# EDGAR Filing Document

**Accession Number:** 0000824036
**File Stem:** 0000824036-23-000003
**Filing Date:** 2023-2
**Character Count:** 146795
**Document Hash:** 1f9ae0242493355d2c8990f8b2b0d5b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000824036-23-000003.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0000824036-23-000003

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**EFFECTIVENESS DATE**: 20230215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RUSSELL INVESTMENT FUNDS
- **CENTRAL INDEX KEY:** 0000824036
- **IRS NUMBER:** 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:** 23634713

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 SECOND AVENUE
- **STREET 2:** 18TH FLOOR
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98101
- **BUSINESS PHONE:** 800-787-7354

**MAIL ADDRESS:**
- **STREET 1:** 1301 SECOND AVENUE
- **STREET 2:** 18TH FLOOR
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98101

**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           |

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

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

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

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

OMB APPROVAL
OMB Number:
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UNITED STATES##NEWLINE## SECURITIES AND EXCHANGE COMMISSION##NEWLINE## 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";margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div lang="X-NONE" style="display: inline">Investment Company Act file number: 811-0</div>5371</pre>
```
PRE_BLOCK_001__

# Russell Investment Funds

(Exact name of registrant as specified in charter)

1301 2nd Avenue 18##SUP##th##/SUP## Floor, Seattle Washington 98101##NEWLINE## (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><div lang="X-NONE" style="font-size: 11.0pt;font-family: "Times New Roman",serif;display: inline;">Mary Beth Albaneze, Secretary and Chief Legal Officer</div></b></pre>
```
PRE_BLOCK_003
```
<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><div lang="X-NONE" style="font-size: 11.0pt;font-family: "Times New Roman",serif;display: inline;">18<sup>th</sup> Floor</div></b></pre>
```
PRE_BLOCK_005
```
<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><div lang="X-NONE" style="font-size: 11.0pt;display: inline;">206-505-4846</div></b></pre>
```
PRE_BLOCK_007__

(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, 2022 to December 31, 2022

Item 1. Reports to Stockholders

Russell Investments

2022 ANNUAL REPORT

# Russell Investment Funds

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

## U.S. Strategic Equity Fund

### Portfolio Management Discussion and Analysis - December 31, 2022

(Unaudited)

![img-0.jpeg](img-0.jpeg)

# **Russell Investment Funds**

# **U.S. Strategic Equity Fund**

**Portfolio Management Discussion and Analysis, continued - December 31, 2022 (Unaudited)**

How did the investment strategies and techniques employed by the Fund and its money managers affect its benchmark relative performance?

# **Russell Investment Funds**

# **U.S. Strategic Equity Fund**

**Portfolio Management Discussion and Analysis, continued - December 31, 2022 (Unaudited)**

U.S. Strategic Equity Fund

Total
Makers

Money Managers as of December 31,

2022

12,244

Total
Makers

# Russell Investment Funds

## U.S. Strategic Equity Fund

Shareholder Expense Example - December 31, 2022 (Unaudited)

### Fund Expenses

What is the Fund's Investment Objective?
Describe any changes in the Fund's structure or the money manager line-up.

Describe the Fund perform relative to its benchmark for the fiscal year ended December 31, 2022?

The views expressed in this report reflect those of the portfolio managers only through the end of the fiscal year covered by the report. These views do not necessarily represent the views of RIM, or any other person in RIM or any other affiliated organization. These views are subject to change at any time based

# Russell Investment Funds

## U.S. Strategic Equity Fund

Schedule of Investments - December 31, 2022

| Principal Account No. | Fair Value |
| --- | --- |
| Common Stocks - 101.1% Consumer Discretionary - 14.3% | $ |

upon market conditions or other events, and R&D dividends and responsibility to obtain the option contained herein. These events should not be relied on as investment advice and, because investment decisions for a Russell Investment Funds (RIF) Fund are based on numerous factors, should not be relied on as an indication of investment decisions of

# Russell Investment Funds

## U.S. Strategic Equity Fund

Schedule of Investments, continued - December 31, 2022

| Actual Expenses | Principal Amount (B) of Shares | Fair Value $ | any RIF Fund. Consumer Staples - 4.8% | Principal Amount (B) of Shares | Fair Value $ |
| --- | --- | --- | --- | --- | --- |

# **Russell Investment Funds**

# **U.S. Strategic Equity Fund**

Schedule of Investments, continued - December 31, 2022

|  | Principal December 31, 2022 | Fair Value | Principal December 31, 2021 | Fair Value |
| --- | --- | --- | --- | --- |
| How did market conditions affect the Fund's performance? |  |  | Shares | $ |
| Hypothetical Example for Comparison Purposes |  |  |  |  |

# **Russell Investment Funds**

# **U.S. Strategic Equity Fund**

Schedule of Investments, continued - December 31, 2022

| Principal Amount (In $) | Full Value | Producer Durables - 11.1% | Principal Amount (In $) | Full Value |
| --- | --- | --- | --- | --- |
| $ |  |  | $ |  |

_____

_____

# **Russell Investment Funds**

# **U.S. Strategic Equity Fund**

Schedule of Investments, continued - December 31, 2022

| Principal Amount (in $) | Full Value | Energy - 4.1% | Principal Amount (in $) | Full Value |
| --- | --- | --- | --- | --- |
|  |  | Consumer Staples - (0.2)% |  |  |

# Russell Investment Funds

## U.S. Strategic Equity Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (In $) | Fair Value | Profit (Loss) - 14.3% Energy - 15.2% |
| --- | --- | --- |
| $0000 | $ |  |

# Russell Investment Funds

## U.S. Strategic Equity Fund

Schedule of Investments, continued - December 31, 2022

| Future Contracts Technology - 20.0% Financial Services - 3.0% | Financial Services - (1.2)% Financial Services - 10.5% |  |  |  |
| --- | --- | --- | --- | --- |
| Total Current Assets | Number of Contracts | Individual Amount | Expiration Date | Notes and reinstated expenditure (Depreciation) |

# **Russell Investment Funds**

# **U.S. Strategic Equity Fund**

**Fair Value of Derivative Instruments - December 31, 2022**

| Total Other Investments | Fair Value |
| --- | --- |
| Total Other Investments | ($,000,000) |
| Location: Statement of Assets and Liabilities - Liabilities |  |
| Total Other Securities |  |
| Presentation of Portfolio Holdings |  |
| Total Other Securities |  |

# Russell Investment Funds

## U.S. Strategic Equity Fund

### Balance Sheet Offsetting of Financial and Derivative Instruments -

December 31, 2022

Derivatives not accounted for as hedging instruments

Location: Statement of Operations - Net realized gain (loss)

Technology - (0.6)%

Total Investments - 106.6%

Offsetting of Financial Assets and Derivative Assets

Consumer Evolutionary - (1.0)%

Health Care - (0.6)%

Gross Amounts Offset in the Statement of Assets and Liabilities

Gross Amounts Offset in the Statement of Assets and Liabilities

Description

Location: Statement of Assets and Liabilities - Assets

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# Russell Investment Funds

## U.S. Strategic Equity Fund

Balance Sheet Offsetting of Financial and Derivative Instruments, continued
- December 31, 2022

| Offsetting of Financial Liabilities and Derivative Liabilities | US$ | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities |
| --- | --- | --- | --- |
| US$ | 1,000,000 | 1,000,000 | 1,000,000 |

# **Russell Investment Funds**

# **U.S. Strategic Equity Fund**

# **Statement of Assets and Liabilities - December 31, 2022**

| Assets |  |
| --- | --- |
| Total Securities Sold Short | *** |
| Other Assets and Liabilities, | *** |
| Financial Liabilities, Derivative Liabilities, and Collateral Pledged by Shareholders and Leases | *** |

Russell Investment Funds

U.S. Strategic Equity Fund

Statement of Assets and Liabilities, continued - December 31, 2022

Net Assets: 1,000,000

Counterparty

Statement of Assets and Liabilities

In Liability
Presented in Financial
the Statement and

# Russell Investment Funds

## U.S. Strategic Equity Fund

Statement of Operations - For the Period Ended December 31, 2022

Net Asset Value, offering and redemption price per share:

Investment Income

Counterparty

Number of Shares | 100,000 | 100,000 | 100,000

Russell Investment Funds

U.S. Strategic Equity Fund

# Statements of Changes in Net Assets

Revenues

Increase (Decrease) in Net Assets
Operations

![img-0.jpeg](img-0.jpeg)

# Russell Investment Funds

## U.S. Strategic Equity Fund

### Financial Highlights - For the Periods Ended

|  | 1 Net Asset Value, Beginning of Period | 2 Net Investment Income (Loss) | 3 Net Realized Asset (Loss)/Total Asset (Loss) | 4 Total Fund Investment Operating | 5 Distributions From Net Investment Income | 6 Distributions From Net Realized Assets |
| --- | --- | --- | --- | --- | --- | --- |
| Distributions |  |  |  |  |  |  |

# Where Transmitted?

Not Insured and Unwanted Gain (Loss)

|  | % | % | % | % | % | % |
| --- | --- | --- | --- | --- | --- | --- |
|  | 4 | Males of Expenses | Males of Expenses | Males of Net |  |  |
| Total Net Income (Increase) in Net(Write) | Net Assets | In Average | In Average | Investment in Low |  | % |
| Total | Cost of | Cost | Net Assets | Net Assets | In Average | Protein |
| Total | Price | Cost | Net Assets | Net Assets | In Average | Protein |
| Net Assets | Price | Cost | Net Assets | Net Assets | Net Assets | General Rate |

# **Russell Investment Funds**

# **U.S. Strategic Equity Fund**

# **Related Party Transactions, Fees and Expenses**

2002 2001
Shows Dollars Shows Dollars

# Russell Investment Funds

## U.S. Small Cap Equity Fund

### Portfolio Management Discussion and Analysis - December 31, 2022

(Unaudited)

![img-1.jpeg](img-1.jpeg)

# Russell Investment Funds

## U.S. Small Cap Equity Fund

Portfolio Management Discussion and Analysis, continued - December 31, 2022 (Unaudited)

### Federal Income Taxes

How did the investment strategies and techniques employed by the Fund and its money managers affect its benchmark relative performance?

# **Russell Investment Funds**

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

**Portfolio Management Discussion and Analysis, continued - December 31, 2022 (Unaudited)**

| U.S. Small Cap Equity Fund | Unrealized Depreciation | Unrealized Depreciation | Net Unrealized Depreciation | Unrestricted Long-Term Money Managers as of December 31, 2022 | Other | Other |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Total Return | 0.777 | 0.765 | Return |

# Russell Investment Funds

## U.S. Small Cap Equity Fund

Shareholder Expense Example - December 31, 2022 (Unaudited)

### Fund Expenses

What is the Fund's investment objective?
Describe any changes to the Fund's structure or the
money manager line-up.
How did the Fund perform relative to its benchmark
for the fiscal year ended December 31, 2022?

