tax

disclosure

requirements

to

increase

disclosure

consistency,

bifurcate

income

tax

information

by

jurisdiction

and

remove

information

that

is

no

longer

beneficial.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

and

early

adoption

is

permitted.

At

this

time,

management

is

evaluating

the

implications

of

these

changes

on

the

financial

statements.

Security

Valuation

The

Underlying

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

a

description

of

the

pricing

sources

and

services

used

by

the

Underlying

Funds.

With

respect

to

an

Underlying

Fund’s

investments

that

do

not

have

readily

available

market

quotations,

the

Board

has

designated

RIM,

the

Underlying

Funds’

adviser,

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act.

However,

the

Board

retains

oversight

over

the

valuation

process.

The

Funds

value

the

shares

of

the

Underlying

Funds

at

the

current

NAV

per

share

of

each

Underlying

Fund.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity’s

measurement

date.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

2

and

3

of

the

fair

value

hierarchy

are

defined

as

follows:

•

Level

1

—

Quoted

prices

(unadjusted)

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

•

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

and

inputs

such

as

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

or

other

market

corroborated

inputs.

•

Level

3

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

RIM

that

are

used

in

determining

the

fair

value

of

investments.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

34

Notes

to

Financial

Statements

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

market

values

of

financial

instruments

categorized

as

Level

1

and

Level

2

of

the

fair

value

hierarchy

are

as

follows:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

registered

open-end

investment

companies,

ETFs

and

restricted

securities

that

are

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market),

are

stated

at

the

last

reported

sales

price

on

the

day

of

valuation

or

official

closing

price,

as

applicable.

To

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market)

will

be

valued

based

upon

the

NAV

of

such

investments

without

further

adjustment

as

a

practical

expedient.

As

of

June

30,

2025,

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.

Investment

Income

Distributions

of

income

and

capital

gains

from

the

Funds

or

Underlying

Funds

are

recorded

on

the

ex-dividend

date.

Federal

Income

Taxes

Since

the

Investment

Company

is

a

Massachusetts

business

trust,

each

Fund

is

a

separate

corporate

taxpayer

and

determines

its

net

investment

income

and

capital

gains

(or

losses)

and

the

amounts

to

be

distributed

to

each

Fund’s

shareholders

without

regard

to

the

income

and

capital

gains

(or

losses)

of

the

other

Funds.

Each

Fund

intends

to

qualify

or

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”),

and

intends

to

distribute

all

of

its

taxable

income

and

capital

gains.

Therefore,

no

federal

income

tax

provision

is

required

for

the

Funds.

The

Funds

comply

with

the

authoritative

guidance

for

uncertainty

in

income

taxes

which

requires

management

to

determine

whether

a

tax

position

of

the

Funds

is

more

likely

than

not

to

be

sustained

upon

examination,

including

resolution

of

any

related

appeals

or

litigation

processes,

based

on

the

technical

merits

of

the

position.

For

tax

positions

meeting

the

more

likely

than

not

threshold,

the

tax

amount

recognized

in

the

financial

statements

is

reduced

by

the

largest

benefit

that

has

a

greater

than

50%

likelihood

of

being

realized

upon

ultimate

settlement

with

the

relevant

taxing

authority.

Management

determined

that

no

accruals

need

to

be

made

in

the

financial

statements

due

to

uncertain

tax

positions.

Management

continually

reviews

and

adjusts

the

Funds’

liability

for

income

taxes

based

on

analyses

of

tax

laws

and

regulations,

as

well

as

their

interpretations,

and

other

relevant

factors.

Each

Fund

files

a

U.S.

tax

return.

As

of

June

30,

2025,

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,

2021

through

December

31,

2023,

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.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

Notes

to

Financial

Statements

35

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.

Guarantees

In

the

normal

course

of

business,

the

Funds

may

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

of

loss

to

be

remote.

Market,

Credit

and

Counterparty

Risk

In

the

normal

course

of

business,

the

Underlying

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

a

transaction

to

perform

(credit

risk).

Similar

to

credit

risk,

the

Underlying

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Underlying

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Underlying

Funds’

financial

statements

(the

“Assets”).

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Underlying

Funds’

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Underlying

Funds’

Statements

of

Assets

and

Liabilities.

Global

financial

markets

are

increasingly

interconnected

and

political

and

economic

conditions

(including

instability

and

volatility

due

to

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

As

a

result,

issuers

of

securities

held

by

an

Underlying

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

This

could

occur

whether

or

not

the

Underlying

Fund

invests

in

securities

of

issuers

located

in

or

with

significant

exposure

to

the

countries

directly

affected.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

an

Underlying

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held

by

an

Underlying

Fund.

This

could

cause

an

Underlying

Fund

to

underperform

other

types

of

investments.

From

time

to

time,

outbreaks

of

infectious

illness,

public

health

emergencies

and

other

similar

issues

(“public

health

events”)

may

occur

in

one

or

more

countries

around

the

globe.

Such

public

health

events

have

had

significant

impacts

on

both

the

country

in

which

the

event

is

first

identified

as

well

as

other

countries

in

the

global

economy.

Public

health

events

have

reduced

consumer

demand

and

economic

output

in

one

or

more

countries

subject

to

the

public

health

event,

resulted

in

restrictions

on

trading

and

market

closures

(including

for

extended

periods

of

time),

increased

substantially

the

volatility

of

financial

markets,

and,

more

generally,

have

had

a

significant

negative

impact

on

the

economy

of

the

country

or

countries

subject

to

the

public

health

event.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

36

Notes

to

Financial

Statements

Public

health

events

have

also

adversely

affected

the

global

economy,

global

supply

chains

and

the

securities

in

which

the

Underlying

Funds

invest

across

a

number

of

industries,

sectors

and

asset

classes.

The

extent

of

the

impact

depends

on,

among

other

factors,

the

scale

and

duration

of

any

such

public

health

event.

Public

health

events

have

resulted

in

the

governments

of

affected

countries

taking

potentially

significant

measures

to

seek

to

mitigate

the

transmission

of

the

infectious

illness

or

other

public

health

issue

including,

among

other

measures,

imposing

travel

restrictions

and/or

quarantines

and

limiting

the

operations

of

non-essential

businesses.

Any

of

these

events

could

adversely

affect

an

Underlying

Fund’s

investments

and

performance,

including

by

exacerbating

other

pre-existing

political,

social

and

economic

risks.

Governmental

authorities

and

other

entities

may

respond

to

such

events

with

fiscal

and/or

monetary

policy

changes.

It

is

not

guaranteed

that

these

policy

changes

will

have

their

intended

effect

and

it

is

possible

that

the

implementation

of

or

subsequent

reversal

of

such

policy

changes

could

increase

volatility

in

financial

markets,

which

could

adversely

affect

an

Underlying

Fund’s

investments

and

performance.

3.

Investment

Transactions

Underlying

Funds

During

the

period

ended

June

30,

2025,

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

Fund

pays

an

annual

advisory

fee

of

0.20%

to

RIM.

In

addition,

each

Fund

pays

an

annual

administrative

fee

of

up

to

0.0425%

to

RIFUS

based

upon

the

average

daily

net

assets

of

the

Fund

payable

on

a

monthly

basis.

Administrative

fees

are

assessed

on

total

Fund

net

assets

based

on

a

tiered

fee

schedule.

The

following

table

shows

the

total

amount

of

each

of

these

fees

paid

by

the

Funds

for

the

period

ended

June

30,

2025:

RIM

has

agreed

to

certain

waivers

of

its

advisory

fees

as

follows:

For

the

Moderate

Strategy

Fund,

RIM

contractually

agreed,

until

April

30,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.14%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

May

1,

2025,

RIM

contractually

agreed,

until

April

30,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.14%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

infrequent

and/or

unusual

expenses

(including

litigation

expenses)

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

Funds

Purchases

Sales

Moderate

Strategy

Fund

$

6

,5

4

4,

619

$

9

,

576

,

743

Balanced

Strategy

Fund

2

0

,

437

,

302

28

,

658

,

506

Aggressive

Strategy

Fund

1

6

,

066

,

568

2

5

,

9

61,

580

Equity

Aggressive

Strategy

Fund

6

,

312

,

291

6,0

67

,

922

Funds

Advisory

Administrative

Moderate

Strategy

Fund

$

65,300

$

13,876

Balanced

Strategy

Fund

208,180

44,238

Aggressive

Strategy

Fund

175,572

37,309

Equity

Aggressive

Strategy

Fund

48,873

10,385

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

Notes

to

Financial

Statements

37

For

the

Balanced

Strategy

Fund,

RIM

contractually

agreed,

until

April

30,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.14%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

May

1,

2025,

RIM

contractually

agreed,

until

April

30,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.14%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

infrequent

and/or

unusual

expenses

(including

litigation

expenses)

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Aggressive

Strategy

Fund,

RIM

contractually

agreed,

until

April

30,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.15%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

May

1,

2025,

RIM

contractually

agreed,

until

April

30,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.15%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

infrequent

and/or

unusual

expenses

(including

litigation

expenses)

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Equity

Aggressive

Strategy

Fund,

RIM

contractually

agreed,

until

April

30,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.15%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

May

1,

2025,

RIM

contractually

agreed,

until

April

30,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.15%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

infrequent

and/or

unusual

expenses

(including

litigation

expenses)

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

period

ended

June

30,

2025,

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

June

30,

2025

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.

Funds

Waiver

Reimbursement

Total

Moderate

Strategy

Fund

$

65,300

$

17,858

$

83,158

Balanced

Strategy

Fund

171,614

—

171,614

Aggressive

Strategy

Fund

143,819

—

143,819

Equity

Aggressive

Strategy

Fund

48,873

21,647

70,520

Funds

Amount

Moderate

Strategy

Fund

$

1,437

Balanced

Strategy

Fund

4,580

Aggressive

Strategy

Fund

3,863

Equity

Aggressive

Strategy

Fund

1,075

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2025

(Unaudited)

38

Notes

to

Financial

Statements

Board

of

Trustees

–

(Form

N-CSR

Item

10)

The

Russell

Investments

fund

complex

consists

of

RIC,

RIF,

Russell

Investments

Exchange

Traded

Funds

(“RIETF”),

the

Russell

Investments

Strategic

Credit

Fund

(“RISCF”),

and

the

Russell

Investments

New

Economy

Infrastructure

Fund

(“RINEIF”).

