# EDGAR Filing Document

**Accession Number:** 0000824036
**File Stem:** 0000824036-26-000004
**Filing Date:** 2026-2
**Character Count:** 724525
**Document Hash:** 920e67194d4e2c121bec783e8e9816b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000824036-26-000004.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0000824036-26-000004

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05371
- **FILM NUMBER:** 26639752

**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

### U.S. Strategic Equity Fund (Series ID: S000006863)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000018545 | U.S. Strategic Equity Fund | RIFAX           |

### U.S. Small Cap Equity Fund (Series ID: S000006864)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000018546 | U.S. Small Cap Equity Fund | RIFBX           |

### International Developed Markets Fund (Series ID: S000006865)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000018547 | International Developed Markets Fund | RIFCX           |

### Global Real Estate Securities Fund (Series ID: S000006866)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000018548 | Global Real Estate Securities Fund | RIFSX           |

### Strategic Bond Fund (Series ID: S000006867)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000018549 | Strategic Bond Fund | RIFDX           |

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

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

### Balanced Strategy Fund (Series ID: S000017038)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000047305 | Balanced Strategy Fund | RIFHX           |

### Aggressive Strategy Fund (Series ID: S000017039)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000047306 | Aggressive Strategy Fund | RIFIX           |

### Equity Aggressive Strategy Fund (Series ID: S000017040)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000047307 | Equity Aggressive Strategy Fund | RIFJX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">Investment Company Act file number: 811-05371</span></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </span></pre>
```

**Russell Investment Funds**

(Exact name of registrant as specified in charter)

**401 Union Street, 18<sup>th</sup> Floor, Seattle Washington 98101**

(Address of principal executive offices) (Zip code)

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><span style="font-size: 11.0pt;font-family: "Times New Roman",serif;display: inline;">Mary Beth Albaneze, Secretary and Chief Legal Officer</span></b></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><span style="font-size: 11.0pt;font-family: "Times New Roman",serif;display: inline;">401 Union Street</span></b></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><span style="font-size: 11.0pt;font-family: "Times New Roman",serif;display: inline;">18<sup>th</sup> Floor</span></b></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><span style="font-size: 11.0pt;font-family: "Times New Roman",serif;display: inline;">Seattle, Washington 98101</span></b></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><span style="font-size: 11.0pt;font-family: "Times New Roman",serif;display: inline;">206-505-4846</span></b></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="display: inline;">______________________________________________</span></pre>
```

(Name and address of agent for service)

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

Date of fiscal year end:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **December 31**

Date of reporting period:&nbsp;&nbsp;&nbsp;&nbsp; **January 1, 2025 to December 31, 2025**

**Item 1. Reports to Stockholders**

#### U.S. Strategic Equity Fund

#### RIFAX
![Image](idffa3355282d707fb8d0a6cf.jpg)

#### Annual Shareholder Report

#### December 31, 2025
![Image](i22474006c11a6959020aec82.jpg)

This annual shareholder report contains important information about U.S. Strategic Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments?Site=RIF**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

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

---

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

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

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

![Growth of 10K Chart](i575c8017378dee7a7dd346a0.jpg)

---

| | | |
|:---|:---|:---|
| | **U.S. Strategic Equity Fund** | **Russell 1000<sup>®</sup> Index** |
| **2015** | 10000 | 10000 |
| **2016** | 11064 | 11205 |
| **2017** | 13364 | 13636 |
| **2018** | 12076 | 12983 |
| **2019** | 15730 | 17063 |
| **2020** | 19480 | 20640 |
| **2021** | 23454 | 26101 |
| **2022** | 18562 | 21108 |
| **2023** | 23442 | 26708 |
| **2024** | 28249 | 33255 |
| **2025** | 32326 | 39030 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| U.S. Strategic Equity Fund | 14.43% | 10.66% | 12.45% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $646409 |
| Total Number of Portfolio Holdings | 500 |
| Total Advisory Fees Paid (thousands) | $4269 |
| Portfolio Turnover Rate | 61% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ie1ff844fb81f5ef06e0006a2.jpg)

---

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

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ie74168b18ab4029e29f2577f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 42.3% |
| Financial Services | 14.2% |
| Consumer Discretionary | 13.2% |
| Health Care | 9.8% |
| Producer Durables | 8.2% |
| Consumer Staples | 3.8% |
| Materials and Processing | 3.7% |
| Energy | 3.0% |
| Utilities | 3.0% |
| Other | (1.2)% |

---

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

![Image](i782c4a537bf47cd403f68f28.jpg)

#### U.S. Strategic Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments?Site=RIF](ia656d3a72befc19acda96158.jpg)

Annual Shareholder Report

RIFAX

December 31, 2025

#### U.S. Small Cap Equity Fund

#### RIFBX
![Image](idffa3355282d707fb8d0a6cf.jpg)

#### Annual Shareholder Report

#### December 31, 2025
![Image](i22474006c11a6959020aec82.jpg)

This annual shareholder report contains important information about U.S. Small Cap Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments?Site=RIF**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

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

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

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

---

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

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

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

![Growth of 10K Chart](id642b99f875cf853d4fa3d62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **U.S. Small Cap Equity Fund** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup>Index<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 11866 | 11274 | 12131 |
| **2017** | 13703 | 13656 | 13908 |
| **2018** | 12062 | 12940 | 12376 |
| **2019** | 14844 | 16954 | 15535 |
| **2020** | 16730 | 20495 | 18636 |
| **2021** | 21045 | 25754 | 21397 |
| **2022** | 17687 | 20808 | 17024 |
| **2023** | 20093 | 26209 | 19906 |
| **2024** | 21807 | 32448 | 22203 |
| **2025** | 23627 | 38012 | 25047 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| U.S. Small Cap Equity Fund | 8.34% | 7.15% | 8.98% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 12.81% | 6.09% | 9.62% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $207484 |
| Total Number of Portfolio Holdings | 1100 |
| Total Advisory Fees Paid (thousands) | $1757 |
| Portfolio Turnover Rate | 89% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i562b433e3b4eae2774acf11e.jpg)

---

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

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i7a1ff263d2d90514446fdaec.jpg)

---

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

---

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

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund's performance relative to its secondary benchmark. |

---

![Image](i782c4a537bf47cd403f68f28.jpg)

#### U.S. Small Cap Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments?Site=RIF](ia656d3a72befc19acda96158.jpg)

Annual Shareholder Report

RIFBX

December 31, 2025

#### International Developed Markets Fund

#### RIFCX
![Image](idffa3355282d707fb8d0a6cf.jpg)

#### Annual Shareholder Report

#### December 31, 2025
![Image](i22474006c11a6959020aec82.jpg)

This annual shareholder report contains important information about International Developed Markets Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments?Site=RIF**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

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

---

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

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

![Growth of 10K Chart](ibd75723be87947d25663530e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **International Developed Markets Fund** | **MSCI World ex USA Index (Net)** | **International Developed Markets Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10236 | 10275 | 10242 |
| **2017** | 12793 | 12762 | 12788 |
| **2018** | 10890 | 10964 | 10986 |
| **2019** | 13037 | 13430 | 13457 |
| **2020** | 13699 | 14449 | 14477 |
| **2021** | 15433 | 16273 | 16305 |
| **2022** | 13420 | 13947 | 13975 |
| **2023** | 15602 | 16449 | 16482 |
| **2024** | 16035 | 17222 | 17257 |
| **2025** | 20627 | 22708 | 22754 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| International Developed Markets Fund | 28.64% | 8.53% | 7.51% |
| MSCI World ex USA Index (Net) | 31.85% | 9.46% | 8.55% |
| International Developed Markets Linked Benchmark<sup>Footnote Reference(a)</sup> | 31.85% | 9.46% | 8.57% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $395942 |
| Total Number of Portfolio Holdings | 541 |
| Total Advisory Fees Paid (thousands) | $3214 |
| Portfolio Turnover Rate | 36% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i3ba0be8b14c159bdca801b7f.jpg)

---

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

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ide87423ab18e7aefc82d7af2.jpg)

---

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

---

#### Additional Information
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**.

---

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

---

![Image](i782c4a537bf47cd403f68f28.jpg)

#### International Developed Markets Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments?Site=RIF](ia656d3a72befc19acda96158.jpg)

Annual Shareholder Report

RIFCX

December 31, 2025

#### Strategic Bond Fund

#### RIFDX
![Image](idffa3355282d707fb8d0a6cf.jpg)

#### Annual Shareholder Report

#### December 31, 2025
![Image](i22474006c11a6959020aec82.jpg)

This annual shareholder report contains important information about Strategic Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments?Site=RIF**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

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

---

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

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

![Growth of 10K Chart](i2a1ce3a817735030e62937cd.jpg)

---

| | | |
|:---|:---|:---|
| | **Strategic Bond Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10310 | 10265 |
| **2017** | 10708 | 10628 |
| **2018** | 10621 | 10630 |
| **2019** | 11598 | 11556 |
| **2020** | 12576 | 12424 |
| **2021** | 12347 | 12232 |
| **2022** | 10584 | 10641 |
| **2023** | 11009 | 11229 |
| **2024** | 11101 | 11369 |
| **2025** | 11917 | 12199 |

---

# Annual Fund Performance\*

---

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

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $873078 |
| Total Number of Portfolio Holdings | 942 |
| Total Advisory Fees Paid (thousands) | $4692 |
| Portfolio Turnover Rate | 52% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](if3e23274aa50748207c6e841.jpg)

---

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

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i454de0c0a8c9958800fb0c8e.jpg)

---

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

---

#### Additional Information
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**.

![Image](i782c4a537bf47cd403f68f28.jpg)

#### Strategic Bond Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments?Site=RIF](ia656d3a72befc19acda96158.jpg)

Annual Shareholder Report

RIFDX

December 31, 2025

#### Global Real Estate Securities Fund

#### RIFSX
![Image](idffa3355282d707fb8d0a6cf.jpg)

#### Annual Shareholder Report

#### December 31, 2025
![Image](i22474006c11a6959020aec82.jpg)

This annual shareholder report contains important information about Global Real Estate Securities Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments?Site=RIF**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

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

---

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

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

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

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

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

![Growth of 10K Chart](i25823fb87b3e36cfc751aa0c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global Real Estate Securities Fund** | **MSCI World Index (Net)** | **FTSE EPRA Nareit Developed Index (Net)<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10302 | 10751 | 10406 |
| **2017** | 11518 | 13159 | 11485 |
| **2018** | 10859 | 12013 | 10838 |
| **2019** | 13209 | 15337 | 13212 |
| **2020** | 12526 | 17776 | 12018 |
| **2021** | 15932 | 21654 | 15153 |
| **2022** | 11667 | 17726 | 11352 |
| **2023** | 12898 | 21942 | 12450 |
| **2024** | 13081 | 26039 | 12566 |
| **2025** | 14205 | 31532 | 13770 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Global Real Estate Securities Fund | 8.59% | 2.55% | 3.57% |
| MSCI World Index (Net) | 21.09% | 12.15% | 12.17% |
| FTSE EPRA Nareit Developed Index (Net)<sup>Footnote Reference(a)</sup> | 9.58% | 2.76% | 3.25% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $979326 |
| Total Number of Portfolio Holdings | 143 |
| Total Advisory Fees Paid (thousands) | $7705 |
| Portfolio Turnover Rate | 67% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ia8a6d7e25d45d73014ad203d.jpg)

---

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

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i2f77b22e8efa65464658ae97.jpg)

---

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

---

#### Additional Information
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**.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](i782c4a537bf47cd403f68f28.jpg)

#### Global Real Estate Securities Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments?Site=RIF](ia656d3a72befc19acda96158.jpg)

Annual Shareholder Report

RIFSX

December 31, 2025

#### Moderate Strategy Fund

#### RIFGX
![Image](idffa3355282d707fb8d0a6cf.jpg)

#### Annual Shareholder Report

#### December 31, 2025
![Image](i22474006c11a6959020aec82.jpg)

This annual shareholder report contains important information about Moderate Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments?Site=RIF**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

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

---

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

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

![Growth of 10K Chart](i5c6cff99e07118d8f54a2ad5.jpg)

---

| | | |
|:---|:---|:---|
| | **Moderate Strategy Fund** | **Bloomberg U.S. Universal Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10775 | 10391 |
| **2017** | 11840 | 10816 |
| **2018** | 11257 | 10789 |
| **2019** | 12668 | 11791 |
| **2020** | 13479 | 12684 |
| **2021** | 14589 | 12544 |
| **2022** | 12305 | 10914 |
| **2023** | 13698 | 11588 |
| **2024** | 14586 | 11824 |
| **2025** | 16372 | 12721 |

---

# Annual Fund Performance\*

---

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

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $64761 |
| Total Number of Portfolio Holdings | 11 |
| Total Advisory Fees Paid (thousands) | $0 |
| Portfolio Turnover Rate | 18% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i9c3417e526b2658bf05ea980.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ic458fac3c059f5126ca99651.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 53.8% |
| International Equities | 20.4% |
| Domestic Equities | 16.0% |
| Multi-Asset | 7.9% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

#### Additional Information
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**.

![Image](i782c4a537bf47cd403f68f28.jpg)

#### Moderate Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments?Site=RIF](ia656d3a72befc19acda96158.jpg)

Annual Shareholder Report

RIFGX

December 31, 2025

#### Balanced Strategy Fund

#### RIFHX
![Image](idffa3355282d707fb8d0a6cf.jpg)

#### Annual Shareholder Report

#### December 31, 2025
![Image](i22474006c11a6959020aec82.jpg)

This annual shareholder report contains important information about Balanced Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments?Site=RIF**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

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

---

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

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

![Growth of 10K Chart](i24e56c4b7167fd316760f147.jpg)

---

| | | |
|:---|:---|:---|
| | **Balanced Strategy Fund** | **MSCI ACWI Index (Net)** |
| **2015** | 10000 | 10000 |
| **2016** | 10905 | 10786 |
| **2017** | 12214 | 13372 |
| **2018** | 11384 | 12113 |
| **2019** | 13256 | 15335 |
| **2020** | 14271 | 17828 |
| **2021** | 16132 | 21133 |
| **2022** | 13494 | 17252 |
| **2023** | 15453 | 21082 |
| **2024** | 16918 | 24769 |
| **2025** | 19449 | 30302 |

---

# Annual Fund Performance\*

---

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

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $220956 |
| Total Number of Portfolio Holdings | 11 |
| Total Advisory Fees Paid (thousands) | $94 |
| Portfolio Turnover Rate | 19% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](if406e6742914e6811099a0c4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i4ec9c44eb407021fb339cdcf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 34.6% |
| Fixed Income | 33.4% |
| Domestic Equities | 21.1% |
| Multi-Asset | 6.9% |
| Alternative | 4.0% |

---

#### 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**.

![Image](i782c4a537bf47cd403f68f28.jpg)

#### Balanced Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments?Site=RIF](ia656d3a72befc19acda96158.jpg)

Annual Shareholder Report

RIFHX

December 31, 2025

#### Aggressive Strategy Fund

#### RIFIX
![Image](idffa3355282d707fb8d0a6cf.jpg)

#### Annual Shareholder Report

#### December 31, 2025
![Image](i22474006c11a6959020aec82.jpg)

This annual shareholder report contains important information about Aggressive Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments?Site=RIF**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

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

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

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

---

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

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

![Growth of 10K Chart](i452b2e7c8009d064faef6937.jpg)

---

| | | |
|:---|:---|:---|
| | **Aggressive Strategy Fund** | **MSCI ACWI Index (Net)** |
| **2015** | 10000 | 10000 |
| **2016** | 10973 | 10786 |
| **2017** | 12690 | 13372 |
| **2018** | 11669 | 12113 |
| **2019** | 13777 | 15335 |
| **2020** | 15120 | 17828 |
| **2021** | 17757 | 21133 |
| **2022** | 14702 | 17252 |
| **2023** | 17343 | 21082 |
| **2024** | 19414 | 24769 |
| **2025** | 22800 | 30302 |

---

# Annual Fund Performance\*

---

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

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $182787 |
| Total Number of Portfolio Holdings | 11 |
| Total Advisory Fees Paid (thousands) | $82 |
| Portfolio Turnover Rate | 18% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i3cd122499a7c025ab09bdc3a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i9fc188ff393b84b4ccd1f59e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 39.5% |
| Domestic Equities | 33.4% |
| Fixed Income | 14.3% |
| Multi-Asset | 7.8% |
| Alternative | 5.0% |

---

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

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

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

![Image](i782c4a537bf47cd403f68f28.jpg)

#### Aggressive Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments?Site=RIF](ia656d3a72befc19acda96158.jpg)

Annual Shareholder Report

RIFIX

December 31, 2025

#### Equity Aggressive Strategy Fund

#### RIFJX
![Image](idffa3355282d707fb8d0a6cf.jpg)

#### Annual Shareholder Report

#### December 31, 2025
![Image](i22474006c11a6959020aec82.jpg)

This annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments?Site=RIF**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

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

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

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

---

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

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

![Growth of 10K Chart](i6dadf52bb8d2f6c1c492f69d.jpg)

---

| | | |
|:---|:---|:---|
| | **Equity Aggressive Strategy Fund** | **MSCI ACWI Index (Net)** |
| **2015** | 10000 | 10000 |
| **2016** | 11085 | 10786 |
| **2017** | 13030 | 13372 |
| **2018** | 11798 | 12113 |
| **2019** | 14168 | 15335 |
| **2020** | 15339 | 17828 |
| **2021** | 18346 | 21133 |
| **2022** | 15103 | 17252 |
| **2023** | 18051 | 21082 |
| **2024** | 20414 | 24769 |
| **2025** | 24184 | 30302 |

---

# Annual Fund Performance\*

---

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

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $52958 |
| Total Number of Portfolio Holdings | 10 |
| Total Advisory Fees Paid (thousands) | $0 |
| Portfolio Turnover Rate | 24% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i64cf67aaad475c28a53bef26.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i54403268563fd6a4ace21174.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 42.4% |
| Domestic Equities | 39.6% |
| Multi-Asset | 7.8% |
| Alternative | 5.4% |
| Fixed Income | 4.9% |
| Other | (0.1)% |

---

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

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

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

![Image](i782c4a537bf47cd403f68f28.jpg)

#### Equity Aggressive Strategy Fund
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Annual Shareholder Report

RIFJX

December 31, 2025

**Item 2. Code of Ethics.** 

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

**Item 3. Audit Committee Financial Expert.** 

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

**Item 4. Principal Accountant Fees and Services.** 

**Audit Fees**

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

2024 $295,937

2025 $307,773

**Audit-Related Fees**

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

<u>Fees</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Nature of Services</u> 

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

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

**Tax Fees**

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

<u>Fees</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Nature of Services</u> 

2024 $92,865&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax services

2025 $92,865&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax services

**All Other Fees**

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

<u>Fees</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Nature of Services</u> 

2024 $0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2025 $0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Russell Investment Company**

**Russell Investment Funds**

**Russell Investments Exchange Traded Funds**

**Russell Investments New Economy Infrastructure Fund**

**Russell Investments Strategic Credit Fund**

**(each an "Investment Company")**

**Audit and Non-Audit Services Pre-Approval Policy**

**Effective Date: April 1, 2025**

**I.&nbsp;&nbsp;&nbsp;&nbsp; Statement of Purpose.**

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

**II.&nbsp;&nbsp;&nbsp;&nbsp; Statement of Principles.** 

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

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

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

(c) Places the auditor in the position of auditing its own work; or

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

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

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

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

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

**III.&nbsp;&nbsp;&nbsp;&nbsp; Delegation.**

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

**IV.&nbsp;&nbsp;&nbsp;&nbsp; Audit Services.**

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

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

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

**V.&nbsp;&nbsp;&nbsp;&nbsp; Audit-Related Services.**

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

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

**VI.&nbsp;&nbsp;&nbsp;&nbsp; Tax Services.**

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

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

**VII.&nbsp;&nbsp;&nbsp;&nbsp; All Other Services.**

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

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

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

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

(b) Financial information system design and implementation

(c) Appraisal or valuation services, fairness opinions or contribution-in-kind reports

(d) Actuarial services

(e) Internal audit outsourcing services

(f) Management functions

(g) Human resources services

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

(i) Legal services unrelated to the audit

(j) Expert services unrelated to the audit

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

**VIII.&nbsp;&nbsp;&nbsp;&nbsp; De Minimis Waiver.**

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

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

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

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

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

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

**IX.&nbsp;&nbsp;&nbsp;&nbsp; Pre-Approval Fee Levels or Budgeted Amounts.**

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

**X.&nbsp;&nbsp;&nbsp;&nbsp; Procedures**

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

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

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

**XI.&nbsp;&nbsp;&nbsp;&nbsp; Additional Requirements.** 

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

*Footnotes*

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

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

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

**Audit Fees &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0**%

**Audit-Related Fees &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0**%

**Tax Fees &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0**%

**All Other Fees &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0**%

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

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

2024 $0

2025 $0

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

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

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

**Item 5. Audit Committee of Listed Registrants.** 

Not Applicable.

**Item 6. Schedules of Investments** 

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

(b) Not Applicable.

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

2025

ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

Russell

Investment

Funds

DECEMBER

31,

2025

FUND

U.S.

Strategic

Equity

Fund

U.S.

Small

Cap

Equity

Fund

International

Developed

Markets

Fund

Strategic

Bond

Fund

Global

Real

Estate

Securities

Fund

Russell

Investment

Funds

Russell

Investment

Funds

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

Funds.

These

financial

statements

report

on

five

of

these

Funds.

Page

U.S.

Strategic

Equity

Fund

(Form

N-CSR

Item

7)

U.S.

Small

Cap

Equity

Fund

(Form

N-CSR

Item

7)

International

Developed

Markets

Fund

(Form

N-CSR

Item

7)

Strategic

Bond

Fund

(Form

N-CSR

Item

7)

Global

Real

Estate

Securities

Fund

(Form

N-CSR

Item

7)

Notes

to

Schedule

of

Investments

(Form

N-CSR

Item

7)

Notes

to

Financial

Highlights

(Form

N-CSR

Item

7)

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

Report

of

Independent

Registered

Public

Accounting

Firm

Tax

Information

Affiliated

Brokerage

Transactions

(Form

N-CSR

Item

7)

Adviser,

Money

Managers

and

Service

Providers

Russell

Investment

Funds

Annual

Financial

Statements

and

Other

Information

December

31,

2025

Table

of

Contents

Russell

Investment

Funds

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

Investment

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.

Indices

and

benchmarks

are

unmanaged

and

cannot

be

invested

in

directly.

Returns

represent

past

performance,

are

not

a

guarantee

of

future

performance,

and

are

not

indicative

of

any

specific

investment.

Index

return

information

is

provided

by

vendors

and

although

deemed

reliable,

is

not

guaranteed

by

Russell

Investments

or

its

affiliates.

Performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

#### Russell

#### Investment

#### Funds

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 101.2%
Consumer

Discretionary

-

13.2%

Abercrombie

&

Fitch

Co.

Class

A(Æ)

8,746

1,101

Amazon.com,

Inc.(Æ)(Û)

96,494

22,273

Atkore,

Inc.(Ð)

2,289

AutoZone,

Inc.(Æ)

524

1,777

Axon

Enterprise,

Inc.(Æ)

823

Best

Buy

Co.,

Inc.

6,211

Carnival

Corp.

18,394

562

Cava

Group,

Inc.(Æ)

8,640

507

Charter

Communications,

Inc.

Class

A(Æ)

1,129

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

42,604

1,576

Cinemark

Holdings,

Inc.(Ð)

3,879

Columbia

Sportswear

Co.

Comcast

Corp.

Class

A

84,421

2,523

Costco

Wholesale

Corp.

4,247

3,662

Coupang,

Inc.(Æ)

54,748

1,291

Deckers

Outdoor

Corp.(Æ)(Û)

11,913

1,235

Diageo

PLC

-

ADR

10,053

867

Dollar

General

Corp.

19,331

2,567

Domino's

Pizza,

Inc.(Ð)

2,266

945

Expedia

Group,

Inc.

1,360

Ford

Motor

Co.

43,067

565

General

Motors

Co.(Û)

49,599

4,033

Hilton

Worldwide

Holdings,

Inc.

1,767

508

Home

Depot,

Inc.

(The)

3,984

1,371

Lear

Corp.

9,415

1,079

Lennar

Corp.

Class

A

4,035

Lowe's

Cos.,

Inc.

12,034

2,902

Marriott

International,

Inc.

Class

A

1,636

508

McDonald's

Corp.

7,937

2,426

MercadoLibre,

Inc.(Æ)(Ð)

Netflix,

Inc.

Class

B(Æ)(Ð)

30,466

2,856

NIKE,

Inc.

Class

B

7,193

O'Reilly

Automotive,

Inc.(Æ)(Ð)(Û)

45,032

4,107

RH(Æ)(Ð)

2,849

510

Royal

Caribbean

Cruises,

Ltd.

2,436

679

Starbucks

Corp.

4,911

Target

Corp.(Û)

19,374

1,894

Tesla,

Inc.(Æ)(Ð)

14,496

6,519

TJX

Cos.,

Inc.

(The)

4,622

710

Topgolf

Callaway

Brands

Corp.(Æ)

2,900

Walmart,

Inc.

35,038

3,904

Walt

Disney

Co.

(The)

30,124

3,427

Warner

Music

Group

Corp.

Class

A

18,435

565

Wayfair,

Inc.

Class

A(Æ)

6,352

638

Whirlpool

Corp.

7,107

513

Williams-Sonoma,

Inc.

3,707

662

Wingstop,

Inc.(Ð)

549

Yum!

Brands,

Inc.

3,111

85,282

Consumer

Staples

-

3.8%

Altria

Group,

Inc.

9,090

524

Archer-Daniels-Midland

Co.(Ð)

42,743

2,457

Coca-Cola

Co.

(The)

11,209

784

Conagra

Brands,

Inc.

34,205

592

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
CVS

Health

Corp.

38,246

3,035

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

8,140

853

General

Mills,

Inc.

8,126

Kenvue,

Inc.

12,327

Kimberly-Clark

Corp.

13,853

1,398

Kroger

Co.

(The)

45,072

2,816

Mondelez

International,

Inc.

Class

A

21,855

1,177

Monster

Beverage

Corp.(Æ)(Û)

59,451

4,558

PepsiCo,

Inc.

6,077

872

Philip

Morris

International,

Inc.

6,913

1,109

Pilgrim's

Pride

Corp.

1,599

Procter

&

Gamble

Co.

(The)

8,419

1,207

Smithfield

Foods,

Inc.

11,031

Sysco

Corp.

5,920

Tyson

Foods,

Inc.

Class

A(Û)

30,539

1,790

Co.(Ð)

845

24,673

Energy

-

3.0%

Baker

Hughes

Co.

39,227

1,786

BP

PLC

-

ADR

22,918

796

Canadian

Natural

Resources,

Ltd.

33,044

1,119

Chevron

Corp.

5,816

886

CVR

Energy,

Inc.

12,823

Devon

Energy

Corp.

23,346

855

Eaton

Corp.

PLC

5,610

1,787

EOG

Resources,

Inc.(Ð)

12,315

1,293

Exxon

Mobil

Corp.

20,494

2,466

HF

Sinclair

Corp.

14,064

648

ONEOK,

Inc.

5,490

Phillips

66(Û)

15,660

2,021

Schlumberger

NV

28,256

1,084

Shell

PLC

-

ADR

13,857

1,018

Valero

Energy

Corp.(Ð)(Û)

12,628

2,056

Williams

Cos.,

Inc.

(The)

10,724

645

19,190

Financial

Services

-

14.2%

AerCap

Holdings

NV

11,269

1,620

Affiliated

Managers

Group,

Inc.

2,922

842

Aflac,

Inc.

6,994

771

Allstate

Corp.

(The)

6,037

1,257

Ally

Financial,

Inc.

41,228

1,867

American

Express

Co.

8,531

3,156

American

International

Group,

Inc.

5,228

American

Tower

Corp.(ö)

2,116

Ameriprise

Financial,

Inc.

1,947

955

Annaly

Capital

Management,

Inc.(ö)

47,381

1,059

Aon

PLC

Class

A

1,281

Arthur

J

Gallagher

&

Co.

7,157

1,852

Bank

of

America

Corp.

66,979

3,684

Bank

of

New

York

Mellon

Corp.

(The)(Û)

19,217

2,231

Berkshire

Hathaway,

Inc.

Class

B(Æ)

7,560

3,800

Blackrock,

Inc.

763

817

Blackstone,

Inc.

Class

A

12,799

1,973

Blue

Owl

Capital,

Inc.

57,619

861

BOK

Financial

Corp.

865

#### Russell

#### Investment

#### Funds

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Bread

Financial

Holdings,

Inc.

9,852

729

Brown

&

Brown,

Inc.

4,129

Camden

Property

Trust(ö)(Û)

12,023

1,323

Capital

One

Financial

Corp.

2,970

720

Carlyle

Group,

Inc.

(The)

30,712

1,815

Charles

Schwab

Corp.

(The)

6,295

629

Chubb,

Ltd.

1,658

518

Citigroup,

Inc.

41,790

4,876

CME

Group,

Inc.

Class

A

1,923

525

CNA

Financial

Corp.(Û)

3,660

Compass,

Inc.

Class

A(Æ)

13,937

Corebridge

Financial,

Inc.(Û)

47,450

1,432

Cullen/Frost

Bankers,

Inc.(Ð)

1,027

Essex

Property

Trust,

Inc.(Ð)(ö)

3,997

1,046

Federated

Hermes,

Inc.

Class

B(Ð)

2,340

First

American

Financial

Corp.

9,956

612

First

Industrial

Realty

Trust,

Inc.(ö)

2,230

Globe

Life,

Inc.(Ð)(Û)

8,452

1,182

Goldman

Sachs

Group,

Inc.

(The)

1,429

1,256

Hanover

Insurance

Group,

Inc.

(The)

3,366

615

HCI

Group,

Inc.

954

Healthpeak

Properties,

Inc.(ö)

49,094

789

Host

Hotels

&

Resorts,

Inc.(ö)

55,312

981

Howard

Hughes

Holdings,

Inc.(Æ)

6,677

533

Interactive

Brokers

Group,

Inc.

Class

A(Û)

28,159

1,811

Intercontinental

Exchange,

Inc.

2,094

JPMorgan

Chase

&

Co.

11,446

3,688

Kemper

Corp.

13,884

563

KKR

&

Co.,

Inc.

Class

A

3,613

Lineage,

Inc.(Ð)(ö)

5,360

M&T

Bank

Corp.

7,147

1,440

Marsh

&

McLennan

Cos.,

Inc.

2,976

552

Mastercard,

Inc.

Class

A

15,943

9,102

Mercury

General

Corp.

2,116

MetLife,

Inc.

5,593

Millrose

Properties,

Inc.

Class

A(ö)

13,603

Morgan

Stanley

12,603

2,237

NU

Holdings,

Ltd.

Class

A(Æ)(Ð)

107,674

1,802

Popular,

Inc.

7,205

897

Progressive

Corp.

(The)

6,486

1,477

Prologis,

Inc.(ö)

8,521

1,088

Public

Storage(ö)

953

Realty

Income

Corp.(ö)

7,839

Reinsurance

Group

of

America,

Inc.

Class

A

5,381

1,095

Selective

Insurance

Group,

Inc.

3,702

Synchrony

Financial(Û)

24,922

2,079

Synovus

Financial

Corp.

13,336

667

Travelers

Cos.,

Inc.

(The)

4,309

1,250

Truist

Financial

Corp.

11,009

542

US

Bancorp

11,605

619

VICI

Properties,

Inc.(ö)

13,907

Visa,

Inc.

Class

A

7,141

2,504

Wells

Fargo

&

Co.

48,399

4,511

Welltower,

Inc.(ö)

2,729

507

Willis

Towers

Watson

PLC

3,981

1,308

92,077

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Health

Care

-

9.8%

Abbott

Laboratories

8,438

1,057

AbbVie,

Inc.

12,374

2,827

Agilent

Technologies,

Inc.

18,605

2,532

Align

Technology,

Inc.(Æ)

7,680

1,199

Alnylam

Pharmaceuticals,

Inc.(Æ)(Û)

3,041

1,209

Amgen,

Inc.

1,810

592

Becton

Dickinson

&

Co.

2,581

501

BioMarin

Pharmaceutical,

Inc.(Æ)

14,219

845

Boston

Scientific

Corp.(Æ)

5,288

504

Bristol-Myers

Squibb

Co.

10,503

567

Cardinal

Health,

Inc.

2,547

523

Cencora,

Inc.

Class

A

1,568

530

Centene

Corp.(Æ)

23,535

969

Cigna

Group

(The)

2,128

586

Dentsply

Sirona,

Inc.(Ð)

36,060

Dexcom,

Inc.(Æ)

5,197

Edwards

Lifesciences

Corp.(Æ)

34,303

2,924

Elevance

Health,

Inc.

1,768

620

Eli

Lilly

&

Co.

4,731

5,084

Exelixis,

Inc.(Æ)(Ð)(Û)

10,814

GE

HealthCare

Technologies,

Inc.(Û)

17,683

1,450

Genmab

A/S

-

ADR(Æ)

15,335

Gilead

Sciences,

Inc.

8,080

992

GSK

PLC

-

ADR

22,400

1,099

HCA

Healthcare,

Inc.

1,269

592

Humana,

Inc.

3,962

1,015

Icon

PLC(Æ)

5,091

928

IDEXX

Laboratories,

Inc.(Æ)

4,081

2,761

Illumina,

Inc.(Æ)(Ð)

2,353

Incyte

Corp.(Æ)

16,743

1,654

Intuitive

Surgical,

Inc.(Æ)

1,714

971

Johnson

&

Johnson

15,852

3,281

Lantheus

Holdings,

Inc.(Æ)(Ð)

1,340

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)(Ð)

824

McKesson

Corp.(Û)

2,771

2,273

Medtronic

PLC

30,597

2,939

Merck

&

Co.,

Inc.

12,396

1,305

Oscar

Health,

Inc.

Class

A(Æ)(Ð)

7,916

Pfizer,

Inc.

51,834

1,291

Quest

Diagnostics,

Inc.

2,532

Regeneron

Pharmaceuticals,

Inc.(Û)

2,101

1,622

ResMed,

Inc.

1,774

Royalty

Pharma

PLC

Class

A

18,441

713

Sanofi

SA

-

ADR

21,087

1,022

Sarepta

Therapeutics,

Inc.(Æ)(Ð)

11,183

Stryker

Corp.

4,633

1,628

Thermo

Fisher

Scientific,

Inc.

929

538

Ultragenyx

Pharmaceutical,

Inc.(Æ)

15,000

UnitedHealth

Group,

Inc.

9,295

3,068

Veeva

Systems,

Inc.

Class

A(Æ)

6,224

1,389

Vertex

Pharmaceuticals,

Inc.(Æ)

2,965

1,344

Viatris,

Inc.

64,024

797

West

Pharmaceutical

Services,

Inc.(Û)

5,241

1,442

Zoetis,

Inc.

Class

A

4,335

545

63,551

#### Russell

#### Investment

#### Funds

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Materials

and

Processing

-

3.7%

Acuity,

Inc.

Air

Products

and

Chemicals,

Inc.

1,591

Carrier

Global

Corp.

8,987

Celanese

Corp.

Class

A

34,577

1,462

Commercial

Metals

Co.

4,810

Copart,

Inc.(Æ)

43,871

1,718

Crown

Holdings,

Inc.(Ð)

18,482

1,903

Ecolab,

Inc.

2,264

594

Fastenal

Co.

11,039

FMC

Corp.(Ð)

38,070

528

Freeport-McMoRan,

Inc.

10,227

519

General

Electric

Co.

2,660

819

Huntsman

Corp.

36,378

James

Hardie

Industries

PLC(Æ)

38,041

789

Johnson

Controls

International

PLC

4,301

515

Linde

PLC

4,694

2,001

Louisiana-Pacific

Corp.(Ð)

9,049

731

Martin

Marietta

Materials,

Inc.

2,112

1,315

Masco

Corp.

17,480

1,109

Newmont

Corp.

9,157

914

O-I

Glass,

Inc.(Æ)

30,908

Smurfit

WestRock

PLC

27,027

1,045

Solstice

Advanced

Materials

Inc.(Æ)

652

Southern

Copper

Corp.(Ð)

5,803

833

Trane

Technologies

PLC

3,702

1,441

Trex

Co.,

Inc.(Æ)

15,339

538

Vulcan

Materials

Co.

4,819

1,375

Watsco,

Inc.(Ð)

1,536

518

Westlake

Corp.(Ð)

3,496

23,594

Producer

Durables

-

8.2%

3M

Co.

2,310

Amphenol

Corp.

Class

A

11,065

1,495

Argan,

Inc.

2,206

691

Automatic

Data

Processing,

Inc.

1,408

Boeing

Co.

(The)(Æ)

2,155

Caterpillar,

Inc.

1,850

1,060

Cintas

Corp.

2,208

Comfort

Systems

USA,

Inc.(Û)

1,800

1,680

CSX

Corp.

13,723

Deere

&

Co.

2,871

1,337

Delta

Air

Lines,

Inc.

28,071

1,948

EMCOR

Group,

Inc.(Û)

2,236

1,368

Emerson

Electric

Co.

3,546

Expeditors

International

of

Washington,

Inc.

(Ð)

2,104

FedEx

Corp.

6,537

1,888

FTI

Consulting,

Inc.(Æ)(Û)

4,340

741

Gartner,

Inc.(Æ)

1,056

GE

Vernova,

Inc.

1,919

1,254

Global

Payments,

Inc.

29,071

2,250

Graco,

Inc.

8,968

735

Honeywell

International,

Inc.

2,611

509

Howmet

Aerospace,

Inc.

3,961

812

Huntington

Ingalls

Industries,

Inc.

5,872

1,997

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Illinois

Tool

Works,

Inc.

1,811

JB

Hunt

Transport

Services,

Inc.(Û)

3,728

725

Keysight

Technologies,

Inc.(Æ)

3,336

678

Landstar

System,

Inc.

5,775

830

Lockheed

Martin

Corp.(Û)

4,752

2,298

Magna

International,

Inc.

Class

A

13,116

699

ManpowerGroup,

Inc.(Û)

8,638

MasTec,

Inc.(Æ)

5,810

1,263

Middleby

Corp.

(The)(Æ)

4,686

697

Moody's

Corp.

952

Norfolk

Southern

Corp.

1,777

513

Northrop

Grumman

Corp.

3,646

2,079

Old

Dominion

Freight

Line,

Inc.

1,653

Otis

Worldwide

Corp.(Ð)(Û)

6,748

589

PACCAR,

Inc.

5,712

626

Paychex,

Inc.

4,860

545

PayPal

Holdings,

Inc.

6,055

Powell

Industries,

Inc.(Ð)

570

Primoris

Services

Corp.

2,212

Quanta

Services,

Inc.

1,252

528

Regal

Rexnord

Corp.

6,092

855

Republic

Services,

Inc.

Class

A

2,537

538

Robert

Half,

Inc.(Ð)(Û)

21,841

593

Rockwell

Automation,

Inc.

1,757

684

RTX

Corp.

3,177

583

Ryder

System,

Inc.(Û)

4,071

779

S&P

Global,

Inc.

1,087

568

Saia,

Inc.(Æ)(Ð)(Û)

998

Schneider

National,

Inc.

Class

B

13,009

Scotts

Miracle-Gro

Co.

(The)

Class

A

9,874

576

Southwest

Airlines

Co.(Ð)(Û)

22,847

944

Teledyne

Technologies,

Inc.(Æ)

881

Trade

Desk,

Inc.

(The)

Class

A(Æ)(Ð)

25,709

976

TransDigm

Group,

Inc.

TransUnion

20,213

1,733

TriNet

Group,

Inc.(Û)

4,680

Tutor

Perini

Corp.

500

Union

Pacific

Corp.

2,491

576

United

Airlines

Holdings,

Inc.(Æ)

5,335

597

United

Parcel

Service,

Inc.

Class

B

4,874

United

Rentals,

Inc.

Verisk

Analytics,

Inc.

Class

A

3,784

846

Vontier

Corp.

22,774

847

Waste

Management,

Inc.

2,600

571

Westinghouse

Air

Brake

Technologies

Corp.

2,169

52,662

Technology

-

42.3%

Accenture

PLC

Class

A

2,870

770

Adobe,

Inc.(Æ)

10,191

3,567

Advanced

Micro

Devices,

Inc.(Æ)

9,120

1,953

Airbnb,

Inc.

Class

A(Æ)(Û)

3,704

503

Alphabet,

Inc.

Class

A

74,190

23,221

Alphabet,

Inc.

Class

C

25,744

8,078

Amkor

Technology,

Inc.(Ð)

1,751

Appfolio,

Inc.

Class

A(Æ)(Ð)

1,780

Apple,

Inc.(Û)

144,509

39,286

#### Russell

#### Investment

#### Funds

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Applied

Materials,

Inc.

7,061

1,815

Arista

Networks,

Inc.(Æ)(Û)

21,398

2,804

Atlassian

Corp.

Class

A(Æ)

7,279

1,180

Autodesk,

Inc.(Æ)

1,542

AvePoint,

Inc.(Æ)

7,547

Booking

Holdings,

Inc.(Û)

555

2,972

Braze,

Inc.

Class

A(Æ)(Ð)

7,780

Broadcom,

Inc.(Ð)

51,704

17,895

Broadridge

Financial

Solutions,

Inc.

1,827

Cadence

Design

Systems,

Inc.(Æ)

1,907

596

Cargurus,

Inc.(Æ)(Ð)

5,120

Cirrus

Logic,

Inc.(Æ)

5,932

703

Cisco

Systems,

Inc.

19,762

1,522

Clear

Secure,

Inc.

Class

A

11,417

Cognizant

Technology

Solutions

Corp.

Class

A

8,806

731

Corteva,

Inc.

6,184

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

2,130

998

Datadog,

Inc.

Class

A(Æ)

3,436

DigitalOcean

Holdings,

Inc.(Æ)(Ð)

7,162

DoorDash,

Inc.

Class

A(Æ)

5,197

1,177

Dropbox,

Inc.

Class

A(Æ)

48,450

1,347

Fiserv,

Inc.(Æ)

4,726

Fortinet,

Inc.(Æ)

23,231

1,845

Grindr,

Inc.(Æ)

17,800

Hewlett

Packard

Enterprise

Co.

17,675

IBM

Corp.

3,303

978

Ingram

Micro

Holding

Corp.

2,250

Intel

Corp.(Æ)

19,673

726

Intuit,

Inc.

5,753

3,811

IPG

Photonics

Corp.(Æ)(Ð)

2,504

KBR,

Inc.(Ð)

6,900

KLA

Corp.

1,238

1,504

Kulicke

&

Soffa

Industries,

Inc.

6,846

Lam

Research

Corp.

22,098

3,783

Lyft,

Inc.

Class

A(Æ)(Û)

61,208

1,186

Manhattan

Associates,

Inc.(Æ)

6,486

1,124

Maplebear,

Inc.(Æ)(Ð)(Û)

19,538

879

Match

Group,

Inc.(Ð)

31,297

1,011

Meta

Platforms,

Inc.

Class

A(Ð)

23,192

15,309

Micron

Technology,

Inc.

7,984

2,279

Microsoft

Corp.

74,249

35,908

Monolithic

Power

Systems,

Inc.

859

779

Motorola

Solutions,

Inc.

2,021

775

Nutanix,

Inc.

Class

A(Æ)

16,932

875

NVIDIA

Corp.(Û)

244,370

45,575

NXP

Semiconductors

NV

7,977

1,732

ON

Semiconductor

Corp.(Æ)

31,772

1,720

Oracle

Corp.

14,458

2,818

Palantir

Technologies,

Inc.

Class

A(Æ)

9,592

1,705

Palo

Alto

Networks,

Inc.(Æ)

5,375

990

Pegasystems,

Inc.

14,000

836

QUALCOMM,

Inc.(Û)

21,356

3,653

RingCentral,

Inc.

Class

A(Æ)(Ð)

14,061

ROBLOX

Corp.

Class

A(Æ)(Ð)

13,671

1,108

Roku,

Inc.(Æ)

12,750

1,383

Roper

Technologies,

Inc.

2,016

897

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Salesforce,

Inc.

8,781

2,326

Sandisk

Corp.(Æ)

SentinelOne,

Inc.

Class

A(Æ)(Ð)

11,250

ServiceNow,

Inc.(Æ)

38,040

5,827

Silicon

Laboratories,

Inc.(Æ)(Ð)

4,002

523

Snap,

Inc.

Class

A(Æ)(Ð)

14,573

Snowflake,

Inc.

Class

A(Æ)

9,345

2,050

Sonos,

Inc.(Æ)

2,950

Spotify

Technology

SA(Æ)

1,932

1,122

Super

Micro

Computer,

Inc.(Æ)

10,327

Synopsys,

Inc.(Æ)

871

TE

Connectivity

PLC

2,572

585

Teradata

Corp.(Æ)(Ð)

9,043

Teradyne,

Inc.

3,980

770

Texas

Instruments,

Inc.

2,456

Tyler

Technologies,

Inc.(Æ)

4,218

1,915

Uber

Technologies,

Inc.(Æ)

9,194

751

Varonis

Systems,

Inc.(Æ)

16,889

554

VeriSign,

Inc.

5,814

1,413

Western

Digital

Corp.

6,242

1,075

Workday,

Inc.

Class

A(Æ)

1,761

273,212

Utilities

-

3.0%

American

Electric

Power

Co.,

Inc.

4,602

531

Array

Digital

Infrastructure,

Inc.

710

AT&T,

Inc.

130,787

3,249

ConocoPhillips

17,165

1,607

Consolidated

Edison,

Inc.

4,537

Duke

Energy

Corp.

4,476

525

Edison

International

18,295

1,098

Entergy

Corp.

10,262

948

Eversource

Energy

14,435

972

Exelon

Corp.

14,332

625

FirstEnergy

Corp.

17,372

778

NextEra

Energy,

Inc.

17,278

1,387

NRG

Energy,

Inc.

4,157

662

Sempra

21,246

1,876

Southern

Co.

(The)

15,788

1,377

T-Mobile

US,

Inc.

3,100

629

Verizon

Communications,

Inc.

21,788

887

WEC

Energy

Group,

Inc.

4,246

Xcel

Energy,

Inc.

21,763

1,607

19,694

#### Total

#### Common

#### Stocks
(cost

$407,978)

653,935

#### Short-Term

#### Investments

#### -

#### 3.9%
U.S.

Cash

Management

Fund(@)

25,581,336

(∞)

25,581

#### Total

#### Short-Term

#### Investments
(cost

$25,575)

25,581

#### Total

#### Investments

#### -

#### 105.1%
(identified

cost

$433,553)

679,516

#### Securities

#### Sold

#### Short

#### -

#### (5.3)%
Consumer

Discretionary

-

(0.4)%

#### Russell

#### Investment

#### Funds

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Advanced

Energy

Industries,

Inc.

(1,070)

(224) Avis

Budget

Group,

Inc.(Æ)

(2,332)

(299) Caesars

Entertainment,

Inc.(Æ)

(18,632)

(436) Dutch

Bros,

Inc.

Class

A(Æ)

(11,164)

(683) Hilton

Grand

Vacations,

Inc.(Æ)

(5,849)

(262) Joby

Aviation,

Inc.(Æ)

(33,310)

(440) Lithia

Motors,

Inc.

Class

A

(1,622)

(539) (2,883)

Consumer

Staples

-

(0.1)%

Chefs'

Warehouse

Holdings,

Inc.

(The)(Æ)

(6,259)

(390) Primo

Brands

Corp.

Class

A

(1,880)

(31) (421) Energy

-

(0.7)%

Core

Natural

Resources,

Inc.

(4,555)

(403) Diamondback

Energy,

Inc.

(3,913)

(588) EQT

Corp.

(10,891)

(584) Kodiak

Gas

Services,

Inc.

(1,390)

(52) Patterson-UTI

Energy,

Inc.

(13,079)

(80) Sunrun,

Inc.(Æ)

(14,384)

(265) Texas

Pacific

Land

Corp.

(1,971)

(566) Uranium

Energy

Corp.(Æ)

(41,407)

(484) Viper

Energy,

Inc.

Class

A

(14,985)

(579) Warrior

Met

Coal,

Inc.

(8,408)

(741) (4,342)

Financial

Services

-

(0.4)%

AGNC

Investment

Corp.(ö)

(6,329)

(68) Apollo

Global

Management,

Inc.

(1,390)

(201) Applied

Digital

Corp.(Æ)

(3,389)

(83) Atlantic

Union

Bankshares

Corp.

(16,601)

(586) HA

Sustainable

Infrastructure

Capital,

Inc.

(2,852)

(89) Old

National

Bancorp

(4,736)

(106) Rocket

Cos.,

Inc.

Class

A

(32,936)

(638) Shift4

Payments,

Inc.

Class

A(Æ)

(6,144)

(387) UWM

Holdings

Corp.

(68,482)

(300) (2,458)

Health

Care

-

(0.9)%

Acadia

Healthcare

Co.,

Inc.(Æ)

(38,491)

(546) Alphatec

Holdings,

Inc.(Æ)

(8,624)

(182) Arrowhead

Pharmaceuticals,

Inc.(Æ)

(6,400)

(425) Certara,

Inc.(Æ)

(25,937)

(229) CG

Oncology,

Inc.(Æ)

(9,185)

(381) Crinetics

Pharmaceuticals,

Inc.(Æ)

(8,856)

(412) Elanco

Animal

Health,

Inc.(Æ)

(25,728)

(582) Globus

Medical,

Inc.

Class

A(Æ)

(6,627)

(579) HealthEquity,

Inc.(Æ)

(3,430)

(314) Labcorp

Holdings,

Inc.

(1,428)

(358) Protagonist

Therapeutics,

Inc.(Æ)

(3,325)

(291) RadNet,

Inc.(Æ)

(9,227)

(658) Revolution

Medicines,

Inc.(Æ)

(10,317)

(822) Vaxcyte,

Inc.(Æ)

(6,965)

(321) (6,100)

Materials

and

Processing

-

(0.3)%

Cleveland-Cliffs,

Inc.(Æ)

(30,339)

(403) International

Paper

Co.

(14,686)

(578) Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Knife

River

Corp.(Æ)

(9,227)

(649) Quaker

Chemical

Corp.

(1,701)

(234) (1,864)

Producer

Durables

-

(1.1)%

AeroVironment,

Inc.(Æ)

(1,863)

(451) Bloom

Energy

Corp.

Class

A(Æ)

(1,166)

(101) Casella

Waste

Systems,

Inc.

Class

A(Æ)

(6,800)

(666) CBIZ,

Inc.(Æ)

(10,170)

(513) Construction

Partners,

Inc.

Class

A(Æ)

(5,370)

(583) CoreCivic,

Inc.(Æ)

(11,425)

(218) Emerson

Electric

Co.

(3,905)

(518) First

Advantage

Corp.(Æ)

(3,950)

(57) GEO

Group,

Inc.

(The)(Æ)

(21,174)

(341) Ingersoll

Rand,

Inc.

(7,244)

(574) JBT

Marel

Corp.

(4,336)

(653) Loar

Holdings,

Inc.(Æ)

(968) (66) MARA

Holdings,

Inc.(Æ)

(3,608)

(32) Mercury

Systems,

Inc.(Æ)

(8,143)

(595) Mirion

Technologies,

Inc.(Æ)

(23,553)

(552) NuScale

Power

Corp.(Æ)

(13,962)

(198) OSI

Systems,

Inc.(Æ)

(2,792)

(712) Zurn

Elkay

Water

Solutions

Corp.

(2,639)

(123) (6,953)

Technology

-

(1.1)%

Advanced

Micro

Devices,

Inc.(Æ)

(2,578)

(552) Amentum

Holdings,

Inc.(Æ)

(5,887)

(171) Analog

Devices,

Inc.

(2,736)

(742) Coherent

Corp.(Æ)

(3,806)

(703) Concentrix

Corp.

(10,949)

(455) Crane

NXT

Co.

(6,810)

(321) EchoStar

Corp.

Class

A(Æ)

(7,800)

(848) Entegris,

Inc.

(753) (63) Impinj,

Inc.(Æ)

(2,794)

(486) IonQ,

Inc.(Æ)

(1,202)

(54) Lattice

Semiconductor

Corp.(Æ)

(9,480)

(698) Oracle

Corp.

(2,819)

(549) Sanmina

Corp.(Æ)

(3,886)

(583) TTM

Technologies,

Inc.(Æ)

(9,493)

(655) Unity

Software,

Inc.(Æ)

(6,091)

(269) (7,149)

Utilities

-

(0.3)%

Dominion

Energy,

Inc.

(9,747)

(571) Expand

Energy

Corp.

(5,798)

(640) Northern

Oil

and

Gas,

Inc.

(3,049)

(65) Otter

Tail

Corp.

(1,820)

(147) UGI

Corp.

(12,740)

(477) (1,900)

#### Total

#### Securities

#### Sold

#### Short
(proceeds

$29,056)

(34,070)

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.2%
963

#### Net

#### Assets

#### -

#### 100.0%
646,409

#### Russell

#### Investment

#### Funds

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

S&P

500

E-Mini

Index

Futures

USD

21,022

03/26

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Consumer

Discretionary

$

85,282

$

—

$

—

$

—

$

85,282

Consumer

Staples

24,673

—

—

—

24,673

Energy

19,190

—

—

—

19,190

Financial

Services

92,077

—

—

—

92,077

Health

Care

63,551

—

—

—

63,551

Materials

and

Processing

23,594

—

—

—

23,594

Producer

Durables

52,662

—

—

—

52,662

Technology

273,212

—

—

—

273,212

Utilities

19,694

—

—

—

19,694

Short-Term

Investments

—

—

—

25,581

25,581

Total

Investments

653,935

—

—

25,581

679,516

Securities

Sold

Short

\*

(34,070)

—

—

—

(34,070)

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

Total

Other

Financial

Instruments

\*\*

$

$

—

$

—

$

—

$

\*

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

\*\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

December

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

December

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

#### Russell

#### Investment

#### Funds

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

2,946

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Funds

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

^&nbsp;&nbsp;&nbsp;&nbsp; Collateral

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

#### Offsetting

#### of

#### Financial

#### Liabilities

#### and

#### Derivative

#### Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Short

Sales

Securities

sold

short,

at

fair

value

$

34,070

$

—

$

34,070

Total

Financial

and

Derivative

Liabilities

34,070

—

34,070

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

34,070

$

—

$

34,070

#### Financial

#### Liabilities,

#### Derivative

#### Liabilities,

#### and

#### Collateral

#### Pledged

#### by

#### Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
State

Street

$

34,070

$

—

$

34,070

$

—

Total

$

34,070

$

—

$

34,070

$

—

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Funds

#### U.S.

#### Strategic

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

433,553

Investments,

at

fair

value(>)

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

679,516

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Investments

sold

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

Fund

shares

sold

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

From

broker(a)

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

1,186

Variation

margin

on

futures

contracts

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

Total

assets

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

681,288

#### Liabilities
Payables:

Investments

purchased

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

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Securities

sold

short,

at

fair

value(‡)

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

34,070

Total

liabilities

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

34,879

#### Net

#### Assets

#### ...............................................................................................................................................................
$

646,409

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

246,859

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

399,257

#### Net

#### Assets

#### ...............................................................................................................................................................
$

646,409

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

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

$

25,581

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

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

$

1,186

(‡)&nbsp;&nbsp;&nbsp;&nbsp;

Proceeds

on

securities

sold

short

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

$

29,056

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

(#)

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

$

22.04 Net

assets

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

$

646,408,933

Shares

outstanding

($.01

par

value)

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

29,330,414

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Funds

#### U.S.

#### Strategic

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

8,093

Dividend

distributions

from

affiliated

funds

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

957

Interest

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

Total

investment

income

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

9,108

#### Expenses
Advisory

fees

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

4,516

Administrative

fees

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

Custodian

fees

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

Transfer

agent

fees

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

Professional

fees

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

Trustees'

fees

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

Printing

fees

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

Dividends

from

securities

sold

short

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

Interest

expense

paid

on

securities

sold

short

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

Miscellaneous

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

Expenses

before

reductions

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

5,622

Expense

reductions

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

(247) Net

expenses

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

5,375

Net

investment

income

(loss)

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

3,733

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

55,117

Investments

in

affiliated

funds

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

(4) Futures

contracts

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

2,946

Securities

sold

short

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

(5,028)

Net

realized

gain

(loss)

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

53,031

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

29,365

Investments

in

affiliated

funds

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

Futures

contracts

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

Securities

sold

short

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

(1,005)

Net

change

in

unrealized

appreciation

(depreciation)

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

28,792

Net

realized

and

unrealized

gain

(loss)

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

81,823

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

85,556

#### Russell

#### Investment

#### Funds

#### U.S.

#### Strategic

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### For

#### the

#### Periods

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

3,733

$

3,501

Net

realized

gain

(loss)

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

53,031

54,237

Net

change

in

unrealized

appreciation

(depreciation)

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

28,792

53,372

Net

increase

(decrease)

in

net

assets

from

operations

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

85,556

111,110

#### Distributions
To

shareholders

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

(59,611)

(50,563)

Net

decrease

in

net

assets

from

distributions

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

(59,611)

(50,563)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

13,176

(20,208)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
39,121

40,339

#### Net

#### Assets
Beginning

of

period

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

607,288

566,949

End

of

period

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

$

646,409

$

607,288

\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2025

and

December

31,

2024

were

as

follows:

#### 2025

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Proceeds

from

shares

sold

1,312

$

26,93

$

5,766

Proceeds

from

reinvestment

of

distributions

2,724

59,61

2,394

50,563

Payments

for

shares

redeemed

(3,355)

(73,374)

(3,604)

(76,537)

Total

increase

(decrease)

681

$

13,176

(938) $

(20,208)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### Russell

#### Investment

#### Funds

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### 12/31/25

#### 12/31/24

#### 12/31/23

#### 12/31/22

#### 12/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

21.20 19.16 15.62 21.46 19.58 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.13

.12

.14

.11

.07

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.87 3.78 3.92 (4.51)

3.87 $

Total

from

Investment

Operations

3.00 3.90 4.06 (4.40)

3.94 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.15)

(.20)

(.14)

(.10)

(.12)

$

Distributions

from

Net

Realized

Gain

(2.01)

(1.66)

(.38)

(1.34)

(1.94)

$

Total

Distributions

(2.16)

(1.86)

(.52)

(1.44)

(2.06)

$

Net

Asset

Value,

End

of

Period

22.04 21.20 19.16 15.62 21.46 %

Total

Return

(±)

14.43 20.50 26.29 (20.86)

20.40 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 646,409

607,288

566,949

472,170

624,167

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.91

.94

.97

.88

.84

%

Expenses,

Net

(Ƃ)(∆)

.87

.91

.96

.88

.84

%

Net

Investment

Income

(Ƃ)

.60

.58

.84

.65

.32

%

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Funds

#### U.S.

#### Strategic

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

fees

payable

to

affiliates

as

of

December

31,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

December

31,

2025

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
At

December

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

December

31,

2025

and

December

31,

2024,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

be

due

to

foreign

currency

gains

and

losses,

reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps. These

adjustments

have

no

impact

on

the

net

assets.

Advisory

fees

$

378,830

Administrative

fees

27,451

Transfer

agent

fees

2,415

Trustees'

fees

3,695

$

412,391

#### 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
U.S.

Cash

Management

Fund

$

11,859

$

151,617

$

137,896

$

(4)

$

$

25,581

$

957

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

412,418,244

$

255,986,260

$

(22,958,480)

$

233,027,780

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### L

#### oss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Post

#### October

#### Losses

#### Deferred\*\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

7,386,125

$

6,444,859

$

233,027,829

$

—

$

—

$

246,858,813

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

\*\*\*

Post-October

Losses

represent

certain

ordinary,

specific

and/or

capital

losses

incurred

after

October

of

the

previous

year.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

funds'

next

taxable

year.