The views expressed in this report reflect those of
the portfolio managers only through the end of the
fiscal year covered by the report. These views do not
necessarily represent the views of RIM, or any other

# Russell Investment Funds

## U.S. Small Cap Equity Fund

December 31, 2012
December 31, 2012
December 31, 2012
December 31, 2012

|  | Principal Amount Due | Fair Value | parson in RIM or any other affiliated organization. These views are subject to change at any time based upon market conditions or other similar material discisms any responsibility to IDAHO, Inc. or its contained herein. These views should not be relied on as investment advice and, because investment decisions for a Russell Investment Funds ("RIF") |
| --- | --- | --- | --- |
| Common Stocks - 88.3% |  |  |  |
| Consumer Discretionary - 11.2% |  |  |  |

# Russell Investment Funds

## U.S. Small Cap Equity Fund

Schedule of Investments, continued - December 31, 2022

| Actual Expenses | Principal Amount (In $) Shares | Fair Value | Fund are based on numerous factors, should not be relied on as an indication of investment decisions of any MIF Fund. | Amount (In $) Shares | Fair Value |
| --- | --- | --- | --- | --- | --- |

# Russell Investment Funds

## U.S. Small Cap Equity Fund

Schedule of Investments, continued - December 31, 2022

| Consumer Staples - 4.7% | Principal Amount Due at Shares | Fair Value | Principal Amount Due at Shares | Fair Value |
| --- | --- | --- | --- | --- |
| How did market conditions affect the Fund's equipment? Example for Comparison Purposes |  |  |  |  |

# **Russell Investment Funds**

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

Schedule of Investments, continued - December 31, 2022

| Principal Amount (In $) | Fair Value | Principal Amount (In $) | Fair Value |
| --- | --- | --- | --- |
| $ | $ | $ | $ |

# **Russell Investment Funds**

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

Schedule of Investments, continued - December 31, 2022

| Principal Amount (In $) | Fair Value | Principal Amount (In $) | Fair Value |
| --- | --- | --- | --- |
| (Dollars) | $ | (Dollars) | $ |

# **Russell Investment Funds**

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

Schedule of Investments, continued - December 31, 2022

| Principal Amount (In $) | Fair Value | Financial Services - 22.1% | Principal Amount (In $) | Fair Value |
| --- | --- | --- | --- | --- |
| $(000) | $ |  | $(000) | $ |

# Russell Investment Funds

## U.S. Small Cap Equity Fund

Schedule of Investments, continued - December 31, 2022

|  | Principal Amount (In $) | Fair Value |  | Principal Amount (In $) | Fair Value |
| --- | --- | --- | --- | --- | --- |
| Energy - 4.2% | $0.00 | $ | Materials and Processing - 7.5% | $0.00 | $ |

# **Russell Investment Funds**

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

Schedule of Investments, continued - December 31, 2022

| Principal Amount (In $) | Full Value | Principal Amount (In $) | Full Value |
| --- | --- | --- | --- |
| Shares | $ | Shares | $ |

______

# **Russell Investment Funds**

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

Schedule of Investments, continued - December 31, 2022

| Principal Amount (In $) | Full Value | Credit Card - 10.3% | Principal Amount (In $) | Full Value |
| --- | --- | --- | --- | --- |
| $ |  |  | $ |  |

# **Russell Investment Funds**

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

Schedule of Investments, continued - December 31, 2022

| Principal Amount (In $) | Fair Value | Principal Amount (In $) | Fair Value |
| --- | --- | --- | --- |
| Shares | $ | Technology - 12.4% | $ |

Producer Durables - 16.5%

![img-0.jpeg](img-0.jpeg)

# Russell Investment Funds

## U.S. Small Cap Equity Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (In $) | Fair Value | Principal Amount (In $) | Fair Value |
| --- | --- | --- | --- |
| Shares | $ | Shares | $ |

# **Russell Investment Funds**

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

Schedule of Investments, continued - December 31, 2022

| Financial Services (S.F.P.) | Principal Amount (S.F.P.) | Fair Value | Principal Amount (S.F.P.) | Fair Value |
| --- | --- | --- | --- | --- |

# Russell Investment Funds

## U.S. Small Cap Equity Fund

Schedule of Investments, continued - December 31, 2022

### Restricted Securities

| In the State | Acquisitions | Principal Account (A) | Cash per share | Cash (B) | Fair Value (C) |
| --- | --- | --- | --- | --- | --- |
| New Haven | 0 | 0 | $ | $ | $ |

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# Russell Investment Funds

## U.S. Small Cap Equity Fund

Schedule of Investments, continued - December 31, 2022

Short-Term Investments - 4.8%

Utilities - 4.4%

Full-term Governments

Producer Durables - (0.5)%

Other Securities - 2.1%

Notes and
Formations
Appreciation

# **Russell Investment Funds**

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

**Fair Value of Derivative Instruments - December 31, 2022**

| Total Other Securities | Number | Value | Change | Ending |
| --- | --- | --- | --- | --- |
| Derivatives not accounted for as hedging instruments | 2,000,000 | US$1,000 | US$1,000 | US$1,000 |
| Total Assets | 2,000,000 | US$1,000 | US$1,000 | US$1,000 |
| Total Investments - 2022 |  |  |  |  |
| Securities held (Dec. 31, 2022) |  |  |  |  |
| Securities held (Dec. 31, 2022) |  |  |  |  |
| Securities held (Dec. 31, 2022) |  |  |  |  |
| Presentation of Portfolio Holdings |  |  |  |  |

# Russell Investment Funds

## U.S. Small Cap Equity Fund

### Balance Sheet Offsetting of Financial and Derivative Instruments -

December 31, 2022

Derivatives not accounted for as hedging instruments

Location: Statement of Operations - Net realized gain (loss)

Equity
Contracts

| Offsetting of Financial Assets and Derivative Assets |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Description | Location | Exhibit No. (1) | Exhibit No. (2) | Exhibit No. (3) | % of Net Assets Not Amounts of Assets Presented in the Statement of Assets and Liabilities | % of Net Assets Not Amounts of Assets Presented in the Statement of Assets and Liabilities |
| Description | Location: Statement of Assets and Liabilities - Assets |  |  |  |  |  |

# **Russell Investment Funds**

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

**Balance Sheet Offsetting of Financial and Derivative Instruments, continued**
- December 31, 2022

Utilities - (0.1)%

# **Offsetting of Financial Liabilities and Derivative Liabilities**

|  | Gross Amounts of Management | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities |
| --- | --- | --- | --- |
| Financial Assets, Derivative Assets, and Collected Held by Government | 1,428,844 | 1,428,844 | 1,428,844 |

# **Russell Investment Funds**
**U.S. Small Cap Equity Fund**

# **Statement of Assets and Liabilities - December 31, 2022**

| Assets | Total Securities Sold Short |
| --- | --- |
| Technology - (0.0)% | Other Assets and Liabilities, Net: (1.0)% Net Assets, (0.0)% Presented in Financial Financial Liabilities, Derivative Liabilities, and Collateral Pledged by (0.0)% |

# **Russell Investment Funds**
**U.S. Small Cap Equity Fund**

**Statement of Assets and Liabilities, continued - December 31, 2022**

Net Assets Consulted:

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2022-2023

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2022-2023

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2022-2023

# **Russell Investment Funds**
**U.S. Small Cap Equity Fund**

**Statement of Operations - For the Period Ended December 31, 2022**

Net Asset Value, offering and redemption price per share:

Investment Income

Counterparty

Number of Shares | Spending | Net Amount

# **Russell Investment Funds**
**U.S. Small Cap Equity Fund**

# **Statements of Changes in Net Assets**

| Expenditure | Current Period Ended December 31, |
| --- | --- |
| Net Assets | 2013 |
| Increase (Decrease) in Net Assets | 2013 |
| Operations |  |

# Russell Investment Funds

## U.S. Small Cap Equity Fund

### Financial Highlights - For the Periods Ended

|  | 1 Net Asset Value, Beginning of Period | 2 Net Investment Income (Loss) | 3 Net Residual and Dividend from (Loss) | 4 Total From Investment Operations | 5 Distributions from Net Investment Income | 6 Distributions from Net Realized Cash |
| --- | --- | --- | --- | --- | --- | --- |
| Distributions |  |  |  |  |  |  |

# Share Transactions*

|  | % | % | % | % | % | % |
| --- | --- | --- | --- | --- | --- | --- |
|  | # | # | Males of Payments | Males of Payments | Males of Net |  |
| Total Net Income (Incremental in Net Assets) |  | Jan Assets | in Average | in Average | Incremental Income | % |
| Net (Total) and (Incremental from Source) |  | Year of Period | Net Assets | Net Assets | in Average | Per Rate |
| 1,000,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 |
| 1,000,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 |

# **Russell Investment Funds**

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

# **Related Party Transactions, Fees and Expenses**

| 2000 |  | 2001 |  |
| --- | --- | --- | --- |
| Shares | Dollars | Shares | Dollars |

# Russell Investment Funds

## International Developed Markets Fund

### Portfolio Management Discussion and Analysis - December 31, 2022

(Unaudited)

![img-0.jpeg](img-0.jpeg)

# Russell Investment Funds

## International Developed Markets Fund

Portfolio Management Discussion and Analysis, continued - December 31,

2020 (Unpublished)

How did the investment strategies and techniques employed by the Fund and its money managers affect its benchmark relative performance?

Russell Investment Funds

International Developed Markets Fund

Portfolio Management Discussion and Analysis, continued - December 31, 2022 (Unaudited)

| Cost of December 31, 2022 | Unrealized Change in the Fund | Unrealized Fund | Net Unrealized Appreciation | Undistributed Delivery Income | Undistributed Capital Gains (Capital Losses) |
| --- | --- | --- | --- | --- | --- |
| Income tax charges to the Fund in the United States |  |  | The views expressed in this report reflect those of the portfolio managers only through the end of the fiscal year covered by the report. These views do not necessarily represent the views of RIM or any other person in RIM or any other affiliated organization. These views are subject to change at any time based upon market conditions or other events, and RIM |  |  |
| Money Manager line-up. |  |  |  |  |  |
| Total Return |  |  |  |  |  |
| Money Managers as of December 31, 2022 |  |  | Styles |  |  |

# Russell Investment Funds

## International Developed Markets Fund

### Shareholder Expense Example - December 31, 2022 (Unaudited)

#### Fund Expenses

December 31, 2022
Long-Term

December 31, 2021

disputes are responsible for the use of the funds contained herein. These views should not be relied on as investment advice and, because investment decisions for a Russell Investment Funds ("RIF") Fund are based on numerous factors, should not be relied on as an indication of investment decisions of any RIF Fund.

#### Example

What is the Fund's investment objective?

# Russell Investment Funds

## International Developed Markets Fund

Schedule of Investments - December 31, 2022

How did the Fund perform relative to its benchmark
for the fiscal year ended December 31, 2022?

