# EDGAR Filing Document

**Accession Number:** 0000824036
**File Stem:** 0001410368-26-046925
**Filing Date:** 2026-5
**Character Count:** 29449
**Document Hash:** 369833624240707de1f1a8ab22e29ca3
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**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-046925.hdr.sgml**: 20260518

**ACCESSION NUMBER**: 0001410368-26-046925

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260518

**DATE AS OF CHANGE**: 20260518

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RUSSELL INVESTMENT FUNDS
- **CENTRAL INDEX KEY:** 0000824036

**ORGANIZATION NAME:**
- **EIN:** 911717303
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05371
- **FILM NUMBER:** 26991550

**BUSINESS ADDRESS:**
- **STREET 1:** 401 UNION STREET
- **STREET 2:** 18TH FLOOR
- **CITY:** SEATTLE
- **STATE:** WA
- **BUSINESS PHONE:** 800-787-7354

**MAIL ADDRESS:**
- **STREET 1:** 401 UNION STREET
- **STREET 2:** 18TH FLOOR
- **CITY:** SEATTLE
- **STATE:** WA

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RUSSELL INSURANCE FUNDS
- **DATE OF NAME CHANGE:** 19960918

## Series and Classes Contracts Data

### Moderate Strategy Fund (Series ID: S000017037)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000047304 | Moderate Strategy Fund | RIFGX           |

## Nport-Ex

2026

QUARTERLY

REPORT

Russell

Investment

Funds

LifePoints®

Funds

Variable

Target

Portfolio

Series

March

31,

2026

FUND

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Aggressive

Strategy

Fund

Equity

Aggressive

Strategy

Fund

Russell

Investment

Funds

Russell

Investment

Funds

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

Funds.

This

Quarterly

Report

reports

on

four

of

these

Funds.

Page

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Aggressive

Strategy

Fund

Equity

Aggressive

Strategy

Fund

Notes

to

Quarterly

Report

Russell

Investment

Funds

LifePoints®

Funds

Variable

Target

Portfolio

Series

Quarterly

Report

March

31,

2026

(Unaudited)

Table

of

Contents

Russell

Investment

Funds

-

LifePoints®

Funds

Variable

Target

Portfolio

Series.

Copyright©

Russell

Investments

2026. All

rights

reserved.

Russell

Investments'

ownership

is

composed

of

a

majority

stake

held

by

funds

managed

by

TA

Associates

Management,

L.P.,

with

a

significant

minority

stake

held

by

funds

managed

by

Reverence

Capital

Partners,

L.P.

Certain

of

Russell

Investments'

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-

controlling,

ownership

stakes.

Frank

Russell

Company

is

the

owner

of

the

Russell

trademarks

contained

in

this

material

and

all

trademark

rights

related

to

the

Russell

trademarks,

which

the

members

of

the

Russell

Investments

group

of

companies

are

permitted

to

use

under

license

from

Frank

Russell

Company.

The

members

of

the

Russell

Investments

group

of

companies

are

not

affiliated

in

any

manner

with

Frank

Russell

Company

or

any

entity

operating

under

the

"FTSE

RUSSELL"

brand.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

investing.

A

prospectus

containing

this

and

other

important

information

must

precede

or

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

Securities

distributed

through

Russell

Investments

Financial

Services,

LLC,

member

FINRA

and

part

of

Russell

Investments.

#### Russell

#### Investment

#### Funds

#### Moderate

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### March

#### 31,

#### 2026
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Moderate

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.0%
Alternative

-

2.0%

RIF

Global

Real

Estate

Securities

Fund

87,539

1,228

Domestic

Equities

-

15.3%

RIF

U.S.

Small

Cap

Equity

Fund

85,173

1,248

RIF

U.S.