Each

of

the

Trustees

on

the

Board

is

a

Trustee

of

RIC,

RIF,

RIETF,

RISCF,

and

RINEIF.

The

Russell

Investments

fund

complex

compensates

each

Trustee

who

is

not

an

employee

of

RIM

or

its

affiliates.

Trustee

compensation

and

expenses

are

allocated

to

each

Fund

based

on

its

net

assets

relative

to

other

funds

in

the

Russell

Investments

fund

complex.

For

the

period

ended

June

30,

2025,

the

total

compensation

paid

to

the

Trustees

by

the

Russell

Investments

fund

complex

was

$1,207,000.

Trustees’

fees

accrued

for

each

Fund

for

the

period

ended

June

30,

2025

are

shown

in

each

Fund’s

Statement

of

Operations.

5.

Federal

Income

Taxes

As

of

June

30,

2025,

the

following

Funds

had

net

tax

basis

capital

loss

carryforwards

which

may

be

applied

against

net

realized

taxable

gains,

if

any.

Available

capital

loss

carryforwards

are

as

follows:

6.

Record

Ownership

As

of

June

30,

2025,

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

11,

2026,

but

may

be

renewed

on

an

annual

basis

thereafter.

Borrowings

made

by

the

Funds

will

be

utilized

solely

for

temporary

or

emergency

purposes

as

contemplated

by

the

Investment

Company

Act

including,

without

limitation,

funding

shareholder

redemptions.

Interest

on

borrowing

is

charged

to

a

Fund

at

a

variable

rate

as

determined

in

accordance

with

the

Credit

Agreement.

In

addition,

a

commitment

fee

computed

at

an

annual

rate

of

0.20%

on

the

daily

unused

portion

of

the

line

of

credit

is

allocated

among

the

participating

Funds

pro-rata

based

on

average

daily

net

assets

for

the

applicable

period.

The

Funds

are

subject

to

certain

covenants

contained

in

the

Credit

Agreement.

Failure

to

comply

with

these

covenants

could

cause

the

acceleration

of

the

repayment

of

the

amount

outstanding

under

the

Credit

Agreement.

Expenses

associated

with

the

line

of

credit,

such

as

legal

fees

and

the

commitment

fee,

are

shown

on

the

Statement

of

Operations

as

miscellaneous

fees.

The

Funds

did

not

make

any

borrowings

under

the

line

of

credit

during

the

period

ended

June

30,

2025.

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

Fund

Short-Term

Long-Term

Totals

Moderate

Strategy

Fund

$

171,494

$

1,131,778

$

1,303,272

Funds

#

of

Shareholders

%

Moderate

Strategy

Fund

1

87.0

Balanced

Strategy

Fund

2

94.9

Aggressive

Strategy

Fund

2

96.9

Equity

Aggressive

Strategy

Fund

2

95.2

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

39

Approval

of

Investment

Advisory

Agreement

The

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that

the

Board

of

Trustees

(the

“Board”),

including

a

majority

of

its

members

who

are

not

considered

to

be

“interested

persons”

under

the

1940

Act

(the

“Independent

Trustees”)

voting

separately,

approve

for

an

initial

term

not

to

exceed

two

years

and,

thereafter,

approve

the

continuation

of

the

advisory

agreement

with

Russell

Investment

Management,

LLC

(“RIM”)

(the

“RIM

Agreement”)

and

the

portfolio

management

contract

with

each

Money

Manager

of

the

funds

(collectively,

the

“portfolio

management

contracts”

and,

with

the

RIM

Agreement,

the

“Agreements”)

in

which

the

Funds

invest

(the

“Underlying

Funds”)

on

at

least

an

annual

basis

and

that

the

terms

and

conditions

of

the

RIM

Agreement

and

the

terms

and

conditions

of

each

portfolio

management

contract

provide

for

its

termination

if

continuation

is

not

approved

annually.

The

Board,

including

all

of

the

Independent

Trustees,

considered

and

approved

the

continuation

of

the

Agreements

at

a

meeting

held

in

person

on

May

19,

2025

(the

“Agreement

Evaluation

Meeting”).

During

the

course

of

a

year,

the

Trustees

receive

a

wide

variety

of

materials

regarding,

among

other

things,

the

investment

performance

of

the

Funds

and

Underlying

Funds,

sales

and

redemptions

of

the

Funds’

and

Underlying

Funds’

shares,

management

of

the

Funds

and

the

Underlying

Funds

and

other

services

provided

by

RIM

(and

its

affiliates)

and

the

Money

Managers

and

compliance

with

applicable

regulatory

requirements.

In

preparation

for

the

annual

review,

the

Independent

Trustees,

with

the

advice

and

assistance

of

their

independent

counsel

(“Independent

Counsel”),

also

requested

and

the

Board

considered:

(1)

information

and

reports

prepared

by

RIM

relating

to

the

services

provided

by

RIM

(and

its

affiliates)

and

the

Money

Managers

to

the

Funds

and

the

Underlying

Funds;

(2)

information

and

reports

prepared

by

RIM

relating

to

the

profitability

of

each

Fund

and

Underlying

Fund

to

RIM

(and

its

affiliates);

and

(3)

information

received

from

an

independent,

nationally

recognized

provider

of

investment

company

information

(the

“Third-Party

Provider”)

comparing

(i)

the

performance

of

the

Funds

and

the

Underlying

Funds

over

various

time

periods

and

(ii)

the

Funds’

and

the

Underlying

Funds’

respective

operating

expenses

as

of

each

Fund’s

last

fiscal

year

end,

with

other

peer

funds

not

managed

by

RIM,

believed

by

the

Third-Party

Provider

to

be

generally

comparable

to

the

Funds

and

the

Underlying

Funds

(the

“Third-Party

Information”).

The

Third-Party

Information

provided

performance

and

operating

expense

comparisons

for

the

Underlying

Funds

that

are

series

of

Russell

Investment

Funds

(“RIF

Underlying

Funds”)

and

comparisons

for

Class

S

shares

of

the

Underlying

Funds

that

are

series

of

Russell

Investment

Company

(“RIC

Underlying

Funds”),

except

for

the

Long

Duration

Bond

Fund,

for

which

the

Third-Party

Information

showed

performance

comparisons

for

Class

S

since

first

being

issued

on

September

11,

2023,

and

for

Class

Y

shares

prior

to

that

date.

In

the

case

of

each

Fund,

its

other

peer

funds

are

collectively

hereinafter

referred

to

as

the

Fund’s

“Comparable

Funds,”

and,

with

the

Fund,

such

Comparable

Funds

are

collectively

hereinafter

referred

to

as

the

Fund’s

“Performance

Universe”

in

the

case

of

performance

comparisons,

and

the

Fund’s

“Expense

Universe”

in

the

case

of

operating

expense

comparisons.

The

foregoing

and

other

information

received

by

the

Board,

including

the

Independent

Trustees,

in

connection

with

its

evaluations

of

the

Agreements

are

collectively

called

the

“Agreement

Evaluation

Information.”

The

Trustees’

evaluations

also

reflected

the

knowledge

and

familiarity

gained

as

Board

members

of

the

Funds

and

the

other

RIM-managed

funds

for

which

the

Board

has

supervisory

responsibility,

including

the

Underlying

Funds

(“Other

RIM

Funds”),

with

respect

to

services

provided

by

RIM,

RIM’s

affiliates

and

each

Money

Manager.

The

Trustees

received

a

memorandum

from

counsel

to

the

Funds

and

the

Underlying

Funds

(“Fund

Counsel”)

discussing

the

legal

standards

for

their

consideration

of

the

continuations

of

the

Agreements,

and

the

Independent

Trustees

separately

received

a

memorandum

regarding

their

responsibilities

from

their

Independent

Counsel.

At

meetings

held

virtually

on

April

7,

2025

and

April

14,

2025,

the

Independent

Trustees

met

privately

with

Independent

Counsel

to

discuss

the

Agreement

Evaluation

Information

received

prior

to

those

dates.

At

a

meeting

held

in

person

on

April

21,

2025,

the

Independent

Trustees

met

privately

with

Independent

Counsel

to

discuss

the

Agreement

Evaluation

Information.

At

a

meeting

held

in

person

on

April

22,

2025

(the

“Agreement

Information

Review

Meeting”),

the

Board,

including

the

Independent

Trustees,

in

preparation

for

the

Agreement

Evaluation

Meeting,

met:

(1)

in

an

executive

session

with

a

representative

of

TA

Associates

Management,

L.P.

(“TA

Associates”),

at

which

(i)

Independent

Counsel,

(ii)

Fund

Counsel,

(iii)

the

Chairman

and

Chief

Executive

Officer

of

RIM’s

ultimate

parent

company;

(iv)

the

Chief

Financial

Officer

of

RIM

and

RIM’s

ultimate

parent

company,

and

(v)

the

President,

Chief

Executive

Officer

and

non-Independent

Trustee

of

the

Funds,

who

is

also

a

Director

of

RIM

and

Vice

Chairman

of

RIM’s

ultimate

parent

company,

were

present;

(2)

met

with

representatives

of

RIM;

and

then

(3)

the

Independent

Trustees

met

in

a

private

session

with

Independent

Counsel

at

which

no

representatives

of

RIM

or

the

Funds’

management

were

present

to

further

review

and

discuss

the

Agreement

Evaluation

Information

received

to

that

date.

At

the

Agreement

Evaluation

Meeting,

the

Independent

Trustees

again

met

in

person

in

a

private

session

with

Independent

Counsel

to

review

the

additional

or

updated

Agreement

Evaluation

Information

received

to

that

date.

At

the

Agreement

Evaluation

Meeting,

the

Board,

including

the

Independent

Trustees,

considered

the

proposed

continuance

of

the

Agreements

with

RIM,

Fund

management,

Independent

Counsel

and

Fund

Counsel.