Common Weeks - 93.2%

Argentina - 0.0%

Principal
Interest (R)
of Shares Performance (R)
Actual
Performance
(value)

______

______

______

______

______

______

______

# **Russell Investment Funds**

# **International Developed Markets Fund**

Schedule of Investments, continued - December 31, 2022

# **Actual Expenses**

|  | Principal Amount (R) or Shares | Fair Value $ |  | Principal Amount (R) or Shares | Fair Value $ |
| --- | --- | --- | --- | --- | --- |

______

______

______

______

______

# Russell Investment Funds

## International Developed Markets Fund

Schedule of Investments, continued - December 31, 2022

| Project | 1.0% | Effect | 1.0% | Effect | 1.0% |
| --- | --- | --- | --- | --- | --- |
| How did market conditions affect the Fund's performance? | Project 1.0% | Project 1.0% | Project 1.0% | Project 1.0% | Project 1.0% |
| Actual - 0.1% |  |  |  |  |  |

Hypothetical Example for Comparison Purposes

# **Russell Investment Funds**

# **International Developed Markets Fund**

Schedule of Investments, continued - December 31, 2022

|  | Principal Amount (B) in Shares | Fair Value |  | Principal Amount (B) in Shares | Fair Value |
| --- | --- | --- | --- | --- | --- |
| Millions of PTEs |  |  | Chkrs 1.0% Mktg 0.0% |  |  |

_____

_____

_____

_____

_____

_____

_____

# Russell Investment Funds

## International Developed Markets Fund

Schedule of Investments, continued - December 31, 2022

| Belgium - 0.3% | Principal Amount (B) in Euros | Fair Value B | New Zealand - 0.5% Denmark - 1.3% | Principal Amount (B) in Euros | Fair Value B |
| --- | --- | --- | --- | --- | --- |

# Russell Investment Funds

## International Developed Markets Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) or Shares | Fair Value R | Nominal - 0.0% | Principal Amount (R) or Shares | Fair Value R |
| --- | --- | --- | --- | --- |
|  |  | Total Preferred Stocks |  |  |
|  |  | Yukio - 1.2% |  |  |
|  |  | Warrants and Rights - 0.0% |  |  |

# Russell Investment Funds

## International Developed Markets Fund

Schedule of Investments, continued - December 31, 2022

### Restricted Securities

| Issued: 1.9% | Accruals: -0.0% | Finland: -1.9% | Portugal: -0.2% | Coal per share | Cash Flow | Fair Value (000) |
| --- | --- | --- | --- | --- | --- | --- |
| Inflow/Share | Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated | Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated / Accumulated | 1 | 1 | 1 | 1 |

Note: / 100% Investments - 3.9%

---

# Russell Investment Funds

## International Developed Markets Fund

Schedule of Investments, continued - December 31, 2022

| Germany - 4.3% | United States - 3.9% |
| --- | --- |
| Canada - 5.2% | Total Short-Term Investments |
| Luxembourg - 0.8% | United Kingdom - 10.3% |
|  | Other Securities - 0.1% |
|  | Singapore - 0.0% |
|  | Total Other Securities |

---

|

# Russell Investment Funds

## International Developed Markets Fund

Schedule of Investments, continued - December 31, 2022

| Futures Contracts |  |
| --- | --- |
| Indiquite - 0.1% | Total Investments - 97.6% |
| Interest (Debted) - 0.05% |  |
| Netherlands - 0.3% |  |

| Total Assets | 2022 | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net Assets - 100.0% |  |  |  |  |  |

| Notes and Unrealized Appropriation (Depreciation) |
| --- |

![img-0.jpeg](img-0.jpeg)

# **Russell Investment Funds**

# **International Developed Markets Fund**

Schedule of Investments, continued - December 31, 2022

| Long Position | South Korea - 1.9% |
| --- | --- |
| Total Common Stocks |  |

\_\_\_\_\_

\_\_\_\_\_

\_\_\_\_\_

|

# Russell Investment Funds

## International Developed Markets Fund

Fair Value of Derivative Instruments - December 31, 2022

| Derivative instruments for an ongoing instrument | Equity | Foreign exchange |
| --- | --- | --- |
| Commercial Investment Funds | Financial | Corporate |
| Corporate Investment of Assets and Liabilities - Assets |  |  |

# Russell Investment Funds

## International Developed Markets Fund

### Balance Sheet Offsetting of Financial and Derivative Instruments -

December 31, 2022

Location: Statement of Assets and Liabilities - Liabilities

Location: Statement of Assets and Liabilities - Liabilities

| Country | Account Unit | Amount Brought | Gross Amounts Obtained | Gross Amounts Offset in the Statement of Assets | Net Amounts Obtained in the Statement of Assets and Liabilities |
| --- | --- | --- | --- | --- | --- |
| Description | Location: Statement of Assets and Liabilities - Assets |  |  |  |  |

#### Foreign Currency Exchange Contracts

| Country | Account Unit | Amount Brought | Statement Date | International Approximate Depreciation |
| --- | --- | --- | --- | --- |

#### Presentation of Portfolio Holdings

# Russell Investment Funds

## International Developed Markets Fund

Balance Sheet Offsetting of Financial and Derivative Instruments, continued
- December 31, 2022

Derivatives not accounted for as hedging instruments

Equity
Contracts
Foreign
Currency
Contracts

Presentation of Portfolio Holdings gain (loss)

| Offsetting of Financial Liabilities and Derivative Liabilities |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio Summary | Level 1 | Level 2 | Level 3 | Projected Expedient (a) | Gross Accounts of Assets | Net Accounts of Liabilities | Net Accounts of Liabilities Presented in the Statement of Assets and Liabilities |
| Description | Fair Value |  |  | Gross Accounts of Management Liabilities | of Assets and Liabilities |  |  |
|  | Location: Statement of Assets and Liabilities |  |  |  |  |  |  |

| Portfolio Summary | Level 1 | Level 2 | Level 3 | Projected Expedient (a) | Total | % of Net Assets |
| --- | --- | --- | --- | --- | --- | --- |

Presentation of Portfolio Holdings

# Russell Investment Funds

## International Developed Markets Fund

### Statement of Assets and Liabilities - December 31, 2022

Location: Statement of Operations - Net change in unrealized appreciation (depreciation)

Account: 3
Common Stock: 3

Financial Assets, Derivative Assets, and Collateral Held by Counterparty
Gross Amounts Not Offset
in the Statement of Assets
and Liabilities

Net Amounts
of Assets
Financial Liabilities, Derivative Liabilities, and Collateral Pledged by Counterparty

| Portfolio Summary | Fair Value |  |  | Practical Experience (a) | Total | % of Net Assets |
| --- | --- | --- | --- | --- | --- | --- |
|  | Level 1 | Level 2 | Level 3 |  |  |  |

# **Russell Investment Funds**

# **International Developed Markets Fund**

**Statement of Assets and Liabilities, continued - December 31, 2022**

Net Assets Consist of:

| Total assets | Statement of Assets and Liabilities | Net assets |
| --- | --- | --- |
|  | In 1,000,000 |  |
|  | Proposed to |  |
|  | the Statement | and |

# Russell Investment Funds

## International Developed Markets Fund

### Statement of Operations - For the Period Ended December 31, 2022

Net Asset Value, offering and redemption price per share: _______________

Investment Income: _______________

Short Term Investments: _______________

Other Securities: _______________

Number of Shares: _______________

Not Amount: _______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

_______________

# **Russell Investment Funds**

# **International Developed Markets Fund**

# **Statements of Changes in Net Assets**

| Year Ended | 2022 | 2021 |
| --- | --- | --- |
| Net Assets | 7,000,000 | 7,000,000 |
| Expenses |  |  |
| Increase (Decrease) in Net Assets |  |  |
| Operations |  |  |

---

---

# Russell Investment Funds

## International Developed Markets Fund

### Financial Highlights - For the Periods Ended

|  | 1 Net Asset Value, Beginning of Period | 2 Net Investment Income (Loss) | 3 Net Realized Asset (Loss)/Total Asset (Loss) | 4 Total From Investment Operations | 5 Distributions From Net Investment Income | 6 Distributions From Net Realized Assets |
| --- | --- | --- | --- | --- | --- | --- |
| Distributions |  |  |  |  |  |  |

# Share Transactions\*

| Year | % |  | % |  | % |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 1 | 2 | 3 | 4 | 5 | 6 |
| Year Ended and Ended from 31 March 2013 | Net Assets | In Average | In Average | In Average | In Average | In Average |
| Total | Cost of Sales | Net Assets | Net Assets | Net Assets | Net Assets | Net Assets |
| Total | Cost of Sales | Net Assets | Net Assets | Net Assets | Net Assets | Net Assets |
| Net Assets | Period | Return | 1993 | 91.6% | Net | Net Assets |

# **Russell Investment Funds**

# **International Developed Markets Fund**

# **Related Party Transactions, Fees and Expenses**

---

...

...

---

---

---

---

---

---

---

# Russell Investment Funds

## Strategic Bond Fund

### Portfolio Management Discussion and Analysis - December 31, 2022

![img-0.jpeg](img-0.jpeg)

# **Russell Investment Funds**

# **Strategic Bond Fund**

**Portfolio Management Discussion and Analysis, continued - December 31, 2022 (Unaudited)**

# **Federal Income Taxes**

# Russell Investment Funds

## Strategic Bond Fund

Portfolio Management Discussion and Analysis, continued - December 31, 2022 (Unaudited)

| Cost of Investments | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains (Capital Loss Certification) |
| --- | --- | --- | --- | --- | --- |
| Strategic Bond Fund |  |  | Total Return |  | Bloomberg U.S. Aggregate Bond Index** |
|  |  |  |  |  | How did the investment strategies and techniques improve the market in the future? How do the investment strategies and techniques improve performance? |

# Russell Investment Funds

## Strategic Bond Fund

Shareholder Expense Example - December 31, 2022 (Unaudited)

Fund Expenses

What is the Fund's investment objective?

How did the Fund perform relative to its benchmark
Developing fiscal year ended December 31, 2022?

Money Managers as of December 31,
2022
59/ks

# Russell Investment Funds

## Strategic Bond Fund

October 2013
October 2013
October 2013
October 2013
October 2013
October 2013
October 2013
October 2013
October 2013
October 2013
October 2013
October 2013
October 2013
October 2013

|  | Principal Amount (Rs.) 2013/2014 | Fair Value |  | Principal Amount (Rs.) 2013/2014 | Fair Value |
| --- | --- | --- | --- | --- | --- |
| Long-Term Investments - 81.6% |  |  |  |  |  |
| Asset-Backed Securities - 3.1% |  |  |  |  |  |

The above expressed in this report reflect those of the portfolio managers only through the end of the

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

### Actual Expenses

| Principal Amount ($,000) | Fair Value |
| --- | --- |

fiscal year covered by the report. These views do not necessarily represent the views of RIM, or any other person in RIM or any other financial organization. These views are subject to change at any time based upon market conditions or other events, and RIM disclaims any responsibility to update the views contained herein. These views should not be relied

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

How did market conditions affect the Fund's performance?

on as investment advice and, because investment decisions for a Russell Investment Funds (RIF) Fund are based on numerous figures should not be relied on as an indication of investment decisions of any RIF Fund.

Hypothetical Example for Comparison Purposes

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) in Shares | Fair Value $ | Principal Amount (R) in Shares | Fair Value $ |
| --- | --- | --- | --- |

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) in Shares | Fair Value $ | Principal Amount (R) in Shares | Fair Value $ |
| --- | --- | --- | --- |

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) in Shares | Fair Value $ | Principal Amount (R) in Shares | Fair Value $ |
| --- | --- | --- | --- |

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) in Shares | Fair Value $ | Principal Amount (R) in Shares | Fair Value $ |
| --- | --- | --- | --- |

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) in Shares | Fair Value $ | Principal Amount (R) in Shares | Fair Value $ |
| --- | --- | --- | --- |

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) in Shares | Fair Value $ | Principal Amount (R) in Shares | Fair Value $ |
| --- | --- | --- | --- |

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) in Shares | Fair Value $ | Principal Amount (R) in Shares | Fair Value $ |
| --- | --- | --- | --- |

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) in Shares | Fair Value $ | Principal Amount (R) in Shares | Fair Value $ |
| --- | --- | --- | --- |

# **Russell Investment Funds**

# **Strategic Bond Fund**

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) in Shares | Fair Value $ | Principal Amount (R) in Shares | Fair Value $ |
| --- | --- | --- | --- |

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) in Shares | Fair Value $ | Principal Amount (R) in Shares | Fair Value $ |
| --- | --- | --- | --- |

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) in Shares | Fair Value $ | Principal Amount (R) in Shares | Fair Value $ |
| --- | --- | --- | --- |

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) in Shares | Fair Value $ | Principal Amount (R) in Shares | Fair Value $ |
| --- | --- | --- | --- |

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) in Shares | Fair Value $ | Principal Amount (R) in Shares | Fair Value $ |
| --- | --- | --- | --- |

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) or Shares | Fair Value | Principal Amount (R) or Shares | Fair Value |
| --- | --- | --- | --- |

International Debt - 18.0%

# **Russell Investment Funds**

# **Strategic Bond Fund**

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) in Shares | Fair Value $ | Principal Amount (R) in Shares | Fair Value $ |
| --- | --- | --- | --- |