#### December

#### 31,

#### 2025

#### December

#### 31,

#### 2024

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
$

11,456,543

$

48,154,861

$

—

$

10,047,048

$

40,515,732

$

—

#### Russell

#### Investment

#### Funds

#### U.S.

#### Strategic

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

At

December

31,

2025,

there

were

no

adjustments

made

to

the

Statement

of

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 99.6%
Consumer

Discretionary

-

11.4%

Abercrombie

&

Fitch

Co.

Class

A(Æ)

1,151

Academy

Sports

&

Outdoors,

Inc.

5,123

Accel

Entertainment,

Inc.(Æ)

1,184

Adtalem

Global

Education,

Inc.(Æ)

Advance

Auto

Parts,

Inc.

1,771

Advanced

Energy

Industries,

Inc.

693

AerSale

Corp.(Æ)

15,253

American

Axle

&

Manufacturing

Holdings,

Inc.(Æ)(Ð)

1,652

American

Public

Education,

Inc.(Æ)

3,047

America's

Car-Mart,

Inc.(Æ)

1,468

Asbury

Automotive

Group,

Inc.(Æ)

598

Atkore,

Inc.

1,838

Axon

Enterprise,

Inc.(Æ)

Beyond,

Inc.(Æ)

2,898

Birkenstock

Holding

PLC(Æ)

2,704

Blade

Air

Mobility,

Inc.(Æ)

27,143

BlueLinx

Holdings,

Inc.(Æ)

Boot

Barn

Holdings,

Inc.(Æ)

3,703

653

BorgWarner,

Inc.

6,984

Brilliant

Earth

Group,

Inc.

Class

A

38,900

Brinker

International,

Inc.(Æ)

1,173

Brunswick

Corp.

10,421

774

Buckle,

Inc.

(The)

2,259

Cadre

Holdings,

Inc.

9,523

Cava

Group,

Inc.(Æ)(Ð)

886

Cavco

Industries,

Inc.(Æ)

Celestica,

Inc.(Æ)

Central

Garden

&

Pet

Co.

Class

A(Æ)(Û)

795

Century

Communities,

Inc.

5,028

Chegg,

Inc.(Æ)

3,035

Citi

Trends,

Inc.(Æ)

514

Clarus

Corp.

124,940

Cooper-Standard

Holdings,

Inc.(Æ)(Ð)

1,209

CuriosityStream,

Inc.

17,484

Dana,

Inc.(Ð)

7,872

Dave

&

Buster's

Entertainment,

Inc.(Æ)

1,612

Deckers

Outdoor

Corp.(Æ)(Û)

Denny's

Corp.(Æ)

43,305

Dillard's,

Inc.

Class

A(Û)

Douglas

Dynamics,

Inc.

18,257

596

Driven

Brands

Holdings,

Inc.(Æ)

19,124

Dutch

Bros,

Inc.

Class

A(Æ)

1,018

Enovix

Corp.(Æ)(Ð)

2,802

Ethan

Allen

Interiors,

Inc.

5,302

EW

Scripps

Co.

(The)

Class

A(Æ)

19,522

FIGS,

Inc.

Class

A(Æ)

10,243

First

Watch

Restaurant

Group,

Inc.(Æ)

17,043

FirstCash

Holdings,

Inc.

1,731

Five

Below,

Inc.(Æ)(Ð)(Û)

3,241

610

Forestar

Group,

Inc.(Æ)(Ð)

994

Funko,

Inc.

Class

A(Æ)(Ð)

3,708

Genesco,

Inc.(Æ)(Ð)

767

Genius

Sports,

Ltd.(Æ)

9,592

Golden

Entertainment,

Inc.

12,547

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
GoPro,

Inc.

Class

A(Æ)

5,612

Gray

Media,

Inc.

16,289

Green

Brick

Partners,

Inc.(Æ)

7,681

Group

Automotive,

Inc.

Haverty

Furniture

Cos.,

Inc.

14,200

HealthStream,

Inc.(Ð)

762

Hillenbrand,

Inc.

7,571

IAC,

Inc.(Æ)

4,642

International

Game

Technology

PLC

11,812

Johnson

Outdoors,

Inc.

Class

A

8,977

Karman

Holdings

Inc.(Æ)

3,129

KB

Home

4,174

Kura

Sushi

USA,

Inc.

Class

A(Æ)

5,610

Lands'

End,

Inc.(Æ)

1,461

Lear

Corp.(Û)

2,610

Legacy

Education,

Inc.(Æ)

11,765

Leonardo

DRS,

Inc.

577

LGI

Homes,

Inc.(Æ)

2,520

Life

Time

Group

Holdings,

Inc.(Æ)

5,123

Madison

Square

Garden

Entertainment

Corp.(Æ)(Ð)

2,934

Magnite,

Inc.(Æ)

6,342

Marine

Products

Corp.

31,026

Marriott

Vacations

Worldwide

Corp.

4,605

MasterCraft

Boat

Holdings,

Inc.(Æ)(Ð)

937

Matthews

International

Corp.

Class

A

7,243

Motorcar

Parts

of

America,

Inc.(Æ)

9,746

Movado

Group,

Inc.(Ð)

24,779

511

Neonode

Inc.(Æ)

1,417

Newell

Brands,

Inc.

92,884

Nu

Skin

Enterprises,

Inc.

Class

A

10,006

OneSpaWorld

Holdings,

Ltd.

28,545

592

OptimizeRx

Corp.(Æ)

13,399

Papa

John's

International,

Inc.

20,997

808

Patrick

Industries,

Inc.

1,849

Peloton

Interactive,

Inc.

Class

A(Æ)(Ð)

11,336

Petco

Health

&

Wellness

Co.,

Inc.(Æ)

7,020

QuinStreet,

Inc.(Æ)

16,663

RealReal,

Inc.

(The)(Æ)

5,638

Reservoir

Media,

Inc.(Æ)

47,073

REV

Group,

Inc.

4,169

Revolve

Group,

Inc.(Æ)

2,366

RH(Æ)(Ð)

525

Rocky

Brands,

Inc.

13,150

Rush

Street

Interactive,

Inc.(Æ)

24,893

Sally

Beauty

Holdings,

Inc.(Æ)

12,901

Scholastic

Corp.

1,980

Shake

Shack,

Inc.

Class

A(Æ)

1,195

SharkNinja,

Inc.(Æ)(Û)

4,529

507

Shoe

Carnival,

Inc.(Ð)

1,567

Signet

Jewelers,

Ltd.

1,735

Sonic

Automotive,

Inc.

Class

A(Ð)

1,858

Stitch

Fix,

Inc.

Class

A(Æ)

10,082

Stride,

Inc.(Æ)

599

Sturm

Ruger

&

Co.,

Inc.

13,221

Super

Group

SGHC,

Ltd.

15,882

Superior

Group

of

Cos.,

Inc.

#### Russell

#### Investment

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
TEGNA,

Inc.

9,748

Texas

Roadhouse,

Inc.

Class

A

2,139

Thor

Industries,

Inc.

2,723

Toll

Brothers,

Inc.(Ð)(Û)

2,653

Topgolf

Callaway

Brands

Corp.(Æ)

7,979

Tri

Pointe

Homes,

Inc.(Æ)

2,930

Upbound

Group,

Inc.

Class

A

5,918

Urban

Outfitters,

Inc.(Æ)

2,408

VF

Corp.

16,302

Visteon

Corp.

1,244

Wabash

National

Corp.

4,104

Wayfair,

Inc.

Class

A(Æ)(Û)

2,827

Wingstop,

Inc.(Ð)

1,965

Winmark

Corp.

Winnebago

Industries,

Inc.

9,553

Wolverine

World

Wide,

Inc.

2,884

Wyndham

Hotels

&

Resorts,

Inc.

1,927

Zumiez,

Inc.(Æ)

1,499

23,662

Consumer

Staples

-

2.5%

Andersons,

Inc.

(The)

5,445

Arko

Corp.(Ð)

3,496

Beauty

Health

Co.

(The)(Æ)

3,191

Calavo

Growers,

Inc.

8,001

Cal-Maine

Foods,

Inc.

2,569

Celsius

Holdings,

Inc.(Æ)

5,946

Coty,

Inc.

Class

A(Æ)(Ð)

17,569

Dole

PLC

2,906

Fresh

Del

Monte

Produce,

Inc.

2,377

Grocery

Outlet

Holding

Corp.(Æ)

8,998

Helen

of

Troy,

Ltd.(Æ)

1,762

Ingles

Markets,

Inc.

Class

A

1,125

Lifevantage

Corp.

1,114

National

Beverage

Corp.(Æ)

1,040

National

Vision

Holdings,

Inc.(Æ)

13,257

Nomad

Foods,

Ltd.

7,191

Olaplex

Holdings,

Inc.(Æ)

39,243

Pilgrim's

Pride

Corp.(Û)

5,894

Quanex

Building

Products

Corp.

53,313

820

Smithfield

Foods,

Inc.(Û)

5,036

SunOpta,

Inc.(Æ)(Ð)

2,500

United

Natural

Foods,

Inc.(Æ)

5,184

Universal

Corp.

1,730

USANA

Health

Sciences,

Inc.(Æ)

622

Vita

Coco

Co.,

Inc.

(The)(Æ)

12,263

650

Vital

Farms,

Inc.(Æ)(Ð)

21,112

674

Warby

Parker,

Inc.

Class

A(Æ)

25,101

547

5,194

Energy

-

4.8%

Antero

Resources

Corp.(Æ)

3,168

Atlas

Energy

Solutions,

Inc.

7,069

CVR

Energy,

Inc.

2,910

Delek

US

Holdings,

Inc.(Ð)

4,664

DNOW,

Inc.(Æ)

18,447

Expro

Group

Holdings

NV(Æ)

6,863

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Fluence

Energy,

Inc.(Æ)(Ð)

4,714

Forum

Energy

Technologies,

Inc.(Æ)

732

Green

Plains,

Inc.(Æ)

4,721

Hallador

Energy

Co.(Æ)

4,672

Helmerich

&

Payne,

Inc.

7,646

HF

Sinclair

Corp.(Û)

4,231

Innovex

International,

Inc.(Æ)

6,238

Kodiak

Gas

Services,

Inc.

10,530

Liberty

Energy,

Inc.

Class

A

8,536

Matrix

Service

Co.(Æ)

28,444

National

Energy

Services

Reunited

Corp.

(Æ)

31,970

501

Natural

Gas

Services

Group,

Inc.

9,455

Noble

Corp.

PLC

7,399

NPK

International,

Inc.(Æ)

63,407

756

Oceaneering

International,

Inc.(Æ)

18,224

Oil

States

International,

Inc.(Æ)

14,713

Ormat

Technologies,

Inc.

1,827

Par

Pacific

Holdings,

Inc.(Æ)(Ð)

2,346

Patterson-UTI

Energy,

Inc.

30,566

PBF

Energy,

Inc.

Class

A

3,755

Ranger

Energy

Services,

Inc.

Class

A

1,085

RPC,

Inc.

17,699

Select

Water

Solutions,

Inc.

Class

A

113,425

1,193

SM

Energy

Co.

3,957

SolarEdge

Technologies,

Inc.(Æ)

518

Solaris

Energy

Infrastructure,

Inc.

Class

A

16,047

738

SunCoke

Energy,

Inc.

5,901

TechnipFMC

PLC(Û)

11,145

TETRA

Technologies,

Inc.(Æ)

71,901

674

United

States

Antimony

Corp.(Æ)

20,093

Viper

Energy,

Inc.

Class

A

1,935

W&T

Offshore,

Inc.

123,190

Warrior

Met

Coal,

Inc.

2,452

WaterBridge

Infrastructure

LLC

Class

A(Æ)

13,354

Weatherford

International

PLC

3,458

World

Kinect

Corp.

4,509

9,889

Financial

Services

-

22.1%

1st

Source

Corp.

1,724

Acadian

Asset

Management,

Inc.

1,797

Alexander's,

Inc.(Ð)(ö)

Ally

Financial,

Inc.(Û)

9,023

Ambac

Financial

Group,

Inc.(Æ)(Ð)

12,500

American

Assets

Trust,

Inc.(ö)

4,918

American

Homes

Rent

Class

A(ö)(Û)

1,363

American

Integrity

Insurance

Group,

Inc.

(Æ)

16,349

Ameris

Bancorp

2,175

Arbor

Realty

Trust,

Inc.(ö)

13,639

Axos

Financial,

Inc.(Æ)

2,590

Baldwin

Insurance

Group,

Inc.

(The)

Class

A(Æ)

3,261

Banc

of

California,

Inc.

13,665

Bancorp,

Inc.

(The)(Æ)

3,114

Bank

of

Hawaii

Corp.

1,028

#### Russell

#### Investment

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

4,465

Bank

OZK

3,600

BankUnited,

Inc.

7,571

Banner

Corp.

6,155

BGC

Group,

Inc.

Class

A

32,026

Blackstone

Mortgage

Trust,

Inc.

Class

A(ö)

11,489

BOK

Financial

Corp.

951

Bowhead

Specialty

Holdings,

Inc.(Æ)

10,911

Bread

Financial

Holdings,

Inc.

5,618

Brixmor

Property

Group,

Inc.(ö)

10,851

Broadstone

Net

Lease,

Inc.(ö)

18,124

Business

First

Bancshares,

Inc.

23,020

602

Cadence

Bank

3,835

Camden

Property

Trust(ö)(Û)

3,061

Capital

Bancorp,

Inc.

11,171

Capital

City

Bank

Group,

Inc.

6,933

Cathay

General

Bancorp

2,825

Centerspace(ö)

4,077

Central

Pacific

Financial

Corp.

8,207

Chatham

Lodging

Trust(ö)

1,595

City

Holding

Co.

917

CNO

Financial

Group,

Inc.

8,403

Coastal

Financial

Corp.(Æ)

4,637

531

Community

Bank

System,

Inc.

4,413

Community

Healthcare

Trust,

Inc.(ö)

34,594

568

Compass

Diversified

Holdings

6,968

Compass,

Inc.

Class

A(Æ)

25,117

COPT

Defense

Properties(ö)

4,547

Core

Scientific

Inc.(Æ)(Ð)

11,439

CTO

Realty

Growth,

Inc.(ö)

13,752

Cullen/Frost

Bankers,

Inc.(Ð)

4,058

514

Dave,

Inc.(Æ)

2,323

514

DiamondRock

Hospitality

Co.(ö)

20,216

Dime

Community

Bancshares,

Inc.

7,379

Donegal

Group,

Inc.

Class

A

Douglas

Elliman,

Inc.(Æ)

20,619

Eastern

Bankshares,

Inc.

7,567

Employers

Holdings,

Inc.

1,148

Enact

Holdings,

Inc.

3,159

Encore

Capital

Group,

Inc.(Æ)

3,118

Enova

International,

Inc.(Æ)

1,644

Enterprise

Financial

Services

Corp.

6,650

Esquire

Financial

Holdings,

Inc.

1,769

eXp

World

Holdings,

Inc.(Ð)

6,775

EZCORP,

Inc.

Class

A(Æ)

6,265

Farmers

&

Merchants

Bancorp,

Inc.

1,761

FB

Financial

Corp.

6,452

Federal

Agricultural

Mortgage

Corp.

Class

C

1,456

Fidelis

Insurance

Holdings,

Ltd.

3,841

Finance

of

America

Companies

Inc.

Class

A(Æ)

Financial

Institutions,

Inc.

3,461

First

American

Financial

Corp.

3,699

First

BanCorp

17,756

First

Busey

Corp.

6,120

First

Internet

Bancorp

546

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
First

Interstate

BancSystem,

Inc.

Class

A

3,479

First

Merchants

Corp.

3,288

First

Mid

Bancshares,

Inc.

10,776

Five

Star

Bancorp

10,879

Flagstar

Bank

NA

15,644

Fulton

Financial

Corp.

5,554

Genworth

Financial,

Inc.

Class

A(Æ)(Ð)

27,276

German

American

Bancorp,

Inc.

16,131

632

Getty

Realty

Corp.(ö)

9,041

Glacier

Bancorp,

Inc.

12,046

531

Globe

Life,

Inc.(Û)

1,103

Goosehead

Insurance,

Inc.

Class

A(Ð)

1,287

Grid

Dynamics

Holdings,

Inc.(Æ)(Ð)

4,334

Hamilton

Insurance

Group,

Ltd.

Class

B(Æ)

5,905

Hamilton

Lane,

Inc.

Class

A

2,183

Hancock

Holding

Co.

2,475

Hanover

Insurance

Group,

Inc.

(The)

1,980

HCI

Group,

Inc.

522

Heritage

Financial

Corp.

14,510

Hilltop

Holdings,

Inc.

3,020

Hippo

Holdings,

Inc.(Æ)(Ð)

962

Home

BancShares,

Inc.

3,782

Horace

Mann

Educators

Corp.

803

Horizon

Bancorp,

Inc.

35,699

605

Independence

Realty

Trust,

Inc.(ö)

8,238

Independent

Bank

Corp.

16,067

865

International

Bancshares

Corp.

2,298

InvenTrust

Properties

Corp.(ö)

21,468

606

Jackson

Financial,

Inc.

Class

A

2,739

James

River

Group

Holdings,

Inc.(Ð)

2,507

John

Wiley

&

Sons,

Inc.

Class

A

2,234

Jones

Lang

LaSalle,

Inc.(Æ)

977

Kemper

Corp.

2,886

Kingstone

Cos.,

Inc.

4,636

Kite

Realty

Group

Trust(ö)

8,940

Lazard,

Inc.

6,576

Legacy

Housing

Corp.(Æ)

11,904

Legalzoom.com,

Inc.(Æ)

2,195

LendingClub

Corp.(Æ)

9,362

LendingTree,

Inc.(Æ)

1,289

Live

Oak

Bancshares,

Inc.

4,711

LiveRamp

Holdings,

Inc.(Æ)

6,344

Macerich

Co.

(The)(ö)

7,956

Marcus

&

Millichap,

Inc.

19,784

540

Marex

Group

PLC

4,707

McGrath

RentCorp

1,668

Mercury

General

Corp.

2,747

Metropolitan

Bank

Holding

Corp.

8,543

652

Miami

International

Holdings,

Inc.(Æ)

1,588

Mid

Penn

Bancorp,

Inc.

13,035

Midland

States

Bancorp,

Inc.

994

Millrose

Properties,

Inc.

Class

A(ö)(Û)

1,940

Moelis

&

Co.

Class

A

1,864

National

Bank

Holdings

Corp.

Class

A

23,102

878

NBT

Bancorp,

Inc.

9,008

Nelnet,

Inc.

Class

A

NerdWallet,

Inc.

Class

A(Æ)

2,802

#### Russell

#### Investment

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
NETSTREIT

Corp.(ö)

46,005

812

New

York

Mortgage

Trust,

Inc.(ö)

14,447

Newmark

Group,

Inc.

Class

A

14,380

NexPoint

Residential

Trust,

Inc.(ö)

558

NMI

Holdings,

Inc.

Class

A(Æ)

3,427

NNN

REIT,

Inc.(ö)

6,413

Northeast

Bank

3,225

Northpointe

Bancshares,

Inc.

19,641

Northwest

Bancshares,

Inc.

5,654

OceanFirst

Financial

Corp.

12,050

OFG

Bancorp

5,285

OppFi,

Inc.

6,440

Origin

Bancorp,

Inc.

5,972

OUTFRONT

Media,

Inc.(ö)

9,269

P10,

Inc.

Class

A

36,877

Pagseguro

Digital,

Ltd.

Class

A

9,928

Palomar

Holdings,

Inc.(Æ)

1,028

Paysign,

Inc.(Æ)(Ð)

3,799

Peapack-Gladstone

Financial

Corp.

6,289

PennyMac

Financial

Services,

Inc.

1,448

Perella

Weinberg

Partners(Ð)

40,753

705

Piedmont

Office

Realty

Trust,

Inc.

Class

A(Ð)(ö)

5,405

Piper

Sandler

Cos.

501

Popular,

Inc.

3,059

PotlatchDeltic

Corp.(ö)

15,904

633

PRA

Group,

Inc.(Æ)

2,102

Preferred

Bank

1,294

Primerica,

Inc.

606

Prosperity

Bancshares,

Inc.

5,391

Provident

Financial

Services,

Inc.

3,529

Radian

Group,

Inc.

4,061

RE/MAX

Holdings,

Inc.

Class

A(Æ)(Ð)

Real

Brokerage,

Inc.

(The)(Æ)(Ð)

10,178

Regional

Management

Corp.(Ð)

Reinsurance

Group

of

America,

Inc.

Class

A

1,819

Renasant

Corp.

4,762

RLJ

Lodging

Trust(ö)

17,837

RMR

Group,

Inc.

(The)

Class

A

4,299

Root,

Inc.

Class

A(Æ)

1,213

Ryman

Hospitality

Properties,

Inc.(ö)

1,484

S&T

Bancorp,

Inc.

2,735

Seacoast

Banking

Corp.

of

Florida

19,035

598

Selective

Insurance

Group,

Inc.

1,601

ServisFirst

Bancshares,

Inc.

4,893

SiriusPoint,

Ltd.(Æ)

10,344

SITE

Centers

Corp.(ö)

4,700

Skyward

Specialty

Insurance

Group,

Inc.

(Æ)

2,465

SL

Green

Realty

Corp.(ö)

3,009

Slide

Insurance

Holdings,

Inc.(Æ)

1,882

SLM

Corp.(Ð)

10,550

SmartFinancial,

Inc.

10,176

Smartstop

Self

Storage

REIT,

Inc.(Ð)(ö)

729

South

Plains

Financial,

Inc.

9,963

Stewart

Information

Services

Corp.

2,244

Stock

Yards

Bancorp,

Inc.

8,336

541

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
StoneX

Group,

Inc.(Æ)

2,222

Summit

Hotel

Properties,

Inc.(ö)

17,958

TeraWulf,

Inc.(Æ)

12,580

Texas

Capital

Bancshares,

Inc.(Æ)

2,746

Third

Coast

Bancshares,

Inc.(Æ)

Tiptree,

Inc.

Class

A

11,316

Towne

Bank

14,305

Transcontinental

Realty

Investors,

Inc.(Æ)

519

TriCo

Bancshares

6,974

Triumph

Financial,

Inc.(Æ)

9,524

597

UL

Solutions,

Inc.

Class

A

5,093

UMB

Financial

Corp.

1,358

UMH

Properties,

Inc.(ö)

33,841

538

United

Community

Banks,

Inc.

4,494

United

Fire

Group,

Inc.

3,512

Universal

Insurance

Holdings,

Inc.

1,215

Univest

Financial

Corp.

2,062

Unum

Group(Û)

3,069

Upstart

Holdings,

Inc.(Æ)

Valley

National

Bancorp

12,323

Vestis

Corp.

10,691

Walker

&

Dunlop,

Inc.

5,014

Webster

Financial

Corp.

4,659

WesBanco,

Inc.

14,292

Xenia

Hotels

&

Resorts,

Inc.(ö)

5,218

Zions

Bancorp

NA(Û)

4,082

45,973

Health

Care

-

17.5%

10X

Genomics,

Inc.

Class

A(Æ)

12,058

Abivax

SA

-

ADR(Æ)

2,814

Acadia

Healthcare

Co.,

Inc.(Æ)

3,178

AdaptHealth

Corp.(Æ)

12,733

Adaptive

Biotechnologies

Corp.(Æ)(Ð)

13,799

ADMA

Biologics,

Inc.(Æ)

68,748

1,254

agilon

health,

Inc.(Æ)(Ð)

19,385

Akebia

Therapeutics,

Inc.(Æ)

13,083

Aldeyra

Therapeutics,

Inc.(Æ)(Ð)

5,492

Alector,

Inc.(Æ)

4,009

Align

Technology,

Inc.(Æ)(Û)

Alkermes

PLC(Æ)

3,474

Amylyx

Pharmaceuticals,

Inc.(Æ)

4,892

AnaptysBio,

Inc.(Æ)

724

ANI

Pharmaceuticals,

Inc.(Æ)

10,086

796

Annexon,

Inc.(Æ)

31,858

Apogee

Therapeutics,

Inc.(Æ)

1,870

Arcellx,

Inc.(Æ)

4,235

Arcturus

Therapeutics

Holdings,

Inc.(Æ)

1,751

Arcus

Biosciences,

Inc.(Æ)

9,450

Arcutis

Biotherapeutics,

Inc.(Æ)

2,208

Arrowhead

Pharmaceuticals,

Inc.(Æ)

5,494

Artivion,

Inc.(Æ)

2,355

Arvinas,

Inc.(Æ)(Ð)

933

Ascendis

Pharma

A/S

-

ADR(Æ)

1,135

Astrana

Health,

Inc.(Æ)(Ð)

1,722

Aurinia

Pharmaceuticals,

Inc.(Æ)

6,108

Avanos

Medical,

Inc.(Æ)

7,950

#### Russell

#### Investment

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Aveanna

Healthcare

Holdings,

Inc.(Æ)(Û)

17,990

Avidity

Biosciences,

Inc.(Æ)

989

Axogen,

Inc.(Æ)

2,726

Axsome

Therapeutics,

Inc.(Æ)

996

Beam

Therapeutics,

Inc.(Æ)(Ð)

2,290

Beta

Bionics,

Inc.(Æ)

8,969

Bicara

Therapeutics,

Inc.(Æ)

3,657

BioAge

Labs,

Inc.(Æ)

1,000

BioCryst

Pharmaceuticals,

Inc.(Æ)

9,900

BioLife

Solutions,

Inc.(Æ)

19,330

BridgeBio

Pharma,

Inc.(Æ)

16,024

1,226

CareDx,

Inc.(Æ)

25,257

Caribou

Biosciences,

Inc.(Æ)

1,500

Carlsmed,

Inc.(Æ)

14,298

Celcuity,

Inc.(Æ)

3,072

Centessa

Pharmaceuticals

PLC

-

ADR(Æ)

2,070

CG

Oncology,

Inc.(Æ)

6,955

Chemed

Corp.

510

Cogent

Biosciences,

Inc.(Æ)

17,137

609

CONMED

Corp.

2,254

Corcept

Therapeutics,

Inc.(Æ)

873

Crinetics

Pharmaceuticals,

Inc.(Æ)

4,442

CRISPR

Therapeutics

AG(Æ)

1,141

Cullinan

Oncology,

Inc.(Æ)(Ð)

1,600

Cytek

Biosciences,

Inc.(Æ)(Ð)

49,983

Cytokinetics,

Inc.(Æ)

6,965

Day

One

Biopharmaceuticals,

Inc.(Æ)

2,501

Definitive

Healthcare

Corp.(Æ)(Ð)

2,886

Dentsply

Sirona,

Inc.(Ð)

10,727

Design

Therapeutics,

Inc.(Æ)

1,600

Dianthus

Therapeutics,

Inc.(Æ)

4,213

Disc

Medicine,

Inc.(Æ)

1,258

Dyne

Therapeutics,

Inc.(Æ)

9,378

Editas

Medicine,

Inc.(Æ)(Ð)

3,361

Enhabit,

Inc.(Æ)

11,499

Enovis

Corp.

Class

W(Æ)

6,287

Ensign

Group,

Inc.

(The)

844

Entrada

Therapeutics,

Inc.(Æ)

942

ETON

Pharmaceuticals,

Inc.(Æ)

3,315

Exagen,

Inc.(Æ)

10,595

Exelixis,

Inc.(Æ)(Ð)(Û)

9,455

Fulgent

Genetics,

Inc.(Æ)

4,444

GeneDx

Holdings

Corp.(Æ)

2,746

Ginkgo

Bioworks

Holdings,

Inc.(Æ)

1,540

Glaukos

Corp.(Æ)

1,158

GoodRx

Holdings,

Inc.

Class

A(Æ)(Ð)

5,692

Gossamer

Bio,

Inc.(Æ)

9,806

GRAIL,

Inc.(Æ)(Ð)

Guardant

Health,

Inc.(Æ)

9,362

956

Guardian

Pharmacy

Services,

Inc.

Class

A(Æ)

11,338

Haemonetics

Corp.(Æ)

1,650

Halozyme

Therapeutics,

Inc.(Æ)

8,164

549

Harrow

Health,

Inc.(Æ)

817

HealthEquity,

Inc.(Æ)

4,785

Hinge

Health,

Inc.

Class

A(Æ)(Û)

Indivior

PLC(Æ)

1,176

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Innoviva,

Inc.(Æ)

20,585

Inogen,

Inc.(Æ)

885

Insmed,

Inc.(Æ)

1,997

Integer

Holdings

Corp.(Æ)

1,566

Iovance

Biotherapeutics,

Inc.(Æ)(Ð)

15,090

iRadimed

Corp.

9,341

909

iRhythm

Technologies,

Inc.(Æ)

1,908

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

8,152

Joint

Corp.

(The)(Æ)

14,024

Keros

Therapeutics,

Inc.(Æ)

3,339

Kodiak

Sciences,

Inc.(Æ)(Ð)

1,291

KORU

Medical

Systems,

Inc.(Æ)

12,166

Krystal

Biotech,

Inc.(Æ)

1,788

Kura

Oncology,

Inc.(Æ)

5,958

Kymera

Therapeutics,

Inc.(Æ)

1,652

Lantheus

Holdings,

Inc.(Æ)(Ð)

2,325

LeMaitre

Vascular,

Inc.

10,152

823

LENZ

Therapeutics,

Inc.(Æ)

841

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)(Ð)

8,863

1,676

Madrigal

Pharmaceuticals,

Inc.(Æ)

1,788

1,041

MannKind

Corp.(Æ)

20,514

Maravai

LifeSciences

Holdings,

Inc.

Class

A(Æ)(Ð)

9,928

Maze

Therapeutics,

Inc.(Æ)

1,551

MDxHealth

SA(Æ)

11,044

Medpace

Holdings,

Inc.(Æ)

583

MeiraGTx

Holdings

PLC(Æ)(Ð)

985

Merit

Medical

Systems,

Inc.(Æ)

3,760

Mineralys

Therapeutics,

Inc.(Æ)

8,727

Mirum

Pharmaceuticals,

Inc.(Æ)

4,708

Multiplan

Corp.(Æ)

718

Myriad

Genetics,

Inc.(Æ)

10,796

Natera,

Inc.(Æ)

965

National

HealthCare

Corp.

1,340

Nektar

Therapeutics(Æ)

3,935

Neurocrine

Biosciences,

Inc.(Æ)

725

Newamsterdam

Pharma

Co.

NV(Æ)

3,750

Novavax,

Inc.(Æ)(Ð)

2,156

Novocure,

Ltd.(Æ)

6,027

Nurix

Therapeutics,

Inc.(Æ)

4,415

Nuvalent,

Inc.

Class

A(Æ)

3,871

Ocular

Therapeutix,

Inc.(Æ)(Ð)

7,104

Omnicell,

Inc.(Æ)(Ð)

1,843

Option

Care

Health,

Inc.(Æ)

8,689

OraSure

Technologies,

Inc.(Æ)(Ð)

2,226

ORIC

Pharmaceuticals,

Inc.(Æ)

11,962

Orthofix

Medical,

Inc.(Æ)

16,460

Oscar

Health,

Inc.

Class

A(Æ)(Ð)

9,541

Owlet,

Inc.(Æ)

11,140

Park

Dental

Partners,

Inc.(Æ)

8,387

Pediatrix

Medical

Group,

Inc.(Æ)

8,680

Pennant

Group,

Inc.

(The)(Æ)

19,943

561

Phibro

Animal

Health

Corp.

Class

A(Ð)

20,772

776

Phreesia,

Inc.(Æ)(Û)

13,684

Praxis

Precision

Medicines,

Inc.(Æ)

731

Prestige

Brands

Holdings,

Inc.(Æ)

1,707

Prothena

Corp.

PLC(Æ)

4,980

#### Russell

#### Investment

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
PTC

Therapeutics,

Inc.(Æ)

11,507

874

Repligen

Corp.(Æ)

1,960

Revolution

Medicines,

Inc.(Æ)

3,142

Rhythm

Pharmaceuticals,

Inc.(Æ)

5,554

595

Rigel

Pharmaceuticals,

Inc.(Æ)

4,170

RxSight,

Inc.(Æ)

1,350

Sangamo

Therapeutics,

Inc.(Æ)

632

—

Sarepta

Therapeutics,

Inc.(Æ)(Ð)

4,242

Select

Medical

Holdings

Corp.

10,863

Septerna,

Inc.(Æ)

1,246

SI-BONE,

Inc.(Æ)

2,370

SIGA

Technologies,

Inc.

2,309

Sionna

Therapeutics,

Inc.(Æ)

1,562

Stevanato

Group

SpA

15,721

Structure

Therapeutics,

Inc.

-

ADR(Æ)

1,402

Supernus

Pharmaceuticals,

Inc.(Æ)

5,474

Tandem

Diabetes

Care,

Inc.(Æ)

7,229

Tarsus

Pharmaceuticals,

Inc.(Æ)

6,108

500

Teleflex,

Inc.

3,020

Terns

Pharmaceuticals,

Inc.(Æ)

11,712

TG

Therapeutics,

Inc.(Æ)

5,979

Travere

Therapeutics,

Inc.(Æ)

10,242

Trevi

Therapeutics,

Inc.(Æ)

5,366

Tyra

Biosciences,

Inc.(Æ)(Ð)

1,362

UFP

Technologies,

Inc.(Æ)

2,540

564

Ultragenyx

Pharmaceutical,

Inc.(Æ)

5,917

UroGen

Pharma,

Ltd.(Æ)

2,911

Vanda

Pharmaceuticals,

Inc.(Æ)(Ð)

3,336

Varex

Imaging

Corp.(Æ)

2,837

Vera

Therapeutics,

Inc.(Æ)

5,195

Viridian

Therapeutics,

Inc.(Æ)

6,961

WaVe

Life

Sciences,

Ltd.(Æ)(Ð)

1,768

Xencor,

Inc.(Æ)(Ð)

3,056

Xenon

Pharmaceuticals,

Inc.(Æ)

3,505

Xeris

Biopharma

Holdings,

Inc.(Æ)(Ð)

15,171

36,331

Materials

and

Processing

-

8.2%

AAON,

Inc.

5,144

Acuity,

Inc.

1,066

AdvanSix,

Inc.

24,055

Alcoa

Corp.

4,234

Algoma

Steel

Group,

Inc.

28,988

A-Mark

Precious

Metals,

Inc.

1,805

American

Vanguard

Corp.(Æ)

1,441

Apogee

Enterprises,

Inc.

12,402

Ardagh

Metal

Packaging

SA

9,612

Ashland,

Inc.

2,345

Aspen

Aerogels,

Inc.(Æ)(Ð)

7,361

Avient

Corp.

11,681

Belden,

Inc.

1,761

BrightView

Holdings,

Inc.

18,602

Capstone

Copper

Corp.(Æ)

22,996

Carpenter

Technology

Corp.

802

Celanese

Corp.

Class

A

2,529

Century

Aluminum

Co.(Æ)

7,146

Clearwater

Paper

Corp.(Æ)

1,228

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Codexis,

Inc.(Æ)(Ð)

4,290

Commercial

Metals

Co.

5,967

Compass

Minerals

International,

Inc.(Æ)

5,027

Constellium

SE(Æ)

18,450

Crown

Holdings,

Inc.(Ð)

3,678

Fabrinet(Æ)

723

Ferroglobe

PLC(Ð)

61,879

FMC

Corp.(Ð)

6,097

Gibraltar

Industries,

Inc.(Æ)

2,524

Global

Industrial

Co.

650

Greif,

Inc.

Class

A

6,874

H.B.

Fuller

Co.

4,986

Hudson

Technologies,

Inc.(Æ)

11,366

Huntsman

Corp.

15,623

Ingevity

Corp.(Æ)

3,451

Installed

Building

Products,

Inc.

Insteel

Industries,

Inc.

3,844

Intrepid

Potash,

Inc.(Æ)

2,387

James

Hardie

Industries

PLC(Æ)

7,612

JELD-WEN

Holding,

Inc.(Æ)

10,167

Kaiser

Aluminum

Corp.

4,252

Karat

Packaging,

Inc.

21,825

Knife

River

Corp.(Æ)

1,412

Koppers

Holdings,

Inc.

14,252

Kronos

Worldwide,

Inc.

23,423

Louisiana-Pacific

Corp.(Ð)

4,036

Magnera

Corp.(Æ)

3,409

Mativ

Holdings,

Inc.

38,826

Metallus,

Inc.(Æ)

16,428

Modine

Manufacturing

Co.(Æ)

2,446

Myers

Industries,

Inc.

26,335

Northwest

Pipe

Co.(Æ)

4,937

O-I

Glass,

Inc.(Æ)

7,159

Orion

SA

11,799

Quaker

Chemical

Corp.

1,766

Ranpak

Holdings

Corp.(Æ)

46,060

Rayonier

Advanced

Materials,

Inc.(Æ)(Ð)

26,441

Reliance,

Inc.(Ð)

1,109

Resideo

Technologies,

Inc.(Æ)

8,341

Rush

Enterprises,

Inc.

Class

A

2,479

ScanSource,

Inc.(Æ)

758

Simpson

Manufacturing

Co.,

Inc.

1,854

Sonoco

Products

Co.

1,762

SPX

Technologies,

Inc.(Æ)

1,103

Stepan

Co.

18,925

896

Taseko

Mines,

Ltd.(Æ)

34,043

thyssenkrupp

AG

20,836

Timken

Co.

(The)

5,536

Trex

Co.,

Inc.(Æ)

6,035

UFP

Industries,

Inc.

3,590

Unifi,

Inc.(Æ)

Watsco,

Inc.(Ð)

782

Westlake

Corp.(Ð)

602

Worthington

Industries,

Inc.

2,102

Worthington

Steel,

Inc.

12,940

16,943

#### Russell

#### Investment

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Producer

Durables

-

16.8%

ABM

Industries,

Inc.

7,143

ACCO

Brands

Corp.

21,187

ADT,

Inc.

15,236

Albany

International

Corp.

Class

A

6,806

Allegiant

Travel

Co.

Class

A(Æ)

2,342

Allient,

Inc.

2,128

AMN

Healthcare

Services,

Inc.(Æ)

14,526

Amprius

Technologies,

Inc.(Æ)

9,343

ArcBest

Corp.

3,662

Arcosa,

Inc.

1,425

Ardmore

Shipping

Corp.

27,642

Argan,

Inc.

4,323

1,354

Arhaus,

Inc.(Æ)(Ð)

1,772

ASGN,

Inc.(Æ)

2,248

Astronics

Corp.(Æ)

1,236

Barrett

Business

Services,

Inc.

1,688

Bowman

Consulting

Group,

Ltd.(Æ)

8,756

Brink's

Co.

(The)

1,352

Cardinal

Infrastructure

Group,

Inc.

Class

A(Æ)

2,312

Casella

Waste

Systems,

Inc.

Class

A(Æ)

3,872

CECO

Environmental

Corp.(Æ)

5,378

Centuri

Holdings,

Inc.(Æ)

1,308

Champion

Homes,

Inc.(Æ)

3,848

Columbus

McKinnon

Corp.

1,154

Comfort

Systems

USA,

Inc.

Costamare,

Inc.(Ð)

1,539

Covenant

Logistics

Group,

Inc.

Class

A(Ð)

29,159

643

Cross

Country

Healthcare,

Inc.(Æ)

14,941

CryoPort,

Inc.(Æ)(Ð)

2,213

Custom

Truck

One

Source,

Inc.(Æ)

48,939

Deluxe

Corp.

33,985

759

DHT

Holdings,

Inc.

13,917

Dorian

LPG,

Ltd.

7,693

Dycom

Industries,

Inc.(Æ)

609

EMCOR

Group,

Inc.(Û)

680

Energy

Recovery,

Inc.(Æ)

2,067

EnerSys

4,038

593

ESCO

Technologies,

Inc.

Federal

Signal

Corp.

3,565

Flowserve

Corp.

5,130

Fluor

Corp.(Æ)(Ð)

5,525

Flywire

Corp.(Æ)

7,147

Fox

Factory

Holding

Corp.(Æ)

2,537

Franklin

Covey

Co.(Æ)(Ð)

593

Franklin

Electric

Co.,

Inc.

1,128

Frontier

Group

Holdings,

Inc.(Æ)

12,411

FTAI

Aviation,

Ltd.

809

FTI

Consulting,

Inc.(Æ)(Û)

1,212

Genco

Shipping

&

Trading,

Ltd.

6,593

Generac

Holdings,

Inc.(Æ)

Graco,

Inc.

1,912

Great

Lakes

Dredge

&

Dock

Corp.(Æ)

13,343

GXO

Logistics,

Inc.(Æ)

4,532

Helios

Technologies,

Inc.

5,698

Herc

Holdings,

Inc.

Class

W

1,278

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Hillman

Solutions

Corp.(Æ)

16,443

HNI

Corp.

2,368

Holley,

Inc.(Æ)

94,513

Hub

Group,

Inc.

Class

A

13,031

555

Huntington

Ingalls

Industries,

Inc.

1,279

Hyster-Yale,

Inc.(Ð)

532

I3

Verticals,

Inc.

Class

A(Æ)

30,587

770

ICF

International,

Inc.(Ð)

1,534

Insperity,

Inc.

3,712

JetBlue

Airways

Corp.(Æ)(Ð)

33,416

Kelly

Services,

Inc.

Class

A

2,706

Kennametal,

Inc.

32,750

930

Kforce,

Inc.

20,790

643

Knight-Swift

Transportation

Holdings,

Inc.

5,504

Korn

Ferry

2,002

Landstar

System,

Inc.

1,362

Limbach

Holdings,

Inc.(Æ)

3,036

Littelfuse,

Inc.

Lovesac

Co.

(The)(Æ)(Ð)

855

Mama's

Creations,

Inc.(Æ)

24,113

Manitowoc

Co.,

Inc.

(The)(Æ)

20,600

ManpowerGroup,

Inc.

3,021

MarketAxess

Holdings,

Inc.

916

Marten

Transport,

Ltd.

81,508

928

MasTec,

Inc.(Æ)

1,806

Matson,

Inc.

1,039

Maximus,

Inc.

3,213

Mercury

Systems,

Inc.(Æ)

2,706

Mesa

Laboratories,

Inc.

8,605

676

Microvast

Holdings,

Inc.(Æ)

31,927

MillerKnoll,

Inc.

62,223

1,137

MSC

Industrial

Direct

Co.,

Inc.

Class

A

3,372

Mueller

Industries,

Inc.(Ð)

838

MYR

Group,

Inc.(Æ)

1,415

Nextpower,

Inc.

Class

A(Æ)(Ð)

3,520

Nexxen

International,

Ltd.(Æ)

9,240

Orion

Group

Holdings,

Inc.(Æ)

17,241

Paylocity

Holding

Corp.(Æ)

2,078

Payoneer

Global,

Inc.(Æ)

5,423

Paysafe,

Ltd.(Æ)

2,793

Perma-Pipe

International

Holdings,

Inc.(Æ)

1,720

Phinia,

Inc.(Ð)

6,241

Pitney

Bowes,

Inc.

15,822

Powell

Industries,

Inc.(Ð)

Primoris

Services

Corp.

1,724

Priority

Technology

Holdings,

Inc.(Æ)

13,551

Proficient

Auto

Logistics,

Inc.(Æ)

35,805

PROG

Holdings,

Inc.

3,425

Radiant

Logistics,

Inc.(Æ)

52,092

Ralliant

Corp.

1,682

Regal

Rexnord

Corp.

1,121

Resources

Connection,

Inc.

1,278

Riot

Blockchain,

Inc.(Æ)

9,423

Robert

Half,

Inc.

21,350

580

Ryder

System,

Inc.(Û)

1,606

Ryerson

Holding

Corp.

1,331

Saia,

Inc.(Æ)

1,932

631

#### Russell

#### Investment

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Schneider

National,

Inc.

Class

B

13,049

Scorpio

Tankers,

Inc.

3,775

Scotts

Miracle-Gro

Co.

(The)

Class

A

8,984

524

SkyWest,

Inc.(Æ)

1,746

Sleep

Number

Corp.(Æ)

1,904

Star

Bulk

Carriers

Corp.

7,466

Sterling

Infrastructure,

Inc.(Æ)

1,549

StoneCo,

Ltd.

Class

A(Æ)

12,422

Stoneridge,

Inc.(Æ)

43,071

Strattec

Security

Corp.(Æ)

Sun

Country

Airlines

Holdings,

Inc.(Æ)

29,078

TAT

Technologies,

Ltd.(Æ)

9,615

Teekay

Tankers,

Ltd.

Class

A(Ð)

5,383

Tennant

Co.

6,617

Terex

Corp.

2,028

Thermon

Group

Holdings,

Inc.(Æ)

5,887

Titan

Machinery,

Inc.(Æ)

15,455

TopBuild

Corp.(Æ)

770

Toro

Co.

(The)

2,029

TriNet

Group,

Inc.

2,075

TrueBlue,

Inc.(Æ)

38,447

TSS,

Inc.(Æ)

3,946

Tutor

Perini

Corp.

3,864

UniFirst

Corp.

566

V2X,

Inc.(Æ)

5,676

Werner

Enterprises,

Inc.

33,945

1,019

Willscot

Holdings

Corp.

5,965

Xerox

Holdings

Corp.

19,480

ZipRecruiter,

Inc.

Class

A(Æ)

6,119

34,822

Technology

-

13.8%

8x8,

Inc.(Æ)

82,635

ACI

Worldwide,

Inc.(Æ)

3,825

ACM

Research,

Inc.

Class

A(Æ)

5,551

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)(Ð)

11,152

Ambarella,

Inc.(Æ)

4,769

Amkor

Technology,

Inc.(Û)

6,547

Angi,

Inc.(Æ)(Ð)

3,889

Appfolio,

Inc.

Class

A(Æ)

1,412

Appian

Corp.

Class

A(Æ)

12,506

Arteris,

Inc.(Æ)

2,423

Asana,

Inc.

Class

A(Æ)(Ð)

8,771

Aviat

Networks,

Inc.(Æ)

3,229

Backblaze,

Inc.

Class

A(Æ)

5,169

Bandwidth,

Inc.

Class

A(Æ)

1,286

Benchmark

Electronics,

Inc.

3,601

BigBear.ai

Holdings,

Inc.(Æ)

5,363

BigCommerce

Holdings,

Inc.(Æ)

5,131

BK

Technologies

Corp.(Æ)

1,629

Blend

Labs,

Inc.

Class

A(Æ)

31,724

Box,

Inc.

Class

A(Æ)

5,423

Bumble,

Inc.

Class

A(Æ)(Ð)

10,300

C3.ai,

Inc.

Class

A(Æ)(Ð)

11,705

Calix,

Inc.(Æ)

7,416

Cargurus,

Inc.(Æ)

2,554

Cars.com,

Inc.(Æ)

9,117

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Cerence,

Inc.(Æ)

9,249

Chime

Financial,

Inc.

Class

A(Æ)

7,047

Ciena

Corp.(Æ)

723

Cirrus

Logic,

Inc.(Æ)

2,400

Clear

Secure,

Inc.

Class

A

11,315

Clearfield,

Inc.(Æ)

2,093

CommScope

Holding

Co.,

Inc.(Æ)

20,507

CommVault

Systems,

Inc.(Æ)

1,154

Conduent,

Inc.(Æ)

5,152

Consensus

Cloud

Solutions,

Inc.

Class

W(Æ)

14,383

Crane

NXT

Co.

3,665

Credo

Technology

Group

Holding,

Ltd.(Æ)

(Ð)

4,027

579

Cricut,

Inc.

Class

A(Ð)

1,732

CSG

Systems

International,

Inc.

1,412

Digital

Turbine,

Inc.(Æ)

16,059

DigitalOcean

Holdings,

Inc.(Æ)(Ð)

8,078

Diodes,

Inc.(Æ)

1,713

Domo,

Inc.

Class

B(Æ)(Ð)

3,288

Dropbox,

Inc.

Class

A(Æ)

10,225

D-Wave

Quantum,

Inc.(Æ)

14,223

ePlus,

Inc.

1,861

Etsy,

Inc.(Æ)(Ð)

4,889

EverQuote,

Inc.

Class

A(Æ)

4,800

Evolent

Health,

Inc.

Class

A(Æ)(Ð)

7,661

Evolv

Technologies

Holdings,

Inc.(Æ)

16,933

Extreme

Networks,

Inc.(Æ)

8,904

FormFactor,

Inc.(Æ)

2,898

Frequency

Electronics,

Inc.(Æ)

1,079

GCI

Liberty,

Inc.

Class

C(Æ)

11,332

Graham

Corp.(Æ)

3,068

Grindr,

Inc.(Æ)

2,825

Guidewire

Software,

Inc.(Æ)

1,466

Ibotta,

Inc.

Class

A(Æ)(Ð)

886

IDT

Corp.

Class

B(Û)

882

Ingram

Micro

Holding

Corp.

2,201

Insight

Enterprises,

Inc.(Æ)(Ð)

1,175

IonQ,

Inc.(Æ)

6,961

Ituran

Location

and

Control,

Ltd.

5,683

JFrog,

Ltd.(Æ)

5,299

Kaltura,

Inc.(Æ)

128,701

KBR,

Inc.

4,299

Kimball

Electronics,

Inc.(Æ)

4,616

Kulicke

&

Soffa

Industries,

Inc.

2,046

LightPath

Technologies,

Inc.

Class

A(Æ)

18,517

Lumentum

Holdings,

Inc.

Class

E(Æ)

1,783

657

Lyft,

Inc.

Class

A(Æ)

14,681

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

1,781

Manhattan

Associates,

Inc.(Æ)

1,765

Maplebear,

Inc.(Æ)(Ð)(Û)

7,756

Marqeta,

Inc.

Class

A(Æ)

40,506

Match

Group,

Inc.(Ð)(Û)

10,415

MediaAlpha,

Inc.

Class

A(Æ)

2,622

Napco

Security

Technologies,

Inc.

11,005

nCino,

Inc.(Æ)

29,619

759

#### Russell

#### Investment

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
NCR

Voyix

Corp.(Æ)

38,403

NETGEAR,

Inc.(Æ)

6,212

Nextdoor

Holdings,

Inc.(Æ)

10,791

nLight,

Inc.(Æ)

2,013

Nutanix,

Inc.

Class

A(Æ)

7,094

Nutex

Health,

Inc.(Æ)

810

NVE

Corp.

8,509

505

Oddity

Tech,

Ltd.

Class

A(Æ)

7,752

ON24,

Inc.(Æ)

909

OneSpan,

Inc.

34,402

Onto

Innovation,

Inc.(Æ)

1,409

Ooma,

Inc.(Æ)

15,288

PagerDuty,

Inc.(Æ)

6,300

PC

Connection,

Inc.

PDF

Solutions,

Inc.(Æ)

35,712

1,019

Pegasystems,

Inc.

15,305

914

Photronics,

Inc.(Æ)

5,721

Planet

Labs

PBC(Æ)

18,782

Plexus

Corp.(Æ)

873

Porch

Group,

Inc.(Æ)

14,698

PubMatic,

Inc.

Class

A(Æ)

2,675

Qualys,

Inc.(Æ)

995

Quantum

Computing,

Inc.(Æ)

3,043

Rackspace

Technology,

Inc.(Æ)

1,523

RADCOM,

Ltd.(Æ)

13,658

Rambus,

Inc.(Æ)

4,548

Rapid7,

Inc.(Æ)

6,672

Red

Violet,

Inc.

7,057

Ribbon

Communications,

Inc.(Æ)

2,980

RingCentral,

Inc.

Class

A(Æ)(Ð)

7,772

Roku,

Inc.(Æ)(Û)

3,488

Sandisk

Corp.(Æ)(Û)

552

Sanmina

Corp.(Æ)

1,781

Semtech

Corp.(Æ)

5,653

SentinelOne,

Inc.

Class

A(Æ)(Ð)

12,564

Silicon

Laboratories,

Inc.(Æ)(Ð)

1,902

Silicon

Motion

Technology

Corp.

-

ADR

2,691

SiTime

Corp.(Æ)

2,188

773

Sonos,

Inc.(Æ)

11,071

SPS

Commerce,

Inc.(Æ)

900

Telos

Corp.(Æ)

1,857

Teradata

Corp.(Æ)

12,064

Tower

Semiconductor,

Ltd.(Æ)

2,033

TTEC

Holdings,

Inc.(Æ)

12,385

Unisys

Corp.(Æ)

3,664

Universal

Display

Corp.

2,835

Upland

Software,

Inc.(Æ)

24,780

Varonis

Systems,

Inc.(Æ)

5,874

Veeco

Instruments,

Inc.(Æ)

6,826

Viavi

Solutions,

Inc.

Class

W(Æ)

3,270

Vishay

Intertechnology,

Inc.

38,474

558

VTEX

Class

A(Æ)

38,652

Weave

Communications,

Inc.(Æ)

4,488

Workiva,

Inc.(Æ)

6,664

575

Xperi,

Inc.(Æ)(Ð)

2,050

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Zeta

Global

Holdings

Corp.

Class

A(Æ)

9,720

28,727

Utilities

-

2.5%

Allot,

Ltd.(Æ)

5,963

Artesian

Resources

Corp.

Class

A

5,865

BKV

Corp.(Æ)

11,936

Black

Hills

Corp.

3,156

California

Resources

Corp.

2,146

Chesapeake

Utilities

Corp.

1,638

CNX

Resources

Corp.(Æ)

4,366

Excelerate

Energy,

Inc.

Class

A(Ð)

29,805

836

Genie

Energy,

Ltd.

Class

B

4,616

Golar

LNG,

Ltd.

4,075

Granite

Ridge

Resources,

Inc.(Ð)

962

Gulfport

Energy

Corp.(Æ)

862

IDACORP,

Inc.

2,592

Infinity

Natural

Resources,

Inc.

Class

A(Æ)

19,067

New

Jersey

Resources

Corp.

2,126

Northern

Oil

and

Gas,

Inc.

8,787

ONE

Gas,

Inc.

3,042

Permian

Resources

Corp.

16,923

Portland

General

Electric

Co.

3,505

RGC

Resources,

Inc.

6,714

Riley

Exploration

Permian,

Inc.

3,007

Southwest

Gas

Holdings,

Inc.

1,351

Spire,

Inc.

4,313

Telephone

and

Data

Systems,

Inc.

2,730

Unitil

Corp.

6,888

5,152

#### Total

#### Common

#### Stocks
(cost

$175,388)

206,693

#### 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

#### Total

#### Warrants

#### and

#### Rights
(cost

$14)

#### Short-Term

#### Investments

#### -

#### 3.9%
U.S.

Cash

Management

Fund(@)

8,049,928

(∞)

8,050

#### Total

#### Short-Term

#### Investments
(cost

$8,048)

8,050

#### Total

#### Investments

#### -

#### 103.5%
(identified

cost

$183,450)

214,757

#### Securities

#### Sold

#### Short

#### -

#### (3.7)%
Consumer

Discretionary

-

(0.5)%

Altice

USA,

Inc.

Class

A(Æ)

(4,400)

(7) Avis

Budget

Group,

Inc.(Æ)

(946) (121) Blade

Air

Mobility,

Inc.(Æ)

(5,021)

(24) #### Russell

#### Investment

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Dave

&

Buster's

Entertainment,

Inc.(Æ)

(1,657)

(27) Dutch

Bros,

Inc.

Class

A(Æ)

(2,525)

(155) Jack

in

the

Box,

Inc.

(2,106)

(40) Joby

Aviation,

Inc.(Æ)

(9,363)

(124) Leggett

&

Platt,

Inc.

(11,028)

(121) LGI

Homes,

Inc.(Æ)

(990) (43) Lincoln

Educational

Services

Corp.(Æ)

(240) (6) Lithia

Motors,

Inc.

Class

A

(376) (125) SEACOR

Marine

Holdings,

Inc.(Æ)

(648) (4) Sirius

Xm

Holdings,

Inc.

(5,926)

(118) TechTarget

Inc.(Æ)

(3,145)

(17) Unusual

Machines,

Inc.(Æ)

(398) (5) Ziff

Davis,

Inc.(Æ)

(58) (2) (939) Consumer

Staples

-

(0.1)%

Cadiz,

Inc.(Æ)

(3,275)

(19) Energizer

Holdings,

Inc.

(4,124)

(82) Grocery

Outlet

Holding

Corp.(Æ)

(3,200)

(32) Quanex

Building

Products

Corp.

(2,404)

(37) Westrock

Coffee

Co.(Æ)

(2,764)

(11) (181) Energy

-

(0.3)%

ASP

Isotopes,

Inc.(Æ)

(1,905)

(10) Atlas

Energy

Solutions,

Inc.

(1,730)

(16) Cleanspark,

Inc.(Æ)

(296) (3) Core

Laboratories,

Inc.

(2,597)

(42) Core

Natural

Resources,

Inc.

(1,738)

(154) Flotek

Industries,

Inc.(Æ)

(1,160)

(20) Hallador

Energy

Co.(Æ)

(1,537)

(29) Innovex

International,

Inc.(Æ)

(2,175)

(48) NextNRG,

Inc.(Æ)

(3,100)

(4) Shoals

Technologies

Group,

Inc.

Class

A(Æ)

(6,626)

(56) Solaris

Energy

Infrastructure,

Inc.

Class

A

(470) (22) Sunrun,

Inc.(Æ)

(2,738)

(50) Uranium

Energy

Corp.(Æ)

(10,323)

(121) Viper

Energy,

Inc.

Class

A

(3,397)

(131) (706) Financial

Services

-

(0.4)%

AGNC

Investment

Corp.(ö)

(1,224)

(13) Atlantic

Union

Bankshares

Corp.

(1,080)

(38) Burke

&

Herbert

Financial

Services

Corp.

(391) (24) Cipher

Mining,

Inc.(Æ)

(854) (13) Erie

Indemnity

Co.

Class

A

(153) (44) Flagstar

Bank

NA

(10,728)

(135) FTAI

Infrastructure,

Inc.

(9,373)

(43) Glacier

Bancorp,

Inc.

(861) (38) Global

Net

Lease,

Inc.(ö)

(8,120)

(70) Hudson

Pacific

Properties,

Inc.(Æ)(ö)

(2,830)

(31) loanDepot,

Inc.

Class

A(Æ)

(4,351)

(9) MBIA,

Inc.(Æ)

(1,042)

(7) Norwood

Financial

Corp.

(88) (2) Old

National

Bancorp

(5,119)

(114) OppFi,

Inc.

(1,536)

(16) P10,

Inc.

Class

A

(2,404)

(24) Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Ready

Capital

Corp.(ö)

(6,567)

(14) Rithm

Property

Trust,

Inc.(ö)

(189) (3) Shift4

Payments,

Inc.

Class

A(Æ)

(1,298)

(82) Sunrise

Realty

Trust,

Inc.(ö)

(410) (4) TIC

Solutions,

Inc.(Æ)

(11,940)

(121) UWM

Holdings

Corp.

(18,508)

(81) (926) Health

Care

-

(0.8)%

4D

Molecular

Therapeutics,

Inc.(Æ)

(1,085)

(8) Abeona

Therapeutics,

Inc.(Æ)

(4,749)

(25) Acadia

Healthcare

Co.,

Inc.(Æ)

(8,582)

(122) Achieve

Life

Sciences,

Inc.(Æ)

(1,900)

(9) AdaptHealth

Corp.(Æ)

(5,192)

(52) ADMA

Biologics,

Inc.(Æ)

(1,616)

(29) Alphatec

Holdings,

Inc.(Æ)

(2,379)

(50) Arrowhead

Pharmaceuticals,

Inc.(Æ)

(2,375)

(158) ARS

Pharmaceuticals,

Inc.(Æ)

(3,423)

(40) aTyr

Pharma,

Inc.(Æ)

(1,316)

(1) Aura

Biosciences,

Inc.(Æ)

(1,136)

(6) CG

Oncology,

Inc.(Æ)

(3,873)

(161) Corbus

Pharmaceuticals

Holdings,

Inc.(Æ)

(239) (2) Crinetics

Pharmaceuticals,

Inc.(Æ)

(303) (14) ETON

Pharmaceuticals,

Inc.(Æ)

(2,376)

(40) Geron

Corp.(Æ)

(43,117)

(57) Globus

Medical,

Inc.

