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)

401 Union Street, 18^th Floor, Seattle Washington 98101
(Address of principal executive offices) (Zip code)

Mary Beth Albaneze, Secretary and Chief Legal Officer

401 Union Street

18^th 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, 2026 to June 30, 2026

Item 1. Reports to Stockholders

U.S. Strategic Equity Fund

RIFAX

Semi-Annual Shareholder Report

June 30, 2026

This semi-annual shareholder report contains important information about U.S. Strategic Equity Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
U.S. Strategic Equity Fund	$46	0.88%

Key Fund Statistics

Net Assets (thousands)$660,802
Total Number of Portfolio Holdings 515
Total Advisory Fees Paid (thousands) $2,194
Portfolio Turnover Rate28%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary
Value	Value
Other	0.1%
Securities Sold Short	(6.1)%
Short-Term Investments	2.8%
Common Stocks	103.2%

Sector Exposure - Common Stocks

(% of Net Assets)

Table Summary
Value	Value
Technology	44.4%
Financial Services	13.8%
Consumer Discretionary	12.9%
Health Care	10.5%
Producer Durables	8.4%
Materials and Processing	3.8%
Energy	3.4%
Utilities	3.1%
Consumer Staples	2.9%
Other	(3.2)%

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. Small Cap Equity Fund

RIFBX

Semi-Annual Shareholder Report

June 30, 2026

This semi-annual shareholder report contains important information about U.S. Small Cap Equity Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
U.S. Small Cap Equity Fund	$60	1.07%

Key Fund Statistics

Net Assets (thousands)$244,880
Total Number of Portfolio Holdings 1,182
Total Advisory Fees Paid (thousands) $941
Portfolio Turnover Rate46%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary
Value	Value
Other	0.2%
Securities Sold Short	(3.4)%
Short-Term Investments	5.4%
Common Stocks	97.8%

Sector Exposure - Common Stocks

(% of Net Assets)

Table Summary
Value	Value
Producer Durables	19.3%
Financial Services	19.1%
Health Care	18.2%
Technology	13.7%
Consumer Discretionary	9.6%
Materials and Processing	8.1%
Energy	4.9%
Utilities	2.7%
Consumer Staples	2.2%
Other	2.2%

Additional Information

International Developed Markets Fund

RIFCX

Semi-Annual Shareholder Report

June 30, 2026

This semi-annual shareholder report contains important information about International Developed Markets Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
International Developed Markets Fund	$50	0.97%

Key Fund Statistics

Net Assets (thousands)$399,390
Total Number of Portfolio Holdings 574
Total Advisory Fees Paid (thousands) $1,634
Portfolio Turnover Rate33%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary
Value	Value
Other	2.0%
Preferred Stocks	0.7%
Short-Term Investments	3.0%
Common Stocks	94.3%

Country Exposure - Common Stocks

(% of Net Assets)

Table Summary
Value	Value
Japan	16.9%
United Kingdom	10.7%
France	9.1%
Germany	6.6%
United States	6.2%
Netherlands	5.4%
Canada	5.1%
Italy	3.9%
Switzerland	3.9%
Taiwan	3.5%
Other Common Stocks	23.0%
Other	5.7%

Additional Information

Strategic Bond Fund

RIFDX

Semi-Annual Shareholder Report

June 30, 2026

This semi-annual shareholder report contains important information about Strategic Bond Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Strategic Bond Fund	$32	0.64%

Key Fund Statistics

Net Assets (thousands)$852,980
Total Number of Portfolio Holdings 988
Total Advisory Fees Paid (thousands) $2,304
Portfolio Turnover Rate30%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary
Value	Value
Other	0.7%
Investments in Affiliated Funds	1.5%
Short-Term Investments	14.4%
Long-Term Fixed Income Investments	83.4%

Long-Term Fixed Income Exposure

(% of Net Assets)

Table Summary
Value	Value
Corporate Bonds and Notes	26.2%
Mortgage-Backed Securities	23.6%
International Debt	12.3%
United States Government Treasuries	10.4%
Asset-Backed Securities	5.9%
Non-US Bonds	4.9%
United States Government Agencies	0.1%
Other	16.6%

Additional Information

Global Real Estate Securities Fund

RIFSX

Semi-Annual Shareholder Report

June 30, 2026

This semi-annual shareholder report contains important information about Global Real Estate Securities Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Global Real Estate Securities Fund	$47	0.90%

Key Fund Statistics

Net Assets (thousands)$1,033,826
Total Number of Portfolio Holdings 142
Total Advisory Fees Paid (thousands) $4,054
Portfolio Turnover Rate43%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary
Value	Value
Other	0.6%
Short-Term Investments	3.4%
Common Stocks	96.0%

Country Exposure - Common Stocks

(% of Net Assets)

Table Summary
Value	Value
United States	63.1%
Japan	7.6%
Australia	5.8%
United Kingdom	4.0%
Singapore	3.0%
Hong Kong	2.7%
France	2.3%
Germany	1.9%
Belgium	1.4%
Canada	1.4%
Other Common Stocks	2.8%
Other	4.0%

Additional Information

Moderate Strategy Fund

RIFGX

Semi-Annual Shareholder Report

June 30, 2026

This semi-annual shareholder report contains important information about Moderate Strategy Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
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)$65,072
Total Number of Portfolio Holdings 11
Total Advisory Fees Paid (thousands) $-
Portfolio Turnover Rate2%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary
Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Table Summary
Value	Value
Fixed Income	53.4%
International Equities	20.8%
Domestic Equities	15.8%
Multi-Asset	8.0%
Alternative	2.0%

Additional Information

Balanced Strategy Fund

RIFHX

Semi-Annual Shareholder Report

June 30, 2026

This semi-annual shareholder report contains important information about Balanced Strategy Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
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)$224,215
Total Number of Portfolio Holdings 11
Total Advisory Fees Paid (thousands) $44
Portfolio Turnover Rate2%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary
Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Table Summary
Value	Value
International Equities	35.8%
Fixed Income	32.1%
Domestic Equities	21.3%
Multi-Asset	6.9%
Alternative	3.9%

Additional Information

Aggressive Strategy Fund

RIFIX

Semi-Annual Shareholder Report

June 30, 2026

This semi-annual shareholder report contains important information about Aggressive Strategy Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
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)$191,232
Total Number of Portfolio Holdings 11
Total Advisory Fees Paid (thousands) $40
Portfolio Turnover Rate2%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary
Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Table Summary
Value	Value
International Equities	40.2%
Domestic Equities	32.9%
Fixed Income	14.0%
Multi-Asset	8.0%
Alternative	4.9%

Additional Information

Equity Aggressive Strategy Fund

RIFJX

Semi-Annual Shareholder Report

June 30, 2026

This semi-annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
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)$56,310
Total Number of Portfolio Holdings 10
Total Advisory Fees Paid (thousands) $-
Portfolio Turnover Rate2%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary
Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Table Summary
Value	Value
International Equities	43.1%
Domestic Equities	38.8%
Multi-Asset	7.9%
Alternative	5.4%
Fixed Income	4.8%

Additional Information

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.

2026

SEMI-ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

Russell

Investment

Funds

JUNE

30,

2026

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

series

investment

company

with

nine

different

investment

portfolios

referred

Funds.

These

financial

statements

report

five

these

Funds.

Page

U.S.

Strategic

Equity

Fund

(Form

N-CSR

Item

U.S.

Small

Cap

Equity

Fund

(Form

N-CSR

Item

International

Developed

Markets

Fund

(Form

N-CSR

Item

Strategic

Bond

Fund

(Form

N-CSR

Item

Global

Real

Estate

Securities

Fund

(Form

N-CSR

Item

Notes

Schedules

Investments

(Form

N-CSR

Item

100

Notes

Financial

Highlights

(Form

N-CSR

Item

102

Notes

Financial

Statements

(Form

N-CSR

Item

103

Affiliated

Brokerage

Transactions

(Form

N-CSR

Item

123

Basis

for

Approval

Investment

Advisory

Agreement

(Form

N-CSR

Item

11)

124

Adviser,

Money

Managers

and

Service

Providers

135

Russell

Investment

Funds

Semi-annual

Financial

Statements

and

Other

Information

June

30,

2026

(Unaudited)

Table

Contents

Russell

Investment

Funds

Russell

Investments

2026.

All

rights

reserved.

Russell

Investments’

ownership

composed

majority

stake

held

funds

managed

Associates

Management,

L.P.,

with

significant

minority

stake

held

funds

managed

Reverence

Capital

Partners,

L.P.

Certain

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-

controlling,

ownership

stakes.

Frank

Russell

Company

the

owner

the

Russell

trademarks

contained

this

material

and

all

trademark

rights

the

Russell

trademarks,

which

the

members

the

Russell

Investments

group

companies

are

permitted

use

under

license

from

Frank

Russell

Company.

The

members

the

Russell

Investment

group

companies

are

not

affiliated

any

manner

with

Frank

Russell

Company

any

entity

operating

under

the

“FTSE

RUSSELL”

brand.

Fund

objectives,

risks,

charges

and

expenses

should

carefully

considered

before

investing.

prospectus

containing

this

and

other

important

information

must

precede

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

Securities

distributed

through

Russell

Investments

Financial

Services,

LLC,

member

FINRA

and

part

Russell

Investments.

Performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

The

investment

return

and

principal

value

investment

will

fluctuate

that

shares,

when

redeemed,

may

worth

less

than

their

original

cost.

Current

performance

may

lower

higher

than

the

performance

data

quoted.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Common

Stocks

103.2%

Consumer

Discretionary

12.9%

Abercrombie

Fitch

Co.

Class

A(Æ)

11,442

1,030

Amazon.com,

Inc.(Æ)(Ð)(Û)

98,640

23,510

Atkore,

Inc.

5,953

453

Autoliv,

Inc.(Ð)

1,602

186

AutoZone,

Inc.(Æ)(Ð)

829

2,649

Axon

Enterprise,

Inc.(Æ)

823

461

Best

Buy

Co.,

Inc.

6,022

457

Callaway

Golf

Co.(Æ)

28,278

531

Carnival

Corp.,

Ltd.

15,648

447

Carvana

Co.(Æ)(Ð)

4,423

291

Cava

Group,

Inc.(Æ)

10,468

822

Charter

Communications,

Inc.

Class

A(Æ)

1,129

161

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

46,743

1,589

Comcast

Corp.

Class

97,155

2,385

Costco

Wholesale

Corp.

3,739

3,498

Curtiss-Wright

Corp.

694

526

Dana,

Inc.

6,283

171

Deckers

Outdoor

Corp.(Æ)(Ð)

12,291

1,220

Diageo

PLC

ADR

13,305

1,069

Dillard's,

Inc.

Class

A(Ð)

366

193

Dollar

General

Corp.

15,713

1,809

Domino's

Pizza,

Inc.

3,190

944

DraftKings,

Inc.

Class

A(Æ)

33,894

856

Expedia

Group,

Inc.

1,360

348

Ford

Motor

Co.

37,187

517

Gap,

Inc.

(The)

12,160

227

General

Motors

Co.(Û)

50,399

3,885

Goodyear

Tire

Rubber

Co.

(The)(Æ)(Ð)

34,322

227

Hilton

Worldwide

Holdings,

Inc.

1,526

504

Home

Depot,

Inc.

(The)

3,737

1,318

Las

Vegas

Sands

Corp.(Ð)

22,997

1,062

Lear

Corp.

9,758

1,308

Lennar

Corp.

Class

3,194

289

Lowe's

Cos.,

Inc.

9,677

2,134

Lululemon

Athletica,

Inc.(Æ)(Ð)

6,495

742

Marriott

International,

Inc.

Class

4,037

1,496

McDonald's

Corp.

7,165

1,937

Netflix,

Inc.

Class

B(Æ)

17,878

1,277

NIKE,

Inc.

Class

7,193

295

O'Reilly

Automotive,

Inc.(Æ)

20,174

1,858

Polaris,

Inc.

11,580

793

RH(Æ)(Ð)

2,762

455

Royal

Caribbean

Cruises,

Ltd.

2,184

693

Space

Exploration

Technologies

Corp.

Class

A(Æ)

2,667

456

Target

Corp.(Û)

16,546

2,161

Tesla,

Inc.(Æ)

12,660

5,325

TJX

Cos.,

Inc.

(The)

4,622

700

Tractor

Supply

Co.(Ð)

24,260

767

Versant

Media

Group,

Inc.

18,623

671

Walmart,

Inc.

29,783

3,373

Walt

Disney

Co.

(The)

28,224

2,717

Warner

Music

Group

Corp.

Class

19,206

520

Wayfair,

Inc.

Class

A(Æ)

6,773

626

Whirlpool

Corp.

—

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Williams-Sonoma,

Inc.(Ð)

3,819

890

Yum!

Brands,

Inc.

2,659

425

85,254

Consumer

Staples

2.9%

Altria

Group,

Inc.

9,090

654

Archer-Daniels-Midland

Co.(Ð)(Û)

22,523

1,721

Casey's

General

Stores,

Inc.

875

695

Coca-Cola

Co.

(The)

11,209

911

Estee

Lauder

Cos.,

Inc.

(The)

Class

A(Ð)

15,940

1,258

Kenvue,

Inc.

12,327

236

Kimberly-Clark

Corp.

16,718

1,835

Kroger

Co.

(The)

45,072

2,503

Mondelez

International,

Inc.

Class

9,725

563

Monster

Beverage

Corp.(Æ)

27,604

2,653

PepsiCo,

Inc.

6,077

823

Philip

Morris

International,

Inc.

6,480

1,172

Procter

Gamble

Co.

(The)

7,939

1,164

Smithfield

Foods,

Inc.

3,262

Sysco

Corp.(Û)

17,777

1,486

Tyson

Foods,

Inc.

Class

22,012

1,260

United

Natural

Foods,

Inc.(Æ)(Ð)

3,277

150

19,163

Energy

3.4%

Baker

Hughes

Co.

29,487

1,637

PLC

ADR

26,257

970

Canadian

Natural

Resources,

Ltd.

32,681

1,291

Chevron

Corp.

5,361

889

Devon

Energy

Corp.

50,241

2,076

Eaton

Corp.

PLC

4,699

2,002

EOG

Resources,

Inc.(Û)

12,411

1,610

Exxon

Mobil

Corp.

19,019

2,600

First

Solar,

Inc.(Æ)(Ð)

6,015

1,419

ONEOK,

Inc.

4,640

403

Phillips

13,100

2,215

SLB,

Ltd.

23,309

1,084

SolarEdge

Technologies,

Inc.(Æ)

2,789

163

Valero

Energy

Corp.(Û)

12,600

3,282

Williams

Cos.,

Inc.

(The)

10,724

797

22,438

Financial

Services

13.8%

AerCap

Holdings

7,122

1,038

Affirm

Holdings,

Inc.(Æ)

4,187

341

Aflac,

Inc.

6,994

820

Alexandria

Real

Estate

Equities,

Inc.(Ð)(ö)

7,020

371

Allstate

Corp.

(The)

5,692

1,354

Ally

Financial,

Inc.

42,620

1,958

American

Express

Co.

8,576

2,901

American

International

Group,

Inc.

4,219

314

American

Tower

Corp.(ö)

1,724

282

Ameriprise

Financial,

Inc.

702

322

Annaly

Capital

Management,

Inc.(ö)

42,824

957

Aon

PLC

Class

2,942

976

Arthur

Gallagher

Co.

4,589

1,053

Bank

America

Corp.

65,227

3,717

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Bank

New

York

Mellon

Corp.

(The)(Û)

18,817

2,721

Berkshire

Hathaway,

Inc.

Class

B(Æ)

6,998

3,502

Blackrock,

Inc.

763

734

Blackstone,

Inc.

Class

12,660

1,490

BOK

Financial

Corp.(Ð)

839

116

Bread

Financial

Holdings,

Inc.

5,720

620

Brown

Brown,

Inc.

4,129

265

Camden

Property

Trust(Ð)(ö)

12,429

1,423

Capital

One

Financial

Corp.

10,667

2,140

Carlyle

Group,

Inc.

(The)

33,672

1,418

Charles

Schwab

Corp.

(The)

6,295

581

Chubb,

Ltd.

1,437

490

Citigroup,

Inc.

29,250

4,094

CME

Group,

Inc.

Class

1,923

425

Corebridge

Financial,

Inc.(Ð)

48,982

1,402

Cullen/Frost

Bankers,

Inc.(Ð)

1,214

188

Essex

Property

Trust,

Inc.(Ð)(ö)

4,114

1,200

Evercore,

Inc.

Class

3,660

1,250

Federated

Hermes,

Inc.

Class

500

First

American

Financial

Corp.(Ð)

7,806

535

Global

Payments,

Inc.

36,382

2,640

Globe

Life,

Inc.(Ð)(Û)

7,111

1,271

Goldman

Sachs

Group,

Inc.

(The)

1,328

1,343

Healthpeak

Properties,

Inc.(ö)

71,384

1,528

Howard

Hughes

Holdings,

Inc.(Æ)

6,677

477

Interactive

Brokers

Group,

Inc.

Class

A(Ð)

24,516

2,134

Intercontinental

Exchange,

Inc.

2,094

258

JPMorgan

Chase

Co.

10,811

3,539

KKR

Co.,

Inc.

Class

3,613

332

M&T

Bank

Corp.

7,147

1,701

Marsh

McLennan

Cos.,

Inc.

2,562

427

Mastercard,

Inc.

Class

16,323

8,383

MetLife,

Inc.

4,609

390

Millrose

Properties,

Inc.

Class

A(ö)

1,173

Moody's

Corp.

781

354

Morgan

Stanley

13,926

2,911

Neptune

Insurance

Holdings

Inc.

Class

A(Æ)

970

Holdings,

Ltd.

Class

A(Æ)(Ð)

97,369

1,301

Piper

Sandler

Cos.

1,560

113

Popular,

Inc.

7,446

1,222

Progressive

Corp.

(The)

6,486

1,417

Prologis,

Inc.(ö)

7,990

1,082

Public

Storage(ö)

953

303

Realty

Income

Corp.(ö)

6,730

417

Reinsurance

Group

America,

Inc.

Class

5,217

1,109

Robinhood

Markets,

Inc.

Class

A(Æ)

4,118

413

S&P

Global,

Inc.

1,087

443

Selective

Insurance

Group,

Inc.

3,845

373

Stifel

Financial

Corp.

16,200

1,130

StoneX

Group,

Inc.(Æ)

11,321

1,341

Synchrony

Financial

15,446

1,175

Travelers

Cos.,

Inc.

(The)

1,805

596

Truist

Financial

Corp.

9,466

472

Unum

Group(Û)

Bancorp

13,228

799

VICI

Properties,

Inc.(ö)

11,174

297

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Visa,

Inc.

Class

6,490

2,227

Wells

Fargo

Co.

46,120

3,811

Welltower,

Inc.(ö)

2,729

619

Willis

Towers

Watson

PLC

5,599

1,463

90,909

Health

Care

10.5%

10X

Genomics,

Inc.

Class

A(Æ)

8,460

324

Abbott

Laboratories

16,990

1,542

AbbVie,

Inc.

11,514

2,897

Agilent

Technologies,

Inc.

15,075

2,002

Align

Technology,

Inc.(Æ)

7,950

1,341

Alnylam

Pharmaceuticals,

Inc.(Æ)(Ð)

3,146

947

Amgen,

Inc.

1,810

655

Becton

Dickinson

Co.

2,077

314

BioMarin

Pharmaceutical,

Inc.(Æ)

14,219

814

Boston

Scientific

Corp.(Æ)

26,216

1,119

Bristol-Myers

Squibb

Co.

9,306

536

Cardinal

Health,

Inc.

2,547

605

Cencora,

Inc.

Class

1,364

386

Centene

Corp.(Æ)(Û)

33,443

2,147

Cigna

Group

(The)

2,128

587

Corcept

Therapeutics,

Inc.(Æ)

6,885

599

CVS

Health

Corp.

33,607

3,477

Dexcom,

Inc.(Æ)

4,152

280

Edwards

Lifesciences

Corp.(Æ)(Û)

30,163

2,728

Elevance

Health,

Inc.

1,768

684

Eli

Lilly

Co.

4,334

5,198

Exelixis,

Inc.(Æ)

11,187

609

HealthCare

Technologies,

Inc.(Ð)(Û)

12,963

830

Genmab

A/S

ADR(Æ)

22,592

621

Gilead

Sciences,

Inc.

7,529

951

GSK

PLC

ADR

19,042

998

HCA

Healthcare,

Inc.

1,269

495

Humana,

Inc.

527

209

Icon

PLC(Æ)

10,655

1,851

IDEXX

Laboratories,

Inc.(Æ)

3,321

1,748

Intuitive

Surgical,

Inc.(Æ)

1,566

623

Johnson

13,232

3,360

Lantheus

Holdings,

Inc.(Æ)(Ð)

3,831

425

McKesson

Corp.(Û)

2,706

2,045

Medtronic

PLC

28,168

2,204

Merck

Co.,

Inc.

11,781

1,514

Molina

Healthcare,

Inc.(Æ)(Ð)

4,882

1,116

Natera,

Inc.(Æ)

5,019

1,362

Neurocrine

Biosciences,

Inc.(Æ)

1,524

257

Omnicell,

Inc.(Æ)

3,662

152

Oscar

Health,

Inc.

Class

A(Æ)

15,382

439

Pfizer,

Inc.

51,834

1,248

Quest

Diagnostics,

Inc.

2,174

461

Regeneron

Pharmaceuticals,

Inc.(Û)

3,355

2,092

ResMed,

Inc.

1,483

289

Royalty

Pharma

PLC

Class

16,183

907

Stryker

Corp.

4,866

1,532

Thermo

Fisher

Scientific,

Inc.

1,979

992

Ultragenyx

Pharmaceutical,

Inc.(Æ)

26,827

896

UnitedHealth

Group,

Inc.

7,786

3,236

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Vertex

Pharmaceuticals,

Inc.(Æ)

2,965

1,473

Viatris,

Inc.

64,024

1,017

West

Pharmaceutical

Services,

Inc.(Ð)

9,605

3,448

Zoetis,

Inc.

Class

11,280

810

69,392

Materials

and

Processing

3.8%

Air

Products

and

Chemicals,

Inc.

1,329

390

Albemarle

Corp.(Û)

7,087

957

Amrize,

Ltd.

13,784

735

Anglogold

Ashanti

PLC(Û)

12,633

1,022

Boise

Cascade

Co.

4,355

338

Carrier

Global

Corp.

4,400

323

Celanese

Corp.

Class

15,400

708

Commercial

Metals

Co.

915

Copart,

Inc.(Æ)

32,943

929

Crown

Holdings,

Inc.(Û)

13,267

1,483

Ecolab,

Inc.

2,264

631

Fastenal

Co.

9,485

456

FMC

Corp.(Ð)

18,645

214

Freeport-McMoRan,

Inc.

9,074

571

General

Electric

Co.

8,347

3,119

Huntsman

Corp.

25,900

275

Installed

Building

Products,

Inc.(Ð)

1,736

399

James

Hardie

Industries

PLC(Æ)(Ð)

43,906

1,149

Johnson

Controls

International

PLC

3,764

550

Legence

Corp.

Class

A(Æ)(Ð)

3,686

314

Linde

PLC

4,399

2,283

Martin

Marietta

Materials,

Inc.

1,438

829

Newmont

Corp.

8,393

784

O-I

Glass,

Inc.(Æ)

30,908

298

Qnity

Electronics,

Inc.

4,781

781

Rogers

Corp.(Æ)

485

Smurfit

WestRock

PLC

21,408

990

Solstice

Advanced

Materials

Inc.

9,662

856

Trane

Technologies

PLC

2,576

1,265

Trex

Co.,

Inc.(Æ)

8,864

444

Vulcan

Materials

Co.

2,500

738

Watsco,

Inc.(Ð)

1,589

662

Westlake

Corp.

7,958

581

25,210

Producer

Durables

8.4%

Co.

2,310

374

American

Airlines

Group,

Inc.(Æ)(Ð)

71,500

1,292

Amphenol

Corp.

Class

20,675

3,645

Argan,

Inc.

2,274

1,816

Automatic

Data

Processing,

Inc.

1,408

315

Boeing

Co.

(The)(Æ)

1,825

395

Canadian

Pacific

Kansas

City,

Ltd.

6,803

589

Caterpillar,

Inc.

1,750

1,864

Robinson

Worldwide,

Inc.

7,947

1,497

Cintas

Corp.

1,841

313

CNH

Industrial

71,486

803

Comfort

Systems

USA,

Inc.(Û)

917

1,817

CSX

Corp.

11,964

569

Deere

Co.

1,956

1,241

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Delta

Air

Lines,

Inc.

16,747

1,569

EMCOR

Group,

Inc.(Û)

2,314

1,920

FedEx

Corp.

2,607

816

FedEx

Freight

Holding

Co.,

Inc.(Æ)

1,303

197

Fluor

Corp.(Æ)

13,615

713

Gartner,

Inc.(Æ)

1,056

137

Vernova,

Inc.

1,833

2,154

Graco,

Inc.

15,756

1,191

Honeywell

Aerospace,

Inc.(Æ)

1,156

256

Honeywell

International,

Inc.

1,156

259

Howmet

Aerospace,

Inc.

4,295

1,155

Huntington

Ingalls

Industries,

Inc.

2,483

695

Illinois

Tool

Works,

Inc.

1,548

419

Itron,

Inc.(Æ)

3,319

287

Hunt

Transport

Services,

Inc.(Û)

3,861

1,117

Keysight

Technologies,

Inc.(Æ)

3,058

1,071

Landstar

System,

Inc.

7,186

1,486

Lockheed

Martin

Corp.(Ð)(Û)

1,898

967

Magna

International,

Inc.

Class

13,116

861

Mueller

Industries,

Inc.

5,329

655

Norfolk

Southern

Corp.

1,536

483

Northrop

Grumman

Corp.

2,147

1,093

Old

Dominion

Freight

Line,

Inc.

1,653

358

PACCAR,

Inc.

5,712

686

Parker-Hannifin

Corp.

718

702

Paychex,

Inc.

4,103

403

Powell

Industries,

Inc.(Ð)

2,169

621

Quanta

Services,

Inc.

1,122

808

Ralliant

Corp.

15,633

1,151

Regal

Rexnord

Corp.

3,782

901

Republic

Services,

Inc.

Class

2,537

541

Rockwell

Automation,

Inc.

1,565

775

RTX

Corp.

3,177

603

Ryder

System,

Inc.

4,200

1,108

Schneider

National,

Inc.

Class

12,613

461

Scotts

Miracle-Gro

Co.

(The)

Class

A(Ð)

10,206

695

Southwest

Airlines

Co.(Û)

34,768

1,788

Teledyne

Technologies,

Inc.(Æ)

771

514

Trade

Desk,

Inc.

(The)

Class

A(Æ)(Ð)

8,519

154

TransDigm

Group,

Inc.

252

336

TransUnion

14,493

1,046

TriNet

Group,

Inc.(Û)

3,696

183

Tutor

Perini

Corp.

2,721

226

U-Haul

Holding

Co.(Æ)(Ð)

1,454

Union

Pacific

Corp.

2,203

599

United

Airlines

Holdings,

Inc.(Æ)

4,545

618

United

Parcel

Service,

Inc.

Class

4,161

447

United

Rentals,

Inc.

699

792

Verisk

Analytics,

Inc.

Class

4,793

860

Vontier

Corp.

25,479

739

Waste

Management,

Inc.

2,600

579

Werner

Enterprises,

Inc.

10,405

454

Westinghouse

Air

Brake

Technologies

Corp.

1,877

506

55,780

Technology

44.4%

Accenture

PLC

Class

8,497

1,057

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Adobe,

Inc.(Æ)

11,714

2,402

Advanced

Micro

Devices,

Inc.(Æ)

9,308

5,407

Airbnb,

Inc.

Class

A(Æ)

2,626

376

Alphabet,

Inc.

Class

66,399

23,729

Alphabet,

Inc.

Class

C(Û)

40,066

14,157

Apple,

Inc.(Û)

117,886

34,111

Applied

Materials,

Inc.

7,237

5,232

Arista

Networks,

Inc.(Æ)

6,849

1,164

ASML

Holding

Class

556

1,106

Atlassian

Corp.

Class

A(Æ)

10,011

779

Autodesk,

Inc.(Æ)

1,211

235

Booking

Holdings,

Inc.(Û)

17,992

3,207

Broadcom,

Inc.

46,512

17,570

Broadridge

Financial

Solutions,

Inc.

1,827

250

Cadence

Design

Systems,

Inc.(Æ)

3,197

1,200

Cargurus,

Inc.(Æ)

5,183

177

Chime

Financial,

Inc.

Class

A(Æ)

12,900

264

Cirrus

Logic,

Inc.(Æ)(Ð)

7,325

1,088

Cisco

Systems,

Inc.

17,888

2,101

Clear

Secure,

Inc.

Class

10,750

599

Cognizant

Technology

Solutions

Corp.

Class

8,806

341

CommVault

Systems,

Inc.(Æ)

5,589

792

Corning,

Inc.

3,329

850

Corteva,

Inc.

5,241

444

Crowdstrike

Holdings,

Inc.

Class

A(Æ)(Ð)

8,469

6,463

Datadog,

Inc.

Class

A(Æ)

2,972

774

DocuSign,

Inc.(Æ)

14,547

646

DoorDash,

Inc.

Class

A(Æ)

6,047

1,116

Dropbox,

Inc.

Class

A(Æ)(Ð)

50,098

1,376

Etsy,

Inc.(Æ)

1,190

Fiserv,

Inc.(Æ)

4,726

232

Fortinet,

Inc.(Æ)

19,616

3,013

GoDaddy,

Inc.

Class

A(Æ)

9,672

821

Hewlett

Packard

Enterprise

Co.

17,675

797

Ingram

Micro

Holding

Corp.

11,331

311

Intel

Corp.(Æ)

18,593

2,596

International

Business

Machines

Corp.

3,036

854

Intuit,

Inc.

5,795

1,512

Jabil,

Inc.(Û)

4,505

1,737

KBR,

Inc.(Ð)

8,397

290

KLA

Corp.

22,451

6,774

Kyndryl

Holdings,

Inc.(Æ)

31,836

360

Lam

Research

Corp.

7,283

3,156

Manhattan

Associates,

Inc.(Æ)

6,704

934

Maplebear,

Inc.(Æ)

27,351

1,295

Match

Group,

Inc.(Ð)

32,392

1,233

Meta

Platforms,

Inc.

Class

A(Û)

22,956

12,931

Micron

Technology,

Inc.

12,652

14,604

Microsoft

Corp.

68,262

25,463

Monolithic

Power

Systems,

Inc.

792

1,095

Motorola

Solutions,

Inc.

1,842

765

Nutanix,

Inc.

Class

A(Æ)

17,492

891

NVIDIA

Corp.

221,621

44,344

NXP

Semiconductors

4,985

1,401

Semiconductor

Corp.(Æ)

8,460

800

Oracle

Corp.

2,205

323

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Palantir

Technologies,

Inc.

Class

A(Æ)

13,962

1,629

Palo

Alto

Networks,

Inc.(Æ)

5,065

1,727

Pattern

Group,

Inc.

Class

A(Æ)

5,300

134

PayPal

Holdings,

Inc.

6,055

261

Pegasystems,

Inc.

14,506

435

Pinterest,

Inc.

Class

A(Æ)

38,818

816

QUALCOMM,

Inc.

7,729

1,428

Reddit,

Inc.

Class

A(Æ)(Ð)

3,272

568

ROBLOX

Corp.

Class

A(Æ)(Ð)

28,078

1,527

Roper

Technologies,

Inc.

2,582

874

Salesforce,

Inc.

14,260

2,234

Sandisk

Corp.(Æ)(Û)

936

2,128

Seagate

Technology

Holdings

PLC

2,817

2,718

SentinelOne,

Inc.

Class

A(Æ)

12,398

210

ServiceNow,

Inc.(Æ)

16,552

1,643

Snap,

Inc.

Class

A(Æ)

65,209

290

Snowflake,

Inc.

Class

A(Æ)

5,876

1,495

Super

Micro

Computer,

Inc.(Æ)

8,469

248

Synopsys,

Inc.(Æ)

4,513

2,013

Connectivity

PLC

2,572

519

Teradyne,

Inc.

3,456

1,672

Texas

Instruments,

Inc.

12,481

3,720

Tyler

Technologies,

Inc.(Æ)

615

180

Uber

Technologies,

Inc.(Æ)

8,117

586

Varonis

Systems,

Inc.(Æ)

26,594

1,116

VeriSign,

Inc.

6,030

1,517

Western

Digital

Corp.

5,461

3,488

Workday,

Inc.

Class

A(Æ)

1,761

216

Zscaler,

Inc.(Æ)(Ð)

3,642

514

293,541

Utilities

3.1%

American

Electric

Power

Co.,

Inc.

4,602

630

American

Water

Works

Co.,

Inc.

1,568

206

AT&T,

Inc.

127,440

2,638

ConocoPhillips(Û)

27,527

2,862

Consolidated

Edison,

Inc.

3,890

430

Duke

Energy

Corp.

3,921

496

Edison

International

14,753

1,098

Entergy

Corp.

10,818

1,243

Eversource

Energy

11,178

808

Exelon

Corp.

14,332

668

NextEra

Energy,

Inc.

25,479

2,236

NRG

Energy,

Inc.

6,100

891

Sempra

17,655

1,637

Southern

Co.

(The)

11,471

1,098

T-Mobile

US,

Inc.

3,100

520

Verizon

Communications,

Inc.

20,030

848

WEC

Energy

Group,

Inc.

3,617

422

Xcel

Energy,

Inc.

21,763

1,748

20,479

Total

Common

Stocks

(cost

$409,352)

682,166

Short-Term

Investments

2.8%

U.S.

Cash

Management

Fund(@)

18,171,787

(∞)

18,166

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Total

Short-Term

Investments

(cost

$18,166)

18,166

Total

Investments

106.0%

(identified

cost

$427,518)

700,332

Securities

Sold

Short

(6.1)%

Consumer

Discretionary

(0.5)%

Advanced

Energy

Industries,

Inc.

(1,725)

(643)

Axon

Enterprise,

Inc.(Æ)

(1,583)

(887)

Dutch

Bros,

Inc.

Class

A(Æ)

(11,071)

(795)

Hims

Hers

Health,

Inc.(Æ)

(6,859)

(238)

Joby

Aviation,

Inc.(Æ)

(35,976)

(321)

Kontoor

Brands,

Inc.

(8,024)

(669)

(3,553)

Consumer

Staples

(0.1)%

Chefs'

Warehouse

Holdings,

Inc.

(The)(Æ)

(7,013)

(674)

Philip

Morris

International,

Inc.

(1,141)

(206)

(880)

Energy

(0.6)%

Centrus

Energy

Corp.

Class

A(Æ)

(1,255)

(211)

Core

Natural

Resources,

Inc.

(4,920)

(394)

DNOW,

Inc.(Æ)

(48,338)

(627)

Plug

Power,

Inc.(Æ)

(85,547)

(232)

Solaris

Energy

Infrastructure,

Inc.

Class

(5,059)

(407)

Texas

Pacific

Land

Corp.

(1,541)

(674)

Uranium

Energy

Corp.(Æ)

(41,062)

(438)

Viper

Energy,

Inc.

Class

(14,860)

(630)

(3,613)

Financial

Services

(1.0)%

AGNC

Investment

Corp.(ö)

(56,751)

(619)

Apollo

Global

Management,

Inc.

(1,390)

(164)

Applied

Digital

Corp.(Æ)

(1,065)

(40)

Atlantic

Union

Bankshares

Corp.

(17,128)

(725)

Brown

Brown,

Inc.

(9,670)

(620)

Cipher

Digital,

Inc.(Æ)

(4,947)

(121)

Compass,

Inc.

Class

A(Æ)

(17,252)

(213)

Erie

Indemnity

Co.

Class

(1,485)

(356)

Sustainable

Infrastructure

Capital,

Inc.

(9,972)

(389)

MARA

Holdings,

Inc.(Æ)

(3,902)

(54)

Pinnacle

Financial

Partners,

Inc.

(6,893)

(695)

Rayonier,

Inc.(ö)

(30,240)

(644)

Rocket

Cos.,

Inc.

Class

A(Æ)

(52,302)

(824)

Shift4

Payments,

Inc.

Class

A(Æ)

(15,283)

(743)

UWM

Holdings

Corp.

(73,280)

(168)

(6,375)

Health

Care

(0.8)%

Acadia

Healthcare

Co.,

Inc.(Æ)

(29,325)

(866)

Brookdale

Senior

Living,

Inc.

Class

A(Æ)

(15,739)

(253)

Oncology,

Inc.(Æ)

(7,396)

(525)

DaVita,

Inc.(Æ)

(218)

(49)

Globus

Medical,

Inc.

Class

A(Æ)

(6,946)

(549)

HealthEquity,

Inc.(Æ)

(3,994)

(361)

Immunovant,

Inc.(Æ)

(41)

(2)

Kymera

Therapeutics,

Inc.(Æ)

(4,623)

(530)

RadNet,

Inc.(Æ)

(11,089)

(684)

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Revolution

Medicines,

Inc.(Æ)

(5,330)

(998)

Vaxcyte,

Inc.(Æ)

(7,520)

(437)

(5,254)

Materials

and

Processing

(0.5)%

Element

Solutions,

Inc.

(15,930)

(761)

Greif,

Inc.

Class

(3,282)

(244)

ITT,

Inc.

(287)

(57)

Ivanhoe

Electric,

Inc.(Æ)

(28,653)

(275)

Knife

River

Corp.(Æ)

(3,677)

(308)

Quaker

Chemical

Corp.

(2,336)

(371)

Royal

Gold,

Inc.

(3,178)

(634)

Sensient

Technologies

Corp.

(3,987)

(492)

USA

Rare

Earth,

Inc.(Æ)

(3,150)

(68)

VSE

Corp.

(1,441)

(329)

(3,539)

Producer

Durables

(1.5)%

AeroVironment,

Inc.(Æ)

(4,343)

(717)

Brady

Corp.

Class

(1,550)

(142)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(7,350)

(713)

Construction

Partners,

Inc.

Class

A(Æ)

(5,370)

(638)

CoreCivic,

Inc.(Æ)

(1,719)

(52)

Dorman

Products,

Inc.(Æ)

(584)

(80)

Federal

Signal

Corp.

(5,924)

(761)

GEO

Group,

Inc.

(The)(Æ)

(22,832)

(675)

GPGI,

Inc.

Class

(21,677)

(343)

Ingersoll

Rand,

Inc.

(2,345)

(192)

JBT

Marel

Corp.

(5,371)

(779)

Loar

Holdings,

Inc.(Æ)

(7,463)

(602)

Mirion

Technologies,

Inc.(Æ)

(32,785)

(588)

NuScale

Power

Corp.(Æ)

(29,579)

(297)

OSI

Systems,

Inc.(Æ)

(2,769)

(605)

Standex

International

Corp.

(960)

(343)

Teledyne

Technologies,

Inc.(Æ)

(1,069)

(713)

TransUnion

(5,370)

(387)

Uniti

Group,

Inc.(Æ)

(28,775)

(330)

Willscot

Holdings

Corp.

(33,369)

(963)

(9,920)

Technology

(0.9)%

Applied

Optoelectronics,

Inc.(Æ)

(425)

(63)

Bentley

Systems,

Inc.

Class

(19,698)

(589)

Coherent

Corp.(Æ)

(2,014)

(795)

Corning,

Inc.

(279)

(71)

Crane

NXT

Co.

(5,236)

(268)

D-Wave

Quantum,

Inc.(Æ)

(1,603)

(38)

Fastly,

Inc.

Class

A(Æ)

(6,156)

(113)

Impinj,

Inc.(Æ)

(2,771)

(397)

IonQ,

Inc.(Æ)

(1,559)

(83)

Life360,

Inc.(Æ)

(6,043)

(335)

Marvell

Technology,

Inc.

(2,250)

(670)

Navitas

Semiconductor

Corp.(Æ)

(3,476)

(62)

Ondas,

Inc.(Æ)

(8,203)

(68)

Photronics,

Inc.(Æ)

(13,537)

(440)

Samsara,

Inc.

Class

A(Æ)

(19,894)

(645)

Sanmina

Corp.(Æ)

(3,076)

(779)

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

TTM

Technologies,

Inc.(Æ)

(3,114)

(582)

(5,998)

Utilities

(0.2)%

Constellation

Energy

Corp.

(1,705)

(423)

Otter

Tail

Corp.

(5,358)

(482)

Sable

Offshore

Corp.(Æ)

(4,750)

(15)

(920)

Total

Securities

Sold

Short

(proceeds

$34,698)

(40,052)

Other

Assets

and

Liabilities,

Net

0.1%

522

Net

Assets

100.0%

660,802

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Strategic

Equity

Fund

Futures

Contracts

Amounts

thousands

(except

contract

amounts

)

Number

Contracts

Notional

Amount

Expiration

Date

Value

and

Unrealized

Appreciation

(Depreciation)

Long

Positions

Russell

2000

E-Mini

Index

Futures

USD

8,223

09/26

210

S&P

500

E-Mini

Index

Futures

USD

8,303

09/26

Total

Value

and

Unrealized

Appreciation

(Depreciation)

Open

Futures

Contracts

(å)

264

Presentation

Portfolio

Holdings

Amounts

thousands

Fair

Value

Portfolio

Summary

Level

Practical

Expedient

(a)

Total

Common

Stocks

Consumer

Discretionary

85,254

—

85,254

Consumer

Staples

19,163

—

19,163

Energy

22,438

—

22,438

Financial

Services

90,909

—

90,909

Health

Care

69,392

—

69,392

Materials

and

Processing

25,210

—

25,210

Producer

Durables

55,780

—

55,780

Technology

293,541

—

293,541

Utilities

20,479

—

20,479

Short-Term

Investments

—

18,166

Total

Investments

682,166

—

18,166

700,332

Securities

Sold

Short

(40,052)

—

(40,052)

Other

Financial

Instruments

Assets

Futures

Contracts

264

—

264

Total

Other

Financial

Instruments

264

—

264

Refer

Schedule

Investments

for

detailed

sector

breakout.

Futures

contract

values

reflect

the

unrealized

appreciation

(depreciation)

the

investments.

(a)

Certain

investments

that

are

measured

fair

value

using

the

net

asset

value

per

(or

its

equivalent)

practical

expedient

have

not

been

classified

the

fair

value

levels.

The

fair

value

amounts

presented

the

table

are

intended

permit

reconciliation

the

amounts

presented

the

Schedule

Investments.

For

description

the

Levels,

see

note

the

Notes

Financial

Statements.

For

disclosure

transfers

into

and

out

Level

during

the

period

ended

June

30,

2026,

any,

see

note

the

Notes

Financial

Statements.

Investments

which

significant

unobservable

inputs

(Level

were

used

determining

fair

value

June

30,

2026,

any,

were

less

than

net

assets.

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Strategic

Equity

Fund

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Fair

Value

Derivative

Instruments

—

June

30,

2026

(Unaudited)

Amounts

thousands

Derivatives

not

accounted

for

hedging

instruments

Equity

Contracts

Location:

Statement

Assets

and

Liabilities

Assets

Variation

margin

futures

contracts

264

Derivatives

not

accounted

for

hedging

instruments

Equity

Contracts

Location:

Statement

Operations

Net

realized

gain

(loss)

Futures

contracts

1,765

Location:

Statement

Operations

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

241

For

further

disclosure

derivatives

see

note

the

Notes

Financial

Statements.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Balance

Sheet

Offsetting

Financial

and

Derivative

Instruments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

thousands

Offsetting

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

Assets

and

Liabilities

Gross

Amounts

Recognized

Liabilities

Gross

Amounts

Offset

the

Statement

Assets

and

Liabilities

Net

Amounts

Liabilities

Presented

the

Statement

Assets

and

Liabilities

Short

Sales

Securities

sold

short,

fair

value

40,052

—

40,052

Total

Financial

and

Derivative

Liabilities

40,052

—

40,052

Financial

and

Derivative

Liabilities

not

subject

netting

agreement

—

Total

Financial

and

Derivative

Liabilities

subject

netting

agreement

40,052

—

40,052

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

Counterparty

Gross

Amounts

Not

Offset

the

Statement

Assets

and

Liabilities

Counterparty

Net

Amounts

Liabilities

Presented

the

Statement

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Pledged^

Net

Amount

State

Street

40,052

—

40,052

—

Total

40,052

—

40,052

—

Collateral

pledged

amounts

may

not

reconcile

those

disclosed

the

Statement

Assets

and

Liabilities

due

the

inclusion

off-Balance

Sheet

collateral

and

adjustments

made

exclude

overcollateralization.

For

further

disclosure

derivatives

and

counterparty

risk

see

note

the

Notes

Financial

Statements.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Strategic

Equity

Fund

Statement

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

thousands

Assets

Investments,

identified

cost

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

427,518

Investments,

fair

value(

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

700,332

Receivables:

Dividends

and

interest

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

333

Dividends

from

affiliated

funds

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

Investments

sold

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

3,792

From

broker(a)

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

958

Variation

margin

futures

contracts

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

264

Prepaid

expenses

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

Total

assets

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

705,738

Liabilities

Payables:

Due

custodian

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

148

Investments

purchased

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

3,707

Fund

redeemed

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

525

Accrued

fees

affiliates

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

407

Other

accrued

expenses

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

Securities

sold

short,

fair

value(

‡)

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

40,052

Total

liabilities

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

44,936

Net

Assets

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

660,802

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

285,651

beneficial

interest

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

283

Additional

paid-in

capital

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

374,868

Net

Assets

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

660,802

(

Investments

affiliates,

U.S.

Cash

Management

Fund

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

18,166

(a)

Receivable

from

Broker

for

Futures

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

958

(

‡)

Proceeds

securities

sold

short

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

34,698

Net

Asset

Value

offering

and

redemption

price

per

Net

asset

value

per

(#)

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

23.39

Net

assets

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

660,802,121

outstanding

($.01

par

value)

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

28,252,049

(#)

Net

asset

value

per

equals

net

assets

divided

beneficial

interest

outstanding.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Strategic

Equity

Fund

Statement

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

thousands

Investment

Income

Dividends

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

3,988

Dividend

distributions

from

affiliated

funds

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

348

Interest

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

Total

investment

income

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

4,360

Expenses

Advisory

fees

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

2,321

Administrative

fees

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

159

Custodian

fees

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

Transfer

agent

fees

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

Professional

fees

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

Trustees’

fees

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

Printing

fees

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

Dividends

from

securities

sold

short

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

176

Interest

expense

paid

securities

sold

short

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

118

Miscellaneous

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

Expenses

before

reductions

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

2,939

Expense

reductions

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

(127)

Net

expenses

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

2,812

Net

investment

income

(loss)

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

1,548

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

30,236

Investments

affiliated

funds

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

(1)

Futures

contracts

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

1,765

Securities

sold

short

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

(6,894)

Net

realized

gain

(loss)

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

25,106

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

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

26,857

Investments

affiliated

funds

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

(6)

Futures

contracts

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

241

Securities

sold

short

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

(340)

Net

change

unrealized

appreciation

(depreciation)

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

26,752

Net

realized

and

unrealized

gain

(loss)

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

51,858

Net

Increase

(Decrease)

Net

Assets

from

Operations

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

53,406

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Strategic

Equity

Fund

Statements

Changes

Net

Assets

Amounts

thousands

Period

Ended

June

30,

2026

(Unaudited)

Fiscal

Year

Ended

December

31,

2025

Increase

(Decrease)

Net

Assets

from

Operations

Net

investment

income

(loss)

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

1,548

3,733

Net

realized

gain

(loss)

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

25,106

53,031

Net

change

unrealized

appreciation

(depreciation)

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

26,752

28,792

Net

increase

(decrease)

net

assets

from

operations

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

53,406

85,556

Distributions

shareholders

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

(14,614)

(59,611)

Net

decrease

net

assets

from

distributions

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

(14,614)

(59,611)

Transactions*

Net

increase

(decrease)

net

assets

from

transactions

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

(24,399)

13,176

Total

Net

Increase

(Decrease)

Net

Assets

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

14,393

39,121

Net

Assets

Beginning

period

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

646,409

607,288

End

period

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

660,802

646,409

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

follows:

2026

(Unaudited)

2025

Dollars

Proceeds

from

sold

140

3,078

1,312

26,939

Proceeds

from

reinvestment

distributions

676

14,614

2,724

59,611

Payments

for

redeemed

(1,894)

(42,091)

(3,355)

(73,374)

Total

increase

(decrease)

(1,078)

(24,399)

681

13,176

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Strategic

Equity

Fund

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

Outstanding

Throughout

Each

Period.

06/30/26

(ƣ)

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

Per-Share

Data

–

Net

Asset

Value,

Beginning

Period

22.04‌

21.20‌

19.16‌

15.62‌

21.46‌

19.58‌

Income

(loss)

from

investment

operations:

—‌

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.05‌

.13‌

.12‌

.14‌

.11‌

.07‌

Net

Realized

and

Unrealized

Gain

(Loss)

1.80‌

2.87‌

3.78‌

3.92‌

(4.51‌)

3.87‌

Total

from

Investment

Operations

1.85‌

3.00‌

3.90‌

4.06‌

(4.40‌)

3.94‌

Less

distributions:

–

Distributions

from

Net

Investment

Income

(.02‌)

(.15‌)

(.20‌)

(.14‌)

(.10‌)

(.12‌)

Distributions

from

Net

Realized

Gain

(.48‌)

(2.01‌)

(1.66‌)

(.38‌)

(1.34‌)

(1.94‌)

Total

Distributions

(.50‌)

(2.16‌)

(1.86‌)

(.52‌)

(1.44‌)

(2.06‌)

Net

Asset

Value,

End

Period

23.39‌

22.04‌

21.20‌

19.16‌

15.62‌

21.46‌

Total

Return

(±)(ǿ)

8.61‌

14.43‌

20.50‌

26.29‌

(20.86‌)

20.40‌

–

Ratios/Supplemental

Data

–

Net

Assets,

End

Period

(000)

660,802‌

646,409‌

607,288‌

566,949‌

472,170‌

624,167‌

Ratio

average

net

assets:

–

Expenses,

Gross

(ɯ)

.92‌

.91‌

.94‌

.97‌

.88‌

.84‌

Expenses,

Net

(Ƃ)(ɯ)(∆)

.88‌

.87‌

.91‌

.96‌

.88‌

.84‌

Net

Investment

Income

(Ƃ)(ɯ)

.49‌

.60‌

.58‌

.84‌

.65‌

.32‌

Portfolio

Turnover

Rate

(ǿ)

28‌

61‌

53‌

60‌

100‌

33‌

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Strategic

Equity

Fund

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

affiliates

June

30,

2026

were

follows:

Federal

Income

Taxes

(Unaudited)

June

30,

2026

the

cost

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

follows:

Advisory

fees

374,533

Administrative

fees

27,140

Transfer

agent

fees

2,388

Trustees'

fees

3,266

407,327

Transactions

(amounts

thousands)

during

the

period

ended

June

30,

2026

with

underlying

fund

which

is,

was,

affiliated

company

are

follows:

Fair

Value,

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

Unrealized

Gain

(Loss)

Fair

Value,

End

Period

Dividend

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

25,581

68,628

76,036

(1)

(6)

18,166

348

—

Cost

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

400,008,229

285,385,766

(24,849,493)

260,536,273

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Common

Stocks

97.8%

Consumer

Discretionary

9.6%

Abercrombie

Fitch

Co.

Class

A(Æ)

990

Academy

Sports

Outdoors,

Inc.

5,385

254

Advance

Auto

Parts,

Inc.

2,099

131

Advanced

Energy

Industries,

Inc.

516

192

AerSale

Corp.(Æ)

16,775

106

American

Public

Education,

Inc.(Æ)

2,706

145

Asbury

Automotive

Group,

Inc.(Æ)

487

Atkore,

Inc.

1,514

115

Bed

Bath

Beyond,

Inc.(Æ)

2,388

Bloomin'

Brands,

Inc.

7,224

BlueLinx

Holdings,

Inc.(Æ)

687

Boot

Barn

Holdings,

Inc.(Æ)

2,208

363

Boyd

Gaming

Corp.

1,718

152

Bright

Horizons

Family

Solutions,

Inc.(Æ)

1,478

105

Brightstar

Lottery

PLC

16,903

181

Brilliant

Earth

Group,

Inc.

Class

38,900

Brinker

International,

Inc.(Æ)

1,046

176

Brunswick

Corp.

7,361

620

Buckle,

Inc.

(The)

2,011

Cadre

Holdings,

Inc.

22,444

640

Callaway

Golf

Co.(Æ)

6,573

123

Carter's,

Inc.

2,479

102

Cava

Group,

Inc.(Æ)

1,708

134

Cavco

Industries,

Inc.(Æ)

206

127

Century

Communities,

Inc.

4,998

358

Chegg,

Inc.(Æ)

2,500

Citi

Trends,

Inc.(Æ)(Ð)

424

Clarus

Corp.

44,894

141

Columbia

Sportswear

Co.

4,712

291

Cooper-Standard

Holdings,

Inc.(Æ)

996

Covista,

Inc.(Æ)

285

Dana,

Inc.

6,485

176

Deckers

Outdoor

Corp.(Æ)(Û)

231

Dillard's,

Inc.

Class

183

Domino's

Pizza,

Inc.(Û)

111

Douglas

Dynamics,

Inc.

8,145

439

DraftKings,

Inc.

Class

A(Æ)(Û)

622

Driven

Brands

Holdings,

Inc.(Æ)(Ð)

3,007

Entravision

Communications

Corp.

Class

59,880

781

Ethan

Allen

Interiors,

Inc.

4,601

103

Scripps

Co.

(The)

Class

A(Æ)

19,522

FIGS,

Inc.

Class

A(Æ)

8,438

First

Watch

Restaurant

Group,

Inc.(Æ)

18,245

235

FirstCash

Holdings,

Inc.

1,595

345

Five

Below,

Inc.(Æ)

1,606

289

Flexsteel

Industries,

Inc.

378

Forestar

Group,

Inc.(Æ)

819

Fossil

Group,

Inc.(Æ)

3,300

Funko,

Inc.

Class

A(Æ)

3,055

Gap,

Inc.

(The)

9,312

174

Genesco,

Inc.(Æ)

1,210

Genius

Sports,

Ltd.(Æ)

3,256

Goodyear

Tire

Rubber

Co.

(The)(Æ)(Ð)

12,234

GoPro,

Inc.

Class

A(Æ)

15,172

Gray

Media,

Inc.

14,480

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Green

Brick

Partners,

Inc.(Æ)

6,944

556

Group

Automotive,

Inc.

309

Harley-Davidson,

Inc.(Ð)

4,456

109

Haverty

Furniture

Cos.,

Inc.

17,951

458

Intuitive

Machines,

Inc.(Æ)

4,087

JAKKS

Pacific,

Inc.(Ð)

684

Johnson

Outdoors,

Inc.

Class

A(Ð)

318

Karman

Holdings,

Inc.(Æ)

3,614

180

Kura

Sushi

USA,

Inc.

Class

A(Æ)

5,559

320

Lands'

End,

Inc.(Æ)

161

Lear

Corp.

2,150

288

Legacy

Education,

Inc.(Æ)

11,030

130

Leonardo

DRS,

Inc.

475

Levi

Strauss

Co.

Class

2,170

Life

Time

Group

Holdings,

Inc.(Æ)

7,245

296

LifeMD,

Inc.(Æ)(Ð)

3,931

Lindblad

Expeditions

Holdings,

Inc.(Æ)

12,605

356

Lululemon

Athletica,

Inc.(Æ)(Û)

202

Madison

Square

Garden

Entertainment

Corp.(Æ)(Ð)

2,153

174

Malibu

Boats,

Inc.

Class

A(Æ)

1,609

Marriott

Vacations

Worldwide

Corp.

7,154

729

MasterCraft

Boat

Holdings,

Inc.(Æ)(Ð)

10,025

259

Mattel,

Inc.(Æ)

7,568

105

Matthews

International

Corp.

Class

7,243

195

MNTN,

Inc.

Class

A(Æ)

176

Monro,

Inc.

30,876

528

Motorcar

Parts

America,

Inc.(Æ)

5,914

Movado

Group,

Inc.(Ð)

658

M-Tron

Industries,

Inc.(Æ)

1,240

123

Newell

Brands,

Inc.

215,404

1,323

Skin

Enterprises,

Inc.

Class

13,126

Oxford

Industries,

Inc.

8,447

294

Patrick

Industries,

Inc.

1,634

147

Peloton

Interactive,

Inc.

Class

A(Æ)(Ð)

14,698

People,

Inc.(Æ)

5,788

267

Petco

Health

Wellness

Co.,

Inc.(Æ)

5,783

Polaris,

Inc.

1,763

121

QuinStreet,

Inc.(Æ)

3,205

Reservoir

Media,

Inc.(Æ)

35,700

353

RH(Æ)(Ð)

549

Rocky

Brands,

Inc.

13,980

576

Rush

Street

Interactive,

Inc.(Æ)(Û)

20,044

596

Sally

Beauty

Holdings,

Inc.(Æ)

11,487

162

Savers

Value

Village,

Inc.(Æ)

2,537

Shake

Shack,

Inc.

Class

A(Æ)

1,065

SharkNinja,

Inc.(Æ)(Ð)

5,508

839

Shoe

Station

Group,

Inc.

2,541

Signet

Jewelers,

Ltd.

1,499

129

Sirius

Holdings,

Inc.

3,433

101

Sonic

Automotive,

Inc.

Class

A(Ð)

1,906

162

Sphere

Entertainment

Co.(Æ)(Ð)

821

142

Starz

Entertainment

Corp.(Æ)

11,397

329

Steven

Madden,

Ltd.

5,418

228

Stitch

Fix,

Inc.

Class

A(Æ)

8,305

Strata

Critical

Medical,

Inc.(Æ)

37,369

197

Sturm

Ruger

Co.,

Inc.

12,058

456

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Super

Group

SGHC,

Ltd.

16,931

229

Superior

Group

Cos.,

Inc.

156

Taylor

Morrison

Home

Corp.

Class

A(Æ)

700

Texas

Roadhouse,

Inc.

Class

1,391

269

Thor

Industries,

Inc.

1,929

145

Tractor

Supply

Co.(Ð)

1,308

Upbound

Group,

Inc.

Class

5,270

112

Urban

Outfitters,

Inc.(Æ)

2,087

148

Versant

Media

Group,

Inc.

886

Corp.

22,820

381

Visteon

Corp.

1,078

107

Wabash

National

Corp.

3,381

Wayfair,

Inc.

Class

A(Æ)(Û)

3,568

330

Whirlpool

Corp.

2,327

Winmark

Corp.

219

Winnebago

Industries,

Inc.

16,759

524

Wolverine

World

Wide,

Inc.

2,894

Wyndham

Hotels

Resorts,

Inc.

3,350

282

Zillow

Group,

Inc.

Class

A(Æ)

5,086

160

Zumiez,

Inc.(Æ)

976

23,461

Consumer

Staples

2.2%

Andersons,

Inc.

(The)

4,157

284

Aramark

4,236

241

Arko

Corp.

2,880

Cal-Maine

Foods,

Inc.

2,230

180

Celsius

Holdings,

Inc.(Æ)

5,946

174

Del

Monte

Corp.

2,115

Dole

PLC

2,394

Helen

Troy,

Ltd.(Æ)

1,451

Foods

Group,

Inc.(Æ)

45,115

Ingles

Markets,

Inc.

Class

999

Interparfums,

Inc.

3,030

339

Krispy

Kreme,

Inc.(Æ)

6,600

MGP

Ingredients,

Inc.(Ð)

1,200

National

Vision

Holdings,

Inc.(Æ)

22,017

419

Nature's

Sunshine

Products,

Inc.(Æ)(Ð)

728

Olaplex

Holdings,

Inc.(Æ)

44,746

Post

Holdings,

Inc.(Æ)

1,303

115

Primo

Brands

Corp.

Class

23,028

563

Quanex

Building

Products

Corp.

52,727

982

SkinHealth

Systems,

Inc.(Æ)

2,628

United

Natural

Foods,

Inc.(Æ)

4,619

211

Universal

Corp.

1,541

USANA

Health

Sciences,

Inc.(Æ)

513

Vita

Coco

Co.,

Inc.

(The)(Æ)

6,294

416

Vital

Farms,

Inc.(Æ)(Ð)

1,332

Warby

Parker,

Inc.

Class

A(Æ)

24,182

734

Yesway,

Inc.

Class

A(Æ)

6,934

141

5,368

Energy

4.9%

Amplify

Energy

Corp.(Æ)

2,203

Antero

Resources

Corp.(Æ)(Ð)(Û)

9,022

317

ARKO

Petroleum

Corp.

16,280

307

Atlas

Energy

Solutions,

Inc.

7,919

132

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Civeo

Corp.(Æ)

937

DNOW,

Inc.(Æ)

14,729

191

EagleRock

Land

LLC

Class

A(Æ)

14,868

316

Expro

Group

Holdings

NV(Æ)

6,322

Flotek

Industries,

Inc.(Æ)

2,816

Forum

Energy

Technologies,

Inc.(Æ)

603

Green

Plains,

Inc.(Æ)

3,890

Hallador

Energy

Co.(Æ)

4,672

Sinclair

Corp.(Ð)(Û)

3,486

243

Kodiak

Gas

Services,

Inc.

1,769

133

Liberty

Energy,

Inc.

Class

7,206

189

Mammoth

Energy

Services,

Inc.(Æ)

25,408

Matrix

Service

Co.(Æ)

24,553

336

National

Energy

Services

Reunited

Corp.

(Æ)

20,200

605

Natural

Gas

Services

Group,

Inc.

9,070

391

Noble

Corp.

PLC

5,665

211

NOV,

Inc.

4,304

NPK

International,

Inc.(Æ)

54,921

874

Oceaneering

International,

Inc.(Æ)

15,748

638

Oil

States

International,

Inc.(Æ)

14,881

119

Ormat

Technologies,

Inc.

7,006

763

Patterson-UTI

Energy,

Inc.

54,442

500

PBF

Energy,

Inc.

Class

3,097

141

PrimeEnergy

Resources

Corp.(Æ)

110

Ranger

Energy

Services,

Inc.

Class

894

RPC,

Inc.

15,750

Select

Water

Solutions,

Inc.

Class

82,881

1,656

Energy

Co.

2,799

SolarEdge

Technologies,

Inc.(Æ)

426

Solaris

Energy

Infrastructure,

Inc.

Class

13,947

1,122

SunCoke

Energy,

Inc.

2,719

Sunrun,

Inc.(Æ)

8,780

118

TETRA

Technologies,

Inc.(Æ)

74,169

840

United

States

Antimony

Corp.(Æ)

12,025

Warrior

Met

Coal,

Inc.

2,143

174

WaterBridge

Infrastructure

LLC

Class

16,406

562

Weatherford

International

PLC

1,560

127

World

Kinect

Corp.

3,715

122

11,993

Financial

Services

19.1%

1st

Source

Corp.

1,386

113

Acadian

Asset

Management,

Inc.(Ð)

979

Adamas

Trust,

Inc.(ö)

12,844

120

AGNT,

Inc.(Ð)

5,581

Alexander's,

Inc.(Ð)(ö)

156

Alexandria

Real

Estate

Equities,

Inc.(Ð)(ö)

445

Ally

Financial,

Inc.(Û)

7,433

342

American

Homes

Rent,

Class

A(ö)

1,123

American

Integrity

Insurance

Group,

Inc.

17,598

331

Ameris

Bancorp

2,029

183

Arbor

Realty

Trust,

Inc.(ö)

12,155

Artisan

Partners

Asset

Management,

Inc.

Class

713

Axos

Financial,

Inc.(Æ)

2,590

252

Banc

California,

Inc.

8,458

173

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Bancorp,

Inc.

(The)(Æ)

2,846

178

Bank

Hawaii

Corp.

4,475

365

Bank

Butterfield

Son,

Ltd.

(The)

3,799

226

Bank

OZK

3,322

173

BankUnited,

Inc.

6,261

303

Banner

Corp.

5,013

333

BGC

Group,

Inc.

Class

35,124

375

Blackstone

Mortgage

Trust,

Inc.

Class

A(ö)

10,039

170

BOK

Financial

Corp.(Ð)(Û)

225

Bowhead

Specialty

Holdings,

Inc.(Æ)

12,605

377

Bread

Financial

Holdings,

Inc.

5,092

552

Brixmor

Property

Group,

Inc.(ö)

9,392

296

Broadstone

Net

Lease,

Inc.(ö)

19,562

404

Business

First

Bancshares,

Inc.

19,861

610

Camden

Property

Trust(Ð)(ö)

2,521

289

Capital

Bancorp,

Inc.

11,495

404

Capital

City

Bank

Group,

Inc.

6,302

311

Cass

Information

Systems,

Inc.

4,373

224

Cathay

General

Bancorp

2,585

160

CBL

Associates

Properties,

Inc.(ö)

2,064

110

Centerspace(ö)

3,780

212

Central

Pacific

Financial

Corp.

7,910

302

Chatham

Lodging

Trust(ö)

1,314

City

Holding

Co.

841

112

CNO

Financial

Group,

Inc.

9,486

484

Coastal

Financial

Corp.(Æ)

4,637

359

Community

Financial

System,

Inc.

3,315

223

Community

Healthcare

Trust,

Inc.(ö)

28,807

527

Compass

Diversified

Holdings(Æ)

20,184

215

COPT

Defense

Properties(ö)

4,547

165

Core

Scientific,

Inc.(Æ)

2,427

Cousins

Properties,

Inc.(ö)

3,750

112

CTO

Realty

Growth,

Inc.(ö)

12,534

270

Cullen/Frost

Bankers,

Inc.(Ð)

3,036

469

Dave,

Inc.(Æ)

2,600

969

DiamondRock

Hospitality

Co.(ö)

17,240

210

Dime

Commercial

Bancshares,

Inc.

8,979

365

Diversified

Healthcare

Trust(ö)

11,916

111

Eastern

Bankshares,

Inc.

6,386

142

Employers

Holdings,

Inc.

945

Enact

Holdings,

Inc.

2,811

128

Encore

Capital

Group,

Inc.(Æ)(Ð)

3,608

337

Enova

International,

Inc.(Æ)

2,021

487

Enterprise

Financial

Services

Corp.

7,170

472

Esquire

Financial

Holdings,

Inc.

2,058

245

Exzeo

Group,

Inc.(Æ)

1,315

EZCORP,

Inc.

Class

A(Æ)

4,396

152

Financial

Corp.

3,952

219

Federal

Agricultural

Mortgage

Corp.

Class

1,351

269

Finance

America

Cos.,

Inc.

Class

A(Æ)

(Ð)

674

Financial

Institutions,

Inc.

3,081

120

First

American

Financial

Corp.(Ð)

3,048

209

First

BanCorp

18,246

573

First

Busey

Corp.

5,450

161

First

Financial

Bankshares,

Inc.

898

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

First

Internet

Bancorp

417

First

Interstate

BancSystem,

Inc.

Class

2,899

112

First

Merchants

Corp.

2,853

125

First

Mid

Bancshares,

Inc.

4,447

214

Five

Star

Bancorp

4,601

224

Flagstar

Bank

National

Association

6,403

Fulton

Financial

Corp.

14,565

352

GCM

Grosvenor,

Inc.

Class

1,250

Genworth

Financial,

Inc.

Class

A(Æ)

15,119

143

German

American

Bancorp,

Inc.

11,754

558

Getty

Realty

Corp.(ö)

6,260

209

Glacier

Bancorp,

Inc.

7,650

395

Grid

Dynamics

Holdings,

Inc.(Æ)

3,570

Hamilton

Insurance

Group,

Ltd.

Class

7,570

257

Hamilton

Lane,

Inc.

Class

2,152

170

Hancock

Whitney

Corp.

2,145

160

Hanover

Insurance

Group,

Inc.

(The)

842

180

Happen,

Inc.(Æ)

9,362

194

HCI

Group,

Inc.

430

Heritage

Financial

Corp.

8,573

254

Hilltop

Holdings,

Inc.

2,487

Hippo

Holdings,

Inc.(Æ)(Ð)

793

Home

BancShares,

Inc.

3,782

108

HomeTrust

Bancshares,

Inc.

2,810

140

Horace

Mann

Educators

Corp.

803

Horizon

Bancorp,

Inc.

27,980

559

Independence

Realty

Trust,

Inc.(ö)

7,137

119

Independent

Bank

Corp.

10,676

577

International

Bancshares

Corp.

1,988

151

Jackson

Financial,

Inc.

Class

2,301

236

James

River

Group

Holdings,

Inc.

2,066

John

Wiley

Sons,

Inc.

Class

2,234

108

Jones

Lang

LaSalle,

Inc.(Æ)

917

284

Kearny

Financial

Corp.

2,669

Kemper

Corp.

2,666

Kestrel

Group,

Ltd.(Æ)

5,760

Kingstone

Cos.,

Inc.

4,636

Kite

Realty

Group

Trust(ö)

7,740

220

Lazard,

Inc.

5,302

222

Legacy

Housing

Corp.(Æ)

10,999

289

Legalzoom.com,

Inc.(Æ)

13,012

LendingTree,

Inc.(Æ)

1,062

Live

Oak

Bancshares,

Inc.

2,802

114

LiveRamp

Holdings,

Inc.(Æ)

5,651

213

Lument

Finance

Trust,

Inc.(ö)

32,826

Macerich

Co.

(The)(ö)

6,961

175

Marcus

Millichap,

Inc.

16,483

514

Marex

Group

PLC

5,385

328

MBIA,

Inc.(Æ)

32,279

210

McGrath

RentCorp

3,671

444

Mercury

General

Corp.

2,428

259

Metropolitan

Bank

Holding

Corp.

7,654

756

Mid

Penn

Bancorp,

Inc.

8,455

295

Midland

States

Bancorp,

Inc.

819

Millrose

Properties,

Inc.

Class

A(ö)

716

Moelis

Co.

Class

1,567

103

National

Bank

Holdings

Corp.

Class

17,318

769

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Nelnet,

Inc.

Class

268

Neptune

Insurance

Holdings,

Inc.

Class

A(Æ)

705

NerdWallet,

Inc.

Class

A(Æ)

4,397

NETSTREIT

Corp.(ö)

36,178

764

Newmark

Group,

Inc.

Class

7,411

112

NexPoint

Residential

Trust,

Inc.(ö)

1,285

NMI

Holdings,

Inc.

Class

A(Æ)

3,199

131

Northeast

Bank

3,253

431

Northpointe

Bancshares,

Inc.

23,056

442

Northwest

Bancshares,

Inc.

5,654

OceanFirst

Financial

Corp.

10,569

206

Octave

Specialty

Group,

Inc.(Æ)

3,999

OFG

Bancorp

3,004

147

Outfront

Media,

Inc.(ö)

8,486

278

Pagseguro

Digital,

Ltd.

Class

8,179

Paysign,

Inc.(Æ)

3,130

Peapack-Gladstone

Financial

Corp.

11,725

555

Pelagos

Insurance

Capital,

Ltd.

3,164

PennyMac

Financial

Services,

Inc.

1,262

110

Perella

Weinberg

Partners

45,067

719

Phillips

Edison

Co.,

Inc.(ö)

959

Piedmont

Realty

Trust,

Inc.

Class

A(Æ)(Ð)

(ö)

1,838

Popular,

Inc.

3,230

530

PRA

Group,

Inc.(Æ)

1,910

Preferred

Bank

1,294

138

Primerica,

Inc.

682

194

Prosperity

Bancshares,

Inc.

2,067

151

Provident

Financial

Services,

Inc.

3,136

Radian

Group,

Inc.

3,519

133

Rayonier,

Inc.(ö)

30,046

639

RBB

Bancorp

695

Real

Brokerage,

Inc.

(The)(Æ)(Ð)

8,385

Redwood

Trust,

Inc.(ö)

545

Regional

Management

Corp.(Ð)

308

Reinsurance

Group

America,

Inc.

Class

A(Û)

1,498

319

Renasant

Corp.

4,823

205

Ridgepost

Capital,

Inc.

Class

61,827

487

Riot

Platforms,

Inc.(Æ)

8,400

230

RMR

Group,

Inc.

(The)

Class

4,299

Root,

Inc.

Class

A(Æ)

2,525

141

Ryman

Hospitality

Properties,

Inc.(ö)

1,281

165

S&T

Bancorp,

Inc.

2,431

119

Seacoast

Banking

Corp.

Florida

11,572

385

Selective

Insurance

Group,

Inc.

3,004

291

ServisFirst

Bancshares,

Inc.

399

SiriusPoint,

Ltd.(Æ)

9,214

221

SITE

Centers

Corp.(ö)

1,071

Green

Realty

Corp.(ö)

2,681

139

Slide

Insurance

Holdings,

Inc.(Æ)

15,906

308

SmartFinancial,

Inc.

5,729

269

South

Plains

Financial,

Inc.

9,963

429

SouthState

Bank

Corp.

2,000

200

Spire

Global,

Inc.(Æ)

7,350

137

Stewart

Information

Services

Corp.

2,244

148

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Stifel

Financial

Corp.(Û)

417

Stock

Yards

Bancorp,

Inc.

5,944

455

StoneX

Group,

Inc.(Æ)

4,478

531

Stratus

Properties,

Inc.(Æ)

6,422

185

Summit

Hotel

Properties,

Inc.(ö)

5,500

Sunstone

Hotel

Investors,

Inc.(Ð)(ö)

12,574

144

Target

Hospitality

Corp.

Class

A(Æ)

3,358

TeraWulf,

Inc.(Æ)

31,297

773

Texas

Capital

Bancshares,

Inc.

1,418

146

Third

Coast

Bancshares,

Inc.(Æ)

375

Tiptree,

Inc.

Class

3,806

Towne

Bank

12,884

467

Transcontinental

Realty

Investors,

Inc.(Æ)

1,275

TriCo

Bancshares

6,028

325

Triumph

Financial,

Inc.(Æ)

12,541

957

Solutions,

Inc.

Class

5,441

554

UMB

Financial

Corp.

1,178

168

UMH

Properties,

Inc.(ö)

30,035

455

United

Community

Banks,

Inc.

3,690

129

United

Fire

Group,

Inc.

3,117

163

Universal

Insurance

Holdings,

Inc.

1,001

Univest

Financial

Corp.

2,062

Unum

Group(Û)

2,529

226

Upstart

Holdings,

Inc.(Æ)

495

Valley

National

Bancorp

12,323

181

Walker

Dunlop,

Inc.

4,438

243

WesBanco,

Inc.

15,049

587

Western

Alliance

Bancorp(Û)

3,913

322

WisdomTree,

Inc.

13,928

236

World

Acceptance

Corp.(Æ)

267

Zions

Bancorp

National

Association(Ð)

3,362

233

46,694

Health

Care

18.2%

10X

Genomics,

Inc.

Class

A(Æ)

9,933

381

Aclaris

Therapeutics,

Inc.(Æ)

28,932

153

Adaptive

Biotechnologies

Corp.(Æ)

2,120

ADC

Therapeutics

SA(Æ)

21,617

ADMA

Biologics,

Inc.(Æ)

52,693

441

Agios

Pharmaceuticals,

Inc.(Æ)

1,913

Akebia

Therapeutics,

Inc.(Æ)(Ð)

10,778

Aldeyra

Therapeutics,

Inc.(Æ)

4,525

Alector,

Inc.(Æ)

3,260

Align

Technology,

Inc.(Æ)

311

Alignment

Healthcare,

Inc.(Æ)(Ð)

10,010

238

Alkermes

PLC(Æ)

11,999

629

Allogene

Therapeutics,

Inc.(Æ)

9,995

Alphatec

Holdings,

Inc.(Æ)

9,008

Alumis,

Inc.(Æ)

6,450

181

American

Well

Corp.