The

Board

considered

that

the

Agreement

Evaluation

Information

and

presentations

made

by

RIM

at

the

Agreement

Information

Review

Meeting

and

the

Agreement

Evaluation

Meeting

as

part

of

this

review

encompassed

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

40

Basis

for

Approval

of

Investment

Advisory

Agreement

the

Funds

and

all

Other

RIM

Funds.

Information

received

by

the

Board,

including

the

Independent

Trustees,

prior

to

and

at

the

Agreement

Information

Review

Meeting,

the

Agreement

Evaluation

Meeting,

and

other

meetings

identified

above

is

included

in

the

Agreement

Evaluation

Information.

Prior

to

voting

at

the

Agreement

Evaluation

Meeting,

the

Independent

Trustees

again

met

in

private

session

with

Independent

Counsel

to

consider

Agreement

Evaluation

Information

received

from

RIM

and

management

at

and

prior

to

the

Agreement

Evaluation

Meeting.

The

discussion

below

reflects

the

culmination

of

all

of

these

reviews.

In

evaluating

the

Agreements,

the

Board

considered

that

most

of

the

Underlying

Funds

(the

“Manager-of-Managers

Underlying

Funds”)

employ

a

manager-of-managers

method

of

investment

and

that

the

Manager-of-Managers

Underlying

Funds,

in

employing

a

manager-of-managers

method

of

investment,

operate

in

a

manner

that

is

different

from

many

other

investment

companies.

Specifically,

the

Board

considered

that

RIM

has

engaged

multiple

unaffiliated

Money

Managers

for

the

Manager-of-Managers

Underlying

Funds

and

is

responsible

for

paying

fees

to

the

Money

Managers

(“Money

Manager

Fees”)

out

of

the

advisory

fees

paid

by

the

Manager-of-Managers

Underlying

Funds

to

RIM

for

its

services

under

the

RIM

Agreement.

A

Money

Manager

may

have

(1)

a

discretionary

asset

management

assignment

pursuant

to

which

it

is

allocated

a

portion

of

a

Manager-of-Managers

Underlying

Fund’s

assets

to

manage

directly

and

for

which

it

selects

and

trades

the

individual

portfolio

securities

for

the

assets

assigned

to

it;

(2)

a

non-discretionary

assignment

pursuant

to

which

it

provides

a

model

portfolio

to

RIM

representing

its

investment

recommendations,

based

upon

which

RIM

purchases

and

sells

securities

for

a

Manager-of-Managers

Underlying

Fund;

or

(3)

both

a

discretionary

and

a

non-discretionary

assignment.

Money

Manager

Fees

for

a

non-discretionary

assignment

may

be

the

same

as,

or

lower

than,

the

fees

would

be

for

a

discretionary

assignment

with

the

same

Money

Manager.

The

Long

Duration

Bond

Fund

does

not

employ

a

manager-of-managers

method

of

investment

and

is

instead

managed

only

by

RIM.

The

Board

considered

that

RIM

(rather

than

any

Money

Manager

in

the

case

of

Manager-of-Managers

Underlying

Funds)

is

responsible

under

the

RIM

Agreement

for

determining,

implementing

and

maintaining

the

investment

program

for

each

Fund

and,

in

conducting

each

Fund’s

investment

program,

allocating

assets

of

such

Fund

principally

among

its

Underlying

Funds.

The

assets

of

each

Fund

are

principally

invested

in

different

combinations

of

the

Underlying

Funds

pursuant

to

target

strategic

asset

allocations

set

by

RIM.

RIM

analyzes

opportunities

and

risks

at

the

aggregate

level

of

the

four

main

asset

classes

–

equities,

fixed

income,

multi-asset

and

alternatives

–

and

monitors

exposure

to

such

asset

classes

using

analytical

tools

to

seek

to

ensure

that

any

deviations

from

the

target

strategic

asset

allocations

are

intentional

and

tactical.

RIM

periodically

evaluates

each

Fund’s

allocation

between

asset

classes

to

seek

to

ensure

that

the

allocations

optimally

match

the

Fund’s

stated

investment

objectives

and

risk

profile.

RIM

may

modify

the

target

strategic

asset

allocation

for

any

Fund,

including

changes

to

the

Underlying

Funds

in

which

the

Funds

invest

from

time

to

time.

The

overall

performance

of

each

Fund

therefore

has

reflected,

in

part,

the

performance

of

RIM

in

designing

the

investment

program

of

the

Fund

and

in

determining

the

Funds’

target

strategic

asset

allocations.

The

overall

performance

of

each

Fund

also

has

reflected

the

performance

of

RIM

in

managing

its

Underlying

Funds.

Assets

of

each

Manager-of-Managers

Underlying

Fund

are

allocated

among

RIM

and

the

multiple

Money

Manager

strategies

selected

by

RIM

for

that

Manager-of-Managers

Underlying

Fund.

RIM

may

change

a

Manager-of-Managers

Underlying

Fund’s

target

strategic

asset

allocation

to

a

Money

Manager

at

any

time,

including

by

allocating

no

Manager-of-Managers

Underlying

Fund

assets

to

one

or

more

Money

Manager

strategies.

In

addition,

RIM

continues

to

manage

the

investment

of

each

Manager-of-Managers

Underlying

Fund’s

cash

and

portions

of

a

Manager-of-Managers

Underlying

Fund

during

transitions

between

discretionary

Money

Managers.

RIM

also

continues

to

manage

directly

any

portion

of

each

Manager-of-Managers

Underlying

Fund’s

assets

that

RIM

determines

not

to

allocate

to

Money

Manager

strategies.

Most

Underlying

Funds

usually,

but

not

always,

pursue

a

strategy

of

being

fully

invested

by

exposing

all

or

a

portion

of

their

cash

to

the

performance

of

certain

markets

by

purchasing

equity

securities,

fixed

income

securities

and/or

derivatives.

This

cash

“equitization”

strategy

is

managed

by

RIM

and

is

intended

to

cause

a

Fund

to

perform

as

though

its

cash

were

actually

invested

in

those

specified

markets

or

strategies.

With

respect

to

the

portion

of

a

Manager-

of-Managers

Underlying

Fund

that

RIM

manages

based

upon

non-discretionary

Money

Manager

model

portfolios,

RIM

constructs

a

portfolio

that

represents

the

aggregation

of

the

model

portfolios

based

upon

RIM’s

allocation

to

each

Money

Manager’s

strategy

through

an

“enhanced

portfolio

implementation,”

or

“emulation,”

process

designed

to

capture

return

streams

of

multiple

Money

Managers

in

a

centralized

portfolio.

RIM

then

implements

the

portfolio

consistent

with

the

aggregation

of

the

model

portfolios,

but

may

deviate

from

such

aggregation

for

the

purposes

of

exposure

and

transaction

cost

management.

RIM

stated

its

belief

that

the

Manager-of-Managers

Underlying

Funds

benefit

from

emulation

through,

among

other

things,

improved

incremental

returns

over

time

due

to

lower

aggregate

transaction

costs

(including

the

impact

of

lower

trading

volume

on

custody

charges)

and

lower

turnover

from

reduced

trading

volumes,

the

potential

for

additional

commission

recapture,

improved

portfolio

efficiency

and

control

by

enabling

the

implementation

team

more

options

for

controlling

investment

exposures,

managing

cash

flows

and

rebalances

between

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

41

Money

Manager

strategies,

and

managing

Money

Manager

transitions.

The

Board

noted

the

variety

and

complexity

of

investment

advisory

services

that

RIM

provides

directly

or,

through

the

Underlying

Funds,

indirectly

to

the

Funds

under

the

RIM

Agreement.

In

the

case

of

Manager-of-Managers

Underlying

Funds,

RIM

is

responsible

for

selecting

(subject

to

Board

approval),

overseeing

and

evaluating

the

performance

results

of

the

Money

Managers

for

each

Manager-of-Managers

Underlying

Fund

and

for

actively

managing

allocations

and

reallocations

of

its

assets

among

Money

Manager

strategies

and

RIM

itself.

Each

discretionary

Money

Manager

for

a

Manager-of-Managers

Underlying

Fund

in

effect

performs

the

function

of

an

individual

portfolio

manager

who

is

responsible

for

researching,

selecting

and

trading

portfolio

securities

for

the

portion

of

the

Manager-of-Managers

Underlying

Fund

assigned

to

it

by

RIM

in

accordance

with

the

Manager-of-Managers

Underlying

Fund’s

applicable

investment

objective,

policies

and

restrictions,

any

specific

guidelines

placed

by

RIM

upon

their

selection

of

portfolio

securities,

and

the

Money

Manager’s

specified

role

in

a

Manager-of-Managers

Underlying

Fund.

A

Money

Manager’s

primary

role

is

to

pursue

a

particular

investment

strategy

that

has

been

selected

and

assigned

to

it

by

RIM

through

sector

and

security

selection

and

risk

control

measures

in

a

manner

that

is

consistent

with

its

RIM-assigned

guidelines.

The

Money

Managers

operate

subject

to

the

oversight

of,

and

instructions

from,

RIM.

For

each

Manager-of-Managers

Underlying

Fund,

RIM

is

responsible

for,

among

other

things,

providing

each

Money

Manager

with

the

investment

guidelines

and

policies

for

the

Manager-of-Managers

Underlying

Fund

and

any

specific

investment

restrictions;

monitoring

the

performance

of

each

Money

Manager

and

Manager-of-Managers

Underlying

Fund;

generally

supervising

compliance

by

the

discretionary

Money

Managers

and,

as

applicable,

the

non-discretionary

Money

Managers

with

each

Manager-of-Managers

Underlying

Fund’s

investment

objective

and

policies;

with

respect

to

Manager-of-Managers

Underlying

Funds

with

non-discretionary

Money

Managers,

purchasing

and

selling

securities

for

the

Manager-of-Managers

Underlying

Funds

based

on

model

portfolios

representing

the

investment

recommendations

of

the

non-discretionary

Money

Managers;

managing

Manager-of-Managers

Underlying

Fund

assets

that

are

not

allocated

to

Money

Manager

strategies;

managing

the

Manager-of-

Managers

Underlying

Funds’

cash

balances;

and

recommending

at

least

annually

to

the

Board

whether

portfolio

management

contracts

should

be

renewed,

modified

or

terminated.