Class

A(Æ)

(548) (48) InfuSystem

Holdings,

Inc.(Æ)

(1,318)

(12) Jade

Biosciences,

Inc.

(942) (15) KalVista

Pharmaceuticals,

Inc.(Æ)

(5,269)

(85) Lifecore

Biomedical,

Inc.(Æ)

(1,185)

(10) Pennant

Group,

Inc.

(The)(Æ)

(1,079)

(30) Precigen,

Inc.(Æ)

(10,147)

(42) PROCEPT

BioRobotics

Corp.(Æ)

(1,595)

(50) QuidelOrtho

Corp.(Æ)

(1,615)

(46) RadNet,

Inc.(Æ)

(2,087)

(149) Revolution

Medicines,

Inc.(Æ)

(2,030)

(162) Solid

Biosciences

Inc.(Æ)

(2,647)

(15) Standard

BioTools,

Inc.(Æ)

(2,200)

(3) Tectonic

Therapeutic,

Inc.(Æ)

(32) (1) UFP

Technologies,

Inc.(Æ)

(285) (63) Vaxcyte,

Inc.(Æ)

(3,307)

(153) Verastem,

Inc.(Æ)

(2,373)

(18) (1,676)

Materials

and

Processing

-

(0.2)%

Airjoule

Technologies

Corp.(Æ)

(209) (1) Cleveland-Cliffs,

Inc.(Æ)

(3,251)

(43) Compass

Minerals

International,

Inc.(Æ)

(2,599)

(51) Dakota

Gold

Corp.(Æ)

(6,296)

(36) Interface,

Inc.

Class

A

(749) (21) Ivanhoe

Electric,

Inc.(Æ)

(3,973)

(64) Knife

River

Corp.(Æ)

(1,549)

(109) Quaker

Chemical

Corp.

(185) (25) (350) Producer

Durables

-

(0.8)%

AeroVironment,

Inc.(Æ)

(545) (132) #### Russell

#### Investment

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Amprius

Technologies,

Inc.(Æ)

(7,695)

(61) Casella

Waste

Systems,

Inc.

Class

A(Æ)

(1,381)

(135) CBIZ,

Inc.(Æ)

(1,453)

(73) Construction

Partners,

Inc.

Class

A(Æ)

(629) (68) CoreCivic,

Inc.(Æ)

(3,569)

(68) Dorman

Products,

Inc.(Æ)

(762) (94) First

Advantage

Corp.(Æ)

(3,549)

(52) Forward

Air

Corp.(Æ)

(341) (8) GEO

Group,

Inc.

(The)(Æ)

(5,619)

(91) I3

Verticals,

Inc.

Class

A(Æ)

(1,306)

(33) indie

Semiconductor,

Inc.

Class

A(Æ)

(24,279)

(86) JBT

Marel

Corp.

(990) (149) Kadant,

Inc.

(309) (88) Mirion

Technologies,

Inc.(Æ)

(5,551)

(130) NET

Power,

Inc.(Æ)

(8,246)

(19) NuScale

Power

Corp.(Æ)

(5,969)

(85) Proficient

Auto

Logistics,

Inc.(Æ)

(297) (3) Red

Cat

Holdings,

Inc.(Æ)

(1,267)

(10) Sabre

Corp.(Æ)

(17,202)

(23) Standex

International

Corp.

(465) (101) Uniti

Group

Inc.(Æ)

(9,349)

(65) (1,574)

Technology

-

(0.5)%

Applied

Optoelectronics,

Inc.(Æ)

(656) (23) BlackSky

Technology,

Inc.(Æ)

(1,900)

(36) Concentrix

Corp.

(3,429)

(142) Crane

NXT

Co.

(1,946)

(92) Evolv

Technologies

Holdings,

Inc.(Æ)

(7,342)

(52) Five9,

Inc.(Æ)

(4,683)

(94) Impinj,

Inc.(Æ)

(669) (116) KULR

Technology

Group,

Inc.(Æ)

(2,366)

(7) Lattice

Semiconductor

Corp.(Æ)

(2,039)

(150) NextNav,

Inc.(Æ)

(4,557)

(76) PAR

Technology

Corp.(Æ)

(1,875)

(68) Powerfleet,

Inc.(Æ)

(9,712)

(52) Progress

Software

Corp.(Æ)

(2,950)

(127) Unity

Software,

Inc.(Æ)

(1,138)

(50) (1,085)

Utilities

-

(0.1)%

Gogo,

Inc.(Æ)

(6,453)

(30) Kosmos

Energy,

Ltd.(Æ)

(30,785)

(28) NextDecade

Corp.(Æ)

(7,366)

(39) Prairie

Operating

Co.(Æ)

(4,198)

(7) Sable

Offshore

Corp.(Æ)

(3,527)

(32) UGI

Corp.

(1,022)

(38) (174) #### Total

#### Securities

#### Sold

#### Short
(proceeds

$7,412)

(7,611)

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.2%

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Net

#### Assets

#### -

#### 100.0%
207,484

#### Russell

#### Investment

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

Russell

2000

E-Mini

Index

Futures

USD

7,119

03/26

(215) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(215) #### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Consumer

Discretionary

$

23,662

$

—

$

—

$

—

$

23,662

Consumer

Staples

5,194

—

—

—

5,194

Energy

9,889

—

—

—

9,889

Financial

Services

45,973

—

—

—

45,973

Health

Care

36,331

—

—

—

36,331

Materials

and

Processing

16,943

—

—

—

16,943

Producer

Durables

34,822

—

—

—

34,822

Technology

28,727

—

—

—

28,727

Utilities

5,152

—

—

—

5,152

Warrants

and

Rights

—

—

—

Short-Term

Investments

—

—

—

8,050

8,050

Total

Investments

206,693

—

8,050

214,757

Securities

Sold

Short

\*

(7,611)

—

—

—

(7,611)

Other

Financial

Instruments

Liabilities

Futures

Contracts

(215) —

—

—

(215) Total

Other

Financial

Instruments

\*\*

$

(215) $

—

$

—

$

—

$

(215) \*

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

\*\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

December

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

December

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

#### Russell

#### Investment

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

720

$

—

Foreign

currency-related

transactions

—

Total

$

720

$

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

$

—

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

#### Offsetting

#### of

#### Financial

#### Liabilities

#### and

#### Derivative

#### Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Short

Sales

Securities

sold

short,

at

fair

value

$

7,611

$

—

$

7,611

Total

Financial

and

Derivative

Liabilities

7,611

—

7,611

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

7,611

$

—

$

7,611

#### Financial

#### Liabilities,

#### Derivative

#### Liabilities,

#### and

#### Collateral

#### Pledged

#### by

#### Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
State

Street

$

7,611

$

—

$

7,611

$

—

Total

$

7,611

$

—

$

7,611

$

—

^

Collateral

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

183,450

Investments,

at

fair

value(>)

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

214,757

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Investments

sold

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

1,886

Fund

shares

sold

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

From

broker(a)

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

702

Total

assets

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

217,526

#### Liabilities
Payables:

Investments

purchased

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

1,876

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Variation

margin

on

futures

contracts

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

Securities

sold

short,

at

fair

value(‡)

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

7,611

Total

liabilities

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

10,042

#### Net

#### Assets

#### ...............................................................................................................................................................
$

207,484

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

29,069

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

178,271

#### Net

#### Assets

#### ...............................................................................................................................................................
$

207,484

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

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

$

8,050

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

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

$

702

(‡)&nbsp;&nbsp;&nbsp;&nbsp;

Proceeds

on

securities

sold

short

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

$

7,412

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

(#)

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

$

14.46 Net

assets

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

$

207,484,086

Shares

outstanding

($.01

par

value)

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

14,351,427

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

2,869

Dividend

distributions

from

affiliated

funds

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

Interest

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

Total

investment

income

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

3,308

#### Expenses
Advisory

fees

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

1,806

Administrative

fees

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

Custodian

fees

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

Transfer

agent

fees

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

Professional

fees

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

Trustees'

fees

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

Printing

fees

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

Dividends

from

securities

sold

short

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

Interest

expense

paid

on

securities

sold

short

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

Miscellaneous

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

Expenses

before

reductions

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

2,217

Expense

reductions

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

(49) Net

expenses

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

2,168

Net

investment

income

(loss)

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

1,140

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

9,528

Investments

in

affiliated

funds

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

(1) Futures

contracts

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

720

Foreign

currency

exchange

contracts

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

Securities

sold

short

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

(2,003)

Net

realized

gain

(loss)

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

8,245

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

5,481

Investments

in

affiliated

funds

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

Futures

contracts

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

Securities

sold

short

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

590

Net

change

in

unrealized

appreciation

(depreciation)

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

6,279

Net

realized

and

unrealized

gain

(loss)

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

14,524

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

15,664

#### Russell

#### Investment

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### For

#### the

#### Periods

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

1,140

$

1,332

Net

realized

gain

(loss)

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

8,245

19,718

Net

change

in

unrealized

appreciation

(depreciation)

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

6,279

(3,374)

Net

increase

(decrease)

in

net

assets

from

operations

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

15,664

17,676

#### Distributions
To

shareholders

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

(8,560)

(19,742)

Net

decrease

in

net

assets

from

distributions

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

(8,560)

(19,742)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(14,124)

691

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(7,020)

(1,375)

#### Net

#### Assets
Beginning

of

period

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

214,504

215,879

End

of

period

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

$

207,484

$

214,504

\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2025

and

December

31,

2024

were

as

follows:

#### 2025

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Proceeds

from

shares

sold

$

5,561

$

6,403

Proceeds

from

reinvestment

of

distributions

600

8,560

1,413

19,742

Payments

for

shares

redeemed

(2,108)

(28,245)

(1,741)

(25,454)

Total

increase

(decrease)

(1,086)

$

(14,124)

$

691

See

accompanying

notes

which

are

an

integral

part

of

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

a

Share

Outstanding

Throughout

Each

Period.

#### 12/31/25

#### 12/31/24

#### 12/31/23

#### 12/31/22

#### 12/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

13.90 14.08 12.56 15.27 15.75 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.0

.09

.09

.05

.01

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.0 6

1.10 1.61 (2.46)

3.92 $

Total

from

Investment

Operations

1.14 1.19 1.70 (2.41)

3.93 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.09)

(.24)

(.09)

(.03)

(.04)

$

Distributions

from

Net

Realized

Gain

(.49)

(1.13)

(.09)

(.27)

(4.37)

$

Total

Distributions

(.58)

(1.37)

(.18)

(.30)

(4.41)

$

Net

Asset

Value,

End

of

Period

14.46 13.90 14.08 12.56 15.27 %

Total

Return

(±)

8.34 8.53 13.61 (15.96)

25.79 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 207,484

214,504

215,879

206,162

257,553

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.11 1.16 1.17 1.15 1.14 %

Expenses,

Net

(Ƃ)(∆)

1.08 1.13 1.13 1.12 1.13 %

Net

Investment

Income

(Ƃ)

.5

.61

.70

.40

.05

%

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S,

Small

Cap

Equity

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

fees

payable

to

affiliates

as

of

December

31,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

December

31,

2025

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
At

December

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

December

31,

2025

and

December

31,

2024,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Advisory

fees

$

161,823

Administrative

fees

8,990

Transfer

agent

fees

791

Trustees'

fees

1,447

$

173,051

#### 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
U.S.

Cash

Management

Fund

$

7,829

$

61,308

$

61,088

$

(1)

$

$

8,050

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

180,164,847

$

40,147,440

$

(13,166,521)

$

26,980,919

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Lo

#### ss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Post

#### October

#### Losses

#### Deferred\*\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

73,136

$

2,014,997

$

26,980,922

$

—

$

—

$

29,069,055

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

\*\*\*

Post-October

Losses

represent

certain

ordinary,

specific

and/or

capital

losses

incurred

after

October

of

the

previous

year.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

funds'

next

taxable

year.

#### December

#### 31,

#### 2025

#### December

#### 31,

#### 2024

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
$

4,118,917

$

4,440,773

$

—

$

3,422,790

$

16,319,633

$

—

#### Russell

#### Investment

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S,

Small

Cap

Equity

Fund

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting. These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps. These

adjustments

have

no

impact

on

the

net

assets.

At

December

31,

2025,

there

were

no

adjustments

made

to

the

Statement

of

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Funds

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 91.9%
Australia

-

1.9%

Aristocrat

Leisure,

Ltd.

3,255

ASX,

Ltd.

2,670

BHP

Group,

Ltd.

38,868

1,173

Brambles,

Ltd.

19,372

Coles

Group,

Ltd.

36,105

517

Commonwealth

Bank

of

Australia

5,561

594

Computershare,

Ltd.

5,228

Evolution

Mining,

Ltd.

23,371

Insurance

Australia

Group,

Ltd.

79,465

Medibank

Pvt,

Ltd.

36,191

Northern

Star

Resources,

Ltd.

19,393

Pro

Medicus,

Ltd.

598

Qantas

Airways,

Ltd.

16,110

QBE

Insurance

Group,

Ltd.

65,181

863

Rio

Tinto

PLC

7,310

583

Rio

Tinto,

Ltd.

1,154

Sigma

Healthcare,

Ltd.

59,974

Suncorp

Group,

Ltd.

43,418

510

Telstra

Group,

Ltd.

159,864

519

Wesfarmers,

Ltd.

7,915

Westpac

Banking

Corp.

7,552

7,521

Austria

-

0.7%

ams-OSRAM

AG(Æ)

9,432

Erste

Group

Bank

AG

18,881

2,272

Mondi

PLC

28,235

2,708

Belgium

-

0.3%

Ageas

SA

8,204

575

Anheuser-Busch

InBev

SA

3,448

KBC

Groep

NV

1,202

Proximus

SADP

14,126

1,070

Brazil

-

1.2%

Ambev

SA

429,543

1,081

Banco

Bradesco

SA

-

ADR

259,453

864

Banco

do

Brasil

SA

91,419

Lojas

Renner

SA

118,790

MercadoLibre,

Inc.(Æ)

709

Natura

Cosmeticos

SA(Æ)

150,707

Telefonica

Brasil

SA

81,880

Ultrapar

Participacoes

SA

60,622

Vale

SA

15,832

Wheaton

Precious

Metals

Corp.

1,545

4,618

Burkina

Faso

-

0.0%

Endeavour

Mining

PLC

1,888

Canada

-

4.4%

Agnico

Eagle

Mines,

Ltd.

2,785

Alamos

Gold,

Inc.

Class

A

3,857

Bank

of

Montreal

2,381

Barrick

Mining

Corp.

19,210

837

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Brookfield

Asset

Management,

Inc.

Class

A

1,855

Canadian

Imperial

Bank

of

Commerce

6,354

576

Canadian

National

Railway

Co.

9,091

899

Canadian

Natural

Resources,

Ltd.

3,367

CCL

Industries,

Inc.

Class

B

2,111

Constellation

Software,

Inc.

Dollarama,

Inc.

6,490

970

Enbridge,

Inc.

7,994

Fairfax

Financial

Holdings,

Ltd.

Franco-Nevada

Corp.

Class

T

773

George

Weston,

Ltd.

1,650

Great-West

Lifeco,

Inc.

12,163

600

Hydro

One,

Ltd.(Þ)

11,083

iA

Financial

Corp.,

Inc.

3,247

Imperial

Oil,

Ltd.

2,259

Intact

Financial

Corp.

1,404

Kinross

Gold

Corp.

14,736

Loblaw

Cos.,

Ltd.

6,820

Magna

International,

Inc.

Class

A

25,824

1,377

Manulife

Financial

Corp.

24,536

891

Metro,

Inc.

Class

A

960

Nutrien,

Ltd.

5,734

RB

Global,

Inc.

1,024

Royal

Bank

of

Canada

11,711

1,997

Shopify,

Inc.

Class

A(Æ)

8,005

1,289

Stantec,

Inc.

6,508

614

Sun

Life

Financial,

Inc.

17,447

1,089

Suncor

Energy,

Inc.

9,544

Tourmaline

Oil

Corp.

12,268

550

WSP

Global,

Inc.

551

17,351

China

-

3.6%

Alibaba

Group

Holding,

Ltd.

152,814

2,797

Alibaba

Group

Holding,

Ltd.

-

ADR

4,661

683

Baidu,

Inc.

Class

A(Æ)

39,000

639

Bank

of

China

(Hong

Kong),

Ltd.

26,000

China

Mengniu

Dairy

Co.,

Ltd.

95,000

China

Merchants

Bank

Co.,

Ltd.

Class

H

81,500

551

China

Overseas

Land

&

Investment,

Ltd.

335,000

526

Haier

Smart

Home

Co.,

Ltd.

Class

H

193,200

600

Laopu

Gold

Co.,

Ltd.

Class

H

6,671

529

Prosus

NV

4,201

Tencent

Holdings,

Ltd.

67,684

5,186

Trip.com

Group,

Ltd.

-

ADR

27,817

2,000

14,085

Denmark

-

1.3%

Danske

Bank

A/S

25,987

1,296

DSV

A/S

3,349

843

Novo

Nordisk

A/S

Class

B

60,133

3,065

Novonesis

(Novozymes)

B

Class

B

589

5,242

Finland

-

0.6%

Elisa

Oyj

4,569

Nokia

Oyj

302,017

1,956

#### Russell

#### Investment

#### Funds

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Nordea

Bank

Abp

6,897

Sampo

Oyj

Class

A

7,889

2,385

France

-

7.9%

Accor

SA

24,032

1,362

Air

Liquide

SA

Class

A

1,122

Airbus

SE

4,061

942

Amundi

SA(Þ)

12,393

1,025

Arkema

SA

18,382

1,124

AXA

SA

18,142

873

BNP

Paribas

SA

13,400

1,268

Bureau

Veritas

SA

26,909

857

Carrefour

SA

30,552

510

Cie

de

Saint-Gobain

SA

7,090

720

Cie

Generale

des

Etablissements

Michelin

SCA

46,355

1,537

Credit

Agricole

SA

34,119

700

Danone

SA

12,552

1,133

Dassault

Aviation

SA

1,707

547

Engie

SA

48,672

1,280

EssilorLuxottica

SA

2,061

652

Hermes

International

1,122

L'Oreal

SA

1,654

710

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,138

2,366

Orange

SA

56,222

938

Publicis

Groupe

SA

13,920

1,444

Renault

SA

7,610

Rexel

SA

Class

H

35,425

1,392

Safran

SA

3,032

1,055

Sartorius

Stedim

Biotech

7,859

1,934

Societe

Generale

SA

22,807

1,837

Teleperformance

17,623

1,270

Thales

SA

TotalEnergies

SE

22,842

1,489

Valeo

SE

19,170

Vinci

SA

2,615

31,366

Germany

-

7.8%

adidas

AG

3,409

671

Allianz

SE

1,869

857

Aumovio

SE(Æ)

3,312

BASF

SE

37,563

1,962

Bayer

AG

26,978

1,164

Continental

AG

15,992

1,277

CTS

Eventim

AG

&

Co.

KGaA

20,971

1,925

Daimler

Truck

Holding

AG

49,501

2,171

Deutsche

Bank

AG

5,226

Deutsche

Boerse

AG

7,096

1,864

Deutsche

Post

AG

3,462

Deutsche

Telekom

AG

13,245

E.ON

SE

8,607

Evonik

Industries

AG

73,823

1,159

Fresenius

Medical

Care

AG

&

Co.

KGaA

19,360

928

Fresenius

SE

&

Co.

KGaA

14,620

841

GEA

Group

AG

4,504

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Hannover

Rueck

SE

2,789

871

Heidelberg

Materials

AG

1,619

Infineon

Technologies

AG

17,295

766

Mercedes-Benz

Group

AG

13,063

922

MTU

Aero

Engines

AG

5,292

2,207

Muenchener

Rueckversicherungs-

Gesellschaft

AG

1,762

1,164

Rheinmetall

AG

767

1,406

SAP

SE

14,970

3,663

Siemens

AG

2,081

584

Siemens

Energy

AG

2,449

Symrise

AG

27,455

2,222

Wacker

Chemie

AG

691

30,909

Hong

Kong

-

1.9%

AIA

Group,

Ltd.

231,339

2,376

ASMPT,

Ltd.

28,400

CK

Asset

Holdings,

Ltd.

72,049

Hang

Seng

Bank,

Ltd.

13,500

Hong

Kong

Exchanges

&

Clearing,

Ltd.

8,500

Power

Assets

Holdings,

Ltd.

48,000

Prudential

PLC

160,785

2,481

Sino

Land

Co.,

Ltd.

122,000

Sun

Hung

Kai

Properties,

Ltd.

10,000

WH

Group,

Ltd.(Þ)

414,500

Yue

Yuen

Industrial

Holdings,

Ltd.

35,500

7,368

India

-

0.8%

HDFC

Bank,

Ltd.

-

ADR

65,800

2,404

Larsen

&

Toubro,

Ltd.

-

GDR(Þ)

17,257

771

3,175

Indonesia

-

0.6%

Bank

Central

Asia

Tbk

PT

3,294,500

1,590

Bank

Negara

Indonesia

Persero

Tbk

PT

1,178,900

Bank

Rakyat

Indonesia

Persero

Tbk

PT

1,627,300

2,256

Ireland

-

1.2%

Accenture

PLC

Class

A

2,333

626

AIB

Group

PLC

74,276

798

Bank

of

Ireland

Group

PLC

117,759

2,253

Flutter

Entertainment

PLC(Æ)

4,423

959

4,636

Israel

-

0.2%

Bank

Hapoalim

BM

7,600

Bank

Leumi

Le-Israel

BM

8,525

Check

Point

Software

Technologies,

Ltd.

(Æ)

1,404

620

Italy

-

3.1%

Banca

Mediolanum

SpA

7,513

BPER

Banca

59,093

799

Coca-Cola

HBC

AG

7,781

Davide

Campari-Milano

NV

SpA

205,860

1,337

#### Russell

#### Investment

#### Funds

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Enel

SpA

150,931

1,573

Eni

SpA

43,838

832

FinecoBank

Banca

Fineco

SpA

135,359

3,515

Generali

3,093

Intesa

Sanpaolo

SpA

28,762

Recordati

SpA

3,577

Ryanair

Holdings

PLC

4,044

Ryanair

Holdings

PLC

-

ADR

11,627

839

Snam

SpA

18,972

Terna

-

Rete

Elettrica

Nazionale

7,792

UniCredit

SpA

23,853

1,980

12,331

Japan

-

16.2%

Advantest

Corp.

8,800

1,111

Aeon

Co.,

Ltd.

10,500

Ajinomoto

Co.,

Inc.

5,400

Alfresa

Holdings

Corp.

11,600

Alps

Alpine

Co.,

Ltd.

4,900

Amada

Co.,

Ltd.

13,400

Asahi

Group

Holdings,

Ltd.

4,800

Asics

Corp.

10,600

Astellas

Pharma,

Inc.

60,800

812

Bandai

Namco

Holdings,

Inc.

7,700

Bridgestone

Corp.

65,200

1,467

Canon,

Inc.

26,100

773

Capcom

Co.,

Ltd.

4,500

Chiba

Bank,

Ltd.

(The)

52,600

585

Chugai

Pharmaceutical

Co.,

Ltd.

21,300

1,120

Daifuku

Co.,

Ltd.

4,300

Dai-ichi

Life

Holdings,

Inc.

45,100

Daiichi

Sankyo

Co.,

Ltd.

5,000

Daikin

Industries,

Ltd.

11,500

1,476

Daito

Trust

Construction

Co.,

Ltd.

5,800

Daiwa

House

Industry

Co.,

Ltd.

4,700

Denso

Corp.

53,800

742

Dentsu,

Inc.

19,900

East

Japan

Railway

Co.

6,000

Eisai

Co.,

Ltd.

7,340

Fast

Retailing

Co.,

Ltd.

1,300

FUJIFILM

Holdings

Corp.

37,600

803

Fujikura,

Ltd.

2,900

Fujitsu,

Ltd.

15,400

Fukuoka

Financial

Group,

Inc.

17,300

558

Hakuhodo

DY

Holdings,

Inc.

25,200

Hino

Motors,

Ltd.(Æ)

37,700

Hitachi,

Ltd.

47,300

1,467

Honda

Motor

Co.,

Ltd.

39,913

Horiba,

Ltd.

2,300

Hoya

Corp.

12,200

1,848

IHI

Corp.

10,500

Iida

Group

Holdings

Co.,

Ltd.

18,100

Isuzu

Motors,

Ltd.

4,100

ITOCHU

Corp.

74,500

940

Japan

Airlines

Co.,

Ltd.

13,000

Japan

Exchange

Group,

Inc.

26,500

Japan

Post

Insurance

Co.,

Ltd.

Class

A

20,300

609

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Japan

Tobacco,

Inc.

22,700

817

JGC

Holdings

Corp.

18,600

Kajima

Corp.

8,300

Kao

Corp.

15,600

624

KDDI

Corp.

11,800

Keyence

Corp.

5,500

1,993

Kobe

Bussan

Co.,

Ltd.

1,800

Koito

Manufacturing

Co.,

Ltd.

26,200

Komatsu,

Ltd.

9,400

Konami

Holdings

Corp.

1,300

Kubota

Corp.

111,800

1,579

Kyocera

Corp.

41,000

576

LY

Corp.

15,100

M3,

Inc.

7,800

MatsukiyoCocokara

&

Co.

2,800

Minebea

Co.,

Ltd.

62,800

1,261

Mitsubishi

Estate

Co.,

Ltd.

32,000

779

Mitsubishi

Gas

Chemical

Co.,

Inc.

15,500

Mitsubishi

Heavy

Industries,

Ltd.

16,600

Mitsubishi

UFJ

Financial

Group,

Inc.

40,000

635

Mitsui

Fudosan

Co.,

Ltd.

12,000

Mizuho

Financial

Group,

Inc.

9,400

MonotaRO

Co.,

Ltd.

2,700

MS&AD

Insurance

Group

Holdings,

Inc.

37,700

888

Murata

Manufacturing

Co.,

Ltd.

54,300

1,127

NEC

Corp.

12,900

Nikon

Corp.

13,800

Nintendo

Co.,

Ltd.

11,300

763

Nippon

Television

Holdings,

Inc.

7,200

Nissan

Motor

Co.,

Ltd.(Æ)

106,600

Nitto

Denko

Corp.

32,800

779

Nomura

Research

Institute,

Ltd.

4,900

NTT,

Inc.

106,550

Obayashi

Corp.

7,100

Obic

Co.,

Ltd.

2,000

Olympus

Corp.

85,700

1,092

Ono

Pharmaceutical

Co.,

Ltd.

9,391

Oracle

Corp.

900

Osaka

Gas

Co.,

Ltd.

2,200

Otsuka

Corp.

7,700

Otsuka

Holdings

Co.,

Ltd.

4,800

Pan

Pacific

International

Holdings

Corp.

23,000

Panasonic

Holdings

Corp.

27,300

Persol

Holdings

Co.,

Ltd.

163,800

Recruit

Holdings

Co.,

Ltd.

5,600

Resona

Holdings,

Inc.

216,700

2,055

Rinnai

Corp.

10,900

Rohm

Co.,

Ltd.

34,000

Sanrio

Co.,

Ltd.

2,300

SCREEN

Holdings

Co.,

Ltd.

1,400

SCSK

Corp.

1,900

Secom

Co.,

Ltd.

52,500

1,866

Sega

Sammy

Holdings,

Inc.

8,300

Sekisui

Chemical

Co.,

Ltd.

19,100

Shimano,

Inc.

2,500

Shin-Etsu

Chemical

Co.,

Ltd.

29,000

902

Shionogi

&

Co.,

Ltd.

35,900

650

#### Russell

#### Investment

#### Funds

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
SMC

Corp.

1,200

SoftBank

Corp.

181,700

SoftBank

Group

Corp.

22,800

643

Sompo

Holdings,

Inc.

32,900

1,120

Sony

Financial

Group,

Inc.(Æ)

13,550

Sony

Group

Corp.

65,350

1,670

Stanley

Electric

Co.,

Ltd.

9,939

Subaru

Corp.

40,144

862

Sumitomo

Heavy

Industries,

Ltd.

8,000

Sumitomo

Mitsui

Financial

Group,

Inc.

16,900

544

Sumitomo

Mitsui

Trust

Holdings,

Inc.

26,000

790

Sumitomo

Rubber

Industries,

Ltd.

14,500

Suntory

Beverage

&

Food,

Ltd.

53,000

1,602

Suzuki

Motor

Corp.

20,400

T&D

Holdings,

Inc.

38,600

889

Taiheiyo

Cement

Corp.

4,900

Taisei

Corp.

2,000

Taiyo

Nippon

Sanso

Corp.

1,400

Takeda

Pharmaceutical

Co.,

Ltd.

32,500

1,010

TDK

Corp.

76,800

1,087

THK

Co.,

Ltd.

7,300

TIS,

Inc.

1,700

Toho

Co.,

Ltd.

1,900

Tokio

Marine

Holdings,

Inc.

35,000

1,299

Tokyo

Electron,

Ltd.

8,110

1,781

Toray

Industries,

Inc.

46,400

Toyota

Motor

Corp.

23,200

Trend

Micro,

Inc.

5,900

Tsuruha

Holdings,

Inc.

17,200

Yamato

Holdings

Co.,

Ltd.

22,194

Zozo,

Inc.

5,200

64,351

Luxembourg

-

0.4%

ArcelorMittal

SA

30,506

1,390

RTL

Group

SA

3,991

1,551

Macao

-

0.3%

Galaxy

Entertainment

Group,

Ltd.

216,869

1,064

Mexico

-

0.2%

America

Movil

SAB

de

CV

-

ADR

29,094

601

Fresnillo

PLC

5,944

866

Netherlands

-

4.3%

ABN

AMRO

Bank

NV(Þ)

29,041

1,014

Adyen

NV(Æ)(Þ)

693

1,112

Argenx

SE(Æ)

1,054

887

ASML

Holding

NV

2,644

2,826

Euronext

NV(Þ)

2,559

Ferrari

NV

586

Heineken

NV

4,801

ING

Groep

NV

96,890

2,724

Koninklijke

Ahold

Delhaize

NV

4,432

Koninklijke

KPN

NV

21,826

Koninklijke

Philips

NV

60,749

1,644

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
NN

Group

NV

10,063

775

Randstad

NV

30,579

1,162

Universal

Music

Group

NV

103,365

2,700

VEON,

Ltd.

-

ADR(Æ)

2,069

Wolters

Kluwer

NV

7,714

801

17,033

New

Zealand

-

0.1%

Contact

Energy,

Ltd.

25,590

Meridian

Energy,

Ltd.

41,685

Xero,

Ltd.(Æ)

Norway

-

0.8%

DNB

Bank

ASA

33,530

934

Equinor

ASA

Class

N

60,000

1,419

Gjensidige

Forsikring

ASA

7,023

Kongsberg

Gruppen

ASA

5,712

Norsk

Hydro

ASA

5,322

Orkla

ASA

30,116

Telenor

ASA

7,222

3,192

Poland

-

0.3%

Zabka

Group

SA(Æ)

201,266

1,282

Portugal

-

0.1%

Banco

Comercial

Portugues

SA

Class

R

253,888

Russia

-

0.0%

Gazprom

PJSC(Æ)(Š)

114,398

—

LUKOIL

PJSC(Æ)(Š)

2,007

—

Mobile

TeleSystems

PJSC

-

ADR(Æ)(Š)

27,365

—

Sberbank

of

Russia

PJSC(Æ)(Š)

88,440

—

—

Singapore

-

1.7%

DBS

Group

Holdings,

Ltd.

29,631

1,297

Grab

Holdings,

Ltd.

Class

A(Æ)

277,433

1,384

Oversea-Chinese

Banking

Corp.,

Ltd.

69,892

1,074

Sea,

Ltd.

-

ADR(Æ)

13,541

1,727

Singapore

Exchange,

Ltd.

16,800

Singapore

Technologies

Engineering,

Ltd.

17,900

Singapore

Telecommunications,

Ltd.

300,800

1,066

6,886

South

Africa

-

0.3%

Anglo

American

PLC

8,615

MTN

Group,

Ltd.

61,242

626

Old

Mutual,

Ltd.

403,744

1,344

South

Korea

-

1.7%

Coway

Co.,

Ltd.

2,009

Hankook

Tire

&

Technology

Co.,

Ltd.

4,280

Hyundai

Mobis

Co.,

Ltd.

2,442

633

KB

Financial

Group,

Inc.

6,566

567

KT

Corp.

-

ADR

23,763

Samsung

Electronics

Co.,

Ltd.

17,057

1,421

#### Russell

#### Investment

#### Funds

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Shinhan

Financial

Group

Co.,

Ltd.

23,943

1,278

SK

Hynix,

Inc.

3,138

1,421

SK

Telecom

Co.,

Ltd.

15,393

572

6,637

Spain

-

1.5%

Aena

SME

SA(Þ)

6,901

Amadeus

IT

Group

SA

Class

A

3,691

Banco

Bilbao

Vizcaya

Argentaria

SA

17,097

Banco

Santander

SA

37,496

CaixaBank

SA

16,011

Endesa

SA

3,324

Iberdrola

SA

19,831

Industria

de

Diseno

Textil

SA

55,071

3,628

Mapfre

SA

31,039

Telefonica

SA

23,356

5,928

Sweden

-

1.2%

Assa

Abloy

AB

Class

B

12,035

Atlas

Copco

AB

Class

A

35,602

638

Atlas

Copco

AB

Class

B

49,829

799

Essity

Aktiebolag

Class

B

20,846

600

Investor

AB

Class

B

3,766

Lifco

AB

Class

B

2,729

Saab

AB

Class

B

3,123

SKF

AB

Class

B

25,125

668

Svenska

Cellulosa

AB

SCA

Class

B

19,365

Svenska

Handelsbanken

AB

Class

A

8,008

Telefonaktiebolaget

LM

Ericsson

Class

B

83,113

811

4,776

Switzerland

-

4.1%

ABB,

Ltd.

5,847

Adecco

Group

AG

9,341

Chocoladefabriken

Lindt

&

Spruengli

AG

Cie

Financiere

Richemont

SA

Class

A

1,998

Galderma

Group

AG

5,146

1,045

Geberit

AG

Helvetia

Holding

AG

Julius

Baer

Group,

Ltd.

16,210

1,267

Lonza

Group

AG

3,773

2,553

Partners

Group

Holding

AG

579

Schindler

Holding

AG

1,861

701

SGS

SA

5,052

579

Swatch

Group

AG

(The)

Class

B

2,251

Swisscom

AG

UBS

Group

AG

133,563

6,174

Zurich

Insurance

Group

AG

1,591

1,208

16,450

Taiwan

-

2.6%

Delta

Electronics,

Inc.

21,000

639

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

98,000

4,788

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

16,026

4,870

10,297

Thailand

-

0.2%

Kasikornbank

PCL

-

NVDR

142,500

880

United

Kingdom

-

9.5%

3i

Group

PLC

9,575

AstraZeneca

PLC

12,838

2,365

Auto

Trader

Group

PLC(Þ)

10,287

Aviva

PLC

96,243

881

BAE

Systems

PLC

12,112

Barclays

PLC

81,489

517

British

American

Tobacco

PLC

37,859

2,146

British

Land

Co.

PLC

(The)(ö)

62,070

BT

Group

PLC

306,573

758

Burberry

Group

PLC(Æ)

22,302

CK

Hutchison

Holdings,

Ltd.

Class

B

63,313

Compass

Group

PLC

66,114

2,103

DCC

PLC

5,758

Diploma

PLC

23,982

1,712

easyJet

PLC

76,595

525

Halma

PLC

4,786

Hikma

Pharmaceuticals

PLC

10,609

HSBC

Holdings

PLC

169,696

2,660

Imperial

Tobacco

Group

PLC

2,349

Intermediate

Capital

Group

PLC

22,437

619

International

Consolidated

Airlines

Group

SA

25,296

Intertek

Group

PLC

30,302

1,879

J

Sainsbury

PLC

341,949

1,507

Kingfisher

PLC

96,895

Klarna

Group

PLC(Æ)

17,084

Land

Securities

Group

PLC(ö)

43,469

Lloyds

Banking

Group

PLC

115,627

London

Stock

Exchange

Group

PLC

14,441

1,739

National

Grid

PLC

21,307

NatWest

Group

PLC

22,338

Next

PLC

1,516

Pearson

PLC

19,367

Reckitt

Benckiser

Group

PLC

43,920

3,556

RELX

PLC

53,931

2,181

Rolls-Royce

Holdings

PLC

82,856

1,288

Schroders

PLC

23,104

Smiths

Group

PLC

3,602

Standard

Chartered

PLC

97,806

2,389

Tate

&

Lyle

PLC

37,223

Tesco

PLC

53,640

Travis

Perkins

PLC

20,338

Unilever

PLC

19,678

1,287

Unite

Group

PLC

(The)(ö)

17,669

Wise

PLC

Class

A(Æ)

53,828

647

WPP

PLC

70,895

37,592

United

States

-

8.9%

Amrize,

Ltd.(Æ)

1,459

#### Russell

#### Investment

#### Funds

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Aon

PLC

Class

A

3,148

1,111

AP

Moller

-

Maersk

A/S

Class

B

BP

PLC

162,174

941

CyberArk

Software,

Ltd.(Æ)

511

Experian

PLC

3,487

Ferrovial

SE

2,417

GSK

PLC

168,133

4,132

Haleon

PLC

708,913

3,587

Holcim

AG

10,702

1,049

James

Hardie

Industries

PLC(Æ)

26,448

543

Linde

PLC

6,681

2,849

Medtronic

PLC

9,083

873

Nestle

SA

17,138

1,703

Novartis

AG

16,012

2,212

Roche

Holding

AG

6,700

2,769

Sanofi

SA

39,235

3,807

Schneider

Electric

SE

14,052

3,852

Shell

PLC

103,575

3,810

Spotify

Technology

SA(Æ)

1,927

1,119

Swiss

Re

AG

2,082

35,461

#### Total

#### Common

#### Stocks
(cost

$288,029)

363,898

#### Preferred

#### Stocks

#### -

#### 0.5%
Brazil

-

0.1%

Raizen

Energia

SA

0.000%

(Æ)

385,686

Germany

-

0.4%

Henkel

AG

&

Co.

KGaA

2.860%

(Ÿ)

10,822

884

Volkswagen

AG

6.214%

(Ÿ)

6,126

745

1,629

#### Total

#### Preferred

#### Stocks
(cost

$2,087)

1,686

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Canada

-

0.0%

Constellation

Software,

Inc.(Æ)(Š)

2040

Warrants

—

#### Total

#### Warrants

#### and

#### Rights
(cost

$—)

—

#### Short-Term

#### Investments

#### -

#### 5.9%
United

States

-

5.9%

U.S.

Cash

Management

Fund(@)

23,436,144

(∞)

23,436

#### Total

#### Short-Term

#### Investments
(cost

$23,434)

23,436

#### Total

#### Investments

#### -

#### 98.3%
(identified

cost

$313,550)

389,020

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 1.7%
6,922

#### Net

#### Assets

#### -

#### 100.0%
395,942

#### Russell

#### Investment

#### Funds

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $1.4%

ABN

AMRO

Bank

NV

10/03/19

EUR

29,041

17.36 504

1,014

Adyen

NV

04/19/22

EUR

693

1,747.93

1,211

1,112

Aena

SME

SA

01/23/25

EUR

6,901

22.86 158

Amundi

SA

02/21/19

EUR

12,393

65.08 807

1,025

Auto

Trader

Group

PLC

08/04/23

GBP

10,287

8.08 83

Euronext

NV

12/05/25

EUR

2,559

147.50 377

Hydro

One,

Ltd.

12/04/25

CAD

11,083

38.40 426

Larsen

&

Toubro,

Ltd.

02/23/24

17,257

41.50 716

771

WH

Group,

Ltd.

06/26/19

HKD

414,500

0.84 346

5,482

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

CAC40

Euro

Index

Futures

EUR

3,669

01/26

DAX

Index

Futures

EUR

2,469

03/26

EURO

STOXX

Index

Futures

EUR

2,103

03/26

FTSE/MIB

Index

Futures

EUR

901

03/26

IBEX

Index

Futures

EUR

1,210

01/26

OMXS30

Index

Futures

SEK

9,554

01/26

S&P

500

E-Mini

Index

Futures

USD

1,723

03/26

S&P/TSX

Index

Futures

CAD

29,791

03/26

SPI

Index

Futures

AUD

12,146

03/26

TOPIX

Index

Futures

JPY

1,058,185

03/26

Short

Positions

FTSE

Index

Futures

GBP

3,579

03/26

(108) Hang

Seng

Index

Futures

HKD

24,366

01/26

MSCI

EAFE

Index

Futures

USD

19,124

03/26

(361) MSCI

Singapore

Index

Futures

SGD

3,343

01/26

(21) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(159) #### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

764

CHF

600

03/18/26

(1) Bank

of

America

USD

8,025

EUR

6,800

03/18/26

(6) BNP

Paribas

USD

2,143

AUD

3,231

03/18/26

BNP

Paribas

USD

4,742

CAD

6,542

03/18/26

BNP

Paribas

USD

3,664

JPY

568,224

03/18/26

(14) BNP

Paribas

USD

1,147

SEK

10,636

03/18/26

BNP

Paribas

EUR

1,089

USD

1,274

03/18/26

(10) BNP

Paribas

GBP

581

USD

774

03/18/26

(9) HSBC

USD

2,147

AUD

3,231

03/18/26

HSBC

USD

4,748

CAD

6,542

03/18/26

HSBC

USD

3,661

JPY

568,224

03/18/26

(11) #### Russell

#### Investment

#### Funds

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
HSBC

USD

1,148

SEK

10,636

03/18/26

HSBC

EUR

1,089

USD

1,274

03/18/26

(11) HSBC

GBP

581

USD

775

03/18/26

(9) Morgan

Stanley

USD

2,144

AUD

3,231

03/18/26

Morgan

Stanley

USD

4,743

CAD

6,542

03/18/26

Morgan

Stanley

USD

3,665

JPY

568,224

03/18/26

(15) Morgan

Stanley

USD

1,147

SEK

10,636

03/18/26

Morgan

Stanley

EUR

1,089

USD

1,275

03/18/26

(10) Morgan

Stanley

GBP

581

USD

775

03/18/26

(9) Royal

Bank

of

Canada

USD

2,146

AUD

3,231

03/18/26

Royal

Bank

of

Canada

USD

4,749

CAD

6,542

03/18/26

Royal

Bank

of

Canada

USD

3,667

JPY

568,224

03/18/26

(17) Royal

Bank

of

Canada

USD

1,148

SEK

10,636

03/18/26

Royal

Bank

of

Canada

EUR

1,089

USD

1,275

03/18/26

(10) Royal

Bank

of

Canada

GBP

581

USD

775

03/18/26

(9) State

Street

CHF

2,391

USD

3,005

03/18/26

(37) State

Street

DKK

3,720

USD

583

03/18/26

(5) State

Street

HKD

2,630

USD

03/18/26

—

State

Street

NOK

19,590

USD

1,929

03/18/26

(14) State

Street

NZD

USD

03/18/26

Westpac

USD

2,146

AUD

3,231

03/18/26

Westpac

USD

4,749

CAD

6,542

03/18/26

Westpac

USD

3,666

JPY

568,224

03/18/26

(16) Westpac

USD

1,149

SEK

10,636

03/18/26

Westpac

EUR

1,089

USD

1,275

03/18/26

(10) Westpac

GBP

581

USD

775

03/18/26

(8) Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Australia

$

—

$

7,521

$

—

$

—

$

7,521

Austria

—

2,708

—

—

2,708

Belgium

—

1,070

—

—

1,070

Brazil

1,755

2,863

—

—

4,618

Burkina

Faso

—

—

—

Canada

17,351

—

—

—

17,351

China

2,683

11,402

—

—

14,085

Denmark

—

5,242

—

—

5,242

Finland

—

2,385

—

—

2,385

#### Russell

#### Investment

#### Funds

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
France

—

31,366

—

—

31,366

Germany

—

30,909

—

—

30,909

Hong

Kong

—

7,368

—

—

7,368

India

2,404

771

—

—

3,175

Indonesia

—

2,256

—

—

2,256

Ireland

626

4,010

—

—

4,636

Israel

—

—

620

Italy

11,49

—

—

12,331

Japan

—

64,351

—

—

64,351

Luxembourg

—

1,551

—

—

1,551

Macao

—

1,064

—

—

1,064

Mexico

—

—

866

Netherlands

16,924

—

—

17,033

New

Zealand

—

—

—

Norway

—

3,192

—

—

3,192

Poland

—

1,282

—

—

1,282

Portugal

—

—

—

Russia

—

—

—

—

—

Singapore

3,11

3,77

—

—

6,886

South

Africa

—

1,344

—

—

1,344

South

Korea

6,186

—

—

6,637

Spain

—

5,928

—

—

5,928

Sweden

—

4,776

—

—

4,776

Switzerland

—

16,450

—

—

16,450

Taiwan

4,870

5,427

—

—

10,297

Thailand

—

880

—

—

880

United

Kingdom

37,098

—

—

37,592

United

States

6,1

29,28

—

—

35,461

Preferred

Stocks

—

1,686

—

—

1,686

Warrants

and

Rights

—

—

—

—

—

Short-Term

Investments

—

—

—

23,436

23,436

Total

Investments

41,83

323,75

—

23,436

389,020

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

Foreign

Currency

Exchange

Contracts

—

—

—

Liabilities

Futures

Contracts

(490) —

—

—

(490) Foreign

Currency

Exchange

Contracts

—

(231) —

—

(231) Total

Other

Financial

Instruments

\*

$

(159) $

$

—

$

—

$

(93) \*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

#### Russell

#### Investment

#### Funds

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

December

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

December

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Consumer

Discretionary

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

60,322

.2

Consumer

Staples

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

25,946

.6

Energy

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

14,739

.7

Financial

Services

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

100,112

.3

Health

Care

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

38,110

.6

Materials

and

Processing

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

29,391

.4

Producer

Durables

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

40,383

.2

Technology

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

43,748

.1

Utilities

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

11,147

.8

#### Preferred

#### Stocks
Consumer

Discretionary

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

745

.2

Consumer

Staples

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

884

.3

Utilities

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

—

\*\*

#### Warrants

#### and

#### Rights

#### ...................................................................
—

—

#### Short-Term

#### Investments

#### .............................................................
23,436

.9

Total

Investments

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

389,020

.3

\*\*

Less

than

.05%

of

net

assets.

#### Russell

#### Investment

#### Funds

#### International

#### Developed

#### Markets

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

Variation

margin

on

futures

contracts\*

—

Total

$

$

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

Total

$

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

2,028

$

—

Foreign

currency

exchange

contracts

—

(855) Total

$

2,028

$

(855) Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

(380) —

Foreign

currency

exchange

contracts

—

1,250

Total

$

(380) $

1,250

\*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclos

ure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Funds

#### International

#### Developed

#### Markets

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

Amounts

in

thousands

#### Offsetting

#### of

#### Financial

#### Assets

#### and

#### Derivative

#### Assets

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Assets

—

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

$

—

$

#### Financial

#### Assets,

#### Derivative

#### Assets,

#### and

#### Collateral

#### Held

#### by

#### Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Received^

#### Net

#### Amount
BNP

Paribas

$

$

$

—

$

HSBC

—

Morgan

Stanley

—

Royal

Bank

of

Canada

—

State

Street

—

—

Westpac

—

Total

$

$

$

—

$

#### Russell

#### Investment

#### Funds

#### International

#### Developed

#### Markets

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

Amounts

in

thousands

^

Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

#### Offsetting

#### of

#### Financial

#### Liabilities

#### and

#### Derivative

#### Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Liabilities

—

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

$

—

$

#### Financial

#### Liabilities,

#### Derivative

#### Liabilities,

#### and

#### Collateral

#### Pledged

#### by

#### Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
Bank

of

America

$

$

—

$

—

$

BNP

Paribas

—

—

HSBC

—

—

Morgan

Stanley

—

—

Royal

Bank

of

Canada

—

—

State

Street

—

Westpac

—

—

Total

$

$

$

—

$

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Funds

#### International

#### Developed

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

313,550

Investments,

at

fair

value(>)

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

389,020

Foreign

currency

holdings(^)

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

1,115

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Fund

shares

sold

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

Foreign

capital

gains

taxes

recoverable

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

1,305

From

broker(a)

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

4,572

Total

assets

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

396,840

#### Liabilities
Payables:

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Variation

margin

on

futures

contracts

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

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

Total

liabilities

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

898

#### Net

#### Assets

#### ...............................................................................................................................................................
$

395,942

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

80,20

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

315,457

#### Net

#### Assets

#### ...............................................................................................................................................................
$

395,94

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

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

$

23,436

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

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

$

1,108

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

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

$

4,572

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

(#)

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

$

13.97 Net

assets

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

$

395,941,988

Shares

outstanding

($.01

par

value)

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

28,337,328

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Funds

#### International

#### Developed

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

10,773

Dividend

distributions

from

affiliated

funds

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

593

Interest

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

Less

foreign

taxes

withheld

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

(1,038)

Total

investment

income

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

10,387

#### Expenses
Advisory

fees

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

3,357

Administrative

fees

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

Custodian

fees

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

Transfer

agent

fees

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

Professional

fees

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

3,839

Expense

reductions

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

(143) Net

expenses

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

3,696

Net

investment

income

(loss)

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

6,691

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

30,508

Futures

contracts

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

2,028

Foreign

currency

exchange

contracts

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

(855) Foreign

currency-related

transactions

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

Net

realized

gain

(loss)

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

31,846

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

53,423

Investments

in

affiliated

funds

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

Futures

contracts

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

(380) Foreign

currency

exchange

contracts

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

1,250

Foreign

currency-related

transactions

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

Net

change

in

unrealized

appreciation

(depreciation)

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

54,476

Net

realized

and

unrealized

gain

(loss)

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

86,322

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

93,013

#### Russell

#### Investment

#### Funds

#### International

#### Developed

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### For

#### the

#### Periods

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

6,691

$

6,675

Net

realized

gain

(loss)

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

31,846

7,723

Net

change

in

unrealized

appreciation

(depreciation)

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

54,476

(4,194)

Net

increase

(decrease)

in

net

assets

from

operations

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

93,013

10,204

#### Distributions
To

shareholders

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

(30,369)

(16,209)

Net

decrease

in

net

assets

from

distributions

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

(30,369)

(16,209)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(2,112)

(6,148)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
60,532

(12,153)

#### Net

#### Assets
Beginning

of

period

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

335,410

347,563

End

of

period

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

$

395,942

$

335,410

\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2025

and

December

31,

2024

were

as

follows:

#### 2025

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Proceeds

from

shares

sold

1,639

$

21,549

813

$

10,139

Proceeds

from

reinvestment

of

distributions

2,207

30,369

1,379

16,209

Payments

for

shares

redeemed

(3,994)

(54,030)

(2,608)

(32,496)

Total

increase

(decrease)

(148) $

(2,112)

(416) $

(6,148)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Russell

#### Investment

#### Funds

#### International

#### Developed

#### Markets

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### 12/31/25

#### 12/31/24

#### 12/31/23

#### 12/31/22

#### 12/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

11.77 12.03 10.54 12.35 12.18 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.24

.24

.22

.22

.23

$

Net

Realized

and

Unrealized

Gain

(Loss)

3.11 .09

1.49 (1.82)

1.27 $

Total

from

Investment

Operations

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

(.88)

(.22)

(.07)

(.21)

(1.00)

$

Total

Distributions

(1.15)

(.59)

(.22)

(.21)

(1.33)

$

Net

Asset

Value,

End

of

Period

13.97 11.77 12.03 10.54 12.35 %

Total

Return

(±)

28.64 2.78 16.26 (13.04)

12.66 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 395,942

335,410

347,563

320,684

377,463

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.03 1.05 1.05 1.05 1.04 %

Expenses,

Net

(Ƃ)

.99

1.03 1.03 1.03 1.03 %

Net

Investment

Income

(Ƃ)

1.79 1.91 1.96 2.04 1.78 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Funds

#### International

#### Developed

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

fees

payable

to

affiliates

as

of

December

31,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

December

31,

2025

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
At

December

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

December

31,

2025

and

December

31,

2024,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps.

These

adjustments

have

no

impact

on

the

net

assets.

Advisory

fees

$

282,960

Administrative

fees

16,645

Transfer

agent

fees

1,464

Trustees'

fees

1,878

$

302,947

#### 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
U.S.

Cash

Management

Fund

$

13,507

$

122,564

$

112,637

$

—

$

$

23,436

$

593

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

317,744,407

$

86,259,030

$

(14,818,660)

$

71,440,370

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Post

#### October

#### Losses

#### Deferred\*\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

2,862,148

$

6,130,982

$

71,565,977

$

—

$

(356,868)

$

80,202

,

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

\*\*\*

Post-October

Losses

represent

certain

ordinary,

specific

and/or

capital

losses

incurred

after

October

of

the

previous

year.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

funds'

next

taxable

year.

#### December

#### 31,

#### 2025

#### December

#### 31,

#### 2024

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
$

16,216,701

$

14,152,096

$

—

$

16,208,972

$

—

$

—

#### Russell

#### Investment

#### Funds

#### International

#### Developed

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

At

December

31,

2025,

there

were

no

adjustments

made

to

the

Statement

of

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 84.3%
Asset-Backed

Securities

-

6.7%

Audax

Senior

Debt

CLO

LLC

Series

2025-12A

Class

B

5.607%

due

04/22/37

(CME

Term

SOFR

Month

+

1.750%)(Ê)(Þ)

1,770

1,769

BRAVO

Residential

Funding

Trust

Series

2024-CES2

Class

A1A

5.549%

due

09/25/54

(~)(Ê)(Þ)

504

508

Series

2025-CES1

Class

A1A

5.703%

due

02/25/55

(~)(Ê)(Þ)

4,059

4,096

Business

Jet

Securities

LLC

Series

2024-2A

Class

A

5.364%

due

09/15/39

(Þ)

814

820

Churchill

Middle

Market

CLO

LLC

Series

2025-1A

Class

BR

5.584%

due

04/20/38

(CME

Term

SOFR

Month

+

1.700%)(Ê)(Þ)

1,670

1,669

CLI

Funding

LLC

Series

2024-1A

Class

A

5.630%

due

07/20/49

(Þ)

1,130

1,136

Conseco

Financial

Corp.

Series

1998-2

Class

M1

6.940%

due

12/01/28

(~)(Ê)

Countrywide

Asset-Backed

Certificates

Trust

Series

2007-4

Class

A4W

4.277%

due

04/25/47

(~)(Ê)

1,371

1,322

Ellington

Financial

Mortgage

Trust

Series

2024-CES1

Class

A1

5.522%

due

01/26/60

(~)(Ê)(Þ)

1,298

1,307

FIGRE

Trust

Series

2023-HE2

Class

B

7.688%

due

05/25/53

(~)(Ê)(Þ)

Series

2024-HE1

Class

A

6.165%

due

03/25/54

(~)(Ê)(Þ)

1,544

1,574

Series

2024-HE2

Class

A

6.380%

due

05/25/54

(~)(Ê)(Þ)

1,565

1,597

Series

2024-HE4

Class

A

5.056%

due

09/25/54

(~)(Ê)(Þ)

900

903

Series

2024-HE6

Class

A

5.724%

due

12/25/54

(~)(Ê)(Þ)

1,253

1,264

Series

2024-SL1

Class

A1

5.748%

due

07/25/53

(~)(Ê)(Þ)

1,962

1,982

Series

2025-HE2

Class

A

5.775%

due

03/25/55

(~)(Ê)(Þ)

1,741

1,760

Series

2025-HE5

Class

A

5.285%

due

08/25/55

(~)(Ê)(Þ)

918

921

Series

2025-HE6

Class

A

5.044%

due

09/25/55

(~)(Ê)(Þ)

976

972

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

6.065%

due

08/21/31

(USD

Month

SOFR

+

2.000%)(Ê)

JPMorgan

Mortgage

Trust

Series

2024-HE2

Class

A1

5.118%

due

10/20/54

(SOFR

Day

Average

+

1.200%)(Ê)(Þ)

1,045

1,043

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2024-HE3

Class

A1

5.118%

due

02/25/55

(SOFR

Day

Average

+

1.200%)(Ê)(Þ)

Series

2025-CES1

Class

A1

5.666%

due

05/25/55

(~)(Ê)(Þ)

635

640

Series

2025-CES2

Class

A1

5.592%

due

06/25/55

(~)(Ê)(Þ)

1,983

1,995

Series

2025-CES5

Class

A1A

5.136%

due

02/25/56

(~)(Ê)(Þ)

963

967

Series

2025-HE1

Class

A1

5.068%

due

07/20/55

(SOFR

Day

Average

+

1.150%)(Ê)(Þ)

2,361

2,358

Series

2025-HE1

Class

M1

5.318%

due

07/20/55

(SOFR

Day

Average

+

1.400%)(Ê)(Þ)

2,200

2,202

Series

2025-HE2

Class

A1

5.158%

due

11/20/55

(SOFR

Day

Average

+

1.250%)(Ê)(Þ)

2,119

2,116

OneSky

Loan

Trust

Series

A

Class

A

3.875%

due

01/15/31

1,829

1,767

Option

One

Mortgage

Loan

Trust

Series

2007-FXD1

Class

3A4

5.860%

due

01/25/37

(~)(Ê)

RCKT

Mortgage

Trust

Series

2023-CES2

Class

A1A

6.808%

due

09/25/43

(~)(Ê)(Þ)

Series

2024-CES1

Class

A1A

6.025%

due

02/25/44

(~)(Ê)(Þ)

729

735

Series

2024-CES2

Class

A1A

6.141%

due

04/25/44

(~)(Ê)(Þ)

988

998

Series

2024-CES3

Class

A1A

6.591%

due

05/25/44

(~)(Ê)(Þ)

772

783

Series

2024-CES5

Class

A1A

5.846%

due

08/25/44

(~)(Ê)(Þ)

656

661

Series

2024-CES6

Class

A1A

5.344%

due

09/25/44

(~)(Ê)(Þ)

853

855

Series

2024-CES9

Class

A1A

5.582%

due

12/25/44

(~)(Ê)(Þ)

2,679

2,702

Series

2025-CES2

Class

A1A

5.503%

due

02/25/55

(~)(Ê)(Þ)

2,885

2,909

Series

2025-CES4

Class

A1A

5.811%

due

04/25/55

(~)(Ê)(Þ)

2,450

2,484

Saluda

Grade

Alternative

Mortgage

Trust

Series

2023-FIG3

Class

A

7.067%

due

08/25/53

(~)(Ê)(Þ)

1,054

1,088

Series

2023-FIG4

Class

A

6.718%

due

11/25/53

(~)(Ê)(Þ)

600

622

Series

2024-FIG5

Class

A

6.255%

due

04/25/54

(~)(Ê)(Þ)

1,931

1,977

Series

2025-LOC4

Class

A1A

5.704%

due

06/25/55

(SOFR

Day

Average

+

1.750%)(Ê)(Þ)

2,453

2,460

Towd

Point

Mortgage

Trust

Series

2023-CES1

Class

A1A

6.750%

due

07/25/63

(~)(Ê)(Þ)

1,069

1,074

Series

2023-CES2

Class

A1A

7.294%

due

10/25/63

(~)(Ê)(Þ)

755

763

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $58,788

Corporate

Bonds

and

Notes

-

26.1%

Consumer

Discretionary

-

3.7%

American

Airlines

Pass-Through

Trust

4.900%

due

11/11/39

2,900

2,878

Series

AA

Class

AA

3.650%

due

08/15/30

Aptiv

Swiss

Holdings,

Ltd.

4.150%

due

05/01/52

6.875%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.385%)(Ê)

Bath

&

Body

Works,

Inc.

6.950%

due

03/01/33

Best

Buy

Co.,

Inc.

1.950%

due

10/01/30

BorgWarner,

Inc.

5.400%

due

08/15/34

Carnival

Corp.