Class

A(Æ)

16,622

152

Amylyx

Pharmaceuticals,

Inc.(Æ)

4,892

AnaptysBio,

Inc.(Ð)

772

AngioDynamics,

Inc.(Æ)

2,948

ANI

Pharmaceuticals,

Inc.(Æ)

9,475

784

Annexon,

Inc.(Æ)

28,154

161

Aquestive

Therapeutics,

Inc.(Æ)

20,019

Arcturus

Therapeutics

Holdings,

Inc.(Æ)

2,245

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Arcus

Biosciences,

Inc.(Æ)(Ð)

3,064

Ardent

Health,

Inc.(Æ)

1,730

Arrowhead

Pharmaceuticals,

Inc.(Æ)

9,023

735

Arvinas,

Inc.(Æ)

9,212

Ascendis

Pharma

A/S(Æ)

1,800

480

Atrium

Therapeutics,

Inc.(Æ)

Aurinia

Pharmaceuticals,

Inc.(Æ)(Ð)

5,032

Avanos

Medical,

Inc.(Æ)

7,076

176

Aveanna

Healthcare

Holdings,

Inc.(Æ)

32,721

280

Axogen,

Inc.(Æ)

6,166

285

Axsome

Therapeutics,

Inc.(Æ)

1,947

477

Azenta,

Inc.(Æ)

5,732

146

Beam

Therapeutics,

Inc.(Æ)(Ð)

6,611

227

Benitec

Biopharma,

Inc.(Æ)

10,208

137

BioAge

Labs,

Inc.(Æ)

4,588

112

BioLife

Solutions,

Inc.(Æ)

20,459

578

Bio-Rad

Laboratories,

Inc.

Class

A(Æ)

438

129

BridgeBio

Pharma,

Inc.(Æ)

12,184

907

BrightSpring

Health

Services,

Inc.(Æ)

796

Butterfly

Network,

Inc.(Æ)

17,211

145

CareDx,

Inc.(Æ)

30,795

878

Caribou

Biosciences,

Inc.(Æ)

1,385

Caris

Life

Sciences,

Inc.(Æ)(Ð)

1,217

Carlsmed,

Inc.(Æ)

12,922

134

Celcuity,

Inc.(Æ)

4,377

458

Certara,

Inc.(Æ)

22,588

148

Cerus

Corp.(Æ)

36,804

107

Oncology,

Inc.(Æ)

6,912

491

Charles

River

Laboratories

International,

Inc.(Æ)

862

195

Cogent

Biosciences,

Inc.(Æ)

23,192

898

CONMED

Corp.

2,008

Corcept

Therapeutics,

Inc.(Æ)

3,022

263

CRISPR

Therapeutics

AG(Æ)

1,141

Cytek

Biosciences,

Inc.(Æ)

79,911

354

Cytokinetics,

Inc.(Æ)

12,730

1,084

DBV

Technologies

ADR(Æ)

5,834

Definitive

Healthcare

Corp.(Æ)

2,378

Definium

Therapeutics,

Inc.(Æ)

3,601

169

Design

Therapeutics,

Inc.(Æ)(Ð)

2,344

Dianthus

Therapeutics,

Inc.(Æ)

5,837

569

Edgewise

Therapeutics,

Inc.(Æ)

3,869

157

Editas

Medicine,

Inc.(Æ)

8,247

Embecta

Corp.

3,100

Enanta

Pharmaceuticals,

Inc.(Æ)

5,424

Enliven

Therapeutics,

Inc.(Æ)

4,921

250

Ensign

Group,

Inc.

(The)

850

136

Entrada

Therapeutics,

Inc.(Æ)

776

Exelixis,

Inc.(Æ)

7,789

424

EyePoint,

Inc.(Æ)

5,770

Fate

Therapeutics,

Inc.(Æ)

7,593

First

Tracks

Biotherapeutics,

Inc.(Æ)

772

Forte

Biosciences,

Inc.(Æ)

4,275

Fortrea

Holdings,

Inc.(Æ)

3,929

Fulcrum

Therapeutics,

Inc.(Æ)

6,912

Fulgent

Genetics,

Inc.(Æ)

7,277

149

Ginkgo

Bioworks

Holdings,

Inc.(Æ)(Ð)

198

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Glaukos

Corp.(Æ)

1,015

142

Gossamer

Bio,

Inc.(Æ)

9,057

GRAIL,

Inc.(Æ)(Ð)

581

Guardant

Health,

Inc.(Æ)

5,553

833

Guardian

Pharmacy

Services,

Inc.

Class

A(Æ)

10,281

430

Halozyme

Therapeutics,

Inc.(Æ)(Ð)

5,541

434

HealthEquity,

Inc.(Æ)

5,138

464

Hinge

Health,

Inc.

Class

A(Æ)

292

Icon

PLC(Æ)

2,929

509

Innoviva,

Inc.(Æ)

24,367

553

Inogen,

Inc.(Æ)

729

Inspire

Medical

Systems,

Inc.(Æ)(Ð)

375

Integer

Holdings

Corp.(Æ)

998

Intellia

Therapeutics,

Inc.(Æ)

4,501

iRadimed

Corp.

8,347

798

IRhythm

Holdings,

Inc.(Æ)

1,190

142

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

6,716

Jade

Biosciences,

Inc.(Æ)

6,564

146

Joint

Corp.

(The)(Æ)

24,441

215

Kailera

Therapeutics,

Inc.(Æ)

2,592

Keros

Therapeutics,

Inc.(Æ)

2,751

KORU

Medical

Systems,

Inc.(Æ)

24,670

104

Krystal

Biotech,

Inc.(Æ)

2,985

1,109

Kura

Oncology,

Inc.(Æ)

2,355

Kymera

Therapeutics,

Inc.(Æ)

1,804

207

Lantheus

Holdings,

Inc.(Æ)(Ð)

2,402

266

Pharmaceuticals,

Inc.(Æ)

2,897

LeMaitre

Vascular,

Inc.

7,051

677

LENZ

Therapeutics,

Inc.(Æ)

693

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

7,576

2,395

Liquidia

Corp.(Æ)

2,986

238

Lucid

Diagnostics,

Inc.(Æ)

138,850

149

MacroGenics,

Inc.(Æ)

4,500

Madrigal

Pharmaceuticals,

Inc.(Æ)

1,448

778

MannKind

Corp.(Æ)

17,350

Maravai

LifeSciences

Holdings,

Inc.

Class

A(Æ)(Ð)

8,179

Medpace

Holdings,

Inc.(Æ)

343

182

MeiraGTx

Holdings

PLC(Æ)

3,398

Merit

Medical

Systems,

Inc.(Æ)

2,894

201

Mineralys

Therapeutics,

Inc.(Æ)

2,493

Mirum

Pharmaceuticals,

Inc.(Æ)

6,149

720

Molina

Healthcare,

Inc.(Æ)

1,749

400

Monopar

Therapeutics,

Inc.(Æ)

1,267

117

Myriad

Genetics,

Inc.(Æ)

8,153

Natera,

Inc.(Æ)

1,220

331

National

HealthCare

Corp.

1,143

242

Nektar

Therapeutics(Æ)

3,309

231

Neurocrine

Biosciences,

Inc.(Æ)(Ð)(Û)

2,221

374

NeuroPace,

Inc.(Æ)

10,046

160

Newamsterdam

Pharma

Co.

NV(Æ)

3,750

127

Novavax,

Inc.(Æ)(Ð)

1,776

Novocure,

Ltd.(Æ)

5,102

Nurix

Therapeutics,

Inc.(Æ)

4,664

113

Nuvation

Bio,

Inc.(Æ)

8,996

Ocular

Therapeutix,

Inc.(Æ)(Ð)

5,853

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Omada

Health,

Inc.(Æ)

1,334

Omnicell,

Inc.(Æ)

1,518

Option

Care

Health,

Inc.(Æ)

12,266

257

OraSure

Technologies,

Inc.(Æ)(Ð)

1,834

Organogenesis

Holdings,

Inc.(Æ)

5,419

Orthofix

Medical,

Inc.(Æ)

16,603

152

Oruka

Therapeutics,

Inc.(Æ)

4,532

431

Oscar

Health,

Inc.

Class

A(Æ)

8,760

250

Pacific

Biosciences

California,

Inc.(Æ)

40,799

Palvella

Therapeutics,

Inc.(Æ)

483

Park

Dental

Partners,

Inc.(Æ)

7,639

165

Pediatrix

Medical

Group,

Inc.(Æ)

8,680

220

Pennant

Group,

Inc.

(The)(Æ)

17,689

654

Personalis,

Inc.(Æ)

8,947

120

Phathom

Pharmaceuticals,

Inc.(Æ)

7,240

Phibro

Animal

Health

Corp.

Class

A(Ð)

19,304

606

Phreesia,

Inc.(Æ)

3,684

Praxis

Precision

Medicines,

Inc.(Æ)

1,724

577

Prestige

Consumer

Healthcare,

Inc.(Æ)

1,423

Protagonist

Therapeutics,

Inc.(Æ)

5,420

664

Prothena

Corp.

PLC(Æ)

4,103

PTC

Therapeutics,

Inc.(Æ)

16,037

1,308

Quanterix

Corp.(Æ)(Ð)

981

Rapport

Therapeutics,

Inc.(Æ)

2,684

112

REGENXBIO,

Inc.(Æ)

8,990

108

Relay

Therapeutics,

Inc.(Æ)

17,023

318

Revolution

Medicines,

Inc.(Æ)

1,836

344

Rezolute,

Inc.(Æ)

4,943

Rhythm

Pharmaceuticals,

Inc.(Æ)

1,659

184

Rigel

Pharmaceuticals,

Inc.(Æ)

3,704

145

Rocket

Pharmaceuticals,

Inc.(Æ)

4,696

Roivant

Sciences,

Ltd.(Æ)

10,738

380

RxSight,

Inc.(Æ)

13,002

Sana

Biotechnology,

Inc.(Æ)(Ð)

6,499

Scholar

Rock

Holding

Corp.(Æ)

3,949

217

Schrodinger,

Inc.(Æ)(Ð)

2,815

Select

Medical

Holdings

Corp.

9,946

164

Septerna,

Inc.(Æ)(Ð)

1,027

SIGA

Technologies,

Inc.

1,902

Sionna

Therapeutics,

Inc.(Æ)

2,348

103

Spyre

Therapeutics,

Inc.(Æ)

5,329

473

Stevanato

Group

SpA

15,721

284

Supernus

Pharmaceuticals,

Inc.(Æ)

2,835

132

Tandem

Diabetes

Care,

Inc.(Æ)

5,955

Tango

Therapeutics,

Inc.(Æ)

12,362

386

Tarsus

Pharmaceuticals,

Inc.(Æ)

2,487

157

Teleflex,

Inc.

757

Therapeutics,

Inc.(Æ)

8,225

452

Travere

Therapeutics,

Inc.(Æ)(Ð)

17,013

967

Trevi

Therapeutics,

Inc.(Æ)

5,366

100

Twist

Bioscience

Corp.(Æ)

3,686

379

Tyra

Biosciences,

Inc.(Æ)(Ð)

3,835

122

UFP

Technologies,

Inc.(Æ)

2,225

590

Ultragenyx

Pharmaceutical,

Inc.(Æ)

5,822

194

uniQure

NV(Æ)

3,591

165

Upstream

Bio,

Inc.(Æ)

2,100

UroGen

Pharma,

Ltd.(Æ)

5,128

189

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Vanda

Pharmaceuticals,

Inc.(Æ)

4,574

Varex

Imaging

Corp.(Æ)

2,333

Viridian

Therapeutics,

Inc.(Æ)

2,811

Xenon

Pharmaceuticals,

Inc.(Æ)

3,337

201

Xeris

Biopharma

Holdings,

Inc.(Æ)(Ð)

15,363

122

Zymeworks,

Inc.(Æ)

1,796

44,666

Materials

and

Processing

8.1%

AAON,

Inc.

3,102

394

Acuity,

Inc.

419

158

AdvanSix,

Inc.

14,205

282

Albemarle

Corp.

1,853

250

Alcoa

Corp.

3,003

157

Algoma

Steel

Group,

Inc.(Æ)

42,344

171

American

Vanguard

Corp.(Æ)

14,381

Apogee

Enterprises,

Inc.

1,320

Ardagh

Metal

Packaging

8,878

Aspen

Aerogels,

Inc.(Æ)

6,064

Avient

Corp.

9,685

358

Belden,

Inc.

1,613

193

Boise

Cascade

Co.

1,574

122

BrightView

Holdings,

Inc.

14,674

208

Builders

FirstSource,

Inc.(Æ)(Ð)

240

Caledonia

Mining

Corp.

PLC

1,561

Capstone

Copper

Corp.(Æ)

32,562

299

Carpenter

Technology

Corp.

419

258

Celanese

Corp.

Class

A(Ð)

8,259

380

Century

Aluminum

Co.(Æ)

4,442

204

Clearwater

Paper

Corp.(Æ)

1,011

Codexis,

Inc.(Æ)

3,534

Commercial

Metals

Co.

9,117

572

Compass

Minerals

International,

Inc.(Æ)

1,834

Constellium

SE(Æ)

9,991

318

Contango

Silver

Gold,

Inc.(Æ)

7,441

118

Core

Main,

Inc.

Class

A(Æ)(Ð)

3,059

148

Crown

Holdings,

Inc.

3,030

339

Darling

Ingredients,

Inc.(Æ)(Û)

5,056

276

Fabrinet(Æ)

314

176

Ferroglobe

PLC

60,398

192

FMC

Corp.(Ð)

5,658

Global

Industrial

Co.

535

Gold.com,

Inc.

1,487

Greif,

Inc.

Class

5,757

429

H.B.

Fuller

Co.

5,332

311

Hudson

Technologies,

Inc.(Æ)

12,882

Huntsman

Corp.

26,456

281

Ingevity

Corp.(Æ)

1,845

138

Innospec,

Inc.

8,050

655

Insteel

Industries,

Inc.(Ð)

11,692

353

James

Hardie

Industries

PLC(Æ)

8,673

227

JELD-WEN

Holding,

Inc.(Æ)(Ð)

1,508

Karat

Packaging,

Inc.

20,629

690

Knife

River

Corp.(Æ)

1,257

105

Koppers

Holdings,

Inc.

6,290

282

Kronos

Worldwide,

Inc.(Ð)

32,325

205

Legence

Corp.

Class

A(Æ)

2,367

202

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Louisiana-Pacific

Corp.

6,014

473

LSI

Industries,

Inc.

3,771

100

Magnera

Corp.(Æ)

2,809

Mativ

Holdings,

Inc.

37,524

284

Metallus,

Inc.(Æ)

22,059

412

Modine

Manufacturing

Co.(Æ)

856

229

Myers

Industries,

Inc.

25,417

897

O-I

Glass,

Inc.(Æ)

5,724

OPENLANE,

Inc.(Æ)

10,944

451

Orion

13,640

Pool

Corp.

1,709

367

Quaker

Chemical

Corp.

1,912

304

Ranpak

Holdings

Corp.(Æ)

46,060

337

Rayonier

Advanced

Materials,

Inc.(Æ)

12,947

102

Reliance,

Inc.(Ð)

913

341

Resideo

Technologies,

Inc.(Æ)

5,884

183

Rush

Enterprises,

Inc.

Class

2,145

157

ScanSource,

Inc.(Æ)(Û)

624

Simpson

Manufacturing

Co.,

Inc.

1,854

388

Solstice

Advanced

Materials,

Inc.

225

Sonoco

Products

Co.

2,389

135

SPX

Technologies,

Inc.(Æ)

1,103

270

Stepan

Co.

21,082

1,175

thyssenkrupp

22,510

268

Timken

Co.

(The)

5,952

865

Trekor

Metals,

Ltd.(Æ)

21,534

148

Trex

Co.,

Inc.(Æ)

4,971

249

UFP

Industries,

Inc.

4,878

443

Unifi,

Inc.(Æ)

167

Gold

Corp.(Æ)

10,753

165

Vox

Royalty

Corp.

30,804

146

Watsco,

Inc.(Ð)

644

268

Westlake

Corp.

216

Worthington

Enterprises,

Inc.

1,814

Worthington

Steel,

Inc.

10,561

355

19,842

Producer

Durables

19.3%

908

Devices,

Inc.(Æ)

13,088

114

ABM

Industries,

Inc.

14,772

654

ACCO

Brands

Corp.

18,852

Adient

PLC(Æ)

5,128

ADT,

Inc.

25,384

165

Aebi

Schmidt

Holding

8,256

104

Alamo

Group,

Inc.(Ð)

560

Albany

International

Corp.

Class

11,396

849

Allegiant

Travel

Co.

Class

A(Æ)(Ð)

836

Allient,

Inc.

2,417

249

American

Airlines

Group,

Inc.(Æ)(Ð)(Û)

24,308

439

American

Superconductor

Corp.(Æ)

11,891

494

AMN

Healthcare

Services,

Inc.(Æ)

12,704

411

Amprius

Technologies,

Inc.(Æ)

4,998

ArcBest

Corp.

4,507

647

Arcosa,

Inc.

1,350

196

Ardmore

Shipping

Corp.

20,210

283

Argan,

Inc.

2,182

1,742

Arhaus,

Inc.(Ð)

2,735

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Ascent

Industries

Co.(Æ)

8,502

128

Astronics

Corp.(Æ)

686

Astronics

Corp.

Class

B(Æ)

137

Barrett

Business

Services,

Inc.

1,936

Bloom

Energy

Corp.

Class

A(Æ)

697

211

Bowman

Consulting

Group,

Ltd.(Æ)

15,417

450

Brink's

Co.

(The)

1,173

111

Bristow

Group,

Inc.

3,216

133

BWX

Technologies,

Inc.

1,179

230

Cactus,

Inc.

Class

5,783

296

Cardinal

Infrastructure

Group,

Inc.

Class

A(Æ)

9,827

926

Casella

Waste

Systems,

Inc.

Class

A(Æ)

4,152

403

CECO

Environmental

Corp.(Æ)

8,893

807

Champion

Homes,

Inc.(Æ)

3,726

328

Clean

Energy

Fuels

Corp.(Æ)

4,549

Comfort

Systems

USA,

Inc.(Û)

Copa

Holdings

Class

661

103

Covenant

Logistics

Group,

Inc.

Class

23,146

1,023

Cross

Country

Healthcare,

Inc.(Æ)

31,170

412

CryoPort,

Inc.(Æ)

5,021

Custom

Truck

One

Source,

Inc.(Æ)

22,958

271

Deluxe

Corp.

28,313

676

DHT

Holdings,

Inc.

9,286

154

Donaldson

Co.,

Inc.

3,723

334

Dorian

LPG,

Ltd.

4,132

144

Ducommun,

Inc.(Æ)

1,187

220

Dycom

Industries,

Inc.(Æ)

562

284

Electrovaya,

Inc.(Æ)

6,254

EMCOR

Group,

Inc.(Û)

371

308

Energy

Recovery,

Inc.(Æ)

4,924

Energy

Services

America

Corp.

1,727

ESCO

Technologies,

Inc.

452

158

Everforth,

Inc.(Æ)

3,308

Federal

Signal

Corp.

3,565

458

Flowserve

Corp.

4,985

370

Fluor

Corp.(Æ)

11,806

619

Fox

Factory

Holding

Corp.(Æ)

3,571

Franklin

Covey

Co.(Æ)(Ð)

309

Franklin

Electric

Co.,

Inc.

2,437

261

Frontier

Group

Holdings,

Inc.(Æ)

36,094

286

FTAI

Aviation,

Ltd.

350

GATX

Corp.

210

Generac

Holdings,

Inc.(Æ)

620

182

Gentex

Corp.

8,326

210

Graco,

Inc.

1,705

129

Granite

Construction,

Inc.

691

109

Greenbrier

Cos.,

Inc.

(The)

12,162

596

GXO

Logistics,

Inc.(Æ)

3,732

189

Heartland

Express,

Inc.

6,332

Helios

Technologies,

Inc.

1,974

176

Herc

Holdings,

Inc.

Class

1,113

160

Hillman

Solutions

Corp.(Æ)

14,596

123

HNI

Corp.

2,028

Holley,

Inc.(Æ)(Ð)

84,993

217

Hub

Group,

Inc.

Class

10,020

439

Huntington

Ingalls

Industries,

Inc.(Ð)

159

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Hyster-Yale,

Inc.(Ð)

15,065

528

ICF

International,

Inc.(Û)

2,241

163

Insperity,

Inc.(Û)

3,058

126

Itron,

Inc.(Æ)(Û)

2,151

186

JetBlue

Airways

Corp.(Æ)(Ð)

27,527

158

Kelly

Services,

Inc.

Class

2,229

Kennametal,

Inc.

3,716

130

Kforce,

Inc.

22,394

1,051

Kirby

Corp.(Æ)

674

Knight-Swift

Transportation

Holdings,

Inc.

5,151

401

Korn

Ferry

6,667

444

Lamb

Weston

Holdings,

Inc.

5,034

217

Landstar

System,

Inc.

1,122

232

LCI

Industries

2,974

315

Liquidity

Services,

Inc.(Æ)

6,152

241

Littelfuse,

Inc.

744

339

Mama's

Creations,

Inc.(Æ)

22,511

402

Manitowoc

Co.,

Inc.

(The)(Æ)

18,243

253

ManpowerGroup,

Inc.

2,599

MarketAxess

Holdings,

Inc.

102

Marten

Transport,

Ltd.

77,299

1,341

Matson,

Inc.

900

173

Maximus,

Inc.

2,253

121

Mayville

Engineering

Co.,

Inc.(Æ)

1,203

Mercury

Systems,

Inc.(Æ)

1,836

225

Mesa

Laboratories,

Inc.

8,137

810

Methode

Electronics,

Inc.

11,299

214

Microvast

Holdings,

Inc.(Æ)

31,927

Miller

Industries,

Inc.

5,587

286

MillerKnoll,

Inc.

64,718

1,324

MSC

Industrial

Direct

Co.,

Inc.

Class

3,933

468

Mueller

Industries,

Inc.

2,916

358

MYR

Group,

Inc.(Æ)

806

403

Nextpower,

Inc.

Class

A(Æ)(Ð)

189

Nexxen

International,

Ltd.(Æ)

9,088

Onterris,

Inc.(Æ)

16,228

328

Orion

Group

Holdings,

Inc.(Æ)

9,856

166

Pangaea

Logistics

Solutions,

Ltd.

2,471

Park

Aerospace

Corp.

4,349

166

Paylocity

Holding

Corp.(Æ)

1,877

196

Paysafe,

Ltd.(Æ)

2,301

Perma-Pipe

International

Holdings,

Inc.(Æ)

585

Phinia,

Inc.

2,526

208

Pitney

Bowes,

Inc.

13,682

240

Powell

Industries,

Inc.(Ð)

979

280

Primoris

Services

Corp.

1,420

141

Priority

Technology

Holdings,

Inc.(Æ)

17,226

115

Proficient

Auto

Logistics,

Inc.(Æ)

54,328

370

PROG

Holdings,

Inc.

2,821

131

Public

Policy

Holding

Co,

Inc.

18,170

135

Radiant

Logistics,

Inc.(Æ)

43,845

415

Ralliant

Corp.(Û)

1,148

Regal

Rexnord

Corp.

1,922

458

Robert

Half,

Inc.

18,688

574

RXO,

Inc.(Æ)

14,031

387

Ryder

System,

Inc.(Û)

1,323

349

Saia,

Inc.(Æ)(Û)

923

389

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Schneider

National,

Inc.

Class

17,952

656

Scorpio

Tankers,

Inc.

3,175

220

Scotts

Miracle-Gro

Co.

(The)

Class

8,930

608

SFL

Corp.,

Ltd.

6,400

Sight

Sciences,

Inc.(Æ)

18,531

100

SkyWest,

Inc.(Æ)

1,746

173

Star

Bulk

Carriers

Corp.

7,947

198

Sterling

Infrastructure,

Inc.(Æ)

1,269

1,065

StoneCo,

Ltd.

Class

12,422

135

Stoneridge,

Inc.(Æ)

30,571

224

Strattec

Security

Corp.(Æ)(Ð)

460

TAT

Technologies,

Ltd.(Æ)

4,389

212

Teekay

Tankers,

Ltd.

Class

A(Ð)

3,763

244

Tennant

Co.

6,459

565

Terex

Corp.

4,608

334

Titan

International,

Inc.(Æ)

2,217

Titan

Machinery,

Inc.(Æ)(Ð)

16,270

344

Toro

Co.

(The)

3,248

316

Trade

Desk,

Inc.

(The)

Class

A(Æ)(Ð)

607

TriNet

Group,

Inc.(Û)

2,168

107

TrueBlue,

Inc.(Æ)

45,221

315

Tutor

Perini

Corp.

6,012

499

U-Haul

Holding

Co.(Æ)(Ð)(Û)

890

UniFirst

Corp.

489

129

V2X,

Inc.(Æ)

4,315

322

Werner

Enterprises,

Inc.

43,598

1,901

Willdan

Group,

Inc.(Æ)

8,524

674

Willscot

Holdings

Corp.

10,618

306

Xerox

Holdings

Corp.

19,480

Xometry,

Inc.

Class

A(Æ)

3,556

343

ZipRecruiter,

Inc.

Class

A(Æ)

6,119

47,142

Technology

13.7%

Systems

Corp.(Æ)(Ð)

7,007

8x8,

Inc.(Æ)

69,353

119

ACI

Worldwide,

Inc.(Æ)

3,500

176

ACM

Research,

Inc.

Class

A(Æ)(Ð)

5,023

637

ACV

Auctions,

Inc.

Class

A(Æ)(Ð)

9,229

Alpha

Omega

Semiconductor,

Ltd.(Æ)

2,009

Ambarella,

Inc.(Æ)

4,005

344

Amplitude,

Inc.

Class

A(Æ)

5,931

Angi,

Inc.(Æ)

3,204

Appfolio,

Inc.

Class

A(Æ)

725

116

Appian

Corp.

Class

A(Æ)

7,322

168

Arteris,

Inc.(Æ)

1,996

Asana,

Inc.

Class

A(Æ)

7,225

Atlassian

Corp.

Class

A(Æ)(Û)

225

Aviat

Networks,

Inc.(Æ)(Ð)

3,666

Axcelis

Technologies,

Inc.(Æ)

284

Benchmark

Electronics,

Inc.

3,208

317

BigBear.ai

Holdings,

Inc.(Æ)

5,363

Technologies

Corp.(Æ)

1,450

125

Blend

Labs,

Inc.

Class

A(Æ)(Ð)

7,743

Box,

Inc.

Class

A(Æ)

4,832

128

Bumble,

Inc.

Class

A(Æ)

8,485

C3.ai,

Inc.

Class

A(Æ)(Ð)

4,800

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Calix,

Inc.(Æ)

2,189

Cargurus,

Inc.(Æ)

3,917

134

Cars.com,

Inc.(Æ)

5,922

Chime

Financial,

Inc.

Class

A(Æ)

19,468

399

Ciena

Corp.(Æ)

630

309

Cirrus

Logic,

Inc.(Æ)(Ð)

1,977

294

Clear

Secure,

Inc.

Class

4,572

255

Climb

Global

Solutions,

Inc.(Ð)

1,924

Commerce.com,

Inc.(Æ)

4,227

CommVault

Systems,

Inc.(Æ)

2,957

419

Consensus

Cloud

Solutions,

Inc.

Class

W(Æ)

12,626

482

Crane

NXT

Co.

33,178

1,697

Cricut,

Inc.

Class

A(Ð)

1,427

Disco,

Inc.(Æ)

21,028

DigitalOcean

Holdings,

Inc.(Æ)

2,326

365

Diodes,

Inc.(Æ)

3,909

428

DocuSign,

Inc.(Æ)

5,188

230

Dropbox,

Inc.

Class

A(Æ)(Ð)

8,423

231

D-Wave

Quantum,

Inc.(Æ)

10,227

245

eGain

Corp.(Æ)(Ð)

906

ePlus,

Inc.

1,712

143

Etsy,

Inc.(Æ)

4,028

303

EverQuote,

Inc.

Class

A(Æ)

3,778

Evolent

Health,

Inc.

Class

A(Æ)

6,311

Frequency

Electronics,

Inc.(Æ)

2,423

161

GoDaddy,

Inc.

Class

A(Æ)(Û)

2,935

249

Graham

Corp.(Æ)

3,360

416

Grindr,

Inc.(Æ)

2,327

Harmonic,

Inc.(Æ)(Ð)

6,046

Ichor

Holdings,

Ltd.(Æ)

3,520

395

IDT

Corp.

Class

815

Ingram

Micro

Holding

Corp.(Û)

2,667

Inseego

Corp.(Æ)

12,680

131

Insight

Enterprises,

Inc.(Æ)(Û)

162

JFrog,

Ltd.(Æ)

1,533

139

Kaltura,

Inc.(Æ)

119,269

155

KBR,

Inc.

9,990

345

Kimball

Electronics,

Inc.(Æ)

4,092

105

Kopin

Corp.(Æ)

74,201

332

Kulicke

Soffa

Industries,

Inc.

2,002

268

Kyndryl

Holdings,

Inc.(Æ)

12,850

145

Lantronix,

Inc.(Æ)

1,318

LightPath

Technologies,

Inc.

Class

A(Æ)

21,784

356

Lumentum

Holdings,

Inc.(Æ)

829

711

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

1,271

483

Manhattan

Associates,

Inc.(Æ)

1,454

202

Maplebear,

Inc.(Æ)(Û)

8,083

383

Marqeta,

Inc.

Class

A(Æ)

33,368

135

Match

Group,

Inc.(Ð)

8,580

326

MediaAlpha,

Inc.

Class

A(Æ)

4,349

Millicom

International

Cellular

SA(Ð)

3,766

342

Napco

Security

Technologies,

Inc.(Û)

17,993

683

nCino,

Inc.(Æ)

28,387

464

NCR

Voyix

Corp.(Æ)

20,884

171

NETGEAR,

Inc.(Æ)

1,943

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Netskope,

Inc.

Class

A(Æ)

5,845

Nextdoor

Holdings,

Inc.(Æ)(Ð)

8,889

nLight,

Inc.(Æ)

3,515

245

Nutanix,

Inc.

Class

A(Æ)(Û)

7,982

407

Nutex

Health,

Inc.(Æ)

643

110

NVE

Corp.

7,555

790

One

Stop

Systems,

Inc.(Æ)

4,780

OneSpan,

Inc.

45,219

649

Onto

Innovation,

Inc.(Æ)(Û)

1,513

573

Ooma,

Inc.(Æ)

10,047

193

Ouster,

Inc.(Æ)

5,641

353

PagerDuty,

Inc.(Æ)

7,773

PAR

Technology

Corp.(Æ)

6,062

106

Pattern

Group,

Inc.

Class

A(Æ)

1,567

Connection,

Inc.(Û)

366

PDF

Solutions,

Inc.(Æ)

31,400

2,223

Pegasystems,

Inc.

26,191

785

Pinterest,

Inc.

Class

A(Æ)(Û)

17,445

367

Planet

Labs

PBC(Æ)

18,166

602

Playtika

Holding

Corp.

8,740

Plexus

Corp.(Æ)

778

234

Porch

Group,

Inc.(Æ)

22,549

339

Power

Integrations,

Inc.

888

Preformed

Line

Products

Co.

1,232

506

PubMatic,

Inc.

Class

A(Æ)

2,204

Qualys,

Inc.(Æ)

858

118

Quantum

Computing,

Inc.(Æ)

3,043

RADCOM,

Ltd.(Æ)

12,518

177

Rambus,

Inc.(Æ)

2,157

286

Rapid7,

Inc.(Æ)

5,497

Red

Violet,

Inc.(Æ)

11,632

741

Satellogic,

Inc.

Class

A(Æ)

12,524

SentinelOne,

Inc.

Class

A(Æ)

11,327

192

Silicon

Laboratories,

Inc.(Æ)

741

162

Silicon

Motion

Technology

Corp.

ADR

3,537

1,179

SiTime

Corp.(Æ)

726

541

Snap,

Inc.

Class

A(Æ)

3,075

Sonos,

Inc.(Æ)

8,967

121

SPS

Commerce,

Inc.(Æ)

900

Telos

Corp.(Æ)

1,530

Teradata

Corp.(Æ)

13,941

483

Thryv

Holdings,

Inc.(Æ)(Ð)

3,345

Tower

Semiconductor,

Ltd.(Æ)

228

TTEC

Holdings,

Inc.(Æ)

12,385

TTM

Technologies,

Inc.(Æ)

994

186

Tucows,

Inc.

Class

A(Æ)

9,729

131

Ultra

Clean

Holdings,

Inc.(Æ)

7,546

1,076

Unisys

Corp.(Æ)

3,018

Upland

Software,

Inc.(Æ)

2,478

Varonis

Systems,

Inc.(Æ)

6,419

269

Veeco

Instruments,

Inc.(Æ)

5,969

452

Viavi

Solutions,

Inc.

Class

W(Æ)

7,222

345

Vishay

Intertechnology,

Inc.

1,715

Vistance

Networks,

Inc.

13,178

168

VTEX

Class

A(Æ)

96,494

386

Weave

Communications,

Inc.(Æ)

3,697

Workiva,

Inc.(Æ)

9,223

447

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Xperi,

Inc.(Æ)(Ð)

1,592

Zeta

Global

Holdings

Corp.

Class

A(Æ)

8,654

170

33,638

Utilities

2.7%

Artesian

Resources

Corp.

Class

5,897

201

BKV

Corp.(Æ)

13,263

363

Black

Hills

Corp.

2,763

206

California

Resources

Corp.

1,862

Chesapeake

Utilities

Corp.

1,083

133

CNX

Resources

Corp.(Æ)

3,783

128

Comstock

Resources,

Inc.(Æ)(Ð)

1,699

Consolidated

Water

Co.,

Ltd.

635

Excelerate

Energy,

Inc.

Class

A(Ð)

21,833

829

Genie

Energy,

Ltd.

Class

367

Golar

LNG,

Ltd.

3,526

176

Granite

Ridge

Resources,

Inc.

4,755

Gulfport

Energy

Corp.(Æ)

748

127

Infinity

Natural

Resources,

Inc.

Class

A(Æ)

22,338

284

MGE

Energy,

Inc.

2,590

211

New

Jersey

Resources

Corp.

1,948

109

Northern

Oil

Gas,

Inc.

24,955

453

ONE

Gas,

Inc.

2,136

165

Permian

Resources

Corp.

Class

10,418

192

Portland

General

Electric

Co.

4,224

219

RGC

Resources,

Inc.

11,304

270

Riley

Exploration

Permian,

Inc.

3,346

110

Southwest

Gas

Holdings,

Inc.

2,244

199

Spire,

Inc.

4,320

337

Talen

Energy

Corp.(Æ)(Û)

938

360

Tamboran

Resources

Corp.(Æ)

5,950

193

Telephone

and

Data

Systems,

Inc.

2,432

UGI

Corp.

9,843

340

Unitil

Corp.

6,673

352

WhiteHawk

Minerals

Corp.

Class

A(Æ)

13,781

383

6,599

Total

Common

Stocks

(cost

$178,474)

239,403

Warrants

and

Rights

0.0%

Akero

Therapeutics,

Inc.(Æ)(Š)

Rights

634

—

Inhibrx,

Inc.(Æ)(Š)

Rights

5,417

Resolute

Forest

Products,

Inc.(Æ)(Š)

Rights

7,348

Xerox

Holdings

Corp.(Æ)

2028

Warrants

9,740

Total

Warrants

and

Rights

(cost

$14)

Short-Term

Investments

5.4%

U.S.

Cash

Management

Fund(@)

13,173,811

(∞)

13,170

Total

Short-Term

Investments

(cost

$13,170)

13,170

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Total

Investments

103.2%

(identified

cost

$191,658)

252,590

Securities

Sold

Short

(3.4)%

Consumer

Discretionary

(0.3)%

Bally's

Corp.(Æ)

(500)

(7)

Bel

Fuse,

Inc.

Class

(363)

(106)

Dauch

Corp.(Æ)

(7,483)

(40)

Dutch

Bros,

Inc.

Class

A(Æ)

(1,609)

(115)

Joby

Aviation,

Inc.(Æ)

(11,281)

(101)

Kontoor

Brands,

Inc.

(1,531)

(128)

LGI

Homes,

Inc.(Æ)

(611)

(39)

M-Tron

Industries,

Inc.(Æ)

(544)

(54)

Redwire

Corp.(Æ)

(321)

(4)

Reservoir

Media,

Inc.(Æ)

(494)

(5)

RUM

Group,

Inc.(Æ)

(3,072)

(19)

Strata

Critical

Medical,

Inc.(Æ)

(5,704)

(30)

Unusual

Machines,

Inc.(Æ)

(350)

(8)

Ziff

Davis,

Inc.(Æ)

(2,329)

(122)

(778)

Consumer

Staples

(0.1)%

Cadiz,

Inc.(Æ)

(2,663)

(11)

Celsius

Holdings,

Inc.(Æ)

(165)

(5)

Energizer

Holdings,

Inc.

(4,221)

(90)

Grocery

Outlet

Holding

Corp.(Æ)

(5,571)

(56)

Post

Holdings,

Inc.(Æ)

(1,132)

(100)

Quanex

Building

Products

Corp.

(2,177)

(40)

Westrock

Coffee

Co.(Æ)

(2,447)

(20)

(322)

Energy

(0.3)%

American

Resources

Corp.(Æ)

(3,611)

(8)

ASP

Isotopes,

Inc.(Æ)

(1,549)

(10)

Centrus

Energy

Corp.

Class

A(Æ)

(453)

(76)

Core

Laboratories,

Inc.

(2,112)

(24)

Core

Natural

Resources,

Inc.

(1,413)

(113)

DNOW,

Inc.(Æ)

(9,685)

(126)

Flotek

Industries,

Inc.(Æ)

(1,151)

(27)

Innovex

International,

Inc.(Æ)

(809)

(20)

Plug

Power,

Inc.(Æ)

(46,129)

(125)

Ramaco

Resources,

Inc.

Class

A(Æ)

(2,100)

(28)

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

(7,131)

(70)

Solaris

Energy

Infrastructure,

Inc.

Class

(1,750)

(141)

Uranium

Energy

Corp.(Æ)

(8,909)

(95)

(863)

Financial

Services

(0.6)%

AGNC

Investment

Corp.(ö)

(7,968)

(87)

Arbor

Realty

Trust,

Inc.(ö)

(5,122)

(28)

Atlantic

Union

Bankshares

Corp.

(3,099)

(131)

Baldwin

Insurance

Group,

Inc.

(The)

Class

A(Æ)

(3,955)

(105)

Cipher

Digital,

Inc.(Æ)

(694)

(17)

Compass,

Inc.

Class

A(Æ)

(12,392)

(153)

Dynex

Capital,

Inc.(ö)

(7,106)

(93)

Forum

Markets,

Inc.(Æ)

(1,219)

(7)

FTAI

Infrastructure,

Inc.

(8,202)

(38)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Sustainable

Infrastructure

Capital,

Inc.

(2,941)

(115)

Hudson

Pacific

Properties,

Inc.(Æ)(ö)

(4,887)

(74)

OppFi,

Inc.(Æ)

(1,249)

(12)

Pinnacle

Financial

Partners,

Inc.

(1,291)

(130)

Rayonier,

Inc.(ö)

(6,249)

(133)

Ready

Capital

Corp.(ö)

(4,223)

(7)

Rithm

Property

Trust,

Inc.(ö)

(86)

(1)

Rocket

Cos.,

Inc.

Class

A(Æ)

(2,129)

(34)

ServisFirst

Bancshares,

Inc.

(536)

(47)

Spire

Global,

Inc.(Æ)

(3,597)

(67)

Sunrise

Realty

Trust,

Inc.(ö)

(333)

(3)

TIC

Solutions,

Inc.(Æ)

(16,254)

(131)

UWM

Holdings

Corp.

(15,050)

(34)

(1,447)

Health

Care

(0.6)%

Molecular

Therapeutics,

Inc.(Æ)

(3,568)

(47)

Abeona

Therapeutics,

Inc.(Æ)

(4,929)

(30)

Acadia

Healthcare

Co.,

Inc.(Æ)

(5,718)

(169)

Achieve

Life

Sciences,

Inc.(Æ)

(3,553)

(23)

Aclaris

Therapeutics,

Inc.(Æ)

(4,890)

(26)

Adicet

Bio,

Inc.(Æ)

(885)

(8)

Agenus,

Inc.(Æ)

(2,971)

(9)

ArriVent

Biopharma,

Inc.(Æ)

(978)

(34)

aTyr

Pharma,

Inc.(Æ)

(1,070)

(1)

Aura

Biosciences,

Inc.(Æ)

(880)

(6)

Benitec

Biopharma,

Inc.(Æ)

(861)

(11)

Bicara

Therapeutics,

Inc.(Æ)

(1,602)

(48)

Butterfly

Network,

Inc.(Æ)

(10,972)

(92)

Community

Health

Systems,

Inc.(Æ)

(8,447)

(28)

Corbus

Pharmaceuticals

Holdings,

Inc.(Æ)

(194)

(2)

CorMedix,

Inc.(Æ)

(9,124)

(72)

Corvus

Pharmaceuticals,

Inc.(Æ)

(551)

(8)

Forte

Biosciences,

Inc.(Æ)

(392)

(8)

Guardian

Pharmacy

Services,

Inc.

Class

A(Æ)

(793)

(33)

Immuneering

Corp.

Class

A(Æ)

(1,200)

(6)

ImmunityBio,

Inc.(Æ)

(698)

(6)

Inhibikase

Therapeutics,

Inc.(Æ)

(5,906)

(12)

Invivyd,

Inc.(Æ)

(2,578)

(2)

Lexeo

Therapeutics,

Inc.(Æ)

(3,584)

(17)

Lifecore

Biomedical,

Inc.(Æ)

(963)

(5)

MapLight

Therapeutics,

Inc.(Æ)

(549)

(20)

Monte

Rosa

Therapeutics,

Inc.(Æ)

(1,554)

(38)

Nakamoto,

Inc.(Æ)

(256)

(1)

ORIC

Pharmaceuticals,

Inc.(Æ)

(2,888)

(31)

Oruka

Therapeutics,

Inc.(Æ)

(1,341)

(128)

Ovid

Therapeutics,

Inc.(Æ)

(2,400)

(6)

Palisade

Bio,

Inc.(Æ)

(13,181)

(28)

Pediatrix

Medical

Group,

Inc.(Æ)

(567)

(14)

Perspective

Therapeutics,

Inc.(Æ)

(4,401)

(15)

Precigen,

Inc.(Æ)

(8,251)

(47)

Pursuit

Attractions

and

Hospitality,

Inc.(Æ)

(1,011)

(57)

RadNet,

Inc.(Æ)

(1,971)

(122)

Rapport

Therapeutics,

Inc.(Æ)

(620)

(26)

Surgery

Partners,

Inc.(Æ)

(3,235)

(54)

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Tenax

Therapeutics,

Inc.(Æ)

(2,010)

(29)

Vaxcyte,

Inc.(Æ)

(1,804)

(105)

(1,424)

Materials

and

Processing

(0.2)%

Airjoule

Technologies

Corp.(Æ)

(2,896)

(16)

Element

Solutions,

Inc.

(666)

(32)

Greif,

Inc.

Class

(1,415)

(105)

Ivanhoe

Electric,

Inc.(Æ)

(4,356)

(42)

Quaker

Chemical

Corp.

(417)

(66)

Sensient

Technologies

Corp.

(406)

(50)

Gold

Corp.(Æ)

(836)

(13)

VSE

Corp.

(480)

(110)

(434)

Producer

Durables

(0.8)%

AeroVironment,

Inc.(Æ)

(953)

(157)

Brady

Corp.

Class

(99)

(9)

Bridger

Aerospace

Group

Holdings,

Inc.(Æ)

(2,440)

(5)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(1,401)

(136)

CBIZ,

Inc.(Æ)

(3,948)

(127)

Construction

Partners,

Inc.

Class

A(Æ)

(1,124)

(133)

First

Advantage

Corp.(Æ)

(5,657)

(102)

GEO

Group,

Inc.

(The)(Æ)

(4,569)

(135)

GPGI,

Inc.

Class

(5,097)

(81)

indie

Semiconductor,

Inc.

Class

A(Æ)

(21,362)

(96)

JBT

Marel

Corp.

(1,083)

(157)

Kadant,

Inc.

(252)

(79)

Limbach

Holdings,

Inc.(Æ)

(340)

(26)

Mirion

Technologies,

Inc.(Æ)

(6,440)

(115)

NET

Power,

Inc.(Æ)

(7,255)

(12)

NuScale

Power

Corp.(Æ)

(8,073)

(81)

Public

Policy

Holding

Co,

Inc.

(648)

(5)

PureCycle

Technologies,

Inc.(Æ)

(640)

(5)

Red

Cat

Holdings,

Inc.(Æ)

(1,115)

(12)

Sabre

Corp.(Æ)

(27,477)

(57)

Standex

International

Corp.

(318)

(114)

Uniti

Group,

Inc.(Æ)

(9,992)

(115)

Willscot

Holdings

Corp.

(5,882)

(170)

(1,929)

Technology

(0.4)%

American

Bitcoin

Corp.

Class

A(Æ)

(8,824)

(6)

BlackSky

Technology,

Inc.(Æ)

(1,931)

(54)

Blaize

Holdings,

Inc.(Æ)

(5,422)

(7)

Cibus,

Inc.(Æ)

(1,144)

(1)

Coherent

Corp.(Æ)

(348)

(137)

Crane

NXT

Co.

(1,589)

(81)

ePlus,

Inc.

(734)

(61)

Exodus

Movement,

Inc.

Class

A(Æ)

(175)

(1)

GCT

Semiconductor

Holding,

Inc.(Æ)

(4,946)

(15)

Immersion

Corp.

(2,827)

(19)

KULR

Technology

Group,

Inc.(Æ)

(3,583)

(14)

LightPath

Technologies,

Inc.

Class

A(Æ)

(1,645)

(27)

NextNav,

Inc.(Æ)

(986)

(18)

Ouster,

Inc.(Æ)

(349)

(22)

PAR

Technology

Corp.(Æ)

(1,666)

(29)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Powerfleet,

Inc.(Æ)

(8,545)

(33)

Quantum

Computing,

Inc.(Æ)

(637)

(6)

Sanmina

Corp.(Æ)

(583)

(147)

Serve

Robotics,

Inc.(Æ)

(1,009)

(7)

TTM

Technologies,

Inc.(Æ)

(891)

(167)

Velo3D,

Inc.(Æ)

(392)

(7)

Vuzix

Corp.(Æ)

(5,421)

(16)

(875)

Utilities

(0.1)%

NextDecade

Corp.(Æ)

(5,990)

(45)

Otter

Tail

Corp.

(1,331)

(120)

Prairie

Operating

Co.(Æ)

(8,298)

(6)

Sable

Offshore

Corp.(Æ)

(509)

(2)

Shenandoah

Telecommunications

Co.

(1,016)

(15)

(188)

Total

Securities

Sold

Short

(proceeds

$7,348)

(8,260)

Other

Assets

and

Liabilities,

Net

0.2%

550

Net

Assets

100.0%

244,880

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Futures

Contracts

Amounts

thousands

(except

contract

amounts

)

Number

Contracts

Notional

Amount

Expiration

Date

Value

and

Unrealized

Appreciation

(Depreciation)

Long

Positions

Russell

2000

E-Mini

Index

Futures

USD

12,792

09/26

263

Total

Value

and

Unrealized

Appreciation

(Depreciation)

Open

Futures

Contracts

(å)

263

Presentation

Portfolio

Holdings

Amounts

thousands

Fair

Value

Portfolio

Summary

Level

Practical

Expedient

(a)

Total

Common

Stocks

Consumer

Discretionary

23,461

—

23,461

Consumer

Staples

5,368

—

5,368

Energy

11,993

—

11,993

Financial

Services

46,694

—

46,694

Health

Care

44,666

—

44,666

Materials

and

Processing

19,842

—

19,842

Producer

Durables

47,142

—

47,142

Technology

33,638

—

33,638

Utilities

6,599

—

6,599

Warrants

and

Rights

—

Short-Term

Investments

—

13,170

Total

Investments

239,406

—

13,170

252,590

Securities

Sold

Short

(8,260)

—

(8,260)

Other

Financial

Instruments

Assets

Futures

Contracts

263

—

263

Total

Other

Financial

Instruments

263

—

263

Refer

Schedule

Investments

for

detailed

sector

breakout.

Futures

contract

values

reflect

the

unrealized

appreciation

(depreciation)

the

investments.

(a)

Certain

investments

that

are

measured

fair

value

using

the

net

asset

value

per

(or

its

equivalent)

practical

expedient

have

not

been

classified

the

fair

value

levels.

The

fair

value

amounts

presented

the

table

are

intended

permit

reconciliation

the

amounts

presented

the

Schedule

Investments.

For

description

the

Levels,

see

note

the

Notes

Financial

Statements.

For

disclosure

transfers

into

and

out

Level

during

the

period

ended

June

30,

2026,

any,

see

note

the

Notes

Financial

Statements.

Investments

which

significant

unobservable

inputs

(Level

were

used

determining

fair

value

June

30,

2026,

any,

were

less

than

net

assets.

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Fair

Value

Derivative

Instruments

—

June

30,

2026

(Unaudited)

Amounts

thousands

Derivatives

not

accounted

for

hedging

instruments

Equity

Contracts

Location:

Statement

Assets

and

Liabilities

Assets

Variation

margin

futures

contracts

263

Derivatives

not

accounted

for

hedging

instruments

Equity

Contracts

Location:

Statement

Operations

Net

realized

gain

(loss)

Futures

contracts

1,172

Location:

Statement

Operations

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

478

For

further

disclosure

derivatives

see

note

the

Notes

Financial

Statements.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Balance

Sheet

Offsetting

Financial

and

Derivative

Instruments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

thousands

^ Collateral

pledged

amounts

may

not

reconcile

those

disclosed

the

Statement

Assets

and

Liabilities

due

the

inclusion

off-Balance

Sheet

collateral

and

adjustments

made

exclude

overcollateralization.

Offsetting

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

Assets

and

Liabilities

Gross

Amounts

Recognized

Liabilities

Gross

Amounts

Offset

the

Statement

Assets

and

Liabilities

Net

Amounts

Liabilities

Presented

the

Statement

Assets

and

Liabilities

Short

Sales

Securities

sold

short,

fair

value

8,260

—

8,260

Total

Financial

and

Derivative

Liabilities

8,260

—

8,260

Financial

and

Derivative

Liabilities

not

subject

netting

agreement

—

Total

Financial

and

Derivative

Liabilities

subject

netting

agreement

8,260

—

8,260

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

Counterparty

Gross

Amounts

Not

Offset

the

Statement

Assets

and

Liabilities

Counterparty

Net

Amounts

Liabilities

Presented

the

Statement

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Pledged^

Net

Amount

State

Street

8,260

—

8,260

—

Total

8,260

—

8,260

—

For

further

disclosure

derivatives

and

counterparty

risk

see

note

the

Notes

Financial

Statements.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Statement

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

thousands

Assets

Investments,

identified

cost

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

191,658

Investments,

fair

value(>)

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

252,590

Foreign

currency

holdings(^)

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

Receivables:

Dividends

and

interest

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

124

Dividends

from

affiliated

funds

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

Investments

sold

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

447

From

broker(a)

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

821

Variation

margin

futures

contracts

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

263

Prepaid

expenses

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

Total

assets

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

254,279

Liabilities

Payables:

Due

custodian

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

Investments

purchased

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

595

Fund

redeemed

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

264

Accrued

fees

affiliates

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

176

Other

accrued

expenses

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

Securities

sold

short,

fair

value(‡)

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

8,260

Total

liabilities

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

9,399

Net

Assets

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

244,880

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

76,704

beneficial

interest

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

137

Additional

paid-in

capital

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

168,039

Net

Assets

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

244,880

(>)

Investments

affiliates,

U.S.

Cash

Management

Fund

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

13,170

(^)

Foreign

currency

holdings

cost

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

(a)

Receivable

from

Broker

for

Futures

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

821

(‡)

Proceeds

securities

sold

short

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

7,348

Net

Asset

Value

offering

and

redemption

price

per

Net

asset

value

per

(#)

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

17.85

Net

assets

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

244,880,477

outstanding

($.01

par

value)

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

13,716,334

(#)

Net

asset

value

per

equals

net

assets

divided

beneficial

interest

outstanding.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Statement

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

thousands

Investment

Income

Dividends

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

1,755

Dividend

distributions

from

affiliated

funds

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

162

Interest

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

Total

investment

income

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

1,928

Expenses

Advisory

fees

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

991

Administrative

fees

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

Custodian

fees

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

Transfer

agent

fees

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

Professional

fees

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

Trustees’

fees

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

Printing

fees

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

Dividends

from

securities

sold

short

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

Interest

expense

paid

securities

sold

short

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

Miscellaneous

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

Expenses

before

reductions

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

1,230

Expense

reductions

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

(50)

Net

expenses

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

1,180

Net

investment

income

(loss)

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

748

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

19,489

Futures

contracts

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

1,172

Securities

sold

short

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

(821)

Net

realized

gain

(loss)

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

19,840

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

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

29,627

Investments

affiliated

funds

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

(2)

Futures

contracts

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

478

Securities

sold

short

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

(713)

Net

change

unrealized

appreciation

(depreciation)

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

29,390

Net

realized

and

unrealized

gain

(loss)

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

49,230

Net

Increase

(Decrease)

Net

Assets

from

Operations

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

49,978

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Statements

Changes

Net

Assets

Amounts

thousands

Period

Ended

June

30,

2026

(Unaudited)

Fiscal

Year

Ended

December

31,

2025

Increase

(Decrease)

Net

Assets

from

Operations

Net

investment

income

(loss)

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

748

1,140

Net

realized

gain

(loss)

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

19,840

8,245

Net

change

unrealized

appreciation

(depreciation)

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

29,390

6,279

Net

increase

(decrease)

net

assets

from

operations

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

49,978

15,664

Distributions

shareholders

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

(2,343)

(8,560)

Net

decrease

net

assets

from

distributions

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

(2,343)

(8,560)

Transactions*

Net

increase

(decrease)

net

assets

from

transactions

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

(10,239)

(14,124)

Total

Net

Increase

(Decrease)

Net

Assets

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

37,396

(7,020)

Net

Assets

Beginning

period

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

207,484

214,504

End

period

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

244,880

207,484

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

follows:

2026

(Unaudited)

2025

Dollars

Proceeds

from

sold

135

2,074

422

5,561

Proceeds

from

reinvestment

distributions

151

2,343

600

8,5

Payments

for

redeemed

(921)

(14,656)

(2,108)

(28,24

)

Total

increase

(decrease)

(635)

(10,239)

(1,086)

(14,124)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

Outstanding

Throughout

Each

Period.

06/30/26

(ƣ)

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

Per-Share

Data

–

Net

Asset

Value,

Beginning

Period

14.46‌

13.90‌

14.08‌

12.56‌

15.27‌

15.75‌

Income

(loss)

from

investment

operations:

—‌

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.05‌

.08‌

.09‌

.05‌

.01‌

Net

Realized

and

Unrealized

Gain

(Loss)

3.51‌

1.06‌

1.10‌

1.61‌

(2.46‌)

3.92‌

Total

from

Investment

Operations

3.56‌

1.14‌

1.19‌

1.70‌

(2.41‌)

3.93‌

Less

distributions:

–

Distributions

from

Net

Investment

Income

(.03‌)

(.09‌)

(.24‌)

(.09‌)

(.03‌)

(.04‌)

Distributions

from

Net

Realized

Gain

(.14‌)

(.49‌)

(1.13‌)

(.09‌)

(.27‌)

(4.37‌)

Total

Distributions

(.17‌)

(.58‌)

(1.37‌)

(.18‌)

(.30‌)

(4.41‌)

Net

Asset

Value,

End

Period

17.85‌

14.46‌

13.90‌

14.08‌

12.56‌

15.27‌

Total

Return

(±)(ǿ)

24.76‌

8.34‌

8.53‌

13.61‌

(15.96‌)

25.79‌

–

Ratios/Supplemental

Data

–

Net

Assets,

End

Period

(000)

244,880‌

207,484‌

214,504‌

215,879‌

206,162‌

257,553‌

Ratio

average

net

assets:

–

Expenses,

Gross

(ɯ)

1.12‌

1.11‌

1.16‌

1.17‌

1.15‌

1.14‌

Expenses,

Net

(Ƃ)(ɯ)(∆)

1.07‌

1.08‌

1.13‌

1.12‌

1.13‌

Net

Investment

Income

(Ƃ)(ɯ)

.68‌

.57‌

.61‌

.70‌

.40‌

.05‌

Portfolio

Turnover

Rate

(ǿ)

46‌

89‌

73‌

87‌

101‌

114‌

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

affiliates

June

30,

2026

were

follows:

Federal

Income

Taxes

(Unaudited)

June

30,

2026

the

cost

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

follows:

Advisory

fees

164,531

Administrative

fees

9,690

Transfer

agent

fees

853

Trustees'

fees

956

176,030

Transactions

(amounts

thousands)

during

the

period

ended

June

30,

2026

with

underlying

fund

which

is,

was,

affiliated

company

are

follows:

Fair

Value,

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

Unrealized

Gain

(Loss)

Fair

Value,

End

Period

Dividend

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

8,050

36,308

31,186

—

(2)

13,170

162

—

Cost

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

188,082,227

67,172,395

(10,661,847)

56,510,548

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

International

Developed

Markets

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Common

Stocks

94.3%

Australia

1.6%

BHP

Group,

Ltd.

35,989

1,502

Coles

Group,

Ltd.

18,002

304

Commonwealth

Bank

Australia

2,949

337

Evolution

Mining,

Ltd.

23,371

191

Insurance

Australia

Group,

Ltd.

71,630

402

Lynas

Rare

Earths,

Ltd.(Æ)

14,224

178

National

Australia

Bank,

Ltd.

4,425

116

Origin

Energy,

Ltd.

16,732

127

QBE

Insurance

Group,

Ltd.

58,864

1,027

Rio

Tinto

PLC

7,363

696

Santos,

Ltd.

11,272

Suncorp

Group,

Ltd.

32,511

434

Telstra

Group,

Ltd.

154,980

545

Woodside

Energy

Group,

Ltd.

6,559

127

Woolworths

Group,

Ltd.

8,535

237

6,279

Austria

0.8%

ams

-OSRAM

AG(Æ)

5,695

123

BAWAG

Group

AG(Þ)

872

175

Erste

Group

Bank

15,758

2,111

Mondi

PLC

28,235

256

OMV

1,686

106

Raiffeisen

Bank

International

3,031

194

2,965

Belgium

0.4%

Ageas

6,416

513

Anheuser-Busch

InBev

3,520

290

Elia

Group

1,059

168

Financiere

Tubize

500

132

KBC

Group

1,266

173

Proximus

SADP

14,126

UCB

902

270

1,641

Brazil

1.3%

Ambev

429,543

1,355

Banco

Bradesco

ADR

197,198

684

Banco

Brasil

120,260

464

Lojas

Renner

99,564

285

MercadoLibre

Inc.(Æ)

352

597

Natura

Cosmeticos

SA(Æ)

150,707

255

Suzano

30,593

235

Telefonica

Brasil

49,365

325

Ultrapar

Participacoes

40,782

206

Vale

24,658

372

Wheaton

Precious

Metals

Corp.

2,160

243

Yara

International

ASA

3,430

151

5,172

Burkina

Faso

0.0%

Endeavour

Mining

PLC

2,820

140

Canada

5.1%

Agnico

Eagle

Mines,

Ltd.

2,127

330

Bank

Montreal

1,367

242

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Barrick

Mining

Corp.

18,643

685

Bombardier,

Inc.

Class

B(Æ)

1,544

355

Cameco

Corp.

Class

5,565

567

Canadian

Imperial

Bank

Commerce

7,081

815

Canadian

National

Railway

Co.

9,018

1,076

Canadian

Natural

Resources,

Ltd.

23,866

944

Celestica,

Inc.(Æ)

225

Cenovus

Energy,

Inc.

12,637

314

Dollarama,

Inc.

4,367

578

Franco-Nevada

Corp.

Class

1,263

264

Great-West

Lifeco

Inc.

9,025

575

Hydro

One,

Ltd.(Þ)

10,855

448

Financial

Corp.,

Inc.

3,006

415

IGM

Financial,

Inc.

5,358

299

Imperial

Oil,

Ltd.

1,610

181

Kinross

Gold

Corp.

8,855

210

Magna

International,

Inc.

Class

29,976

1,971

Manulife

Financial

Corp.

25,109

1,018

National

Bank

Canada

2,439

385

Nutrien

Ltd.

6,320

398

Pan

American

Silver

Corp.

4,196

188

Restaurant

Brands

International,

Inc.

3,960

287

Royal

Bank

Canada

11,222

2,324

Saputo,

Inc.

10,072

292

Shopify,

Inc.

Class

A(Æ)

6,926

791

Stantec,

Inc.

5,863

404

Sun

Life

Financial,

Inc.

14,235

1,118

Suncor

Energy,

Inc.

14,424

776

Teck

Resources,

Ltd.

Class

3,031

181

Toromont

Industries,

Ltd.

1,993

328

Toronto-Dominion

Bank

(The)

6,066

738

Tourmaline

Oil

Corp.

12,006

502

Whitecap

Resources,

Inc.

27,776

288

20,369

Chile

0.1%

Antofagasta

PLC

2,664

135

Lundin

Mining

Corp.

9,439

230

365

China

2.9%

Alibaba

Group

Holding,

Ltd.

171,114

2,044

Alibaba

Group

Holding,

Ltd.

ADR

5,776

554

Baidu,

Inc.

Class

A(Æ)

34,400

490

China

Mengniu

Dairy

Co.,

Ltd.

168,000

346

China

Merchants

Bank

Co.,

Ltd.

Class

98,500

565

China

Overseas

Land

Investment,

Ltd.

335,000

518

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

26,800

1,558

Haier

Smart

Home

Co.,

Ltd.

Class

193,200

494

JD.com,

Inc.

Class

23,400

298

Laopu

Gold

Co.,

Ltd.

Class

4,507

201

Tencent

Holdings,

Ltd.

60,784

3,350

Trip.com

Group,

Ltd.

ADR(Æ)

27,817

1,108

Yangzijiang

Shipbuilding

Holdings,

Ltd.

49,100

130

11,656

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

International

Developed

Markets

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Denmark

1.2%

Danske

Bank

A/S

31,819

1,707

DSV

A/S

3,117

740

Novo

Nordisk

A/S

Class

46,196

2,216

Vestas

Wind

Systems

A/S

8,260

234

4,897

Finland

0.8%

Elisa

Oyj

4,569

192

Fortum

Oyj

5,618

130

Metso

Oyj

25,516

444

Neste

Oyj

6,009

195

Nokia

Oyj

105,725

1,400

Nordea

Bank

Abp

7,602

144

Orion

Oyj

Class

2,250

185

Stora

Enso

Oyj

Class

17,618

188

UPM-

Kymmene

Oyj

4,387

116

Wartsila

Oyj

Abp

Class

5,619

214

3,208

France

9.1%

Accor

24,020

1,397

Airbus

14,650

3,261

Amundi

SA(Þ)

12,966

1,244

Arkema

19,222

1,212

AXA

11,732

588

BNP

Paribas

14,880

1,739

Bureau

Veritas

10,187

312

Carrefour

27,674

514

Compagnie

Saint-Gobain

5,449

493

Compagnie

Generale

des

Etablissements

Michelin

SCA

48,012

1,855

Credit

Agricole

34,756

699

Danone

9,671

793

Eiffage

517

Engie

42,886

1,352

EssilorLuxottica

3,304

620

Getlink

7,053

150

Hermes

International

SCA

322

589

Ipsen

1,262

243

Legrand

1,727

292

L'Oreal

1,627

714

LVMH

Moet

Hennessy

Louis

Vuitton

4,348

2,408

Orange

51,819

977

Publicis

Groupe

24,349

2,407

Renault

12,243

351

Rexel

Class

41,379

1,808

Safran

7,008

2,771

Sartorius

Stedim

Biotech

4,454

925

Societe

Generale

23,481

2,079

Sodexo

3,952

229

Teleperformance

18,446

969

Thales

464

119

TotalEnergies

22,878

1,777

Valeo

19,170

282

Vallourec

SA(Æ)

45,139

1,054

36,299

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Germany

6.6%

Allianz

925

438

Aumovio

SE(Æ)

4,559

187

BASF

45,619

2,439

Bayer

32,992

1,824

Beiersdorf

5,370

462

Brenntag

3,126

190

Commerzbank

4,541

193

Continental

7,774

641

CTS

Eventim

Co.

KGaA

24,154

1,409

Daimler

Truck

Holding

49,501

2,387

Deutsche

Boerse

5,808

1,585

Deutsche

Telekom

5,831

159

E.ON

15,072

311

Evonik

Industries

73,823

1,340

Fresenius

Medical

Care

19,360

876

Fresenius

Co.

KGaA

10,621

485

GEA

Group

4,773

327

Hannover

Rueck

2,009

557

Hochtief

342

198

Infineon

Technologies

19,120

1,785

Mercedes-Benz

Group

3,666

184

Muenchener

Rueckversicherungs

Gesellschaft

Muenchen

1,475

823

Rheinmetall

512

580

RWE

4,573

296

SAP

22,098

3,384

Siemens

840

270

Siemens

Energy

2,939

557

Symrise

16,748

1,681

Wacker

Chemie

AG(Æ)

1,839

191

Zalando

SE(Æ)(Þ)

16,084

466

26,225

Greece

0.6%

Eurobank

518,472

2,478

Hong

Kong

1.2%

AIA

Group,

Ltd.

202,139

1,854

ASMPT,

Ltd.

1,800

Asset

Holdings,

Ltd.

68,549

388

Power

Assets

Holdings,

Ltd.

43,000

314

Prudential

PLC

128,652

1,712

Sino

Land

Co.,

Ltd.

120,000

158

Sun

Hung

Kai

Properties,

Ltd.

10,000

144

Group,

Ltd.(Þ)

116,500

124

Yue

Yuen

Industrial

Holdings,

Ltd.

84,500

132

4,882

India

0.6%

HDFC

Bank,

Ltd.

ADR

72,581

1,874

Larsen

Toubro,

Ltd.

GDR(Þ)

15,725

685

2,559

Indonesia

0.4%

Bank

Central

Asia

Tbk

3,294,500

1,026

Bank

Negara

Indonesia

Persero

Tbk

1,449,300

257

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

International

Developed

Markets

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Bank

Rakyat

Indonesia

Persero

Tbk

1,627,300

250

1,533

Ireland

1.1%

Accenture

PLC

Class

5,638

701

AerCap

Holdings

1,408

205

AIB

Group

PLC

83,791

985

Bank

Ireland

Group

PLC

122,202

2,436

4,327

Israel

0.3%

Bank

Hapoalim

5,318

123

Elbit

Systems,

Ltd.

318

242

Mizrahi

Tefahot

Bank,

Ltd.

1,015

Nova,

Ltd.(Æ)

326

173

Phoenix

Financial,

Ltd.

3,981

221

Teva

Pharmaceutical

Industries,

Ltd.

ADR

8,504

288

Tower

Semiconductor,

Ltd.(Æ)

879

226

1,340

Italy

3.9%

Banca

Mediolanum

SpA

7,513

187

BPER

Banca

SpA

52,234

820

Coca-Cola

HBC

7,643

499

Davide

Campari-Milano

205,860

1,281

Enel

SpA

94,447

1,085

Eni

SpA

37,149

869

FinecoBank

Banca

Fineco

SpA

133,558

3,351

Generali

3,093

151

Intesa

Sanpaolo

SpA

288,511

1,976

Leonardo

SpA

3,032

162

Pirelli

SpA

(Þ)

103,451

782

Prysmian

SpA

1,367

230

Recordati

Industria

Chimica

Farmaceutica

SpA

3,577

210

Ryanair

Holdings

PLC

ADR

13,519

875

Saipem

SpA

226,798

1,140

Snam

SpA

23,344

168

Telecom

Italia

SpA

(Æ)

22,240

203

Terna

Rete

Elettrica

Nazionale

13,927

163

UniCredit

SpA

17,513

1,567

15,719

Japan

16.9%

Advantest

Corp.

10,700

2,175

Ajinomoto

Co.,

Inc.

6,000

218

Alfresa

Holdings

Corp.

11,600

155

Amada

Co.,

Ltd.

10,800

199

ARCHION

Corp.(Æ)

37,700

Asahi

Kasei

Corp.

10,900

120

Asics

Corp.

4,300

117

Astellas

Pharma,

Inc.

72,800

979

Bridgestone

Corp.

62,800

1,322

Canon,

Inc.

27,700

708

Chiba

Bank,

Ltd.

(The)

46,700

710

Chugai

Pharmaceutical

Co.,

Ltd.

12,800

593

Daifuku

Co.,

Ltd.

4,300

191

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Daiichi

Life

Group,

Inc.

16,300

179

Daiichi

Sankyo

Co.,

Ltd.

17,700

284

Daikin

Industries,

Ltd.

12,800

1,944

Daito

Trust

Construction

Co.,

Ltd.

2,700

Daiwa

Securities

Group,

Inc.

15,000

147

Denso

Corp.

56,300

650

Dentsu

Group,

Inc.(Æ)

16,700

321

Disco

Corp.

400

203

Eisai

Co.,

Ltd.

11,640

294

ENEOS

Holdings,

Inc.

21,200

156

Fast

Retailing

Co.,

Ltd.

1,000

511

FUJIFILM

Holdings

Corp.

105,300

2,265

Fujikura,

Ltd.

28,800

1,118

Fukuoka

Financial

Group,

Inc.

17,300

729

Hakuhodo

Holdings,

Inc.

19,200

136

Hitachi,

Ltd.

36,600

1,017

Honda

Motor

Co.,

Ltd.

54,513

494

Horiba,

Ltd.

900

154

Hoya

Corp.

11,100

1,790

Inpex

Corp.

7,200

145

Isuzu

Motors,

Ltd.

4,100

ITOCHU

Corp.

73,800

849

Japan

Airlines

Co.,

Ltd.

20,000

352

Japan

Exchange

Group,

Inc.

25,000

315

Japan

Post

Bank

Co.,

Ltd.

Class

7,900

150

Japan

Post

Holdings

Co.,

Ltd.

19,300

259

Japan

Post

Insurance

Co.,

Ltd.

Class

67,800

639

Japan

Tobacco,

Inc.

22,400

823

JGC

Holdings

Corp.

18,600

290

Advanced

Metals

Corp.

3,100

Kajima

Corp.

3,900

142

Kao

Corp.

31,000

615

Kawasaki

Heavy

Industries,

Ltd.

7,600

138

Keyence

Corp.

4,600

2,318

Kioxia

Holdings

Corp.(Æ)

1,400

795

Koito

Manufacturing

Co.,

Ltd.

23,300

368

Komatsu,

Ltd.

15,100

591

Kubota

Corp.

137,500

2,302

Kuraray

Co.,

Ltd.

17,900

184

Kyocera

Corp.

53,500

1,186

Lasertec

Corp.

600

187

Marubeni

Corp.

7,400

215

MINEBEA

MITSUMI,

Inc.

36,300

1,077

Mitsubishi

Corp.

10,500

282

Mitsubishi

Electric

Corp.

8,500

312

Mitsubishi

Estate

Co.,

Ltd.

24,600

626

Mitsubishi

Gas

Chemical

Co.,

Inc.

6,100

193

Mitsubishi

Heavy

Industries,

Ltd.

11,800

269

Mitsubishi

UFJ

Financial

Group,

Inc.

28,200

559

Mitsui

Co.,

Ltd.

9,100

253

Mitsui

OSK

Lines,

Ltd.

3,700

118

Mizuho

Financial

Group,

Inc.

7,300

351

MS&AD

Insurance

Group

Holdings,

Inc.

31,900

833

Murata

Manufacturing

Co.,

Ltd.

5,100

368

Nexon

Co.,

Ltd.

21,800

290

Nikon

Corp.

13,800

194

Nintendo

Co.,

Ltd.

8,600

361

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

International

Developed

Markets

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Nippon

Television

Holdings,

Inc.

7,200

124

Nissan

Motor

Co.,

Ltd.(Æ)

106,600

198

Nitto

Denko

Corp.

54,400

1,072

Nomura

Holdings,

Inc.

19,400

169

Obayashi

Corp.

7,100

144

Olympus

Corp.

96,600

1,015

ORIX

Corp.

5,700

216

Otsuka

Corp.

7,700

132

Otsuka

Holdings

Co.,

Ltd.

2,200

146

Persol

Holdings

Co.,

Ltd.

163,800

249

Resona

Holdings,

Inc.

214,700

2,800

Rinnai

Corp.

8,300

182

Rohm

Co.,

Ltd.

22,800

764

Ryohin

Keikaku

Co.,

Ltd.

12,500

273

Sega

Sammy

Holdings,

Inc.

17,500

237

Sekisui

Chemical

Co.,

Ltd.

9,600

154

Shimano,

Inc.

2,500

267

Shimizu

Corp.

8,000

127

Shin-Etsu

Chemical

Co.,

Ltd.

56,800

2,477

Shionogi

Co.,

Ltd.

28,500

488

Shiseido

Co.,

Ltd.

4,300

SMC

Corp.

1,700

756

SoftBank

Group

Corp.

26,200

983

Sompo

Holdings,

Inc.

29,900

1,141

Stanley

Electric

Co.,

Ltd.

9,939

216

Subaru

Corp.

34,644

511

Sumitomo

Electric

Industries,

Ltd.

21,200

391

Sumitomo

Heavy

Industries,

Ltd.

6,400

202

Sumitomo

Metal

Mining

Co.,

Ltd.

1,500

Sumitomo

Mitsui

Financial

Group,

Inc.

23,900

934

Sumitomo

Mitsui

Trust

Group,

Inc.

24,300

907

Sumitomo

Realty

Development

Co.,

Ltd.

5,900

136

Suntory

Beverage

Food,

Ltd.

55,200

1,527

Sysmex

Corp.

34,700

316

T&D

Holdings,

Inc.

35,100

1,040

Taiheiyo

Cement

Corp.

4,900

120

Taisei

Corp.

2,000

177

Takeda

Pharmaceutical

Co.,

Ltd.

32,500

1,026

TDK

Corp.

29,500

659

THK

Co.,

Ltd.

5,700

261

Tokio

Marine

Holdings,

Inc.

31,400

1,390

Tokyo

Electron,

Ltd.

5,610

2,713

Tokyo

Gas

Co.,

Ltd.

4,300

162

Toyota

Motor

Corp.

19,500

327

Toyota

Tsusho

Corp.

2,000

Trend

Micro,

Inc.

3,300

123

Tsuruha

Holdings,

Inc.

27,400

346

Yamato

Holdings

Co.,

Ltd.

22,194

251

Yokogawa

Electric

Corp.