In

addition

to

its

annual

recommendation

as

to

the

renewal,

modification

or

termination

of

portfolio

management

contracts,

RIM

is

responsible

for

recommending

to

the

Board

additions

of

new

Money

Managers,

or

terminations

or

replacements

of

existing

Money

Managers

at

any

time

when,

based

on

RIM’s

research

and

ongoing

review

and

analysis,

such

actions

are,

in

RIM’s

judgment,

appropriate.

RIM

provides

each

Money

Manager

with

specific

investment

guidelines

based

on

a

Manager-of-Managers

Underlying

Fund’s

investment

program

and

RIM’s

assessment

of

the

Money

Manager’s

expertise

and

investment

style

whereby

RIM

attempts

to

capitalize

on

the

strengths

of

each

Money

Manager

and

to

combine

the

investment

activities

of

Money

Managers

for

the

Manager-of-Managers

Underlying

Fund

in

a

complementary

fashion.

Therefore,

RIM’s

selection

of

Money

Managers

for

a

Manager-of-Managers

Underlying

Fund

is

made

not

only

on

the

basis

of

performance

considerations

but

also

on

the

basis

of

other

factors,

including

anticipated

compatibility

with

other

Money

Managers

in

the

same

Manager-of-Managers

Underlying

Fund.

In

light

of

the

foregoing,

the

overall

performance

of

each

Manager-of-Managers

Underlying

Fund

has

reflected,

in

great

part,

the

performance

of

RIM

in

designing

the

Manager-of-Managers

Underlying

Fund’s

investment

program,

structuring

the

Manager-of-Managers

Underlying

Fund,

selecting

effective

Money

Managers,

and

allocating

assets

among

the

Money

Manager

strategies

and

RIM

in

a

manner

designed

to

achieve

the

investment

objectives

of

the

Manager-

of-Managers

Underlying

Fund.

In

the

Agreement

Evaluation

Information,

RIM

noted

the

broad

array

of

investment

management

services

provided

to

the

Manager-of-Managers

Underlying

Funds

by

RIM

and

the

relatively

narrow

scope

of

portfolio

management

services

provided

to

the

Manager-of-Managers

Underlying

Funds

by

Money

Managers.

RIM

has

advised

the

Board

that

its

portfolio

construction

process

is

investment

led

and

designed

to

be

conducted

in

a

manner

that

is

consistent

with

its

fiduciary

duties.

The

objective

of

RIM’s

portfolio

construction

is

to

meet

a

portfolio’s

investment

objective

and

established

excess

return

target.

In

the

Agreement

Evaluation

Information,

RIM

noted

that

while

it

has

general

goals

for

Money

Manager

Fees

in

the

aggregate

globally,

there

are

no

specific

fee

targets

that

are

established

for

individual

portfolios,

which

includes

each

of

the

Manager-of-Managers

Underlying

Funds.

In

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

Money

Manager

Fees,

in

the

aggregate,

must

allow

RIM

to

remain

a

going

concern

with

sufficient

resources

to

provide

required

services

to

the

Funds

and

to

earn

a

reasonable

profit.

RIM

advised

the

Board

that

RIM

portfolio

managers

utilize

a

number

of

tools

in

the

portfolio

construction

process

in

order

to

meet

a

Manager-of-Managers

Underlying

Fund’s

objective

taking

into

account

Money

Manager

Fees.

These

tools

include,

among

others,

Money

Manager

selection,

Money

Manager

allocation,

Money

Manager

Fee

negotiations,

guideline

customization

and

RIM’s

direct

management

of

a

portion

of

the

Manager-of-Managers

Underlying

Funds’

assets

(as

further

described

below).

The

Board

considered

that

the

prospectuses

for

the

Funds

and

the

Manager-of-Managers

Underlying

Funds

and

other

public

disclosures

have

emphasized,

and

continue

to

emphasize,

to

investors

RIM’s

role

as

the

principal

investment

manager

for

each

such

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

42

Basis

for

Approval

of

Investment

Advisory

Agreement

Manager-of-Managers

Underlying

Fund,

rather

than

the

investment

selection

or

recommendation

role

of

the

Money

Managers,

and

describe

the

manner

in

which

the

Funds

or

Manager-of-Managers

Underlying

Funds

operate.

The

Board

further

considered

that

Fund

investors

in

pursuing

their

investment

goals

and

objectives

likely

purchased

their

shares

on

the

basis

of

this

information

and

RIM’s

reputation

and

experience

in

managing

the

structure

of

the

Manager-of-Managers

Underlying

Funds.

The

Board

also

considered

the

demands

and

complexity

of

managing

the

Manager-of-Managers

Underlying

Funds

pursuant

to

the

manager-of-managers

structure,

the

special

expertise

of

RIM

with

respect

to

the

manager-of-managers

structure

of

the

Manager-of-

Managers

Underlying

Funds

and

the

possibility

that,

at

the

current

expense

ratio

of

each

Manager-of-Managers

Underlying

Fund,

there

might

be

no

acceptable

alternative

investment

managers

to

replace

RIM

on

comparable

terms

given

the

need

to

continue

the

manager-of-managers

strategy

of

such

Manager-of-Managers

Underlying

Fund.

In

addition

to

these

general

factors

relating

to

the

structure

of

the

Manager-of-Managers

Underlying

Funds,

the

Trustees

considered,

with

respect

to

each

Fund

and

Underlying

Fund,

various

specific

factors

in

evaluating

the

renewal

of

the

RIM

Agreement,

including

the

following:

1.

The

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided,

and

expected

to

be

provided,

to

the

Fund

or

the

Underlying

Fund

by

RIM;

2.

The

advisory

fee

paid

by

the

Fund

or

the

Underlying

Fund

to

RIM

for

its

services

under

the

RIM

Agreement

(the

“Advisory

Fee”),

and,

in

the

case

of

Manager-of-Managers

Underlying

Funds,

the

fact

that

RIM

pays

all

Money

Manager

Fees

out

of

its

Advisory

Fee;

3.

The

combined

Advisory

Fee

paid

to

RIM

and

the

administrative

fee

paid

to

RIM’s

wholly

owned

subsidiary

for

administrative

services

(the

“Administrative

Fee,”

and

together

with

the

Advisory

Fee,

the

“Management

Fee”);

4.

The

performance

of

the

Funds

and

the

Underlying

Funds

relative

to

their

respective

benchmark

indices

and

Comparable

Funds;

5.

Information

provided

by

RIM

as

to

other

fees

and

benefits

received

by

RIM

or

its

affiliates

in

connection

with

the

Fund

or

the

Underlying

Fund,

including

any

administrative

or

transfer

agent

fees,

any

fees

received

for

management

or

administration

of

the

fund

in

which

the

Underlying

Funds

invest

their

uninvested

cash,

and

commissions

or

other

compensation

in

connection

with

the

execution

of

portfolio

securities

and

foreign

exchange

transactions;

6.

Information

provided

by

RIM

as

to

expenses

incurred

by

the

Fund

or

Underlying

Fund;

7.

Information

provided

by

RIM

as

to

the

profits

that

RIM

derives

from

its

mutual

fund

operations

generally

and

from

the

Fund

or

the

Underlying

Fund

(excluding

sales

and

client

service

expenses);

and

8.

Information

provided

by

RIM

concerning

economies

of

scale

and

whether

any

scale

economies

are

adequately

shared

with

the

Fund

or

the

Underlying

Fund.

In

connection

with

the

Trustees’

consideration

of

the

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided,

and

which

are

expected

to

be

provided,

to

the

Funds

and

the

Underlying

Funds,

including

Fund

portfolio

management

services,

the

Board

discussed

with

senior

representatives

of

RIM

and

RIM’s

ultimate

parent

company

certain

initiatives

and

growth

strategies

involving

new

and

potential

new

client

relationships,

new

and

expected

new

product

offerings,

certain

changes

in

senior

personnel

and

the

impact

of

other

recent

changes

in

Russell

Investments’

(as

defined

below)

personnel

providing

services

to

the

Funds

and

the

Underlying

Funds.

The

President

and

Chief

Investment

Officer

of

Russell

Investments

discussed

with

the

Board

the

performance

of

certain

Funds

and

Underlying

Funds,

how

Russell

Investments

measures

performance

success,

and

recent

and

planned

investment

process

enhancements.

The

Board

also

discussed

the

Funds’

compliance

program

with

the

Funds’

Chief

Compliance

Officer

(“CCO”),

including

certain

items

reported

in

the

annual

report

of

the

CCO

required

under

Rule

38a-1

of

the

1940

Act

(the

“Annual

CCO

Report”).

The

Annual

CCO

Report

included

the

status

of

projects,

initiatives

and

enhancements

in

the

past

year

related

to

the

compliance

program

that

the

CCO

identified

in

connection

with

last

year’s

Annual

CCO

Report.

The

Annual

CCO

Report

also

included

information

on

the

resources

of

the

compliance

program

and

the

status

of

various

compliance,

operations

and

technology

initiatives

previously

discussed

with

the

Board.

The

CCO

and

Russell

Investments’

Global

Chief

Compliance

Officer

discussed

with

the

Board,

and

the

Board

noted,

certain

enhancements

made

to

the

compliance

programs

of

RIM

and

the

Funds

over

the

past

year

and

suggestions

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

43

for

additional

enhancements

going

forward,

certain

staffing

changes

and

areas

of

focus

for

the

upcoming

year.

The

CCO

advised

the

Board

that

the

Funds

and

RIM,

with

respect

to

the

services

RIM

provides

to

the

Funds,

have

each

adopted

and

effectively

implemented

written

policies

and

procedures

that

are

reasonably

designed

to

prevent

violation

of

the

Federal

Securities

Laws

(as

such

term

is

defined

in

the

1940

Act).

RIM

is

an

indirect

wholly

owned

subsidiary

of

Russell

Investments

Group,

Ltd.,

through

which

the

limited

partners

of

certain

private

equity

funds

affiliated

with

TA

Associates

indirectly

have

a

majority

ownership

interest

through

alternative

investment

vehicles

and

the

limited

partners

of

certain

private

equity

funds

affiliated

with

Reverence

Capital

Partners,

L.P.