4.000%

due

08/01/28

(Þ)

1,110

1,092

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

3.700%

due

04/01/51

5.250%

due

04/01/53

Series

WI

3.750%

due

02/15/28

1,378

1,359

4.200%

due

03/15/28

Comcast

Corp.

Series

WI

2.937%

due

11/01/56

630

Cummins,

Inc.

5.450%

due

02/20/54

500

FactSet

Research

Systems,

Inc.

2.900%

due

03/01/27

1,065

1,049

Ferguson

Finance

PLC

4.250%

due

04/20/27

(Þ)

1,089

1,089

Ford

Motor

Credit

Co.

LLC

7.122%

due

11/07/33

509

547

Fox

Corp.

Series

WI

4.709%

due

01/25/29

1,183

1,198

General

Motors

Financial

Co.,

Inc.

5.800%

due

06/23/28

1,108

1,148

Genuine

Parts

Co.

6.500%

due

11/01/28

1,065

1,126

HNI

Corp.

5.125%

due

01/18/29

(Þ)

Home

Depot,

Inc.

(The)

4.500%

due

12/06/48

906

783

3.350%

due

04/15/50

785

554

Hyatt

Hotels

Corp.

4.375%

due

09/15/28

565

566

Hyundai

Capital

America

2.375%

due

10/15/27

(Þ)

520

504

1.800%

due

01/10/28

(Þ)

Kohl's

Corp.

5.125%

due

05/01/31

Las

Vegas

Sands

Corp.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.900%

due

08/08/29

616

600

Lowe's

Cos.,

Inc.

3.000%

due

10/15/50

Macy's

Retail

Holdings

LLC

4.500%

due

12/15/34

5.125%

due

01/15/42

4.300%

due

02/15/43

Mattel,

Inc.

3.750%

due

04/01/29

(Þ)

1,331

1,298

Meritage

Homes

Corp.

3.875%

due

04/15/29

(Þ)

1,039

1,020

Newell

Brands,

Inc.

7.375%

due

04/01/36

7.500%

due

04/01/46

Nissan

Motor

Acceptance

Co.

LLC

6.950%

due

09/15/26

(Þ)

679

687

Nordstrom,

Inc.

4.000%

due

03/15/27

5.000%

due

01/15/44

Series

WI

4.250%

due

08/01/31

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/16/29

(Þ)

4.625%

due

04/06/31

(Þ)

Royal

Caribbean

Cruises,

Ltd.

7.500%

due

10/15/27

3.700%

due

03/15/28

Southwest

Airlines

Co.

5.250%

due

11/15/35

Time

Warner

Cable

LLC

5.500%

due

09/01/41

677

594

Travel

+

Leisure

Co.

6.000%

due

04/01/27

Under

Armour

,

Inc.

3.250%

due

06/15/26

United

Airlines

Pass-Through

Trust

5.800%

due

07/15/37

1,267

1,323

Series

AA

4.150%

due

02/25/33

1,913

1,876

2.700%

due

11/01/33

United

Airlines,

Inc.

4.625%

due

04/15/29

(Þ)

635

631

VF

Corp.

6.450%

due

11/01/37

WarnerMedia

Holdings,

Inc.

Series

WI

4.279%

due

03/15/32

Whirlpool

Corp.

4.700%

due

05/14/32

5.500%

due

03/01/33

5.750%

due

03/01/34

WMG

Acquisition

Corp.

3.875%

due

07/15/30

(Þ)

1,240

1,188

Yum!

Brands,

Inc.

6.875%

due

11/15/37

5.350%

due

11/01/43

32,399

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Consumer

Staples

-

2.2%

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

5.875%

due

02/15/28

(Þ)

3.500%

due

03/15/29

(Þ)

Altria

Group,

Inc.

4.800%

due

02/14/29

633

644

5.375%

due

01/31/44

643

621

Avery

Dennison

Corp.

4.875%

due

12/06/28

653

668

Coca-Cola

Co.

(The)

2.600%

due

06/01/50

Conagra

Brands,

Inc.

1.375%

due

11/01/27

1,401

1,332

Constellation

Brands,

Inc.

3.600%

due

02/15/28

1,057

1,047

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

4.750%

due

01/15/29

(Þ)

Flowers

Foods,

Inc.

2.400%

due

03/15/31

592

523

General

Mills,

Inc.

5.500%

due

10/17/28

1,226

1,272

Haleon

US

Capital

LLC

Series

WI

3.375%

due

03/24/29

808

789

Keurig

Dr

Pepper,

Inc.

3.950%

due

04/15/29

1,317

1,302

Kraft

Heinz

Foods

Co.

4.625%

due

01/30/29

619

627

Kroger

Co.

(The)

5.400%

due

07/15/40

1,014

1,012

5.500%

due

09/15/54

670

639

Mars,

Inc.

5.000%

due

03/01/32

(Þ)

5.200%

due

03/01/35

(Þ)

590

606

5.700%

due

05/01/55

(Þ)

5.800%

due

05/01/65

(Þ)

Molson

Coors

Beverage

Co.

4.200%

due

07/15/46

784

630

Philip

Morris

International,

Inc.

5.750%

due

11/17/32

1,030

1,100

6.375%

due

05/16/38

1,149

1,282

Safeway,

Inc.

7.250%

due

02/01/31

Smithfield

Foods,

Inc.

5.200%

due

04/01/29

(Þ)

848

859

3.000%

due

10/15/30

(Þ)

520

Tyson

Foods,

Inc.

4.350%

due

03/01/29

1,242

1,245

United

Rentals

North

America,

Inc.

3.875%

due

11/15/27

18,788

Energy

-

2.6%

Antero

Resources

Corp.

5.375%

due

03/01/30

(Þ)

BP

Capital

Markets

America,

Inc.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $2.939%

due

06/04/51

1,160

740

Buckeye

Partners,

LP

3.950%

due

12/01/26

4.125%

due

12/01/27

5.850%

due

11/15/43

5.600%

due

10/15/44

Cameron

LNG

LLC

2.902%

due

07/15/31

(Þ)

711

657

Columbia

Pipelines

Holding

Co.

LLC

6.042%

due

08/15/28

(Þ)

633

658

Columbia

Pipelines

Operating

Co.

LLC

6.497%

due

08/15/43

(Þ)

Coterra

Energy,

Inc.

Series

WI

4.375%

due

03/15/29

1,246

1,250

DCP

Midstream

Operating,

LP

5.600%

due

04/01/44

DT

Midstream,

Inc.

4.125%

due

06/15/29

(Þ)

859

848

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

561

Energy

Transfer,

LP

5.550%

due

02/15/28

1,060

1,088

5.000%

due

05/15/50

780

654

Enterprise

Products

Operating

LLC

5.375%

due

02/15/78

(CME

Term

SOFR

Month

+

2.832%)(Ê)

825

820

EQT

Corp.

3.900%

due

10/01/27

1,329

1,323

Expand

Energy

Corp.

4.750%

due

02/01/32

673

665

Exxon

Mobil

Corp.

3.452%

due

04/15/51

Global

Marine,

Inc.

7.000%

due

06/01/28

Kinder

Morgan

Energy

Partners,

LP

5.400%

due

09/01/44

725

686

Marathon

Petroleum

Corp.

Series

WI

3.800%

due

04/01/28

620

617

Midwest

Connector

Capital

Co.

LLC

4.625%

due

04/01/29

(Þ)

854

854

MPLX,

LP

4.000%

due

03/15/28

1,849

1,846

Murphy

Oil

Corp.

5.875%

due

12/01/42

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

553

643

Oceaneering

International,

Inc.

6.000%

due

02/01/28

ONEOK,

Inc.

4.550%

due

07/15/28

1,112

1,122

5.650%

due

11/01/28

6.100%

due

11/15/32

Rockies

Express

Pipeline

LLC

4.950%

due

07/15/29

(Þ)

4.800%

due

05/15/30

(Þ)

7.500%

due

07/15/38

(Þ)

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.875%

due

04/15/40

(Þ)

Targa

Resources

Corp.

6.150%

due

03/01/29

726

764

Tennessee

Gas

Pipeline

Co.

LLC

7.625%

due

04/01/37

608

715

Texas

Eastern

Transmission,

LP

3.500%

due

01/15/28

(Þ)

854

844

Topaz

Solar

Farms

LLC

5.750%

due

09/30/39

(Þ)

Transocean

International,

Ltd.

7.500%

due

04/15/31

6.800%

due

03/15/38

Valero

Energy

Corp.

4.350%

due

06/01/28

Western

Midstream

Operating,

LP

4.500%

due

03/01/28

572

574

6.350%

due

01/15/29

662

697

23,011

Financial

Services

-

7.9%

Park

Funding

Trust

5.740%

due

02/15/55

(Þ)

530

527

Aegon

,

Ltd.

5.500%

due

04/11/48

(USD

Month

SOFR

+

3.540%)(Ê)

806

815

Air

Lease

Corp.

2.100%

due

09/01/28

915

862

Aircastle

,

Ltd.

2.850%

due

01/26/28

(Þ)

1,007

978

5.950%

due

02/15/29

(Þ)

1,160

1,207

Ally

Financial,

Inc.

6.992%

due

06/13/29

(SOFR

+

3.260%)(Ê)

788

831

American

Tower

Corp.

5.500%

due

03/15/28

725

746

Aon

North

America,

Inc.

5.750%

due

03/01/54

Ares

Capital

Corp.

2.875%

due

06/15/28

1,295

1,238

Athene

Holding,

Ltd.

3.450%

due

05/15/52

1,470

930

AXIS

Specialty

Finance

PLC

4.000%

due

12/06/27

915

914

Bank

of

America

Corp.

5.819%

due

09/15/29

(SOFR

+

1.570%)(Ê)

2.687%

due

04/22/32

(SOFR

+

1.320%)(Ê)

1,250

1,146

Series

MTN

3.824%

due

01/20/28

(CME

Term

SOFR

Month

+

1.837%)(Ê)

2.972%

due

02/04/33

(SOFR

+

1.330%)(Ê)

750

686

Bank

of

Montreal

3.803%

due

12/15/32

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

1.432%)(Ê)

1,318

1,303

Bank

of

Nova

Scotia

(The)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.588%

due

05/04/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.050%)(Ê)

717

699

Berkshire

Hathaway

Finance

Corp.

2.850%

due

10/15/50

880

567

Blackstone

Holdings

Finance

Co.

LLC

2.550%

due

03/30/32

(Þ)

510

Block

Financial

LLC

2.500%

due

07/15/28

608

580

Blue

Owl

Capital

Corp.

2.875%

due

06/11/28

994

939

Brandywine

Operating

Partnership,

LP

3.950%

due

11/15/27

8.300%

due

03/15/28

Brown

&

Brown,

Inc.

4.500%

due

03/15/29

841

843

5.250%

due

06/23/32

5.550%

due

06/23/35

6.250%

due

06/23/55

Capital

One

Financial

Corp.

6.312%

due

06/08/29

(SOFR

+

2.640%)(Ê)

1,202

1,262

6.377%

due

06/08/34

(SOFR

+

2.860%)(Ê)

Citigroup,

Inc.

3.980%

due

03/20/30

(CME

Term

SOFR

Month

+

1.600%)(Ê)

1,282

1,270

2.666%

due

01/29/31

(SOFR

+

1.146%)(Ê)

555

520

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

695

631

5.449%

due

06/11/35

(SOFR

+

1.447%)(Ê)

785

812

CNO

Financial

Group,

Inc.

5.250%

due

05/30/29

681

691

Constellation

Insurance,

Inc.

6.800%

due

01/24/30

(Þ)

Corebridge

Financial,

Inc.

Series

WI

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.846%)(Ê)

994

1,017

Credit

Agricole

SA

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

1.644%)(Ê)(Þ)

1,115

1,103

Diversified

Healthcare

Trust

4.750%

due

02/15/28

Dresdner

Funding

Trust

I

8.151%

due

06/30/31

(Þ)

EPR

Properties

Co.

4.500%

due

06/01/27

729

730

Equifax,

Inc.

5.100%

due

06/01/28

1,274

1,302

3.100%

due

05/15/30

2.350%

due

09/15/31

640

569

Equinix

,

Inc.

3.900%

due

04/15/32

670

644

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

807

845

FS

KKR

Capital

Corp.

3.125%

due

10/12/28

660

609

Genworth

Holdings,

Inc.

6.500%

due

06/15/34

Global

Net

Lease,

Inc.

4.500%

due

09/30/28

(Þ)

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.300%

due

01/15/29

878

893

Goldman

Sachs

Group,

Inc.

(The)

3.102%

due

02/24/33

(SOFR

+

1.410%)(Ê)

5.536%

due

01/28/36

(SOFR

+

1.380%)(Ê)

610

633

4.939%

due

10/21/36

(SOFR

+

1.330%)(Ê)

510

506

Highwoods

Realty,

LP

4.125%

due

03/15/28

1,064

1,054

Hudson

Pacific

Properties,

LP

3.950%

due

11/01/27

5.950%

due

02/15/28

4.650%

due

04/01/29

3.250%

due

01/15/30

Intercontinental

Exchange,

Inc.

3.000%

due

06/15/50

JPMorgan

Chase

&

Co.

3.782%

due

02/01/28

(CME

Term

SOFR

Month

+

1.599%)(Ê)

540

539

5.012%

due

01/23/30

(SOFR

+

1.310%)(Ê)

685

702

4.255%

due

10/22/31

(SOFR

+

0.930%)(Ê)

2.580%

due

04/22/32

(CME

Term

SOFR

Month

+

1.250%)(Ê)

630

576

5.502%

due

01/24/36

(SOFR

+

1.315%)(Ê)

600

628

4.810%

due

10/22/36

(SOFR

+

1.190%)(Ê)

680

676

KeyBank

National

Association

5.000%

due

01/26/33

890

899

Kilroy

Realty,

LP

4.750%

due

12/15/28

1,054

1,059

LPL

Holdings,

Inc.

4.000%

due

03/15/29

(Þ)

1,129

1,110

M&T

Bank

Corp.

7.413%

due

10/30/29

(SOFR

+

2.800%)(Ê)

583

632

Manufacturers

&

Traders

Trust

Co.

4.700%

due

01/27/28

1,370

1,389

Morgan

Stanley

2.943%

due

01/21/33

(SOFR

+

1.290%)(Ê)

3.217%

due

04/22/42

(SOFR

+

1.485%)(Ê)

Series

I

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.892%

due

10/22/36

(SOFR

+

1.314%)(Ê)

Series

MTN

5.424%

due

07/21/34

(SOFR

+

1.880%)(Ê)

750

780

Nuveen

LLC

4.000%

due

11/01/28

(Þ)

Oaktree

Specialty

Lending

Corp.

7.100%

due

02/15/29

1,020

1,051

Omega

Healthcare

Investors,

Inc.

3.625%

due

10/01/29

856

828

3.375%

due

02/01/31

Peachtree

Corners

Funding

Trust

II

6.012%

due

05/15/35

(Þ)

PNC

Financial

Services

Group,

Inc.

(The)

5.676%

due

01/22/35

(SOFR

+

1.902%)(Ê)

Prospect

Capital

Corp.

3.437%

due

10/15/28

Protective

Life

Corp.

5.350%

due

12/15/35

(Þ)

640

648

Prudential

Financial,

Inc.

4.500%

due

09/15/47

(USD

Month

SOFR

+

2.380%)(Ê)

1,023

1,012

Raymond

James

Financial,

Inc.

4.900%

due

09/11/35

605

602

5.650%

due

09/11/55

513

503

Realty

Income

Corp.

2.850%

due

12/15/32

540

S&P

Global,

Inc.

2.300%

due

08/15/60

Series

WI

3.900%

due

03/01/62

Sabra

Health

Care,

LP

3.200%

due

12/01/31

Sammons

Financial

Group,

Inc.

4.450%

due

05/12/27

(Þ)

605

605

Santander

Holdings

USA,

Inc.

6.499%

due

03/09/29

(SOFR

+

2.356%)(Ê)

574

598

Series

WI

4.400%

due

07/13/27

Service

Properties

Trust

4.950%

due

10/01/29

4.375%

due

02/15/30

Simon

Property

Group,

LP

1.750%

due

02/01/28

3.250%

due

09/13/49

950

655

Sixth

Street

Specialty

Lending,

Inc.

6.950%

due

08/14/28

846

887

Synchrony

Bank

5.625%

due

08/23/27

555

566

Synchrony

Financial

3.950%

due

12/01/27

612

609

5.150%

due

03/19/29

Synovus

Financial

Corp.

5.625%

due

02/15/28

1,019

1,040

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Truist

Financial

Corp.

Series

MTN

4.873%

due

01/26/29

(SOFR

+

1.435%)(Ê)

505

513

1.887%

due

06/07/29

(SOFR

+

0.862%)(Ê)

Unum

Group

4.046%

due

08/15/41

(Þ)

550

4.500%

due

12/15/49

US

Bancorp

4.653%

due

02/01/29

(SOFR

+

1.230%)(Ê)

1,025

1,038

5.678%

due

01/23/35

(SOFR

+

1.860%)(Ê)

Valley

National

Bancorp

3.000%

due

06/15/31

(CME

Term

SOFR

Month

+

2.360%)(Ê)

Vornado

Realty,

LP

2.150%

due

06/01/26

3.400%

due

06/01/31

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

Month

SOFR

+

2.084%)(Ê)

944

892

Webster

Financial

Corp.

4.100%

due

03/25/29

1,267

1,246

Wells

Fargo

&

Co.

5.198%

due

01/23/30

(SOFR

+

1.500%)(Ê)

650

669

5.389%

due

04/24/34

(SOFR

+

2.020%)(Ê)

1,370

1,424

Western

Alliance

Bancorp

3.000%

due

06/15/31

(CME

Term

SOFR

Month

+

2.250%)(Ê)

Zions

Bancorp

NA

3.250%

due

10/29/29

68,871

Health

Care

-

1.5%

AbbVie,

Inc.

5.400%

due

03/15/54

Series

WI

3.200%

due

11/21/29

4.250%

due

11/21/49

685

565

Alcon

Finance

Corp.

3.000%

due

09/23/29

(Þ)

1,381

1,324

Amgen,

Inc.

5.150%

due

03/02/28

4.200%

due

02/22/52

Biogen,

Inc.

6.450%

due

05/15/55

Bristol-Myers

Squibb

Co.

2.550%

due

11/13/50

555

5.550%

due

02/22/54

Series

WI

3.900%

due

02/20/28

Cardinal

Health,

Inc.

4.900%

due

09/15/45

Centene

Corp.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $2.450%

due

07/15/28

800

749

3.000%

due

10/15/30

1,010

904

CVS

Health

Corp.

4.300%

due

03/25/28

4.250%

due

04/01/50

1,210

936

Elevance

Health,

Inc.

4.750%

due

02/15/30

5.200%

due

02/15/35

570

582

HCA,

Inc.

5.625%

due

09/01/28

1,018

1,049

5.750%

due

03/01/35

530

556

Series

WI

3.625%

due

03/15/32

585

553

Merck

&

Co.,

Inc.

2.750%

due

12/10/51

630

Pfizer

Investment

Enterprises

Pte.,

Ltd.

4.750%

due

05/19/33

540

546

Pfizer,

Inc.

2.550%

due

05/28/40

Royalty

Pharma

PLC

Series

WI

1.750%

due

09/02/27

535

515

Tenet

Healthcare

Corp.

6.875%

due

11/15/31

Toledo

Hospital

(The)

4.982%

due

11/15/45

6.015%

due

11/15/48

UnitedHealth

Group,

Inc.

5.875%

due

02/15/53

880

888

6.050%

due

02/15/63

13,401

Materials

and

Processing

-

0.7%

Celanese

US

Holdings

LLC

7.050%

due

11/15/30

507

6.879%

due

07/15/32

7.200%

due

11/15/33

H.B.

Fuller

Co.

4.000%

due

02/15/27

Huntsman

International

LLC

4.500%

due

05/01/29

2.950%

due

06/15/31

5.700%

due

10/15/34

International

Flavors

&

Fragrances,

Inc.

1.832%

due

10/15/27

(Þ)

1,442

1,383

2.300%

due

11/01/30

(Þ)

685

618

Louisiana-Pacific

Corp.

3.625%

due

03/15/29

(Þ)

LYB

International

Finance

III

LLC

5.125%

due

01/15/31

5.875%

due

01/15/36

530

528

3.800%

due

10/01/60

1,163

726

Sealed

Air

Corp.

6.875%

due

07/15/33

(Þ)

United

States

Steel

Corp.

6.650%

due

06/01/37

6,022

Producer

Durables

-

1.5%

Avnet,

Inc.

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.250%

due

03/15/28

1,030

1,067

Caterpillar,

Inc.

5.200%

due

05/15/35

700

727

Entegris

,

Inc.

4.750%

due

04/15/29

(Þ)

1,225

1,228

Flowserve

Corp.

3.500%

due

10/01/30

Fluor

Corp.

4.250%

due

09/15/28

GFL

Environmental,

Inc.

3.500%

due

09/01/28

(Þ)

622

611

6.750%

due

01/15/31

(Þ)

Honeywell

International,

Inc.

4.500%

due

01/15/34

Huntington

Ingalls

Industries,

Inc.

Series

WI

3.483%

due

12/01/27

1,102

1,090

Jacobs

Engineering

Group,

Inc.

5.900%

due

03/01/33

802

845

Kirby

Corp.

4.200%

due

03/01/28

1,052

1,052

Lennox

International,

Inc.

5.500%

due

09/15/28

Masco

Corp.

1.500%

due

02/15/28

1,373

1,299

Nordson

Corp.

5.600%

due

09/15/28

528

547

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

6.200%

due

06/15/30

(Þ)

510

544

Republic

Services,

Inc.

5.000%

due

04/01/34

RTX

Corp.

4.125%

due

11/16/28

980

983

Waste

Management,

Inc.

4.625%

due

02/15/33

575

583

Westinghouse

Air

Brake

Technologies

Corp.

4.700%

due

09/15/28

640

648

XPO

CNW,

Inc.

6.700%

due

05/01/34

13,245

Technology

-

2.6%

Apple,

Inc.

3.000%

due

06/20/27

735

729

Belo

Corp.

7.750%

due

06/01/27

7.250%

due

09/15/27

Booz

Allen

Hamilton,

Inc.

4.000%

due

07/01/29

(Þ)

1,307

1,279

CDW

LLC

/

CDW

Finance

Corp.

3.250%

due

02/15/29

893

860

Crane

NXT

Co.

6.550%

due

11/15/36

4.200%

due

03/15/48

Fiserv,

Inc.

3.500%

due

07/01/29

Flex,

Ltd.

5.375%

due

11/13/35

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Foundry

JV

Holdco

LLC

6.100%

due

01/25/36

(Þ)

1,235

1,293

Gartner,

Inc.

3.750%

due

10/01/30

(Þ)

Hewlett

Packard

Enterprise

Co.

5.000%

due

10/15/34

5.600%

due

10/15/54

Intuit,

Inc.

5.200%

due

09/15/33

510

533

5.500%

due

09/15/53

Jabil,

Inc.

3.600%

due

01/15/30

510

Kyndryl

Holdings,

Inc.

6.350%

due

02/20/34

Marvell

Technology,

Inc.

5.950%

due

09/15/33

5.450%

due

07/15/35

Series

\*

4.875%

due

06/22/28

Meta

Platforms,

Inc.

5.400%

due

08/15/54

505

5.750%

due

11/15/65

690

659

Series

.

5.625%

due

11/15/55

880

846

Motorola

Solutions,

Inc.

4.600%

due

05/23/29

1,625

1,644

2.300%

due

11/15/30

MSCI,

Inc.

4.000%

due

11/15/29

(Þ)

976

956

NetApp,

Inc.

2.700%

due

06/22/30

555

517

5.700%

due

03/17/35

News

Corp.

3.875%

due

05/15/29

(Þ)

627

608

Oracle

Corp.

3.250%

due

11/15/27

950

930

2.300%

due

03/25/28

1,349

1,287

2.875%

due

03/25/31

630

565

5.200%

due

09/26/35

3.950%

due

03/25/51

5.950%

due

09/26/55

651

578

Roper

Technologies,

Inc.

2.950%

due

09/15/29

1,382

1,321

Seagate

Data

Storage

Technology

Pte

,

Ltd.

4.091%

due

06/01/29

(Þ)

VMware

LLC

1.800%

due

08/15/28

929

879

Western

Digital

Corp.

2.850%

due

02/01/29

764

731

22,351

Utilities

-

3.4%

Alliant

Energy

Finance

LLC

5.950%

due

03/30/29

(Þ)

678

709

Ameren

Illinois

Co.

3.800%

due

05/15/28

American

Water

Capital

Corp.

5.700%

due

09/01/55

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
AT&T,

Inc.

4.250%

due

03/01/27

535

536

4.550%

due

11/01/32

4.900%

due

11/01/35

567

560

3.650%

due

06/01/51

980

689

3.850%

due

06/01/60

552

Avangrid

,

Inc.

3.800%

due

06/01/29

511

504

Berkshire

Hathaway

Energy

Co.

6.125%

due

04/01/36

618

671

Brooklyn

Union

Gas

Co.

(The)

3.865%

due

03/04/29

(Þ)

885

873

CenterPoint

Energy

Houston

Electric

LLC

Series

K2

6.950%

due

03/15/33

586

665

CMS

Energy

Corp.

4.750%

due

06/01/50

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.116%)(Ê)

1,348

1,324

DTE

Electric

Co.

Series

A

1.900%

due

04/01/28

DTE

Energy

Co.

Series

C

3.400%

due

06/15/29

545

530

Duke

Energy

Carolinas

LLC

2.450%

due

08/15/29

750

710

Duke

Energy

Progress

LLC

3.450%

due

03/15/29

505

Edison

International

5.250%

due

11/15/28

754

764

FirstEnergy

Pennsylvania

Electric

Co.

4.300%

due

01/15/29

(Þ)

781

781

Frontier

Florida

LLC

Series

E

6.860%

due

02/01/28

Frontier

North,

Inc.

Series

G

6.730%

due

02/15/28

Indianapolis

Power

&

Light

Co.

5.700%

due

04/01/54

(Þ)

500

ITC

Holdings

Corp.

4.950%

due

09/22/27

(Þ)

519

526

Lumen

Technologies,

Inc.

Series

P

7.600%

due

09/15/39

NextEra

Energy

Capital

Holdings,

Inc.

3.800%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.547%)(Ê)

978

959

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

1,241

1,199

Oglethorpe

Power

Corp.

Series

WI

3.750%

due

08/01/50

750

537

Pacific

Gas

and

Electric

Co.

Series

WI

3.300%

due

12/01/27

1,336

1,314

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
PacifiCorp

3.500%

due

06/15/29

7.375%

due

09/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.319%)(Ê)

Public

Service

Enterprise

Group,

Inc.

5.875%

due

10/15/28

865

903

Sempra

3.700%

due

04/01/29

695

684

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.868%)(Ê)

573

563

Southern

California

Edison

Co.

2.250%

due

06/01/30

932

846

Southern

Co.

(The)

5.113%

due

08/01/27

603

613

Sprint

Capital

Corp.

6.875%

due

11/15/28

1,167

1,253

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

557

578

T-Mobile

USA,

Inc.

4.950%

due

03/15/28

3.375%

due

04/15/29

5.750%

due

01/15/34

613

649

Series

WI

3.750%

due

04/15/27

505

503

2.400%

due

03/15/29

560

530

3.300%

due

02/15/51

575

Verizon

Communications,

Inc.

3.550%

due

03/22/51

1,615

1,149

5.875%

due

11/30/55

Series

WI

4.272%

due

01/15/36

554

519

Virginia

Electric

and

Power

Co.

5.550%

due

08/15/54

Vistra

Operations

Co.

LLC

4.300%

due

07/15/29

(Þ)

2,487

2,469

29,733

227,821

International

Debt

-

13.2%

ACWA

Power

Management

and

Investments

One,

Ltd.

5.950%

due

12/15/39

(Þ)

Adani

Ports

&

Special

Economic

Zone,

Ltd.

4.375%

due

07/03/29

(Þ)

1,147

1,111

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

5.100%

due

01/19/29

3.300%

due

01/30/32

580

537

Africa

Finance

Corp.

4.375%

due

04/17/26

(Þ)

Allianz

SE

6.350%

due

09/06/53

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.232%)(Ê)(Þ)

600

644

America

Movil

SAB

de

CV

3.625%

due

04/22/29

1,273

1,245

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Ares

CLO,

Ltd.

Series

2024-ALF8

Class

A1

5.115%

due

01/24/38

(CME

Term

SOFR

Month

+

1.250%)(Ê)(Þ)

550

550

Australia

and

New

Zealand

Banking

Group,

Ltd.

2.570%

due

11/25/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.700%)(Ê)(Þ)

650

584

Avolon

Holdings

Funding,

Ltd.

2.750%

due

02/21/28

(Þ)

520

504

Bain

Capital

Credit

CLO,

Ltd.

Series

2025-4A

Class

A1

5.099%

due

01/17/39

(CME

Term

SOFR

Month

+

1.240%)(Ê)(Þ)

1,000

1,000

Series

2025-4A

Class

D1

6.459%

due

01/17/39

(CME

Term

SOFR

Month

+

2.600%)(Ê)(Þ)

1,750

1,750

Banco

de

Bogota

SA

Series

EMTQ

4.375%

due

08/03/27

(Þ)

720

716

Banco

Santander

SA

3.490%

due

05/28/30

600

578

Bangkok

Bank

PCL

9.025%

due

03/15/29

(Þ)

858

962

Barclays

PLC

6.490%

due

09/13/29

(SOFR

+

2.220%)(Ê)

775

819

5.088%

due

06/20/30

(USD

Month

SOFR

+

3.054%)(Ê)

1,132

1,151

6.224%

due

05/09/34

(SOFR

+

2.980%)(Ê)

1,095

1,178

Barings

CLO,

Ltd.

Series

2025-1A

Class

A

5.014%

due

04/20/38

(CME

Term

SOFR

Month

+

1.130%)(Ê)(Þ)

1,400

1,400

BAT

Capital

Corp.

Series

WI

4.540%

due

08/15/47

640

532

Bellemeade

Re,

Ltd.

Series

2023-1

Class

M1A

6.074%

due

10/25/33

(SOFR

Day

Average

+

2.200%)(Ê)(Þ)

Bimbo

Bakeries

USA,

Inc.

6.050%

due

01/15/29

(Þ)

686

716

BNP

Paribas

SA

4.625%

due

03/13/27

(Þ)

1,318

1,323

5.497%

due

05/20/30

(SOFR

+

1.590%)(Ê)(Þ)

1,095

1,133

Bombardier,

Inc.

7.450%

due

05/01/34

(Þ)

British

Airways

Pass-Through

Trust

Series

2018-1

Class

AA

3.800%

due

03/20/33

(Þ)

Brookfield

Asset

Management,

Ltd.

6.077%

due

09/15/55

Brookfield

Finance,

Inc.

4.700%

due

09/20/47

872

754

Canadian

Natural

Resources,

Ltd.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.850%

due

02/01/35

661

689

Canadian

Pacific

Railway

Co.

6.125%

due

09/15/15

656

657

Cellnex

Telecom

SA

3.875%

due

07/07/41

(Þ)

650

516

Celulosa

Arauco

y

Constitucion

SA

4.250%

due

04/30/29

(Þ)

502

Series

WI

3.875%

due

11/02/27

834

824

Cencosud

SA

4.375%

due

07/17/27

(Þ)

1,172

1,172

Cenovus

Energy,

Inc.

2.650%

due

01/15/32

984

874

Credit

Agricole

SA

3.250%

due

01/14/30

(Þ)

750

713

Daimler

Truck

Finance

North

America

LLC

5.375%

due

01/18/34

(Þ)

580

592

Danske

Bank

A/S

5.705%

due

03/01/30

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.400%)(Ê)(Þ)

1,160

1,205

Deutsche

Bank

AG

4.469%

due

12/10/31

(SOFR

+

1.100%)(Ê)

3.729%

due

01/14/32

(SOFR

+

2.757%)(Ê)

1,056

998

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

Year

Rate

+

2.553%)(Ê)

Deutsche

Telekom

International

Finance

BV

8.750%

due

06/15/30

587

685

Diageo

Capital

PLC

5.625%

due

10/05/33

650

692

Eagle

Funding

Luxco

SARL

5.500%

due

08/17/30

(Þ)

2,700

2,750

Eagle

RE,

Ltd.

Series

2021-2

Class

M1C

7.324%

due

04/25/34

(SOFR

Day

Average

+

3.450%)(Ê)(Þ)

620

625

Series

2021-2

Class

M2

8.124%

due

04/25/34

(SOFR

Day

Average

+

4.250%)(Ê)(Þ)

1,650

1,688

Element

Fleet

Management

Corp.

6.319%

due

12/04/28

(Þ)

665

701

EMD

Finance

LLC

4.625%

due

10/15/32

(Þ)

5.000%

due

10/15/35

(Þ)

550

553

Emera

US

Finance,

LP

Series

WI

2.639%

due

06/15/31

856

774

Enbridge,

Inc.

7.375%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.708%)(Ê)

Enel

Finance

International

NV

7.750%

due

10/14/52

(Þ)

820

997

Eni

USA,

Inc.

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.300%

due

11/15/27

1,009

1,067

Export-Import

Bank

of

Korea

4.875%

due

01/11/26

1,160

1,160

Flatiron

CLO,

Ltd.

Series

2024-4A

Class

A

5.235%

due

01/15/38

(CME

Term

SOFR

Month

+

1.330%)(Ê)(Þ)

3,000

3,007

Series

2025-30A

Class

A1

5.065%

due

04/15/38

(CME

Term

SOFR

Month

+

1.160%)(Ê)(Þ)

1,100

1,098

Fresenius

Medical

Care

US

Finance

III,

Inc.

3.750%

due

06/15/29

(Þ)

1,350

1,317

Gildan

Activewear

,

Inc.

4.700%

due

10/07/30

(Þ)

5.400%

due

10/07/35

(Þ)

Glencore

Funding

LLC

5.634%

due

04/04/34

(Þ)

650

679

5.893%

due

04/04/54

(Þ)

Home

RE,

Ltd.

Series

2022-1

Class

B1

12.874%

due

10/25/34

(SOFR

Day

Average

+

9.000%)(Ê)(Þ)

1,430

1,608

HSBC

Holdings

PLC

7.390%

due

11/03/28

(SOFR

+

3.350%)(Ê)

600

634

5.286%

due

11/19/30

(SOFR

+

1.290%)(Ê)

Series

\*\*

7.625%

due

05/17/32

669

747

ICICI

Bank,

Ltd.

3.800%

due

12/14/27

(Þ)

599

594

Imperial

Brands

Finance

PLC

3.875%

due

07/26/29

(Þ)

1,299

1,273

6.375%

due

07/01/55

(Þ)

740

756

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

892

878

4.875%

due

01/14/48

(Þ)

524

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

1,159

1,130

Kuwait

International

Government

Bond

4.016%

due

10/09/28

(Þ)

5,760

5,759

LG

Energy

Solution,

Ltd.

5.750%

due

09/25/28

(Þ)

1,227

1,270

Lloyds

Banking

Group

PLC

5.985%

due

08/07/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.480%)(Ê)

1,095

1,107

4.943%

due

11/04/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.970%)(Ê)

1,368

1,353

Macquarie

Airfinance

Holdings,

Ltd.

6.400%

due

03/26/29

(Þ)

5.150%

due

03/17/30

(Þ)

6.500%

due

03/26/31

(Þ)

Macquarie

Group,

Ltd.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $1.629%

due

09/23/27

(SOFR

+

0.910%)(Ê)(Þ)

2,865

2,813

Magnetite

CLO,

Ltd.

Series

2020-26A

Class

AR2

5.008%

due

01/25/38

(CME

Term

SOFR

Month

+

1.150%)(Ê)(Þ)

1,410

1,409

Marks

&

Spencer

PLC

7.125%

due

12/01/37

(Þ)

Methanex

Corp.

5.250%

due

12/15/29

5.650%

due

12/01/44

Mexico

Generadora

de

Energia

S

de

RL

de

CV

5.500%

due

12/06/32

(Þ)

726

737

Mexico

Government

International

Bond

5.375%

due

03/22/33

1,698

1,682

Series

5.625%

due

09/22/35

MF1,

Ltd.

Series

2022-FL8

Class

A

5.081%

due

02/19/37

(CME

Term

SOFR

Month

+

1.350%)(Ê)(Þ)

2,119

2,118

MISC

Capital

Two

Labuan,

Ltd.

3.750%

due

04/06/27

(Þ)

1,101

1,094

Mitsubishi

UFJ

Financial

Group,

Inc.

5.441%

due

02/22/34

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.630%)(Ê)

835

873

National

Australia

Bank,

Ltd.

2.332%

due

08/21/30

(Þ)

810

734

NBK

SPC,

Ltd.

1.625%

due

09/15/27

(SOFR

+

1.050%)(Ê)(Þ)

667

654

Nissan

Motor

Co.,

Ltd.

4.345%

due

09/17/27

(Þ)

4.810%

due

09/17/30

(Þ)

Nokia

Oyj

4.375%

due

06/12/27

1,157

1,156

Oaktown

Re,

Ltd.

Series

2021-1A

Class

M1C

6.874%

due

10/25/33

(SOFR

Day

Average

+

3.000%)(Ê)(Þ)

OCP

CLO,

Ltd.

Series

2021-22A

Class

AR

5.234%

due

10/20/37

(CME

Term

SOFR

Month

+

1.350%)(Ê)(Þ)

1,600

1,602

Series

2025-45A

Class

D1

6.371%

due

10/15/38

(CME

Term

SOFR

Month

+

2.500%)(Ê)(Þ)

1,300

1,300

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

Petroleos

Mexicanos

Series

WI

5.950%

due

01/28/31

6.700%

due

02/16/32

2,891

2,883

Port

of

Newcastle

Investments

Financing

Pty,

Ltd.

5.900%

due

11/24/31

(Þ)

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Prosus

NV

4.850%

due

07/06/27

(Þ)

1,160

1,167

3.832%

due

02/08/51

(Þ)

710

Radnor

RE,

Ltd.

Series

2021-2

Class

M1B

7.574%

due

11/25/31

(SOFR

Day

Average

+

3.700%)(Ê)(Þ)

1,101

1,113

Series

2023-1

Class

M1A

6.565%

due

07/25/33

(SOFR

Day

Average

+

2.700%)(Ê)(Þ)

Regatta

XXVII

Funding,

Ltd.

Series

2024-1A

Class

A1

5.388%

due

04/26/37

(CME

Term

SOFR

Month

+

1.530%)(Ê)(Þ)

1,000

1,002

Reliance

Industries,

Ltd.

3.667%

due

11/30/27

(Þ)

633

627

Rogers

Communications,

Inc.

5.000%

due

02/15/29

5.300%

due

02/15/34

535

539

7.125%

due

04/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.620%)(Ê)

510

539

5.250%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.590%)(Ê)(Þ)

Santos

Finance,

Ltd.

5.750%

due

11/13/35

(Þ)

670

667

Scentre

Group

Trust

5.125%

due

09/24/80

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.685%)(Ê)(Þ)

710

715

SMBC

Aviation

Capital

Finance

DAC

5.550%

due

04/03/34

(Þ)

655

676

Societe

Generale

SA

5.634%

due

01/19/30

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.750%)(Ê)(Þ)

747

771

2.889%

due

06/09/32

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.300%)(Ê)(Þ)

598

541

Standard

Chartered

PLC

7.014%

due

07/29/49

(USD

Month

SOFR

+

1.460%)(Ê)(Þ)

Suncor

Energy,

Inc.

7.000%

due

11/15/28

746

802

Suzano

Austria

GmbH

Series

WI

6.000%

due

01/15/29

749

771

Telecom

Italia

Capital

SA

6.375%

due

11/15/33

6.000%

due

09/30/34

7.200%

due

07/18/36

7.721%

due

06/04/38

TELUS

Corp.

Series

...

6.625%

due

06/09/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.515%)(Ê)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Tesco

PLC

6.150%

due

11/15/37

(Þ)

623

649

Textainer

Marine

Containers

VII,

Ltd.

Series

2024-1A

Class

A

5.250%

due

08/20/49

(Þ)

1,581

1,590

TransAlta

Corp.

6.500%

due

03/15/40

TransCanada

Trust

5.600%

due

03/07/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.986%)(Ê)

Transportadora

de

Gas

Internacional

SA

ESP

5.550%

due

11/01/28

(Þ)

737

747

UBS

Group

AG

2.746%

due

02/11/33

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.100%)(Ê)(Þ)

600

537

UniCredit

SpA

7.296%

due

04/02/34

(USD

ICE

Swap

Rate

NY

Year

Rate

+

4.914%)(Ê)(Þ)

526

United

Utilities

PLC

6.875%

due

08/15/28

800

852

UPM-

Kymmene

Oyj

7.450%

due

11/26/27

(Þ)

699

739

Var

Energi

ASA

7.500%

due

01/15/28

(Þ)

788

834

8.000%

due

11/15/32

(Þ)

Videotron,

Ltd.

3.625%

due

06/15/29

(Þ)

Vodafone

Group

PLC

7.000%

due

04/04/79

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

4.873%)(Ê)

699

739

Voya

CLO,

Ltd.

Series

2018-4A

Class

A1RR

5.265%

due

10/15/37

(CME

Term

SOFR

Month

+

1.360%)(Ê)(Þ)

1,000

1,002

Wellesley

Park

CLO,

Ltd.

Series

2025-1A

Class

D1

6.358%

due

01/24/39

(CME

Term

SOFR

Month

+

2.450%)(Ê)(Þ)

1,900

1,900

Yara

International

ASA

4.750%

due

06/01/28

(Þ)

514

518

115,036

Mortgage-Backed

Securities

-

25.1%

Alternative

Loan

Trust

Series

2007-16CB

Class

1A5

4.246%

due

08/25/37

(CME

Term

SOFR

Month

+

0.514%)(Ê)

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

Series

2025-FL1

Class

AS

5.567%

due

01/20/43

(CME

Term

SOFR

Month

+

1.833%)(Ê)(Þ)

2,090

2,093

Series

2025-FL1

Class

B

6.026%

due

01/20/43

(CME

Term

SOFR

Month

+

2.292%)(Ê)(Þ)

1,290

1,297

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

Series

2021-FL4

Class

A

5.215%

due

11/15/36

(CME

Term

SOFR

Month

+

1.464%)(Ê)(Þ)

Series

2022-FL1

Class

A

5.434%

due

01/15/37

(SOFR

Day

Average

+

1.450%)(Ê)(Þ)

985

985

Barclays

Mortgage

Loan

Trust

Series

2022-RPL1

Class

A

4.250%

due

02/25/28

(~)(Ê)(Þ)

506

505

BDS

LLC

Series

2022-FL11

Class

ATS

5.531%

due

03/19/39

(CME

Term

SOFR

Month

+

1.800%)(Ê)(Þ)

1,887

1,888

Series

2025-FL14

Class

A

5.013%

due

10/17/42

(CME

Term

SOFR

Month

+

1.282%)(Ê)(Þ)

697

696

Series

2025-FL16

Class

A

5.400%

due

07/19/43

(CME

Term

SOFR

Month

+

1.400%)(Ê)(Þ)

4,762

4,763

BRCK

Trust

Series

2025-830B

Class

A

4.956%

due

12/10/42

(~)(Ê)(Þ)

560

560

Series

2025-830B

Class

B

5.357%

due

12/10/42

(~)(Ê)(Þ)

1,843

1,846

BX

Commercial

Mortgage

Trust

Series

2021-CIP

Class

D

5.535%

due

12/15/38

(CME

Term

SOFR

Month

+

1.785%)(Ê)(Þ)

2,352

2,349

Series

2024-MDHS

Class

A

5.391%

due

05/15/41

(CME

Term

SOFR

Month

+

1.641%)(Ê)(Þ)

2,234

2,235

Series

2024-MDHS

Class

B

5.591%

due

05/15/41

(CME

Term

SOFR

Month

+

1.841%)(Ê)(Þ)

1,352

1,351

BX

Trust

Series

2024-BIO

Class

C

6.390%

due

02/15/41

(CME

Term

SOFR

Month

+

2.640%)(Ê)(Þ)

5,702

5,645

Series

2024-VLT4

Class

C

5.891%

due

06/15/41

(CME

Term

SOFR

Month

+

2.140%)(Ê)(Þ)

2,093

2,081

Series

2025-ROIC

Class

C

5.293%

due

03/15/30

(CME

Term

SOFR

Month

+

1.543%)(Ê)(Þ)

1,230

1,225

Series

2025-ROIC

Class

D

5.743%

due

03/15/30

(CME

Term

SOFR

Month

+

1.993%)(Ê)(Þ)

3,441

3,422

CAMB

Commercial

Mortgage

Trust

Series

2021-CX2

Class

A

2.700%

due

11/10/46

(Þ)

3,322

2,951

Series

2021-CX2

Class

C

2.771%

due

11/10/46

(~)(Ê)(Þ)

3,244

2,675

Chase

Home

Lending

Mortgage

Trust

Series

2025-3

Class

A11

5.174%

due

02/25/56

(SOFR

Day

Average

+

1.300%)(Ê)(Þ)

1,204

1,205

Series

2025-9

Class

A4

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.000%

due

06/25/56

(~)(Ê)(Þ)

1,116

1,129

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.195%

due

04/10/37

(~)(Ê)(Þ)

985

813

Deutsche

Mortgage

Securities,

Inc.

Re-

REMIC

Trust

Series

2007-WM1

Class

A1

4.175%

due

06/27/37

(~)(Ê)(Þ)

DK

Trust

Series

2024-SPBX

Class

A

5.250%

due

03/15/34

(CME

Term

SOFR

Month

+

1.500%)(Ê)(Þ)

751

751

Fannie

Mae

2.600%

due

2031

6.000%

due

2032

5.000%

due

2033

5.500%

due

2034

4.500%

due

2035

5.500%

due

2037

5.500%

due

2038

6.000%

due

2039

4.000%

due

2040

5.500%

due

2040

6.000%

due

2040

4.000%

due

2041

6.000%

due

2041

3.500%

due

2043

4.000%

due

2044

3.500%

due

2045

3.000%

due

2046

3.500%

due

2046

4.000%

due

2046

4.500%

due

2046

3.000%

due

2047

3.500%

due

2047

4.000%

due

2047

4.500%

due

2048

5.000%

due

2048

3.000%

due

2049

2,799

2,506

4.000%

due

2049

5.000%

due

2049

2.500%

due

2050

5,364

4,556

3.000%

due

2050

5,235

4,697

2.000%

due

2051

8,247

6,729

2.500%

due

2051

4.000%

due

2052

4,398

4,195

4.500%

due

2053

6,506

6,378

5.000%

due

2053

2,635

2,644

5.500%

due

2053

3,640

3,713

5.000%

due

2055

3,121

3,118

Year

TBA(Ï)

4.500%

12,000

11,711

5.000%

8,600

8,577

Fannie

Mae

REMIC

Trust

Series

2004-W5

Class

A1

6.000%

due

02/25/47

Fannie

Mae

REMICS

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

1999-56

Class

Z

7.000%

due

12/18/29

Series

2005-24

Class

ZE

5.000%

due

04/25/35

Freddie

Mac

5.500%

due

2038

6.000%

due

2038

5.000%

due

2040

4.000%

due

2041

4.500%

due

2041

5.500%

due

2041

3.500%

due

2043

4.000%

due

2044

3.500%

due

2045

4.000%

due

2045

3.000%

due

2046

1,111

1,016

4.000%

due

2046

3.000%

due

2047

3.000%

due

2048

4.000%

due

2048

4.500%

due

2048

3.000%

due

2049

2.500%

due

2050

1,281

1,109

3.000%

due

2050

2,143

1,925

2.000%

due

2051

964

789

2.500%

due

2051

4.000%

due

2052

5,411

5,161

4.500%

due

2052

6,230

6,110

5.500%

due

2053

3,912

3,979

5.000%

due

2055

6,670

6,732

5.500%

due

2055

6,474

6,621

Freddie

Mac

REMICS

Series

2003-2624

Class

QH

5.000%

due

06/15/33

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

Series

2010-3632

Class

PK

5.000%

due

02/15/40

Series

2010-3653

Class

B

4.500%

due

04/15/30

Series

2012-4010

Class

KM

3.000%

due

01/15/42

Ginnie

Mae

II

2.500%

due

2052

5,518

4,763

4.500%

due

2055

6,988

6,811

5.500%

due

2055

5,256

5,340

6.000%

due

2055

8,017

8,172

Year

TBA(Ï)

5.000%

3,200

3,191

GS

Mortgage

Securities

Trust

Series

2023-SHIP

Class

A

4.322%

due

09/10/38

(~)(Ê)(Þ)

1,899

1,896

HMH

Trust

Series

2017-NSS

Class

E

6.292%

due

07/05/31

(Æ)(Ø)

(Þ)

1,170

—

Hudson

Yards

Mortgage

Trust

Series

2025-SPRL

Class

A

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.467%

due

01/13/40

(~)(Ê)(Þ)

971

1,006

JPMorgan

Mortgage

Trust

Series

2018-3

Class

A3

3.500%

due

09/25/48

(~)(Ê)(Þ)

Series

2020-3

Class

A15

3.500%

due

08/25/50

(~)(Ê)(Þ)

Series

2021-6

Class

A6

2.500%

due

10/25/51

(~)(Ê)(Þ)

2,604

2,429

Series

2021-8

Class

A6

2.500%

due

12/25/51

(~)(Ê)(Þ)

2,218

2,071

Series

2021-12

Class

A4

2.500%

due

02/25/52

(~)(Ê)(Þ)

604

547

Series

2022-1

Class

A4

2.500%

due

07/25/52

(~)(Ê)(Þ)

2,270

2,030

Series

2022-2

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

1,027

920

Series

2022-3

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

2,307

2,060

Series

2022-4

Class

A4

3.000%

due

10/25/52

(~)(Ê)(Þ)

1,064

967

MF1

LLC

Series

2022-FL9

Class

A

5.881%

due

06/19/37

(CME

Term

SOFR

Month

+

2.150%)(Ê)(Þ)

3,304

3,305

Series

2024-FL14

Class

A

5.468%

due

03/19/39

(CME

Term

SOFR

Month

+

1.737%)(Ê)(Þ)

2,620

2,627

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

XA

Interest

Only

STRIPS

0.343%

due

09/13/39

(~)(Ê)(Þ)

8,761

Series

2017-237P

Class

XB

Interest

Only

STRIPS

0.050%

due

09/13/39

(~)(Ê)(Þ)

5,418

PRPM

LLC

Series

2024-7

Class

A1

5.870%

due

11/25/29

(~)(Ê)(Þ)

807

808

Series

2024-RCF6

Class

A1

4.000%

due

10/25/64

(~)(Ê)(Þ)

1,532

1,520

Series

2025-2

Class

A1

6.469%

due

05/25/30

(~)(Ê)(Þ)

1,894

1,898

Series

2025-4

Class

A1

6.179%

due

06/25/30

(~)(Ê)(Þ)

2,029

2,032

Series

2025-6

Class

A1

5.774%

due

08/25/28

(~)(Ê)(Þ)

1,039

1,040

Series

2025-7

Class

A1

5.503%

due

08/25/30

(~)(Ê)(Þ)

1,630

1,634

Series

2025-RCF3

Class

M1A

5.250%

due

07/25/55

(~)(Ê)(Þ)

1,100

1,093

Series

2025-RCF4

Class

A1

4.500%

due

08/25/55

(~)(Ê)(Þ)

3,409

3,383

RFR

Trust

Series

2025-SGRM

Class

A

5.379%

due

03/11/41

(~)(Ê)(Þ)

1,104

1,130

Series

2025-SGRM

Class

B

5.670%

due

03/11/41

(~)(Ê)(Þ)

3,048

3,117

Series

2025-SGRM

Class

C

5.816%

due

03/11/41

(~)(Ê)(Þ)

2,385

2,426

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Sequoia

Mortgage

Trust

Series

2015-1

Class

A1

3.500%

due

01/25/45

(~)(Ê)(Þ)

TCO

Commercial

Mortgage

Trust

Series

2024-DPM

Class

A

4.993%

due

12/15/39

(CME

Term

SOFR

Month

+

1.243%)(Ê)(Þ)

1,633

1,633

VDCM

Commercial

Mortgage

Trust

Series

2025-AZ

Class

B

5.304%

due

07/13/44

(~)(Ê)(Þ)

1,460

1,477

Series

2025-AZ

Class

C

5.838%

due

07/13/44

(~)(Ê)(Þ)

2,824

2,875

Washington

Mutual

Mortgage

Pass-

Through

Certificates

Trust

Series

2005-10

Class

3CB1

6.000%

due

11/25/35

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series

2020-3

Class

A1

3.000%

due

06/25/50

(~)(Ê)(Þ)

733

631

WinWater

Mortgage

Loan

Trust

Series

2014-1

Class

A1

3.929%

due

06/20/44

(~)(Ê)(Þ)

218,785

Non-US

Bonds

-

6.6%

Apna

Park

CLO

DAC

Series

2025-1A

Class

A

3.366%

due

12/15/38

(3

Month

EURIBOR

+

1.290%)(Ê)(Þ)

EUR

5,900

6,938

Australia

Government

International

Bond

Series

3.250%

due

06/21/39

(Þ)

AUD

698

Series

1.750%

due

06/21/51

(Þ)

AUD

3,905

1,333

Bundesrepublik

Deutschland

Bundesanleihe

Series

10Y

2.348%

due

02/15/30

(Þ)(ž)

EUR

2.548%

due

02/15/32

(Þ)(ž)

EUR

1,038

1,046

2.500%

due

02/15/35

(Þ)

EUR

2,821

3,231

Colombian

TES

Series

B

11.000%

due

08/22/29

COP

16,311,900

4,079

13.250%

due

02/09/33

COP

15,397,600

4,127

11.750%

due

01/24/35

COP

1,621,300

Hong

Kong

Government

Bond

Programme

1.680%

due

01/21/26

HKD

1,200

Iceland

Rikisbref

6.500%

due

01/24/31

ISK

173,264

1,382

6.500%

due

02/15/38

ISK

222,987

1,789

Japan

Year

Government

International

Bond

Series

1.800%

due

09/20/53

JPY

138,350

633

Series

1.600%

due

12/20/53

JPY

401,050

1,739

Series

2.100%

due

09/20/54

JPY

364,950

1,787

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2.300%

due

12/20/54

JPY

78,500

Japan

Year

Government

International

Bond

Series

0.500%

due

03/20/60

JPY

369,850

1,018

Mexican

Bonos

Series

M

8.000%

due

02/21/36

MXN

40,400

2,079

Mexico

Government

International

Bond

4.500%

due

03/19/34

EUR

860

1,007

2.250%

due

08/12/36

EUR

5.125%

due

05/04/37

EUR

588

4.000%

due

03/15/15

EUR

1,011

831

New

Zealand

Government

International

Bond

Series

0531

1.500%

due

05/15/31

NZD

6,609

3,366

Series

0535

4.500%

due

05/15/35

NZD

3,188

1,849

Petroleos

Mexicanos

Series

10.7 4.750%

due

02/26/29

(Þ)

EUR

1,135

1,341

Republic

of

South

Africa

Government

International

Bond

Series

2035

8.875%

due

02/28/35

ZAR

20,670

1,302

Romanian

Government

International

Bond

5.625%

due

02/22/36

(Þ)

EUR

708

824

2.625%

due

12/02/40

(Þ)

EUR

1,651

1,277

2.750%

due

04/14/41

(Þ)

EUR

2.875%

due

04/13/42

(Þ)

EUR

1,465

1,135

6.500%

due

10/07/45

(Þ)

EUR

530

619

4.625%

due

04/03/49

(Þ)

EUR

3.375%

due

01/28/50

(Þ)

EUR

United

Kingdom

Gilt

0.875%

due

01/31/46

(Þ)

GBP

1,598

1,016

4.375%

due

07/31/54

(Þ)

GBP

975

1,153

Vantage

Data

Centers

Germany

Borrower

SARL

Series

2025-1A

Class

A2

4.292%

due

06/28/50

(Þ)

EUR

2,902

3,434

Vantage

Data

Centers

Jersey

Borrower

Spv

,

Ltd.

Series

2024-1A

Class

A2

6.172%

due

05/28/39

(Þ)

GBP

3,270

4,504

57,915

United

States

Government

Agencies

-

0.3%

Federal

Farm

Credit

Bank

Funding

Corp.

5.130%

due

05/19/33

2,955

2,955

United

States

Government

Treasuries

-

6.3%

United

States

Treasury

Notes

2.375%

due

05/15/27

1,490

1,467

0.375%

due

07/31/27

1,577

1,502

0.500%

due

08/31/27

1,915

1,823

4.250%

due

01/15/28

2,200

2,232

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $0.750%

due

01/31/28

1,272

1,203

2.750%

due

02/15/28

2,074

2,043

2.875%

due

05/15/28

1,298

1,280

3.125%

due

11/15/28

5.250%

due

11/15/28

1,538

1,606

4.125%

due

03/31/29

1,670

1,698

2.375%

due

05/15/29

1,950

1,875

4.000%

due

10/31/29

2,071

2,098

1.750%

due

11/15/29

691

645

4.375%

due

12/31/29

1,229

1,262

4.250%

due

01/31/30

2,019

2,064

0.625%

due

08/15/30

2,294

1,996

0.875%

due

11/15/30

1,017

889

3.500%

due

11/30/30

1.125%

due

02/15/31

960

845

1.250%

due

08/15/31

925

806

1.875%

due

02/15/32

1,097

979

2.750%

due

08/15/32

1,815

1,692

3.875%

due

08/31/32

1,095

1,093

3.875%

due

09/30/32

2,300

2,294

3.750%

due

11/30/32

2,750

2,720

3.375%

due

05/15/33

3.875%

due

08/15/33

4.500%

due

11/15/33

1,385

1,431

4.000%

due

02/15/34

865

863

4.375%

due

05/15/34

620

634

3.875%

due

08/15/34

1,376

1,356

4.625%

due

02/15/35

4.000%

due

11/15/35

1,000

986

4.500%

due

02/15/36

575

593

1.125%

due

05/15/40

979

622

1.375%

due

11/15/40

631

3.125%

due

11/15/41

2.750%

due

11/15/42

1,100

846

3.125%

due

02/15/43

538

2.875%

due

05/15/43

764

594

4.625%

due

11/15/44

593

582

2.875%

due

08/15/45

3.000%

due

05/15/47

848

637

2.750%

due

11/15/47

3.000%

due

02/15/48

3.125%

due

05/15/48

593

3.375%

due

11/15/48

549

2.875%

due

05/15/49

1.250%

due

05/15/50

2.375%

due

05/15/51

850

537

2.000%

due

08/15/51

581

1.875%

due

11/15/51

568

4.000%

due

11/15/52

4.250%

due

02/15/54

4.625%

due

05/15/54

4.625%

due

02/15/55

500

4.750%

due

05/15/55

575

566

4.750%

due

08/15/55

683

673

4.625%

due

11/15/55

676

653

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $54,677

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$745,698)

735,977

#### Short-Term

#### Investments

#### -

#### 15.9%
Japan

Treasury

Discount

Bills

Series

1340

0.484%

due

02/02/26

(ž)

JPY

1,337,000

8,531

Series

1352

0.557%

due

03/30/26

(ž)

JPY

2,492,000

15,887

U.S.

Cash

Management

Fund(@)

66,605,086(∞)

66,605

United

States

Treasury

Bills

3.535%

due

02/26/26

(ž)

48,300

48,036

#### Total

#### Short-Term

#### Investments
(cost

$139,408)

139,059

#### Total

#### Investments

#### -

#### 100.2%
(identified

cost

$885,106)

875,036

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.2)%
(1,958)

#### Net

#### Assets

#### -

#### 100.0%
873,078

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $34.2%

Park

Funding

Trust

02/25/25

530,000

100.00 530

527

ACWA

Power

Management

and

Investments

One,

Ltd.