4,000

141

Yokohama

Financial

Group,

Inc.

16,000

171

67,463

Luxembourg

0.1%

ArcelorMittal

1,375

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

RTL

Group

2,720

180

Macao

0.3%

Galaxy

Entertainment

Group,

Ltd.

340,869

1,284

Mexico

0.3%

America

Movil

SAB

ADR

29,094

756

Fresnillo

PLC

8,124

296

1,052

Netherlands

5.4%

ABN

AMRO

Bank

Dutch

Certificates(Þ)

26,188

1,114

Adyen

NV(Æ)(Þ)

606

566

Argenx

SE(Æ)

866

803

ASM

International

245

280

ASML

Holding

3,746

7,429

Semiconductor

Industries

684

225

Euronext

NV(Þ)

2,306

369

Heineken

8,601

723

ING

Groep

101,480

3,211

Koninklijke

Philips

59,461

1,616

Magnum

Ice

Cream

Co.

(The)(Æ)

74,311

1,294

Nebius

Group

Class

A(Æ)

468

129

Group

11,788

1,033

Randstad

30,579

881

Universal

Music

Group

64,479

1,351

VEON,

Ltd.

ADR(Æ)

2,069

108

Wolters

Kluwer

7,651

494

21,626

New

Zealand

0.1%

Contact

Energy,

Ltd.

25,590

136

Meridian

Energy,

Ltd.

41,685

138

274

Nigeria

0.1%

Airtel

Africa

PLC(Þ)

103,562

450

Norway

0.7%

DNB

Bank

ASA

33,714

1,003

Equinor

ASA

Class

43,023

1,352

Gjensidige

Forsikring

ASA

4,969

134

Kongsberg

Gruppen

ASA

3,567

108

Orkla

ASA

32,751

345

2,942

Portugal

0.2%

Banco

Comercial

Portugues

Class

324,553

384

EDP

33,251

174

Galp

Energia

SGPS

Class

6,357

136

694

Russia

0.0%

Gazprom

PJSC(Æ)(Š)

114,398

—

LUKOIL

PJSC(Æ)(Š)

2,007

—

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

International

Developed

Markets

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Sberbank

Russia

PJSC(Æ)(Š)

88,440

—

Singapore

2.0%

DBS

Group

Holdings,

Ltd.

22,531

1,138

Grab

Holdings,

Ltd.

Class

A(Æ)

453,559

1,710

Keppel,

Ltd.

16,500

141

Oversea-Chinese

Banking

Corp.,

Ltd.

120,892

2,326

Sea,

Ltd.

ADR(Æ)

16,035

1,537

Singapore

Exchange,

Ltd.

5,200

Singapore

Technologies

Engineering,

Ltd.

10,700

Singapore

Telecommunications,

Ltd.

221,900

760

STMicroelectronics

2,046

153

7,948

South

Africa

0.3%

Anglo

American

PLC

8,615

422

MTN

Group,

Ltd.

41,730

581

Old

Mutual,

Ltd.

403,744

330

1,333

South

Korea

2.4%

Coway

Co.,

Ltd.

2,009

117

Hankook

Tire

Technology

Co.,

Ltd.

2,609

105

Hyundai

Mobis

Co.,

Ltd.

777

253

Financial

Group,

Inc.

4,922

506

Corp.

ADR

23,763

411

H&H

Co.,

Ltd.

400

Shinhan

Financial

Group

Co.,

Ltd.

21,105

1,308

Hynix,

Inc.

2,832

4,996

Square

Co.,

Ltd.(Æ)

1,473

1,641

Telecom

Co.,

Ltd.

5,296

303

9,699

Spain

1.3%

Acciona

624

198

ACS

Actividades

Construccion

Servicios

1,808

267

Amadeus

Group

Class

3,617

208

Banco

Bilbao

Vizcaya

Argentaria

20,025

502

Banco

Santander

91,748

1,269

Bankinter

8,014

134

CaixaBank

21,355

303

Endesa

3,324

151

Iberdrola

14,931

373

Indra

Sistemas

2,781

153

Industria

Diseno

Textil

22,066

1,391

Mapfre

31,039

154

Repsol

6,644

165

5,268

Sweden

1.5%

Assa

Abloy

Class

7,934

280

Atlas

Copco

Class

33,094

672

Atlas

Copco

Class

52,017

922

Boliden

3,043

172

Epiroc

Class

2,117

Essity

Class

20,090

568

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Holmen

Class

1,723

Industrivarden

Class

1,213

Industrivarden

Class

1,190

Investor

Class

3,688

153

Saab

Class

4,132

214

Sandvik

6,555

271

SKF

Class

20,841

535

Svenska

Cellulosa

SCA

Class

15,020

154

Svenska

Handelsbanken

Class

11,714

172

Swedbank

Class

6,465

242

Swedish

Orphan

Biovitrum

Class

B(Æ)

1,641

Tele2

Class

5,211

Telefonaktiebolaget

Ericsson

Class

70,107

783

Telia

Co.

34,620

169

Volvo

Class

7,944

270

5,991

Switzerland

3.9%

ABB,

Ltd.

5,304

576

Adecco

Group

9,341

172

Barry

Callebaut

BKW

308

Galderma

Group

5,898

1,341

Helvetia

Baloise

Holding

467

121

Julius

Baer

Group,

Ltd.

16,210

1,401

Lonza

Group

3,422

2,309

Nestle

15,749

1,617

Sandoz

Group

2,705

245

Schindler

Holding

1,344

446

SGS

5,066

587

Swatch

Group

(The)

Class

3,136

767

Swisscom

137

106

UBS

Group

93,215

4,618

VAT

Group

AG(Þ)

260

227

Zurich

Insurance

Group

1,207

891

15,533

Taiwan

3.5%

Delta

Electronics,

Inc.

15,000

928

Hon

Hai

Precision

Industry

Co.,

Ltd.

153,000

1,227

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

77,000

5,913

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

ADR

12,371

5,908

13,976

Thailand

0.4%

Bangkok

Bank

PCL

NVDR

131,500

714

Kasikornbank

PCL

NVDR

128,800

849

1,563

United

Kingdom

10.7%

Group

PLC

46,769

1,544

AstraZeneca

PLC

11,939

2,234

Aviva

PLC

94,671

817

BAE

Systems

PLC

10,010

245

Barclays

PLC

53,214

357

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

International

Developed

Markets

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Barratt

Redrow

PLC

58,696

219

British

American

Tobacco

PLC

30,441

1,878

British

Land

Co.

PLC

(The)(ö)

54,054

297

Group

PLC

227,370

573

Burberry

Group

PLC(Æ)

18,715

264

Hutchison

Holdings,

Ltd.

Class

55,813

474

Compass

Group

PLC

75,531

2,440

DCC

PLC

6,506

539

Diageo

PLC

24,491

492

Diploma

PLC

11,171

1,057

easyJet

PLC

87,668

650

GSK

PLC

171,488

4,500

Halma

PLC

4,786

250

Hikma

Pharmaceuticals

PLC

10,609

214

HSBC

Holdings

PLC

174,068

3,306

ICG

PLC

22,437

503

IMI

PLC

11,338

446

Intertek

Group

PLC

5,032

388

Sainsbury

PLC

290,462

1,233

Kingfisher

PLC

96,895

364

Land

Securities

Group

PLC(ö)

43,469

376

Lloyds

Banking

Group

PLC

215,141

317

National

Grid

PLC

15,684

260

NatWest

Group

PLC

24,084

212

Pearson

PLC

18,451

293

Reckitt

Benckiser

Group

PLC

74,524

4,858

Rolls-Royce

Holdings

PLC

102,841

1,975

Schroders

PLC

45,235

353

SSE

PLC

7,132

231

Standard

Chartered

PLC

79,303

2,149

Tate

Lyle

PLC

15,156

111

Tesco

PLC

54,466

333

Unilever

PLC

17,091

1,026

Unite

Group

PLC

(The)(ö)

28,013

189

United

Utilities

Group

PLC

80,769

1,401

Verisure

PLC(Æ)

110,952

1,238

Vodafone

Group

PLC

145,769

193

Weir

Group

PLC

(The)

34,255

1,093

Wise

Group

PLC

Class

A(Æ)

53,828

646

WPP

PLC

70,895

220

42,758

United

States

6.2%

Moller

Maersk

A/S

Class

161

Moller

Maersk

A/S

Class

PLC

162,110

998

Experian

PLC

40,269

1,354

Haleon

PLC

426,189

1,967

Holcim

AG(Æ)

9,168

830

Linde

PLC

3,045

1,580

Medtronic

PLC

9,083

711

Novartis

14,258

2,233

Roche

Holding

6,376

2,624

Sanofi

36,962

3,158

Schneider

Electric

12,015

3,942

Shell

PLC

106,903

4,137

Spotify

Technology

SA(Æ)

1,378

633

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Swiss

1,385

220

Tenaris

4,204

116

24,733

Total

Common

Stocks

(cost

$306,505)

376,821

Preferred

Stocks

0.7%

Germany

0.5%

Ing

Porsche

2.248%

(Ÿ)

(Þ)

13,292

661

Henkel

Co.

KGaA

2.903%

(Ÿ)

10,888

915

Volkswagen

6.666%

(Ÿ)

5,521

442

2,018

South

Korea

0.2%

Samsung

Electronics

Co.,

Ltd.

0.853%

(Ÿ)

4,309

604

Total

Preferred

Stocks

(cost

$2,610)

2,622

Warrants

and

Rights

0.0%

Canada

0.0%

Constellation

Software,

Inc.(Æ)(Š)

2040

Warrants

—

Israel

0.0%

CyberArk(Æ)(Š)

Rights

656

Spain

0.0%

ACS

Actividades

Construccion

Servicios

SA(Æ)

Rights

1,808

Total

Warrants

and

Rights

(cost

$33)

Short-Term

Investments

3.0%

United

States

3.0%

U.S.

Cash

Management

Fund(@)

11,935,667

(∞)

11,932

Total

Short-Term

Investments

(cost

$11,932)

11,932

Total

Investments

98.0%

(identified

cost

$321,080)

391,408

Other

Assets

and

Liabilities,

Net

2.0%

7,982

Net

Assets

100.0%

399,390

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

International

Developed

Markets

Fund

Restricted

Securities

Amounts

thousands

(except

and

cost

per

unit

amounts)

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

1.8%

ABN

AMRO

Bank

10/03/19

EUR

26,188

17.38

455

1,114

Adyen

04/19/22

EUR

606

1,674.70

1,015

566

Airtel

Africa

PLC

01/16/26

GBP

103,562

4.73

489

450

Amundi

02/21/19

EUR

12,966

66.63

864

1,244

BAWAG

Group

05/22/26

EUR

872

176.27

154

175

Ing

Porsche

03/23/26

EUR

13,292

41.98

558

661

Euronext

12/05/25

EUR

2,306

149.96

346

369

Hydro

One,

Ltd.

12/04/25

CAD

10,855

39.39

427

448

Larsen

Toubro,

Ltd.

02/23/24

15,725

41.54

653

685

Pirelli

SpA

06/05/26

EUR

103,451

6.99

723

782

VAT

Group

05/22/26

CHF

260

783.27

204

227

Group,

Ltd.

06/26/19

HKD

116,500

1.02

118

124

Zalando

02/27/26

EUR

16,084

26.21

422

466

7,311

For

description

restricted

securities

see

note

the

Notes

Financial

Statements.

Futures

Contracts

Amounts

thousands

(except

contract

amounts

)

Number

Contracts

Notional

Amount

Expiration

Date

Value

and

Unrealized

Appreciation

(Depreciation)

Long

Positions

CAC40

Euro

Index

Futures

EUR

2,943

07/26

(18)

DAX

Index

Futures

EUR

3,142

09/26

(3)

EURO

STOXX

Index

Futures

EUR

1,780

09/26

FTSE/MIB

Index

Futures

EUR

778

09/26

(2)

IBEX

Index

Futures

EUR

1,358

07/26

OMXS30

Index

Futures

SEK

7,399

07/26

S&P/TSX

Index

Futures

CAD

28,780

09/26

SPI

200

Index

Futures

AUD

12,286

09/26

(143)

TOPIX

Index

Futures

JPY

2,281,710

09/26

429

Short

Positions

FTSE

100

Index

Futures

GBP

4,955

09/26

(43)

Hang

Seng

Index

Futures

HKD

21,705

07/26

MSCI

Emerging

Markets

Index

Futures

293

USD

25,744

09/26

MSCI

Singapore

Index

Futures

SGD

3,588

07/26

Total

Value

and

Unrealized

Appreciation

(Depreciation)

Open

Futures

Contracts

(å)

481

Foreign

Currency

Exchange

Contracts

Amounts

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

Bank

America

USD

2,703

CHF

2,171

09/16/26

Bank

America

USD

2,025

EUR

1,760

09/16/26

(8)

Bank

America

USD

2,397

JPY

384,000

09/16/26

(20)

Bank

America

CAD

3,468

USD

2,451

09/16/26

(2)

Bank

America

EUR

3,163

USD

3,609

09/16/26

(17)

Citigroup

USD

2,319

AUD

3,309

09/16/26

(31)

Citigroup

USD

4,162

CAD

5,768

09/16/26

(81)

Citigroup

USD

3,857

JPY

614,080

09/16/26

(57)

Citigroup

USD

1,149

SEK

10,830

09/16/26

(28)

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

International

Developed

Markets

Fund

Foreign

Currency

Exchange

Contracts

Amounts

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

Citigroup

EUR

1,136

USD

1,319

09/16/26

Citigroup

GBP

823

USD

1,103

09/16/26

HSBC

USD

2,322

AUD

3,309

09/16/26

(34)

HSBC

USD

4,162

CAD

5,768

09/16/26

(82)

HSBC

USD

3,858

JPY

614,080

09/16/26

(58)

HSBC

USD

1,151

SEK

10,830

09/16/26

(29)

HSBC

EUR

1,136

USD

1,319

09/16/26

HSBC

GBP

823

USD

1,104

09/16/26

Morgan

Stanley

USD

832

CAD

1,180

09/16/26

Morgan

Stanley

USD

421

EUR

370

09/16/26

Morgan

Stanley

USD

614

JPY

98,690

09/16/26

(3)

Royal

Bank

Canada

USD

2,319

AUD

3,309

09/16/26

(31)

Royal

Bank

Canada

USD

4,158

CAD

5,768

09/16/26

(78)

Royal

Bank

Canada

USD

3,856

JPY

614,080

09/16/26

(56)

Royal

Bank

Canada

USD

1,148

SEK

10,830

09/16/26

(27)

Royal

Bank

Canada

EUR

1,136

USD

1,318

09/16/26

Royal

Bank

Canada

GBP

823

USD

1,103

09/16/26

Standard

Chartered

USD

2,323

AUD

3,309

09/16/26

(35)

Standard

Chartered

USD

4,165

CAD

5,768

09/16/26

(84)

Standard

Chartered

USD

3,858

JPY

614,080

09/16/26

(58)

Standard

Chartered

USD

1,151

SEK

10,830

09/16/26

(29)

Standard

Chartered

EUR

1,136

USD

1,319

09/16/26

Standard

Chartered

GBP

823

USD

1,105

09/16/26

State

Street

USD

2,320

AUD

3,309

09/16/26

(32)

State

Street

USD

4,160

CAD

5,768

09/16/26

(78)

State

Street

USD

3,857

JPY

614,080

09/16/26

(57)

State

Street

USD

1,149

SEK

10,830

09/16/26

(27)

State

Street

CHF

1,205

USD

1,526

09/16/26

State

Street

DKK

3,720

USD

578

09/16/26

State

Street

EUR

1,136

USD

1,318

09/16/26

State

Street

GBP

823

USD

1,104

09/16/26

State

Street

HKD

2,630

USD

337

09/16/26

—

State

Street

NOK

19,590

USD

2,067

09/16/26

State

Street

NZD

220

USD

128

09/16/26

Total

Unrealized

Appreciation

(Depreciation)

Open

Foreign

Currency

Exchange

Contracts

(767)

Presentation

Portfolio

Holdings

Amounts

thousands

Fair

Value

Portfolio

Summary

Level

Practical

Expedient

(a)

Total

Common

Stocks

Australia

—

6,279

—

6,279

Austria

—

2,965

—

2,965

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

International

Developed

Markets

Fund

Presentation

Portfolio

Holdings

Amounts

thousands

Fair

Value

Portfolio

Summary

Level

Practical

Expedient

(a)

Total

Belgium

—

1,641

—

1,641

Brazil

5,021

151

—

5,172

Burkina

Faso

—

140

—

140

Canada

20,369

—

20,369

Chile

230

135

—

365

China

1,662

9,994

—

11,656

Denmark

—

4,897

—

4,897

Finland

—

3,208

—

3,208

France

—

36,299

—

36,299

Germany

—

26,225

—

26,225

Greece

—

2,478

—

2,478

Hong

Kong

—

4,882

—

4,882

India

1,875

684

—

2,559

Indonesia

—

1,533

—

1,533

Ireland

906

3,421

—

4,327

Israel

288

1,052

—

1,340

Italy

875

14,844

—

15,719

Japan

—

67,463

—

67,463

Luxembourg

—

180

—

180

Macao

—

1,284

—

1,284

Mexico

756

296

—

1,052

Netherlands

237

21,389

—

21,626

New

Zealand

—

274

—

274

Nigeria

—

450

—

450

Norway

—

2,942

—

2,942

Portugal

—

694

—

694

Russia

—

Singapore

3,247

4,701

—

7,948

South

Africa

—

1,333

—

1,333

South

Korea

411

9,288

—

9,699

Spain

—

5,268

—

5,268

Sweden

—

5,991

—

5,991

Switzerland

—

15,533

—

15,533

Taiwan

5,908

8,068

—

13,976

Thailand

—

1,563

—

1,563

United

Kingdom

—

42,758

—

42,758

United

States

2,924

21,809

—

24,733

Preferred

Stocks

—

2,622

—

2,622

Warrants

and

Rights

—

Short-Term

Investments

—

11,932

Total

Investments

44,712

334,734

11,932

391,408

Other

Financial

Instruments

Assets

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

International

Developed

Markets

Fund

Presentation

Portfolio

Holdings

Amounts

thousands

Fair

Value

Portfolio

Summary

Level

Practical

Expedient

(a)

Total

Futures

Contracts

690

—

690

Foreign

Currency

Exchange

Contracts

—

275

—

275

Liabilities

Futures

Contracts

(209)

—

(209)

Foreign

Currency

Exchange

Contracts

—

(1,042)

—

(1,042)

Total

Other

Financial

Instruments

481

(767)

—

(286)

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

the

investments.

(a)

Certain

investments

that

are

measured

fair

value

using

the

net

asset

value

per

(or

its

equivalent)

practical

expedient

have

not

been

classified

the

fair

value

levels.

The

fair

value

amounts

presented

the

table

are

intended

permit

reconciliation

the

amounts

presented

the

Schedule

Investments.

For

description

the

Levels,

see

note

the

Notes

Financial

Statements.

For

disclosure

transfers

into

and

out

Level

during

the

period

ended

June

30,

2026,

any,

see

note

the

Notes

Financial

Statements.

Investments

which

significant

unobservable

inputs

(Level

were

used

determining

fair

value

June

30,

2026,

any,

were

less

than

net

assets.

Amounts

thousands

Sector

Exposure

Fair

Value

Net

Assets

Common

Stocks

Consumer

Discretionary

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

45,311

Consumer

Staples

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

25,655

Energy

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

19,391

Financial

Services

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

102,862

Health

Care

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

37,900

Materials

and

Processing

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

30,751

Producer

Durables

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

48,950

Technology

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

52,642

Utilities

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

13,359

Preferred

Stocks

Consumer

Discretionary

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

1,103

Consumer

Staples

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

915

Technology

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

604

Warrants

and

Rights

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

—

Short-Term

Investments

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

11,932

Total

Investments

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

391,408

Less

than

.05%

net

assets.

Russell

Investment

Funds

International

Developed

Markets

Fund

Fair

Value

Derivative

Instruments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

International

Developed

Markets

Fund

Amounts

thousands

Derivatives

not

accounted

for

hedging

instruments

Equity

Contracts

Foreign

Currency

Contracts

Location:

Statement

Assets

and

Liabilities

Assets

Unrealized

appreciation

foreign

currency

exchange

contracts

—

275

Variation

margin

futures

contracts*

690

—

Total

690

275

Location:

Statement

Assets

and

Liabilities

Variation

margin

futures

contracts*

209

—

Unrealized

depreciation

foreign

currency

exchange

contracts

—

1,042

Total

209

1,042

Derivatives

not

accounted

for

hedging

instruments

Equity

Contracts

Foreign

Currency

Contracts

Location:

Statement

Operations

Net

realized

gain

(loss)

Futures

contracts

(1,550)

—

Foreign

currency

exchange

contracts

—

(574)

Total

(1,550)

(574)

Location:

Statement

Operations

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

640

—

Foreign

currency

exchange

contracts

—

(833)

Total

640

(833)

Includes

cumulative

appreciation

(depreciation)

futures

contracts

reported

the

Schedule

Investments.

Only

variation

margin

reported

within

the

Statement

Assets

and

Liabilities.

For

further

disclosure

derivatives

see

note

the

Notes

Financial

Statements.

Russell

Investment

Funds

International

Developed

Markets

Fund

Balance

Sheet

Offsetting

Financial

and

Derivative

Instruments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

International

Developed

Markets

Fund

Amounts

thousands

Offsetting

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

Assets

and

Liabilities

Assets

Gross

Amounts

Recognized

Assets

Gross

Amounts

Offset

the

Statement

Assets

and

Liabilities

Net

Amounts

Assets

Presented

the

Statement

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

foreign

currency

exchange

contracts

275

—

275

Total

Financial

and

Derivative

Assets

275

—

275

Financial

and

Derivative

Assets

not

subject

netting

agreement

—

Total

Financial

and

Derivative

Assets

subject

netting

agreement

275

—

275

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

Counterparty

Gross

Amounts

Not

Offset

the

Statement

Assets

and

Liabilities

Counterparty

Net

Amounts

Assets

Presented

the

Statement

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Received^

Net

Amount

Bank

America

—

Citigroup

—

HSBC

—

Morgan

Stanley

—

Royal

Bank

Canada

—

Standard

Chartered

—

State

Street

150

—

Total

275

271

—

Russell

Investment

Funds

International

Developed

Markets

Fund

Balance

Sheet

Offsetting

Financial

and

Derivative

Instruments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

International

Developed

Markets

Fund

Amounts

thousands

Offsetting

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

Assets

and

Liabilities

Gross

Amounts

Recognized

Liabilities

Gross

Amounts

Offset

the

Statement

Assets

and

Liabilities

Net

Amounts

Liabilities

Presented

the

Statement

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

foreign

currency

exchange

contracts

1,042

—

1,042

Total

Financial

and

Derivative

Liabilities

1,042

—

1,042

Financial

and

Derivative

Liabilities

not

subject

netting

agreement

—

Total

Financial

and

Derivative

Liabilities

subject

netting

agreement

1,042

—

1,042

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

Counterparty

Gross

Amounts

Not

Offset

the

Statement

Assets

and

Liabilities

Counterparty

Net

Amounts

Liabilities

Presented

the

Statement

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Pledged^

Net

Amount

Bank

America

—

Citigroup

197

—

169

HSBC

203

—

174

Morgan

Stanley

—

Royal

Bank

Canada

191

—

165

Standard

Chartered

206

—

177

State

Street

195

150

—

Total

1,042

271

—

771

Collateral

received

pledged

amounts

may

not

reconcile

those

disclosed

the

Statement

Assets

and

Liabilities

due

the

inclusion

off-Balance

Sheet

collateral

and

adjustments

made

exclude

overcollateralization.

For

further

disclosure

derivatives

and

counterparty

risk

see

note

the

Notes

Financial

Statements.

Russell

Investment

Funds

International

Developed

Markets

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

International

Developed

Markets

Fund

Statement

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

thousands

Assets

Investments,

identified

cost

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

321,080

Investments,

fair

value(>)

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

391,408

Foreign

currency

holdings(^)

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

1,429

Unrealized

appreciation

foreign

currency

exchange

contracts

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

275

Receivables:

Dividends

and

interest

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

590

Dividends

from

affiliated

funds

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

Fund

sold

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

Foreign

capital

gains

taxes

recoverable

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

1,421

From

broker(a)

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

5,278

Variation

margin

futures

contracts

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

484

Prepaid

expenses

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

Total

assets

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

400,935

Liabilities

Payables:

Investments

purchased

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

Fund

redeemed

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

139

Accrued

fees

affiliates

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

289

Other

accrued

expenses

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

Unrealized

depreciation

foreign

currency

exchange

contracts

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

1,042

Total

liabilities

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

1,545

Net

Assets

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

399,390

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

98,900

beneficial

interest

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

273

Additional

paid-in

capital

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

300,217

Net

Assets

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

399,390

(>)

Investments

affiliates,

U.S.

Cash

Management

Fund

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

11,932

(^)

Foreign

currency

holdings

cost

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

1,444

(a)

Receivable

from

Broker

for

Futures

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

5,278

Net

Asset

Value

offering

and

redemption

price

per

Net

asset

value

per

(#)

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

14.65

Net

assets

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

399,389,969

outstanding

($.01

par

value)

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

27,261,705

(#)

Net

asset

value

per

equals

net

assets

divided

beneficial

interest

outstanding.

Russell

Investment

Funds

International

Developed

Markets

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

International

Developed

Markets

Fund

Statement

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

thousands

Investment

Income

Dividends

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

7,432

Dividend

distributions

from

affiliated

funds

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

223

Interest

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

Less

foreign

taxes

withheld

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

(853)

Total

investment

income

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

6,835

Expenses

Advisory

fees

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

1,772

Administrative

fees

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

Custodian

fees

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

Transfer

agent

fees

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

Professional

fees

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

Trustees’

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

2,039

Expense

reductions

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

(138)

Net

expenses

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

1,901

Net

investment

income

(loss)

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

4,934

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

30,320

Investments

affiliated

funds

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

(3)

Futures

contracts

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

(1,550)

Foreign

currency

exchange

contracts

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

(574)

Foreign

currency-related

transactions

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

(47)

Net

realized

gain

(loss)

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

28,146

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

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

(5,140)

Investments

affiliated

funds

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

(2)

Futures

contracts

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

640

Foreign

currency

exchange

contracts

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

(833)

Foreign

currency-related

transactions

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

(59)

Net

change

unrealized

appreciation

(depreciation)

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

(5,394)

Net

realized

and

unrealized

gain

(loss)

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

22,752

Net

Increase

(Decrease)

Net

Assets

from

Operations

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

27,686

Russell

Investment

Funds

International

Developed

Markets

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

International

Developed

Markets

Fund

Statements

Changes

Net

Assets

Amounts

thousands

Period

Ended

June

30,

2026

(Unaudited)

Fiscal

Year

Ended

December

31,

2025

Increase

(Decrease)

Net

Assets

from

Operations

Net

investment

income

(loss)

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

4,934

6,691

Net

realized

gain

(loss)

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

28,146

31,846

Net

change

unrealized

appreciation

(depreciation)

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

(5,394)

54,476

Net

increase

(decrease)

net

assets

from

operations

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

27,686

93,013

Distributions

shareholders

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

(8,988)

(30,369)

Net

decrease

net

assets

from

distributions

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

(8,988)

(30,369)

Transactions*

Net

increase

(decrease)

net

assets

from

transactions

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

(15,250)

(2,112)

Total

Net

Increase

(Decrease)

Net

Assets

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

3,448

60,532

Net

Assets

Beginning

period

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

395,942

335,410

End

period

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

399,390

395,942

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

follows:

2026

(Unaudited)

2025

Dollars

Proceeds

from

sold

327

4,685

1,639

21,549

Proceeds

from

reinvestment

distributions

617

8,988

2,207

30,369

Payments

for

redeemed

(2,020)

(28,923)

(3,994)

(54,030)

Total

increase

(decrease)

(1,076)

(15,250)

(148)

(2,112)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

International

Developed

Markets

Fund

Russell

Investment

Funds

International

Developed

Markets

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

Outstanding

Throughout

Each

Period.

06/30/26

(ƣ)

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

Per-Share

Data

–

Net

Asset

Value,

Beginning

Period

13.97‌

11.77‌

12.03‌

10.54‌

12.35‌

12.18‌

Income

(loss)

from

investment

operations:

—‌

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.18‌

.24‌

.22‌

.23‌

Net

Realized

and

Unrealized

Gain

(Loss)

.82‌

3.11‌

.09‌

1.49‌

(1.82‌)

1.27‌

Total

from

Investment

Operations

1.00‌

3.35‌

.33‌

1.71‌

(1.60‌)

1.50‌

Less

distributions:

–

Distributions

from

Net

Investment

Income

—‌

(.27‌)

(.37‌)

(.15‌)

—‌

(.33‌)

Distributions

from

Net

Realized

Gain

(.32‌)

(.88‌)

(.22‌)

(.07‌)

(.21‌)

(1.00‌)

Total

Distributions

(.32‌)

(1.15‌)

(.59‌)

(.22‌)

(.21‌)

(1.33‌)

Net

Asset

Value,

End

Period

14.65‌

13.97‌

11.77‌

12.03‌

10.54‌

12.35‌

Total

Return

(±)(ǿ)

7.20‌

28.64‌

2.78‌

16.26‌

(13.04‌)

12.66‌

–

Ratios/Supplemental

Data

–

Net

Assets,

End

Period

(000)

399,390‌

395,942‌

335,410‌

347,563‌

320,684‌

377,463‌

Ratio

average

net

assets:

–

Expenses,

Gross

(ɯ)

1.04‌

1.03‌

1.05‌

1.04‌

Expenses,

Net

(Ƃ)(ɯ)

.97‌

.99‌

1.03‌

Net

Investment

Income

(Ƃ)(ɯ)

2.51‌

1.79‌

1.91‌

1.96‌

2.04‌

.78‌

Portfolio

Turnover

Rate

(ǿ)

33‌

36‌

27‌

32‌

33‌

32‌

Russell

Investment

Funds

International

Developed

Markets

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

International

Developed

Markets

Fund

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

affiliates

June

30,

2026

were

follows:

Federal

Income

Taxes

(Unaudited)

June

30,

2026

the

cost

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

follows:

Advisory

fees

269,237

Administrative

fees

16,417

Transfer

agent

fees

1,444

Trustees'

fees

1,576

288,674

Transactions

(amounts

thousands)

during

the

period

ended

June

30,

2026

with

underlying

fund

which

is,

was,

affiliated

company

are

follows:

Fair

Value,

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

Unrealized

Gain

(Loss)

Fair

Value,

End

Period

Dividend

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

23,436

56,648

68,147

(3)

(2)

11,932

223

—

Cost

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

323,208,064

94,765,433

(26,851,059)

67,914,374

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Long-Term

Fixed

Income

Investments

83.4%

Asset-Backed

Securities

5.9%

BRAVO

Residential

Funding

Trust

Series

2024-CES2

Class

A1A

5.549%

due

09/25/54

(~)(Ê)(Þ)

435

Series

2025-CES1

Class

A1A

5.703%

due

02/25/55

(~)(Ê)(Þ)

3,547

3,553

Business

Jet

Securities

LLC

Series

2024-2A

Class

5.364%

due

09/15/39

(Þ)

733

CLI

Funding

LLC

Series

2024-1A

Class

5.630%

due

07/20/49

(Þ)

1,069

1,071

Conseco

Financial

Corp.

Series

1998-2

Class

6.940%

due

12/01/28

(~)(Ê)

237

238

Countrywide

Asset-Backed

Certificates

Trust

Series

2007-4

Class

A4W

4.245%

due

04/25/47

(~)(Ê)

1,210

1,166

Ellington

Financial

Mortgage

Trust

Series

2024-CES1

Class

5.522%

due

01/26/60

(~)(Ê)(Þ)

1,124

FIGRE

Trust

Series

2023-HE2

Class

7.688%

due

05/25/53

(~)(Ê)(Þ)

314

325

Series

2024-HE1

Class

6.165%

due

03/25/54

(~)(Ê)(Þ)

1,327

1,342

Series

2024-HE2

Class

6.380%

due

05/25/54

(~)(Ê)(Þ)

1,335

1,353

Series

2024-HE4

Class

5.056%

due

09/25/54

(~)(Ê)(Þ)

783

778

Series

2024-HE6

Class

5.724%

due

12/25/54

(~)(Ê)(Þ)

1,089

1,094

Series

2024-SL1

Class

5.748%

due

07/25/53

(~)(Ê)(Þ)

1,718

1,723

Series

2025-HE2

Class

5.775%

due

03/25/55

(~)(Ê)(Þ)

1,512

1,518

Series

2025-HE5

Class

5.285%

due

08/25/55

(~)(Ê)(Þ)

809

803

Series

2025-HE6

Class

5.044%

due

09/25/55

(~)(Ê)(Þ)

854

842

GBX

Leasing

LLC

Series

2026-1A

Class

5.130%

due

02/20/56

(Þ)

1,793

1,755

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

5.713%

due

08/21/31

(USD

Month

SOFR

2.000%)(Ê)

300

292

JPMorgan

Mortgage

Trust

Series

2024-HE3

Class

4.812%

due

02/25/55

(SOFR

Day

Average

1.200%)(Ê)(Þ)

329

Series

2025-CES1

Class

5.666%

due

05/25/55

(~)(Ê)(Þ)

513

514

Series

2025-CES2

Class

5.592%

due

06/25/55

(~)(Ê)(Þ)

1,535

1,536

Series

2025-CES5

Class

A1A

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

5.136%

due

02/25/56

(~)(Ê)(Þ)

826

821

Series

2025-HE1

Class

5.012%

due

07/20/55

(SOFR

Day

Average

1.400%)(Ê)(Þ)

2,200

2,206

Series

2026-CES1

Class

A1A

4.909%

due

06/25/56

(~)(Ê)(Þ)

2,480

2,452

OneSky

Loan

Trust

Series

2021-1

Class

3.875%

due

01/15/31

1,484

1,422

Option

One

Mortgage

Loan

Trust

Series

2007-FXD1

Class

3A4

5.860%

due

01/25/37

(~)(Ê)

148

145

PFS

Financing

Corp.

Series

2026-C

Class

4.293%

due

04/15/30

(SOFR

Day

Average

0.700%)(Ê)(Þ)

4,100

4,107

RCKT

Mortgage

Trust

Series

2023-CES2

Class

A1A

6.808%

due

09/25/43

(~)(Ê)(Þ)

327

Series

2024-CES1

Class

A1A

6.025%

due

02/25/44

(~)(Ê)(Þ)

548

549

Series

2024-CES2

Class

A1A

6.141%

due

04/25/44

(~)(Ê)(Þ)

752

754

Series

2024-CES3

Class

A1A

6.591%

due

05/25/44

(~)(Ê)(Þ)

606

609

Series

2024-CES5

Class

A1A

5.846%

due

08/25/44

(~)(Ê)(Þ)

518

519

Series

2024-CES6

Class

A1A

5.344%

due

09/25/44

(~)(Ê)(Þ)

681

680

Series

2024-CES9

Class

A1A

5.582%

due

12/25/44

(~)(Ê)(Þ)

2,182

2,183

Series

2025-CES2

Class

A1A

5.503%

due

02/25/55

(~)(Ê)(Þ)

2,320

2,325

Series

2025-CES4

Class

A1A

5.811%

due

04/25/55

(~)(Ê)(Þ)

1,955

1,961

Saluda

Grade

Alternative

Mortgage

Trust

Series

2023-FIG3

Class

7.067%

due

08/25/53

(~)(Ê)(Þ)

923

945

Series

2023-FIG4

Class

6.718%

due

11/25/53

(~)(Ê)(Þ)

522

534

Series

2024-FIG5

Class

6.255%

due

04/25/54

(~)(Ê)(Þ)

1,727

1,741

Series

2025-LOC4

Class

A1A

5.378%

due

06/25/55

(SOFR

Day

Average

1.750%)(Ê)(Þ)

2,102

2,113

Towd

Point

Mortgage

Trust

Series

2023-CES1

Class

A1A

6.750%

due

07/25/63

(~)(Ê)(Þ)

811

809

Series

2023-CES2

Class

A1A

7.294%

due

10/25/63

(~)(Ê)(Þ)

586

588

50,314

Corporate

Bonds

and

Notes

26.2%

Consumer

Discretionary

3.9%

Alaska

Airlines,

Inc.

6.500%

due

06/01/31

(Þ)

705

709

Amazon.com,

Inc.

5.800%

due

03/13/56

450

447

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

Series

4.900%

due

11/11/39

2,900

2,815

Series

Class

3.650%

due

08/15/30

454

442

Aptiv

Swiss

Holdings,

Ltd.

4.150%

due

05/01/52

420

316

6.875%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.385%)(Ê)

343

350

Bath

Body

Works,

Inc.

6.950%

due

03/01/33

234

235

Best

Buy

Co.,

Inc.

1.950%

due

10/01/30

400

356

BorgWarner,

Inc.

5.400%

due

08/15/34

215

219

Carnival

Corp.,

Ltd.

4.000%

due

08/01/28

(Þ)

1,110

1,089

Charter

Communications

Operating

LLC

Charter

Communications

Operating

Capital

Corp.

3.750%

due

02/15/28

295

289

4.200%

due

03/15/28

400

395

3.700%

due

04/01/51

220

137

5.250%

due

04/01/53

400

312

Choice

Hotels

International,

Inc.

3.700%

due

12/01/29

655

628

Comcast

Corp.

2.937%

due

11/01/56

605

327

Cummins,

Inc.

5.450%

due

02/20/54

480

470

Darden

Restaurants,

Inc.

4.550%

due

10/15/29

572

568

Discovery

Global

Holdings,

Inc.

4.279%

due

03/15/32

357

289

Fox

Corp.

4.709%

due

01/25/29

1,183

1,182

Genuine

Parts

Co.

6.500%

due

11/01/28

1,065

1,099

Hasbro,

Inc.

3.900%

due

11/19/29

667

649

Home

Depot,

Inc.

(The)

4.500%

due

12/06/48

906

771

3.350%

due

04/15/50

750

523

Hyatt

Hotels

Corp.

4.375%

due

09/15/28

565

561

Hyundai

Capital

America

2.375%

due

10/15/27

(Þ)

500

486

1.800%

due

01/10/28

(Þ)

345

330

Kohl's

Corp.

5.125%

due

05/01/31

339

303

5.550%

due

07/17/45

140

Las

Vegas

Sands

Corp.

3.900%

due

08/08/29

616

595

Lowe's

Cos.,

Inc.

3.000%

due

10/15/50

190

120

Macy's

Retail

Holdings

LLC

4.500%

due

12/15/34

148

133

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

5.125%

due

01/15/42

132

109

4.300%

due

02/15/43

Marriott

International,

Inc.

Series

4.625%

due

06/15/30

645

643

Mattel,

Inc.

3.750%

due

04/01/29

(Þ)

1,331

1,291

Meritage

Homes

Corp.

3.875%

due

04/15/29

(Þ)

1,039

1,008

Newell

Brands,

Inc.

7.375%

due

04/01/36

352

357

7.500%

due

04/01/46

211

197

Nordstrom,

Inc.

4.000%

due

03/15/27

6.950%

due

03/15/28

315

325

4.250%

due

08/01/31

236

222

5.000%

due

01/15/44

327

231

Paramount

Global

4.375%

due

03/15/43

183

118

5.850%

due

09/01/43

334

250

5.250%

due

04/01/44

438

301

4.600%

due

01/15/45

4.950%

due

05/19/50

596

385

Resorts

World

Las

Vegas

LLC

RWLV

Capital,

Inc.

4.625%

due

04/16/29

(Þ)

606

542

4.625%

due

04/06/31

(Þ)

119

Sekisui

House

US,

Inc.

3.850%

due

01/15/30

705

670

Southwest

Airlines

Co.

5.250%

due

11/15/35

410

396

Stellantis

Financial

Services

Corp.

5.800%

due

06/15/31

(Þ)

580

573

Time

Warner

Cable

LLC

5.500%

due

09/01/41

677

578

Travel

Leisure

Co.

6.000%

due

04/01/27

275

276

United

Airlines

Pass-Through

Trust

5.800%

due

07/15/37

1,237

1,284

Series

4.150%

due

02/25/33

1,843

1,793

2.700%

due

11/01/33

479

435

United

Airlines,

Inc.

4.625%

due

04/15/29

(Þ)

635

626

Corp.

6.450%

due

11/01/37

466

443

Whirlpool

Corp.

2.400%

due

05/15/31

524

392

4.700%

due

05/14/32

104

5.500%

due

03/01/33

243

191

5.750%

due

03/01/34

282

218

WMG

Acquisition

Corp.

3.875%

due

07/15/30

(Þ)

1,240

1,176

Yum!

Brands,

Inc.

6.875%

due

11/15/37

5.350%

due

11/01/43

311

291

32,913

Consumer

Staples

1.6%

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Altria

Group,

Inc.

5.375%

due

01/31/44

643

600

Avery

Dennison

Corp.

4.875%

due

12/06/28

653

656

BAT

Capital

Corp.

4.540%

due

08/15/47

615

508

Coca-Cola

Co.

(The)

2.600%

due

06/01/50

400

246

Coty,

Inc.

HFC

Prestige

Products,

Inc.

HFC

Prestige

International

LLC

4.750%

due

01/15/29

(Þ)

430

418

Flowers

Foods,

Inc.

2.400%

due

03/15/31

592

513

Keurig

Pepper,

Inc.

3.950%

due

04/15/29

1,317

1,290

Kroger

Co.

(The)

5.400%

due

07/15/40

1,014

991

5.500%

due

09/15/54

640

601

Mars,

Inc.

5.000%

due

03/01/32

(Þ)

145

146

5.200%

due

03/01/35

(Þ)

565

567

5.700%

due

05/01/55

(Þ)

440

433

5.800%

due

05/01/65

(Þ)

280

278

Molson

Coors

Beverage

Co.

4.200%

due

07/15/46

784

626

Perrigo

Finance

Unlimited

Co.

4.900%

due

12/15/44

102

Philip

Morris

International,

Inc.

5.750%

due

11/17/32

985

1,031

6.375%

due

05/16/38

1,149

1,256

Safeway,

Inc.

7.250%

due

02/01/31

200

211

Smithfield

Foods,

Inc.

5.200%

due

04/01/29

(Þ)

848

851

3.000%

due

10/15/30

(Þ)

500

459

Sysco

Corp.

2.400%

due

02/15/30

570

525

Tyson

Foods,

Inc.

4.350%

due

03/01/29

1,242

1,232

United

Rentals

North

America,

Inc.

3.875%

due

11/15/27

VSP

Optical

Group,

Inc.

5.400%

due

06/01/33

(Þ)

165

5.650%

due

06/01/36

(Þ)

120

13,894

Energy

2.5%

Capital

Markets

America,

Inc.

2.939%

due

06/04/51

1,110

703

Capital

Markets

PLC

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.398%)(Ê)(ƒ)

916

904

Buckeye

Partners,

3.950%

due

12/01/26

251

249

4.125%

due

12/01/27

260

257

5.850%

due

11/15/43

5.600%

due

10/15/44

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Cheniere

Energy

Partners,

5.350%

due

11/30/36

(Þ)

450

448

6.050%

due

11/30/56

(Þ)

285

288

Cheniere

Energy,

Inc.

5.200%

due

07/30/36

(Þ)

170

167

6.000%

due

07/30/56

(Þ)

180

Columbia

Pipelines

Holding

Co.

LLC

6.042%

due

08/15/28

(Þ)

633

649

Columbia

Pipelines

Operating

Co.

LLC

6.497%

due

08/15/43

(Þ)

241

256

DCP

Midstream

Operating,

5.600%

due

04/01/44

395

380

Midstream,

Inc.

4.125%

due

06/15/29

(Þ)

859

842

Enbridge

Energy

Partners,

7.375%

due

10/15/45

484

559

Energy

Transfer,

5.000%

due

05/15/50

745

631

Enterprise

Products

Operating

LLC

5.375%

due

02/15/78

(CME

Term

SOFR

Month

2.832%)(Ê)

825

821

Expand

Energy

Corp.

4.750%

due

02/01/32

673

656

Exxon

Mobil

Corp.

3.452%

due

04/15/51

215

153

Global

Marine,

Inc.

7.000%

due

06/01/28

151

153

Kinder

Morgan

Energy

Partners,

5.400%

due

09/01/44

695

654

Marathon

Petroleum

Corp.

3.800%

due

04/01/28

595

587

Midwest

Connector

Capital

Co.

LLC

4.625%

due

04/01/29

(Þ)

854

849

Motiva

Enterprises

LLC

6.850%

due

01/15/40

(Þ)

421

457

MPLX,

4.000%

due

03/15/28

1,819

1,802

Murphy

Oil

Corp.

5.875%

due

12/01/42

163

145

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

553

640

Occidental

Petroleum

Corp.

8.875%

due

07/15/30

556

627

Oceaneering

International,

Inc.

6.000%

due

02/01/28

194

197

ONEOK,

Inc.

4.550%

due

07/15/28

1,112

1,111

5.650%

due

11/01/28

450

459

6.100%

due

11/15/32

340

358

Rockies

Express

Pipeline

LLC

4.950%

due

07/15/29

(Þ)

288

284

4.800%

due

05/15/30

(Þ)

100

7.500%

due

07/15/38

(Þ)

104

6.875%

due

04/15/40

(Þ)

190

194

Targa

Resources

Corp.

6.150%

due

03/01/29

726

752

Tennessee

Gas

Pipeline

Co.

LLC

7.625%

due

04/01/37

608

713

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Texas

Eastern

Transmission,

3.500%

due

01/15/28

(Þ)

854

838

Topaz

Solar

Farms

LLC

5.750%

due

09/30/39

(Þ)

173

170

Transocean

International,

Ltd.

7.500%

due

04/15/31

118

119

6.800%

due

03/15/38

329

305

Valero

Energy

Corp.

4.350%

due

06/01/28

Western

Midstream

Operating,

4.500%

due

03/01/28

572

570

6.350%

due

01/15/29

662

685

21,066

Financial

Services

8.6%

200

Park

Funding

Trust

5.740%

due

02/15/55

(Þ)

530

517

Aegon,

Ltd.

5.500%

due

04/11/48

(USD

Month

SOFR

3.540%)(Ê)

806

809

Aircastle,

Ltd.

2.850%

due

01/26/28

(Þ)

1,007

976

5.950%

due

02/15/29

(Þ)

1,110

1,136

American

Tower

Corp.

5.500%

due

03/15/28

695

705

Aon

North

America,

Inc.

5.750%

due

03/01/54

425

417

Ares

Capital

Corp.

2.875%

due

06/15/28

1,295

1,239

Associated

Banc-Corp.

6.455%

due

08/29/30

(SOFR

3.030%)(Ê)

834

857

Athene

Holding,

Ltd.

3.450%

due

05/15/52

1,470

919

AXIS

Specialty

Finance

LLC

4.900%

due

01/15/40

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.186%)(Ê)

690

674

AXIS

Specialty

Finance

PLC

4.000%

due

12/06/27

875

867

Bain

Capital

Specialty

Finance,

Inc.

5.950%

due

03/15/30

443

432

Bank

America

Corp.

2.687%

due

04/22/32

(SOFR

1.320%)(Ê)

1,195

1,083

5.045%

due

02/06/37

(SOFR

1.130%)(Ê)

1,090

1,073

BankUnited,

Inc.

5.125%

due

06/11/30

680

675

Banque

Federative

Credit

Mutuel

4.541%

due

01/15/31

(Þ)

470

462

Berkshire

Hathaway

Finance

Corp.

2.850%

due

10/15/50

840

533

Blackstone

Holdings

Finance

Co.

LLC

2.550%

due

03/30/32

(Þ)

490

431

Blackstone

Secured

Lending

Fund

5.300%

due

06/30/30

653

635

Block

Financial

LLC

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

2.500%

due

07/15/28

608

579

Blue

Owl

Capital

Corp.

2.875%

due

06/11/28

994

941

Brandywine

Operating

Partnership,

3.950%

due

11/15/27

300

293

8.300%

due

03/15/28

Brighthouse

Financial,

Inc.

5.625%

due

05/15/30

494

499

Brown

Brown,

Inc.

5.250%

due

06/23/32

125

5.550%

due

06/23/35

170

6.250%

due

06/23/55

180

182

Capital

One

Financial

Corp.

6.312%

due

06/08/29

(SOFR

2.640%)(Ê)

1,202

1,236

6.377%

due

06/08/34

(SOFR

2.860%)(Ê)

405

429

Capital

Southwest

Corp.

5.950%

due

09/18/30

505

503

Carlyle

Secured

Lending,

Inc.

6.750%

due

02/18/30

554

557

Citadel

Securities

Global

Holdings

LLC

5.750%

due

03/27/36

(Þ)

593

587

Citigroup,

Inc.

3.980%

due

03/20/30

(CME

Term

SOFR

Month

1.600%)(Ê)

1,282

1,257

2.666%

due

01/29/31

(SOFR

1.146%)(Ê)

530

492

2.561%

due

05/01/32

(SOFR

1.167%)(Ê)

665

598

5.449%

due

06/11/35

(SOFR

1.447%)(Ê)

750

762

Citizens

Financial

Group,

Inc.

5.299%

due

01/29/36

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.450%)(Ê)

636

630

CNO

Financial

Group,

Inc.

5.250%

due

05/30/29

681

685

Corebridge

Financial,

Inc.

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.846%)(Ê)

994

1,007

Diversified

Healthcare

Trust

4.750%

due

02/15/28

Dresdner

Funding

Trust

8.151%

due

06/30/31

(Þ)

331

355

Enact

Holdings,

Inc.

6.250%

due

05/28/29

624

643

Equifax,

Inc.

3.100%

due

05/15/30

390

366

2.350%

due

09/15/31

615

540

Equinix,

Inc.

3.900%

due

04/15/32

640

605

Essential

Properties,

5.375%

due

07/15/36

430

424

F&G

Annuities

Life,

Inc.

7.400%

due

01/13/28

807

830

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Fifth

Third

Bancorp

4.772%

due

07/28/30

(SOFR

2.127%)(Ê)

739

738

KKR

Capital

Corp.

3.125%

due

10/12/28

660

621

GABX

Leasing

LLC

5.300%

due

04/15/36

(Þ)

270

268

Genworth

Holdings,

Inc.

6.500%

due

06/15/34

186

188

Global

Net

Lease,

Inc.

4.500%

due

09/30/28

(Þ)

454

443

GLP

Capital,

GLP

Financing

II,

Inc.

5.300%

due

01/15/29

878

882

Goldman

Sachs

BDC,

Inc.

5.650%

due

09/09/30

598

588

Goldman

Sachs

Group,

Inc.

(The)

3.102%

due

02/24/33

(SOFR

1.410%)(Ê)

470

426

5.536%

due

01/28/36

(SOFR

1.380%)(Ê)

585

594

4.939%

due

10/21/36

(SOFR

1.330%)(Ê)

490

476

5.065%

due

01/21/37

(SOFR

1.190%)(Ê)

595

582

Highwoods

Realty,

4.125%

due

03/15/28

1,064

1,048

Host

Hotels

Resorts,

Series

3.375%

due

12/15/29

867

826

HSBC

Holdings

PLC

5.279%

due

03/10/37

(SOFR

1.550%)(Ê)

290

287

Hudson

Pacific

Properties,

4.650%

due

04/01/29

257

243

3.250%

due

01/15/30

143

125

Independent

Bank

Corp.

7.250%

due

04/01/35

(CME

Term

SOFR

Month

3.530%)(Ê)

913

963

ING

Groep

5.420%

due

03/23/37

(SOFR

1.610%)(Ê)

350

351

Intercontinental

Exchange,

Inc.

3.000%

due

06/15/50

255

166

Jackson

Financial,

Inc.

6.150%

due

01/15/37

410

409

Jefferies

Financial

Group,

Inc.

5.500%

due

02/15/36

410

396

JPMorgan

Chase

Co.

5.012%

due

01/23/30

(SOFR

1.310%)(Ê)

215

216

4.255%

due

10/22/31

(SOFR

0.930%)(Ê)

270

264

2.580%

due

04/22/32

(CME

Term

SOFR

Month

1.250%)(Ê)

605

545

5.502%

due

01/24/36

(SOFR

1.315%)(Ê)

575

588

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

4.810%

due

10/22/36

(SOFR

1.190%)(Ê)

650

631

4.898%

due

01/22/37

(SOFR

1.070%)(Ê)

430

419

KeyBank

National

Association

5.000%

due

01/26/33

890

881

Kilroy

Realty,

4.750%

due

12/15/28

1,054

1,046

LPL

Holdings,

Inc.

4.000%

due

03/15/29

(Þ)

1,129

1,097

Manufacturers

Traders

Trust

Co.

4.700%

due

01/27/28

1,370

1,374

Morgan

Stanley

2.943%

due

01/21/33

(SOFR

1.290%)(Ê)

390

351

5.073%

due

01/30/37

(SOFR

1.184%)(Ê)

660

646

5.296%

due

04/10/37

(SOFR

1.410%)(Ê)

280

279

3.217%

due

04/22/42

(SOFR

1.485%)(Ê)

310

237

Series

4.892%

due

10/22/36

(SOFR

1.314%)(Ê)

430

416

Series

MTN

5.424%

due

07/21/34

(SOFR

1.880%)(Ê)

720

731

Morgan

Stanley

Direct

Lending

Fund

6.000%

due

05/19/30

539

536

Navient

Corp.

Series

MTN

5.625%

due

08/01/33

284

235

NMI

Holdings,

Inc.

6.000%

due

08/15/29

738

753

North

Haven

Private

Income

Fund

LLC

5.750%

due

02/01/30

792

772

Northwestern

Mutual

Life

Insurance

Co.

(The)

6.050%

due

06/30/56

(Þ)

500

511

Nuveen

Churchill

Direct

Lending

Corp.

6.650%

due

03/15/30

697

701

Nuveen

LLC

4.000%

due

11/01/28

(Þ)

280

276

Oaktree

Specialty

Lending

Corp.

7.100%

due

02/15/29

1,020

1,040

Omega

Healthcare

Investors,

Inc.

3.625%

due

10/01/29

856

821

3.375%

due

02/01/31

295

274

PNC

Financial

Services

Group,

Inc.

(The)

5.676%

due

01/22/35

(SOFR

1.902%)(Ê)

205

211

Prospect

Capital

Corp.

3.437%

due

10/15/28

325

306

Prudential

Financial,

Inc.

6.250%

due

06/15/56

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.779%)(Ê)

505

506

Raymond

James

Financial,

Inc.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

4.900%

due

09/11/35

340

331

5.650%

due

09/11/55

493

478

Realty

Income

Corp.

2.850%

due

12/15/32

515

457

S&P

Global,

Inc.

2.300%

due

08/15/60

345

170

3.900%

due

03/01/62

105

Sabra

Health

Care,

3.200%

due

12/01/31

425

385

Sammons

Financial

Group,

Inc.

4.450%

due

05/12/27

(Þ)

580

578

Santander

Holdings

USA,

Inc.

4.400%

due

07/13/27

170

6.499%

due

03/09/29

(SOFR

2.356%)(Ê)

574

589

Service

Properties

Trust

4.950%

due

10/01/29

4.375%

due

02/15/30

182

164

Simon

Property

Group,

1.750%

due

02/01/28

255

245

3.250%

due

09/13/49

910

626

Sixth

Street

Specialty

Lending,

Inc.

6.950%

due

08/14/28

846

869

State

Street

Corp.

3.031%

due

11/01/34

(SOFR

1.490%)(Ê)

901

845

Sumisho

Air

Lease

Corp.

5.500%

due

03/24/36

(Þ)

170

169

Synchrony

Financial

5.150%

due

03/19/29

472

Truist

Financial

Corp.

Series

MTN

4.873%

due

01/26/29

(SOFR

1.435%)(Ê)

485

487

1.887%

due

06/07/29

(SOFR

0.862%)(Ê)

455

432

Unum

Group

4.046%

due

08/15/41

(Þ)

550

445

4.500%

due

12/15/49

165

132

Bancorp

4.653%

due

02/01/29

(SOFR

1.230%)(Ê)

980

981

5.678%

due

01/23/35

(SOFR

1.860%)(Ê)

405

418

Vornado

Realty,

3.400%

due

06/01/31

279

257

5.750%

due

02/01/33

370

372

Voya

Financial,

Inc.

4.700%

due

01/23/48

(USD

Month

SOFR

2.084%)(Ê)

944

928

Webster

Financial

Corp.

4.100%

due

03/25/29

1,267

1,237

Wells

Fargo

Co.

5.198%

due

01/23/30

(SOFR

1.500%)(Ê)

590

597

5.389%

due

04/24/34

(SOFR

2.020%)(Ê)

1,340

1,361

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

4.960%

due

01/23/37

(SOFR

1.100%)(Ê)

500

488

Western

Alliance

Bank

6.537%

due

11/15/35

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.850%)(Ê)

893

885

Wintrust

Financial

Corp.

4.850%

due

06/06/29

566

564

Zions

Bancorp

National

Association

3.250%

due

10/29/29

366

345

73,684

Health

Care

1.4%

AbbVie,

Inc.

3.200%

due

11/21/29

255

244

4.250%

due

11/21/49

655

535

Alcon

Finance

Corp.

3.000%

due

09/23/29

(Þ)

1,381

1,309

Amgen,

Inc.

5.150%

due

03/02/28

390

394

4.200%

due

02/22/52

190

149

Bristol-Myers

Squibb

Co.

3.900%

due

02/20/28

212

211

2.550%

due

11/13/50

530

313

Centene

Corp.

2.450%

due

07/15/28

765

727

3.000%

due

10/15/30

1,010

913

CVS

Health

Corp.

4.300%

due

03/25/28

4.250%

due

04/01/50

1,210

948

Elevance

Health,

Inc.

4.750%

due

02/15/30

205

206

5.200%

due

02/15/35

545

546

HCA,

Inc.

5.625%

due

09/01/28

1,018

1,034

3.625%

due

03/15/32

560

521

5.750%

due

03/01/35

200

206

Horseshoe

Funding

Trust

6.887%

due

11/15/55

(Þ)

370

388

Merck

Co.,

Inc.

2.750%

due

12/10/51

605

371

5.850%

due

05/22/56

355

364

Pfizer

Investment

Enterprises

Pte.,

Ltd.

4.750%

due

05/19/33

260

258

Pfizer,

Inc.

2.550%

due

05/28/40

315

229

Royalty

Pharma

PLC

1.750%

due

09/02/27

510

494

Tenet

Healthcare

Corp.

6.875%

due

11/15/31

171

182

UnitedHealth

Group,

Inc.

5.875%

due

02/15/53

840

846

6.050%

due

02/15/63

390

397

11,800

Materials

and

Processing

0.4%

Celanese

Holdings

LLC

7.379%

due

07/15/32

582

611

7.200%

due

11/15/33

388

415

FMC

Corp.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

6.375%

due

05/18/53

492

386

Huntsman

International

LLC

4.500%

due

05/01/29

492

481

2.950%

due

06/15/31

150

135

5.700%

due

10/15/34

International

Flavors

Fragrances,

Inc.

1.832%

due

10/15/27

(Þ)

2.300%

due

11/01/30

(Þ)

Louisiana-Pacific

Corp.

3.625%

due

03/15/29

(Þ)

453

433

LYB

International

Finance

III

LLC

3.800%

due

10/01/60

1,163

736

Sealed

Air

Corp.

6.875%

due

07/15/33

(Þ)

174

173

3,550

Producer

Durables

1.5%

Avnet,

Inc.

6.250%

due

03/15/28

1,030

1,052

Dover

Corp.

2.950%

due

11/04/29

924

876

Flowserve

Corp.

3.500%

due

10/01/30

255

240

GFL

Environmental,

Inc.

3.500%

due

09/01/28

(Þ)

622

606

6.750%

due

01/15/31

(Þ)

177

182

Honeywell

International,

Inc.

4.500%

due

01/15/34

380

371

Huntington

Ingalls

Industries,

Inc.

3.483%

due

12/01/27

1,102

1,086

Jacobs

Engineering

Group,

Inc.

5.900%

due

03/01/33

802

828

Keysight

Technologies,

Inc.

3.000%

due

10/30/29

814

772

Kirby

Corp.

4.200%

due

03/01/28

1,052

1,045

Lennox

International,

Inc.

5.500%

due

09/15/28

431

438

Masco

Corp.

1.500%

due

02/15/28

1,373

1,307

Nordson

Corp.

5.600%

due

09/15/28

528

538

Oshkosh

Corp.

3.100%

due

03/01/30

874

822

Penske

Truck

Leasing

Co.,

PTL

Finance

Corp.

6.200%

due

06/15/30

(Þ)

490

511

RTX

Corp.

4.125%

due

11/16/28

940

933

Waste

Management,

Inc.

4.625%

due

02/15/33

340

337

Westinghouse

Air

Brake

Technologies

Corp.

4.700%

due

09/15/28

640

641

XPO

CNW,

Inc.

6.700%

due

05/01/34

12,672

Technology

2.9%

Alphabet,

Inc.

4.800%

due

02/15/36

325

319

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

5.650%

due

02/15/56

555

548

Apple,

Inc.

3.000%

due

06/20/27

705

697

Belo

Corp.

7.750%

due

06/01/27

130

133

7.250%

due

09/15/27

Broadridge

Financial

Solutions,

Inc.

2.900%

due

12/01/29

604

566

CDW

LLC

CDW

Finance

Corp.

3.250%

due

02/15/29

893

854

Crane

NXT

Co.

6.550%

due

11/15/36

4.200%

due

03/15/48

265

169

Entegris,

Inc.

4.750%

due

04/15/29

(Þ)

1,200

1,186

Fidelity

National

Information

Services,

Inc.

4.800%

due

03/10/31

385

381

Fiserv,

Inc.

3.500%

due

07/01/29

425

408

4.750%

due

03/15/30

1,083

1,072

Foundry

Holdco

LLC

6.100%

due

01/25/36

(Þ)

1,235

1,301

Gartner,

Inc.

3.750%

due

10/01/30

(Þ)

1,318

1,206

Hewlett

Packard

Enterprise

Co.

5.000%

due

10/15/34

405

397

5.600%

due

10/15/54

420

390

Intel

Corp.

5.300%

due

05/15/36

285

283

6.125%

due

05/15/56

230

Intuit,

Inc.

5.200%

due

09/15/33

490

492

5.500%

due

09/15/53

310

279

Jabil,

Inc.

3.600%

due

01/15/30

490

469

Kyndryl

Holdings,

Inc.

6.350%

due

02/20/34

360

339

Leidos,

Inc.

4.375%

due

05/15/30

571

560

Marvell

Technology,

Inc.

4.875%

due

06/22/28

310

311

5.950%

due

09/15/33

205

215

5.450%

due

07/15/35

230

233

Meta

Platforms,

Inc.

5.400%

due

08/15/54

485

429

5.625%

due

11/15/55

840

761

6.300%

due

05/15/56

280

279

5.750%

due

11/15/65

660

593

Motorola

Solutions,

Inc.

4.600%

due

05/23/29

1,590

1,585

2.300%

due

11/15/30

215

194

MSCI,

Inc.

4.000%

due

11/15/29

(Þ)

976

945

NetApp,

Inc.

2.700%

due

06/22/30

530

488

5.700%

due

03/17/35

449

460

News

Corp.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

3.875%

due

05/15/29

(Þ)

627

608

Oracle

Corp.

3.250%

due

11/15/27

910

892

2.875%

due

03/25/31

605

541

5.200%

due

09/26/35

325

304

3.950%

due

03/25/51

205

131

5.950%

due

09/26/55

621

528

6.700%

due

02/04/56

420

395

Paychex,

Inc.

5.100%

due

04/15/30

811

818

Roper

Technologies,

Inc.

2.950%

due

09/15/29

1,382

1,311

Seagate

Data

Storage

Technology

Pte,

Ltd.

4.091%

due

06/01/29

(Þ)

191

186

24,605

Utilities

3.4%

Alliant

Energy

Finance

LLC

5.950%

due

03/30/29

(Þ)

678

697

Ameren

Illinois

Co.

3.800%

due

05/15/28

370

366

American

Water

Capital

Corp.

5.700%

due

09/01/55

168

166

AT&T,

Inc.

4.250%

due

03/01/27

510

509

4.550%

due

11/01/32

291

284

4.900%

due

11/01/35

542

525

3.650%

due

06/01/51

940

640

3.850%

due

06/01/60

552

368

Avangrid,

Inc.

3.800%

due

06/01/29

511

498

Beacon

Point

LLC

6.129%

due

11/30/42

(Þ)

515

520

Berkshire

Hathaway

Energy

Co.

6.125%

due

04/01/36

618

659

Boston

Gas

Co.

3.001%

due

08/01/29

(Þ)

649

615

Brooklyn

Union

Gas

Co.

(The)

3.865%

due

03/04/29

(Þ)

885

866

CMS

Energy

Corp.

4.750%

due

06/01/50

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.116%)(Ê)

1,148

1,125

Dominion

Energy,

Inc.

Series

6.875%

due

02/01/55

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.386%)(Ê)

722

746

DTE

Electric

Co.

Series

1.900%

due

04/01/28

265

254

DTE

Energy

Co.

Series

3.400%

due

06/15/29

545

526

Duke

Energy

Carolinas

LLC

2.450%

due

08/15/29

720

677

Duke

Energy

Progress

LLC

3.450%

due

03/15/29

485

472

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Edison

International

5.250%

due

11/15/28

754

755

Emera

Finance

LLC

5.200%

due

04/01/33

920

916

Series

6.850%

due

10/01/56

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.648%)(Ê)

325

331

HUT

LLC

6.192%

due

11/15/42

(Þ)

460

467

Indianapolis

Power

Light

Co.

5.700%

due

04/01/54

(Þ)

480

471

Lumen

Technologies,

Inc.

Series

7.600%

due

09/15/39

NextEra

Energy

Capital

Holdings,

Inc.

5.650%

due

05/01/79

(USD

Month

SOFR

3.156%)(Ê)

526

524

NiSource,

Inc.

6.950%

due

11/30/54

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.451%)(Ê)

636

658

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

1,241

1,201

Oglethorpe

Power

Corp.

3.750%

due

08/01/50

720

517

Pacific

Gas

and

Electric

Co.

3.300%

due

12/01/27

1,336

1,311

PacifiCorp

3.500%

due

06/15/29

280

270

7.375%

due

09/15/55

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.319%)(Ê)

324

327

Public

Service

Enterprise

Group,

Inc.

5.875%

due

10/15/28

865

887

Rogers

Communications,

Inc.

5.000%

due

02/15/29

265

267

Sempra

3.700%

due

04/01/29

695

678

Sprint

Capital

Corp.

6.875%

due

11/15/28

1,167

1,222

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

557

569

T-Mobile

USA,

Inc.

3.750%

due

04/15/27

485

482

4.950%

due

03/15/28

360

362

2.400%

due

03/15/29

560

529

5.750%

due

01/15/34

613

635

3.300%

due

02/15/51

550

359

Verizon

Communications,

Inc.

4.272%

due

01/15/36

554

510

3.550%

due

03/22/51

1,565

1,088

5.875%

due

11/30/55

280

272

6.050%

due

05/14/58

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.813%)(Ê)

645

651

Virginia

Electric

and

Power

Co.

5.550%

due

08/15/54

205

198

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Vistra

Operations

Co.

LLC

4.300%

due

07/15/29

(Þ)

2,482

2,432

29,495

223,679

International

Debt

12.3%

ACREC

LLC

Series

2026-FL4

Class

5.087%

due

01/18/43

(CME

Term

SOFR

Month

1.450%)(Ê)(Þ)

3,411

3,418

Adani

Electricity

Mumbai,

Ltd.

3.949%

due

02/12/30

(Þ)

534

502

Adani

Ports

and

Special

Economic

Zone,

Ltd.

4.375%

due

07/03/29

(Þ)

1,147

1,112

AerCap

Ireland

Capital

DAC

AerCap

Global

Aviation

Trust

5.100%

due

01/19/29

450

454

3.300%

due

01/30/32

580

531

6.950%

due

03/10/55

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.720%)(Ê)

477

494

Allianz

6.350%

due

09/06/53

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.232%)(Ê)(Þ)

600

626

America

Movil

SAB

3.625%

due

04/22/29

1,273

1,236

Ares

CLO,

Ltd.

Series

2025-ALF8

Class

4.917%

due

01/24/38

(CME

Term

SOFR

Month

1.250%)(Ê)(Þ)

550

552

Australia

and

New

Zealand

Banking

Group,

Ltd.

2.570%

due

11/25/35

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.700%)(Ê)(Þ)

650

582

Avolon

Holdings

Funding,

Ltd.

2.750%

due

02/21/28

(Þ)

500

485

Bain

Capital

Credit

CLO,

Ltd.

Series

2025-4A

Class

4.920%

due

01/17/39

(CME

Term

SOFR

Month

1.240%)(Ê)(Þ)

1,000

1,001

Series

2025-4A

Class

6.280%

due

01/17/39

(CME

Term

SOFR

Month

2.600%)(Ê)(Þ)

1,750

1,743

Banco

Santander

Mexico

Institucion

Banca

Multiple

Grupo

Financiero

Santand

5.621%

due

12/10/29

(Þ)

598

609

Banco

Santander

3.490%

due

05/28/30

600

571

Bangkok

Bank

PCL

9.025%

due

03/15/29

(Þ)

858

940

Bank

Montreal

3.088%

due

01/10/37

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.400%)(Ê)

999

896

Bank

Nova

Scotia

(The)

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

4.588%

due

05/04/37

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.050%)(Ê)

717

693

Banque

Federative

Credit

Mutuel

5.106%

due

01/15/36

(Þ)

260

255

Barclays

PLC

6.490%

due

09/13/29

(SOFR

2.220%)(Ê)

775

802

5.088%

due

06/20/30

(USD

Month

SOFR

3.054%)(Ê)

1,132

1,135

6.224%

due

05/09/34

(SOFR

2.980%)(Ê)

1,095

1,152

Barings

CLO,

Ltd.

Series

2025-1A

Class

4.805%

due

04/20/38

(CME

Term

SOFR

Month

1.130%)(Ê)(Þ)

1,400

1,401

Bimbo

Bakeries

USA,

Inc.

6.050%

due

01/15/29

(Þ)

686

704

BNP

Paribas

5.497%

due

05/20/30

(SOFR

1.590%)(Ê)(Þ)

1,095

1,114

Bombardier,

Inc.

7.450%

due

05/01/34

(Þ)

169

187

BPCE

4.760%

due

01/13/32

(SOFR

1.267%)(Ê)(Þ)

290

286

5.417%

due

01/13/37

(SOFR

1.568%)(Ê)(Þ)

880

862

British

Airways

Pass-Through

Trust

Series

2018-1

Class

3.800%

due

03/20/33

(Þ)

423

411

Brookfield

Asset

Management,

Ltd.

6.077%

due

09/15/55

247

248

Brookfield

Finance,

Inc.

4.700%

due

09/20/47

872

738

Brookfield

Infrastructure

Finance

ULC

6.750%

due

03/15/55

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.453%)(Ê)

611

619

Canadian

Imperial

Bank

Commerce

6.950%

due

01/28/85

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.833%)(Ê)

632

644

Canadian

Natural

Resources,

Ltd.

5.850%

due

02/01/35

661

688

Canadian

Pacific

Railway

Co.

6.125%

due

09/15/15

656

681

Cellnex

Finance

Co.

3.875%

due

07/07/41

(Þ)

650

510

Celulosa

Arauco

Constitucion

3.875%

due

11/02/27

834

821

4.250%

due

04/30/29

(Þ)

502

479

CGI,

Inc.

4.950%

due

03/14/30

570

568

CIMIC

Finance,

Ltd.

6.000%

due

04/22/36

(Þ)

325

321

Credit

Agricole

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

3.250%

due

01/14/30

(Þ)

750

705

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

1.644%)(Ê)(Þ)

1,115

1,096

Daimler

Truck

Finance

North

America

LLC

5.375%

due

01/18/34

(Þ)

580

581

Danske

Bank

A/S

5.705%

due

03/01/30

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.400%)(Ê)(Þ)

1,160

1,187

Deutsche

Bank

4.469%

due

12/10/31

(SOFR

1.100%)(Ê)

370

364

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

Year

Rate

2.553%)(Ê)

276

274

Deutsche

Telekom

International

Finance

8.250%

due

06/15/30

587

660

Diageo

Capital

PLC

5.625%

due

10/05/33

650

677

Eagle

Funding

Luxco

SARL

5.500%

due

08/17/30

(Þ)

2,053

2,058

Eagle

RE,

Ltd.

Series

2021-2

Class

M1C

7.078%

due

04/25/34

(SOFR

Day

Average

3.450%)(Ê)(Þ)

Series

2021-2

Class

7.878%

due

04/25/34

(SOFR

Day

Average

4.250%)(Ê)(Þ)

1,650

1,679

Element

Fleet

Management

Corp.

6.319%

due

12/04/28

(Þ)

665

688

EMD

Finance

LLC

4.625%

due

10/15/32

(Þ)

330

324

Emera

Finance,

2.639%

due

06/15/31

856

769

Enbridge,

Inc.

3.125%

due

11/15/29

599

570

7.375%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.708%)(Ê)

424

434

Enel

Finance

International

7.750%

due

10/14/52

(Þ)

820

981

Eni

SpA

6.000%

due

05/18/56

(Þ)

510

504

Export-Import

Bank

Korea

3.250%

due

08/12/26

1,050

1,049

Flatiron

CLO,

Ltd.

Series

2024-4A

Class

5.003%

due

01/15/38

(CME

Term

SOFR

Month

1.330%)(Ê)(Þ)

1,000

1,001

Series

2025-30A

Class

4.833%

due

04/15/38

(CME

Term

SOFR

Month

1.160%)(Ê)(Þ)

1,100

1,101

Freeport

Indonesia

5.315%

due

04/14/32

(Þ)

663

657

Fresenius

Medical

Care

Finance

III,

Inc.

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

3.750%

due

06/15/29

(Þ)

1,350

1,307

Gildan

Activewear,

Inc.

4.700%

due

10/07/30

(Þ)

193

189

5.400%

due

10/07/35

(Þ)

193

187

Glencore

Funding

LLC

5.634%

due

04/04/34

(Þ)

229

235

Hazine

Mustesarligi

Varlik

Kiralama

6.700%

due

07/02/32

(Þ)

1,600

1,599

Home

RE,

Ltd.

Series

2022-1

Class

12.628%

due

10/25/34

(SOFR

Day

Average

9.000%)(Ê)(Þ)

1,430

1,572

HSBC

Holdings

PLC

7.390%

due

11/03/28

(SOFR

3.350%)(Ê)

600

621

5.286%

due

11/19/30

(SOFR

1.290%)(Ê)

325

329

ICICI

Bank,

Ltd.

3.800%

due

12/14/27

(Þ)

599

590

Imperial

Brands

Finance

PLC

3.875%

due

07/26/29

(Þ)

1,299

1,266

6.375%

due

07/01/55

(Þ)

740

750

Infraestructura

Energetica

Nova

SAPI

3.750%

due

01/14/28

(Þ)

892

879

4.875%

due

01/14/48

(Þ)

524

410

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

1,159

1,114

Intesa

Sanpaolo

SpA

4.198%

due

06/01/32

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.600%)(Ê)(Þ)

1,184

1,117

Energy

Solution,

Ltd.