Strategic

Equity

Fund

405,750

8,322

9,570

Fixed

Income

-

54.7%

RIC

Long

Duration

Bond

Fund

Class

Y

321,945

2,533

RIC

Opportunistic

Credit

Fund

Class

Y

296,179

2,541

RIC

Short

Duration

Bond

Fund

Class

Y

169,723

3,196

RIF

Strategic

Bond

Fund

3,008,866

26,057

34,327

International

Equities

-

20.0%

RIC

Emerging

Markets

Fund

Class

Y

70,091

1,506

RIC

Global

Equity

Fund

Class

Y

883,578

9,516

RIF

International

Developed

Markets

Fund

114,632

1,536

12,558

Multi-Asset

-

8.0%

RIC

Multi-Strategy

Income

Fund

Class

Y

489,574

5,038

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$59,456)

62,721

#### Total

#### Investments

#### -

#### 100.0%
(identified

cost

$59,456)

62,721

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.0)%
(24) #### Net

#### Assets

#### -

#### 100.0%
62,697

#### Russell

#### Investment

#### Funds

#### Moderate

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### March

#### 31,

#### 2026
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Moderate

Strategy

Fund

Transactions

(amounts

in

thousands)

during

the

period

ended

March

31,

2026

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
RIF

Global

Real

Estate

Securities

Fund

$

1,299

$

$

$

(6) $

$

1,228

$

—

$

—

RIF

U.S.

Small

Cap

Equity

Fund

1,274

1,248

—

RIF

U.S.

Strategic

Equity

Fund

9,109

(616) 8,322

RIC

Long

Duration

Bond

Fund

2,539

(23) 2,533

—

RIC

Opportunistic

Credit

Fund

2,539

—

(15) 2,541

—

RIC

Short

Duration

Bond

Fund

3,174

—

(15) 3,196

—

RIF

Strategic

Bond

Fund

26,589

585

(73) (46) 26,057

—

RIC

Emerging

Markets

Fund

1,610

1,506

—

—

RIC

Global

Equity

Fund

9,861

(293) 9,516

—

—

RIF

International

Developed

Markets

Fund

1,705

(67) 1,536

RIC

Multi-Strategy

Income

Fund

5,097

5,038

—

—

$

64,796

$

921

$

2,015

$

$

(990) $

62,721

$

$

#### Russell

#### Investment

#### Funds

#### Balanced

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### March

#### 31,

#### 2026
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Balanced

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.0%
Alternative

-

4.0%

RIC

Global

Infrastructure

Fund

Class

Y

393,475

4,254

RIF

Global

Real

Estate

Securities

Fund

299,366

4,200

8,454

Domestic

Equities

-

20.6%

RIF

U.S.

Small

Cap

Equity

Fund

363,135

5,320

RIF

U.S.

Strategic

Equity

Fund

1,868,339

38,320

43,640

Fixed

Income

-

33.4%

RIC

Long

Duration

Bond

Fund

Class

Y

809,147

6,368

RIC

Opportunistic

Credit

Fund

Class

Y

491,304

4,215

RIF

Strategic

Bond

Fund

6,968,601

60,348

70,931

International

Equities

-

35.0%

RIC

Emerging

Markets

Fund

Class

Y

338,709

7,275

RIC

Global

Equity

Fund

Class

Y

5,723,356

61,641

RIF

International

Developed

Markets

Fund

398,942

5,346

74,262

Multi-Asset

-

7.0%

RIC

Multi-Strategy

Income

Fund

Class

Y

1,441,153

14,829

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$189,024)

212,116

#### Total

#### Investments

#### -

#### 100.0%
(identified

cost

$189,024)

212,116

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.0)%
(64) #### Net

#### Assets

#### -

#### 100.0%
212,052

#### Russell

#### Investment

#### Funds

#### Balanced

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### March

#### 31,

#### 2026
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Balanced

Strategy

Fund

Transactions

(amounts

in

thousands)

during

the

period

ended

March

31,

2026

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
RIC

Global

Infrastructure

Fund

$

4,369

$

$

516

$

$

$

4,254

$

—

$

—

RIF

Global

Real

Estate

Securities

Fund

4,413

4,200

—

—

RIF

U.S.

Small

Cap

Equity

Fund

5,427

5,320

RIF

U.S.

Strategic

Equity

Fund

41,337

1,062

1,253

(2,833)

38,320

RIC

Long

Duration

Bond

Fund

6,513

(3) (56) 6,368

—

RIC

Opportunistic

Credit

Fund

4,346

(1) (25) 4,215

—

RIF

Strategic

Bond

Fund

62,884

2,375

(45) (249) 60,348

—

RIC

Emerging

Markets

Fund

7,682

868

7,275

—

—

RIC

Global

Equity

Fund

63,014

767

(1,875)

61,641

—

—

RIF

International

Developed

Markets

Fund

5,808

511

(226) 5,346

RIC

Multi-Strategy

Income

Fund

15,246

618

14,829

—

—

$

221,039

$

2,727

$

7,365

$

$

(4,714)

$

212,116

$

594

$

543

#### Russell

#### Investment

#### Funds

#### Aggressive

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### March

#### 31,

#### 2026
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Aggressive

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.0%
Alternative

-

5.0%

RIC

Global

Infrastructure

Fund

Class

Y

330,520

3,573

RIF

Global

Real

Estate

Securities

Fund

371,527

5,213

8,786

Domestic

Equities

-

32.6%

RIF

U.S.