(“Reverence

Capital”)

indirectly

have

a

significant

minority

controlling

ownership

interest

(as

“control”

is

defined

in

the

1940

Act)

through

certain

Reverence

Capital

funds

and

alternative

investment

vehicles

in

RIM

and

its

affiliates

(“Russell

Investments”).

Certain

of

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-controlling

positions

in

Russell

Investments.

In

connection

with

the

Board’s

initial

approval

of

the

RIM

Agreement

in

2015,

TA

Associates

advised

the

Board

of

its

plans

ultimately

to

effect

a

sale

or

other

disposition

of

its

ownership

interest

in

Russell

Investments.

Any

such

future

transaction

(“Transaction”)

could

cause

a

change

of

control

of

RIM

resulting,

among

other

things,

in

an

assignment

and

termination

of

the

RIM

Agreement,

as

required

by

the

1940

Act

and

by

the

terms

and

conditions

of

the

RIM

Agreement.

In

the

event

of

a

Transaction,

the

Board

would

be

required

to

consider

the

approval

of

the

terms

and

conditions

of

a

replacement

agreement

(“Successor

Agreement”)

for

the

RIM

Agreement

and,

thereafter,

to

submit

the

Successor

Agreement

to

each

Fund’s

shareholders

for

approval,

as

required

by

the

1940

Act.

During

the

executive

session

with

a

representative

of

TA

Associates

held

in

connection

with

the

Agreement

Information

Review

Meeting,

among

other

things,

the

status

of

TA

Associates’

indirect

investment

in

RIM

and

RIM’s

access

to

sufficient

resources

to

support

its

activities

in

respect

of

the

Funds,

including

in

light

of

the

current

market

environment,

current

debt

levels,

capital

structure

and

liquidity

of

Russell

Investments

Group,

Ltd.,

and

the

impact

of

certain

changes

in

Russell

Investments’

senior

management

were

discussed.

The

Board

was

not

advised

of

any

change

in

TA

Associates’

ultimate

plans

regarding

its

ownership

interest

in

Russell

Investments.

The

Board

was

advised

of

TA

Associates’

commitment

to

continue

to

support

the

same

level

of

services

currently

being

provided

by

RIM

and

its

affiliates

to

the

Funds.

As

noted

above,

RIM,

in

addition

to

managing

the

investment

of

each

Manager-of-Managers

Underlying

Fund’s

cash,

directly

manages

a

portion

(which

may

represent

a

significant

portion)

of

the

Manager-of-Managers

Underlying

Funds

pursuant

to

the

RIM

Agreement,

with

the

actual

allocation

of

Manager-of-Managers

Underlying

Fund

assets

among

Money

Manager

strategies

and

RIM

being

determined

from

time

to

time

by

the

RIM

portfolio

manager(s).

RIM

may

utilize

tools

such

as

“optimization,”

which

involves

the

analysis

of

tradeoffs

between

various

risk

and

return

factors

as

well

as

turnover

and

transaction

costs,

in

order

to

estimate

optimal

portfolio

positioning.

RIM

may

use

strategies

based

on

indexes,

including

optimized

index

sampling

(strategies

that

seek

to

purchase

a

sampling

of

securities

using

optimization

and

risk

models)

and/or

index

replication.

For

certain

Underlying

Funds,

RIM

may

invest

in

derivative

instruments

and

may

use

derivatives

to

take

both

long

and

short

positions.

RIM’s

direct

management

of

assets

for

these

purposes

is

hereinafter

referred

to

as

the

“Direct

Management

Services.”

While

no

new

direct

management

strategies

were

implemented

in

2024,

the

Board

has

been

advised

that,

where

appropriate

in

its

judgment,

RIM

may

continue

exploring

the

possible

addition

of

new

or

expansion

of

existing

Direct

Management

Services.

Therefore,

larger

portions

of

certain

Manager-of-Managers

Underlying

Funds

may

be

managed

directly

by

RIM

pursuant

to

the

Direct

Management

Services.

According

to

RIM,

for

the

Manager-of-Managers

Underlying

Funds,

its

portfolio

managers

combine

Money

Manager

strategies

and,

through

RIM’s

Direct

Management

Services,

align

exposures

with

RIM’s

preferred

positioning

by

seeking

to

precisely

manage

portfolio

exposures

as

well

as

to

generate

alpha

as

they

construct

portfolios.

RIM’s

Direct

Management

Services

are

customized

portfolios

directly

managed

by

RIM

for

use

within

the

total

portfolio

of

a

Manager-of-Managers

Underlying

Fund.

RIM’s

Direct

Management

Services

are

used

in

conjunction

with

allocations

to

Money

Manager

strategies

to

fully

reflect

RIM’s

strategic

and

dynamic

insights

with

integrated

liquidity

and

risk

management.

The

Board

considered

that

RIM

is

not

required

to

pay

Money

Manager

Fees

to

any

Money

Managers

with

respect

to

assets

for

which

it

provides

Direct

Management

Services

and

that

the

profits

derived

by

RIM

generally

and

from

the

Manager-of-Managers

Underlying

Funds

consequently

may

be

increased,

although

RIM

noted

that

it

incurs

additional

costs

in

providing

Direct

Management

Services.

RIM

advised

the

Board

that

allocations,

or

increased

allocations,

of

Manager-of-Managers

Underlying

Fund

assets

to

Direct

Management

Services,

together

with

Money

Manager

selection,

allocations

among

Money

Manager

strategies,

renegotiation

of

Money

Manager

Fees

and

changes

in

existing

Money

Manager

assignments

from

discretionary

to

non-discretionary

assignments

where

there

is

a

related

Money

Manager

Fee

reduction

may

reduce

its

costs

of

providing

investment

advisory

services

to

the

Manager-of-Managers

Underlying

Funds,

which

would

benefit

RIM.

The

Board

considered

RIM’s

advice

that

any

such

benefit,

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

44

Basis

for

Approval

of

Investment

Advisory

Agreement

including

any

increased

profits

to

RIM,

ultimately

may

be

partially

offset

by

the

impact

of

any

new

or

additional

fee

waivers

or

expense

caps

separately

agreed

upon

and

implemented

from

time

to

time

for

the

affected

Manager-of-Managers

Underlying

Funds

and

any

costs

of

incremental

investments

or

increased

cost

allocations

that

RIM

may

incur

to

support

Direct

Management

Services.

The

Board

also

considered

information

provided

by

RIM

as

to

the

potential

benefits

of

the

Direct

Management

Services

to

the

Manager-of-Managers

Underlying

Funds

and

the

fact

that

the

aggregate

Advisory

Fees

paid

by

the

Manager-of-Managers

Underlying

Funds

are

not

increased

as

a

result

of

RIM’s

direct

management

of

Manager-of-Managers

Underlying

Fund

assets

as

part

of

the

Direct

Management

Services

or

otherwise.

The

Board

noted

that

changes

in

the

allocation

of

assets

among

Money

Manager

strategies

or

to

Direct

Management

Services,

as

well

as

changes

in

the

allocation

of

Fund

assets

among

the

Underlying

Funds,

may

result

directly

in

higher

related

costs

to

affected

Underlying

Funds,

including

higher

brokerage

commissions

and

other

transaction

costs,

a

portion

of

which

is

paid

to

RIM’s

affiliated

broker

in

connection

with

execution

of

portfolio

transactions

in

connection

with

such

changes.

RIM

advised

the

Board

that,

in

order

to

preserve

flexibility

and

to

manage

risks,

and

consistent

with

the

terms

of

the

manager-of-

managers

exemptive

order,

in

2019,

RIM

created

Money

Manager

“bench”

lineups

for

certain

Manager-of-Managers

Underlying

Funds,

whereby

those

Manager-of-Managers

Underlying

Funds

have

Board-approved

portfolio

management

contracts

with

Money

Managers

that

are

not

funded

(i.e.,

have

an

asset

allocation

of

zero).

In

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

the

opportunity

to

decrease

a

Money

Manager’s

allocation

to

zero,

but

not

terminate

the

Money

Manager,

allows

RIM

to

potentially

realize

gains

from

strategies

that

may

have

been

overly

rewarded

in

the

marketplace

over

the

short

to

medium

term,

or

provide

the

opportunity

to

retain

capacity

with

a

Money

Manager

that

may

otherwise

be

closed

to

new

business.

The

Board

noted

that

RIM

does

not

believe

there

are

any

detriments

to

the

Manager-of-Managers

Underlying

Funds

or

RIM

from

the

use

of

a

Money

Manager

bench.

RIM

has

advised

the

Board

that

RIM

may

add

Money

Managers

to,

or

remove

Money

Managers

from,

a

Money

Manager

bench

lineup

for

Manager-of-Managers

Underlying

Funds,

or

create

Money

Manager

bench

lineups

for

additional

Manager-of-Managers

Underlying

Funds.

The

Agreement

Evaluation

Information

outlined

various

changes

that

have

been

implemented

in

the

investment

program

for

the

Funds

and

the

Manager-of-Managers

Underlying

Funds

in

recent

years

and

described

additional

changes

that

have

been

implemented

or

are

underway,

and

the

impact

of

such

changes,

to

the

investment

advisory

services

provided

to

the

Underlying

Funds

by

RIM,

which

the

Trustees

took

into

account

in

their

contract

renewal

deliberations,

including

the

following:

•

The

Direct

Management

Services

described

above.

•

Most

discretionary

Money

Manager

equity

assignments

for

Manager-of-Managers

Underlying

Funds

were

previously

converted

to

non-discretionary

assignments,

thereby

implementing

emulation

for

those

Money

Manager

equity

assignments.

The

Board

considered

the

potential

impacts

described

in

the

Agreement

Evaluation

Information,

both

positive

and

negative,

on

the

Manager-

of-Managers

Underlying

Funds

of

emulation.

RIM

noted

that,

in

implementing

emulation

for

most

equity

assignments

for

the

Manager-of-Managers

Underlying

Funds,

it

assumes

various

additional

risks,

including

trade

error

risk

as

it

takes

over

responsibility

for

trading.

