2024

QUARTERLY

REPORT

Russell

Investment

Funds

March

31,

2024

FUND

U.S.

Strategic

Equity

Fund

U.S.

Small

Cap

Equity

Fund

International

Developed

Markets

Fund

Strategic

Bond

Fund

Global

Real

Estate

Securities

Fund

Russell

Investment

Funds

Russell

Investment

Funds

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

Funds.

This

Quarterly

Report

reports

on

five

of

these

Funds.

Page

U.S.

Strategic

Equity

Fund

3

U.S.

Small

Cap

Equity

Fund

11

International

Developed

Markets

Fund

24

Strategic

Bond

Fund

34

Global

Real

Estate

Securities

Fund

69

Notes

to

Schedules

of

Investments

74

Notes

to

Quarterly

Report

76

Russell

Investment

Funds

Quarterly

Report

March

31,

2024

(Unaudited)

Table

of

Contents

Russell

Investment

Funds

Copyright

©

Russell

Investments

2024.

All

rights

reserved.

Russell

Investments’

ownership

is

composed

of

a

majority

stake

held

by

funds

managed

by

TA

Associates

Management,

L.P.,

with

a

significant

minority

stake

held

by

funds

managed

by

Reverence

Capital

Partners,

L.P.

Certain

of

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-

controlling,

ownership

stakes.

Frank

Russell

Company

is

the

owner

of

the

Russell

trademarks

contained

in

this

material

and

all

trademark

rights

related

to

the

Russell

trademarks,

which

the

members

of

the

Russell

Investments

group

of

companies

are

permitted

to

use

under

license

from

Frank

Russell

Company.

The

members

of

the

Russell

Investments

group

of

companies

are

not

affiliated

in

any

manner

with

Frank

Russell

Company

or

any

entity

operating

under

the

“FTSE

RUSSELL”

brand.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

investing.

A

prospectus

containing

this

and

other

important

information

must

precede

or

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

Securities

distributed

through

Russell

Investments

Financial

Services,

LLC,

member

FINRA,

part

of

Rus-

sell

Investments.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

3

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

103.4%

Consumer

Discretionary

-

15.4%

Advance

Auto

Parts,

Inc.

10,086

858

Amazon.com,

Inc.(Æ)(Û)

127,683

23,031

Atmus

Filtration

Technologies,

Inc.(Æ)

39,149

1,263

Autoliv,

Inc.

4,989

601

AutoZone,

Inc.(Æ)

656

2,068

BorgWarner,

Inc.(Û)

20,443

710

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

1,006

2,924

Comcast

Corp.

Class

A

35,877

1,555

Costco

Wholesale

Corp.

5,510

4,037

Coupang,

Inc.(Æ)(Ð)

31,553

561

Coursera,

Inc.(Æ)

12,879

181

Dick's

Sporting

Goods,

Inc.

2,502

563

Dillard's,

Inc.

Class

A(Û)

618

291

Domino's

Pizza,

Inc.(Û)

1,843

916

DR

Horton,

Inc.

7,046

1,159

Duolingo,

Inc.(Æ)(Ð)

537

118

eBay,

Inc.(Û)

33,043

1,744

FactSet

Research

Systems,

Inc.

1,452

660

Five

Below,

Inc.(Æ)

2,894

525

Foot

Locker,

Inc.

7,242

206

Ford

Motor

Co.(Û)

148,743

1,975

Fox

Corp.

Class

A(Ð)

27,338

855

Garmin,

Ltd.

6,645

989

General

Motors

Co.(Û)

102,462

4,647

Genuine

Parts

Co.

3,378

523

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)(Ð)

22,259

306

Home

Depot,

Inc.

(The)

3,869

1,484

Hubbell,

Inc.

Class

B

1,804

749

Interpublic

Group

of

Cos.,

Inc.

(The)(Ð)

20,817

679

KB

Home

4,655

330

Lear

Corp.(Û)

5,099

739

Lennar

Corp.

Class

A(Û)

11,415

1,963

Lithia

Motors,

Inc.

Class

A

2,375

715

Live

Nation

Entertainment,

Inc.(Æ)

29,538

3,124

Lowe's

Cos.,

Inc.

8,287

2,111

Lululemon

Athletica,

Inc.(Æ)

4,089

1,597

Marriott

International,

Inc.

Class

A

3,657

923

McDonald's

Corp.

8,424

2,375

MercadoLibre,

Inc.(Æ)

102

154

Netflix,

Inc.

Class

B(Æ)

1,517

921

News

Corp.

Class

A

25,106

657

Nike,

Inc.

Class

B

19,243

1,808

NVR,

Inc.(Æ)

305

2,471

Omnicom

Group,

Inc.

15,352

1,485

O'Reilly

Automotive,

Inc.(Æ)

2,416

2,727

Paramount

Global

Class

B(Ð)

23,473

276

Peloton

Interactive,

Inc.

Class

A(Æ)(Ð)

27,900

120

Petco

Health

&

Wellness

Co.,

Inc.(Æ)(Ð)

16,200

37

Ross

Stores,

Inc.

8,289

1,217

Skechers

USA,

Inc.

Class

A(Æ)

7,550

463

Starbucks

Corp.

11,555

1,056

Target

Corp.

7,785

1,380

Taylor

Morrison

Home

Corp.

Class

A(Æ)

1,757

109

Tesla,

Inc.(Æ)

9,521

1,674

Texas

Roadhouse,

Inc.

Class

A

5,379

831

TJX

Cos.,

Inc.

(The)

15,500

1,572

Tractor

Supply

Co.

1,650

432

Tri

Pointe

Homes,

Inc.(Æ)

5,360

207

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ulta

Beauty,

Inc.(Æ)

1,209

632

Walmart,

Inc.

21,531

1,296

Walt

Disney

Co.

(The)

12,534

1,534

Wayfair,

Inc.

Class

A(Æ)

15,517

1,053

94,167

Consumer

Staples

-

4.0%

Archer-Daniels-Midland

Co.(Û)

40,604

2,550

Boston

Beer

Co.,

Inc.

Class

A(Æ)

648

197

Church

&

Dwight

Co.,

Inc.

8,385

875

Coca-Cola

Co.

(The)

14,461

885

Conagra

Brands,

Inc.

52,979

1,570

CVS

Health

Corp.

38,848

3,098

Hershey

Co.

(The)

2,697

525

Ingredion,

Inc.

4,400

514

Kenvue,

Inc.

24,489

526

Kroger

Co.

(The)

40,577

2,318

Molson

Coors

Beverage

Co.

Class

B

6,574

442

Mondelez

International,

Inc.

Class

A

17,114

1,198

Monster

Beverage

Corp.(Æ)

54,085

3,206

PepsiCo,

Inc.

7,000

1,225

Philip

Morris

International,

Inc.

5,095

467

Procter

&

Gamble

Co.

(The)

10,963

1,779

Tyson

Foods,

Inc.

Class

A(Û)

48,224

2,832

Walgreens

Boots

Alliance,

Inc.

17,095

371

24,578

Energy

-

4.2%

Baker

Hughes

Co.

53,876

1,805

BP

PLC

-

ADR

38,221

1,440

Canadian

Natural

Resources,

Ltd.

10,875

830

Chevron

Corp.

15,919

2,511

Coterra

Energy,

Inc.

22,148

618

CVR

Energy,

Inc.(Ð)

4,293

153

Devon

Energy

Corp.

12,297

617

Eaton

Corp.

PLC

10,668

3,336

EOG

Resources,

Inc.

4,270

546

Exxon

Mobil

Corp.

30,916

3,594

HF

Sinclair

Corp.(Û)

6,387

386

Kinder

Morgan,

Inc.

27,479

504

Marathon

Oil

Corp.(Û)

12,046

341

Marathon

Petroleum

Corp.(Û)

10,296

2,075

Occidental

Petroleum

Corp.

8,824

573

Par

Pacific

Holdings,

Inc.(Æ)

2,807

104

Phillips

66(Ð)

10,049

1,641

Shell

PLC

-

ADR

16,778

1,125

TechnipFMC

PLC(Û)

15,867

398

Valero

Energy

Corp.(Û)

16,667

2,845

Williams

Cos.,

Inc.

(The)

11,962

466

25,908

Financial

Services

-

14.7%

AerCap

Holdings,

Ltd.

/

AerCap

Global

Aviation

Trust(Æ)

24,556

2,134

Affiliated

Managers

Group,

Inc.

3,160

529

Aflac,

Inc.

12,173

1,045

Allstate

Corp.

(The)(Û)

15,150

2,621

American

Express

Co.

11,533

2,626

American

Tower

Corp.(ö)

2,122

419

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

4

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ameriprise

Financial,

Inc.

3,833

1,681

Apollo

Global

Management,

Inc.

18,828

2,117

Axis

Capital

Holdings,

Ltd.

7,977

519

Bank

of

America

Corp.

54,746

2,076

Bank

of

New

York

Mellon

Corp.

(The)

33,839

1,950

Berkshire

Hathaway,

Inc.

Class

B(Æ)

9,462

3,979

BlackRock,

Inc.

Class

A

846

705

BOK

Financial

Corp.

3,551

327

Brighthouse

Financial,

Inc.(Æ)

8,135

419

Camden

Property

Trust(ö)

5,423

534

Carlyle

Group,

Inc.

(The)

46,353

2,174

CBRE

Group,

Inc.

Class

A(Æ)

7,914

770

Charles

Schwab

Corp.

(The)

10,137

733

Chubb,

Ltd.

3,352

869

Cincinnati

Financial

Corp.

3,921

487

Citigroup,

Inc.

61,971

3,919

CME

Group,

Inc.

Class

A

1,836

395

CNA

Financial

Corp.

600

27

CNO

Financial

Group,

Inc.

4,140

114

Comerica,

Inc.

12,930

711

Corebridge

Financial,

Inc.

27,865

801

Cullen/Frost

Bankers,

Inc.

4,208

474

Dun

&

Bradstreet

Holdings,

Inc.

20,050

201

Equinix,

Inc.(ö)

566

467

Equity

Commonwealth(Æ)(ö)

16,554

313

Essex

Property

Trust,

Inc.(Ð)(ö)

2,936

719

Evercore,

Inc.

Class

A

4,258

820

Everest

Re

Group,

Ltd.

744

296

First

American

Financial

Corp.

10,860

663

First

Horizon

Corp.(Û)

30,321

467

Gaming

and

Leisure

Properties,

Inc.(ö)

8,445

389

Globe

Life,

Inc.

4,169

485

Goldman

Sachs

Group,

Inc.

(The)

2,027

847

Hanover

Insurance

Group,

Inc.

(The)

7,278

991

Hartford

Financial

Services

Group,

Inc.

6,205

639

Howard

Hughes

Corp.

(The)(Æ)(Ð)

12,020

873

Interactive

Brokers

Group,

Inc.

Class

A

5,770

645

Intercontinental

Exchange,

Inc.

3,208

441

Janus

Henderson

Group

PLC

3,220

106

JPMorgan

Chase

&

Co.

21,404

4,287

KeyCorp(Û)

48,450

766

Kinsale

Capital

Group,

Inc.

763

400

LPL

Financial

Holdings,

Inc.

3,754

992

Marsh

&

McLennan

Cos.,

Inc.

2,092

431

MasterCard,

Inc.

Class

A(Û)

22,413

10,793

Morgan

Stanley

24,650

2,321

Northern

Trust

Corp.

4,624

411

NU

Holdings,

Ltd.

Class

A(Æ)

63,405

756

Pinnacle

Financial

Partners,

Inc.(Ð)

2,070

178

Popular,

Inc.

6,926

610

Progressive

Corp.

(The)

9,072

1,876

Prologis,

LP(ö)

13,986

1,821

Public

Storage(ö)

1,460

424

Raymond

James

Financial,

Inc.

6,171

792

Reinsurance

Group

of

America,

Inc.

Class

A

5,818

1,122

RLI

Corp.(Ð)

1,922

285

Robinhood

Markets,

Inc.

Class

A(Æ)(Ð)

30,250

609

Ryan

Specialty

Holdings,

Inc.

Class

A

2,339

130

SLM

Corp.

29,618

645

State

Street

Corp.

4,989

386

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Synchrony

Financial

24,063

1,038

TPG,

Inc.

8,623

385

Travelers

Cos.,

Inc.

(The)(Û)

14,636

3,368

US

Bancorp

41,478

1,854

Virtu

Financial,

Inc.

Class

A

9,100

187

Visa,

Inc.

Class

A

7,588

2,118

Wells

Fargo

&

Co.

63,454

3,678

Weyerhaeuser

Co.(ö)

16,929

608

Willis

Towers

Watson

PLC

4,076

1,121

WR

Berkley

Corp.

12,641

1,118

90,027

Health

Care

-

13.3%

10X

Genomics,

Inc.

Class

A(Æ)

21,362

802

Abbott

Laboratories

9,164

1,042

AbbVie,

Inc.

19,943

3,632

Agilent

Technologies,

Inc.

14,204

2,067

Align

Technology,

Inc.(Æ)

2,024

664

Alnylam

Pharmaceuticals,

Inc.(Æ)(Ð)

1,587

237

Amgen,

Inc.

3,167

900

Baxter

International,

Inc.

20,783

888

Biogen,

Inc.(Æ)

1,993

430

Boston

Scientific

Corp.(Æ)

6,906

473

Bristol-Myers

Squibb

Co.

70,211

3,808

Cardinal

Health,

Inc.(Ð)

8,244

923

Centene

Corp.(Æ)

20,582

1,615

Cigna

Group

(The)(Û)

5,498

1,997

Corcept

Therapeutics,

Inc.(Æ)(Ð)

11,834

298

Danaher

Corp.

4,374

1,092

DaVita

HealthCare

Partners,

Inc.(Æ)(Ð)

463

64

Dentsply

Sirona,

Inc.

23,640

785

Doximity,

Inc.

Class

A(Æ)

5,566

150

Edwards

Lifesciences

Corp.(Æ)

14,539

1,389

Elevance

Health,

Inc.(Û)

6,231

3,231

Eli

Lilly

&

Co.

5,282

4,109

Encompass

Health

Corp.

10,232

845

Exelixis,

Inc.(Æ)

43,960

1,043

Gilead

Sciences,

Inc.

12,679

929

GSK

PLC

-

ADR

28,384

1,217

HCA

Healthcare,

Inc.

2,459

820

Henry

Schein,

Inc.(Æ)

6,492

490

Humana,

Inc.

4,015

1,392

Illumina,

Inc.(Æ)

5,723

786

Incyte

Corp.(Æ)(Ð)

15,897

906

Inspire

Medical

Systems,

Inc.(Æ)

4,820

1,035

Intuitive

Surgical,

Inc.(Æ)

7,030

2,806

Ionis

Pharmaceuticals,

Inc.(Æ)(Ð)

8,395

364

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

28,986

252

Jazz

Pharmaceuticals

PLC(Æ)

6,434

775

Johnson

&

Johnson

16,229

2,567

Maravai

LifeSciences

Holdings,

Inc.

Class

A(Æ)(Ð)

2,000

17

McKesson

Corp.

3,558

1,910

Medtronic

PLC

20,367

1,775

Merck

&

Co.,

Inc.

12,167

1,605

Molina

Healthcare,

Inc.(Æ)(Ð)

3,103

1,275

Neurocrine

Biosciences,

Inc.(Æ)(Ð)(Û)

4,915

678

Novocure,

Ltd.(Æ)(Ð)

5,800

91

Organon

&

Co.

42,171

793

Pfizer,

Inc.

53,199

1,476

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

5

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Premier,

Inc.

Class

A

8,291

183

PTC

Therapeutics,

Inc.(Æ)

13,760

400

QIAGEN

NV(Æ)

15,303

658

QuidelOrtho

Corp.(Æ)

21,379

1,025

Regeneron

Pharmaceuticals,

Inc.(Æ)

2,976

2,864

Sanofi

-

ADR

12,144

590

Sarepta

Therapeutics,

Inc.(Æ)

5,398

699

Stryker

Corp.

5,885

2,106

Tandem

Diabetes

Care,

Inc.(Æ)(Ð)

11,119

394

Thermo

Fisher

Scientific,

Inc.

1,687

980

Ultragenyx

Pharmaceutical,

Inc.(Æ)(Ð)

5,854

273

UnitedHealth

Group,

Inc.

16,939

8,380

Veeva

Systems,

Inc.

Class

A(Æ)

7,804

1,808

Vertex

Pharmaceuticals,

Inc.(Æ)

3,831

1,601

Viatris,

Inc.

49,915

596

West

Pharmaceutical

Services,

Inc.

1,134

449

Zoetis,

Inc.

Class

A

10,006

1,693

81,142

Materials

and

Processing

-

4.3%

Boise

Cascade

Co.

2,218

340

Builders

FirstSource,

Inc.(Æ)

7,596

1,584

Carrier

Global

Corp.

14,110

820

Copart,

Inc.(Æ)

56,261

3,259

Crown

Holdings,

Inc.

16,403

1,300

DuPont

de

Nemours,

Inc.(Ð)(Û)

16,719

1,282

Eastman

Chemical

Co.(Û)

5,682

569

Fastenal

Co.

11,325

874

FMC

Corp.

20,776

1,323

Freeport-McMoRan,

Inc.

27,103

1,274

Huntsman

Corp.

26,672

694

Lennox

International,

Inc.

1,365

667

Linde

PLC

5,218

2,423

Louisiana-Pacific

Corp.

8,395

704

Martin

Marietta

Materials,

Inc.

3,759

2,308

MP

Materials

Corp.(Æ)(Ð)

4,796

69

Newmont

Corp.

16,910

606

Nucor

Corp.

4,995

989

Packaging

Corp.

of

America

4,281

812

PPG

Industries,

Inc.

7,679

1,113

Southern

Copper

Corp.

5,404

576

Trane

Technologies

PLC

4,172

1,252

United

States

Steel

Corp.

2,493

102

Vulcan

Materials

Co.

5,650

1,542

26,482

Producer

Durables

-

8.5%

3M

Co.

6,328

671

AECOM

10,435

1,023

AGCO

Corp.(Ð)

6,328

778

Alaska

Air

Group,

Inc.(Æ)

15,685

674

Allison

Transmission

Holdings,

Inc.

Class

A

4,346

353

Ametek,

Inc.

3,373

617

Amphenol

Corp.

Class

A

7,483

863

AO

Smith

Corp.

5,235

468

Automatic

Data

Processing,

Inc.(Û)

2,676

668

Chart

Industries,

Inc.(Æ)

6,072

1,000

Cintas

Corp.

1,009

693

CNH

Industrial

NV

57,765

749

Corpay,

Inc.(Æ)

2,056

634

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CoStar

Group,

Inc.(Æ)

14,212

1,373

CSX

Corp.

51,081

1,894

Cummins,

Inc.(Û)

4,543

1,339

Deere

&

Co.

5,511

2,264

Delta

Air

Lines,

Inc.

30,130

1,442

Donaldson

Co.,

Inc.

9,684

723

Dover

Corp.

3,929

696

EMCOR

Group,

Inc.

2,089

732

Emerson

Electric

Co.

8,440

957

Expeditors

International

of

Washington,

Inc.

6,091

741

FedEx

Corp.

6,048

1,752

Fluor

Corp.(Æ)

2,080

88

Flywire

Corp.(Æ)

2,480

62

Fortive

Corp.

6,732

579

FTI

Consulting,

Inc.(Æ)

2,226

468

General

Dynamics

Corp.

2,936

829

Global

Payments,

Inc.

12,367

1,653

Howmet

Aerospace,

Inc.

11,673

799

Illinois

Tool

Works,

Inc.

1,627

437

Insperity,

Inc.(Ð)

2,952

324

JB

Hunt

Transport

Services,

Inc.(Ð)

8,421

1,678

Keysight

Technologies,

Inc.(Æ)

2,417

378

Landstar

System,

Inc.

7,198

1,388

Littelfuse,

Inc.

1,471

357

Magna

International,

Inc.

Class

A

7,589

413

ManpowerGroup,

Inc.

4,647

361

NEXTracker,

Inc.

Class

A(Æ)

8,066

454

Nordson

Corp.

1,665

457

Northrop

Grumman

Corp.

3,922

1,877

Old

Dominion

Freight

Line,

Inc.

10,516

2,306

Oshkosh

Corp.

7,744

966

Otis

Worldwide

Corp.(Û)

12,419

1,233

PACCAR

Financial

Corp.

6,876

852

Paychex,

Inc.

4,685

575

Pentair

PLC

8,793

751

Phinia,

Inc.(Ð)

6,560

252

Regal

Rexnord

Corp.

3,245

584

Robert

Half,

Inc.(Ð)(Û)

9,127

724

Rollins,

Inc.

9,184

425

RXO,

Inc.(Æ)(Ð)

11,571

253

Schneider

National,

Inc.

Class

B

2,840

64

Snap-on,

Inc.

3,301

978

Southwest

Airlines

Co.(Ð)

9,536

278

TransUnion(Ð)

9,170

732

TriNet

Group,

Inc.(Ð)

3,860

511

U-Haul

Holding

Co.(Æ)

1,300

88

United

Parcel

Service,

Inc.

Class

B

2,568

382

United

Rentals,

Inc.

722

521

Veralto

Corp.(Ð)

1,050

93

Vontier

Corp.

17,324

786

Waste

Management,

Inc.

2,929

624

WW

Grainger,

Inc.

929

945

XPO,

Inc.(Æ)

7,308

892

Xylem,

Inc.

4,181

540

52,061

Technology

-

35.2%

Accenture

PLC

Class

A

17,400

6,031

Adobe,

Inc.(Æ)

1,995

1,007

Advanced

Micro

Devices,

Inc.(Æ)

20,890

3,770

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

6

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Airbnb,

Inc.

Class

A(Æ)(Û)

9,135

1,507

Alphabet,

Inc.

Class

A(Æ)

118,155

17,833

Alphabet,

Inc.

Class

C(Æ)

25,638

3,904

Amkor

Technology,

Inc.

3,252

105

Analog

Devices,

Inc.

4,551

900

Apple,

Inc.(Û)

155,657

26,692

Applied

Materials,

Inc.

2,860

590

Arista

Networks,

Inc.(Æ)

1,338

388

ASML

Holding

NV

Class

G

664

644

Atlassian

Corp.

Class

A(Æ)(Ð)

6,645

1,296

Avnet,

Inc.

10,627

527

Bill.com

Holdings,

Inc.(Æ)(Ð)

2,658

183

Booking

Holdings,

Inc.(Û)

677

2,456

Box,

Inc.

Class

A(Æ)

21,607

612

Broadcom,

Inc.

1,314

1,742

CACI

International,

Inc.

Class

A(Æ)

1,345

510

Cadence

Design

Systems,

Inc.(Æ)

3,120

971

CDW

Corp.

2,554

653

Cirrus

Logic,

Inc.(Æ)

5,275

488

Cisco

Systems,

Inc.

59,079

2,949

Cognizant

Technology

Solutions

Corp.

Class

A

12,672

929

CommVault

Systems,

Inc.(Æ)

6,079

617

Conduent,

Inc.

Class

A(Æ)(Ð)

10,987

335

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

4,198

1,346

Datadog,

Inc.

Class

A(Æ)

1,162

144

DigitalOcean

Holdings,

Inc.(Æ)(Ð)

7,744

296

DocuSign,

Inc.(Æ)

10,230

609

Dropbox,

Inc.

Class

A(Æ)(Ð)

30,144

732

DXC

Technology

Co.(Æ)

16,495

350

EPAM

Systems,

Inc.(Æ)

2,021

558

Etsy,

Inc.(Æ)(Ð)

4,088

281

Five9,

Inc.(Æ)

5,420

337

Fortinet,

Inc.(Æ)(Ð)

24,750

1,691

Gitlab,

Inc.

Class

A(Æ)

3,266

190

GoDaddy,

Inc.

Class

A(Æ)

10,760

1,277

Guidewire

Software,

Inc.(Æ)(Ð)

8,874

1,036

Hewlett

Packard

Enterprise

Co.

52,709

935

HP,

Inc.(Û)

54,761

1,655

Intel

Corp.(Û)

68,661

3,033

International

Business

Machines

Corp.

4,976

950

Intuit,

Inc.

6,986

4,541

KBR,

Inc.(Ð)(Û)

13,190

840

Koninklijke

Philips

NV(Æ)

35,134

703

Kyndryl

Holdings,

Inc.(Æ)

19,357

421

Lam

Research

Corp.

3,123

3,034

Lattice

Semiconductor

Corp.(Æ)

6,576

514

Lyft,

Inc.

Class

A(Æ)

44,904

869

Maplebear,

Inc.(Æ)

3,872

144

Marvell

Technology,

Inc.

10,879

771

Meta

Platforms,

Inc.

Class

A

17,411

8,454

Micron

Technology,

Inc.

15,064

1,776

Microsoft

Corp.

104,242

43,857

NetApp,

Inc.

9,167

962

Nutanix,

Inc.

Class

A(Æ)

8,607

531

NVIDIA

Corp.(Û)

25,897

23,399

NXP

Semiconductors

NV

8,543

2,117

Oracle

Corp.

17,874

2,245

Palo

Alto

Networks,

Inc.(Æ)

8,276

2,351

Paycom

Software,

Inc.(Ð)

2,010

400

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Playtika

Holding

Corp.

12,800

90

Procore

Technologies,

Inc.(Æ)

6,609

543

Qorvo,

Inc.(Æ)

6,360

730

QUALCOMM,

Inc.

701

119

Qualys,

Inc.(Æ)

1,833

306

RingCentral,

Inc.

Class

A(Æ)

5,460

190

ROBLOX

Corp.

Class

A(Æ)(Ð)

11,338

433

Roku,

Inc.(Æ)(Ð)

1,379

90

Roper

Technologies,

Inc.

1,387

778

Salesforce,

Inc.

14,840

4,470

Seagate

Technology

Holdings

PLC

7,919

737

SentinelOne,

Inc.

Class

A(Æ)

9,440

220

ServiceNow,

Inc.(Æ)

3,514

2,679

Silicon

Laboratories,

Inc.(Æ)(Ð)

2,598

373

Skyworks

Solutions,

Inc.

4,950

536

Smartsheet,

Inc.

Class

A(Æ)(Ð)

7,990

308

Snap,

Inc.

Class

A(Æ)(Ð)

9,535

109

Sonos,

Inc.(Æ)

20,908

398

Spotify

Technology

SA(Æ)

5,786

1,527

Squarespace,

Inc.

Class

A(Æ)

4,220

154

Synopsys,

Inc.(Æ)

1,538

879

Tenable

Holdings,

Inc.(Æ)

5,798

287

Teradata

Corp.(Æ)

1,560

60

Teradyne,

Inc.

13,817

1,559

Texas

Instruments,

Inc.

16,345

2,847

Twilio,

Inc.

Class

A(Æ)(Ð)

1,744

107

Uber

Technologies,

Inc.(Æ)

21,535

1,658

VeriSign,

Inc.(Æ)

5,272

999

Workday,

Inc.

Class

A(Æ)

3,491

952

215,126

Utilities

-

3.8%

AT&T,

Inc.

117,455

2,067

ConocoPhillips

24,708

3,145

DTE

Energy

Co.(Û)

7,312

820

Edison

International

14,048

994

Exelon

Corp.(Û)

65,580

2,464

FirstEnergy

Corp.

25,494

985

Gulfport

Energy

Corp.(Æ)

1,956

313

Iridium

Communications,

Inc.(Û)

9,980

261

Magnolia

Oil

&

Gas

Corp.

Class

A(Ð)

3,649

95

NextEra

Energy,

Inc.

24,698

1,578

NRG

Energy,

Inc.(Ð)(Û)

41,990

2,842

PG&E

Corp.

90,405

1,515

Pinnacle

West

Capital

Corp.(Ð)

6,563

491

T-Mobile

US,

Inc.

11,132

1,817

UGI

Corp.

18,221

447

Verizon

Communications,

Inc.

24,661

1,035

Vistra

Corp.(Û)

30,398

2,117

22,986

Total

Common

Stocks

(cost

$420,506)

632,477

Short-Term

Investments

-

2.2%

U.S.

Cash

Management

Fund(@)

13,786,103

(∞)

13,782

Total

Short-Term

Investments

(cost

$13,781)

13,782

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

7

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Investments

-

105.6%

(identified

cost

$434,287)

646,259

Securities

Sold

Short

-

(5.6)%

Consumer

Discretionary

-

(0.8)%

Acushnet

Holdings

Corp.