01/11/24

233,720

97.23 227

Adani

Ports

&

Special

Economic

Zone,

Ltd.

10/15/25

1,147,000

97.72 1,121

1,111

Africa

Finance

Corp.

11/02/21

393,000

100.32 394

Aircastle

,

Ltd.

08/03/22

1,007,000

93.00 937

978

Aircastle

,

Ltd.

10/30/24

1,160,000

101.81 1,181

1,207

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

09/20/23

160,000

98.38 157

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

08/20/24

50,000

94.93 47

Alcon

Finance

Corp.

12/03/25

1,381,000

95.91 1,324

1,324

Alliant

Energy

Finance

LLC

08/13/25

678,000

104.62 709

709

Allianz

SE

10/30/24

600,000

106.10 637

644

Antero

Resources

Corp.

01/07/25

424,000

97.71 414

Apna

Park

CLO

DAC

10/07/25

EUR

5,900,000

116.51 6,874

6,938

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

08/01/25

1,290,000

99.75 1,287

1,297

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

08/01/25

2,090,000

99.75 2,085

2,093

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

11/22/24

478,083

100.00 478

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

11/22/24

985,220

99.98 985

985

Ares

CLO,

Ltd.

12/19/24

550,000

100.00 550

550

Audax

Senior

Debt

CLO

LLC

02/21/25

1,770,000

100.00 1,770

1,769

Australia

and

New

Zealand

Banking

Group,

Ltd.

10/30/24

650,000

86.26 561

584

Australia

Government

International

Bond

04/01/25

AUD

3,905,000

33.84 1,321

1,333

Australia

Government

International

Bond

04/01/25

AUD

698,000

54.50 380

Avolon

Holdings

Funding,

Ltd.

10/30/24

520,000

94.98 494

504

Bain

Capital

Credit

CLO,

Ltd.

09/18/25

1,000,000

100.00 1,000

1,000

Bain

Capital

Credit

CLO,

Ltd.

09/18/25

1,750,000

100.00 1,750

1,750

Banco

de

Bogota

SA

12/12/24

720,000

98.11 706

716

Bangkok

Bank

PCL

05/13/25

858,000

110.47 948

962

Barclays

Mortgage

Loan

Trust

03/26/24

505,768

98.08 496

505

Barings

CLO,

Ltd.

02/14/25

1,400,000

100.00 1,400

1,400

BDS

LLC

04/04/22

1,887,230

100.00 1,887

1,888

BDS

LLC

02/21/25

697,000

99.76 695

696

BDS

LLC

11/20/25

4,762,000

100.00 4,762

4,763

Bellemeade

Re,

Ltd.

10/18/23

490,242

100.00 490

Bimbo

Bakeries

USA,

Inc.

02/11/25

686,000

102.19 701

716

Blackstone

Holdings

Finance

Co.

LLC

10/30/24

510,000

86.83 443

BNP

Paribas

SA

06/10/20

1,318,000

101.28 1,335

1,323

BNP

Paribas

SA

10/30/24

1,095,000

101.13 1,107

1,133

Bombardier,

Inc.

06/11/25

169,000

107.27 181

Booz

Allen

Hamilton,

Inc.

05/13/25

1,307,000

95.69 1,251

1,279

BRAVO

Residential

Funding

Trust

10/09/24

504,467

99.99 504

508

BRAVO

Residential

Funding

Trust

04/08/25

4,059,213

99.99 4,059

4,096

BRCK

Trust

11/26/25

1,843,000

100.00 1,843

1,846

BRCK

Trust

12/23/25

560,000

100.33 562

560

British

Airways

Pass-Through

Trust

12/06/24

465,988

97.00 452

Brooklyn

Union

Gas

Co.

(The)

07/07/25

885,000

97.38 862

873

Bundesrepublik

Deutschland

Bundesanleihe

12/05/25

EUR

1,038,000

100.30 1,041

1,046

Bundesrepublik

Deutschland

Bundesanleihe

12/05/25

EUR

327,000

106.15 347

Bundesrepublik

Deutschland

Bundesanleihe

12/11/25

EUR

2,821,000

114.59 3,232

3,231

Business

Jet

Securities

LLC

09/06/24

813,803

100.00 814

820

BX

Commercial

Mortgage

Trust

12/02/21

2,352,171

99.89 2,350

2,349

BX

Commercial

Mortgage

Trust

05/02/24

2,234,244

99.77 2,229

2,235

BX

Commercial

Mortgage

Trust

05/02/24

1,351,652

99.77 1,349

1,351

BX

Trust

01/24/24

5,702,000

99.77 5,689

5,645

BX

Trust

02/20/25

3,440,581

99.79 3,433

3,422

BX

Trust

02/20/25

1,230,202

99.81 1,228

1,225

BX

Trust

06/13/25

2,093,000

99.76 2,088

2,081

CAMB

Commercial

Mortgage

Trust

10/22/21

3,322,000

102.53 3,406

2,951

CAMB

Commercial

Mortgage

Trust

09/24/24

3,244,000

81.94 2,658

2,675

Cameron

LNG

LLC

05/12/25

711,000

89.22 634

657

Carnival

Corp.

09/16/24

1,110,000

97.41 1,081

1,092

Cellnex

Telecom

SA

10/30/24

650,000

79.35 516

516

Celulosa

Arauco

y

Constitucion

SA

12/03/25

502,000

97.79 491

Cencosud

SA

09/12/23

1,172,000

96.76 1,134

1,172

Chase

Home

Lending

Mortgage

Trust

03/14/25

1,204,242

100.00 1,204

1,205

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Chase

Home

Lending

Mortgage

Trust

08/07/25

1,116,137

101.42 1,132

1,129

Churchill

Middle

Market

CLO

LLC

02/24/25

1,670,000

100.00 1,670

1,669

CLI

Funding

LLC

07/24/24

1,129,592

100.48 1,135

1,136

Columbia

Pipelines

Holding

Co.

LLC

05/12/25

633,000

102.15 647

658

Columbia

Pipelines

Operating

Co.

LLC

09/12/23

241,000

99.53 240

Constellation

Insurance,

Inc.

09/16/24

195,000

100.91 197

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

05/12/25

430,000

97.07 417

Credit

Agricole

SA

03/06/24

1,115,000

94.15 1,050

1,103

Credit

Agricole

SA

10/30/24

750,000

92.56 694

713

Daimler

Truck

Finance

North

America

LLC

10/30/24

580,000

100.67 584

592

Danske

Bank

A/S

10/30/24

1,160,000

101.75 1,180

1,205

DBGS

Mortgage

Trust

04/03/19

985,000

100.92 994

813

Deutsche

Mortgage

Securities,

Inc.

Re-REMIC

Trust

01/04/17

173,282

100.34 174

DK

Trust

03/01/24

751,000

100.00 751

751

Dresdner

Funding

Trust

I

04/29/24

331,000

105.40 349

DT

Midstream,

Inc.

06/12/25

859,000

96.50 829

848

Eagle

Funding

Luxco

SARL

07/28/25

2,700,000

99.76 2,694

2,750

Eagle

RE,

Ltd.

04/13/23

619,974

101.65 630

625

Eagle

RE,

Ltd.

01/11/24

1,650,000

103.34 1,705

1,688

Element

Fleet

Management

Corp.

12/03/25

665,000

105.48 701

701

Ellington

Financial

Mortgage

Trust

12/10/24

1,298,009

99.99 1,298

1,307

EMD

Finance

LLC

08/12/25

550,000

99.48 547

553

EMD

Finance

LLC

08/12/25

330,000

99.53 328

Enel

Finance

International

NV

10/03/24

820,000

127.79 1,048

997

Entegris

,

Inc.

07/02/24

1,225,000

97.39 1,193

1,228

Ferguson

Finance

PLC

05/06/24

1,089,000

98.56 1,073

1,089

FIGRE

Trust

03/19/24

1,544,309

100.03 1,545

1,574

FIGRE

Trust

07/19/24

1,564,752

101.24 1,584

1,597

FIGRE

Trust

09/09/24

899,710

100.00 900

903

FIGRE

Trust

10/31/24

1,962,295

99.99 1,962

1,982

FIGRE

Trust

12/11/24

1,252,813

99.99 1,253

1,264

FIGRE

Trust

02/20/25

348,629

103.44 361

FIGRE

Trust

03/20/25

1,740,729

100.12 1,743

1,760

FIGRE

Trust

08/21/25

918,072

100.00 918

921

FIGRE

Trust

10/15/25

975,659

100.00 976

972

FirstEnergy

Pennsylvania

Electric

Co.

11/04/25

781,000

100.12 782

781

Flatiron

CLO,

Ltd.

11/01/24

3,000,000

100.00 3,000

3,007

Flatiron

CLO,

Ltd.

03/24/25

1,100,000

100.00 1,100

1,098

Foundry

JV

Holdco

LLC

02/04/25

1,235,000

99.93 1,234

1,293

Fresenius

Medical

Care

US

Finance

III,

Inc.

10/15/25

1,350,000

97.84 1,321

1,317

Gartner,

Inc.

05/13/25

458,000

93.02 426

GFL

Environmental,

Inc.

04/07/25

622,000

95.23 592

611

GFL

Environmental,

Inc.

05/01/25

177,000

103.74 184

Gildan

Activewear

,

Inc.

09/23/25

203,000

100.00 203

Gildan

Activewear

,

Inc.

09/23/25

203,000

99.89 203

Glencore

Funding

LLC

10/30/24

320,000

101.03 323

Glencore

Funding

LLC

10/30/24

650,000

101.22 658

679

Global

Net

Lease,

Inc.

11/04/25

454,000

97.94 445

GS

Mortgage

Securities

Trust

08/04/23

1,899,000

96.33 1,829

1,896

HMH

Trust

06/09/17

1,170,000

99.96 1,170

—

HNI

Corp.

04/29/24

193,000

95.74 185

Home

RE,

Ltd.

05/09/25

1,430,000

112.96 1,615

1,608

Hudson

Yards

Mortgage

Trust

01/07/25

971,000

100.00 971

1,006

Hyundai

Capital

America

10/30/24

360,000

93.91 338

Hyundai

Capital

America

10/30/24

520,000

95.69 498

504

ICICI

Bank,

Ltd.

10/03/24

599,000

98.88 592

594

Imperial

Brands

Finance

PLC

06/24/25

740,000

99.53 737

756

Imperial

Brands

Finance

PLC

10/15/25

1,299,000

98.91 1,285

1,273

Indianapolis

Power

&

Light

Co.

10/30/24

500,000

101.38 507

Infraestructura

Energetica

Nova

SAPI

de

CV

07/06/22

892,000

96.54 861

878

Infraestructura

Energetica

Nova

SAPI

de

CV

12/03/25

524,000

80.63 423

InRetail

Consumer

02/06/24

1,159,000

94.39 1,094

1,130

International

Flavors

&

Fragrances,

Inc.

10/30/24

685,000

87.82 602

618

International

Flavors

&

Fragrances,

Inc.

11/12/24

1,442,000

95.15 1,379

1,383

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
ITC

Holdings

Corp.

05/13/25

519,000

100.28 520

526

JPMorgan

Mortgage

Trust

06/05/20

58,164

102.67 60

JPMorgan

Mortgage

Trust

03/30/21

105,033

101.86 107

JPMorgan

Mortgage

Trust

04/26/21

2,603,528

101.99 2,655

2,429

JPMorgan

Mortgage

Trust

06/24/21

2,217,937

102.26 2,268

2,071

JPMorgan

Mortgage

Trust

01/26/22

2,269,584

99.18 2,251

2,030

JPMorgan

Mortgage

Trust

02/24/22

1,026,783

97.72 1,003

920

JPMorgan

Mortgage

Trust

03/23/22

2,306,883

96.42 2,224

2,060

JPMorgan

Mortgage

Trust

04/27/22

1,064,017

95.97 1,021

967

JPMorgan

Mortgage

Trust

04/20/23

603,606

89.13 538

547

JPMorgan

Mortgage

Trust

05/29/24

1,044,649

100.20 1,047

1,043

JPMorgan

Mortgage

Trust

12/18/24

410,800

100.37 412

JPMorgan

Mortgage

Trust

01/29/25

635,143

99.99 635

640

JPMorgan

Mortgage

Trust

02/26/25

2,361,469

100.00 2,361

2,358

JPMorgan

Mortgage

Trust

02/26/25

2,200,000

100.00 2,200

2,202

JPMorgan

Mortgage

Trust

03/18/25

1,982,525

99.99 1,982

1,996

JPMorgan

Mortgage

Trust

07/30/25

2,118,979

100.00 2,119

2,116

JPMorgan

Mortgage

Trust

09/26/25

962,928

100.00 963

967

Kuwait

International

Government

Bond

09/30/25

5,760,000

100.00 5,760

5,759

LG

Energy

Solution,

Ltd.

11/04/25

1,227,000

103.46 1,269

1,270

Louisiana-Pacific

Corp.

12/03/25

453,000

96.72 438

LPL

Holdings,

Inc.

08/08/24

1,129,000

95.80 1,082

1,110

Macquarie

Airfinance

Holdings,

Ltd.

10/30/24

130,000

102.27 133

Macquarie

Airfinance

Holdings,

Ltd.

10/30/24

180,000

103.17 186

Macquarie

Airfinance

Holdings,

Ltd.

10/30/24

445,000

98.39 438

Macquarie

Group,

Ltd.

10/30/24

2,865,000

96.34 2,760

2,813

Magnetite

CLO,

Ltd.

01/28/25

1,410,000

100.00 1,410

1,409

Marks

&

Spencer

PLC

09/16/24

139,000

109.62 152

Mars,

Inc.

03/05/25

290,000

99.42 288

Mars,

Inc.

03/05/25

460,000

99.46 458

Mars,

Inc.

03/05/25

150,000

99.82 150

Mars,

Inc.

03/05/25

590,000

99.84 589

606

Mattel,

Inc.

02/11/25

1,331,000

96.05 1,279

1,298

Meritage

Homes

Corp.

04/07/25

1,039,000

96.38 1,001

1,020

Mexico

Generadora

de

Energia

S

de

RL

de

CV

12/03/25

725,909

102.53 744

737

MF1

LLC

05/13/22

3,303,552

99.22 3,278

3,305

MF1

LLC

03/17/25

2,620,000

100.28 2,627

2,627

MF1,

Ltd.

10/16/25

2,118,710

100.03 2,119

2,118

Midwest

Connector

Capital

Co.

LLC

03/25/25

854,000

99.11 846

854

MISC

Capital

Two

Labuan,

Ltd.

09/12/23

1,101,000

97.69 1,076

1,094

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

5,418,000

0.12 7

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

8,761,000

0.43 38

MSCI,

Inc.

05/12/25

976,000

95.81 935

956

National

Australia

Bank,

Ltd.

10/30/24

810,000

87.96 712

734

NBK

SPC,

Ltd.

12/12/24

667,000

96.54 644

654

News

Corp.

02/11/25

627,000

95.17 597

608

NGPL

PipeCo

LLC

09/26/19

553,000

122.70 679

643

Nissan

Motor

Acceptance

Co.

LLC

03/07/25

679,000

100.99 686

687

Nissan

Motor

Co.,

Ltd.

04/02/25

298,000

98.11 292

Nissan

Motor

Co.,

Ltd.

06/11/25

38,000

93.00 35

NRG

Energy,

Inc.

03/06/24

1,241,000

94.54 1,173

1,199

Nuveen

LLC

10/30/24

295,000

98.16 290

Oaktown

Re,

Ltd.

09/28/21

50,617

101.30 51

OCP

CLO,

Ltd.

04/01/25

1,600,000

99.95 1,599

1,602

OCP

CLO,

Ltd.

09/17/25

1,300,000

100.00 1,300

1,300

Open

Text

Corp.

08/07/23

323,000

100.77 326

Peachtree

Corners

Funding

Trust

II

05/14/25

330,000

100.00 330

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

10/30/24

510,000

104.62 534

544

Petroleos

Mexicanos

04/24/24

EUR

1,135,000

96.18 1,092

1,341

Port

of

Newcastle

Investments

Financing

Pty,

Ltd.

09/16/24

95,000

96.26 91

Prosus

NV

07/12/24

1,160,000

98.92 1,147

1,167

Prosus

NV

10/30/24

710,000

67.77 481

Protective

Life

Corp.

11/18/25

640,000

99.80 639

648

PRPM

LLC

10/07/24

1,532,294

96.83 1,484

1,520

PRPM

LLC

11/08/24

807,281

100.00 807

808

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
PRPM

LLC

04/25/25

1,894,268

99.95 1,893

1,898

PRPM

LLC

06/03/25

2,028,566

99.96 2,028

2,032

PRPM

LLC

07/24/25

1,038,797

99.95 1,038

1,040

PRPM

LLC

08/08/25

3,408,711

98.70 3,365

3,383

PRPM

LLC

08/19/25

1,630,361

99.97 1,630

1,634

PRPM

LLC

09/17/25

1,100,000

99.69 1,097

1,093

Radnor

RE,

Ltd.

07/27/23

355,448

100.00 355

Radnor

RE,

Ltd.

11/24/25

1,101,038

100.91 1,111

1,113

RCKT

Mortgage

Trust

09/13/23

436,359

99.96 436

RCKT

Mortgage

Trust

02/15/24

729,479

99.97 729

735

RCKT

Mortgage

Trust

03/19/24

987,818

99.97 988

998

RCKT

Mortgage

Trust

08/14/24

853,129

99.98 853

855

RCKT

Mortgage

Trust

12/12/24

655,674

100.64 660

661

RCKT

Mortgage

Trust

12/12/24

2,678,594

99.98 2,678

2,702

RCKT

Mortgage

Trust

01/17/25

772,108

101.56 784

783

RCKT

Mortgage

Trust

02/26/25

2,885,247

99.99 2,885

2,909

RCKT

Mortgage

Trust

04/24/25

2,449,908

100.44 2,461

2,484

Regatta

XXVII

Funding,

Ltd.

04/08/25

1,000,000

99.81 998

1,002

Reliance

Industries,

Ltd.

02/06/24

633,000

97.48 617

627

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

04/29/24

247,000

91.35 226

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

04/29/24

127,000

91.49 116

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

09/16/24

119,000

88.58 105

RFR

Trust

02/18/25

3,048,000

100.13 3,052

3,117

RFR

Trust

02/18/25

2,385,000

99.99 2,385

2,426

RFR

Trust

10/28/25

1,104,000

102.54 1,132

1,130

Rockies

Express

Pipeline

LLC

04/29/24

100,000

92.65 93

Rockies

Express

Pipeline

LLC

04/29/24

190,000

96.34 183

Rockies

Express

Pipeline

LLC

09/17/24

99,000

104.74 104

Rockies

Express

Pipeline

LLC

12/03/24

100,000

97.07 97

Rogers

Communications,

Inc.

08/06/24

439,000

97.49 428

Romanian

Government

International

Bond

02/23/21

EUR

1,651,000

102.43 1,691

1,277

Romanian

Government

International

Bond

07/08/21

EUR

1,465,000

108.72 1,593

1,135

Romanian

Government

International

Bond

02/24/22

EUR

424,000

99.90 424

Romanian

Government

International

Bond

02/15/24

EUR

708,000

106.83 756

824

Romanian

Government

International

Bond

05/08/25

EUR

104,000

64.33 67

Romanian

Government

International

Bond

10/02/25

EUR

530,000

115.66 613

619

Romanian

Government

International

Bond

10/30/25

EUR

124,000

76.86 95

Saluda

Grade

Alternative

Mortgage

Trust

02/07/24

599,706

102.02 612

622

Saluda

Grade

Alternative

Mortgage

Trust

04/05/24

1,930,545

99.98 1,930

1,977

Saluda

Grade

Alternative

Mortgage

Trust

03/13/25

1,054,106

102.45 1,080

1,088

Saluda

Grade

Alternative

Mortgage

Trust

07/10/25

2,453,456

100.00 2,453

2,460

Sammons

Financial

Group,

Inc.

10/30/24

605,000

98.86 598

605

Santos

Finance,

Ltd.

11/05/25

670,000

99.43 666

667

Scentre

Group

Trust

10/30/24

710,000

98.43 699

715

Seagate

Data

Storage

Technology

Pte

,

Ltd.

06/30/25

191,000

95.84 183

Sealed

Air

Corp.

04/29/24

174,000

100.86 175

Sequoia

Mortgage

Trust

10/21/16

52,269

102.34 54

SMBC

Aviation

Capital

Finance

DAC

10/30/24

655,000

100.55 659

676

Smithfield

Foods,

Inc.

10/30/24

520,000

88.83 462

Smithfield

Foods,

Inc.

12/03/25

848,000

101.42 860

859

Societe

Generale

SA

12/03/25

747,000

103.35 772

771

Societe

Generale

SA

12/03/25

598,000

90.81 543

541

Standard

Chartered

PLC

04/30/24

195,000

101.16 197

TCO

Commercial

Mortgage

Trust

12/06/24

1,633,000

99.76 1,629

1,633

Tesco

PLC

09/03/20

623,000

123.40 769

649

Texas

Eastern

Transmission,

LP

07/06/22

854,000

98.04 837

844

Textainer

Marine

Containers

VII,

Ltd.

08/06/24

1,581,000

100.00 1,581

1,590

Topaz

Solar

Farms

LLC

04/29/24

176,452

99.10 175

Towd

Point

Mortgage

Trust

07/21/23

1,069,497

99.84 1,068

1,074

Towd

Point

Mortgage

Trust

10/19/23

755,366

99.99 755

763

Transportadora

de

Gas

Internacional

SA

ESP

11/04/25

737,000

101.88 751

747

UBS

Group

AG

10/30/24

600,000

86.50 519

537

UniCredit

SpA

12/03/25

491,000

107.31 527

526

United

Airlines,

Inc.

11/04/25

635,000

99.14 630

632

United

Kingdom

Gilt

12/04/25

GBP

975,000

118.05 1,151

1,153

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
United

Kingdom

Gilt

12/04/25

GBP

1,597,858

63.21 1,010

1,016

Unum

Group

10/30/24

550,000

80.41 442

UPM-

Kymmene

Oyj

11/21/22

699,000

102.51 717

739

Vantage

Data

Centers

Germany

Borrower

SARL

05/22/25

EUR

2,902,000

112.78 3,273

3,434

Vantage

Data

Centers

Jersey

Borrower

Spv

,

Ltd.

05/17/24

GBP

3,270,000

130.16 4,256

4,504

Var

Energi

ASA

02/06/23

788,000

102.27 806

834

Var

Energi

ASA

08/03/23

268,000

105.40 282

VDCM

Commercial

Mortgage

Trust

06/24/25

1,460,000

100.00 1,460

1,477

VDCM

Commercial

Mortgage

Trust

06/24/25

2,824,000

100.00 2,824

2,875

Videotron,

Ltd.

05/12/25

478,000

94.94 454

Vistra

Operations

Co.

LLC

10/30/24

2,487,000

98.15 2,443

2,469

Voya

CLO,

Ltd.

04/03/25

1,000,000

99.95 1,000

1,002

Wellesley

Park

CLO,

Ltd.

10/10/25

1,900,000

100.00 1,900

1,900

Wells

Fargo

Mortgage

Backed

Securities

Trust

04/23/21

732,611

102.12 748

631

WinWater

Mortgage

Loan

Trust

03/29/17

77,167

101.88 79

WMG

Acquisition

Corp.

12/03/25

1,240,000

95.96 1,190

1,188

Yara

International

ASA

12/03/25

514,000

100.99 519

518

298,698

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

Commonwealth

year

Bond

Futures

AUD

42,699

03/26

Euro

/

US

Dollar

Pair

Currency

Futures

USD

5,154

03/26

Long

Gilt

Futures

GBP

10,599

03/26

New

Zealand

Dollar

Currency

Futures

USD

4,384

03/26

(26) Norwegian

Krone

Currency

Futures

USD

2,180

03/26

Three

Month

SONIA

Index

Futures

GBP

25,618

03/27

(6) United

States

Year

Treasury

Note

Futures

USD

92,702

03/26

(56) United

States

Year

Treasury

Note

Futures

585

USD

63,943

03/26

(221) United

States

Year

Treasury

Note

Futures

USD

31,595

03/26

(239) United

States

Year

Ultra

Treasury

Note

Futures

1,033

USD

118,811

03/26

(493) United

States

Treasury

Long

Bond

Futures

USD

44,619

03/26

(481) United

States

Treasury

Ultra

Bond

Futures

USD

41,182

03/26

(717) Short

Positions

Euro-

Bobl

Futures

EUR

2,556

03/26

Euro-Bund

Futures

EUR

22,325

03/26

Euro-

Buxl

Year

Bond

Futures

EUR

881

03/26

Euro-Schatz

Futures

EUR

3,311

03/26

British

Pound

Currency

Futures

USD

757

03/26

(7) Japanese

Year

Government

Bond

Futures

JPY

5,958,450

03/26

Japanese

Year

Mini

Government

Bond

Futures

JPY

105,800

03/26

Japanese

Yen

Currency

Futures

USD

2,166

03/26

Swedish

Krona

Currency

Futures

USD

2,179

03/26

(24) Swiss

Franc

Currency

Futures

USD

6,513

03/26

(62) United

States

Year

Treasury

Note

Futures

USD

48,021

03/26

United

States

Year

Treasury

Note

Futures

USD

3,716

03/26

United

States

Year

Treasury

Note

Futures

USD

20,126

03/26

—

United

States

Year

Ultra

Treasury

Note

Futures

USD

29,789

03/26

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(1,276)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Citigroup

USD

AUD

01/22/26

Citigroup

USD

700

AUD

1,078

01/22/26

Citigroup

USD

1,400

AUD

2,170

01/22/26

Citigroup

USD

1,500

CAD

2,087

01/22/26

Citigroup

USD

CLP

315,361

01/22/26

Citigroup

USD

CLP

327,408

01/22/26

Citigroup

USD

1,481

CLP

1,428,403

01/22/26

Citigroup

USD

COP

522,479

01/22/26

Citigroup

USD

COP

1,196,332

01/22/26

(7) Citigroup

USD

COP

1,271,473

01/22/26

Citigroup

USD

COP

1,480,561

01/22/26

Citigroup

USD

EUR

01/22/26

Citigroup

USD

EUR

01/22/26

Citigroup

USD

EUR

01/22/26

Citigroup

USD

1,484

EUR

1,257

01/22/26

(6) #### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Citigroup

USD

1,584

EUR

1,350

01/22/26

Citigroup

USD

3,270

EUR

2,800

01/22/26

Citigroup

USD

4,317

EUR

3,700

01/22/26

Citigroup

USD

GBP

01/22/26

Citigroup

USD

GBP

01/22/26

Citigroup

USD

GBP

01/22/26

Citigroup

USD

1,507

GBP

1,150

01/22/26

Citigroup

USD

655

JPY

100,000

01/22/26

(15) Citigroup

USD

1,364

JPY

198,852

01/22/26

(93) Citigroup

USD

1,966

JPY

300,000

01/22/26

(48) Citigroup

USD

2,670

JPY

413,040

01/22/26

(29) Citigroup

USD

KRW

516,390

01/22/26

Citigroup

USD

2,890

KRW

4,048,808

01/22/26

(84) Citigroup

USD

KZT

174,726

01/22/26

Citigroup

USD

619

KZT

351,621

01/22/26

Citigroup

USD

NZD

01/22/26

—

Citigroup

USD

ZAR

1,199

01/22/26

Citigroup

USD

ZAR

1,251

01/22/26

Citigroup

USD

830

ZAR

14,397

01/22/26

Citigroup

USD

1,672

ZAR

29,184

01/22/26

Citigroup

AUD

2,988

USD

1,975

01/22/26

(19) Citigroup

AUD

3,090

USD

2,040

01/22/26

(23) Citigroup

CAD

USD

01/22/26

(2) Citigroup

CAD

1,959

USD

1,400

01/22/26

(29) Citigroup

CLP

109,939

USD

01/22/26

(6) Citigroup

CLP

308,831

USD

01/22/26

(9) Citigroup

CLP

338,657

USD

01/22/26

(10) Citigroup

COP

461,430

USD

01/22/26

(1) Citigroup

COP

7,546,758

USD

1,958

01/22/26

(23) Citigroup

COP

8,972,772

USD

2,380

01/22/26

Citigroup

COP

28,743,414

USD

7,354

01/22/26

(188) Citigroup

EUR

GBP

01/22/26

Citigroup

EUR

2,420

GBP

2,126

01/22/26

Citigroup

EUR

1,200

NOK

14,385

01/22/26

Citigroup

EUR

2,555

NOK

30,048

01/22/26

(24) Citigroup

EUR

USD

01/22/26

(3) Citigroup

EUR

1,100

USD

1,280

01/22/26

(14) Citigroup

EUR

1,150

USD

1,358

01/22/26

Citigroup

EUR

1,281

USD

1,500

01/22/26

(7) Citigroup

EUR

1,287

USD

1,500

01/22/26

(13) Citigroup

EUR

1,521

USD

1,770

01/22/26

(19) Citigroup

EUR

2,261

USD

2,625

01/22/26

(34) Citigroup

EUR

15,707

USD

18,541

01/22/26

Citigroup

GBP

3,326

EUR

3,804

01/22/26

(8) Citigroup

GBP

USD

01/22/26

(1) #### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Citigroup

GBP

650

USD

868

01/22/26

(8) Citigroup

GBP

950

USD

1,270

01/22/26

(10) Citigroup

GBP

1,353

USD

1,821

01/22/26

(3) Citigroup

GBP

2,250

USD

2,994

01/22/26

(39) Citigroup

HKD

1,530

USD

01/28/26

—

Citigroup

JPY

1,296

USD

01/22/26

—

Citigroup

JPY

17,498

USD

01/22/26

Citigroup

JPY

22,541

USD

01/22/26

Citigroup

JPY

43,051

USD

01/22/26

Citigroup

JPY

129,894

USD

842

01/22/26

Citigroup

JPY

221,332

USD

1,490

01/22/26

Citigroup

JPY

270,890

USD

1,758

01/22/26

Citigroup

JPY

5,336,209

USD

36,573

01/22/26

2,457

Citigroup

KRW

1,068,075

USD

750

01/22/26

Citigroup

KRW

1,475,105

USD

1,010

01/22/26

(12) Citigroup

KZT

168,086

USD

01/22/26

—

Citigroup

MXN

38,466

USD

2,133

01/22/26

Citigroup

NOK

2,224

EUR

01/22/26

Citigroup

NZD

3,381

USD

1,948

01/22/26

—

Citigroup

NZD

5,742

USD

3,363

01/22/26

Citigroup

PEN

2,370

USD

700

01/22/26

(5) Citigroup

PEN

4,716

USD

1,400

01/22/26

(2) Citigroup

SEK

13,096

EUR

1,200

01/22/26

(12) Citigroup

ZAR

2,880

USD

01/22/26

(7) Citigroup

ZAR

15,714

USD

900

01/22/26

(48) Citigroup

ZAR

48,870

USD

2,810

01/22/26

(137) JPMorgan

Chase

EUR

2,955

USD

3,439

02/11/26

(40) JPMorgan

Chase

EUR

5,905

USD

6,852

02/11/26

(99) JPMorgan

Chase

GBP

3,414

USD

4,581

01/16/26

(21) Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

2,245

#### Interest

#### Rate

#### Swap

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Notional

#### Amount

#### Fund

#### Receives

#### Fund

#### Pays

#### Termination

#### Date

#### Premiums

#### Paid
(Received)

#### $

#### Unrealized

#### Appreciation
(Depreciation)

#### $

#### Fair

#### Value

#### $
Citigroup

NZD

13,400

Month

NZD-BBR-Telerate

(2) 2.495%

(3) 10/28/27

—

Citigroup

CZK

151,200

3.723%

(4) 6

Month

PRIBOR

(3) 03/18/28

—

Citigroup

NZD

6,801

Month

NZD-BBR-Telerate

(3) 3.568%

(3) 07/07/30

—

(59) (59) Citigroup

NOK

17,800

4.087%

(4) 6

Month

NIBOR

(3) 11/12/30

—

(2) (2) Citigroup

NOK

18,000

4.060%

(4) 6

Month

NIBOR

(3) 12/22/30

—

(2) (2) Citigroup

JPY

214,002

TONAR

(4) 1.572%

(4) 11/21/35

—

Total

Open

Interest

Rate

Swap

Contracts

(å)

—

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Credit

#### Default

#### Swap

#### Contracts
Amounts

in

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

0.815%

USD

1,047

(1.000%)

(2) 06/20/30

(27) (8) Mexico

Government

International

Bond

Morgan

Stanley

0.815%

USD

1,886

(1.000%)

(2) 06/20/30

(49) (15) Total

Open

Sovereign

Issues

-

Purchase

Protection

Contracts

(76) (23) Total

Open

Credit

Default

Swap

Contracts

(å)

(76) (23) #### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

58,788

$

—

$

—

$

58,788

Corporate

Bonds

and

Notes

—

227,821

—

—

227,821

International

Debt

—

115,036

—

—

115,036

Mortgage-Backed

Securities

—

218,785

—

—

218,785

Non-US

Bonds

—

57,915

—

—

57,915

United

States

Government

Agencies

—

2,955

—

—

2,955

United

States

Government

Treasuries

—

54,677

—

—

54,677

Short-Term

Investments

—

72,454

—

66,605

139,059

Total

Investments

—

808,431

—

66,605

875,036

Other

Financial

Instruments

Assets

Futures

Contracts

1,056

—

—

—

1,056

Foreign

Currency

Exchange

Contracts

—

3,403

—

—

3,403

Interest

Rate

Swap

Contracts

—

—

—

Liabilities

Futures

Contracts

(2,332)

—

—

—

(2,332)

Foreign

Currency

Exchange

Contracts

—

(1,158)

—

—

(1,158)

Interest

Rate

Swap

Contracts

—

(63) —

—

(63) Credit

Default

Swap

Contracts

—

(23) —

—

(23)

Total

Other

Financial

Instruments

\*

$

(1,276)

$

2,265

$

—

$

—

$

\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

December

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

December

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Australia

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

8,331

.0

Bermuda

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

5,575

.6

Brazil

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

1,289

.2

Canada

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

12,513

.4

Cayman

Islands

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

15,131

.7

Chile

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

2,485

.3

China

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

3,231

.4

Colombia

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

10,068

.2

Denmark

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

1,205

.1

Finland

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

1,896

.2

France

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

5,584

.6

Germany

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

10,748

.2

Hong

Kong

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

—

\*\*

Iceland

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

3,170

.4

India

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

2,332

.3

Ireland

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

9,114

.0

Italy

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

3,400

.4

Japan

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

31,200

.6

Jersey

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

8,513

.0

Kuwait

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

6,413

.7

Luxembourg

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

3,434

.4

Malaysia

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

1,094

.1

Mexico

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

18,148

.1

New

Zealand

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

5,215

.6

Nigeria

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

—

\*\*

Norway

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

1,141

.1

Peru

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

1,130

.1

Romania

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

4,422

.5

Saudi

Arabia

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

—

\*\*

South

Africa

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

1,302

.2

South

Korea

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

2,430

.3

Spain

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

1,094

.1

Switzerland

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

537

.1

Thailand

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

962

.1

United

Kingdom

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

16,581

.9

United

States

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

674,562

.3

Total

Investments

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

875,036

.2

\*

\*

Less

than

.05%

of

net

assets.

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Credit

#### Contracts

#### Foreign

#### Currency

#### Contracts

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

3,403

$

—

Variation

margin

on

futures

contracts\*

—

Interest

rate

swap

contracts,

at

fair

value

—

—

Total

$

—

$

3,46

$

1,10

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

—

$

$

2,213

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

1,158

—

Interest

rate

swap

contracts,

at

fair

value

—

—

Credit

default

swap

contracts,

at

fair

value

—

—

Total

$

$

1,277

$

2,276

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Credit

#### Contracts

#### Foreign

#### Currency

#### Contracts

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

—

$

$

7,918

Interest

rate

swap

contracts

—

—

(286) Credit

default

swap

contracts

(115) —

—

Foreign

currency

exchange

contracts

—

(1,370)

—

Total

$

(115) $

(1,360)

$

7,632

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

—

$

(58) $

2,6

Interest

rate

swap

contracts

—

—

628

Credit

default

swap

contracts

(76)

—

—

Foreign

currency

exchange

contracts

—

(1,269)

—

Total

$

(76)

$

(1,327)

$

3,286

\*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

#### Offsetting

#### of

#### Financial

#### Assets

#### and

#### Derivative

#### Assets

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

3,403

$

—

$

3,403

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

at

fair

value

—

Total

Financial

and

Derivative

Assets

3,509

—

3,509

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

3,509

$

—

$

3,509

#### Financial

#### Assets,

#### Derivative

#### Assets,

#### and

#### Collateral

#### Held

#### by

#### Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Received^

#### Net

#### Amount
Citigroup

$

3,509

$

1,061

$

—

$

2,448

Total

$

3,509

$

1,061

$

—

$

2,448

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

#### Offsetting

#### of

#### Financial

#### Liabilities

#### and

#### Derivative

#### Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

1,158

$

—

$

1,158

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

at

fair

value

—

Credit

Default

Swap

Contracts

Credit

default

swap

contracts,

at

fair

value

—

Total

Financial

and

Derivative

Liabilities

1,244

—

1,244

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

1,244

$

—

$

1,244

#### Financial

#### Liabilities,

#### Derivative

#### Liabilities,

#### and

#### Collateral

#### Pledged

#### by

#### Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
Barclays

$

$

—

$

—

$

Citigroup

1,061

1,061

—

—

JPMorgan

Chase

—

—

Morgan

Stanley

—

—

Total

$

1,244

$

1,061

$

—

$

^&nbsp;&nbsp;&nbsp;&nbsp;

Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

885,106

Investments,

at

fair

value(>)

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

875,036

Cash

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

Foreign

currency

holdings(^)

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

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

3,403

Receivables:

Dividends

and

interest

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

7,069

Fund

shares

sold

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

From

broker(a)(b)(c)

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

13,779

Variation

margin

on

futures

contracts

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

Interest

rate

swap

contracts,

at

fair

value

(•)

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

Total

assets

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

900,369

#### Liabilities
Payables:

Due

to

broker(d)

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

Investments

purchased

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

23,423

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Variation

margin

on

futures

contracts

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

1,526

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

1,158

Interest

rate

swap

contracts,

at

fair

value(•)

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

Credit

default

swap

contracts,

at

fair

value(+)

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

Total

liabilities

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

27,291

#### Net

#### Assets

#### ...............................................................................................................................................................
$

873,078

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(169,353)

Shares

of

beneficial

interest

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

1,004

Additional

paid-in

capital

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

1,041,427

#### Net

#### Assets

#### ...............................................................................................................................................................
$

873,078

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

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

$

66,605

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

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

$

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

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

$

11,970

(b)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Swaps

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

$

1,549

(c)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

TBAs

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

$

(•)&nbsp;&nbsp;&nbsp;&nbsp;

Interest

rate

swap

contracts

–

premiums

paid

(received)

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

$

—

(d)&nbsp;&nbsp;&nbsp;&nbsp;

Due

to

Broker

for

Swaps

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

$

(+)&nbsp;&nbsp;&nbsp;&nbsp;Credit

default

swap

contracts

-

premiums

paid

(received)

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

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

(#)

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

$

8.70 Net

assets

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

$

873,078,436

Shares

outstanding

($.01

par

value)

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

100,391,127

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Interest

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

$

37,950

Dividend

distributions

from

affiliated

funds

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

3,639

Total

investment

income

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

41,589

#### Expenses
Advisory

fees

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

4,779

Administrative

fees

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

Custodian

fees

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

Transfer

agent

fees

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

Professional

fees

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

5,615

Expense

reductions

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

(87) Net

expenses

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

5,528

Net

investment

income

(loss)

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

36,061

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

(net

of

foreign

capital

gains

taxes

of

$1)

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

(100) Investments

in

affiliated

funds

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

(13) Futures

contracts

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

7,928

Foreign

currency

exchange

contracts

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

(1,370)

Interest

rate

swap

contracts

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

(286) Credit

default

swap

contracts

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

(115) Foreign

currency-related

transactions

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

Net

realized

gain

(loss)

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

6,209

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

17,306

Investments

in

affiliated

funds

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

Futures

contracts

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

2,600

Foreign

currency

exchange

contracts

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

(1,269)

Interest

rate

swap

contracts

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

628

Credit

default

swap

contracts

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

(76) Foreign

currency-related

transactions

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

Net

change

in

unrealized

appreciation

(depreciation)

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

19,216

Net

realized

and

unrealized

gain

(loss)

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

25,425

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

61,486

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### For

#### the

#### Periods

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

36,061

$

39,590

Net

realized

gain

(loss)

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

6,209

(16,552)

Net

change

in

unrealized

appreciation

(depreciation)

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

19,216

(15,184)

Net

increase

(decrease)

in

net

assets

from

operations

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

61,486

7,854

#### Distributions
To

shareholders

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

(39,327)

(41,974)

Net

decrease

in

net

assets

from

distributions

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

(39,327)

(41,974)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(13,970)

29,821

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
8,189

(4,299)

#### Net

#### Assets
Beginning

of

period

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

864,889

869,188

End

of

period

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

$

873,078

$

864,889

\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2025

and

December

31,

2024

were

as

follows:

#### 2025

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Proceeds

from

shares

sold

3,230

$

28,015

4,751

$

41,341

Proceeds

from

reinvestment

of

distributions

4,514

39,327

4,865

41,974

Payments

for

shares

redeemed

(9,344)

(81,312)

(6,067)

(53,494)

Total

increase

(decrease)

(1,600)

$

(13,970)

3,549

$

29,821

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### 12/31/25

#### 12/31/24

#### 12/31/23

#### 12/31/22

#### 12/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

8.48 8.83 8.74 10.46 10.88 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.36

.40

.33

.18

.12

$

Net

Realized

and

Unrealized

Gain

(Loss)

.26

(.33)

.01

(1.67)

(.32)

$

Total

from

Investment

Operations

.62

.07

.34

(1.49)

(.20)

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.40)

(.42)

(.25)

(.17)

(.09)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.01)

(.13)

$

Return

of

Capital

—

—

—

(.05)

—

$

Total

Distributions

(.40)

(.42)

(.25)

(.23)

(.22)

$

Net

Asset

Value,

End

of

Period

8.70 8.48 8.83 8.74 10.46 %

Total

Return

(±)

7.35 .83

4.02 (14.28)

(1.82)

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 873,078

864,889

869,188

846,669

1,025,812

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.65

.65

.66

.66

.66

%

Expenses,

Net

(Ƃ)

.64

.65

.66

.66

.66

%

Net

Investment

Income

(Ƃ)

4.1 5

4.55 3.75 1.91 1.12 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

fees

payable

to

affiliates

as

of

December

31,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

December

31,

2025

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
At

December

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

December

31,

2025

and

December

31,

2024,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and

/or

differences

in

treatment

of

income

from

swaps.

These

adjustments

have

no

impact

on

the

net

assets.

Advisory

fees

$

400,187

Administrative

fees

37,054

Transfer

agent

fees

3,262

Trustees'

fees

5,192

$

445,695

#### 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
U.S.

Cash

Management

Fund

$

153,080

$

508,906

$

595,370

$

(13)

$

$

66,605

$

3,639

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

888,348,053

$

12,739,583

$

(25,740,851)

$

(13,001,268)

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Post

#### October

#### Losses

#### Deferred\*\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

335,521

$

(156,661,214)

$

(13,027,806)

$

—

$

—

$

(169,353,499)

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

\*\*\*

Post-October

Losses

represent

certain

ordinary,

specific

and/or

capital

losses

incurred

after

October

of

the

previous

year.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

funds'

next

taxable

year.

#### December

#### 31,

#### 2025

#### December

#### 31,

#### 2024

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
$

39,326,646

$

—

$

—

$

41,974,085

$

—

$

—

#### Russell

#### Investment

#### Funds

#### Strategic

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

At

December

31,

2025,

there

were

no

adjustments

made

to

the

Statement

of

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Funds

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 93.7%
Australia

-

6.0%

Charter

Hall

Group(ö)

250,946

4,080

Dexus

(ö)

1,248,747

5,758

Gemlife

Communities

Group(Æ)

310,253

1,049

Goodman

Group(ö)

1,222,702

25,138

HomeCo

Daily

Needs

Real

Estate

Investment

Trust(ö)(Þ)

920,147

836

Ingenia

Communities

Group(ö)

811,333

2,788

Mirvac

Group(ö)

1,805,977

2,465

NEXTDC,

Ltd.(Æ)

185,775

1,546

Scentre

Group(ö)

3,378,486

9,435

Stockland(ö)

1,038,783

3,959

Vicinity,

Ltd.(ö)

1,063,795

1,810

58,864

Belgium

-

1.2%

Aedifica

SA(ö)

79,268

6,271

Montea

NV(ö)

1,839

Shurgard

Self

Storage,

Ltd.(ö)

4,434

VGP

NV

11,444

1,321

Warehouses

De

Pauw

CVA(ö)

146,875

3,812

11,714

Canada

-

1.2%

Chartwell

Retirement

Residences

276,291

4,046

Choice

Properties

Real

Estate

Investment

Trust(ö)

334,450

3,609

First

Capital

Real

Estate

Investment

Trust(ö)

319,428

4,398

12,053

China

-

0.1%

GDS

Holdings,

Ltd.

Class

A(Æ)

199,400

869

France

-

2.7%

ARGAN

SA(ö)

13,054

1,011

Covivio

SA(ö)

46,472

3,088

Klepierre

SA(ö)

231,648

9,172

Mercialys

SA(ö)

140,879

1,828

Unibail

-

Rodamco

-Westfield(ö)

102,462

11,136

26,235

Germany

-

2.2%

LEG

Immobilien

SE

27,012

1,973

Sirius

Real

Estate,

Ltd.(ö)

1,786,810

2,310

TAG

Immobilien

AG

402,847

6,248

Vonovia

SE

384,512

11,086

21,617

Hong

Kong

-

3.0%

Henderson

Land

Development

Co.,

Ltd.

674,000

2,432

Hongkong

Land

Holdings,

Ltd.

880,200

6,109

Link

REIT(ö)

1,824,843

8,128

Sun

Hung

Kai

Properties,

Ltd.

794,052

9,633

Wharf

Real

Estate

Investment

Co.,

Ltd.

1,029,000

3,242

29,544

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Japan

-

9.5%

Activia

Properties,

Inc.(ö)

2,396

2,153

Daiwa

Securities

Living

Investments

Corp.(ö)

3,427

2,492

GLP

J-REIT(ö)

2,418

2,299

Industrial

&

Infrastructure

Fund

Investment

Corp.(ö)

Invincible

Investment

Corp.(ö)

3,937

1,619

Japan

Hotel

REIT

Investment

Corp.(ö)

864

Japan

Metropolitan

Fund

Investment

Corp.(ö)

7,742

6,127

Japan

Prime

Realty

Investment

Corp.(ö)

856

578

Japan

Real

Estate

Investment

Corp.(ö)

4,783

3,995

KDX

Realty

Investment

Corp.

Class

A(ö)

5,843

6,556

Keihanshin

Building

Co.,

Ltd.

224,500

2,762

Mitsubishi

Estate

Co.,

Ltd.

643,492

15,672

Mitsui

Fudosan

Co.,

Ltd.

1,233,133

14,030

Mitsui

Fudosan

Logistics

Park,

Inc.(ö)

6,165

4,798

Mori

Trust

Sogo

REIT,

Inc.(ö)

2,991

1,491

Nippon

Accommodations

Fund,

Inc.(ö)

1,637

1,405

Nippon

Building

Fund,

Inc.(ö)

1,298

1,183

Nippon

Prologis

REIT,

Inc.(ö)

10,612

6,289

Nomura

Real

Estate

Master

Fund,

Inc.(ö)

5,147

5,689

Sumitomo

Realty

&

Development

Co.,

Ltd.

524,000

13,132

93,065

Netherlands

-

0.2%

CTP

NV(Þ)

82,707

1,733

Singapore

-

3.2%

CapitaLand

Ascendas

REIT(ö)

1,141,700

2,509

CapitaLand

Integrated

Commercial

Trust

Class

A(ö)

3,025,649

5,612

Capitaland

Investment,

Ltd.

718,200

1,514

Centurion

Accommodation

REIT(Æ)(ö)

6,956,200

6,000

City

Developments,

Ltd.

413,900

2,571

Digital

Core

REIT

Management

Pte

,

Ltd.

(ö)

3,065,300

1,560

Frasers

Centrepoint

Trust(ö)

209,900

Keppel

REIT(ö)

2,945,800

2,231

Lendlease

Global

Commercial

REIT(ö)

4,902,400

2,362

Mapletree

Logistics

Trust(ö)

3,074,000

3,151

Parkway

Life

Real

Estate

Investment

Trust(ö)

216,555

687

Suntec

Real

Estate

Investment

Trust(ö)

1,614,900

1,806

UOL

Group,

Ltd.

131,600

894

31,277

Spain

-

0.5%

Cellnex

Telecom

SA(Þ)

34,905

1,123

Merlin

Properties

Socimi

SA(ö)

235,725

3,432

4,555

Sweden

-

1.7%

Atrium

Ljungberg

AB

Class

B

137,425

Castellum

AB

121,393

1,400

Catena

AB

61,213

2,997

#### Russell

#### Investment

#### Funds

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Fastighets

AB

Balder

Class

B(Æ)

891,581

6,589

Nyfosa

AB

87,288

704

Swedish

Logistic

Property

AB

Class

B(Æ)

224,916

1,009

Wihlborgs

Fastigheter

AB

317,228

3,138

16,333

Switzerland

-

1.3%

Swiss

Prime

Site

AG

Class

A

81,029

12,591

United

Kingdom

-

3.5%

Big

Yellow

Group

PLC(ö)

193,340

2,715

British

Land

Co.

PLC

(The)(ö)

881,537

4,768

Derwent

London

PLC(ö)

57,718

1,344

Grainger

PLC(ö)

775,939

1,898

Land

Securities

Group

PLC(ö)

442,776

3,685

Life

Science

REIT

PLC(Æ)(ö)

712,241

LondonMetric

Property

PLC(ö)

3,469,958

8,838

PRS

REIT

PLC

(The)(ö)

53,079

Safestore

Holdings

PLC(ö)

117,002

1,161

Segro

PLC(ö)

770,683

7,455

Shaftesbury

Capital

PLC(ö)

156,534

UNITE

Group

PLC

(The)(ö)

262,907

1,976

34,603

United

States

-

57.4%

Agree

Realty

Corp.(ö)

203,345

14,647

American

Healthcare

REIT,

Inc.(ö)

113,898

5,360

American

Homes

Rent

Class

A(ö)

168,971

5,424

Brixmor

Property

Group,

Inc.(ö)

323,753

8,489

Broadstone

Net

Lease,

Inc.(ö)

64,415

1,119

BXP,

Inc.(ö)

161,527

10,900

Caesars

Entertainment,

Inc.(Æ)

125,314

2,931

Camden

Property

Trust(ö)

31,316

3,447

CareTrust

REIT,

Inc.(ö)

114,794

4,151

Crown

Castle,

Inc.(ö)

122,858

10,918

CubeSmart

(ö)

83,318

3,004

Digital

Realty

Trust,

Inc.(ö)

202,535

31,334

EastGroup

Properties,

Inc.(ö)

65,114

11,599

Equinix

,

Inc.(ö)

43,215

33,110

Equity

Residential(ö)

317,523

20,017

Essential

Properties

Realty

Trust,

Inc.(ö)

335,336

9,946

Essex

Property

Trust,

Inc.(ö)

59,140

15,476

Extra

Space

Storage,

Inc.(ö)

174,571

22,733

First

Industrial

Realty

Trust,

Inc.(ö)

159,473

9,133

Gaming

and

Leisure

Properties,

Inc.(ö)

85,718

3,831

Healthcare

Realty

Trust,

Inc.(ö)

544,546

9,230

Highwoods

Properties,

Inc.(ö)

3,318

Host

Hotels

&

Resorts,

Inc.(ö)

1,007,070

17,855

Hudson

Pacific

Properties,

Inc.(Æ)(ö)

88,789

962

Invitation

Homes,

Inc.(ö)

476,121

13,231

Iron

Mountain,

Inc.(ö)

166,366

13,800

Kilroy

Realty

Corp.(ö)

208,152

7,779

Kimco

Realty

Corp.(ö)

547,715

11,102

Kite

Realty

Group

Trust(ö)

202,091

4,844

Mid-America

Apartment

Communities,

Inc.(ö)

81,759

11,357

National

Storage

Affiliates

Trust(ö)

34,344

969

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Omega

Healthcare

Investors,

Inc.(ö)

279,150

12,378

OUTFRONT

Media,

Inc.(ö)

74,477

1,795

PACS

Group,

Inc.(Æ)

39,186

1,504

Prologis,

Inc.(ö)

387,038

49,409

Public

Storage(ö)

31,882

8,273

Realty

Income

Corp.(ö)

351,713

19,826

Regency

Centers

Corp.(ö)

116,348

8,031

SBA

Communications

Corp.(ö)

867

Simon

Property

Group,

Inc.(ö)

159,273

29,483

Smartstop

Self

Storage

REIT,

Inc.(ö)

125,945

3,897

Sun

Communities,

Inc.(ö)

141,096

17,483

UDR,

Inc.(ö)

180,094

6,606

Ventas,

Inc.(ö)

154,206

11,932

VICI

Properties,

Inc.(ö)

127,536

3,586

Welltower

,

Inc.(ö)

360,743

66,957

Weyerhaeuser

Co.(ö)

101,711

2,410

562,522

#### Total

#### Common

#### Stocks
(cost

$718,114)

917,575

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Singapore

-

0.0%

Keppel

REIT(Æ)

Rights

677,534

#### Total

#### Warrants

#### and

#### Rights
(cost

$—)

#### Short-Term

#### Investments

#### -

#### 5.5%
United

States

-

5.5%

U.S.

Cash

Management

Fund(@)

53,493,454

(∞)

53,494

#### Total

#### Short-Term

#### Investments
(cost

$53,484)

53,494

#### Total

#### Investments

#### -

#### 99.2%
(identified

cost

$771,598)

971,077

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.8%
8,249

#### Net

#### Assets

#### -

#### 100.0%
979,326

#### Russell

#### Investment

#### Funds

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $0.4%

Cellnex

Telecom

SA

11/06/23

EUR

34,905

35.03 1,223

1,123

CTP

NV

04/06/21

EUR

82,707

16.40 1,356

1,733

HomeCo

Daily

Needs

Real

Estate

Investment

Trust

09/04/25

AUD

920,147

0.91 838

836

3,692

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

Dow

Jones

U.S.

Real

Estate

Index

Futures

1,557

USD

55,709

03/26

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

EUR

01/02/26

—

Bank

of

America

JPY

35,102

USD

01/05/26

Bank

of

America

JPY

71,841

USD

01/06/26

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Australia

$

—

$

58,864

$

—

$

—

$

58,864

Belgium

—

11,714

—

—

11,714

Canada

12,053

—

—

—

12,053

China

—

869

—

—

869

France

—

26,235

—

—

26,235

Germany

—

21,617

—

—

21,617

Hong

Kong

—

29,544

—

—

29,544

Japan

—

93,065

—

—

93,065

Netherlands

—

1,733

—

—

1,733

Singapore

—

31,277

—

—

31,277

Spain

—

4,555

—

—

4,555

Sweden

—

16,333

—

—

16,333

Switzerland

—

12,591

—

—

12,591

#### Russell

#### Investment

#### Funds

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
United

Kingdom

—

34,603

—

—

34,603

United

States

562,522

—

—

—

562,522

Warrants

and

Rights

—

—

—

Short-Term

Investments

—

—

—

53,494

53,494

Total

Investments

574,575

343,008

—

53,494

971,077

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

Foreign

Currency

Exchange

Contracts

—

—

—

Total

Other

Financial

Instruments

\*

$

$

—

$

—

$

—

$

\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

December

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

December

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Property

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Diversified

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

201,719

.6

Healthcare

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

116,246

.9

Industrial

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

126,213

.9

Lodging/Resorts

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

36,273

.7

Office

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

55,813

.7

Residential

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

128,512

.1

Retail

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

141,734

.5

Self

Storage

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

42,903

.4

Technology

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

68,162

.9

#### Warrants

#### and

#### Rights

#### .............................................................

—

\*\*

#### Short-Term

#### Investments

#### .......................................................
53,494

.5

Total

Investments

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

971,077

.2

\*\*

Less

than

.05%

of

net

assets.

#### Russell

#### Investment

#### Funds

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

Variation

margin

on

futures

contracts\*

—

Total

$

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(45) $

—

Foreign

currency

exchange

contracts

—

(92) Total

$

(4

5)

$

(92)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

2,143

$

—

Foreign

currency

exchange

contracts

—

(21) Total

$

2,143

$

(21) \*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Funds

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

#### Offsetting

#### of

#### Financial

#### Assets

#### and

#### Derivative

#### Assets

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Assets

—

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

(3) —

(3) Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

—

$

—

$

—

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Funds

#### Global

#### Real

#### Estate

#### Securities

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

771,598

Investments,

at

fair

value(>)

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

971,077

Foreign

currency

holdings(^)

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

2,058

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

Receivables:

Dividends

and

interest

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

3,113

Dividends

from

affiliated

funds

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

Investments

sold

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

2,409

Fund

shares

sold

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

Foreign

capital

gains

taxes

recoverable

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

From

broker(a)

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

3,622

Variation

margin

on

futures

contracts

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

Total

assets

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

982,861

#### Liabilities
Payables:

Investments

purchased

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

2,439

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

715

Other

accrued

expenses

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

Total

liabilities

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

3,535

#### Net

#### Assets

#### ...............................................................................................................................................................
$

979,326

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

48,337

Shares

of

beneficial

interest

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

709

Additional

paid-in

capital

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

930,280

#### Net

#### Assets

#### ...............................................................................................................................................................
$

979,326

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

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

$

53,494

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

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

$

2,061

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

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

$

3,622

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

(#)

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

$

13.81 Net

assets

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

$

979,325,898

Shares

outstanding

($.01

par

value)

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

70,907,889

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Funds

#### Global

#### Real

#### Estate

#### Securities

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

,

Dividend

distributions

from

affiliated

funds

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

1,734

Interest

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

Less

foreign

taxes

withheld

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

(1,039)

Total

investment

income

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

31,

969

#### Expenses
Advisory

fees

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

7,705

Administrative

fees

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

Custodian

fees

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

Transfer

agent

fees

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

Professional

fees

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Total

expenses

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

8,653

Net

investment

income

(loss)

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

,

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

3,

Investments

in

affiliated

funds

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

(9) Futures

contracts

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

(45) Foreign

currency

exchange

contracts

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

(92) Foreign

currency-related

transactions

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

Net

realized

gain

(loss)

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

3,2

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

50,784

Investments

in

affiliated

funds

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

Futures

contracts

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

2,143

Foreign

currency

exchange

contracts

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

(21) Foreign

currency-related

transactions

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

Net

change

in

unrealized

appreciation

(depreciation)

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

52,991

Net

realized

and

unrealized

gain

(loss)

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

56,

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

79,532

#### Russell

#### Investment

#### Funds

#### Global

#### Real

#### Estate

#### Securities

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### For

#### the

#### Periods

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

,

$

22,943

Net

realized

gain

(loss)

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

3,2

3,368

Net

change

in

unrealized

appreciation

(depreciation)

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

52,991

(10,678)

Net

increase

(decrease)

in

net

assets

from

operations

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

79,532

15,633

#### Distributions
To

shareholders

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

(41,146)

(21,676)

Net

decrease

in

net

assets

from

distributions

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

(41,146)

(21,676)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

12,124

(14,703)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
50,510

(20,746)

#### Net

#### Assets
Beginning

of

period

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

928,816

949,562

End

of

period

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

$

979,326

$

928,816

\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2025

and

December

31,

2024

were

as

follows:

#### 2025

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Proceeds

from

shares

sold

2,342

$

31,887

2,501

$

32,730

Proceeds

from

reinvestment

of

distributions

2,995

41,146

1,637

21,676

Payments

for

shares

redeemed

(4,443)

(60,909)

(5,019)

(69,109)

Total

increase

(decrease)

894

$

12,124

(881) $

(14,703)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

#### Russell

#### Investment

#### Funds

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### 12/31/25

#### 12/31/24

#### 12/31/23

#### 12/31/22

#### 12/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

13.27 13.39 12.34 17.22 14.37 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)

(Ƃ)

.33

.32

.35

.28

.36

$

Net

Realized

and

Unrealized

Gain

(Loss)

.80

(.13)

.93

(4.86)

3.44 $

Total

from

Investment

Operations

1.13 .19

1.28 (4.58)

3.80 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.59)

(.31)

(.23)

(.11)

(.78)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.12)

(.17)

$

Return

of

Capital

—

—

—

(.07)

—

$

Total

Distributions

(.59)

(.31)

(.23)

(.30)

(.95)

$

Net

Asset

Value,

End

of

Period

13.81 13.27 13.39 12.34 17.22 %

Total

Return

(±)

8.59 1.42 10.55 (26.77)

27.19 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 979,326

928,816

949,562

859,585

1,145,337

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.90

.91

.90

.91

.91

%

Expenses,

Net

(Ƃ)

.90

.91

.90

.91

.91

%

Net

Investment

Income

(Ƃ)

2. 42

2.41 2.82 1.99 2.22 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Funds

#### Global

#### Real

#### Estate

#### Securities

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

fees

payable

to

affiliates

as

of

December

31,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

December

31,

2025

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
At

December

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

December

31,

2025

and

December

31,

2024,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Advisory

fees

$

664,136

Administrative

fees

41,508

Transfer

agent

fees

3,654

Trustees'

fees

5,712

$

715,010

#### 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
U.S.

Cash

Management

Fund

$

46,970

$

275,976

$

269,454

$

(9)

$

$

53,494

$

1,734

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

812,716,374

$

168,020,253

$

(9,659,473)

$

158,360,780

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Post

#### October

#### Losses

#### Deferred\*\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

—

$

(110,020,613)

$

158,369

,369

$

—

$

(11,344)

$

48,

,

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

\*\*\*

Post-October

Losses

represent

certain

ordinary,

specific

and/or

capital

losses

incurred

after

October

of

the

previous

year.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

funds'

next

taxable

year.