5.750%

due

09/25/28

(Þ)

1,227

1,248

Lloyds

Banking

Group

PLC

5.985%

due

08/07/27

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.480%)(Ê)

1,095

1,097

4.943%

due

11/04/36

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

0.970%)(Ê)

1,368

1,328

LSEG

Fin

Corp.

5.250%

due

03/23/36

(Þ)

280

279

Macquarie

Airfinance

Holdings,

Ltd.

6.400%

due

03/26/29

(Þ)

125

129

5.150%

due

03/17/30

(Þ)

425

424

6.500%

due

03/26/31

(Þ)

170

178

Macquarie

Group,

Ltd.

1.629%

due

09/23/27

(SOFR

0.910%)(Ê)(Þ)

1,785

1,772

Marks

Spencer

PLC

7.125%

due

12/01/37

(Þ)

139

151

Methanex

Corp.

5.250%

due

12/15/29

147

146

5.650%

due

12/01/44

151

136

Mexico

Generadora

Energia

5.500%

due

12/06/32

(Þ)

683

679

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Mexico

Government

International

Bond

5.375%

due

03/22/33

1,498

1,468

6.250%

due

08/27/37

600

Series

5.625%

due

09/22/35

310

302

MF1

Multifamily

Housing

Mortgage

Trust

Series

2022-FL8

Class

4.989%

due

02/19/37

(CME

Term

SOFR

Month

1.350%)(Ê)(Þ)

1,082

Mitsubishi

UFJ

Financial

Group,

Inc.

5.441%

due

02/22/34

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.630%)(Ê)

835

852

Mizuho

Bank,

Ltd.

5.185%

due

04/16/36

(Þ)

920

913

National

Australia

Bank,

Ltd.

2.332%

due

08/21/30

(Þ)

810

729

Nippon

Life

Insurance

Co.

5.046%

due

04/02/33

(Þ)

281

Nissan

Motor

Co.,

Ltd.

4.345%

due

09/17/27

(Þ)

977

962

4.810%

due

09/17/30

(Þ)

124

115

OCP

CLO,

Ltd.

Series

2021-22A

Class

5.025%

due

10/20/37

(CME

Term

SOFR

Month

1.350%)(Ê)(Þ)

1,600

1,603

Series

2025-45A

Class

6.173%

due

10/15/38

(CME

Term

SOFR

Month

2.500%)(Ê)(Þ)

1,300

1,301

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

323

330

Petroleos

Mexicanos

5.950%

due

01/28/31

391

387

6.700%

due

02/16/32

2,214

2,234

Port

Newcastle

Investments

Financing

Pty,

Ltd.

5.900%

due

11/24/31

(Þ)

Prosus

3.061%

due

07/13/31

(Þ)

856

778

3.832%

due

02/08/51

(Þ)

710

474

Radnor

RE,

Ltd.

Series

2021-2

Class

M1B

7.328%

due

11/25/31

(SOFR

Day

Average

3.700%)(Ê)(Þ)

257

258

Series

2023-1

Class

M1A

6.328%

due

07/25/33

(SOFR

Day

Average

2.700%)(Ê)(Þ)

—

Reliance

Industries,

Ltd.

3.667%

due

11/30/27

(Þ)

633

623

Rogers

Communications,

Inc.

5.300%

due

02/15/34

510

506

7.125%

due

04/15/55

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.620%)(Ê)

490

504

5.250%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.590%)(Ê)(Þ)

215

214

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Santos

Finance,

Ltd.

5.750%

due

11/13/35

(Þ)

295

297

SMBC

Aviation

Capital

Finance

DAC

5.550%

due

04/03/34

(Þ)

655

660

Societe

Generale

5.634%

due

01/19/30

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.750%)(Ê)(Þ)

747

759

Sompo

Holdings,

Inc.

5.411%

due

04/22/37

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.130%)(Ê)(Þ)

630

618

Standard

Chartered

PLC

5.005%

due

10/15/30

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.150%)(Ê)(Þ)

591

593

7.014%

due

07/29/49

(USD

Month

SOFR

1.460%)(Ê)(Þ)

185

190

Sumitomo

Mitsui

Financial

Group,

Inc.

5.570%

due

01/15/47

(SOFR

1.360%)(Ê)

530

520

Suncor

Energy,

Inc.

7.000%

due

11/15/28

746

782

Telecom

Italia

Capital

6.375%

due

11/15/33

104

109

6.000%

due

09/30/34

355

363

7.200%

due

07/18/36

134

147

7.721%

due

06/04/38

172

197

TELUS

Corp.

6.625%

due

06/09/56

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.515%)(Ê)

230

229

Tesco

PLC

6.150%

due

11/15/37

(Þ)

623

639

Textainer

Marine

Containers

VII,

Ltd.

Series

2024-1A

Class

5.250%

due

08/20/49

(Þ)

1,512

1,490

Toronto-Dominion

Bank

(The)

5.146%

due

09/10/34

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.500%)(Ê)

824

827

TransAlta

Corp.

6.500%

due

03/15/40

182

179

TransCanada

Trust

5.600%

due

03/07/82

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.986%)(Ê)

430

425

Transportadora

Gas

Internacional

ESP

5.550%

due

11/01/28

(Þ)

737

738

UBS

Group

3.126%

due

08/13/30

(USD

Month

SOFR

1.468%)(Ê)(Þ)

1,301

1,235

2.746%

due

02/11/33

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.100%)(Ê)(Þ)

600

532

UniCredit

SpA

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

7.296%

due

04/02/34

(USD

ICE

Swap

Rate

Year

Rate

4.914%)(Ê)(Þ)

491

517

United

Utilities

PLC

6.875%

due

08/15/28

800

834

UPM-Kymmene

Oyj

7.450%

due

11/26/27

(Þ)

699

722

Var

Energi

ASA

7.500%

due

01/15/28

(Þ)

788

818

8.000%

due

11/15/32

(Þ)

268

304

Videotron,

Ltd.

3.625%

due

06/15/29

(Þ)

478

462

Vodafone

Group

PLC

7.000%

due

04/04/79

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

4.873%)(Ê)

699

725

Weir

Group,

Inc.

5.350%

due

05/06/30

(Þ)

588

593

Wellesley

Park

CLO,

Ltd.

Series

2025-1A

Class

6.117%

due

01/24/39

(CME

Term

SOFR

Month

2.450%)(Ê)(Þ)

1,900

1,887

Woori

Bank

6.375%

due

07/24/29

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.277%)(Ê)(Þ)

1,097

1,134

Yara

International

ASA

4.750%

due

06/01/28

(Þ)

514

513

104,867

Mortgage-Backed

Securities

23.6%

ACREC

LLC

Series

2026-FL5

Class

5.100%

due

07/18/43

(CME

Term

SOFR

Month

1.500%)(Ê)(Þ)

2,781

2,782

Alternative

Loan

Trust

Series

2007-16CB

Class

1A5

4.163%

due

08/25/37

(CME

Term

SOFR

Month

0.514%)(Ê)

191

117

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

Series

2025-FL1

Class

5.472%

due

01/20/43

(CME

Term

SOFR

Month

1.833%)(Ê)(Þ)

2,090

2,092

Series

2025-FL1

Class

5.931%

due

01/20/43

(CME

Term

SOFR

Month

2.292%)(Ê)(Þ)

1,290

1,292

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

Series

2022-FL1

Class

5.043%

due

01/15/37

(SOFR

Day

Average

1.450%)(Ê)(Þ)

595

Barclays

Mortgage

Loan

Trust

Series

2022-RPL1

Class

7.250%

due

02/25/28

(~)(Ê)(Þ)

464

467

BDS

LLC

Series

2025-FL14

Class

4.921%

due

10/17/42

(CME

Term

SOFR

Month

1.282%)(Ê)(Þ)

697

Series

2025-FL16

Class

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

5.039%

due

06/19/43

(CME

Term

SOFR

Month

1.400%)(Ê)(Þ)

4,762

4,761

BRCK

Trust

Series

2025-830B

Class

4.956%

due

12/10/42

(~)(Ê)(Þ)

560

554

Commercial

Mortgage

Trust

Series

2024-MDHS

Class

5.267%

due

05/15/41

(CME

Term

SOFR

Month

1.641%)(Ê)(Þ)

1,789

1,790

Series

2024-MDHS

Class

5.466%

due

05/15/41

(CME

Term

SOFR

Month

1.841%)(Ê)(Þ)

1,295

1,296

Trust

Series

2024-BIO

Class

6.265%

due

02/15/41

(CME

Term

SOFR

Month

2.640%)(Ê)(Þ)

6,753

6,711

Series

2024-VLT4

Class

5.117%

due

06/15/41

892

893

Series

2024-VLT4

Class

5.766%

due

06/15/41

(CME

Term

SOFR

Month

2.140%)(Ê)(Þ)

2,008

2,009

Series

2025-ROIC

Class

5.169%

due

03/15/30

(CME

Term

SOFR

Month

1.543%)(Ê)(Þ)

1,190

1,187

Series

2025-ROIC

Class

5.618%

due

03/15/30

(CME

Term

SOFR

Month

1.993%)(Ê)(Þ)

3,329

3,322

Series

2026-CART

Class

4.675%

due

02/15/36

(CME

Term

SOFR

Month

1.050%)(Ê)(Þ)

2,836

2,821

CAMB

Commercial

Mortgage

Trust

Series

2021-CX2

Class

2.700%

due

11/10/46

(Þ)

3,322

2,738

Series

2021-CX2

Class

2.864%

due

11/10/46

(~)(Ê)(Þ)

3,244

2,591

Chase

Home

Lending

Mortgage

Trust

Series

2025-9

Class

6.000%

due

06/25/56

(~)(Ê)(Þ)

856

858

Series

2026-3

Class

5.500%

due

01/25/57

(~)(Ê)(Þ)

3,184

3,179

DBGS

Mortgage

Trust

Series

2019-1735

Class

4.334%

due

04/10/37

(~)(Ê)(Þ)

985

820

Deutsche

Mortgage

Securities,

Inc.

Re-

REMIC

Trust

Series

2007-WM1

Class

4.101%

due

06/27/37

(~)(Ê)(Þ)

169

151

Trust

Series

2024-SPBX

Class

5.125%

due

03/15/34

(CME

Term

SOFR

Month

1.500%)(Ê)(Þ)

751

752

Fannie

Mae

2.600%

due

2031

364

333

6.000%

due

2032

5.000%

due

2033

5.500%

due

2034

4.500%

due

2035

5.500%

due

2037

5.500%

due

2038

129

132

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

6.000%

due

2039

4.000%

due

2040

5.500%

due

2040

166

171

6.000%

due

2040

4.000%

due

2041

127

123

6.000%

due

2041

3.500%

due

2043

320

300

4.000%

due

2044

295

284

3.500%

due

2045

392

364

3.000%

due

2046

3.500%

due

2046

4.000%

due

2046

367

350

4.500%

due

2046

128

126

3.000%

due

2047

231

207

3.500%

due

2047

178

167

4.000%

due

2047

4.500%

due

2048

447

438

5.000%

due

2048

3.000%

due

2049

2,663

2,352

4.000%

due

2049

424

403

5.000%

due

2049

186

2.500%

due

2050

5,066

4,253

3.000%

due

2050

5,053

4,473

2.000%

due

2051

8,005

6,453

2.500%

due

2051

394

336

4.000%

due

2052

4,200

3,949

4.500%

due

2053

6,200

5,988

5.000%

due

2053

2,467

2,441

5.500%

due

2053

3,345

3,381

5.000%

due

2055

2,825

2,779

Year

TBA(Ï)

5.500%

4,500

4,514

Fannie

Mae

REMIC

Trust

Series

2004-W5

Class

6.000%

due

02/25/47

Fannie

Mae

REMICS

Series

1999-56

Class

7.000%

due

12/18/29

Series

2005-24

Class

5.000%

due

04/25/35

Freddie

Mac

5.500%

due

2038

103

106

6.000%

due

2038

5.000%

due

2040

4.000%

due

2041

384

372

4.500%

due

2041

5.500%

due

2041

3.500%

due

2043

211

200

4.000%

due

2044

143

138

3.500%

due

2045

297

278

4.000%

due

2045

150

144

3.000%

due

2046

1,053

946

4.000%

due

2046

3.000%

due

2047

384

345

3.000%

due

2048

4.000%

due

2048

408

389

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

4.500%

due

2048

121

118

3.000%

due

2049

134

119

2.500%

due

2050

1,233

1,058

3.000%

due

2050

2,053

1,819

2.000%

due

2051

929

753

2.500%

due

2051

4.000%

due

2052

5,267

4,946

4.500%

due

2052

6,005

5,801

5.000%

due

2055

6,494

6,438

5.000%

due

2056

1,782

1,764

Freddie

Mac

REMICS

Series

2003-2624

Class

5.000%

due

06/15/33

Series

2006-R007

Class

6.000%

due

05/15/36

Series

2010-3632

Class

5.000%

due

02/15/40

Series

2010-3653

Class

4.500%

due

04/15/30

Series

2012-4010

Class

3.000%

due

01/15/42

Ginnie

Mae

2.500%

due

2052

5,270

4,505

4.500%

due

2055

6,894

6,625

5.500%

due

2055

4,876

4,921

Year

TBA(Ï)

5.000%

4,500

4,436

HMH

Trust

Series

2017-NSS

Class

6.292%

due

07/05/31

(Æ)(Ø)(Þ)

1,170

—

Hudson

Yards

Mortgage

Trust

Series

2025-SPRL

Class

5.649%

due

01/13/40

(~)(Ê)(Þ)

971

987

JPMorgan

Mortgage

Trust

Series

2018-3

Class

3.500%

due

09/25/48

(~)(Ê)(Þ)

Series

2020-3

Class

A15

3.500%

due

08/25/50

(~)(Ê)(Þ)

102

Series

2021-6

Class

2.500%

due

10/25/51

(~)(Ê)(Þ)

2,372

2,216

Series

2021-8

Class

2.500%

due

12/25/51

(~)(Ê)(Þ)

2,022

1,879

Series

2021-12

Class

2.500%

due

02/25/52

(~)(Ê)(Þ)

569

506

Series

2022-1

Class

2.500%

due

07/25/52

(~)(Ê)(Þ)

2,154

1,903

Series

2022-2

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

965

852

Series

2022-3

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

2,157

1,907

Series

2022-4

Class

3.000%

due

10/25/52

(~)(Ê)(Þ)

1,017

922

Series

2026-5

Class

5.500%

due

12/25/56

(~)(Ê)(Þ)

1,170

1,168

MF1

Multifamily

Housing

Mortgage

Trust

Series

2022-FL9

Class

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

5.789%

due

06/19/37

(CME

Term

SOFR

Month

2.150%)(Ê)(Þ)

2,217

2,220

Series

2026-FL22

Class

5.037%

due

11/18/43

(CME

Term

SOFR

Month

1.400%)(Ê)(Þ)

6,031

6,037

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

Interest

Only

STRIPS

0.468%

due

09/13/39

(~)(Ê)(Þ)

8,761

Series

2017-237P

Class

Interest

Only

STRIPS

0.175%

due

09/13/39

(~)(Ê)(Þ)

5,418

NYC

Commercial

Mortgage

Trust

Series

2026-9W57

Class

5.353%

due

06/06/40

(~)(Ê)(Þ)

3,080

3,065

Series

2026-9W57

Class

5.603%

due

06/06/40

(~)(Ê)(Þ)

3,079

3,072

Preston

Ridge

Partners

Mortgage

Trust

Series

2023-RCF2

Class

4.000%

due

11/25/53

(~)(Ê)(Þ)

1,000

982

Series

2023-RCF2

Class

4.000%

due

11/25/53

(~)(Ê)(Þ)

1,707

1,674

Series

2024-7

Class

5.870%

due

11/25/29

(~)(Ê)(Þ)

553

Series

2024-RCF1

Class

4.000%

due

01/25/54

(~)(Ê)(Þ)

560

548

Series

2024-RCF6

Class

4.000%

due

10/25/64

(~)(Ê)(Þ)

1,378

1,350

Series

2025-4

Class

6.179%

due

06/25/30

(~)(Ê)(Þ)

1,905

1,899

Series

2025-6

Class

5.774%

due

08/25/28

(~)(Ê)(Þ)

972

969

Series

2025-7

Class

5.503%

due

08/25/30

(~)(Ê)(Þ)

1,474

1,468

Series

2025-RCF1

Class

5.305%

due

01/25/56

(~)(Ê)(Þ)

1,000

993

Series

2025-RCF3

Class

M1A

5.250%

due

07/25/55

(~)(Ê)(Þ)

1,100

1,078

Series

2025-RCF4

Class

4.500%

due

08/25/55

(~)(Ê)(Þ)

2,970

2,917

Series

2026-RCF1

Class

4.845%

due

01/25/56

(~)(Ê)(Þ)

901

888

Series

2026-RCF2

Class

5.500%

due

03/25/56

(~)(Ê)(Þ)

2,681

2,684

Series

2026-RCF4

Class

5.250%

due

06/25/56

(~)(Ê)(Þ)

1,300

1,282

RFR

Trust

Series

2025-SGRM

Class

5.562%

due

03/11/41

(~)(Ê)(Þ)

1,104

1,110

Series

2025-SGRM

Class

5.863%

due

03/11/41

(~)(Ê)(Þ)

3,048

3,055

Series

2025-SGRM

Class

6.013%

due

03/11/41

(~)(Ê)(Þ)

2,385

2,372

Sequoia

Mortgage

Trust

Series

2015-1

Class

3.500%

due

01/25/45

(~)(Ê)(Þ)

TCO

Commercial

Mortgage

Trust

Series

2024-DPM

Class

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

4.868%

due

12/15/39

(CME

Term

SOFR

Month

1.243%)(Ê)(Þ)

1,633

1,631

TORY

Commercial

Mortgage

Trust

Series

2026-HGTS

Class

5.075%

due

01/13/46

(~)(Ê)(Þ)

5,217

5,119

VDCM

Commercial

Mortgage

Trust

Series

2025-AZ

Class

5.481%

due

07/13/44

(~)(Ê)(Þ)

1,460

1,438

Series

2025-AZ

Class

6.033%

due

07/13/44

(~)(Ê)(Þ)

2,824

2,791

Washington

Mutual

Mortgage

Pass-

Through

Certificates

Trust

Series

2005-10

Class

3CB1

6.000%

due

11/25/35

292

249

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series

2020-3

Class

3.000%

due

06/25/50

(~)(Ê)(Þ)

707

615

WinWater

Mortgage

Loan

Trust

Series

2014-1

Class

3.930%

due

06/20/44

(~)(Ê)(Þ)

201,083

Non-US

Bonds

4.9%

Apna

Park

CLO

DAC

Series

2025-1A

Class

3.691%

due

12/15/38

Month

EURIBOR

1.290%)(Ê)(Þ)

EUR

4,500

5,151

Brazilian

Government

International

Bond

4.000%

due

04/23/30

EUR

500

573

Colombian

Titulos

Tesoreria

Series

12.500%

due

02/27/30

COP

9,532,400

2,805

13.250%

due

02/09/33

COP

4,425,900

1,365

French

Republic

Government

Bond

Series

OAT

0.250%

due

11/25/26

(Þ)

EUR

2,800

3,172

Hungary

Government

International

Bond

Series

37/A

6.250%

due

09/23/37

HUF

131,380

464

Iceland

Rikisbref

6.500%

due

01/24/31

ISK

16,198

124

6.500%

due

02/15/38

ISK

220,727

1,721

Indonesia

Government

International

Bond

4.100%

due

03/04/34

EUR

731

820

Japan

Year

Government

International

Bond

Series

1.600%

due

12/20/53

JPY

341,550

1,288

Series

2.100%

due

09/20/54

JPY

218,400

930

Series

2.300%

due

12/20/54

JPY

78,500

349

Series

3.400%

due

12/20/55

JPY

52,000

292

Japan

Year

Government

International

Bond

Series

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

0.500%

due

03/20/60

JPY

292,150

694

Japanese

Government

CPI

Linked

Bond

Series

0.600%

due

03/10/36

JPY

173,258

1,059

Mexico

Government

International

Bond

3.875%

due

05/16/31

EUR

1,135

1,287

4.500%

due

03/19/34

EUR

659

751

4.875%

due

05/16/36

EUR

153

175

2.250%

due

08/12/36

EUR

243

222

5.125%

due

05/04/37

EUR

355

410

4.000%

due

03/15/15

EUR

832

650

OCP

Euro

CLO

DAC

Series

2026-15A

Class

3.438%

due

04/18/39

Month

EURIBOR

1.200%)(Ê)(Þ)

EUR

1,100

1,257

Petroleos

Mexicanos

Series

26-2

10.800%

due

08/08/34

MXN

37,500

2,147

Rre

Loan

Management

DAC

Series

2026-28A

Class

3.451%

due

04/15/39

Month

EURIBOR

1.190%)(Ê)(Þ)

EUR

5,500

6,287

Vantage

Data

Centers

Germany

Borrower

Lux

SARL

Series

2025-1A

Class

4.292%

due

06/28/50

(Þ)

EUR

2,902

3,310

Vantage

Data

Centers

Jersey

Borrower

Spv,

Ltd.

Series

2024-1A

Class

6.172%

due

05/28/39

(Þ)

GBP

3,270

4,371

41,674

United

States

Government

Agencies

0.1%

Federal

Farm

Credit

Banks

Funding

Corp.

5.130%

due

05/19/33

1,180

1,179

United

States

Government

Treasuries

10.4%

United

States

Treasury

Notes

4.625%

due

11/15/26

6,059

6,074

4.625%

due

06/15/27

1,100

1,105

0.375%

due

07/31/27

3,609

3,466

0.500%

due

08/31/27

1,815

1,740

4.250%

due

01/15/28

2,200

2,202

0.750%

due

01/31/28

4,772

4,524

2.750%

due

02/15/28

2,074

2,028

2.875%

due

05/15/28

3,968

3,876

3.125%

due

11/15/28

869

849

5.250%

due

11/15/28

1,538

1,573

4.125%

due

03/31/29

1,670

1,668

2.375%

due

05/15/29

1,950

1,857

4.000%

due

10/31/29

2,071

2,060

1.750%

due

11/15/29

691

639

4.375%

due

12/31/29

1,229

1,237

4.250%

due

01/31/30

9,652

9,673

0.625%

due

08/15/30

2,294

1,987

0.875%

due

11/15/30

7,088

6,154

1.125%

due

02/15/31

1,760

1,536

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

1.250%

due

08/15/31

925

799

1.375%

due

11/15/31

1,345

1,162

1.875%

due

02/15/32

1,097

968

2.750%

due

08/15/32

1,815

1,667

3.375%

due

05/15/33

674

637

3.875%

due

08/15/33

400

389

4.500%

due

11/15/33

5,840

5,899

4.000%

due

02/15/34

450

440

4.375%

due

05/15/34

425

3.875%

due

08/15/34

1,349

1,303

4.625%

due

02/15/35

1,109

1,127

4.125%

due

02/15/36

789

770

4.375%

due

05/15/36

355

353

3.500%

due

02/15/39

1.125%

due

05/15/40

1,394

882

1.375%

due

11/15/40

631

408

3.125%

due

11/15/41

490

400

2.750%

due

11/15/42

1,100

836

3.125%

due

02/15/43

5,608

4,484

2.875%

due

05/15/43

764

586

4.625%

due

11/15/44

2.875%

due

08/15/45

196

145

3.000%

due

05/15/47

728

541

2.750%

due

11/15/47

433

305

3.000%

due

02/15/48

472

348

3.125%

due

05/15/48

593

445

3.375%

due

11/15/48

549

429

2.875%

due

05/15/49

183

130

1.250%

due

05/15/50

429

204

2.375%

due

05/15/51

850

532

2.000%

due

08/15/51

581

331

1.875%

due

11/15/51

568

312

4.000%

due

11/15/52

445

381

4.250%

due

02/15/54

4,425

3,949

4.625%

due

05/15/54

460

437

4.625%

due

02/15/55

500

475

4.750%

due

05/15/55

411

399

4.750%

due

08/15/55

498

483

4.625%

due

11/15/55

1,311

1,247

88,977

Total

Long-Term

Fixed

Income

Investments

(cost

$729,567)

711,773

Investments

Affiliated

Funds

1.5%

Fixed

Income

1.5%

Russell

Investments

Core

Plus

Bond

ETF

508,000

12,725

Total

Investments

Affiliated

Funds

(cost

$12,700)

12,725

Short-Term

Investments

14.4%

France

Treasury

Bills

BTF

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Series

52W

1.946%

due

07/15/26

(Þ)(ž)

EUR

9,400

10,732

U.S.

Cash

Management

Fund

(@)

55,366,628

(∞)

55,350

United

States

Treasury

Bills

3.648%

due

08/11/26

(ž)

56,640

56,405

Total

Short-Term

Investments

(cost

$122,768)

122,487

Total

Investments

99.3%

(identified

cost

$865,035)

846,985

Other

Assets

and

Liabilities,

Net

0.7%

5,865

Net

Assets

100.0%

852,850

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Restricted

Securities

Amounts

thousands

(except

and

cost

per

unit

amounts)

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

35.5%

200

Park

Funding

Trust

02/25/25

530,000

100.00

530

517

ACREC

LLC

01/08/26

3,411,000

100.00

3,411

3,418

ACREC

LLC

06/17/26

2,781,000

100.00

2,781

2,782

Adani

Electricity

Mumbai,

Ltd.

04/20/26

534,000

95.05

508

502

Adani

Ports

and

Special

Economic

Zone,

Ltd.

10/15/25

1,147,000

98.03

1,124

1,112

Aircastle,

Ltd.

08/03/22

1,007,000

94.61

953

976

Aircastle,

Ltd.

10/30/24

1,110,000

101.54

1,127

1,136

Alaska

Airlines,

Inc.

05/07/26

705,000

100.00

705

709

Alcon

Finance

Corp.

12/03/25

1,381,000

96.42

1,332

1,310

Alliant

Energy

Finance

LLC

08/13/25

678,000

103.96

705

697

Allianz

10/30/24

600,000

106.05

636

626

Apna

Park

CLO

DAC

10/07/25

EUR

4,500,000

116.51

5,243

5,151

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

08/01/25

2,090,000

99.76

2,085

2,092

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

08/01/25

1,290,000

99.76

1,287

1,292

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

11/22/24

595,417

99.98

595

Ares

CLO,

Ltd.

12/19/24

550,000

100.00

550

552

Australia

and

New

Zealand

Banking

Group,

Ltd.

10/30/24

650,000

86.82

564

582

Avolon

Holdings

Funding,

Ltd.

10/30/24

500,000

96.10

481

485

Bain

Capital

Credit

CLO,

Ltd.

09/18/25

1,000,000

100.00

1,000

1,001

Bain

Capital

Credit

CLO,

Ltd.

09/18/25

1,750,000

100.00

1,750

1,743

Banco

Santander

Mexico

Institucion

Banca

Multiple

Grupo

Financiero

Santand

02/11/26

598,000

103.33

618

609

Bangkok

Bank

PCL

05/13/25

858,000

108.96

935

940

Banque

Federative

Credit

Mutuel

01/07/26

470,000

100.00

470

462

Banque

Federative

Credit

Mutuel

01/07/26

260,000

100.00

260

255

Barclays

Mortgage

Loan

Trust

03/26/24

464,495

98.51

458

467

Barings

CLO,

Ltd.

02/14/25

1,400,000

100.00

1,400

1,401

BDS

LLC

02/21/25

697,000

99.77

695

697

BDS

LLC

11/20/25

4,762,000

100.00

4,762

4,761

Beacon

Point

LLC

06/04/26

515,000

100.00

515

520

Bimbo

Bakeries

USA,

Inc.

02/11/25

686,000

101.86

699

704

Blackstone

Holdings

Finance

Co.

LLC

10/30/24

490,000

87.73

430

431

BNP

Paribas

10/30/24

1,095,000

101.01

1,106

1,114

Bombardier,

Inc.

06/11/25

169,000

106.94

181

187

Boston

Gas

Co.

05/05/26

649,000

95.23

618

615

BPCE

01/06/26

290,000

100.00

290

286

BPCE

01/06/26

880,000

100.00

880

862

BRAVO

Residential

Funding

Trust

10/09/24

435,224

99.99

435

BRAVO

Residential

Funding

Trust

04/08/25

3,547,286

99.99

3,547

3,553

BRCK

Trust

12/23/25

560,000

100.32

562

554

British

Airways

Pass-Through

Trust

12/06/24

423,063

97.17

411

Brooklyn

Union

Gas

Co.

(The)

07/07/25

885,000

97.76

865

866

Business

Jet

Securities

LLC

09/06/24

733,128

100.00

733

Commercial

Mortgage

Trust

05/02/24

1,295,000

99.77

1,292

1,296

Commercial

Mortgage

Trust

05/02/24

1,788,890

99.78

1,785

1,790

Trust

01/24/24

6,753,000

99.82

6,741

6,711

Trust

02/20/25

3,329,499

99.81

3,323

3,322

Trust

02/20/25

1,190,484

99.83

1,188

1,187

Trust

06/13/25

2,008,234

99.76

2,003

2,009

Trust

02/05/26

2,836,000

100.00

2,836

2,821

CAMB

Commercial

Mortgage

Trust

10/22/21

3,322,000

102.47

3,404

2,738

CAMB

Commercial

Mortgage

Trust

09/24/24

3,244,000

82.28

2,669

2,591

Carnival

Corp.,

Ltd.

09/16/24

1,110,000

97.88

1,087

1,089

Cellnex

Finance

Co.

10/30/24

650,000

79.76

518

510

Celulosa

Arauco

Constitucion

12/03/25

502,000

98.09

492

479

Chase

Home

Lending

Mortgage

Trust

08/07/25

855,593

101.40

868

858

Chase

Home

Lending

Mortgage

Trust

03/09/26

3,184,096

100.67

3,205

3,179

Cheniere

Energy

Partners,

05/26/26

450,000

99.51

448

Cheniere

Energy

Partners,

05/26/26

285,000

99.70

284

288

Cheniere

Energy,

Inc.

03/05/26

180,000

99.53

179

180

Cheniere

Energy,

Inc.

03/05/26

170,000

99.67

169

167

CIMIC

Finance,

Ltd.

04/15/26

325,000

99.19

322

321

Citadel

Securities

Global

Holdings

LLC

03/24/26

593,000

98.47

584

587

CLI

Funding

LLC

07/24/24

1,069,358

100.47

1,074

1,071

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Restricted

Securities

Amounts

thousands

(except

and

cost

per

unit

amounts)

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

Columbia

Pipelines

Holding

Co.

LLC

05/12/25

633,000

101.76

644

649

Columbia

Pipelines

Operating

Co.

LLC

09/12/23

241,000

99.54

240

256

Coty,

Inc.

HFC

Prestige

Products,

Inc.

HFC

Prestige

International

LLC

05/12/25

430,000

97.51

419

418

Credit

Agricole

03/06/24

1,115,000

94.51

1,054

1,096

Credit

Agricole

10/30/24

750,000

93.39

700

705

Daimler

Truck

Finance

North

America

LLC

10/30/24

580,000

100.64

584

581

Danske

Bank

A/S

10/30/24

1,160,000

101.56

1,178

1,187

DBGS

Mortgage

Trust

04/03/19

985,000

100.88

994

820

Deutsche

Mortgage

Securities,

Inc.

Re-REMIC

Trust

01/04/17

168,777

100.32

169

151

Trust

03/01/24

751,000

100.00

751

752

Dresdner

Funding

Trust

04/29/24

331,000

104.99

348

355

Midstream,

Inc.

06/12/25

859,000

96.96

833

842

Eagle

Funding

Luxco

SARL

07/28/25

2,053,000

99.79

2,049

2,058

Eagle

RE,

Ltd.

04/13/23

54,124

101.57

Eagle

RE,

Ltd.

01/11/24

1,650,000

103.16

1,702

1,679

Element

Fleet

Management

Corp.

12/03/25

665,000

104.60

696

688

Ellington

Financial

Mortgage

Trust

12/10/24

1,123,659

99.99

1,124

EMD

Finance

LLC

08/12/25

330,000

99.56

329

324

Enel

Finance

International

10/03/24

820,000

127.56

1,046

981

Eni

SpA

05/11/26

510,000

98.11

500

504

Entegris,

Inc.

07/02/24

1,200,000

97.75

1,172

1,186

FIGRE

Trust

03/19/24

1,326,808

100.03

1,327

1,342

FIGRE

Trust

07/19/24

1,334,527

101.23

1,351

1,353

FIGRE

Trust

09/09/24

782,855

100.00

783

778

FIGRE

Trust

10/31/24

1,717,673

99.98

1,717

1,723

FIGRE

Trust

12/11/24

1,088,819

99.99

1,089

1,094

FIGRE

Trust

02/20/25

313,639

103.40

324

FIGRE

Trust

03/20/25

1,512,171

100.11

1,514

1,518

FIGRE

Trust

08/21/25

808,735

99.99

809

803

FIGRE

Trust

10/15/25

854,121

99.99

854

842

Flatiron

CLO,

Ltd.

11/01/24

1,000,000

100.00

1,000

1,001

Flatiron

CLO,

Ltd.

03/24/25

1,100,000

100.00

1,100

1,101

Foundry

Holdco

LLC

02/04/25

1,235,000

99.93

1,234

1,301

France

Treasury

Bills

BTF

04/14/26

EUR

9,400,000

117.98

11,090

10,732

Freeport

Indonesia

04/08/26

663,000

100.35

665

657

French

Republic

Government

Bond

05/12/26

EUR

2,800,000

116.32

3,257

3,172

Fresenius

Medical

Care

Finance

III,

Inc.

10/15/25

1,350,000

98.13

1,325

1,307

GABX

Leasing

LLC

03/10/26

270,000

99.80

269

268

Gartner,

Inc.

05/13/25

1,318,000

93.85

1,237

1,206

GBX

Leasing

LLC

01/27/26

1,792,505

99.97

1,792

1,755

GFL

Environmental,

Inc.

04/07/25

622,000

96.07

598

606

GFL

Environmental,

Inc.

05/01/25

177,000

103.41

183

182

Gildan

Activewear,

Inc.

09/23/25

193,000

100.00

193

189

Gildan

Activewear,

Inc.

09/23/25

193,000

99.90

193

187

Glencore

Funding

LLC

11/12/24

229,000

100.86

231

235

Global

Net

Lease,

Inc.

11/04/25

454,000

98.29

446

443

Hazine

Mustesarligi

Varlik

Kiralama

06/25/26

1,600,000

99.76

1,596

1,599

HMH

Trust

06/09/17

1,170,000

99.96

1,170

—

Home

RE,

Ltd.

05/09/25

1,430,000

112.33

1,606

1,572

Horseshoe

Funding

Trust

05/05/26

370,000

100.00

370

388

Hudson

Yards

Mortgage

Trust

01/07/25

971,000

100.00

971

987

HUT

LLC

04/27/26

460,000

100.00

460

467

Hyundai

Capital

America

10/30/24

345,000

95.36

329

330

Hyundai

Capital

America

10/30/24

500,000

96.85

484

486

ICICI

Bank,

Ltd.

10/03/24

599,000

99.16

594

590

Imperial

Brands

Finance

PLC

06/24/25

740,000

99.53

737

750

Imperial

Brands

Finance

PLC

10/15/25

1,299,000

99.05

1,287

1,266

Indianapolis

Power

Light

Co.

10/30/24

480,000

101.33

486

471

Infraestructura

Energetica

Nova

SAPI

07/06/22

892,000

97.35

868

879

Infraestructura

Energetica

Nova

SAPI

12/03/25

524,000

80.83

424

410

InRetail

Consumer

02/06/24

1,159,000

95.58

1,108

1,114

International

Flavors

Fragrances,

Inc.

11/12/24

76,000

96.05

International

Flavors

Fragrances,

Inc.

11/22/24

49,000

88.39

Intesa

Sanpaolo

SpA

02/11/26

1,184,000

96.27

1,140

1,117

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Restricted

Securities

Amounts

thousands

(except

and

cost

per

unit

amounts)

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

JPMorgan

Mortgage

Trust

06/05/20

54,517

102.62

JPMorgan

Mortgage

Trust

03/30/21

101,788

101.82

104

JPMorgan

Mortgage

Trust

04/26/21

2,372,239

101.95

2,419

2,216

JPMorgan

Mortgage

Trust

06/24/21

2,021,558

102.22

2,066

1,879

JPMorgan

Mortgage

Trust

01/26/22

2,154,445

99.19

2,137

1,903

JPMorgan

Mortgage

Trust

02/24/22

965,064

97.76

943

852

JPMorgan

Mortgage

Trust

03/23/22

2,157,370

96.47

2,081

1,907

JPMorgan

Mortgage

Trust

04/27/22

1,016,615

96.02

976

922

JPMorgan

Mortgage

Trust

04/20/23

569,026

89.29

508

506

JPMorgan

Mortgage

Trust

12/18/24

329,413

100.36

331

329

JPMorgan

Mortgage

Trust

01/29/25

512,803

99.99

513

514

JPMorgan

Mortgage

Trust

02/26/25

2,200,000

100.00

2,200

2,206

JPMorgan

Mortgage

Trust

03/18/25

1,534,931

99.99

1,535

1,536

JPMorgan

Mortgage

Trust

09/26/25

825,863

99.99

826

821

JPMorgan

Mortgage

Trust

02/18/26

2,479,501

99.77

2,474

2,452

JPMorgan

Mortgage

Trust

06/23/26

1,170,000

99.76

1,167

1,168

Energy

Solution,

Ltd.

11/04/25

1,227,000

102.86

1,262

1,248

Louisiana-Pacific

Corp.

12/03/25

453,000

97.19

440

433

LPL

Holdings,

Inc.

08/08/24

1,129,000

96.40

1,088

1,097

LSEG

Fin

Corp.

03/16/26

280,000

99.06

277

279

Macquarie

Airfinance

Holdings,

Ltd.

10/30/24

125,000

101.94

127

129

Macquarie

Airfinance

Holdings,

Ltd.

10/30/24

170,000

102.90

175

178

Macquarie

Airfinance

Holdings,

Ltd.

10/30/24

425,000

98.55

419

424

Macquarie

Group,

Ltd.

10/30/24

1,785,000

97.35

1,738

1,772

Marks

Spencer

PLC

09/16/24

139,000

109.34

152

151

Mars,

Inc.

03/05/25

280,000

99.42

278

Mars,

Inc.

03/05/25

440,000

99.47

438

433

Mars,

Inc.

03/05/25

145,000

99.83

145

146

Mars,

Inc.

03/05/25

565,000

99.84

564

567

Mattel,

Inc.

02/11/25

1,331,000

96.62

1,286

1,291

Meritage

Homes

Corp.

04/07/25

1,039,000

96.89

1,007

1,008

Mexico

Generadora

Energia

12/03/25

682,923

102.37

699

679

MF1

Multifamily

Housing

Mortgage

Trust

05/13/22

2,216,795

99.25

2,200

2,220

MF1

Multifamily

Housing

Mortgage

Trust

10/16/25

1,081,650

100.03

1,082

MF1

Multifamily

Housing

Mortgage

Trust

04/30/26

6,031,000

100.00

6,031

6,037

Midwest

Connector

Capital

Co.

LLC

03/25/25

854,000

99.24

847

849

Mizuho

Bank,

Ltd.

04/08/26

920,000

100.00

920

913

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

5,418,000

0.08

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

8,761,000

0.25

Motiva

Enterprises

LLC

05/05/26

421,000

108.59

457

MSCI,

Inc.

05/12/25

976,000

96.30

940

945

National

Australia

Bank,

Ltd.

10/30/24

810,000

89.11

722

729

News

Corp.

02/11/25

627,000

95.83

601

608

NGPL

PipeCo

LLC

09/26/19

553,000

122.01

675

640

Nippon

Life

Insurance

Co.

03/25/26

281,000

100.00

281

Nissan

Motor

Co.,

Ltd.

04/02/25

977,000

98.29

960

962

Nissan

Motor

Co.,

Ltd.

06/11/25

124,000

92.38

115

Northwestern

Mutual

Life

Insurance

Co.

(The)

05/18/26

500,000

99.91

500

511

NRG

Energy,

Inc.

03/06/24

1,241,000

95.90

1,190

1,200

Nuveen

LLC

10/30/24

280,000

98.46

276

NYC

Commercial

Mortgage

Trust

05/07/26

3,080,000

100.00

3,080

3,065

NYC

Commercial

Mortgage

Trust

05/07/26

3,079,000

100.00

3,079

3,072

OCP

CLO,

Ltd.

04/01/25

1,600,000

99.95

1,599

1,603

OCP

CLO,

Ltd.

09/17/25

1,300,000

100.00

1,300

1,301

OCP

Euro

CLO

DAC

02/13/26

EUR

1,100,000

118.75

1,306

1,256

Open

Text

Corp.

08/07/23

323,000

100.58

325

330

Penske

Truck

Leasing

Co.,

PTL

Finance

Corp.

10/30/24

490,000

104.15

510

511

PFS

Financing

Corp.

05/07/26

4,100,000

100.00

4,100

4,107

Port

Newcastle

Investments

Financing

Pty,

Ltd.

09/16/24

95,000

96.52

Preston

Ridge

Partners

Mortgage

Trust

10/07/24

1,378,101

96.86

1,335

1,350

Preston

Ridge

Partners

Mortgage

Trust

11/08/24

552,960

100.00

553

Preston

Ridge

Partners

Mortgage

Trust

06/03/25

1,904,585

99.92

1,903

1,899

Preston

Ridge

Partners

Mortgage

Trust

07/24/25

972,103

99.89

971

969

Preston

Ridge

Partners

Mortgage

Trust

08/08/25

2,970,022

98.72

2,932

2,917

Preston

Ridge

Partners

Mortgage

Trust

08/19/25

1,473,606

99.94

1,473

1,468

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Restricted

Securities

Amounts

thousands

(except

and

cost

per

unit

amounts)

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

Preston

Ridge

Partners

Mortgage

Trust

09/17/25

1,100,000

99.69

1,097

1,078

Preston

Ridge

Partners

Mortgage

Trust

01/22/26

900,746

100.00

901

888

Preston

Ridge

Partners

Mortgage

Trust

01/22/26

1,000,000

99.99

1,000

993

Preston

Ridge

Partners

Mortgage

Trust

02/27/26

1,707,000

99.12

1,692

1,674

Preston

Ridge

Partners

Mortgage

Trust

02/27/26

560,000

99.15

555

548

Preston

Ridge

Partners

Mortgage

Trust

03/03/26

1,000,000

98.82

988

982

Preston

Ridge

Partners

Mortgage

Trust

03/26/26

2,681,302

99.92

2,679

2,684

Preston

Ridge

Partners

Mortgage

Trust

06/02/26

1,300,000

98.69

1,283

1,282

Prosus

10/30/24

710,000

68.03

483

474

Prosus

04/08/26

856,000

91.11

780

778

Radnor

RE,

Ltd.

07/27/23

348

100.00

—

Radnor

RE,

Ltd.

11/24/25

256,892

100.84

259

258

RCKT

Mortgage

Trust

09/13/23

327,052

99.95

327

RCKT

Mortgage

Trust

02/15/24

547,982

99.96

548

549

RCKT

Mortgage

Trust

03/19/24

752,089

99.96

752

754

RCKT

Mortgage

Trust

08/14/24

681,401

99.97

681

680

RCKT

Mortgage

Trust

12/12/24

518,144

100.62

521

519

RCKT

Mortgage

Trust

12/12/24

2,182,041

99.98

2,182

2,183

RCKT

Mortgage

Trust

01/17/25

605,585

101.52

615

609

RCKT

Mortgage

Trust

02/26/25

2,320,226

99.99

2,320

2,325

RCKT

Mortgage

Trust

04/24/25

1,954,821

100.43

1,963

1,961

Reliance

Industries,

Ltd.

02/06/24

633,000

98.11

621

623

Resorts

World

Las

Vegas

LLC

RWLV

Capital,

Inc.

04/29/24

606,000

92.11

556

542

Resorts

World

Las

Vegas

LLC

RWLV

Capital,

Inc.

09/16/24

119,000

89.48

106

RFR

Trust

02/18/25

3,048,000

100.12

3,052

3,055

RFR

Trust

02/18/25

2,385,000

99.99

2,385

2,372

RFR

Trust

10/28/25

1,104,000

102.46

1,131

1,110

Rockies

Express

Pipeline

LLC

04/29/24

100,000

93.38

Rockies

Express

Pipeline

LLC

04/29/24

190,000

96.42

183

194

Rockies

Express

Pipeline

LLC

09/17/24

99,000

104.61

104

Rockies

Express

Pipeline

LLC

12/03/24

288,000

99.13

286

284

Rogers

Communications,

Inc.

08/06/24

215,000

97.21

209

214

Rre

Loan

Management

DAC

02/10/26

EUR

5,500,000

118.96

6,543

6,287

Saluda

Grade

Alternative

Mortgage

Trust

02/07/24

522,318

101.99

533

534

Saluda

Grade

Alternative

Mortgage

Trust

04/05/24

1,727,066

99.98

1,727

1,741

Saluda

Grade

Alternative

Mortgage

Trust

03/13/25

922,501

102.42

945

Saluda

Grade

Alternative

Mortgage

Trust

07/10/25

2,101,552

100.00

2,102

2,113

Sammons

Financial

Group,

Inc.

10/30/24

580,000

99.26

576

578

Santos

Finance,

Ltd.

11/05/25

295,000

99.45

293

297

Seagate

Data

Storage

Technology

Pte,

Ltd.

06/30/25

191,000

96.40

184

186

Sealed

Air

Corp.

04/29/24

174,000

100.81

175

173

Sequoia

Mortgage

Trust

10/21/16

47,013

102.28

SMBC

Aviation

Capital

Finance

DAC

10/30/24

655,000

100.53

658

660

Smithfield

Foods,

Inc.

10/30/24

500,000

89.84

449

459

Smithfield

Foods,

Inc.

12/03/25

848,000

101.22

858

851

Societe

Generale

12/03/25

747,000

102.97

769

759

Sompo

Holdings,

Inc.

04/15/26

630,000

100.00

630

618

Standard

Chartered

PLC

04/30/24

185,000

101.16

187

190

Standard

Chartered

PLC

06/08/26

591,000

100.24

592

593

Stellantis

Financial

Services

Corp.

05/27/26

580,000

99.79

579

573

Sumisho

Air

Lease

Corp.

03/10/26

170,000

99.61

169

TCO

Commercial

Mortgage

Trust

12/06/24

1,633,000

99.77

1,629

1,631

Tesco

PLC

09/03/20

623,000

122.61

764

639

Texas

Eastern

Transmission,

07/06/22

854,000

98.51

841

838

Textainer

Marine

Containers

VII,

Ltd.

08/06/24

1,511,700

100.00

1,512

1,490

Topaz

Solar

Farms

LLC

04/29/24

172,690

99.12

171

170

TORY

Commercial

Mortgage

Trust

01/09/26

5,217,000

100.00

5,217

5,119

Towd

Point

Mortgage

Trust

07/21/23

811,394

99.84

810

809

Towd

Point

Mortgage

Trust

10/19/23

586,389

99.98

586

588

Transportadora

Gas

Internacional

ESP

11/04/25

737,000

101.57

749

738

UBS

Group

10/30/24

600,000

87.30

524

532

UBS

Group

01/15/26

1,301,000

96.33

1,253

1,235

UniCredit

SpA

12/03/25

491,000

106.97

525

517

United

Airlines,

Inc.

11/04/25

635,000

99.26

630

626

Unum

Group

10/30/24

550,000

80.79

444

445

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Restricted

Securities

Amounts

thousands

(except

and

cost

per

unit

amounts)

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

UPM-Kymmene

Oyj

11/21/22

699,000

101.88

712

722

Vantage

Data

Centers

Germany

Borrower

Lux

SARL

05/22/25

EUR

2,902,000

112.78

3,273

3,310

Vantage

Data

Centers

Jersey

Borrower

Spv,

Ltd.

05/17/24

GBP

3,270,000

130.12

4,255

4,371

Var

Energi

ASA

02/06/23

788,000

101.74

802

818

Var

Energi

ASA

08/03/23

268,000

105.09

282

304

VDCM

Commercial

Mortgage

Trust

06/24/25

1,460,000

100.00

1,460

1,438

VDCM

Commercial

Mortgage

Trust

06/24/25

2,824,000

100.00

2,824

2,791

Videotron,

Ltd.

05/12/25

478,000

95.61

457

462

Vistra

Operations

Co.

LLC

10/30/24

2,482,000

98.39

2,444

2,432

VSP

Optical

Group,

Inc.

05/05/26

120,000

99.64

120

VSP

Optical

Group,

Inc.

05/05/26

165,000

99.85

165

Weir

Group,

Inc.

06/08/26

588,000

100.84

593

Wellesley

Park

CLO,

Ltd.

10/10/25

1,900,000

100.00

1,900

1,887

Wells

Fargo

Mortgage

Backed

Securities

Trust

04/23/21

706,864

102.08

722

615

WinWater

Mortgage

Loan

Trust

03/29/17

75,369

101.83

WMG

Acquisition

Corp.

12/03/25

1,240,000

96.36

1,195

1,176

Woori

Bank

02/11/26

1,097,000

104.40

1,145

1,134

Yara

International

ASA

12/03/25

514,000

100.79

518

513

302,978

For

description

restricted

securities

see

note

the

Notes

Financial

Statements.

Futures

Contracts

Amounts

thousands

(except

contract

amounts

)

Number

Contracts

Notional

Amount

Expiration

Date

Value

and

Unrealized

Appreciation

(Depreciation)

Long

Positions

British

Pound

Currency

Futures

USD

1,077

09/26

(10)

Commonwealth

Year

Treasury

Bond

Futures

AUD

7,687

09/26

Euro

Currency

Futures

USD

3,151

09/26

(37)

Euro-Buxl

Futures

EUR

4,560

09/26

184

Long

Gilt

Futures

GBP

8,118

09/26

156

New

Zealand

Dollar

Currency

Futures

USD

4,271

09/26

(102)

Norwegian

Krone

Currency

Futures

USD

2,017

09/26

United

States

Year

Treasury

Note

Futures

339

USD

69,879

09/26

(95)

United

States

Year

Treasury

Note

Futures

616

USD

65,941

09/26

195

United

States

Year

Treasury

Note

Futures

601

USD

66,044

09/26

330

United

States

Year

Ultra

Treasury

Note

Futures

770

USD

86,601

09/26

1,142

United

States

Treasury

Long

Bond

Futures

221

USD

25,083

09/26

535

United

States

Treasury

Ultra

Bond

Futures

381

USD

44,256

09/26

1,132

Short

Positions

Australian

Dollar

Currency

Futures

USD

2,073

09/26

(12)

Euro-Bobl

Futures

EUR

3,808

09/26

(24)

Euro-Bund

Futures

119

EUR

15,153

09/26

(208)

Euro-Schatz

Futures

EUR

2,543

09/26

(5)

Japanese

Year

Government

Bond

Futures

JPY

5,366,340

09/26

(78)

Japanese

Year

Mini Government

Bond

Futures

JPY

76,662

09/26

Japanese

Yen

Currency

Futures

USD

2,088

09/26

Swedish

Krona

Currency

Futures

USD

2,070

09/26

Swiss

Franc

Currency

Futures

USD

6,394

09/26

United

States

Year

Treasury

Note

Futures

277

USD

57,099

09/26

United

States

Year

Treasury

Note

Futures

USD

4,505

09/26

(16)

United

States

Year

Ultra

Treasury

Note

Futures

USD

9,223

09/26

(66)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

Open

Futures

Contracts

(å)

3,342

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

Citigroup

USD

BRL

234

08/04/26

—

Citigroup

USD

474

BRL

2,416

08/04/26

(9)

Citigroup

USD

540

BRL

2,825

08/04/26

Citigroup

USD

570

BRL

2,977

08/04/26

Citigroup

USD

606

BRL

3,096

08/04/26

(11)

Citigroup

USD

1,664

BRL

8,489

08/04/26

(32)

Citigroup

USD

CAD

07/22/26

—

Citigroup

USD

1,080

CAD

1,466

07/22/26

(45)

Citigroup

USD

CHF

07/22/26

—

Citigroup

USD

1,819

CHF

1,410

07/22/26

(72)

Citigroup

USD

CLP

1,377

07/22/26

—

Citigroup

USD

160

CLP

142,656

07/22/26

(5)

Citigroup

USD

228

CLP

203,647

07/22/26

(7)

Citigroup

USD

373

CLP

333,793

07/22/26

(11)

Citigroup

USD

CNY

570

07/22/26

—

Citigroup

USD

411

CNY

2,791

07/22/26

(1)

Citigroup

USD

540

CNY

3,666

07/22/26

(1)

Citigroup

USD

540

CNY

3,666

07/22/26

(1)

Citigroup

USD

669

CNY

4,537

07/22/26

(2)

Citigroup

USD

COP

338,288

07/22/26

Citigroup

USD

COP

337,629

07/22/26

Citigroup

USD

COP

347,027

07/22/26

Citigroup

USD

132

COP

471,506

07/22/26

Citigroup

USD

234

COP

837,022

07/22/26

Citigroup

USD

394

COP

1,498,648

07/22/26

Citigroup

USD

721

COP

2,498,039

07/22/26

Citigroup

USD

2,051

COP

7,877,853

07/22/26

242

Citigroup

USD

252

EUR

215

07/22/26

(6)

Citigroup

USD

273

EUR

240

07/22/26

Citigroup

USD

283

EUR

239

07/22/26

(9)

Citigroup

USD

330

EUR

286

07/22/26

(3)

Citigroup

USD

1,022

EUR

890

07/22/26

(4)

Citigroup

USD

2,476

EUR

2,100

07/22/26

(75)

Citigroup

USD

639

GBP

478

07/22/26

(6)

Citigroup

USD

129

JPY

21,000

07/02/26

—

Citigroup

USD

540

JPY

84,752

07/22/26

(18)

Citigroup

USD

543

JPY

85,871

07/22/26

(14)

Citigroup

USD

544

JPY

85,333

07/22/26

(18)

Citigroup

USD

1,080

JPY

170,844

07/22/26

(28)

Citigroup

USD

540

KZT

267,775

07/22/26

Citigroup

USD

136

MXN

2,372

07/22/26

—

Citigroup

USD

283

MXN

4,946

07/22/26

(1)

Citigroup

USD

PHP

1,007

07/22/26

—

Citigroup

USD

514

PHP

31,221

07/22/26

(6)

Citigroup

USD

566

PHP

34,469

07/22/26

(5)

Citigroup

USD

THB

134

07/22/26

—

Citigroup

USD

800

THB

25,524

07/22/26

(30)

Citigroup

USD

1,080

TRY

52,241

07/22/26

Citigroup

USD

ZAR

216

07/22/26

—

Citigroup

USD

259

ZAR

4,336

07/22/26

Citigroup

USD

527

ZAR

8,759

07/22/26

Citigroup

USD

541

ZAR

9,054

07/22/26

Citigroup

BRL

2,099

USD

408

08/04/26

Citigroup

BRL

2,450

USD

480

08/04/26

Citigroup

BRL

2,941

USD

572

08/04/26

Citigroup

CAD

1,488

USD

1,080

07/22/26

Citigroup

CHF

1,449

USD

1,850

07/22/26

Citigroup

CLP

681,473

USD

750

07/22/26

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

Citigroup

COP

610,560

USD

160

07/22/26

(18)

Citigroup

COP

784,570

USD

212

07/22/26

(17)

Citigroup

COP

802,736

USD

217

07/22/26

(17)

Citigroup

COP

828,723

USD

222

07/22/26

(20)

Citigroup

COP

1,499,667

USD

416

07/22/26

(20)

Citigroup

COP

2,005,211

USD

550

07/22/26

(34)

Citigroup

COP

20,432,292

USD

5,493

07/22/26

(460)

Citigroup

EUR

2,330

GBP

2,020

07/22/26

Citigroup

EUR

219

USD

249

07/22/26

(2)

Citigroup

EUR

241

USD

281

07/22/26

Citigroup

EUR

1,500

USD

1,770

07/22/26

Citigroup

EUR

2,182

USD

2,563

07/22/26

Citigroup

EUR

2,200

USD

2,583

07/22/26

Citigroup

EUR

6,257

USD

7,327

07/22/26

171

Citigroup

EUR

9,350

USD

11,080

07/22/26

388

Citigroup

GBP

EUR

07/22/26

—

Citigroup

GBP

1,595

EUR

1,830

07/22/26

(23)

Citigroup

GBP

2,389

EUR

2,732

07/22/26

(46)

Citigroup

HUF

141,745

USD

457

07/22/26

Citigroup

JPY

21,000

USD

129

07/22/26

—

Citigroup

JPY

152,400

USD

973

07/22/26

Citigroup

JPY

215,919

USD

1,350

07/22/26

Citigroup

JPY

227,603

USD

1,420

07/22/26

Citigroup

JPY

967,221

USD

6,139

07/22/26

181

Citigroup

KZT

36,492

USD

07/22/26

(2)

Citigroup

KZT

47,578

USD

07/22/26

(3)

Citigroup

KZT

47,952

USD

07/22/26

(3)

Citigroup

KZT

141,549

USD

284

07/22/26

(10)

Citigroup

MXN

2,095

USD

120

07/22/26

—

Citigroup

MXN

5,238

USD

303

07/22/26

Citigroup

MXN

39,102

USD

2,227

07/22/26

(5)

Citigroup

PHP

16,402

USD

270

07/22/26

Citigroup

PHP

50,295

USD

833

07/22/26

Citigroup

THB

25,658

USD

801

07/22/26

Citigroup

ZAR

USD

07/22/26

—

Citigroup

ZAR

2,009

USD

122

07/22/26

—

Citigroup

ZAR

6,222

USD

377

07/22/26

(2)

Citigroup

ZAR

6,966

USD

426

07/22/26

Citigroup

ZAR

7,142

USD

433

07/22/26

(2)

JPMorgan

Chase

EUR

16,151

USD

18,611

09/23/26

Royal

Bank

Canada

GBP

USD

09/23/26

—

State

Street

USD

2,171

EUR

1,900

09/23/26

State

Street

EUR

USD

09/23/26

—

State

Street

GBP

3,323

USD

4,464

09/23/26

Total

Unrealized

Appreciation

(Depreciation)

Open

Foreign

Currency

Exchange

Contracts

631

Interest

Rate

Swap

Contracts

Amounts

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Fair

Value

Citigroup

EUR

2,995

2.724%

(4)

EURIBOR

(3)

04/17/28

—

Citigroup

EUR

5,991

2.721%

(4)

EURIBOR

(3)

04/17/28

—

Citigroup

EUR

534

2.718%

(4)

EURIBOR

(3)

04/20/28

—

Citigroup

EUR

2,771

2.720%

(4)

EURIBOR

(3)

04/24/28

—

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Interest

Rate

Swap

Contracts

Amounts

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Fair

Value

Citigroup

EUR

1,079

2.747%

(4)

EURIBOR

(3)

04/29/28

—

Citigroup

EUR

1,079

2.738%

(4)

EURIBOR

(3)

04/29/28

—

Citigroup

EUR

1,081

2.823%

(4)

EURIBOR

(3)

05/04/28

—

Citigroup

EUR

2,162

2.842%

(4)

EURIBOR

(3)

05/04/28

—

Citigroup

EUR

7,500

2.835%

(4)

EURIBOR

(3)

06/08/28

—

Citigroup

EUR

6,318

2.746%

(4)

EURIBOR

(3)

06/17/28

—

Citigroup

BRL

2,780

14.478%

(4)

Brazil

Interbank

Deposit

Rate

(4)

01/02/31

—

Citigroup

BRL

4,520

12.845%

(4)

Brazil

Interbank

Deposit

Rate

(4)

01/02/31

—

(48)

Citigroup

BRL

4,520

12.783%

(4)

Brazil

Interbank

Deposit

Rate

(4)

01/02/31

—

(50)

Citigroup

BRL

5,381

13.150%

(4)

Brazil

Interbank

Deposit

Rate

(4)

01/02/31

—

(45)

Citigroup

BRL

6,125

14.050%

(4)

Brazil

Interbank

Deposit

Rate

(4)

01/02/31

—

Citigroup

BRL

16,245

13.100%

(4)

Brazil

Interbank

Deposit

Rate

(4)

01/02/31

—

(144)

Citigroup

USD

9,194

Consumer

Price

Index

(4)

2.624%

(4)

04/27/31

—

Citigroup

USD

1,876

Consumer

Price

Index

(4)

2.670%

(4)

04/28/31

—

(4)

Citigroup

USD

940

Consumer

Price

Index

(4)

2.623%

(4)

05/29/31

—

(5)

Citigroup

USD

4,720

Consumer

Price

Index

(4)

2.638%

(4)

05/29/31

—

(29)

Citigroup

USD

2,360

Consumer

Price

Index

(4)

2.675%

(4)

06/01/31

—

(19)

Citigroup

EUR

620

EURIBOR

(3)

3.250%

(4)

08/15/56

—

(23)

Citigroup

EUR

750

EURIBOR

(3)

3.245%

(4)

08/15/56

—

(27)

Citigroup

EUR

750

EURIBOR

(3)

3.251%

(4)

08/15/56

—

(28)

Citigroup

EUR

750

EURIBOR

(3)

3.248%

(4)

08/15/56

—

(28)

Citigroup

EUR

1,990

EURIBOR

(3)

3.254%

(4)

08/15/56

—

(77)

Total

Open

Interest

Rate

Swap

Contracts

(å)

—

(465)

Credit

Default

Swap

Contracts

Amounts

thousands

Sovereign

Issues

Purchase

Protection

Reference

Entity

Counterparty

Implied

Credit

Spread

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

Fair

Value

Mexico

Government

International

Bond

Barclays

0.854%

USD

2,933

(1.000%)

(2)

06/20/31

(34)

(20)

Total

Open

Sovereign

Issues

Purchase

Protection

Contracts

(34)

(20)

Total

Open

Credit

Default

Swap

Contracts

(å)

(34)

(20)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Presentation

Portfolio

Holdings

Amounts

thousands

Fair

Value

Portfolio

Summary

Level

Practical

Expedient

(a)

Total

Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

—

50,314

—

50,314

Corporate

Bonds

and

Notes

—

223,679

—

223,679

International

Debt

—

104,867

—

104,867

Mortgage-Backed

Securities

—

201,083

—

201,083

Non-US

Bonds

—

41,674

—

41,674

United

States

Government

Agencies

—

1,179

—

1,179

United

States

Government

Treasuries

—

88,977

—

88,977

Investments

Affiliated

Funds

12,725

—

12,725

Short-Term

Investments

—

67,137

—

55,350

122,487

Total

Investments

12,725

778,910

—

55,350

846,985

Other

Financial

Instruments

Assets

Futures

Contracts

3,995

—

3,995

Foreign

Currency

Exchange

Contracts

—

1,735

—

1,735

Interest

Rate

Swap

Contracts

—

Liabilities

Futures

Contracts

(653)

—

(653)

Foreign

Currency

Exchange

Contracts

—

(1,104)

—

(1,104)

Interest

Rate

Swap

Contracts

—

(527)

—

(527)

Credit

Default

Swap

Contracts

—

(20)

—

(20)

Total

Other

Financial

Instruments

3,342

146

—

3,488

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

the

investments.

(a)

Certain

investments

that

are

measured

fair

value

using

the

net

asset

value

per

(or

its

equivalent)

practical

expedient

have

not

been

classified

the

fair

value

levels.

The

fair

value

amounts

presented

the

table

are

intended

permit

reconciliation

the

amounts

presented

the

Schedule

Investments.

For

description

the

Levels,

see

note

the

Notes

Financial

Statements.

For

disclosure

transfers

into

and

out

Level

during

the

period

ended

June

30,

2026,

any,

see

note

the

Notes

Financial

Statements.

Investments

which

significant

unobservable

inputs

(Level

were

used

determining

fair

value

June

30,

2026,

any,

were

less

than

net

assets.

Amounts

thousands

Country

Exposure

Fair

Value

Net

Assets

Australia

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

4,033

0.5

Bermuda

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

3,563

0.4

Brazil

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

1,086

0.1

Canada

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

13,806

1.6

Cayman

Islands

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

15,089

1.8

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

Country

Exposure

Fair

Value

Net

Assets

Chile

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

1,300

0.2

China

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

2,742

0.3

Colombia

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

4,908

0.6

Denmark

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

1,187

0.1

Finland

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

722

0.1

France

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

19,443

2.3

Germany

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

4,136

0.5

Hungary

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

464

0.1

Iceland

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

1,845

0.2

India

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

2,827

0.3

Indonesia

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

1,477

0.2

Ireland

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

15,319

1.8

Italy

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

3,935

0.5

Japan

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

8,873

1.0

Jersey

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

5,372

0.6

Luxembourg

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

3,310

0.4

Mexico

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

17,208

2.0

Netherlands

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

351

—**

Norway

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

1,122

0.1

Peru

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

1,114

0.1

South

Korea

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

3,431

0.4

Spain

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

1,081

0.1

Switzerland

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

1,767

0.2

Thailand

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

940

0.1

Turkey

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

1,599

0.2

United

Kingdom

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

15,098

1.8

United

States

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

687,837

80.7

Total

Investments

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

846,985

99.3

Less

than

.05%

net

assets.

Russell

Investment

Funds

Strategic

Bond

Fund

Fair

Value

Derivative

Instruments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

Derivatives

not

accounted

for

hedging

instruments

Credit

Contracts

Foreign

Currency

Contracts

Interest

Rate

Contracts

Location:

Statement

Assets

and

Liabilities

Assets

Unrealized

appreciation

foreign

currency

exchange

contracts

—

1,735

—

Variation

margin

futures

contracts*

—

183

3,812

Interest

rate

swap

contracts,

fair

value

—

Total

—

1,918

3,874

Location:

Statement

Assets

and

Liabilities

Variation

margin

futures

contracts*

—

161

492

Unrealized

depreciation

foreign

currency

exchange

contracts

—

1,104

—

Interest

rate

swap

contracts,

fair

value

—

527

Credit

default

swap

contracts,

fair

value

—

Total

1,265

1,019

Derivatives

not

accounted

for

hedging

instruments

Credit

Contracts

Foreign

Currency

Contracts

Interest

Rate

Contracts

Location:

Statement

Operations

Net

realized

gain

(loss)

Futures

contracts

—

(9,427)

Interest

rate

swap

contracts

—

Credit

default

swap

contracts

(622)

—

Foreign

currency

exchange

contracts

—

2,825

—

Total

(622)

2,837

(9,331)

Location:

Statement

Operations

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

—

4,538

Interest

rate

swap

contracts

—

(508)

Credit

default

swap

contracts

—

Foreign

currency

exchange

contracts

—

(1,614)

—

Total

(1,534)

4,030

Includes

cumulative

appreciation

(depreciation)

futures

contracts

reported

the

Schedule

Investments.

Only

variation

margin

reported

within

the

Statement

Assets

and

Liabilities.

For

further

disclosure

derivatives

see

note

the

Notes

Financial

Statements.

Russell

Investment

Funds

Strategic

Bond

Fund

Balance

Sheet

Offsetting

Financial

and

Derivative

Instruments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

Offsetting

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

Assets

and

Liabilities

Assets

Gross

Amounts

Recognized

Assets

Gross

Amounts

Offset

the

Statement

Assets

and

Liabilities

Net

Amounts

Assets

Presented

the

Statement

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

foreign

currency

exchange

contracts

1,735

—

1,735

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

fair

value

—

Total

Financial

and

Derivative

Assets

1,797

—

1,797

Financial

and

Derivative

Assets

not

subject

netting

agreement

—

Total

Financial

and

Derivative

Assets

subject

netting

agreement

1,797

—

1,797

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

Counterparty

Gross

Amounts

Not

Offset

the

Statement

Assets

and

Liabilities

Counterparty

Net

Amounts

Assets

Presented

the

Statement

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Received^

Net

Amount

Citigroup

1,6

1,631

—

JPMorgan

Chase

—

State

Street

—

Total

1,797

1,631

—

166

Russell

Investment

Funds

Strategic

Bond

Fund

Balance

Sheet

Offsetting

Financial

and

Derivative

Instruments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Amounts

thousands

Offsetting

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

Assets

and

Liabilities

Gross

Amounts

Recognized

Liabilities

Gross

Amounts

Offset

the

Statement

Assets

and

Liabilities

Net

Amounts

Liabilities

Presented

the

Statement

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

foreign

currency

exchange

contracts

1,104

—

1,104

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

fair

value

527

—

527

Credit

Default

Swap

Contracts

Credit

default

swap

contracts,

fair

value

—

Total

Financial

and

Derivative

Liabilities

1,651

—

1,651

Financial

and

Derivative

Liabilities

not

subject

netting

agreement

—

Total

Financial

and

Derivative

Liabilities

subject

netting

agreement

1,651

—

1,651

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

Counterparty

Gross

Amounts

Not

Offset

the

Statement

Assets

and

Liabilities

Counterparty

Net

Amounts

Liabilities

Presented

the

Statement

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Pledged^

Net

Amount

Barclays

—

Citigroup

1,631

—

Total

1,651

1,631

—

Collateral

received

pledged

amounts

may

not

reconcile

those

disclosed

the

Statement

Assets

and

Liabilities

due

the

inclusion

off-Balance

Sheet

collateral

and

adjustments

made

exclude

overcollateralization.

For

further

disclosure

derivatives

and

counterparty

risk

see

note

the

Notes

Financial

Statements.

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

(•)

Interest

rate

swap

contracts

premiums

paid

(received)

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

—

Statement

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

thousands

Assets

Investments,

identified

cost

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

865,035

Investments,

fair

value(>)

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

846,985

Cash

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

1,369

Foreign

currency

holdings(^)

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

491

Unrealized

appreciation

foreign

currency

exchange

contracts

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

1,735

Receivables:

Dividends

and

interest

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

6,209

Dividends

from

affiliated

funds

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

132

Investments

sold

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

Fund

sold

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

331

From

broker(a)(b)

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

8,136

Variation

margin

futures

contracts

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

3,350

Prepaid

expenses

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

Interest

rate

swap

contracts,

fair

value

(•)

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

Total

assets

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

868,900

Liabilities

Payables:

Investments

purchased

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

13,557

Fund

redeemed

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

292

Accrued

fees

affiliates

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

416

Other

accrued

expenses

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

134

Unrealized

depreciation

foreign

currency

exchange

contracts

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

1,104

Interest

rate

swap

contracts,

fair

value

(•)

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

527

Credit

default

swap

contracts,

fair

value(+)

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

Total

liabilities

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

16,050

Net

Assets

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

852,850

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

(174,063)

beneficial

interest

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

986

Additional

paid-in

capital

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

1,025,927

Net

Assets

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

852,850

(>)

Investments

affiliates,

Russell

Investments

Core

Plus

Bond

ETF

U.S.

Cash

Management

Fund

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

68,075

(^)

Foreign

currency

holdings

cost

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

491

(a)

Receivable

from

Broker

for

Futures

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

5,280

(b)

Receivable

from

Broker

for

Swaps

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

2,856

(+) Credit

default

swap

contracts

premiums

paid

(received)

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

Net

Asset

Value

offering

and

redemption

price

per

Net

asset

value

per

(#)

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

8.65

Net

assets

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

852,850,485

outstanding

($.01

par

value)

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

98,612,053

(#)

Net

asset

value

per

equals

net

assets

divided

beneficial

interest

outstanding.

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Statement

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

thousands

Investment

Income

Interest

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

19,105

Dividend

distributions

from

affiliated

funds

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

1,020

Total

investment

income

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

20,125

Expenses

Advisory

fees

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

2,352

Administrative

fees

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

214

Custodian

fees

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

Transfer

agent

fees

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

Professional

fees

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

Trustees’

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

2,791

Expense

reductions

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

(48)

Net

expenses

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

2,743

Net

investment

income

(loss)

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

17,382

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(1,515)

Investments

affiliated

funds

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

(6)

Futures

contracts

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

(9,415)

Foreign

currency

exchange

contracts

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

2,825

Interest

rate

swap

contracts

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

Credit

default

swap

contracts

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

(622)

Foreign

currency-related

transactions

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

404

Net

realized

gain

(loss)

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

(8,233)

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

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

(7,992)

Investments

affiliated

funds

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

Futures

contracts

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

4,618

Foreign

currency

exchange

contracts

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

(1,614)

Interest

rate

swap

contracts

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

(508)

Credit

default

swap

contracts

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

Foreign

currency-related

transactions

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

(128)

Net

change

unrealized

appreciation

(depreciation)

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

(5,570)

Net

realized

and

unrealized

gain

(loss)

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

(13,803)

Net

Increase

(Decrease)

Net

Assets

from

Operations

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

3,579

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Statements

Changes

Net

Assets

Amounts

thousands

Period

Ended

June

30,

2026

(Unaudited)

Fiscal

Year

Ended

December

31,

2025

Increase

(Decrease)

Net

Assets

from

Operations

Net

investment

income

(loss)

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

17,382

36,061

Net

realized

gain

(loss)

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

(8,233)

6,209

Net

change

unrealized

appreciation

(depreciation)

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

(5,570)

19,216

Net

increase

(decrease)

net

assets

from

operations

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

3,579

61,486

Distributions

shareholders

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

(8,289)

(39,327)

Net

decrease

net

assets

from

distributions

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

(8,289)

(39,327)

Transactions*

Net

increase

(decrease)

net

assets

from

transactions

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

(15,518)

(13,970)

Total

Net

Increase

(Decrease)

Net

Assets

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

(20,228)

8,189

Net

Assets

Beginning

period

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

873,078

864,889

End

period

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

852,850

873,078

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

follows:

2026

(Unaudited)

2025

Dollars

Proceeds

from

sold

1,331

11,510

3,230

28,015

Proceeds

from

reinvestment

distributions

964

8,289

4,514

39,327

Payments

for

redeemed

(4,074)

(35,317)

(9,344)

(81,312)

Total

increase

(decrease)

(1,779)

(15,518)

(1,600)

(13,970)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Russell

Investment

Funds

Strategic

Bond

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

Outstanding

Throughout

Each

Period.

06/30/26

(ƣ)

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

Per-Share

Data

–

Net

Asset

Value,

Beginning

Period

8.70‌

8.48‌

8.83‌

8.74‌

10.46‌

10.88‌

Income

(loss)

from

investment

operations:

—‌

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.17‌

.36‌

.40‌

.33‌

.18‌

.12‌

Net

Realized

and

Unrealized

Gain

(Loss)

(.14‌)

.26‌

(.33‌)

.01‌

(1.67‌)

(.32‌)

Total

from

Investment

Operations

.03‌

.62‌

.07‌

.34‌

(1.49‌)

(.20‌)

Less

distributions:

–

Distributions

from

Net

Investment

Income

(.08‌)

(.40‌)

(.42‌)

(.25‌)

(.17‌)

(.09‌)

Distributions

from

Net

Realized

Gain

—‌

(.01‌)

(.13‌)

Return

Capital

—‌

(.05‌)

—‌

Total

Distributions

(.08‌)

(.40‌)

(.42‌)

(.25‌)

(.23‌)

(.22‌)

Net

Asset

Value,

End

Period

8.65‌

8.70‌

8.48‌

8.83‌

8.74‌

10.46‌

Total

Return

(±)(ǿ)

.40‌

7.35‌

.83‌

4.02‌

(14.28‌)

(1.82‌)

–

Ratios/Supplemental

Data

–

Net

Assets,

End

Period

(000)

852,850‌

873,078‌

864,889‌

869,188‌

846,669‌

1,025,812‌

Ratio

average

net

assets:

–

Expenses,

Gross

(ɯ)

.65‌

.66‌

Expenses,

Net

(Ƃ)(ɯ)

.64‌

.65‌

.66‌

Net

Investment

Income

(Ƃ)(ɯ)

4.06‌

4.15‌

4.55‌

3.75‌

1.91‌

1.12‌

Portfolio

Turnover

Rate

(ǿ)

30‌

52‌

94‌

85‌

63‌

93‌

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Strategic

Bond

Fund

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

affiliates

June

30,

2026

were

follows:

Federal

Income

Taxes

(Unaudited)

June

30,

2026

the

cost

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

follows:

Advisory

fees

373,052

Administrative

fees

34,992

Transfer

agent

fees

3,080

Trustees'

fees

5,186

416,310

Transactions

(amounts

thousands)

during

the

period

ended

June

30,

2026

with

underlying

funds

which

are,

were,

affiliated

company

are

follows:

Fair

Value,

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

Unrealized

Gain

(Loss)

Fair

Value,

End

Period

Dividend

Distributions

Capital

Gains

Distributions

Russell

Investments

Core

Plus

Bond

ETF

—

12,700

—

12,725

—

U.S.