RIM

generally

effects

Underlying

Fund

equity

portfolio

transactions

through

an

affiliated

broker

that

receives

a

portion

of

the

commissions

paid

by

the

Funds

for

effecting

some

of

these

transactions.

For

such

equity

transactions,

the

Underlying

Funds

pay

RIM’s

affiliated

broker

dealer

commission

rates

that

are

determined

by

an

oversight

committee

of

RIM.

According

to

RIM,

the

Underlying

Funds

pay

the

same

commission

rates

regardless

of

whether

the

affiliated

broker

dealer

receives

any

portion

of

the

commission.

RIM

noted

certain

enhancements

in

recent

years

to

the

emulation

process

for

Manager-of-Managers

Underlying

Funds,

including

increasing

the

frequency

of

receipt

of

certain

Money

Manager

model

portfolios,

the

utilization

of

a

risk-based

portfolio

dashboard

and

model

liquidity

monitoring.

While

RIM

generally

implements

Money

Manager

equity

strategies

via

emulation,

RIM

has

determined

and

may

determine

that

certain

Money

Manager

equity

strategies

should

be

implemented

by

Money

Managers

on

a

discretionary

basis.

•

RIM

has

renegotiated

fees

with

certain

Money

Managers

to

lower

levels

and

advised

the

Board

that

it

will

continue

to

assess

opportunities

for

Money

Manager

Fee

reductions

in

the

future.

RIM

advised

the

Board

that

it

has

not

experienced,

and

does

not

expect

to

experience,

any

diminution

in

the

nature,

scope

or

quality

of

services

provided

by

Money

Managers

as

a

result

of

renegotiated

Money

Manager

Fees.

•

Benchmark

and

name

changes

for

certain

Funds

and

Underlying

Funds

to

comply

with

new

SEC

regulations.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

45

•

Modifications

to

the

target

strategic

asset

allocation

of

the

Funds

to

reflect

market

conditions,

capital

market

forecasts

and

RIM’s

desired

asset

class

exposures.

In

evaluating

the

Funds’

and

Underlying

Funds’

Advisory

Fees

and

Management

Fees,

the

Board

considered

that,

in

the

Agreement

Evaluation

Information

and

at

past

meetings,

RIM

noted

differences

between

the

investment

strategies

of

certain

Underlying

Funds

and

their

respective

Comparable

Funds

in

pursuing

their

investment

objectives.

The

Board

considered

that,

effective

March

1,

2024,

the

contractual

advisory

fee

rates

were

reduced

for

certain

RIC

Underlying

Funds

for

which

RIM

was

consistently

waiving

advisory

fees

or

reimbursing

Fund

expenses

under

an

expense

cap,

and

new

waivers

and/or

expense

caps

for

certain

RIC

Underlying

Funds

were

implemented

upon

the

expiration

of

the

prior

waivers

and/or

expense

caps.

To

assist

the

Board’s

evaluation

of

the

Advisory

Fees,

Management

Fees

and

total

expenses

of

such

RIC

Underlying

Funds,

RIM

provided

comparisons

and

discussion

of

the

Management

Fees

and

total

expenses

of

each

RIC

Underlying

Fund

on

an

adjusted

basis

to

reflect

the

annualized

impact

of

changes

to

contractual

Advisory

Fees

and

Advisory

Fee

waivers

and

expense

caps,

as

applicable,

that

were

implemented

in

2024

relative

to

the

management

fees

and

total

expenses

of

such

RIC

Underlying

Fund’s

Comparable

Funds

included

in

the

Third-Party

Information.

The

Third-Party

Information

included,

among

other

things,

comparisons

of

the

Funds’

Management

Fees

with

the

management

fees

of

their

Comparable

Funds

on

an

actual

basis

(i.e.,

giving

effect

to

any

fee

waivers

and/or

expense

caps

implemented

by

RIM

with

respect

to

a

Fund

and

by

the

managers

of

such

Fund’s

Comparable

Funds).

The

Third-Party

Information

showed,

among

other

things,

that

the

Moderate

Strategy

Fund,

Balanced

Strategy

Fund

and

Aggressive

Strategy

Fund

(formerly

the

Growth

Strategy

Fund)

each

had

a

Management

Fee

which,

compared

with

the

management

fees

of

its

respective

Comparable

Funds

on

an

actual

basis,

was

ranked

in

the

second

quintile

of

its

Expense

Universe

for

that

expense

component,

and

the

Equity

Aggressive

Strategy

Fund

(formerly

the

Equity

Growth

Strategy

Fund)

had

a

Management

Fee

which,

compared

with

the

management

fees

of

its

Comparable

Funds

on

an

actual

basis,

was

ranked

in

the

first

quintile

of

its

Expense

Universe

for

that

expense

component.

In

these

rankings,

the

first

quintile

represents

funds

with

the

lowest

management

fees

among

funds

in

the

Expense

Universe,

and

the

fifth

quintile

represents

funds

with

the

highest

management

fees

among

funds

in

the

Expense

Universe.

The

comparisons

were

based

upon

the

latest

fiscal

years

for

the

Expense

Universe

funds

and

the

Third-Party

Information.

The

Funds

and

the

RIF

Underlying

Funds

are

distributed

exclusively

to

holders

of

variable

annuity

and

variable

life

insurance

contracts

issued

by

insurance

companies

(“Insurance

Contract

Holders”).

Among

other

things,

RIM

previously

noted

that

meaningful

comparisons

of

management

fees

between

funds

affiliated

with

insurance

companies

issuing

variable

annuity

and

life

insurance

policies

to

Insurance

Contract

Holders

and

funds

that

are

not

affiliated

with

such

insurance

companies,

such

as

the

Funds

and

the

RIF

Underlying

Funds,

are

difficult

as

insurance

companies

have

flexibility

to

allocate

certain

fees

between

the

variable

annuity

and

variable

life

insurance

contracts

held

by

Insurance

Contract

Holders

and

the

affiliated

underlying

funds.

RIM

also

noted

the

administrative

services

provided

by

an

insurance

company

to

Insurance

Contract

Holders

invested

in

the

Funds

and

the

RIF

Underlying

Funds

and

the

costs

associated

with

the

provision

of

such

administrative

services.

RIM

explained

that

these

administrative

services

benefit

the

Funds’

and

RIF

Underlying

Funds’

Insurance

Contract

Holders

and

are

necessary

for

the

operation

of

the

Funds

and

the

RIF

Underlying

Funds.

In

discussing

the

Management

Fees

for

the

Underlying

Funds

generally,

RIM

noted,

among

other

things,

that

its

Management

Fees

for

the

Underlying

Funds

encompass

services

that

are

typical

to

services

provided

by

investment

advisers

to

the

Underlying

Funds’

Comparable

Funds,

as

well

as

transition

management

services

that

enable

efficient

and

cost-effective

asset

transition

events

and

the

administration

of

a

cash

equitization

program.

RIM

also

advised

the

Board

that

its

pre-tax

profit

margin

from

its

relationships

with

the

Funds

and

Underlying

Funds

increased

slightly

in

2024,

and

RIM’s

2024

pre-tax

profit

margin

in

providing

investment

advisory

services

to

the

Funds

is

higher

than

the

median

of

the

operating

profit

margins

of

public

investment

management

company

peers

(in

each

case,

including

sales

and

client

service

expenses)

based

on

a

survey

conducted

as

of

September

30,

2024

reflecting

the

prior

12

months.

The

Board

considered

each

Fund’s

and

Underlying

Fund’s

Advisory

Fee

and

Management

Fee

on

both

a

standalone

basis

and

in

the

context

of

the

Fund’s

or

Underlying

Fund’s

total

expense

ratio.

The

Board

also

considers

the

various

expense

components,

other

than

the

Advisory

Fee

and

Management

Fee,

that

comprise

each

Fund’s

total

expense

ratio,

and

the

extent

to

which

such

expense

components

contribute

to

each

Fund’s

total

expense

rankings

within

its

Expense

Universe.

The

Board

has

engaged,

and

continues

to

engage,

in

discussions

with

RIM

to

identify

opportunities,

where

appropriate,

for

improving

the

Advisory

Fee,

Management

Fee

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

46

Basis

for

Approval

of

Investment

Advisory

Agreement

and/or

total

expense

comparisons

for

certain

Underlying

Funds

relative

to

their

respective

Comparable

Funds

through

Advisory

Fee

waivers

or

expense

caps.

At

the

Agreement

Information

Review

Meeting

and

the

Agreement

Evaluation

Meeting,

the

Board

reviewed

and

discussed

with

RIM

the

Management

Fees

and

total

expense

ratios

of

the

Underlying

Funds

relative

to

their

respective

Comparable

Funds,

including

the

fee

waivers

RIM

had

previously

implemented

and

agreed

to

implement

in

the

future

to

reduce

Management

Fees

and/

or

total

expenses

for

certain

Underlying

Funds,

and

the

Underlying

Funds’

Comparable

Fund

fee

and

expense

trending

year-over-

year.

Based

on

that

review

and

discussions

with

RIM,

including

discussions

with

RIM

regarding

the

reasonableness

of

various

components

of

certain

Underlying

Funds’

total

expense

ratio

other

than

its

Management

Fee,

the

Independent

Trustees

will

continue

to

evaluate

and

engage

in

ongoing

discussions

with

management

regarding

Management

Fee

and

total

expense

comparisons

of

the

Underlying

Funds.

Based

upon

information

provided

by

RIM,

the

Board

considered

for

each

Fund

and

Underlying

Fund

whether

economies

of

scale

have

been

realized

and

whether

the

Advisory

Fee

for

such

Fund

or

Underlying

Fund

appropriately

reflects

or

should

be

revised

to

reflect

any

such

economies.

The

Board

considered,

among

other

things,

the

variability

of

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure

employed

by

the

Manager-of-Managers

Underlying

Funds

as

well

as

net

Fund

redemptions

or

purchases

in

recent

years.

With

respect

to

each

Underlying

Fund,

the

Board

considered

any

Advisory

Fee

waivers

or

expense

limitation

arrangements

that

had

been

implemented

in

the

past

year,

and

those

proposed

to

be

implemented

in

the

future.