-

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) in Shares | Fair Value $ | Principal Amount (R) in Shares | Fair Value $ |
| --- | --- | --- | --- |

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) in Shares | Fair Value $ | Principal Amount (R) in Shares | Fair Value $ |
| --- | --- | --- | --- |

-

-

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) in Shares | Fair Value $ | Principal Amount (R) in Shares | Fair Value $ |
| --- | --- | --- | --- |

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

| Principal Amount (R) in Shares | Fair Value $ | Principal Amount (R) in Shares | Fair Value $ |
| --- | --- | --- | --- |

_____
_____
_____
_____

_____
_____
_____

# **Russell Investment Funds**

# **Strategic Bond Fund**

Schedule of Investments, continued - December 31, 2022

| Principal Amount (In millions) | Fair Value |
| --- | --- |
| Average Booked Securities - 13.9% | Loan Agreements - 0.1% |

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

### Restricted Securities

United States Government Treasuries - 18.2%

| % of Net Assets | Acquisitions | Principal Account (A) | Cash per Unit | Cash (B) | Fair Value (C) |
| --- | --- | --- | --- | --- | --- |
| Securities | 0.0% | 0.0% | $ | $ | $ |

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

### Restricted Securities

Principal Bond - 0.1%

| Total Short-Term Investments | Acquisitions | Principal Amount ($) | Cost per Unit | Cost (US$) | Fair Value (US$) |
| --- | --- | --- | --- | --- | --- |
| Total Long-Term Investments | 0.0% | 0.0% | $ | $ | $ |

Total Investments - 97.1%

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

### Restricted Securities

Technology - US$

Other Assets and Liabilities,

Non - 1.0%

Shareholders' Equity

Net Assets - 100.0%

Acquisitions

Debt

Principal

Amount ($)

Cost per

100

Cash

($M)

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

### **Investment Securities**

| No. of Net Assets | Acquisition | Principal Account (A) | Cost per Unit | Cost (B) | Fair Value (C) |
| --- | --- | --- | --- | --- | --- |
| Securities | Debt | in shares | $ | $ | $ |

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

### Restricted Securities

#### Total Preferred Stocks

| In millions | Acquisitions | Principal Account (A) | Cost per share | Cost per share | Fair Value (000) |
| --- | --- | --- | --- | --- | --- |
| Short-term Investments - 15.9% | 0.0% | 0.0% | $ | $ | $ |

\_\_\_\_\_

\_\_\_\_\_

\_\_\_\_\_

\_\_\_\_\_

# **Russell Investment Funds**

# **Strategic Bond Fund**

Schedule of Investments, continued - December 31, 2022

![img-0.jpeg](img-0.jpeg)

# **Russell Investment Funds**

# **Strategic Bond Fund**

Schedule of Investments, continued - December 31, 2022

Futures Contracts

# **Russell Investment Funds**

# **Strategic Bond Fund**

Schedule of Investments, continued - December 31, 2022

| Long Positions | Number of Contracts | National Amount | Expiration Date | Minimum Depreciation (Proportionate) |
| --- | --- | --- | --- | --- |

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

### Credit Default Swap Contracts

Credit Indices - Purchase Protection

### Interest Rate Swap Contracts

| Period | Proposed | Proposed | Unrealized | Current |
| --- | --- | --- | --- | --- |
| Period | Proposed | Proposed | Current | Current |
| (Proposed) | (Proposed) | (Proposed) | (Proposed) | (Proposed) |

![img-1.jpeg](img-1.jpeg)

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

| Reference Entity | Counterparty | Amount | Fixed Risk | Risk | Premium Poor (Proposed) | Unrealized Appropriation (Depreciation) | Per Value |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Counterparty | National Amount | Fund Received | Fund Pays | Non-received Cash | $ | $ | $ |

---

---

# Russell Investment Funds

## Strategic Bond Fund

Schedule of Investments, continued - December 31, 2022

### Foreign Currency Exchange Contracts

#### Presentation of Portfolio Holdings

| Counterparty | Amount Sold | Amount Brought | Settlement Date | Unrealized Approx. (000) $ |
| --- | --- | --- | --- | --- |

### Foreign Currency Exchange Contracts

| Counterparty | Amount Sold | Amount Brought | Settlement Date | Unrealized Approx. (000) $ |
| --- | --- | --- | --- | --- |

Presentation of Portfolio Holdings

# Russell Investment Funds

## Strategic Bond Fund

### Fair Value of Derivative Instruments - December 31, 2022

For the year ended December 31, 2022, the following is a report of the Company's performance and performance. The Company's performance is based on the Company's performance and performance.

Location: Statement of Assets and Liabilities - Assets

### Foreign Currency Exchange Contracts

| Country | Amount Sold | Amount Bought | Settlement Date | Investment Approvers (Depreciation) $ |
| --- | --- | --- | --- | --- |

| Portfolio Summary | Level 1 | Level 2 | Level 3 | Fair Value (Equivalent $) | Total | % of Net Assets |
| --- | --- | --- | --- | --- | --- | --- |

# Russell Investment Funds

## Strategic Bond Fund

Balance Sheet Offsetting of Financial and Derivative Instruments -

December 31, 2022

### Offsetting of Financial Assets and Derivative Assets

| Description | Location: Statement of Assets and Liabilities - 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

| Counterparty | Amount Sold | Amount Brought | Settlement Date | Unrealized Appreciation (Registration) $ |
| --- | --- | --- | --- | --- |

# Russell Investment Funds

## Strategic Bond Fund

Balance Sheet Offsetting of Financial and Derivative Instruments, continued
- December 31, 2022

| Offsetting of Financial and Derivative Instruments, Liabilities |  | Credit | Foreign Currency | Interest Rate |
| --- | --- | --- | --- | --- |
| Fair Value |  | Common | Common | Common |
| Description | Location Statement of Assets and Liabilities | Gross Amounts of Management Liabilities | Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities |

Country Exposure

Fair Value
5

# Russell Investment Funds

## Strategic Bond Fund

Statement of Assets and Liabilities - December 31, 2022

Assets: Expenses 3

Financial Assets, Derivative Assets, and Collateral Held by Counterparty

Gross Amounts Not Offset
in the Statement of Assets
and Liabilities

Net Amounts
of Assets

# Russell Investment Funds

## Strategic Bond Fund

Statement of Assets and Liabilities, continued - December 31, 2022

Net Assets Consult of:

| Financial Liabilities, Derivative Liabilities, and Collateral Pledged by (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) (n) (o) (p) (q) (r) (s) (t) (u) (v) (w) (x) (y) (z) | Statement of Assets and Liabilities, continued - December 31, 2022 |
| --- | --- |
| Commodity | Statement of Assets and Liabilities, continued - December 31, 2022 |

Net Amounts
of Liabilities

# Russell Investment Funds

## Strategic Bond Fund

### Statement of Operations - For the Period Ended December 31, 2022

Net Asset Value, offering and redemption price per share

Investment Income

Counterparty

| Presented in the Statement of Assets and Liabilities | Projected S&P Derivative Instruments | Collateral Pledged 1 | Net Amount |
| --- | --- | --- | --- |

# Russell Investment Funds

## Strategic Bond Fund

### Statements of Changes in Net Assets

Expenses

|  | 2022 | 2021 |
| --- | --- | --- |

Increase (Decrease) in Net Assets
Operations

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

# Russell Investment Funds

## Strategic Bond Fund

### Financial Highlights - For the Periods Ended

Total liabilities ...

| Net Assets | A | A | B | B | B | B | B |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Net Asset Value | Net Investment | Net Realized | Total From | Distributions | Distributions |  |
|  | Beginning of | Keynote (Loss) | and Unrealized | Investment | Less Net | Less Net |  |
| Distributions | Invest |  | Gain (Loss) | Equity | Investment Income | Realized Gain | Return of Capital |

Net Realized and Unrealized Gain (Loss)

| Share Transactions* |  | % |  | % |  | % |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 0 | Net Assets | 0 | Notes of Revenues | Notes of Revenues | Notes of Net | Notes of Net | % |
| 0 | Net Assets | 0 | In Average | In Average | Investment Income | In | % |
| 0 | Net Assets | 0 | Net Assets | Net Assets | In Average | In Average | Residues |
| 0 | Net Assets | 0 | Net Assets | Net Assets | Net Assets | Net Assets | Residues |
| 0 | Net Assets | 0 | Net Assets | Net Assets | Net Assets | Net Assets | Residues |

Net Assets

# **Russell Investment Funds**

# **Strategic Bond Fund**

# **Related Party Transactions, Fees and Expenses**

---

---

---

---

---

---

---

---

|

# Russell Investment Funds

## Global Real Estate Securities Fund

### Portfolio Management Discussion and Analysis - December 31, 2022

![img-2.jpeg](img-2.jpeg)

# **Russell Investment Funds**

# **Global Real Estate Securities Fund**

**Portfolio Management Discussion and Analysis, continued - December 31,**

**2023 (Unaudited)**

# **Federal Income Taxes**

Russell Investment Funds

# Global Real Estate Securities Fund

Portfolio Management Discussion and Analysis, continued - December 31, 2023 (Unaudited)

| Cost of Investments | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation | Unshut-based Interest | Unshut-based Capital Gains |
| --- | --- | --- | --- | --- | --- |
| Global Real Estate Securities Fund |  |  |  |  |  |
| Describe any changes to the Fund's structure or the money manager line-up. |  |  |  |  |  |

This report reflects those of the portfolio managers only through the end of the fiscal year covered by the report. These changes will be discussed in the financial year. The Fund may be used to make a better performance in the financial year. The Fund may be used to make a better performance in the financial year.

# Russell Investment Funds

## Global Real Estate Securities Fund

Shareholder Expense Example - December 31, 2022 (Unaudited)

### Fund Expenses

US$1,000,000.00

### Example

What is the Fund's investment objective?

The Fund is a fund that is not only responsible for any responsibility to update the views contained herein. These views should not be relied on as investment advice and, because investment decisions for a Russell Investment Funds ('RIF') Fund are based on numerous factors, should not be relied on as an indication of investment decisions of any RIF Fund.

# Russell Investment Funds

## Global Real Estate Securities Fund

Schedule of Investments - December 31, 2022

New did the Fund perform related to its benefits
In the final year ended December 31, 2022?

