U.S. Strategic Equity Fund

RIFAX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about U.S. Strategic Equity Fund for the period of January 1, 2025 to December 31, 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 or by sending an e-mail to: service@russellinvestments.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
U.S. Strategic Equity Fund	$93	0.87%

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

The Fund underperformed its primary benchmark for the fiscal year. One of the Fund’s four money managers outperformed its assigned benchmark for the fiscal year. Stock selection was the primary detractor over the period, as holdings within the information technology and industrials sectors detracted from performance. Factor positioning was negative, as tilts toward smaller size and away from the most expensive, most volatile, and most stretched positive price momentum stocks were not rewarded. Sector allocation decisions were mixed over the period, as an overweight to the healthcare and consumer staples sectors detracted from performance, while an underweight to the real estate sector added to performance. Russell Investment Management, LLC’s (“RIM”) positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt toward lower volatility stocks and away from expensive stocks, performed in line with the benchmark for the fiscal year.

RIM fully equitized the Fund’s cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000^® Index during the period.

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

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

	U.S. Strategic Equity Fund	Russell 1000^® Index
2015	10,000	10,000
2016	11,064	11,205
2017	13,364	13,636
2018	12,076	12,983
2019	15,730	17,063
2020	19,480	20,640
2021	23,454	26,101
2022	18,562	21,108
2023	23,442	26,708
2024	28,249	33,255
2025	32,326	39,030

Annual Fund Performance*

	1 Year	5 Years	10 Years
U.S. Strategic Equity Fund	14.43%	10.66%	12.45%
Russell 1000^® Index	17.37%	13.59%	14.59%

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

Key Fund Statistics

Net Assets (thousands)	$646,409
Total Number of Portfolio Holdings	500
Total Advisory Fees Paid (thousands)	$4,269
Portfolio Turnover Rate	61%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	0.2%
Securities Sold Short	(5.3)%
Short-Term Investments	3.9%
Common Stocks	101.2%

Sector Exposure - Common Stocks

(% of Net Assets)

Value	Value
Technology	42.3%
Financial Services	14.2%
Consumer Discretionary	13.2%
Health Care	9.8%
Producer Durables	8.2%
Consumer Staples	3.8%
Materials and Processing	3.7%
Energy	3.0%
Utilities	3.0%
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.

U.S. Strategic Equity Fund

Annual Shareholder Report

RIFAX

December 31, 2025

U.S. Small Cap Equity Fund

RIFBX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about U.S. Small Cap Equity Fund for the period of January 1, 2025 to December 31, 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 or by sending an e-mail to: service@russellinvestments.com.

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

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
U.S. Small Cap Equity Fund	$113	1.08%

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

The Fund underperformed its secondary benchmark for the fiscal year. One of the Fund’s six money managers to whose strategies Russell Investment Management, LLC (“RIM”) allocated Fund assets outperformed its assigned benchmark for the fiscal year. Stock selection was the primary detractor over the period, primarily within the industrials and materials sectors. Factor positioning was a negative contributor, with exposure towards higher quality stocks and away from the most expensive and most volatile stocks detracting from performance. Sector allocation was mixed over the period, as an overweight to the consumer discretionary sector detracted from performance while an overweight to the materials sector contributed positively. RIM’s positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive, lowest quality and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund’s cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 2000^® Index during the period.

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

	U.S. Small Cap Equity Fund	Russell 3000^® Index	Russell 2000^®Index^{Footnote Reference(a)}
2015	10,000	10,000	10,000
2016	11,866	11,274	12,131
2017	13,703	13,656	13,908
2018	12,062	12,940	12,376
2019	14,844	16,954	15,535
2020	16,730	20,495	18,636
2021	21,045	25,754	21,397
2022	17,687	20,808	17,024
2023	20,093	26,209	19,906
2024	21,807	32,448	22,203
2025	23,627	38,012	25,047

Annual Fund Performance*

	1 Year	5 Years	10 Years
U.S. Small Cap Equity Fund	8.34%	7.15%	8.98%
Russell 3000^® Index	17.15%	13.15%	14.29%
Russell 2000^®Index^{Footnote Reference(a)}	12.81%	6.09%	9.62%

Key Fund Statistics

Net Assets (thousands)	$207,484
Total Number of Portfolio Holdings	1,100
Total Advisory Fees Paid (thousands)	$1,757
Portfolio Turnover Rate	89%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	0.2%
Securities Sold Short	(3.7)%
Short-Term Investments	3.9%
Common Stocks	99.6%

Sector Exposure - Common Stocks

(% of Net Assets)

Value	Value
Financial Services	22.1%
Health Care	17.5%
Producer Durables	16.8%
Technology	13.8%
Consumer Discretionary	11.4%
Materials and Processing	8.2%
Energy	4.8%
Consumer Staples	2.5%
Utilities	2.5%
Other	0.4%

Material Fund Changes

In March 2025, RIM terminated BAMCO, Inc. as a money manager for the Fund and hired Lord, Abbett & Co. LLC as a money manager for the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026 at https://connect.rightprospectus.com/russellinvestments?Site=RIFor upon request at 1-800-787-7354.