In

addition,

the

Board,

in

the

case

of

certain

Underlying

Funds,

considered

Advisory

Fee

breakpoints

that

previously

had

been

implemented

for

those

Underlying

Funds.

The

Funds

are

primarily

distributed

through,

and

their

assets

are

primarily

attributed

to,

The

Northwestern

Mutual

Life

Insurance

Company

(“Northwestern

Mutual”).

The

Funds

continue

to

experience

outflows;

however,

RIM

advised

the

Board

there

is

regular

contact

with

Northwestern

Mutual

in

order

to

maintain

product

availability

and

continue

efforts

to

grow

the

product

line.

RIM

expressed

its

belief

that

Northwestern

Mutual

is

still

committed

to

the

Funds

and

RIF

Underlying

Funds.

However,

the

Board

has

received

no

direct

assurances

in

this

regard

from

Northwestern

Mutual.

If

Northwestern

Mutual

were

to

discontinue

its

participation

in

the

Funds,

the

Board

considered

that

it

is

unlikely

that

the

Funds

would

remain

viable.

RIM

previously

expressed

its

belief

that

the

Funds

will

remain

viable

in

the

near

term,

and

the

Board

was

not

advised

of

any

change

in

RIM’s

belief

in

this

regard.

The

Board

considered,

among

other

things,

the

potential

negative

implications

for

significant

future

Fund

asset

growth

if

additional

insurance

companies

do

not

make

the

Funds

available

to

their

variable

annuity

and

variable

life

insurance

policyholders.

The

Board

also

considered

that

the

advisory

fee

rates

payable

to

RIM

by

Other

RIM

Funds

and

fee

rates

payable

to

RIM

or

its

affiliates

by

other

registered

investment

companies

and

by

institutional

clients

with

investment

objectives

similar

to

those

of

the

Funds

in

some

cases

are

lower

than

the

advisory

fee

rates

paid

by

the

Funds

(including

indirect

expenses

of

investing

in

Underlying

Funds).

The

Trustees

considered

RIM’s

explanation

that

the

advisory

fees

payable

to

RIM

by

the

Funds

and

the

Other

RIM

Funds

reflect,

among

other

things,

differences

in

the

type

of

product,

distribution

channel

and

investors.

The

Trustees

also

considered

the

differences

in

the

nature

and

scope

of

services

RIM

provides

to

other

registered

investment

companies

and

institutional

clients

relative

to

those

provided

to

the

Funds

and

the

Underlying

Funds.

With

respect

to

institutional

clients,

RIM

explained,

among

other

things,

that

institutional

products

have

fewer

compliance,

administrative,

client

servicing/communication

and

other

needs

than

the

Funds

and

the

Underlying

Funds.

RIM

also

noted

that

due

to

the

number

and

nature

of

investors,

along

with

their

varied

needs

for

liquidity,

there

is

more

portfolio

liquidity

management

and

cash

flow

management

required

for

the

Underlying

Funds

than

for

RIM’s

and

its

affiliates’

institutional

clients,

where

assets

are

relatively

stable.

In

addition,

RIM

noted

that

the

Funds

and

the

Underlying

Funds

are

subject

to

heightened

regulatory

requirements

relative

to

institutional

clients.

Accordingly,

the

Trustees

concluded

that

the

services

provided

to

the

Funds

and

Underlying

Funds

are

sufficiently

different

from

the

services

provided

to

such

institutional

clients

that

comparisons

are

not

probative

and

should

not

be

given

significant

weight.

With

respect

to

the

Funds’

total

expenses,

the

Third-Party

Information

showed

that

the

total

direct

expenses

(i.e.,

not

including

indirect

expenses

of

the

Underlying

Funds)

for

each

Fund

ranked

in

the

second

quintile

of

its

respective

Expense

Universe.

In

these

rankings,

the

first

quintile

represents

the

funds

with

the

lowest

total

expenses

among

funds

in

the

Expense

Universe

and

the

fifth

quintile

represents

funds

with

the

highest

total

expenses

among

the

Expense

Universe

funds.

On

the

basis

of

the

Agreement

Evaluation

Information,

and

other

information

previously

received

by

the

Board

from

RIM

during

the

course

of

the

year

and

prior

years,

or

presented

at

or

in

connection

with

the

Agreement

Information

Review

Meeting

and

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

47

Agreement

Evaluation

Meeting

by

RIM

and

its

affiliates,

the

Board,

in

respect

of

each

Fund

and

Underlying

Fund,

after

giving

effect

to

any

applicable

fee

waivers

and/or

expense

caps

for

the

Underlying

Funds,

and

considering

any

differences

in

the

investment

strategies

of

their

respective

Comparable

Funds

and

in

light

of

other

factors

discussed

above:

(1)

found

that

the

Advisory

Fee

and

Administrative

Fee

were

acceptable

in

light

of

the

nature,

scope

and

overall

quality

of

the

investment

advisory

and

other

services

provided,

and

expected

to

be

provided,

to

the

Fund

or

Underlying

Fund

and

to

provide

continuity

of

investment

advisory

and

other

services

by

RIM

and

its

affiliates

to

the

Fund

or

Underlying

Fund;

(2)

either

found

that

the

relative

expense

ratio

of

each

Fund

and

Underlying

Fund

was

comparable

to

those

of

its

Comparable

Funds

or

took

into

account

the

factors

noted

above,

and

other

factors

in

respect

of

the

Underlying

Funds,

in

considering

the

relative

expense

ratio

as

compared

to

those

of

its

Comparable

Funds;

(3)

found

that

the

other

benefits

and

fees

received

by

RIM

or

its

affiliates

from

the

Fund

or

Underlying

Fund

identified

in

the

Agreement

Evaluation

Information

were

not

considered

to

be

excessive;

(4)

found

that

RIM’s

reported

profitability

with

respect

to

the

Fund

and

Underlying

Fund

was

not

considered

to

be

excessive

in

light

of

the

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided

by

RIM

and

applicable

judicial

and

regulatory

guidance;

and

(5)

found

that

the

Advisory

Fee

charged

by

RIM

appropriately

reflects

any

economies

of

scale

realized

by

such

Fund

or

Underlying

Fund

in

light

of

various

factors,

including

potential

negative

implications

for

significant

future

Fund

asset

growth

if

additional

insurance

companies

do

not

make

the

Funds

available

to

their

Insurance

Contract

Holders;

the

Advisory

Fee

breakpoints

that

are

in

place

for

certain

Underlying

Funds;

in

the

case

of

Manager-of

Managers

Underlying

Funds,

the

variability

of

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure;

and

RIM’s

advice

that

it

does

not

believe

it

will

experience

meaningful

economies

of

scale.

The

Board

concluded

that,

under

the

circumstances

and

based

on

RIM’s

performance

information

and

reviews

for

each

Fund

and

Underlying

Fund,

the

performance

of

each

of

the

Funds

and

Underlying

Funds

supported

the

continuation

of

the

RIM

Agreement.

In

assessing

the

performance

of

the

Funds

and

the

Underlying

Funds

with

at

least

three

years

of

performance

history,

the

Board

focused

on

each

Fund’s

performance

for

the

3-year

period

ended

December

31,

2024

as

most

relevant,

but

also

considered

Fund

and

Underlying

Fund

performance

for

the

1-year

and,

where

applicable,

5-year

periods

ended

on

such

date.

In

reviewing

the

performance

of

the

Funds

and

Underlying

Funds

generally,

the

Board

took

into

consideration

various

steps

taken

by

RIM

in

the

past

few

years

to

enhance

the

performance

of

certain

Manager-of-Managers

Underlying

Funds,

including

changes

in

Money

Managers

or

their

allocations,

changes

to

investment

strategies,

and

RIM’s

implementation

or

expansion

of

its

Direct

Management

Services

and

other

strategies,

which

may

not

yet

be

fully

reflected

in

Manager-of-Managers

Underlying

Fund

investment

results.

With

respect

to

the

Moderate

Strategy

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

was

ranked

in

the

fifth

quintile

of

its

Performance

Universe

for

each

of

the

1-,

3-

and

5-year

periods

ended

December

31,

2024.

With

respect

to

the

Balanced

Strategy

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

was

ranked

in

the

fourth

quintile

of

its

Performance

Universe

for

each

of

the

1-

and

3-year

periods

ended

December

31,

2024,

and

was

ranked

in

the

fifth

quintile

of

its

Performance

Universe

for

the

5-year

period

ended

on

such

date.

The

performance

of

each

of

the

other

Funds

ranked

in

the

third

quintile

of

its

Performance

Universe

or

better

for

the

3-year

period

ended

December

31,

2024.

The

Board

considered

RIM’s

explanation

that

the

underperformance

of

the

Moderate

Strategy

Fund

and

Balanced

Strategy

Fund

relative

to

their

respective

Comparable

Funds

for

the

3-year

period

was

driven

by

a

combination

of

asset

allocation

differences

and

active

performance

of

the

Underlying

Funds.

RIM

noted,

among

other

things,

that

the

Funds

are

designed

to

be

broadly

diversified

across

asset

classes

to

harvest

diversification

benefits

and

improve

risk

adjusted

performance

over

a

strategic

horizon,

and

that

over

the

3-year

period,

some

of

these

diversified

exposures

have

not

been

accretive

to

the

Funds’

performance

relative

to

peers.

RIM

further

noted

that,

incrementally,

several

of

the

Underlying

Funds

underperformed

their

respective

benchmarks

and

contributed

to

the

underperformance

of

the

Funds.

RIM

also

noted

that

the

Funds’

target

strategic

asset

allocations

were

modified

in

2023,

with

the

objective

of

improving

return

potential

given

the

current

capital

markets

environment

and

capital

markets

forecasts,

and

the

Funds’

target

strategic

asset

allocations

also

were

modified

in

2025.

In

evaluating

performance,

the

Board

considered

each

Fund’s

and

Underlying

Fund’s

performance

not

only

relative

to

its

Comparable

Funds,

but

also

in

absolute

terms

and

relative

to

appropriate

benchmarks

and

indices.