(5,246)

(346)

Advanced

Energy

Industries,

Inc.

(3,475)

(354)

Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

(1,160)

(45)

Churchill

Downs,

Inc.

(4,030)

(499)

Crocs,

Inc.(Æ)

(3,348)

(482)

FirstCash

Holdings,

Inc.

(912)

(116)

Five

Below,

Inc.(Æ)

(1,677)

(304)

Freshpet,

Inc.(Æ)

(5,851)

(678)

Joby

Aviation,

Inc.(Æ)

(18,889)

(101)

Kontoor

Brands,

Inc.

(3,724)

(224)

LGI

Homes,

Inc.(Æ)

(2,228)

(259)

Lithia

Motors,

Inc.

Class

A

(1,365)

(411)

Topgolf

Callaway

Brands

Corp.(Æ)

(24,297)

(393)

Warner

Bros

Discovery,

Inc.(Æ)

(63,086)

(551)

(4,763)

Consumer

Staples

–

(0.0)%

Krispy

Kreme,

Inc.

(5,750)

(88)

Energy

-

(0.1)%

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

(19,672)

(220)

Sitio

Royalties

Corp.

Class

A

(7,818)

(193)

Sunrun,

Inc.(Æ)

(15,375)

(203)

Uranium

Energy

Corp.(Æ)

(22,246)

(150)

(766)

Financial

Services

-

(1.0)%

AGNC

Investment

Corp.(ö)

(6,776)

(67)

Apollo

Global

Management,

Inc.

(5,281)

(594)

Arbor

Realty

Trust,

Inc.(ö)

(20,327)

(269)

BGC

Group,

Inc.

Class

A

(34,126)

(265)

Blackstone,

Inc.

Class

A

(4,227)

(555)

Columbia

Banking

System,

Inc.

(18,556)

(359)

Erie

Indemnity

Co.

Class

A

(901)

(362)

First

Financial

Bankshares,

Inc.

(11,331)

(372)

Glacier

Bancorp,

Inc.

(14,459)

(583)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

(15,041)

(427)

Healthcare

Realty

Trust,

Inc.(ö)

(32,445)

(459)

Iron

Mountain,

Inc.(ö)

(7,766)

(623)

New

York

Community

Bancorp,

Inc.

(50,047)

(161)

Old

National

Bancorp

(30,934)

(539)

Park

National

Corp.

(605)

(82)

ServisFirst

Bancshares,

Inc.

(2,680)

(178)

SoFi

Technologies,

Inc.(Æ)

(3,714)

(27)

Webster

Financial

Corp.

(5,676)

(288)

(6,210)

Health

Care

-

(0.9)%

Acadia

Healthcare

Co.,

Inc.(Æ)

(431)

(34)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Apollo

Medical

Holdings,

Inc.(Æ)

(3,460)

(145)

Axsome

Therapeutics,

Inc.(Æ)

(555)

(44)

Azenta,

Inc.(Æ)

(1,041)

(63)

Bio-Techne

Corp.

(1,723)

(121)

Crinetics

Pharmaceuticals,

Inc.(Æ)

(5,950)

(278)

Ensign

Group,

Inc.

(The)

(3,260)

(406)

Exact

Sciences

Corp.(Æ)

(6,948)

(480)

Globus

Medical,

Inc.

Class

A(Æ)

(11,031)

(592)

Halozyme

Therapeutics,

Inc.(Æ)

(6,935)

(282)

ICU

Medical,

Inc.(Æ)

(3,108)

(334)

LifeStance

Health

Group,

Inc.(Æ)

(22,656)

(140)

Neogen

Corp.(Æ)

(22,577)

(356)

NeoGenomics,

Inc.(Æ)

(9,629)

(151)

RadNet,

Inc.(Æ)

(7,305)

(355)

Repligen

Corp.(Æ)

(3,337)

(614)

Rocket

Pharmaceuticals,

Inc.(Æ)

(7,446)

(201)

Select

Medical

Holdings

Corp.

(5,628)

(170)

Sotera

Health

Co.(Æ)

(9,562)

(115)

Surgery

Partners,

Inc.(Æ)

(3,674)

(110)

TransMedics

Group,

Inc.(Æ)

(625)

(46)

Vaxcyte,

Inc.(Æ)

(4,250)

(290)

(5,327)

Materials

and

Processing

-

(0.2)%

AAON,

Inc.

(7,336)

(646)

Pool

Corp.

(1,298)

(524)

Quaker

Chemical

Corp.

(442)

(91)

Rogers

Corp.(Æ)

(1,032)

(122)

SPX

Technologies,

Inc.(Æ)

(1,510)

(186)

(1,569)

Producer

Durables

-

(1.0)%

AeroVironment,

Inc.(Æ)

(1,432)

(219)

Amphenol

Corp.

Class

A

(2,805)

(324)

Badger

Meter,

Inc.

(3,234)

(523)

Brink's

Co.

(The)

(2,073)

(192)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(6,025)

(596)

Dorman

Products,

Inc.(Æ)

(2,827)

(272)

GATX

Corp.

(3,938)

(528)

Itron,

Inc.(Æ)

(3,227)

(299)

JetBlue

Airways

Corp.(Æ)

(47,373)

(352)

Kratos

Defense

&

Security

Solutions,

Inc.

(Æ)

(12,951)

(238)

LCI

Industries

(2,186)

(269)

OSI

Systems,

Inc.(Æ)

(2,062)

(294)

Raytheon

Co.

(1,375)

(134)

Stericycle,

Inc.(Æ)

(640)

(34)

Teledyne

Technologies,

Inc.(Æ)

(1,318)

(566)

Union

Pacific

Corp.

(2,112)

(519)

Zurn

Elkay

Water

Solutions

Corp.

(19,368)

(648)

(6,007)

Technology

-

(1.4)%

Advanced

Micro

Devices,

Inc.(Æ)

(1,483)

(268)

Analog

Devices,

Inc.

(2,736)

(541)

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

8

U.S.

Strategic

Equity

Fund

u

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bentley

Systems,

Inc.

Class

B

(1,419)

(74)

Coherent

Corp.(Æ)

(9,383)

(569)

Entegris,

Inc.

(4,818)

(677)

Envestnet,

Inc.(Æ)

(3,703)

(215)

ePlus,

Inc.(Æ)

(4,270)

(335)

Fiserv,

Inc.(Æ)

(3,805)

(608)

Frontier

Communications

Parent,

Inc.(Æ)

(13,277)

(325)

Gen

Digital,

Inc.

(25,971)

(582)

Marvell

Technology,

Inc.

(6,362)

(451)

MKS

Instruments,

Inc.

(2,475)

(329)

Motorola

Solutions,

Inc.

(815)

(289)

Onto

Innovation,

Inc.(Æ)

(1,934)

(350)

Plexus

Corp.(Æ)

(2,468)

(234)

PTC,

Inc.(Æ)

(1,806)

(341)

Sanmina

Corp.(Æ)

(8,730)

(543)

Take-Two

Interactive

Software,

Inc.(Æ)

(3,231)

(480)

Veeco

Instruments,

Inc.(Æ)

(1,980)

(70)

ViaSat,

Inc.(Æ)

(15,100)

(273)

Vishay

Intertechnology,

Inc.

(23,404)

(531)

Wolfspeed,

Inc.(Æ)

(12,669)

(374)

(8,459)

Utilities

-

(0.2)%

Civitas

Resources,

Inc.

(4,529)

(344)

Cogent

Communications

Holdings,

Inc.

(6,195)

(404)

Northern

Oil

and

Gas,

Inc.

(3,553)

(141)

Otter

Tail

Corp.

(5,556)

(480)

(1,369)

Total

Securities

Sold

Short

(proceeds

$30,623)

(34,558)

Other

Assets

and

Liabilities,

Net

-

0.0%

197

Net

Assets

-

100.0%

611,898

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

9

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

S&P

500

E-Mini

Index

Futures

52

USD

13,802

06/24

298

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

298

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Common

Stocks

Consumer

Discretionary

$

94,167

$

—

$

—

$

—

$

94,167

Consumer

Staples

24,578

—

—

—

24,578

Energy

25,908

—

—

—

25,908

Financial

Services

90,027

—

—

—

90,027

Health

Care

81,142

—

—

—

81,142

Materials

and

Processing

26,482

—

—

—

26,482

Producer

Durables

52,061

—

—

—

52,061

Technology

215,126

—

—

—

215,126

Utilities

22,986

—

—

—

22,986

Short-Term

Investments

—

—

—

13,782

13,782

Total

Investments

632,477

—

—

13,782

646,259

Securities

Sold

Short

*

(34,558)

—

—

—

(34,558)

Other

Financial

Instruments

Assets

Futures

Contracts

298

—

—

—

298

Total

Other

Financial

Instruments

**

$

298

$

—

$

—

$

—

$

298

*

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

**

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

March

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

March

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

10

U.S.

Strategic

Equity

Fund

Transactions

(amounts

in

thousands)

during

the

period

ended

March

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

13,690

$

31,990

$

31,899

$

—

$

1

$

13,782

$

223

$

—

U.S.

Cash

Collateral

Fund

905

3,316

4,221

—

—

—

10

—

$

14,595

$

35,306

$

36,120

$

—

$

1

$

13,782

$

233

$

—

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

11

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

100.1%

Consumer

Discretionary

-

11.3%

1-800-Flowers.com,

Inc.

Class

A(Æ)

937

10

Abercrombie

&

Fitch

Co.

Class

A(Æ)

1,187

149

Academy

Sports

&

Outdoors,

Inc.

2,374

160

Advance

Auto

Parts,

Inc.(Û)

4,719

402

AerSale

Corp.(Æ)

52,187

375

American

Eagle

Outfitters,

Inc.

8,906

230

American

Public

Education,

Inc.(Æ)

1,450

21

America's

Car-Mart,

Inc.(Æ)

6,503

415

Asbury

Automotive

Group,

Inc.(Æ)

598

141

Atkore

,

Inc.

1,441

274

Avis

Budget

Group,

Inc.

792

97

Axon

Enterprise,

Inc.(Æ)

1,234

386

Bath

&

Body

Works,

Inc.

2,004

100

Beacon

Roofing

Supply,

Inc.(Æ)

1,875

184

Beazer

Homes

USA,

Inc.(Æ)

4,838

159

Bloomin

'

Brands,

Inc.

5,697

163

Boot

Barn

Holdings,

Inc.(Æ)

11,070

1,053

BorgWarner,

Inc.(Û)

1,803

63

Cadre

Holdings,

Inc.

9,560

346

Carriage

Services,

Inc.

Class

A(Ð)

1,107

30

Carrols

Restaurant

Group,

Inc.

17,905

170

Carter's,

Inc.

2,692

228

Cava

Group,

Inc.(Æ)

3,575

250

Celestica,

Inc.(Æ)

7,983

359

Century

Communities,

Inc.

1,607

155

Chegg

,

Inc.(Æ)

12,445

94

Clarus

Corp.

77,508

523

Columbia

Sportswear

Co.

2,151

175

Cooper-Standard

Holdings,

Inc.(Æ)(Ð)

933

15

Coursera,

Inc.(Æ)(Ð)

7,508

105

Cracker

Barrel

Old

Country

Store,

Inc.(Ñ)

905

66

CTS

Corp.

1,829

86

Dana

Holding

Corp.

6,638

84

Dave

&

Buster's

Entertainment,

Inc.(Æ)

1,055

66

Denny's

Corp.(Æ)

9,818

88

Designer

Brands,

Inc.

Class

A

2,000

22

Dillard's,

Inc.

Class

A(Ñ)(Û)

829

391

Driven

Brands

Holdings,

Inc.(Æ)

13,096

207

Duolingo

,

Inc.(Æ)(Û)

2,271

501

El

Pollo

Loco

Holdings,

Inc.(Æ)

10,060

98

FirstCash

Holdings,

Inc.

1,838

234

Foot

Locker,

Inc.(Û)

9,031

257

Forestar

Group,

Inc.(Æ)

1,193

48

Freshpet

,

Inc.(Æ)

319

37

Funko

,

Inc.

Class

A(Æ)(Ð)

6,328

40

Genesco,

Inc.(Æ)

1,132

32

Gentherm

,

Inc.(Æ)

3,021

174

Gildan

Activewear

,

Inc.

Class

A

11,496

427

GMS,

Inc.(Æ)

4,127

402

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)

29,581

406

GoPro,

Inc.

Class

A(Æ)

36,111

81

Green

Brick

Partners,

Inc.(Æ)

3,165

191

Group

1

Automotive,

Inc.

523

153

Haverty

Furniture

Cos.,

Inc.

8,920

304

HealthStream

,

Inc.(Û)

1,126

30

Hilton

Grand

Vacations,

Inc.(Æ)

2,469

117

Hims

&

Hers

Health,

Inc.(Æ)

12,227

189

International

Game

Technology

PLC

7,960

180

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

iRobot

Corp.(Æ)

4,092

36

Johnson

Outdoors,

Inc.

Class

A

7,305

337

KB

Home

7,461

529

Kontoor

Brands,

Inc.

2,176

131

Kura

Sushi

USA,

Inc.

Class

A(Æ)(Ñ)

8,809

1,014

Landsea

Homes

Corp.(Æ)

9,860

143

La-Z-Boy,

Inc.

4,110

155

Lear

Corp.(Û)

2,216

321

Leonardo

DRS,

Inc.(Æ)

9,736

215

Light

&

Wonder,

Inc.

Class

A(Æ)

955

98

M/I

Homes,

Inc.(Æ)

1,374

187

Macy's,

Inc.

16,764

335

Madison

Square

Garden

Entertainment

Corp.(Æ)

2,980

117

Malibu

Boats,

Inc.

Class

A(Æ)

1,143

49

MasterCraft

Boat

Holdings,

Inc.(Æ)

1,541

37

MDC

Holdings,

Inc.

2,757

173

Meritage

Homes

Corp.

1,468

258

Monro

Muffler

Brake,

Inc.

14,666

463

Motorcar

Parts

of

America,

Inc.(Æ)

11,966

96

Movado

Group,

Inc.

2,726

76

Newell

Rubbermaid,

Inc.

54,334

436

nVent

Electric

PLC

2,818

212

ODP

Corp.

(The)(Æ)

2,244

119

OneSpaWorld

Holdings,

Ltd.(Æ)

70,632

934

Overstock.com,

Inc.(Æ)

9,079

326

Papa

John's

International,

Inc.

2,830

189

Paramount

Global

Class

B(Ð)

1,309

15

Peloton

Interactive,

Inc.

Class

A(Æ)(Ð)

17,579

75

Perdoceo

Education

Corp.

5,550

97

Petco

Health

&

Wellness

Co.,

Inc.(Æ)(Ð)

9,400

21

Potbelly

Corp.(Æ)

5,762

70

Red

Rock

Resorts,

Inc.

Class

A

1,212

73

Reservoir

Media,

Inc.(Æ)

22,797

181

REV

Group,

Inc.

18,743

414

Rocky

Brands,

Inc.

8,656

235

Savers

Value

Village,

Inc.(Æ)

5,330

103

Scholastic

Corp.

1,899

72

Sensata

Technologies

Holding

PLC

4,154

153

Shoe

Carnival,

Inc.

4,203

154

Signet

Jewelers,

Ltd.

1,735

174

Smith

&

Wesson

Brands,

Inc.

20,980

364

Sonic

Automotive,

Inc.

Class

A

2,745

156

Steven

Madden,

Ltd.

9,552

404

Stitch

Fix,

Inc.

Class

A(Æ)

17,758

47

Stride,

Inc.(Æ)(Ð)

9,809

618

Taylor

Morrison

Home

Corp.

Class

A(Æ)

4,518

281

Texas

Roadhouse,

Inc.

Class

A

3,880

599

Tilly's,

Inc.

Class

A(Æ)(Ð)

2,003

14

Transcat

,

Inc.(Æ)

817

91

Travel

+

Leisure

Co.

5,006

245

Tri

Pointe

Homes,

Inc.(Æ)

8,887

344

Turtle

Beach

Corp.(Æ)(Ð)

183

3

Udemy

,

Inc.(Æ)

2,250

25

Universal

Electronics,

Inc.(Æ)

657

7

Universal

Technical

Institute,

Inc.(Æ)

14,057

224

Urban

Outfitters,

Inc.(Æ)

4,289

186

VF

Corp.

19,818

304

VirTra

,

Inc.(Æ)

5,971

61

Warner

Music

Group

Corp.

Class

A(Û)

788

26

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

12

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Wayfair,

Inc.

Class

A(Æ)(Ñ)

1,862

126

Whirlpool

Corp.

2,246

269

WideOpenWest

,

Inc.(Æ)(Ð)

1,414

5

Wingstop

,

Inc.

398

146

Winnebago

Industries,

Inc.

1,735

128

Wynn

Resorts,

Ltd.(Û)

258

26

Zillow

Group,

Inc.

Class

A(Æ)(Û)

1,932

92

Zumiez

,

Inc.(Æ)

2,847

43

25,400

Consumer

Staples

-

2.9%

Andersons,

Inc.

(The)

596

34

Beauty

Health

Co.

(The)(Æ)

4,600

20

BellRing

Brands,

Inc.(Æ)

2,421

143

Boston

Beer

Co.,

Inc.

Class

A(Æ)(Û)

499

152

Calavo

Growers,

Inc.

17,738

493

Celsius

Holdings,

Inc.(Æ)

2,841

236

Coca-Cola

Bottling

Co.

168

142

Coty,

Inc.

Class

A(Æ)

19,221

230

Dole

PLC

4,921

59

elf

Beauty,

Inc.(Æ)

5,138

1,007

Energizer

Holdings,

Inc.

-

GDR

3,294

127

Grocery

Outlet

Holding

Corp.(Æ)

13,228

381

Helen

of

Troy,

Ltd.(Æ)

1,281

148

Herbalife,

Ltd.(Æ)

7,276

73

Inter

Parfums

,

Inc.

581

82

J&J

Snack

Foods

Corp.

3,274

473

John

B

Sanfilippo

&

Son,

Inc.

752

80

Medifast

,

Inc.

843

32

Natural

Grocers

by

Vitamin

Cottage,

Inc.

5,530

100

Nomad

Foods,

Ltd.

21,116

413

Post

Holdings,

Inc.(Æ)(Û)

416

44

Primo

Water

Corp.

43,722

796

Quanex

Building

Products

Corp.

5,866

225

SpartanNash

Co.

2,086

42

Sprouts

Farmers

Market,

Inc.(Æ)

4,770

308

United

Natural

Foods,

Inc.(Æ)(Ð)

1,784

21

USANA

Health

Sciences,

Inc.(Æ)

617

30

Vector

Group,

Ltd.

1,371

15

Vital

Farms,

Inc.(Æ)

18,079

420

Weis

Markets,

Inc.

1,092

70

6,396

Energy

-

4.9%

Alpha

Metallurgical

Resources,

Inc.(Û)

435

144

Antero

Resources

Corp.(Æ)

2,957

86

Arch

Resources,

Inc.(Û)

1,395

224

Aris

Water

Solutions,

Inc.

Class

A

94,371

1,335

Atlas

Energy

Solutions,

Inc.

5,100

115

Berry

Petroleum

Corp.

5,596

45

Broadwind

Energy,

Inc.(Æ)

31,246

74

Centrus

Energy

Corp.

Class

A(Æ)(Ð)

715

30

ChampionX

Corp.

6,412

230

CONSOL

Energy,

Inc.

306

26

CVR

Energy,

Inc.(Ð)

5,364

191

Delek

US

Holdings,

Inc.

9,246

284

Dril

-Quip,

Inc.(Æ)

24,794

559

Fluence

Energy,

Inc.(Æ)

3,046

53

Helmerich

&

Payne,

Inc.

11,003

463

HF

Sinclair

Corp.

5,129

310

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kodiak

Gas

Services,

Inc.

24,959

682

Liberty

Energy,

Inc.

Class

A

9,777

203

Matador

Resources

Co.

2,931

196

Matrix

Service

Co.(Æ)

13,781

180

Montauk

Renewables,

Inc.(Æ)(Ð)

819

3

Murphy

Oil

Corp.

3,289

150

Natural

Gas

Services

Group,

Inc.(Æ)

13,253

258

Newpark

Resources,

Inc.(Æ)

5,271

38

NOW,

Inc.(Æ)

11,872

180

Oil

States

International,

Inc.(Æ)

3,448

21

Par

Pacific

Holdings,

Inc.(Æ)

5,524

205

Patterson-UTI

Energy,

Inc.

61,870

739

PBF

Energy,

Inc.

Class

A

8,021

462

Ramaco

Resources,

Inc.

Class

A

7,611

128

Range

Resources

Corp.(Ð)

1,687

58

Ranger

Energy

Services,

Inc.

16,625

188

REX

American

Resources

Corp.(Æ)

3,446

202

Select

Water

Solutions,

Inc.

Class

A

11,390

105

Sitio

Royalties

Corp.

Class

A

18,353

454

SM

Energy

Co.

8,532

425

SunCoke

Energy,

Inc.

5,050

57

TechnipFMC

PLC

14,626

367

TETRA

Technologies,

Inc.(Æ)

29,308

130

Valaris

,

Ltd.(Æ)

1,773

133

W&T

Offshore,

Inc.

119,519

317

Warrior

Met

Coal,

Inc.(Û)

7,887

479

Weatherford

International

PLC(Æ)

3,716

429

World

Kinect

Corp.

5,139

136

11,094

Financial

Services

-

19.5%

1st

Source

Corp.

2,654

139

AGNC

Investment

Corp.(ö)

21,783

216

Agree

Realty

Corp.(ö)

8,670

495

Air

Lease

Corp.

Class

A

6,343

326

Alliance

Data

Systems

Corp.

2,336

87

Alpine

Income

Property

Trust,

Inc.(ö)

31,613

483

American

Equity

Investment

Life

Holding

Co.

2,856

161

Ameris

Bancorp

2,601

126

Apple

Hospitality

REIT,

Inc.(ö)

3,760

62

Atlantic

Union

Bankshares

Corp.

3,247

115

Axis

Capital

Holdings,

Ltd.

5,939

386

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

3,734

119

BankUnited

,

Inc.

2,246

63

Banner

Corp.

2,542

122

BGC

Group,

Inc.

Class

A

36,067

280

Blackstone

Mortgage

Trust,

Inc.

Class

A(Ñ)

(ö)

3,632

72

BOK

Financial

Corp.

500

46

Brighthouse

Financial,

Inc.(Æ)

3,608

186

Brixmor

Property

Group,

Inc.(ö)

16,365

384

Broadstone

Net

Lease,

Inc.(ö)

10,834

170

Business

First

Bancshares,

Inc.

22,308

497

Cadence

Bank

19,014

551

Camden

Property

Trust(ö)(Û)

271

27

Capital

Bancorp,

Inc.

8,703

181

Capital

City

Bank

Group,

Inc.

9,159

254

Capstar

Financial

Holdings,

Inc.

8,375

168

Cathay

General

Bancorp

2,825

107

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

13

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Chatham

Lodging

Trust(ö)

2,357

24

City

Holding

Co.

1,143

119

Clarivate

PLC(Æ)

23,694

176

CNO

Financial

Group,

Inc.

5,332

147

Coastal

Financial

Corp.(Æ)(Ð)

22

1

Comerica,

Inc.

6,814

375

Community

Bank

System,

Inc.

2,166

104

Community

Healthcare

Trust,

Inc.(ö)

19,900

528

Compass,

Inc.

Class

A(Æ)

16,899

61

Corebridge

Financial,

Inc.

14,669

421

Corporate

Office

Properties

Trust(ö)

7,547

182

CTO

Realty

Growth,

Inc.(ö)

18,479

313

Cullen/Frost

Bankers,

Inc.(Û)

3,148

354

Customers

Bancorp,

Inc.(Æ)(Ð)

1,613

86

DiamondRock

Hospitality

Co.(ö)

23,277

224

Donegal

Group,

Inc.

Class

A(Ð)

324

5

Douglas

Elliman

,

Inc.(Æ)

2,387

4

Dun

&

Bradstreet

Holdings,

Inc.

7,824

79

Easterly

Government

Properties,

Inc.(ö)

47,532

547

Enterprise

Financial

Services

Corp.

6,026

244

Equity

Commonwealth(Æ)(ö)

24,930

471

Esquire

Financial

Holdings,

Inc.

6,081

289

Essent

Group,

Ltd.

7,708

459

Essential

Properties

Realty

Trust,

Inc.(ö)

3,539

94

Evercore

,

Inc.

Class

A

2,436

469

Everest

Re

Group,

Ltd.(Û)

144

57

EZCORP,

Inc.

Class

A(Æ)

24,000

272

Federal

Agricultural

Mortgage

Corp.

Class

C

1,128

222

Fidelis

Insurance

Holdings,

Ltd.

16,553

322

First

American

Financial

Corp.

11,293

689

First

BanCorp

22,607

397

First

Commonwealth

Financial

Corp.

14,964

208

First

Financial

Bankshares

,

Inc.

4,308

141

First

Financial

Corp.

3,232

124

First

Foundation,

Inc.

11,224

85

First

Horizon

Corp.(Û)

26,804

413

First

Industrial

Realty

Trust,

Inc.(ö)

6,626

348

First

Internet

Bancorp

975

34

First

Interstate

BancSystem

,

Inc.

Class

A

3,479

95

First

Merchants

Corp.

3,934

137

First

Mid

Bancshares,

Inc.

8,641

282

Four

Corners

Property

Trust,

Inc.(ö)

6,712

164

FTAI

Aviation,

Ltd.

7,391

497

Fulton

Financial

Corp.

6,902

110

GCM

Grosvenor,

Inc.

Class

A

50,589

489

Genworth

Financial,

Inc.

Class

A(Æ)

28,129

181

German

American

Bancorp,

Inc.

10,138

351

Getty

Realty

Corp.(ö)

10,148

278

Glacier

Bancorp,

Inc.

15,265

615

Grid

Dynamics

Holdings,

Inc.(Æ)

4,333

53

Guaranty

Bancshares,

Inc.

9,220

280

Hamilton

Lane,

Inc.

Class

A

734

83

Hancock

Holding

Co.

3,019

139

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

19,678

559

Hanover

Insurance

Group,

Inc.

(The)

3,898

531

Hilltop

Holdings,

Inc.

5,228

164

Home

BancShares

,

Inc.

23,099

568

HomeTrust

Bancshares,

Inc.

101

3

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Horace

Mann

Educators

Corp.

17,705

655

Howard

Hughes

Corp.

(The)(Æ)(Ð)(Û)

2,671

194

Independence

Realty

Trust,

Inc.(ö)

10,396

168

Independent

Bank

Corp.

11,363

332

Innovative

Industrial

Properties,

Inc.(ö)

1,326

137

International

Bancshares

Corp.

2,742

154

International

Money

Express,

Inc.(Æ)

11,250

257

Investar

Holding

Corp.

10,566

173

Jackson

Financial,

Inc.

Class

A

9,876

653

James

River

Group

Holdings,

Ltd.(Ð)

4,830

45

Janus

Henderson

Group

PLC

1,755

58

JER

Investment

Trust,

Inc.(Æ)(Š)(Þ)

1,771

—

John

Wiley

&

Sons,

Inc.

Class

A

2,843

108

Kemper

Corp.

12,495

774

Kinsale

Capital

Group,

Inc.(Û)

992

521

Legalzoom.com,

Inc.(Æ)

16,628

222

LendingClub

Corp.(Æ)

11,311

99

LendingTree

,

Inc.(Æ)

1,727

73

Live

Oak

Bancshares,

Inc.

3,951

164

LiveRamp

Holdings,

Inc.(Æ)

11,362

392

McGrath

RentCorp

860

106

Metropolitan

Bank

Holding

Corp.(Æ)

10,141

390

Moelis

&

Co.

Class

A

1,864

106

Mr.

Cooper

Group,

Inc.(Æ)

1,312

102

MVB

Financial

Corp.

6,597

147

National

Bank

Holdings

Corp.

Class

A

26,650

961

Navient

Corp.

8,347

145

NBT

Bancorp,

Inc.

6,681

245

NETSTREIT

Corp.(Ñ)(ö)

67,940

1,248

Newmark

Group,

Inc.

Class

A

21,809

242

NMI

Holdings,

Inc.

Class

A(Æ)

10,497

340

Northeast

Bank

5,885

326

Northrim

BanCorp

,

Inc.(Ð)

145

7

OceanFirst

Financial

Corp.