Principal
Amount (in
millions)
For
Investments
of Shares
Actual
Proportions
(see
representation
represents)

-

-

-

-

-

-

-

-

-

-

-

# **Russell Investment Funds**

# **Global Real Estate Securities Fund**

Schedule of Investments, continued - December 31, 2022

# **Actual Expenses**

|  | Principal Amount (R) or Shares | Fair Value $ |  | Principal Amount (R) or Shares | Fair Value $ |
| --- | --- | --- | --- | --- | --- |

Sweden - 1.3%

# **Russell Investment Funds**

# **Global Real Estate Securities Fund**

Schedule of Investments, continued - December 31, 2022

# **Restricted Securities**

How did market conditions affect the Fund's performance?

| Acquisitions | Principal Amount ($) | Cost per Unit | Cost (US$) | Fair Value (US$) |
| --- | --- | --- | --- | --- |
| Total | 31.3 | $ | $ | $ |

For the Example for Comparison Purposes

# **Russell Investment Funds**

# **Global Real Estate Securities Fund**

Schedule of Investments, continued - December 31, 2022

United Kingdom - 4.5%

Presentation of Portfolio Holdings

Futures Contracts

For Sale

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

# Russell Investment Funds

## Global Real Estate Securities Fund

Schedule of Investments, continued - December 31, 2022

| Portfolio Summary | Level 1 | Level 2 | Marketable | Total | Expiration Date | Amortization |
| --- | --- | --- | --- | --- | --- | --- |
| Property/Trade變更 |  |  | Total Common Shares |  |  |  |
| Capital (Total) |  |  | Number of Shares |  |  |  |
| United States - 50.4% |  |  | Share of Shares |  |  |  |
|  |  |  | Share of Shares |  |  |  |
|  |  |  | Short-Term Investments - 3.0% |  |  |  |
|  |  |  | United States - 3.0% |  |  |  |
|  |  |  | Total Short-Term Investments |  |  |  |

# **Russell Investment Funds**

# **Global Real Estate Securities Fund**

**Fair Value of Derivative Instruments - December 31, 2022**

| Summary - 0.5% | Singapore - 3.3% | Euro | Foreign |
| --- | --- | --- | --- |
| Derivatives not accounted for as hedging instruments | Other Securities - 0.5% | Finals | Current |
| Investments as of Assets and Liabilities - Assets | Total Other Securities |  |  |

# **Russell Investment Funds**

# **Global Real Estate Securities Fund**

# **Balance Sheet Offsetting of Financial and Derivative Instruments - December 31, 2022**

| Location: Statement of Assets and Liabilities - Liabilities |  | Total Investments - 99.3% |  | Amount | Amount | Statement Date | Amount of Depreciation |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Offsetting of Financial Assets and Derivative Assets (Japan - 12.1%) |  | Net - 0.7% |  |  |  |  |  |
|  |  | Net Assets - 100.0% |  |  |  |  |  |
|  |  | Gross |  |  |  |  |  |
|  |  | Amounts of |  |  |  |  |  |
|  |  | Repayment |  |  |  |  |  |
|  |  | Assets |  |  |  |  |  |
|  |  | Gross |  |  |  |  |  |
|  |  | Gross |  |  |  |  |  |
|  |  | Gross |  |  |  |  |  |
|  |  | Gross |  |  |  |  |  |
|  |  | Gross |  |  |  |  |  |
|  |  | Gross |  |  |  |  |  |

| Description | Location: Statement of Assets and Liabilities - Assets | Gross | Gross | Amount |
| --- | --- | --- | --- | --- |

# Russell Investment Funds

## Global Real Estate Securities Fund

Balance Sheet Offsetting of Financial and Derivative Instruments, continued
- December 31, 2022

Derivatives not accounted for as hedging instruments

Location: Statement of Operations - Not realized gain (loss)

Rapidly Contracted
Foreign Currency Contracts

### Offsetting of Financial Liabilities and Derivative Liabilities

| Description | Location: Statement of Assets and Liabilities - Liabilities | Gross Assets |  |  |
| --- | --- | --- | --- | --- |
|  |  | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities |  |

# Russell Investment Funds

## Global Real Estate Securities Fund

### Statement of Assets and Liabilities - December 31, 2022

Location: Statement of Operations - Net change in unrealized appreciation (depreciation)

Assets

Financial Assets, Derivative Assets, and Collateral Held by Counterparty

Gross Amounts Not Offset
in the Statement of Assets
and Liabilities

Financial Liabilities, Derivative Liabilities, and Collateral Pledged by Counterparty

Net Amounts
of Assets

Financial Liabilities, Derivative Liabilities, and Collateral Pledged by Counterparty

# **Russell Investment Funds**
**Global Real Estate Securities Fund**

**Statement of Assets and Liabilities, continued - December 31, 2022**

Net Assets Consult of:

| Counterparty | Statement of Liabilities | Interest | Net Assets |
| --- | --- | --- | --- |
|  | In Liability Presented in the Statement | Financial and |  |

Russell Investment Funds

Global Real Estate Securities Fund

# Statement of Operations - For the Period Ended December 31, 2022

THE FUNDS
Statement Value, offering and redemption price per share

Investment Income

Counterparty
*Commercial* *Discretion* *Selling* *Net Amount*

# **Russell Investment Funds**

# **Global Real Estate Securities Fund**

# **Statements of Changes in Net Assets**

| Statement | 2022 | 2021 |
| --- | --- | --- |
| Increase (Decrease) in Net Assets |  |  |
| Net Assets |  |  |

# Russell Investment Funds

## Global Real Estate Securities Fund

### Financial Highlights - For the Periods Ended

|  | 1 Net Asset Value Beginning of Period | 1 Net Investment Income (Loss) | 1 Net Dividend and Investment Earnings | 1 Total Price Investment | 1 Distributions from Net | 1 Distributions from Net | 1 Reserves |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Distributions |  |  |  |  |  |  |  |

# Net Realized and Unrealized Gain (Loss)

| Share Transactions* |  | % |  | % |  | % |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 3 | Net Assets | 6 | Ratio of Expenses to Average | Ratio of Expenses to Average | Ratio of Net Investment Income | Ratio of Net Investment Income | % |
| Total Net Income | Net Assets | Net Assets | Net Assets | Net Assets | Net Assets | Net Assets | Residues |
| 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

Net Assets

# **Russell Investment Funds**

# **Global Real Estate Securities Fund**

# **Related Party Transactions, Fees and Expenses**

---

---

---

---

---

---

---

---

---

|

# Russell Investment Funds

## Notes to Schedule of Investments - December 31, 2022

| Footnotes: |  | Shares | Dollars | Shares | Dollars |
| --- | --- | --- | --- | --- | --- |
| Net Increase [Decrease] in Net A (Net) Price Operations |  |  |  |  |  |
| Period | Purchases | Sales | Change in Share of Cash (L+1) | Change in Share of of Period | Change Distributions |
|  |  |  | Change in Share of of Period | Change Distributions | Change Distributions |

# Russell Investment Funds

Notes to Schedule of Investments, continued - December 31, 2022

## Federal Income Taxes

# Russell Investment Funds

## Notes to Financial Highlights - December 31, 2022

| Cost of Investments | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains (Capital Loss Certification) |
| --- | --- | --- | --- | --- | --- |

# Russell Investment Funds

## Notes to Financial Statements - December 31, 2022

### 1. Strategic Currency Abbreviations:

# Russell Investment Funds

Notes to Financial Statements, continuing - December 31, 2022

| December 31, 2022 | December 31, 2021 | December 30, 2020 |
| --- | --- | --- |
| Ordinary Income | Quarter 1991 | Quarter 1990 |
| Depreciation | Depreciation | Depreciation |
| Capital | Capital | Capital |

# Russell Investment Funds

Notes to Financial Statements, continued - December 31, 2022

Abbreviations:

2. Significant Accounting Policies

# Russell Investment Funds

Notes to Financial Statements, continued - December 31, 2022

Security Valuation

# Russell Investment Funds

Notes to Financial Statements, continued - December 31, 2022

Dividends and Distributions to Shareholders

National
Investment Transactions

Payable

Funds

# Russell Investment Funds

Notes to Financial Statements, continued - December 31, 2022

Investment Income
Derivatives

Level 3 Fair Value Investments

# Russell Investment Funds

Notes to Financial Statements, continued - December 31, 2022

Foreign Currency Exchange Contracts

Federal Income Taxes

# Russell Investment Funds

Notes to Financial Statements, continued - December 31, 2022

| Expenses | Strengths |
| --- | --- |
| Assets | Strategies |
| Options |  |
| Foreign Currency Translations |  |

# Russell Investment Funds

Notes to Financial Statements, continued - December 31, 2022

Swap Agreements

# **Russell Investment Funds**

**Notes to Financial Statements, continued - December 31, 2022**

# Russell Investment Funds

Notes to Financial Statements, continued - December 31, 2022

Master Agreements

Capital Gains Taxes

# Russell Investment Funds

Notes to Financial Statements, continued - December 31, 2022

Credit Linked Notes
Interest Rate Swaps

# Russell Investment Funds

Notes to Financial Statements, continued - December 31, 2022

Futures Contracts

Short Sales

Credit Default Swaps

# Russell Investment Funds

## Notes to Financial Statements, continued - December 31, 2022

Disclosure about Offsetting Assets and Liabilities

Mortgage-Related and Other Asset-Backed Securities

Total Return Swaps

# Russell Investment Funds

Notes to Financial Statements, continued - December 31, 2022

ENG OUTCOME Securities

# Russell Investment Funds

Notes to Financial Statements, continued - December 31, 2022

Forward Commitments

Currency Swaps

Mortgage-Backed Securities
Local Access Products

# Russell Investment Funds

Notes to Financial Statements, continued - December 31, 2022

Marker, Credit and Counterparty Risk

# Russell Investment Funds

Notes to Financial Statements, continued - December 31, 2022

Asset-Backed Securities Purchases Sales
Emerging Markets Debt
Agency Mortgage-Backed Securities

Related Party Transactions, Fees and Expenses
Adviser, Administrator, Transfer and Dividend Disbursing Agent

# Russell Investment Funds

Notes to Financial Statements, continued - December 31, 2022

Transfer and Dividend Disbursing Agent
Securities Lending
Privately Issued Mortgage-Backed Securities
Repurchase Agreements

Guarantees

# Russell Investment Funds

Notes to Financial Statements, continued - December 31, 2022

LIBOR
Distributor

# Report of Independent Registered Public Accounting Firm

Affiliated Brokerage Transactions

# of Shareholders %

*PricewaterhouseCoopers LLP*

## Report of Independent Registered Public Accounting Firm

1. Investment Transactions
Securities
2. Restricted Securities

# Russell Investment Funds

Tax Information - December 31, 2022 (Unaudited)

Purchaser
February

Sales
Expenditures

## 3. Commitments and Contingencies

# Russell Investment Funds

Affiliated Brokerage Transactions - December 31, 2022 (Unaudited)

Board of Trustees

9. Line of Credit

# Russell Investment Funds

## Basis for Approval of Investment Advisory Contracts - (Unaudited)

Quarterly Approval of Money Manager Contracts

5. Federal Income Taxes

# Russell Investment Funds

Shareholder Requests for Additional Information - December 31, 2022 (Unaudited)---

10. Subsequent Events

# Russell Investment Funds

## Disclosure of Information about Fund Trustees and Officers - December 31, 2022 (Unaudited)

| Fund Name | Foreign Taxes Paid | Foreign Taxes Paid Per Share | Foreign Excess Income | Foreign Excess Income Per Share |
| --- | --- | --- | --- | --- |

<table><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>

# Russell Investment Funds

Disclosure of Information about Fund Trustees and Officers, continued -
December 31, 2022 (Unaudited)

<table><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>

# Russell Investment Funds

Disclosure of Information about Fund Trustees and Officers, continued - December 31, 2022 (Unaudited)

| INDEPENDENT TRUSTEES |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

# Russell Investment Funds

Disclosure of Information about Fund Trustees and Officers, continued - December 31, 2022 (Unaudited)

| INDEPENDENT TRUSTEES (continued) |  |  |  |  |
| --- | --- | --- | --- | --- |

# Russell Investment Funds

Disclosure of Information about Fund Trustees and Officers, continued - December 31, 2022 (Unaudited)

| INDEPENDENT TRUSTEES (continued) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| INTERESTED TRUSTEES |  |  |  |  |  |

# Russell Investment Funds

Disclosure of Information about Fund Trustees and Officers, continued -
December 31, 2022 (Unaudited)

| INDEPENDENT TRUSTEES (continued) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

# Russell Investment Funds

Disclosure of Information about Fund Trustees and Officers, continued - December 31, 2022 (Unaudited)

| INVESTMENT TRUSTEES (continued) |  |  |  |
| --- | --- | --- | --- |
| OFFICERS |  |  |  |

# Russell Investment Funds

Adviser, Money Managers and Service Providers - December 31, 2022

(Unaudited)

Interested Trustee

Independent Registered Public Accounting Firm

Independent Trustees

Money Managers

U.S. Strategic Equity Fund

Russell Investment Funds

1301 Second Avenue  
Seattle, Washington 98101

800-787-7214  
Fax: 206-505-3495

![Russell Investments logo]() **Russell**  
Investments

# **Officers**

U.S. Small Cap Equity Fund

![img-0.jpeg](img-0.jpeg)

![Small logo]()

Russell Investments

2022 ANNUAL REPORT

Adviser

# Russell Investment Funds

LifePoints® Funds Variable Target Portfolio Series

FUND
Moderate Strategy Fund
Balanced Strategy Fund
Growth Strategy Fund
Equity Growth Strategy Fund

Bibliography and Transfer and Dividend
Agent

Strategic Bond Fund

DECEMBER 31, 2022
Custodian

# Russell Investment Funds

## Moderate Strategy Fund

### Portfolio Management Discussion and Analysis - December 31, 2022

(Unaudited)

![img-1.jpeg](img-1.jpeg)

# **Russell Investment Funds**

# **Moderate Strategy Fund**

**Portfolio Management Discussion and Analysis, continued - December 31, 2022 (Unaudited)**

# Russell Investment Funds

## Moderate Strategy Fund

Portfolio Management Discussion and Analysis, continued - December 31, 2022 (Unaudited)

Moderate Strategy Fund

Total
Return

Russell 1000® Index***

Total
Return

Describe any changes to the Fund's structure or allocation to the Underlying Funds.