#### December

#### 31,

#### 2025

#### December

#### 31,

#### 2024

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
$

41,146,436

$

—

$

—

$

21,676,140

$

—

$

—

#### Russell

#### Investment

#### Funds

#### Global

#### Real

#### Estate

#### Securities

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting. These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps. These

adjustments

have

no

impact

on

the

net

assets.

At

December

31,

2025,

the

Statement

of

Assets

and

Liabilities

has

been

adjusted

by

the

following

amounts

(in

thousands):

Total

distributable

earnings

(losses)

$

Additional

paid-in

capital

(493)

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
Notes

to

Schedule

of

Investments

#### Footnotes:

#### Abbreviations:
ADR

-

American

Depositary

Receipt

ADS

-

American

Depositary

Share

AONIA

-

Australian

Overnight

Index

Average

BBR

-

Bank

Bill

Rate

BBSW

-

Bank

Bill

Swap

Reference

Rate

BDR

-

Brazilian

Depository

Receipts

BUBOR

–Budapest

Interbank

Offered

Rate

CIBOR

-

Copenhagen

Interbank

Offered

Rate

CME

-

Chicago

Mercantile

Exchange

CMO

-

Collateralized

Mortgage

Obligation

CORRA-

Canadian

Overnight

Repo

Rate

Average

CPI

-

Consumer

Price

Index

CVO

-

Contingent

Value

Obligation

EBITDA

–

Earnings

Before

Interest,

Taxes,

Depreciation,

and

Amortization

EMU

-

European

Economic

and

Monetary

Union

EURIBOR

-

Euro

Interbank

Offered

Bank

EUTA

–

Eurozone

Tobacco

Index

FDIC

-

Federal

Deposit

Insurance

Company

GDR

-

Global

Depositary

Receipt

(Æ)

Non-income

producing

security.

(Ï)

Forward

commitment.

(Ê)

Variable,

adjustable

or

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(ƒ)

Perpetual

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(ö)

Real

Estate

Investment

Trust

(REIT).

(µ)

Bond

is

insured

by

a

guarantor.

(Ø)

In

default.

(ç)

At

amortized

cost,

which

approximates

fair

value.

(ž)

Rate

noted

is

yield-to-maturity

from

date

of

acquisition.

(æ)

Pre-refunded:

These

bonds

are

collateralized

by

U.S.

Treasury

securities,

which

are

held

in

escrow

by

a

trustee

and

used

to

pay

principal

and

interest

in

the

tax-exempt

issue

and

to

retire

the

bonds

in

full

at

the

earliest

refunding

date.

(§)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

futures

contracts

purchased

(sold)

or

swap

contracts

entered

into

by

the

Fund.

(Ñ)

All

or

a

portion

of

the

shares

of

this

security

are

on

loan.

(Þ)

Restricted

security.

Security

may

have

contractual

restrictions

on

resale,

may

have

been

offered

in

a

private

placement

transaction,

and

is

not

registered

under

the

Securities

Act

of

1933,

as

amended

("the

Act").

The

most

common

types

of

restricted

securities

are

those

sold

under

Rule

144A

of

the

Act

and

commercial

paper

sold

under

Section

4(2)

of

the

Act.

(Û)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

securities

sold

short.

(ÿ)

Notional

amount

in

thousands.

(∞)

Unrounded

units.

(å)

Currency

balances

were

pledged

in

connection

with

futures

contracts

purchased

(sold),

options

written,

foreign

currency

exchange

contracts,

or

swaps

entered

into

by

the

Fund.

(i)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

options

written

contracts.

(Š)

Value

was

determined

using

significant

unobservable

inputs.

(~)

Rate

fluctuates

based

on

various

factors

such

as

changes

in

current

rates

and

prepayments

of

the

underlying

assets,

changes

in

the

Consumer

Price

Index

(CPI)

or

other

contractual

arrangements.

(@)

Affiliate.

(Ÿ)

Rate

noted

is

dividend

yield

at

period

end.

(¢)

Date

shown

reflects

next

contractual

call

date.

(Œ)

Unfunded

loan

agreement.

(Ð)

All

or

a

portion

of

the

shares

of

this

security

are

on

loan

through

the

reciprocal

lending

program

with

State

Street.

(0) Weekly

payment

frequency.

(1) Monthly

payment

frequency.

(2) Quarterly

payment

frequency.

(3) Semi-annual

payment

frequency.

(4) Annual

payment

frequency.

(5) Payment

at

termination.

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Schedule

of

Investments

GDS

-

Global

Depositary

Share

GSCI

–

Goldman

Sachs

Commodity

Index

HIBOR

–

Hong

Kong

Interbank

Offered

Rate

HICP

–

Harmonized

Index

of

Consumer

Prices

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

PIK

-

Payment

in

Kind

PRIBOR

–

Prague

Interbank

Offered

Rate

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

SOFR

–

Secured

Overnight

Financing

Rate

SONIA

–

Sterling

Overnight

Index

Average

STIBOR

–

Stockholm

Interbank

Offered

Rate

STRIPS

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

SFE

-

Sydney

Futures

Exchange

TBA

-

To

Be

Announced

Security

TONAR

–

Tokyo

Overnight

Average

Rate

UK

-

United

Kingdom

WTI

–

West

Texas

Intermediate

#### 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

#### to

#### Financial

#### Highlights

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Notes

to

Financial

Highlights

(ƥ)

Average

daily

shares

outstanding

were

used

for

this

calculation.

(Ƃ)

May

reflect

amounts

waived

and/or

reimbursed

by

Russell

Investment

Management,

LLC

("RIM").

(Ɵ)

Less

than

$.01

per

share.

(±)

The

total

return

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges.

(∆)

For

the

following

funds,

the

respective

annualized

net

expense

ratios,

not

including

the

dividends

and

interest

expense

from

short

sales,

were

as

follows:

#### For

#### the

#### period

#### ended

#### U.S.

#### Strategic

#### Equity

#### Fund

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund
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

#### to

#### Financial

#### Statements

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

1. #### Organization
Russell

Investment

Funds

(the

"Investment

Company"

or

"RIF")

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

funds.

These

financial

statements

report

on

five

of

these

funds

(each

a

"Fund"

and

collectively

the

"Funds").

The

Investment

Company

provides

the

investment

base

for

one

or

more

variable

insurance

products

issued

by

one

or

more

insurance

companies.

These

Funds

are

offered

at

net

asset

value

("NAV")

to

qualified

insurance

company

separate

accounts

offering

variable

insurance

products.

The

Investment

Company

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

("Investment

Company

Act"),

as

an

open-end

management

investment

company.

It

is

organized

and

operated

as

a

Massachusetts

business

trust

under

a

Third

Amended

and

Restated

Master

Trust

Agreement

dated

December

7,

2020,

as

amended

("Master

Trust

Agreement"),

and

the

provisions

of

Massachusetts

law

governing

the

operation

of

a

Massachusetts

business

trust.

The

Investment

Company's

Master

Trust

Agreement

permits

the

Board

of

Trustees

(the

"Board")

to

issue

an

unlimited

number

of

shares

of

beneficial

interest.

Each

of

the

Funds

is

diversified.

Under

the

Investment

Company

Act,

a

diversified

company

is

defined

as

a

management

company

which

meets

the

following

requirements:

at

least

75%

of

the

value

of

its

total

assets

is

represented

by

cash

and

cash

items

(including

receivables),

government

securities,

securities

of

other

investment

companies,

and

other

securities

for

the

purposes

of

this

calculation

limited

in

respect

of

any

one

issuer

to

an

amount

not

greater

in

value

than

five

percent

of

the

value

of

the

total

assets

of

such

management

company

and

to

not

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer.

Unless

otherwise

specified,

"period"

(as

used

within

the

financial

statements)

refers

to

the

twelve

months

ended

December

31,

2025. 2. #### Significant

#### Accounting

#### Policies
The

Funds'

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

("U.S.

GAAP"),

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

financial

statements.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

reporting

guidance

applicable

to

investment

companies

including,

but

not

limited

to,

Accounting

Standards

Codification

946. The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

each

Fund

in

the

preparation

of

its

financial

statements.

Segment

Reporting

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Update

("ASU")

2023-

07,

Segment

Reporting

(Topic

280)

–

Improvements

to

Reportable

Segment

Disclosures

defines

an

operating

segment

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses

and

has

operating

results

that

are

regularly

reviewed

by

its

chief

operating

decision

maker

("CODM")

to

assess

performance

and

make

resource

allocation

decisions.

Russell

Investments'

Executive

Committee

is

the

CODM.

Each

Fund

is

a

single

reporting

segment

since

the

CODM

evaluates

each

Fund

holistically.

The

CODM

uses

total

returns,

Fund

expense

information,

and

share

transactions

data

consistent

with

that

which

is

presented

in

the

Funds'

financial

statements

to

assess

the

single

segment

performance

and

make

decisions.

The

accounting

policies

of

the

segment

are

the

same

as

those

described

in

this

"Significant

Accounting

Policies"

note.

Segment

assets

and

significant

expenses

are

reflected

in

each

Fund's

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations,

respectively.

Security

Valuation

The

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

a

description

of

the

pricing

sources

and

services

used

by

the

Funds.

With

respect

to

a

Fund's

investments

that

do

not

have

readily

available

market

quotations,

the

Board

has

designated

Russell

Investment

Management,

LLC

("RIM"),

the

Funds'

adviser,

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act.

However,

the

Board

retains

oversight

over

the

valuation

process.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

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.

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

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:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

ETFs

and

restricted

securities

that

are

traded

on

a

national

securities

exchange,

are

stated

at

the

last

reported

sales

price

on

the

day

of

valuation

or

official

closing

price,

as

applicable.

To

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

of

the

fair

value

hierarchy.

Preferred

stock

and

other

equities

traded

on

inactive

markets

or

valued

by

reference

to

similar

instruments

are

categorized

as

Level

of

the

fair

value

hierarchy.

Certain

foreign

equity

securities

may

be

fair

valued

using

a

pricing

service

that

considers

the

correlation

of

the

trading

patterns

of

the

foreign

security

to

the

intraday

trading

in

the

U.S.

markets

for

investments

such

as

American

Depositary

Receipts,

financial

futures,

exchange-traded

funds,

and

the

movement

of

certain

indexes

of

securities,

based

on

the

statistical

analysis

of

historical

relationships.

Foreign

equity

securities

prices

as

described

above

are

categorized

as

Level

of

the

fair

value

hierarchy.

Fixed

income

securities

including

corporate,

convertible,

U.S.

government

agency,

municipal

bonds

and

notes,

U.S.

treasury

obligations,

sovereign

issues,

bank

loans,

bank

notes

and

non-U.S.

bonds

are

normally

valued

by

pricing

service

providers

that

use

broker-dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

service

providers'

internal

models

use

inputs

that

are

observable

such

as

issuer

details,

interest

rates,

yield

curves,

prepayment

speeds,

credit

risks/spreads

and

default

rates.

Such

fixed

income

securities

that

use

pricing

service

internal

models

as

described

above

are

categorized

as

Level

of

the

fair

value

hierarchy.

Such

fixed

income

securities

that

use

broker-dealer

quotations

are

categorized

as

Level

of

the

fair

value

hierarchy.

Fixed

income

securities

purchased

on

a

delayed-delivery

basis

and

marked-to-market

daily

until

settlement

at

the

forward

settlement

date

are

categorized

as

Level

of

the

fair

value

hierarchy.

Mortgage

and

asset-backed

securities

are

usually

issued

as

separate

tranches,

or

classes,

of

securities

within

each

deal.

These

securities

are

also

normally

valued

by

pricing

service

providers

that

use

broker-dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

models

for

these

securities

usually

consider

tranche-level

attributes,

including

estimated

cash

flows

of

each

tranche,

market-based

yield

spreads

for

each

tranche,

and

current

market

data,

as

well

as

incorporate

deal

collateral

performance,

as

available.

Mortgage

and

asset-backed

securities

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

of

the

fair

value

hierarchy.

Repurchase

agreements

are

categorized

as

Level

of

the

fair

value

hierarchy.

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.

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.

Short-term

investments

having

a

maturity

of

days

or

less

are

generally

valued

at

amortized

cost,

which

approximates

fair

market

value.

These

investments

are

categorized

as

Level

of

the

fair

value

hierarchy.

Derivative

instruments

are

instruments

such

as

foreign

currency

exchange

contracts,

futures

contracts,

options

contracts,

or

swap

agreements

that

derive

their

value

from

underlying

asset

prices,

indices,

reference

rates,

and

other

inputs

or

a

combination

of

these

factors.

Derivatives

may

be

classified

into

two

groups

depending

upon

the

way

that

they

are

traded:

privately

traded

over-the-counter

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

("OTC")

derivatives

that

do

not

go

through

an

exchange

or

intermediary

and

exchange-traded

derivatives

that

are

traded

through

specialized

derivatives

exchanges

or

other

regulated

exchanges.

OTC

derivatives

are

normally

valued

on

the

basis

of

broker-dealer

quotations

or

pricing

service

providers.

Depending

on

the

product

and

the

terms

of

the

transaction,

the

value

of

the

derivative

instrument

can

be

estimated

by

a

pricing

service

provider

using

a

series

of

techniques,

including

simulation

pricing

models.

The

pricing

models

use

inputs

that

are

observed

from

actively

quoted

markets

such

as

issuer

details,

indices,

spreads,

interest

rates,

yield

curves,

dividends

and

exchange

rates.

OTC

derivatives

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

of

the

fair

value

hierarchy,

with

the

exception

of

foreign

currency

spot

contracts

which

are

categorized

as

Level

of

the

fair

value

hierarchy.

OTC

derivatives

that

use

broker-dealer

quotations

are

categorized

as

Level

of

the

fair

value

hierarchy.

Exchange-traded

derivatives

are

valued

based

on

the

last

reported

sales

price

on

the

day

of

valuation

and

are

categorized

as

Level

of

the

fair

value

hierarchy.

Centrally

cleared

swaps

listed

or

traded

on

a

multilateral

or

trade

facility

platform,

such

as

a

registered

exchange,

are

valued

at

the

daily

settlement

price

determined

by

the

respective

exchange.

For

centrally

cleared

credit

default

swaps,

the

clearing

facility

requires

its

members

to

provide

actionable

levels

across

complete

term

structures.

These

levels

along

with

external

third-party

prices

are

used

to

produce

daily

settlement

prices.

These

securities

are

categorized

as

Level

of

the

fair

value

hierarchy.

Centrally

cleared

interest

rate

swaps

are

valued

using

a

pricing

model

that

references

the

underlying

rates

including

the

Overnight

Index

Swap

("OIS")

rate

and

Secured

Overnight

Financing

Rate

("SOFR")

forward

rate

to

produce

the

daily

settlement

price.

These

securities

are

categorized

as

Level

of

the

fair

value

hierarchy.

Events

or

circumstances

affecting

the

values

of

portfolio

instruments

that

occur

between

the

closing

of

the

principal

markets

on

which

they

trade

and

the

time

the

NAV

of

Fund

shares

is

determined

may

be

reflected

in

the

calculation

of

NAV

for

each

applicable

Fund

when

the

Fund

deems

that

the

particular

event

or

circumstance

would

materially

affect

such

Fund's

NAV.

Funds

that

invest

primarily

in

frequently

traded

exchange-listed

securities

will

use

fair

value

pricing

in

limited

circumstances

since

reliable

market

quotations

will

often

be

readily

available.

Funds

that

invest

in

foreign

securities

use

fair

value

pricing

more

often

(typically

daily)

since

significant

events

may

occur

between

the

close

of

foreign

markets

and

the

time

of

pricing

of

the

foreign

securities.

Although

there

are

observable

inputs

assigned

on

a

security

level,

prices

are

derived

from

factors

using

proprietary

models

or

matrix

pricing.

For

this

reason,

fair

value

factors

will

cause

movement

between

Levels

and

2. Examples

of

significant

events

that

generally

trigger

fair

value

pricing

of

one

or

more

securities

are:

any

market

movement

of

the

U.S.

securities

market

(defined

in

the

fair

value

procedures

as

the

movement

of

a

single

major

U.S.

index);

a

company

development

such

as

a

material

business

development;

a

natural

disaster,

a

public

health

emergency

affecting

one

or

more

countries

in

the

global

economy

(including

an

emergency

which

results

in

the

closure

of

financial

markets)

or

other

emergency

situation;

or

an

armed

conflict.

The

NAV

of

a

Fund's

portfolio

that

includes

foreign

securities

may

change

on

days

when

shareholders

will

not

be

able

to

purchase

or

redeem

Fund

shares,

since

foreign

securities

can

trade

on

non-business

days.

The

U.S.

Strategic

Equity,

U.S.

Small

Cap

Equity,

International

Developed

Markets

and

Global

Real

Estate

Securities

Funds

had

no

transfers

into

or

out

of

Level

for

the

period

ended

December

31,

2025. The

Strategic

Bond

Fund

had

transfers

out

of

Level

into

Level

representing

financials

instruments

for

which

approved

vendor

sources

became

available

or

inputs

became

observable.

The

amount

transferred

was

$4,008,724.

Level

Fair

Value

Investments

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

of

financial

instruments

classified

as

Level

of

the

fair

value

hierarchy

are

as

follows:

Securities

and

other

assets

for

which

market

quotes

or

pricing

service

prices

are

not

readily

available,

or

are

not

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

by

RIM

and

are

categorized

as

Level

of

the

fair

value

hierarchy.

Market

quotes

are

considered

not

readily

available

in

circumstances

where

there

is

an

absence

of

current

or

reliable

market-based

data

(e.g.,

trade

information

or

broker

quotes).

When

RIM

applies

fair

valuation

methods

that

use

significant

unobservable

inputs

to

determine

a

Fund's

NAV,

securities

will

not

be

priced

on

the

basis

of

quotes

from

the

primary

market

in

which

they

are

traded,

but

instead

may

be

priced

by

another

method

that

RIM

believes

accurately

reflects

fair

value

and

will

be

categorized

as

Level

of

the

fair

value

hierarchy.

Fair

value

pricing

may

require

subjective

determinations

about

the

value

of

a

security.

While

the

securities

valuation

procedures

are

intended

to

result

in

a

calculation

of

a

Fund's

NAV

that

fairly

reflects

security

values

as

of

the

time

of

pricing,

the

process

cannot

guarantee

that

fair

values

determined

by

RIM

would

accurately

reflect

the

price

that

a

Fund

could

obtain

for

a

security

if

it

were

to

dispose

of

that

security

as

of

the

time

of

pricing

(for

instance,

in

a

forced

or

distressed

sale).

The

prices

used

by

a

Fund

may

differ

from

the

value

that

would

be

realized

if

the

security

was

sold.

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

RIM

employs

third-party

pricing

vendors

to

provide

fair

value

measurements.

RIM

oversees

third-party

pricing

service

providers

in

order

to

support

the

valuation

process.

The

significant

unobservable

input

used

in

fair

value

measurement

of

certain

of

the

Funds'

preferred

equity

securities

is

the

redemption

value

calculated

on

a

fully-diluted

basis

if

converted

to

common

stock.

Significant

increases

or

decreases

in

the

redemption

value

would

have

a

direct

and

proportional

impact

to

fair

value.

The

significant

unobservable

inputs

used

in

fair

value

measurement

of

certain

of

the

Funds'

private

equity

securities

include

market

data

of

comparable

public

companies,

discount

rates,

Earnings

Before

Interest,

Taxes,

Depreciation,

and

Amortization

("EBITDA")

multiples,

and

future

projected

cash

flows

for

the

portfolio

company.

These

inputs

are

utilized

in

valuation

models

that

are

based

on

market

analysis

and

discounted

cash

flow

methodologies.

Increases

(decreases)

in

the

discount

rates

would

result

in

a

lower

(higher)

fair

value

measurement,

while

increases

(decreases)

in

EBITDA

multiples

and

projected

cash

flows

would

result

in

a

higher

(lower)

fair

value

measurement.

The

significant

unobservable

input

used

in

the

fair

value

measurement

of

certain

Funds'

debt

securities

is

the

yield

to

worst

ratio.

Significant

increases

(decreases)

in

the

yield

to

worst

ratio

would

result

in

a

lower

(higher)

fair

value

measurement.

Significant

unobservable

inputs

are

further

disclosed

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund

as

applicable.

If

third-party

evaluated

vendor

pricing

is

neither

available

nor

deemed

to

be

indicative

of

fair

value,

RIM

may

elect

to

obtain

indicative

market

quotations

("broker

quotes")

directly

from

the

broker

or

passed

through

from

a

third-party

vendor.

In

the

event

that

the

source

of

fair

value

is

from

a

single

source

broker

quote,

these

securities

are

classified

as

Level

per

the

fair

value

hierarchy.

Broker

quotes

are

typically

received

from

established

market

participants.

Although

independently

received

on

a

daily

basis,

RIM

does

not

have

the

transparency

to

view

the

underlying

inputs

which

support

the

broker

quotes.

Significant

changes

in

the

broker

quote

would

have

direct

and

proportional

changes

in

the

fair

value

of

the

security.

There

is

a

third-party

pricing

exception

to

the

quantitative

disclosure

requirement

when

prices

are

not

determined

by

the

reporting

entity.

RIM

is

exercising

this

exception

and

has

made

a

reasonable

attempt

to

obtain

quantitative

information

from

the

third-party

pricing

vendors

regarding

the

unobservable

inputs

used.

For

fair

valuations

using

significant

unobservable

inputs,

U.S.

GAAP

requires

a

reconciliation

of

the

beginning

to

ending

balances

for

reported

fair

values

that

present

changes

attributable

to

total

realized

and

unrealized

gains

or

losses,

purchases

and

sales,

and

transfers

in/out

of

the

Level

category

during

the

period.

Additionally,

U.S.

GAAP

requires

quantitative

information

regarding

the

significant

unobservable

inputs

used

in

the

determination

of

fair

value

of

assets

categorized

as

Level

in

the

fair

value

hierarchy.

In

accordance

with

the

requirements

of

U.S.

GAAP,

a

fair

value

hierarchy,

a

Level

reconciliation

and

an

additional

disclosure

about

fair

value

measurements,

if

any,

has

been

included

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund.

Investment

Transactions

Investment

transactions

are

reflected

as

of

the

trade

date

for

financial

reporting

purposes.

This

may

cause

the

NAV

stated

in

the

financial

statements

to

be

different

from

the

NAV

at

which

shareholders

may

transact.

Realized

gains

and

losses

from

securities

transactions,

if

applicable,

are

recorded

on

the

basis

of

specific

identified

cost

incurred

within

a

particular

Fund.

Investment

Income

Dividend

income

is

recorded

net

of

applicable

withholding

taxes

on

the

ex-dividend

date,

except

that

certain

dividends

from

foreign

securities

are

recorded

as

soon

as

the

Funds

are

informed

of

the

dividend,

subsequent

to

the

ex-dividend

date.

To

the

extent

the

dividend

represents

a

return

of

capital

or

capital

gain

for

tax

purposes,

reclassifications

are

made

which

may

be

based

on

management's

estimates.

Interest

income

is

recorded

daily

on

the

accrual

basis.

The

Strategic

Bond

Fund

classifies

gains

and

losses

realized

on

prepayments

received

on

mortgage-backed

securities

as

an

adjustment

to

interest

income.

Losses

realized

on

principal

paydowns

may

result

in

negative

interest

income

on

the

Fund's

Statement

of

Operations

if

there

is

insufficient

interest

income

to

offset

such

losses.

All

premiums

and

discounts,

including

original

issue

discounts,

are

amortized/accreted

using

the

effective

interest

method.

Debt

obligation

securities

may

be

placed

in

a

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivable

when

the

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Federal

Income

Taxes

Each

Fund

is

a

separate

corporate

taxpayer

and

determines

its

net

investment

income

and

capital

gains

(or

losses)

and

the

amounts

to

be

distributed

to

each

Fund's

shareholders

without

regard

to

the

income

and

capital

gains

(or

losses)

of

the

other

Funds.

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

Each

Fund

intends

to

qualify

or

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

"Code"),

and

intends

to

distribute

all

of

its

taxable

income

and

capital

gains.

Therefore,

no

federal

income

tax

provision

is

required

for

the

Funds.

The

Funds

comply

with

the

authoritative

guidance

for

uncertainty

in

income

taxes

which

requires

management

to

determine

whether

a

tax

position

of

the

Funds

is

more

likely

than

not

to

be

sustained

upon

examination,

including

resolution

of

any

related

appeals

or

litigation

processes,

based

on

the

technical

merits

of

the

position.

For

tax

positions

meeting

the

more

likely

than

not

threshold,

the

tax

amount

recognized

in

the

financial

statements

is

reduced

by

the

largest

benefit

that

has

a

greater

than

50%

likelihood

of

being

realized

upon

ultimate

settlement

with

the

relevant

taxing

authority.

Management

determined

that

no

accruals

need

to

be

made

in

the

financial

statements

due

to

uncertain

tax

positions.

Management

continually

reviews

and

adjusts

the

Funds'

liability

for

income

taxes

based

on

analyses

of

tax

laws

and

regulations,

as

well

as

their

interpretations,

and

other

relevant

factors.

Each

Fund

files

a

U.S.

tax

return.

As

of

December

31,

2025,

the

Funds

had

recorded

no

liabilities

for

net

unrecognized

tax

benefits

relating

to

uncertain

income

tax

positions

they

have

taken

or

expect

to

take

in

future

tax

returns.

While

the

statute

of

limitations

remains

open

to

examine

the

Funds'

U.S.

tax

returns

filed

for

the

fiscal

years

ended

December

31,

2022

through

December

31,

2024,

no

examinations

are

in

progress

or

anticipated

at

this

time.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

Income

Taxes

Paid

The

Funds

did

not

pay

any

federal,

state,

or

local

taxes

during

the

period

ended

December

31,

2025. Additionally,

the

Funds

did

not

pay

any

material

foreign

income

taxes

during

the

period

ended

December

31,

2025. Accordingly,

no

disaggregated

disclosure

of

income

taxes

paid

by

jurisdiction

has

been

presented.

Dividends

and

Distributions

to

Shareholders

For

all

Funds,

income,

capital

gain

distributions

and

return

of

capital,

if

any,

are

recorded

on

the

ex-dividend

date.

Income

distributions

are

generally

declared

and

paid

according

to

the

following

schedule:

The

Funds

intend

to

distribute

substantially

all

of

the

distributions

they

receive

from

real

estate

investment

trust

("REIT")

investments,

less

expenses,

as

well

as

income

from

other

investments.

Such

distributions

may

be

comprised

of

income,

return

of

capital,

and

capital

gains.

The

Funds

may

also

realize

capital

gains

on

the

sale

of

REIT

shares

and

other

investments.

Capital

gain

distributions

are

generally

declared

and

paid

annually.

An

additional

distribution

may

be

paid

by

the

Funds

to

avoid

imposition

of

federal

income

and

excise

tax

on

any

remaining

undistributed

capital

gains

and

net

investment

income.

The

timing

and

characterization

of

certain

income

and

capital

gain

distributions

are

determined

in

accordance

with

federal

tax

regulations

which

may

differ

from

U.S.

GAAP.

As

a

result,

net

investment

income

and

net

realized

gain

(or

loss)

on

investments

and

foreign

currency-related

transactions

for

a

reporting

period

may

differ

significantly

from

distributions

during

such

period.

The

differences

between

tax

regulations

and

U.S.

GAAP

primarily

relate

to

investments

in

options,

futures,

forward

contracts,

swap

contracts,

passive

foreign

investment

companies,

foreign-denominated

investments,

mortgage-backed

securities,

certain

securities

sold

at

a

loss,

wash

sale

deferrals

and

capital

loss

carryforwards.

Accordingly,

the

Funds

may

periodically

make

reclassifications

among

certain

of

their

capital

accounts

without

impacting

their

NAVs.

Expenses

The

Funds

pay

their

own

expenses

other

than

those

expressly

assumed

by

RIM,

the

Funds'

adviser,

or

Russell

Investments

Fund

Services,

LLC

("RIFUS"),

the

Funds'

administrator

and

transfer

agent.

Whenever

an

expense

can

be

attributed

to

a

particular

Fund,

the

expense

is

charged

to

that

Fund.

Common

expenses

are

allocated

among

the

Funds

based

primarily

upon

their

relative

net

assets.

#### Declared

#### Payable

#### Funds
Quarterly

April,

July,

October

and

Mid-December

U.S.

Strategic

Equity,

U.S.

Small

Cap

Equity,

Strategic

Bond

and

Global

Real

Estate

Securities

Funds

Annually

Mid-December

International

Developed

Markets

Fund

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

Foreign

Currency

Translations

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

and

transactions

of

the

Funds

are

translated

into

U.S.

dollars

on

the

following

basis:

(a) Fair

value

of

investment

securities,

other

assets

and

liabilities

at

the

closing

rate

of

exchange

on

the

valuation

date.

(b) Purchases

and

sales

of

investment

securities

and

income

at

the

closing

rate

of

exchange

prevailing

on

the

respective

trade

dates

of

such

transactions.

Net

realized

gains

or

losses

from

foreign

currency-related

transactions

arise

from:

sales

and

maturities

of

short-term

securities;

sales

of

foreign

currencies;

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions;

the

difference

between

the

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

recorded

on

the

Funds'

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

gains

or

losses

from

foreign

currency-related

transactions

arise

from

changes

in

the

value

of

assets

and

liabilities,

other

than

investments

in

securities,

as

a

result

of

changes

in

the

exchange

rates.

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

of

the

Funds

that

arises

as

a

result

of

changes

in

exchange

rates

from

that

portion

that

arises

from

changes

in

market

prices

of

investments

during

the

period.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments.

However,

for

federal

income

tax

purposes,

the

Funds

do

isolate

the

effects

of

changes

in

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

market

prices

for

realized

gain

(or

loss)

on

debt

obligations.

Capital

Gains

Taxes

The

Funds

may

be

subject

to

capital

gains

taxes

and

repatriation

taxes

imposed

by

certain

countries

in

which

they

invest.

The

International

Developed

Markets,

Strategic

Bond,

and

Global

Real

Estate

Securities

Funds

may

record

a

deferred

capital

gains

tax

liability

with

respect

to

the

unrealized

appreciation

on

foreign

securities

for

potential

capital

gains

and

repatriation

taxes

as

of

December

31,

2025. The

accrual

for

capital

gains

and

repatriation

taxes

is

included

in

total

distributable

earnings

(losses)

in

the

Statements

of

Assets

and

Liabilities.

The

amounts

related

to

capital

gains

and

repatriation

taxes

are

included

in

net

realized

gain

(loss)

on

investments

and

change

in

unrealized

gain

(loss)

on

investments

in

the

Statements

of

Operations.

Derivatives

The

Funds

may

invest

in

derivatives.

Derivatives

are

instruments

or

agreements

whose

value

is

derived

from

an

underlying

security

or

index.

They

include,

among

others,

options,

futures,

swaps

and

forwards.

These

instruments

offer

unique

characteristics

and

risks

that

facilitate

the

Funds'

investment

strategies.

The

Funds

typically

use

derivatives

in

three

ways:

exposing

cash

to

markets,

hedging

and

return

enhancement.

In

addition,

certain

Funds

may

enter

into

foreign

currency

exchange

contracts

for

trade

settlement

purposes.

Certain

Funds

may

pursue

their

strategy

of

being

fully

invested

by

exposing

cash

to

the

performance

of

appropriate

markets

by

purchasing

securities

and/or

derivatives.

This

is

intended

to

cause

such

Funds

to

perform

as

though

cash

were

actually

invested

in

those

markets.

Hedging

may

be

used

by

certain

Funds

to

limit

or

control

risks,

such

as

adverse

movements

in

exchange

rates

and

interest

rates.

Return

enhancement

can

be

accomplished

through

the

use

of

derivatives

in

a

Fund,

including

using

derivatives

as

a

substitute

for

holding

physical

securities,

and

using

them

to

express

various

macro

views

(e.g.,

interest

rate

movements,

currency

movements,

and

macro

credit

strategies).

By

purchasing

certain

instruments,

the

Funds

may

more

effectively

achieve

the

desired

portfolio

characteristics

that

assist

them

in

meeting

their

investment

objectives.

Depending

on

how

the

derivatives

are

structured

and

utilized,

the

risks

associated

with

them

may

vary

widely.

These

risks

include,

but

are

not

limited

to,

market

risk,

liquidity

risk,

leveraging

risk,

counterparty

risk,

basis

risk,

reinvestment

risk,

political

risk,

prepayment

risk,

extension

risk,

operational

risk,

legal

risk,

valuation

risk

and

credit

risk.

Futures,

certain

options

and

cleared

swaps

are

traded

or

cleared

on

an

exchange

or

central

exchange

clearing

house.

Exchange-

traded

or

exchange-cleared

transactions

generally

present

less

counterparty

risk

to

a

Fund.

The

exchange's

clearing

house

stands

between

the

Fund

and

the

broker

to

the

contract

and

therefore,

credit

risk

is

generally

limited

to

the

failure

of

the

clearing

house

and

the

clearing

member.

Cleared

swap

contracts

are

subject

to

clearing

house

rules,

including

initial

and

variation

margin

requirement,

daily

settlement

of

obligations

and

the

clearing

house

guarantee

of

payments

to

the

broker.

There

is,

however,

still

counterparty

risk

due

to

the

insolvency

of

the

broker

with

respect

to

any

margin

held

in

the

broker's

customer

accounts.

While

clearing

members

are

required

to

segregate

customer

assets

from

their

own

assets,

in

the

event

of

insolvency,

there

may

be

a

shortfall

in

the

amount

of

margin

held

by

the

broker

for

its

clients.

Collateral

and

margin

requirements

for

exchange-traded

or

exchange-cleared

derivatives

are

established

through

regulation,

as

well

as

set

by

the

broker

or

applicable

clearing

house.

Margin

for

exchange-traded

and

exchange-cleared

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

transactions

are

detailed

in

the

Statements

of

Assets

and

Liabilities

as

receivables

for

variation

margin

on

futures

contracts

and

payables

for

variation

margin

on

futures

contracts.

Securities

and

cash

pledged

as

collateral

are

reflected

as

assets

on

the

Statements

of

Assets

and

Liabilities

as

either

a

component

of

investments

at

fair

value

(securities)

or

receivable

from

broker.

Cash

collateral

received

is

not

typically

held

in

a

segregated

account

and

as

such

is

reflected

as

a

liability

on

the

Statements

of

Assets

and

Liabilities

as

due

to

broker.

Typically,

the

Funds

and

counterparties

are

not

permitted

to

sell,

repledge,

rehypothecate

or

otherwise

use

collateral

pledged

by

the

other

party

unless

explicitly

permitted

by

each

respective

governing

agreement.

The

effects

of

derivative

instruments,

categorized

by

risk

exposure,

on

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

for

the

period

ended

December

31,

2025,

if

applicable,

are

disclosed

in

the

Fair

Value

of

Derivative

Instruments

table

following

each

applicable

Fund's

Schedule

of

Investments.

The

financial

derivative

instruments

outstanding

as

of

period

end

on

the

Schedules

of

Investments

and

the

amount

of

net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

on

financial

derivative

instruments

during

the

period,

as

disclosed

on

the

Fair

Value

of

Derivative

Instruments

tables,

serve

as

indicators

of

the

volume

of

financial

derivative

activity

for

the

Funds.

Foreign

Currency

Exchange

Contracts

Certain

Funds

may

enter

into

foreign

currency

exchange

spot

contracts

and

forward

foreign

currency

exchange

contracts

("FX

contracts").

From

time

to

time,

certain

Funds

may

enter

into

FX

contracts

to

facilitate

settlement

of

securities

transactions

and

may

enter

into

these

contracts

in

order

to

"lock

in"

the

U.S.

dollar

price

of

a

security

that

they

plan

to

buy

or

sell.

Certain

Funds

may

enter

into

FX

contracts

to

hedge

certain

foreign

currency-denominated

assets.

Certain

Funds

may

also

purchase

or

sell

foreign

currencies,

mainly

through

the

use

of

forward

currency

contracts

or

currency

futures

contracts,

for

speculative

purposes

based

on

judgments

regarding

the

direction

of

the

market

for

a

particular

foreign

currency

or

currencies.

FX

contracts

are

recorded

at

fair

value.

Certain

risks

may

arise

upon

entering

into

these

FX

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

their

FX

contracts

and

are

generally

limited

to

the

amount

of

unrealized

gain

on

the

FX

contracts,

if

any,

that

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

For

the

period

ended

December

31,

2025,

the

following

Funds

entered

into

FX

contracts

primarily

for

the

strategies

listed

below:

Options

Certain

Funds

may

purchase

and

sell

(write)

both

call

and

put

options

on

securities,

securities

indexes,

foreign

currencies

and

other

assets.

Such

options

are

traded

on

a

national

securities

exchange

or

in

an

OTC

market.

The

Funds

may

also

purchase

and

sell

(write)

call

and

put

options

on

foreign

currencies.

When

a

Fund

writes

a

covered

call

or

a

put

option,

an

amount

equal

to

the

premium

received

by

the

Fund

is

included

in

the

Fund's

Statement

of

Assets

and

Liabilities

as

an

asset

and

as

an

equivalent

liability.

The

amount

of

the

liability

is

subsequently

marked-to-

market

to

reflect

the

current

fair

value

of

the

option

written.

The

Fund

receives

a

premium

on

the

sale

of

a

call

option

but

gives

up

the

opportunity

to

profit

from

any

increase

in

the

value

of

the

underlying

instrument

above

the

exercise

price

of

the

option,

and

when

the

Fund

writes

a

put

option

it

is

exposed

to

a

decline

in

the

price

of

the

underlying

instrument.

When

a

Fund

sells

an

uncovered

call

option,

it

does

not

simultaneously

have

a

long

position

in

the

underlying

security.

When

a

Fund

sells

an

uncovered

put

option,

it

does

not

simultaneously

have

a

short

position

in

the

underlying

security.

Uncovered

options

are

riskier

than

covered

options

because

there

is

no

underlying

security

held

by

the

Fund

that

can

act

as

a

partial

hedge.

Whether

an

option

which

the

Fund

has

written

expires

on

its

stipulated

expiration

date

or

the

Fund

enters

into

a

closing

purchase

transaction,

the

Fund

realizes

a

gain

(or

loss,

if

the

cost

of

a

closing

purchase

transaction

exceeds

the

premium

received

when

the

option

was

sold)

without

regard

to

any

unrealized

gain

or

loss

on

the

underlying

security,

and

the

liability

related

to

such

option

is

extinguished.

If

a

call

option

which

the

Fund

has

written

is

exercised,

the

Fund

realizes

a

capital

gain

or

loss

from

the

sale

of

the

underlying

security,

and

the

proceeds

from

such

sale

are

increased

by

the

premium

originally

received.

When

a

put

option

which

a

Fund

has

written

is

exercised,

the

amount

of

the

premium

originally

received

will

reduce

the

cost

of

the

security

which

a

Fund

purchases

upon

exercise

of

the

option.

#### Funds

#### Strategies
U.S.

Strategic

Equity

Fund

Hedging

U.S.

Small

Cap

Equity

Fund

Hedging

International

Developed

Markets

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets

and

trade

settlement

Strategic

Bond

Fund

Return

enhancement

and

hedging

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

and

trade

settlement

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

The

Funds'

use

of

written

options

involves,

to

varying

degrees,

elements

of

market

risk

in

excess

of

the

amount

recognized

in

the

Statements

of

Assets

and

Liabilities.

The

face

or

contract

amounts

of

these

instruments

reflect

the

extent

of

the

Funds'

exposure

to

market

risk.

The

risks

may

be

caused

by

an

imperfect

correlation

between

movements

in

the

price

of

the

instrument

and

the

price

of

the

underlying

securities

and

interest

rates.

Certain

Funds

may

enter

into

swaptions

(an

option

on

a

swap).

In

a

swaption,

in

exchange

for

an

option,

the

buyer

gains

the

right

but

not

the

obligation

to

enter

into

a

specified

swap

agreement

with

the

issuer

on

a

specified

future

date.

The

writer

of

the

contract

receives

the

premium

and

bears

the

risk

of

unfavorable

changes

in

the

preset

rate

on

the

underlying

swap.

For

the

period

ended

December

2025,

the

Funds

did

not

purchase

or

sell

any

options.

Futures

Contracts

Certain

Funds

may

invest

in

futures

contracts

(i.e.,

interest

rate,

foreign

currency

and

index

futures

contracts).

The

face

or

contract

value

of

these

instruments

reflect

the

extent

of

the

Funds'

exposure

to

off

balance

sheet

risk.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

an

imperfect

correlation

between

the

change

in

fair

value

of

the

securities

held

by

the

Funds

and

the

prices

of

futures

contracts,

and

the

possibility

of

an

illiquid

market.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

with

a

broker

an

amount,

termed

the

initial

margin,

which

typically

represents

5%

to

10%

of

the

purchase

price

indicated

in

the

futures

contract.

Payments

to

and

from

the

broker,

known

as

variation

margin,

are

typically

required

to

be

made

on

a

daily

basis

as

the

price

of

the

futures

contract

fluctuates.

Changes

in

initial

settlement

value

are

accounted

for

as

unrealized

appreciation

(depreciation)

until

the

contracts

are

terminated,

at

which

time

realized

gains

and

losses

are

recognized.

For

the

period

ended

December

31,

2025,

the

following

Funds

entered

into

futures

contracts

primarily

for

the

strategies

listed

below:

Swap

Agreements

Certain

Funds

may

enter

into

swap

agreements,

on

either

an

asset-based

or

liability-based

basis,

depending

on

whether

they

are

hedging

their

assets

or

their

liabilities,

and

will

usually

enter

into

swaps

on

a

net

basis

(i.e.,

the

two

payment

streams

are

netted

out,

with

the

Funds

receiving

or

paying

only

the

net

amount

of

the

two

payments).

When

a

Fund

engages

in

a

swap,

it

exchanges

its

obligations

to

pay

or

rights

to

receive

payments

for

the

obligations

to

pay

or

rights

to

receive

payments

of

another

party

(i.e.,

an

exchange

of

floating

rate

payments

for

fixed

rate

payments).

Certain

Funds

may

enter

into

several

different

types

of

swap

agreements

including

credit

default,

interest

rate,

total

return

(equity

and/or

index)

and/or

currency

swaps.

Credit

default

swaps

are

a

counterparty

agreement

which

allows

the

transfer

of

third-party

credit

risk

(the

possibility

that

an

issuer

will

default

on

its

obligation

by

failing

to

pay

principal

or

interest

in

a

timely

manner)

from

one

party

to

another.

The

lender

faces

the

credit

risk

from

a

third-party

and

the

counterparty

in

the

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Interest

rate

swaps

are

a

counterparty

agreement,

can

be

customized

to

meet

each

party's

needs,

and

involve

the

exchange

of

a

fixed

or

variable

payment

per

period

for

a

payment

that

is

not

fixed.

Total

return

swaps

are

a

counterparty

agreement

where

two

parties

exchange

two

sets

of

cash

flows

on

predetermined

dates

for

an

agreed

upon

amount

of

time.

The

cash

flows

will

typically

be

an

equity

index

value

swapped

with

a

floating

rate

such

as

SOFR

plus

or

minus

a

pre-defined

spread.

Total

return

swap

agreements

are

a

counterparty

agreement

intended

to

expose

cash

to

markets

or

to

effect

investment

transactions

consistent

with

those

Funds'

investment

objectives

and

strategies.

Currency

swaps

are

a

counterparty

agreement

where

two

parties

exchange

specified

amounts

of

different

currencies

which

are

followed

by

each

paying

the

other

a

series

of

interest

payments

that

are

based

on

the

principal

cash

flow.

At

maturity

the

principal

amounts

are

returned.

The

Funds

generally

expect

to

enter

into

these

transactions

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

their

portfolios

or

to

protect

against

any

increase

in

the

price

of

securities

they

anticipate

purchasing

at

a

later

date,

or

for

return

enhancement.

Under

most

swap

agreements

entered

into

by

a

Fund,

the

parties'

obligations

are

determined

on

a

"net

basis".

If

there

is

a

default

by

the

other

party

to

such

a

transaction,

the

Funds

will

have

contractual

remedies

pursuant

to

the

agreement

related

to

the

transaction.

A

Fund

may

not

receive

the

expected

amount

under

a

swap

agreement

if

the

other

party

to

the

agreement

defaults

or

becomes

bankrupt.

#### Funds

#### Strategies
U.S.

Strategic

Equity

Fund

Exposing

cash

to

markets

U.S.

Small

Cap

Equity

Fund

Exposing

cash

to

markets

International

Developed

Markets

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Strategic

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

Credit

Default

Swaps

The

Strategic

Bond

Fund

may

enter

into

credit

default

swaps.

A

credit

default

swap

can

refer

to

corporate

issues,

government

issues,

asset-backed

securities

or

an

index

of

assets,

each

known

as

the

reference

entity

or

underlying

asset.

The

Fund

may

act

as

either

the

buyer

or

the

seller

of

a

credit

default

swap

involving

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

default

or

other

credit

event.

Depending

upon

the

terms

of

the

contract,

the

credit

default

swap

may

be

closed

via

physical

settlement.

However,

due

to

the

possible

or

potential

instability

in

the

market,

there

is

a

risk

that

the

seller

may

be

unable

to

deliver

the

underlying

debt

security

to

the

other

party

to

the

agreement.

Additionally,

the

Fund

may

not

receive

the

expected

amount

under

the

swap

agreement

if

the

other

party

to

the

agreement

defaults

or

becomes

bankrupt.

In

an

unhedged

credit

default

swap,

the

Fund

would

enter

into

a

credit

default

swap

without

owning

the

underlying

asset

or

debt

issued

by

the

reference

entity.

Credit

default

swaps

allow

the

Fund

to

acquire

or

reduce

credit

exposure

to

a

particular

issuer,

asset

or

basket

of

instruments.

As

the

seller

of

protection

in

a

credit

default

swap,

the

Fund

would

be

required

to

pay

the

par

or

other

agreed-upon

value

(or

otherwise

perform

according

to

the

swap

contract)

of

a

reference

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

other

specified

credit

event)

and

the

counterparty

would

be

required

to

surrender

the

reference

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

a

seller

of

protection,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

that

Fund

would

be

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

The

Fund

may

also

purchase

protection

via

credit

default

swap

contracts

in

order

to

offset

the

risk

of

default

of

debt

securities

held

in

its

portfolio

or

to

take

a

short

position

in

a

debt

security,

in

which

case

the

Fund

would

function

as

the

counterparty

referenced

in

the

preceding

paragraph.

If

a

credit

event

occurs

and

cash

settlement

is

not

elected,

a

variety

of

other

deliverable

obligations

may

be

delivered

in

lieu

of

the

specific

referenced

obligation.

The

ability

to

deliver

other

obligations

may

result

in

a

cheapest-to-deliver

option

(i.e.,

the

buyer

of

protection's

right

to

choose

the

deliverable

obligation

with

the

lowest

value

following

a

credit

event).

The

Fund

may

use

credit

default

swaps

to

provide

a

measure

of

protection

against

defaults

of

the

issuers

(i.e.,

to

reduce

risk

where

the

Fund

owns

or

has

exposure

to

the

referenced

obligation)

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

(as

measured

by

the

credit

default

swap's

spread)

of

a

particular

issuer's

default.

Deliverable

obligations

for

credit

default

swaps

on

asset-backed

securities

in

most

instances

are

limited

to

the

specific

referenced

obligation

as

performance

for

asset-backed

securities

can

vary

across

deals.

Prepayments,

principal

paydowns,

and

other

writedown

or

loss

events

on

the

underlying

mortgage

loans

will

reduce

the

outstanding

principal

balance

of

the

referenced

obligation.

These

reductions

may

be

temporary

or

permanent

as

defined

under

the

terms

of

the

swap

agreement

and

the

notional

amount

for

the

swap

agreement

generally

will

be

adjusted

by

corresponding

amounts.

The

Strategic

Bond

Fund

may

use

credit

default

swaps

on

asset-

backed

securities

to

provide

a

measure

of

protection

against

defaults

(or

other

defined

credit

events)

of

the

referenced

obligation

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

of

a

particular

referenced

obligation's

default

(or

another

defined

credit

event).

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

may

include,

but

are

not

limited

to,

investment

grade

securities,

high

yield

securities,

asset-backed

securities,

emerging

markets,

and/

or

various

credit

ratings

within

each

sector.

Credit

indices

are

traded

using

credit

default

swaps

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

that

name's

weight

in

the

index.

The

composition

of

the

indices

changes

periodically,

usually

every

six

months,

and,

for

most

indices,

each

name

has

an

equal

weight

in

the

index.

Traders

may

use

credit

default

swaps

on

indices

to

speculate

on

changes

in

credit

quality.

Implied

credit

spreads,

represented

in

absolute

terms,

utilized

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

as

of

period-end

are

disclosed

in

the

Schedules

of

Investments

and

generally

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

(or

other

defined

credit

event)

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

entering

into

a

credit

default

swap

and

may

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

asset-

backed

securities

and

credit

indices,

the

quoted

market

prices

and

resulting

values

serve

as

the

indicator

of

the

current

status

of

the

payment/

performance

risk.

Wider

credit

spreads

and

increasing

fair

values,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

generally

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

of

protection

could

be

required

to

make

under

a

credit

default

swap

agreement

equals

the

notional

amount

of

the

agreement.

Notional

amounts

of

all

credit

default

swap

agreements

outstanding

as

of

December

31,

2025,

for

which

the

Fund

is

the

seller

of

protection,

are

disclosed

in

the

Schedule

of

Investments.

These

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

or

net

amounts

received

from

the

settlement

of

buy

protection

credit

default

swap

agreements

entered

into

by

the

Fund

for

the

same

referenced

entity

or

entities.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

illiquidity

and

counterparty

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap.

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

a

credit

event

fail

to

occur

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

creditworthiness

of

the

Fund's

swap

counterparty

declines,

the

risk

that

the

counterparty

may

not

perform

could

increase,

potentially

resulting

in

a

loss

to

the

Fund.

To

limit

the

counterparty

risk

involved

in

swap

agreements,

the

Fund

will

only

enter

into

swap

agreements

with

counterparties

that

meet

certain

standards

of

creditworthiness.

Although

there

can

be

no

assurance

that

the

Fund

will

be

able

to

do

so,

the

Fund

may

be

able

to

reduce

or

eliminate

its

exposure

under

a

swap

agreement

either

by

assignment

or

other

disposition,

or

by

entering

into

an

offsetting

swap

agreement

with

the

same

party

or

another

creditworthy

party.

The

Fund

may

have

limited

ability

to

eliminate

its

exposure

under

a

credit

default

swap

if

the

credit

quality

of

the

reference

entity

or

underlying

asset

has

declined.

For

the

period

ended

December

31,

2025,

the

Strategic

Bond

Fund

entered

into

credit

default

swaps

primarily

for

return

enhancement,

hedging

and

exposing

cash

to

markets.

Interest

Rate

Swaps

Certain

Funds

may

enter

into

interest

rate

swaps.

The

use

of

interest

rate

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

If

RIM

or

a

money

manager

using

this

technique

is

incorrect

in

its

forecast

of

fair

values,

interest

rates

and

other

applicable

factors,

the

investment

performance

of

a

Fund

might

diminish

compared

to

what

it

would

have

been

if

this

investment

technique

were

not

used.

Interest

rate

swaps

do

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

obligated

to

make.

Interest

rate

swaps

are

traded

on

exchanges

and

are

subject

to

central

clearing.

If

the

clearing

house

or

futures

commission

merchant

defaults,

a

Fund's

risk

of

loss

consists

of

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

entitled

to

receive.

The

counterparty

risk

for

cleared

derivatives

is

generally

lower

than

for

uncleared

derivatives.

However,

clearing

may

subject

a

Fund

to

increased

costs

or

margin

requirements.

For

the

period

ended

December

31,

2025,

the

Strategic

Bond

Fund

entered

into

interest

rate

swaps

primarily

for

return

enhancement,

hedging

and

exposing

cash

to

markets.

Total

Return

Swaps

Certain

Funds

may

enter

into

total

return

swap

agreements

to

expose

cash

to

markets

or

to

effect

investment

transactions.

Total

return

swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

few

weeks

to

more

than

one

year.

In

a

standard

total

return

swap

transaction,

the

two

parties

agree

to

exchange

the

returns

(or

differentials

in

rates

of

return)

earned

or

realized

on

particular

investments

or

instruments.

The

returns

to

be

exchanged

between

the

parties

are

calculated

with

respect

to

a

"notional

amount"

(i.e.,

a

specified

dollar

amount

that

is

hypothetically

invested

in

a

"basket"

of

securities

representing

a

particular

index).

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

For

the

period

ended

December

31,

2025,

the

Funds

did

not

enter

into

any

total

return

swaps.

Currency

Swaps

Certain

Funds

may

enter

into

currency

swap

agreements

to

enhance

returns

or

for

hedging

purposes.

Currency

swap

agreements

are

agreements

where

two

parties

exchange

specified

amounts

of

different

currencies

which

are

followed

by

paying

the

other

a

series

of

interest

payments

that

are

based

on

the

principal

cash

flow.

At

maturity,

the

principal

amounts

are

exchanged.

For

the

period

ended

December

31,

2025,

the

Funds

did

not

enter

into

any

currency

swaps.

Master

Agreements

Certain

Funds

are

parties

to

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

("ISDA

Master

Agreements")

with

counterparties

that

govern

transactions

in

OTC

derivative

and

foreign

exchange

contracts

entered

into

by

the

Funds

and

those

counterparties.

The

ISDA

Master

Agreements

contain

provisions

for,

among

other

things,

general

obligations,

representations,

agreements,

collateral

and

events

of

default

or

termination.

Events

of

termination

and

default

include

conditions

that

may

entitle

either

party

to

elect

to

terminate

early

and

cause

settlement

of

all

outstanding

transactions

under

the

applicable

ISDA

Master

Agreement.

Any

election

to

terminate

early

could

be

material

to

the

financial

statements.

Since

different

types

of

forward

and

OTC

financial

derivative

transactions

have

different

mechanics

and

are

sometimes

traded

out

of

different

legal

entities

of

a

particular

counterparty

organization,

each

type

of

transaction

may

be

covered

by

a

different

ISDA

Master

Agreement,

resulting

in

the

need

for

multiple

agreements

with

a

single

counterparty.

As

the

ISDA

Master

Agreements

are

specific

to

unique

operations

of

different

asset

types,

they

allow

a

Fund

to

net

its

total

exposure

to

a

counterparty

in

the

event

of

a

default

with

respect

to

all

the

transactions

governed

under

a

single

agreement

with

a

counterparty.

Master

Repurchase

Agreements

("Master

Repo

Agreements")

govern

transactions

between

a

Fund

and

select

counterparties.

The

Master

Repo

Agreements

contain

provisions

for,

among

other

things,

initiation,

income

payments,

events

of

default,

and

maintenance

of

collateral

for

repurchase

and

reverse

repurchase

agreements.

Master

Securities

Forward

Transaction

Agreements

("Master

Forward

Agreements")

govern

the

considerations

and

factors

surrounding

the

settlement

of

certain

forward

settling

transactions,

such

as

delayed

delivery

by

and

between

a

Fund

and

select

counterparties.

The

Master

Forward

Agreements

contain

provisions

for,

among

other

things,

initiation

and

confirmation,

payment

and

transfer,

events

of

default,

termination,

and

maintenance

of

collateral.

Disclosure

about

Offsetting

Assets

and

Liabilities

Balance

sheet

disclosure

is

based

on

various

netting

agreements

between

brokers

and

counterparties,

such

as

ISDA

Master

Agreements,

Master

Repo

Agreements

and

Master

Forward

Agreements.

Certain

Funds

utilize

multiple

counterparties.

The

quantitative

disclosure

begins

with

disaggregation

of

counterparties

by

legal

entity

and

the

roll

up

of

the

data

to

reflect

a

single

counterparty

in

the

table

within

the

Funds'

financial

statements.

Net

exposure

represents

the

net

receivable

(payable)

that

would

be

due

from/to

the

counterparty

in

the

event

of

default.

Exposure

from

OTC

derivatives

can

only

be

netted

across

transactions

governed

under

the

same

Master

Agreement

with

the

same

legal

entity.

Loan

Agreements

The

Strategic

Bond

Fund

may

invest

in

direct

debt

instruments,

which

are

interests

in

amounts

owed

by

corporate,

governmental,

or

other

borrowers

to

lenders

or

lending

syndicates.

The

Fund's

investments

in

loans

may

be

in

the

form

of

participations

in

loans

or

assignments

of

all

or

a

portion

of

loans

from

third

parties.

A

loan

is

often

administered

by

a

bank

or

other

financial

institution

(the

"agent")

that

acts

as

agent

for

all

holders.

The

agent

administers

the

terms

of

the

loan,

as

specified

in

the

loan

agreement.

When

investing

in

a

loan

participation,

the

Fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

agent

selling

the

loan

agreement

and

only

upon

receipt

by

the

agent

of

payments

from

the

borrower.

The

Fund

generally

has

no

right

to

enforce

compliance

with

the

terms

of

the

loan

agreement

with

the

borrower.

As

a

result,

the

Fund

may

be

subject

to

the

credit

risk

of

both

the

borrower

and

the

agent

that

is

selling

the

loan

agreement.

When

the

Fund

purchases

assignments

from

agents

it

acquires

direct

rights

against

the

borrower

on

the

loan.

Local

Access

Products

Certain

Funds

may

invest

in

local

access

products,

also

known

as

certificates

of

participation,

participation

notes

or

participation

interest

notes.

Local

access

products

are

issued

by

banks

or

broker-dealers

and

are

designed

to

replicate

the

performance

of

foreign

companies

or

foreign

securities

markets

and

can

be

used

by

the

Fund

as

an

alternative

means

to

access

the

securities

market

of

a

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

frontier

emerging

market

country.