4,296

71

OFG

Bancorp

6,805

251

Old

National

Bancorp

17,538

305

Outfront

Media,

Inc.(ö)

14,299

240

Pagseguro

Digital,

Ltd.

Class

A(Æ)

16,478

235

Park

Hotels

&

Resorts,

Inc.(Ð)(ö)(Û)

17,979

314

Perella

Weinberg

Partners

55,942

790

Pinnacle

Financial

Partners,

Inc.

3,759

323

Plymouth

Industrial

REIT,

Inc.(ö)

15,189

342

Popular,

Inc.

2,851

251

Potlatch

Corp.(ö)

7,670

361

PRA

Group,

Inc.(Æ)

3,610

94

Preferred

Bank

1,599

123

Premier

Financial

Corp.

10,265

208

ProAssurance

Corp.(Æ)(Ð)

2,688

35

Prosperity

Bancshares,

Inc.

5,368

353

Radian

Group,

Inc.

5,779

193

RE/MAX

Holdings,

Inc.

Class

A

24,178

212

Red

River

Bancshares,

Inc.

2,363

118

Redfin

Corp.(Æ)

13,706

91

Regency

Centers

Corp.(Ð)(ö)

461

28

Regional

Management

Corp.

553

13

Reinsurance

Group

of

America,

Inc.

Class

A(Û)

2,688

518

Remitly

Global,

Inc.(Æ)

3,032

63

Renasant

Corp.

3,427

107

RLI

Corp.(Ð)

1,892

281

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

14

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

RMR

Group,

Inc.

(The)

Class

A

4,128

99

Robinhood

Markets,

Inc.

Class

A(Æ)(Ð)

20,592

415

Ryman

Hospitality

Properties,

Inc.(ö)

1,484

172

Safety

Insurance

Group,

Inc.

1,295

106

Seacoast

Banking

Corp.

of

Florida

19,651

499

Selective

Insurance

Group,

Inc.

2,018

220

Silvercrest

Asset

Management

Group,

Inc.

Class

A

4,903

78

Simmons

First

National

Corp.

Class

A

5,688

111

Skyward

Specialty

Insurance

Group,

Inc.

(Æ)

5,115

191

SLM

Corp.

11,515

251

SmartFinancial

,

Inc.

13,408

283

SouthState

Corp.

2,317

197

SP

Plus

Corp.(Æ)

3,982

208

Stewart

Information

Services

Corp.

3,727

243

Stock

Yards

Bancorp,

Inc.

9,562

468

StoneX

Group,

Inc.(Æ)

903

63

Sunstone

Hotel

Investors,

Inc.(ö)

8,979

100

Terreno

Realty

Corp.(ö)

995

66

Texas

Capital

Bancshares,

Inc.(Æ)

2,606

160

Tiptree,

Inc.

Class

A

12,142

210

Towne

Bank

14,187

398

TPG,

Inc.

5,431

243

TriCo

Bancshares

11,586

426

Triumph

Financial,

Inc.(Æ)

7,239

574

UMB

Financial

Corp.

1,785

155

UMH

Properties,

Inc.(ö)

14,014

228

United

Bankshares

,

Inc.

4,217

151

United

Community

Banks,

Inc.

4,494

118

United

Fire

Group,

Inc.

581

13

Universal

Insurance

Holdings,

Inc.

2,576

52

Valley

National

Bancorp

19,522

155

Vestis

Corp.

1,448

28

Virtu

Financial,

Inc.

Class

A

5,083

104

Walker

&

Dunlop,

Inc.

1,459

147

Webster

Financial

Corp.

4,670

237

Westwood

Holdings

Group,

Inc.

27,260

336

William

Penn

Bancorp

26,077

322

Xenia

Hotels

&

Resorts,

Inc.(ö)

7,783

117

43,898

Health

Care

-

16.4%

ACELYRIN,

Inc.(Æ)

2,677

18

Addus

HomeCare

Corp.(Æ)(Û)

1,061

110

ADMA

Biologics,

Inc.(Æ)

43,482

287

Akebia

Therapeutics,

Inc.(Æ)

10,851

20

Alector

,

Inc.(Æ)(Ð)

5,923

36

Alkermes

PLC(Æ)

6,960

188

Alphatec

Holdings,

Inc.(Æ)

5,537

76

American

Well

Corp.

Class

A(Æ)

11,296

9

Amneal

Pharmaceuticals,

Inc.(Æ)

1,326

8

Amphastar

Pharmaceuticals,

Inc.(Æ)(Ð)

3,942

173

AnaptysBio

,

Inc.(Æ)(Ð)

1,450

33

AngioDynamics

,

Inc.(Æ)

4,822

28

ANI

Pharmaceuticals,

Inc.(Æ)

13,596

940

Arcellx

,

Inc.(Æ)

11,862

825

Ardelyx

,

Inc.(Æ)

24,129

176

Argenx

SE

-

ADR(Æ)

2,050

807

Arrowhead

Pharmaceuticals,

Inc.(Æ)

16,464

471

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ARS

Pharmaceuticals,

Inc.(Æ)

997

10

Avanos

Medical,

Inc.(Æ)

6,111

122

Beam

Therapeutics,

Inc.(Æ)(Ñ)

9,365

309

BioCryst

Pharmaceuticals,

Inc.(Æ)(Ð)

5,851

30

BioLife

Solutions,

Inc.(Æ)

24,065

446

Blueprint

Medicines

Corp.(Æ)

3,171

301

BridgeBio

Pharma,

Inc.(Æ)

2,758

85

CareDx

,

Inc.(Æ)(Ð)

9,011

95

Castle

Biosciences,

Inc.(Æ)

2,473

55

Catalyst

Pharmaceuticals,

Inc.(Æ)

8,940

142

Chemed

Corp.

675

433

CinCor

Pharma,

Inc.(Æ)(Š)

3,630

11

Computer

Programs

&

Systems,

Inc.(Æ)

1,149

11

CONMED

Corp.

3,429

275

Corcept

Therapeutics,

Inc.(Æ)(Ð)

3,062

77

CorVel

Corp.(Æ)

398

105

Crinetics

Pharmaceuticals,

Inc.(Æ)

2,175

102

Cytokinetics,

Inc.(Æ)

13,372

937

CytomX

Therapeutics,

Inc.(Æ)(Ð)

4,044

9

Deciphera

Pharmaceuticals,

Inc.(Æ)(Ð)

4,813

76

Denali

Therapeutics,

Inc.(Æ)

8,292

170

DocGo

,

Inc.(Æ)

2,900

12

Doximity

,

Inc.

Class

A(Æ)(Ð)

5,444

146

Dyne

Therapeutics,

Inc.(Æ)

6,034

171

Embecta

Corp.

4,889

65

Enanta

Pharmaceuticals,

Inc.(Æ)

1,328

23

Enovis

Corp.

Class

W(Æ)

5,973

373

Ensign

Group,

Inc.

(The)

1,002

125

Esperion

Therapeutics,

Inc.(Æ)

5,393

14

Exelixis

,

Inc.(Æ)

15,652

371

Fate

Therapeutics,

Inc.(Æ)

8,337

61

FibroGen

,

Inc.(Æ)

5,419

13

Fulgent

Genetics,

Inc.(Æ)

4,428

96

Geron

Corp.(Æ)

138,691

458

Glaukos

Corp.(Æ)

1,212

114

Gossamer

Bio,

Inc.(Æ)

10,786

13

Guardant

Health,

Inc.(Æ)

3,878

80

Haemonetics

Corp.(Æ)

1,456

124

Halozyme

Therapeutics,

Inc.(Æ)

8,621

351

Harmony

Biosciences

Holdings,

Inc.(Æ)

2,156

72

Health

Catalyst,

Inc.(Æ)

3,623

27

HealthEquity

,

Inc.(Æ)

1,687

138

Immunovant

,

Inc.(Æ)

10,950

354

Inari

Medical,

Inc.(Æ)(Û)

4,263

205

Incyte

Corp.(Æ)(Ð)

1,526

87

InfuSystem

Holdings,

Inc.(Æ)

47,265

405

Inhibrx

,

Inc.(Æ)

7,716

270

Innoviva

,

Inc.(Æ)

25,075

382

Inogen

,

Inc.(Æ)

1,308

11

Insmed

,

Inc.(Æ)

923

25

Integer

Holdings

Corp.(Æ)

637

74

Intellia

Therapeutics,

Inc.(Æ)

8,754

241

Intra-Cellular

Therapies,

Inc.

Class

A(Æ)

3,424

237

Ionis

Pharmaceuticals,

Inc.(Æ)(Ð)

6,640

288

iRadimed

Corp.(Û)

17,873

786

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

11,617

101

iTeos

Therapeutics,

Inc.(Æ)

3,791

52

Jasper

Therapeutics,

Inc.(Æ)

6,154

181

Joint

Corp.

(The)(Æ)

8,521

111

Keros

Therapeutics,

Inc.(Æ)

4,589

304

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

15

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kura

Oncology,

Inc.(Æ)

11,709

250

Kymera

Therapeutics,

Inc.(Æ)

2,206

89

Lantheus

Holdings,

Inc.(Æ)

2,981

186

Legend

Biotech

Corp.

-

ADR(Æ)

11,079

621

LeMaitre

Vascular,

Inc.

22,626

1,501

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

5,310

388

Madrigal

Pharmaceuticals,

Inc.(Æ)

122

33

Medpace

Holdings,

Inc.(Æ)

1,531

619

MeiraGTx

Holdings

PLC(Æ)

12,282

75

Merit

Medical

Systems,

Inc.(Æ)

1,821

138

MiMedx

Group,

Inc.(Æ)

26,680

205

ModivCare

,

Inc.(Æ)

1,501

35

Natera

,

Inc.(Æ)

2,616

239

National

HealthCare

Corp.

1,549

146

Nektar

Therapeutics(Æ)

9,115

8

Neogen

Corp.(Æ)

7,204

114

Neurocrine

Biosciences,

Inc.(Æ)(Ð)(Û)

7,422

1,024

Novocure

,

Ltd.(Æ)(Ð)(Û)

4,175

65

Nurix

Therapeutics,

Inc.(Æ)(Ð)

5,988

88

Option

Care

Health,

Inc.(Æ)

16,960

569

OraSure

Technologies,

Inc.(Æ)(Ð)

1,665

10

Organon

&

Co.

17,223

324

Orthofix

Medical,

Inc.(Æ)(Û)

16,248

236

Owens

&

Minor,

Inc.(Æ)

9,223

256

Pacific

Biosciences

of

California,

Inc.(Æ)

12,718

48

Pacira

BioSciences

,

Inc.(Æ)

2,785

81

Patterson

Cos.,

Inc.

6,729

186

Pediatrix

Medical

Group,

Inc.(Æ)

14,511

146

Pennant

Group,

Inc.

(The)(Æ)

13,061

256

Perrigo

Co.

PLC

23,706

763

Personalis

,

Inc.(Æ)

2,465

4

PetIQ

,

Inc.(Æ)

7,042

129

Phreesia

,

Inc.(Æ)

3,739

89

Pliant

Therapeutics,

Inc.(Æ)

4,293

64

Poseida

Therapeutics,

Inc.(Æ)(Ð)

2,917

9

Prestige

Brands

Holdings,

Inc.(Æ)

1,707

124

PTC

Therapeutics,

Inc.(Æ)(Ð)

8,818

257

Pulmonx

Corp.(Æ)(Ð)

3,065

28

Quipt

Home

Medical

Corp.(Æ)

47,454

207

Radius

Health,

Inc.(Æ)(Š)

16,200

1

RadNet

,

Inc.(Æ)

8,727

425

Recursion

Pharmaceuticals,

Inc.

Class

A(Æ)

10,712

107

REGENXBIO,

Inc.(Æ)

1,140

24

Relay

Therapeutics,

Inc.(Æ)(Ð)

12,318

102

Repligen

Corp.(Æ)

2,321

427

Replimune

Group,

Inc.(Æ)

1,700

14

Rigel

Pharmaceuticals,

Inc.(Æ)

9,194

14

Rocket

Pharmaceuticals,

Inc.(Æ)

42,480

1,144

RxSight

,

Inc.(Æ)

6,512

336

Sage

Therapeutics,

Inc.(Æ)

3,220

60

Sangamo

BioSciences

,

Inc.(Æ)

934

1

Sarepta

Therapeutics,

Inc.(Æ)

2,732

354

Schrodinger,

Inc.(Æ)

13,412

362

Select

Medical

Holdings

Corp.

9,215

278

Semler

Scientific,

Inc.(Æ)

600

18

Silk

Road

Medical,

Inc.(Æ)(Ð)

3,094

57

SpringWorks

Therapeutics,

Inc.(Æ)

9,048

445

STAAR

Surgical

Co.(Æ)

1,908

73

Structure

Therapeutics,

Inc.

-

ADR(Æ)

1,725

74

Supernus

Pharmaceuticals,

Inc.(Æ)

7,917

270

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Surmodics

,

Inc.(Æ)

5,582

164

Sutro

Biopharma,

Inc.(Æ)(Ð)

6,281

35

Tandem

Diabetes

Care,

Inc.(Æ)(Ð)

7,827

277

Tarsus

Pharmaceuticals,

Inc.(Æ)

1,629

59

Tela

Bio,

Inc.(Æ)

7,608

43

Teleflex,

Inc.

375

85

Tenet

Healthcare

Corp.(Æ)

4,228

444

Terns

Pharmaceuticals,

Inc.(Æ)

30,704

201

TG

Therapeutics,

Inc.(Æ)

4,587

70

Theravance

Biopharma,

Inc.(Æ)

1,857

17

TransMedics

Group,

Inc.(Æ)

1,513

112

Travere

Therapeutics,

Inc.(Æ)(Ð)

12,517

96

UFP

Technologies,

Inc.(Æ)

5,537

1,396

Ultragenyx

Pharmaceutical,

Inc.(Æ)(Ð)

8,925

417

United

Therapeutics

Corp.(Æ)

1,201

276

Utah

Medical

Products,

Inc.

5,323

379

Vanda

Pharmaceuticals,

Inc.(Æ)

3,740

15

Vaxcyte

,

Inc.(Æ)

1,291

88

Vera

Therapeutics,

Inc.(Æ)

968

42

Veradigm

,

Inc.(Æ)(Ð)

25,943

200

Viemed

Healthcare,

Inc.(Æ)

12,062

114

Viking

Therapeutics,

Inc.(Æ)

19,996

1,640

Vir

Biotechnology,

Inc.(Æ)

1,373

14

Viridian

Therapeutics,

Inc.(Æ)

20,803

364

Xencor

,

Inc.(Æ)

13,719

304

Xenon

Pharmaceuticals,

Inc.(Æ)

10,997

473

Zai

Lab,

Ltd.

-

ADR(Æ)(Ñ)

11,425

183

Zimvie

,

Inc.(Æ)

9,913

163

Zymeworks

,

Inc.(Æ)

4,520

48

36,882

Materials

and

Processing

-

8.6%

AAON,

Inc.

2,055

181

Acuity

Brands,

Inc.

1,575

423

Advanced

Drainage

Systems,

Inc.

586

101

AdvanSix

,

Inc.

13,230

378

Alcoa

Corp.(Ð)

6,005

203

Algoma

Steel

Group,

Inc.(Ñ)

25,945

220

Allegheny

Technologies,

Inc.(Æ)

2,101

107

American

Vanguard

Corp.

2,130

28

Arizona

Sonoran

Copper

Co.,

Inc.(Æ)

98,009

100

Ashland,

Inc.

5,663

551

Avient

Corp.

10,393

451

Axalta

Coating

Systems,

Ltd.(Æ)

5,720

197

AZEK

Co.,

Inc.

(The)(Æ)

14,827

745

Balchem

Corp.

523

81

Boise

Cascade

Co.

3,098

475

Builders

FirstSource

,

Inc.(Æ)

2,862

597

Cabot

Corp.

1,830

169

Capstone

Copper

Corp.(Æ)

32,464

207

Codexis

,

Inc.(Æ)

6,838

24

Commercial

Metals

Co.

6,921

407

Constellium

SE(Æ)

9,153

202

Eagle

Materials,

Inc.

546

148

Eastman

Chemical

Co.(Û)

788

79

Ecovyst

,

Inc.(Æ)(Û)

22,548

251

Element

Solutions,

Inc.

7,026

175

ERO

Copper

Corp.(Æ)

16,810

324

Fabrinet

(Æ)

1,172

222

Global

Industrial

Co.(Ð)

682

31

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

16

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Haynes

International,

Inc.

3,505

211

Hecla

Mining

Co.

24,414

117

Hudson

Technologies,

Inc.(Æ)

2,610

29

Huntsman

Corp.(Û)

16,699

435

Insteel

Industries,

Inc.

4,832

185

Interface,

Inc.

Class

A

2,741

46

JELD-WEN

Holding,

Inc.(Æ)

8,979

191

Kaiser

Aluminum

Corp.

13,931

1,245

Knife

River

Corp.(Æ)

1,966

159

Lennox

International,

Inc.

649

317

Lithium

Americas

Argentina

Corp.(Æ)(Ñ)

29,749

160

Louisiana-Pacific

Corp.(Û)

4,633

389

Masonite

International

Corp.(Æ)

2,763

363

Mativ

Holdings,

Inc.

38,221

717

Mercer

International,

Inc.(Ð)

1,000

10

Modine

Manufacturing

Co.(Æ)

3,359

320

MP

Materials

Corp.(Æ)(Ð)

2,702

39

Myers

Industries,

Inc.

13,320

309

Northwest

Pipe

Co.(Æ)

5,149

179

O-I

Glass,

Inc.(Æ)

7,159

119

Olympic

Steel,

Inc.

3,028

215

Origin

Materials,

Inc.(Æ)

2,033

1

Orion

Engineered

Carbons

SA

4,138

97

Quaker

Chemical

Corp.

1,241

255

Ranpak

Holdings

Corp.(Æ)

30,438

240

Rayonier

Advanced

Materials,

Inc.(Æ)

49,328

236

Resolute

Forest

Products,

Inc.(Æ)(Š)

7,348

10

Rogers

Corp.(Æ)

886

105

Royal

Gold,

Inc.

1,564

190

Rush

Enterprises,

Inc.

Class

A

3,972

213

ScanSource

,

Inc.(Æ)(Û)

580

26

Schnitzer

Steel

Industries,

Inc.

Class

A

20,903

442

Sealed

Air

Corp.

9,476

352

Simpson

Manufacturing

Co.,

Inc.

1,150

236

SiteOne

Landscape

Supply,

Inc.(Æ)

2,258

394

SmartRent

,

Inc.(Æ)

40,187

108

Sonoco

Products

Co.

5,960

345

Stelco

Holdings,

Inc.

7,017

231

Stepan

Co.

8,823

794

Summit

Materials,

Inc.

Class

A(Æ)

3,408

152

Sylvamo

Corp.(Û)

2,076

128

Tecnoglass

,

Inc.

4,570

238

TimkenSteel

Corp.(Æ)

12,170

271

Trinseo

PLC

3,016

11

Tronox

Holdings

PLC

Class

A

26,820

465

UFP

Industries,

Inc.

1,800

221

Unifi,

Inc.(Æ)

241

1

United

States

Lime

&

Minerals,

Inc.

186

55

Universal

Stainless

&

Alloy

Products,

Inc.

(Æ)

5,638

126

VSE

Corp.

5,335

427

Worthington

Industries,

Inc.

2,102

131

Worthington

Steel,

Inc.

2,102

75

19,408

Producer

Durables

-

17.3%

Aaron's

Co.,

Inc.

(The)

11,881

89

ABM

Industries,

Inc.

3,459

154

Adient

PLC(Æ)(Û)

4,534

149

ADT,

Inc.

29,813

200

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

AECOM

4,959

486

AGCO

Corp.(Ð)

2,727

335

Alight,

Inc.

Class

A(Æ)

13,739

135

Allied

Motion

Technologies,

Inc.

18,036

644

Allison

Transmission

Holdings,

Inc.

Class

A

3,591

291

AMN

Healthcare

Services,

Inc.(Æ)

3,246

203

Applied

Industrial

Technologies,

Inc.

1,230

243

Aqua

Metals,

Inc.(Æ)(Ñ)

133,824

72

ArcBest

Corp.

3,731

532

Arcosa

,

Inc.

4,758

409

Ardmore

Shipping

Corp.

34,634

569

Argan

,

Inc.(Ð)

1,526

77

Arhaus

,

Inc.

6,291

97

ASGN,

Inc.(Æ)

1,771

186

Astec

Industries,

Inc.

11,097

485

Babcock

&

Wilcox

Enterprises(Æ)

89,992

102

Badger

Meter,

Inc.

914

148

Barnes

Group,

Inc.

21,780

809

Barrett

Business

Services,

Inc.

600

76

Bloom

Energy

Corp.

Class

A(Æ)(Ñ)

10,398

117

Blue

Bird

Corp.(Æ)

9,185

352

Bowlero

Corp.

Class

A(Ñ)

7,943

109

Bowman

Consulting

Group,

Ltd.(Æ)

3,579

125

Casella

Waste

Systems,

Inc.

Class

A(Æ)

6,441

637

CBIZ,

Inc.(Æ)

2,908

228

CECO

Environmental

Corp.(Æ)

17,894

412

Chart

Industries,

Inc.(Æ)

531

87

Comfort

Systems

USA,

Inc.

1,158

368

Construction

Partners,

Inc.

Class

A(Æ)

3,443

193

Covenant

Logistics

Group,

Inc.

Class

A(Ð)

674

31

CRA

International,

Inc.

382

57

Cross

Country

Healthcare,

Inc.(Æ)

6,484

121

Daseke

,

Inc.(Æ)

41,169

342

Deluxe

Corp.

30,865

636

DHT

Holdings,

Inc.

23,207

267

Dycom

Industries,

Inc.(Æ)

703

101

Eagle

Bulk

Shipping,

Inc.(Ñ)

6,864

429

Embraer

SA

-

ADR(Æ)

4,071

108

Encore

Wire

Corp.

846

222

Energy

Recovery,

Inc.(Æ)(Ð)

2,455

39

EnerSys

5,296

500

Ennis,

Inc.

4,049

83

Enviri

Corp.(Æ)(Ð)

1,521

14

Esab

Corp.

2,256

249

EVERTEC,

Inc.

3,058

122

ExlService

Holdings,

Inc.(Æ)

11,685

372

Exponent,

Inc.

1,543

128

Faro

Technologies,

Inc.(Æ)

1,831

39

Federal

Signal

Corp.

4,579

389

Flowserve

Corp.

14,690

671

Fluor

Corp.(Æ)

11,434

483

Flywire

Corp.(Æ)(Ð)

5,643

140

Franklin

Electric

Co.,

Inc.

1,402

150

Frontdoor

,

Inc.(Æ)

2,236

73

Frontier

Group

Holdings,

Inc.(Æ)(Ñ)

31,650

257

Genco

Shipping

&

Trading,

Ltd.

8,775

178

Generac

Holdings,

Inc.(Æ)

731

92

GEO

Group,

Inc.

(The)(Æ)

11,325

160

Granite

Construction,

Inc.

5,921

338

Green

Dot

Corp.

Class

A(Æ)

2,768

26

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

17

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Heartland

Express,

Inc.

5,486

66

Heidrick

&

Struggles

International,

Inc.

10,394

350

Helios

Technologies,

Inc.

1,046

47

Herc

Holdings,

Inc.

Class

W

733

123

Hillman

Solutions

Corp.(Æ)

14,308

152

HNI

Corp.

3,475

157

Hub

Group,

Inc.

Class

A

3,002

130

Hyster

-Yale

Materials

Handling,

Inc.

787

51

I3

Verticals,

Inc.

Class

A(Æ)

37,197

851

ICF

International,

Inc.

1,329

200

Insperity

,

Inc.

2,430

266

Integrated

Electrical

Services,

Inc.(Æ)

1,111

135

International

Seaways,

Inc.

3,643

194

Janus

International

Group,

Inc.(Æ)

22,536

341

Kadant

,

Inc.

477

157

Kennametal,

Inc.

5,108

127

Knight-Swift

Transportation

Holdings,

Inc.

(Û)

6,924

381

Korn

Ferry

2,556

168

Landstar

System,

Inc.

1,788

345

Limbach

Holdings,

Inc.(Æ)

2,100

87

Mama's

Creations,

Inc.(Æ)

23,800

119

Manitowoc

Co.,

Inc.

(The)(Æ)

8,575

121

ManpowerGroup

,

Inc.

6,830

530

Marten

Transport,

Ltd.

3,951

73

MasTec

,

Inc.(Æ)

1,313

122

Matson,

Inc.

1,670

188

Mesa

Laboratories,

Inc.

6,358

698

Microvast

Holdings,

Inc.(Æ)(Ð)

13,791

12

MillerKnoll

,

Inc.

16,346

405

Mirion

Technologies,

Inc.(Æ)

8,890

101

Mitek

Systems,

Inc.(Æ)

45,537

642

Moneylion

,

Inc.(Æ)

1,510

108

Moog,

Inc.

Class

A

1,306

209

Mueller

Industries,

Inc.

3,230

174

MYR

Group,

Inc.(Æ)

737

130

National

Research

Corp.

Class

A

1,447

57

NEXTracker

,

Inc.

Class

A(Æ)(Ð)

6,659

375

Orion

Group

Holdings,

Inc.(Æ)

51,682

424

Oshkosh

Corp.

3,438

429

PAM

Transportation

Services,

Inc.(Æ)

611

10

Payoneer

Global,

Inc.(Æ)

20,304

99

Paysafe

,

Ltd.(Æ)

2,520

40

Phinia

,

Inc.

3,136

121

Powell

Industries,

Inc.(Ð)

691

98

Primoris

Services

Corp.

4,450

189

PROG

Holdings,

Inc.

9,246

318

Proto

Labs,

Inc.(Æ)

4,827

173

Radiant

Logistics,

Inc.(Æ)

29,849

162

Repay

Holdings

Corp.(Æ)

65,435

720

Resources

Connection,

Inc.

14,794

195

Robert

Half,

Inc.(Ð)(Û)

5,277

418

RXO,

Inc.(Æ)(Ð)

12,746

279

Ryder

System,

Inc.(Ð)

543

65

Ryerson

Holding

Corp.

8,660

290

Saia,

Inc.(Æ)

826

483

Schneider

National,

Inc.

Class

B

6,610

150

Scorpio

Tankers,

Inc.

9,830

703

Scotts

Miracle-

Gro

Co.

(The)

Class

A

5,357

400

SHYFT

Group,

Inc.

(The)

3,520

44

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Skyline

Champion

Corp.(Æ)

10,097

858

Sleep

Number

Corp.(Æ)

2,812

45

Spirit

AeroSystems

Holdings,

Inc.

Class

A(Æ)

5,919

214

Stagwell

,

Inc.(Æ)

4,332

27

Star

Bulk

Carriers

Corp.(Ñ)

12,954

309

Steelcase,

Inc.

Class

A

5,170

68

Stericycle,

Inc.(Æ)

2,384

126

Sterling

Infrastructure,

Inc.(Æ)

4,017

443

Stoneridge,

Inc.(Æ)

33,029

609

Sun

Country

Airlines

Holdings,

Inc.(Æ)

15,081

228

Teekay

Tankers,

Ltd.

Class

A

5,835

341

Terex

Corp.

7,193

463

Thermon

Group

Holdings,

Inc.(Æ)

9,304

304

Tidewater,

Inc.(Æ)

3,047

280

Titan

International,

Inc.(Æ)

3,142

39

TopBuild

Corp.(Æ)

1,376

606

TreeHouse

Foods,

Inc.(Æ)

6,469

252

TriNet

Group,

Inc.

2,108

279

TrueBlue

,

Inc.(Æ)

2,720

34

Tutor

Perini

Corp.(Æ)

13,966

202

U-Haul

Holding

Co.(Æ)(Û)

1,724

116

UniFirst

Corp.

566

98

Universal

Truckload

Services,

Inc.

7,254

267

V2X,

Inc.(Æ)

4,394

205

Vertiv

Holdings

Co.

Class

A

4,307

352

Watts

Water

Technologies,

Inc.

Class

A

797

169

Werner

Enterprises,

Inc.

13,135

514

WESCO

International,

Inc.