Small

Cap

Equity

Fund

364,723

5,343

RIF

U.S.

Strategic

Equity

Fund

2,539,212

52,079

57,422

Fixed

Income

-

14.6%

RIC

Long

Duration

Bond

Fund

Class

Y

1,123,202

8,839

RIC

Opportunistic

Credit

Fund

Class

Y

515,635

4,424

RIF

Strategic

Bond

Fund

1,433,447

12,414

25,677

International

Equities

-

39.8%

RIC

Emerging

Markets

Fund

Class

Y

402,617

8,648

RIC

Global

Equity

Fund

Class

Y

4,709,977

50,726

RIF

International

Developed

Markets

Fund

792,585

10,621

69,995

Multi-Asset

-

8.0%

RIC

Multi-Asset

Strategy

Fund

Class

Y

1,190,721

14,146

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$141,668)

176,026

#### Total

#### Investments

#### -

#### 100.0%
(identified

cost

$141,668)

176,026

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.0)%
(50) #### Net

#### Assets

#### -

#### 100.0%
175,976

#### Russell

#### Investment

#### Funds

#### Aggressive

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### March

#### 31,

#### 2026
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Aggressive

Strategy

Fund

Transactions

(amounts

in

thousands)

during

the

period

ended

March

31,

2026

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
RIC

Global

Infrastructure

Fund

$

3,595

$

$

$

$

$

3,573

$

—

$

—

RIF

Global

Real

Estate

Securities

Fund

5,472

5,213

—

—

RIF

U.S.

Small

Cap

Equity

Fund

5,364

5,343

RIF

U.S.

Strategic

Equity

Fund

55,684

1,198

930

(7) (3,866)

52,079

638

556

RIC

Long

Duration

Bond

Fund

8,923

(2) (78) 8,839

—

RIC

Opportunistic

Credit

Fund

4,461

(1) (26) 4,424

—

RIF

Strategic

Bond

Fund

12,762

(20) (38) 12,414

—

RIC

Emerging

Markets

Fund

9,039

686

8,648

—

—

RIC

Global

Equity

Fund

51,788

501

—

(1,557)

50,726

—

—

RIF

International

Developed

Markets

Fund

11,442

642

(463) 10,621

RIC

Multi-Asset

Strategy

Fund

14,325

(1) 14,146

—

—

$

182,855

$

2,510

$

4,122

$

$

(5,510)

$

176,026

$

805

$

780

#### Russell

#### Investment

#### Funds

#### Equity

#### Aggressive

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### March

#### 31,

#### 2026
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Equity

Aggressive

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.0%
Alternative

-

5.5%

RIC

Global

Infrastructure

Fund

Class

Y

97,255

1,051

RIF

Global

Real

Estate

Securities

Fund

125,993

1,768

2,819

Domestic

Equities

-

38.7%

RIF

U.S.

Small

Cap

Equity

Fund

105,072

1,539

RIF

U.S.

Strategic

Equity

Fund

883,495

18,121

19,660

Fixed

Income

-

5.0%

RIC

Long

Duration

Bond

Fund

Class

Y

195,894

1,542

RIC

Opportunistic

Credit

Fund

Class

Y

119,746

1,027

2,569

International

Equities

-

42.7%

RIC

Emerging

Markets

Fund

Class

Y

140,614

3,020

RIC

Global

Equity

Fund

Class

Y

1,353,913

14,582

RIF

International

Developed

Markets

Fund

305,577

4,095

21,697

Multi-Asset

-

8.1%

RIC

Multi-Asset

Strategy

Fund

Class

Y

345,413

4,103

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$40,379)

50,848

#### Total

#### Investments

#### -

#### 100.0%
(identified

cost

$40,379)

50,848

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.0)%
(22) #### Net

#### Assets

#### -

#### 100.0%
50,826

#### Russell

#### Investment

#### Funds

#### Equity

#### Aggressive

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### March

#### 31,

#### 2026
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Equity

Aggressive

Strategy

Fund

Transactions

(amounts

in

thousands)

during

the

period

ended

March

31,

2026

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
RIC

Global

Infrastructure

Fund

$

1,035

$

$

$

$

$

1,051

$

—

$

—

RIF

Global

Real

Estate

Securities

Fund

1,838

(4) 40

1,768

—

—

RIF

U.S.