The

performance

results

of

local

access

products

will

not

replicate

exactly

the

performance

of

the

foreign

companies

or

foreign

securities

markets

that

they

seek

to

replicate

due

to

transaction

and

other

expenses.

Investments

in

local

access

products

involve

certain

risks

in

addition

to

those

associated

with

a

direct

investment

in

the

underlying

foreign

companies

or

foreign

securities

markets

whose

return

they

seek

to

replicate.

There

can

be

no

assurance

that

there

will

be

a

trading

market

or

that

the

trading

price

of

local

access

products

will

equal

the

underlying

value

of

the

foreign

company

or

foreign

securities

market

that

it

seeks

to

replicate.

The

Funds

rely

on

the

creditworthiness

of

the

counterparty

issuing

the

local

access

products

and

have

no

rights

against

the

issuer

of

the

underlying

security.

The

Funds

seek

to

minimize

this

risk

by

entering

into

agreements

only

with

counterparties

that

RIM

deems

creditworthy.

Due

to

liquidity

and

transfer

restrictions,

the

secondary

markets

on

which

the

local

access

products

are

traded

may

be

less

liquid

than

the

markets

for

other

securities,

or

may

be

completely

illiquid.

Credit

Linked

Notes

Certain

Funds

may

invest

in

credit

linked

notes.

Credit

linked

notes

are

obligations

between

two

or

more

parties

where

the

payment

of

principal

and/or

interest

is

based

on

the

performance

of

some

obligation,

basket

of

obligations,

index

or

economic

indicator

(a

"reference

instrument").

In

addition

to

the

credit

risk

associated

with

the

reference

instrument

and

interest

rate

risk,

the

buyer

and

seller

of

a

credit

linked

note

or

similar

structured

investment

are

subject

to

counterparty

risk.

Short

Sales

The

U.S.

Strategic

Equity

and

U.S.

Small

Cap

Equity

Funds

may

enter

into

short

sale

transactions.

In

a

short

sale,

the

seller

sells

a

security

that

it

does

not

own,

typically

a

security

borrowed

from

a

broker

or

dealer.

Because

the

seller

remains

liable

to

return

the

underlying

security

that

it

borrowed

from

the

broker

or

dealer,

the

seller

must

purchase

the

security

prior

to

the

date

on

which

delivery

to

the

broker

or

dealer

is

required.

A

Fund

will

incur

a

loss

as

a

result

of

the

short

sale

if

the

price

of

the

security

increases

between

the

date

of

the

short

sale

and

the

date

on

which

the

Fund

must

return

the

borrowed

security.

A

Fund

will

realize

a

gain

if

the

security

declines

in

price

between

those

dates.

Short

sales

expose

a

Fund

to

the

risk

of

liability

for

the

fair

value

of

the

security

that

is

sold

(the

amount

of

which

increases

as

the

fair

value

of

the

underlying

security

increases),

in

addition

to

the

costs

associated

with

establishing,

maintaining

and

closing

out

the

short

position.

Although

a

Fund's

potential

for

gain

as

a

result

of

a

short

sale

is

limited

to

the

price

at

which

it

sold

the

security

short

less

the

cost

of

borrowing

the

security,

its

potential

for

loss

is

theoretically

unlimited

because

there

is

no

limit

to

the

cost

of

replacing

the

borrowed

security.

When

a

Fund

makes

a

short

sale,

the

Fund

may

use

all

or

a

portion

of

the

cash

proceeds

of

short

sales

to

purchase

other

securities

or

for

any

other

permissible

Fund

purpose.

The

U.S.

Strategic

Equity

Fund

and

U.S.

Small

Cap

Equity

Fund

may

engage

in

short

sale

transactions

that

are

effected

through

State

Street

Bank

and

Trust

Company

("State

Street")

but

reserve

the

right

to

engage

in

short

sale

transactions

through

one

or

more

other

counterparties.

For

short

sale

transactions

effected

through

State

Street,

the

Funds

typically

expect

to

collateralize

short

sale

transactions

through

the

Funds'

respective

reciprocal

lending

activity

with

State

Street

(i.e.,

short

sale

transactions

are

collateralized

by

securities

loaned

to

State

Street

for

purposes

of

securities

lending

activities).

The

Funds

may

also

deliver

cash

to

State

Street

for

purposes

of

collateralizing

their

short

sales

transactions

or

"memo

pledge"

securities

as

collateral,

whereby

assets

are

designated

as

collateral

by

State

Street

on

State

Street's

books

but

remain

in

a

Fund's

custody

account.

Similar

to

the

risks

generally

applicable

to

securities

lending

arrangements,

participation

in

the

reciprocal

lending

program

subjects

these

Funds

to

the

risk

that

State

Street

could

fail

to

return

a

security

lent

to

it

by

a

Fund,

or

fail

to

return

the

Fund's

cash

collateral,

a

risk

which

would

increase

with

any

decline

in

State

Street's

credit

profile.

However,

the

impact

of

State

Street's

failure

to

return

a

security

lent

to

it

by

a

Fund,

or

failure

to

return

a

Fund's

cash

collateral,

would

be

mitigated

by

the

Fund's

right

under

such

circumstances

to

decline

to

return

the

securities

the

Fund

initially

borrowed

from

State

Street

with

respect

to

its

short

sale

transactions.

This

risk

may

be

heightened

during

periods

of

market

stress

and

volatility,

particularly

if

the

type

of

collateral

provided

is

different

than

the

type

of

security

borrowed

(e.g.,

cash

is

provided

as

collateral

for

a

loan

of

an

equity

security).

To

the

extent

necessary

to

meet

collateral

requirements

associated

with

a

short

sale

transaction

involving

a

counterparty

other

than

State

Street,

the

Funds

are

required

to

pledge

assets

in

a

segregated

account

maintained

by

the

Funds'

custodian

for

the

benefit

of

the

broker.

The

Funds

may

also

use

securities

they

own

to

meet

any

such

collateral

obligations.

These

requirements

may

result

in

the

Funds

being

unable

to

purchase

or

sell

securities

or

instruments

when

it

would

otherwise

be

favorable

to

do

so,

or

in

the

Funds

needing

to

sell

holdings

at

a

disadvantageous

time

to

satisfy

their

obligations.

If

the

Fund's

prime

broker

fails

to

make

or

take

delivery

of

a

security

as

part

of

a

short

sale

transaction,

or

fails

to

make

a

cash

settlement

payment,

the

settlement

of

the

transaction

may

be

delayed

and

the

Fund

may

lose

money.

Dividend

expenses

for

short

sales

are

recorded

on

the

ex-dividend

date

while

interest

expenses

on

short

sales

are

accrued

daily.

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

As

of

December

31,

2025,

the

market

value

of

securities

on

loan

through

the

reciprocal

lending

program

for

the

U.S.

Strategic

Equity

and

U.S.

Small

Cap

Equity

Funds

was

$20,493,435

and

$6,676,935,

respectively.

As

of

December

31,

2025,

the

U.S.

Strategic

Equity

and

U.S.

Small

Cap

Equity

Funds

held

$42,876,040

and

$9,478,019

respectively,

as

collateral

for

short

sales.

Emerging

Markets

Securities

Certain

Funds

may

invest

in

emerging

markets

securities.

Investing

in

emerging

markets

securities

can

pose

some

risks

different

from,

and

greater

than,

risks

of

investing

in

U.S.

or

developed

markets

securities.

These

risks

include:

a

risk

of

loss

due

to

political

instability;

exposure

to

economic

structures

that

are

generally

less

diverse

and

mature,

and

to

political

systems

which

may

have

less

stability,

than

those

of

more

developed

countries;

smaller

market

capitalization

of

securities

markets,

which

may

suffer

periods

of

relative

illiquidity;

significant

price

volatility;

restrictions

on

foreign

investment;

and

possible

difficulties

in

the

repatriation

of

investment

income

and

capital.

In

addition,

foreign

investors

may

be

required

to

register

the

proceeds

of

sales

and

future

economic

or

political

crises

could

lead

to

price

controls,

forced

mergers,

expropriation

or

confiscatory

taxation,

seizure,

nationalization,

or

creation

of

government

monopolies.

The

currencies

of

emerging

market

countries

may

experience

significant

declines

against

the

U.S.

dollar,

and

devaluation

may

occur

subsequent

to

investments

in

these

currencies

by

the

Funds.

Emerging

market

securities

may

be

subject

to

currency

transfer

restrictions

and

may

experience

delays

and

disruptions

in

securities

settlement

procedures

for

a

Fund's

portfolio

securities.

Inflation

and

rapid

fluctuations

in

inflation

rates

have

had,

and

may

continue

to

have,

negative

effects

on

the

economies

and

securities

markets

of

certain

emerging

market

countries.

Emerging

market

countries

typically

have

less

established

legal,

accounting

and

financial

reporting

systems

than

those

in

more

developed

markets,

which

may

reduce

the

scope

or

quality

of

financial

information

available

to

investors.

Moreover,

it

can

be

more

difficult

for

investors

to

bring

litigation

or

enforce

judgments

against

issuers

in

emerging

markets

or

for

U.S.

regulators

to

bring

enforcement

actions

against

such

issuers.

Emerging

market

countries

may

also

be

more

likely

to

experience

the

imposition

of

economic

sanctions

by

foreign

governments.

Emerging

Markets

Debt

The

Strategic

Bond

Fund

may

invest

in

emerging

markets

debt.

The

Fund's

emerging

markets

debt

securities

may

include

obligations

of

governments

and

corporations.

As

with

any

fixed

income

securities,

emerging

markets

debt

securities

are

subject

to

the

risk

of

being

downgraded

in

credit

rating

due

to

the

risk

of

default.

In

the

event

of

a

default

on

any

investments

in

foreign

debt

obligations,

it

may

be

more

difficult

for

the

Fund

to

obtain

or

to

enforce

a

judgment

against

the

issuers

of

such

securities.

With

respect

to

debt

issued

by

emerging

market

governments,

such

issuers

may

be

unwilling

to

pay

interest

and

repay

principal

when

due,

potentially

due

either

to

an

inability

to

pay

or

submission

to

political

pressure

not

to

pay,

and

as

a

result

may

default,

declare

temporary

suspensions

of

interest

payments

or

require

that

the

conditions

for

payment

be

renegotiated.

Repurchase

Agreements

The

Strategic

Bond

Fund

may

enter

into

repurchase

agreements.

A

repurchase

agreement

is

an

agreement

under

which

a

Fund

acquires

a

fixed

income

security

from

a

commercial

bank,

broker

or

dealer

and

simultaneously

agrees

to

resell

such

security

to

the

seller

at

an

agreed

upon

price

and

date

(normally

within

a

few

days

or

weeks).

The

resale

price

reflects

an

agreed

upon

interest

rate

effective

for

the

period

the

security

is

held

by

a

Fund

and

is

unrelated

to

the

interest

rate

on

the

security.

The

securities

acquired

by

a

Fund

constitute

collateral

for

the

repurchase

obligation.

In

these

transactions,

the

securities

acquired

by

a

Fund

(including

accrued

interest

earned

thereon)

must

have

a

total

value

in

excess

of

the

value

of

the

repurchase

agreement

and

must

be

held

by

the

custodian

bank

until

repurchased.

A

Fund

will

not

invest

more

than

15%

of

its

net

assets

(taken

at

current

fair

value)

in

repurchase

agreements

maturing

in

more

than

seven

days.

Mortgage-Related

and

Other

Asset-Backed

Securities

The

Strategic

Bond

Fund

may

invest

in

mortgage

or

other

asset-backed

securities

("ABS").

These

securities

may

include

mortgage

instruments

issued

by

U.S.

government

agencies

("agency

mortgages")

or

those

issued

by

private

entities

("non-

agency

mortgages").

Specific

types

of

instruments

may

include

reverse

mortgages,

mortgage

pass-through

securities,

collateralized

mortgage

obligations

("CMO"),

commercial

mortgage-backed

securities,

mortgage

dollar

rolls,

CMO

residuals,

stripped

mortgage-backed

securities

and

other

securities

that

directly

or

indirectly

represent

a

participation

in,

or

are

secured

by

a

payable

from,

mortgage

loans

on

real

property.

The

value

of

a

Fund's

mortgage-backed

securities

("MBS")

may

be

affected

by,

among

other

things,

changes

or

perceived

changes

in

interest

rates,

factors

concerning

the

interests

in

and

structure

of

the

issuer

or

the

originator

of

the

mortgage,

or

the

quality

of

the

underlying

assets.

The

mortgages

underlying

the

securities

may

default

or

decline

in

quality

or

value.

Through

its

investments

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

in

MBS,

a

Fund

has

exposure

to

prime

loans,

subprime

loans,

Alt-A

loans

and

non-conforming

loans

as

well

as

to

the

mortgage

and

credit

markets

generally.

Underlying

collateral

related

to

prime,

subprime,

Alt-A

and

non-conforming

mortgage

loans

may

be

susceptible

to

defaults

and

declines

in

quality

or

value,

especially

in

a

declining

residential

real

estate

market.

In

addition,

regulatory

or

tax

changes

may

adversely

affect

the

mortgage

securities

markets

as

a

whole.

Mortgage-Backed

Securities

MBS

often

have

stated

maturities

of

up

to

thirty

years

when

they

are

issued,

depending

upon

the

length

of

the

mortgages

underlying

the

securities.

In

practice,

however,

unscheduled

or

early

payments

of

principal

and

interest

on

the

underlying

mortgages

may

make

the

securities'

effective

maturity

shorter

than

this,

and

the

prevailing

interest

rates

may

be

higher

or

lower

than

the

current

yield

of

a

Fund's

portfolio

at

the

time

resulting

in

reinvestment

risk.

Rising

or

high

interest

rates

may

result

in

slower

than

expected

principal

payments

which

may

tend

to

extend

the

duration

of

MBS,

making

them

more

volatile

and

more

sensitive

to

changes

in

interest

rates.

This

is

known

as

extension

risk.

MBS

may

have

less

potential

for

capital

appreciation

than

comparable

fixed

income

securities

due

to

the

likelihood

of

prepayments

of

mortgages

resulting

from

foreclosures

or

declining

interest

rates.

These

foreclosed

or

refinanced

mortgages

are

paid

off

at

face

value

(par)

or

less,

causing

a

loss,

particularly

for

any

investor

who

may

have

purchased

the

security

at

a

premium

or

a

price

above

par.

In

such

an

environment,

this

risk

limits

the

potential

price

appreciation

of

these

securities.

Agency

Mortgage-Backed

Securities

Certain

MBS

may

be

issued

or

guaranteed

by

the

U.S.

government

or

a

government

sponsored

entity,

such

as

Fannie

Mae

(the

Federal

National

Mortgage

Association)

or

Freddie

Mac

(the

Federal

Home

Loan

Mortgage

Corporation).

Although

these

instruments

may

be

guaranteed

by

the

U.S.

government

or

a

government

sponsored

entity,

many

such

MBS

are

not

backed

by

the

full

faith

and

credit

of

the

United

States

and

are

still

exposed

to

the

risk

of

non-payment.

Privately

Issued

Mortgage-Backed

Securities

MBS

held

by

a

Fund

may

be

issued

by

private

issuers

including

commercial

banks,

savings

associations,

mortgage

companies,

investment

banking

firms,

finance

companies

and

special

purpose

finance

entities

(called

special

purpose

vehicles

or

SPVs)

and

other

entities

that

acquire

and

package

mortgage

loans

for

resale

as

MBS.

These

privately

issued

non-agency

MBS

may

offer

higher

yields

than

those

issued

by

government

agencies,

but

also

may

be

subject

to

greater

price

changes

than

governmental

issues.

Subprime

loans

refer

to

loans

made

to

borrowers

with

weakened

credit

histories

or

with

a

lower

capacity

to

make

timely

payments

on

their

loans.

Alt-A

loans

refer

to

loans

extended

to

borrowers

who

have

incomplete

documentation

of

income,

assets,

or

other

variables

that

are

important

to

the

credit

underwriting

processes.

Non-conforming

mortgages

are

loans

that

do

not

meet

the

standards

that

allow

purchase

by

government-sponsored

enterprises.

MBS

with

exposure

to

subprime

loans,

Alt-A

loans

or

nonconforming

loans

have

had

in

many

cases

higher

default

rates

than

those

loans

that

meet

government

underwriting

requirements.

The

risk

of

non-payment

is

greater

for

MBS

that

are

backed

by

mortgage

pools

that

contain

subprime,

Alt-A

and

non-conforming

loans,

but

a

level

of

risk

exists

for

all

loans.

Unlike

agency

MBS

issued

or

guaranteed

by

the

U.S.

government

or

a

government-sponsored

entity

(e.g.,

Fannie

Mae

and

Freddie

Mac),

MBS

issued

by

private

issuers

do

not

have

a

government

or

government-sponsored

entity

guarantee,

but

may

have

credit

enhancements

provided

by

external

entities

such

as

banks

or

financial

institutions

or

achieved

through

the

structuring

of

the

transaction

itself.

Examples

of

such

credit

support

arising

out

of

the

structure

of

the

transaction

include

the

issue

of

senior

and

subordinated

securities

(e.g.,

the

issuance

of

securities

by

an

SPV

in

multiple

classes

or

tranches,

with

one

or

more

classes

being

senior

to

other

subordinated

classes

as

to

the

payment

of

principal

and

interest,

with

the

result

that

defaults

on

the

underlying

mortgage

loans

are

borne

first

by

the

holders

of

the

subordinated

class);

creation

of

reserve

funds

(in

which

case

cash

or

investments,

sometimes

funded

from

a

portion

of

the

payments

on

the

underlying

mortgage

loans,

are

held

in

reserve

against

future

losses);

and

overcollateralization

(in

which

case

the

scheduled

payments

on,

or

the

principal

amount

of,

the

underlying

mortgage

loans

exceeds

that

required

to

make

payment

on

the

securities

and

pay

any

servicing

or

other

fees).

However,

there

can

be

no

guarantee

that

credit

enhancements,

if

any,

will

be

sufficient

to

prevent

losses

in

the

event

of

defaults

on

the

underlying

mortgage

loans.

In

addition,

MBS

that

are

issued

by

private

issuers

are

not

subject

to

the

underwriting

requirements

for

the

underlying

mortgages

that

are

applicable

to

those

MBS

that

have

a

government

or

government-sponsored

entity

guarantee.

As

a

result,

the

mortgage

loans

underlying

private

MBS

may,

and

frequently

do,

have

less

favorable

collateral,

credit

risk

or

other

underwriting

characteristics

than

government

or

government-sponsored

MBS

and

have

wider

variances

in

a

number

of

terms

including

interest

rate,

term,

size,

purpose

and

borrower

characteristics.

Privately

issued

pools

more

frequently

include

second

mortgages,

high

loan-to-value

mortgages

and

manufactured

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

housing

loans.

The

coupon

rates

and

maturities

of

the

underlying

mortgage

loans

in

a

private-label

MBS

pool

may

vary

to

a

greater

extent

than

those

included

in

a

government

guaranteed

pool,

and

the

pool

may

include

subprime

mortgage

loans.

Privately

issued

MBS

are

not

traded

on

an

exchange

and

there

may

be

a

limited

market

for

the

securities,

especially

when

there

is

a

perceived

weakness

in

the

mortgage

and

real

estate

market

sectors.

Without

an

active

trading

market,

MBS

held

in

a

Fund's

portfolio

may

be

particularly

difficult

to

value

because

of

the

complexities

involved

in

assessing

the

value

of

the

underlying

mortgage

loans.

Asset-Backed

Securities

ABS

may

include

MBS,

loans,

receivables

or

other

assets.

The

value

of

the

Funds'

ABS

may

be

affected

by,

among

other

things,

actual

or

perceived

changes

in

interest

rates,

factors

concerning

the

interests

in

and

structure

of

the

issuer

or

the

originator

of

the

receivables,

the

market's

assessment

of

the

quality

of

underlying

assets

or

actual

or

perceived

changes

in

the

credit

worthiness

of

the

individual

borrowers,

the

originator,

the

servicing

agent

or

the

financial

institution

providing

the

credit

support.

Payment

of

principal

and

interest

may

be

largely

dependent

upon

the

cash

flows

generated

by

the

assets

backing

the

securities.

Rising

or

high

interest

rates

tend

to

extend

the

duration

of

ABS,

making

them

more

volatile

and

more

sensitive

to

changes

in

interest

rates.

The

underlying

assets

are

sometimes

subject

to

prepayments

which

can

shorten

the

security's

weighted

average

life

and

may

lower

its

return.

Defaults

on

loans

underlying

ABS

have

become

an

increasing

risk

for

ABS

that

are

secured

by

home

equity

loans

related

to

sub-prime,

Alt-A

or

non-conforming

mortgage

loans,

especially

in

a

declining

residential

real

estate

market.

ABS

(other

than

MBS)

present

certain

risks

that

are

not

presented

by

MBS.

Primarily,

these

securities

may

not

have

the

benefit

of

any

security

interest

in

the

related

assets.

Credit

card

receivables

are

generally

unsecured

and

the

debtors

are

entitled

to

the

protection

of

a

number

of

state

and

federal

consumer

credit

laws,

many

of

which

give

such

debtors

the

right

to

set

off

certain

amounts

owed

on

the

credit

cards,

thereby

reducing

the

balance

due.

There

is

the

possibility

that

recoveries

on

repossessed

collateral

may

not,

in

some

cases,

be

available

to

support

payments

on

these

securities.

ABS

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

To

lessen

the

effect

of

failures

by

obligors

on

underlying

assets

to

make

payments,

the

securities

may

contain

elements

of

credit

support

which

fall

into

two

categories:

(i) liquidity

protection,

and

(ii) protection

against

losses

resulting

from

ultimate

default

by

an

obligor

on

the

underlying

assets.

Liquidity

protection

refers

to

the

provision

of

advances,

generally

by

the

entity

administering

the

pool

of

assets,

to

ensure

that

the

receipt

of

payments

on

the

underlying

pool

occurs

in

a

timely

fashion.

Protection

against

losses

results

from

payment

of

the

insurance

obligations

on

at

least

a

portion

of

the

assets

in

the

pool.

This

protection

may

be

provided

through

guarantees,

policies

or

letters

of

credit

obtained

by

the

issuer

or

sponsor

from

third

parties,

through

various

means

of

structuring

the

transaction

or

through

a

combination

of

such

approaches.

The

Fund

will

not

pay

any

additional

or

separate

fees

for

credit

support.

The

degree

of

credit

support

provided

for

each

issue

is

generally

based

on

historical

information

respecting

the

level

of

credit

risk

associated

with

the

underlying

assets.

Delinquency

or

loss

in

excess

of

that

anticipated

or

failure

of

the

credit

support

could

adversely

affect

the

return

on

an

investment

in

such

a

security.

The

availability

of

ABS

may

be

affected

by

legislative

or

regulatory

developments.

It

is

possible

that

such

developments

may

require

the

Funds

to

dispose

of

any

then-existing

holdings

of

such

securities.

Forward

Commitments

The

Strategic

Bond

Fund

may

contract

to

purchase

securities

for

a

fixed

price

at

a

future

date

beyond

customary

settlement

time.

The

price

of

the

underlying

securities

and

the

date

when

the

securities

will

be

delivered

and

paid

for

are

fixed

at

the

time

the

transaction

is

negotiated.

The

Fund

may

dispose

of

a

forward

commitment

transaction

prior

to

settlement

if

it

is

appropriate

to

do

so

and

may

realize

short-term

gains

(or

losses)

upon

such

sale.

A

forward

commitment

transaction

involves

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

declines

prior

to

the

settlement

date

or

the

other

party

to

the

transaction

fails

to

complete

the

transaction.

The

Strategic

Bond

Fund

may

invest

in

to-be-announced

("TBA")

mortgage-backed

securities.

A

TBA

security

is

a

forward

mortgage-

backed

securities

trade

in

which

a

seller

agrees

to

issue

a

TBA

mortgage-backed

security

at

a

future

date.

The

securities

are

purchased

and

sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

maturity

date.

The

Fund

may

enter

into

TBA

commitments

to

purchase

securities

and/or

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

securities

it

owns

under

delayed

delivery

arrangements,

or

take

a

short

position

in

mortgage-backed

securities.

Due

to

timing

differences,

TBAs

may

be

reflected

as

Securities

Sold

Short

in

the

Schedule

of

Investments.

The

actual

principal

amount

and

maturity

date

will

be

determined

upon

settlement

when

the

specific

mortgage

pools

are

assigned.

These

securities

are

within

the

parameters

of

industry

"good

delivery"

standards.

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

Inflation-Indexed

Bonds

The

Strategic

Bond

Fund

may

invest

in

inflation-indexed

securities,

which

are

typically

bonds

or

notes

designed

to

provide

a

return

higher

than

the

rate

of

inflation

(based

on

a

designated

index)

if

held

to

maturity.

A

common

type

of

inflation-indexed

security

is

a

U.S.

Treasury

Inflation-Protected

Security

("TIPS").

The

principal

of

a

TIPS

increases

with

inflation

and

decreases

with

deflation,

as

measured

by

the

Consumer

Price

Index.

When

a

TIPS

matures,

the

adjusted

principal

or

original

principal

is

paid,

whichever

is

greater.

TIPS

pay

interest

twice

a

year,

at

a

fixed

rate.

The

rate

is

applied

to

the

adjusted

principal;

so,

like

the

principal,

interest

payments

rise

with

inflation

and

fall

with

deflation.

Guarantees

Under

the

Investment

Company's

organizational

documents,

its

officers

and

Trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Investment

Company.

Additionally,

in

the

normal

course

of

business,

the

Funds

may

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

of

loss

to

be

remote.

Market,

Credit

and

Counterparty

Risk

In

the

normal

course

of

business,

the

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

a

transaction

to

perform

(credit

risk).

Similar

to

credit

risk,

the

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Funds'

financial

statements

(the

"Assets").

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Funds'

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Funds'

Statements

of

Assets

and

Liabilities.

Global

financial

markets

are

increasingly

interconnected

and

political

and

economic

conditions

(including

instability

and

volatility

due

to

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

As

a

result,

issuers

of

securities

held

by

a

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

This

could

occur

whether

or

not

the

Fund

invests

in

securities

of

issuers

located

in

or

with

significant

exposure

to

the

countries

directly

affected.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

a

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held

by

a

Fund.

This

could

cause

a

Fund

to

underperform

other

types

of

investments.

Russia's

large-scale

invasion

of

Ukraine

in

early

2022

and

the

geo-political

events

that

followed

have

impacted

the

Funds'

operations.

The

Funds

are

restricted

from

trading

and

repatriating

any

currency

or

securities

denominated

in

Russian

Rubles,

therefore

the

fair

value

of

Russian

securities

held

by

the

Funds

were

valued

at

zero

shortly

after

the

invasion.

Certain

of

these

securities

may

have

produced

income

prior

to

the

onset

of

the

conflict,

but

are

considered

non-income

producing

until

income

balances

are

able

to

be

repatriated

in

the

future.

3. #### Investment

#### Transactions
Securities

During

the

period

ended

December

31,

2025,

the

Funds'

purchases

and

sales

of

investment

securities

(excluding

U.S.

government

and

agency

obligations,

short-term

investments,

derivatives

and

repurchase

agreements)

were

as

follows:

During

the

period

ended

December

31,

2025,

the

Funds'

purchases

and

sales

of

U.S.

government

and

agency

obligations

(excluding

short-term

investments,

derivatives

and

repurchase

agreements)

were

as

follows:

#### Funds

#### Purchases

#### Sales
U.S.

Strategic

Equity

Fund

$

362,446,180

$

414,571,420

U.S.

Small

Cap

Equity

Fund

169,370,433

190,142,350

International

Developed

Markets

Fund

125,822,728

160,694,929

Strategic

Bond

Fund

419,450,850

320,812,602

Global

Real

Estate

Securities

Fund

617,079,909

610,067,498

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

4. #### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Adviser,

Administrator

and

Transfer

and

Dividend

Disbursing

Agent

RIM

provides

or

oversees

the

provision

of

all

investment

advisory

and

portfolio

management

services

for

the

Funds.

From

its

advisory

fees

received

from

the

Funds,

RIM,

as

agent

for

RIF,

pays

all

fees

to

the

money

managers

for

their

investment

advisory

services.

Each

money

manager

has

agreed

that

it

will

look

only

to

RIM

for

the

payment

of

the

money

manager's

fee,

after

RIF

has

paid

RIM.

Fees

paid

to

the

money

managers

are

not

affected

by

any

voluntary

or

statutory

expense

limitations.

RIFUS

is

the

Funds'

administrator

and

transfer

agent.

RIFUS,

in

its

capacity

as

the

Funds'

administrator,

provides

or

oversees

the

provision

of

all

administrative

services

for

the

Funds.

RIFUS,

in

its

capacity

as

the

Funds'

transfer

agent

and

dividend

disbursing

agent,

is

responsible

for

providing

transfer

agency

and

dividend

disbursing

services

to

the

Funds.

RIFUS

is

a

wholly-owned

subsidiary

of

RIM.

RIM

is

an

indirect,

wholly-

owned

subsidiary

of

Russell

Investments

Group,

Ltd.

The

Funds

are

permitted

to

invest

their

cash

(i.e.,

cash

awaiting

investment

or

cash

held

to

meet

redemption

requests

or

to

pay

expenses)

in

the

U.S.

Cash

Management

Fund,

an

unregistered

fund

advised

by

RIM.

RIM

has

waived

its

0.05%

advisory

fee

for

the

unregistered

fund.

RIFUS

charges

a

0.05%

administrative

fee

to

the

unregistered

fund.

Each

Fund's

investment

in

the

U.S.

Cash

Management

Fund

is

disclosed

within

the

Fund's

Schedule

of

Investments.

An

affiliated

company

is

a

company

in

which

a

Fund

has

ownership

of

at

least

5%

of

the

voting

securities

or

which

the

Fund

controls,

is

controlled

by

or

is

under

common

control

with.

See

each

Fund's

Related

Party

Transactions,

Fees

and

Expenses

for

disclosure

of

transactions

with

affiliated

companies.

Each

of

the

Funds

pays

the

following

annual

advisory

fee

directly

to

RIM,

billed

monthly

on

a

pro

rata

basis

and

calculated

as

a

specified

percentage

of

the

average

daily

net

assets

of

each

of

the

Funds.

The

annual

administrative

fee

of

up

to

0.05%

specified

in

the

table

below

is

based

on

the

average

daily

net

assets

of

each

Fund

and

is

payable

monthly

to

RIFUS.

\*

Administrative

fees

are

assessed

on

total

Fund

net

assets

based

on

a

tiered

fee

schedule.

The

following

table

shows

the

total

amount

of

each

of

these

fees

paid

by

the

Funds

for

the

period

ended

December

31,

2025:

Waivers

and

Reimbursements

RIM

has

contractually

agreed

to

waive

a

portion

of

its

advisory

fees

and

reimburse

certain

expenses

for

certain

Funds.

These

arrangements

are

not

part

of

the

advisory

agreement

with

the

Investment

Company

and

may

be

changed

or

discontinued.

The

following

paragraphs

list

the

waivers

that

were

in

effect

for

the

period

ended

December

31,

2025. Each

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

#### Fund

#### Purchases

#### Sales
Strategic

Bond

Fund

86,470,380

56,163,596

#### Annual

#### Rate

#### Funds

#### Advisory

#### (%)

#### Administration

#### (%)\*
U.S.

Strategic

Equity

Fund

0.73 Up

to

0.05 U.S.

Small

Cap

Equity

Fund

0.90 Up

to

0.05 International

Developed

Markets

Fund

0.90 Up

to

0.05 Strategic

Bond

Fund

0.55 Up

to

0.05 Global

Real

Estate

Securities

Fund

0.80 Up

to

0.05 #### Funds

#### Advisory

#### Administrative
U.S.

Strategic

Equity

Fund

$

4,516,007

$

309,315

U.S.

Small

Cap

Equity

Fund

1,806,069

100,337

International

Developed

Markets

Fund

3,356,526

186,474

Strategic

Bond

Fund

4,778,884

434,444

Global

Real

Estate

Securities

Fund

7,704,997

481,562

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

For

the

U.S.

Strategic

Equity

Fund,

RIM

contractually

agreed,

until

April

30,

2025,

to

waive

0.04%

of

its

advisory

fee.

Effective

May

1,

2025,

RIM

contractually

agreed,

until

April

30,

2026,

to

waive

0.04%

of

its

advisory

fee.

The

total

amount

of

the

waiver

for

the

period

ended

December

31,

2025

was

$247,452.

For

the

U.S.

Small

Cap

Equity

Fund,

RIM

contractually

agreed,

until

April

30,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses,

excluding

dividend

and

interest

expenses

on

short

sales,

to

the

extent

that

direct

Fund-level

expenses

exceed

1.05%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

May

1,

2025,

RIM

contractually

agreed,

until

April

30,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses,

excluding

dividend

and

interest

expenses

on

short

sales,

to

the

extent

that

direct

Fund-

level

expenses

exceed

1.05%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

June

1,

2025,

RIM

contractually

agreed,

until

April

30,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-

level

expenses,

excluding

dividend

and

interest

expenses

on

short

sales,

to

the

extent

that

direct

Fund-level

expenses

exceed

1.026%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

contingency

fees

paid

to

vendors

for

foreign

tax

reclaims

and

for

certain

securities

litigation

recoveries,

infrequent

and/or

unusual

expenses

(including

litigation

expenses)

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests

which

are

borne

indirectly

by

the

Fund.

The

total

amount

of

the

waiver

for

the

period

ended

December

31,

2025

was

$49,367.

There

were

no

reimbursements

for

the

period

ended

December

31,

2025. For

the

International

Developed

Markets

Fund,

RIM

contractually

agreed,

until

April

30,

2025,

to

waive

0.02%

of

its

advisory

fee.

Effective

May

1,

2025,

RIM

contractually

agreed,

until

April

30,

2026,

to

waive

0.02%

of

its

advisory

fee.

Effective

June

1,

2025,

RIM

contractually

agreed,

until

April

30,

2026,

to

waive

0.05%

of

its

advisory

fee.

The

total

amount

of

the

waiver

for

the

period

ended

December

31,

2025

was

$142,795.

For

the

Strategic

Bond

Fund,

RIM

contractually

agreed,

until

April

30,

2025,

to

waive

0.01%

of

its

advisory

fee.

Effective

May

1,

2025,

RIM

contractually

agreed,

until

April

30,

2026,

to

waive

0.01%

of

its

advisory

fee.

The

total

amount

of

the

waiver

for

the

period

ended

December

31,

2025

was

$86,889.

RIM

does

not

have

the

ability

to

recover

amounts

waived

or

reimbursed

from

previous

periods.

Transfer

and

Dividend

Disbursing

Agent

RIFUS

serves

as

transfer

agent

and

provides

dividend

disbursing

services

to

the

Funds.

For

this

service,

RIFUS

is

paid

a

fee

based

upon

the

average

daily

net

assets

of

the

Funds

for

transfer

agency

and

dividend

disbursing

services.

RIFUS

retains

a

portion

of

this

fee

for

services

provided

to

the

Funds

and

pays

the

balance

to

unaffiliated

agents

who

assist

in

providing

these

services.

Transfer

agency

fees

paid

by

the

Funds

presented

herein

for

the

period

ended

December

31,

2025

were

as

follows:

Distributor

Russell

Investments

Financial

Services,

LLC

(the

"Distributor"),

a

wholly

owned

subsidiary

of

RIM,

serves

as

the

distributor

for

RIF,

pursuant

to

a

distribution

agreement

with

RIF.

The

Distributor

receives

no

compensation

from

the

Investment

Company

for

its

services.

Affiliated

Brokerage

Transactions

Substantially

all

of

the

equity

transactions

that

RIM

effects

for

the

Funds

are

executed

through

Russell

Investments

Implementation

Services,

LLC

("RIIS"),

a

registered

broker

and

an

affiliate

of

RIM.

This

presents

a

conflict

of

interest

because

RIIS

generates

revenue

from

executing

equity

transactions

for

the

Funds,

which

is

a

financial

incentive

for

RIM

to

favor

the

ongoing

selection

of

RIIS

for

execution

of

the

Funds'

equity

transactions.

To

oversee

its

use

of

RIIS

to

execute

equity

transactions

for

the

Funds,

RIM

reviews

third-party

reports

regarding

RIIS'

trade

execution

quality

and

commission

rates

relative

to

commission

rates

for

comparable

services.

RIIS

uses

a

multi-venue

trade

approach

whereby

RIIS

trades

through

its

network

of

independent

venues,

including

third-

party

brokers

for

clearing

and

settlement

services,

to

which

RIIS

pays

a

portion

of

its

commission.

#### Funds

#### Amount
U.S.

Strategic

Equity

Fund

$

27,220

U.S.

Small

Cap

Equity

Fund

8,830

International

Developed

Markets

Fund

16,410

Strategic

Bond

Fund

38,231

Global

Real

Estate

Securities

Fund

42,378

#### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

A

money

manager

may

effect

portfolio

transactions

for

the

segment

of

a

Fund's

portfolio

assigned

to

the

money

manager

with

a

broker-dealer

affiliated

with

a

Fund,

the

money

manager

or

RIM,

including

RIIS,

as

well

as

with

brokers

affiliated

with

other

money

managers.

The

Funds

are

permitted

to

purchase

or

sell

securities

from

or

to

certain

affiliated

funds

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board.

The

procedures

have

been

designed

to

ensure

that

any

purchase

or

sale

of

securities

by

the

Funds

from

or

to

another

fund

or

portfolio

that

are,

or

could

be,

considered

an

affiliate

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

advisers),

common

Trustees

and/or

common

officers

complies

with

Rule

17a

-7

of

the

Investment

Company

Act.

Further,

as

defined

under

the

procedures,

each

transaction

is

effected

at

the

current

market

value.

During

the

period

ended

December

31,

2025,

the

Funds

did

not

engage

in

purchases

and

sales

of

securities

pursuant

to

Rule

17a

-7

of

the

Investment

Company

Act.

Board

of

Trustees

(Form

N-CSR

Item

10)

The

Russell

Investments

fund

complex

consists

of

Russell

Investment

Company

("RIC"),

RIF,

Russell

Investments

Exchange

Traded

Funds

("RIETF"),

the

Russell

Investments

Strategic

Credit

Fund

("RISCF"),

and

the

Russell

Investments

New

Economy

Infrastructure

Fund

("RINEIF").

Each

of

the

Trustees

on

the

Board

is

a

Trustee

of

RIC,

RIF,

RIETF,

RISCF,

and

RINEIF.

The

Russell

Investments

fund

complex

compensates

each

Trustee

who

is

not

an

employee

of

RIM

or

its

affiliates.

Trustee

compensation

and

expenses

are

allocated

to

each

Fund

based

on

its

net

assets

relative

to

other

funds

in

the

Russell

Investments

fund

complex.

For

the

period

ended

December

31,

2025,

the

total

compensation

paid

to

the

Trustees

by

the

Russell

Investments

fund

complex

was

$2,344,000.

Trustees'

fees

accrued

for

each

Fund

for

the

period

ended

December

31,

2025

are

shown

in

each

Fund's

Statement

of

Operations.

5. #### Federal

#### Income

#### Taxes
As

of

December

31,

2025,

the

following

Funds

had

net

tax

basis

capital

loss

carryforwards

which

may

be

applied

against

net

realized

taxable

gains,

if

any.

Available

capital

loss

carryforwards

are

as

follows:

6. #### Record

#### Ownership
As

of

December

31,

2025,

the

following

table

includes

shareholders

of

record

with

greater

than

10%

of

the

total

outstanding

shares

of

each

respective

Fund:

7. #### Commitments

#### and

#### Contingencies
The

Strategic

Bond

Fund

may

enter

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Fund

is

obligated

to

fund

these

loan

commitments

at

the

borrowers'

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedule

of

Investments.

The

unfunded

loan

commitments

are

footnoted

in

the

Schedule

of

Investments.

As

of

December

31,

2025,

the

Funds

had

no

unfunded

loan

commitments.

8. #### Line

#### of

#### Credit
The

Funds

participate

in

a

$200

million

unsecured

line

of

credit

agreement

with

State

Street

Bank

and

Trust

Company

(the

"Credit

Agreement"),

which

is

currently

in

effect

through

March

11,

2026,

but

may

be

renewed

on

an

annual

basis

thereafter.

Borrowings

made

by

the

Funds

will

be

utilized

solely

for

temporary

or

emergency

purposes

as

contemplated

by

the

Investment

Company

Act

including,

without

limitation,

funding

shareholder

redemptions.

Interest

on

borrowing

is

charged

to

a

Fund

at

a

variable

rate

as

determined

in

accordance

with

the

Credit

Agreement.

In

addition,

a

commitment

fee

computed

at

an

annual

rate

of

0.20%

on

the

daily

unused

portion

of

the

line

of

credit

is

allocated

among

the

participating

Funds

pro-rata

based

on

average

daily

net

assets

for

#### No

#### 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

#### #

#### of

#### Shareholders

#### %
U.S.

Strategic

Equity

Fund

75.8 U.S.

Small

Cap

Equity

Fund

85.9 International

Developed

Markets

Fund

80.0 Strategic

Bond

Fund

66.7 Global

Real

Estate

Securities

Fund

93.0 #### Russell

#### Investment

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

the

applicable

period.

The

Funds

are

subject

to

certain

covenants

contained

in

the

Credit

Agreement.

Failure

to

comply

with

these

covenants

could

cause

the

acceleration

of

the

repayment

of

the

amount

outstanding

under

the

Credit

Agreement.

Expenses

associated

with

the

line

of

credit,

such

as

legal

fees

and

the

commitment

fee,

are

shown

on

the

Statement

of

Operations

as

miscellaneous

fees.

The

Funds

did

not

make

any

borrowings

under

the

line

of

credit

during

the

period

ended

December

31,

2025. 9. #### Subsequent

#### Events
Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

determined

no

events

have

occurred

that

require

disclosure.

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

Russell

Investment

Funds

and

Shareholders

of

U.S.

Strategic

Equity

Fund,

U.S.

Small

Cap

Equity

Fund,

International

Developed

Markets

Fund,

Strategic

Bond

Fund

and

Global

Real

Estate

Securities

Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

U.S.

Strategic

Equity

Fund,

U.S.

Small

Cap

Equity

Fund,

International

Developed

Markets

Fund,

Strategic

Bond

Fund

and

Global

Real

Estate

Securities

Fund

(five

of

the

funds

constituting

Russell

Investment

Funds,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2025,

the

related

statements

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

Seattle,

WA

February

13,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Russell

Investments

family

of

funds

since

1981. PricewaterhouseCoopers

LLP,

1420

Fifth

Avenue,

Suite

2800,

Seattle,

WA

98101

T:

(206) 398

3000,

www.pwc.com/us

#### Russell

#### Investment

#### Funds

#### Tax

#### Information

#### —

#### December

#### 31,

#### 2025
(Unaudited)

Tax

Information

For

the

tax

year

ended

December

31,

2025,

the

Funds

designate

100%

or

the

maximum

amount

allowable,

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

The

Funds

designate

dividends

distributed

during

the

fiscal

year

as

qualifying

for

the

dividends

received

deduction

for

corporate

shareholders

as

follows:

Pursuant

to

Section

852

of

the

Internal

Revenue

Code,

the

Funds

designate

the

following

amounts

as

long-term

capital

gain

dividends

for

their

taxable

year

ended

December

31,

2025:

The

Funds

listed

below

paid

foreign

taxes

and

recognized

foreign

source

income

during

the

taxable

year

ended

December

31,

2025. Pursuant

to

Section

853

of

the

Internal

Revenue

Code,

the

Funds

designate

the

following

per

share

amounts

of

foreign

taxes

paid

and

income

earned

from

foreign

sources:

Please

consult

a

tax

adviser

for

any

questions

about

federal

or

state

income

tax

laws.

U.S.

Strategic

Equity

Fund

36.8%

U.S.

Small

Cap

Equity

Fund

100.0%

U.S.

Strategic

Equity

Fund

$

48,154,861

U.S.

Small

Cap

Equity

Fund

4,440,773

International

Developed

Markets

Fund

14,152,096

#### Funds

#### Foreign

#### Taxes

#### Paid

#### Foreign

#### Taxes

#### Paid

#### Per

#### Share

#### Foreign

#### Source

#### Income

#### Foreign

#### Source

#### Income

#### Per

#### Share
International

Developed

Markets

Fund

$

1,020,095

$

0.0360 $

9,170,225

$

0.3236 #### Russell

#### Investment

#### Funds

#### Affiliated

#### Brokerage

#### Transactions

#### —

#### December

#### 31,

#### 2025
(Unaudited)

Affiliated

Brokerage

Transactions

As

discussed

in

Note

in

the

Notes

to

Financial

Statements,

substantially

all

of

the

equity

transactions

that

RIM

effects

for

the

Funds

are

executed

through

Russell

Investments

Implementation

Services,

LLC

("RIIS"),

a

registered

broker

and

an

affiliate

of

RIM.

This

presents

a

conflict

of

interest

because

RIIS

generates

revenue

from

executing

equity

transactions

for

the

Funds,

which

is

a

financial

incentive

for

RIM

to

favor

the

ongoing

selection

of

RIIS

for

execution

of

the

Funds'

equity

transactions.

To

oversee

its

use

of

RIIS

to

execute

equity

transactions

for

the

Funds,

RIM

reviews

third-party

reports

regarding

RIIS'

trade

execution

quality

and

commission

rates

relative

to

commission

rates

for

comparable

services.

RIIS

uses

a

multi-venue

trade

approach

whereby

RIIS

trades

through

its

network

of

independent

venues,

including

third-party

brokers

for

clearing

and

settlement

services,

to

which

RIIS

pays

a

portion

of

its

commission.

A

money

manager

may

effect

portfolio

transactions

for

the

segment

of

a

Fund's

portfolio

assigned

to

the

money

manager

with

a

broker-dealer

affiliated

with

a

Fund,

the

money

manager

or

RIM,

including

RIIS,

as

well

as

with

brokers

affiliated

with

other

money

managers.

RIIS

may

also

execute

foreign

currency

transactions

("FX

transactions")

on

an

agency

basis

on

behalf

of

the

Funds.

RIIS

may

charge

the

Funds

an

agency

fee

for

effecting

FX

transactions.

The

table

below

sets

forth:

(1) the

aggregate

dollar

amount

of

brokerage

commissions

paid

by

the

Funds

for

the

period

ended

December

31,

2025

to

any

broker

that

is

an

affiliated

person

of

a

Fund,

RIM

or

the

relevant

money

manager;

(2) for

RIIS,

an

affiliated

person

of

RIM,

the

net

amount

of

the

RIIS

commission

after

payment

by

RIIS

of

any

commissions

or

fees

to

third

party

brokers,

generally

for

clearing

and

settlement

services;

and

(3) agency

fees

paid

to

RIIS

for

effecting

foreign

currency

transactions

("FX

Fees").

#### Funds

#### Affiliated

#### Broker

#### Total

#### Commissions

#### RIIS

#### Net

#### RIIS

#### FX

#### Fees
U.S.

Strategic

Equity

Fund

RIIS

$

19,445

$

17,245

$

—

U.S.

Small

Cap

Equity

Fund

RIIS

62,465

52,376

International

Developed

Markets

Fund

RIIS

48,959

38,488

26,721

Global

Real

Estate

Securities

Fund

RIIS

158,616

129,178

45,629

#### Russell

#### Investment

#### Funds

#### Adviser,

#### Money

#### Managers

#### and

#### Service

#### Providers

#### —

#### December

#### 31,

#### 2025
(Unaudited)

Adviser,

Money

Managers

and

Service

Providers

#### Interested

#### Trustee
Vernon

Barback

#### Independent

#### Trustees
Michelle

L. Cahoon

Michael

Day

Julie

Dien

Ledoux

Jeremy

May

Ellen

M. Needham

Jeannie

Shanahan

Raymond

P. Tennison,

Jr.

Jack

R. Thompson

#### Officers
Vernon

Barback,

President

and

Chief

Executive

Officer

Cheryl

Wichers,

Chief

Compliance

Officer

Ross

Erickson,

Treasurer,

Chief

Accounting

Officer

and

Chief

Financial

Officer

Kate

El-Hillow,

Chief

Investment

Officer

Mary

Beth

Albaneze,

Secretary

and

Chief

Legal

Officer

#### Adviser
Russell

Investment

Management,

LLC

Union

Street

18th

Floor

Seattle, WA

98101

#### Administrator

#### and

#### Transfer

#### and

#### Dividend

#### Disbursing

#### Agent
Russell

Investments

Fund

Services,

LLC

Union

Street

18th

Floor

Seattle, WA

98101

#### Custodian
State

Street

Bank

and

Trust

Company

1776

Heritage

Drive

North

Quincy,

MA

02171

#### Office

#### of

#### Shareholder

#### Inquiries

Union

Street

18th

Floor

Seattle, WA

98101

(800) 787-7354

#### Legal

#### Counsel
Dechert

LLP

One

International

Place,

40th

Floor

Oliver

Street

Boston, MA

02110

#### Distributor
Russell

Investments

Financial

Services,

LLC

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,

PA

Jacobs

Levy

Equity

Management,

Inc., Florham

Park,

NJ

J.P.

Morgan

Investment

Management

Inc.,

New

York,

NY

William

Blair

Investment

Management,

LLC,

Chicago,

IL

U.S.

Small

Cap

Equity

Fund

Ancora

Advisors,

LLC,

Mayfield

Heights,

OH

Boston

Partners

Global

Investors,

Inc.,

Boston,

MA

Calamos

Advisors

LLC,

Naperville,

IL

Copeland

Capital

Management,

LLC,

Conshohocken,

PA

DePrince,

Race

&

Zollo,

Inc., Winter

Park, FL

Jacobs

Levy

Equity

Management,

Inc., Florham

Park, NJ

Lord,

Abbett

&

Co.

LLC,

Jersey

City,

NJ

Penn

Capital

Management

Company,

LLC,

Philadelphia, PA

Ranger

Investment

Management,

L.P.,

Dallas,

TX

International

Developed

Markets

Fund

Intermede

Investment

Partners

Limited,

London,

UK

and

Intermede

Global

Partners

Inc.,

San

Francisco,

CA

Pzena

Investment

Management

LLC,

New York, NY

Wellington

Management

Company

LLP,

Boston,

MA

Strategic

Bond

Fund

Allspring

Global

Investments,

LLC,

Charlotte,

NC

RBC

Global

Asset

Management

(U.S.)

Inc.,

Minneapolis,

MN

and

RBC

Global

Asset

Management

(UK)

Limited,

London,

UK

Schroder

Investment

Management

North

America

Inc.,

New

York,

NY

Global

Real

Estate

Securities

Fund

Cohen

&

Steers

Capital

Management,

Inc.,

New York, NY,

Cohen

&

Steers

UK

Limited,

London,

UK

and

Cohen

&

Steers

Asia

Limited,

Hong

Kong,

China

RREEF

America

L.L.C.,

Chicago,

IL,

DWS

Investments

Australia

Limited,

Sydney,

Australia

and

DWS

Alternatives

Global

Limited,

London,

UK,

operating

under

the

brand

name

DWS

This

report

is

prepared

from

the

books

and

records

of

the

Funds

and

is

submitted

for

the

general

information

of

shareholders

and

is

not

authorized

for

distribution

to

prospective

investors

unless

accompanied

or

preceded

by

an

effective

Prospectus.

Nothing

herein

contained

is

to

be

considered

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

Russell

Investment

Funds.

Such

offering

is

made

only

by

Prospectus,

which

includes

details

as

to

offering

price

and

other

material

information.

Russell

Investment

Funds

Union

Street

th

Floor

Seattle,

WA

98101

800-787-7354

Fax:

206-505-3495

2025

ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

Russell

Investment

Funds

LifePoints®

Funds

Variable

Target

Portfolio

Series

DECEMBER

31,

2025

FUND

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Aggressive

Strategy

Fund

(formerly,

Growth

Strategy

Fund)

Equity

Aggressive

Strategy

Fund

(formerly,

Equity

Growth

Strategy

Fund)

Russell

Investment

Funds

Russell

Investment

Funds

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

Funds.

These

financial

statements

report

on

four

of

these

Funds.

Page

Moderate

Strategy

Fund

(Form

N-CSR

Item

7)

Balanced

Strategy

Fund

(Form

N-CSR

Item

7)

Aggressive

Strategy

Fund

(Form

N-CSR

Item

7)

Equity

Aggressive

Strategy

Fund

(Form

N-CSR

Item

7)

Notes

to

Financial

Highlights

(Form

N-CSR

Item

7)

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

Report

of

Independent

Registered

Public

Accounting

Firm

Tax

Information

Adviser

and

Service

Providers

Russell

Investment

Funds

LifePoints®

Funds

Variable

Target

Portfolio

Series

Annual

Financial

Statements

and

Other

Information

December

31,

2025

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.

Indices

and

benchmarks

are

unmanaged

and

cannot

be

invested

in

directly.

Returns

represent

past

performance,

are

not

a

guarantee

of

future

performance,

and

are

not

indicative

of

any

specific

investment.

Index

return

information

is

provided

by

vendors

and

although

deemed

reliable,

is

not

guaranteed

by

Russell

Investments

or

its

affiliates.

Performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

#### Russell

#### Investment

#### Funds

#### Moderate

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Alternative

-

2.0%

RIF

Global

Real

Estate

Securities

Fund

94,055

1,299

Domestic

Equities

-

16.0%

RIF

U.S.

Small

Cap

Equity

Fund

88,070

1,274

RIF

U.S.

Strategic

Equity

Fund

413,294

9,109

10,383

Fixed

Income

-

53.8%

RIC

Long

Duration

Bond

Fund

Class

Y

319,839

2,539

RIC

Opportunistic

Credit

Fund

Class

Y

294,238

2,539

RIC

Short

Duration

Bond

Fund

Class

Y

167,747

3,174

RIF

Strategic

Bond

Fund

3,056,185

26,589

34,841

International

Equities

-

20.4%

RIC

Emerging

Markets

Fund

Class

Y

76,947

1,610

RIC

Global

Equity

Fund

Class

Y

888,357

9,861

RIF

International

Developed

Markets

Fund

122,075

1,705

13,176

Multi-Asset

-

7.9%

RIC

Multi-Strategy

Income

Fund

Class

Y

500,215

5,097

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$60,433)

64,796

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$60,433)

64,796

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(35) #### Net

#### Assets

#### -

#### 100.0%
64,761

#### Russell

#### Investment

#### Funds

#### Moderate

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

60,

Investments,

at

fair

value(>)

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

64,796

Receivables:

Fund

shares

sold

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

From

affiliates

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

Total

assets

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

64,811

#### Liabilities
Payables:

Investments

purchased

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

#### Net

#### Assets

#### ...............................................................................................................................................................
$

64,761

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

3,755

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

60,943

#### Net

#### Assets

#### ...............................................................................................................................................................
$

64,761

(>)

Investments

in

affiliated

funds

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

$

64,796

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

(#)

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

$

10.25 Net

assets

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

$

64,761,446

Shares

outstanding

($.01

par

value)

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

6,320,897

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Funds

#### Moderate

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividend

distributions

from

affiliated

funds

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

$

,

#### Expenses
Advisory

fees

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

Administrative

fees

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

Custodian

fees

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

Transfer

agent

fees

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

Professional

fees

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

Expense

reductions

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

(158) Net

expenses

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

Net

investment

income

(loss)

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

,

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

Capital

gain

distributions

from

affiliated

funds

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

1,338

Net

realized

gain

(loss)

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

1,7

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

3,

568

Net

change

in

unrealized

appreciation

(depreciation)

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

3,

568

Net

realized

and

unrealized

gain

(loss)

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

,

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

7,591

#### Russell

#### Investment

#### Funds

#### Moderate

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### For

#### the

#### Periods

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

,

$

2,415

Net

realized

gain

(loss)

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

1,7

1,887

Net

change

in

unrealized

appreciation

(depreciation)

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

3,

568

Net

increase

(decrease)

in

net

assets

from

operations

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

7,591

4,469

#### Distributions
To

shareholders

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

(2,785)

(2,415)

Net

decrease

in

net

assets

from

distributions

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

(2,785)

(2,415)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(6,223)

(6,549)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(1,417)

(4,495)

#### Net

#### Assets
Beginning

of

period

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

66,178

70,673

End

of

period

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

$

64,761

$

66,178

\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2025

and

December

31,

2024

were

as

follows:

#### 2025

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Proceeds

from

shares

sold

$

1,710

$

2,018

Proceeds

from

reinvestment

of

distributions

2,785

2,415

Payments

for

shares

redeemed

(1,073)

(10,718)

(1,151)

(10,982)

Total

increase

(decrease)

(621) $

(6,223)

(685) $

(6,549)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Russell

#### Investment

#### Funds

#### Moderate

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### 12/31/25

#### 12/31/24

#### 12/31/23

#### 12/31/22

#### 12/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.53 9.27 8.46 10.47 10.48 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.

.33

.21

.14

.36

$

Net

Realized

and

Unrealized

Gain

(Loss)

.

.26

.74

(1.75)

.48

$

Total

from

Investment

Operations

1.15 .59

.95

(1.61)

.84

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.43)

(.33)

(.14)

(.16)

(.46)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.24)

(.39)

$

Total

Distributions

(.43)

(.33)

(.14)

(.40)

(.85)

$

Net

Asset

Value,

End

of

Period

10.25 9.53 9.27 8.46 10.47 %

Total

Return

(◊)

12.24 6.48 11.32 (15.65)

8.23 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 64,761

66,178

70,673

71,991

96,988

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(∏)

.38

.38

.37

.37

.3

%

Expenses,

Net

(∏)(Ƃ)

.14

.14

.14

.14

.14

%

Net

Investment

Income

(‡)(Ƃ)

.

3.48 2.42 1.57 3.36 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Funds

#### Moderate

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

fees

payable

to

affiliates

as

of

December

31,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

December

31,

2025

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
At

December

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

Administrative

fees

$

2,344

Transfer

agent

fees

Trustees'

fees

$

3,000

#### 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

$

1,910

$

$

864

$

(124)

$

$

1,299

$

$

—

RIF

U.S.

Small

Cap

Equity

Fund

1,612

596

(26)

1,274

RIF

U.S.

Strategic

Equity

Fund

9,607

1,558

2,461

9,109

684

RIC

Long

Duration

Bond

Fund

3,963

1,902

(6)

2,539

—

RIC

Opportunistic

Credit

Fund

—

2,884

2,539

—

RIC

Short

Duration

Bond

Fund

3,338

619

3,174

—

RIF

Strategic

Bond

Fund

27,285

3,179

4,594

(612)

1,331

26,589

1,210

—

RIC

Emerging

Markets

Fund

1,299

638

1,610

—

RIC

Global

Equity

Fund

10,281

1,729

3,425

840

9,861

567

RIF

International

Developed

Markets

Fund

1,630

541

1,705

RIC

Multi-Strategy

Income

Fund

5,301

1,016

5,097

—

$

66,226

$

11,665

$

17,028

$

$

3,568

$

64,796

$

2,412

$

1,338

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

61,611,666

$

5,419,542

$

(2,235,360)

$

3,184,182

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unre

#### alized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Post

#### October

#### Losses

#### Deferred\*\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

154,289

$

686,492

$

3,184,182

$

(269,900)

$

—

$

3,755,063

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

\*\*\*

Post-October

Losses

represent

certain

ordinary,

specific

and/or

capital

losses

incurred

after

October

of

the

previous

year.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

fund's

next

taxable

year.

#### Russell

#### Investment

#### Funds

#### Moderate

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

For

the

fiscal

years

ended

December

31,

2025

and

December

31,

2024,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps. These

adjustments

have

no

impact

on

the

net

assets.

At

December

31,

2025,

there

were

no

adjustments

made

to

the

Statement

of

Assets

and

Liabilities.