2,016

345

WillScot

Mobile

Mini

Holdings

Corp.(Æ)

5,757

268

Xerox

Holdings

Corp.(Û)

21,254

380

XPO,

Inc.(Æ)

1,447

177

ZipRecruiter,

Inc.

Class

A(Æ)

8,199

94

38,850

Technology

-

14.0%

8x8,

Inc.(Æ)(Ð)

78,330

211

A10

Networks,

Inc.

49,450

677

ACM

Research,

Inc.

Class

A(Æ)

10,577

308

Adeia

,

Inc.(Ð)

972

11

ADTRAN

Holdings,

Inc.(Ð)

9,413

51

Agilysys

,

Inc.(Æ)

1,396

118

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

1,380

30

Altair

Engineering,

Inc.

Class

A(Æ)

1,643

142

Ambarella

,

Inc.(Æ)

1,875

95

American

Software,

Inc.

Class

A

93,777

1,074

Amkor

Technology,

Inc.(Û)

9,928

320

Appfolio

,

Inc.

Class

A(Æ)

2,093

516

AppLovin

Corp.

Class

A(Æ)

453

31

Arlo

Technologies,

Inc.(Æ)

4,821

61

Augmedix

,

Inc.(Æ)(Ñ)

52,997

217

AvePoint

,

Inc.(Æ)

11,923

94

Axcelis

Technologies,

Inc.(Æ)

1,315

147

Bandwidth,

Inc.

Class

A(Æ)(Ð)

1,902

35

BigCommerce

Holdings,

Inc.(Æ)(Ð)

7,580

52

Box,

Inc.

Class

A(Æ)(Ð)

11,586

328

Braze,

Inc.

Class

A(Æ)

1,493

66

Brightcove

,

Inc.(Æ)(Ð)

931

2

Bumble,

Inc.

Class

A(Æ)

2,174

25

Calix,

Inc.(Æ)

6,039

200

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

18

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cars.com,

Inc.(Æ)

14,061

242

Cirrus

Logic,

Inc.(Æ)

3,547

328

Cohu

,

Inc.(Æ)

3,990

133

CommScope

Holding

Co.,

Inc.(Æ)

32,609

43

CommVault

Systems,

Inc.(Æ)

2,545

258

Conduent

,

Inc.(Æ)(Ð)

6,630

22

Conduent

,

Inc.

Class

A(Æ)(Ð)

7,943

242

Couchbase

,

Inc.(Æ)(Ð)

1,453

38

Credo

Technology

Group

Holding,

Ltd.(Æ)

14,878

315

CS

Disco,

Inc.(Æ)(Ð)

1,680

14

CSG

Systems

International,

Inc.

1,810

93

CyberArk

Software,

Ltd.(Æ)

985

262

Digital

Turbine,

Inc.(Æ)(Ð)

2,600

7

DigitalBridge

Group,

Inc.

6,583

127

DigitalOcean

Holdings,

Inc.(Æ)(Ð)

4,462

170

Diodes,

Inc.(Æ)

1,625

115

DocuSign,

Inc.(Æ)

376

22

Domo,

Inc.

Class

B(Æ)(Ð)

4,272

38

Donnelley

Financial

Solutions,

Inc.(Æ)

1,683

104

DoubleVerify

Holdings,

Inc.(Æ)

10,724

377

Dropbox,

Inc.

Class

A(Æ)(Ð)

14,574

354

DXC

Technology

Co.(Æ)

13,508

286

Elastic

NV(Æ)

439

44

Endava

PLC

-

ADR(Æ)

4,031

153

ePlus

,

Inc.(Æ)

2,237

176

Eventbrite,

Inc.

Class

A(Æ)(Ð)

8,469

46

EverQuote

,

Inc.

Class

A(Æ)

13,254

246

Expensify,

Inc.

Class

A(Æ)(Ð)

1,326

2

FormFactor

,

Inc.(Æ)

6,609

302

Gitlab

,

Inc.

Class

A(Æ)

4,052

236

Guidewire

Software,

Inc.(Æ)

7,093

828

Harmonic,

Inc.(Æ)

18,061

243

IDT

Corp.

Class

B

3,897

147

Immersion

Corp.

24,155

181

Infinera

Corp.(Æ)(Ð)

3,283

20

Informatica

,

Inc.

Class

A(Æ)

4,365

153

Insight

Enterprises,

Inc.(Æ)

840

156

Integral

Ad

Science

Holding

LLC(Æ)

8,822

88

JFrog

,

Ltd.(Æ)

1,370

61

Kaltura

,

Inc.(Æ)

160,963

217

KBR,

Inc.

11,629

740

Kulicke

&

Soffa

Industries,

Inc.

12,287

618

Kyndryl

Holdings,

Inc.(Æ)

16,202

353

Lyft,

Inc.

Class

A(Æ)(Û)

17,574

340

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

1,858

178

Manhattan

Associates,

Inc.(Æ)

113

28

Maplebear

,

Inc.(Æ)(Û)

1,220

45

MaxLinear

,

Inc.

Class

A(Æ)

9,623

180

MeridianLink

,

Inc.(Æ)

1,186

22

MicroStrategy

,

Inc.

Class

A(Æ)(Ñ)

306

522

Model

N,

Inc.(Æ)

29,503

840

Monday.com,

Ltd.(Æ)

827

187

NAPCO

Security

Technologies,

Inc.

6,342

255

NETGEAR,

Inc.(Æ)

2,384

38

nLight

,

Inc.(Æ)

3,415

44

Novanta

,

Inc.(Æ)

893

156

Nutanix

,

Inc.

Class

A(Æ)

9,631

594

NVE

Corp.

3,687

332

ON24,

Inc.

24,734

177

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

OneSpan

,

Inc.(Æ)

21,876

254

Onto

Innovation,

Inc.(Æ)

2,451

444

Ooma

,

Inc.(Æ)

16,021

137

Opendoor

Technologies,

Inc.(Æ)(Ð)

6,418

19

Outset

Medical,

Inc.(Æ)(Ð)

4,332

10

PDF

Solutions,

Inc.(Æ)

26,924

907

Pegasystems

,

Inc.

7,388

478

Perficient

,

Inc.(Æ)

1,928

109

Photronics

,

Inc.(Æ)

6,694

190

Planet

Labs

PBC(Æ)(Ð)

5,481

14

PlayAGS

,

Inc.(Æ)

30,144

271

Playtika

Holding

Corp.

4,128

29

Power

Integrations,

Inc.

1,732

124

Preformed

Line

Products

Co.

447

58

Procore

Technologies,

Inc.(Æ)

4,520

371

Progress

Software

Corp.

1,588

85

Pros

Holdings,

Inc.(Æ)

4,651

169

PubMatic,

Inc.

Class

A(Æ)

6,687

159

Qualys

,

Inc.(Æ)

4,577

764

Rackspace

Technology,

Inc.(Æ)(Ð)

7,780

12

RADCOM,

Ltd.(Æ)

10,957

122

Rambus,

Inc.(Æ)

2,964

183

Ribbon

Communications,

Inc.(Æ)(Ð)

4,404

14

RingCentral,

Inc.

Class

A(Æ)

5,605

195

Roku,

Inc.(Æ)(Ð)

2,854

186

Samsara,

Inc.

Class

A(Æ)

4,546

172

Sanmina

Corp.(Æ)

2,005

125

Sapiens

International

Corp.

NV

2,165

70

SecureWorks

Corp.

Class

A(Æ)

914

6

SentinelOne

,

Inc.

Class

A(Æ)

10,238

239

Shutterstock

,

Inc.

1,286

59

Silicon

Laboratories,

Inc.(Æ)

3,679

529

Silicon

Motion

Technology

Corp.

-

ADR

2,204

170

SimilarWeb

,

Ltd.(Æ)

10,578

95

Simulations

Plus,

Inc.

19,503

803

SMART

Global

Holdings,

Inc.(Æ)

7,093

187

Smartsheet

,

Inc.

Class

A(Æ)(Ð)

6,557

252

Sonos

,

Inc.(Æ)

16,358

312

Sprout

Social,

Inc.

Class

A(Æ)

2,173

130

SPS

Commerce,

Inc.(Æ)

900

166

Squarespace,

Inc.

Class

A(Æ)

3,999

146

Super

Micro

Computer,

Inc.(Æ)

1,521

1,536

Synaptics

,

Inc.(Æ)

1,460

142

Telos

Corp.(Æ)

3,228

13

Tenable

Holdings,

Inc.(Æ)

6,743

333

Teradata

Corp.(Æ)

2,000

77

Thoughtworks

Holding,

Inc.(Æ)(Ð)

5,128

13

Tower

Semiconductor,

Ltd.(Æ)

7,686

257

TrueCar

,

Inc.(Æ)

56,670

192

TTM

Technologies,

Inc.(Æ)

8,022

126

Unisys

Corp.(Æ)(Ð)

7,413

36

Upland

Software,

Inc.(Æ)

1,000

3

Upwork

,

Inc.(Æ)

4,986

61

Varonis

Systems,

Inc.(Æ)

4,653

219

Viavi

Solutions,

Inc.

Class

W(Æ)

16,274

148

Vimeo,

Inc.(Æ)

67,796

277

Vishay

Intertechnology

,

Inc.

18,877

428

VTEX

Class

A(Æ)

53,008

433

Weave

Communications,

Inc.(Æ)(Ð)

1,728

20

Wix.com,

Ltd.(Æ)

763

105

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

19

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

WNS

Holdings,

Ltd.(Æ)

8,100

409

Workiva

,

Inc.(Æ)

4,737

402

Xperi

,

Inc.(Æ)

4,580

55

Yext

,

Inc.(Æ)(Ð)

7,780

47

Zeta

Global

Holdings

Corp.

Class

A(Æ)

7,679

84

31,530

Utilities

-

5.2%

Allete

,

Inc.

8,847

528

APA

Corp.(Ð)

1,994

69

Artesian

Resources

Corp.

Class

A

10,893

404

Avista

Corp.

2,406

84

Brookfield

Infrastructure

Corp.

Class

A

1,615

58

California

Resources

Corp.

4,861

268

California

Water

Service

Group

5,475

254

Callon

Petroleum

Co.(Æ)

6,942

248

Chord

Energy

Corp.

1,093

195

Civitas

Resources,

Inc.

3,317

252

CNX

Resources

Corp.(Æ)

13,841

328

Evolution

Petroleum

Corp.

65,819

404

Excelerate

Energy,

Inc.

Class

A(Ð)

21,139

339

Genie

Energy,

Ltd.

Class

B

6,180

93

Golar

LNG,

Ltd.

6,169

148

Gulfport

Energy

Corp.(Æ)

720

115

IDACORP,

Inc.

3,666

341

Iridium

Communications,

Inc.(Ð)

6,500

170

Kosmos

Energy,

Ltd.(Æ)

75,957

453

Magnolia

Oil

&

Gas

Corp.

Class

A

29,847

775

New

Jersey

Resources

Corp.

2,126

91

Northern

Oil

and

Gas,

Inc.

4,080

162

NorthWestern

Corp.

1,849

94

NRG

Energy,

Inc.(Û)

9,417

637

ONE

Gas,

Inc.

1,467

95

Permian

Resources

Corp.

56,555

999

Pinnacle

West

Capital

Corp.(Ð)

998

75

Portland

General

Electric

Co.

8,709

366

RGC

Resources,

Inc.

5,423

110

SandRidge

Energy,

Inc.

13,950

203

Saturn

Oil

&

Gas,

Inc.(Æ)

71,408

134

SilverBow

Resources,

Inc.(Æ)

13,607

465

Southwest

Gas

Holdings,

Inc.

1,746

133

Spire,

Inc.

4,023

247

Talos

Energy,

Inc.(Æ)

15,739

219

UGI

Corp.

11,611

285

Unitil

Corp.

8,832

462

Vistra

Corp.(Û)

10,869

757

York

Water

Co.

(The)

13,413

486

11,546

Total

Common

Stocks

(cost

$186,109)

225,004

Short-Term

Investments

-

4.3%

U.S.

Cash

Management

Fund(@)

9,623,421

(∞)

9,621

Total

Short-Term

Investments

(cost

$9,620)

9,621

Other

Securities

-

1.6%

U.S.

Cash

Collateral

Fund(@)(×)

3,562,960

(∞)

3,563

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Other

Securities

(cost

$3,563)

3,563

Total

Investments

-

106.0%

(identified

cost

$199,292)

238,188

Securities

Sold

Short

-

(4.5)%

Consumer

Discretionary

-

(0.5)%

Advanced

Energy

Industries,

Inc.

(1,288)

(131)

Akoustis

Technologies,

Inc.(Æ)

(6,397)

(4)

Altice

USA,

Inc.

Class

A(Æ)

(7,583)

(20)

America's

Car-Mart,

Inc.(Æ)

(393)

(25)

AMMO,

Inc.(Æ)

(3,252)

(9)

Bally's

Corp.(Æ)

(2,098)

(29)

BARK,

Inc.(Æ)

(2,500)

(3)

Boston

Omaha

Corp.

Class

A(Æ)

(1,420)

(22)

Byrna

Technologies,

Inc.(Æ)

(779)

(11)

Churchill

Downs,

Inc.

(1,216)

(150)

Clarus

Corp.

(101)

(1)

Crocs,

Inc.(Æ)

(555)

(80)

Driven

Brands

Holdings,

Inc.(Æ)

(3,618)

(57)

Ethan

Allen

Interiors,

Inc.

(1,371)

(47)

FirstCash

Holdings,

Inc.

(986)

(126)

Full

House

Resorts,

Inc.(Æ)

(1,555)

(9)

GrowGeneration

Corp.(Æ)

(400)

(1)

Guess?,

Inc.

(1,306)

(41)

Joby

Aviation,

Inc.(Æ)

(9,940)

(53)

Kura

Sushi

USA,

Inc.

Class

A(Æ)

(178)

(21)

Lithia

Motors,

Inc.

Class

A

(461)

(139)

Skillsoft

Corp.(Æ)

(180)

(2)

Topgolf

Callaway

Brands

Corp.(Æ)

(7,566)

(122)

Vicor

Corp.(Æ)

(744)

(28)

Victoria's

Secret

&

Co.(Æ)

(1,330)

(26)

XPEL,

Inc.(Æ)

(765)

(41)

Ziff

Davis,

Inc.(Æ)

(1,445)

(91)

(1,289)

Consumer

Staples

-

(0.1)%

Alico

,

Inc.

(620)

(18)

B&G

Foods,

Inc.

Class

A

(3,754)

(43)

Krispy

Kreme,

Inc.

(2,950)

(45)

MGP

Ingredients,

Inc.

(1,017)

(88)

Westrock

Coffee

Co.(Æ)

(2,074)

(21)

(215)

Energy

-

(0.2)%

Ameresco

,

Inc.

Class

A(Æ)

(1,494)

(36)

Array

Technologies,

Inc.(Æ)

(4,003)

(60)

Cleanspark

,

Inc.(Æ)

(1,240)

(26)

Core

Laboratories,

Inc.

(1,221)

(21)

Ring

Energy,

Inc.(Æ)

(5,809)

(11)

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

(6,426)

(72)

Sitio

Royalties

Corp.

Class

A

(2,456)

(61)

Sunnova

Energy

International,

Inc.(Æ)

(3,102)

(19)

TPI

Composites,

Inc.(Æ)

(1,000)

(3)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

20

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Uranium

Energy

Corp.(Æ)

(12,583)

(85)

(394)

Financial

Services

-

(0.7)%

AGNC

Investment

Corp.(ö)

(1,733)

(17)

Applied

Digital

Corp.(Æ)

(2,869)

(12)

Arbor

Realty

Trust,

Inc.(ö)

(6,280)

(83)

ARMOUR

Residential

REIT,

Inc.(ö)

(4,456)

(88)

Capitol

Federal

Financial,

Inc.

(8,021)

(48)

City

Holding

Co.

(211)

(22)

Columbia

Financial,

Inc.(Æ)

(371)

(6)

Distribution

Solutions

Group,

Inc.(Æ)

(938)

(33)

Dynex

Capital,

Inc.(ö)

(2,333)

(29)

European

Wax

Center,

Inc.

Class

A(Æ)

(1,372)

(18)

First

Financial

Bankshares

,

Inc.

(1,709)

(56)

Franklin

BSP

Realty

Trust,

Inc.(ö)

(2,527)

(34)

FTAI

Infrastructure,

Inc.

(559)

(4)

Glacier

Bancorp,

Inc.

(4,555)

(184)

Global

Net

Lease,

Inc.(ö)

(11,495)

(89)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

(4,331)

(123)

Healthcare

Realty

Trust,

Inc.(ö)

(9,552)

(135)

Lakeland

Financial

Corp.

(1,150)

(76)

Medical

Properties

Trust,

Inc.(ö)

(27,556)

(130)

New

York

Community

Bancorp,

Inc.

(15,652)

(50)

Office

Properties

Income

Trust(ö)

(3,200)

(7)

Old

National

Bancorp

(2,315)

(40)

Park

National

Corp.

(356)

(48)

Ready

Capital

Corp.(ö)

(6,989)

(64)

ServisFirst

Bancshares,

Inc.

(1,741)

(116)

Stock

Yards

Bancorp,

Inc.

(711)

(35)

WW

International,

Inc.(Æ)

(3,220)

(6)

(1,553)

Health

Care

-

(1.1)%

Acadia

Healthcare

Co.,

Inc.(Æ)

(1,887)

(149)

AdaptHealth

Corp.(Æ)

(4,843)

(56)

Allovir

,

Inc.(Æ)

(1,100)

(1)

Anavex

Life

Sciences

Corp.(Æ)

(2,372)

(12)

Atossa

Therapeutics,

Inc.(Æ)

(5,368)

(10)

Avid

Bioservices

,

Inc.(Æ)

(4,076)

(27)

Bio-

Techne

Corp.

(2,130)

(150)

Brookdale

Senior

Living,

Inc.

Class

A(Æ)

(7,459)

(49)

Caribou

Biosciences,

Inc.(Æ)

(2,555)

(13)

ClearPoint

Neuro,

Inc.(Æ)

(537)

(4)

Collegium

Pharmaceutical,

Inc.(Æ)

(1,046)

(41)

CorMedix

,

Inc.(Æ)

(1,400)

(6)

Crinetics

Pharmaceuticals,

Inc.(Æ)

(2,359)

(110)

Cue

Biopharma,

Inc.(Æ)

(1,600)

(3)

Cytokinetics,

Inc.(Æ)

(34)

(2)

Day

One

Biopharmaceuticals,

Inc.(Æ)

(828)

(14)

Dyne

Therapeutics,

Inc.(Æ)

(1,520)

(43)

Emergent

BioSolutions

,

Inc.(Æ)

(4,400)

(11)

EyePoint

Pharmaceuticals,

Inc.(Æ)

(1,495)

(31)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Geron

Corp.(Æ)

(19,717)

(65)

Globus

Medical,

Inc.

Class

A(Æ)

(3,125)

(168)

ICU

Medical,

Inc.(Æ)

(792)

(85)

Ideaya

Biosciences,

Inc.(Æ)

(298)

(13)

Inovio

Pharmaceuticals,

Inc.(Æ)

(787)

(11)

Iovance

Biotherapeutics

,

Inc.(Æ)

(1,380)

(20)

Joint

Corp.

(The)(Æ)

(1,130)

(15)

Kura

Oncology,

Inc.(Æ)

(2,312)

(49)

LifeStance

Health

Group,

Inc.(Æ)

(3,792)

(23)

Lineage

Cell

Therapeutics,

Inc.(Æ)

(3,800)

(6)

Neogen

Corp.(Æ)

(7,919)

(125)

Orchestra

BioMed

Holdings,

Inc.(Æ)

(584)

(3)

OrthoPediatrics

Corp.(Æ)

(1,176)

(34)

Owens

&

Minor,

Inc.(Æ)

(288)

(8)

Pliant

Therapeutics,

Inc.(Æ)

(184)

(3)

Prime

Medicine,

Inc.(Æ)

(2,404)

(17)

RadNet

,

Inc.(Æ)

(2,419)

(118)

Recursion

Pharmaceuticals,

Inc.

Class

A(Æ)

(1,805)

(18)

Repligen

Corp.(Æ)

(1,060)

(195)

Revance

Therapeutics,

Inc.(Æ)

(3,451)

(17)

Rocket

Pharmaceuticals,

Inc.(Æ)

(2,270)

(61)

Select

Medical

Holdings

Corp.

(264)

(8)

SIGA

Technologies,

Inc.

(2,631)

(23)

SpringWorks

Therapeutics,

Inc.(Æ)

(1,829)

(90)

Surgery

Partners,

Inc.(Æ)

(2,285)

(68)

Syndax

Pharmaceuticals,

Inc.(Æ)

(2,182)

(52)

TransMedics

Group,

Inc.(Æ)

(906)

(67)

US

Physical

Therapy,

Inc.

(670)

(76)

Vaxcyte

,

Inc.(Æ)

(2,101)

(144)

Veracyte

,

Inc.(Æ)

(5,883)

(130)

Verastem

,

Inc.(Æ)

(710)

(8)

Viking

Therapeutics,

Inc.(Æ)

(202)

(17)

(2,469)

Materials

and

Processing

-

(0.2)%

5E

Advanced

Materials,

Inc.(Æ)

(1,701)

(2)

AAON,

Inc.

(1,737)

(153)

A-Mark

Precious

Metals,

Inc.

(1,005)

(31)

Aspen

Aerogels,

Inc.(Æ)

(3,160)

(56)

Coeur

Mining,

Inc.(Æ)

(12,272)

(46)

Compass

Minerals

International,

Inc.

(2,502)

(39)

Ivanhoe

Electric,

Inc.(Æ)

(2,569)

(25)

Mativ

Holdings,

Inc.

(1,000)

(19)

Piedmont

Lithium,

Inc.(Æ)

(1,472)

(20)

Sensient

Technologies

Corp.

(561)

(39)

SmartRent

,

Inc.(Æ)

(6,141)

(16)

(446)

Producer

Durables

-

(0.5)%

AeroVironment

,

Inc.(Æ)

(810)

(124)

American

Superconductor

Corp.(Æ)

(1,035)

(14)

Badger

Meter,

Inc.

(814)

(132)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(1,741)

(172)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

21

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Dorman

Products,

Inc.(Æ)

(950)

(91)

Itron

,

Inc.(Æ)

(1,373)

(127)

JetBlue

Airways

Corp.(Æ)

(14,561)

(108)

LanzaTech

Global,

Inc.(Æ)

(1,188)

(4)

National

CineMedia

,

Inc.(Æ)

(534)

(3)

Purple

Innovation,

Inc.

(1,300)

(2)

Stericycle,

Inc.(Æ)

(2,999)

(158)

Workhorse

Group,

Inc.(Æ)

(7,329)

(2)

Zurn

Elkay

Water

Solutions

Corp.

(4,120)

(138)

(1,075)

Technology

-

(1.1)%

Aehr

Test

Systems(Æ)

(164)

(2)

Atomera

,

Inc.(Æ)

(1,311)

(8)

Bentley

Systems,

Inc.

Class

B

(3,181)

(166)

Cars.com,

Inc.(Æ)

(1,820)

(31)

Clearfield,

Inc.(Æ)

(1,170)

(36)

Coherent

Corp.(Æ)

(1,701)

(103)

Digi

International,

Inc.(Æ)

(1,276)

(41)

Digimarc

Corp.(Æ)

(445)

(12)

EchoStar

Corp.

Class

A(Æ)

(3,950)

(56)

Entegris

,

Inc.

(1,443)

(203)

Envestnet

,

Inc.(Æ)

(2,021)

(117)

ePlus

,

Inc.(Æ)

(750)

(59)

Frontier

Communications

Parent,

Inc.(Æ)

(8,350)

(205)

Gen

Digital,

Inc.

(7,723)

(173)

MKS

Instruments,

Inc.

(1,179)

(157)

Onto

Innovation,

Inc.(Æ)

(1,070)

(194)

PAR

Technology

Corp.(Æ)

(2,074)

(94)

PTC,

Inc.(Æ)

(912)

(172)

Sanmina

Corp.(Æ)

(2,328)

(145)

Shutterstock

,

Inc.

(1,060)

(49)

Terran

Orbital

Corp.(Æ)

(12,193)

(16)

Veeco

Instruments,

Inc.(Æ)

(2,017)

(71)

Vertex,

Inc.

Class

A(Æ)

(377)

(12)

ViaSat

,

Inc.(Æ)

(3,978)

(72)

Vishay

Intertechnology

,

Inc.

(5,704)

(129)

Wolfspeed

,

Inc.(Æ)

(3,946)

(116)

(2,439)

Utilities

-

(0.1)%

Civitas

Resources,

Inc.

(229)

(18)

Cogent

Communications

Holdings,

Inc.

(1,643)

(107)

NextDecade

Corp.(Æ)

(2,654)

(15)

Northern

Oil

and

Gas,

Inc.

(2,566)

(102)

(242)

Total

Securities

Sold

Short

(proceeds

$9,529)

(10,122)

Other

Assets

and

Liabilities,

Net

-

(1.5)%

(3,282)

Net

Assets

-

100.0%

224,784

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

22

U.S.

Small

Cap

Equity

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

0.0%

JER

Investment

Trust,

Inc.

05/27/04

1,771

82.03

145

—

—

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Russell

2000

E-Mini

Index

Futures

92

USD

9,871

06/24

165

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

165

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Common

Stocks

Consumer

Discretionary

$

25,400

$

—

$

—

$

—

$

25,400

Consumer

Staples

6,396

—

—

—

6,396

Energy

11,094

—

—

—

11,094

Financial

Services

43,898

—

—

—

43,898

Health

Care

36,870

—

12

—

36,882

Materials

and

Processing

19,398

—

10

—

19,408

Producer

Durables

38,850

—

—

—

38,850

Technology

31,530

—

—

—

31,530

Utilities

11,546

—

—

—

11,546

Short-Term

Investments

—

—

—

9,621

9,621

Other

Securities

—

—

—

3,563

3,563

Total

Investments

224,982

—

22

13,184

238,188

Securities

Sold

Short

*

(10,122)

—

—

—

(10,122)

Other

Financial

Instruments

Assets

Futures

Contracts

165

—

—

—

165

Total

Other

Financial

Instruments

**

$

165

$

—

$

—

$

—

$

165

*

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

**

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

23

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarter

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

March

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarter

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

March

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Transactions

(amounts

in

thousands)

during

the

period

ended

March

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

9,962

$

12,603

$

12,945

$

—

$

1

$

9,621

$

120

$

—

U.S.

Cash

Collateral

Fund

3,175

9,617

9,229

—

—

3,563

60

—

$

13,137

$

22,220

$

22,174

$

—

$

1

$

13,184

$

180

$

—

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

24

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

92.0%

Australia

-

1.8%

Aristocrat

Leisure,

Ltd.

3,255

91

ASX,

Ltd.

-

ADR

2,670

116

Australia

&

New

Zealand

Banking

Group,

Ltd.

-

ADR

4,869

93

BHP

Group,

Ltd.

-

ADR

43,882

1,267

Brambles,

Ltd.

12,115

128

Coles

Group,

Ltd.

10,103

112

Commonwealth

Bank

of

Australia

-

ADR

3,378

266

Fortescue

Metals

Group,

Ltd.

16,319

273

Glencore

PLC

103,265

568

Independence

Group

NL

8,791

41

Insurance

Australia

Group,

Ltd.

93,947

392

Medibank

Pvt,

Ltd.

36,191

89

National

Australia

Bank,

Ltd.

-

ADR

4,097

92

Northern

Star

Resources,

Ltd.

10,952

104

QBE

Insurance

Group,

Ltd.

56,604

669

Rio

Tinto

PLC

9,685

614

Rio

Tinto,

Ltd.

-

ADR

1,154

92

Telstra

Group,

Ltd.

179,403

452

Wesfarmers,

Ltd.

3,132

140

Woodside

Energy

Group,

Ltd.

36,570

730

6,329

Austria

-

0.7%

ams

AG(Æ)

94,328

109

Erste

Group

Bank

AG

34,775

1,549

Mondi

PLC

38,140

672

2,330

Belgium

-

0.2%

Ageas

SA

10,110

468

Proximus

SADP

21,425

174

642

Brazil

-

0.8%

Ambev

SA(Æ)

305,982

762

Atacadao

SA

106,481

290

Banco

Bradesco

SA

-

ADR

192,385

550

Banco

do

Brasil

SA

21,077

238

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo(Æ)

22,733

384

Telefonica

Brasil

SA

49,774

502

Ultrapar

Participacoes

SA

24,697

140

2,866

Burkina

Faso

-

0.1%

Endeavour

Mining

PLC

8,315

169

Canada

-

4.7%

Alimentation

Couche-Tard,

Inc.