The

Board

considered

the

Manager-of-Managers

Underlying

Funds’

performance

relative

to

their

primary

or

secondary

benchmarks,

whichever

RIM

uses

to

assess

Fund

performance,

in

light

of

RIM’s

advice

that

its

investment

philosophy

and

process

seek

to

combine

investment

managers

to

produce

benchmark-beating

returns

with

above-average

consistency.

Among

the

Underlying

Funds

in

which

the

Funds

were

invested

as

of

December

31,

2024,

for

the

1-year

period

ended

December

31,

2024,

the

RIF

Global

Real

Estate

Securities

Fund,

RIC

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

48

Basis

for

Approval

of

Investment

Advisory

Agreement

Emerging

Markets

Fund,

RIC

Opportunistic

Credit

Fund,

RIC

Investment

Grade

Bond

Fund,

RIC

Short

Duration

Bond

Fund

and

RIC

Multi-Strategy

Income

Fund

outperformed

their

respective

benchmarks;

for

the

3-year

period

ended

December

31,

2024,

the

RIC

Multi-Strategy

Income

Fund

outperformed

its

benchmark;

and

for

the

5-year

period

ended

December

31,

2024,

the

RIF

U.S.

Small

Cap

Equity

Fund,

RIF

Global

Real

Estate

Securities

Fund

and

RIC

Short

Duration

Bond

Fund

outperformed

their

respective

benchmarks.

With

respect

to

the

RIC

Underlying

Funds

that

are

not

Manager-of-Managers

Underlying

Funds,

for

the

1-year

period

ended

December

31,

2024,

the

Long

Duration

Bond

Fund

outperformed

its

benchmark.

The

Board

also

considered

the

Money

Manager

changes

that

have

been

made

during

the

past

year

and

that

the

performance

of

Money

Managers

continues

to

impact

the

performance

of

the

Funds

and

Manager-of-Managers

Underlying

Funds

for

periods

prior

and

subsequent

to

their

termination.

Further,

the

Board

considered

the

implementation

of

additional

strategies

or

refinements

to

strategies

discussed

in

the

Agreement

Evaluation

Information

and/or

prior

Board

meetings

that

have

been

and

may

be

employed

by

RIM

in

respect

of

certain

Underlying

Funds.

After

considering

the

foregoing

and

other

relevant

factors,

including

factors

described

above,

the

Board

concluded

in

respect

of

each

Fund

and

Underlying

Fund

that

continuation

of

the

RIM

Agreement

would

be

in

the

best

interest

of

such

Fund

and

its

shareholders

and

voted

to

approve

the

continuation

of

the

RIM

Agreement.

At

the

Agreement

Information

Review

Meeting

and

Agreement

Evaluation

Meeting,

with

respect

to

the

evaluation

of

the

terms

of

portfolio

management

contracts

with

Money

Managers

for

the

Manager-of-Managers

Underlying

Funds,

the

Board

received

and

considered

information

from

RIM

reporting,

among

other

things,

for

each

Money

Manager,

the

Money

Manager’s

performance

over

various

periods;

RIM’s

assessment

of

the

performance

of

each

Money

Manager;

any

significant

business

relationships

between

the

Money

Manager

and

RIM

or

Russell

Investments

Financial

Services,

LLC,

the

Funds’

and

Underlying

Funds’

underwriter;

and

RIM’s

recommendation

to

retain

each

discretionary

or

non-discretionary

Money

Manager

on

the

current

terms

and

conditions,

including

at

the

current

fee

rate.

The

Board

received

reports

during

the

course

of

the

year

from

the

Funds’

CCO

regarding

her

assessments

of

Money

Manager

compliance

programs

and

any

compliance

issues.

RIM

did

not

identify

any

benefits

from

the

Manager-of-Managers

Underlying

Funds’

portfolio

transactions

received

by

Money

Managers

or

their

affiliates

other

than

potential

benefits

from

soft

dollar

arrangements

or

commissions

paid

to

any

affiliated

broker-dealer

through

which

a

discretionary

Money

Manager

may

execute

trades.

RIM

recommended

that

each

of

the

Money

Managers

be

retained

for

its

current

discretionary

or

non-discretionary

assignment

at

its

current

fee

rate.

In

doing

so,

RIM,

as

it

has

in

the

past,

advised

the

Board

that

it

does

not

regard

Money

Manager

profitability

or

economies

of

scale

as

relevant

to

its

evaluation

of

the

portfolio

management

contracts

with

Money

Managers

because

the

willingness

of

Money

Managers

to

serve

in

such

capacity

depends

upon

arm’s-length

negotiations

with

RIM;

RIM

is

aware

of

the

standard

fee

rates

charged

by

Money

Managers

to

other

clients;

and

RIM

believes

that

the

fees

agreed

upon

with

Money

Managers

are

reasonable

and

appropriate

in

light

of

the

anticipated

quality

of

investment

advisory

services

to

be

rendered.

The

Board

accepted

RIM’s

explanation

of

the

relevance

of

Money

Manager

profitability

in

light

of

RIM’s

belief

that

such

fees

are

reasonable;

the

Board’s

findings

as

to

the

acceptability

of

the

Advisory

Fee

paid

by

each

Manager-of-Managers

Underlying

Fund;

and

the

fact

that

each

Money

Manager’s

fee

is

paid

by

RIM.

Based

upon

RIM’s

recommendations,

together

with

relevant

Agreement

Evaluation

Information,

the

Board

concluded

that

the

fees

paid

to

the

Money

Managers

of

each

Manager-of-Managers

Underlying

Fund

are

acceptable

in

light

of

RIM’s

assessment

of

the

quality

of

the

investment

advisory

services

provided

and

that

continuation

of

the

portfolio

management

contract

with

each

Money

Manager

of

each

Manager-of-Managers

Underlying

Fund

would

be

in

the

best

interests

of

the

Manager-of-Managers

Underlying

Fund

and

its

shareholders.

*

*

*

This

discussion

is

not

intended

to

include

all

of

the

factors

and

information

considered

by

the

Board.

In

their

deliberations,

the

Trustees

did

not

identify

any

particular

information

as

to

the

RIM

Agreement

or,

other

than

RIM’s

recommendation,

the

portfolio

management

contract

with

any

Money

Manager

for

a

Manager-of-Managers

Underlying

Fund

that

was

all-important

or

controlling,

except,

in

the

case

of

the

RIM

Agreement,

the

need

to

continue

the

managers-of-managers

structure

of

the

Manager-of-Managers

Underlying

Funds,

and

each

Trustee

attributed

different

weights

to

the

various

factors

considered.

The

Trustees

evaluated

all

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

49

information

available

to

them

on

a

Fund-by-Fund

basis

and

their

determinations

were

made

in

respect

of

each

Fund

and

Underlying

Fund.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Adviser

and

Service

Providers

—

June

30,

2025

(Unaudited)

50

Adviser

and

Service

Providers

Interested

Trustee

Vernon

Barback

Independent

Trustees

Michelle

L.

Cahoon

Michael

Day

Julie

Dien

Ledoux

Jeremy

May

Ellen

M.

Needham

Jeannie

Shanahan

Raymond

P.

Tennison,

Jr.

Jack

R.

Thompson

Officers

Vernon

Barback,

President

and

Chief

Executive

Officer

Cheryl

Wichers,

Chief

Compliance

Officer

Kari

Seabrands,

Treasurer,

Chief

Accounting

Officer

&

Chief

Financial

Officer*

Kate

El-Hillow,

Chief

Investment

Officer

Mary

Beth

Albaneze,

Secretary

and

Chief

Legal

Officer

Adviser

Russell

Investment

Management,

LLC

1301

Second

Avenue

Seattle,

WA

98101**

Administrator

and

Transfer

and

Dividend

Disbursing

Agent

Russell

Investments

Fund

Services,

LLC

1301

Second

Avenue

Seattle,

WA

98101**

Custodian

State

Street

Bank

and

Trust

Company

1776

Heritage

Drive

North

Quincy,

MA

02171

Office

of

Shareholder

Inquiries

1301

Second

Avenue

Seattle,

WA

98101**

(800)

787-7354

Legal

Counsel

Dechert

LLP

One

International

Place,

40th

Floor

100

Oliver

Street

Boston,

MA

02110

Distributor

Russell

Investments

Financial

Services,

LLC

1301

Second

Avenue

Seattle,

WA

98101**

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

1420

5th

Avenue,

Suite

2800

Seattle,

WA

98101

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.

*

Effective

July

23,

2025,

Ross

Erickson

was

appointed

Treasurer,

Chief

Accounting

Officer

&

Chief

Financial

Officer.

**

Effective

September

2025,

the

address

will

change

to

401

Union

Street.

Suite

1800,

Seattle,

Washington

98101.

Russell

Investment

Funds

1301

Second

Avenue

Seattle,

Washington

98101*

800-787-7354

Fax:

206-505-3495

*

Effective

September

2025,

the

address

will

change

to

401

Union

Street.

Suite

1800,

Seattle,

Washington

98101.

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

Not Applicable.

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

Not Applicable.

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

The information is included in Note 4 in the Notes to Financial Statements in the Financial Statements filed under Item 7 of this form.

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

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

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

Item 15.  Submission of Matters to a Vote of Security Holders

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

Item 16. Controls and Procedures

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

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

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

Not Applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19.  Exhibit List

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

(b)          Certification for principal executive officer and principal financial officer of registrant as required by Rule 30a-2(b) under the Act. ex99.906_cert

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Russell Investment Funds

By:      /s/ Vernon Barback                                                                                        

            Vernon Barback   

President & Chief Executive Officer (Principal Executive Officer), Russell Investment Funds

Date:  August 14, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:      /s/ Vernon Barback                                                                                        

            Vernon Barback   

President & Chief Executive Officer (Principal Executive Officer), Russell Investment Funds

Date:  August 14, 2025

By:      /s/ Ross Erickson                                                                                

            Ross Erickson   

Treasurer, Chief Accounting Officer (Principal Accounting Officer) and Chief Financial Officer (Principal Financial Officer), Russell Investment Funds

Date:  August 14, 2025