# Russell Investment Funds

## Moderate Strategy Fund

Shareholder Expense Example - December 31, 2022 (Unaudited)

### Fund Expenses

Bloomberg U.S. Aggregate Bond IndexTM

Total Return

### Example

What is the Fund's investment objective?

The views expressed in this report reflect those of the portfolio managers only through the end of the fiscal year covered by the report. These views do not necessarily represent the views of RIM, or any other

# Russell Investment Funds

## Moderate Strategy Fund

Schedule of Investments - December 31, 2022

How did the Fund perform relative to its benchmark
for the fiscal year ended December 31, 2022?

Investments in Affiliated Funds - 100.0%
Alternative - 3.0%

Please note that the Fund's performance is not
less than the Company's share of the Company's
Investment in the Company's Investment Funds. This
should not be relied on as investment advice and, because investment
decisions for a Russell Investment Funds ("RIF")

# Russell Investment Funds

## Moderate Strategy Fund

### Statement of Assets and Liabilities - December 31, 2022

Actual Expenses 13.5% Fund use for and use current or future financial aid for any RIF Fund.

Fixed Income - 48.1%

Russell Investment Funds

Moderate Strategy Fund

Statement of Assets and Liabilities, continued - December 31, 2022

Liabilities
Net Assets Consist of
How did market conditions affect the Fund's
performance?

# Russell Investment Funds

## Moderate Strategy Fund

### Statement of Operations - For the Period Ended December 31, 2022

Net Assets
Net Assets Value, offering and redemption price per share

Investment Income

Excess Investments in Affiliated Funds

Total Investments - 100.1%

# Russell Investment Funds

## Moderate Strategy Fund

### Statements of Changes in Net Assets

|  | 2022 | 2021 |
| --- | --- | --- |
| Other Assets and Liabilities, Net - 0.12% |  |  |
| Net Assets - 100.0% |  |  |

|

# Russell Investment Funds

## Moderate Strategy Fund

### Financial Highlights - For the Periods Ended

|  | 1 Net Asset Value, Realized as of 2019 | 2 Net Investment Income (Loss) | 3 Net Realized and Unrealized Gain (Loss) | 4 Total Fund Investment Operating | 5 Distributions From Net Investment Income | 6 Distributions From Net Realized Gain |
| --- | --- | --- | --- | --- | --- | --- |
| Distributions | Total |  |  |  |  |  |
| Net Realized and Unrealized Gain (Loss) |  |  |  |  |  |  |

# Share Transactions*

|  | % | % | % | % | % | % |
| --- | --- | --- | --- | --- | --- | --- |
|  | % | % | Status of Payments | Status of Payments | Status of Net | % |
| Total Net Income (Net) | In Net Assets | Net Assets | In Average | In Average | Investment in Level | % |
| Total | Total | Total | Net Assets | Net Assets | In Average | Available |
| Total Assets | Prepaid | Return | Other | Less | Net | Net Assets |
| Net Assets |  |  |  |  |  | Variable Rate |

# **Russell Investment Funds**

# **Moderate Strategy Fund**

# **Related Party Transactions, Fees and Expenses**

Net Increase (Decrease) in Net Assets from Operations

2008

2009

# Russell Investment Funds

## Moderate Strategy Fund

### Federal Income Taxes, continued

| Fair Value, Beginning of Period | Purchases | Sales | Shares Realized Base (Loss) | Dollars Change in Investment Gain (Loss) | Fair Value, End of Period | Shares Income Distributions | Dollars Capital Gains Distributions |
| --- | --- | --- | --- | --- | --- | --- | --- |

# Russell Investment Funds

## Balanced Strategy Fund

### Portfolio Management Discussion and Analysis - December 31, 2022

(Unaudited)

![img-0.jpeg](img-0.jpeg)

# **Russell Investment Funds**

# **Balanced Strategy Fund**

**Portfolio Management Discussion and Analysis, continued - December 31, 2022 (Unaudited)**

# **Russell Investment Funds**

# **Balanced Strategy Fund**

**Federal Income Taxes** Discussion and Analysis, continued - December 31, 2022 (Unaudited)

Balanced Strategy Fund

Russell Investment Funds

Total
Return

Total
Return

# Russell Investment Funds

## Balanced Strategy Fund

Shareholder Expense Example 7 December 31, 2022 (Unaudited)

Investment Association Depreciation Shareholders Development

### Fund Expenses

Bloomberg U.S. Aggregate Bond IndexTM

Total
Return

Depreciation and Decrease in the Fund's structure or

Total
Return

### Example

What is the Fund's investment objective?

The views expressed in this report reflect those of the portfolio managers only through the end of the

# Russell Investment Funds

## Balanced Strategy Fund

### Schedule of Investments - December 31, 2022

| Ordinary Income Distributions | Long Term Capital Gain Distributions | Distribution in Excess | Return of Capital | Ordinary Income Distributions | Long Term Capital Gain Distributions | Return of Capital |
| --- | --- | --- | --- | --- | --- | --- |
| How did the Fund perform relative to its benchmark for the fiscal year ended December 31, 2022? |  |  |  |  |  |  |
| Investments in Affiliated Funds - 100.0% |  |  |  |  |  |  |
| Alternative - 3.5% |  |  |  |  |  |  |

The Fund is a member of the board of directors of the Company's Board of Directors. The Board of Directors is a member of the Board of Directors of the Company's Board of Directors. The Board of Directors is a member of the Board of Directors of the Company's Board of Directors.

# Russell Investment Funds

## Balanced Strategy Fund

### Statement of Assets and Liabilities - December 31, 2022

| Actual Expenses - 18.3% | On the investment basis and liabilities are shown in the following fund are based on numerous factors, should not be relied on as an indication of investment decisions of any RIF Fund. |
| --- | --- |
| Fixed Income - 29.7% |  |

Russell Investment Funds

Balanced Strategy Fund

Statement of Assets and Liabilities, continued - December 31, 2022

Liabilities

Net Assets Consist of:

New York's Common Conditions affect the Fund's performance?

Hypothetical Example for Comparison Purposes

Russell Investment Funds

Balanced Strategy Fund

# **Statement of Operations - For the Period Ended December 31, 2022**

Net Assets
Net Assets Value, offering and redemption price per share

Investment Income

Total Investments in Affiliated Funds

Expenses

Total Investments - 100.0%

# **Russell Investment Funds**

# **Balanced Strategy Fund**

# **Statements of Changes in Net Assets**

|  | 2022 | 2021 |
| --- | --- | --- |
| Other Assets and Liabilities, Net - 31.82% |  |  |
| Non-Asset/(In-State) in Net Assets |  |  |
| Operations |  |  |

![img-0.jpeg](img-0.jpeg)

# Russell Investment Funds

## Balanced Strategy Fund

### Financial Highlights - For the Periods Ended

|  | 1 Net Asset Value, Realized as of Period | 2 Net Investment Income (Loss) | 3 Net Realized and Unrealized Gain (Loss) | 4 Total Fund Investment Operating | 5 Distributions From Net Investment Income | 6 Distributions From Net Realized Gain |
| --- | --- | --- | --- | --- | --- | --- |
| Distributions |  |  |  |  |  |  |
| Net Realized and Unrealized Gain (Loss) |  |  |  |  |  |  |

# Share Transactions*

|  | % | % | % | % | % | % |
| --- | --- | --- | --- | --- | --- | --- |
|  | % | % | Status of Payments | Status of Payments | Status of Net | % |
| Total Net Income (Net) | In Net Assets | Net Assets | In Average | In Average | Investment in Level | % |
| Total | Total | Total | Net Assets | Net Assets | In Average | Available |
| Total Assets | Prepaid | Return | Other | Less | Net | Net Assets |
| Net Assets |  |  |  |  |  | Variable Rate |

# **Russell Investment Funds**

# **Balanced Strategy Fund**

# **Related Party Transactions, Fees and Expenses**

Net Increase (Decrease) in Net Assets from Operations

# Russell Investment Funds

## Growth Strategy Fund

### Portfolio Management Discussion and Analysis - December 31, 2022

(Unaudited)

![img-1.jpeg](img-1.jpeg)

# **Russell Investment Funds**

# **Growth Strategy Fund**

**Portfolio Management Discussion and Analysis, continued - December 31, 2022 (Unaudited)**

# Russell Investment Funds

## Growth Strategy Fund

Portfolio Management Discussion and Analysis, continued - December 31, 2022 (Unaudited)

Growth Strategy Fund

Bloomberg U.S. Aggregate Bond Index***

Total
Return

Total
Return

# Russell Investment Funds

## Growth Strategy Fund

Federal Income Tax Example - December 31, 2022 (Unaudited)

### Fund Expenses

Russell 1000' indexTM

### Example

What is the Fund's investment objective?

The Fund's investment objective is the Fund's structure or
Investment Objective

The views expressed in this report reflect those of
the portfolio managers only through the end of the

# Russell Investment Funds

## Growth Strategy Fund

Investments (Depreciation) (Depreciation) (Depreciation) (Depreciation) (Depreciation) (Depreciation) (Depreciation) (Depreciation) (Depreciation) (Depreciation) (Depreciation) (Depreciation) (Depreciation) (Depreciation) (Depreciation) (Depreciation) (Depreciation) (Depreciation) (Depreciation) (Depreciation) (Depreciation)

### Schedule of Investments - December 31, 2022

How did the Fund perform relative to its benchmark for the fiscal year ended December 31, 2022?

Investments in Affiliated Funds - 100.0%

Alternative - 4.0%

The Fund is responsible for the amount of the funds in the financial year. The Fund is responsible for the amount of the funds in the financial year. The Fund is responsible for the amount of the funds in the financial year.

The Fund is responsible for the amount of the funds in the financial year.

# Russell Investment Funds

## Growth Strategy Fund

December 31, 2022

December 31, 2021

Statement of Assets and Liabilities - December 31, 2022

| Actual Expenses | 2022 | Liabilities | Liabilities |
| --- | --- | --- | --- |
| Fixed Income - 10.8% |  |  |  |

Fund are based on numerous factors, should not be relied on as an indication of investment decisions of any RIF Fund.

# Russell Investment Funds

## Growth Strategy Fund

### Statement of Assets and Liabilities, continued - December 31, 2022

#### Liabilities

Net Assets Consist of:

New York's Common Conditions affect the Fund's performance?