2,589

148

ARC

Resources,

Ltd.

14,524

259

Bank

of

Montreal

995

97

Bank

of

Nova

Scotia

(The)

2,326

120

Barrick

Gold

Corp.

27,207

453

Canadian

Imperial

Bank

of

Commerce

2,428

123

Canadian

National

Railway

Co.

16,975

2,235

Canadian

Natural

Resources,

Ltd.

3,283

250

Canadian

Pacific

Kansas

City,

Ltd.

1,090

96

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CCL

Industries,

Inc.

Class

B

948

48

Cenovus

Energy,

Inc.

7,657

153

CGI

Group,

Inc.(Æ)

1,155

127

Constellation

Software,

Inc.

82

224

Dollarama,

Inc.

11,089

845

Enbridge,

Inc.

4,216

152

Fairfax

Financial

Holdings,

Ltd.

253

273

Great-West

Lifeco,

Inc.

13,568

434

iA

Financial

Corp.,

Inc.

3,847

239

Imperial

Oil,

Ltd.

1,855

128

Intact

Financial

Corp.

883

143

Kinross

Gold

Corp.

14,736

90

Loblaw

Cos.,

Ltd.

984

109

Magna

International,

Inc.

Class

A

18,333

999

Manulife

Financial

Corp.

44,674

1,116

Metro,

Inc.

Class

A

960

52

National

Bank

of

Canada

9,773

823

Nutrien,

Ltd.

2,561

139

Royal

Bank

of

Canada

-

GDR

13,709

1,383

Shopify,

Inc.

Class

A(Æ)

15,497

1,196

Stantec,

Inc.

10,477

870

Sun

Life

Financial,

Inc.

16,693

911

Suncor

Energy,

Inc.

5,749

212

Teck

Resources,

Ltd.

Class

B

2,025

93

TELUS

Corp.

3,860

62

TFI

International,

Inc.

924

147

Thomson

Reuters

Corp.

371

58

Toronto-Dominion

Bank

(The)

18,354

1,108

Tourmaline

Oil

Corp.

13,997

654

West

Fraser

Timber

Co.,

Ltd.

968

84

16,653

China

-

2.1%

Alibaba

Group

Holding,

Ltd.

141,414

1,276

Baidu,

Inc.

Class

A(Æ)

3,850

51

BOC

Hong

Kong

Holdings,

Ltd.

26,000

70

BYD

Co.,

Ltd.

Class

H

27,500

703

China

Merchants

Bank

Co.,

Ltd.

Class

H

67,000

265

China

Overseas

Land

&

Investment,

Ltd.

201,000

290

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H

218,000

91

H

World

Group,

Ltd.

-

ADR

12,654

490

Haier

Smart

Home

Co.,

Ltd.

Class

H

202,000

629

Lenovo

Group,

Ltd.

432,000

501

Tencent

Holdings,

Ltd.

79,984

3,121

Wilmar

International,

Ltd.

19,000

48

7,535

Denmark

-

2.4%

AP

Moller

-

Maersk

A/S

Class

B

49

64

Coloplast

A/S

Class

B

619

84

Danske

Bank

A/S

28,337

849

DSV

A/S

3,548

576

Genmab

A/S(Æ)

283

85

Novo

Nordisk

A/S

Class

B

48,113

6,163

Novozymes

A/S

Class

B

589

35

Tryg

A/S

3,314

68

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

25

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vestas

Wind

Systems

A/S(Æ)

25,593

711

8,635

Finland

-

0.8%

Elisa

OYJ

6,549

292

Nokia

OYJ

446,407

1,579

Nordea

Bank

Abp

6,897

78

Sampo

OYJ

Class

A

7,597

324

UPM-Kymmene

OYJ

21,817

726

2,999

France

-

9.0%

Accor

SA

44,280

2,067

Air

Liquide

SA

Class

A

1,536

320

Airbus

Group

SE

8,504

1,569

Amundi

SA(Þ)

14,487

994

AXA

SA

28,216

1,059

BNP

Paribas

SA

11,838

842

Bouygues

SA

-

ADR

6,600

269

Bureau

Veritas

SA

36,735

1,120

Capgemini

SE

3,684

850

Carrefour

SA

30,855

528

Cie

de

Saint-Gobain

SA

10,679

828

Danone

SA

5,661

366

Dassault

Aviation

SA

3,042

669

Dassault

Systemes

SE

2,279

101

Edenred

SE

1,731

92

Eiffage

SA

915

104

Engie

SA

53,357

897

EssilorLuxottica

SA

558

127

Eurazeo

SE

1,650

145

Hermes

International

83

213

Kering

238

94

Legrand

SA

-

ADR

1,065

113

L'Oreal

SA

3,601

1,708

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

3,909

3,535

Michelin

(CGDE)

47,294

1,813

Orange

SA

-

ADR

56,519

664

Pernod

Ricard

SA

7,675

1,241

Publicis

Groupe

SA

-

ADR

5,565

606

Renault

SA

8,895

449

Rexel

SA

Class

H

50,636

1,366

Safran

SA

560

127

Sartorius

Stedim

Biotech

6,936

1,977

Societe

Generale

SA

25,733

692

Teleperformance

-

GDR

14,495

1,406

Thales

SA

1,678

286

TotalEnergies

SE

27,622

1,899

Valeo

SE

19,170

239

Vinci

SA

3,135

402

31,777

Germany

-

6.1%

adidas

AG

3,975

888

Allianz

SE

1,645

493

BASF

SE

40,208

2,296

Bayer

AG

21,506

660

Beiersdorf

AG

941

137

Brenntag

SE

6,628

558

Ceconomy

AG(Æ)

28,820

58

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Commerzbank

AG

7,694

106

Continental

AG

4,072

294

Covestro

AG(Æ)(Þ)

16,298

892

Daimler

Truck

Holding

AG

55,283

2,800

Deutsche

Boerse

AG

12,721

2,603

Deutsche

Post

AG

2,236

96

Deutsche

Telekom

AG

13,170

320

E.ON

SE

8,607

120

Evonik

Industries

AG

49,931

987

Fresenius

Medical

Care

AG

&

Co.

KGaA

22,615

870

Fresenius

SE

&

Co.

KGaA

17,631

475

GEA

Group

AG

6,603

279

Hannover

Rueck

SE

3,054

836

Heidelberg

Materials

AG

10,133

1,115

Infineon

Technologies

AG

-

ADR

20,673

703

Mercedes-Benz

Group

AG

4,081

325

Merck

KGaA

489

86

Muenchener

Rueckversicherungs-

Gesellschaft

AG

2,146

1,047

Rheinmetall

AG

1,677

942

SAP

SE

-

ADR

3,390

660

Siemens

AG

3,988

761

Symrise

AG

870

104

Talanx

AG

1,383

109

21,620

Hong

Kong

-

2.4%

AIA

Group,

Ltd.

357,339

2,398

CK

Asset

Holdings,

Ltd.

91,049

375

CK

Hutchison

Holdings,

Ltd.

Class

B

87,313

422

CLP

Holdings,

Ltd.

60,000

479

Hang

Seng

Bank,

Ltd.

36,700

402

Hong

Kong

&

China

Gas

Co.,

Ltd.

110,000

84

Hong

Kong

Exchanges

&

Clearing,

Ltd.

5,600

163

MTR

Corp.,

Ltd.

55,000

181

Power

Assets

Holdings,

Ltd.

82,000

480

Prudential

PLC

48,008

452

Sino

Land

Co.,

Ltd.

56,000

58

Techtronic

Industries

Co.,

Ltd.

186,771

2,532

WH

Group,

Ltd.(Þ)

538,000

355

8,381

Hungary

-

0.1%

OTP

Bank

PLC

8,256

380

India

-

1.2%

HDFC

Bank,

Ltd.

-

ADR

51,951

2,908

Larsen

&

Toubro,

Ltd.

-

GDR(Þ)

15,061

682

MakeMyTrip,

Ltd.(Æ)

7,883

560

4,150

Ireland

-

1.2%

AIB

Group

PLC

74,276

377

Bank

of

Ireland

Group

PLC

150,583

1,537

Kerry

Group

PLC

Class

A

16,306

1,400

Kingspan

Group

PLC

1,032

94

Medtronic

PLC

7,853

684

Smurfit

Kappa

Group

PLC

2,179

99

4,191

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

26

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Israel

-

0.1%

Bank

Hapoalim

BM

10,568

99

Bank

Leumi

Le-Israel

BM

12,839

107

Check

Point

Software

Technologies,

Ltd.(Æ)

1,026

168

Nice,

Ltd.(Æ)

547

142

516

Italy

-

2.9%

Assicurazioni

Generali

SpA

6,169

156

BPER

Banca

111,420

526

Coca-Cola

HBC

AG

-

ADR(Æ)

2,806

89

Davide

Campari-Milano

NV

51,444

517

Enel

SpA

224,172

1,480

Eni

SpA

-

ADR

56,956

903

FinecoBank

Banca

Fineco

SpA

137,734

2,063

Intesa

Sanpaolo

SpA

28,762

104

Moncler

SpA

8,642

645

Recordati

SpA

5,843

323

Ryanair

Holdings

PLC

-

ADR

6,847

997

Snam

Rete

Gas

SpA

100,956

476

Terna

Rete

Elettrica

Nazionale

SpA

44,770

371

UniCredit

SpA

43,166

1,638

10,288

Japan

-

15.7%

Advantest

Corp.

10,700

478

Ajinomoto

Co.,

Inc.

2,700

101

Alfresa

Holdings

Corp.

10,500

152

Alps

Alpine

Co.,

Ltd.

19,100

150

Amada

Co.,

Ltd.

19,900

228

Asahi

Group

Holdings,

Ltd.

1,600

59

Astellas

Pharma,

Inc.

47,100

506

Bridgestone

Corp.

25,800

1,145

Brother

Industries,

Ltd.

8,600

160

Canon,

Inc.

33,800

1,006

Chugai

Pharmaceutical

Co.,

Ltd.

3,600

138

Dai-ichi

Life

Holdings,

Inc.

25,250

644

Daiichi

Sankyo

Co.,

Ltd.

26,600

845

Daikin

Industries,

Ltd.

500

68

Daito

Trust

Construction

Co.,

Ltd.

3,500

399

Daiwa

House

Industry

Co.,

Ltd.

4,700

140

DeNA

Co.,

Ltd.

13,400

132

Denso

Corp.

38,400

735

Dentsu,

Inc.

4,100

114

Disco

Corp.

700

257

Eisai

Co.,

Ltd.

13,740

566

Fast

Retailing

Co.,

Ltd.

400

124

Fuji

Electric

Co.,

Ltd.

1,900

127

FUJIFILM

Holdings

Corp.

5,700

128

Fujitsu,

Ltd.

9,000

144

Fukuoka

Financial

Group,

Inc.

21,200

565

Hakuhodo

DY

Holdings,

Inc.

25,200

227

Hino

Motors,

Ltd.(Æ)

37,700

126

Hirose

Electric

Co.,

Ltd.

1,100

113

Honda

Motor

Co.,

Ltd.

39,813

492

Hoya

Corp.

800

100

Iida

Group

Holdings

Co.,

Ltd.

21,800

282

Isuzu

Motors,

Ltd.

55,300

747

ITOCHU

Corp.

20,000

858

Japan

Airlines

Co.,

Ltd.

13,000

247

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Japan

Exchange

Group,

Inc.

5,000

135

Japan

Post

Bank

Co.,

Ltd.

Class

A

4,600

50

Japan

Post

Holdings

Co.,

Ltd.

15,600

157

Japan

Tobacco,

Inc.

27,400

730

JGC

Holdings

Corp.

18,600

182

Kajima

Corp.

5,100

105

Kao

Corp.

21,500

804

KDDI

Corp.

25,700

760

Keyence

Corp.

6,000

2,790

Kirin

Holdings

Co.,

Ltd.

57,300

796

Komatsu,

Ltd.

40,100

1,187

Kubota

Corp.

41,000

653

Kyocera

Corp.

55,900

747

Makita

Corp.

13,168

374

Mazda

Motor

Corp.

7,900

92

MEIJI

Holdings

Co.,

Ltd.

8,400

183

Minebea

Co.,

Ltd.

41,500

814

Mitsubishi

Corp.

5,300

122

Mitsubishi

Electric

Corp.

41,800

701

Mitsubishi

Estate

Co.,

Ltd.

35,300

642

Mitsubishi

Gas

Chemical

Co.,

Inc.

18,800

316

Mitsubishi

HC

Capital,

Inc.

13,300

93

Mitsubishi

UFJ

Financial

Group,

Inc.

26,800

273

Mitsui

&

Co.,

Ltd.

2,200

103

MS&AD

Insurance

Group

Holdings,

Inc.

99,600

1,762

Murata

Manufacturing

Co.,

Ltd.

7,200

136

NEC

Corp.

1,700

124

Nikon

Corp.

18,600

188

Nintendo

Co.,

Ltd.

4,200

230

Nippon

Prologis,

Inc.(Æ)(ö)

84

150

Nippon

Steel

Corp.

3,700

89

Nippon

Telegraph

&

Telephone

Corp.

106,550

127

Nippon

Television

Holdings,

Inc.

15,800

231

Nippon

Yusen

3,700

101

Nissan

Motor

Co.,

Ltd.

142,100

564

Nissin

Foods

Holdings

Co.,

Ltd.

3,300

91

Nitto

Denko

Corp.

24,800

2,266

Obayashi

Corp.

11,200

133

Obic

Co.,

Ltd.

400

60

Olympus

Corp.

45,700

657

Ono

Pharmaceutical

Co.,

Ltd.

35,391

580

ORIX

Corp.

4,200

92

Otsuka

Holdings

Co.,

Ltd.

6,000

249

Panasonic

Holdings

Corp.

6,800

65

Recruit

Holdings

Co.,

Ltd.

6,600

291

Resona

Holdings,

Inc.

222,400

1,374

SCSK

Corp.

5,000

93

Secom

Co.,

Ltd.

2,600

189

Sega

Sammy

Holdings,

Inc.

16,200

200

Sekisui

Chemical

Co.,

Ltd.

19,100

279

Sekisui

House,

Ltd.

7,400

168

SG

Holdings

Co.,

Ltd.

12,200

155

Shin-Etsu

Chemical

Co.,

Ltd.

83,275

3,654

Shionogi

&

Co.,

Ltd.

3,100

159

SMC

Corp.

1,100

621

SoftBank

Corp.

8,700

112

Sompo

Japan

Nipponkoa

Holdings,

Inc.

26,400

553

Sony

Group

Corp.

8,510

729

Stanley

Electric

Co.,

Ltd.

12,839

227

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

27

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Subaru

Corp.

41,944

955

Sumitomo

Electric

Industries,

Ltd.

35,000

542

Sumitomo

Heavy

Industries,

Ltd.

8,000

252

Sumitomo

Mitsui

Financial

Group,

Inc.

8,900

520

Sumitomo

Mitsui

Trust

Holdings,

Inc.

38,600

832

Sumitomo

Rubber

Industries,

Ltd.

18,400

227

Suntory

Beverage

&

Food,

Ltd.

16,400

554

T&D

Holdings,

Inc.

61,900

1,077

Taiheiyo

Cement

Corp.

8,800

202

Takeda

Pharmaceutical

Co.,

Ltd.

31,000

862

TDK

Corp.

11,700

575

Terumo

Corp.

6,400

117

THK

Co.,

Ltd.

15,600

367

Tokio

Marine

Holdings,

Inc.

34,100

1,071

Tokyo

Electron,

Ltd.

10,010

2,625

Toray

Industries,

Inc.

138,000

663

Toyota

Motor

Corp.

43,600

1,096

Trend

Micro,

Inc.

1,800

92

Tsuruha

Holdings,

Inc.

3,200

228

Unicharm

Corp.

4,300

137

USS

Co.,

Ltd.

16,000

132

Yamaha

Motor

Co.,

Ltd.

45,600

420

Yamato

Holdings

Co.,

Ltd.

25,994

374

55,731

Luxembourg

-

1.1%

ArcelorMittal

SA

36,102

992

Eurofins

Scientific

SE

28,892

1,840

RTL

Group

SA

5,556

187

Spotify

Technology

SA(Æ)

3,641

961

3,980

Macao

-

0.2%

Galaxy

Entertainment

Group,

Ltd.

169,869

854

Malaysia

-

0.1%

CIMB

Group

Holdings

BHD

193,117

268

Mexico

-

0.0%

Fresnillo

PLC

17,684

105

Netherlands

-

6.1%

ABN

AMRO

Bank

NV(Þ)

36,355

624

Adyen

NV(Æ)(Þ)

176

298

Akzo

Nobel

NV

1,051

78

Argenx

SE(Æ)

1,166

460

ASM

International

NV

310

189

ASML

Holding

NV

2,567

2,465

BE

Semiconductor

Industries

NV

882

135

Ferrari

NV

2,347

1,023

Heineken

NV

19,761

1,904

ING

Groep

NV

113,344

1,867

Koninklijke

Ahold

Delhaize

NV

4,432

132

Koninklijke

KPN

NV

126,988

475

Koninklijke

Philips

NV

87,777

1,760

NN

Group

NV

12,908

597

Randstad

NV

29,581

1,560

Shell

PLC

124,112

4,130

Universal

Music

Group

NV

123,057

3,700

VEON,

Ltd.

-

ADR(Æ)

5,377

129

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Wolters

Kluwer

NV

1,240

194

21,720

New

Zealand

-

0.1%

Spark

New

Zealand,

Ltd.

91,708

261

Norway

-

0.2%

DNB

Bank

ASA

6,002

119

Equinor

ASA

Class

N

5,100

137

Norsk

Hydro

ASA

13,400

74

Orkla

ASA

35,142

248

Telenor

ASA

11,896

132

710

Portugal

-

0.1%

Energias

de

Portugal

SA

7,648

30

Jeronimo

Martins

SGPS

SA

10,131

201

231

Russia

-

0.0%

Gazprom

PJSC(Æ)(Š)

114,398

—

Lukoil

PJSC(Š)

2,007

—

Mobile

TeleSystems

PJSC

-

ADR(Š)

27,365

—

Sberbank

of

Russia

PJSC(Š)

88,440

—

—

Singapore

-

0.6%

CapitaLand

Ascendas

REIT(ö)

27,900

57

DBS

Group

Holdings,

Ltd.

3,756

101

Grab

Holdings,

Ltd.

Class

A(Æ)

25,734

81

Oversea-Chinese

Banking

Corp.,

Ltd.

85,792

858

Singapore

Exchange,

Ltd.

7,900

54

Singapore

Technologies

Engineering,

Ltd.

29,300

87

Singapore

Telecommunications,

Ltd.

361,700

678

STMicroelectronics

NV

1,934

83

United

Overseas

Bank,

Ltd.

4,700

102

2,101

South

Africa

-

0.2%

Anglo

American

PLC

11,394

281

MTN

Group,

Ltd.

33,103

164

Old

Mutual,

Ltd.

387,774

241

686

South

Korea

-

1.3%

Coway

Co.,

Ltd.

4,975

208

Hankook

Tire

&

Technology

Co.,

Ltd.

5,913

237

Hyundai

Mobis

Co.,

Ltd.

2,710

527

KB

Financial

Group,

Inc.

13,044

679

KT

Corp.

-

ADR

33,867

475

LG

Energy

Solution,

Ltd.(Æ)

1,113

332

Samsung

Electronics

Co.,

Ltd.

17,522

1,049

Shinhan

Financial

Group

Co.,

Ltd.

31,403

1,109

4,616

Spain

-

2.1%

Amadeus

IT

Group

SA

Class

A

28,302

1,815

Banco

Bilbao

Vizcaya

Argentaria

SA

-

ADR

9,306

111

Banco

Santander

SA

-

ADR

20,378

100

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

28

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CaixaBank

SA(Ñ)

224,118

1,087

Cellnex

Telecom

SA(Þ)

17,817

630

Endesa

SA

-

ADR

2,131

39

Iberdrola

SA

15,811

196

Industria

de

Diseno

Textil

SA

62,829

3,164

Redeia

Corp.

SA

7,686

131

7,273

Sweden

-

1.9%

Assa

Abloy

AB

Class

B

27,405

786

Atlas

Copco

AB

Class

A

11,526

195

Atlas

Copco

AB

Class

B

52,449

774

Boliden

AB

12,387

343

Epiroc

AB

Class

A

5,150

97

Essity

Aktiebolag

Class

B

26,634

633

Hexagon

AB

Class

B

143,041

1,693

Investor

AB

Class

B

4,112

103

Sandvik

AB

25,023

555

Skandinaviska

Enskilda

Banken

AB

Class

A

10,055

136

SKF

AB

Class

B(Ñ)

38,762

790

Svenska

Handelsbanken

AB

Class

A

8,008

81

Telefonaktiebolaget

LM

Ericsson

Class

B

81,148

447

Volvo

AB

Class

B

3,393

92

6,725

Switzerland

-

4.4%

ABB,

Ltd.

1,252

58

Adecco

Group

AG

13,302

526

Alcon,

Inc.

7,335

607

Baloise

Holding

AG

608

95

Barry

Callebaut

AG

32

47

Chocoladefabriken

Lindt

&

Spruengli

AG

6

72

DSM-Firmenich

AG

760

86

EMS-Chemie

Holding

AG

402

308

Geberit

AG

180

106

Givaudan

SA

37

165

Julius

Baer

Group,

Ltd.

18,724

1,081

Kuehne

&

Nagel

International

AG

2,398

667

Logitech

International

SA

962

86

Novartis

AG

28,885

2,797

Partners

Group

Holding

AG

552

789

Schindler

Holding

AG

827

206

SGS

SA

6,736

653

Sika

AG

257

77

Straumann

Holding

AG

526

84

Swatch

Group

AG

(The)

Class

B

2,120

492

Swiss

Life

Holding

AG

189

133

Swisscom

AG

1,235

755

UBS

Group

AG

155,693

4,785

Zurich

Insurance

Group

AG

1,817

980

15,655

Taiwan

-

2.6%

Catcher

Technology

Co.,

Ltd.

42,513

289

E

Ink

Holdings,

Inc.

71,000

504

Hon

Hai

Precision

Industry

Co.,

Ltd.

272,184

1,323

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

132,000

3,180

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

29,406

4,001

9,297

Thailand

-

0.1%

Kasikornbank

PCL

146,900

499

United

Kingdom

-

8.5%

3i

Group

PLC

7,817

277

Ashtead

Group

PLC

1,895

135

AstraZeneca

PLC

12,908

1,738

Auto

Trader

Group

PLC(Þ)

10,287

91

Babcock

International

Group

PLC

40,758

267

BAE

Systems

PLC

12,460

212

Barclays

PLC

290,382

675

Barratt

Developments

PLC

36,562

220

Berkeley

Group

Holdings

PLC

756

45

BP

PLC

187,758

1,180

British

American

Tobacco

PLC

37,139

1,129

British

Land

Co.

PLC

(The)(ö)

44,556

223

BT

Group

PLC

250,543

347

Burberry

Group

PLC

28,319

434

Centrica

PLC

45,869

74

Compass

Group

PLC

74,900

2,195

Diageo

PLC

2,810

104

easyJet

PLC

68,500

493

Flutter

Entertainment

PLC(Æ)

5,620

1,122

HSBC

Holdings

PLC

234,207

1,831

Imperial

Tobacco

Group

PLC

2,349

52

Intermediate

Capital

Group

PLC

26,492

688

Intertek

Group

PLC

31,567

1,989

J

Sainsbury

PLC

289,283

989

Kingfisher

PLC

110,109

346

Land

Securities

Group

PLC(ö)

30,109

250

London

Stock

Exchange

Group

PLC

1,322

158

NatWest

Group

PLC

229,940

770

Pearson

PLC

7,718

101

Reckitt

Benckiser

Group

PLC

32,653

1,858

RELX

PLC

47,326

2,045

Rolls-Royce

Holdings

PLC(Æ)

42,052

226

Sage

Group

PLC

(The)

9,700

155

Schroders

PLC

34,148

163

Smith

&

Nephew

PLC

8,755

111

St.

James's

Place

PLC

27,635

163

Standard

Chartered

PLC

193,167

1,637

Tate

&

Lyle

PLC

29,942

233

Tesco

PLC

379,809

1,421

Travis

Perkins

PLC

26,830

247

Unilever

PLC

24,376

1,224

United

Utilities

Group

PLC

5,357

70

Vodafone

Group

PLC

180,615

160

Wausau

Paper

Corp.

63,950

605

Weir

Group

PLC

(The)

66,983

1,709

30,162

United

States

-

10.1%

Accenture

PLC

Class

A

5,638

1,954

Allegion

PLC

17,544

2,364

Amdocs,

Ltd.

16,401

1,482

Aon

PLC

Class

A

6,163

2,057

ARM

Holdings

PLC

-

ADR(Æ)

778

97

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

29

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CRH

PLC

1,354

117

CSL,

Ltd.

835

157

Experian

PLC

3,487

152

GSK

Finance

No.

3

PLC

111,644

2,398

Haleon

PLC

753,009

3,160

Holcim

AG(Æ)

7,190

654

Las

Vegas

Sands

Corp.

14,357

742

Linde

PLC

8,305

3,856

Lululemon

Athletica,

Inc.(Æ)

1,754

685

Nestle

SA

37,039

3,933

Roche

Holding

AG

9,804

2,503

Sanofi

SA

-

ADR

27,879

2,736

Schlumberger

NV

43,552

2,387

Schneider

Electric

SE

18,088

4,090

Stellantis

NV

4,484

128

Tenaris

SA

17,067

337

35,989

Total

Common

Stocks

(cost

$291,384)

326,324

Preferred

Stocks

-

1.4%

Brazil

-

0.1%

Raizen

Energia

SA

6.566%

(Ÿ)

385,686

272

Germany

-

0.6%

Henkel

AG

&

Co.

KGaA

2.609%

(Ÿ)

13,761

1,106

Volkswagen

AG

7.282%

(Ÿ)

7,774

1,031

2,137

South

Korea

-

0.7%

Samsung

Electronics

Co.,

Ltd.

1.628%

(Ÿ)

48,660

2,430

Total

Preferred

Stocks

(cost

$4,695)

4,839

Warrants

and

Rights

-

0.0%

Canada

-

0.0%

Constellation

Software,

Inc.

(Æ)

2040

Warrants

82

—

Total

Warrants

and

Rights

(cost

$—)

—

Short-Term

Investments

-

4.4%

United

States

-

4.4%

U.S.

Cash

Management

Fund(@)

15,708,500

(∞)

15,704

Total

Short-Term

Investments

(cost

$15,703)

15,704

Other

Securities

-

0.4%

U.S.

Cash

Collateral

Fund(@)(×)

1,377,000

(∞)

1,377

Total

Other

Securities

(cost

$1,377)

1,377

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Investments

-

98.2%

(identified

cost

$313,159)

348,244

Other

Assets

and

Liabilities,

Net

-

1.8%

6,528

Net

Assets

-

100.0%

354,772

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

30

International

Developed

Markets

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

1.3%

ABN

AMRO

Bank

NV

10/03/19

EUR

36,355

17

.33

630

624

Adyen

NV

04/19/22

EUR

176

1,538

.11

271

298

Amundi

SA

02/21/19

EUR

14,487

64

.26

931

994

Auto

Trader

Group

PLC

08/04/23

GBP

10,287

8

.08

83

91

Cellnex

Telecom

SA

11/11/20

EUR

17,817

52

.64

938

630

Covestro

AG

08/15/19

EUR

16,298

52

.10

849

892

Larsen

&

Toubro,

Ltd.

02/23/24

15,061

41

.50

625

682

WH

Group,

Ltd.