Cash

Management

Fund

66,605

297,283

308,519

(6)

(13)

55,350

1,020

—

66,605

309,983

308,519

(6)

68,075

1,020

—

Cost

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

868,098,476

9,622,933

(27,258,455)

(17,635,522)

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Global

Real

Estate

Securities

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Common

Stocks

96.0%

Australia

5.8%

Charter

Hall

Group(ö)

52,160

829

Dexus(ö)

861,366

3,228

Gemlife

Communities

Group

137,072

436

Goodman

Group(ö)

1,167,217

25,303

HomeCo

Daily

Needs

REIT(ö)(Þ)

1,657,456

1,466

Ingenia

Communities

Group(ö)

1,072,680

3,297

Mirvac

Group(ö)

1,914,713

2,286

NEXTDC,

Ltd.(Æ)

537,028

5,456

Scentre

Group(ö)

4,666,147

12,498

Stockland(ö)

1,292,624

3,663

Vicinity,

Ltd.(ö)

599,911

1,068

59,530

Belgium

1.4%

Aedifica

SA(ö)

72,139

5,821

Montea

NV(ö)

7,493

573

Shurgard

Self

Storage,

Ltd.(ö)

52,048

1,523

VGP

13,095

1,261

Warehouses

Pauw

CVA(ö)

195,630

4,934

14,112

Canada

1.4%

Chartwell

Retirement

Residences

323,160

5,092

Granite

Real

Estate

Investment

Trust(ö)

58,327

3,940

RioCan

Real

Estate

Investment

Trust(ö)

322,206

5,155

14,187

China

0.1%

GDS

Holdings,

Ltd.

Class

A(Æ)

172,700

636

France

2.3%

Covivio

SA(ö)

31,484

1,929

Klepierre

SA(ö)

168,084

7,027

Mercialys

SA(ö)

140,879

1,888

Unibail

Rodamco

-Westfield(ö)

115,280

13,484

24,328

Germany

1.9%

Sirius

Real

Estate,

Ltd.(ö)

2,621,689

3,364

TAG

Immobilien

637,764

10,284

Vonovia

263,657

6,506

20,154

Hong

Kong

2.7%

Asset

Holdings,

Ltd.

205,500

1,163

Henderson

Land

Development

Co.,

Ltd.

430,000

1,365

Hongkong

Land

Holdings,

Ltd.

486,600

3,482

Hysan

Development

Co.,

Ltd.

156,000

329

Link

REIT(ö)

1,712,743

7,990

Sun

Hung

Kai

Properties,

Ltd.

865,052

12,467

SUNeVision

Holdings,

Ltd.

790,000

441

Swire

Properties,

Ltd.

382,800

1,006

28,243

Israel

0.2%

Melisron

Ltd.

12,637

1,775

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Japan

7.6%

Daiwa

Securities

Living

Investments

Corp.(ö)

2,998

1,837

GLP

J-REIT(ö)

2,900

2,455

Hoshino

Resorts

REIT,

Inc.(ö)

861

1,274

Japan

Hotel

REIT

Investment

Corp.(ö)

1,189

582

Japan

Metropolitan

Fund

Investment

Corp.(ö)

8,324

5,751

Japan

Real

Estate

Investment

Corp.(ö)

7,307

5,218

KDX

Realty

Investment

Corp.

Class

A(ö)

4,543

4,343

Keihanshin

Building

Co.,

Ltd.

271,400

1,809

Mitsubishi

Estate

Co.,

Ltd.

338,592

8,618

Mitsui

Fudosan

Accommodations

Fund,

Inc.(ö)

1,460

1,094

Mitsui

Fudosan

Co.,

Ltd.

1,850,933

17,052

Mitsui

Fudosan

Logistics

Park,

Inc.(ö)

5,171

3,433

Nippon

Building

Fund,

Inc.(ö)

4,647

3,595

Nippon

Prologis

REIT,

Inc.(ö)

7,695

4,115

Nomura

Real

Estate

Master

Fund,

Inc.(ö)

4,609

4,313

Sumitomo

Realty

Development

Co.,

Ltd.

567,500

13,056

78,545

Netherlands

0.1%

CTP

NV(Þ)

40,025

731

Singapore

3.0%

CapitaLand

Ascendas

REIT(ö)

1,114,100

2,149

CapitaLand

Integrated

Commercial

Trust

Class

A(ö)

7,512,049

13,808

Capitaland

Investment,

Ltd.

2,198,400

4,244

Centurion

Accommodation

REIT(ö)

4,376,100

3,595

Digital

Core

REIT

Management

Pte,

Ltd.

(ö)

3,065,300

1,550

Keppel

REIT(ö)

462,000

308

Lendlease

Global

Commercial

REIT(ö)

876,900

387

Mapletree

Logistics

Trust(ö)

484,000

457

Mapletree

Pan

Asia

Commercial

Trust(Æ)

(ö)

724,800

725

UOL

Group,

Ltd.

491,200

3,627

30,850

Spain

0.5%

Merlin

Properties

Socimi

SA(ö)

303,011

5,314

Sweden

0.9%

Atrium

Ljungberg

Class

195,344

530

Castellum

85,133

1,118

Catena

56,566

2,429

Fastighets

Balder

Class

481,010

2,566

Swedish

Logistic

Property

Class

B(Æ)

224,916

871

Wihlborgs

Fastigheter

268,884

2,086

9,600

Switzerland

1.0%

Swiss

Prime

Site

Class

62,623

10,220

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Global

Real

Estate

Securities

Fund

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

United

Kingdom

4.0%

Big

Yellow

Group

PLC(ö)

268,421

3,215

British

Land

Co.

PLC

(The)(ö)

998,136

5,482

Grainger

PLC(ö)

511,423

1,152

Hammerson

PLC(ö)

178,144

875

Land

Securities

Group

PLC(ö)

613,315

5,299

LondonMetric

Property

PLC(ö)

3,083,958

7,708

PRS

REIT

PLC

(The)(ö)(Š)

53,079

Safestore

Holdings

PLC(ö)

130,520

1,062

Segro

PLC(ö)

1,287,081

14,956

Shaftesbury

Capital

PLC(ö)

156,534

287

Unite

Group

PLC

(The)(ö)

195,039

1,316

41,353

United

States

63.1%

Agree

Realty

Corp.(ö)

191,752

14,523

Blackstone

Digital

Infrastructure

Trust

Inc.(Æ)(ö)

121,831

2,635

Boyd

Gaming

Corp.

25,538

2,256

Brixmor

Property

Group,

Inc.(ö)

178,704

5,635

BXP,

Inc.(ö)

119,544

7,927

Camden

Property

Trust(ö)

83,903

9,606

CareTrust

REIT,

Inc.(ö)

156,499

6,315

Cousins

Properties,

Inc.(ö)

61,983

1,858

Crown

Castle,

Inc.(ö)

110,067

8,335

Curbline

Properties

Corp.(ö)

119,629

3,637

Digital

Realty

Trust,

Inc.(ö)

203,510

36,546

EastGroup

Properties,

Inc.(ö)

30,703

6,218

Equinix,

Inc.(ö)

46,542

48,515

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

94,828

6,112

Equity

Residential(ö)

345,661

23,481

Essential

Properties

Realty

Trust,

Inc.(ö)

291,829

8,711

Essex

Property

Trust,

Inc.(ö)

51,024

14,878

Extra

Space

Storage,

Inc.(ö)

137,830

20,027

Federal

Realty

Investment

Trust(ö)

60,191

7,430

First

Industrial

Realty

Trust,

Inc.(ö)

124,748

7,648

Gaming

and

Leisure

Properties,

Inc.(ö)

319,595

14,232

Healthcare

Realty

Trust,

Inc.(ö)

622,247

12,551

Healthpeak

Properties,

Inc.(ö)

146,725

3,140

Highwoods

Properties,

Inc.(ö)

39,951

1,205

Host

Hotels

Resorts,

Inc.(ö)

675,830

16,024

Hudson

Pacific

Properties,

Inc.(Æ)(ö)

67,686

1,028

Invitation

Homes,

Inc.(ö)

549,672

16,606

Iron

Mountain,

Inc.(ö)

150,332

18,988

Janus

Living,

Inc.(ö)

178,143

5,120

Kilroy

Realty

Corp.(ö)

33,542

1,257

Kimco

Realty

Corp.(ö)

381,154

9,662

Kite

Realty

Group

Trust(ö)

154,172

4,375

Macerich

Co.

(The)(ö)

296,401

7,466

National

Storage

Affiliates

Trust(ö)

158,298

7,040

NETSTREIT

Corp.(ö)

116,802

2,468

Omega

Healthcare

Investors,

Inc.(ö)

196,511

9,370

Outfront

Media,

Inc.(ö)

125,221

4,102

PACS

Group,

Inc.(Æ)

39,186

1,671

Piedmont

Realty

Trust,

Inc.

Class

A(Æ)

(ö)

187,696

1,717

Prologis,

Inc.(ö)

386,295

52,331

Amounts

thousands

(except

amounts)

Principal

Amount

($)

Fair

Value

Public

Storage(ö)

66,326

21,112

Rayonier,

Inc.(ö)

108,703

2,313

Realty

Income

Corp.(ö)

181,479

11,244

Regency

Centers

Corp.(ö)

53,769

4,288

SBA

Communications

Corp.(ö)

6,946

1,226

Simon

Property

Group,

Inc.(ö)

131,382

29,384

Green

Realty

Corp.(ö)

55,124

2,854

Sun

Communities,

Inc.(ö)

160,639

19,262

Terreno

Realty

Corp.(ö)

23,611

1,529

UDR,

Inc.(ö)

157,490

6,287

Urban

Edge

Properties(ö)

79,202

1,812

Ventas,

Inc.(ö)

204,963

18,201

Vornado

Realty

Trust(ö)

268,916

10,568

Welltower,

Inc.(ö)

362,627

82,306

Carey,

Inc.(ö)

109,481

7,828

652,860

Total

Common

Stocks

(cost

$739,100)

992,438

Short-Term

Investments

3.4%

United

States

3.4%

U.S.

Cash

Management

Fund(@)

34,696,370

(∞)

34,686

Total

Short-Term

Investments

(cost

$34,687)

34,686

Total

Investments

99.4%

(identified

cost

$773,787)

1,027,124

Other

Assets

and

Liabilities,

Net

0.6%

6,702

Net

Assets

100.0%

1,033,826

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Global

Real

Estate

Securities

Fund

Restricted

Securities

Amounts

thousands

(except

and

cost

per

unit

amounts)

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

0.2%

CTP

05/24/21

EUR

40,025

13.82

553

731

HomeCo

Daily

Needs

REIT

09/04/25

AUD

1,657,456

0.91

1,504

1,466

2,197

For

description

restricted

securities

see

note

the

Notes

Financial

Statements.

Futures

Contracts

Amounts

thousands

(except

contract

amounts

)

Number

Contracts

Notional

Amount

Expiration

Date

Value

and

Unrealized

Appreciation

(Depreciation)

Long

Positions

Dow

Jones

U.S.

Real

Estate

Index

Futures

989

USD

38,344

09/26

(734)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

Open

Futures

Contracts

(å)

(734)

Foreign

Currency

Exchange

Contracts

Amounts

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

Royal

Bank

Canada

CAD

430

USD

303

07/02/26

(1)

Royal

Bank

Canada

EUR

270

USD

308

07/01/26

—

Royal

Bank

Canada

JPY

76,527

USD

471

07/01/26

—

Total

Unrealized

Appreciation

(Depreciation)

Open

Foreign

Currency

Exchange

Contracts

(1)

Presentation

Portfolio

Holdings

Amounts

thousands

Fair

Value

Portfolio

Summary

Level

Practical

Expedient

(a)

Total

Common

Stocks

Australia

—

59,530

—

59,530

Belgium

—

14,112

—

14,112

Canada

14,187

—

14,187

China

—

636

—

636

France

—

24,328

—

24,328

Germany

—

20,154

—

20,154

Hong

Kong

—

28,243

—

28,243

Israel

—

1,775

—

1,775

Japan

—

78,545

—

78,545

Netherlands

—

731

—

731

Singapore

—

30,850

—

30,850

Spain

—

5,314

—

5,314

Sweden

—

9,600

—

9,600

Switzerland

—

10,220

—

10,220

United

Kingdom

—

41,352

—

41,353

United

States

652,860

—

652,860

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Global

Real

Estate

Securities

Fund

Presentation

Portfolio

Holdings

Amounts

thousands

Fair

Value

Portfolio

Summary

Level

Practical

Expedient

(a)

Total

Short-Term

Investments

—

34,686

Total

Investments

667,047

325,390

34,686

1,027,124

Other

Financial

Instruments

Liabilities

Futures

Contracts

(734)

—

(734)

Foreign

Currency

Exchange

Contracts

(1)

—

(1)

Total

Other

Financial

Instruments

(735)

—

(735)

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

the

investments.

(a)

Certain

investments

that

are

measured

fair

value

using

the

net

asset

value

per

(or

its

equivalent)

practical

expedient

have

not

been

classified

the

fair

value

levels.

The

fair

value

amounts

presented

the

table

are

intended

permit

reconciliation

the

amounts

presented

the

Schedule

Investments.

For

description

the

Levels,

see

note

the

Notes

Financial

Statements.

For

disclosure

transfers

into

and

out

Level

during

the

period

ended

June

30,

2026,

any,

see

note

the

Notes

Financial

Statements.

Investments

which

significant

unobservable

inputs

(Level

were

used

determining

fair

value

June

30,

2026,

any,

were

less

than

net

assets.

Amounts

thousands

Property

Sector

Exposure

Fair

Value

Net

Assets

Common

Stocks

Data

Centers

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

3,076

Diversified

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

189,293

Healthcare

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

138,645

Industrial

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

136,607

Lodging/Resorts

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

34,367

Office

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

56,158

Residential

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

121,835

Retail

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

161,670

Self

Storage

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

53,978

Technology

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

96,809

Short-Term

Investments

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

34,686

Total

Investments

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

1,027,124

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Fair

Value

Derivative

Instruments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Global

Real

Estate

Securities

Fund

Amounts

thousands

Derivatives

not

accounted

for

hedging

instruments

Equity

Contracts

Foreign

Currency

Contracts

Location:

Statement

Assets

and

Liabilities

Variation

margin

futures

contracts*

734

—

Unrealized

depreciation

foreign

currency

exchange

contracts

—

Total

734

Derivatives

not

accounted

for

hedging

instruments

Equity

Contracts

Foreign

Currency

Contracts

Location:

Statement

Operations

Net

realized

gain

(loss)

Futures

contracts

4,293

—

Foreign

currency

exchange

contracts

—

(6)

Total

4,293

(6)

Location:

Statement

Operations

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

(745)

—

Foreign

currency

exchange

contracts

—

(4)

Total

(745)

(4)

Includes

cumulative

appreciation/depreciation

futures

contracts

reported

the

Schedule

Investments.

Only

variation

margin

reported

within

the

Statement

Assets

and

Liabilities.

For

further

disclosure

derivatives

see

note

the

Notes

Financial

Statements.

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Balance

Sheet

Offsetting

Financial

and

Derivative

Instruments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Global

Real

Estate

Securities

Fund

Amounts

thousands

Offsetting

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

Assets

and

Liabilities

Gross

Amounts

Recognized

Liabilities

Gross

Amounts

Offset

the

Statement

Assets

and

Liabilities

Net

Amounts

Liabilities

Presented

the

Statement

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

foreign

currency

exchange

contracts

—

Total

Financial

and

Derivative

Liabilities

—

Financial

and

Derivative

Liabilities

not

subject

netting

agreement

(1)

—

(1)

Total

Financial

and

Derivative

Liabilities

subject

netting

agreement

—

For

further

disclosure

derivatives

and

counterparty

risk

see

note

the

Notes

Financial

Statements.

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Global

Real

Estate

Securities

Fund

Statement

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

thousands

Assets

Investments,

identified

cost

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

773,787

Investments,

fair

value(>)

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

1,027,124

Foreign

currency

holdings(^)

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

2,320

Receivables:

Dividends

and

interest

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

3,710

Dividends

from

affiliated

funds

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

104

Investments

sold

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

4,682

Fund

sold

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

Foreign

capital

gains

taxes

recoverable

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

386

From

broker(a)

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

2,787

Prepaid

expenses

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

Total

assets

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

1,041,160

Liabilities

Payables:

Investments

purchased

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

5,092

Fund

redeemed

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

659

Accrued

fees

affiliates

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

725

Other

accrued

expenses

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

126

Variation

margin

futures

contracts

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

731

Unrealized

depreciation

foreign

currency

exchange

contracts

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

Total

liabilities

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

7,334

Net

Assets

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

1,033,826

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

136,892

beneficial

interest

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

686

Additional

paid-in

capital

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

896,248

Net

Assets

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

1,033,826

(>)

Investments

affiliates,

U.S.

Cash

Management

Fund

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

34,686

(^)

Foreign

currency

holdings

cost

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

2,319

(a)

Receivable

from

Broker

for

Futures

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

2,787

Net

Asset

Value

offering

and

redemption

price

per

Net

asset

value

per

(#)

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

15.07

Net

assets

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

1,033,826,183

outstanding

($.01

par

value)

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

68,616,243

(#)

Net

asset

value

per

equals

net

assets

divided

beneficial

interest

outstanding.

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Global

Real

Estate

Securities

Fund

Statement

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

thousands

Investment

Income

Dividends

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

20,383

Dividend

distributions

from

affiliated

funds

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

571

Interest

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

Less

foreign

taxes

withheld

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

(736)

Total

investment

income

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

20,263

Expenses

Advisory

fees

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

4,054

Administrative

fees

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

253

Custodian

fees

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

Transfer

agent

fees

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

Professional

fees

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

Trustees’

fees

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

Printing

fees

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

Miscellaneous

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

Total

expenses

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

4,576

Net

investment

income

(loss)

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

15,687

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

19,284

Investments

affiliated

funds

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

(2)

Futures

contracts

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

4,293

Foreign

currency

exchange

contracts

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

(6)

Foreign

currency-related

transactions

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

(99)

Net

realized

gain

(loss)

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

23,470

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

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

53,869

Investments

affiliated

funds

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

(11)

Futures

contracts

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

(745)

Foreign

currency

exchange

contracts

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

(4)

Foreign

currency-related

transactions

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

(2)

Net

change

unrealized

appreciation

(depreciation)

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

53,107

Net

realized

and

unrealized

gain

(loss)

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

76,577

Net

Increase

(Decrease)

Net

Assets

from

Operations

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

92,264

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Global

Real

Estate

Securities

Fund

Statements

Changes

Net

Assets

Amounts

thousands

Period

Ended

June

30,

2026

(Unaudited)

Fiscal

Year

Ended

December

31,

2025

Increase

(Decrease)

Net

Assets

from

Operations

Net

investment

income

(loss)

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

15,687

23,316

Net

realized

gain

(loss)

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

23,470

3,225

Net

change

unrealized

appreciation

(depreciation)

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

53,107

52,991

Net

increase

(decrease)

net

assets

from

operations

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

92,264

79,532

Distributions

shareholders

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

(3,709)

(41,146)

Net

decrease

net

assets

from

distributions

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

(3,709)

(41,146)

Transactions*

Net

increase

(decrease)

net

assets

from

transactions

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

(34,055)

12,124

Total

Net

Increase

(Decrease)

Net

Assets

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

54,500

50,510

Net

Assets

Beginning

period

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

979,326

928,816

End

period

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

1,033,826

979,326

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

follows:

2026

(Unaudited)

2025

Dollars

Proceeds

from

sold

663

9,676

2,342

31,887

Proceeds

from

reinvestment

distributions

261

3,709

2,995

41,146

Payments

for

redeemed

(3,216)

(47,440)

(4,443)

(60,909)

Total

increase

(decrease)

(2,292)

(34,055)

894

12,124

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Global

Real

Estate

Securities

Fund

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

Outstanding

Throughout

Each

Period.

06/30/26

(ƣ)

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

Per-Share

Data

–

Net

Asset

Value,

Beginning

Period

13.81‌

13.27‌

13.39‌

12.34‌

17.22‌

14.37‌

Income

(loss)

from

investment

operations:

—‌

Net

Investment

Income

(Loss)

(Ƃ)

(ƥ)

.23‌

.33‌

.32‌

.35‌

.28‌

.36‌

Net

Realized

and

Unrealized

Gain

(Loss)

1.08‌

.80‌

(.13‌)

.93‌

(4.86‌)

3.44‌

Total

from

Investment

Operations

1.31‌

1.13‌

.19‌

1.28‌

(4.58‌)

3.80‌

Less

distributions:

–

Distributions

from

Net

Investment

Income

(.05‌)

(.59‌)

(.31‌)

(.23‌)

(.11‌)

(.78‌)

Distributions

from

Net

Realized

Gain

—‌

(.12‌)

(.17‌)

Return

Capital

—‌

(.07‌)

—‌

Total

Distributions

(.05‌)

(.59‌)

(.31‌)

(.23‌)

(.30‌)

(.95‌)

Net

Asset

Value,

End

Period

15.07‌

13.81‌

13.27‌

13.39‌

12.34‌

17.22‌

Total

Return

(±)(ǿ)

9.53‌

8.59‌

1.42‌

10.55‌

(26.77‌)

27.19‌

–

Ratios/Supplemental

Data

–

Net

Assets,

End

Period

(000)

1,033,826‌

979,326‌

928,816‌

949,562‌

859,585‌

1,145,337‌

Ratio

average

net

assets:

–

Expenses,

Gross

(ɯ)

.90‌

.91‌

.90‌

.91‌

Expenses,

Net

(Ƃ)

(ɯ)

.90‌

.91‌

.90‌

.91‌

Net

Investment

Income

(Ƃ)

(ɯ)

3.10‌

2.42‌

2.41‌

2.82‌

1.99‌

2.22‌

Portfolio

Turnover

Rate

(ǿ)

43‌

67‌

74‌

63‌

68‌

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Global

Real

Estate

Securities

Fund

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

affiliates

June

30,

2026

were

follows:

Federal

Income

Taxes

(Unaudited)

June

30,

2026,

the

cost

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

follows:

Advisory

fees

674,774

Administrative

fees

42,173

Transfer

agent

fees

3,712

Trustees'

fees

4,627

725,286

Transactions

(amounts

thousands)

during

the

period

ended

June

30,

2026

with

underlying

fund

which

is,

was,

affiliated

company

are

follows:

Fair

Value,

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

Unrealized

Gain

(Loss)

Fair

Value,

End

Period

Dividend

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

53,494

129,744

148,539

(2)

(11)

34,686

571

—

Cost

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

813,364,137

221,828,011

(8,802,412)

213,025,599

Russell

Investment

Funds

Notes

Schedules

Investments

—

June

30,

2026

(Unaudited)

100

Notes

Schedules

Investments

Footnotes:

Abbreviations:

ADR

American

Depositary

Receipt

ADS

American

Depositary

AONIA

Australian

Overnight

Index

Average

BBR

Bank

Bill

Rate

BBSW

Bank

Bill

Swap

Reference

Rate

BDR

Brazilian

Depository

Receipts

BUBOR

Budapest

Interbank

Offered

Rate

CDR

Canadian

Depository

Receipts

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

DDR

Deutsche

Depository

Receipts

EBITDA

Earnings

Before

Interest,

Taxes,

Depreciation,

and

Amortization

EDR

European

Depository

Receipts

EMU

European

Economic

and

Monetary

Union

EURIBOR

Euro

Interbank

Offered

Bank

(Æ)

Non-income

producing

security.

(Ï)

Forward

commitment.

(Ê)

Variable,

adjustable

floating

rate

security.

Rate

shown

reflects

rate

effect

period

end.

(ƒ)

Perpetual

floating

rate

security.

Rate

shown

reflects

rate

effect

period

end.

(ö)

Real

Estate

Investment

Trust

(REIT).

(µ)

Bond

insured

guarantor.

(Ø)

default.

(ç)

amortized

cost,

which

approximates

fair

value.

(ž)

Rate

noted

yield-to-maturity

from

date

acquisition.

(æ)

Pre-refunded:

These

bonds

are

collateralized

U.S.

Treasury

securities,

which

are

held

escrow

trustee

and

used

pay

principal

and

interest

the

tax-exempt

issue

and

retire

the

bonds

full

the

earliest

refunding

date.

(§)

All

portion

the

this

security

are

pledged

collateral

connection

with

futures

contracts

purchased

(sold)

swap

contracts

entered

into

the

Fund.

(Ñ)

All

portion

the

this

security

are

loan.

(Þ)

Restricted

security.

Security

may

have

contractual

restrictions

resale,

may

have

been

offered

private

placement

transaction,

and

not

registered

under

the

Securities

Act

1933,

amended

(“the

Act”).

The

most

common

types

restricted

securities

are

those

sold

under

Rule

144A

the

Act

and

commercial

paper

sold

under

Section

4(2)

the

Act.

(Û)

All

portion

the

this

security

are

pledged

collateral

connection

with

securities

sold

short.

(ÿ)

Notional

amount

thousands.

(∞)

Unrounded

units.

(å)

Currency

balances

were

pledged

connection

with

futures

contracts

purchased

(sold),

options

written,

foreign

currency

exchange

contracts,

swaps

entered

into

the

Fund.

(

All

portion

the

this

security

are

pledged

collateral

connection

with

options

written

contracts.

(

Š)

Value

was

determined

using

significant

unobservable

inputs.

(~)

Rate

fluctuates

based

various

factors

such

changes

current

rates

and

prepayments

the

underlying

assets,

changes

the

Consumer

Price

Index

(CPI)

other

contractual

arrangements.

(@)

Affiliate.

(Ÿ)

Rate

noted

dividend

yield

period

end.

(¢)

Date

shown

reflects

contractual

call

date.

(Œ)

Unfunded

loan

agreement.

(Ð)

All

portion

the

this

security

are

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

termination.

Russell

Investment

Funds

Notes

Schedules

Investments,

continued

—

June

30,

2026

(Unaudited)

Notes

Schedules

Investments

101

EUTA

Eurozone

Tobacco

Index

FDIC

Federal

Deposit

Insurance

Company

GDR

Global

Depositary

Receipt

GDS

Global

Depositary

GSCI

Goldman

Sachs

Commodity

Index

HDR

Hong

Kong

Depository

Receipts

HIBOR

Hong

Kong

Interbank

Offered

Rate

HICP

Harmonized

Index

Consumer

Prices

IDR

International

Depository

Receipts

JDR

Japanese

Depository

Receipts

JIBAR

Johannesburg

Interbank

Agreed

Rate

KSDA

Korean

Securities

Dealers

Association

MIBOR

Mumbai

Interbank

Offered

Rate

NIBOR

Norwegian

Interbank

Offered

Rate

NSA

Not

Seasonally

Adjusted

NSERO

India

National

Stock

Exchange

Offered

Rate

NVDR

Non-Voting

Depository

Receipt

OBFR

Overnight

Bank

Funding

Rate

PIK

Payment

Kind

PRIBOR

Prague

Interbank

Offered

Rate

REMIC

Real

Estate

Mortgage

Investment

Conduit

SDR

Swedish

Depository

Receipts

SGDR

Singapore

Depository

Receipts

SOFR

Secured

Overnight

Financing

Rate

SONIA

Sterling

Overnight

Index

Average

STIBOR

Stockholm

Interbank

Offered

Rate

STRIPS

Separate

Trading

Registered

Interest

and

Principal

Securities

SFE

Sydney

Futures

Exchange

TBA

Announced

Security

TONAR

Tokyo

Overnight

Average

Rate

United

Kingdom

WTI

West

Texas

Intermediate

Foreign

Currency

Abbreviations:

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

Ghanaian

cedi

PHP

Philippine

peso

Russell

Investment

Funds

Notes

Financial

Highlights

—

June

30,

2026

(Unaudited)

102

Notes

Financial

Highlights

(ƣ)

For

the

period

ended

June

30,

2026

(Unaudited).

(Ƃ)

Reflect

amounts

waived

and/or

reimbursed

Russell

Investment

Management,

LLC

("RIM")

and/or

Russell

Investments

Fund

Services,

LLC

("RIFUS").

(ƥ)

Average

daily

outstanding

were

used

for

this

calculation.

(±)

The

total

return

does

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

(ǿ)

The

ratios

returns

for

periods

less

than

one

year

are

not

annualized.

(ɯ)

The

ratios

for

periods

less

than

one

year

are

annualized.

(∆)

For

the

following

funds,

the

respective

annualized

net

expense

ratios,

not

including

the

dividends

and

interest

expense

from

short

sales,

were

follows:

For

the

period

ended

U.S.

Strategic

Equity

Fund

U.S.

Small

Cap

Equity

Fund

June

30,

2026

0.79%

1.01%

December

31,

2025

0.79%

1.02%

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%

Russell

Investment

Funds

Notes

Financial

Statements

—

June

30,

2026

(Unaudited)

Notes

Financial

Statements

103

Organization

Russell

Investment

Funds

(the

“Investment

Company”

“RIF”)

series

investment

company

with

nine

different

investment

portfolios

referred

funds.

These

financial

statements

report

five

these

funds

(each

“Fund”

and

collectively

the

“Funds”).

The

Investment

Company

provides

the

investment

base

for

one

variable

insurance

products

issued

one

insurance

companies.

These

Funds

are

offered

net

asset

value

(“NAV”)

qualified

insurance

company

separate

accounts

offering

variable

insurance

products.

The

Investment

Company

registered

under

the

Investment

Company

Act

1940,

amended

(“Investment

Company

Act”),

open-end

management

investment

company.

organized

and

operated

Massachusetts

business

trust

under

Third

Amended

and

Restated

Master

Trust

Agreement

dated

December

2020,

amended

(“Master

Trust

Agreement”),

and

the

provisions

Massachusetts

law

governing

the

operation

Massachusetts

business

trust.

The

Investment

Company’s

Master

Trust

Agreement

permits

the

Board

Trustees

(the

“Board”)

issue

unlimited

number

beneficial

interest.

Each

the

Funds

diversified.

Under

the

Investment

Company

Act,

diversified

company

defined

management

company

which

meets

the

following

requirements:

least

75%

the

value

its

total

assets

represented

cash

and

cash

items

(including

receivables),

government

securities,

securities

other

investment

companies,

and

other

securities

for

the

purposes

this

calculation

limited

respect

any

one

issuer

amount

not

greater

value

than

five

percent

the

value

the

total

assets

such

management

company

and

not

than

10%

the

outstanding

voting

securities

such

issuer.

Unless

otherwise

specified,

“period”

(as

used

within

the

financial

statements)

refers

the

six

months

ended

June

30,

2026.

Significant

Accounting

Policies

The

Funds’

financial

statements

are

prepared

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”),

which

require

the

use

management

estimates

and

assumptions

the

date

the

financial

statements.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

the

accounting

and

reporting

guidance

applicable

investment

companies

including,

but

not

limited

to,

Accounting

Standards

Codification

946.

The

following

summary

the

significant

accounting

policies

consistently

followed

each

Fund

the

preparation

its

financial

statements.

Segment

Reporting

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Update

(“ASU”)

2023-

07,

Segment

Reporting

(Topic

280)

–

Improvements

Reportable

Segment

Disclosures

defines

operating

segment

component

public

entity

that

engages

business

activities

from

which

may

recognize

revenues

and

incur

expenses

and

has

operating

results

that

are

regularly

reviewed

its

chief

operating

decision

maker

(“CODM”)

assess

performance

and

make

resource

allocation

decisions.

Russell

Investments’

Executive

Committee

the

CODM.

Each

Fund

single

reporting

segment

since

the

CODM

evaluates

each

Fund

holistically.

The

CODM

uses

total

returns,

Fund

expense

information,

and

transactions

data

consistent

with

that

which

presented

the

Funds’

financial

statements

assess

the

single

segment

performance

and

make

decisions.

The

accounting

policies

the

segment

are

the

same

those

described

this

“Significant

Accounting

Policies”

note.

Segment

assets

and

significant

expenses

are

reflected

each

Fund’s

Statement

Assets

and

Liabilities

and

Statement

Operations,

respectively.

Recent

Accounting

Pronouncements

November

2024,

the

FASB

issued

ASU

2024-03,

Income

Statement

—

Reporting

Comprehensive

Income

—

Expense

Disaggregation

Disclosures

(Subtopic

220-40):

Disaggregation

Income

Statement

Expenses.

The

amendments

require

additional

disclosures

regarding

the

nature

and

composition

certain

income

statement

expense

captions,

including

disclosures

selling

expenses.

The

ASU

effective

for

annual

reporting

periods

beginning

after

December

15,

2026,

and

interim

reporting

periods

beginning

after

December

15,

2027.

Early

adoption

permitted.

Management

currently

evaluating

the

implications

these

changes

the

financial

statements.

Security

Valuation

The

Funds

value

portfolio

instruments

according

securities

valuation

procedures,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

description

the

pricing

sources

and

services

used

the

Funds.

With

respect

Fund’s

investments

that

not

have

readily

available

market

quotations,

the

Board

has

designated

Russell

Investment

Management,

LLC

(“RIM”),

the

Funds’

adviser,

the

valuation

designee

perform

fair

valuations

pursuant

Rule

2a-5

under

the

Investment

Company

Act.

However,

the

Board

retains

oversight

over

the

valuation

process.

U.S.

GAAP

defines

fair

value

the

price

that

Fund

would

receive

sell

asset

pay

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

establishes

fair

value

hierarchy

that

prioritizes

inputs

valuation

methods,

requires

separate

disclosure

the

fair

value

hierarchy

for

each

major

category

assets

and

liabilities,

and

segregates

fair

value

Russell

Investment

Funds

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

104

Notes

Financial

Statements

measurements

into

levels

(Level

and

3).

The

inputs

methodology

used

for

valuing

securities

are

not

necessarily

indication

the

risk

associated

with

investing

those

securities.

Levels

and

the

fair

value

hierarchy

are

defined

follows:

Level

—

Quoted

prices

(unadjusted)

active

markets

exchanges

for

identical

assets

and

liabilities.

Level

—

Inputs

other

than

quoted

prices

included

within

Level

that

are

observable,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

liabilities

markets

that

are

active,

quoted

prices

for

identical

similar

assets

liabilities

markets

that

are

not

active,

and

inputs

such

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

other

market

corroborated

inputs.

Level

—

Significant

unobservable

inputs

based

the

best

information

available

the

circumstances,

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

RIM,

that

are

used

determining

the

fair

value

investments.

The

availability

observable

inputs

can

vary

from

security

and

affected

wide

variety

factors,

including,

for

example,

the

type

security,

whether

the

security

new

and

not

yet

established

the

marketplace,

the

liquidity

markets,

and

other

characteristics

particular

the

security.

the

extent

that

valuation

based

models

inputs

that

are

less

observable

unobservable

the

market,

the

determination

fair

value

requires

judgment.

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

level

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

The

valuation

techniques

and

significant

inputs

used

determining

the

fair

market

values

financial

instruments

categorized

Level

and

Level

the

fair

value

hierarchy

are

follows:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

ETFs

and

restricted

securities

that

are

traded

national

securities

exchange,

are

stated

the

last

reported

sales

price

the

day

valuation

official

closing

price,

applicable.

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

Level

the

fair

value

hierarchy.

Preferred

stock

and

other

equities

traded

inactive

markets

valued

reference

similar

instruments

are

categorized

Level

the

fair

value

hierarchy.

Certain

foreign

equity

securities

may

fair

valued

using

pricing

service

that

considers

the

correlation

the

trading

patterns

the

foreign

security

the

intraday

trading

the

U.S.

markets

for

investments

such

American

Depositary

Receipts,

financial

futures,

exchange-traded

funds,

and

the

movement

certain

indexes

securities,

based

the

statistical

analysis

historical

relationships.

Foreign

equity

securities

prices

described

above

are

categorized

Level

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

pricing

service

providers

that

use

broker-dealer

quotations

valuation

estimates

from

their

internal

pricing

models.

The

pricing

service

providers’

internal

models

use

inputs

that

are

observable

such

issuer

details,

interest

rates,

yield

curves,

prepayment

speeds,

credit

risks/spreads

and

default

rates.

Such

fixed

income

securities

that

use

pricing

service

internal

models

described

above

are

categorized

Level

the

fair

value

hierarchy.

Such

fixed

income

securities

that

use

broker-dealer

quotations

are

categorized

Level

the

fair

value

hierarchy.

Fixed

income

securities

purchased

delayed-delivery

basis

and

marked-to-market

daily

until

settlement

the

forward

settlement

date

are

categorized

Level

the

fair

value

hierarchy.

Mortgage

and

asset-backed

securities

are

usually

issued

separate

tranches,

classes,

securities

within

each

deal.

These

securities

are

also

normally

valued

pricing

service

providers

that

use

broker-dealer

quotations

valuation

estimates

from

their

internal

pricing

models.

The

pricing

models

for

these

securities

usually

consider

tranche-level

attributes,

including

estimated

cash

flows

each

tranche,

market-based

yield

spreads

for

each

tranche,

and

current

market

data,

well

incorporate

deal

collateral

performance,

available.

Mortgage

and

asset-backed

securities

that

use

these

and

similar

valuation

techniques

and

inputs

described

above

are

categorized

Level

the

fair

value

hierarchy.

Repurchase

agreements

are

categorized

Level

the

fair

value

hierarchy.

Investments

investment

funds

that

are

not

traded

national

securities

exchange

will

valued

based

upon

the

NAV

per

such

investments.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

investments

funds

that

have

calculated

NAV

per

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

investment

fund

using

the

NAV

per

without

further

adjustment

Russell

Investment

Funds

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

Financial

Statements

105

practical

expedient,

the

NAV

per

the

investment

determined

accordance

with

the

specialized

accounting

guidance

for

investment

companies

the

reporting

entity’s

measurement

date.

Short-term

investments

having

maturity

days

less

are

generally

valued

amortized

cost,

which

approximates

fair

market

value.

These

investments

are

categorized

Level

the

fair

value

hierarchy.

Derivative

instruments

are

instruments

such

foreign

currency

exchange

contracts,

futures

contracts,

options

contracts,

swap

agreements

that

derive

their

value

from

underlying

asset

prices,

indices,

reference

rates,

and

other

inputs

combination

these

factors.

Derivatives

may

classified

into

two

groups

depending

upon

the

way

that

they

are

traded:

privately

traded

over-the-counter

(“OTC”)

derivatives

that

not

through

exchange

intermediary

and

exchange-traded

derivatives

that

are

traded

through

specialized

derivatives

exchanges

other

regulated

exchanges.

OTC

derivatives

are

normally

valued

the

basis

broker-dealer

quotations

pricing

service

providers.

Depending

the

product

and

the

terms

the

transaction,

the

value

the

derivative

instrument

can

estimated

pricing

service

provider

using

series

techniques,

including

simulation

pricing

models.

The

pricing

models

use

inputs

that

are

observed

from

actively

quoted

markets

such

issuer

details,

indices,

spreads,

interest

rates,

yield

curves,

dividends

and

exchange

rates.

OTC

derivatives

that

use

these

and

similar

valuation

techniques

and

inputs

described

above

are

categorized

Level

the

fair

value

hierarchy,

with

the

exception

foreign

currency

spot

contracts

which

are

categorized

Level

the

fair

value

hierarchy.

OTC

derivatives

that

use

broker-dealer

quotations

are

categorized

Level

the

fair

value

hierarchy.

Exchange-traded

derivatives

are

valued

based

the

last

reported

sales

price

the

day

valuation

and

are

categorized

Level

the

fair

value

hierarchy.

Centrally

cleared

swaps

listed

traded

multilateral

trade

facility

platform,

such

registered

exchange,

are

valued

the

daily

settlement

price

determined

the

respective

exchange.

For

centrally

cleared

credit

default

swaps,

the

clearing

facility

requires

its

members

provide

actionable

levels

across

complete

term

structures.

These

levels

along

with

external

third-party

prices

are

used

produce

daily

settlement

prices.

These

securities

are

categorized

Level

the

fair

value

hierarchy.

Centrally

cleared

interest

rate

swaps

are

valued

using

pricing

model

that

references

the

underlying

rates

including

the

Overnight

Index

Swap

(“OIS”)

rate

and

Secured

Overnight

Financing

Rate

(“SOFR”)

forward

rate

produce

the

daily

settlement

price.

These

securities

are

categorized

Level

the

fair

value

hierarchy.

Events

circumstances

affecting

the

values

portfolio

instruments

that

occur

between

the

closing

the

principal

markets

which

they

trade

and

the

time

the

NAV

Fund

determined

may

reflected

the

calculation

NAV

for

each

applicable

Fund

when

the

Fund

deems

that

the

particular

event

circumstance

would

materially

affect

such

Fund’s

NAV.

Funds

that

invest

primarily

frequently

traded

exchange-listed

securities

will

use

fair

value

pricing

limited

circumstances

since

reliable

market

quotations

will

often

readily

available.

Funds

that

invest

foreign

securities

use

fair

value

pricing

often

(typically

daily)

since

significant

events

may

occur

between

the

foreign

markets

and

the

time

pricing

the

foreign

securities.

Although

there

are

observable

inputs

assigned

security

level,

prices

are

derived

from

factors

using

proprietary

models

matrix

pricing.

For

this

reason,

fair

value

factors

will

cause

movement

between

Levels

and

Examples

significant

events

that

generally

trigger

fair

value

pricing

one

securities

are:

any

market

movement

the

U.S.

securities

market

(defined

the

fair

value

procedures

the

movement

single

major

U.S.

index);

company

development

such

material

business

development;

natural

disaster,

public

health

emergency

affecting

one

countries

the

global

economy

(including

emergency

which

results

the

closure

financial

markets)

other

emergency

situation;

armed

conflict.

The

NAV

Fund’s

portfolio

that

includes

foreign

securities

may

change

days

when

shareholders

will

not

able

purchase

redeem

Fund

shares,

since

foreign

securities

can

trade

non-business

days.

The

U.S.

Strategic

Equity,

U.S.

Small

Cap

Equity,

International

Developed

Markets

and

Strategic

Bond

Funds

had

transfers

into

out

Level

for

the

period

ended

June

30,

2026.

The

Global

Real

Estate

Securities

Fund

had

transfers

out

Level

into

Level

representing

financials

instruments

for

which

approved

vendor

sources

became

unavailable

inputs

became

unobservable.

The

amount

transferred

was

$536.

Level

Fair

Value

Investments

The

valuation

techniques

and

significant

inputs

used

determining

the

fair

values

financial

instruments

classified

Level

the

fair

value

hierarchy

are

follows:

Securities

and

other

assets

for

which

market

quotes

pricing

service

prices

are

not

readily

available,

are

not

reliable,

are

valued

fair

value

determined

good

faith

RIM

and

are

categorized

Level

the

fair

value

hierarchy.

Market

quotes

are

considered

not

readily

available

circumstances

where

there

absence

current

reliable

market-based

data

(e.g.,

trade

information

Russell

Investment

Funds

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

106

Notes

Financial

Statements

broker

quotes).

When

RIM

applies

fair

valuation

methods

that

use

significant

unobservable

inputs

determine

Fund’s

NAV,

securities

will

not

priced

the

basis

quotes

from

the

primary

market

which

they

are

traded,

but

instead

may

priced

another

method

that

RIM

believes

accurately

reflects

fair

value

and

will

categorized

Level

the

fair

value

hierarchy.

Fair

value

pricing

may

require

subjective

determinations

about

the

value

security.

While

the

securities

valuation

procedures

are

intended

result

calculation

Fund’s

NAV

that

fairly

reflects

security

values

the

time

pricing,

the

process

cannot

guarantee

that

fair

values

determined

RIM

would

accurately

reflect

the

price

that

Fund

could

obtain

for

security

were

dispose

that

security

the

time

pricing

(for

instance,

forced

distressed

sale).

The

prices

used

Fund

may

differ

from

the

value

that

would

realized

the

security

was

sold.

RIM

employs

third-party

pricing

vendors

provide

fair

value

measurements.

RIM

oversees

third-party

pricing

service

providers

order

support

the

valuation

process.

The

significant

unobservable

input

used

fair

value

measurement

certain

the

Funds’

preferred

equity

securities

the

redemption

value

calculated

fully-diluted

basis

converted

common

stock.

Significant

increases

decreases

the

redemption

value

would

have

direct

and

proportional

impact

fair

value.

The

significant

unobservable

inputs

used

fair

value

measurement

certain

the

Funds’

private

equity

securities

include

market

data

comparable

public

companies,

discount

rates,

Earnings

Before

Interest,

Taxes,

Depreciation,

and

Amortization

(“EBITDA”)

multiples,

and

future

projected

cash

flows

for

the

portfolio

company.

These

inputs

are

utilized

valuation

models

that

are

based

market

analysis

and

discounted

cash

flow

methodologies.

Increases

(decreases)

the

discount

rates

would

result

lower

(higher)

fair

value

measurement,

while

increases

(decreases)

EBITDA

multiples

and

projected

cash

flows

would

result

higher

(lower)

fair

value

measurement.

The

significant

unobservable

input

used

the

fair

value

measurement

certain

Funds’

debt

securities

the

yield

worst

ratio.

Significant

increases

(decreases)

the

yield

worst

ratio

would

result

lower

(higher)

fair

value

measurement.

Significant

unobservable

inputs

are

further

disclosed

the

Presentation

Portfolio

Holdings

for

each

respective

Fund

applicable.

third-party

evaluated

vendor

pricing

neither

available

nor

deemed

indicative

fair

value,

RIM

may

elect

obtain

indicative

market

quotations

(“broker

quotes”)

directly

from

the

broker

passed

through

from

third-party

vendor.

the

event

that

the

source

fair

value

from

single

source

broker

quote,

these

securities

are

classified

Level

per

the

fair

value

hierarchy.

Broker

quotes

are

typically

received

from

established

market

participants.

Although

independently

received

daily

basis,

RIM

does

not

have

the

transparency

view

the

underlying

inputs

which

support

the

broker

quotes.

Significant

changes

the

broker

quote

would

have

direct

and

proportional

changes

the

fair

value

the

security.

There

third-party

pricing

exception

the

quantitative

disclosure

requirement

when

prices

are

not

determined

the

reporting

entity.

RIM

exercising

this

exception

and

has

made

reasonable

attempt

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

reconciliation

the

beginning

ending

balances

for

reported

fair

values

that

present

changes

attributable

total

realized

and

unrealized

gains

losses,

purchases

and

sales,

and

transfers

in/out

the

Level

category

during

the

period.

Additionally,

U.S.

GAAP

requires

quantitative

information

regarding

the

significant

unobservable

inputs

used

the

determination

fair

value

assets

categorized

Level

the

fair

value

hierarchy.

accordance

with

the

requirements

U.S.

GAAP,

fair

value

hierarchy,

Level

reconciliation

and

additional

disclosure

about

fair

value

measurements,

any,

has

been

included

the

Presentation

Portfolio

Holdings

for

each

respective

Fund.

Investment

Transactions

Investment

transactions

are

reflected

the

trade

date

for

financial

reporting

purposes.

This

may

cause

the

NAV

stated

the

financial

statements

different

from

the

NAV

which

shareholders

may

transact.

Realized

gains

and

losses

from

securities

transactions,

applicable,

are

recorded

the

basis

specific

identified

cost

incurred

within

particular

Fund.

Investment

Income

Dividend

income

recorded

net

applicable

withholding

taxes

the

ex-dividend

date,

except

that

certain

dividends

from

foreign

securities

are

recorded

soon

the

Funds

are

informed

the

dividend,

subsequent

the

ex-dividend

date.

the

extent

the

dividend

represents

return

capital

gain

for

tax

purposes,

reclassifications

are

made

which

may

based

management’s

estimates.

Interest

income

recorded

daily

the

accrual

basis.

The

Strategic

Bond

Fund

classifies

gains

and

losses

realized

prepayments

received

mortgage-backed

securities

adjustment

interest

income.

Losses

realized

principal

Russell

Investment

Funds

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

Financial

Statements

107

paydowns

may

result

negative

interest

income

the

Fund’s

Statement

Operations

there

insufficient

interest

income

offset

such

losses.

All

premiums

and

discounts,

including

original

issue

discounts,

are

amortized/accreted

using

the

effective

interest

method.

Debt

obligation

securities

may

placed

non-accrual

status

and

interest

income

may

reduced

stopping

current

accruals

and

writing

off

interest

receivable

when

the

collection

all

portion

interest

has

become

doubtful.

Federal

Income

Taxes

Each

Fund

separate

corporate

taxpayer

and

determines

its

net

investment

income

and

capital

gains

(or

losses)

and

the

amounts

distributed

each

Fund’s

shareholders

without

regard

the

income

and

capital

gains

(or

losses)

the

other

Funds.

Each

Fund

intends

qualify

continue

qualify

regulated

investment

company

under

Subchapter

the

Internal

Revenue

Code

1986,

amended

(the

“Code”),

and

intends

distribute

all

its

taxable

income

and

capital

gains.

Therefore,

federal

income

tax

provision

required

for

the

Funds.

The

Funds

comply

with

the

authoritative

guidance

for

uncertainty

income

taxes

which

requires

management

determine

whether

tax

position

the

Funds

likely

than

not

sustained

upon

examination,

including

resolution

any

appeals

litigation

processes,

based

the

technical

merits

the

position.

For

tax

positions

meeting

the

likely

than

not

threshold,

the

tax

amount

recognized

the

financial

statements

reduced

the

largest

benefit

that

has

greater

than

50%

likelihood

being

realized

upon

ultimate

settlement

with

the

relevant

taxing

authority.

Management

determined

that

accruals

need

made

the

financial

statements

due

uncertain

tax

positions.

Management

continually

reviews

and

adjusts

the

Funds’

liability

for

income

taxes

based

analyses

tax

laws

and

regulations,

well

their

interpretations,

and

other

relevant

factors.

Each

Fund

files

U.S.

tax

return.

June

30,

2026,

the

Funds

had

recorded

liabilities

for

net

unrecognized

tax

benefits

relating

uncertain

income

tax

positions

they

have

taken

expect

take

future

tax

returns.

While

the

statute

limitations

remains

open

examine

the

Funds’

U.S.

tax

returns

filed

for

the

fiscal

years

ended

December

31,

2022

through

December

31,

2024,

examinations

are

progress

anticipated

this

time.

The

Funds

are

not

aware

any

tax

positions

for

which

reasonably

possible

that

the

total

amounts

unrecognized

tax

benefits

will

significantly

change

the

twelve

months.

Dividends

and

Distributions

Shareholders

For

all

Funds,

income,

capital

gain

distributions

and

return

capital,

any,

are

recorded

the

ex-dividend

date.

Income

distributions

are

generally

declared

and

paid

according

the

following

schedule:

The

Funds

intend

distribute

substantially

all

the

distributions

they

receive

from

real

estate

investment

trust

(“REIT”)

investments,

less

expenses,

well

income

from

other

investments.

Such

distributions

may

comprised

income,

return

capital,

and

capital

gains.

The

Funds

may

also

realize

capital

gains

the

sale

REIT

and

other

investments.

Capital

gain

distributions

are

generally

declared

and

paid

annually.

additional

distribution

may

paid

the

Funds

avoid

imposition

federal

income

and

excise

tax

any

remaining

undistributed

capital

gains

and

net

investment

income.

The

timing

and

characterization

certain

income

and

capital

gain

distributions

are

determined

accordance

with

federal

tax

regulations

which

may

differ

from

U.S.

GAAP.

result,

net

investment

income

and

net

realized

gain

(or

loss)

investments

and

foreign

currency-related

transactions

for

reporting

period

may

differ

significantly

from

distributions

during

such

period.

The

differences

between

tax

regulations

and

U.S.

GAAP

may

primarily

relate

investments

options,

futures,

forward

contracts,

swap

contracts,

passive

foreign

investment

companies,

foreign-denominated

investments,

amortization

premium

for

certain

debt

instruments,

certain

securities

sold

loss,

wash

sale

deferrals

and

capital

loss

carryforwards.

Accordingly,

the

Funds

may

periodically

make

reclassifications

among

certain

their

capital

accounts

without

impacting

their

NAVs.

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

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

108

Notes

Financial

Statements

Expenses

The

Funds

pay

their

own

expenses

other

than

those

expressly

assumed

RIM,

the

Funds’

adviser,

Russell

Investments

Fund

Services,

LLC

(“RIFUS”),

the

Funds’

administrator

and

transfer

agent.

Whenever

expense

can

attributed

particular

Fund,

the

expense

charged

that

Fund.

Common

expenses

are

allocated

among

the

Funds

based

primarily

upon

their

relative

net

assets.

Foreign

Currency

Translations

The

books

and

records

the

Funds

are

maintained

U.S.

dollars.

Foreign

currency

amounts

and

transactions

the

Funds

are

translated

into

U.S.

dollars

the

following

basis:

(a)

Fair

value

investment

securities,

other

assets

and

liabilities

the

closing

rate

exchange

the

valuation

date.

(b)

Purchases

and

sales

investment

securities

and

income

the

closing

rate

exchange

prevailing

the

respective

trade

dates

such

transactions.

Net

realized

gains

losses

from

foreign

currency-related

transactions

arise

from:

sales

and

maturities

short-term

securities;

sales

foreign

currencies;

currency

gains

losses

realized

between

the

trade

and

settlement

dates

securities

transactions;

the

difference

between

the

amounts

dividends,

interest,

and

foreign

withholding

taxes

recorded

the

Funds’

books

and

the

U.S.

dollar

equivalent

the

amounts

actually

received

paid.

Net

unrealized

gains

losses

from

foreign

currency-related

transactions

arise

from

changes

the

value

assets

and

liabilities,

other

than

investments

securities,

result

changes

the

exchange

rates.

The

Funds

not

isolate

that

portion

the

results

operations

the

Funds

that

arises

result

changes

exchange

rates

from

that

portion

that

arises

from

changes

market

prices

investments

during

the

period.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

loss

from

investments.

However,

for

federal

income

tax

purposes,

the

Funds

isolate

the

effects

changes

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

market

prices

for

realized

gain

(or

loss)

debt

obligations.

Capital

Gains

Taxes

The

Funds

may

subject

capital

gains

taxes

and

repatriation

taxes

imposed

certain

countries

which

they

invest.

The

International

Developed

Markets,

Strategic

Bond,

and

Global

Real

Estate

Securities

Funds

may

record

deferred

capital

gains

tax

liability

with

respect

the

unrealized

appreciation

foreign

securities

for

potential

capital

gains

and

repatriation

taxes

June

30,

2026.

The

accrual

for

capital

gains

and

repatriation

taxes

included

total

distributable

earnings

(losses)

the

Statements

Assets

and

Liabilities.

The

amounts

capital

gains

and

repatriation

taxes

are

included

net

realized

gain

(loss)

investments

and

change

unrealized

gain

(loss)

investments

the

Statements

Operations.

Derivatives

The

Funds

may

invest

derivatives.

Derivatives

are

instruments

agreements

whose

value

derived

from

underlying

security

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

three

ways:

exposing

cash

markets,

hedging

and

return

enhancement.

addition,

certain

Funds

may

enter

into

foreign

currency

exchange

contracts

for

trade

settlement

purposes.

Certain

Funds

may

pursue

their

strategy

being

fully

invested

exposing

cash

the

performance

appropriate

markets

purchasing

securities

and/or

derivatives.

This

intended

cause

such

Funds

perform

though

cash

were

actually

invested

those

markets.

Hedging

may

used

certain

Funds

limit

control

risks,

such

adverse

movements

exchange

rates

and

interest

rates.

Return

enhancement

can

accomplished

through

the

use

derivatives

Fund,

including

using

derivatives

substitute

for

holding

physical

securities,

and

using

them

express

various

macro

views

(e.g.,

interest

rate

movements,

currency

movements,

and

macro

credit

strategies).

purchasing

certain

instruments,

the

Funds

may

effectively

achieve

the

desired

portfolio

characteristics

that

assist

them

meeting

their

investment

objectives.

Depending

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

cleared

exchange

central

exchange

clearing

house.

Exchange-

traded

exchange-cleared

transactions

generally

present

less

counterparty

risk

Fund.

The

exchange’s

clearing

house

stands

between

the

Fund

and

the

broker

the

contract

and

therefore,

credit

risk

generally

limited

the

failure

the

clearing

house

and

the

clearing

member.

Cleared

swap

contracts

are

subject

clearing

house

rules,

including

initial

and

variation

margin

requirement,

daily

Russell

Investment

Funds

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

Financial

Statements

109

settlement

obligations

and

the

clearing

house

guarantee

payments

the

broker.

There

is,

however,

still

counterparty

risk

due

the

insolvency

the

broker

with

respect

any

margin

held

the

broker’s

customer

accounts.

While

clearing

members

are

required

segregate

customer

assets

from

their

own

assets,

the

event

insolvency,

there

may

shortfall

the

amount

margin

held

the

broker

for

its

clients.

Collateral

and

margin

requirements

for

exchange-traded

exchange-cleared

derivatives

are

established

through

regulation,

well

set

the

broker

applicable

clearing

house.

Margin

for

exchange-traded

and

exchange-cleared

transactions

are

detailed

the

Statements

Assets

and

Liabilities

receivables

for

variation

margin

futures

contracts

and

payables

for

variation

margin

futures

contracts.

Securities

and

cash

pledged

collateral

are

reflected

assets

the

Statements

Assets

and

Liabilities

either

component

investments

fair

value

(securities)

receivable

from

broker.

Cash

collateral

received

not

typically

held

segregated

account

and

such

reflected

liability

the

Statements

Assets

and

Liabilities

due

broker.

Typically,

the

Funds

and

counterparties

are

not

permitted

sell,

repledge,

rehypothecate

otherwise

use

collateral

pledged

the

other

party

unless

explicitly

permitted

each

respective

governing

agreement.

The

effects

derivative

instruments,

categorized

risk

exposure,

the

Statements

Assets

and

Liabilities

and

the

Statements

Operations,

for

the

period

ended

June

30,

2026,

applicable,

are

disclosed

the

Fair

Value

Derivative

Instruments

table

following

each

applicable

Fund’s

Schedule

Investments.

The

financial

derivative

instruments

outstanding

period

end

the

Schedules

Investments

and

the

amount

net

realized

gain

(loss)

and

net

change

unrealized

appreciation

(depreciation)

financial

derivative

instruments

during

the

period,

disclosed

the

Fair

Value

Derivative

Instruments

tables,

serve

indicators

the

volume

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

time,

certain

Funds

may

enter

into

contracts

facilitate

settlement

securities

transactions

and

may

enter

into

these

contracts

order

“lock

in”

the

U.S.

dollar

price

security

that

they

plan

buy

sell.

Certain

Funds

may

enter

into

contracts

hedge

certain

foreign

currency-denominated

assets.

Certain

Funds

may

also

purchase

sell

foreign

currencies,

mainly

through

the

use

forward

currency

contracts

currency

futures

contracts,

for

speculative

purposes

based

judgments

regarding

the

direction

the

market

for

particular

foreign

currency

currencies.

contracts

are

recorded

fair

value.

Certain

risks

may

arise

upon

entering

into

these

contracts

from

the

potential

inability

counterparties

meet

the

terms

their

contracts

and

are

generally

limited

the

amount

unrealized

gain

the

contracts,

any,

that

are

disclosed

the

Statements

Assets

and

Liabilities.

For

the

period

ended

June

30,

2026,

the

following

Funds

entered

into

contracts

primarily

for

the

strategies

listed

below:

Options

Certain

Funds

may

purchase

and

sell

(write)

both

call

and

put

options

securities,

securities

indexes,

foreign

currencies

and

other

assets.

Such

options

are

traded

national

securities

exchange

OTC

market.

The

Funds

may

also

purchase

and

sell

(write)

call

and

put

options

foreign

currencies.

When

Fund

writes

covered

call

put

option,

amount

equal

the

premium

received

the

Fund

included

the

Fund’s

Statement

Assets

and

Liabilities

asset

and

equivalent

liability.

The

amount

the

liability

subsequently

marked-to-

market

reflect

the

current

fair

value

the

option

written.

The

Fund

receives

premium

the

sale

call

option

but

gives

the

opportunity

profit

from

any

increase

the

value

the

underlying

instrument

above

the

exercise

price

the

option,

and

when

the

Fund

writes

put

option

exposed

decline

the

price

the

underlying

instrument.

When

Fund

sells

uncovered

call

option,

does

not

simultaneously

have

long

position

the

underlying

security.

When

Fund

sells

uncovered

put

option,

does

not

simultaneously

have

short

position

the

underlying

security.

Uncovered

options

are

riskier

than

covered

options

because

there

underlying

security

held

the

Fund

that

can

act

partial

hedge.

Whether

option

which

the

Fund

has

written

expires

its

stipulated

expiration

date

the

Fund

enters

into

closing

purchase

transaction,

the

Fund

realizes

gain

(or

loss,

the

cost

closing

purchase

transaction

exceeds

the

premium

received

when

the

option

was

sold)

without

regard

any

unrealized

gain

loss

the

underlying

security,

and

the

liability

such

option

Funds

Strategies

U.S.

Strategic

Equity

Fund

Hedging

U.S.

Small

Cap

Equity

Fund

Hedging

International

Developed

Markets

Fund

Return

enhancement,

hedging,

exposing

cash

markets

and

trade

settlement

Strategic

Bond

Fund

Return

enhancement

and

hedging

Global

Real

Estate

Securities

Fund

Exposing

cash

markets

and

trade

settlement

Russell

Investment

Funds

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

110

Notes

Financial

Statements

extinguished.

call

option

which

the

Fund

has

written

exercised,

the

Fund

realizes

capital

gain

loss

from

the

sale

the

underlying

security,

and

the

proceeds

from

such

sale

are

increased

the

premium

originally

received.

When

put

option

which

Fund

has

written

exercised,

the

amount

the

premium

originally

received

will

reduce

the

cost

the

security

which

Fund

purchases

upon

exercise

the

option.

The

Funds’

use

written

options

involves,

varying

degrees,

elements

market

risk

excess

the

amount

recognized

the

Statements

Assets

and

Liabilities.

The

face

contract

amounts

these

instruments

reflect

the

extent

the

Funds’

exposure

market

risk.

The

risks

may

caused

imperfect

correlation

between

movements

the

price

the

instrument

and

the

price

the

underlying

securities

and

interest

rates.

Certain

Funds

may

enter

into

swaptions

(an

option

swap).

swaption,

exchange

for

option,

the

buyer

gains

the

right

but

not

the

obligation

enter

into

specified

swap

agreement

with

the

issuer

specified

future

date.

The

writer

the

contract

receives

the

premium

and

bears

the

risk

unfavorable

changes

the

preset

rate

the

underlying

swap.

For

the

period

ended

June

30,

2026,

the

Funds

did

not

purchase

sell

any

options.

Futures

Contracts

Certain

Funds

may

invest

futures

contracts

(i.e.,

interest

rate,

foreign

currency

and

index

futures

contracts).

The

face

contract

value

these

instruments

reflect

the

extent

the

Funds’

exposure

off

balance

sheet

risk.

The

primary

risks

associated

with

the

use

futures

contracts

are

imperfect

correlation

between

the

change

fair

value

the

securities

held

the

Funds

and

the

prices

futures

contracts,

and

the

possibility

illiquid

market.

Upon

entering

into

futures

contract,

the

Funds

are

required

deposit

with

broker

amount,

termed

the

initial

margin,

which

typically

represents

10%

the

purchase

price

indicated

the

futures

contract.

Payments

and

from

the

broker,

known

variation

margin,

are

typically

required

made

daily

basis

the

price

the

futures

contract

fluctuates.

Changes

initial

settlement

value

are

accounted

for

unrealized

appreciation

(depreciation)

until

the

contracts

are

terminated,

which

time

realized

gains

and

losses

are

recognized.

For

the

period

ended

June

30,

2026,

the

following

Funds

entered

into

futures

contracts

primarily

for

the

strategies

listed

below:

Swap

Agreements

Certain

Funds

may

enter

into

swap

agreements,

either

asset-based

liability-based

basis,

depending

whether

they

are

hedging

their

assets

their

liabilities,

and

will

usually

enter

into

swaps

net

basis

(i.e.,

the

two

payment

streams

are

netted

out,

with

the

Funds

receiving

paying

only

the

net

amount

the

two

payments).

When

Fund

engages

swap,

exchanges

its

obligations

pay

rights

receive

payments

for

the

obligations

pay

rights

receive

payments

another

party

(i.e.,

exchange

floating

rate

payments

for

fixed

rate

payments).

Certain

Funds

may

enter

into

several

different

types

swap

agreements

including

credit

default,

interest

rate,

total

return

(equity

and/or

index)

and/or

currency

swaps.

Credit

default

swaps

are

counterparty

agreement

which

allows

the

transfer

third-party

credit

risk

(the

possibility

that

issuer

will

default

its

obligation

failing

pay

principal

interest

timely

manner)

from

one

party

another.

The

lender

faces

the

credit

risk

from

third-party

and

the

counterparty

the

swap

agrees

insure

this

risk

exchange

for

regular

periodic

payments.

Interest

rate

swaps

are

counterparty

agreement,

can

customized

meet

each

party’s

needs,

and

involve

the

exchange

fixed

variable

payment

per

period

for

payment

that

not

fixed.

Total

return

swaps

are

counterparty

agreement

where

two

parties

exchange

two

sets

cash

flows

predetermined

dates

for

agreed

upon

amount

time.

The

cash

flows

will

typically

equity

index

value

swapped

with

floating

rate

such

SOFR

plus

minus

pre-defined

spread.

Total

return

swap

agreements

are

counterparty

agreement

intended

expose

cash

markets

effect

investment

transactions

consistent

with

those

Funds’

investment

objectives

and

strategies.

Currency

swaps

are

counterparty

agreement

where

two

parties

exchange

specified

amounts

different

currencies

which

are

followed

each

paying

the

other

series

interest

payments

that

are

based

the

principal

cash

flow.

maturity

the

principal

amounts

are

returned.

The

Funds

generally

expect

enter

into

these

transactions

primarily

preserve

return

spread

particular

investment

portion

their

portfolios

protect

against

any

increase

the

price

securities

they

anticipate

purchasing

later

date,

for

return

enhancement.

Under

most

swap

agreements

entered

into

Fund,

the

parties’

obligations

are

determined

“net

basis”.

Funds

Strategies

U.S.

Strategic

Equity

Fund

Exposing

cash

markets

U.S.

Small

Cap

Equity

Fund

Exposing

cash

markets

International

Developed

Markets

Fund

Return

enhancement,

hedging

and

exposing

cash

markets

Strategic

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

markets

Global

Real

Estate

Securities

Fund

Exposing

cash

markets

Russell

Investment

Funds

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

Financial

Statements

111

there

default

the

other

party

such

transaction,

the

Funds

will

have

contractual

remedies

pursuant

the

agreement

the

transaction.

Fund

may

not

receive

the

expected

amount

under

swap

agreement

the

other

party

the

agreement

defaults

becomes

bankrupt.

Credit

Default

Swaps

The

Strategic

Bond

Fund

may

enter

into

credit

default

swaps.

credit

default

swap

can

refer

corporate

issues,

government

issues,

asset-backed

securities

index

assets,

each

known

the

reference

entity

underlying

asset.

The

Fund

may

act

either

the

buyer

the

seller

credit

default

swap

involving

one

party

making

stream

payments

another

party

exchange

for

the

right

receive

specified

return

the

event

default

other

credit

event.

Depending

upon

the

terms

the

contract,

the

credit

default

swap

may

closed

via

physical

settlement.

However,

due

the

possible

potential

instability

the

market,

there

risk

that

the

seller

may

unable

deliver

the

underlying

debt

security

the

other

party

the

agreement.

Additionally,

the

Fund

may

not

receive

the

expected

amount

under

the

swap

agreement

the

other

party

the

agreement

defaults

becomes

bankrupt.

unhedged

credit

default

swap,

the

Fund

would

enter

into

credit

default

swap

without

owning

the

underlying

asset

debt

issued

the

reference

entity.

Credit

default

swaps

allow

the

Fund

acquire

reduce

credit

exposure

particular

issuer,

asset

basket

instruments.

the

seller

protection

credit

default

swap,

the

Fund

would

required

pay

the

par

other

agreed-upon

value

(or

otherwise

perform

according

the

swap

contract)

reference

debt

obligation

the

counterparty

the

event

default

(or

other

specified

credit

event)

and

the

counterparty

would

required

surrender

the

reference

debt

obligation.

return,

the

Fund

would

receive

from

the

counterparty

periodic

stream

payments

over

the

term

the

contract

provided

that

credit

event

has

occurred.

credit

event

occurs,

the

Fund

would

keep

the

stream

payments

and

would

have

payment

obligations.

seller

protection,

the

Fund

would

effectively

add

leverage

its

portfolio

because,

addition

its

total

net

assets,

that

Fund

would

subject

investment

exposure

the

notional

amount

the

swap.

The

Fund

may

also

purchase

protection

via

credit

default

swap

contracts

order

offset

the

risk

default

debt

securities

held

its

portfolio

take

short

position

debt

security,

which

case

the

Fund

would

function

the

counterparty

referenced

the

preceding

paragraph.

credit

event

occurs

and

cash

settlement

not

elected,

variety

other

deliverable

obligations

may

delivered

lieu

the

specific

referenced

obligation.

The

ability

deliver

other

obligations

may

result

cheapest-to-deliver

option

(i.e.,

the

buyer

protection’s

right

choose

the

deliverable

obligation

with

the

lowest

value

following

credit

event).

The

Fund

may

use

credit

default

swaps

provide

measure

protection

against

defaults

the

issuers

(i.e.,

reduce

risk

where

the

Fund

owns

has

exposure

the

referenced

obligation)

take

active

long

short

position

with

respect

the

likelihood

(as

measured

the

credit

default

swap’s

spread)

particular

issuer’s

default.

Deliverable

obligations

for

credit

default

swaps

asset-backed

securities

most

instances

are

limited

the

specific

referenced

obligation

performance

for

asset-backed

securities

can

vary

across

deals.

Prepayments,

principal

paydowns,

and

other

writedown

loss

events

the

underlying

mortgage

loans

will

reduce

the

outstanding

principal

balance

the

referenced

obligation.

These

reductions

may

temporary

permanent

defined

under

the

terms

the

swap

agreement

and

the

notional

amount

for

the

swap

agreement

generally

will

adjusted

corresponding

amounts.

The

Strategic

Bond

Fund

may

use

credit

default

swaps

asset-

backed

securities

provide

measure

protection

against

defaults

(or

other

defined

credit

events)

the

referenced

obligation

take

active

long

short

position

with

respect

the

likelihood

particular

referenced

obligation’s

default

(or

another

defined

credit

event).

Credit

default

swap

agreements

credit

indices

involve

one

party

making

stream

payments

another

party

exchange

for

the

right

receive

specified

return

the

event

write-down,

principal

shortfall,

interest

shortfall

default

all

part

the

referenced

entities

comprising

the

credit

index.

credit

index

basket

credit

instruments

exposures

designed

representative

some

part

the

credit

market

whole.

These

indices

are

made

reference

credits

that

are

judged

poll

dealers

the

most

liquid

entities

the

credit

default

swap

market

based

the

sector

the

index.

Components

the

indices

may

include,

but

are

not

limited

to,

investment

grade

securities,

high

yield

securities,

asset-backed

securities,

emerging

markets,

and/

various

credit

ratings

within

each

sector.

Credit

indices

are

traded

using

credit

default

swaps

with

standardized

terms

including

fixed

spread

and

standard

maturity

dates.

index

credit

default

swap

references

all

the

names

the

index,

and

there

default,

the

credit

event

settled

based

that

name’s

weight

the

index.

The

composition

the

indices

changes

periodically,

usually

Russell

Investment

Funds

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

112

Notes

Financial

Statements

every

six

months,

and,

for

most

indices,

each

name

has

equal

weight

the

index.

Traders

may

use

credit

default

swaps

indices

speculate

changes

credit

quality.

Implied

credit

spreads,

represented

absolute

terms,

utilized

determining

the

fair

value

credit

default

swap

agreements

corporate

issues

period-end

are

disclosed

the

Schedules

Investments

and

generally

serve

indicator

the

current

status

the

payment/performance

risk

and

represent

the

likelihood

risk

default

(or

other

defined

credit

event)

for

the

credit

derivative.

The

implied

credit

spread

particular

referenced

entity

reflects

the

cost

entering

into

credit

default

swap

and

may

include

upfront

payments

required

made

enter

into

the

agreement.

For

credit

default

swap

agreements

asset-

backed

securities

and

credit

indices,

the

quoted

market

prices

and

resulting

values

serve

the

indicator

the

current

status

the

payment/performance

risk.

Wider

credit

spreads

and

increasing

fair

values,

absolute

terms

when

compared

the

notional

amount

the

swap,

generally

represent

deterioration

the

referenced

entity’s

credit

soundness

and

greater

likelihood

risk

default

other

credit

event

occurring

defined

under

the

terms

the

agreement.

The

maximum

potential

amount

future

payments

(undiscounted)

that

the

Fund

seller

protection

could

required

make

under

credit

default

swap

agreement

equals

the

notional

amount

the

agreement.

Notional

amounts

all

credit

default

swap

agreements

outstanding

June

30,

2026,

for

which

the

Fund

the

seller

protection,

are

disclosed

the

Schedule

Investments.

These

potential

amounts

would

partially

offset

any

recovery

values

the

respective

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

net

amounts

received

from

the

settlement

buy

protection

credit

default

swap

agreements

entered

into

the

Fund

for

the

same

referenced

entity

entities.

Credit

default

swaps

could

result

losses

the

Fund

does

not

correctly

evaluate

the

creditworthiness

the

company

companies

which

the

credit

default

swap

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

the

Fund

had

invested

the

reference

obligation

directly

since,

addition

risks

relating

the

reference

obligation,

credit

default

swaps

are

subject

illiquidity

and

counterparty

risk.