#### Hypothetical Example for Comparison Purposes

# Russell Investment Funds

## Growth Strategy Fund

### Statement of Operations - For the Period Ended December 31, 2022

Net Assets
Net Asset Value, offering and redemption price per share

Investment Income

Total Investments in Affiliated Funds

Expenses

Total Investments - 100.0%

# Russell Investment Funds

## Growth Strategy Fund

### Statements of Changes in Net Assets

|  | 2022 | 2021 |
| --- | --- | --- |
| Other Assets and Liabilities, Net - 31.82% |  |  |
| Net Assets (in $M,000) in Net Assets |  |  |
| Operations |  |  |

![img-0.jpeg](img-0.jpeg)

# Russell Investment Funds

## Growth Strategy Fund

### Financial Highlights - For the Periods Ended

|  | 1 Net Asset Value, Realized as of Period | 2 Net Investment Income (Loss) | 3 Net Realized and Unrealized Gain (Loss) | 4 Total From Investment Operations | 5 Distributions From Net Investment Income | 6 Distributions from Net Realized Gain |
| --- | --- | --- | --- | --- | --- | --- |
| Distributions |  |  |  |  |  |  |
| Net Realized and Unrealized Gain (Loss) |  |  |  |  |  |  |

# Share Transactions*

|  | % | % | % | % | % | % |
| --- | --- | --- | --- | --- | --- | --- |
|  | % | % | Status of Payments | Status of Payments | Status of Net | % |
| Total Net Income (Net) | In Net Assets | Net Assets | In Average | In Average | Investment in Level | % |
| Total | Total | Total | Net Assets | Net Assets | In Average | Available |
| Total Assets | Prepaid | Return | Other | Less | Net | Net Assets |
| Net Assets |  |  |  |  |  | Variable Rate |

# **Russell Investment Funds**

# **Growth Strategy Fund**

# **Related Party Transactions, Fees and Expenses**

Net Increase (Decrease) in Net Assets from Operations

# Russell Investment Funds

## Growth Strategy Fund

### Federal Income Taxes, continued

| Fee Value, Beginning of Period | Purchases | Sales | Total Period to Beginning of Period | Fee Value, End of Period | Income ($) | Change ($) |
| --- | --- | --- | --- | --- | --- | --- |

# Russell Investment Funds

## Equity Growth Strategy Fund

### Portfolio Management Discussion and Analysis - December 31, 2022

(Unaudited)

![img-1.jpeg](img-1.jpeg)

# **Russell Investment Funds**

# **Equity Growth Strategy Fund**

**Portfolio Management Discussion and Analysis, continued - December 31, 2022 (Unaudited)**

# Russell Investment Funds

## Equity Growth Strategy Fund

**Federal Income Taxes** - Discussion and Analysis, continued - December 31, 2022 (Unaudited)

Equity Growth Strategy Fund

Total
Return

MSCI World Bank (Net)

Long Term

Total
Return

The views expressed in this report reflect those of the portfolio managers only through the end of the fiscal year covered by the report. These views do not necessarily represent the views of RIM, or any other

# Russell Investment Funds

## Equity Growth Strategy Fund

Shareholder Expense Example: December 31, 2022 (Unaudited)

Investments: Association: Democratic: Democratic: Ordinary Income: Development

### Fund Expenses

Russell 1000' IndexTM

Total Return

### Example

What is the Fund's investment objective?

When it is a fund, it is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that is a fund that

# Russell Investment Funds

## Equity Growth Strategy Fund

Schedule of Investments - December 31, 2022

Ordinary Income Distributions Capital Loss Distributions Return of Capital Ordinary Income Distributions Capital Loss Distributions Return of Capital

Now did the Fund perform relative to its benchmark
for the year ended December 31, 2022
and the Fund and the Underlying Funds
affect the Fund's performance

Investments in Affiliated Funds - 100.0%

Interviews - 5.0%

# **Russell Investment Funds**

# **Equity Growth Strategy Fund**

# **Statement of Assets and Liabilities - December 31, 2022**

Actual Expenses - 27.2%

International Equities - 57.8%

# Russell Investment Funds

## Equity Growth Strategy Fund

Statement of Assets and Liabilities, continued - December 31, 2022

Total assets
This report is a copy of the report. This report constitutes a report of the Fund's performance.
Total assets are listed in the Fund's performance.
Total assets are listed in the Fund's performance.

# Russell Investment Funds

## Equity Growth Strategy Fund

### Statement of Operations - For the Period Ended December 31, 2022

Total liabilities
Net Asset Value, offering and redemption price per share
Net Assets
Total Assets 100.0%

Equity Assets and Liabilities, Net - (0.1)%
Net Assets - 100.0%

# **Russell Investment Funds**

# **Equity Growth Strategy Fund**

# **Statements of Changes in Net Assets**

|  | 2022 | 2023 |
| --- | --- | --- |
| Increase (Decrease) in Net Assets |  |  |
| Operations |  |  |

![img-0.jpeg](img-0.jpeg)

# Russell Investment Funds

## Equity Growth Strategy Fund

### Financial Highlights - For the Periods Ended

| 1 Net Asset Value, Beginning of August | 2 Net Investment Income (Loss) | 3 Net Realized Asset (Loss) | 4 Total Fund Investment Operations | 5 Distributions From Net Investment Income | 6 Distributions From Net Realized Assets |
| --- | --- | --- | --- | --- | --- |

Syndicate and Unrealized Gain (Loss)

| Share Transactions* |  | % |  | % |  | % |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 0 | Net Assets | 0 | Net Assets | Ratio of Revenues to Average | Ratio of Revenues to Average | Ratio of Net Investment Income | To |
| Total | General | Total | Net Assets | Net Assets | Net Assets | In Average | Products |
| Total Assets | Total Assets | Total | Net Assets | Net Assets | Net Assets | Net Assets | Current Rate |

Net Assets

# **Russell Investment Funds**

# **Equity Growth Strategy Fund**

# **Related Party Transactions, Fees and Expenses**

Net Increase (Decrease) in Net Assets from Operations

# Russell Investment Funds

## LifePoints® Funds Variable Target Portfolio Series

### Notes to Financial Highlights - December 31, 2022

| Full Notes |  |  | Liabilities |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Beginning of Period | Purchases | Sales | Preceded (Loss) (Loss) | Unrealized Gain (Loss) | Fair Value, End of Period | Income Distribution | Capital Gains Distribution |
|  |  |  | 2022 |  |  | 2023 |  |
|  |  |  | Shares | Dollars |  | Shares | Dollars |

# **Russell Investment Funds**

# **LifePoints® Funds Variable Target Portfolio Series**

**Notes to Financial Statements - December 31, 2022**

1. Organization

# **Russell Investment Funds**

# **LifePoints® Funds Variable Target Portfolio Series**

Notes to Financial Statements, continued - December 31, 2022

**Federal Income Taxes**

# Russell Investment Funds

## LifePoints® Funds Variable Target Portfolio Series

Notes to Financial Statements, continued - December 31, 2022

### Federal Income Taxes

| Cost of Investments | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation [Depreciation] | Unalized Based Ordinary Income | Capital Gains Capital Gains [Capital Loss Carryforward] |
| --- | --- | --- | --- | --- | --- |

# **Russell Investment Funds**

# **LifePoints® Funds Variable Target Portfolio Series**

**Notes to Financial Statements, continued - December 31, 2022**

LIBOR

December 31, 2022
Long-Term

December 31, 2021
Long-Term

Russell Investment Funds

LifePoints® Funds Variable Target Portfolio Series

Notes to Financial Statements, Volume 1, December 31, 2022

3. Investment Transactions

Underlying Funds

# Russell Investment Funds

## LifePoints® Funds Variable Target Portfolio Series

Notes to Financial Statements, continued - December 31, 2022

Dividends and Distributions to Shareholders

Business
Funding
Fund

Asset Allocation*
Business
Investigation
Fund

Equity Growth
Investigation
Fund

# Russell Investment Funds

## LifePoints® Funds Variable Target Portfolio Series

Notes to Financial Statements, continued - December 31, 2022

|  | By Population | Long Term | Totals |
| --- | --- | --- | --- |
| Market, Credit and Counterparty Risk |  |  |  |
| 1. Related Party Transactions, Fees and Expenses |  |  |  |
| 2. Significant Accounting Policies |  |  |  |
| Adviser, Administrator, Transfer and Dividend Disbursing Agent |  |  |  |
| 3. Record Ownership |  |  |  |

Report of Independent Registered Public Accounting Firm

Total

1 of Shareholders

Investment Income

PricewaterhouseCoopers LLP

# **Report of Independent Registered Public Accounting Firm**

Transfer and Dividend Disbursing Agent

7. Line of Credit

Advisory

Administrative

**Russell Investment Funds**

**LifePoints® Funds Variable Target Portfolio Series**

**Tax Information- December 31, 2022 (Unaudited)**

---

Distributor

# Russell Investment Funds

## LifePoints® Funds Variable Target Portfolio Series

Shareholder Requests for Additional Information - December 31, 2022

(Unaudited)

### 8. Subsequent Events
Board of Trustees

# **Russell Investment Funds**

# **LifePoints® Funds Variable Target Portfolio Series**

Disclosure of Information about Fund Trustees and Officers - December 31, 2022 (Unaudited)

5. Federal Income Taxes

![img-0.jpeg](img-0.jpeg)

# **Russell Investment Funds**

# **LifePoints® Funds Variable Target Portfolio Series**

Disclosure of Information about Fund Trustees and Officers, continued -
December 31, 2022 (Unaudited)

![img-1.jpeg](img-1.jpeg)

# **Russell Investment Funds**

# **LifePoints® Funds Variable Target Portfolio Series**

Disclosure of Information about Fund Trustees and Officers, continued -
December 31, 2022 (Unaudited)

| INDEPENDENT TRUSTEES |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

# **Russell Investment Funds**

# **LifePoints® Funds Variable Target Portfolio Series**

Disclosure of Information about Fund Trustees and Officers, continued -
December 31, 2022 (Unaudited)

| INDEPENDENT TRUSTEES (continued) |  |  |  |  |
| --- | --- | --- | --- | --- |

# **Russell Investment Funds**

# **LifePoints® Funds Variable Target Portfolio Series**

Disclosure of Information about Fund Trustees and Officers, continued -
December 31, 2022 (Unaudited)

| INDEPENDENT TRUSTEES (continued) |  |  |  |  |
| --- | --- | --- | --- | --- |
| INTERESTED TRUSTEES |  |  |  |  |

# **Russell Investment Funds**

# **LifePoints® Funds Variable Target Portfolio Series**

Disclosure of Information about Fund Trustees and Officers, continued -
December 31, 2022 (Unaudited)

INDEPENDENT TRUSTEES (continued)

<table><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>

# **Russell Investment Funds**

# **LifePoints® Funds Variable Target Portfolio Series**

Disclosure of Information about Fund Trustees and Officers, continued -
December 31, 2022 (Unaudited)

| INVESTMENT TRUSTEES (continued) |  |  |  |
| --- | --- | --- | --- |
| OFFICERS |  |  |  |

# Russell Investment Funds

## LifePoints® Funds Variable Target Portfolio Series

Adviser and Service Providers - December 31, 2022 (Unaudited)

Interested Trustee

Independent Trustees

Administrator and Transfer and Dividend
Disbursing
Agent

Custodian

Russell Investment Funds

1301 Second Avenue  
Seattle, Washington 98101

800-787-7254  
Fax: 206-605-3495

![Russell Investments logo]() **Russell  
Investments**

**Adviser**

**Distributor**

![img-0.jpeg](img-0.jpeg)

# **Item 2. Code of Ethics. [Annual Report Only]**

(a) As of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer ("Code").

(b) That Code comprises written standards that are reasonably designed to deter wrongdoing and to promote:

**INDENT##** honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

**INDENT##** full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by each Mutual Fund;

**INDENT##** compliance with applicable laws and governmental rules and regulations;

**INDENT##** the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

5) **&nbsp;&nbsp;&nbsp;&nbsp;** accountability for adherence to the Code.