06/26/19

HKD

538,000

0

.71

383

355

4,566

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

CAC40

Euro

Index

Futures

31

EUR

2,549

04/24

27

DAX

Index

Futures

4

EUR

1,878

06/24

72

EURO

STOXX

50

Index

Futures

24

EUR

1,211

06/24

37

FTSE

100

Index

Futures

4

GBP

320

06/24

10

FTSE/MIB

Index

Futures

3

EUR

513

06/24

20

IBEX

35

Index

Futures

5

EUR

553

04/24

38

OMXS30

Index

Futures

19

SEK

4,797

04/24

4

S&P/TSX

60

Index

Futures

62

CAD

16,633

06/24

199

SPI

200

Index

Futures

142

AUD

28,226

06/24

505

TOPIX

Index

Futures

76

JPY

2,105,200

06/24

393

Short

Positions

Hang

Seng

Index

Futures

24

HKD

19,884

04/24

(6)

MSCI

Emerging

Markets

Index

Futures

335

USD

17,571

06/24

46

MSCI

Singapore

Index

Futures

77

SGD

2,250

04/24

(8)

S&P

500

E-Mini

Index

Futures

53

USD

14,068

06/24

(263)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

1,074

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

2,519

AUD

3,796

06/20/24

(40)

Bank

of

America

USD

2,241

CAD

3,016

06/20/24

(11)

Bank

of

America

USD

521

DKK

3,532

06/20/24

(8)

Bank

of

America

USD

6,717

JPY

978,371

06/20/24

(177)

Bank

of

America

USD

768

SEK

7,818

06/20/24

(35)

Bank

of

America

EUR

1,525

USD

1,675

06/20/24

25

Bank

of

America

GBP

36

USD

45

04/02/24

—

Bank

of

America

GBP

76

USD

96

04/03/24

—

Bank

of

New

York

USD

2,519

AUD

3,796

06/20/24

(39)

Bank

of

New

York

USD

2,243

CAD

3,016

06/20/24

(14)

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

31

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

New

York

USD

521

DKK

3,532

06/20/24

(8)

Bank

of

New

York

USD

6,718

JPY

978,371

06/20/24

(176)

Bank

of

New

York

USD

768

SEK

7,818

06/20/24

(35)

Bank

of

New

York

EUR

1,525

USD

1,675

06/20/24

24

Citigroup

USD

2,518

AUD

3,796

06/20/24

(39)

Citigroup

USD

2,242

CAD

3,016

06/20/24

(12)

Citigroup

USD

521

DKK

3,532

06/20/24

(8)

Citigroup

USD

767

SEK

7,818

06/20/24

(35)

Citigroup

EUR

1,525

USD

1,675

06/20/24

24

Royal

Bank

of

Canada

USD

2,518

AUD

3,796

06/20/24

(39)

Royal

Bank

of

Canada

USD

2,239

CAD

3,016

06/20/24

(9)

Royal

Bank

of

Canada

USD

521

DKK

3,532

06/20/24

(8)

Royal

Bank

of

Canada

USD

6,715

JPY

978,371

06/20/24

(173)

Royal

Bank

of

Canada

USD

768

SEK

7,818

06/20/24

(35)

Royal

Bank

of

Canada

EUR

1,525

USD

1,675

06/20/24

24

Standard

Chartered

USD

2,517

AUD

3,796

06/20/24

(39)

Standard

Chartered

USD

2,242

CAD

3,016

06/20/24

(13)

Standard

Chartered

USD

520

DKK

3,532

06/20/24

(7)

Standard

Chartered

USD

767

SEK

7,818

06/20/24

(34)

Standard

Chartered

EUR

1,525

USD

1,674

06/20/24

23

State

Street

USD

2,017

GBP

1,575

06/20/24

(29)

State

Street

USD

1,048

NOK

10,950

06/20/24

(37)

State

Street

CHF

990

USD

1,141

06/20/24

34

State

Street

HKD

2,630

USD

337

06/20/24

—

State

Street

NZD

220

USD

136

06/20/24

4

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(902)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

6,329

$

—

$

—

$

6,329

Austria

—

2,330

—

—

2,330

Belgium

—

642

—

—

642

Brazil

2,866

—

—

—

2,866

Burkina

Faso

169

—

—

—

169

Canada

16,653

—

—

—

16,653

China

490

7,045

—

—

7,535

Denmark

—

8,635

—

—

8,635

Finland

—

2,999

—

—

2,999

France

—

31,777

—

—

31,777

Germany

—

21,620

—

—

21,620

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

32

International

Developed

Markets

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Hong

Kong

—

8,381

—

—

8,381

Hungary

—

380

—

—

380

India

3,468

682

—

—

4,150

Ireland

684

3,507

—

—

4,191

Israel

168

348

—

—

516

Italy

997

9,291

—

—

10,288

Japan

—

55,731

—

—

55,731

Luxembourg

961

3,019

—

—

3,980

Macao

—

854

—

—

854

Malaysia

—

268

—

—

268

Mexico

—

105

—

—

105

Netherlands

129

21,591

—

—

21,720

New

Zealand

—

261

—

—

261

Norway

—

710

—

—

710

Portugal

—

231

—

—

231

Russia

—

—

—

—

—

Singapore

81

2,020

—

—

2,101

South

Africa

—

686

—

—

686

South

Korea

475

4,141

—

—

4,616

Spain

—

7,273

—

—

7,273

Sweden

—

6,725

—

—

6,725

Switzerland

—

15,655

—

—

15,655

Taiwan

4,001

5,296

—

—

9,297

Thailand

—

499

—

—

499

United

Kingdom

—

30,162

—

—

30,162

United

States

15,624

20,365

—

—

35,989

Preferred

Stocks

272

4,567

—

—

4,839

Warrants

and

Rights

—

—

—

—

—

Short-Term

Investments

—

—

—

15,704

15,704

Other

Securities

—

—

—

1,377

1,377

Total

Investments

47,038

284,125

—

17,081

348,244

Other

Financial

Instruments

Assets

Futures

Contracts

1,351

—

—

—

1,351

Foreign

Currency

Exchange

Contracts

—

159

—

—

159

Liabilities

Futures

Contracts

(277)

—

—

—

(277)

Foreign

Currency

Exchange

Contracts

—

(1,061)

—

—

(1,061)

Total

Other

Financial

Instruments

*

$

1,074

$

(902)

$

—

$

—

$

172

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

33

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

March

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

March

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

48,369

Consumer

Staples

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

22,940

Energy

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

17,117

Financial

Services

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

77,848

Health

Care

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

33,772

Materials

and

Processing

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

29,687

Producer

Durables

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

46,705

Technology

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

39,163

Utilities

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

10,723

Preferred

Stocks

Consumer

Discretionary

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

1,031

Consumer

Staples

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

1,106

Technology

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

2,430

Utilities

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

272

Warrants

and

Rights

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

—

Short-Term

Investments

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

15,704

Other

Securities

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

1,377

Total

Investments

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

348,244

Transactions

(amounts

in

thousands)

during

the

period

ended

March

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

13,253

$

24,910

$

22,460

$

—

$

1

$

15,704

$

164

$

—

U.S.

Cash

Collateral

Fund

721

6,530

5,874

—

—

1,377

15

—

$

13,974

$

31,440

$

28,334

$

—

$

1

$

17,081

$

179

$

—

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

34

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

79.6%

Asset-Backed

Securities

-

4.1%

Amur

Equipment

Finance

Receivables

X

LLC

Series

2022-1A

Class

A2

1.640%

due

10/20/27

(Þ)

887

866

Amur

Equipment

Finance

Receivables

XI

LLC

Series

2022-2A

Class

A2

5.300%

due

06/21/28

(Þ)

1,258

1,255

Amur

Equipment

Finance

Receivables

XII

LLC

Series

2023-1A

Class

A2

6.090%

due

12/20/29

(Þ)

1,631

1,641

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

Series

2021-FL3

Class

A

1.155%

due

08/15/34

(USD

1

Month

LIBOR

+

1.070%)(Ê)(Þ)

463

458

BDS,

Ltd.

Series

2022-FL11

Class

ATS

2.100%

due

03/19/39

(CME

Term

SOFR

1

Month

+

1.800%)(Ê)(Þ)

3,822

3,803

CarMax

Auto

Owner

Trust

Series

2024-1

Class

D

6.000%

due

07/15/30

50

50

Conseco

Financial

Corp.

Series

1998-2

Class

M1

6.940%

due

12/01/28

(~)(Ê)

530

501

Countrywide

Asset-Backed

Certificates

Trust

Series

2007-4

Class

A4W

4.640%

due

04/25/47

1,471

1,344

DLLAA

LLC

Series

2023-1A

Class

A4

5.730%

due

10/20/31

(Þ)

1,676

1,700

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

2.190%

due

08/21/31

(USD

1

Month

LIBOR

+

2.000%)(Ê)

450

434

Hilton

Grand

Vacations

Trust

Series

2023-1A

Class

C

6.940%

due

01/25/38

(Þ)

82

83

J.G.

Wentworth

XXXIX

LLC

Series

2017-2A

Class

B

5.090%

due

09/17/74

(Þ)

43

39

Kubota

Credit

Owner

Trust

Series

2024-1A

Class

A4

5.200%

due

01/15/30

(Þ)

1,716

1,718

Lunar

Structured

Aircraft

Portfolio

Notes

Series

2021-1

Class

A

2.636%

due

10/15/46

(Þ)

198

176

MF1

LLC

Series

2022-FL9

Class

A

2.960%

due

06/19/37

(CME

Term

SOFR

1

Month

+

2.150%)(Ê)(Þ)

3,993

3,995

Series

2023-FL12

Class

A

7.366%

due

10/19/38

(CME

Term

SOFR

1

Month

+

2.066%)(Ê)(Þ)

4,885

4,891

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2024-FL14

Class

A

7.063%

due

03/19/39

(CME

Term

SOFR

1

Month

+

1.737%)(Ê)(Þ)

1,874

1,873

MMAF

Equipment

Finance

LLC

Series

2024-A

Class

A4

5.100%

due

07/13/49

(Þ)

1,160

1,160

MVW

LLC

Series

2021-1WA

Class

C

1.940%

due

01/22/41

(Þ)

71

65

OneSky

Loan

Trust

Series

A

Class

A

3.875%

due

07/15/29

2,423

2,255

Option

One

Mortgage

Loan

Trust

Series

2007-FXD1

Class

3A4

5.860%

due

01/25/37

(~)(Ê)

269

255

PFS

Financing

Corp.

Series

2023-C

Class

A

5.520%

due

10/16/28

(Þ)

1,372

1,384

Series

2024-A

Class

A

6.169%

due

01/15/28

(SOFR

30

Day

Average

+

0.850%)(Ê)(Þ)

120

120

Series

2024-A

Class

B

6.619%

due

01/15/28

(SOFR

30

Day

Average

+

1.300%)(Ê)(Þ)

100

100

Renew

Series

2023-1A

Class

A

5.900%

due

11/20/58

(Þ)

284

278

Series

2024-1A

Class

A

6.208%

due

11/20/59

(Þ)

348

346

Saluda

Grade

Alternative

Mortgage

Trust

Series

2023-FIG4

Class

A

6.718%

due

11/25/53

(~)(Ê)(Þ)

884

902

SoFi

Professional

Loan

Program

Trust

Series

2021-A

Class

AFX

1.030%

due

08/17/43

(Þ)

52

44

Towd

Point

Mortgage

Trust

Series

2020-MH1

Class

A1

2.250%

due

02/25/60

(~)(Ê)(Þ)

1,100

1,049

Verdant

Receivables

LLC

Series

2023-1A

Class

A2

6.240%

due

01/13/31

(Þ)

1,155

1,157

Woodward

Capital

Management

LLC

Series

2024-CES1

Class

A1A

6.025%

due

02/25/44

(~)(Ê)(Þ)

1,350

1,348

35,290

Corporate

Bonds

and

Notes

-

20.5%

AbbVie,

Inc.

5.050%

due

03/15/34

150

152

5.350%

due

03/15/44

50

51

5.400%

due

03/15/54

130

134

5.500%

due

03/15/64

50

51

Series

WI

3.200%

due

11/21/29

80

74

4.050%

due

11/21/39

170

151

Africa

Finance

Corp.

3.125%

due

06/16/25

(Þ)

800

768

Series

REGS

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

35

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.375%

due

04/17/26

(Þ)

393

379

African

Export-Import

Bank

(The)

2.634%

due

05/17/26

(Þ)

200

187

Air

Lease

Corp.

3.375%

due

07/01/25

240

234

1.875%

due

08/15/26

30

28

Aircastle,

Ltd.

5.250%

due

08/11/25

(Þ)

585

580

2.850%

due

01/26/28

(Þ)

1,007

904

Alabama

Power

Co.

5.850%

due

11/15/33

80

84

Alaska

Airlines

Pass-Through

Trust

4.800%

due

08/15/27

(Þ)

73

71

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

5.875%

due

02/15/28

(Þ)

160

158

Alexandria

Real

Estate

Equities,

Inc.

2.000%

due

05/18/32

120

94

3.000%

due

05/18/51

150

95

Allied

World

Assurance

Co.

Holdings,

Ltd.

4.350%

due

10/29/25

849

828

Ally

Financial,

Inc.

8.000%

due

11/01/31

554

614

Altria

Group,

Inc.

4.800%

due

02/14/29

40

40

2.450%

due

02/04/32

110

89

10.200%

due

02/06/39

22

31

3.400%

due

02/04/41

90

66

5.375%

due

01/31/44

(Ñ)

643

633

3.875%

due

09/16/46

70

52

5.950%

due

02/14/49

10

10

Amazon.com,

Inc.

3.950%

due

04/13/52

110

92

Series

WI

3.875%

due

08/22/37

50

45

Amcor

PLC

Series

WI

3.625%

due

04/28/26

724

698

American

Airlines

Group,

Inc.

5.500%

due

04/20/26

(Þ)

120

119

7.250%

due

02/15/28

(Þ)

250

254

8.500%

due

05/15/29

(Þ)

70

74

American

Airlines

Pass-Through

Trust

Series

2015-1

Class

A

3.375%

due

05/01/27

12

11

Series

2016-1

Class

AA

3.575%

due

01/15/28

45

42

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

Series

AA

Class

AA

3.650%

due

02/15/29

530

500

American

Express

Co.

6.338%

due

10/30/26

(SOFR

+

1.330%)(Ê)

851

862

3.550%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.854%)(Ê)(ƒ)

40

37

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

American

Honda

Finance

Corp.

Series

GMTN

4.900%

due

01/10/34

190

187

American

Tower

Trust

#1

5.490%

due

03/15/28

(Þ)

1,408

1,420

American

Transmission

Systems,

Inc.

2.650%

due

01/15/32

(Þ)

50

41

Americo

Life,

Inc.

3.450%

due

04/15/31

(Þ)

70

55

Ameriprise

Financial,

Inc.

5.150%

due

05/15/33

150

152

AmFam

Holdings,

Inc.

2.805%

due

03/11/31

(Þ)

100

76

3.833%

due

03/11/51

(Þ)

80

48

Amgen,

Inc.

4.400%

due

05/01/45

70

61

5.650%

due

03/02/53

140

143

5.750%

due

03/02/63

90

92

Series

WI

4.663%

due

06/15/51

40

35

Anheuser-Busch

Cos.

LLC

/

Anheuser-

Busch

InBev

Worldwide,

Inc.

5.000%

due

06/15/34

240

241

Antero

Midstream

Partners,

LP

/

Antero

Midstream

Finance

Corp.

7.875%

due

05/15/26

(Þ)

160

163

6.625%

due

02/01/32

(Þ)

220

221

Aon

Corp.

5.450%

due

03/01/34

280

283

5.750%

due

03/01/54

110

113

Apache

Corp.

7.750%

due

12/15/29

30

33

4.250%

due

01/15/44

60

43

Ares

Capital

Corp.

3.250%

due

07/15/25

1,555

1,502

AT&T,

Inc.

6.950%

due

01/15/28

450

466

4.500%

due

05/15/35

150

140

4.350%

due

06/15/45

26

22

3.850%

due

06/01/60

552

399

Series

WI

2.550%

due

12/01/33

40

32

6.375%

due

03/01/41

30

32

3.500%

due

09/15/53

30

21

3.800%

due

12/01/57

280

203

Athene

Holding,

Ltd.

6.250%

due

04/01/54

140

142

Aviation

Capital

Group

LLC

1.950%

due

09/20/26

(Þ)

554

506

Bank

of

America

Corp.

4.376%

due

04/27/28

(SOFR

+

1.580%)(Ê)

20

20

2.687%

due

04/22/32

(SOFR

+

1.320%)(Ê)

290

245

2.299%

due

07/21/32

(SOFR

+

1.220%)(Ê)

240

196

2.972%

due

02/04/33

(SOFR

+

1.330%)(Ê)

330

281

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

36

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.571%

due

04/27/33

(SOFR

+

1.830%)(Ê)

160

152

5.468%

due

01/23/35

(SOFR

+

1.650%)(Ê)

40

40

2.482%

due

09/21/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.200%)(Ê)

450

360

3.311%

due

04/22/42

(SOFR

+

1.580%)(Ê)

70

54

Series

MTN

4.271%

due

07/23/29

(CME

Term

SOFR

3

Month

+

1.572%)(Ê)

30

29

3.974%

due

02/07/30

(CME

Term

SOFR

3

Month

+

1.472%)(Ê)

30

28

2.884%

due

10/22/30

(CME

Term

SOFR

3

Month

+

1.452%)(Ê)

80

71

1.922%

due

10/24/31

(SOFR

+

1.370%)(Ê)

410

334

Barings

BDC,

Inc.

Series

WI

3.300%

due

11/23/26

581

531

Bayer

US

Finance

II

LLC

6.650%

due

02/15/28

(Þ)

1,134

1,166

Becton

Dickinson

and

Co.

4.685%

due

12/15/44

8

7

Berry

Global,

Inc.

4.875%

due

07/15/26

(Þ)

825

809

Series

WI

1.570%

due

01/15/26

819

766

Berry

Petroleum

Corp.

7.000%

due

02/15/26

(Þ)

210

207

BlackRock,

Inc.

5.000%

due

03/14/34

140

141

Blackstone

Holdings

Finance

Co.

LLC

6.200%

due

04/22/33

(Þ)

190

200

Block

Financial

LLC

5.250%

due

10/01/25

969

965

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

7.625%

due

12/15/25

(Þ)

230

231

6.625%

due

07/15/26

(Þ)

60

60

Boeing

Co.

(The)

4.875%

due

05/01/25

220

218

2.196%

due

02/04/26

90

84

3.100%

due

05/01/26

20

19

2.700%

due

02/01/27

40

37

2.800%

due

03/01/27

30

28

5.150%

due

05/01/30

40

39

3.250%

due

02/01/35

90

71

5.705%

due

05/01/40

90

86

3.750%

due

02/01/50

20

14

3.950%

due

08/01/59

90

62

Bon

Secours

Mercy

Health,

Inc.

3.464%

due

06/01/30

50

46

BP

Capital

Markets

America,

Inc.

3.000%

due

02/24/50

120

82

Brighthouse

Financial,

Inc.

Series

WI

4.700%

due

06/22/47

509

404

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bristol-Myers

Squibb

Co.

2.350%

due

11/13/40

40

27

5.500%

due

02/22/44

30

31

5.550%

due

02/22/54

160

165

5.650%

due

02/22/64

90

93

Series

WI

3.900%

due

02/20/28

380

369

Broadcom

Corp.

/

Broadcom

Cayman

Finance,

Ltd.

Series

WI

3.500%

due

01/15/28

1,796

1,701

Broadcom,

Inc.

3.187%

due

11/15/36

(Þ)

190

151

Brunswick

Corp.

5.100%

due

04/01/52

215

177

Bunge,

Ltd.

Finance

Corp.

3.250%

due

08/15/26

1

1

Burlington

Northern

Santa

Fe

LLC

4.400%

due

03/15/42

60

54

Cameron

LNG

LLC

3.701%

due

01/15/39

(Þ)

30

25

Cardinal

Health,

Inc.

5.450%

due

02/15/34

170

172

4.900%

due

09/15/45

275

247

Carlisle

Cos.,

Inc.

3.750%

due

12/01/27

923

880

Carrier

Global

Corp.

Series

WI

5.900%

due

03/15/34

140

147

3.577%

due

04/05/50

40

30

Cencora,

Inc.

5.125%

due

02/15/34

180

180

Centene

Corp.

Series

WI

4.250%

due

12/15/27

60

57

4.625%

due

12/15/29

60

57

3.375%

due

02/15/30

40

35

CenterPoint

Energy

Houston

Electric

LLC

4.950%

due

04/01/33

80

79

4.500%

due

04/01/44

130

116

5.300%

due

04/01/53

10

10

CF

Industries,

Inc.

4.500%

due

12/01/26

(Þ)

1,324

1,291

4.950%

due

06/01/43

197

176

Charles

Schwab

Corp.

(The)

5.853%

due

05/19/34

(SOFR

+

2.500%)(Ê)

90

92

6.136%

due

08/24/34

(SOFR

+

2.010%)(Ê)

170

177

Series

G

5.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.971%)(Ê)(ƒ)

240

238

Series

H

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.079%)(Ê)(ƒ)

140

118

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

37

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.250%

due

01/15/29

210

179

3.500%

due

06/01/41

100

67

3.500%

due

03/01/42

40

27

3.850%

due

04/01/61

30

18

3.950%

due

06/30/62

30

18

Series

WI

4.908%

due

07/23/25

930

919

6.384%

due

10/23/35

20

20

6.484%

due

10/23/45

639

592

6.834%

due

10/23/55

20

19

Cheniere

Corpus

Christi

Holdings

LLC

Series

WI

5.125%

due

06/30/27

866

864

Cheniere

Energy

Partners,

LP

Series

WI

3.250%

due

01/31/32

80

68

Chesapeake

Energy

Corp.

5.500%

due

02/01/26

(Þ)

270

268

6.750%

due

04/15/29

(Þ)

230

232

Choice

Hotels

International,

Inc.

3.700%

due

12/01/29

816

730

Chord

Energy

Corp.

6.375%

due

06/01/26

(Þ)

80

80

Cigna

Corp.

2.400%

due

03/15/30

35

30

3.200%

due

03/15/40

60

45

Series

WI

4.375%

due

10/15/28

140

137

4.800%

due

08/15/38

30

28

Cigna

Group

(The)

5.600%

due

02/15/54

70

70

Cimarex

Energy

Co.

4.375%

due

03/15/29

130

116

CIT

Group,

Inc.

6.125%

due

03/09/28

473

486

Citigroup,

Inc.

3.106%

due

04/08/26

(SOFR

+

2.842%)(Ê)

100

97

2.976%

due

11/05/30

(SOFR

+

1.422%)(Ê)

50

44

2.572%

due

06/03/31

(SOFR

+

2.107%)(Ê)

220

188

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

60

50

8.125%

due

07/15/39

90

115

Series

AA

7.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.211%)(Ê)(ƒ)

60

63

Series

BB

7.200%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.905%)(Ê)(ƒ)

20

21

Series

Y

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.150%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.000%)(Ê)(ƒ)

200

184

Citizens

Financial

Group,

Inc.

2.850%

due

07/27/26

1,058

994

4.575%

due

08/09/28

(SOFR

+

2.000%)(Ê)

185

177

Clorox

Co.

(The)

1.800%

due

05/15/30

100

83

Columbia

Pipelines

Holding

Co.

LLC

6.055%

due

08/15/26

(Þ)

30

30

6.042%

due

08/15/28

(Þ)

100

102

Columbia

Pipelines

Operating

Co.

LLC

6.036%

due

11/15/33

(Þ)

130

135

6.497%

due

08/15/43

(Þ)

241

259

6.714%

due

08/15/63

(Þ)

122

134

Comcast

Corp.

7.050%

due

03/15/33

150

170

6.500%

due

11/15/35

19

21

3.250%

due

11/01/39

10

8

3.750%

due

04/01/40

10

8

3.400%

due

07/15/46

20

15

4.000%

due

03/01/48

80

65

Series

WI

2.937%

due

11/01/56

30

19

2.987%

due

11/01/63

117

72

Comerica,

Inc.

3.800%

due

07/22/26

633

603

5.982%

due

01/30/30

(SOFR

+

2.155%)(Ê)

210

207

CommonSpirit

Health

2.782%

due

10/01/30

40

35

5.318%

due

12/01/34

250

250

3.910%

due

10/01/50

60

47

Commonwealth

Edison

Co.

6.450%

due

01/15/38

120

132

Conagra

Brands,

Inc.

1.375%

due

11/01/27

971

850

Concentrix

Corp.

6.650%

due

08/02/26

726

732

ConocoPhillips

Co.

5.050%

due

09/15/33

150

151

Constellation

Energy

Generation

LLC

6.125%

due

01/15/34

130

137

Consumers

Energy

Co.

2.500%

due

05/01/60

18

10

Continental

Resources,

Inc.

2.268%

due

11/15/26

(Þ)

140

129

2.875%

due

04/01/32

(Þ)

60

49

Series

WI

4.375%

due

01/15/28

50

48

Corebridge

Financial,

Inc

Series

WI

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.846%)(Ê)

994

995

Coterra

Energy,

Inc.

Series

WI

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

38

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.375%

due

03/15/29

110

106

CVS

Health

Corp.

4.300%

due

03/25/28

31

30

3.250%

due

08/15/29

70

64

3.750%

due

04/01/30

50

47

5.250%

due

01/30/31

170

171

2.125%

due

09/15/31

120

98

4.780%

due

03/25/38

190

175

4.125%

due

04/01/40

40

34

Darden

Restaurants,

Inc.

4.550%

due

02/15/48

178

146

DCP

Midstream

Operating,

LP

3.250%

due

02/15/32

80

69

6.450%

due

11/03/36

(Þ)

50

52

6.750%

due

09/15/37

(Þ)

202

220

5.600%

due

04/01/44

395

386

Dell

International

LLC

/

EMC

Corp.

Series

WI

8.100%

due

07/15/36

55

66

Delta

Air

Lines,

Inc.

7.375%

due

01/15/26

50

52

3.750%

due

10/28/29

30

28

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

4.500%

due

10/20/25

(Þ)

146

144

4.750%

due

10/20/28

(Þ)

90

88

Devon

Energy

Corp.

5.850%

due

12/15/25

70

70

5.600%

due

07/15/41

90

87

5.000%

due

06/15/45

100

89

Series

WI

5.250%

due

10/15/27

19

19

5.875%

due

06/15/28

153

154

4.500%

due

01/15/30

70

67

Diamondback

Energy,

Inc.

4.400%

due

03/24/51

100

83

Discover

Bank

Series

BKNT

3.450%

due

07/27/26

803

765

Discover

Financial

Services

4.100%

due

02/09/27

960

926

Dominion

Energy,

Inc.

Series

C

3.375%

due

04/01/30

80

73

DTE

Energy

Co.

2.850%

due

10/01/26

793

750

Duke

Energy

Carolinas

LLC

4.950%

due

01/15/33

30

30

6.100%

due

06/01/37

190

200

Duke

Energy

Corp.

3.300%

due

06/15/41

384

286

3.750%

due

09/01/46

791

597

Duke

Energy

Florida

LLC

5.875%

due

11/15/33

160

169

Duke

Energy

Indiana

LLC

5.400%

due

04/01/53

70

69

Series

YYY

3.250%

due

10/01/49

80

56

Duke

Energy

Ohio,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.250%

due

04/01/33

30

30

Duke

Energy

Progress

LLC

5.100%

due

03/15/34

120

120

Edison

International

4.950%

due

04/15/25

50

50

5.750%

due

06/15/27

462

468

Series

A

5.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.698%)(Ê)(ƒ)

340

329

Series

B

5.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.901%)(Ê)(ƒ)

110

104

El

Paso

Natural

Gas

Co.

LLC

7.500%

due

11/15/26

300

314

Elevance

Health,

Inc.

4.100%

due

05/15/32

120

112

4.375%

due

12/01/47

10

9

Eli

Lilly

&

Co.

4.700%

due

02/09/34

80

80

5.000%

due

02/09/54

120

119

4.950%

due

02/27/63

50

49

Enable

Midstream

Partners,

LP

4.400%

due

03/15/27

959

938

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

484

568

Endeavor

Energy

Resources,

LP

/

EER

Finance,

Inc.