The

Fund

will

generally

incur

greater

degree

risk

when

sells

credit

default

swap

than

when

purchases

credit

default

swap.

buyer

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

credit

event

fail

occur

and

the

swap

held

its

termination

date.

seller

credit

default

swap,

credit

event

were

occur,

the

value

any

deliverable

obligation

received

the

Fund,

coupled

with

the

upfront

periodic

payments

previously

received,

may

less

than

what

pays

the

buyer,

resulting

loss

value

the

Fund.

the

creditworthiness

the

Fund’s

swap

counterparty

declines,

the

risk

that

the

counterparty

may

not

perform

could

increase,

potentially

resulting

loss

the

Fund.

limit

the

counterparty

risk

involved

swap

agreements,

the

Fund

will

only

enter

into

swap

agreements

with

counterparties

that

meet

certain

standards

creditworthiness.

Although

there

can

assurance

that

the

Fund

will

able

so,

the

Fund

may

able

reduce

eliminate

its

exposure

under

swap

agreement

either

assignment

other

disposition,

entering

into

offsetting

swap

agreement

with

the

same

party

another

creditworthy

party.

The

Fund

may

have

limited

ability

eliminate

its

exposure

under

credit

default

swap

the

credit

quality

the

reference

entity

underlying

asset

has

declined.

For

the

period

ended

June

30,

2026,

the

Strategic

Bond

Fund

entered

into

credit

default

swaps

primarily

for

return

enhancement,

hedging

and

exposing

cash

markets.

Interest

Rate

Swaps

Certain

Funds

may

enter

into

interest

rate

swaps.

The

use

interest

rate

swaps

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

RIM

money

manager

using

this

technique

incorrect

its

forecast

fair

values,

interest

rates

and

other

applicable

factors,

the

investment

performance

Fund

might

diminish

compared

what

would

have

been

this

investment

technique

were

not

used.

Interest

rate

swaps

not

involve

the

delivery

securities

other

underlying

assets

principal.

Accordingly,

the

risk

loss

with

respect

interest

rate

swaps

limited

the

net

amount

interest

payments

that

Fund

contractually

obligated

make.

Interest

rate

swaps

are

traded

exchanges

and

are

subject

central

clearing.

the

clearing

house

futures

commission

merchant

defaults,

Fund’s

risk

loss

consists

the

net

amount

interest

payments

that

Fund

contractually

entitled

receive.

The

counterparty

risk

for

cleared

derivatives

generally

lower

than

for

uncleared

derivatives.

However,

clearing

may

subject

Fund

increased

costs

margin

requirements.

For

the

period

ended

June

30,

2026,

the

Strategic

Bond

Fund

entered

into

interest

rate

swaps

primarily

for

return

enhancement,

hedging

and

exposing

cash

markets.

Russell

Investment

Funds

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

Financial

Statements

113

Total

Return

Swaps

Certain

Funds

may

enter

into

total

return

swap

agreements

expose

cash

markets

effect

investment

transactions.

Total

return

swap

agreements

are

two-party

contracts

entered

into

primarily

institutional

investors

for

periods

ranging

from

few

weeks

than

one

year.

standard

total

return

swap

transaction,

the

two

parties

agree

exchange

the

returns

(or

differentials

rates

return)

earned

realized

particular

investments

instruments.

The

returns

exchanged

between

the

parties

are

calculated

with

respect

“notional

amount”

(i.e.,

specified

dollar

amount

that

hypothetically

invested

“basket”

securities

representing

particular

index).

For

the

period

ended

June

30,

2026,

the

Funds

did

not

enter

into

any

total

return

swaps.

Currency

Swaps

Certain

Funds

may

enter

into

currency

swap

agreements

enhance

returns

for

hedging

purposes.

Currency

swap

agreements

are

agreements

where

two

parties

exchange

specified

amounts

different

currencies

which

are

followed

paying

the

other

series

interest

payments

that

are

based

the

principal

cash

flow.

maturity,

the

principal

amounts

are

exchanged.

For

the

period

ended

June

30,

2026,

the

Funds

did

not

enter

into

any

currency

swaps.

Master

Agreements

Certain

Funds

are

parties

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

(“ISDA

Master

Agreements”)

with

counterparties

that

govern

transactions

OTC

derivative

and

foreign

exchange

contracts

entered

into

the

Funds

and

those

counterparties.

The

ISDA

Master

Agreements

contain

provisions

for,

among

other

things,

general

obligations,

representations,

agreements,

collateral

and

events

default

termination.

Events

termination

and

default

include

conditions

that

may

entitle

either

party

elect

terminate

early

and

cause

settlement

all

outstanding

transactions

under

the

applicable

ISDA

Master

Agreement.

Any

election

terminate

early

could

material

the

financial

statements.

Since

different

types

forward

and

OTC

financial

derivative

transactions

have

different

mechanics

and

are

sometimes

traded

out

different

legal

entities

particular

counterparty

organization,

each

type

transaction

may

covered

different

ISDA

Master

Agreement,

resulting

the

need

for

multiple

agreements

with

single

counterparty.

the

ISDA

Master

Agreements

are

specific

unique

operations

different

asset

types,

they

allow

Fund

net

its

total

exposure

counterparty

the

event

default

with

respect

all

the

transactions

governed

under

single

agreement

with

counterparty.

Master

Repurchase

Agreements

(“Master

Repo

Agreements”)

govern

transactions

between

Fund

and

select

counterparties.

The

Master

Repo

Agreements

contain

provisions

for,

among

other

things,

initiation,

income

payments,

events

default,

and

maintenance

collateral

for

repurchase

and

reverse

repurchase

agreements.

Master

Securities

Forward

Transaction

Agreements

(“Master

Forward

Agreements”)

govern

the

considerations

and

factors

surrounding

the

settlement

certain

forward

settling

transactions,

such

delayed

delivery

and

between

Fund

and

select

counterparties.

The

Master

Forward

Agreements

contain

provisions

for,

among

other

things,

initiation

and

confirmation,

payment

and

transfer,

events

default,

termination,

and

maintenance

collateral.

Disclosure

about

Offsetting

Assets

and

Liabilities

Balance

sheet

disclosure

based

various

netting

agreements

between

brokers

and

counterparties,

such

ISDA

Master

Agreements,

Master

Repo

Agreements

and

Master

Forward

Agreements.

Certain

Funds

utilize

multiple

counterparties.

The

quantitative

disclosure

begins

with

disaggregation

counterparties

legal

entity

and

the

roll

the

data

reflect

single

counterparty

the

table

within

the

Funds’

financial

statements.

Net

exposure

represents

the

net

receivable

(payable)

that

would

due

from/to

the

counterparty

the

event

default.

Exposure

from

OTC

derivatives

can

only

netted

across

transactions

governed

under

the

same

Master

Agreement

with

the

same

legal

entity.

Loan

Agreements

The

Strategic

Bond

Fund

may

invest

direct

debt

instruments,

which

are

interests

amounts

owed

corporate,

governmental,

other

borrowers

lenders

lending

syndicates.

The

Fund’s

investments

loans

may

the

form

participations

loans

assignments

all

portion

loans

from

third

parties.

loan

often

administered

bank

other

financial

institution

(the

“agent”)

that

acts

agent

for

all

holders.

The

agent

administers

the

terms

the

loan,

specified

the

loan

agreement.

When

investing

loan

participation,

the

Fund

has

the

right

receive

payments

principal,

interest

and

any

fees

which

entitled

only

from

the

agent

selling

the

loan

agreement

and

only

upon

receipt

the

agent

payments

from

the

borrower.

The

Fund

generally

has

right

enforce

compliance

with

the

terms

the

loan

agreement

with

the

borrower.

result,

the

Fund

may

Russell

Investment

Funds

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

114

Notes

Financial

Statements

subject

the

credit

risk

both

the

borrower

and

the

agent

that

selling

the

loan

agreement.

When

the

Fund

purchases

assignments

from

agents

acquires

direct

rights

against

the

borrower

the

loan.

Local

Access

Products

Certain

Funds

may

invest

local

access

products,

also

known

certificates

participation,

participation

notes

participation

interest

notes.

Local

access

products

are

issued

banks

broker-dealers

and

are

designed

replicate

the

performance

foreign

companies

foreign

securities

markets

and

can

used

the

Fund

alternative

means

access

the

securities

market

frontier

emerging

market

country.

The

performance

results

local

access

products

will

not

replicate

exactly

the

performance

the

foreign

companies

foreign

securities

markets

that

they

seek

replicate

due

transaction

and

other

expenses.

Investments

local

access

products

involve

certain

risks

addition

those

associated

with

direct

investment

the

underlying

foreign

companies

foreign

securities

markets

whose

return

they

seek

replicate.

There

can

assurance

that

there

will

trading

market

that

the

trading

price

local

access

products

will

equal

the

underlying

value

the

foreign

company

foreign

securities

market

that

seeks

replicate.

The

Funds

rely

the

creditworthiness

the

counterparty

issuing

the

local

access

products

and

have

rights

against

the

issuer

the

underlying

security.

The

Funds

seek

minimize

this

risk

entering

into

agreements

only

with

counterparties

that

RIM

deems

creditworthy.

Due

liquidity

and

transfer

restrictions,

the

secondary

markets

which

the

local

access

products

are

traded

may

less

liquid

than

the

markets

for

other

securities,

may

completely

illiquid.

Credit

Linked

Notes

Certain

Funds

may

invest

credit

linked

notes.

Credit

linked

notes

are

obligations

between

two

parties

where

the

payment

principal

and/or

interest

based

the

performance

some

obligation,

basket

obligations,

index

economic

indicator

“reference

instrument”).

addition

the

credit

risk

associated

with

the

reference

instrument

and

interest

rate

risk,

the

buyer

and

seller

credit

linked

note

similar

structured

investment

are

subject

counterparty

risk.

Short

Sales

The

U.S.

Strategic

Equity

and

U.S.

Small

Cap

Equity

Funds

may

enter

into

short

sale

transactions.

short

sale,

the

seller

sells

security

that

does

not

own,

typically

security

borrowed

from

broker

dealer.

Because

the

seller

remains

liable

return

the

underlying

security

that

borrowed

from

the

broker

dealer,

the

seller

must

purchase

the

security

prior

the

date

which

delivery

the

broker

dealer

required.

Fund

will

incur

loss

result

the

short

sale

the

price

the

security

increases

between

the

date

the

short

sale

and

the

date

which

the

Fund

must

return

the

borrowed

security.

Fund

will

realize

gain

the

security

declines

price

between

those

dates.

Short

sales

expose

Fund

the

risk

liability

for

the

fair

value

the

security

that

sold

(the

amount

which

increases

the

fair

value

the

underlying

security

increases),

addition

the

costs

associated

with

establishing,

maintaining

and

closing

out

the

short

position.

Although

Fund’s

potential

for

gain

result

short

sale

limited

the

price

which

sold

the

security

short

less

the

cost

borrowing

the

security,

its

potential

for

loss

theoretically

unlimited

because

there

limit

the

cost

replacing

the

borrowed

security.

When

Fund

makes

short

sale,

the

Fund

may

use

all

portion

the

cash

proceeds

short

sales

purchase

other

securities

for

any

other

permissible

Fund

purpose.

The

U.S.

Strategic

Equity

Fund

and

U.S.

Small

Cap

Equity

Fund

may

engage

short

sale

transactions

that

are

effected

through

State

Street

Bank

and

Trust

Company

(“State

Street”)

but

reserve

the

right

engage

short

sale

transactions

through

one

other

counterparties.

For

short

sale

transactions

effected

through

State

Street,

the

Funds

typically

expect

collateralize

short

sale

transactions

through

the

Funds’

respective

reciprocal

lending

activity

with

State

Street

(i.e.,

short

sale

transactions

are

collateralized

securities

loaned

State

Street

for

purposes

securities

lending

activities).

The

Funds

may

also

deliver

cash

State

Street

for

purposes

collateralizing

their

short

sales

transactions

“memo

pledge”

securities

collateral,

whereby

assets

are

designated

collateral

State

Street

State

Street’s

books

but

remain

Fund’s

custody

account.

Similar

the

risks

generally

applicable

securities

lending

arrangements,

participation

the

reciprocal

lending

program

subjects

these

Funds

the

risk

that

State

Street

could

fail

return

security

lent

Fund,

fail

return

the

Fund’s

cash

collateral,

risk

which

would

increase

with

any

decline

State

Street’s

credit

profile.

However,

the

impact

State

Street’s

failure

return

security

lent

Fund,

failure

return

Fund’s

cash

collateral,

would

mitigated

the

Fund’s

right

under

such

circumstances

decline

return

the

securities

the

Fund

initially

borrowed

from

State

Street

with

respect

its

short

sale

transactions.

This

risk

may

heightened

during

periods

market

stress

and

volatility,

particularly

the

type

collateral

provided

different

than

the

type

security

borrowed

(e.g.,

cash

provided

collateral

for

loan

equity

security).

the

extent

necessary

meet

collateral

requirements

associated

with

short

sale

transaction

involving

counterparty

other

than

State

Street,

the

Funds

are

required

pledge

assets

segregated

account

maintained

the

Funds’

custodian

for

the

benefit

the

broker.

The

Funds

may

also

use

securities

they

own

meet

any

such

collateral

obligations.

These

requirements

may

result

the

Funds

being

Russell

Investment

Funds

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

Financial

Statements

115

unable

purchase

sell

securities

instruments

when

would

otherwise

favorable

so,

the

Funds

needing

sell

holdings

disadvantageous

time

satisfy

their

obligations.

the

Fund’s

prime

broker

fails

make

take

delivery

security

part

short

sale

transaction,

fails

make

cash

settlement

payment,

the

settlement

the

transaction

may

delayed

and

the

Fund

may

lose

money.

Dividend

expenses

for

short

sales

are

recorded

the

ex-dividend

date

while

interest

expenses

short

sales

are

accrued

daily.

June

30,

2026,

the

market

value

securities

loan

through

the

reciprocal

lending

program

for

the

U.S.

Strategic

Equity

and

U.S.

Small

Cap

Equity

Funds

was

$32,063,157

and

$6,870,596,

respectively.

June

30,

2026,

the

U.S.

Strategic

Equity

and

U.S.

Small

Cap

Equity

Funds

held

$49,362,956

and

$10,131,159

respectively,

collateral

for

short

sales.

Emerging

Markets

Securities

Certain

Funds

may

invest

emerging

markets

securities.

Investing

emerging

markets

securities

can

pose

some

risks

different

from,

and

greater

than,

risks

investing

U.S.

developed

markets

securities.

These

risks

include:

risk

loss

due

political

instability;

exposure

economic

structures

that

are

generally

less

diverse

and

mature,

and

political

systems

which

may

have

less

stability,

than

those

developed

countries;

smaller

market

capitalization

securities

markets,

which

may

suffer

periods

relative

illiquidity

(including

result

significant

reduction

the

number

market

participants

transactions);

significant

price

volatility;

restrictions

foreign

investment;

possible

difficulties

the

repatriation

investment

income

and

capital

including

result

the

closure

securities

markets

emerging

market

country;

and,

generally,

less

stringent

investor

protection

standards

compared

with

investments

U.S.

other

developed

market

equity

securities.

addition,

foreign

investors

may

required

the

proceeds

sales

and

future

economic

political

crises

could

lead

price

controls,

forced

mergers,

expropriation

confiscatory

taxation,

seizure,

nationalization,

creation

government

monopolies.

The

currencies

emerging

market

countries

may

experience

significant

declines

against

the

U.S.

dollar,

and

devaluation

may

occur

subsequent

investments

these

currencies

the

Funds.

Emerging

market

securities

may

subject

currency

transfer

restrictions

and

may

experience

delays

and

disruptions

securities

settlement

procedures

for

Fund’s

portfolio

securities.

Inflation

and

rapid

fluctuations

inflation

rates

have

had,

and

may

continue

have,

negative

effects

the

economies

and

securities

markets

certain

emerging

market

countries.

addition,

emerging

market

countries

may

subject

less

stringent

requirements

regarding

accounting,

auditing,

financial

reporting

and

record

keeping

and

therefore,

all

material

information

may

not

available

reliable.

Moreover,

can

difficult

for

investors

bring

litigation

enforce

judgments

against

issuers

emerging

markets

for

U.S.

regulators

bring

enforcement

actions

against

such

issuers.

Emerging

market

countries

may

also

likely

experience

the

imposition

economic

sanctions

foreign

governments.

Emerging

Markets

Debt

The

Strategic

Bond

Fund

may

invest

emerging

markets

debt.

The

Fund’s

emerging

markets

debt

securities

may

include

obligations

governments

and

corporations.

with

any

fixed

income

securities,

emerging

markets

debt

securities

are

subject

the

risk

being

downgraded

credit

rating

due

the

risk

default.

the

event

default

any

investments

foreign

debt

obligations,

may

difficult

for

the

Fund

obtain

enforce

judgment

against

the

issuers

such

securities.

With

respect

debt

issued

emerging

market

governments,

such

issuers

may

unwilling

pay

interest

and

repay

principal

when

due,

potentially

due

either

inability

pay

submission

political

pressure

not

pay,

and

result

may

default,

declare

temporary

suspensions

interest

payments

require

that

the

conditions

for

payment

renegotiated.

Repurchase

Agreements

The

Strategic

Bond

Fund

may

enter

into

repurchase

agreements.

repurchase

agreement

under

which

Fund

acquires

fixed

income

security

from

commercial

bank,

broker

dealer

and

simultaneously

agrees

resell

such

security

the

seller

agreed

upon

price

and

date

(normally

within

few

days

weeks).

The

resale

price

reflects

agreed

upon

interest

rate

effective

for

the

period

the

security

held

Fund

and

unrelated

the

interest

rate

the

security.

The

securities

acquired

Fund

constitute

collateral

for

the

repurchase

obligation.

these

transactions,

the

securities

acquired

Fund

(including

accrued

interest

earned

thereon)

must

have

total

value

excess

the

value

the

repurchase

agreement

and

must

held

the

custodian

bank

until

repurchased.

Fund

will

not

invest

than

15%

its

net

assets

(taken

current

fair

value)

repurchase

agreements

maturing

than

seven

days.

Russell

Investment

Funds

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

116

Notes

Financial

Statements

Mortgage-Related

and

Other

Asset-Backed

Securities

The

Strategic

Bond

Fund

may

invest

mortgage

other

asset-backed

securities

(“ABS”).

These

securities

may

include

mortgage

instruments

issued

U.S.

government

agencies

(“agency

mortgages”)

those

issued

private

entities

(“non-

agency

mortgages”).

Specific

types

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

indirectly

represent

participation

in,

are

secured

payable

from,

mortgage

loans

real

property.

The

value

Fund’s

mortgage-backed

securities

(“MBS”)

may

affected

by,

among

other

things,

changes

perceived

changes

interest

rates,

factors

concerning

the

interests

and

structure

the

issuer

the

originator

the

mortgage,

the

quality

the

underlying

assets.

The

mortgages

underlying

the

securities

may

default

decline

quality

value.

Through

its

investments

MBS,

Fund

has

exposure

prime

loans,

subprime

loans,

Alt-A

loans

and

non-conforming

loans

well

the

mortgage

and

credit

markets

generally.

Underlying

collateral

prime,

subprime,

Alt-A

and

non-conforming

mortgage

loans

may

susceptible

defaults

and

declines

quality

value,

especially

declining

residential

real

estate

market.

addition,

regulatory

tax

changes

may

adversely

affect

the

mortgage

securities

markets

whole.

Mortgage-Backed

Securities

MBS

often

have

stated

maturities

thirty

years

when

they

are

issued,

depending

upon

the

length

the

mortgages

underlying

the

securities.

practice,

however,

unscheduled

early

payments

principal

and

interest

the

underlying

mortgages

may

make

the

securities’

effective

maturity

shorter

than

this,

and

the

prevailing

interest

rates

may

higher

lower

than

the

current

yield

Fund’s

portfolio

the

time

resulting

reinvestment

risk.

Rising

high

interest

rates

may

result

slower

than

expected

principal

payments

which

may

tend

extend

the

duration

MBS,

making

them

volatile

and

sensitive

changes

interest

rates.

This

known

extension

risk.

MBS

may

have

less

potential

for

capital

appreciation

than

comparable

fixed

income

securities

due

the

likelihood

prepayments

mortgages

resulting

from

foreclosures

declining

interest

rates.

These

foreclosed

refinanced

mortgages

are

paid

off

face

value

(par)

less,

causing

loss,

particularly

for

any

investor

who

may

have

purchased

the

security

premium

price

above

par.

such

environment,

this

risk

limits

the

potential

price

appreciation

these

securities.

Agency

Mortgage-Backed

Securities

Certain

MBS

may

issued

guaranteed

the

U.S.

government

sponsored

entity,

many

such

MBS

are

not

backed

the

full

faith

and

credit

the

United

States

and

are

still

exposed

the

risk

non-payment.

Privately

Issued

Mortgage-Backed

Securities

MBS

held

Fund

may

issued

private

issuers

including

commercial

banks,

savings

associations,

mortgage

companies,

investment

banking

firms,

finance

companies

and

special

purpose

finance

entities

(called

special

purpose

vehicles

SPVs)

and

other

entities

that

acquire

and

package

mortgage

loans

for

resale

MBS.

These

privately

issued

non-agency

MBS

may

offer

higher

yields

than

those

issued

government

agencies,

but

also

may

subject

greater

price

changes

than

governmental

issues.

Subprime

loans

refer

loans

made

borrowers

with

weakened

credit

histories

with

lower

capacity

make

timely

payments

their

loans.

Alt-A

loans

refer

loans

extended

borrowers

who

have

incomplete

documentation

income,

assets,

other

variables

that

are

important

the

credit

underwriting

processes.

Non-conforming

mortgages

are

loans

that

not

meet

the

standards

that

allow

purchase

government-sponsored

enterprises.

MBS

with

exposure

subprime

loans,

Alt-A

loans

nonconforming

loans

have

had

many

cases

higher

default

rates

than

those

loans

that

meet

government

underwriting

requirements.

The

risk

non-payment

greater

for

MBS

that

are

backed

mortgage

pools

that

contain

subprime,

Alt-A

and

non-conforming

loans,

but

level

risk

exists

for

all

loans.

Unlike

agency

MBS

issued

guaranteed

the

U.S.

government

government-sponsored

entity

(e.g.,

Fannie

Mae

and

Freddie

Mac),

MBS

issued

private

issuers

not

have

government

government-sponsored

entity

guarantee,

but

may

have

credit

enhancements

provided

external

entities

such

banks

financial

institutions

achieved

through

the

structuring

the

transaction

itself.

Examples

such

credit

support

arising

out

the

structure

the

transaction

include

the

issue

senior

and

subordinated

securities

(e.g.,

the

issuance

securities

SPV

multiple

classes

tranches,

with

one

classes

being

senior

other

subordinated

classes

the

payment

principal

and

interest,

with

the

result

that

defaults

the

underlying

mortgage

loans

are

borne

first

the

holders

the

subordinated

class);

creation

reserve

funds

(in

which

case

cash

investments,

Russell

Investment

Funds

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

Financial

Statements

117

sometimes

funded

from

portion

the

payments

the

underlying

mortgage

loans,

are

held

reserve

against

future

losses);

and

overcollateralization

(in

which

case

the

scheduled

payments

on,

the

principal

amount

of,

the

underlying

mortgage

loans

exceeds

that

required

make

payment

the

securities

and

pay

any

servicing

other

fees).

However,

there

can

guarantee

that

credit

enhancements,

any,

will

sufficient

prevent

losses

the

event

defaults

the

underlying

mortgage

loans.

addition,

MBS

that

are

issued

private

issuers

are

not

subject

the

underwriting

requirements

for

the

underlying

mortgages

that

are

applicable

those

MBS

that

have

government

government-sponsored

entity

guarantee.

result,

the

mortgage

loans

underlying

private

MBS

may,

and

frequently

do,

have

less

favorable

collateral,

credit

risk

other

underwriting

characteristics

than

government

government-sponsored

MBS

and

have

wider

variances

number

terms

including

interest

rate,

term,

size,

purpose

and

borrower

characteristics.

Privately

issued

pools

frequently

include

second

mortgages,

high

loan-to-value

mortgages

and

manufactured

housing

loans.

The

coupon

rates

and

maturities

the

underlying

mortgage

loans

private-label

MBS

pool

may

vary

greater

extent

than

those

included

government

guaranteed

pool,

and

the

pool

may

include

subprime

mortgage

loans.

Privately

issued

MBS

are

not

traded

exchange

and

there

may

limited

market

for

the

securities,

especially

when

there

perceived

weakness

the

mortgage

and

real

estate

market

sectors.

Without

active

trading

market,

MBS

held

Fund’s

portfolio

may

particularly

difficult

value

because

the

complexities

involved

assessing

the

value

the

underlying

mortgage

loans.

Asset-Backed

Securities

ABS

may

include

MBS,

loans,

receivables

other

assets.

The

value

the

Funds’

ABS

may

affected

by,

among

other

things,

actual

perceived

changes

interest

rates,

factors

concerning

the

interests

and

structure

the

issuer

the

originator

the

receivables,

the

market’s

assessment

the

quality

underlying

assets

actual

perceived

changes

the

credit

worthiness

the

individual

borrowers,

the

originator,

the

servicing

agent

the

financial

institution

providing

the

credit

support.

Payment

principal

and

interest

may

largely

dependent

upon

the

cash

flows

generated

the

assets

backing

the

securities.

Rising

high

interest

rates

tend

extend

the

duration

ABS,

making

them

volatile

and

sensitive

changes

interest

rates.

The

underlying

assets

are

sometimes

subject

prepayments

which

can

shorten

the

security’s

weighted

average

life

and

may

lower

its

return.

Defaults

loans

underlying

ABS

have

become

increasing

risk

for

ABS

that

are

secured

home

equity

loans

sub-prime,

Alt-A

non-conforming

mortgage

loans,

especially

declining

residential

real

estate

market.

ABS

(other

than

MBS)

present

certain

risks

that

are

not

presented

MBS.

Primarily,

these

securities

may

not

have

the

benefit

any

security

interest

the

assets.

Credit

card

receivables

are

generally

unsecured

and

the

debtors

are

entitled

the

protection

number

state

and

federal

consumer

credit

laws,

many

which

give

such

debtors

the

right

set

off

certain

amounts

owed

the

credit

cards,

thereby

reducing

the

balance

due.

There

the

possibility

that

recoveries

repossessed

collateral

may

not,

some

cases,

available

support

payments

these

securities.

ABS

are

often

backed

pool

assets

representing

the

obligations

number

different

parties.

lessen

the

effect

failures

obligors

underlying

assets

make

payments,

the

securities

may

contain

elements

credit

support

which

fall

into

two

categories:

(i)

liquidity

protection,

and

(ii)

protection

against

losses

resulting

from

ultimate

default

obligor

the

underlying

assets.

Liquidity

protection

refers

the

provision

advances,

generally

the

entity

administering

the

pool

assets,

ensure

that

the

receipt

payments

the

underlying

pool

occurs

timely

fashion.

Protection

against

losses

results

from

payment

the

insurance

obligations

least

portion

the

assets

the

pool.

This

protection

may

provided

through

guarantees,

policies

letters

credit

obtained

the

issuer

sponsor

from

third

parties,

through

various

means

structuring

the

transaction

through

combination

such

approaches.

The

Fund

will

not

pay

any

additional

separate

fees

for

credit

support.

The

degree

credit

support

provided

for

each

issue

generally

based

historical

information

respecting

the

level

credit

risk

associated

with

the

underlying

assets.

Delinquency

loss

excess

that

anticipated

failure

the

credit

support

could

adversely

affect

the

return

investment

such

security.

The

availability

ABS

may

affected

legislative

regulatory

developments.

possible

that

such

developments

may

require

the

Funds

dispose

any

then-existing

holdings

such

securities.

Forward

Commitments

The

Strategic

Bond

Fund

may

contract

purchase

securities

for

fixed

price

future

date

beyond

customary

settlement

time.

The

price

the

underlying

securities

and

the

date

when

the

securities

will

delivered

and

paid

for

are

fixed

the

time

the

transaction

negotiated.

The

Fund

may

dispose

forward

commitment

transaction

prior

settlement

appropriate

and

may

realize

short-term

gains

(or

losses)

upon

such

sale.

forward

commitment

transaction

involves

risk

loss

the

value

the

security

purchased

declines

prior

the

settlement

date

the

other

party

the

transaction

fails

complete

the

transaction.

Russell

Investment

Funds

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

118

Notes

Financial

Statements

The

Strategic

Bond

Fund

may

invest

to-be-announced

(“TBA”)

mortgage-backed

securities.

TBA

security

forward

mortgage-

backed

securities

trade

which

seller

agrees

issue

TBA

mortgage-backed

security

future

date.

The

securities

are

purchased

and

sold

forward

commitment

basis

with

approximate

principal

amount

and

maturity

date.

The

Fund

may

enter

into

TBA

commitments

purchase

securities

and/or

enter

into

TBA

sale

commitments

hedge

its

portfolio

positions,

sell

securities

owns

under

delayed

delivery

arrangements,

take

short

position

mortgage-backed

securities.

Due

timing

differences,

TBAs

may

reflected

Securities

Sold

Short

the

Schedule

Investments.

The

actual

principal

amount

and

maturity

date

will

determined

upon

settlement

when

the

specific

mortgage

pools

are

assigned.

These

securities

are

within

the

parameters

industry

“good

delivery”

standards.

Inflation-Indexed

Bonds

The

Strategic

Bond

Fund

may

invest

inflation-indexed

securities,

which

are

typically

bonds

notes

designed

provide

return

higher

than

the

rate

inflation

(based

designated

index)

held

maturity.

common

type

inflation-indexed

security

U.S.

Treasury

Inflation-Protected

Security

(“TIPS”).

The

principal

TIPS

increases

with

inflation

and

decreases

with

deflation,

measured

the

Consumer

Price

Index.

When

TIPS

matures,

the

adjusted

principal

original

principal

paid,

whichever

greater.

TIPS

pay

interest

twice

year,

fixed

rate.

The

rate

applied

the

adjusted

principal;

so,

the

principal,

interest

payments

rise

with

inflation

and

fall

with

deflation.

Guarantees

Under

the

Investment

Company’s

organizational

documents,

its

officers

and

Trustees

are

indemnified

against

certain

liabilities

arising

out

the

performance

their

duties

the

Investment

Company.

Additionally,

the

normal

course

business,

the

Funds

may

enter

into

contracts

that

contain

variety

representations

which

provide

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

loss

remote.

Market,

Credit

and

Counterparty

Risk

the

normal

course

business,

the

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

potential

loss

exists

due

changes

the

market

(market

risk)

failure

the

other

party

transaction

perform

(credit

risk).

Similar

credit

risk,

the

Funds

may

also

exposed

counterparty

risk

that

institution

other

entity

with

which

the

Funds

have

unsettled

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

the

relevant

assets

recorded

the

Funds’

financial

statements

(the

“Assets”).

The

Assets

consist

principally

cash

due

from

counterparties

and

investments.

The

extent

the

Funds’

exposure

market,

credit

and

counterparty

risks

with

respect

the

Assets

approximates

their

carrying

value

recorded

the

Funds’

Statements

Assets

and

Liabilities.

Global

financial

markets

are

increasingly

interconnected

and

political

and

economic

conditions

(including

instability

and

volatility

due

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

one

country,

region

financial

market

may

adversely

impact

issuers

different

country,

region

financial

market.

result,

issuers

securities

held

Fund

may

experience

significant

declines

the

value

their

assets

and

even

cease

operations.

This

could

occur

whether

not

the

Fund

invests

securities

issuers

located

with

significant

exposure

the

countries

directly

affected.

Such

conditions

and/or

events

may

not

have

the

same

impact

all

types

securities

and

may

expose

Fund

greater

market

and

liquidity

risk

and

potential

difficulty

valuing

portfolio

instruments

held

Fund.

This

could

cause

Fund

underperform

other

types

investments.

Russia’s

large-scale

invasion

Ukraine

early

2022

and

the

geo-political

events

that

followed

have

impacted

the

Funds’

operations.

The

Funds

are

restricted

from

trading

and

repatriating

any

currency

securities

denominated

Russian

Rubles,

therefore

the

fair

value

Russian

securities

held

the

Funds

were

valued

zero

shortly

after

the

invasion.

Certain

these

securities

may

have

produced

income

prior

the

onset

the

conflict,

but

are

considered

non-income

producing

until

income

balances

are

able

repatriated

the

future.

Investment

Transactions

Securities

During

the

period

ended

June

30,

2026,

the

Funds’

purchases

and

sales

investment

securities

(excluding

U.S.

government

and

agency

obligations,

short-term

investments,

derivatives

and

repurchase

agreements)

were

follows:

Russell

Investment

Funds

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

Financial

Statements

119

During

the

period

ended

June

30,

2026,

the

Funds’

purchases

and

sales

U.S.

government

and

agency

obligations

(excluding

short-

term

investments,

derivatives

and

repurchase

agreements)

were

follows:

Party

Transactions,

Fees

and

Expenses

Adviser,

Administrator

and

Transfer

and

Dividend

Disbursing

Agent

RIM

provides

oversees

the

provision

all

investment

advisory

and

portfolio

management

services

for

the

Funds.

From

its

advisory

fees

received

from

the

Funds,

RIM,

agent

for

RIF,

pays

all

fees

the

money

managers

for

their

investment

advisory

services.

Each

money

manager

has

agreed

that

will

look

only

RIM

for

the

payment

the

money

manager’s

fee,

after

RIF

has

paid

RIM.

Fees

paid

the

money

managers

are

not

affected

any

voluntary

statutory

expense

limitations.

RIFUS

the

Funds’

administrator

and

transfer

agent.

RIFUS,

its

capacity

the

Funds’

administrator,

provides

oversees

the

provision

all

administrative

services

for

the

Funds.

RIFUS,

its

capacity

the

Funds’

transfer

agent

and

dividend

disbursing

agent,

responsible

for

providing

transfer

agency

and

dividend

disbursing

services

the

Funds.

RIFUS

wholly-owned

subsidiary

RIM.

RIM

indirect,

wholly-

owned

subsidiary

Russell

Investments

Group,

Ltd.

The

Funds

are

permitted

invest

their

cash

(i.e.,

cash

awaiting

investment

cash

held

meet

redemption

requests

pay

expenses)

the

U.S.

Cash

Management

Fund,

unregistered

fund

advised

RIM.

RIM

has

waived

its

0.05%

advisory

fee

for

the

unregistered

fund.

RIFUS

charges

0.05%

administrative

fee

the

unregistered

fund.

Each

Fund’s

investment

the

U.S.

Cash

Management

Fund

disclosed

within

the

Fund’s

Schedule

Investments.

The

Strategic

Bond

Fund

may

invest

portion

its

cash

the

Russell

Investments

Core

Plus

Bond

ETF

(the

“Core

Plus

Bond

ETF”),

affiliated

exchange-traded

fund

that

provides

active

management

exposures

consistent

with

the

Fund’s

preferred

positioning.

affiliated

company

which

Fund

has

ownership

least

the

voting

securities

which

the

Fund

controls,

controlled

under

common

control

with.

See

each

Fund’s

Party

Transactions,

Fees

and

Expenses

for

disclosure

transactions

with

affiliated

companies.

Each

the

Funds

pays

the

following

annual

advisory

fee

directly

RIM,

billed

monthly

pro

rata

basis

and

calculated

specified

percentage

the

average

daily

net

assets

each

the

Funds.

The

annual

administrative

fee

0.05%

specified

the

table

below

based

the

average

daily

net

assets

each

Fund

and

payable

monthly

RIFUS.

Administrative

fees

are

assessed

total

Fund

net

assets

based

tiered

fee

schedule.

The

following

table

shows

the

total

amount

each

these

fees

paid

the

Funds

for

the

period

ended

June

30,

2026:

Funds

Purchases

Sales

U.S.

Strategic

Equity

Fund

176,855,606

204,464,890

U.S.

Small

Cap

Equity

Fund

97,497,929

112,999,082

International

Developed

Markets

Fund

122,601,620

133,890,301

Strategic

Bond

Fund

205,387,694

179,539,291

Global

Real

Estate

Securities

Fund

423,343,517

421,592,553

Fund

Purchases

Sales

Strategic

Bond

Fund

65,259,859

44,363,769

Annual

Rate

Funds

Advisory

(%)

Administration

(%)*

U.S.

Strategic

Equity

Fund

0.73

0.05

U.S.

Small

Cap

Equity

Fund

0.90

0.05

International

Developed

Markets

Fund

0.90

0.05

Strategic

Bond

Fund

0.55

0.05

Global

Real

Estate

Securities

Fund

0.80

0.05

Russell

Investment

Funds

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

120

Notes

Financial

Statements

Waivers

and

Reimbursements

RIM

has

contractually

agreed

waive

portion

its

advisory

fees

and

reimburse

certain

expenses

for

certain

Funds.

These

arrangements

are

not

part

the

advisory

agreement

with

the

Investment

Company

and

may

changed

discontinued.

The

following

paragraphs

list

the

waivers

that

were

effect

for

the

period

ended

June

30,

2026.

Each

waiver

and

reimbursement

may

not

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

U.S.

Strategic

Equity

Fund,

RIM

contractually

agreed,

until

April

30,

2026,

waive

0.04%

its

advisory

fee.

Effective

May

2026,

RIM

contractually

agreed,

until

April

30,

2027,

waive

0.04%

its

advisory

fee.

The

total

amount

the

waiver

for

the

period

ended

June

30,

2026

was

$127,192.

For

the

U.S.

Small

Cap

Equity

Fund,

RIM

contractually

agreed,

until

February

28,

2026,

waive

the

full

amount

its

advisory

fee

and

then

reimburse

the

Fund

for

other

direct

Fund-level

expenses,

excluding

dividend

and

interest

expenses

short

sales,

the

extent

that

direct

Fund-level

expenses

exceed

1.026%

the

average

daily

net

assets

the

Fund

annual

basis.

Effective

March

2026,

RIM

contractually

agreed,

until

April

30,

2027,

waive

the

full

amount

its

advisory

fee

and

then

reimburse

the

Fund

for

other

direct

Fund-

level

expenses,

excluding

dividend

and

interest

expenses

short

sales,

the

extent

that

direct

Fund-level

expenses

exceed

0.996%

the

average

daily

net

assets

the

Fund

annual

basis.

Direct

Fund-level

expenses

not

include

contingency

fees

paid

vendors

for

foreign

tax

reclaims

and

for

certain

securities

litigation

recoveries,

infrequent

and/or

unusual

expenses

(including

litigation

expenses)

the

expenses

other

investment

companies

which

the

Fund

invests

which

are

borne

indirectly

the

Fund.

The

total

amount

the

waiver

for

the

period

ended

June

30,

2026

was

$49,770.

There

were

reimbursements

for

the

period

ended

June

30,

2026.

For

the

International

Developed

Markets

Fund,

RIM

contractually

agreed,

until

February

28,

2026,

waive

0.05%

its

advisory

fee.

Effective

March

2026,

RIM

contractually

agreed,

until

April

30,

2027,

waive

0.08%

its

advisory

fee.

The

total

amount

the

waiver

for

the

period

ended

June

30,

2026

was

$137,828.

For

the

Strategic

Bond

Fund,

RIM

contractually

agreed,

until

April

30,

2026,

waive

0.01%

its

advisory

fee.

Effective

May

2026,

RIM

contractually

agreed,

until

April

30,

2027,

waive

0.01%

its

advisory

fee.

Effective

June

22,

2026,

such

times

the

Fund

invests

the

Core

Plus

Bond

ETF,

RIM

contractually

agreed

waive

the

greater

the

portion

the

Fund’s

advisory

fee

equal

the

advisory

fee

the

Core

Plus

Bond

ETF

paid

indirectly

the

Fund

(the

“Standard

Waiver”)

the

Standard

Waiver

plus

0.02%.

The

total

amount

the

waiver

for

the

period

ended

June

30,

2026

was

$47,624.

RIM

does

not

have

the

ability

recover

amounts

waived

reimbursed

from

periods.

Transfer

and

Dividend

Disbursing

Agent

RIFUS

serves

transfer

agent

and

provides

dividend

disbursing

services

the

Funds.

For

this

service,

RIFUS

paid

fee

based

upon

the

average

daily

net

assets

the

Funds

for

transfer

agency

and

dividend

disbursing

services.

RIFUS

retains

portion

this

fee

for

services

provided

the

Funds

and

pays

the

balance

unaffiliated

agents

who

assist

providing

these

services.

Transfer

agency

fees

paid

the

Funds

presented

herein

for

the

period

ended

June

30,

2026

were

follows:

Funds

Advisory

Administrative

U.S.

Strategic

Equity

Fund

2,321,255

158,990

U.S.

Small

Cap

Equity

Fund

990,678

55,038

International

Developed

Markets

Fund

1,772,071

98,448

Strategic

Bond

Fund

2,351,944

213,813

Global

Real

Estate

Securities

Fund

4,054,405

253,400

Funds

Amount

U.S.

Strategic

Equity

Fund

13,991

U.S.

Small

Cap

Equity

Fund

4,843

International

Developed

Markets

Fund

8,663

Strategic

Bond

Fund

18,816

Global

Real

Estate

Securities

Fund

22,299

Russell

Investment

Funds

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

Financial

Statements

121

Distributor

Russell

Investments

Financial

Services,

LLC

(the

“Distributor”),

wholly

owned

subsidiary

RIM,

serves

the

distributor

for

RIF,

pursuant

distribution

agreement

with

RIF.

The

Distributor

receives

compensation

from

the

Investment

Company

for

its

services.

Affiliated

Brokerage

Transactions

Substantially

all

the

equity

transactions

that

RIM

effects

for

the

Funds

are

executed

through

Russell

Investments

Implementation

Services,

LLC

(“RIIS”),

registered

broker

and

affiliate

RIM.

This

presents

conflict

interest

because

RIIS

generates

revenue

from

executing

equity

transactions

for

the

Funds,

which

financial

incentive

for

RIM

favor

the

ongoing

selection

RIIS

for

execution

the

Funds’

equity

transactions.

oversee

its

use

RIIS

execute

equity

transactions

for

the

Funds,

RIM

reviews

third-party

reports

regarding

RIIS’

trade

execution

quality

and

commission

rates

relative

commission

rates

for

comparable

services.

RIIS

uses

multi-venue

trade

approach

whereby

RIIS

trades

through

its

network

independent

venues,

including

third-

party

brokers

for

clearing

and

settlement

services,

which

RIIS

pays

portion

its

commission.

money

manager

may

effect

portfolio

transactions

for

the

segment

Fund’s

portfolio

assigned

the

money

manager

with

broker-dealer

affiliated

with

Fund,

the

money

manager

RIM,

including

RIIS,

well

with

brokers

affiliated

with

other

money

managers.

The

Funds

are

permitted

purchase

sell

securities

from

certain

affiliated

funds

under

specified

conditions

outlined

procedures

adopted

the

Board.

The

procedures

have

been

designed

ensure

that

any

purchase

sale

securities

the

Funds

from

another

fund

portfolio

that

are,

could

be,

considered

affiliate

virtue

having

common

investment

adviser

(or

affiliated

investment

advisers),

common

Trustees

and/or

common

officers

complies

with

Rule

17a

-7

the

Investment

Company

Act.

Further,

defined

under

the

procedures,

each

transaction

effected

the

current

market

value.

During

the

period

ended

June

30,

2026,

the

Funds

did

not

engage

purchases

and

sales

securities

pursuant

Rule

17a

-7

the

Investment

Company

Act.

Board

Trustees

(Form

N-CSR

Item

10)

The

Russell

Investments

fund

complex

consists

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

the

Trustees

the

Board

Trustee

RIC,

RIF,

RIETF,

RISCF,

and

RINEIF.

The

Russell

Investments

fund

complex

compensates

each

Trustee

who

not

employee

RIM

its

affiliates.

Trustee

compensation

and

expenses

are

allocated

each

Fund

based

its

net

assets

relative

other

funds

the

Russell

Investments

fund

complex.

For

the

period

ended

June

30,

2026,

the

total

compensation

paid

the

Trustees

the

Russell

Investments

fund

complex

was

$1,251,000.

Trustees’

fees

accrued

for

each

Fund

for

the

period

ended

June

30,

2026

are

shown

each

Fund’s

Statement

Operations.

Federal

Income

Taxes

June

30,

2026,

the

following

Funds

had

net

tax

basis

capital

loss

carryforwards

which

may

applied

against

net

realized

taxable

gains,

any.

Available

capital

loss

carryforwards

are

follows:

Significant

Shareholders

The

Funds

provide

the

investment

base

for

one

variable

insurance

products

issued

one

insurance

companies

and

insurance

company

separate

accounts

have

significant

record

ownership

the

Funds.

Shareholder

concentration

may

subject

the

Funds

additional

risks,

including

the

potential

for

large

redemptions.

June

30,

2026,

the

following

table

includes

shareholders

record

with

greater

than

10%

the

total

outstanding

each

respective

Fund:

Expiration

Funds

Short-Term

Long-Term

Totals

Strategic

Bond

Fund

63,667,827

92,993,387

156,661,214

Global

Real

Estate

Securities

Fund

89,683,808

20,336,805

110,020,613

Funds

Shareholders

U.S.

Strategic

Equity

Fund

75.8

U.S.

Small

Cap

Equity

Fund

86.0

Russell

Investment

Funds

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

122

Notes

Financial

Statements

Commitments

and

Contingencies

The

Strategic

Bond

Fund

may

enter

into

certain

credit

agreements,

all

portion

which

may

unfunded.

The

Fund

obligated

fund

these

loan

commitments

the

borrowers’

discretion.

Unfunded

loan

commitments

and

funded

portions

credit

agreements

are

marked

market

daily

and

any

unrealized

appreciation

depreciation

included

the

Statement

Assets

and

Liabilities

and

the

Statement

Operations.

Funded

portions

credit

agreements

are

presented

the

Schedule

Investments.

The

unfunded

loan

commitments

are

footnoted

the

Schedule

Investments.

June

30,

2026,

the

Funds

had

unfunded

loan

commitments.

Line

Credit

The

Funds

participate

$200

million

unsecured

line

credit

agreement

with

State

Street

Bank

and

Trust

Company

(the

“Credit

Agreement”),

which

currently

effect

through

March

10,

2027,

but

may

renewed

annual

basis

thereafter.

Borrowings

made

the

Funds

will

utilized

solely

for

temporary

emergency

purposes

contemplated

the

Investment

Company

Act

including,

without

limitation,

funding

shareholder

redemptions.

Interest

borrowing

charged

Fund

variable

rate

determined

accordance

with

the

Credit

Agreement.

addition,

commitment

fee

computed

annual

rate

0.20%

the

daily

unused

portion

the

line

credit

allocated

among

the

participating

Funds

pro-rata

based

average

daily

net

assets

for

the

applicable

period.

The

Funds

are

subject

certain

covenants

contained

the

Credit

Agreement.

Failure

comply

with

these

covenants

could

cause

the

acceleration

the

repayment

the

amount

outstanding

under

the

Credit

Agreement.

Expenses

associated

with

the

line

credit,

such

legal

fees

and

the

commitment

fee,

are

shown

the

Statement

Operations

miscellaneous

fees.

The

Funds

did

not

make

any

borrowings

under

the

line

credit

during

the

period

ended

June

30,

2026.

Subsequent

Events

Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

determined

events

have

occurred

that

require

disclosure

except

the

following:

RIM

has

advised

the

Funds

that,

July

2026,

Russell

Investments

announced

that

investor

consortium

led

Capital,

global

multi-stage

investment

firm,

and

including

California

Public

Employees'

Retirement

System,

has

agreed

acquire

Russell

Investments,

including

RIM,

from

Associates

and

Reverence

Capital

(the

“Transaction”).

RIM

expects

the

Transaction

the

first

quarter

2027,

subject

the

receipt

regulatory

approvals

and

other

customary

closing

conditions.

The

Transaction

not

expected

result

any

material

change

the

day-to-day

management

the

Funds.

required

the

Investment

Company

Act,

the

consummation

the

Transaction

would

result

the

automatic

termination

the

advisory

agreement

between

RIM

and

the

Investment

Company,

behalf

the

Funds.

Accordingly,

prior

such

consummation,

new

investment

advisory

agreement

(the

“New

Advisory

Agreement”)

between

the

Investment

Company

and

RIM

will

required

for

RIM

continue

its

capacity

investment

adviser

each

Fund.

The

New

Advisory

Agreement

subject

the

approval

the

Board

and

respective

shareholders

each

Fund.

approved

the

Board,

shareholders

the

Funds

record

date

determined

the

Board

will

asked

approve

the

New

Advisory

Agreement

special

meeting

shareholders

which

RIM

expects

held

the

fourth

quarter

2026

the

first

quarter

2027

through

proxy

solicitation

that

will

describe

the

Transaction

greater

detail.

Under

the

New

Advisory

Agreement,

RIM

would

provide

investment

advisory

services

each

Fund

substantially

similar

terms

the

current

agreement

for

fees

that

not

exceed

those

that

are

currently

effect

with

respect

each

Fund.

Funds

Shareholders

International

Developed

Markets

Fund

79.2

Strategic

Bond

Fund

66.9

Global

Real

Estate

Securities

Fund

93.0

Russell

Investment

Funds

Affiliated

Brokerage

Transactions

—

June

30,

2026

(Unaudited)

Affiliated

Brokerage

Transactions

123

discussed

Note

the

Notes

Financial

Statements

contained

this

semi-annual

report,

substantially

all

the

equity

transactions

that

Russell

Investment

Management,

LLC

(“RIM”)

effects

for

the

Funds

are

executed

through

Russell

Investments

Implementation

Services,

LLC

(“RIIS”),

registered

broker

and

affiliate

RIM.

This

presents

conflict

interest

because

RIIS

generates

revenue

from

executing

equity

transactions

for

the

Funds,

which

financial

incentive

for

RIM

favor

the

ongoing

selection

RIIS

for

execution

the

Funds'

equity

transactions.

oversee

its

use

RIIS

execute

equity

transactions

for

the

Funds,

RIM

reviews

third-party

reports

regarding

RIIS’

trade

execution

quality

and

commission

rates

relative

commission

rates

for

comparable

services.

RIIS

uses

multi-venue

trade

approach

whereby

RIIS

trades

through

its

network

independent

venues,

including

third-party

brokers

for

clearing

and

settlement

services,

which

RIIS

pays

portion

its

commission.

money

manager

may

effect

portfolio

transactions

for

the

segment

Fund's

portfolio

assigned

the

money

manager

with

broker-dealer

affiliated

with

Fund,

the

money

manager

RIM,

including

RIIS,

well

with

brokers

affiliated

with

other

money

managers.

RIIS

may

also

execute

foreign

currency

transactions

(“FX

transactions”)

agency

basis

behalf

the

Funds.

RIIS

may

charge

the

Funds

agency

fee

for

effecting

transactions.

The

table

below

sets

forth:

(1)

the

aggregate

dollar

amount

brokerage

commissions

paid

the

Funds

for

the

period

ended

June

30,

2026

any

broker

that

affiliated

person

Fund,

RIM

the

relevant

money

manager;

(2)

for

RIIS,

affiliated

person

RIM,

the

net

amount

the

RIIS

commission

after

payment

RIIS

any

commissions

fees

third

party

brokers,

generally

for

clearing

and

settlement

services;

and

(3)

agency

fees

paid

RIIS

for

effecting

transactions

("FX

Fees").

Funds

Affiliated

Broker

Total

Commissions

RIIS

Net

RIIS

Fees

U.S.

Strategic

Equity

Fund

RIIS

9,591

8,621

‒

U.S.

Small

Cap

Equity

Fund

RIIS

40,177

32,523

International

Developed

Markets

Fund

RIIS

68,760

53,852

20,241

Global

Real

Estate

Securities

Fund

RIIS

163,024

133,454

28,592

Russell

Investment

Funds

Basis

for

Approval

Investment

Advisory

Agreement

—

(Unaudited)

124

Basis

for

Approval

Investment

Advisory

Agreement

Approval

Investment

Advisory

Agreement

The

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

requires

that

the

Board

Trustees

(the

“Board”),

including

majority

its

members

who

are

not

considered

“interested

persons”

under

the

1940

Act

(the

“Independent

Trustees”)

voting

separately,

approve

for

initial

term

not

exceed

two

years

and,

thereafter,

approve

the

continuation

the

advisory

agreement

with

Russell

Investment

Management,

LLC

(“RIM”)

(the

“RIM

Agreement”)

and

the

portfolio

management

contract

with

each

Money

Manager

the

Funds

(collectively,

the

“portfolio

management

contracts”

and,

with

the

RIM

Agreement,

the

“Agreements”)

least

annual

basis

and

that

the

terms

and

conditions

the

RIM

Agreement

and

the

terms

and

conditions

each

portfolio

management

contract

provide

for

its

termination

continuation

not

approved

annually.

The

Board,

including

all

the

Independent

Trustees,

considered

and

approved

the

continuation

the

Agreements

meeting

held

person

May

18,

2026

(the

“Agreement

Evaluation

Meeting”).

During

the

course

year,

the

Trustees

receive

wide

variety

materials

regarding,

among

other

things,

the

investment

performance

the

Funds,

sales

and

redemptions

the

Funds’

shares,

management

the

Funds

and

other

services

provided

RIM

(and

its

affiliates)

and

the

Money

Managers

and

compliance

with

applicable

regulatory

requirements.

preparation

for

the

annual

review,

the

Independent

Trustees,

with

the

advice

and

assistance

their

independent

counsel

(“Independent

Counsel”),

also

requested

and

the

Board

considered:

(1)

information

and

reports

prepared

RIM

relating

the

services

provided

RIM

(and

its

affiliates)

and

the

Money

Managers

the

Funds;

(2)

information

and

reports

prepared

RIM

relating

the

profitability

each

Fund

RIM

(and

its

affiliates);

and

(3)

information

received

from

independent,

nationally

recognized

provider

investment

company

information

(the

“Third-Party

Provider”)

comparing

(i)

the

performance

the

Funds

over

various

time

periods

and

(ii)

the

Funds’

respective

operating

expenses

each

Fund’s

last

fiscal

year

end,

with

other

peer

funds

not

managed

RIM,

believed

the

Third-Party

Provider

generally

comparable

the

Funds

(the

“Third-

Party

Information”).

the

case

each

Fund,

its

other

peer

funds

are

collectively

hereinafter

referred

the

Fund’s

“Comparable

Funds,”

and,

with

the

Fund,

such

Comparable

Funds

are

collectively

hereinafter

referred

the

Fund’s

“Performance

Universe”

the

case

performance

comparisons,

and

the

Fund’s

“Expense

Universe”

the

case

operating

expense

comparisons.

The

foregoing

and

other

information

received

the

Board,

including

the

Independent

Trustees,

connection

with

its

evaluations

the

Agreements

are

collectively

called

the

“Agreement

Evaluation

Information.”

The

Trustees’

evaluations

also

reflected

the

knowledge

and

familiarity

gained

Board

members

the

Funds

and

the

other

RIM-managed

funds

for

which

the

Board

has

supervisory

responsibility

(“Other

RIM

Funds”)

with

respect

services

provided

RIM,

RIM’s

affiliates

and

each

Money

Manager.

The

Trustees

received

memorandum

from

counsel

the

Funds

(“Fund

Counsel”)

discussing

the

legal

standards

for

their

consideration

the

continuations

the

Agreements,

and

the

Independent

Trustees

separately

received

memorandum

regarding

their

responsibilities

from

their

Independent

Counsel.

meetings

held

virtually

April

2026

and

April

13,

2026,

the

Independent

Trustees

met

privately

with

Independent

Counsel

discuss

the

Agreement

Evaluation

Information

received

prior

those

dates.

April

14,

2026,

Independent

Counsel

provided

list

follow-up

questions

and

requests

RIM

behalf

the

Independent

Trustees

the

Agreement

Evaluation

Information

received

prior

that

date

(the

“Follow-Up

Questions

and

Requests”).

meeting

held

person

April

20,

2026,

the

Independent

Trustees

met

privately

with

Independent

Counsel

discuss

the

Agreement

Evaluation

Information.

meetings

held

person

April

20-21,

2026

(together,

the

“Agreement

Information

Review

Meeting”),

the

Board,

including

the

Independent

Trustees,

preparation

for

the

Agreement

Evaluation

Meeting:

(1)

met

executive

session

with

representative

Associates

Management,

L.P.

(“TA

Associates”),

which

(i)

Independent

Counsel,

(ii)

Fund

Counsel,

(iii)

the

Chairman

and

Chief

Executive

Officer

RIM’s

ultimate

parent

company;

(iv)

the

Chief

Financial

Officer

RIM

and

RIM’s

ultimate

parent

company,

and

(v)

the

President,

Chief

Executive

Officer

and

non-Independent

Trustee

the

Funds,

who

also

Director

RIM

and

Vice

Chairman

RIM’s

ultimate

parent

company,

were

present;

(2)

met

with

representatives

RIM,

during

which,

among

other

things,

RIM

addressed

the

Follow-Up

Questions

and

Requests

that

had

not

otherwise

been

addressed;

and

then

(3)

the

Independent

Trustees

met

private

session

with

Independent

Counsel

which

representatives

RIM

the

Funds’

management

were

present

further

review

and

discuss

the

Agreement

Evaluation

Information

received

that

date.

May

11,

2026,

the

Independent

Trustees

met

video

conference

private

session

with

Independent

Counsel

further

discuss

the

Agreement

Evaluation

Information

provided

date.

the

Agreement

Evaluation

Meeting,

the

Independent

Trustees

again

met

person

private

session

with

Independent

Counsel

review

the

additional

updated

Agreement

Evaluation

Information

received

that

date.

the

Agreement

Evaluation

Meeting,

the

Board,

including

the

Independent

Trustees,

considered

the

proposed

continuance

the

Agreements

with

RIM,

Fund

management,

Independent

Counsel

and

Fund

Counsel.

The

Board

considered

that

the

Agreement

Evaluation

Information

and

presentations

made

RIM

the

Agreement

Information

Review

Meeting

and

the

Agreement

Evaluation

Meeting

part

this

review

encompassed

the

Funds

and

all

Other

RIM

Funds.

Information

received

the

Board,

including

the

Independent

Trustees,

prior

and

the

Russell

Investment

Funds

Basis

for

Approval

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Agreement

125

Agreement

Information

Review

Meeting,

the

Agreement

Evaluation

Meeting,

and

other

meetings

identified

above

included

the

Agreement

Evaluation

Information.

Prior

voting

the

Agreement

Evaluation

Meeting,

the

Independent

Trustees

again

met

private

session

with

Independent

Counsel

consider

Agreement

Evaluation

Information

received

from

RIM

and

management

and

prior

the

Agreement

Evaluation

Meeting.

The

discussion

below

reflects

the

culmination

all

these

reviews.

evaluating

the

Agreements,

the

Board

considered

that

each

the

Funds

employs

manager-of-managers

method

investment

and

that

such

Funds,

employing

manager-of-managers

method

investment,

operate

manner

that

different

from

many

other

investment

companies.

Specifically,

the

Board

considered

that

RIM

has

engaged

multiple

unaffiliated

Money

Managers

for

the

Funds

and

responsible

for

paying

fees

the

Money

Managers

(“Money

Manager

Fees”)

out

the

advisory

fees

paid

the

Funds

RIM

for

its

services

under

the

RIM

Agreement.

Money

Manager

may

have

(1)

discretionary

asset

management

assignment

pursuant

which

allocated

portion

Fund’s

assets

manage

directly

and

for

which

selects

and

trades

the

individual

portfolio

securities

for

the

assets

assigned

it;

(2)

non-discretionary

assignment

pursuant

which

provides

model

portfolio

RIM

representing

its

investment

recommendations,

based

upon

which

RIM

purchases

and

sells

securities

for

Fund;

(3)

both

discretionary

and

non-discretionary

assignment.

Money

Manager

Fees

for

non-discretionary

assignment

may

the

same

as,

lower

than,

the

fees

would

for

discretionary

assignment

with

the

same

Money

Manager.

The

Board

considered

that

RIM

(rather

than

any

Money

Manager)

responsible

under

the

RIM

Agreement

for

determining,

implementing

and

maintaining

the

investment

program

for

each

Fund.

this

regard,

assets

each

Fund

are

allocated

among

RIM

and

the

multiple

Money

Manager

strategies

selected

RIM

for

that

Fund.

RIM

may

change

Fund’s

asset

allocation

Money

Manager

any

time,

including

allocating

Fund

assets

one

Money

Manager

strategies.

addition,

RIM

continues

manage

the

investment

each

Fund’s

cash

and

portions

Fund

during

transitions

between

discretionary

Money

Managers.

RIM

also

continues

manage

directly

any

portion

each

Fund’s

assets

that

RIM

determines

not

allocate

Money

Manager

strategies.

Most

Funds

usually,

but

not

always,

pursue

strategy

being

fully

invested

exposing

all

portion

their

cash

the

performance

certain

markets

purchasing

equity

securities,

fixed

income

securities

and/or

derivatives.

This

cash

“equitization”

strategy

managed

RIM

and

intended

cause

Fund

perform

though

its

cash

were

actually

invested

those

specified

markets

strategies.

With

respect

the

portion

Fund

that

RIM

manages

based

upon

non-discretionary

Money

Manager

model

portfolios,

RIM

constructs

portfolio

that

represents

the

aggregation

the

model

portfolios

based

upon

RIM’s

allocation

each

Money

Manager’s

strategy

through

“enhanced

portfolio

implementation,”

“emulation,”

process

designed

capture

return

streams

multiple

Money

Managers

centralized

portfolio.

RIM

then

implements

the

portfolio

consistent

with

the

aggregation

the

model

portfolios,

but

may

deviate

from

such

aggregation

for

the

purposes

exposure

and

transaction

cost

management.

RIM

stated

its

belief

that

the

Funds

benefit

from

emulation

over

time

due

lower

aggregate

transaction

costs

(including

the

impact

lower

trading

volume

custody

charges)

and

lower

turnover

from

reduced

trading

volumes,

the

potential

for

additional

commission

recapture,

improved

portfolio

efficiency

and

control

enabling

the

implementation

team

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

investment

advisory

services

that

RIM

provides

the

Funds

under

the

RIM

Agreement.

RIM

responsible

for

selecting

(subject

Board

approval),

overseeing

and

evaluating

the

performance

results

the

Money

Managers

for

each

Fund

and

for

actively

managing

allocations

and

reallocations

its

assets

among

Money

Manager

strategies

and

RIM

itself.

Each

discretionary

Money

Manager

for

Fund

effect

performs

the

function

individual

portfolio

manager

who

responsible

for

researching,

selecting

and

trading

portfolio

securities

for

the

portion

the

Fund

assigned

RIM

accordance

with

the

Fund’s

applicable

investment

objective,

policies

and

restrictions,

any

specific

guidelines

placed

RIM

upon

their

selection

portfolio

securities,

and

the

Money

Manager’s

specified

role

Fund.

Money

Manager’s

primary

role

pursue

particular

investment

strategy

that

has

been

selected

and

assigned

RIM

through

sector

and

security

selection

and

risk

control

measures

manner

that

consistent

with

its

RIM-assigned

guidelines.

The

Money

Managers

operate

subject

the

oversight

of,

and

instructions

from,

RIM.

For

each

Fund,

RIM

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

each

Money

Manager

and

Fund;

generally

supervising

compliance

the

discretionary

Money

Managers

and,

applicable,

the

non-discretionary

Money

Managers

with

each

Fund’s

investment

objective

and

policies;

with

respect

Funds

with

non-discretionary

Money

Managers,

purchasing

and

selling

securities

for

the

Funds

based

model

portfolios

representing

the

investment

recommendations

the

non-discretionary

Money

Managers;

managing

Fund

assets

that

are

not

allocated

Money

Manager

strategies;

managing

the

Funds’

cash

balances;

and

recommending

least

annually

the

Board

whether

portfolio

management

contracts

should

renewed,

modified

terminated.

addition

its

annual

recommendation

the

renewal,

Russell

Investment

Funds

Basis

for

Approval

Investment

Advisory

Agreement,

continued

—

(Unaudited)

126

Basis

for

Approval

Investment

Advisory

Agreement

modification

termination

portfolio

management

contracts,

RIM

responsible

for

recommending

the

Board

additions

new

Money

Managers

terminations

replacements

existing

Money

Managers

any

time

when,

based

RIM’s

research

and

ongoing

review

and

analysis,

such

actions

are,

RIM’s

judgment,

appropriate.

RIM

provides

each

Money

Manager

with

specific

investment

guidelines

based

Fund’s

investment

program

and

RIM’s

assessment

the

Money

Manager’s

expertise

and

investment

style

whereby

RIM

attempts

capitalize

the

strengths

each

Money

Manager

and

combine

their

investment

activities

complementary

fashion.

Therefore,

RIM’s

selection

Money

Managers

made

not

only

the

basis

performance

considerations

but

also

the

basis

other

factors,

including

anticipated

compatibility

with

other

Money

Managers

the

same

Fund.

light

the

foregoing,

the

overall

performance

each

Fund

has

reflected,

great

part,

the

performance

RIM

designing

the

Fund’s

investment

program,

structuring

the

Fund,

selecting

effective

Money

Managers,

and

allocating

assets

among

the

Money

Manager

strategies

and

RIM

manner

designed

achieve

the

investment

objectives

the

Fund.

the

Agreement

Evaluation

Information,

RIM

noted

the

broad

array

investment

management

services

provided

the

Funds

RIM

and

the

relatively

narrow

scope

portfolio

management

services

provided

the

Funds

Money

Managers.

RIM

has

advised

the

Board

that

its

portfolio

construction

process

investment

led

and

designed

conducted

manner

that

consistent

with

its

fiduciary

duties.

The

objective

RIM’s

portfolio

construction

meet

portfolio’s

investment

objective

and

established

excess

return

target.

the

Agreement

Evaluation

Information,

RIM

noted

that

while

has

general

goals

for

Money

Manager

Fees

the

aggregate

globally,

there

are

specific

fee

targets

that

are

established

for

individual

portfolios,

which

includes

each

the

Funds.

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

Money

Manager

Fees,

the

aggregate,

must

allow

RIM

remain

going

concern

with

sufficient

resources

provide

required

services

the

Funds

and

earn

reasonable

profit.

RIM

advised

the

Board

that

RIM

portfolio

managers

utilize

number

tools

the

portfolio

construction

process

order

meet

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

portion

the

Funds’

assets

(as

further

described

below).

The

Board

considered

that

the

prospectuses

for

the

Funds

and

other

public

disclosures

have

emphasized,

and

continue

emphasize,

investors

RIM’s

role

the

principal

investment

manager

for

each

such

Fund,

rather

than

the

investment

selection

recommendation

role

the

Money

Managers,

and

describe

the

manner

which

the

Funds

operate

that

investors

may

take

that

information

into

account

when

deciding

purchase

any

Fund.

The

Board

further

considered

that

Fund

investors

pursuing

their

investment

goals

and

objectives

likely

purchased

their

the

basis

this

information

and

RIM’s

reputation

and

experience

managing

the

Funds’

manager-of-managers

structure.

The

Board

also

considered

the

demands

and

complexity

managing

the

Funds

pursuant

the

manager-of-managers

structure,

the

special

expertise

RIM

with

respect

the

manager-of-managers

structure

the

Funds

and

the

possibility

that,

the

current

expense

ratio

each

Fund,

there

might

acceptable

alternative

investment

managers

replace

RIM

comparable

terms

given

the

need

continue

the

manager-of-managers

strategy

such

Fund

selected

shareholders

purchasing

their

shares.

addition

these

general

factors

relating

the

manager-of-managers

structure

the

Funds,

the

Trustees

considered,

with

respect

each

Fund,

various

specific

factors

evaluating

the

renewal

the

RIM

Agreement,

including

the

following:

The

nature,

scope

and

overall

quality

the

investment

management

and

other

services

provided,

and

expected

provided,

the

Fund

RIM;

The

advisory

fee

paid

the

Fund

RIM

for

its

services

under

the

RIM

Agreement

(the

“Advisory

Fee”),

and

the

fact

that

RIM

pays

all

Money

Manager

Fees

out

its

Advisory

Fee;

The

combined

Advisory

Fee

paid

RIM

and

the

administrative

fee

paid

RIM’s

wholly

owned

subsidiary

for

administrative

services

(the

“Administrative

Fee,”

and

together

with

the

Advisory

Fee,

the

“Management

Fee”);

The

performance

the

Funds

relative

their

respective

benchmark

indices

and

Comparable

Funds;

Information

provided

RIM

other

fees

and

benefits

received

RIM

its

affiliates

connection

with

the

Fund,

including

any

administrative

transfer

agent

fees,

any

fees

received

for

management

administration

the

fund

which

the

Funds

invest

their

uninvested

cash,

and

commissions

other

compensation

connection

with

the

execution

portfolio

securities

and

foreign

exchange

transactions;

Information

provided

RIM

expenses

incurred

the

Fund;

Russell

Investment

Funds

Basis

for

Approval

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Agreement

127

Information

provided

RIM

the

profits

that

RIM

derives

from

its

mutual

fund

operations

generally

and

from

the

Fund

(excluding

sales

and

client

service

expenses);

and

Information

provided

RIM

concerning

economies

scale

and

whether

any

scale

economies

are

adequately

shared

with

the

Fund.

connection

with

the

Trustees’

consideration

the

nature,

scope

and

overall

quality

the

investment

management

and

other

services

provided,

and

which

are

expected

provided,

the

Funds,

including

Fund

portfolio

management

services,

the

Board

discussed

with

senior

representatives

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

senior

personnel

and

the

impact

other

recent

changes

Russell

Investments’

(as

defined

below)

personnel

providing

services

the

Funds.

The

President

and

Chief

Investment

Officer

Russell

Investments

discussed

with

the

Board

the

performance

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

the

annual

report

the

CCO

required

under

Rule

38a-1

the

1940

Act

(the

“Annual

CCO

Report”).

The

Annual

CCO

Report

included

the

status

projects,

initiatives

and

enhancements

the

past

year

the

compliance

program

that

the

CCO

identified

connection

with

last

year’s

Annual

CCO

Report.

The

Annual

CCO

Report

also

included

information

the

resources

the

compliance

program

and

the

status

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

the

compliance

programs

RIM

and

the

Funds

over

the

past

year

and

suggestions

for

additional

enhancements

going

forward,

certain

staffing

changes

and

areas

focus

for

the

upcoming

year.

The

CCO

advised

the

Board

that

the

Funds

and

RIM,

with

respect

the

services

RIM

provides

the

Funds,

have

each

adopted

and

effectively

implemented

written

policies

and

procedures

that

are

reasonably

designed

prevent

violation

the

Federal

Securities

Laws

(as

such

term

defined

the

1940

Act).

RIM

indirect

wholly

owned

subsidiary

Russell

Investments

Group,

Ltd.,

through

which

the

limited

partners

certain

private

equity

funds

affiliated

with

Associates

indirectly

have

majority

ownership

interest

through

alternative

investment

vehicles

and

the

limited

partners

certain

private

equity

funds

affiliated

with

Reverence

Capital

Partners,

L.P.

(“Reverence

Capital”)

indirectly

have

significant

minority

controlling

ownership

interest

(as

“control”

defined

the

1940

Act)

through

certain

Reverence

Capital

funds

and

alternative

investment

vehicles

RIM

and

its

affiliates

(“Russell

Investments”).

Certain

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-controlling

positions

Russell

Investments.

connection

with

the

Board’s

initial

approval

the

RIM

Agreement

2015,

Associates

advised

the

Board

its

plans

ultimately

effect

sale

other

disposition

its

ownership

interest

Russell

Investments.

Any

such

future

transaction

(“Transaction”)

could

cause

change

control

RIM

resulting,

among

other

things,

assignment

and

termination

the

RIM

Agreement,

required

the

1940

Act

and

the

terms

and

conditions

the

RIM

Agreement.

the

event

Transaction,

the

Board

would

required

consider

the

approval

the

terms

and

conditions

replacement

agreement

(“Successor

Agreement”)

for

the

RIM

Agreement

and,

thereafter,

submit

the

Successor

Agreement

each

Fund’s

shareholders

for

approval,

required

the

1940

Act.

During

the

executive

session

with

representative

Associates

held

connection

with

the

Agreement

Information

Review

Meeting,

among

other

things,

the

status

Associates’

indirect

investment

RIM

and

RIM’s

access

sufficient

resources

support

its

activities

respect

the

Funds,

and

the

current

debt

and

leverage

levels,

recent

strategic

financing

transaction

and

the

current

capital

structure

Russell

Investments

Group,

Ltd.

were

discussed.

The

Board

was

advised

Associates’

commitment

continue

support

the

same

level

services

currently

being

provided

RIM

and

its

affiliates

the

Funds.

The

Board

was

aware

the

public

reports

regarding

potential

sale

Russell

Investments

its

current

owners,

including

Associates,

and

member

Russell

Investments’

senior

management

answered

questions

from

the

Board

and

advised

the

Board

that

decision

regarding

such

sale

had

been

made.

noted

above,

RIM,

addition

managing

the

investment

each

Fund’s

cash,

directly

manages

portion

(which

may

represent

significant

portion)

the

Funds

pursuant

the

RIM

Agreement,

with

the

actual

allocation

Fund

assets

among

Money

Manager

strategies

and

RIM

being

determined

from

time

the

RIM

portfolio

manager(s).

RIM

may

utilize

tools

such

“optimization,”

which

involves

the

analysis

tradeoffs

between

various

risk

and

return

factors

well

turnover

and

transaction

costs,

order

estimate

optimal

portfolio

positioning.

RIM

may

use

strategies

based

indexes,

including

optimized

index

sampling

(strategies

that

seek

purchase

sampling

securities

using

optimization

and

risk

models)

and/or

index

replication.

Russell

Investment

Funds

Basis

for

Approval

Investment

Advisory

Agreement,

continued

—

(Unaudited)

128

Basis

for

Approval

Investment

Advisory

Agreement

For

certain

Funds,

RIM

may

invest

derivative

instruments

and

may

use

derivatives

take

both

long

and

short

positions.

RIM’s

direct

management

assets

for

these

purposes

hereinafter

referred

the

“Direct

Management

Services.”

While

new

direct

management

strategies

were

implemented

2025,

the

Board

has

been

advised

that,

where

appropriate

its

judgment,

RIM

may

continue

exploring

the

possible

addition

new

expansion

existing

Direct

Management

Services.

Therefore,

larger

portions

certain

Funds

may

managed

directly

RIM

pursuant

the

Direct

Management

Services.

According

RIM,

its

portfolio

managers

combine

Money

Manager

strategies

and,

through

RIM’s

Direct

Management

Services,

align

exposures

with

RIM’s

preferred

positioning

seeking

precisely

manage

portfolio

exposures

well

generate

alpha

they

construct

portfolios.

RIM’s

Direct

Management

Services

are

customized

portfolios

directly

managed

RIM

for

use

within

the

total

portfolio

Fund.

RIM’s

Direct

Management

Services

are

used

conjunction

with

allocations

Money

Manager

strategies

fully

reflect

RIM’s

strategic

and

dynamic

insights

with

integrated

liquidity

and

risk

management.

The

Board

considered

that

RIM

not

required

pay

Money

Manager

Fees

any

Money

Managers

with

respect

assets

for

which

provides

Direct

Management

Services

and

that

the

profits

derived

RIM

generally

and

from

the

Funds

consequently

may

increased,

although

RIM

noted

that

incurs

additional

costs

providing

Direct

Management

Services.

RIM

advised

the

Board

that

allocations,

increased

allocations,

Fund

assets

Direct

Management

Services,

together

with

Money

Manager

selection,

allocations

among

Money

Manager

strategies,

renegotiation

Money

Manager

Fees

and

changes

existing

Money

Manager

assignments

from

discretionary

non-discretionary

assignments

where

there

Money

Manager

Fee

reduction

may

reduce

its

costs

providing

investment

advisory

services

the

Funds,

which

would

benefit

RIM.