Additional Information

Footnote	Description
Footnote^(a)	This secondary benchmark provides a means to compare the Fund’s average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund’s performance relative to its secondary benchmark.

U.S. Small Cap Equity Fund

Annual Shareholder Report

RIFBX

December 31, 2025

International Developed Markets Fund

RIFCX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about International Developed Markets Fund for the period of January 1, 2025 to December 31, 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 or by sending an e-mail to: service@russellinvestments.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
International Developed Markets Fund	$113	0.99%

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

The Fund underperformed its secondary benchmark for the fiscal year. Two of the Fund’s three money managers outperformed their assigned benchmarks. With respect to factor exposures, the Fund’s tilt towards quality stocks and smaller capitalization stocks were key detractors. With respect to sector exposures, the Fund’s underweight to energy, healthcare and real estate contributed positively to performance. Stock selection was not beneficial over the period. Russell Investment Management, LLC’s positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to quality, detracted over the fiscal year. The Fund’s use of derivatives to provide preferred positioning with respect to countries and currencies added value over the fiscal year while the use of index futures to equitize a portion of the Fund’s cash performed as intended.

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

	International Developed Markets Fund	MSCI World ex USA Index (Net)	International Developed Markets Linked Benchmark^{Footnote Reference(a)}
2015	10,000	10,000	10,000
2016	10,236	10,275	10,242
2017	12,793	12,762	12,788
2018	10,890	10,964	10,986
2019	13,037	13,430	13,457
2020	13,699	14,449	14,477
2021	15,433	16,273	16,305
2022	13,420	13,947	13,975
2023	15,602	16,449	16,482
2024	16,035	17,222	17,257
2025	20,627	22,708	22,754

Annual Fund Performance*

	1 Year	5 Years	10 Years
International Developed Markets Fund	28.64%	8.53%	7.51%
MSCI World ex USA Index (Net)	31.85%	9.46%	8.55%
International Developed Markets Linked Benchmark^{Footnote Reference(a)}	31.85%	9.46%	8.57%

Key Fund Statistics

Net Assets (thousands)	$395,942
Total Number of Portfolio Holdings	541
Total Advisory Fees Paid (thousands)	$3,214
Portfolio Turnover Rate	36%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	1.7%
Preferred Stocks	0.5%
Short-Term Investments	5.9%
Common Stocks	91.9%

Country Exposure - Common Stocks

(% of Net Assets)

Value	Value
Japan	16.2%
United Kingdom	9.5%
United States	8.9%
France	7.9%
Germany	7.8%
Canada	4.4%
Netherlands	4.3%
Switzerland	4.1%
China	3.6%
Italy	3.1%
Other Common Stocks	22.1%
Other	8.1%

Additional Information

Footnote	Description
Footnote^(a)	The International Developed Markets Linked Benchmark represents the returns of the Russell Developed ex-US Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017, and the returns of the MSCI World ex USA Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund’s average annual returns to a benchmark that takes into account historical changes in the Fund’s primary benchmark. RIM assesses the Fund’s performance relative to its secondary benchmark. For more information, see the Performance section in the Fund’s Summary Prospectus.

Footnote

Description

Footnote^(a)

The International Developed Markets Linked Benchmark represents the returns of the Russell Developed ex-US Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017, and the returns of the MSCI World ex USA Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund’s average annual returns to a benchmark that takes into account historical changes in the Fund’s primary benchmark. RIM assesses the Fund’s performance relative to its secondary benchmark. For more information, see the Performance section in the Fund’s Summary Prospectus.