5.750%

due

01/30/28

(Þ)

40

40

Energy

Transfer

Operating,

LP

4.200%

due

04/15/27

664

646

6.400%

due

12/01/30

290

306

7.375%

due

02/01/31

(Þ)

20

21

5.550%

due

05/15/34

40

40

5.950%

due

05/15/54

180

180

Energy

Transfer,

LP

6.000%

due

02/01/29

(Þ)

790

797

8.250%

due

11/15/29

100

114

3.750%

due

05/15/30

140

129

5.300%

due

04/01/44

10

9

6.250%

due

04/15/49

30

31

Series

F

6.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.134%)(Ê)(ƒ)

450

442

Series

G

7.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.306%)(Ê)(ƒ)

10

10

Series

H

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.694%)(Ê)(ƒ)

70

69

Enterprise

Products

Operating

LLC

7.550%

due

04/15/38

20

24

5.700%

due

02/15/42

40

41

4.850%

due

03/15/44

60

56

3.700%

due

01/31/51

60

46

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

39

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.300%

due

02/15/53

30

21

5.375%

due

02/15/78

(CME

Term

SOFR

3

Month

+

2.832%)(Ê)

320

298

Series

D

6.875%

due

03/01/33

170

191

8.573%

due

08/16/77

(CME

Term

SOFR

3

Month

+

3.248%)(Ê)

100

100

EOG

Resources,

Inc.

4.375%

due

04/15/30

50

49

EPR

Properties

Co.

4.500%

due

06/01/27

729

694

EQM

Midstream

Partners,

LP

7.500%

due

06/01/27

(Þ)

40

41

EQT

Corp.

3.125%

due

05/15/26

(Þ)

937

888

3.900%

due

10/01/27

50

48

5.000%

due

01/15/29

10

10

3.625%

due

05/15/31

(Þ)

30

26

Equifax,

Inc.

2.350%

due

09/15/31

70

58

Esab

Corp.

6.250%

due

04/15/29

(Þ)

60

60

Evergy

Kansas

Central,

Inc.

5.900%

due

11/15/33

80

84

Extra

Space

Storage,

LP

3.900%

due

04/01/29

50

47

Exxon

Mobil

Corp.

4.227%

due

03/19/40

20

18

4.114%

due

03/01/46

40

34

4.327%

due

03/19/50

10

9

F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

807

838

Fifth

Third

Bancorp

Series

BKNT

3.850%

due

03/15/26

898

865

FirstEnergy

Corp.

Series

B

3.900%

due

07/15/27

120

115

Series

C

4.850%

due

07/15/47

50

44

Florida

Gas

Transmission

Co.

LLC

2.300%

due

10/01/31

(Þ)

320

259

Florida

Power

&

Light

Co.

3.150%

due

10/01/49

40

28

Ford

Motor

Co.

3.250%

due

02/12/32

120

100

4.750%

due

01/15/43

40

33

Ford

Motor

Credit

Co.

LLC

2.700%

due

08/10/26

200

186

7.122%

due

11/07/33

250

269

Fox

Corp.

6.500%

due

10/13/33

110

117

Series

WI

5.476%

due

01/25/39

80

76

Freeport-McMoRan,

Inc.

5.400%

due

11/14/34

130

128

FS

KKR

Capital

Corp.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.400%

due

01/15/26

921

874

2.625%

due

01/15/27

186

169

7.875%

due

01/15/29

62

65

Full

House

Resorts

8.250%

due

02/15/28

(Þ)

30

29

Gartner,

Inc.

4.500%

due

07/01/28

(Þ)

842

802

General

Dynamics

Corp.

4.250%

due

04/01/40

110

100

4.250%

due

04/01/50

30

26

General

Electric

Co.

5.875%

due

01/14/38

430

458

4.500%

due

03/11/44

276

251

General

Motors

Co.

6.125%

due

10/01/25

140

141

5.600%

due

10/15/32

(Ñ)

80

81

6.250%

due

10/02/43

40

41

6.750%

due

04/01/46

20

22

Genting

New

York

LLC

3.300%

due

02/15/26

(Þ)

400

384

Georgia

Power

Co.

5.250%

due

03/15/34

220

222

Gilead

Sciences,

Inc.

5.650%

due

12/01/41

30

31

Global

Atlantic

Fin

Co.

6.750%

due

03/15/54

(Þ)

90

92

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.375%

due

04/15/26

1,530

1,517

Goldman

Sachs

BDC,

Inc.

2.875%

due

01/15/26

860

819

Goldman

Sachs

Group,

Inc.

(The)

3.615%

due

03/15/28

(SOFR

+

1.846%)(Ê)

100

96

3.691%

due

06/05/28

(CME

Term

SOFR

3

Month

+

1.772%)(Ê)

120

115

4.223%

due

05/01/29

(CME

Term

SOFR

3

Month

+

1.563%)(Ê)

50

48

3.800%

due

03/15/30

40

37

Series

DMTN

2.383%

due

07/21/32

(SOFR

+

1.248%)(Ê)

530

435

Series

W

7.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.156%)(Ê)(ƒ)

50

53

Golub

Capital

BDC,

Inc.

2.050%

due

02/15/27

1,009

898

Gray

Oak

Pipeline

LLC

2.600%

due

10/15/25

(Þ)

1,612

1,537

Gulfstream

Natural

Gas

System

LLC

4.600%

due

09/15/25

(Þ)

911

896

Hasbro,

Inc.

3.550%

due

11/19/26

1,420

1,354

HCA,

Inc.

5.500%

due

06/01/33

80

80

5.600%

due

04/01/34

210

211

5.125%

due

06/15/39

50

47

5.250%

due

06/15/49

163

149

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

40

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.000%

due

04/01/54

10

10

Heico

Corp.

5.250%

due

08/01/28

50

50

Hercules

Capital,

Inc.

3.375%

due

01/20/27

966

887

Hexcel

Corp.

3.950%

due

02/15/27

1,519

1,443

Hilton

Domestic

Operating

Co.,

Inc.

6.125%

due

04/01/32

(Þ)

60

60

Home

Depot,

Inc.

(The)

3.300%

due

04/15/40

50

40

4.250%

due

04/01/46

173

150

Honeywell

International,

Inc.

5.000%

due

03/01/35

150

151

5.250%

due

03/01/54

170

172

Howmet

Aerospace,

Inc.

5.900%

due

02/01/27

938

952

Humana,

Inc.

5.875%

due

03/01/33

100

103

5.950%

due

03/15/34

40

42

4.625%

due

12/01/42

20

17

4.950%

due

10/01/44

20

18

Huntington

Ingalls

Industries,

Inc.

Series

WI

3.483%

due

12/01/27

790

742

Huntsman

International

LLC

4.500%

due

05/01/29

799

763

Hyundai

Capital

America

5.400%

due

01/08/31

(Þ)

140

141

ILFC

E-Capital

Trust

I

7.145%

due

12/21/65

(CME

Term

SOFR

3

Month

+

1.812%)(Ê)(Þ)

200

156

ILFC

E-Capital

Trust

II

7.395%

due

12/21/65

(CME

Term

SOFR

3

Month

+

2.062%)(Ê)(Þ)

350

279

Ingersoll

Rand,

Inc.

5.700%

due

08/14/33

130

133

Intel

Corp.

2.800%

due

08/12/41

40

29

4.900%

due

08/05/52

50

47

3.200%

due

08/12/61

80

52

Series

WI

3.734%

due

12/08/47

10

8

Intercontinental

Exchange,

Inc.

4.600%

due

03/15/33

30

29

4.950%

due

06/15/52

10

9

International

Flavors

&

Fragrances,

Inc.

1.230%

due

10/01/25

(Þ)

919

860

3.468%

due

12/01/50

(Þ)

1,032

688

Interstate

Power

and

Light

Co.

5.700%

due

10/15/33

100

102

Invitation

Homes,

Inc.

4.150%

due

04/15/32

50

46

Jabil

Circuit,

Inc.

5.450%

due

02/01/29

70

70

Jackson

National

Life

Global

Funding

3.050%

due

04/29/26

(Þ)

1,146

1,082

Jacobs

Engineering

Group,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.900%

due

03/01/33

802

812

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

Series

WI

2.500%

due

01/15/27

713

657

5.125%

due

02/01/28

1,107

1,090

Jersey

Central

Power

&

Light

Co.

4.300%

due

01/15/26

(Þ)

988

965

JetBlue

Airways

Corp.

Series

1A

4.000%

due

11/15/32

1,470

1,362

Series

2019

2.750%

due

05/15/32

1,825

1,571

JM

Smucker

Co.

(The)

6.200%

due

11/15/33

160

171

JPMorgan

Chase

&

Co.

4.203%

due

07/23/29

(CME

Term

SOFR

3

Month

+

1.522%)(Ê)

40

39

8.750%

due

09/01/30

280

334

2.522%

due

04/22/31

(SOFR

+

2.040%)(Ê)

60

52

1.953%

due

02/04/32

(SOFR

+

1.065%)(Ê)

140

114

4.586%

due

04/26/33

(SOFR

+

1.800%)(Ê)

160

153

6.254%

due

10/23/34

(SOFR

+

1.810%)(Ê)

60

64

4.260%

due

02/22/48

(CME

Term

SOFR

3

Month

+

1.842%)(Ê)

30

26

3.328%

due

04/22/52

(SOFR

+

1.580%)(Ê)

30

22

Series

KK

3.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.850%)(Ê)(ƒ)

70

66

Kaiser

Foundation

Hospitals

4.150%

due

05/01/47

30

26

Series

2019

3.266%

due

11/01/49

30

22

Series

2021

2.810%

due

06/01/41

80

59

3.002%

due

06/01/51

20

14

Kenvue,

Inc.

Series

WI

5.050%

due

03/22/53

30

29

5.200%

due

03/22/63

60

59

KeyCorp

2.250%

due

04/06/27

940

846

Series

BKNT

4.150%

due

08/08/25

1,383

1,344

6.950%

due

02/01/28

205

211

Kimco

Realty

Corp.

2.250%

due

12/01/31

180

145

Kinder

Morgan

Energy

Partners,

LP

7.300%

due

08/15/33

50

56

KKR

Group

Finance

Co.

II

LLC

5.500%

due

02/01/43

(Þ)

10

10

KLA

Corp.

4.650%

due

07/15/32

80

79

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

41

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.950%

due

07/15/52

20

19

Kraft

Heinz

Foods

Co.

Series

WI

5.200%

due

07/15/45

192

182

Kyndryl

Holdings,

Inc.

Series

WI

3.150%

due

10/15/31

210

177

4.100%

due

10/15/41

70

54

L3Harris

Technologies,

Inc.

2.900%

due

12/15/29

160

142

5.400%

due

07/31/33

140

141

Lam

Research

Corp.

1.900%

due

06/15/30

90

76

Las

Vegas

Sands

Corp.

2.900%

due

06/25/25

540

520

3.900%

due

08/08/29

1,734

1,578

Lear

Corp.

5.250%

due

05/15/49

187

171

Lennar

Corp.

Series

WI

5.000%

due

06/15/27

10

10

Lennox

International,

Inc.

1.700%

due

08/01/27

90

81

Lithia

Motors,

Inc.

4.625%

due

12/15/27

(Þ)

20

19

3.875%

due

06/01/29

(Þ)

50

45

LKQ

Corp.

Series

WI

6.250%

due

06/15/33

99

103

Lockheed

Martin

Corp.

4.500%

due

02/15/29

160

158

3.900%

due

06/15/32

50

47

4.800%

due

08/15/34

280

277

4.500%

due

05/15/36

10

9

4.150%

due

06/15/53

50

42

Lowe's

Cos.,

Inc.

4.500%

due

04/15/30

50

49

2.800%

due

09/15/41

50

36

3.000%

due

10/15/50

100

65

LPL

Holdings,

Inc.

4.625%

due

11/15/27

(Þ)

811

778

6.750%

due

11/17/28

90

94

Main

Street

Capital

Corp.

3.000%

due

07/14/26

346

322

Manufacturers

&

Traders

Trust

Co.

4.650%

due

01/27/26

1,355

1,325

Mars,

Inc.

2.375%

due

07/16/40

(Þ)

160

112

Marsh

&

McLennan

Cos.,

Inc.

2.375%

due

12/15/31

70

58

Massachusetts

Mutual

Life

Insurance

Co.

3.375%

due

04/15/50

(Þ)

50

35

Mastercard,

Inc.

3.850%

due

03/26/50

30

25

Mattel,

Inc.

3.375%

due

04/01/26

(Þ)

1,533

1,466

McDonald's

Corp.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.700%

due

12/09/35

716

696

5.150%

due

09/09/52

120

116

Series

MTN

4.450%

due

03/01/47

40

35

4.450%

due

09/01/48

30

26

MDC

Holdings,

Inc.

6.000%

due

01/15/43

50

51

Medline

Borrower,

LP

6.250%

due

04/01/29

(Þ)

160

161

Merck

&

Co.,

Inc.

2.350%

due

06/24/40

40

28

Mercury

General

Corp.

4.400%

due

03/15/27

1,536

1,477

Meritage

Homes

Corp.

Series

WI

5.125%

due

06/06/27

539

531

Metropolitan

Edison

Co.

5.200%

due

04/01/28

(Þ)

100

100

Micron

Technology,

Inc.

2.703%

due

04/15/32

70

58

MidAmerican

Energy

Co.

3.650%

due

04/15/29

50

48

3.150%

due

04/15/50

60

42

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

6.500%

due

06/20/27

(Þ)

72

72

Molson

Coors

Beverage

Co.

4.200%

due

07/15/46

824

689

Mondelez

International,

Inc.

2.625%

due

09/04/50

40

25

Monongahela

Power

Co.

3.550%

due

05/15/27

(Þ)

592

563

5.850%

due

02/15/34

(Þ)

350

359

Morgan

Stanley

2.188%

due

04/28/26

(SOFR

+

1.990%)(Ê)

70

68

0.985%

due

12/10/26

(SOFR

+

0.720%)(Ê)

1,500

1,390

1.593%

due

05/04/27

(SOFR

+

0.879%)(Ê)

70

65

6.342%

due

10/18/33

(SOFR

+

2.560%)(Ê)

80

86

5.424%

due

07/21/34

(SOFR

+

1.880%)(Ê)

20

20

2.484%

due

09/16/36

(SOFR

+

1.360%)(Ê)

230

182

5.297%

due

04/20/37

(SOFR

+

2.620%)(Ê)

130

125

5.948%

due

01/19/38

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.430%)(Ê)

90

90

5.942%

due

02/07/39

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.800%)(Ê)

150

149

3.217%

due

04/22/42

(SOFR

+

1.485%)(Ê)

100

76

Series

BKNT

4.754%

due

04/21/26

250

248

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

42

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

GMTN

4.431%

due

01/23/30

(CME

Term

SOFR

3

Month

+

1.890%)(Ê)

10

10

2.239%

due

07/21/32

(SOFR

+

1.178%)(Ê)

70

57

Series

MTN

3.622%

due

04/01/31

(SOFR

+

3.120%)(Ê)

80

73

Morgan

Stanley

Bank

NA

5.449%

due

07/20/29

(SOFR

+

1.630%)(Ê)

150

151

Morgan

Stanley

Direct

Lending

Fund

Series

WI

4.500%

due

02/11/27

1,096

1,055

Motorola

Solutions,

Inc.

5.500%

due

09/01/44

115

113

MPLX,

LP

4.800%

due

02/15/29

10

10

4.500%

due

04/15/38

20

18

4.700%

due

04/15/48

70

60

National

Health

Investors,

Inc.

3.000%

due

02/01/31

184

151

NBCUniversal

Media

LLC

4.450%

due

01/15/43

7

6

New

York

Life

Global

Funding

4.550%

due

01/28/33

(Þ)

80

77

New

York

Life

Insurance

Co.

3.750%

due

05/15/50

(Þ)

100

77

New

York

State

Electric

&

Gas

Corp.

3.250%

due

12/01/26

(Þ)

1,133

1,064

NextEra

Energy

Capital

Holdings,

Inc.

3.800%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.547%)(Ê)

978

887

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

553

616

Nissan

Motor

Acceptance

Co.

LLC

1.850%

due

09/16/26

(Þ)

40

36

Nissan

Motor

Acceptance

Corp.

2.000%

due

03/09/26

(Þ)

110

102

NMI

Holdings,

Inc.

7.375%

due

06/01/25

(Þ)

70

71

Norfolk

Southern

Corp.

5.550%

due

03/15/34

140

146

Northrop

Grumman

Corp.

5.150%

due

05/01/40

80

78

5.050%

due

11/15/40

30

29

5.250%

due

05/01/50

50

49

Northwest

Pipeline

LLC

7.125%

due

12/01/25

250

253

Series

WI

4.000%

due

04/01/27

60

58

Northwestern

Mutual

Life

Insurance

Co.

(The)

3.450%

due

03/30/51

(Þ)

160

115

3.625%

due

09/30/59

(Þ)

80

56

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

2,263

2,034

Oaktree

Specialty

Lending

Corp.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.700%

due

01/15/27

1,510

1,365

Occidental

Petroleum

Corp.

5.550%

due

03/15/26

60

60

3.400%

due

04/15/26

70

67

7.875%

due

09/15/31

1,068

1,211

6.450%

due

09/15/36

215

229

7.950%

due

06/15/39

90

106

6.600%

due

03/15/46

174

188

4.400%

due

04/15/46

40

33

4.100%

due

02/15/47

20

15

Ohio

Edison

Co.

5.500%

due

01/15/33

(Þ)

90

90

Omega

Healthcare

Investors,

Inc.

4.750%

due

01/15/28

300

290

Series

WI

4.500%

due

04/01/27

779

754

Oncor

Electric

Delivery

Co.

LLC

3.100%

due

09/15/49

80

55

Series

WI

4.150%

due

06/01/32

40

38

5.650%

due

11/15/33

110

114

ONEOK,

Inc.

6.050%

due

09/01/33

300

313

6.625%

due

09/01/53

180

198

Oracle

Corp.

4.300%

due

07/08/34

648

598

4.000%

due

07/15/46

70

55

6.900%

due

11/09/52

50

58

5.550%

due

02/06/53

350

342

Owl

Rock

Capital

Corp.

3.750%

due

07/22/25

600

582

4.250%

due

01/15/26

920

892

Pacific

Gas

and

Electric

Co.

3.500%

due

06/15/25

285

278

2.100%

due

08/01/27

30

27

2.500%

due

02/01/31

50

42

6.950%

due

03/15/34

200

219

5.800%

due

05/15/34

130

131

3.300%

due

08/01/40

20

15

4.750%

due

02/15/44

70

59

4.950%

due

07/01/50

80

69

3.500%

due

08/01/50

20

14

6.750%

due

01/15/53

100

109

6.700%

due

04/01/53

100

108

Series

WI

3.300%

due

12/01/27

950

883

PacifiCorp

5.450%

due

02/15/34

320

321

Park-Ohio

Industries,

Inc.

Series

WI

6.625%

due

04/15/27

150

140

Parsley

Energy

LLC

/

Parsley

Finance

Corp.

4.125%

due

02/15/28

(Þ)

10

10

PayPal

Holdings,

Inc.

2.300%

due

06/01/30

90

78

3.250%

due

06/01/50

30

21

5.250%

due

06/01/62

20

19

Pennsylvania

Electric

Co.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

43

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.150%

due

03/30/26

(Þ)

680

674

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

4.200%

due

04/01/27

(Þ)

398

386

4.400%

due

07/01/27

(Þ)

646

629

PepsiCo,

Inc.

2.625%

due

10/21/41

455

331

Permian

Resources

Corp.

5.375%

due

01/15/26

(Þ)

130

128

6.875%

due

04/01/27

(Þ)

130

130

Pfizer,

Inc.

5.110%

due

05/19/43

280

274

5.300%

due

05/19/53

140

139

5.340%

due

05/19/63

40

39

PG&E

Wildfire

Recovery

Funding

LLC

Series

A-3

5.081%

due

06/01/41

120

119

Series

A-4

5.212%

due

12/01/47

30

30

Philip

Morris

International,

Inc.

2.100%

due

05/01/30

70

59

1.750%

due

11/01/30

130

106

5.125%

due

02/13/31

220

219

5.250%

due

02/13/34

40

40

6.375%

due

05/16/38

664

727

Piedmont

Operating

Partnership,

LP

9.250%

due

07/20/28

691

736

Pioneer

Natural

Resources

Co.

5.100%

due

03/29/26

130

130

2.150%

due

01/15/31

170

143

Plains

All

American

Pipeline,

LP

Series

B

9.679%

due

12/31/99

(CME

Term

SOFR

3

Month

+

4.372%)(Ê)(ƒ)

250

248

Plains

All

American

Pipeline,

LP

/

PAA

Finance

Corp.

4.650%

due

10/15/25

891

879

Series

WI

6.700%

due

05/15/36

10

10

PM

General

Purchaser

LLC

9.500%

due

10/01/28

(Þ)

140

143

PNC

Financial

Services

Group,

Inc.

(The)

Series

W

6.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

2.808%)(Ê)(ƒ)

170

165

PRA

Health

Sciences,

Inc.

2.875%

due

07/15/26

(Þ)

196

183

Progress

Energy,

Inc.

7.000%

due

10/30/31

559

618

Prospect

Capital

Corp.

3.706%

due

01/22/26

(Ñ)

1,003

951

Prudential

Financial,

Inc.

4.500%

due

09/15/47

(USD

3

Month

LIBOR

+

2.380%)(Ê)

1,023

964

6.750%

due

03/01/53

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.848%)(Ê)

20

21

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.500%

due

03/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.404%)(Ê)

70

71

QUALCOMM,

Inc.

4.500%

due

05/20/52

50

45

Quest

Diagnostics,

Inc.

6.400%

due

11/30/33

150

162

Radian

Group,

Inc.

4.875%

due

03/15/27

676

660

Range

Resources

Corp.

Series

WI

4.875%

due

05/15/25

140

139

Raytheon

Technologies

Corp.

4.625%

due

11/16/48

130

116

5.375%

due

02/27/53

100

99

Regal

Rexnord

Corp.

6.050%

due

02/15/26

(Þ)

460

462

6.050%

due

04/15/28

(Þ)

1,654

1,677

Reliance

Standard

Life

Global

Funding

II

1.512%

due

09/28/26

(Þ)

310

278

Roche

Holding

AG

4.985%

due

03/08/34

(Þ)

200

201

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

2.875%

due

10/15/26

(Þ)

100

92

RPM

International,

Inc.

3.750%

due

03/15/27

909

869

RTX

Corp.

6.100%

due

03/15/34

450

481

S&P

Global,

Inc.

3.250%

due

12/01/49

10

7

Sabra

Health

Care,

LP

Series

WI

5.125%

due

08/15/26

1,485

1,470

San

Diego

Gas

&

Electric

Co.

Series

RRR

3.750%

due

06/01/47

100

78

Series

VVV

1.700%

due

10/01/30

70

58

Santander

Holdings

USA,

Inc.

5.807%

due

09/09/26

(SOFR

+

2.328%)(Ê)

860

860

2.490%

due

01/06/28

(SOFR

+

1.249%)(Ê)

683

621

SCE

Recovery

Funding

LLC

Series

A-1

4.697%

due

06/15/40

77

75

Sempra

Energy

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.868%)(Ê)

953

879

SilverBow

Resources,

Inc.

13.079%

due

12/15/28

(CME

Term

SOFR

3

Month

+

7.750%)(Ê)(Þ)

410

405

Solventum

Corp.

5.450%

due

03/13/31

(Þ)

130

130

5.600%

due

03/23/34

(Þ)

190

191

5.900%

due

04/30/54

(Þ)

100

100

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

44

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sonoco

Products

Co.

2.250%

due

02/01/27

741

687

Southern

California

Edison

Co.

2.250%

due

06/01/30

100

85

4.000%

due

04/01/47

1,107

876

3.650%

due

02/01/50

100

74

5.750%

due

04/15/54

110

112

Series

C

4.125%

due

03/01/48

80

65

Series

G

2.500%

due

06/01/31

110

93

Southern

Co.

(The)

Series

21-A

3.750%

due

09/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.915%)(Ê)

451

422

Series

B

4.000%

due

01/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.733%)(Ê)

222

213

Southern

Co.

Gas

Capital

Corp.

6.000%

due

10/01/34

196

197

Southwestern

Energy

Co.

8.375%

due

09/15/28

10

10

4.750%

due

02/01/32

80

74

Spirit

Loyalty

Cayman,

Ltd.

/

Spirit

IP

Cayman,

Ltd.

Series

144a

8.000%

due

09/20/25

(Þ)

170

129

Sprint

LLC

7.625%

due

03/01/26

728

752

Starbucks

Corp.

4.300%

due

06/15/45

185

159

State

Street

Corp.

Series

I

6.700%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.613%)(Ê)(ƒ)

90

91

Sunoco

Logistics

Partners

Operations,

LP

3.900%

due

07/15/26

90

87

SunTrust

Banks,

Inc.

Series

BKNT

4.050%

due

11/03/25

70

69

Synchrony

Financial

5.625%

due

08/23/27

909

892

Tapestry,

Inc.

7.050%

due

11/27/25

50

51

7.000%

due

11/27/26

310

319

Targa

Resources

Corp.

4.200%

due

02/01/33

130

119

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

6.875%

due

01/15/29

130

134

5.500%

due

03/01/30

30

30

4.875%

due

02/01/31

200

191

4.000%

due

01/15/32

150

135

Teachers

Insurance

&

Annuity

Association

of

America

4.900%

due

09/15/44

(Þ)

140

128

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Tennessee

Gas

Pipeline

Co.

LLC

7.000%

due

03/15/27

414

433

7.625%

due

04/01/37

608

693

Texas

Eastern

Transmission,

LP

3.500%

due

01/15/28

(Þ)

854

804

Texas

Instruments,

Inc.

3.650%

due

08/16/32

70

65

3.875%

due

03/15/39

60

54

Time

Warner

Cable

Enterprises

LLC

8.375%

due

07/15/33

100

112

Time

Warner

Cable

LLC

6.550%

due

05/01/37

90

85

7.300%

due

07/01/38

180

182

5.500%

due

09/01/41

666

554

T-Mobile

USA,

Inc.

2.625%

due

02/15/29

60

54

Series

WI

3.875%

due

04/15/30

40

37

2.550%

due

02/15/31

824

702

3.000%

due

02/15/41

100

74

3.300%

due

02/15/51

90

63

Toll

Brothers

Finance

Corp.

Series

10YR

4.350%

due

02/15/28

1,767

1,708

Toyota

Motor

Credit

Corp.

5.250%

due

09/11/28

90

92

Transcontinental

Gas

Pipe

Line

Co.

LLC

4.450%

due

08/01/42

80

71

Truist

Financial

Corp.

6.047%

due

06/08/27

(SOFR

+

2.050%)(Ê)

1,150

1,166

4.873%

due

01/26/29

(SOFR

+

1.435%)(Ê)

582

572

5.435%

due

01/24/30

(SOFR

+

1.620%)(Ê)

80

80

5.867%

due

06/08/34

(SOFR

+

2.361%)(Ê)

10

10

Tyson

Foods,

Inc.

3.550%

due

06/02/27

992

946

Union

Pacific

Corp.

3.750%

due

02/05/70

10

7

Series

WI

2.891%

due

04/06/36

110

90

3.839%

due

03/20/60

60

46

United

Airlines

Pass-Through

Trust

5.800%

due

01/15/36

1,678

1,706

Series

2020-1

Class

B

4.875%

due

01/15/26

161

159

Series

A

3.100%

due

10/07/28

76

67

Series

AA

4.150%

due

08/25/31

503

471

2.700%

due

05/01/32

566

484

United

Airlines,

Inc.

4.625%

due

04/15/29

(Þ)

30

28

Series

144a

4.375%

due

04/15/26

(Þ)

220

213

UnitedHealth

Group,

Inc.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

45

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.350%

due

02/15/33

230

237

5.700%

due

10/15/40

60

63

4.750%

due

05/15/52

40

37

5.875%

due

02/15/53

10

11

5.375%

due

04/15/54

180

183

Unum

Group

5.750%

due

08/15/42

796

779

US

Airways

Pass-Through

Trust

Class

A

4.625%

due

06/03/25

93

91

3.950%

due

11/15/25

163

159

Verizon

Communications,

Inc.

2.100%

due

03/22/28

40

36

7.750%

due

12/01/30

100

115

4.500%

due

08/10/33

180

172

5.250%

due

03/16/37

60

61

2.650%

due

11/20/40

50

35

4.125%

due

08/15/46

60

50

5.500%

due

03/16/47

10

10

4.000%

due

03/22/50

40

32

2.875%

due

11/20/50

90

59

5.500%

due

02/23/54

40

40

Series

WI

4.329%

due

09/21/28

53

52

2.987%

due

10/30/56

60

38

VICI

Properties,

Inc.