#### December

#### 31,

#### 2025

#### December

#### 31,

#### 2024

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
$

2,785,381

$

—

$

—

$

2,414,781

$

—

$

—

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Funds

#### Balanced

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

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

440,803

4,369

RIF

Global

Real

Estate

Securities

Fund

319,560

4,413

8,782

Domestic

Equities

-

21.1%

RIF

U.S.

Small

Cap

Equity

Fund

375,310

5,427

RIF

U.S.

Strategic

Equity

Fund

1,875,561

41,337

46,764

Fixed

Income

-

33.4%

RIC

Long

Duration

Bond

Fund

Class

Y

820,228

6,513

RIC

Opportunistic

Credit

Fund

Class

Y

503,600

4,346

RIF

Strategic

Bond

Fund

7,228,063

62,884

73,743

International

Equities

-

34.6%

RIC

Emerging

Markets

Fund

Class

Y

367,229

7,682

RIC

Global

Equity

Fund

Class

Y

5,676,896

63,014

RIF

International

Developed

Markets

Fund

415,776

5,808

76,504

Multi-Asset

-

6.9%

RIC

Multi-Strategy

Income

Fund

Class

Y

1,496,182

15,246

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$192

,912)

221,039

#### Total

#### Investments

#### -

#### 100.0%
(identified

cost

$192,912)

221,039

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.0)%
(83) #### Net

#### Assets

#### -

#### 100.0%
220,956

#### Russell

#### Investment

#### Funds

#### Balanced

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

,

912

Investments,

at

fair

value(>)

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

221,039

Receivables:

Fund

shares

sold

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

Total

assets

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

221,044

#### Liabilities
Payables:

Investments

purchased

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

#### Net

#### Assets

#### ...............................................................................................................................................................
$

220,956

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

31,021

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

189,723

#### Net

#### Assets

#### ...............................................................................................................................................................
$

220,956

(>)

Investments

in

affiliated

funds

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

$

221,039

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

(#)

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

$

10.41 Net

assets

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

$

220,955,937

Shares

outstanding

($.01

par

value)

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

21,219,038

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Funds

#### Balanced

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividend

distributions

from

affiliated

funds

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

$

,

#### Expenses
Advisory

fees

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

Administrative

fees

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

Custodian

fees

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

Transfer

agent

fees

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

Professional

fees

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

636

Expense

reductions

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

(335) Net

expenses

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

Net

investment

income

(loss)

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

,

809

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

3,

Capital

gain

distributions

from

affiliated

funds

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

6,988

Net

realized

gain

(loss)

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

,

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

,

Net

change

in

unrealized

appreciation

(depreciation)

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

,

Net

realized

and

unrealized

gain

(loss)

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

,

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

30,119

#### Russell

#### Investment

#### Funds

#### Balanced

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### For

#### the

#### Periods

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

,

809

$

6,302

Net

realized

gain

(loss)

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

,

8,347

Net

change

in

unrealized

appreciation

(depreciation)

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

,

4,975

Net

increase

(decrease)

in

net

assets

from

operations

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

30,119

19,624

#### Distributions
To

shareholders

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

(16,758)

(6,302)

Net

decrease

in

net

assets

from

distributions

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

(16,758)

(6,302)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(3,974)

(14,844)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
9,387

(1,522)

#### Net

#### Assets
Beginning

of

period

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

211,569

213,091

End

of

period

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

$

220,956

$

211,569

\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2025

and

December

31,

2024

were

as

follows:

#### 2025

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Proceeds

from

shares

sold

681

$

6,819

1,279

$

12,134

Proceeds

from

reinvestment

of

distributions

1,657

16,758

651

6,302

Payments

for

shares

redeemed

(2,727)

(27,551)

(3,457)

(33,280)

Total

increase

(decrease)

(389) $

(3,974)

(1,527)

$

(14,844)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Russell

#### Investment

#### Funds

#### Balanced

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### 12/31/25

#### 12/31/24

#### 12/31/23

#### 12/31/22

#### 12/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.79 9.21 8.17 10.28 10.26 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.

.28

.17

.14

.40

$

Net

Realized

and

Unrealized

Gain

(Loss)

.

.59

1.01 (1.78)

.89

$

Total

from

Investment

Operations

1.42 .87

1.18 (1.64)

1.29 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.39)

(.29)

(.12)

(.16)

(.51)

$

Distributions

from

Net

Realized

Gain

(.41)

—

(.02)

(.31)

(.76)

$

Total

Distributions

(.80)

(.29)

(.14)

(.47)

(1.27)

$

Net

Asset

Value,

End

of

Period

10.41 9.79 9.21 8.17 10.28 %

Total

Return

(◊)

14.96 9.48 14.52 (16.35)

13.04 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 220,956

211,569

213,091

203,005

260,415

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(∏)

.30

.30

.31

.31

.31

%

Expenses,

Net

(∏)(Ƃ)

.14

.14

.14

.14

.14

%

Net

Investment

Income

(‡)(Ƃ)

.

2.91 2.01 1.58 3.76 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Funds

#### Balanced

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

fees

payable

to

affiliates

as

of

December

31,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

December

31,

2025

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
At

December

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

December

31,

2025

and

December

31,

2024,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Advisory

fees

$

12,469

Administrative

fees

7,956

Transfer

agent

fees

824

Trustees'

fees

1,295

$

22,544

#### 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

$

4,226

$

590

$

839

$

$

$

4,369

$

$

RIF

Global

Real

Estate

Securities

Fund

5,043

599

1,398

(82)

4,413

—

RIF

U.S.

Small

Cap

Equity

Fund

7,290

764

2,700

(274)

5,427

RIF

U.S.

Strategic

Equity

Fund

35,067

10,778

6,534

517

1,509

41,337

710

2,906

RIC

Long

Duration

Bond

Fund

7,241

1,088

2,084

(5)

6,513

—

RIC

Opportunistic

Credit

Fund

—

4,734

(3)

4,346

—

RIC

Short

Duration

Bond

Fund

4,295

4,372

(107)

—

—

RIF

Strategic

Bond

Fund

57,315

10,514

6,439

(478)

1,972

62,884

2,787

—

RIC

Emerging

Markets

Fund

6,273

1,523

2,184

1,781

7,682

—

RIC

Global

Equity

Fund

63,836

7,636

15,848

1,670

5,720

63,014

1,522

3,609

RIF

International

Developed

Markets

Fund

6,229

881

2,323

677

5,808

RIC

Multi-Strategy

Income

Fund

14,852

1,311

2,275

(23)

1,381

15,246

632

—

$

211,667

$

40,476

$

47,426

$

3,094

$

13,228

$

221,039

$

7,110

$

6,988

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

195,019,812

$

33,818,801

$

(7,799,496)

$

26,019,305

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Post

#### October

#### Losses

#### Deferred\*\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

289,082

$

6,297,207

$

26,019,305

$

(1,584,458)

$

—

$

31,021,136

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

\*\*\*

Post-October

Losses

represent

certain

ordinary,

specific

and/or

capital

losses

incurred

after

October

of

the

previous

year.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

fund's

next

taxable

year.

#### Russell

#### Investment

#### Funds

#### Balanced

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps.

These

adjustments

have

no

impact

on

the

net

assets.

At

December

31,

2025,

there

were

no

adjustments

made

to

the

Statement

of

Assets

and

Liabilities.

#### December

#### 31,

#### 2025

#### December

#### 31,

#### 2024

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
$

8,075,184

$

8,682,492

$

—

$

6,302,076

$

—

$

—

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Funds

#### Aggressive

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

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

362,766

3,595

RIF

Global

Real

Estate

Securities

Fund

396,272

5,472

9,067

Domestic

Equities

-

33.4%

RIF

U.S.

Small

Cap

Equity

Fund

370,977

5,364

RIF

U.S.

Strategic

Equity

Fund

2,526,486

55,684

61,048

Fixed

Income

-

14.3%

RIC

Long

Duration

Bond

Fund

Class

Y

1,123,743

8,923

RIC

Opportunistic

Credit

Fund

Class

Y

516,898

4,461

RIF

Strategic

Bond

Fund

1,466,925

12,762

26,146

International

Equities

-

39.5%

RIC

Emerging

Markets

Fund

Class

Y

432,096

9,039

RIC

Global

Equity

Fund

Class

Y

4,665,622

51,788

RIF

International

Developed

Markets

Fund

819,006

11,442

72,269

Multi-Asset

-

7.8%

RIC

Multi-Asset

Strategy

Fund

Class

Y

1,205,785

14,325

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$142,842)

182,855

#### Total

#### Investments

#### -

#### 100.0%
(identified

cost

$142,842)

182,855

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.0)%
(68) #### Net

#### Assets

#### -

#### 100.0%
182,787

#### Russell

#### Investment

#### Funds

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

142,

842

Investments,

at

fair

value(>)

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

182,855

Receivables:

Investments

sold

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

Total

assets

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

182,862

#### Liabilities
Payables:

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

#### Net

#### Assets

#### ...............................................................................................................................................................
$

182,787

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

44,27

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

138,3

#### Net

#### Assets

#### ...............................................................................................................................................................
$

182,787

(>)

Investments

in

affiliated

funds

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

$

182,855

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

(#)

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

$

11.23 Net

assets

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

$

182,787,307

Shares

outstanding

($.01

par

value)

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

16,281,244

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Funds

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividend

distributions

from

affiliated

funds

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

$

,

#### Expenses
Advisory

fees

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

Administrative

fees

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

Custodian

fees

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

Transfer

agent

fees

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

Professional

fees

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

547

Expense

reductions

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

(277) Net

expenses

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

Net

investment

income

(loss)

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

,

766

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

2,

Capital

gain

distributions

from

affiliated

funds

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

7,858

Net

realized

gain

(loss)

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

10,

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

13,

749

Net

change

in

unrealized

appreciation

(depreciation)

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

13,

749

Net

realized

and

unrealized

gain

(loss)

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

24,029

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

28,795

#### Russell

#### Investment

#### Funds

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### For

#### the

#### Periods

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

4,766

$

4,482

Net

realized

gain

(loss)

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

10,

8,856

Net

change

in

unrealized

appreciation

(depreciation)

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

13,

749

7,196

Net

increase

(decrease)

in

net

assets

from

operations

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

28,795

20,534

#### Distributions
To

shareholders

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

(14,131)

(4,500)

Net

decrease

in

net

assets

from

distributions

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

(14,131)

(4,500)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(11,359)

(13,404)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
3,305

2,630

#### Net

#### Assets
Beginning

of

period

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

179,482

176,852

End

of

period

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

$

182,787

$

179,482

\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2025

and

December

31,

2024

were

as

follows:

#### 2025

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Proceeds

from

shares

sold

$

3,215

$

3,584

Proceeds

from

reinvestment

of

distributions

1,313

14,131

4,500

Payments

for

shares

redeemed

(2,684)

(28,705)

(2,126)

(21,488)

Total

increase

(decrease)

(1,071)

$

(11,359)

(1,321)

$

(13,404)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Russell

#### Investment

#### Funds

#### Aggressive

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### 12/31/25

#### 12/31/24

#### 12/31/23

#### 12/31/22

#### 12/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.34 9.47 8.16 10.44 10.32 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.

.25

.15

.11

.46

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.4 7

.87

1.30 (1.86)

1.27 $

Total

from

Investment

Operations

1.75 1.12 1.45 (1.75)

1.73 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.39)

(.25)

(.07)

(.11)

(.51)

$

Distributions

from

Net

Realized

Gain

(.47)

—

(.07)

(.42)

(1.10)

$

Total

Distributions

(.86)

(.25)

(.14)

(.53)

(1.61)

$

Net

Asset

Value,

End

of

Period

11.23 10.34 9.47 8.16 10.44 %

Total

Return

(◊)

17.45 11.94 17.96 (17.20)

17.44 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 182,787

179,482

176,852

163,476

209,426

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(∏)

.30

.31

.31

.31

.3

%

Expenses,

Net

(∏)

(Ƃ)

.15

.15

.15

.15

.15

%

Net

Investment

Income

(‡)(Ƃ)

.

2.46 1.71 1.23 4.20 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Funds

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

fees

payable

to

affiliates

as

of

December

31,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

December

31,

2025

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
At

December

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

10,488

Administrative

fees

6,603

Transfer

agent

fees

684

Trustees'

fees

1,111

$

18,886

#### 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

$

3,551

$

525

$

810

$

$

$

3,595

$

$

RIF

Global

Real

Estate

Securities

Fund

5,916

783

1,437

(140)

5,472

—

RIF

U.S.

Small

Cap

Equity

Fund

8,045

677

3,342

(215)

5,364

RIF

U.S.

Strategic

Equity

Fund

48,245

13,844

9,087

762

1,920

55,684

968

3,971

RIC

Long

Duration

Bond

Fund

6,050

4,029

1,424

8,923

—

RIC

Opportunistic

Credit

Fund

3,649

1,472

760

(2)

4,461

—

RIF

Strategic

Bond

Fund

16,040

2,227

5,918

(963)

1,376

12,762

569

—

RIC

Emerging

Markets

Fund

7,946

1,311

2,671

2,052

9,039

—

RIC

Global

Equity

Fund

52,649

5,480

12,375

1,213

4,821

51,788

1,270

3,012

RIF

International

Developed

Markets

Fund

13,082

1,691

5,399

751

1,317

11,442

RIC

Multi-Asset

Strategy

Fund

14,389

1,118

2,812

1,491

14,325

$

179,562

$

33,157

$

46,035

$

2,422

$

13,749

$

182,855

$

5,036

$

7,858

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

144,412,150

$

40,138,902

$

(1,695,765)

$

38,443,137

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Post

#### October

#### Losses

#### Deferred\*\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

60,751

$

7,328,566

$

38,446,137

$

(1,558,192)

$

—

$

44,27

,262

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

\*\*\*

Post-October

Losses

represent

certain

ordinary,

specific

and/or

capital

losses

incurred

after

October

of

the

previous

year.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

fund's

next

taxable

year.

#### Russell

#### Investment

#### Funds

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

For

the

fiscal

years

ended

December

31,

2025

and

December

31,

2024,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting. These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps.

These

adjustments

have

no

impact

on

the

net

assets.

At

December

31,

2025,

there

were

no

adjustments

made

to

the

Statement

of

Assets

and

Liabilities.

#### December

#### 31,

#### 2025

#### December

#### 31,

#### 2024

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
$

6,368,520

$

7,762,610

$

—

$

4,500,462

$

—

$

—

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Funds

#### Equity

#### Aggressive

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Alternative

-

5.4%

RIC

Global

Infrastructure

Fund

Class

Y

104,403

1,035

RIF

Global

Real

Estate

Securities

Fund

133,123

1,838

2,873

Domestic

Equities

-

39.6%

RIF

U.S.

Small

Cap

Equity

Fund

106,569

1,541

RIF

U.S.

Strategic

Equity

Fund

881,451

19,427

20,968

Fixed

Income

-

4.9%

RIC

Long

Duration

Bond

Fund

Class

Y

193,999

1,541

RIC

Opportunistic

Credit

Fund

Class

Y

118,989

1,027

2,568

International

Equities

-

42.4%

RIC

Emerging

Markets

Fund

Class

Y

149,130

3,120

RIC

Global

Equity

Fund

Class

Y

1,342,766

14,905

RIF

International

Developed

Markets

Fund

317,156

4,430

22,455

Multi-Asset

-

7.8%

RIC

Multi-Asset

Strategy

Fund

Class

Y

347,312

4,126

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$40,726)

52,990

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$40,726)

52,990

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(32) #### Net

#### Assets

#### -

#### 100.0%
52,958

#### Russell

#### Investment

#### Funds

#### Equity

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

40,7

Investments,

at

fair

value(>)

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

52,990

Receivables:

Fund

shares

sold

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

From

affiliates

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

Total

assets

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

53,002

#### Liabilities
Payables:

Investments

purchased

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

#### Net

#### Assets

#### ...............................................................................................................................................................
$

52,958

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

13,564

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

39,347

#### Net

#### Assets

#### ...............................................................................................................................................................
$

52,958

(>)

Investments

in

affiliated

funds

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

$

52,990

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

(#)

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

$

11.21 Net

assets

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

$

52,958,466

Shares

outstanding

($.01

par

value)

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

4,722,706

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Funds

#### Equity

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividend

distributions

from

affiliated

funds

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

$

,

#### Expenses
Advisory

fees

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

Administrative

fees

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

Custodian

fees

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

Transfer

agent

fees

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

Professional

fees

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

Expense

reductions

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

(137) Net

expenses

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

Net

investment

income

(loss)

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

1,298

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

596

Capital

gain

distributions

from

affiliated

funds

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

2,51

Net

realized

gain

(loss)

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

3,1

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

4,3

Net

change

in

unrealized

appreciation

(depreciation)

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

4,3

Net

realized

and

unrealized

gain

(loss)

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

7,465

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

8,763

#### Russell

#### Investment

#### Funds

#### Equity

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### For

#### the

#### Periods

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

1,298

$

1,111

Net

realized

gain

(loss)

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

3,114

2,290

Net

change

in

unrealized

appreciation

(depreciation)

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

4,351

2,443

Net

increase

(decrease)

in

net

assets

from

operations

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

8,763

5,844

#### Distributions
To

shareholders

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

(2,966)

(1,110)

Net

decrease

in

net

assets

from

distributions

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

(2,966)

(1,110)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(892)

(2,671)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
4,905

2,063

#### Net

#### Assets
Beginning

of

period

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

48,053

45,990

End

of

period

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

$

52,958

$

48,053

\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2025

and

December

31,

2024

were

as

follows:

#### 2025

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Proceeds

from

shares

sold

$

3,436

$

2,600

Proceeds

from

reinvestment

of

distributions

2,966

1,110

Payments

for

shares

redeemed

(681) (7,294)

(659) (6,381)

Total

increase

(decrease)

(75) $

(892) (273) $

(2,671)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Russell

#### Investment

#### Funds

#### Equity

#### Aggressive

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### 12/31/25

#### 12/31/24

#### 12/31/23

#### 12/31/22

#### 12/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.02 9.07 7.71 9.94 9.50 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.

.22

.13

.10

.46

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.54 .96

1.36 (1.81)

1.36 $

Total

from

Investment

Operations

1.81 1.18 1.49 (1.71)

1.82 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.37)

(.23)

(.05)

(.10)

(.53)

$

Distributions

from

Net

Realized

Gain

(.25)

—

(.08)

(.42)

(.85)

$

Total

Distributions

(.62)

(.23)

(.13)

(.52)

(1.38)

$

Net

Asset

Value,

End

of

Period

11.21 10.02 9.07 7.71 9.94 %

Total

Return

(◊)

18.47 13.09 19.52 (17.68)

19.61 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 52,958

48,053

45,990

42,017

52,075

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(∏)

.42

.45

.44

.44

.43

%

Expenses,

Net

(∏)

(Ƃ)

.15

.15

.15

.15

.15

%

Net

Investment

Income

(‡)(Ƃ)

2.53 2.29 1.62 1.18 4.38 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Funds

#### Equity

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

fees

payable

to

affiliates

as

of

December

31,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

December

31,

2025

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
At

December

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

December

31,

2025

and

December

31,

2024,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Administrative

fees

$

1,914

Transfer

agent

fees

Trustees'

fees

$

2,396

#### 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

$

965

$

$

$

$

$

1,035

$

$

RIF

Global

Real

Estate

Securities

Fund

2,095

516

842

(90)

1,838

—

RIF

U.S.

Small

Cap

Equity

Fund

2,663

1,424

(56)

1,541

RIF

U.S.

Strategic

Equity

Fund

14,705

6,050

2,300

884

19,427

1,357

RIC

Long

Duration

Bond

Fund

1,203

587

(3)

1,541

—

RIC

Opportunistic

Credit

Fund

969

1,027

—

RIC

Emerging

Markets

Fund

2,861

501

1,100

741

3,120

—

RIC

Global

Equity

Fund

13,986

2,310

3,091

1,416

14,905

866

RIF

International

Developed

Markets

Fund

4,780

820

1,944

597

4,430

RIC

Multi-Asset

Strategy

Fund

3,868

639

843

4,126

$

48,095

$

12,277

$

12,329

$

596

$

4,351

$

52,990

$

1,375

$

2,518

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

41,477,959

$

11,511,740

$

—

$

11,511,740

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Post

#### October

#### Losses

#### Deferred\*\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

38,182

$

2,515,989

$

11,511,740

$

(501,646)

$

—

$

13,564,265

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

\*\*\*

Post-October

Losses

represent

certain

ordinary,

specific

and/or

capital

losses

incurred

after

October

of

the

previous

year.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

fund's

next

taxable

year.

#### Russell

#### Investment

#### Funds

#### Equity

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps.

These

adjustments

have

no

impact

on

the

net

assets.

At

December

31,

2025,

there

were

no

adjustments

made

to

the

Statement

of

Assets

and

Liabilities.

#### December

#### 31,

#### 2025

#### December

#### 31,

#### 2024

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
$

1,750,852

$

1,214,977

$

—

$

1,109,856

$

—

$

—

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Funds

#### LifePoints

####®

#### Funds

#### Variable

#### Target

#### Portfolio

#### Series

#### Notes

#### to

#### Financial

#### Highlights

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Highlights

(ƥ)

Average

daily

shares

outstanding

were

used

for

this

calculation.

(‡)

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

the

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

(∏)

The

calculation

includes

only

those

expenses

charged

directly

to

the

Fund

and

does

not

include

expenses

charged

to

the

Underlying

Funds

in

which

the

Fund

invests.

(Ƃ)

May

reflect

amounts

waived

and/or

reimbursed

by

Russell

Investment

Management,

LLC

("RIM").

(◊)

The

total

return

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges.

#### Russell

#### Investment

#### Funds

#### LifePoints

####®

#### Funds

#### Variable

#### Target

#### Portfolio

#### Series

#### Notes

#### to

#### Financial

#### Statements

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

1. #### Organization
Russell

Investment

Funds

(the

"Investment

Company"

or

"RIF")

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

funds.

These

financial

statements

report

on

four

of

these

funds

(each

a

"Fund"

and

collectively

the

"Funds").

The

Investment

Company

provides

the

investment

base

for

one

or

more

variable

insurance

products

issued

by

one

or

more

insurance

companies.

These

Funds

are

offered

at

net

asset

value

("NAV")

to

qualified

insurance

company

separate

accounts

offering

variable

insurance

products.

The

Investment

Company

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

("Investment

Company

Act"),

as

an

open-end

management

investment

company.

It

is

organized

and

operated

as

a

Massachusetts

business

trust

under

a

Third

Amended

and

Restated

Master

Trust

Agreement

dated

December

7,

2020,

as

amended

("Master

Trust

Agreement"),

and

the

provisions

of

Massachusetts

law

governing

the

operation

of

a

Massachusetts

business

trust.

The

Investment

Company's

Master

Trust

Agreement

permits

the

Board

of

Trustees

(the

"Board")

to

issue

an

unlimited

number

of

shares

of

beneficial

interest.

Each

of

the

Funds

is

diversified.

Under

the

Investment

Company

Act,

a

diversified

company

is

defined

as

a

management

company

which

meets

the

following

requirements:

at

least

75%

of

the

value

of

its

total

assets

is

represented

by

cash

and

cash

items

(including

receivables),

government

securities,

securities

of

other

investment

companies,

and

other

securities

for

the

purposes

of

this

calculation

limited

in

respect

of

any

one

issuer

to

an

amount

not

greater

in

value

than

five

percent

of

the

value

of

the

total

assets

of

such

management

company

and

to

not

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer.

Unless

otherwise

specified,

"period"

(as

used

within

the

financial

statements)

refers

to

the

twelve

months

ended

December

31,

2025. Each

of

the

Funds

listed

in

the

table

below

is

a

"fund

of

funds"

and

diversifies

its

assets

by

investing

in

shares

of

several

other

RIF

funds

and

in

certain

Russell

Investment

Company

("RIC")

funds

(the

"Underlying

Funds").

These

financial

statements

should

be

read

in

conjunction

with

the

financial

statements

of

the

Underlying

Funds,

which

can

be

obtained

at

russellinvestments.com.

Each

Fund

seeks

to

achieve

its

specific

investment

objective

by

investing

in

different

combinations

of

Underlying

Funds.

The

following

table

shows

each

Fund's

approximate

target

strategic

asset

allocation

to

equity,

fixed

income,

multi-asset

and

alternative

asset

classes

as

of

December

31,

2025. The

equity

Underlying

Funds

in

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

in

which

the

Funds

may

invest

include

the

RIC

Opportunistic

Credit,

RIC

Long

Duration

Bond,

RIF

Strategic

Bond,

RIC

Investment

Grade

Bond

and

RIC

Short

Duration

Bond

Funds.

The

multi-asset

Underlying

Funds

in

which

the

Funds

may

invest

include

the

RIC

Multi-Strategy

Income

and

RIC

Multi-Asset

Strategy

Funds.

The

alternative

Underlying

Funds

in

which

the

Funds

may

invest

include

the

RIC

Global

Infrastructure

and

RIF

Global

Real

Estate

Securities

Funds.

Each

Fund

intends

its

strategy

of

investing

in

combinations

of

equity,

fixed

income,

multi-asset

and

alternative

Underlying

Funds

to

result

in

investment

diversification

that

an

investor

could

otherwise

achieve

only

by

holding

numerous

individual

investments.

Russell

Investment

Management,

LLC

("RIM"),

the

Funds'

investment

adviser,

may

modify

the

target

strategic

asset

allocation

for

any

Fund,

including

changes

to

the

Underlying

Funds

in

which

a

Fund

invests,

from

time

to

time.

RIM's

allocation

decisions

are

generally

based

on

RIM's

outlook

on

the

business

and

economic

cycle,

relative

market

valuations

and

market

sentiment.

RIM

may

change

a

Fund's

target

strategic

asset

allocation

by

up

to

+/-5%

at

the

equity,

fixed

income,

multi-asset

or

alternative

asset

class

level

based

on

RIM's

capital

markets

research.

A

Fund's

actual

allocation

may

vary

from

the

target

strategic

asset

allocation

at

any

point

in

time

due

to

market

movements

and/or

due

to

the

implementation

over

a

period

of

time

of

a

change

to

the

target

strategic

asset

allocation

including

the

addition

of

a

new

Underlying

Fund.

A

Fund's

target

strategic

asset

allocation

and

the

Underlying

Funds

in

which

a

Fund

may

invest

may

be

changed

from

time

to

time

without

shareholder

notice

or

approval.

\*

As

described

above,

actual

asset

allocation

may

vary.

#

Alternative

Underlying

Funds

pursue

investment

strategies

that

differ

from

those

of

traditional

broad

market

equity

or

fixed

income

funds.

2. #### Significant

#### Accounting

#### Policies
The

Funds'

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

("U.S.

GAAP"),

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

financial

statements.

Actual

results

could

differ

#### Asset

#### Allocation\*

#### Moderate

#### Strategy

#### Fund

#### Balanced

#### Strategy

#### Fund

#### Aggressive

#### Strategy

#### Fund

#### Equity

#### Aggressive

#### Strategy

#### Fund
Equity

36%

55.5%

72.5%

81.5%

Fixed

Income

54%

33.5%

14.5%

5%

Multi-Asset

8%

7%

8%

8%

Alternative

#

2%

4%

5%

5.5%

#### Russell

#### Investment

#### Funds

#### LifePoints

####®

#### Funds

#### Variable

#### Target

#### Portfolio

#### Series

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

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. The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

each

Fund

in

the

preparation

of

its

financial

statements.

Segment

Reporting

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Update

("ASU")

2023-

07,

Segment

Reporting

(Topic

280)

–

Improvements

to

Reportable

Segment

Disclosures

defines

an

operating

segment

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses

and

has

operating

results

that

are

regularly

reviewed

by

its

chief

operating

decision

maker

("CODM")

to

assess

performance

and

make

resource

allocation

decisions.

Russell

Investments'

Executive

Committee

is

the

CODM.

Each

Fund

is

a

single

reporting

segment

since

the

CODM

evaluates

each

Fund

holistically.

The

CODM

uses

total

returns,

Fund

expense

information,

and

share

transactions

data

consistent

with

that

which

is

presented

in

the

Funds'

financial

statements

to

assess

the

single

segment

performance

and

make

decisions.

The

accounting

policies

of

the

segment

are

the

same

as

those

described

in

this

"Significant

Accounting

Policies"

note.

Segment

assets

and

significant

expenses

are

reflected

in

each

Fund's

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations,

respectively.

Security

Valuation

The

Underlying

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

a

description

of

the

pricing

sources

and

services

used

by

the

Underlying

Funds.

With

respect

to

an

Underlying

Fund's

investments

that

do

not

have

readily

available

market

quotations,

the

Board

has

designated

RIM,

the

Underlying

Funds'

adviser,

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act.

However,

the

Board

retains

oversight

over

the

valuation

process.

The

Funds

value

the

shares

of

the

Underlying

Funds

at

the

current

NAV

per

share

of

each

Underlying

Fund.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity's

measurement

date.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

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:

#### Russell

#### Investment

#### Funds

#### LifePoints

####®

#### Funds

#### Variable

#### Target

#### Portfolio

#### Series

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

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.

As

of

December

31,

2025,

all

investments

held

were

classified

as

Level

within

the

fair

value

hierarchy.

Investment

Transactions

Investment

transactions

are

reflected

as

of

the

trade

date

for

financial

reporting

purposes.

This

may

cause

the

NAV

stated

in

the

financial

statements

to

be

different

from

the

NAV

at

which

shareholders

may

transact.

Realized

gains

and

losses

from

securities

transactions,

if

applicable,

are

recorded

on

the

basis

of

specific

identified

cost

incurred.

Investment

Income

Distributions

of

income

and

capital

gains

from

the

Funds

or

Underlying

Funds

are

recorded

on

the

ex-dividend

date.

Federal

Income

Taxes

Each

Fund

is

a

separate

corporate

taxpayer

and

determines

its

net

investment

income

and

capital

gains

(or

losses)

and

the

amounts

to

be

distributed

to

each

Fund's

shareholders

without

regard

to

the

income

and

capital

gains

(or

losses)

of

the

other

Funds.

Each

Fund

intends

to

qualify

or

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

"Code"),

and

intends

to

distribute

all

of

its

taxable

income

and

capital

gains.

Therefore,

no

federal

income

tax

provision

is

required

for

the

Funds.

The

Funds

comply

with

the

authoritative

guidance

for

uncertainty

in

income

taxes

which

requires

management

to

determine

whether

a

tax

position

of

the

Funds

is

more

likely

than

not

to

be

sustained

upon

examination,

including

resolution

of

any

related

appeals

or

litigation

processes,

based

on

the

technical

merits

of

the

position.

For

tax

positions

meeting

the

more

likely

than

not

threshold,

the

tax

amount

recognized

in

the

financial

statements

is

reduced

by

the

largest

benefit

that

has

a

greater

than

50%

likelihood

of

being

realized

upon

ultimate

settlement

with

the

relevant

taxing

authority.

Management

determined

that

no

accruals

need

to

be

made

in

the

financial

statements

due

to

uncertain

tax

positions.

Management

continually

reviews

and

adjusts

the

Funds'

liability

for

income

taxes

based

on

analyses

of

tax

laws

and

regulations,

as

well

as

their

interpretations,

and

other

relevant

factors.

Each

Fund

files

a

U.S.

tax

return.

As

of

December

31,

2025,

the

Funds

had

recorded

no

liabilities

for

net

unrecognized

tax

benefits

relating

to

uncertain

income

tax

positions

they

have

taken

or

expect

to

take

in

future

tax

returns.

While

the

statute

of

limitations

remains

open

to

examine

the

Funds'

U.S.

tax

returns

filed

for

the

fiscal

years

ended

December

31,

2022

through

December

31,

2024,

no

examinations

are

in

progress

or

anticipated

at

this

time.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

Income

Taxes

Paid

The

Funds

did

not

pay

any

federal,

state,

or

local

taxes

during

the

period

ended

December

31,

2025. Additionally,

the

Funds

did

not

pay

any

material

foreign

income

taxes

during

the

period

ended

December

31,

2025. Accordingly,

no

disaggregated

disclosure

of

income

taxes

paid

by

jurisdiction

has

been

presented.

Dividends

and

Distributions

to

Shareholders

Income

dividends,

capital

gain

distributions

and

return

of

capital,

if

any,

are

recorded

on

the

ex-dividend

date.

Income

distributions

are

generally

declared

and

paid

quarterly.

Capital

gain

distributions

are

generally

declared

and

paid

annually.

An

additional

distribution

may

be

paid

by

the

Funds

to

avoid

imposition

of

federal

income

and

excise

tax

on

any

remaining

undistributed

capital

gains

and

net

investment

income.

The

timing

and

characterization

of

certain

income

and

capital

gain

distributions

are

determined

in

accordance

with

federal

tax

regulations

which

may

differ

from

U.S.

GAAP.

As

a

result,

net

investment

income

and

net

realized

gain

(or

loss)

on

investments

and

foreign

currency-related

transactions

for

a

reporting

period

may

differ

significantly

from

distributions

during

such

period.

The

differences

between

tax

regulations

and

U.S.

GAAP

primarily

relate

to

investments

in

the

Underlying

Funds

sold

at

a

loss,

wash

sale

deferrals

and

capital

loss

carryforwards.

Accordingly,

the

Funds

may

periodically

make

reclassifications

among

certain

of

their

capital

accounts

without

impacting

their

NAVs.

#### Russell

#### Investment

#### Funds

#### LifePoints

####®

#### Funds

#### Variable

#### Target

#### Portfolio

#### Series

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

Expenses

Expenses

included

in

the

accompanying

financial

statements

reflect

the

expenses

of

each

Fund

and

do

not

include

those

expenses

incurred

by

the

Underlying

Funds.

Because

the

Underlying

Funds

have

varied

expense

and

fee

levels

and

the

Funds

may

own

different

proportions

of

the

Underlying

Funds

at

different

times,

the

amount

of

the

Underlying

Funds'

fees

and

expenses

incurred

indirectly

by

the

Funds

will

vary.

The

Funds

pay

their

own

expenses

other

than

those

expressly

assumed

by

RIM,

the

Funds'

adviser,

or

Russell

Investments

Fund

Services,

LLC

("RIFUS"),

the

Funds'

administrator

and

transfer

agent.

Whenever

an

expense

can

be

attributed

to

a

particular

Fund,

the

expense

is

charged

to

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

of

the

performance

of

their

duties

to

the

Investment

Company.

Additionally,

in

the

normal

course

of

business,

the

Funds

may

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

of

loss

to

be

remote.

Market,

Credit

and

Counterparty

Risk

In

the

normal

course

of

business,

the

Underlying

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

a

transaction

to

perform

(credit

risk).

Similar

to

credit

risk,

the

Underlying

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Underlying

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Underlying

Funds'

financial

statements

(the

"Assets").

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Underlying

Funds'

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Underlying

Funds'

Statements

of

Assets

and

Liabilities.

Global

financial

markets

are

increasingly

interconnected

and

political

and

economic

conditions

(including

instability

and

volatility

due

to

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

As

a

result,

issuers

of

securities

held

by

an

Underlying

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

This

could

occur

whether

or

not

the

Underlying

Fund

invests

in

securities

of

issuers

located

in

or

with

significant

exposure

to

the

countries

directly

affected.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

an

Underlying

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held

by

an

Underlying

Fund.

This

could

cause

an

Underlying

Fund

to

underperform

other

types

of

investments.

3. #### Investment

#### Transactions
Underlying

Funds

During

the

period

ended

December

31,

2025,

purchases

and

sales

of

Underlying

Funds

were

as

follows:

4. #### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Adviser,

Administrator

and

Transfer

and

Dividend

Disbursing

Agent

RIM

provides

or

oversees

the

provision

of

all

investment

advisory

and

portfolio

management

services

for

the

Funds.

RIFUS

is

the

Funds'

administrator

and

transfer

agent.

RIFUS,

in

its

capacity

as

the

Funds'

administrator,

provides

or

oversees

the

provision

of

all

administrative

services

for

the

Funds.

RIFUS,

in

its

capacity

as

the

Funds'

transfer

agent

and

dividend

disbursing

agent,

is

responsible

for

providing

transfer

agency

and

dividend

disbursing

services

to

the

Funds.

RIFUS

is

a

wholly-owned

subsidiary

of

RIM.

RIM

is

an

indirect,

wholly-owned

subsidiary

of

Russell

Investments

Group,

Ltd.

#### Funds

#### Purchases

#### Sales
Moderate

Strategy

Fund

$

11,664,530

$

17,027,817

Balanced

Strategy

Fund

40,476,026

47,426,090

Aggressive

Strategy

Fund

33,157,187

46,034,860

Equity

Aggressive

Strategy

Fund

12,276,5

12,329,089

#### Russell

#### Investment

#### Funds

#### LifePoints

####®

#### Funds

#### Variable

#### Target

#### Portfolio

#### Series

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

An

affiliated

company

is

a

company

in

which

a

Fund

has

ownership

of

at

least

5%

of

the

voting

securities

or

which

the

Fund

controls,

is

controlled

by

or

is

under

common

control

with.

See

each

Fund's

Related

Party

Transactions,

Fees

and

Expenses

for

disclosure

of

transactions

with

affiliated

companies.

Each

Fund

pays

an

annual

advisory

fee

of

0.20%

to

RIM.

In

addition,

each

Fund

pays

an

annual

administrative

fee

of

up

to

0.0425%

to

RIFUS

based

upon

the

average

daily

net

assets

of

the

Fund

payable

on

a

monthly

basis.

Administrative

fees

are

assessed

on

total

Fund

net

assets

based

on

a

tiered

fee

schedule.

The

following

table

shows

the

total

amount

of

each

of

these

fees

paid

by

the

Funds

for

the

period

ended

December

31,

2025:

Waivers

and

Reimbursements

RIM

has

contractually

agreed

to

waive

a

portion

of

its

advisory

fees

and

reimburse

certain

expenses

for

certain

Funds.

These

arrangements

are

not

part

of

the

advisory

agreement

with

the

Investment

Company

and

may

be

changed

or

discontinued.

The

following

paragraphs

list

the

waivers

that

were

in

effect

for

the

period

ended

December

31,

2025. With

respect

to

such

waivers,

direct

Fund-level

expenses

do

not

include

infrequent

and/or

unusual

expenses

(including

litigation

expenses)

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

In

addition,

each

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Moderate

Strategy

Fund,

RIM

contractually

agreed,

until

April

30,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.14%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

May

1,

2025,

RIM

contractually

agreed,

until

April

30,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.14%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

For

the

Balanced

Strategy

Fund,

RIM

contractually

agreed,

until

April

30,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.14%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

May

1,

2025,

RIM

contractually

agreed,

until

April

30,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.14%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

For

the

Aggressive

Strategy

Fund,

RIM

contractually

agreed,

until

April

30,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.15%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

May

1,

2025,

RIM

contractually

agreed,

until

April

30,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.15%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

For

the

Equity

Aggressive

Strategy

Fund,

RIM

contractually

agreed,

until

April

30,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.15%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

May

1,

2025,

RIM

contractually

agreed,

until

April

30,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.15%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

For

the

period

ended

December

31,

2025,

RIM

waived/reimbursed

the

following

expenses:

RIM

does

not

have

the

ability

to

recover

amounts

waived

or

reimbursed

from

previous

periods.

#### Funds

#### Advisory

#### Administrative
Moderate

Strategy

Fund

$

131,835

$

28,015

Balanced

Strategy

Fund

429,440

91,256

Aggressive

Strategy

Fund

359,468

76,387

Equity

Aggressive

Strategy

Fund

102,533

21,788

#### Funds

#### Waiver

#### Reimbursement

#### Total
Moderate

Strategy

Fund

$

131,835

$

26,178

$

158,013

Balanced

Strategy

Fund

334,685

—

334,685

Aggressive

Strategy

Fund

276,592

—

276,592

Equity

Aggressive

Strategy

Fund

102,533

34,941

137,474

#### Russell

#### Investment

#### Funds

#### LifePoints

####®

#### Funds

#### Variable

#### Target

#### Portfolio

#### Series

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

Transfer

and

Dividend

Disbursing

Agent

RIFUS

serves

as

transfer

agent

and

provides

dividend

disbursing

services

to

the

Funds.

For

this

service,

RIFUS

is

paid

a

fee

based

upon

the

average

daily

net

assets

of

the

Funds

for

transfer

agency

and

dividend

disbursing

services.

RIFUS

retains

a

portion

of

this

fee

for

services

provided

to

the

Funds

and

pays

the

balance

to

unaffiliated

agents

who

assist

in

providing

these

services.

Transfer

agency

fees

paid

by

the

Funds

presented

herein

for

the

period

ended

December

31,

2025

were

as

follows:

Distributor

Russell

Investments

Financial

Services,

LLC

(the

"Distributor"),

a

wholly

owned

subsidiary

of

RIM,

serves

as

the

distributor

for

RIF,

pursuant

to

a

distribution

agreement

with

RIF.

The

Distributor

receives

no

compensation

from

the

Investment

Company

for

its

services.

Board

of

Trustees

(Form

N-CSR

Item

10)

The

Russell

Investments

fund

complex

consists

of

RIC,

RIF,

Russell

Investments

Exchange

Traded

Funds

("RIETF"),

the

Russell

Investments

Strategic

Credit

Fund

("RISCF"),

and

the

Russell

Investments

New

Economy

Infrastructure

Fund

("RINEIF").

Each

of

the

Trustees

on

the

Board

is

a

Trustee

of

RIC,

RIF,

RIETF,

RISCF,

and

RINEIF.

The

Russell

Investments

fund

complex

compensates

each

Trustee

who

is

not

an

employee

of

RIM

or

its

affiliates.

Trustee

compensation

and

expenses

are

allocated

to

each

Fund

based

on

its

net

assets

relative

to

other

funds

in

the

Russell

Investments

fund

complex.

For

the

period

ended

December

31,

2025,

the

total

compensation

paid

to

the

Trustees

by

the

Russell

Investments

fund

complex

was

$2,344,000.

Trustees'

fees

accrued

for

each

Fund

for

the

period

ended

December

31,

2025

are

shown

in

each

Fund's

Statement

of

Operations.

5. #### Federal

#### Income

#### Taxes
As

of

December

31,

2025,

there

were

no

net

tax

basis

capital

loss

carryforwards

which

may

be

applied

against

net

realized

taxable

gains,

if

any.

6. #### Record

#### Ownership
As

of

December

31,

2025,

the

following

table

includes

shareholders

of

record

with

greater

than

10%

of

the

total

outstanding

shares

of

each

respective

Fund:

7. #### Line

#### of

#### Credit
The

Funds

participate

in

a

$200

million

unsecured

line

of

credit

agreement

with

State

Street

Bank

and

Trust

Company

(the

"Credit

Agreement"),

which

is

currently

in

effect

through

March

11,

2026,

but

may

be

renewed

on

an

annual

basis

thereafter.

Borrowings

made

by

the

Funds

will

be

utilized

solely

for

temporary

or

emergency

purposes

as

contemplated

by

the

Investment

Company

Act

including,

without

limitation,

funding

shareholder

redemptions.

Interest

on

borrowing

is

charged

to

a

Fund

at

a

variable

rate

as

determined

in

accordance

with

the

Credit

Agreement.

In

addition,

a

commitment

fee

computed

at

an

annual

rate

of

0.20%

on

the

daily

unused

portion

of

the

line

of

credit

is

allocated

among

the

participating

Funds

pro-rata

based

on

average

daily

net

assets

for

the

applicable

period.

The

Funds

are

subject

to

certain

covenants

contained

in

the

Credit

Agreement.

Failure

to

comply

with

these

covenants

could

cause

the

acceleration

of

the

repayment

of

the

amount

outstanding

under

the

Credit

Agreement.

Expenses

associated

with

the

line

of

credit,

such

as

legal

fees

and

the

commitment

fee,

are

shown

on

the

Statement

of

Operations

as

miscellaneous

fees.

The

Funds

did

not

make

any

borrowings

under

the

line

of

credit

during

the

period

ended

December

31,

2025. 8. #### Subsequent

#### Events
Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

determined

no

events

have

occurred

that

require

disclosure.

#### Funds

#### Amount
Moderate

Strategy

Fund

$

2,900

Balanced

Strategy

Fund

9,448

Aggressive

Strategy

Fund

7,908

Equity

Aggressive

Strategy

Fund

2,256

#### Funds

#### #

#### of

#### Shareholders

#### %
Moderate

Strategy

Fund

96.9 Balanced

Strategy

Fund

94.9 Aggressive

Strategy

Fund

96.7 Equity

Aggressive

Strategy

Fund

94.7 #### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

Russell

Investment

Funds

and

Shareholders

of

Moderate

Strategy

Fund,

Balanced

Strategy

Fund,

Aggressive

Strategy

Fund

and

Equity

Aggressive

Strategy

Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

Moderate

Strategy

Fund,

Balanced

Strategy

Fund,

Aggressive

Strategy

Fund

and

Equity

Aggressive

Strategy

Fund

(four

of

the

funds

constituting

Russell

Investment

Funds,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2025,

the

related

statements

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

Seattle,

WA

February

13,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Russell

Investments

family

of

funds

since

1981. PricewaterhouseCoopers

LLP,

1420

Fifth

Avenue,

Suite

2800,

Seattle,

WA

98101

T:

(206) 398

3000,

www.pwc.com/us

#### Russell

#### Investment

#### Funds

#### LifePoints

####®

#### Funds

#### Variable

#### Target

#### Portfolio

#### Series

#### Tax

#### Information—

#### December

#### 31,

#### 2025
(Unaudited)

Tax

Information

$

8,682,492

For

the

tax

year

ended

December

31,

2025,

the

Funds

designate

100%

or

the

maximum

amount

allowable,

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

The

Form

1099

you

receive

in

January

2026

will

show

the

tax

status

of

all

distributions

paid

to

your

account

in

calendar

year

2025. The

Funds

designate

dividends

distributed

during

the

fiscal

year

as

qualifying

for

the

dividends

received

deduction

for

corporate

shareholders

as

follows:

Pursuant

to

Section

852

of

the

Internal

Revenue

Code,

the

Funds

designate

the

following

amounts

as

long-term

capital

gain

dividend

for

their

taxable

year

ended

December

31,

2025:

Please

consult

a

tax

advisor

for

any

questions

about

federal

or

state

income

tax

laws.

Moderate

Strategy

Fund

6.9%

Balanced

Strategy

Fund

11.3%

Aggressive

Strategy

Fund

16.9%

Equity

Aggressive

Strategy

Fund

19.8%

Balanced

Strategy

Fund

Aggressive

Strategy

Fund

7,762,610

Equity

Aggressive

Strategy

Fund

1,214,977

#### Russell

#### Investment

#### Funds

#### LifePoints

####®

#### Funds

#### Variable

#### Target

#### Portfolio

#### Series

#### Adviser

#### and

#### Service

#### Providers

#### —

#### December

#### 31,

#### 2025
(Unaudited)

Adviser

and

Service

Providers

#### Interested

#### Trustee
Vernon

Barback

#### Independent

#### Trustees
Michelle

L. Cahoon

Michael

Day

Julie

Dien

Ledoux

Jeremy

May

Ellen

M. Needham

Jeannie

Shanahan

Raymond

P. Tennison,

Jr.

Jack

R. Thompson

#### Officers
Vernon

Barback,

President

and

Chief

Executive

Officer

Cheryl

Wichers,

Chief

Compliance

Officer

Ross

Erickson,

Treasurer,

Chief

Accounting

Officer

and

Chief

Financial

Officer

Kate

El-Hillow,

Chief

Investment

Officer

Mary

Beth

Albaneze,

Secretary

and

Chief

Legal

Officer

#### Adviser
Russell

Investment

Management,

LLC

Union

Street

18th

Floor

Seattle,

WA

98101

#### Administrator

#### and

#### Transfer

#### and

#### Dividend

#### Disbursing

#### Agent
Russell

Investments

Fund

Services,

LLC

Union

Street

18th

Floor

Seattle,

WA

98101

#### Custodian
State

Street

Bank

and

Trust

Company

1776

Heritage

Drive

North

Quincy,

MA

02171

#### Office

#### of

#### Shareholder

#### Inquiries

Union

Street

18th

Floor

Seattle,

WA

98101

(800) 787-7354

#### Legal

#### Counsel
Dechert

LLP

One

International

Place,

40th

Floor

Oliver

Street

Boston,

MA

02110

#### Distributor
Russell

Investments

Financial

Services,

LLC

Union

Street

18th

Floor

Seattle,

WA

98101

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
PricewaterhouseCoopers

LLP

1420

5th

Avenue,

Suite

2800

Seattle,

WA

98101

This

report

is

prepared

from

the

books

and

records

of

the

Funds

and

is

submitted

for

the

general

information

of

shareholders

and

is

not

authorized

for

distribution

to

prospective

investors

unless

accompanied

or

preceded

by

an

effective

Prospectus.

Nothing

herein

contained

is

to

be

considered

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

Russell

Investment

Funds.

Such

offering

is

made

only

by

Prospectus,

which

includes

details

as

to

offering

price

and

other

material

information.

Russell

Investment

Funds

Union

Street

th

Floor

Seattle,

WA

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** 

Not Applicable.

**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)&nbsp;&nbsp;&nbsp;&nbsp; Code of Ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as [codeofethics](codeofethics.htm)

(b) 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](ex99_cert.htm)

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certification for principal executive officer and principal financial officer of registrant as required by Rule 30a-2(b) under the Act. [ex99.906_cert](ex99_906cert.htm)

**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: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Vernon Barback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vernon Barback

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

Date: February 17, 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: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Vernon Barback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vernon Barback

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

Date: February 17, 2026

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Ross Erickson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ross Erickson

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

Date: February 17, 2026

## Ex-99.Code

**Exhibit (a)**

RUSSELL INVESTMENT COMPANY <br> RUSSELL INVESTMENT FUNDS

RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS

RUSSELL INVESTMENTS NEW ECONOMY INFRASTRUCTURE FUND

RUSSELL INVESTMENTS STRATEGIC CREDIT FUND

(each, a "Registered Fund")

CODE OF ETHICS<br> FOR<br> SENIOR REGISTERED FUND OFFICERS

This Code of Ethics ("Code") applies to the Chief Executive Officer and Chief Financial Officer (each, a "Senior Registered Fund Officer") of each Registered Fund and, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002, is designed to promote:

▪honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

▪full, fair, accurate, timely and understandable disclosure in reports and documents that a Registered Fund files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by each Registered Fund;

▪compliance with applicable laws and governmental rules and regulations;

▪the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

▪accountability for adherence to the Code.

For purposes of this Code, references to the Chief Legal Officer or the Chief Compliance Officer shall be deemed to include a delegate or designee selected by the Chief Legal Officer or Chief Compliance Officer for a particular matter; provided, that any such delegate or designee must have the requisite knowledge, position with the Registered Funds or other entity within the Russell Investments organization, and experience to carry out the associated responsibilities.

I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SENIOR REGISTERED FUND OFFICERS SHOULD ACT HONESTLY AND CANDIDLY

Each Senior Registered Fund Officer owes a duty to each Registered Fund to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Registered Fund Officer must:

▪act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or by a Registered Fund's policies;

▪observe both the form and spirit of laws and governmental rules and regulations, accounting standards and Registered Fund policies;

▪adhere to a high standard of business ethics; and

▪place the interests of each Registered Fund before the Senior Registered Fund Officer's own personal interests.

All activities of Senior Registered Fund Officers should be guided by and should adhere to these fiduciary standards.

II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SENIOR REGISTERED FUND OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST

**Guiding Principles.** A "conflict of interest" occurs when a Senior Registered Fund Officer's private interest interferes with the interests of his or her service to a Registered Fund. A conflict of interest can arise when a Senior Registered Fund Officer takes actions or has interests that may make it difficult to perform his or her Registered Fund work objectively and effectively. For example, a conflict of interest would arise if a Senior Registered Fund Officer, or a member or his family, receives improper personal benefits as a result of his or her position with a Registered Fund. In addition, Senior Registered Fund Officers should be sensitive to situations that create apparent, if not actual, conflicts of interest. Service to a Registered Fund should never be subordinated to personal gain and advantage.

Certain conflicts of interest arise out of the relationships between Senior Registered Fund Officers and a Registered Fund that already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act"), and the Investment Advisers Act of 1940, as amended. For example, Senior Registered Fund Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Registered Fund because of their status as "affiliated persons" of the Registered Fund. Therefore, the existing statutory and regulatory prohibitions on individual behavior will be deemed to be incorporated into the Code and therefore any such violation will also be deemed a violation of the Code. Senior Registered Fund Officers must in all cases comply with applicable statutes and regulations.

As to conflicts arising from, or as a result of, the contractual relationship between each Registered Fund and its investment adviser of which the Senior Registered Fund Officers are also officers or employees, it is recognized by each Registered Fund's Board of Trustees (the "Board") that, subject to the adviser's fiduciary duties to a Registered Fund, the Senior Registered Fund Officers will, in the normal course of their duties (whether formally for a Registered Fund or for the adviser, or for both), be involved in establishing policies and implementing decisions which will have different effects on the adviser and a Registered Fund. The Board recognizes that the participation of the Senior Registered Fund Officers in such activities is inherent in the contractual relationship between a Registered Fund and the adviser and is consistent with the Board's expectation of the performance by the Senior Registered Fund Officers of their duties as officers of a Registered Fund. In addition, it is recognized by the Board that the Senior Registered Fund Officers may also be officers or employees of other investment companies advised by the same adviser and the codes of ethics of those investment companies will apply to the Senior Registered Fund Officers acting in those distinct capacities.

Each Senior Registered Fund Officer must:

▪avoid conflicts of interest wherever possible;

▪handle any actual or apparent conflict of interest ethically;

▪not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by a Registered Fund whereby the Senior Registered Fund Officer would benefit personally to the detriment of a Registered Fund;

▪not cause a Registered Fund to take action, or fail to take action, for the personal benefit of the Senior Registered Fund Officer rather than for the benefit of a Registered Fund;

▪not use material non-public knowledge of portfolio transactions made or contemplated for a Registered Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

▪as described in more detail below, discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with a Registered Fund's Chief Legal Officer; and

▪report at least annually any affiliations or other relationships related to conflicts of interest as requested from time to time in a Registered Fund's directors & officers questionnaire.

The Senior Registered Fund Officers should follow the precepts and requirements of the Russell Investments' code of ethics as adopted by a Registered Fund from time to time, including its policies regarding personal securities accounts, outside business affiliations, gifts and entertainment and conflicts of interest.

III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISCLOSURE

Each Senior Registered Fund Officer is required to be familiar with, and comply with, the Russell Investments Registered Fund Services, LLC Sarbanes-Oxley Policy and any corresponding disclosure controls and procedures so that a Registered Fund's reports and documents filed with the SEC and other public communications comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each Senior Registered Fund Officer having direct or supervisory authority regarding these SEC filings or a Registered Fund's other public communications should, to the extent appropriate within his area of responsibility, consult with other Registered Fund officers and employees and the adviser and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Senior Registered Fund Officer must:

▪familiarize himself or herself with the disclosure requirements generally applicable to a Registered Fund; and

▪not knowingly misrepresent, or cause others to misrepresent, facts about a Registered Fund to others, whether within or outside a Registered Fund, including to a Registered Fund's auditors, independent trustees, independent auditors, or governmental regulators and self-regulatory organizations.

IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMPLIANCE

It is each Registered Fund's policy to comply with all applicable laws and governmental rules and regulations. It is the personal responsibility of each Senior Registered Fund Officer to adhere to the standards and restrictions imposed by those laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.

V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REPORTING AND ACCOUNTABILITY

Each Senior Registered Fund Officer must:

▪upon receipt of this Code, and annually thereafter, acknowledge that he or she has read the Code, understands its provisions and agrees to abide by its requirements as set forth elsewhere in this Code;

▪not retaliate against any officer or employee of a Registered Fund or their affiliated persons for reports of potential violations that are made in good faith; and

▪notify a Registered Fund's Chief Legal Officer and/or a Registered Fund's Chief Compliance Officer promptly if he or she becomes aware of any existing or potential violation of the Code. Failure to do so is itself a violation of the Code.

Except as described otherwise below, a Registered Fund's Chief Compliance Officer is responsible for applying the Code to specific situations in which questions are presented to him or her and has the authority to initially interpret the Code in any particular situation. A Registered Fund's Chief Compliance Officer shall take all action he or she considers appropriate to investigate any actual or potential violations reported to him or her.

A Registered Fund's Chief Compliance Officer is authorized to consult, as appropriate, with a Registered Fund's Chief Legal Officer, legal counsel to a Registered Fund's independent trustees, or the chair of the Audit Committee (the "Committee"), and is encouraged to do so.

The Committee is responsible for granting waivers, granting approvals, final interpretations and determining sanctions, as appropriate.[\[1\]](#_ftn1)

VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INVESTIGATIONS AND ENFORCEMENTS

Each Registered Fund will follow these procedures in investigating and enforcing the Code:

▪the Registered Fund Chief Legal Officer and/or Registered Fund Chief Compliance Officer will take all action he or she deems appropriate to investigate any potential violations reported to him or her;

▪if, after such investigation, the Registered Fund Chief Legal Officer and/or Registered Fund Chief Compliance Officer believes that no violation has occurred, the Registered Fund Chief Legal Officer and/or Registered Fund Chief Compliance Officer is not required to take any further action;

▪any matter that the Registered Fund Chief Legal Officer and/or Registered Fund Chief Compliance Officer believes is a violation will be reported to the Committee or to the Board;

▪if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the adviser or its board; or a recommendation to dismiss the Senior Registered Fund Officer;

▪the Committee will be responsible for granting waivers, as appropriate; and

▪any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC rules.

VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTHER POLICIES AND PROCEDURES

A Registered Fund's adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures set forth therein are separate requirements applying to Senior Registered Fund Officers and others, and are not part of the Code.

VIII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMENDMENTS

The Code may not be amended except in a written document that is specifically approved by a majority vote of a Registered Fund's Board, including a majority of independent trustees.

IX. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CONFIDENTIALITY

All reports and records prepared or maintained pursuant to the Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than a Registered Fund's Chief Compliance Officer, Registered Fund Chief Legal Officer, the members of the Board and their counsels, a Registered Fund and its adviser and principal underwriter and their legal counsel. The obligation to preserve confidential information continues even after employment as a Senior Registered Fund Officer ends.

X. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INTERNAL USE

The Code is intended solely for the internal use by each Registered Fund and does not constitute an admission, by or on behalf of any Registered Fund, as to any fact, circumstance, or legal conclusion.

Last Updated: March 25, 2025

------

[\[1\]](#_ftnref1) Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer, as defined in Rule 3b-7 under the Exchange Act (17 CFR. 240.3b-7), of the registrant."

## Exhibit 99.906

**Exhibit (c)**

EX-99.906CERT

**SECTION 906 CERTIFICATIONS**

Vernon Barback, President and Chief Executive Officer of Russell Investment Funds, a Massachusetts Business Trust (the "registrant"), and Ross Erickson, Treasurer, Chief Accounting Officer and Chief Financial Officer of the registrant, each certify that:

1. The registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to Russell Investment Funds and will be retained by Russell Investment Funds and furnished to the Securities and Exchange Commission or its staff upon request.

Russell Investment Funds

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Vernon Barback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vernon Barback

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

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Ross Erickson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Ross Erickson</u>

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

Date: February 17, 2026

\*These certifications are being furnished solely pursuant to 18 U.S.C. Section 1350 and are not being filed as part of this Form N-CSR or as a separate disclosure document.

## Ex-99.Cert

**Exhibit (b)**

EX-99.CERT

**<u>CERTIFICATION</u>**

I, Vernon Barback, certify that:

1. I have reviewed this report on Form N-CSR of Russell Investment Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 17, 2026

<u>/s/ Vernon Barback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Vernon Barback<br> President & Chief Executive Officer (Principal Executive Officer), Russell Investment Funds

**Exhibit (b)**

EX-99.CERT

**<u>CERTIFICATION</u>**

I, Ross Erickson, certify that:

1. I have reviewed this report on Form N-CSR of Russell Investment Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 17, 2026

<u>/s/ Ross Erickson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Ross Erickson

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