International Developed Markets Fund

Annual Shareholder Report

RIFCX

December 31, 2025

Strategic Bond Fund

RIFDX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Strategic Bond Fund for the period of January 1, 2025 to December 31, 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 or by sending an e-mail to: service@russellinvestments.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Strategic Bond Fund	$66	0.64%

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

The Fund outperformed its primary benchmark for the fiscal year. The Fund’s overweight to corporate bonds and securitized credit (non-agency CMO, non-agency CMBS and ABS) were the primary drivers of outperformance. Additionally, the Fund’s overweight to 2- and 3- year U.S. key rate duration position, implemented via derivatives, was additive as short-term U.S. interest rates rallied in 2025. Short Japanese and European interest rates positions, implemented via derivatives, also contributed positively to performance. The Fund used government bond futures to seek to generate active returns from interest rates positions, and the strategy had a modestly positive impact during the fiscal year. The Fund also used currency forwards to seek to generate active returns from currency positions, but the strategy dragged on performance for the fiscal year. All of the Fund’s money managers outperformed their assigned benchmarks for the fiscal year.

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

	Strategic Bond Fund	Bloomberg U.S. Aggregate Bond Index
2015	10,000	10,000
2016	10,310	10,265
2017	10,708	10,628
2018	10,621	10,630
2019	11,598	11,556
2020	12,576	12,424
2021	12,347	12,232
2022	10,584	10,641
2023	11,009	11,229
2024	11,101	11,369
2025	11,917	12,199

Annual Fund Performance*

	1 Year	5 Years	10 Years
Strategic Bond Fund	7.35%	(1.07)%	1.77%
Bloomberg U.S. Aggregate Bond Index	7.30%	(0.36)%	2.01%

Key Fund Statistics

Net Assets (thousands)	$873,078
Total Number of Portfolio Holdings	942
Total Advisory Fees Paid (thousands)	$4,692
Portfolio Turnover Rate	52%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.2)%
Short-Term Investments	15.9%
Long-Term Fixed Income Investments	84.3%

Long-Term Fixed Income Exposure

(% of Net Assets)

Value	Value
Corporate Bonds and Notes	26.1%
Mortgage-Backed Securities	25.1%
International Debt	13.2%
Asset-Backed Securities	6.7%
Non-US Bonds	6.6%
United States Government Treasuries	6.3%
United States Government Agencies	0.3%
Other	15.7%

Additional Information

Strategic Bond Fund

Annual Shareholder Report

RIFDX

December 31, 2025

Global Real Estate Securities Fund

RIFSX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Global Real Estate Securities Fund for the period of January 1, 2025 to December 31, 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 or by sending an e-mail to: service@russellinvestments.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Global Real Estate Securities Fund	$94	0.90%

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

The Fund underperformed its secondary benchmark for the period. Negative security selection within the United Kingdom and Singapore detracted from performance. Unfavorable stock selection among net lease and specialty REITs also had a negative impact. These effects were partially offset by positive security selection within the health care and office sectors.

During the period, performance among the Fund’s money managers was mixed, with one underperforming and one outperforming the Fund’s secondary benchmark.

Russell Investment Management, LLC’s (“RIM”) positioning strategy, which implemented sector tilting through the purchase of real estate stocks, outperformed the Fund’s secondary benchmark. An underweight to technology and specialty REITs was additive, while an overweight to shopping centers detracted from performance.

During the fiscal year, RIM used index futures contracts to equitize the Fund’s cash and this strategy performed as intended.

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

	Global Real Estate Securities Fund	MSCI World Index (Net)	FTSE EPRA Nareit Developed Index (Net)^{Footnote Reference(a)}
2015	10,000	10,000	10,000
2016	10,302	10,751	10,406
2017	11,518	13,159	11,485
2018	10,859	12,013	10,838
2019	13,209	15,337	13,212
2020	12,526	17,776	12,018
2021	15,932	21,654	15,153
2022	11,667	17,726	11,352
2023	12,898	21,942	12,450
2024	13,081	26,039	12,566
2025	14,205	31,532	13,770

Annual Fund Performance*

	1 Year	5 Years	10 Years
Global Real Estate Securities Fund	8.59%	2.55%	3.57%
MSCI World Index (Net)	21.09%	12.15%	12.17%
FTSE EPRA Nareit Developed Index (Net)^{Footnote Reference(a)}	9.58%	2.76%	3.25%

Key Fund Statistics

Net Assets (thousands)	$979,326
Total Number of Portfolio Holdings	143
Total Advisory Fees Paid (thousands)	$7,705
Portfolio Turnover Rate	67%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	0.8%
Short-Term Investments	5.5%
Common Stocks	93.7%

Country Exposure - Common Stocks

(% of Net Assets)

Value	Value
United States	57.4%
Japan	9.5%
Australia	6.0%
United Kingdom	3.5%
Singapore	3.2%
Hong Kong	3.0%
France	2.7%
Germany	2.2%
Sweden	1.7%
Switzerland	1.3%
Other Common Stocks	3.2%
Other	6.3%

Additional Information

Footnote	Description
Footnote^(a)	This secondary benchmark provides a means to compare the Fund’s average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund’s performance relative to its secondary benchmark. For more information, see the Performance section in the Fund’s Summary Prospectus.