The

Board

considered

RIM’s

advice

that

any

such

benefit,

including

any

increased

profits

RIM,

ultimately

may

partially

offset

the

impact

any

new

additional

fee

waivers

expense

caps

separately

agreed

upon

and

implemented

from

time

for

the

affected

Funds

and

any

costs

incremental

investments

increased

cost

allocations

that

RIM

may

incur

support

Direct

Management

Services.

The

Board

also

considered

information

provided

RIM

the

potential

benefits

the

Direct

Management

Services

the

Funds,

and

the

fact

that

the

aggregate

Advisory

Fees

paid

the

Funds

are

not

increased

result

RIM’s

direct

management

Fund

assets

part

the

Direct

Management

Services

otherwise.

The

Board

noted

that

changes

the

allocation

assets

among

Money

Manager

strategies

Direct

Management

Services,

well

changes

the

allocation

affiliated

funds-of-funds’

assets

among

the

Funds,

may

result

directly

higher

costs

affected

Funds,

including

higher

brokerage

commissions

and

other

transaction

costs,

portion

which

paid

RIM’s

affiliated

broker

connection

with

execution

portfolio

transactions

connection

with

such

changes.

RIM

advised

the

Board

that,

order

preserve

flexibility

and

manage

risks,

and

consistent

with

the

terms

the

manager-of-

managers

exemptive

order,

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

asset

allocation

zero).

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

the

opportunity

decrease

Money

Manager’s

allocation

zero,

but

not

terminate

the

Money

Manager,

allows

RIM

potentially

realize

gains

from

strategies

that

may

have

been

overly

rewarded

the

marketplace

over

the

short

medium

term,

provide

the

opportunity

retain

capacity

with

Money

Manager

that

may

otherwise

closed

new

business.

The

Board

noted

that

RIM

does

not

believe

there

are

any

detriments

the

Funds

RIM

from

the

use

Money

Manager

bench.

RIM

has

advised

the

Board

that

RIM

may

add

Money

Managers

to,

remove

Money

Managers

from,

Money

Manager

bench

lineup

for

Funds,

create

Money

Manager

bench

lineups

for

additional

Funds.

The

Agreement

Evaluation

Information

outlined

various

changes

that

have

been

implemented

the

investment

program

for

the

Funds

recent

years

and

described

additional

changes

that

have

been

implemented

are

underway,

and

the

impact

such

changes,

the

investment

advisory

services

provided

the

Funds

RIM,

which

the

Trustees

took

into

account

their

contract

renewal

deliberations,

including

the

following:

•

Most

discretionary

Money

Manager

equity

assignments

were

previously

converted

non-discretionary

assignments,

thereby

implementing

emulation

for

those

Money

Manager

equity

assignments.

The

Board

considered

the

potential

impacts

described

the

Agreement

Evaluation

Information,

both

positive

and

negative,

the

Funds

emulation.

RIM

noted

that,

implementing

emulation

for

most

equity

assignments

for

the

Funds,

assumes

various

additional

risks,

including

trade

error

risk

takes

over

responsibility

for

trading.

RIM

generally

effects

Fund

equity

portfolio

transactions

through

affiliated

broker

that

receives

portion

the

commissions

paid

the

Funds

for

effecting

some

these

transactions.

For

such

equity

transactions,

the

Funds

pay

RIM’s

affiliated

broker

dealer

commission

rates

that

are

determined

oversight

committee

RIM.

According

RIM,

the

Funds

pay

the

same

commission

rates

regardless

whether

the

affiliated

broker

dealer

receives

any

portion

the

Russell

Investment

Funds

Basis

for

Approval

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Agreement

129

commission.

RIM

noted

certain

enhancements

recent

years

the

emulation

process,

including

increasing

the

frequency

receipt

certain

Money

Manager

model

portfolios,

the

utilization

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

implemented

Money

Managers

discretionary

basis.

•

RIM

has

renegotiated

fees

with

certain

Money

Managers

lower

levels

and

advised

the

Board

that

will

continue

assess

opportunities

for

Money

Manager

Fee

reductions

the

future,

and

described

factors

that

may

considered

determining

whether

renegotiate

fees.

RIM

advised

the

Board

that

has

not

experienced,

and

does

not

expect

experience,

any

diminution

the

nature,

scope

quality

services

provided

Money

Managers

result

renegotiated

Money

Manager

Fees.

•

Benchmark

changes

for

certain

Funds

comply

with

new

SEC

regulations.

•

RIM

has

developed

evolution

its

portfolio

construction

process

that

RIM

intends

initially

implement

for

the

U.S.

Strategic

Equity

Fund,

where

all

Fund

assets

other

than

the

Fund’s

liquidity

reserve

will

allocated

Money

Manager

strategies

and

the

Direct

Management

Services

described

above

will

eliminated,

with

RIM

managing

benchmark

relative

exposures

systematically

adjusting

the

weights

securities

non-discretionary

Money

Managers’

model

portfolios.

evaluating

the

Funds’

Advisory

Fees

and

Management

Fees,

the

Board

considered

that,

the

Agreement

Evaluation

Information

and

past

meetings,

RIM

noted

differences

between

the

investment

strategies

certain

Funds

and

their

respective

Comparable

Funds

pursuing

their

investment

objectives.

assist

the

Board’s

evaluation

the

Advisory

Fees,

Management

Fees

and

total

expenses

Funds

with

changes

their

Advisory

Fee

waivers

and

expense

caps

that

were

implemented

during

after

fiscal

year

2025,

RIM

provided

comparisons

and

discussion

the

Management

Fees

and

total

expenses

such

Funds

adjusted

basis

reflect

the

annualized

impact

changes

Advisory

Fee

waivers

and

expense

caps,

applicable,

that

were

implemented

during

after

fiscal

year

2025.

The

Third-Party

Information

included,

among

other

things,

comparisons

the

Funds’

Management

Fees

with

the

management

fees

their

Comparable

Funds

actual

basis

(i.e.,

giving

effect

any

fee

waivers

and/or

expense

caps

implemented

RIM

with

respect

Fund

and

the

managers

such

Fund’s

Comparable

Funds).

The

Third-Party

Information

showed,

among

other

things,

that

each

Fund

had

Management

Fee

which,

compared

with

the

management

fees

its

respective

Comparable

Funds,

was

ranked

the

fifth

quintile

its

Expense

Universe

for

that

expense

component.

these

rankings,

the

first

quintile

represents

funds

with

the

lowest

management

fees

among

funds

the

Expense

Universe,

and

the

fifth

quintile

represents

funds

with

the

highest

management

fees

among

funds

the

Expense

Universe.

The

comparisons

were

based

upon

the

latest

fiscal

years

for

the

Expense

Universe

funds.

The

Funds

are

distributed

exclusively

holders

variable

annuity

and

variable

life

insurance

contracts

issued

insurance

companies

(“Insurance

Contract

Holders”).

Among

other

things,

RIM

previously

noted

that

meaningful

comparisons

management

fees

between

funds

affiliated

with

insurance

companies

issuing

variable

annuity

and

life

insurance

policies

Insurance

Contract

Holders

and

funds

that

are

not

affiliated

with

such

insurance

companies,

such

the

Funds,

are

difficult

insurance

companies

have

flexibility

allocate

certain

fees

between

the

variable

annuity

and

variable

life

insurance

contracts

held

Insurance

Contract

Holders

and

the

affiliated

underlying

funds.

RIM

also

noted

the

administrative

services

provided

insurance

company

Insurance

Contract

Holders

invested

the

Funds

and

the

costs

associated

with

the

provision

such

administrative

services.

RIM

explained

that

these

administrative

services

benefit

these

Funds’

Insurance

Contract

Holders

and

are

necessary

for

the

operation

the

Funds.

discussing

the

Funds’

Management

Fees

generally,

RIM

noted,

among

other

things,

that

its

Management

Fees

for

the

Funds

encompass

services

that

are

typical

services

provided

investment

advisers

the

Funds’

Comparable

Funds,

well

transition

management

services

that

enable

efficient

and

cost-effective

asset

transition

events

and

the

administration

cash

equitization

program.

RIM

also

advised

the

Board

that

its

pre-tax

profit

margin

from

its

relationships

with

the

Funds

increased

2025,

and

RIM’s

2025

pre-tax

profit

margin

providing

investment

advisory

services

the

Funds

slightly

higher

than

the

median

the

operating

profit

margins

public

investment

management

company

peers

(in

each

case,

including

sales

and

client

service

expenses)

based

survey

conducted

September

30,

2025,

reflecting

the

prior

months.

Russell

Investment

Funds

Basis

for

Approval

Investment

Advisory

Agreement,

continued

—

(Unaudited)

130

Basis

for

Approval

Investment

Advisory

Agreement

The

Board

considered

each

Fund’s

Advisory

Fee

and

Management

Fee

both

standalone

basis

and

the

context

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

which

such

expense

components

contribute

each

Fund’s

total

expense

rankings

within

its

Expense

Universe.

The

Board

has

engaged,

and

continues

engage,

discussions

with

RIM

identify

opportunities,

where

appropriate,

for

improving

the

Advisory

Fee,

Management

Fee

and/or

total

expense

comparisons

for

certain

Funds

relative

their

respective

Comparable

Funds

through

Advisory

Fee

waivers

expense

caps.

the

Agreement

Information

Review

Meeting

and

the

Agreement

Evaluation

Meeting,

the

Board

reviewed

and

discussed

with

RIM

the

Management

Fees

and

total

expense

ratios

the

Funds

relative

their

respective

Comparable

Funds,

including

the

fee

waivers

expense

caps

RIM

had

previously

implemented

and

agreed

implement

the

future

reduce

Management

Fees

and/or

total

expenses

for

certain

Funds,

and

Comparable

Fund

fee

and

expense

trending

year-over-year.

Based

that

review

and

discussions

with

RIM,

including

discussions

with

RIM

regarding

the

reasonableness

various

components

certain

Funds’

total

expense

ratio

other

than

its

Management

Fee,

the

Independent

Trustees

will

continue

evaluate

and

engage

ongoing

discussions

with

management

regarding

Management

Fee

and

total

expense

comparisons.

The

Board

considered

RIM’s

explanation

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

Third-Party

Information

comparisons

based

on,

and

discussed

in,

the

Agreement

Evaluation

Information.

With

respect

the

U.S.

Strategic

Equity

Fund’s

Management

Fee,

the

Board

considered

that

the

Fund’s

total

expenses

ranked

the

third

quintile

its

Expense

Universe.

With

respect

the

U.S.

Small

Cap

Equity

Fund’s

Management

Fee,

the

Board

considered

that

the

Fund’s

total

expenses

ranked

the

third

quintile

its

Expense

Universe.

The

Board

further

considered

that

RIM

decreased

the

fund-level

expense

cap

for

the

Fund

two

phases

2025

and

2026.

With

respect

the

International

Developed

Markets

Fund’s

Management

Fee,

RIM

noted

that

does

not

agree

with

the

Fund’s

Expense

Universe

categorization

and

requested

that

the

Third-Party

Information

also

include

custom

Expense

Universe

that

RIM

believes

appropriate

comparison.

The

Board

noted

that

the

Fund’s

total

expenses

ranked

the

third

quintile

its

custom

Expense

Universe.

The

Board

also

considered

the

Advisory

Fee

waivers

that

RIM

implemented

for

the

Fund

two

phases

2025

and

2026.

With

respect

the

Strategic

Bond

Fund’s

Management

Fee,

the

Board

considered

that

the

Fund’s

total

expenses

ranked

the

third

quintile

its

Expense

Universe.

The

Board

further

considered

that

RIM

implemented

Advisory

Fee

waiver

for

the

Fund

2024.

With

respect

the

Global

Real

Estate

Securities

Fund’s

Management

Fee,

the

Board

considered

that

the

Fund’s

total

expenses

ranked

the

second

quintile

its

Expense

Universe.

Based

upon

information

provided

RIM,

the

Board

considered

for

each

Fund

whether

economies

scale

have

been

realized

and

whether

the

Advisory

Fee

for

such

Fund

appropriately

reflects

should

revised

reflect

any

such

economies.

The

Board

considered,

among

other

things,

the

variability

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure

employed

the

Funds,

well

net

Fund

redemptions

purchases

recent

years.

With

respect

each

Fund,

the

Board

considered

any

Advisory

Fee

waivers

expense

caps

that

had

been

implemented

the

past

year.

The

Funds

are

primarily

distributed

through,

and

their

assets

are

primarily

attributed

to,

The

Northwestern

Mutual

Life

Insurance

Company

(“Northwestern

Mutual”).

The

Funds

continue

experience

outflows;

however,

RIM

advised

the

Board

there

regular

contact

with

Northwestern

Mutual

order

maintain

product

availability

and

continue

efforts

grow

the

product

line.

RIM

expressed

its

belief

that

Northwestern

Mutual

still

committed

the

Funds.

However,

the

Board

has

received

direct

assurances

this

regard

from

Northwestern

Mutual.

Northwestern

Mutual

were

discontinue

its

participation

the

Funds,

the

Board

considered

that

unlikely

that

the

Funds

would

remain

viable.

RIM

previously

expressed

its

belief

that

the

Funds

will

remain

viable

the

near

term,

and

the

Board

was

not

advised

any

change

RIM’s

belief

this

regard.

The

Board

considered,

among

other

things,

the

potential

negative

implications

for

significant

future

Fund

asset

growth

additional

insurance

companies

not

make

the

Funds

available

their

variable

annuity

and

variable

life

insurance

policyholders.

Russell

Investment

Funds

Basis

for

Approval

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Agreement

131

The

Board

also

considered

that

the

advisory

fee

rates

payable

RIM

Other

RIM

Funds

and

fee

rates

payable

RIM

its

affiliates

other

registered

investment

companies

and

institutional

clients

with

investment

objectives

similar

those

the

Funds

some

cases

are

lower

than

the

advisory

fee

rates

paid

the

Funds.

The

Trustees

considered

RIM’s

explanation

that

the

advisory

fees

payable

RIM

the

Funds

and

the

Other

RIM

Funds

reflect,

among

other

things,

differences

the

type

product,

distribution

channel

and

investors.

The

Trustees

also

considered

the

differences

the

nature

and

scope

services

RIM

provides

other

registered

investment

companies

and

institutional

clients

relative

those

provided

the

Funds.

With

respect

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

the

number

and

nature

investors,

along

with

their

varied

needs

for

liquidity,

there

portfolio

liquidity

management

and

cash

flow

management

required

for

the

Funds

than

for

RIM’s

and

its

affiliates’

institutional

clients,

where

assets

are

relatively

stable.

addition,

RIM

noted

that

the

Funds

are

subject

heightened

regulatory

requirements

relative

institutional

clients.

Accordingly,

the

Trustees

concluded

that

the

services

provided

the

Funds

are

sufficiently

different

from

the

services

provided

such

institutional

clients

that

comparisons

are

not

probative

and

should

not

given

significant

weight.

With

respect

the

Funds’

total

expenses,

the

Third-Party

Information

showed

that

the

total

expenses

for

the

International

Developed

Markets

Fund

were

ranked

the

fourth

quintile

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

the

third

quintile

its

Expense

Universe,

and

the

total

expenses

for

the

Global

Real

Estate

Securities

Fund

were

ranked

the

second

quintile

its

Expense

Universe.

these

rankings,

the

first

quintile

represents

funds

with

the

lowest

total

expenses

among

funds

the

Expense

Universe

and

the

fifth

quintile

represents

funds

with

the

highest

total

expenses

among

the

Expense

Universe

funds.

With

respect

the

International

Developed

Markets

Fund,

RIM

noted

that

does

not

agree

with

the

Fund’s

Expense

Universe

categorization

and

requested

that

the

Third-Party

Information

also

include

custom

Expense

Universe

that

RIM

believes

appropriate

comparison.

The

Board

noted

that

the

Fund’s

total

expenses

ranked

the

third

quintile

its

custom

Expense

Universe.

The

Board

also

considered

the

Advisory

Fee

waivers

that

RIM

implemented

for

the

Fund

2025

and

2026.

RIM

expressed

its

belief

that

each

Fund’s

total

expense

ratio

was

fair

and

reasonable

notwithstanding

the

Third-Party

Information

comparisons

based

on,

and

discussed

in,

the

Agreement

Evaluation

Information.

the

basis

the

Agreement

Evaluation

Information,

and

other

information

previously

received

the

Board

from

RIM

during

the

course

the

year

and

prior

years,

presented

connection

with

the

Agreement

Information

Review

Meeting

and

Agreement

Evaluation

Meeting

RIM

and

its

affiliates,

the

Board,

respect

each

Fund,

after

giving

effect

any

applicable

fee

waivers

expense

caps

and

light

other

factors

discussed

above:

(1)

found

that

the

Advisory

Fee

and

Administrative

Fee

were

acceptable

light

the

nature,

scope

and

overall

quality

the

investment

advisory

and

other

services

provided,

and

expected

provided,

the

Fund

and

provide

continuity

investment

advisory

and

other

services

RIM

and

its

affiliates

the

Fund;

(2)

either

found

that

the

relative

expense

ratio

the

Fund

was

comparable

those

its

Comparable

Funds

took

into

account

the

factors

noted

above

considering

the

relative

expense

ratio

compared

those

its

Comparable

Funds;

(3)

found

that

the

other

benefits

and

fees

received

RIM

its

affiliates

from

the

Fund

identified

the

Agreement

Evaluation

Information

were

not

considered

excessive;

(4)

found

that

RIM’s

reported

profitability

with

respect

the

Fund

was

not

considered

excessive

light

the

nature,

scope

and

overall

quality

the

investment

management

and

other

services

provided

RIM

and

applicable

judicial

and

regulatory

guidance;

and

(5)

found

that

the

Advisory

Fee

charged

RIM

appropriately

reflects

any

economies

scale

realized

such

Fund

light

various

factors,

including

potential

negative

implications

for

significant

future

Fund

asset

growth

additional

insurance

companies

not

make

the

Funds

available

their

Insurance

Contract

Holders;

the

variability

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure

employed

the

Funds;

and

RIM’s

advice

that

does

not

believe

will

experience

meaningful

economies

scale.

The

Board

concluded

that,

under

the

circumstances

and

based

RIM’s

performance

information

and

reviews

for

each

Fund,

the

performance

each

the

Funds

supported

the

continuation

the

RIM

Agreement.

assessing

the

performance

the

Funds,

the

Board

focused

each

Fund’s

performance

for

the

3-year

period

ended

December

31,

2025

most

relevant

but

also

considered

Fund

performance

for

the

and

5-year

periods

ended

such

date.

reviewing

the

Funds’

performance

generally,

the

Board

took

into

consideration

various

steps

taken

RIM

the

past

few

years

enhance

the

performance

certain

Funds,

including

changes

Money

Managers

their

allocations,

which

may

not

yet

fully

reflected

Fund

investment

results.

Russell

Investment

Funds

Basis

for

Approval

Investment

Advisory

Agreement,

continued

—

(Unaudited)

132

Basis

for

Approval

Investment

Advisory

Agreement

With

respect

the

U.S.

Strategic

Equity

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

was

ranked

the

fourth

quintile

its

Performance

Universe

for

each

the

and

3-year

periods

ended

December

31,

2025,

and

was

ranked

the

fifth

quintile

its

Performance

Universe

for

the

5-year

period

ended

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

its

Comparable

Funds

was

headwind

aggregate,

the

most

expensive

and

largest

market

capitalization

stocks

notably

outperformed

within

the

U.S.

large

cap

market.

With

respect

the

U.S.

Small

Cap

Equity

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

was

ranked

the

fourth

quintile

its

Performance

Universe

for

each

the

and

3-year

periods

ended

December

31,

2025,

and

was

ranked

the

second

quintile

its

Performance

Universe

for

the

5-year

period

ended

such

date.

For

the

3-year

period,

RIM

noted

that

the

Fund’s

modest

overweight

stocks

with

stronger

value

characteristics

relative

peers

was

headwind

overall,

value-oriented

stocks

underperformed

growth-oriented

stocks

the

U.S.

small-cap

market.

RIM

further

noted

that

the

Fund’s

peer

relative

sector

positioning

had

negative

impact

overall,

with

underweights

the

outperforming

industrials

and

technology

sectors

detracting

from

performance

results.

The

Board

considered

that

Money

Manager

change

made

2025

has

contributed

positively

the

Fund’s

performance.

With

respect

the

International

Developed

Markets

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

was

ranked

the

fourth

quintile

its

Performance

Universe

for

each

the

and

3-year

periods

ended

December

31,

2025,

and

was

ranked

the

second

quintile

its

Performance

Universe

for

the

5-year

period

ended

such

date.

For

the

3-year

period,

RIM

noted

that

the

Fund’s

tilt

toward

stocks

with

lower

volatility

and

smaller

market

capitalization

relative

peers

was

the

primary

headwind,

the

most

volatile

and

largest

market

capitalization

stocks

outperformed

within

the

international

equity

market.

RIM

further

noted

that

the

Fund

maintained

lower

exposure

growth

and

momentum

stocks,

and

underweight

the

information

technology

sector,

each

which

detracted

from

performance.

With

respect

the

Strategic

Bond

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

was

ranked

the

fifth

quintile

its

Performance

Universe

for

each

the

and

5-year

periods

ended

December

31,

2025,

and

ranked

the

third

quintile

its

Performance

Universe

for

the

1-year

period

ended

such

date.

RIM

noted

that

2023

and

2024,

the

Fund

maintained

overweight

duration

position

compared

its

Comparable

Funds,

which

detracted

from

relative

performance

environment

where

interest

rates

rose

and

remained

volatile,

and

had

lower

high

yield

exposure

relative

its

Comparable

Funds,

which

was

slight

drag

performance.

RIM

further

noted

that

the

Fund’s

underweight

agency

mortgage-back

securities

and

high

yield

securities

relative

its

Comparable

Funds

dragged

performance

2025.

The

Board

considered

that

Money

Manager

change

made

2024

has

contributed

positively

the

Fund’s

performance.

The

performance

the

Global

Real

Estate

Securities

Fund

ranked

the

second

quintile

its

Performance

Universe

for

the

3-year

period

ended

December

31,

2025.

evaluating

performance,

the

Board

considered

each

Fund’s

performance

not

only

relative

its

Comparable

Funds,

but

also

absolute

terms

and

relative

its

benchmark.

The

Board

considered

the

Funds’

performance

relative

their

primary

benchmarks

light

RIM’s

advice

that

its

investment

philosophy

and

process

seek

combine

investment

managers

produce

benchmark-

beating

returns

with

above-average

consistency.

For

the

1-year

period

ended

December

31,

2025,

the

Strategic

Bond

Fund

outperformed

its

benchmark;

for

the

3-year

period

ended

December

31,

2025,

the

Global

Real

Estate

Securities

Fund

outperformed

its

benchmark;

and

for

the

5-year

period

ended

December

31,

2025,

the

U.S.

Small

Cap

Equity

Fund

outperformed

its

benchmark.

The

Board

also

considered

the

Money

Manager

changes

that

have

been

made

during

the

past

year

and

that

the

performance

Money

Managers

continues

impact

Fund

performance

for

periods

prior

and

subsequent

their

termination.

After

considering

the

foregoing

and

other

relevant

factors,

including

factors

described

above,

the

Board

concluded

respect

each

Fund

that

continuation

the

RIM

Agreement

would

the

best

interest

such

Fund

and

its

shareholders

and

voted

approve

the

continuation

the

RIM

Agreement.

the

Agreement

Information

Review

Meeting

and

Agreement

Evaluation

Meeting,

with

respect

the

evaluation

the

terms

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

the

performance

each

Money

Manager;

any

significant

business

relationships

between

the

Money

Manager

and

RIM

Russell

Investments

Financial

Services,

LLC

(“RIFIS”),

the

Funds’

underwriter;

and

RIM’s

recommendation

retain

each

discretionary

Russell

Investment

Funds

Basis

for

Approval

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Agreement

133

non-discretionary

Money

Manager

the

current

terms

and

conditions,

including

the

current

fee

rate.

The

Board

received

reports

during

the

course

the

year

from

the

Funds’

CCO

regarding

her

assessments

Money

Manager

compliance

programs

and

any

compliance

issues.

RIM

did

not

identify

any

benefits

from

the

Funds’

portfolio

transactions

received

Money

Managers

their

affiliates

other

than

potential

benefits

from

soft

dollar

arrangements

commissions

paid

any

affiliated

broker-dealer

through

which

discretionary

Money

Manager

may

execute

trades.

RIM

recommended

that

each

the

Money

Managers

retained

for

its

current

discretionary

non-discretionary

assignment

its

current

fee

rate.

doing

so,

RIM,

has

the

past,

advised

the

Board

that

does

not

regard

Money

Manager

profitability

economies

scale

relevant

its

evaluation

the

portfolio

management

contracts

with

Money

Managers

because

the

willingness

Money

Managers

serve

such

capacity

depends

upon

arm’s-length

negotiations

with

RIM;

RIM

aware

the

standard

fee

rates

charged

Money

Managers

other

clients;

and

RIM

believes

that

the

fees

agreed

upon

with

Money

Managers

are

reasonable

and

appropriate

light

the

anticipated

quality

investment

advisory

services

rendered.

The

Board

accepted

RIM’s

explanation

the

relevance

Money

Manager

profitability

light

RIM’s

belief

that

such

fees

are

reasonable;

the

Board’s

findings

the

acceptability

the

Advisory

Fee

paid

each

Fund;

and

the

fact

that

each

Money

Manager’s

fee

paid

RIM.

Based

upon

RIM’s

recommendations,

together

with

relevant

Agreement

Evaluation

Information,

the

Board

concluded

that

the

fees

paid

the

Money

Managers

each

Fund

are

acceptable

light

RIM’s

assessment

the

quality

the

investment

advisory

services

provided

and

that

continuation

the

portfolio

management

contract

with

each

Money

Manager

each

Fund

would

the

best

interests

the

Fund

and

its

shareholders.

This

discussion

not

intended

include

all

the

factors

and

information

considered

the

Board.

their

deliberations,

the

Trustees

did

not

identify

any

particular

information

the

RIM

Agreement

or,

other

than

RIM’s

recommendation,

the

portfolio

management

contract

with

any

Money

Manager

that

was

all-important

controlling,

except,

the

case

the

RIM

Agreement,

the

need

continue

the

managers-of-managers

structure

the

Funds,

and

each

Trustee

attributed

different

weights

the

various

factors

considered.

The

Trustees

evaluated

all

information

available

them

Fund-by-Fund

basis

and

their

determinations

were

made

respect

each

Fund.

Quarterly

Approval

Money

Manager

Contracts

the

quarterly

Board

meeting

held

May

19,

2026,

the

Board

received

proposal

from

RIM

approve

new

portfolio

management

contract

for

the

Global

Real

Estate

Securities

Fund.

The

Trustees

approved

the

terms

the

proposed

new

portfolio

management

contract

based

upon

their

consideration

of,

among

other

information,

RIM’s

recommendation

hire

the

Money

Manager

the

proposed

fee

rate;

information

the

reason

for

the

proposed

Money

Manager

hire;

information

the

Money

Manager’s

role

the

management

the

Fund’s

investment

portfolio

(including

the

amount

Fund

assets

allocated

the

Money

Manager

managed

pursuant

the

Money

Manager’s

strategy);

RIM’s

evaluation

the

anticipated

quality

the

investment

advisory

services

provided

the

Money

Manager;

the

Money

Manager’s

performance

over

various

periods;

RIM’s

assessment

the

performance

the

Money

Manager;

any

significant

business

relationships

between

the

Money

Manager

and

RIM

RIFIS,

the

Fund’s

underwriter;

RIM’s

recommendation

with

respect

the

Money

Managers’

fee

rates;

the

increase

decrease

aggregate

Money

Manager

fees

paid

RIM

from

its

advisory

fee

result

the

engagement

the

Money

Manager;

and

the

expected

costs,

any,

transitioning

Fund

assets

the

Money

Manager

its

strategy.

The

Board

also

received

had

previously

received

certifications

from

the

Fund’s

CCO

that

she

reviewed

and

approved

certain

policies

and

procedures

for

the

Money

Manager

and

determined

that

such

policies

and

procedures

are

reasonably

designed

prevent

violations

the

federal

securities

laws

the

Money

Manager

with

respect

the

services

provide

the

Fund.

RIM

advised

the

Board

that

does

not

regard

Money

Manager

profitability

relevant

its

evaluation

the

portfolio

management

contract

with

the

Money

Manager

because

the

willingness

the

Money

Manager

serve

such

capacity

depends

upon

arm’s-

length

negotiations

with

RIM;

RIM

aware

the

standard

fees

charged

the

Money

Manager

other

clients;

and

RIM

believes

that

the

fees

agreed

upon

with

the

Money

Manager

are

reasonable

light

the

anticipated

quality

investment

advisory

services

rendered.

The

Board

accepted

RIM’s

explanation

the

relevance

Money

Manager

profitability

light

RIM’s

belief

that

Russell

Investment

Funds

Basis

for

Approval

Investment

Advisory

Agreement,

continued

—

(Unaudited)

134

Basis

for

Approval

Investment

Advisory

Agreement

such

fees

are

reasonable,

the

Board’s

prior

findings

the

acceptability

the

advisory

fee

paid

the

Fund

and

the

fact

that

the

Money

Manager’s

fee

will

paid

RIM.

Based

substantially

upon

RIM’s

recommendations,

together

with

their

findings

prior

meetings,

including

the

Agreement

Evaluation

Meeting,

connection

with

their

evaluation

and

approval

the

Fund’s

existing

investment

advisory

agreement

with

RIM,

well

information

received

throughout

the

course

the

year

regarding,

among

other

things,

the

reasonableness

the

aggregate

investment

advisory

fees

paid

the

Fund,

well

the

fact

that

the

aggregate

investment

advisory

fee

paid

the

Fund

would

not

increase

decrease

result

the

implementation

the

proposed

new

portfolio

management

contract

because

the

Money

Manager’s

investment

advisory

fees

are

paid

RIM,

the

Board

voted

approve

the

portfolio

management

contract

with

the

Money

Manager

for

the

Fund.

Russell

Investment

Funds

Adviser,

Money

Managers

and

Service

Providers

—

June

30,

2026

(Unaudited)

Adviser,

Money

Managers

and

Service

Providers

135

Interested

Trustee

Vernon

Barback

Independent

Trustees

Michelle

Cahoon

Michael

Day

Julie

Dien

Ledoux

Jeremy

May

Ellen

Needham

Jeannie

Shanahan

Raymond

Tennison,

Jr.

Jack

Thompson

Officers

Vernon

Barback,

President

and

Chief

Executive

Officer

Cheryl

Wichers,

Chief

Compliance

Officer

Ross

Erickson,

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

401

Union

Street

18th

Floor

Seattle, WA

98101

Administrator

and

Transfer

and

Dividend

Disbursing

Agent

Russell

Investments

Fund

Services,

LLC

401

Union

Street

18th

Floor

Seattle, WA

98101

Custodian

State

Street

Bank

and

Trust

Company

1776

Heritage

Drive

North

Quincy,

02171

Office

Shareholder

Inquiries

401

Union

Street

18th

Floor

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

401

Union

Street

18th

Floor

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,

Jacobs

Levy

Equity

Management,

Inc., Florham

Park, NJ

J.P.

Morgan

Investment

Management

Inc.,

New

York,

William

Blair

Investment

Management,

LLC,

Chicago,

U.S.

Small

Cap

Equity

Fund

Ancora

Advisors,

LLC,

Mayfield

Heights,

Boston

Partners

Global

Investors,

Inc.,

Boston,

Calamos

Advisors

LLC,

Naperville,

Copeland

Capital

Management,

LLC,

Conshohocken,

DePrince,

Race

Zollo,

Inc., Winter

Park, FL

Jacobs

Levy

Equity

Management,

Inc., Florham

Park, NJ

Lord

Abbett

Co.

LLC,

Jersey

City,

Penn

Capital

Management

Company,

LLC,

Philadelphia, PA

Ranger

Investment

Management,

L.P.,

Dallas,

International

Developed

Markets

Fund

Intermede

Investment

Partners

Limited,

London,

and

Intermede

Global

Partners

Inc.,

San

Francisco,

Pzena

Investment

Management,

LLC,

New York, NY

Wellington

Management

Company

LLP,

Boston,

Strategic

Bond

Fund

Allspring

Global

Investments,

LLC,

Charlotte,

RBC

Global

Asset

Management

(U.S.)

Inc.,

Minneapolis,

and

RBC

Global

Asset

Management

(UK)

Limited,

London,

Schroder

Investment

Management

North

America

Inc.,

New

York,

Global

Real

Estate

Securities

Fund

Cohen

Steers

Capital

Management,

Inc.,

New York, NY,

Cohen

Steers

Limited,

London,

and

Cohen

Steers

Asia

Limited,

Hong

Kong,

China

Resolution

Capital

Limited,

Sydney,

Australia

and

Resolution

Capital

(US)

Limited,

Rye

Brook,

RREEF

America

L.L.C.,

Chicago,

IL,

DWS

Investments

Australia

Limited,

Sydney,

Australia

and

DWS

Alternatives

Global

Limited,

London,

UK,

operating

under

the

brand

name

DWS

This

report

prepared

from

the

books

and

records

the

Funds

and

submitted

for

the

general

information

shareholders

and

not

authorized

for

distribution

prospective

investors

unless

accompanied

preceded

effective

Prospectus.

Nothing

herein

contained

considered

offer

sale

solicitation

offer

buy

Russell

Investment

Funds.

Such

offering

made

only

Prospectus,

which

includes

details

offering

price

and

other

material

information.

Russell

Investment

Funds

401

Union

Street

Floor

Seattle,

98101

800-787-7354

Fax:

206-505-3495

2026

SEMI-ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

JUNE

30,

2026

FUND

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Aggressive

Strategy

Fund

Equity

Aggressive

Strategy

Fund

Russell

Investment

Funds

Russell

Investment

Funds

series

investment

company

with

nine

different

investment

portfolios

referred

Funds.

These

financial

statements

report

four

these

Funds.

Page

Moderate

Strategy

Fund

(Form

N-CSR

Item

Balanced

Strategy

Fund

(Form

N-CSR

Item

Aggressive

Strategy

Fund

(Form

N-CSR

Item

Equity

Aggressive

Strategy

Fund

(Form

N-CSR

Item

Notes

Financial

Highlights

(Form

N-CSR

Item

Notes

Financial

Statements

(Form

N-CSR

Item

Basis

for

Approval

Investment

Advisory

Agreement

(Form

N-CSR

Item

11)

Adviser

and

Service

Providers

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Semi-annual

Financial

Statements

and

Other

Information

June

30,

2026

(Unaudited)

Table

Contents

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Russell

Investments

2026.

All

rights

reserved.

Russell

Investments’

ownership

composed

majority

stake

held

funds

managed

Associates

Management,

L.P.,

with

significant

minority

stake

held

funds

managed

Reverence

Capital

Partners,

L.P.

Certain

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-

controlling,

ownership

stakes.

Frank

Russell

Company

the

owner

the

Russell

trademarks

contained

this

material

and

all

trademark

rights

the

Russell

trademarks,

which

the

members

the

Russell

Investments

group

companies

are

permitted

use

under

license

from

Frank

Russell

Company.

The

members

the

Russell

Investments

group

companies

are

not

affiliated

any

manner

with

Frank

Russell

Company

any

entity

operating

under

the

“FTSE

RUSSELL”

brand.

Fund

objectives,

risks,

charges

and

expenses

should

carefully

considered

before

investing.

prospectus

containing

this

and

other

important

information

must

precede

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

Securities

distributed

through

Russell

Investments

Financial

Services,

LLC,

member

FINRA

and

part

Russell

Investments.

Performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

The

investment

return

and

principal

value

investment

will

fluctuate

that

shares,

when

redeemed,

may

worth

less

than

their

original

cost.

Current

performance

may

lower

higher

than

the

performance

data

quoted.

Russell

Investment

Funds

Moderate

Strategy

Fund

Schedule

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Moderate

Strategy

Fund

Amounts

thousands

(except

amounts)

Fair

Value

Investments

Affiliated

Funds

100.0%

Alternative

2.0%

RIF

Global

Real

Estate

Securities

Fund

86,105

1,298

Domestic

Equities

15.8%

RIF

U.S.

Small

Cap

Equity

Fund

77,976

1,392

RIF

U.S.

Strategic

Equity

Fund

380,998

8,911

10,303

Fixed

Income

53.4%

RIC

Long

Duration

Bond

Fund

Class

327,865

2,571

RIC

Opportunistic

Credit

Fund

Class

297,837

2,588

RIC

Short

Duration

Bond

Fund

Class

171,359

3,216

RIF

Strategic

Bond

Fund

3,048,674

26,371

34,746

International

Equities

20.8%

RIC

Emerging

Markets

Fund

Class

63,466

1,676

RIC

Global

Equity

Fund

Class

844,845

10,223

RIF

International

Developed

Markets

Fund

112,273

1,645

13,544

Multi-Asset

8.0%

RIC

Multi-Strategy

Income

Fund

Class

488,005

5,207

Total

Investments

Affiliated

Funds

(cost

$58,537)

65,098

Total

Investments

100.0%

(identified

cost

$58,537)

65,098

Other

Assets

and

Liabilities,

Net

(0.0)%

(26)

Net

Assets

100.0%

65,072

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Moderate

Strategy

Fund

Statement

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

thousands

Assets

Investments,

identified

cost

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

58,537

Investments,

fair

value(>)

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

65,098

Receivables:

Fund

sold

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

From

affiliates

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

Total

assets

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

65,102

Liabilities

Payables:

Investments

purchased

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

Accrued

fees

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

Net

Assets

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

65,072

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

5,430

beneficial

interest

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

Additional

paid-in

capital

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

59,580

Net

Assets

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

65,072

(>)

Investments

affiliated

funds

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

65,098

Net

Asset

Value

offering

and

redemption

price

per

Net

asset

value

per

(#)

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

10.51

Net

assets

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

65,071,947

outstanding

($.01

par

value)

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

6,189,669

(#)

Net

asset

value

per

equals

net

assets

divided

beneficial

interest

outstanding.

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Moderate

Strategy

Fund

Statement

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

thousands

Investment

Income

Dividend

distributions

from

affiliated

funds

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

559

Expenses

Advisory

fees

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

Administrative

fees

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

Custodian

fees

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

Transfer

agent

fees

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

Professional

fees

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

Trustees’

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

125

Expense

reductions

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

(80)

Net

expenses

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

Net

investment

income

(loss)

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

514

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

affiliated

funds

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

158

Capital

gain

distributions

from

affiliated

funds

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

124

Net

realized

gain

(loss)

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

282

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

affiliated

funds

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

2,198

Net

change

unrealized

appreciation

(depreciation)

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

2,198

Net

realized

and

unrealized

gain

(loss)

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

2,480

Net

Increase

(Decrease)

Net

Assets

from

Operations

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

2,994

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Moderate

Strategy

Fund

Statements

Changes

Net

Assets

Amounts

thousands

Period

Ended

June

30,

2026

(Unaudited)

Fiscal

Year

Ended

December

31,

2025

Increase

(Decrease)

Net

Assets

from

Operations

Net

investment

income

(loss)

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

514

2,320

Net

realized

gain

(loss)

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

282

1,703

Net

change

unrealized

appreciation

(depreciation)

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

2,198

3,568

Net

increase

(decrease)

net

assets

from

operations

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

2,994

7,591

Distributions

shareholders

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

(1,319)

(2,785)

Net

decrease

net

assets

from

distributions

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

(1,319)

(2,785)

Transactions*

Net

increase

(decrease)

net

assets

from

transactions

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

(1,364)

(6,223)

Total

Net

Increase

(Decrease)

Net

Assets

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

311

(1,417)

Net

Assets

Beginning

period

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

64,761

66,178

End

period

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

65,072

64,761

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

follows:

2026

(Unaudited)

2025

Dollars

Proceeds

from

sold

105

1,082

173

1,710

Proceeds

from

reinvestment

distributions

129

1,319

279

2,785

Payments

for

redeemed

(365)

(3,765)

(1,073)

(10,718)

Total

increase

(decrease)

(131)

(1,364)

(621)

(6,223)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Moderate

Strategy

Fund

Russell

Investment

Funds

Moderate

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

Outstanding

Throughout

Each

Period.

06/30/26

(ƣ)

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

Per-Share

Data

–

Net

Asset

Value,

Beginning

Period

10.25‌

9.53‌

9.27‌

8.46‌

10.47‌

10.48‌

Income

(loss)

from

investment

operations:

—‌

Net

Investment

Income

(Loss)

(

‡)(

Ƃ)(ƥ)

.08‌

.35‌

.33‌

.21‌

.14‌

.36‌

Net

Realized

and

Unrealized

Gain

(Loss)

.39‌

.80‌

.26‌

.74‌

(1.75‌)

.48‌

Total

from

Investment

Operations

.47‌

1.15‌

.59‌

.95‌

(1.61‌)

.84‌

Less

distributions:

–

Distributions

from

Net

Investment

Income

(.10‌)

(.43‌)

(.33‌)

(.14‌)

(.16‌)

(.46‌)

Distributions

from

Net

Realized

Gain

(.11‌)

—‌

(.24‌)

(.39‌)

Total

Distributions

(.21‌)

(.43‌)

(.33‌)

(.14‌)

(.40‌)

(.85‌)

Net

Asset

Value,

End

Period

10.51‌

10.25‌

9.53‌

9.27‌

8.46‌

10.47‌

Total

Return

(

±)(

ǿ)

4.66‌

12.24‌

6.48‌

11.32‌

(15.65‌)

8.23‌

–

Ratios/Supplemental

Data

–

Net

Assets,

End

Period

(000)

65,072‌

64,761‌

66,178‌

70,673‌

71,991‌

96,988‌

Ratio

average

net

assets:

–

Expenses,

Gross

(ɯ)(Π)

.39‌

.38‌

.37‌

.36‌

Expenses,

Net

(Ƃ)(ɯ)(Π)

.14‌

Net

Investment

Income

(

‡)(

Ƃ)(ǿ)

.80‌

3.52‌

3.48‌

2.42‌

1.57‌

3.36‌

Portfolio

Turnover

Rate

(ǿ)

2‌

18‌

8‌

32‌

6‌

53‌

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Moderate

Strategy

Fund

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

affiliates

June

30,

2026

were

follows:

Federal

Income

Taxes

(Unaudited)

June

30,

2026

the

cost

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

follows:

Administrative

fees

2,265

Transfer

agent

fees

234

Trustees'

fees

427

2,926

Transactions

(amounts

thousands)

during

the

period

ended

June

30,

2026

with

Underlying

Funds

which

are,

were,

affiliated

company

are

follows:

Fair

Value,

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

Unrealized

Gain

(Loss)

Fair

Value,

End

Period

Dividend

Distributions

Capital

Gains

Distributions

RIF

Global

Real

Estate

Securities

Fund

1,299

129

(7)

123

1,298

—

RIF

U.S.

Small

Cap

Equity

Fund

1,274

192

235

1,392

RIF

U.S.

Strategic

Equity

Fund

9,109

318

1,066

519

8,911

112

RIC

Long

Duration

Bond

Fund

2,539

130

(32)

2,571

—

RIC

Opportunistic

Credit

Fund

2,539

—

2,588

—

RIC

Short

Duration

Bond

Fund

3,174

146

—

(25)

3,216

—

RIF

Strategic

Bond

Fund

26,589

633

704

(74)

(73)

26,371

252

—

RIC

Emerging

Markets

Fund

1,610

338

106

287

1,676

—

RIC

Global

Equity

Fund

9,861

125

645

839

10,223

—

RIF

International

Developed

Markets

Fund

1,705

192

1,645

RIC

Multi-Strategy

Income

Fund

5,097

168

232

5,207

—

64,796

1,591

3,645

158

2,198

65,098

559

124

Cost

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

60,032,199

7,484,106

(2,418,601)

5,065,505

Russell

Investment

Funds

Balanced

Strategy

Fund

Schedule

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Balanced

Strategy

Fund

Amounts

thousands

(except

amounts)

Fair

Value

Investments

Affiliated

Funds

100.0%

Alternative

3.9%

RIC

Global

Infrastructure

Fund

Class

395,216

4,316

RIF

Global

Real

Estate

Securities

Fund

296,643

4,470

8,786

Domestic

Equities

21.3%

RIF

U.S.

Small

Cap

Equity

Fund

341,050

6,088

RIF

U.S.

Strategic

Equity

Fund

1,776,188

41,545

47,633

Fixed

Income

32.1%

RIC

Long

Duration

Bond

Fund

Class

823,219

6,454

RIC

Opportunistic

Credit

Fund

Class

500,126

4,346

RIF

Strategic

Bond

Fund

7,077,783

61,223

72,023

International

Equities

35.8%

RIC

Emerging

Markets

Fund

Class

313,058

8,268

RIC

Global

Equity

Fund

Class

5,486,928

66,392

RIF

International

Developed

Markets

Fund

387,451

5,676

80,336

Multi-Asset

6.9%

RIC

Multi-Strategy

Income

Fund

Class

1,452,521

15,498

Total

Investments

Affiliated

Funds

(cost

$184,453)

224,276

Total

Investments

100.0%

(identified

cost

$184,453)

224,276

Other

Assets

and

Liabilities,

Net

(0.0)%

(61)

Net

Assets

100.0%

224,215

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Balanced

Strategy

Fund

Statement

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

thousands

Assets

Investments,

identified

cost

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

184,453

Investments,

fair

value(>)

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

224,276

Receivables:

Investments

sold

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

Prepaid

expenses

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

Total

assets

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

224,290

Liabilities

Payables:

Fund

redeemed

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

Accrued

fees

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

Net

Assets

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

224,215

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

37,649

beneficial

interest

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

209

Additional

paid-in

capital

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

186,357

Net

Assets

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

224,215

(>)

Investments

affiliated

funds

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

224,276

Net

Asset

Value

offering

and

redemption

price

per

Net

asset

value

per

(#)

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

10.73

Net

assets

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

224,215,121

outstanding

($.01

par

value)

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

20,895,834

(#)

Net

asset

value

per

equals

net

assets

divided

beneficial

interest

outstanding.

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Balanced

Strategy

Fund

Statement

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

thousands

Investment

Income

Dividend

distributions

from

affiliated

funds

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

1,450

Expenses

Advisory

fees

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

220

Administrative

fees

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

Custodian

fees

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

Transfer

agent

fees

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

Professional

fees

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

Trustees’

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

330

Expense

reductions

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

(176)

Net

expenses

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

154

Net

investment

income

(loss)

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

1,296

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

affiliated

funds

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

978

Capital

gain

distributions

from

affiliated

funds

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

543

Net

realized

gain

(loss)

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

1,521

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

affiliated

funds

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

11,696

Net

change

unrealized

appreciation

(depreciation)

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

11,696

Net

realized

and

unrealized

gain

(loss)

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

13,217

Net

Increase

(Decrease)

Net

Assets

from

Operations

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

14,513

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Balanced

Strategy

Fund

Statements

Changes

Net

Assets

Amounts

thousands

Period

Ended

June

30,

2026

(Unaudited)

Fiscal

Year

Ended

December

31,

2025

Increase

(Decrease)

Net

Assets

from

Operations

Net

investment

income

(loss)

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

1,296

6,809

Net

realized

gain

(loss)

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

1,521

10,082

Net

change

unrealized

appreciation

(depreciation)

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

11,696

13,228

Net

increase

(decrease)

net

assets

from

operations

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

14,513

30,119

Distributions

shareholders

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

(7,885)

(16,758)

Net

decrease

net

assets

from

distributions

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

(7,885)

(16,758)

Transactions*

Net

increase

(decrease)

net

assets

from

transactions

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

(3,369)

(3,974)

Total

Net

Increase

(Decrease)

Net

Assets

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

3,259

9,387

Net

Assets

Beginning

period

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

220,956

211,569

End

period

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

224,215

220,956

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

follows:

2026

(Unaudited)

2025

Dollars

Proceeds

from

sold

280

2,872

681

6,819

Proceeds

from

reinvestment

distributions

761

7,885

1,657

16,758

Payments

for

redeemed

(1,364

)

(14,126

)

(2,727

)

(27,551

)

Total

increase

(decrease)

(323

)

(3,369

)

(389

)

(3,974

)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Balanced

Strategy

Fund

Russell

Investment

Funds

Balanced

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

Outstanding

Throughout

Each

Period.

06/30/26

(ƣ)

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

Per-Share

Data

–

Net

Asset

Value,

Beginning

Period

10.41‌

9.79‌

9.21‌

8.17‌

10.28‌

10.26‌

Income

(loss)

from

investment

operations:

—‌

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.06‌

.32‌

.28‌

.17‌

.14‌

.40‌

Net

Realized

and

Unrealized

Gain

(Loss)

.64‌

1.10‌

.59‌

1.01‌

(1.78‌)

.89‌

Total

from

Investment

Operations

.70‌

1.42‌

.87‌

1.18‌

(1.64‌)

1.29‌

Less

distributions:

–

Distributions

from

Net

Investment

Income

(.07‌)

(.39‌)

(.29‌)

(.12‌)

(.16‌)

(.51‌)

Distributions

from

Net

Realized

Gain

(.31‌)

(.41‌)

—‌

(.02‌)

(.31‌)

(.76‌)

Total

Distributions

(.38‌)

(.80‌)

(.29‌)

(.14‌)

(.47‌)

(1.27‌)

Net

Asset

Value,

End

Period

10.73‌

10.41‌

9.79‌

9.21‌

8.17‌

10.28‌

Total

Return

(±)(ǿ)

6.82‌

14.96‌

9.48‌

14.52‌

(16.35‌)

13.04‌

–

Ratios/Supplemental

Data

–

Net

Assets,

End

Period

(000)

224,215‌

220,956‌

211,569‌

213,091‌

203,005‌

260,415‌

Ratio

average

net

assets:

–

Expenses,

Gross

(ɯ)(Π)

.30‌

.31‌

Expenses,

Net

(Ƃ)(ɯ)(Π)

.14‌

Net

Investment

Income

(‡)(Ƃ)(ǿ)

.58‌

3.17‌

2.91‌

2.01‌

1.58‌

3.76‌

Portfolio

Turnover

Rate

(ǿ)

2‌

19‌

11‌

18‌

6‌

47‌

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Balanced

Strategy

Fund

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

affiliates

June

30,

2026

were

follows:

Federal

Income

Taxes

(Unaudited)

June

30,

2026

the

cost

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

follows:

Advisory

fees

7,566

Administrative

fees

7,803

Transfer

agent

fees

808

Trustees'

fees

1,150

17,327

Transactions

(amounts

thousands)

during

the

period

ended

June

30,

2026

with

Underlying

Funds

which

are,

were,

affiliated

company

are

follows:

Fair

Value,

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

Unrealized

Gain

(Loss)

Fair

Value,

End

Period

Dividend

Distributions

Capital

Gains

Distributions

RIC

Global

Infrastructure

Fund

4,369

527

367

4,316

—

RIF

Global

Real

Estate

Securities

Fund

4,413

396

354

4,470

—

RIF

U.S.

Small

Cap

Equity

Fund

5,427

139

689

186

1,025

6,088

RIF

U.S.

Strategic

Equity

Fund

41,337

1,113

3,390

2,424

41,545

516

406

RIC

Long

Duration

Bond

Fund

6,513

184

160

(3)

(80)

6,454

115

—

RIC

Opportunistic

Credit

Fund

4,346

109

138

(1)

4,346

—

RIF

Strategic

Bond

Fund

62,884

1,073

2,375

(45)

(314)

61,223

586

—

RIC

Emerging

Markets

Fund

7,682

191

1,513

439

1,469

8,268

—

RIC

Global

Equity

Fund

63,014

766

3,034

174

5,472

66,392

—

RIF

International

Developed

Markets

Fund

5,808

259

673

265

5,676

RIC

Multi-Strategy

Income

Fund

15,246

159

618

684

15,498

—

221,039

4,076

13,513

978

11,696

224,276

1,450

543

Cost

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

188,178,073

44,047,291

(7,949,200)

36,098,091

Russell

Investment

Funds

Aggressive

Strategy

Fund

Schedule

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Aggressive

Strategy

Fund

Amounts

thousands

(except

amounts)

Fair

Value

Investments

Affiliated

Funds

100.0%

Alternative

4.9%

RIC

Global

Infrastructure

Fund

Class

340,358

3,717

RIF

Global

Real

Estate

Securities

Fund

376,345

5,671

9,388

Domestic

Equities

32.9%

RIF

U.S.

Small

Cap

Equity

Fund

336,132

6,000

RIF

U.S.

Strategic

Equity

Fund

2,431,703

56,878

62,878

Fixed

Income

14.0%

RIC

Long

Duration

Bond

Fund

Class

1,181,355

9,262

RIC

Opportunistic

Credit

Fund

Class

537,083

4,667

RIF

Strategic

Bond

Fund

1,500,024

12,975

26,904

International

Equities

40.2%

RIC

Emerging

Markets

Fund

Class

367,059

9,694

RIC

Global

Equity

Fund

Class

4,602,189

55,686

RIF

International

Developed

Markets

Fund

782,559

11,465

76,845

Multi-Asset

8.0%

RIC

Multi-Asset

Strategy

Fund

Class

1,198,295

15,266

Total

Investments

Affiliated

Funds

(cost

$138,455)

191,281

Total

Investments

100.0%

(identified

cost

$138,455)

191,281

Other

Assets

and

Liabilities,

Net

(0.0)%

(49)

Net

Assets

100.0%

191,232

Russell

Investment

Funds

Aggressive

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Aggressive

Strategy

Fund

Statement

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

thousands

Assets

Investments,

identified

cost

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

138,455

Investments,

fair

value(>)

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

191,281

Receivables:

Fund

sold

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

627

Prepaid

expenses

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

Total

assets

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

191,909

Liabilities

Payables:

Investments

purchased

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

626

Fund

redeemed

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

Accrued

fees

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

677

Net

Assets

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

191,232

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

51,508

beneficial

interest

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

164

Additional

paid-in

capital

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

139,560

Net

Assets

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

191,232

(>)

Investments

affiliated

funds

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

191,281

Net

Asset

Value

offering

and

redemption

price

per

Net

asset

value

per

(#)

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

11.66

Net

assets

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

191,232,036

outstanding

($.01

par

value)

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

16,397,799

(#)

Net

asset

value

per

equals

net

assets

divided

beneficial

interest

outstanding.

Russell

Investment

Funds

Aggressive

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Aggressive

Strategy

Fund

Statement

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

thousands

Investment

Income

Dividend

distributions

from

affiliated

funds

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

1,268

Expenses

Advisory

fees

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

185

Administrative

fees

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

Custodian

fees

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

Transfer

agent

fees

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

Professional

fees

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

Trustees’

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

283

Expense

reductions

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

(145)

Net

expenses

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

138

Net

investment

income

(loss)

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

1,130

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

affiliated

funds

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

1,000

Capital

gain

distributions

from

affiliated

funds

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

780

Net

realized

gain

(loss)

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

1,780

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

affiliated

funds

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

12,813

Net

change

unrealized

appreciation

(depreciation)

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

12,813

Net

realized

and

unrealized

gain

(loss)

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

14,593

Net

Increase

(Decrease)

Net

Assets

from

Operations

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

15,723

Russell

Investment

Funds

Aggressive

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Aggressive

Strategy

Fund

Statements

Changes

Net

Assets

Amounts

thousands

Period

Ended

June

30,

2026

(Unaudited)

Fiscal

Year

Ended

December

31,

2025

Increase

(Decrease)

Net

Assets

from

Operations

Net

investment

income

(loss)

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

1,130

4,766

Net

realized

gain

(loss)

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

1,780

10,280

Net

change

unrealized

appreciation

(depreciation)

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

12,813

13,749

Net

increase

(decrease)

net

assets

from

operations

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

15,723

28,795

Distributions

shareholders

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

(8,492)

(14,131)

Net

decrease

net

assets

from

distributions

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

(8,492)

(14,131)

Transactions*

Net

increase

(decrease)

net

assets

from

transactions

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

1,214

(11,359)

Total

Net

Increase

(Decrease)

Net

Assets

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

8,445

3,305

Net

Assets

Beginning

period

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

182,787

179,482

End

period

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

191,232

182,787

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

follows:

2026

(Unaudited)

2025

Dollars

Proceeds

from

sold

227

2,58

300

3,215

Proceeds

from

reinvestment

distributions

765

8,49

1,313

14,131

Payments

for

redeemed

(875)

(9,861)

(2,684)

(28,705)

Total

increase

(decrease)

117

1,214

(1,071)

(11,359)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Aggressive

Strategy

Fund

Russell

Investment

Funds

Aggressive

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

Outstanding

Throughout

Each

Period.

06/30/26

(ƣ)

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

Per-Share

Data

–

Net

Asset

Value,

Beginning

Period

11.23‌

10.34‌

9.47‌

8.16‌

10.44‌

10.32‌

Income

(loss)

from

investment

operations:

—‌

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.07‌

.28‌

.25‌

.15‌

.11‌

.46‌

Net

Realized

and

Unrealized

Gain

(Loss)

.88‌

1.47‌

.87‌

1.30‌

(1.86‌)

1.27‌

Total

from

Investment

Operations

.95‌

1.75‌

1.12‌

1.45‌

(1.75‌)

1.73‌

Less

distributions:

–

Distributions

from

Net

Investment

Income

(.07‌

)

(.39‌)

(.25‌)

(.07‌)

(.11‌)

(.51‌)

Distributions

from

Net

Realized

Gain

(.45‌

)

(.47‌)

—‌

(.07‌)

(.42‌)

(1.10‌)

Total

Distributions

(.52‌)

(.86‌)

(.25‌)

(.14‌)

(.53‌)

(1.61‌)

Net

Asset

Value,

End

Period

11.66‌

11.23‌

10.34‌

9.47‌

8.16‌

10.44‌

Total

Return

(±)(ǿ)

8.74‌

17.45‌

11.94‌

17.96‌

(17.20‌)

17.44‌

–

Ratios/Supplemental

Data

–

Net

Assets,

End

Period

(000)

191,232‌

182,787‌

179,482‌

176,852‌

163,476‌

209,426‌

Ratio

average

net

assets:

–

Expenses,

Gross

(ɯ)(Π)

.31‌

.30‌

.31‌

.32‌

Expenses,

Net

(Ƃ)(ɯ)(Π)

.15‌

Net

Investment

Income

(‡)(Ƃ)(ǿ)

.61‌

2.65‌

2.46‌

1.71‌

1.23‌

4.20‌

Portfolio

Turnover

Rate

(ǿ)

2‌

18‌

8‌

30‌

5‌

53‌

Russell

Investment

Funds

Aggressive

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Aggressive

Strategy

Fund

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

affiliates

June

30,

2026

were

follows:

Federal

Income

Taxes

(Unaudited)

June

30,

2026,

the

cost

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

follows:

Advisory

fees

7,438

Administrative

fees

6,644

Transfer

agent

fees

688

Trustees'

fees

15,75

Transactions

(amounts

thousands)

during

the

period

ended

June

30,

2026

with

Underlying

Funds

which

are,

were,

affiliated

company

are

follows:

Fair

Value,

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

Unrealized

Gain

(Loss)

Fair

Value,

End

Period

Dividend

Distributions

Capital

Gains

Distributions

RIC

Global

Infrastructure

Fund

3,595

139

383

315

3,717

—

RIF

Global

Real

Estate

Securities

Fund

5,472

105

405

457

5,671

—

RIF

U.S.

Small

Cap

Equity

Fund

5,364

103

677

180

1,030

6,000

RIF

U.S.

Strategic

Equity

Fund

55,684

1,268

3,450

3,303

56,878

707

556

RIC

Long

Duration

Bond

Fund

8,923

623

173

(2)

(109)

9,262

160

—

RIC

Opportunistic

Credit

Fund

4,461

255

(1)

4,667

—

RIF

Strategic

Bond

Fund

12,762

637

354

(20)

(50)

12,975

120

—

RIC

Emerging

Markets

Fund

9,039

1,599

568

1,680

9,694

—

RIC

Global

Equity

Fund

51,788

515

1,299

4,600

55,686

—

RIF

International

Developed

Markets

Fund

11,442

280

805

527

11,465

172

RIC

Multi-Asset

Strategy

Fund

14,325

239

332

1,028

15,266

—

182,855

4,170

9,557

1,000

12,813

191,281

1,268

780

Cost

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

141,570,408

51,451,969

(1,741,098)

49,710,871

Russell

Investment

Funds

Equity

Aggressive

Strategy

Fund

Schedule

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Equity

Aggressive

Strategy

Fund

Amounts

thousands

(except

amounts)

Fair

Value

Investments

Affiliated

Funds

100.0%

Alternative

5.4%

RIC

Global

Infrastructure

Fund

Class

100,188

1,094

RIF

Global

Real

Estate

Securities

Fund

128,405

1,935

3,029

Domestic

Equities

38.8%

RIF

U.S.

Small

Cap

Equity

Fund

98,247

1,754

RIF

U.S.

Strategic

Equity

Fund

859,297

20,099

21,853

Fixed

Income

4.8%

RIC

Long

Duration

Bond

Fund

Class

208,658

1,636

RIC

Opportunistic

Credit

Fund

Class

126,160

1,096

2,732

International

Equities

43.1%

RIC

Emerging

Markets

Fund

Class

129,406

3,418

RIC

Global

Equity

Fund

Class

1,351,271

16,350

RIF

International

Developed

Markets

Fund

306,106

4,484

24,252

Multi-Asset

7.9%

RIC

Multi-Asset

Strategy

Fund

Class

350,770

4,469

Total

Investments

Affiliated

Funds

(cost

$39,838)

56,335

Total

Investments

100.0%

(identified

cost

$39,838)

56,335

Other

Assets

and

Liabilities,

Net

(0.0)%

(25)

Net

Assets

100.0%

56,310

Russell

Investment

Funds

Equity

Aggressive

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Equity

Aggressive

Strategy

Fund

Statement

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

thousands

Assets

Investments,

identified

cost

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

39,838

Investments,

fair

value(>)

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

56,335

Receivables:

Investments

sold

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

From

broker

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

Total

assets

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

56,389

Liabilities

Payables:

Fund

redeemed

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

Accrued

fees

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

Net

Assets

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

56,310

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

15,727

beneficial

interest

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

Additional

paid-in

capital

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

40,535

Net

Assets

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

56,310

(>)

Investments

affiliated

funds

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

56,335

Net

Asset

Value

offering

and

redemption

price

per

Net

asset

value

per

(#)

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

11.65

Net

assets

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

56,309,880

outstanding

($.01

par

value)

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

4,833,828

(#)

Net

asset

value

per

equals

net

assets

divided

beneficial

interest

outstanding.

Russell

Investment

Funds

Equity

Aggressive

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Equity

Aggressive

Strategy

Fund

Statement

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

thousands

Investment

Income

Dividend

distributions

from

affiliated

funds

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

360

Expenses

Advisory

fees

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

Administrative

fees

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

Custodian

fees

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

Transfer

agent

fees

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

Professional

fees

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

Trustees’

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

110

Expense

reductions

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

(70)

Net

expenses

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

Net

investment

income

(loss)

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

320

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

affiliated

funds

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

209

Capital

gain

distributions

from

affiliated

funds

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

276

Net

realized

gain

(loss)

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

485

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

affiliated

funds

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

4,233

Net

change

unrealized

appreciation

(depreciation)

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

4,233

Net

realized

and

unrealized

gain

(loss)

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

4,718

Net

Increase

(Decrease)

Net

Assets

from

Operations

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

5,038

Russell

Investment

Funds

Equity

Aggressive

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Equity

Aggressive

Strategy

Fund

Statements

Changes

Net

Assets

Amounts

thousands

Period

Ended

June

30,

2026

(Unaudited)

Fiscal

Year

Ended

December

31,

2025

Increase

(Decrease)

Net

Assets

from

Operations

Net

investment

income

(loss)

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

320

1,298

Net

realized

gain

(loss)

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

485

3,114

Net

change

unrealized

appreciation

(depreciation)

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

4,233

4,351

Net

increase

(decrease)

net

assets

from

operations

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

5,038

8,763

Distributions

shareholders

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

(2,875)

(2,966)

Net

decrease

net

assets

from

distributions

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

(2,875)

(2,966)

Transactions*

Net

increase

(decrease)

net

assets

from

transactions

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

1,189

(892)

Total

Net

Increase

(Decrease)

Net

Assets

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

3,352

4,905

Net

Assets

Beginning

period

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

52,958

48,053

End

period

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

56,310

52,958

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

follows:

2026

(Unaudited)

2025

Dollars

Proceeds

from

sold

657

329

3,436

Proceeds

from

reinvestment

distributions

261

2,875

277

2,966

Payments

for

redeemed

(208)

(2,343)

(681)

(7,294)

Total

increase

(decrease)

111

1,189

(75)

(892)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Equity

Aggressive

Strategy

Fund

Russell

Investment

Funds

Equity

Aggressive

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

Outstanding

Throughout

Each

Period.

06/30/26

(ƣ)

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

Per-Share

Data

–

Net

Asset

Value,

Beginning

Period

.21‌

.02‌

.07‌

.71‌

.94‌

.50‌

Income

(loss)

from

investment

operations:

—‌

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.07‌

.27‌

.22‌

.13‌

.10‌

.46‌

Net

Realized

and

Unrealized

Gain

(Loss)

.98‌

.54‌

.96‌

.36‌

(

.81‌

)

.36‌

Total

from

Investment

Operations

.05‌

.81‌

.18‌

.49‌

(

.71‌

)

.82‌

Less

distributions:

–

Distributions

from

Net

Investment

Income

(

.06‌

)

(

.37‌

)

(

.23‌

)

(

.05‌

)

(

.10‌

)

(

.53‌

)

Distributions

from

Net

Realized

Gain

(

.55‌

)

(

.25‌

)

—‌

(

.08‌

)

(

.42‌

)

(

.85‌

)

Total

Distributions

(

.61‌

)

(

.62‌

)

(

.23‌

)

(

.13‌

)

(

.52‌

)

(

.38‌

)

Net

Asset

Value,

End

Period

.65‌

.21‌

.02‌

.07‌

.71‌

.94‌

Total

Return

(±)(ǿ)

.73‌

.47‌

.09‌

.52‌

(

.68‌

)

.61‌

–

Ratios/Supplemental

Data

–

Net

Assets,

End

Period

(000)

56,310‌

52,958‌

48,053‌

45,990‌

42,017‌

52,075‌

Ratio

average

net

assets:

–

Expenses,

Gross

(ɯ)(Π)

.41‌

.42‌

.45‌

.44‌

.43‌

Expenses,

Net

(Ƃ)(ɯ)(Π)

.15‌

Net

Investment

Income

(‡)(Ƃ)(ǿ)

.59‌

.53‌

.29‌

.62‌

.18‌

.38‌

Portfolio

Turnover

Rate

(ǿ)

2‌

24‌

11‌

36‌

9‌

48‌

Russell

Investment

Funds

Equity

Aggressive

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Equity

Aggressive

Strategy

Fund

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

affiliates

June

30,

2026

were

follows:

Federal

Income

Taxes

(Unaudited)

June

30,

2026

the

cost

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

follows:

Administrative

fees

1,957

Transfer

agent

fees

203

Trustees'

fees

249

2,409

Transactions

(amounts

thousands)

during

the

period

ended

June

30,

2026

with

Underlying

Funds

which

are,

were,

affiliated

company

are

follows:

Fair

Value,

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

Unrealized

Gain

(Loss)

Fair

Value,

End

Period

Dividend

Distributions

Capital

Gains

Distributions

RIC

Global

Infrastructure

Fund

1,035

1,094

—

RIF

Global

Real

Estate

Securities

Fund

1,838

113

(4)

172

1,935

—

RIF

U.S.

Small

Cap

Equity

Fund

1,541

161

321

1,754

RIF

U.S.

Strategic

Equity

Fund

19,427

443

953

1,172

20,099

247

194

RIC

Long

Duration

Bond

Fund

1,541

124

—

(19)

1,636

—

RIC

Opportunistic

Credit

Fund

1,027

—

1,096

—

RIC

Emerging

Markets

Fund

3,120

485

151

630

3,418

—

RIC

Global

Equity

Fund

14,905

162

1,351

16,350

—

RIF

International

Developed

Markets

Fund

4,430

138

298

205

4,484

RIC

Multi-Asset

Strategy

Fund

4,126

—

298

4,469

—

52,990

1,142

2,239

209

4,233

56,335

360

276

Cost

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

41,100,282

15,238,098

(3,112)

15,234,986

Russell

Investment

Funds

LifePoints

Variable

Target

Portfolio

Series

Notes

Financial

Highlights

—

June

30,

2026

(Unaudited)

Notes

Financial

Highlights

(ƣ)

For

the

period

ended

June

30,

2026

(Unaudited).

(‡)

Recognition

net

investment

income

the

Fund

affected

the

timing

the

declaration

dividends

the

Underlying

Funds

which

the

Fund

invests.

(Ƃ)

Reflects

amounts

waived

and/or

reimbursed

Russell

Investment

Management,

LLC

(“RIM”)

and/or

Russell

Investments

Fund

Services,

LLC

(“RIFUS”).

(ƥ)

Average

daily

outstanding

were

used

for

this

calculation.

(±)

Total

return

for

Class

does

not

reflect

front-end

sales

charge.

sales

charges

were

included,

the

total

return

would

lower.

(ǿ)

The

ratios

returns

for

periods

less

than

one

year

are

not

annualized.

(ɯ)

The

ratios

for

periods

less

than

one

year

are

annualized.

(Π)

The

calculation

includes

only

those

expenses

charged

directly

the

Fund

and

does

not

include

expenses

charged

the

Underlying

Funds

which

the

Fund

invests.

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Notes

Financial

Statements

—

June

30,

2026

(Unaudited)

Notes

Financial

Statements

Organization

Russell

Investment

Funds

(the

“Investment

Company”

“RIF”)

series

investment

company

with

nine

different

investment

portfolios

referred

funds.

These

financial

statements

report

four

these

funds

(each

“Fund”

and

collectively

the

“Funds”).

The

Investment

Company

provides

the

investment

base

for

one

variable

insurance

products

issued

one

insurance

companies.

These

Funds

are

offered

net

asset

value

(“NAV”)

qualified

insurance

company

separate

accounts

offering

variable

insurance

products.

The

Investment

Company

registered

under

the

Investment

Company

Act

1940,

amended

(“Investment

Company

Act”),

open-end

management

investment

company.

organized

and

operated

Massachusetts

business

trust

under

Third

Amended

and

Restated

Master

Trust

Agreement

dated

December

2020,

amended

(“Master

Trust

Agreement”),

and

the

provisions

Massachusetts

law

governing

the

operation

Massachusetts

business

trust.

The

Investment

Company’s

Master

Trust

Agreement

permits

the

Board

Trustees

(the

“Board”)

issue

unlimited

number

beneficial

interest.

Each

the

Funds

diversified.

Under

the

Investment

Company

Act,

diversified

company

defined

management

company

which

meets

the

following

requirements:

least

75%

the

value

its

total

assets

represented

cash

and

cash

items

(including

receivables),

government

securities,

securities

other

investment

companies,

and

other

securities

for

the

purposes

this

calculation

limited

respect

any

one

issuer

amount

not

greater

value

than

five

percent

the

value

the

total

assets

such

management

company

and

not

than

10%

the

outstanding

voting

securities

such

issuer.

Unless

otherwise

specified,

“period”

(as

used

within

the

financial

statements)

refers

the

six

months

ended

June

30,

2026.

Each

the

Funds

listed

the

table

below

“fund

funds”

and

diversifies

its

assets

investing

several

other

RIF

funds

and

certain

Russell

Investment

Company

(“RIC”)

funds

(the

“Underlying

Funds”).

These

financial

statements

should

read

conjunction

with

the

financial

statements

the

Underlying

Funds,

which

can

obtained

russellinvestments.com.

Each

Fund

seeks

achieve

its

specific

investment

objective

investing

different

combinations

Underlying

Funds.

The

following

table

shows

each

Fund’s

approximate

target

strategic

asset

allocation

equity,

fixed

income,

multi-asset

and

alternative

asset

classes

June

30,

2026.

The

equity

Underlying

Funds

which

the

Funds

may

invest

include

the

RIF

U.S.

Strategic

Equity,

RIF

U.S.

Small

Cap

Equity,

RIF

International

Developed

Markets,

RIC

Global

Equity

and

RIC

Emerging

Markets

Funds.

The

fixed

income

Underlying

Funds

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

which

the

Funds

may

invest

include

the

RIC

Multi-Strategy

Income

and

RIC

Multi-Asset

Strategy

Funds.

The

alternative

Underlying

Funds

which

the

Funds

may

invest

include

the

RIC

Global

Infrastructure

and

RIF

Global

Real

Estate

Securities

Funds.

Each

Fund

intends

its

strategy

investing

combinations

equity,

fixed

income,

multi-asset

and

alternative

Underlying

Funds

result

investment

diversification

that

investor

could

otherwise

achieve

only

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

the

Underlying

Funds

which

Fund

invests,

from

time

time.

RIM’s

allocation

decisions

are

generally

based

RIM’s

outlook

the

business

and

economic

cycle,

relative

market

valuations

and

market

sentiment.

RIM

may

change

Fund’s

target

strategic

asset

allocation

+/-5%

the

equity,

fixed

income,

multi-asset

alternative

asset

class

level

based

RIM’s

capital

markets

research.

Fund’s

actual

allocation

may

vary

from

the

target

strategic

asset

allocation

any

point

time

due

market

movements

and/or

due

the

implementation

over

period

time

change

the

target

strategic

asset

allocation

including

the

addition

new

Underlying

Fund.

Fund’s

target

strategic

asset

allocation

and

the

Underlying

Funds

which

Fund

may

invest

may

changed

from

time

without

shareholder

notice

approval.

described

above,

actual

asset

allocation

may

vary.

Alternative

Underlying

Funds

pursue

investment

strategies

that

differ

from

those

traditional

broad

market

equity

fixed

income

funds.

Significant

Accounting

Policies

The

Funds’

financial

statements

are

prepared

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”),

which

require

the

use

management

estimates

and

assumptions

the

date

the

financial

statements.

Actual

results

could

differ

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%

Multi-Asset

Alternative

5.5%

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

Financial

Statements

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

the

accounting

and

reporting

guidance

applicable

investment

companies

including,

but

not

limited

to,

Accounting

Standards

Codification

946.

The

following

summary

the

significant

accounting

policies

consistently

followed

each

Fund

the

preparation

its

financial

statements.

Segment

Reporting

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Update

(“ASU”)

2023-

07,

Segment

Reporting

(Topic

280)

–

Improvements

Reportable

Segment

Disclosures

defines

operating

segment

component

public

entity

that

engages

business

activities

from

which

may

recognize

revenues

and

incur

expenses

and

has

operating

results

that

are

regularly

reviewed

its

chief

operating

decision

maker

(“CODM”)

assess

performance

and

make

resource

allocation

decisions.

Russell

Investments’

Executive

Committee

the

CODM.

Each

Fund

single

reporting

segment

since

the

CODM

evaluates

each

Fund

holistically.

The

CODM

uses

total

returns,

Fund

expense

information,

and

transactions

data

consistent

with

that

which

presented

the

Funds’

financial

statements

assess

the

single

segment

performance

and

make

decisions.