Small

Cap

Equity

Fund

1,541

1,539

RIF

U.S.

Strategic

Equity

Fund

19,427

(10) (1,341)

18,121

RIC

Long

Duration

Bond

Fund

1,541

—

(13) 1,542

—

RIC

Opportunistic

Credit

Fund

1,027

—

(6) 1,027

—

RIC

Emerging

Markets

Fund

3,120

—

3,020

—

—

RIC

Global

Equity

Fund

14,905

—

—

(448) 14,582

—

—

RIF

International

Developed

Markets

Fund

4,430

(178) 4,095

RIC

Multi-Asset

Strategy

Fund

4,126

—

—

4,103

—

—

$

52,990

$

718

$

1,125

$

$

(1,782)

$

50,848

$

$

#### Russell

#### Investment

#### Funds

#### LifePoints

####®

#### Funds

#### Variable

#### Target

#### Portfolio

#### Series

#### Notes

#### to

#### Quarterly

#### Report

#### —

#### March

#### 31,

#### 2026
(Unaudited)

Notes

to

Quarterly

Report

1. #### Significant

#### Accounting

#### Policies
Russell

Investment

Funds

(the

"Investment

Company"

or

"RIF")

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

funds.

This

Quarterly

Report

reports

on

four

of

these

funds

(each

a

"Fund"

and

collectively

the

"Funds").

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds

in

the

preparation

of

this

Quarterly

Report.

These

policies

are

in

accordance

with

U.S.

generally

accepted

accounting

principles

("U.S.

GAAP"),

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

Quarterly

Report.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

reporting

guidance

applicable

to

investment

companies

including,

but

not

limited

to,

Accounting

Standards

Codification

946. Security

Valuation

Each

of

the

Funds

is

a

"fund

of

funds"

and

diversifies

its

assets

by

investing

in

shares

of

several

other

RIF

funds

and

in

certain

Russell

Investment

Company

("RIC")

funds

(the

"Underlying

Funds").

Each

Fund

seeks

to

achieve

its

specific

investment

objective

by

investing

in

different

combinations

of

Underlying

Funds.

The

Underlying

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

a

description

of

the

pricing

sources

and

services

used

by

the

Underlying

Funds.

With

respect

to

an

Underlying

Fund's

investments

that

do

not

have

readily

available

market

quotations,

the

Funds'

Board

of

Trustees

("Board")

has

designated

Russell

Investment

Management,

LLC

("RIM"),

the

Underlying

Funds'

adviser,

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act

of

1940,

as

amended.

However,

the

Board

retains

oversight

over

the

valuation

process.

The

Funds

value

the

shares

of

the

Underlying

Funds

at

the

current

net

asset

value

("NAV")

per

share

of

each

Underlying

Fund.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity's

measurement

date.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

and

of

the

fair

value

hierarchy

are

defined

as

follows:

Level

—

Quoted

prices

(unadjusted)

in

active

markets

or

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

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

and

inputs

such

as

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

or

other

market

corroborated

inputs.

Level

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

RIM

that

are

used

in

determining

the

fair

value

of

investments.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3. The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

market

values

of

financial

instruments

categorized

as

Level

and

Level

of

the

fair

value

hierarchy

are

as

follows:

investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

will

be

valued

based

upon

the

NAV

per

share

of

such

investments

without

further

adjustment

as

a

practical

expedient.

#### Russell

#### Investment

#### Funds

#### LifePoints

####®

#### Funds

#### Variable

#### Target

#### Portfolio

#### Series

#### Notes

#### to

#### Quarterly

#### Report,

#### continued

#### —

#### March

#### 31,

#### 2026
(Unaudited)

Notes

to

Quarterly

Report

As

of

March

31,

2026,

all

investments

held

were

classified

as

Level

within

the

fair

value

hierarchy.