(c) The Code was restated as of August 2022; the restatement did not involve any material change.

(d) As of the end of the period covered by the report, there have been no waivers granted from a provision of the Code that applies to the registrant's principal executive officer and principal financial officer.

(e) Not applicable.

(f) The registrant has filed with the SEC, pursuant to Item 13(a)(1), a copy of the Code that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR.

# **Item 3. Audit Committee Financial Expert. [Annual Report Only]**

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. [Annual Report Only]**

**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:

2021$INDENT## $290,889
2022$INDENT## $282,793

# **Audit-Related Fees**

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

Fees&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT## Nature of Services
2021 $103,397&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT## Tax services performed in connection with the audit
2022 $100,329&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp; Tax services performed in connection with the audit
&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp; Tax Fees

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

Fees&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp; Nature of Services
2021 $92,865&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp; Tax services
2022 $92,865&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT## Tax services

# **All Other Fees**

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

Fees&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp; Nature of Services
2021 $0&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;
2022 $0&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT&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**

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

**Effective Date: August 25, 2020**

# **I. &nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT##**

# **Statement of Purpose.**

This Audit and Non-Audit Services Pre-Approval Policy ("Policy") has been adopted by the Joint Audit Committee (the "Audit Committee") of Russell Investment Company ("RIC") and Russell Investment Funds ("RIF") to apply to any and all engagements of the independent auditor with: (1) RIC and RIF, respectively, for audit and permissible non-audit services and (2) the Funds' adviser or its control affiliates (collectively, "Adviser Entities") for permissible non-audit services that relate directly to the Funds' operations or financial reporting ("fund-related services").

[1] The term "Fund" shall collectively refer to each series of RIC and RIF. 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;INDENT&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:

# &nbsp;&nbsp;&nbsp;&nbsp;INDENT##

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);

# &nbsp;&nbsp;&nbsp;&nbsp;INDENT##

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

&nbsp;&nbsp;&nbsp;&nbsp;#INDENT##
Places the auditor in the position of auditing its own work; or

&nbsp;&nbsp;&nbsp;&nbsp;#INDENT##
Places the accountant in a position of being an advocate for the audit client.
Accordingly, it is the Funds' policy that the independent auditor for the Funds must not be engaged to perform any service that contravenes the rules adopted by the SEC governing auditor independence, including the four guidelines set forth above, or which in any way could be deemed to impair or compromise the independence of the auditor for the Funds. This Policy is designed to accomplish those requirements and will henceforth be applied to all engagements by the Funds of their independent auditor, whether for audit, audit-related, tax, or other non-audit services, as well as to engagements of the auditor by Adviser Entities for fund-related services.
Rules adopted by the SEC establish two distinct approaches to the pre-approval of auditor services by the Audit Committee. The proposed services either may receive general pre-approval through adoption by the Audit Committee of pre-approval policies and procedures, provided the policies and procedures are detailed as to the particular services (e.g., a list of authorized services for the fund, together with a budget of expected costs for those services), the Audit Committee is informed of each service and such policies and procedures do not include delegation of the Audit Committee's responsibilities to management ("general pre-approval"), or specific pre-approval by the Audit Committee of all services provided to the Funds or fund-related services provided to Adviser Entities on a case-by-case basis ("specific pre-approval").
The Funds' Audit Committee believes that the combination of these two approaches reflected in this Policy will result in an effective and efficient procedure for the pre-approval of permissible services performed by the Funds' independent auditor. The Funds' Audit and Non-Audit Pre-Approved Services Schedule lists the audit, audit-related, tax and other services (including fund-related services) that have the general pre-approval of the Audit Committee.

[2]
As set forth in this Policy, unless a particular service has received general pre-approval, those services will require specific pre-approval by the Audit Committee before any such services can be provided by the independent auditor. Any proposed service to the Funds or Adviser Entities that exceeds the pre-approved budget for those services will also require specific pre-approval by the appropriate Audit Committee.
In assessing whether a particular audit or non-audit service should be approved, the Audit Committee will take into account the ratio between the total amounts paid for audit, audit-related, tax and other services, based on historical patterns, with a view toward assuring that the level of fees paid for non-audit services as they relate to the fees paid for audit services does not compromise or impair the independence of the auditor. The Audit Committee will review the list of general pre-approved services, including the pre-approved budget for those services, at least annually and more frequently if deemed appropriate by the Audit Committee, and may implement changes thereto from time to time.

III.
&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&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;#INDENT#&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, 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;#INDENT#&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 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;#INDENT#&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;#INDENT##
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:
• Bookkeeping or other services relating to the accounting records or financial statements of the Funds
• Financial information system design and implementation
• Appraisal or valuation services, fairness opinions or contribution-in-kind reports
• Actuarial services
• Internal audit outsourcing services
• Management functions
• Human resources services
• Broker-dealer, investment adviser or investment banking services
• Legal services unrelated to the audit
• 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.
## INDENT##
## 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;#INDENT## (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 by RIC or RIF, as applicable, to the independent auditor during the fiscal year in which the services were provided;
&nbsp;&nbsp;&nbsp;&nbsp;#INDENT## (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;#INDENT## (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 RIC or RIF, as applicable, 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.
## INDENT#&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.
## INDENT#&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 "RIC & RIF 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 RIC and RIF 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 RIC or RIF.

## XI.
## INDENT#&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 RIC, RIF, 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.

(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:

# **Item 13. 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

(b)

&nbsp;&nbsp;&nbsp;&nbsp;

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

(c)

&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

# **SIGNATURES##NEWLINE## NEWLINE##**

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: &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;##INDENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vernon Barback

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

Date: February 15, 2023

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: &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;##INDENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vernon Barback

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

Date: February 15, 2023

By: &nbsp;&nbsp;&nbsp;&nbsp; /s/ Kari

Seabrands&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;##INDENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kari Seabrands

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

Date: February 15, 2023

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

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

## Ex-99.Code

**Exhibit (a)**

RUSSELL INVESTMENT COMPANY

RUSSELL INVESTMENT FUNDS

CODE OF ETHICS

FOR

SENIOR MUTUAL FUND OFFICERS

This Code of Ethics ("Code") applies to the Chief Executive Officer and Chief Financial Officer (each, a "Senior Mutual Fund Officer") of Russell Investment Company and Russell Investment Funds (each, a "Mutual 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 Mutual Fund files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by each Mutual 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 Mutual 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 MUTUAL FUND OFFICERS SHOULD ACT HONESTLY AND CANDIDLY

Each Senior Mutual Fund Officer owes a duty to each Mutual 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 Mutual 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 Mutual Fund's policies;

■observe both the form and spirit of laws and governmental rules and regulations, accounting standards and Mutual Fund policies;

■adhere to a high standard of business ethics; and

■place the interests of each Mutual Fund before the Senior Mutual Fund Officer's own personal interests.

All activities of Senior Mutual 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 MUTUAL FUND OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST

**Guiding Principles.** A "conflict of interest" occurs when a Senior Mutual Fund Officer's private interest interferes with the interests of his or her service to a Mutual Fund. A conflict of interest can arise when a Senior Mutual Fund Officer takes actions or has interests that may make it difficult to perform his or her Mutual Fund work objectively and effectively. For example, a conflict of interest would arise if a Senior Mutual Fund Officer, or a member or his family, receives improper personal benefits as a result of his or her position with a Mutual Fund. In addition, Senior Mutual Fund Officers should be sensitive to situations that create apparent, if not actual, conflicts of interest. Service to a Mutual Fund should never be subordinated to personal gain and advantage.

Certain conflicts of interest arise out of the relationships between Senior Mutual Fund Officers and a Mutual 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 Mutual Fund Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Mutual Fund because of their status as "affiliated persons" of the Mutual 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 Mutual 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 Mutual Fund and its investment adviser of which the Senior Mutual Fund Officers are also officers or employees, it is recognized by each Mutual Fund's Board of Trustees (the "Board") that, subject to the adviser's fiduciary duties to a Mutual Fund, the Senior Mutual Fund Officers will, in the normal course of their duties (whether formally for a Mutual 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 Mutual Fund. The Board recognizes that the participation of the Senior Mutual Fund Officers in such activities is inherent in the contractual relationship between a Mutual Fund and the adviser and is consistent with the Board's expectation of the performance by the Senior Mutual Fund Officers of their duties as officers of a Mutual Fund. In addition, it is recognized by the Board that the Senior Mutual 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 Mutual Fund Officers acting in those distinct capacities.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Each Senior Mutual 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 Mutual Fund whereby the Senior Mutual Fund Officer would benefit personally to the detriment of a Mutual Fund;

■not cause a Mutual Fund to take action, or fail to take action, for the personal benefit of the Senior Mutual Fund Officer rather than for the benefit of a Mutual Fund;

■not use material non-public knowledge of portfolio transactions made or contemplated for a Mutual 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 Mutual 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 Mutual Fund's directors & officers questionnaire.

The Senior Mutual Fund Officers should follow the precepts and requirements of the Russell Investments' code of ethics as adopted by a Mutual 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 Mutual Fund Officer is required to be familiar with, and comply with, the Russell Investments Fund Services, LLC Sarbanes-Oxley Policy and any corresponding disclosure controls and procedures so that a Mutual 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 Mutual Fund Officer having direct or supervisory authority regarding these SEC filings or a Mutual Fund's other public communications should, to the extent appropriate within his area of responsibility, consult with other Mutual 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 Mutual Fund Officer must:

■familiarize himself or herself with the disclosure requirements generally applicable to a Mutual Fund; and

■not knowingly misrepresent, or cause others to misrepresent, facts about a Mutual Fund to others, whether within or outside a Mutual Fund, including to a Mutual 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 Mutual Fund's policy to comply with all applicable laws and governmental rules and regulations. It is the personal responsibility of each Senior Mutual 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 Mutual 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 Mutual Fund or their affiliated persons for reports of potential violations that are made in good faith; and

■notify a Mutual Fund's Chief Legal Officer and/or a Mutual 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 Mutual 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 Mutual 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 Mutual Fund's Chief Compliance Officer is authorized to consult, as appropriate, with a Mutual Fund's Chief Legal Officer, legal counsel to a Mutual 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 Mutual Fund will follow these procedures in investigating and enforcing the Code:

■the Mutual Fund Chief Legal Officer and/or Mutual 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 Mutual Fund Chief Legal Officer and/or Mutual Fund Chief Compliance Officer believes that no violation has occurred, the Mutual Fund Chief Legal Officer and/or Mutual Fund Chief Compliance Officer is not required to take any further action;

■any matter that the Mutual Fund Chief Legal Officer and/or Mutual 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 Mutual 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 Mutual 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 Mutual 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 Mutual 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 Mutual Fund's Chief Compliance Officer, Mutual Fund Chief Legal Officer, the members of the Board and their counsels, a Mutual Fund and its adviser and principal underwriter and their legal counsel. The obligation to preserve confidential information continues even after employment as a Senior Mutual 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 Mutual Fund and does not constitute an admission, by or on behalf of any Mutual Fund, as to any fact, circumstance, or legal conclusion.

Last Updated: August 22, 2022

------

[\[1\]](#_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" of the registrant.

## 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 my 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 my 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 my 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 fiscal quarter of 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 15, 2023

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /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, Kari Seabrands, 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 am 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 my 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 my 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 my 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 fiscal quarter of 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 15, 2023

<u>/s/ Kari Seabrands&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Kari Seabrands

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

## 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 Kari Seabrands, 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, 2022 (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 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;&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/ Kari Seabrands&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; Kari Seabrands

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

Date: February 15, 2023