Global Real Estate Securities Fund

Annual Shareholder Report

RIFSX

December 31, 2025

Moderate Strategy Fund

RIFGX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Moderate Strategy Fund for the period of January 1, 2025 to December 31, 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 or by sending an e-mail to: service@russellinvestments.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

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

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

The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC’s target strategic asset allocation. The Fund’s performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

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

	Moderate Strategy Fund	Bloomberg U.S. Universal Index
2015	10,000	10,000
2016	10,775	10,391
2017	11,840	10,816
2018	11,257	10,789
2019	12,668	11,791
2020	13,479	12,684
2021	14,589	12,544
2022	12,305	10,914
2023	13,698	11,588
2024	14,586	11,824
2025	16,372	12,721

Annual Fund Performance*

	1 Year	5 Years	10 Years
Moderate Strategy Fund	12.24%	3.96%	5.05%
Bloomberg U.S. Universal Index	7.58%	0.06%	2.44%

Key Fund Statistics

Net Assets (thousands)	$64,761
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$0
Portfolio Turnover Rate	18%

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	53.8%
International Equities	20.4%
Domestic Equities	16.0%
Multi-Asset	7.9%
Alternative	2.0%
Other	(0.1)%

Additional Information

Moderate Strategy Fund

Annual Shareholder Report

RIFGX

December 31, 2025

Balanced Strategy Fund

RIFHX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Balanced Strategy Fund for the period of January 1, 2025 to December 31, 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 or by sending an e-mail to: service@russellinvestments.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

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

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

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

	Balanced Strategy Fund	MSCI ACWI Index (Net)
2015	10,000	10,000
2016	10,905	10,786
2017	12,214	13,372
2018	11,384	12,113
2019	13,256	15,335
2020	14,271	17,828
2021	16,132	21,133
2022	13,494	17,252
2023	15,453	21,082
2024	16,918	24,769
2025	19,449	30,302

Annual Fund Performance*

	1 Year	5 Years	10 Years
Balanced Strategy Fund	14.96%	6.39%	6.88%
MSCI ACWI Index (Net)	22.34%	11.19%	11.72%

Key Fund Statistics

Net Assets (thousands)	$220,956
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$94
Portfolio Turnover Rate	19%

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	34.6%
Fixed Income	33.4%
Domestic Equities	21.1%
Multi-Asset	6.9%
Alternative	4.0%

Additional Information

Balanced Strategy Fund

Annual Shareholder Report

RIFHX

December 31, 2025

Aggressive Strategy Fund

RIFIX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Aggressive Strategy Fund for the period of January 1, 2025 to December 31, 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 or by sending an e-mail to: service@russellinvestments.com.

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

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

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

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

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

	Aggressive Strategy Fund	MSCI ACWI Index (Net)
2015	10,000	10,000
2016	10,973	10,786
2017	12,690	13,372
2018	11,669	12,113
2019	13,777	15,335
2020	15,120	17,828
2021	17,757	21,133
2022	14,702	17,252
2023	17,343	21,082
2024	19,414	24,769
2025	22,800	30,302

Annual Fund Performance*

	1 Year	5 Years	10 Years
Aggressive Strategy Fund	17.45%	8.56%	8.59%
MSCI ACWI Index (Net)	22.34%	11.19%	11.72%

Key Fund Statistics

Net Assets (thousands)	$182,787
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$82
Portfolio Turnover Rate	18%

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	39.5%
Domestic Equities	33.4%
Fixed Income	14.3%
Multi-Asset	7.8%
Alternative	5.0%

Material Fund Changes

Until April 30, 2025, the Fund’s name was Growth Strategy Fund. Effective May 1, 2025, the Fund changed its name to Aggressive Strategy Fund.

Additional Information

Aggressive Strategy Fund

Annual Shareholder Report

RIFIX

December 31, 2025

Equity Aggressive Strategy Fund

RIFJX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of January 1, 2025 to December 31, 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 or by sending an e-mail to: service@russellinvestments.com.