For

additional

information

on

the

Funds'

significant

accounting

policies

and

risks,

please

refer

to

the

Funds'

most

recent

semi-annual

or

annual

financial

statements

and

other

information

and

prospectus.

Russell

Investment

Funds

Union

Street

th

Floor

Seattle,

WA

98101

800-787-7354

Fax:

206-505-3495

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** RUSSELL INVESTMENT FUNDS

- **b. Investment Company Act file number:** 811-05371

- **c. CIK number of Registrant:** 0000824036

- **d. LEI of Registrant:** 549300SYCXI2ML7BN524

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 401 Union Street

  - **City:** Seattle

  - **State:** WA

  - **Foreign country:** US

  - **Zip / Postal Code:** 98101

  - **Telephone number:** 800-787-7354

**Item A.2. Information about the Series.**

- **a. Name of Series:** Moderate Strategy Fund

- **b. EDGAR series identifier (if any):** S000017037

- **c. LEI of Series:** DQF2HL1NDLUNN2D09702

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $62713044.38

**Total Liabilities:** $25114.61

**Net Assets:** $62687929.77

**Cash Not Reported:** $0.04

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000047304 | 1.27%                | 1.50%                | -3.85%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $27527.21                | $827194.61                                 |
| Month 2  | $17235.89                | $710557.68                                 |
| Month 3  | $-36576.15               | $-2527286.02                               |

### Schedule of Portfolio Investments

| Name                                 | Title                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| U.S. Strategic Equity Fund           | U.S. Strategic Equity Fund           | CUSIP: 782491104<br>LEI: HJF4I4G3NRRGIEG5Z262 | Long             | EC               | RF                | US        |    405633 | NS      | $8319525.36   | 13.27%            |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Small Cap Equity Fund           | U.S. Small Cap Equity Fund           | CUSIP: 782491203<br>LEI: 4TSZIINZENZIS9XYIQ87 | Long             | EC               | RF                | US        |     85165 | NS      | $1247669.77   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| International Developed Markets Fund | International Developed Markets Fund | CUSIP: 782491302<br>LEI: OBN5HZOV2KJPBU8D6051 | Long             | EC               | RF                | US        |    114593 | NS      | $1535547.12   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Strategic Bond Fund                  | Strategic Bond Fund                  | CUSIP: 782491401<br>LEI: D07H1KQBUJ8IJWFT1668 | Long             | EC               | RF                | US        |   3008866 | NS      | $26056775.95  | 41.57%            |  |  |  | No            |                  1 | On Loan: No      |
| Global Real Estate Securities Fund   | Global Real Estate Securities Fund   | CUSIP: 782491609<br>LEI: C8PHRWSYC6CV404R0D13 | Long             | EC               | RF                | US        |     87508 | NS      | $1227739.44   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Opportunistic Credit Fund            | Opportunistic Credit Fund            | CUSIP: 782494181<br>LEI: QMX8CVY41B3G014K7N60 | Long             | EC               | RF                | US        |    296179 | NS      | $2541214.35   | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Short Duration Bond Fund             | Short Duration Bond Fund             | CUSIP: 782494421<br>LEI: SYIWP2HFI2PTL75P6V57 | Long             | EC               | RF                | US        |    169723 | NS      | $3195890.10   | 5.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerging Markets Fund                | Emerging Markets Fund                | CUSIP: 782494439<br>LEI: TUWQFBBWGP866F5SFO52 | Long             | EC               | RF                | US        |     70043 | NS      | $1504516.08   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Equity Fund                   | Global Equity Fund                   | CUSIP: 782494447<br>LEI: VTHOU527SFHXM6LQY641 | Long             | EC               | RF                | US        |    883263 | NS      | $9512744.86   | 15.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Multi-Strategy Income Fund           | Multi-Strategy Income Fund           | CUSIP: 78249R214<br>LEI: 549300A5DFWAE2ARUU44 | Long             | EC               | RF                | US        |    489574 | NS      | $5037712.34   | 8.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Long Duration Bond Fund              | Long Duration Bond Fund              | CUSIP: 78250F398<br>LEI: 549300VRXC77M7KZRU37 | Long             | EC               | RF                | US        |    321945 | NS      | $2533708.99   | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** RUSSELL INVESTMENT FUNDS

**Signature:** Ross Erickson

**Name of Signer:** Ross Erickson

**Title:** Treasurer, Principal Accounting Officer and Principal Financial Officer