The

accounting

policies

the

segment

are

the

same

those

described

this

“Significant

Accounting

Policies”

note.

Segment

assets

and

significant

expenses

are

reflected

each

Fund’s

Statement

Assets

and

Liabilities

and

Statement

Operations,

respectively.

Recent

Accounting

Pronouncements

November

2024,

the

FASB

issued

ASU

2024-03,

Income

Statement—Reporting

Comprehensive

Income—Expense

Disaggregation

Disclosures

(Subtopic

220-40):

Disaggregation

Income

Statement

Expenses.

The

amendments

require

additional

disclosures

regarding

the

nature

and

composition

certain

income

statement

expense

captions,

including

disclosures

selling

expenses.

The

ASU

effective

for

annual

reporting

periods

beginning

after

December

15,

2026,

and

interim

reporting

periods

beginning

after

December

15,

2027.

Early

adoption

permitted.

Management

currently

evaluating

the

implications

these

changes

the

financial

statements.

Security

Valuation

The

Underlying

Funds

value

portfolio

instruments

according

securities

valuation

procedures,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

description

the

pricing

sources

and

services

used

the

Underlying

Funds.

With

respect

Underlying

Fund’s

investments

that

not

have

readily

available

market

quotations,

the

Board

has

designated

RIM,

the

Underlying

Funds’

adviser,

the

valuation

designee

perform

fair

valuations

pursuant

Rule

2a-5

under

the

Investment

Company

Act.

However,

the

Board

retains

oversight

over

the

valuation

process.

The

Funds

value

the

Underlying

Funds

the

current

NAV

per

each

Underlying

Fund.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

investments

funds

that

have

calculated

NAV

per

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

investment

fund

using

the

NAV

per

without

further

adjustment

practical

expedient,

the

NAV

per

the

investment

determined

accordance

with

the

specialized

accounting

guidance

for

investment

companies

the

reporting

entity’s

measurement

date.

U.S.

GAAP

defines

fair

value

the

price

that

Fund

would

receive

sell

asset

pay

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

establishes

fair

value

hierarchy

that

prioritizes

inputs

valuation

methods,

requires

separate

disclosure

the

fair

value

hierarchy

for

each

major

category

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

and

3).

The

inputs

methodology

used

for

valuing

securities

are

not

necessarily

indication

the

risk

associated

with

investing

those

securities.

Levels

and

the

fair

value

hierarchy

are

defined

follows:

•

Level

—

Quoted

prices

(unadjusted)

active

markets

exchanges

for

identical

assets

and

liabilities.

•

Level

—

Inputs

other

than

quoted

prices

included

within

Level

that

are

observable,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

liabilities

markets

that

are

active,

quoted

prices

for

identical

similar

assets

liabilities

markets

that

are

not

active,

and

inputs

such

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

other

market

corroborated

inputs.

•

Level

—

Significant

unobservable

inputs

based

the

best

information

available

the

circumstances,

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

RIM

that

are

used

determining

the

fair

value

investments.

The

availability

observable

inputs

can

vary

from

security

and

affected

wide

variety

factors,

including,

for

example,

the

type

security,

whether

the

security

new

and

not

yet

established

the

marketplace,

the

liquidity

markets,

and

other

characteristics

particular

the

security.

the

extent

that

valuation

based

models

inputs

that

are

less

observable

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

Financial

Statements

unobservable

the

market,

the

determination

fair

value

requires

judgment.

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

level

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

The

valuation

techniques

and

significant

inputs

used

determining

the

fair

market

values

financial

instruments

categorized

Level

and

Level

the

fair

value

hierarchy

are

follows:

Investments

investment

funds

that

are

not

traded

national

securities

exchange

will

valued

based

upon

the

NAV

per

such

investments

without

further

adjustment

practical

expedient.

June

30,

2026,

all

investments

held

were

classified

Level

within

the

fair

value

hierarchy.

Investment

Transactions

Investment

transactions

are

reflected

the

trade

date

for

financial

reporting

purposes.

This

may

cause

the

NAV

stated

the

financial

statements

different

from

the

NAV

which

shareholders

may

transact.

Realized

gains

and

losses

from

securities

transactions,

applicable,

are

recorded

the

basis

specific

identified

cost

incurred.

Investment

Income

Distributions

income

and

capital

gains

from

the

Funds

Underlying

Funds

are

recorded

the

ex-dividend

date.

Federal

Income

Taxes

Each

Fund

separate

corporate

taxpayer

and

determines

its

net

investment

income

and

capital

gains

(or

losses)

and

the

amounts

distributed

each

Fund’s

shareholders

without

regard

the

income

and

capital

gains

(or

losses)

the

other

Funds.

Each

Fund

intends

qualify

continue

qualify

regulated

investment

company

under

Subchapter

the

Internal

Revenue

Code

1986,

amended

(the

“Code”),

and

intends

distribute

all

its

taxable

income

and

capital

gains.

Therefore,

federal

income

tax

provision

required

for

the

Funds.

The

Funds

comply

with

the

authoritative

guidance

for

uncertainty

income

taxes

which

requires

management

determine

whether

tax

position

the

Funds

likely

than

not

sustained

upon

examination,

including

resolution

any

appeals

litigation

processes,

based

the

technical

merits

the

position.

For

tax

positions

meeting

the

likely

than

not

threshold,

the

tax

amount

recognized

the

financial

statements

reduced

the

largest

benefit

that

has

greater

than

50%

likelihood

being

realized

upon

ultimate

settlement

with

the

relevant

taxing

authority.

Management

determined

that

accruals

need

made

the

financial

statements

due

uncertain

tax

positions.

Management

continually

reviews

and

adjusts

the

Funds’

liability

for

income

taxes

based

analyses

tax

laws

and

regulations,

well

their

interpretations,

and

other

relevant

factors.

Each

Fund

files

U.S.

tax

return.

June

30,

2026,

the

Funds

had

recorded

liabilities

for

net

unrecognized

tax

benefits

relating

uncertain

income

tax

positions

they

have

taken

expect

take

future

tax

returns.

While

the

statute

limitations

remains

open

examine

the

Funds’

U.S.

tax

returns

filed

for

the

fiscal

years

ended

December

31,

2022

through

December

31,

2024,

examinations

are

progress

anticipated

this

time.

The

Funds

are

not

aware

any

tax

positions

for

which

reasonably

possible

that

the

total

amounts

unrecognized

tax

benefits

will

significantly

change

the

twelve

months.

Dividends

and

Distributions

Shareholders

Income

dividends,

capital

gain

distributions

and

return

capital,

any,

are

recorded

the

ex-dividend

date.

Income

distributions

are

generally

declared

and

paid

quarterly.

Capital

gain

distributions

are

generally

declared

and

paid

annually.

additional

distribution

may

paid

the

Funds

avoid

imposition

federal

income

and

excise

tax

any

remaining

undistributed

capital

gains

and

net

investment

income.

The

timing

and

characterization

certain

income

and

capital

gain

distributions

are

determined

accordance

with

federal

tax

regulations

which

may

differ

from

U.S.

GAAP.

result,

net

investment

income

and

net

realized

gain

(or

loss)

investments

and

foreign

currency-related

transactions

for

reporting

period

may

differ

significantly

from

distributions

during

such

period.

The

differences

between

tax

regulations

and

U.S.

GAAP

may

primarily

relate

investments

the

Underlying

Funds

sold

loss,

wash

sale

deferrals

and

capital

loss

carryforwards.

Accordingly,

the

Funds

may

periodically

make

reclassifications

among

certain

their

capital

accounts

without

impacting

their

NAVs.

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

Financial

Statements

Expenses

included

the

accompanying

financial

statements

reflect

the

expenses

each

Fund

and

not

include

those

expenses

incurred

the

Underlying

Funds.

Because

the

Underlying

Funds

have

varied

expense

and

fee

levels

and

the

Funds

may

own

different

proportions

the

Underlying

Funds

different

times,

the

amount

the

Underlying

Funds’

fees

and

expenses

incurred

indirectly

the

Funds

will

vary.

The

Funds

pay

their

own

expenses

other

than

those

expressly

assumed

RIM,

the

Funds’

adviser,

Russell

Investments

Fund

Services,

LLC

(“RIFUS”),

the

Funds’

administrator

and

transfer

agent.

Whenever

expense

can

attributed

particular

Fund,

the

expense

charged

that

Fund.

Common

expenses

are

allocated

among

the

Funds

based

primarily

upon

their

relative

net

assets.

Guarantees

Under

the

Investment

Company’s

organizational

documents,

its

officers

and

Trustees

are

indemnified

against

certain

liabilities

arising

out

the

performance

their

duties

the

Investment

Company.

Additionally,

the

normal

course

business,

the

Funds

may

enter

into

contracts

that

contain

variety

representations

which

provide

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

loss

remote.

Market,

Credit

and

Counterparty

Risk

the

normal

course

business,

the

Underlying

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

potential

loss

exists

due

changes

the

market

(market

risk)

failure

the

other

party

transaction

perform

(credit

risk).

Similar

credit

risk,

the

Underlying

Funds

may

also

exposed

counterparty

risk

that

institution

other

entity

with

which

the

Underlying

Funds

have

unsettled

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

the

relevant

assets

recorded

the

Underlying

Funds’

financial

statements

(the

“Assets”).

The

Assets

consist

principally

cash

due

from

counterparties

and

investments.

The

extent

the

Underlying

Funds’

exposure

market,

credit

and

counterparty

risks

with

respect

the

Assets

approximates

their

carrying

value

recorded

the

Underlying

Funds’

Statements

Assets

and

Liabilities.

Global

financial

markets

are

increasingly

interconnected

and

political

and

economic

conditions

(including

instability

and

volatility

due

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

one

country,

region

financial

market

may

adversely

impact

issuers

different

country,

region

financial

market.

result,

issuers

securities

held

Underlying

Fund

may

experience

significant

declines

the

value

their

assets

and

even

cease

operations.

This

could

occur

whether

not

the

Underlying

Fund

invests

securities

issuers

located

with

significant

exposure

the

countries

directly

affected.

Such

conditions

and/or

events

may

not

have

the

same

impact

all

types

securities

and

may

expose

Underlying

Fund

greater

market

and

liquidity

risk

and

potential

difficulty

valuing

portfolio

instruments

held

Underlying

Fund.

This

could

cause

Underlying

Fund

underperform

other

types

investments.

Investment

Transactions

Underlying

Funds

During

the

period

ended

June

30,

2026,

purchases

and

sales

Underlying

Funds

were

follows:

Party

Transactions,

Fees

and

Expenses

Adviser,

Administrator

and

Transfer

and

Dividend

Disbursing

Agent

RIM

provides

oversees

the

provision

all

investment

advisory

and

portfolio

management

services

for

the

Funds.

RIFUS

the

Funds’

administrator

and

transfer

agent.

RIFUS,

its

capacity

the

Funds’

administrator,

provides

oversees

the

provision

all

administrative

services

for

the

Funds.

RIFUS,

its

capacity

the

Funds’

transfer

agent

and

dividend

disbursing

agent,

responsible

for

providing

transfer

agency

and

dividend

disbursing

services

the

Funds.

RIFUS

wholly-owned

subsidiary

RIM.

RIM

indirect,

wholly-owned

subsidiary

Russell

Investments

Group,

Ltd.

Funds

Purchases

Sales

Moderate

Strategy

Fund

1,591,407

3,645,238

Balanced

Strategy

Fund

4,075,539

13,512,500

Aggressive

Strategy

Fund

4,169,509

9,557,193

Equity

Aggressive

Strategy

Fund

1,142,353

2,238,937

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

Financial

Statements

affiliated

company

which

Fund

has

ownership

least

the

voting

securities

which

the

Fund

controls,

controlled

under

common

control

with.

See

each

Fund’s

Party

Transactions,

Fees

and

Expenses

for

disclosure

transactions

with

affiliated

companies.

Each

Fund

pays

annual

advisory

fee

0.20%

RIM.

addition,

each

Fund

pays

annual

administrative

fee

0.0425%

RIFUS

based

upon

the

average

daily

net

assets

the

Fund

payable

monthly

basis.

Administrative

fees

are

assessed

total

Fund

net

assets

based

tiered

fee

schedule.

The

following

table

shows

the

total

amount

each

these

fees

paid

the

Funds

for

the

period

ended

June

30,

2026:

Waivers

and

Reimbursements

RIM

has

contractually

agreed

waive

portion

its

advisory

fees

and

reimburse

certain

expenses

for

certain

Funds.

These

arrangements

are

not

part

the

advisory

agreement

with

the

Investment

Company

and

may

changed

discontinued.

The

following

paragraphs

list

the

waivers

that

were

effect

for

the

period

ended

June

30,

2026.

With

respect

such

waivers,

direct

Fund-level

expenses

not

include

infrequent

and/or

unusual

expenses

(including

litigation

expenses)

the

expenses

other

investment

companies

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

the

Fund.

addition,

each

waiver

and

reimbursement

may

not

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Moderate

Strategy

Fund,

RIM

contractually

agreed,

until

April

30,

2026,

waive

the

full

amount

its

advisory

fee

and

then

reimburse

the

Fund

for

other

direct

Fund-level

expenses

the

extent

that

direct

Fund-level

expenses

exceed

0.14%

the

average

daily

net

assets

the

Fund

annual

basis.

Effective

May

2026,

RIM

contractually

agreed,

until

April

30,

2027,

waive

the

full

amount

its

advisory

fee

and

then

reimburse

the

Fund

for

other

direct

Fund-level

expenses

the

extent

that

direct

Fund-level

expenses

exceed

0.14%

the

average

daily

net

assets

the

Fund

annual

basis.

For

the

Balanced

Strategy

Fund,

RIM

contractually

agreed,

until

April

30,

2026,

waive

the

full

amount

its

advisory

fee

and

then

reimburse

the

Fund

for

other

direct

Fund-level

expenses

the

extent

that

direct

Fund-level

expenses

exceed

0.14%

the

average

daily

net

assets

the

Fund

annual

basis.

Effective

May

2026,

RIM

contractually

agreed,

until

April

30,

2027,

waive

the

full

amount

its

advisory

fee

and

then

reimburse

the

Fund

for

other

direct

Fund-level

expenses

the

extent

that

direct

Fund-level

expenses

exceed

0.14%

the

average

daily

net

assets

the

Fund

annual

basis.

For

the

Aggressive

Strategy

Fund,

RIM

contractually

agreed,

until

April

30,

2026,

waive

the

full

amount

its

advisory

fee

and

then

reimburse

the

Fund

for

other

direct

Fund-level

expenses

the

extent

that

direct

Fund-level

expenses

exceed

0.15%

the

average

daily

net

assets

the

Fund

annual

basis.

Effective

May

2026,

RIM

contractually

agreed,

until

April

30,

2027,

waive

the

full

amount

its

advisory

fee

and

then

reimburse

the

Fund

for

other

direct

Fund-level

expenses

the

extent

that

direct

Fund-level

expenses

exceed

0.15%

the

average

daily

net

assets

the

Fund

annual

basis.

For

the

Equity

Aggressive

Strategy

Fund,

RIM

contractually

agreed,

until

April

30,

2026,

waive

the

full

amount

its

advisory

fee

and

then

reimburse

the

Fund

for

other

direct

Fund-level

expenses

the

extent

that

direct

Fund-level

expenses

exceed

0.15%

the

average

daily

net

assets

the

Fund

annual

basis.

Effective

May

2026,

RIM

contractually

agreed,

until

April

30,

2027,

waive

the

full

amount

its

advisory

fee

and

then

reimburse

the

Fund

for

other

direct

Fund-level

expenses

the

extent

that

direct

Fund-level

expenses

exceed

0.15%

the

average

daily

net

assets

the

Fund

annual

basis.

For

the

period

ended

June

30,

2026,

RIM

waived/reimbursed

the

following

expenses:

RIM

does

not

have

the

ability

recover

amounts

waived

reimbursed

from

periods.

Funds

Advisory

Administrative

Moderate

Strategy

Fund

64,061

13,613

Balanced

Strategy

Fund

219,742

46,695

Aggressive

Strategy

Fund

184,550

39,217

Equity

Aggressive

Strategy

Fund

53,707

11,413

Funds

Waiver

Reimbursement

Total

Moderate

Strategy

Fund

64,061

15,596

79,657

Balanced

Strategy

Fund

175,818

—

175,818

Aggressive

Strategy

Fund

144,769

—

144,769

Equity

Aggressive

Strategy

Fund

53,707

16,241

69,948

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

Financial

Statements

Transfer

and

Dividend

Disbursing

Agent

RIFUS

serves

transfer

agent

and

provides

dividend

disbursing

services

the

Funds.

For

this

service,

RIFUS

paid

fee

based

upon

the

average

daily

net

assets

the

Funds

for

transfer

agency

and

dividend

disbursing

services.

RIFUS

retains

portion

this

fee

for

services

provided

the

Funds

and

pays

the

balance

unaffiliated

agents

who

assist

providing

these

services.

Transfer

agency

fees

paid

the

Funds

presented

herein

for

the

period

ended

June

30,

2026

were

follows:

Distributor

Russell

Investments

Financial

Services,

LLC

(the

“Distributor”),

wholly

owned

subsidiary

RIM,

serves

the

distributor

for

RIF,

pursuant

distribution

agreement

with

RIF.

The

Distributor

receives

compensation

from

the

Investment

Company

for

its

services.

Board

Trustees

(Form

N-CSR

Item

10)

The

Russell

Investments

fund

complex

consists

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

the

Trustees

the

Board

Trustee

RIC,

RIF,

RIETF,

RISCF,

and

RINEIF.

The

Russell

Investments

fund

complex

compensates

each

Trustee

who

not

employee

RIM

its

affiliates.

Trustee

compensation

and

expenses

are

allocated

each

Fund

based

its

net

assets

relative

other

funds

the

Russell

Investments

fund

complex.

For

the

period

ended

June

30,

2026,

the

total

compensation

paid

the

Trustees

the

Russell

Investments

fund

complex

was

$1,251,000.

Trustees’

fees

accrued

for

each

Fund

for

the

period

ended

June

30,

2026

are

shown

each

Fund’s

Statement

Operations.

Federal

Income

Taxes

June

30,

2026,

there

were

net

tax

basis

capital

loss

carryforwards

which

may

applied

against

net

realized

taxable

gains,

any.

Significant

Shareholders

The

Funds

provide

the

investment

base

for

one

variable

insurance

products

issued

one

insurance

companies

and

insurance

company

separate

accounts

have

significant

record

ownership

the

Funds.

Shareholder

concentration

may

subject

the

Funds

additional

risks,

including

the

potential

for

large

redemptions.

June

30,

2026,

the

following

table

includes

shareholders

record

with

greater

than

10%

the

total

outstanding

each

respective

Fund:

Line

Credit

The

Funds

participate

$200

million

unsecured

line

credit

agreement

with

State

Street

Bank

and

Trust

Company

(the

“Credit

Agreement”),

which

currently

effect

through

March

10,

2027,

but

may

renewed

annual

basis

thereafter.

Borrowings

made

the

Funds

will

utilized

solely

for

temporary

emergency

purposes

contemplated

the

Investment

Company

Act

including,

without

limitation,

funding

shareholder

redemptions.

Interest

borrowing

charged

Fund

variable

rate

determined

accordance

with

the

Credit

Agreement.

addition,

commitment

fee

computed

annual

rate

0.20%

the

daily

unused

portion

the

line

credit

allocated

among

the

participating

Funds

pro-rata

based

average

daily

net

assets

for

the

applicable

period.

The

Funds

are

subject

certain

covenants

contained

the

Credit

Agreement.

Failure

comply

with

these

covenants

could

cause

the

acceleration

the

repayment

the

amount

outstanding

under

the

Credit

Agreement.

Expenses

associated

with

the

line

credit,

such

legal

fees

and

the

commitment

fee,

are

shown

the

Statement

Operations

miscellaneous

fees.

The

Funds

did

not

make

any

borrowings

under

the

line

credit

during

the

period

ended

June

30,

2026.

Funds

Amount

Moderate

Strategy

Fund

1,409

Balanced

Strategy

Fund

4,834

Aggressive

Strategy

Fund

4,060

Equity

Aggressive

Strategy

Fund

1,182

Funds

Shareholders

Moderate

Strategy

Fund

96.6

Balanced

Strategy

Fund

94.9

Aggressive

Strategy

Fund

96.3

Equity

Aggressive

Strategy

Fund

94.6

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Notes

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

Financial

Statements

Subsequent

Events

Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

determined

events

have

occurred

that

require

disclosure

except

the

following:

RIM

has

advised

the

Funds

that,

July

2026,

Russell

Investments

announced

that

investor

consortium

led

Capital,

global

multi-stage

investment

firm,

and

including

California

Public

Employees'

Retirement

System,

has

agreed

acquire

Russell

Investments,

including

RIM,

from

Associates

and

Reverence

Capital

(the

“Transaction”).

RIM

expects

the

Transaction

the

first

quarter

2027,

subject

the

receipt

regulatory

approvals

and

other

customary

closing

conditions.

The

Transaction

not

expected

result

any

material

change

the

day-to-day

management

the

Funds.

required

the

Investment

Company

Act,

the

consummation

the

Transaction

would

result

the

automatic

termination

the

advisory

agreement

between

RIM

and

the

Investment

Company,

behalf

the

Funds.

Accordingly,

prior

such

consummation,

new

investment

advisory

agreement

(the

“New

Advisory

Agreement”)

between

the

Investment

Company

and

RIM

will

required

for

RIM

continue

its

capacity

investment

adviser

each

Fund.

The

New

Advisory

Agreement

subject

the

approval

the

Board

and

respective

shareholders

each

Fund.

approved

the

Board,

shareholders

the

Funds

record

date

determined

the

Board

will

asked

approve

the

New

Advisory

Agreement

special

meeting

shareholders

which

RIM

expects

held

the

fourth

quarter

2026

the

first

quarter

2027

through

proxy

solicitation

that

will

describe

the

Transaction

greater

detail.

Under

the

New

Advisory

Agreement,

RIM

would

provide

investment

advisory

services

each

Fund

substantially

similar

terms

the

current

agreement

for

fees

that

not

exceed

those

that

are

currently

effect

with

respect

each

Fund.

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

Investment

Advisory

Agreement

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Agreement

Approval

Investment

Advisory

Agreement

The

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

requires

that

the

Board

Trustees

(the

“Board”),

including

majority

its

members

who

are

not

considered

“interested

persons”

under

the

1940

Act

(the

“Independent

Trustees”)

voting

separately,

approve

for

initial

term

not

exceed

two

years

and,

thereafter,

approve

the

continuation

the

advisory

agreement

with

Russell

Investment

Management,

LLC

(“RIM”)

(the

“RIM

Agreement”)

and

the

portfolio

management

contract

with

each

Money

Manager

the

funds

(collectively,

the

“portfolio

management

contracts”

and,

with

the

RIM

Agreement,

the

“Agreements”)

which

the

Funds

invest

(the

“Underlying

Funds”)

least

annual

basis

and

that

the

terms

and

conditions

the

RIM

Agreement

and

the

terms

and

conditions

each

portfolio

management

contract

provide

for

its

termination

continuation

not

approved

annually.

The

Board,

including

all

the

Independent

Trustees,

considered

and

approved

the

continuation

the

Agreements

meeting

held

person

May

18,

2026

(the

“Agreement

Evaluation

Meeting”).

During

the

course

year,

the

Trustees

receive

wide

variety

materials

regarding,

among

other

things,

the

investment

performance

the

Funds

and

Underlying

Funds,

sales

and

redemptions

the

Funds’

and

Underlying

Funds’

shares,

management

the

Funds

and

the

Underlying

Funds

and

other

services

provided

RIM

(and

its

affiliates)

and

the

Money

Managers

and

compliance

with

applicable

regulatory

requirements.

preparation

for

the

annual

review,

the

Independent

Trustees,

with

the

advice

and

assistance

their

independent

counsel

(“Independent

Counsel”),

also

requested

and

the

Board

considered:

(1)

information

and

reports

prepared

RIM

relating

the

services

provided

RIM

(and

its

affiliates)

and

the

Money

Managers

the

Funds

and

the

Underlying

Funds;

(2)

information

and

reports

prepared

RIM

relating

the

profitability

each

Fund

and

Underlying

Fund

RIM

(and

its

affiliates);

and

(3)

information

received

from

independent,

nationally

recognized

provider

investment

company

information

(the

“Third-Party

Provider”)

comparing

(i)

the

performance

the

Funds

and

the

Underlying

Funds

over

various

time

periods

and

(ii)

the

Funds’

and

the

Underlying

Funds’

respective

operating

expenses

each

Fund’s

last

fiscal

year

end,

with

other

peer

funds

not

managed

RIM,

believed

the

Third-Party

Provider

generally

comparable

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

Russell

Investment

Funds

(“RIF

Underlying

Funds”)

and

comparisons

for

Class

the

Underlying

Funds

that

are

series

Russell

Investment

Company

(“RIC

Underlying

Funds”),

except

for

the

Long

Duration

Bond

Fund,

for

which

the

Third-Party

Information

showed

performance

comparisons

for

Class

since

first

being

issued

September

11,

2023,

and

for

Class

prior

that

date.

the

case

each

Fund,

its

other

peer

funds

are

collectively

hereinafter

referred

the

Fund’s

“Comparable

Funds,”

and,

with

the

Fund,

such

Comparable

Funds

are

collectively

hereinafter

referred

the

Fund’s

“Performance

Universe”

the

case

performance

comparisons,

and

the

Fund’s

“Expense

Universe”

the

case

operating

expense

comparisons.

The

foregoing

and

other

information

received

the

Board,

including

the

Independent

Trustees,

connection

with

its

evaluations

the

Agreements

are

collectively

called

the

“Agreement

Evaluation

Information.”

The

Trustees’

evaluations

also

reflected

the

knowledge

and

familiarity

gained

Board

members

the

Funds

and

the

other

RIM-managed

funds

for

which

the

Board

has

supervisory

responsibility,

including

the

Underlying

Funds

(“Other

RIM

Funds”),

with

respect

services

provided

RIM,

RIM’s

affiliates

and

each

Money

Manager.

The

Trustees

received

memorandum

from

counsel

the

Funds

and

the

Underlying

Funds

(“Fund

Counsel”)

discussing

the

legal

standards

for

their

consideration

the

continuations

the

Agreements,

and

the

Independent

Trustees

separately

received

memorandum

regarding

their

responsibilities

from

their

Independent

Counsel.

meetings

held

virtually

April

2026

and

April

13,

2026,

the

Independent

Trustees

met

privately

with

Independent

Counsel

discuss

the

Agreement

Evaluation

Information

received

prior

those

dates.

April

14,

2026,

Independent

Counsel

provided

list

follow-up

questions

and

requests

RIM

behalf

the

Independent

Trustees

the

Agreement

Evaluation

Information

received

prior

that

date

(the

“Follow-Up

Questions

and

Requests”).

meeting

held

person

April

20,

2026,

the

Independent

Trustees

met

privately

with

Independent

Counsel

discuss

the

Agreement

Evaluation

Information.

meetings

held

person

April

20-21,

2026

(together,

the

“Agreement

Information

Review

Meeting”),

the

Board,

including

the

Independent

Trustees,

preparation

for

the

Agreement

Evaluation

Meeting:

(1)

met

executive

session

with

representative

Associates

Management,

L.P.

(“TA

Associates”),

which

(i)

Independent

Counsel,

(ii)

Fund

Counsel,

(iii)

the

Chairman

and

Chief

Executive

Officer

RIM’s

ultimate

parent

company;

(iv)

the

Chief

Financial

Officer

RIM

and

RIM’s

ultimate

parent

company,

and

(v)

the

President,

Chief

Executive

Officer

and

non-Independent

Trustee

the

Funds,

who

also

Director

RIM

and

Vice

Chairman

RIM’s

ultimate

parent

company,

were

present;

(2)

met

with

representatives

RIM,

during

which,

among

other

things,

RIM

addressed

the

Follow-Up

Questions

and

Requests

that

had

not

otherwise

been

addressed;

and

then

(3)

the

Independent

Trustees

met

private

session

with

Independent

Counsel

which

representatives

RIM

the

Funds’

management

were

present

further

review

and

discuss

the

Agreement

Evaluation

Information

received

that

date.

the

basis

that

review,

the

conclusion

the

Agreement

Information

Review

Meeting,

the

Independent

Trustees

requested

certain

additional

information.

RIM

provided

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Agreement

information

the

Board

response

those

requests

May

2026.

May

11,

2026,

the

Independent

Trustees

met

video

conference

private

session

with

Independent

Counsel

further

discuss

the

Agreement

Evaluation

Information

provided

date.

the

Agreement

Evaluation

Meeting,

the

Independent

Trustees

again

met

person

private

session

with

Independent

Counsel

review

the

additional

updated

Agreement

Evaluation

Information

received

that

date.

the

Agreement

Evaluation

Meeting,

the

Board,

including

the

Independent

Trustees,

considered

the

proposed

continuance

the

Agreements

with

RIM,

Fund

management,

Independent

Counsel

and

Fund

Counsel.

The

Board

considered

that

the

Agreement

Evaluation

Information

and

presentations

made

RIM

the

Agreement

Information

Review

Meeting

and

the

Agreement

Evaluation

Meeting

part

this

review

encompassed

the

Funds

and

all

Other

RIM

Funds.

Information

received

the

Board,

including

the

Independent

Trustees,

prior

and

the

Agreement

Information

Review

Meeting,

the

Agreement

Evaluation

Meeting,

and

other

meetings

identified

above

included

the

Agreement

Evaluation

Information.

Prior

voting

the

Agreement

Evaluation

Meeting,

the

Independent

Trustees

again

met

private

session

with

Independent

Counsel

consider

Agreement

Evaluation

Information

received

from

RIM

and

management

and

prior

the

Agreement

Evaluation

Meeting.

The

discussion

below

reflects

the

culmination

all

these

reviews.

evaluating

the

Agreements,

the

Board

considered

that

most

the

Underlying

Funds

(the

“Manager-of-Managers

Underlying

Funds”)

employ

manager-of-managers

method

investment

and

that

the

Manager-of-Managers

Underlying

Funds,

employing

manager-of-managers

method

investment,

operate

manner

that

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

responsible

for

paying

fees

the

Money

Managers

(“Money

Manager

Fees”)

out

the

advisory

fees

paid

the

Manager-of-Managers

Underlying

Funds

RIM

for

its

services

under

the

RIM

Agreement.

Money

Manager

may

have

(1)

discretionary

asset

management

assignment

pursuant

which

allocated

portion

Manager-of-Managers

Underlying

Fund’s

assets

manage

directly

and

for

which

selects

and

trades

the

individual

portfolio

securities

for

the

assets

assigned

it;

(2)

non-discretionary

assignment

pursuant

which

provides

model

portfolio

RIM

representing

its

investment

recommendations,

based

upon

which

RIM

purchases

and

sells

securities

for

Manager-of-Managers

Underlying

Fund;

(3)

both

discretionary

and

non-discretionary

assignment.

Money

Manager

Fees

for

non-discretionary

assignment

may

the

same

as,

lower

than,

the

fees

would

for

discretionary

assignment

with

the

same

Money

Manager.

The

Long

Duration

Bond

Fund,

RIC

Underlying

Fund,

does

not

employ

manager-of-managers

method

investment

and

instead

managed

only

RIM.

The

Board

considered

that

RIM

(rather

than

any

Money

Manager

the

case

Manager-of-Managers

Underlying

Funds)

responsible

under

the

RIM

Agreement

for

determining,

implementing

and

maintaining

the

investment

program

for

each

Fund

and,

conducting

each

Fund’s

investment

program,

allocating

assets

such

Fund

principally

among

its

Underlying

Funds.

The

assets

each

Fund

are

principally

invested

different

combinations

the

Underlying

Funds

pursuant

target

strategic

asset

allocations

set

RIM.

RIM

analyzes

opportunities

and

risks

the

aggregate

level

the

four

main

asset

classes

–

equities,

fixed

income,

multi-asset

and

alternatives

–

and

monitors

exposure

such

asset

classes

using

analytical

tools

seek

ensure

that

any

deviations

from

the

target

strategic

asset

allocations

are

intentional

and

tactical.

RIM

periodically

evaluates

each

Fund’s

allocation

between

asset

classes

seek

ensure

that

the

allocations

optimally

match

the

Fund’s

stated

investment

objectives

and

risk

profile.

RIM

evaluates

the

Funds’

target

strategic

asset

allocation

periodic

basis

relative

peer

allocations,

current

market

conditions,

RIM’s

capital

markets

forecasts

and

RIM’s

desired

asset

class

exposures.

The

overall

performance

each

Fund

therefore

has

reflected,

part,

the

performance

RIM

designing

the

investment

program

the

Fund

and

determining

the

Funds’

target

strategic

asset

allocations.

The

overall

performance

each

Fund

also

has

reflected

the

performance

RIM

managing

its

Underlying

Funds.

Assets

each

Manager-of-Managers

Underlying

Fund

are

allocated

among

RIM

and

the

multiple

Money

Manager

strategies

selected

RIM

for

that

Manager-of-Managers

Underlying

Fund.

RIM

may

change

Manager-of-Managers

Underlying

Fund’s

target

strategic

asset

allocation

Money

Manager

any

time,

including

allocating

Manager-of-Managers

Underlying

Fund

assets

one

Money

Manager

strategies.

addition,

RIM

continues

manage

the

investment

each

Manager-of-Managers

Underlying

Fund’s

cash

and

portions

Manager-of-Managers

Underlying

Fund

during

transitions

between

discretionary

Money

Managers.

RIM

also

continues

manage

directly

any

portion

each

Manager-of-Managers

Underlying

Fund’s

assets

that

RIM

determines

not

allocate

Money

Manager

strategies.

Most

Underlying

Funds

usually,

but

not

always,

pursue

strategy

being

fully

invested

exposing

all

portion

their

cash

the

performance

certain

markets

purchasing

equity

securities,

fixed

income

securities

and/or

derivatives.

This

cash

“equitization”

strategy

managed

RIM

and

intended

cause

Fund

perform

though

its

cash

were

actually

invested

those

specified

markets

strategies.

With

respect

the

portion

Manager-

of-Managers

Underlying

Fund

that

RIM

manages

based

upon

non-discretionary

Money

Manager

model

portfolios,

RIM

constructs

portfolio

that

represents

the

aggregation

the

model

portfolios

based

upon

RIM’s

allocation

each

Money

Manager’s

strategy

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Agreement

through

“enhanced

portfolio

implementation,”

“emulation,”

process

designed

capture

return

streams

multiple

Money

Managers

centralized

portfolio.

RIM

then

implements

the

portfolio

consistent

with

the

aggregation

the

model

portfolios,

but

may

deviate

from

such

aggregation

for

the

purposes

exposure

and

transaction

cost

management.

RIM

stated

its

belief

that

the

Manager-of-Managers

Underlying

Funds

benefit

from

emulation

over

time

due

lower

aggregate

transaction

costs

(including

the

impact

lower

trading

volume

custody

charges)

and

lower

turnover

from

reduced

trading

volumes,

the

potential

for

additional

commission

recapture,

improved

portfolio

efficiency

and

control

enabling

the

implementation

team

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

investment

advisory

services

that

RIM

provides

directly

or,

through

the

Underlying

Funds,

indirectly

the

Funds

under

the

RIM

Agreement.

the

case

Manager-of-Managers

Underlying

Funds,

RIM

responsible

for

selecting

(subject

Board

approval),

overseeing

and

evaluating

the

performance

results

the

Money

Managers

for

each

Manager-of-Managers

Underlying

Fund

and

for

actively

managing

allocations

and

reallocations

its

assets

among

Money

Manager

strategies

and

RIM

itself.

Each

discretionary

Money

Manager

for

Manager-of-Managers

Underlying

Fund

effect

performs

the

function

individual

portfolio

manager

who

responsible

for

researching,

selecting

and

trading

portfolio

securities

for

the

portion

the

Manager-of-Managers

Underlying

Fund

assigned

RIM

accordance

with

the

Manager-of-Managers

Underlying

Fund’s

applicable

investment

objective,

policies

and

restrictions,

any

specific

guidelines

placed

RIM

upon

their

selection

portfolio

securities,

and

the

Money

Manager’s

specified

role

Manager-of-Managers

Underlying

Fund.

Money

Manager’s

primary

role

pursue

particular

investment

strategy

that

has

been

selected

and

assigned

RIM

through

sector

and

security

selection

and

risk

control

measures

manner

that

consistent

with

its

RIM-assigned

guidelines.

The

Money

Managers

operate

subject

the

oversight

of,

and

instructions

from,

RIM.

For

each

Manager-of-Managers

Underlying

Fund,

RIM

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

each

Money

Manager

and

Manager-of-Managers

Underlying

Fund;

generally

supervising

compliance

the

discretionary

Money

Managers

and,

applicable,

the

non-discretionary

Money

Managers

with

each

Manager-of-Managers

Underlying

Fund’s

investment

objective

and

policies;

with

respect

Manager-of-Managers

Underlying

Funds

with

non-discretionary

Money

Managers,

purchasing

and

selling

securities

for

the

Manager-of-Managers

Underlying

Funds

based

model

portfolios

representing

the

investment

recommendations

the

non-discretionary

Money

Managers;

managing

Manager-of-Managers

Underlying

Fund

assets

that

are

not

allocated

Money

Manager

strategies;

managing

the

Manager-of-

Managers

Underlying

Funds’

cash

balances;

and

recommending

least

annually

the

Board

whether

portfolio

management

contracts

should

renewed,

modified

terminated.

addition

its

annual

recommendation

the

renewal,

modification

termination

portfolio

management

contracts,

RIM

responsible

for

recommending

the

Board

additions

new

Money

Managers,

terminations

replacements

existing

Money

Managers

any

time

when,

based

RIM’s

research

and

ongoing

review

and

analysis,

such

actions

are,

RIM’s

judgment,

appropriate.

RIM

provides

each

Money

Manager

with

specific

investment

guidelines

based

Manager-of-Managers

Underlying

Fund’s

investment

program

and

RIM’s

assessment

the

Money

Manager’s

expertise

and

investment

style

whereby

RIM

attempts

capitalize

the

strengths

each

Money

Manager

and

combine

the

investment

activities

Money

Managers

for

the

Manager-of-Managers

Underlying

Fund

complementary

fashion.

Therefore,

RIM’s

selection

Money

Managers

for

Manager-of-Managers

Underlying

Fund

made

not

only

the

basis

performance

considerations

but

also

the

basis

other

factors,

including

anticipated

compatibility

with

other

Money

Managers

the

same

Manager-of-Managers

Underlying

Fund.

light

the

foregoing,

the

overall

performance

each

Manager-of-Managers

Underlying

Fund

has

reflected,

great

part,

the

performance

RIM

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

manner

designed

achieve

the

investment

objectives

the

Manager-

of-Managers

Underlying

Fund.

the

Agreement

Evaluation

Information,

RIM

noted

the

broad

array

investment

management

services

provided

the

Manager-of-Managers

Underlying

Funds

RIM

and

the

relatively

narrow

scope

portfolio

management

services

provided

the

Manager-of-Managers

Underlying

Funds

Money

Managers.

RIM

has

advised

the

Board

that

its

portfolio

construction

process

investment

led

and

designed

conducted

manner

that

consistent

with

its

fiduciary

duties.

The

objective

RIM’s

portfolio

construction

meet

portfolio’s

investment

objective

and

established

excess

return

target.

the

Agreement

Evaluation

Information,

RIM

noted

that

while

has

general

goals

for

Money

Manager

Fees

the

aggregate

globally,

there

are

specific

fee

targets

that

are

established

for

individual

portfolios,

which

includes

each

the

Manager-of-Managers

Underlying

Funds.

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

Money

Manager

Fees,

the

aggregate,

must

allow

RIM

remain

going

concern

with

sufficient

resources

provide

required

services

the

Funds

and

earn

reasonable

profit.

RIM

advised

the

Board

that

RIM

portfolio

managers

utilize

number

tools

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Agreement

the

portfolio

construction

process

order

meet

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

portion

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

emphasize,

investors

RIM’s

role

the

principal

investment

manager

for

each

such

Manager-of-Managers

Underlying

Fund,

rather

than

the

investment

selection

recommendation

role

the

Money

Managers,

and

describe

the

manner

which

the

Funds

Manager-of-Managers

Underlying

Funds

operate.

The

Board

further

considered

that

Fund

investors

pursuing

their

investment

goals

and

objectives

likely

purchased

their

the

basis

this

information

and

RIM’s

reputation

and

experience

managing

the

structure

the

Manager-of-Managers

Underlying

Funds.

The

Board

also

considered

the

demands

and

complexity

managing

the

Manager-of-Managers

Underlying

Funds

pursuant

the

manager-of-managers

structure,

the

special

expertise

RIM

with

respect

the

manager-of-managers

structure

the

Manager-of-

Managers

Underlying

Funds

and

the

possibility

that,

the

current

expense

ratio

each

Manager-of-Managers

Underlying

Fund,

there

might

acceptable

alternative

investment

managers

replace

RIM

comparable

terms

given

the

need

continue

the

manager-of-managers

strategy

such

Manager-of-Managers

Underlying

Fund.

addition

these

general

factors

relating

the

structure

the

Manager-of-Managers

Underlying

Funds,

the

Trustees

considered,

with

respect

each

Fund

and

Underlying

Fund,

various

specific

factors

evaluating

the

renewal

the

RIM

Agreement,

including

the

following:

The

nature,

scope

and

overall

quality

the

investment

management

and

other

services

provided,

and

expected

provided,

the

Fund

the

Underlying

Fund

RIM;

The

advisory

fee

paid

the

Fund

the

Underlying

Fund

RIM

for

its

services

under

the

RIM

Agreement

(the

“Advisory

Fee”),

and,

the

case

Manager-of-Managers

Underlying

Funds,

the

fact

that

RIM

pays

all

Money

Manager

Fees

out

its

Advisory

Fee;

The

combined

Advisory

Fee

paid

RIM

and

the

administrative

fee

paid

RIM’s

wholly

owned

subsidiary

for

administrative

services

(the

“Administrative

Fee,”

and

together

with

the

Advisory

Fee,

the

“Management

Fee”);

The

performance

the

Funds

and

the

Underlying

Funds

relative

their

respective

benchmark

indices

and

Comparable

Funds;

Information

provided

RIM

other

fees

and

benefits

received

RIM

its

affiliates

connection

with

the

Fund

the

Underlying

Fund,

including

any

administrative

transfer

agent

fees,

any

fees

received

for

management

administration

the

fund

which

the

Underlying

Funds

invest

their

uninvested

cash,

and

commissions

other

compensation

connection

with

the

execution

portfolio

securities

and

foreign

exchange

transactions;

Information

provided

RIM

expenses

incurred

the

Fund

Underlying

Fund;

Information

provided

RIM

the

profits

that

RIM

derives

from

its

mutual

fund

operations

generally

and

from

the

Fund

the

Underlying

Fund

(excluding

sales

and

client

service

expenses);

and

Information

provided

RIM

concerning

economies

scale

and

whether

any

scale

economies

are

adequately

shared

with

the

Fund

the

Underlying

Fund.

connection

with

the

Trustees’

consideration

the

nature,

scope

and

overall

quality

the

investment

management

and

other

services

provided,

and

which

are

expected

provided,

the

Funds

and

the

Underlying

Funds,

including

Fund

portfolio

management

services,

the

Board

discussed

with

senior

representatives

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

senior

personnel

and

the

impact

other

recent

changes

Russell

Investments’

(as

defined

below)

personnel

providing

services

the

Funds

and

the

Underlying

Funds.

The

President

and

Chief

Investment

Officer

Russell

Investments

discussed

with

the

Board

the

performance

certain

Funds

and

Underlying

Funds,

how

Russell

Investments

measures

performance

success,

and

recent

and

planned

investment

process

enhancements.

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Agreement

The

Board

also

discussed

the

Funds’

compliance

program

with

the

Funds’

Chief

Compliance

Officer

(“CCO”),

including

certain

items

reported

the

annual

report

the

CCO

required

under

Rule

38a-1

the

1940

Act

(the

“Annual

CCO

Report”).

The

Annual

CCO

Report

included

the

status

projects,

initiatives

and

enhancements

the

past

year

the

compliance

program

that

the

CCO

identified

connection

with

last

year’s

Annual

CCO

Report.

The

Annual

CCO

Report

also

included

information

the

resources

the

compliance

program

and

the

status

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

the

compliance

programs

RIM

and

the

Funds

over

the

past

year

and

suggestions

for

additional

enhancements

going

forward,

certain

staffing

changes

and

areas

focus

for

the

upcoming

year.

The

CCO

advised

the

Board

that

the

Funds

and

RIM,

with

respect

the

services

RIM

provides

the

Funds,

have

each

adopted

and

effectively

implemented

written

policies

and

procedures

that

are

reasonably

designed

prevent

violation

the

Federal

Securities

Laws

(as

such

term

defined

the

1940

Act).

RIM

indirect

wholly

owned

subsidiary

Russell

Investments

Group,

Ltd.,

through

which

the

limited

partners

certain

private

equity

funds

affiliated

with

Associates

indirectly

have

majority

ownership

interest

through

alternative

investment

vehicles

and

the

limited

partners

certain

private

equity

funds

affiliated

with

Reverence

Capital

Partners,

L.P.

(“Reverence

Capital”)

indirectly

have

significant

minority

controlling

ownership

interest

(as

“control”

defined

the

1940

Act)

through

certain

Reverence

Capital

funds

and

alternative

investment

vehicles

RIM

and

its

affiliates

(“Russell

Investments”).

Certain

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-controlling

positions

Russell

Investments.

connection

with

the

Board’s

initial

approval

the

RIM

Agreement

2015,

Associates

advised

the

Board

its

plans

ultimately

effect

sale

other

disposition

its

ownership

interest

Russell

Investments.

Any

such

future

transaction

(“Transaction”)

could

cause

change

control

RIM

resulting,

among

other

things,

assignment

and

termination

the

RIM

Agreement,

required

the

1940

Act

and

the

terms

and

conditions

the

RIM

Agreement.

the

event

Transaction,

the

Board

would

required

consider

the

approval

the

terms

and

conditions

replacement

agreement

(“Successor

Agreement”)

for

the

RIM

Agreement

and,

thereafter,

submit

the

Successor

Agreement

each

Fund’s

shareholders

for

approval,

required

the

1940

Act.

During

the

executive

session

with

representative

Associates

held

connection

with

the

Agreement

Information

Review

Meeting,

among

other

things,

the

status

Associates’

indirect

investment

RIM

and

RIM’s

access

sufficient

resources

support

its

activities

respect

the

Funds,

and

the

current

debt

and

leverage

levels,

recent

strategic

financing

transaction

and

the

current

capital

structure

Russell

Investments

Group,

Ltd.

were

discussed.

The

Board

was

advised

Associates’

commitment

continue

support

the

same

level

services

currently

being

provided

RIM

and

its

affiliates

the

Funds.

The

Board

was

aware

the

public

reports

regarding

potential

sale

Russell

Investments

its

current

owners,

including

Associates,

and

member

Russell

Investments’

senior

management

answered

questions

from

the

Board

and

advised

the

Board

that

decision

regarding

such

sale

had

been

made.

noted

above,

RIM,

addition

managing

the

investment

each

Manager-of-Managers

Underlying

Fund’s

cash,

directly

manages

portion

(which

may

represent

significant

portion)

the

Manager-of-Managers

Underlying

Funds

pursuant

the

RIM

Agreement,

with

the

actual

allocation

Manager-of-Managers

Underlying

Fund

assets

among

Money

Manager

strategies

and

RIM

being

determined

from

time

the

RIM

portfolio

manager(s).

RIM

may

utilize

tools

such

“optimization,”

which

involves

the

analysis

tradeoffs

between

various

risk

and

return

factors

well

turnover

and

transaction

costs,

order

estimate

optimal

portfolio

positioning.

RIM

may

use

strategies

based

indexes,

including

optimized

index

sampling

(strategies

that

seek

purchase

sampling

securities

using

optimization

and

risk

models)

and/or

index

replication.

For

certain

Underlying

Funds,

RIM

may

invest

derivative

instruments

and

may

use

derivatives

take

both

long

and

short

positions.

RIM’s

direct

management

assets

for

these

purposes

hereinafter

referred

the

“Direct

Management

Services.”

While

new

direct

management

strategies

were

implemented

2025,

the

Board

has

been

advised

that,

where

appropriate

its

judgment,

RIM

may

continue

exploring

the

possible

addition

new

expansion

existing

Direct

Management

Services.

Therefore,

larger

portions

certain

Manager-of-Managers

Underlying

Funds

may

managed

directly

RIM

pursuant

the

Direct

Management

Services.

According

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

seeking

precisely

manage

portfolio

exposures

well

generate

alpha

they

construct

portfolios.

RIM’s

Direct

Management

Services

are

customized

portfolios

directly

managed

RIM

for

use

within

the

total

portfolio

Manager-of-Managers

Underlying

Fund.

RIM’s

Direct

Management

Services

are

used

conjunction

with

allocations

Money

Manager

strategies

fully

reflect

RIM’s

strategic

and

dynamic

insights

with

integrated

liquidity

and

risk

management.

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Agreement

The

Board

considered

that

RIM

not

required

pay

Money

Manager

Fees

any

Money

Managers

with

respect

assets

for

which

provides

Direct

Management

Services

and

that

the

profits

derived

RIM

generally

and

from

the

Manager-of-Managers

Underlying

Funds

consequently

may

increased,

although

RIM

noted

that

incurs

additional

costs

providing

Direct

Management

Services.

RIM

advised

the

Board

that

allocations,

increased

allocations,

Manager-of-Managers

Underlying

Fund

assets

Direct

Management

Services,

together

with

Money

Manager

selection,

allocations

among

Money

Manager

strategies,

renegotiation

Money

Manager

Fees

and

changes

existing

Money

Manager

assignments

from

discretionary

non-discretionary

assignments

where

there

Money

Manager

Fee

reduction

may

reduce

its

costs

providing

investment

advisory

services

the

Manager-of-Managers

Underlying

Funds,

which

would

benefit

RIM.

The

Board

considered

RIM’s

advice

that

any

such

benefit,

including

any

increased

profits

RIM,

ultimately

may

partially

offset

the

impact

any

new

additional

fee

waivers

expense

caps

separately

agreed

upon

and

implemented

from

time

for

the

affected

Manager-of-Managers

Underlying

Funds

and

any

costs

incremental

investments

increased

cost

allocations

that

RIM

may

incur

support

Direct

Management

Services.

The

Board

also

considered

information

provided

RIM

the

potential

benefits

the

Direct

Management

Services

the

Manager-of-Managers

Underlying

Funds

and

the

fact

that

the

aggregate

Advisory

Fees

paid

the

Manager-of-Managers

Underlying

Funds

are

not

increased

result

RIM’s

direct

management

Manager-of-Managers

Underlying

Fund

assets

part

the

Direct

Management

Services

otherwise.

The

Board

noted

that

changes

the

allocation

assets

among

Money

Manager

strategies

Direct

Management

Services,

well

changes

the

allocation

Fund

assets

among

the

Underlying

Funds,

may

result

directly

higher

costs

affected

Underlying

Funds,

including

higher

brokerage

commissions

and

other

transaction

costs,

portion

which

paid

RIM’s

affiliated

broker

connection

with

execution

portfolio

transactions

connection

with

such

changes.

RIM

advised

the

Board

that,

order

preserve

flexibility

and

manage

risks,

and

consistent

with

the

terms

the

manager-of-

managers

exemptive

order,

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

asset

allocation

zero).

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

the

opportunity

decrease

Money

Manager’s

allocation

zero,

but

not

terminate

the

Money

Manager,

allows

RIM

potentially

realize

gains

from

strategies

that

may

have

been

overly

rewarded

the

marketplace

over

the

short

medium

term,

provide

the

opportunity

retain

capacity

with

Money

Manager

that

may

otherwise

closed

new

business.

The

Board

noted

that

RIM

does

not

believe

there

are

any

detriments

the

Manager-of-Managers

Underlying

Funds

RIM

from

the

use

Money

Manager

bench.

RIM

has

advised

the

Board

that

RIM

may

add

Money

Managers

to,

remove

Money

Managers

from,

Money

Manager

bench

lineup

for

Manager-of-Managers

Underlying

Funds,

create

Money

Manager

bench

lineups

for

additional

Manager-of-Managers

Underlying

Funds.

The

Agreement

Evaluation

Information

outlined

various

changes

that

have

been

implemented

the

investment

program

for

the

Funds

and

the

Manager-of-Managers

Underlying

Funds

recent

years

and

described

additional

changes

that

have

been

implemented

are

underway,

and

the

impact

such

changes,

the

investment

advisory

services

provided

the

Underlying

Funds

RIM,

which

the

Trustees

took

into

account

their

contract

renewal

deliberations,

including

the

following:

•

Most

discretionary

Money

Manager

equity

assignments

for

Manager-of-Managers

Underlying

Funds

were

previously

converted

non-discretionary

assignments,

thereby

implementing

emulation

for

those

Money

Manager

equity

assignments.

The

Board

considered

the

potential

impacts

described

the

Agreement

Evaluation

Information,

both

positive

and

negative,

the

Manager-

of-Managers

Underlying

Funds

emulation.

RIM

noted

that,

implementing

emulation

for

most

equity

assignments

for

the

Manager-of-Managers

Underlying

Funds,

assumes

various

additional

risks,

including

trade

error

risk

takes

over

responsibility

for

trading.

RIM

generally

effects

Underlying

Fund

equity

portfolio

transactions

through

affiliated

broker

that

receives

portion

the

commissions

paid

the

Funds

for

effecting

some

these

transactions.

For

such

equity

transactions,

the

Underlying

Funds

pay

RIM’s

affiliated

broker

dealer

commission

rates

that

are

determined

oversight

committee

RIM.

According

RIM,

the

Underlying

Funds

pay

the

same

commission

rates

regardless

whether

the

affiliated

broker

dealer

receives

any

portion

the

commission.

RIM

noted

certain

enhancements

recent

years

the

emulation

process

for

Manager-of-Managers

Underlying

Funds,

including

increasing

the

frequency

receipt

certain

Money

Manager

model

portfolios,

the

utilization

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

implemented

Money

Managers

discretionary

basis.

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Agreement

•

RIM

has

renegotiated

fees

with

certain

Money

Managers

lower

levels

and

advised

the

Board

that

will

continue

assess

opportunities

for

Money

Manager

Fee

reductions

the

future,

and

described

factors

that

may

considered

determining

whether

renegotiate

fees.

RIM

advised

the

Board

that

has

not

experienced,

and

does

not

expect

experience,

any

diminution

the

nature,

scope

quality

services

provided

Money

Managers

result

renegotiated

Money

Manager

Fees.

•

Benchmark

and

name

changes

for

certain

Funds

and

Underlying

Funds

comply

with

new

SEC

regulations.

•

Modifications

the

target

strategic

asset

allocation

the

Funds

reflect

market

conditions,

capital

market

forecasts

and

RIM’s

desired

asset

class

exposures.

•

RIM

has

developed

evolution

its

portfolio

construction

process

that

RIM

intends

initially

implement

for

Manager-

of-Managers

Underlying

Fund,

the

RIF

U.S.

Strategic

Equity

Fund,

where

all

Fund

assets

other

than

the

Fund’s

liquidity

reserve

will

allocated

Money

Manager

strategies

and

the

Direct

Management

Services

described

above

will

eliminated,

with

RIM

managing

benchmark

relative

exposures

systematically

adjusting

the

weights

securities

non-discretionary

Money

Managers’

model

portfolios.

evaluating

the

Funds’

and

Underlying

Funds’

Advisory

Fees

and

Management

Fees,

the

Board

considered

that,

the

Agreement

Evaluation

Information

and

past

meetings,

RIM

noted

differences

between

the

investment

strategies

certain

Underlying

Funds

and

their

respective

Comparable

Funds

pursuing

their

investment

objectives.

assist

the

Board’s

evaluation

the

Advisory

Fees,

Management

Fees

and

total

expenses

Underlying

Funds

with

changes

their

contractual

Advisory

Fee

waivers

and

expense

caps

that

were

implemented

during

after

fiscal

year

2025,

RIM

provided

comparisons

and

discussion

the

Management

Fees

and

total

expenses

such

Underlying

Funds

adjusted

basis

reflect

the

annualized

impact

changes

contractual

Advisory

Fee

waivers

and

expense

caps,

applicable,

that

were

implemented

during

after

fiscal

year

2025.

The

Third-Party

Information

included,

among

other

things,

comparisons

the

Funds’

Management

Fees

with

the

management

fees

their

Comparable

Funds

actual

basis

(i.e.,

giving

effect

any

fee

waivers

and/or

expense

caps

implemented

RIM

with

respect

Fund

and

the

managers

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

each

had

Management

Fee

which,

compared

with

the

management

fees

its

respective

Comparable

Funds

actual

basis,

was

ranked

the

second

quintile

its

Expense

Universe

for

that

expense

component,

and

the

Equity

Aggressive

Strategy

Fund

had

Management

Fee

which,

compared

with

the

management

fees

its

Comparable

Funds

actual

basis,

was

ranked

the

first

quintile

its

Expense

Universe

for

that

expense

component.

these

rankings,

the

first

quintile

represents

funds

with

the

lowest

management

fees

among

funds

the

Expense

Universe,

and

the

fifth

quintile

represents

funds

with

the

highest

management

fees

among

funds

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

holders

variable

annuity

and

variable

life

insurance

contracts

issued

insurance

companies

(“Insurance

Contract

Holders”).

Among

other

things,

RIM

previously

noted

that

meaningful

comparisons

management

fees

between

funds

affiliated

with

insurance

companies

issuing

variable

annuity

and

life

insurance

policies

Insurance

Contract

Holders

and

funds

that

are

not

affiliated

with

such

insurance

companies,

such

the

Funds

and

the

RIF

Underlying

Funds,

are

difficult

insurance

companies

have

flexibility

allocate

certain

fees

between

the

variable

annuity

and

variable

life

insurance

contracts

held

Insurance

Contract

Holders

and

the

affiliated

underlying

funds.

RIM

also

noted

the

administrative

services

provided

insurance

company

Insurance

Contract

Holders

invested

the

Funds

and

the

RIF

Underlying

Funds

and

the

costs

associated

with

the

provision

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

the

Funds

and

the

RIF

Underlying

Funds.

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

services

provided

investment

advisers

the

Underlying

Funds’

Comparable

Funds,

well

transition

management

services

that

enable

efficient

and

cost-effective

asset

transition

events

and

the

administration

cash

equitization

program.

RIM

also

advised

the

Board

that

its

pre-tax

profit

margin

from

its

relationships

with

the

Funds

and

Underlying

Funds

increased

2025,

and

RIM’s

2025

pre-tax

profit

margin

providing

investment

advisory

services

the

Funds

slightly

higher

than

the

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Agreement

median

the

operating

profit

margins

public

investment

management

company

peers

(in

each

case,

including

sales

and

client

service

expenses)

based

survey

conducted

September

30,

2025

reflecting

the

prior

months.

The

Board

considered

each

Fund’s

and

Underlying

Fund’s

Advisory

Fee

and

Management

Fee

both

standalone

basis

and

the

context

the

Fund’s

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

which

such

expense

components

contribute

each

Fund’s

total

expense

rankings

within

its

Expense

Universe.

The

Board

has

engaged,

and

continues

engage,

discussions

with

RIM

identify

opportunities,

where

appropriate,

for

improving

the

Advisory

Fee,

Management

Fee

and/or

total

expense

comparisons

for

certain

Underlying

Funds

relative

their

respective

Comparable

Funds

through

Advisory

Fee

waivers

expense

caps.

the

Agreement

Information

Review

Meeting

and

the

Agreement

Evaluation

Meeting,

the

Board

reviewed

and

discussed

with

RIM

the

Management

Fees

and

total

expense

ratios

the

Underlying

Funds

relative

their

respective

Comparable

Funds,

including

the

fee

waivers

RIM

had

previously

implemented

and

agreed

implement

the

future

reduce

Management

Fees

and/

total

expenses

for

certain

Underlying

Funds,

and

the

Underlying

Funds’

Comparable

Fund

fee

and

expense

trending

year-over-

year.

Based

that

review

and

discussions

with

RIM,

including

discussions

with

RIM

regarding

the

reasonableness

various

components

certain

Underlying

Funds’

total

expense

ratio

other

than

its

Management

Fee,

the

Independent

Trustees

will

continue

evaluate

and

engage

ongoing

discussions

with

management

regarding

Management

Fee

and

total

expense

comparisons

the

Underlying

Funds.

Based

upon

information

provided

RIM,

the

Board

considered

for

each

Fund

and

Underlying

Fund

whether

economies

scale

have

been

realized

and

whether

the

Advisory

Fee

for

such

Fund

Underlying

Fund

appropriately

reflects

should

revised

reflect

any

such

economies.

The

Board

considered,

among

other

things,

the

variability

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure

employed

the

Manager-of-Managers

Underlying

Funds

well

net

Fund

redemptions

purchases

recent

years.

With

respect

each

Underlying

Fund,

the

Board

considered

any

Advisory

Fee

waivers

expense

limitation

arrangements

that

had

been

implemented

the

past

year,

and

those

proposed

implemented

the

future.

addition,

the

Board,

the

case

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

experience

outflows;

however,

RIM

advised

the

Board

there

regular

contact

with

Northwestern

Mutual

order

maintain

product

availability

and

continue

efforts

grow

the

product

line.

RIM

expressed

its

belief

that

Northwestern

Mutual

still

committed

the

Funds

and

RIF

Underlying

Funds.

However,

the

Board

has

received

direct

assurances

this

regard

from

Northwestern

Mutual.

Northwestern

Mutual

were

discontinue

its

participation

the

Funds,

the

Board

considered

that

unlikely

that

the

Funds

would

remain

viable.

RIM

previously

expressed

its

belief

that

the

Funds

will

remain

viable

the

near

term,

and

the

Board

was

not

advised

any

change

RIM’s

belief

this

regard.

The

Board

considered,

among

other

things,

the

potential

negative

implications

for

significant

future

Fund

asset

growth

additional

insurance

companies

not

make

the

Funds

available

their

variable

annuity

and

variable

life

insurance

policyholders.

The

Board

also

considered

that

the

advisory

fee

rates

payable

RIM

Other

RIM

Funds

and

fee

rates

payable

RIM

its

affiliates

other

registered

investment

companies

and

institutional

clients

with

investment

objectives

similar

those

the

Funds

some

cases

are

lower

than

the

advisory

fee

rates

paid

the

Funds

(including

indirect

expenses

investing

Underlying

Funds).

The

Trustees

considered

RIM’s

explanation

that

the

advisory

fees

payable

RIM

the

Funds

and

the

Other

RIM

Funds

reflect,

among

other

things,

differences

the

type

product,

distribution

channel

and

investors.

The

Trustees

also

considered

the

differences

the

nature

and

scope

services

RIM

provides

other

registered

investment

companies

and

institutional

clients

relative

those

provided

the

Funds

and

the

Underlying

Funds.

With

respect

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

the

number

and

nature

investors,

along

with

their

varied

needs

for

liquidity,

there

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.

addition,

RIM

noted

that

the

Funds

and

the

Underlying

Funds

are

subject

heightened

regulatory

requirements

relative

institutional

clients.

Accordingly,

the

Trustees

concluded

that

the

services

provided

the

Funds

and

Underlying

Funds

are

sufficiently

different

from

the

services

provided

such

institutional

clients

that

comparisons

are

not

probative

and

should

not

given

significant

weight.

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Agreement

With

respect

the

Funds’

total

expenses,

the

Third-Party

Information

showed

that

the

total

direct

expenses

(i.e.,

not

including

indirect

expenses

the

Underlying

Funds)

for

each

Fund

ranked

the

second

quintile

its

respective

Expense

Universe.

these

rankings,

the

first

quintile

represents

funds

with

the

lowest

total

expenses

among

funds

the

Expense

Universe

and

the

fifth

quintile

represents

funds

with

the

highest

total

expenses

among

the

Expense

Universe

funds.

the

basis

the

Agreement

Evaluation

Information,

and

other

information

previously

received

the

Board

from

RIM

during

the

course

the

year

and

prior

years,

presented

connection

with

the

Agreement

Information

Review

Meeting

and

Agreement

Evaluation

Meeting

RIM

and

its

affiliates,

the

Board,

respect

each

Fund

and

Underlying

Fund,

after

giving

effect

any

applicable

fee

waivers

and/or

expense

caps

for

the

Underlying

Funds,

and

considering

any

differences

the

investment

strategies

its

respective

Comparable

Funds

and

light

other

factors

discussed

above:

(1)

found

that

the

Advisory

Fee

and

Administrative

Fee

were

acceptable

light

the

nature,

scope

and

overall

quality

the

investment

advisory

and

other

services

provided,

and

expected

provided,

the

Fund

Underlying

Fund

and

provide

continuity

investment

advisory

and

other

services

RIM

and

its

affiliates

the

Fund

Underlying

Fund;

(2)

either

found

that

the

relative

expense

ratio

each

Fund

and

Underlying

Fund

was

comparable

those

its

Comparable

Funds

took

into

account

the

factors

noted

above,

and

other

factors

respect

the

Underlying

Funds,

considering

the

relative

expense

ratio

compared

those

its

Comparable

Funds;

(3)

found

that

the

other

benefits

and

fees

received

RIM

its

affiliates

from

the

Fund

Underlying

Fund

identified

the

Agreement

Evaluation

Information

were

not

considered

excessive;

(4)

found

that

RIM’s

reported

profitability

with

respect

the

Fund

and

Underlying

Fund

was

not

considered

excessive

light

the

nature,

scope

and

overall

quality

the

investment

management

and

other

services

provided

RIM

and

applicable

judicial

and

regulatory

guidance;

and

(5)

found

that

the

Advisory

Fee

charged

RIM

appropriately

reflects

any

economies

scale

realized

such

Fund

Underlying

Fund

light

various

factors,

including

potential

negative

implications

for

significant

future

Fund

asset

growth

additional

insurance

companies

not

make

the

Funds

available

their

Insurance

Contract

Holders;

the

Advisory

Fee

breakpoints

that

are

place

for

certain

Underlying

Funds;

the

case

Manager-of

Managers

Underlying

Funds,

the

variability

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure;

and

RIM’s

advice

that

does

not

believe

will

experience

meaningful

economies

scale.

The

Board

concluded

that,

under

the

circumstances

and

based

RIM’s

performance

information

and

reviews

for

each

Fund

and

Underlying

Fund,

the

performance

each

the

Funds

and

Underlying

Funds

supported

the

continuation

the

RIM

Agreement.

assessing

the

performance

the

Funds

and

the

Underlying

Funds,

the

Board

focused

each

Fund’s

performance

for

the

3-year

period

ended

December

31,

2025

most

relevant,

but

also

considered

Fund

and

Underlying

Fund

performance

for

the

and

5-year

periods

ended

such

date.

reviewing

the

performance

the

Funds

and

Underlying

Funds

generally,

the

Board

took

into

consideration

various

steps

taken

RIM

the

past

few

years

enhance

the

performance

certain

Manager-of-Managers

Underlying

Funds,

including

changes

Money

Managers

their

allocations

and

changes

investment

strategies,

which

may

not

yet

fully

reflected

Manager-of-Managers

Underlying

Fund

investment

results.

The

Board

considered

that

the

performance

each

Fund

ranked

the

third

quintile

its

Performance

Universe

better

for

the

3-year

period

ended

December

31,

2025.

evaluating

performance,

the

Board

considered

each

Fund’s

and

Underlying

Fund’s

performance

not

only

relative

its

Comparable

Funds,

but

also

absolute

terms

and

relative

appropriate

benchmarks

and

indices.

The

Board

considered

the

Manager-of-

Managers

Underlying

Funds’

performance

relative

their

primary

secondary

benchmarks,

whichever

RIM

uses

assess

Fund

performance,

light

RIM’s

advice

that

its

investment

philosophy

and

process

seek

combine

investment

managers

produce

benchmark-beating

returns

with

above-average

consistency.

Among

the

Underlying

Funds

which

the

Funds

were

invested

December

31,

2025,

for

the

1-year

period

ended

December

31,

2025,

the

RIC

Global

Equity

Fund,

RIC

Emerging

Markets

Fund,

RIC

Short

Duration

Bond

Fund,

RIF

Strategic

Bond

Fund,

RIC

Multi-Strategy

Income

Fund

and

RIC

Multi-Asset

Strategy

Fund

outperformed

their

respective

benchmarks;

for

the

3-year

period

ended

December

31,

2025,

the

RIF

Global

Real

Estate

Securities

Fund,

RIC

Opportunistic

Credit

Fund,

RIC

Short

Duration

Bond

Fund

and

RIC

Multi-Strategy

Income

Fund

outperformed

their

respective

benchmarks;

and

for

the

5-year

period

ended

December

31,

2025,

the

RIF

U.S.

Small

Cap

Equity

Fund

and

RIC

Short

Duration

Bond

Fund

outperformed

their

respective

benchmarks.

The

RIC

Underlying

Fund

that

not

Manager-of-Managers

Underlying

Fund,

the

RIC

Long

Duration

Bond

Fund,

did

not

outperform

its

benchmark

for

the

1-,

5-year

periods

ended

December

31,

2025.

The

Board

also

considered

the

Money

Manager

changes

that

have

been

made

during

the

past

year

and

that

the

performance

Money

Managers

continues

impact

the

performance

the

Funds

and

Manager-of-Managers

Underlying

Funds

for

periods

prior

and

subsequent

their

termination.

Further,

the

Board

considered

the

implementation

additional

strategies

refinements

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Agreement

strategies

discussed

the

Agreement

Evaluation

Information

and/or

prior

Board

meetings

that

have

been

and

may

employed

RIM

respect

certain

Underlying

Funds.

After

considering

the

foregoing

and

other

relevant

factors,

including

factors

described

above,

the

Board

concluded

respect

each

Fund

and

Underlying

Fund

that

continuation

the

RIM

Agreement

would

the

best

interest

such

Fund

and

its

shareholders

and

voted

approve

the

continuation

the

RIM

Agreement.

the

Agreement

Information

Review

Meeting

and

Agreement

Evaluation

Meeting,

with

respect

the

evaluation

the

terms

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

the

performance

each

Money

Manager;

any

significant

business

relationships

between

the

Money

Manager

and

RIM

Russell

Investments

Financial

Services,

LLC,

the

Funds’

and

Underlying

Funds’

underwriter;

and

RIM’s

recommendation

retain

each

discretionary

non-discretionary

Money

Manager

the

current

terms

and

conditions,

including

the

current

fee

rate.

The

Board

received

reports

during

the

course

the

year

from

the

Funds’

CCO

regarding

her

assessments

Money

Manager

compliance

programs

and

any

compliance

issues.

RIM

did

not

identify

any

benefits

from

the

Manager-of-Managers

Underlying

Funds’

portfolio

transactions

received

Money

Managers

their

affiliates

other

than

potential

benefits

from

soft

dollar

arrangements

commissions

paid

any

affiliated

broker-dealer

through

which

discretionary

Money

Manager

may

execute

trades.

RIM

recommended

that

each

the

Money

Managers

retained

for

its

current

discretionary

non-discretionary

assignment

its

current

fee

rate.

doing

so,

RIM,

has

the

past,

advised

the

Board

that

does

not

regard

Money

Manager

profitability

economies

scale

relevant

its

evaluation

the

portfolio

management

contracts

with

Money

Managers

because

the

willingness

Money

Managers

serve

such

capacity

depends

upon

arm’s-length

negotiations

with

RIM;

RIM

aware

the

standard

fee

rates

charged

Money

Managers

other

clients;

and

RIM

believes

that

the

fees

agreed

upon

with

Money

Managers

are

reasonable

and

appropriate

light

the

anticipated

quality

investment

advisory

services

rendered.

The

Board

accepted

RIM’s

explanation

the

relevance

Money

Manager

profitability

light

RIM’s

belief

that

such

fees

are

reasonable;

the

Board’s

findings

the

acceptability

the

Advisory

Fee

paid

each

Manager-of-Managers

Underlying

Fund;

and

the

fact

that

each

Money

Manager’s

fee

paid

RIM.

Based

upon

RIM’s

recommendations,

together

with

relevant

Agreement

Evaluation

Information,

the

Board

concluded

that

the

fees

paid

the

Money

Managers

each

Manager-of-Managers

Underlying

Fund

are

acceptable

light

RIM’s

assessment

the

quality

the

investment

advisory

services

provided

and

that

continuation

the

portfolio

management

contract

with

each

Money

Manager

each

Manager-of-Managers

Underlying

Fund

would

the

best

interests

the

Manager-of-Managers

Underlying

Fund

and

its

shareholders.

This

discussion

not

intended

include

all

the

factors

and

information

considered

the

Board.

their

deliberations,

the

Trustees

did

not

identify

any

particular

information

the

RIM

Agreement

or,

other

than

RIM’s

recommendation,

the

portfolio

management

contract

with

any

Money

Manager

for

Manager-of-Managers

Underlying

Fund

that

was

all-important

controlling,

except,

the

case

the

RIM

Agreement,

the

need

continue

the

managers-of-managers

structure

the

Manager-of-Managers

Underlying

Funds,

and

each

Trustee

attributed

different

weights

the

various

factors

considered.

The

Trustees

evaluated

all

information

available

them

Fund-by-Fund

basis

and

their

determinations

were

made

respect

each

Fund

and

Underlying

Fund.

Russell

Investment

Funds

LifePoints

Funds

Variable

Target

Portfolio

Series

Adviser

and

Service

Providers

—

June

30,

2026

(Unaudited)

Adviser

and

Service

Providers

Interested

Trustee

Vernon

Barback

Independent

Trustees

Michelle

Cahoon

Michael

Day

Julie

Dien

Ledoux

Jeremy

May

Ellen

Needham

Jeannie

Shanahan

Raymond

Tennison,

Jr.

Jack

Thompson

Officers

Vernon

Barback,

President

and

Chief

Executive

Officer

Cheryl

Wichers,

Chief

Compliance

Officer

Ross

Erickson,

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

401

Union

Street

18th

Floor

Seattle,

98101

Administrator

and

Transfer

and

Dividend

Disbursing

Agent

Russell

Investments

Fund

Services,

LLC

401

Union

Street

18th

Floor

Seattle,

98101

Custodian

State

Street

Bank

and

Trust

Company

1776

Heritage

Drive

North

Quincy,

02171

Office

Shareholder

Inquiries

401

Union

Street

18th

Floor

Seattle,

98101

(800)

787-7354

Legal

Counsel

Dechert

LLP

One

International

Place,

40th

Floor

100

Oliver

Street

Boston,

02110

Distributor

Russell

Investments

Financial

Services,

LLC

401

Union

Street

18th

Floor

Seattle,

98101

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

1420

5th

Avenue,

Suite

2800

Seattle,

98101

This

report

prepared

from

the

books

and

records

the

Funds

and

submitted

for

the

general

information

shareholders

and

not

authorized

for

distribution

prospective

investors

unless

accompanied

preceded

effective

Prospectus.

Nothing

herein

contained

considered

offer

sale

solicitation

offer

buy

Russell

Investment

Funds.

Such

offering

made

only

Prospectus,

which

includes

details

offering

price

and

other

material

information.

Russell

Investment

Funds

401

Union

Street

Floor

Seattle,

98101

800-787-7354

Fax:

206-505-3495

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 13, 2026

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 13, 2026

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 13, 2026

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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