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

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

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

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

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

	Equity Aggressive Strategy Fund	MSCI ACWI Index (Net)
2015	10,000	10,000
2016	11,085	10,786
2017	13,030	13,372
2018	11,798	12,113
2019	14,168	15,335
2020	15,339	17,828
2021	18,346	21,133
2022	15,103	17,252
2023	18,051	21,082
2024	20,414	24,769
2025	24,184	30,302

Annual Fund Performance*

	1 Year	5 Years	10 Years
Equity Aggressive Strategy Fund	18.47%	9.53%	9.23%
MSCI ACWI Index (Net)	22.34%	11.19%	11.72%

Key Fund Statistics

Net Assets (thousands)	$52,958
Total Number of Portfolio Holdings	10
Total Advisory Fees Paid (thousands)	$0
Portfolio Turnover Rate	24%

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	42.4%
Domestic Equities	39.6%
Multi-Asset	7.8%
Alternative	5.4%
Fixed Income	4.9%
Other	(0.1)%

Material Fund Changes

Until April 30, 2025, the Fund’s name was Equity Growth Strategy Fund. Effective May 1, 2025, the Fund changed its name to Equity Aggressive Strategy Fund.

Additional Information

Equity Aggressive Strategy Fund

Annual Shareholder Report

RIFJX

December 31, 2025

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

Audit Fees

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

2024 $295,937

2025 $307,773

Audit-Related Fees

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

Fees Nature of Services

2024 $103,259 Tax Services performed in connection with the Audit

2025 $107,392 Tax Services performed in connection with the Audit

Tax Fees

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

Fees Nature of Services

2024 $92,865 Tax services

2025 $92,865 Tax services

All Other Fees

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

Fees Nature of Services

2024 $0

2025 $0

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

Russell Investment Company

Russell Investment Funds

Russell Investments Exchange Traded Funds

Russell Investments New Economy Infrastructure Fund

Russell Investments Strategic Credit Fund

(each an “Investment Company”)

Audit and Non-Audit Services Pre-Approval Policy

Effective Date: April 1, 2025

I. Statement of Purpose.

This Audit and Non-Audit Services Pre-Approval Policy (“Policy”) has been adopted by the Audit Committee (the “Audit Committee”) of each Investment Company to apply to any and all engagements of the independent auditor with: (1) an Investment Company for audit and permissible non-audit services and (2) the Investment Company’s adviser or its control affiliates (collectively, “Adviser Entities”) for permissible non-audit services that relate directly to the Investment Company’s operations or financial reporting (“fund-related services”)¹. The term “Funds” shall collectively refer to each series of an Investment Company that is a series company and to each Investment Company that is not a series company. The term “Investment Adviser” shall refer to the Funds’ adviser, Russell Investment Management, LLC (“RIM”). This Policy does not delegate to management the responsibilities set forth herein for the pre-approval of services performed by the Funds’ independent auditor.

II. Statement of Principles.

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

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

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

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

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

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

The Funds’ Audit Committee believes that the combination of these two approaches reflected in this Policy will result in an effective and efficient procedure for the pre-approval of permissible services performed by the Funds’ independent auditor. The Funds’ Audit and Non-Audit Pre-Approved Services Schedule lists the audit, audit-related, tax and other services (including fund-related services) that have the general pre-approval of the Audit Committee.² As set forth in this Policy, unless a particular service has received general pre-approval, those services will require specific pre-approval by the Audit Committee before any such services can be provided by the independent auditor. Any proposed service to the Funds or Adviser Entities that exceeds the pre-approved budget for those services will also require specific pre-approval by the appropriate Audit Committee.

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

III. Delegation.

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

IV. Audit Services.

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

In addition to the pre-approval by the Audit Committee of the annual engagement of the independent auditor to perform audit services described above, the Audit Committee may grant general pre-approval to other audit services, which are those services that only the independent auditor reasonably can provide. These services are generally related to the issuance of an audit opinion, and may include statutory audits and services associated with the Funds’ SEC registration statement on Form N-1A or Form N-2, periodic reports and documents filed with or information requested by the SEC or other regulatory or self-regulatory organizations, or other documents issued in connection with the Funds’ securities offerings.

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

V. Audit-Related Services.

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

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

VI. Tax Services.

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

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

VII. All Other Services.

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

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

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

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

(b) Financial information system design and implementation

(d) Actuarial services

(e) Internal audit outsourcing services

(f) Management functions

(g) Human resources services

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

(i) Legal services unrelated to the audit

(j) Expert services unrelated to the audit

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

VIII. De Minimis Waiver.

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

(a) The aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid the Investment Company to the independent auditor during the fiscal year in which the services were provided;

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

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

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

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

IX. Pre-Approval Fee Levels or Budgeted Amounts.

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

X. Procedures

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

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

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

XI. Additional Requirements.

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

Footnotes

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

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

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

Audit Fees 0%

Audit-Related Fees 0%

Tax Fees 0%

All Other Fees 0%

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

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

2024 $0

2025 $0

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

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

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

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedules of Investments

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

(b) Not Applicable.

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