4.500%

due

09/01/26

(Þ)

283

274

4.500%

due

01/15/28

(Þ)

100

96

4.950%

due

02/15/30

156

151

5.750%

due

04/01/34

50

50

Vistra

Operations

Co.

LLC

3.700%

due

01/30/27

(Þ)

1,564

1,486

Vontier

Corp.

Series

WI

1.800%

due

04/01/26

170

158

2.400%

due

04/01/28

130

115

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

3

Month

LIBOR

+

2.084%)(Ê)

944

800

Walt

Disney

Co.

(The)

Series

WI

6.650%

due

11/15/37

40

46

WarnerMedia

Holdings,

Inc.

Series

WI

5.050%

due

03/15/42

180

155

Wells

Fargo

&

Co.

0.805%

due

05/19/25

(SOFR

+

0.510%)(Ê)

40

40

3.000%

due

10/23/26

80

76

5.574%

due

07/25/29

(SOFR

+

1.740%)(Ê)

70

71

3.068%

due

04/30/41

(SOFR

+

2.530%)(Ê)

140

105

5.375%

due

11/02/43

110

106

4.650%

due

11/04/44

10

9

5.013%

due

04/04/51

(CME

Term

SOFR

3

Month

+

4.502%)(Ê)

100

94

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

S

5.900%

due

12/29/49

(USD

3

Month

LIBOR

+

3.110%)(Ê)(ƒ)

280

279

Welltower,

Inc.

3.850%

due

06/15/32

80

72

Western

Midstream

Operating,

LP

4.650%

due

07/01/26

100

98

4.500%

due

03/01/28

50

48

4.050%

due

02/01/30

70

65

6.150%

due

04/01/33

120

123

5.450%

due

04/01/44

20

18

5.500%

due

08/15/48

40

35

5.250%

due

02/01/50

60

54

Westinghouse

Air

Brake

Technologies

Corp.

3.200%

due

06/15/25

444

431

Series

WI

3.450%

due

11/15/26

963

922

Williams

Cos.,

Inc.

(The)

3.750%

due

06/15/27

885

852

7.750%

due

06/15/31

130

144

XPO,

Inc.

6.250%

due

06/01/28

(Þ)

1,361

1,372

Zions

Bancorp

NA

3.250%

due

10/29/29

953

781

176,180

International

Debt

-

14.8%

ABN

AMRO

Bank

NV

4.750%

due

07/28/25

(Þ)

1,040

1,024

ACWA

Power

Management

and

Investments

One,

Ltd.

5.950%

due

12/15/39

(Þ)

256

248

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.100%

due

01/15/27

150

152

3.300%

due

01/30/32

150

129

3.850%

due

10/29/41

150

119

AES

Panama

Generation

Holdings

SRL

4.375%

due

05/31/30

(Þ)

833

722

Air

Canada

Pass

Through

Trust

Series

2013-1

Class

A

4.125%

due

05/15/25

(Þ)

31

31

Alcon

Finance

Corp.

2.750%

due

09/23/26

(Þ)

280

264

Alibaba

Group

Holding,

Ltd.

3.150%

due

02/09/51

290

193

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

1,128

1,077

Apidos

CLO

XXVI

Series

26A-A2R

7.072%

due

07/18/29

(CME

Term

SOFR

3

Month

+

1.762%)(Ê)(Þ)

250

249

Arbor

Realty

CLO,

Ltd.

Series

2021-FL2

Class

A

1.200%

due

05/15/36

(USD

1

Month

LIBOR

+

1.100%)(Ê)(Þ)

823

820

Series

2022-FL1

Class

A

1.500%

due

01/15/37

(SOFR

30

Day

Average

+

1.450%)(Ê)(Þ)

3,050

3,026

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

46

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

Series

2022-FL2

Class

A

6.710%

due

05/15/37

(CME

Term

SOFR

1

Month

+

1.850%)(Ê)(Þ)

2,638

2,632

ArcelorMittal

SA

6.550%

due

11/29/27

130

135

Argentine

Republic

Government

International

Bond

1.000%

due

07/09/29

34

18

Banco

Bilbao

Vizcaya

Argentaria

SA

5.381%

due

03/13/29

200

202

Banco

Santander

SA

6.607%

due

11/07/28

200

211

Series

_

9.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.298%)(Ê)(ƒ)

200

220

Bank

of

Nova

Scotia

(The)

4.500%

due

12/16/25

957

941

4.588%

due

05/04/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.050%)(Ê)

717

650

8.625%

due

10/27/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.389%)(Ê)

200

208

Barclays

PLC

5.200%

due

05/12/26

1,360

1,346

4.836%

due

05/09/28

295

286

Barrick

NA

Finance

LLC

5.700%

due

05/30/41

100

102

BAT

Capital

Corp.

4.700%

due

04/02/27

733

721

2.259%

due

03/25/28

40

36

6.000%

due

02/20/34

70

71

3.734%

due

09/25/40

110

81

7.079%

due

08/02/43

119

127

Series

WI

3.557%

due

08/15/27

26

25

4.390%

due

08/15/37

163

137

BAT

International

Finance

PLC

1.668%

due

03/25/26

837

779

5.931%

due

02/02/29

220

226

Bayer

US

Finance

II

LLC

4.250%

due

12/15/25

(Þ)

1,015

990

Bellemeade

Re,

Ltd.

Series

2019-3A

Class

M1C

2.099%

due

07/25/29

(USD

1

Month

LIBOR

+

1.950%)(Ê)(Þ)

750

751

Series

2021-3A

Class

A2

1.050%

due

09/25/31

(SOFR

30

Day

Average

+

1.000%)(Ê)(Þ)

2,380

2,380

Series

2023-1

Class

M1A

7.521%

due

10/25/33

(SOFR

30

Day

Average

+

2.200%)(Ê)(Þ)

1,426

1,433

Benin

Government

International

Bond

7.960%

due

02/13/38

(Þ)

200

194

Bharti

Airtel,

Ltd.

4.375%

due

06/10/25

(Þ)

708

696

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

BNP

Paribas

SA

2.219%

due

06/09/26

(SOFR

+

2.074%)(Ê)(Þ)

799

768

4.625%

due

03/13/27

(Þ)

847

826

4.375%

due

03/01/33

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.483%)(Ê)

(Þ)

124

118

5.894%

due

12/05/34

(SOFR

+

1.866%)(Ê)(Þ)

260

272

7.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.899%)(Ê)(ƒ)(Þ)

360

369

8.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.354%)(Ê)(ƒ)(Þ)

200

209

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.969%)(Ê)(ƒ)(Þ)

200

215

BP

Capital

Markets

PLC

4.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.036%)(Ê)(ƒ)

307

301

6.450%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.153%)(Ê)(ƒ)

180

186

Brazil

Government

International

Bond

6.125%

due

03/15/34

230

227

Bristol

Park

CLO,

Ltd.

Series

2020-1A

Class

BR

6.710%

due

04/15/29

(USD

3

Month

LIBOR

+

1.450%)(Ê)(Þ)

250

250

British

Airways

Pass-Through

Trust

3.350%

due

06/15/29

(Þ)

71

65

British

Telecommunications

PLC

9.625%

due

12/15/30

40

49

Brookfield

Finance,

Inc.

3.450%

due

04/15/50

827

579

Canadian

Natural

Resources,

Ltd.

5.850%

due

02/01/35

661

668

Canadian

Pacific

Railway

Co.

3.100%

due

12/02/51

50

34

6.125%

due

09/15/15

656

692

Celulosa

Arauco

y

Constitucion

SA

4.250%

due

04/30/29

(Þ)

220

205

Series

WI

3.875%

due

11/02/27

1,520

1,421

Cencosud

SA

4.375%

due

07/17/27

(Þ)

1,651

1,586

CI

Financial

Corp.

3.200%

due

12/17/30

1,392

1,140

Comision

Federal

de

Electricidad

3.348%

due

02/09/31

(Þ)

200

167

Credit

Agricole

SA

1.907%

due

06/16/26

(SOFR

+

1.676%)(Ê)(Þ)

977

934

5.589%

due

07/05/26

(Þ)

250

252

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

47

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.644%)(Ê)

(Þ)

1,659

1,548

5.514%

due

07/05/33

(Þ)

250

256

8.125%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

6.185%)(Ê)

(ƒ)(Þ)

600

612

CSL

UK

Holdings,

Ltd.

3.850%

due

04/27/27

(Þ)

40

39

4.050%

due

04/27/29

(Þ)

30

29

4.250%

due

04/27/32

(Þ)

70

67

Daimler

Truck

Finance

North

America

LLC

5.375%

due

01/18/34

(Þ)

190

191

Danske

Bank

A/S

0.976%

due

09/10/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.550%)(Ê)(Þ)

270

264

6.466%

due

01/09/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.100%)(Ê)(Þ)

230

231

1.621%

due

09/11/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.350%)(Ê)(Þ)

1,469

1,383

6.259%

due

09/22/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.180%)(Ê)(Þ)

135

136

1.549%

due

09/10/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.730%)(Ê)(Þ)

200

182

5.427%

due

03/01/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.950%)(Ê)(Þ)

280

281

Delhaize

America,

Inc.

9.000%

due

04/15/31

154

182

Deutsche

Bank

AG

2.129%

due

11/24/26

(SOFR

+

1.870%)(Ê)

1,480

1,396

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

2.553%)(Ê)

276

259

Deutsche

Telekom

International

Finance

BV

8.750%

due

06/15/30

50

59

DNB

Bank

ASA

1.127%

due

09/16/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.850%)(Ê)(Þ)

1,139

1,068

Eagle

RE,

Ltd.

Series

2021-1

Class

M2

9.765%

due

10/25/33

(SOFR

30

Day

Average

+

4.450%)(Ê)(Þ)

1,060

1,095

Series

2021-2

Class

M1B

2.099%

due

04/25/34

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

1,097

1,099

Series

2021-2

Class

M1C

4.035%

due

04/25/34

(SOFR

30

Day

Average

+

3.450%)(Ê)(Þ)

2,001

2,047

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-2

Class

M2

4.299%

due

04/25/34

(SOFR

30

Day

Average

+

4.250%)(Ê)(Þ)

1,650

1,701

Ecopetrol

SA

4.625%

due

11/02/31

50

42

8.375%

due

01/19/36

150

151

5.875%

due

05/28/45

80

60

5.875%

due

11/02/51

70

50

Element

Fleet

Management

Corp.

6.271%

due

06/26/26

(Þ)

1,415

1,431

5.643%

due

03/13/27

(Þ)

210

211

Emera

US

Finance,

LP

Series

WI

3.550%

due

06/15/26

1,335

1,281

Enbridge,

Inc.

5.700%

due

03/08/33

550

563

7.375%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.708%)(Ê)

424

426

Series

16-A

6.000%

due

01/15/77

(CME

Term

SOFR

3

Month

+

4.152%)(Ê)

625

611

Enel

Finance

International

NV

6.800%

due

10/14/25

(Þ)

623

635

1.375%

due

07/12/26

(Þ)

157

144

7.100%

due

10/14/27

(Þ)

779

824

Eni

USA,

Inc.

7.300%

due

11/15/27

1,300

1,384

Eurosail

PLC

Series

2006-2A

Class

B1B

5.009%

due

12/15/44

(USD

3

Month

LIBOR

+

0.240%)(Ê)(Þ)

676

670

Export-Import

Bank

of

Korea

(The)

4.875%

due

01/11/26

1,160

1,160

Fortis,

Inc.

Series

WI

3.055%

due

10/04/26

1,417

1,342

Freeport

Indonesia

PT

6.200%

due

04/14/52

(Þ)

427

424

Fresenius

Medical

Care

AG

&

Co.

KGaA

1.875%

due

12/01/26

(Þ)

1,184

1,071

Fresnillo

PLC

4.250%

due

10/02/50

(Þ)

260

196

Garda

World

Security

Corp.

2022

Term

Loan

9.583%

due

02/01/29

(USD

3

Month

LIBOR

+

4.250%)(Ê)

69

69

GE

Capital

European

Funding

Unltd.

Co.

6.025%

due

03/01/38

EUR

40

54

GFL

Environmental,

Inc.

2023

First

Lien

Term

Loan

7.816%

due

05/31/27

(USD

3

Month

LIBOR

+

2.500%)(Ê)

8

8

Glencore

Funding

LLC

1.625%

due

09/01/25

(Þ)

90

85

3.875%

due

10/27/27

(Þ)

100

95

5.400%

due

05/08/28

(Þ)

130

131

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

48

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Global

Auto

Holdings,

Ltd.

/

AAG

FH

UK,

Ltd.

8.750%

due

01/15/32

(Þ)

280

271

Greystone

Commercial

Real

Estate

Notes

Series

2024-HC3

Class

D

10.663%

due

03/15/41

(CME

Term

SOFR

1

Month

+

5.333%)(Ê)(Þ)

110

110

Grifols

Worldwide

Operations

USA,

Inc.

Term

Loan

B

7.459%

due

11/15/27

(USD

3

Month

LIBOR

+

2.000%)(Ê)

167

161

HGI

CRE

CLO,

Ltd.

Series

2021-FL2

Class

A

5.459%

due

09/17/36

(USD

1

Month

LIBOR

+

1.000%)(Ê)(Þ)

1,363

1,351

Highlands

Holdings

Bond

Issuer,

Ltd.

/

Highlands

Holdings

Bond

Co.-Issuer,

Inc.

7.625%

due

10/15/25

(Þ)

502

496

HSBC

Holdings

PLC

7.625%

due

05/17/32

669

736

5.719%

due

03/04/35

(SOFR

+

1.780%)(Ê)

410

415

Hudbay

Minerals,

Inc.

4.500%

due

04/01/26

(Þ)

250

242

Imperial

Brands

Finance

PLC

3.500%

due

07/26/26

(Þ)

1,410

1,345

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

892

839

ING

Groep

NV

1.400%

due

07/01/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.100%)(Ê)(Þ)

145

138

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

553

497

Intesa

Sanpaolo

SpA

7.000%

due

11/21/25

(Þ)

1,035

1,054

7.200%

due

11/28/33

(Þ)

350

377

7.800%

due

11/28/53

(Þ)

86

98

Israel

Government

International

Bond

5.500%

due

03/12/34

780

770

Ivory

Coast

Government

International

Bond

7.625%

due

01/30/33

(Þ)

200

198

JDE

Peet's

NV

1.375%

due

01/15/27

(Þ)

1,767

1,589

Jordan

Government

International

Bond

4.950%

due

07/07/25

(Þ)

310

300

KBC

Groep

NV

5.796%

due

01/19/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.100%)(Ê)(Þ)

534

539

Kookmin

Bank

4.350%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.639%)(Ê)(ƒ)(Þ)

714

708

Lamar

Funding,

Ltd.

3.958%

due

05/07/25

(Þ)

200

195

LCM

XXIII,

Ltd.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2020-23A

Class

A1R

2.205%

due

10/20/29

(USD

3

Month

LIBOR

+

1.070%)(Ê)(Þ)

408

408

Lloyds

Banking

Group

PLC

4.650%

due

03/24/26

162

159

3.574%

due

11/07/28

(USD

3

Month

LIBOR

+

1.205%)(Ê)

248

232

7.500%

due

12/31/99

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.496%)(Ê)(ƒ)

200

199

Series

WI

4.582%

due

12/10/25

827

811

Magnetite

XVII,

Ltd.

Series

2018-17A

Class

BR

7.138%

due

07/20/31

(CME

Term

SOFR

3

Month

+

1.812%)(Ê)(Þ)

250

250

Magnetite

XXIX,

Ltd.

Series

2021-29A

Class

B

7.056%

due

01/15/34

(CME

Term

SOFR

3

Month

+

1.662%)(Ê)(Þ)

250

250

Manulife

Financial

Corp.

4.061%

due

02/24/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

1.647%)(Ê)

1,613

1,545

Melco

Resorts

Finance,

Ltd.

5.375%

due

12/04/29

(Þ)

240

219

Mexico

Government

International

Bond

3.500%

due

02/12/34

240

200

6.000%

due

05/07/36

1,226

1,229

4.350%

due

01/15/47

200

156

MISC

Capital

Two

Labuan,

Ltd.

3.750%

due

04/06/27

(Þ)

791

755

NatWest

Group

PLC

5.516%

due

09/30/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.270%)(Ê)

935

936

3.754%

due

11/01/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.100%)(Ê)

200

197

NBK

Tier

1

Financing

2,

Ltd.

4.500%

due

12/31/99

(USD

Constant

Maturity

6

Year

Rate

+

2.832%)(Ê)

(ƒ)(Þ)

779

750

Neuberger

Berman

CLO

XV,

Ltd.

Series

2021-15A

Class

A1R2

6.496%

due

10/15/29

(USD

3

Month

LIBOR

+

0.920%)(Ê)(Þ)

1,282

1,283

Neuberger

Berman

Loan

Advisers

CLO

30,

Ltd.

Series

2021-30A

Class

BR

6.979%

due

01/20/31

(CME

Term

SOFR

3

Month

+

1.662%)(Ê)(Þ)

310

309

Nippon

Life

Insurance

Co.

2.750%

due

01/21/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.653%)(Ê)(Þ)

250

208

Nissan

Motor

Co.,

Ltd.

3.522%

due

09/17/25

(Þ)

200

193

Nokia

OYJ

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

49

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.375%

due

06/12/27

1,523

1,470

Nomura

Holdings,

Inc.

1.851%

due

07/16/25

625

595

Oaktown

Re

III,

Ltd.

Series

2019-1A

Class

M1B

2.080%

due

07/25/29

(USD

1

Month

LIBOR

+

1.950%)(Ê)(Þ)

443

444

Oaktown

Re

VI,

Ltd.

Series

2021-1A

Class

M1B

2.060%

due

10/25/33

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

574

575

Oaktown

Re

VII,

Ltd.

Series

2021-2

Class

M1A

1.650%

due

04/25/34

(SOFR

30

Day

Average

+

1.600%)(Ê)(Þ)

407

407

Oaktown

Re,

Ltd.

Series

2021-1A

Class

M1C

3.010%

due

10/25/33

(SOFR

30

Day

Average

+

3.000%)(Ê)(Þ)

1,475

1,502

OCP

SA

3.750%

due

06/23/31

(Þ)

200

170

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

783

810

OZLM

Funding

II,

Ltd.

Series

2024-2A

Class

A2RA

7.110%

due

07/30/31

(CME

Term

SOFR

3

Month

+

1.800%)(Ê)(Þ)

250

250

Peruvian

Government

International

Bond

2.783%

due

01/23/31

70

60

Petrobras

Global

Finance

BV

6.900%

due

03/19/49

150

145

5.500%

due

06/10/51

40

33

Petroleos

del

Peru

SA

5.625%

due

06/19/47

(Þ)

200

134

Petroleos

Mexicanos

Series

WI

6.875%

due

10/16/25

250

247

Prosus

NV

4.027%

due

08/03/50

(Þ)

909

579

Provincia

de

Buenos

Aires

6.625%

due

09/01/37

(~)(Ê)(Þ)

466

190

Provincia

de

Cordoba

7.125%

due

12/10/25

(~)(Ê)(Þ)

133

115

7.450%

due

06/01/27

(~)(Ê)(Þ)

230

177

Radnor

RE,

Ltd.

Series

2021-1

Class

M1C

2.710%

due

12/27/33

(SOFR

30

Day

Average

+

2.700%)(Ê)(Þ)

749

755

Series

2021-2

Class

M1A

1.898%

due

11/25/31

(SOFR

30

Day

Average

+

1.850%)(Ê)(Þ)

166

166

Series

2023-1

Class

M1A

7.767%

due

07/25/33

(SOFR

30

Day

Average

+

2.700%)(Ê)(Þ)

1,285

1,303

Reliance

Industries,

Ltd.

3.667%

due

11/30/27

(Þ)

633

600

Renesas

Electronics

Corp.

2.170%

due

11/25/26

(Þ)

913

835

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Reynolds

American,

Inc.

5.850%

due

08/15/45

70

65

Rogers

Communications,

Inc.

5.000%

due

02/15/29

250

248

Romania

Government

International

Bond

5.875%

due

01/30/29

(Þ)

870

869

Royal

Bank

of

Canada

Series

GMTN

5.150%

due

02/01/34

60

60

Royal

Caribbean

Cruises,

Ltd.

6.250%

due

03/15/32

(Þ)

80

81

Sands

China,

Ltd.

Series

WI

5.125%

due

08/08/25

200

197

Santander

UK

Group

Holdings

PLC

1.673%

due

06/14/27

(SOFR

+

0.989%)(Ê)

736

673

Class

N

4.750%

due

09/15/25

(Þ)

701

688

Sasol

Financing

USA

LLC

8.750%

due

05/03/29

(Þ)

250

255

Saudi

Arabian

Oil

Co.

1.625%

due

11/24/25

(Þ)

942

885

Saudi

Government

International

Bond

5.750%

due

01/16/54

(Þ)

210

207

Shell

International

Finance

BV

4.375%

due

05/11/45

60

54

Sigma

Alimentos

SA

de

CV

4.125%

due

05/02/26

(Þ)

1,580

1,529

SK

Hynix,

Inc.

1.500%

due

01/19/26

(Þ)

1,581

1,472

Smurfit

Kappa

Treasury

Funding,

Ltd.

7.500%

due

11/20/25

128

131

5.200%

due

01/15/30

(Þ)

210

210

Societe

Generale

SA

4.750%

due

11/24/25

(Þ)

878

861

1.488%

due

12/14/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.100%)(Ê)(Þ)

678

630

2.797%

due

01/19/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.300%)(Ê)(Þ)

174

161

Sodexo,

Inc.

1.634%

due

04/16/26

(Þ)

1,595

1,478

Southern

Copper

Corp.

5.250%

due

11/08/42

60

57

St.

Marys

Cement,

Inc.

5.750%

due

04/02/34

(Þ)

360

356

Standard

Chartered

PLC

1.456%

due

01/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)(Þ)

1,496

1,388

4.866%

due

03/15/33

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

1.970%)(Ê)(Þ)

189

180

Suncor

Energy,

Inc.

7.150%

due

02/01/32

769

852

SURA

Asset

Management

SA

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

50

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.375%

due

04/11/27

(Þ)

707

683

Suzano

Austria

GmbH

5.750%

due

07/14/26

(Þ)

1,309

1,308

Series

DM3N

3.125%

due

01/15/32

200

166

Teck

Resources,

Ltd.

6.250%

due

07/15/41

20

20

5.400%

due

02/01/43

60

56

Series

WI

3.900%

due

07/15/30

90

83

Telefonica

Emisiones

SA

5.213%

due

03/08/47

150

138

Tesco

PLC

6.150%

due

11/15/37

(Þ)

623

625

Thomson

Reuters

Corp.

3.350%

due

05/15/26

893

860

Toronto-Dominion

Bank

(The)

3.625%

due

09/15/31

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

2.205%)(Ê)

1,538

1,471

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.075%)(Ê)

200

210

TransAlta

Corp.

6.500%

due

03/15/40

30

30

TransCanada

Trust

5.600%

due

03/07/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.986%)(Ê)

430

393

TSMC

Arizona

Corp.

2.500%

due

10/25/31

200

171

UBS

Group

AG

2.193%

due

06/05/26

(SOFR

+

2.044%)(Ê)(Þ)

576

552

1.364%

due

01/30/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.080%)(Ê)(Þ)

984

911

6.327%

due

12/22/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.600%)(Ê)(Þ)

200

204

9.016%

due

11/15/33

(SOFR

+

5.020%)(Ê)(Þ)

250

303

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.758%)(Ê)(ƒ)(Þ)

250

282

Series

WI

4.500%

due

06/26/48

200

181

UniCredit

SpA

2.569%

due

09/22/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.300%)(Ê)(Þ)

117

111

1.982%

due

06/03/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.200%)(Ê)(Þ)

1,053

972

UPM-Kymmene

OYJ

7.450%

due

11/26/27

(Þ)

699

735

Vale

Overseas,

Ltd.

6.875%

due

11/10/39

144

154

Var

Energi

ASA

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.500%

due

01/15/28

(Þ)

840

888

8.000%

due

11/15/32

(Þ)

268

300

Vodafone

Group

PLC

6.150%

due

02/27/37

50

53

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

2.875%

due

01/15/27

(Þ)

982

898

4.750%

due

09/17/44

(Þ)

200

148

Weir

Group

PLC

(The)

2.200%

due

05/13/26

(Þ)

1,007

935

Westpac

Banking

Corp.

2.668%

due

11/15/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.750%)(Ê)

100

82

3.020%

due

11/18/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.530%)(Ê)

100

82

Wipro

IT

Services

LLC

1.500%

due

06/23/26

(Þ)

819

754

Yamana

Gold,

Inc.

2.630%

due

08/15/31

30

25

Series

WI

4.625%

due

12/15/27

310

296

Yara

International

ASA

3.800%

due

06/06/26

(Þ)

1,441

1,386

ZF

NA

Capital,

Inc.

4.750%

due

04/29/25

(Þ)

520

514

127,275

Loan

Agreements

-

0.2%

Alterra

Mountain

Co.

2021

Term

Loan

B2

8.945%

due

07/30/28

(USD

1

Month

LIBOR

+

3.500%)(Ê)

65

65

Asplundh

Tree

Expert

LLC

Term

Loan

B

7.180%

due

09/04/27

(USD

1

Month

LIBOR

+

1.750%)(Ê)

170

169

Caesars

Entertainment,

Inc.

2024

Term

Loan

B1

8.040%

due

01/24/31

(USD

3

Month

LIBOR

+

2.750%)(Ê)

150

150

Harbor

Freight

Tools

USA,

Inc.

2021

Term

Loan

B

8.195%

due

10/19/27

(USD

1

Month

LIBOR

+

2.750%)(Ê)

66

66

Nexstar

Broadcasting,

Inc.

Term

Loan

B4

7.945%

due

09/19/26

(USD

1

Month

LIBOR

+

2.500%)(Ê)

210

210

NRG

Energy,

Inc.

2024

Term

Loan

0.000%

due

03/27/31

(~)(Ê)(v)

170

170

Phoenix

Guarantor,

Inc.

2024

Term

Loan

8.576%

due

02/21/31

(USD

1

Month

LIBOR

+

3.250%)(Ê)

118

116

Truist

Insurance

Holdings

LLC

Term

Loan

B

0.000%

due

03/31/31

(~)(Ê)(v)

250

250

Verscend

Holding

Corp.

2021

Term

Loan

B

9.445%

due

08/27/25

(USD

1

Month

LIBOR

+

4.000%)(Ê)

97

97

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

51

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vistra

Operations

Co.

LLC

Term

Loan

B

0.000%

due

03/20/31

(~)(Ê)(v)

280

280

1,573

Mortgage-Backed

Securities

-

25.0%

2023-MIC

Trust

(The)

Series

2023-MIC

Class

A

8.437%

due

11/05/28

(~)(Ê)(Þ)

160

173

Alternative

Loan

Trust

Series

2007-16CB

Class

1A5

0.568%

due

08/25/37

(USD

1

Month

LIBOR

+

0.400%)(Ê)

221

139

Barclays

PLC

Series

2022-RPL1

Class

A

4.250%

due

02/25/28

(~)(Ê)(Þ)

687

653

BRAVO

Residential

Funding

Trust

Series

2023-NQM5

Class

A1

6.505%

due

06/25/63

(~)(Ê)(Þ)

101

102

Series

2023-NQM5

Class

A3

7.012%

due

06/25/63

(~)(Ê)(Þ)

156

157

BX

Commercial

Mortgage

Trust

Series

2021-CIP

Class

D

1.771%

due

12/15/28

(USD

1

Month

LIBOR

+

1.671%)(Ê)(Þ)

2,674

2,637

BX

Trust

Series

2024-BIO

Class

C

7.940%

due

02/15/41

(CME

Term

SOFR

1

Month

+

2.640%)(Ê)(Þ)

5,702

5,700

CAMB

Commercial

Mortgage

Trust

Series

2019-LIFE

Class

F

2.735%

due

12/15/37

(USD

1

Month

LIBOR

+

2.550%)(Ê)(Þ)

987

980

Series

2021-CX2

Class

A

2.700%

due

11/10/46

(Þ)

3,322

2,723

Citigroup

Commercial

Mortgage

Trust

Series

2013-375P

Class

D

3.635%

due

05/10/35

(~)(Ê)(Þ)

1,418

1,290

CORE

Mortgage

Trust

Series

2019

Class

D

1.835%

due

12/15/31

(USD

1

Month

LIBOR

+

1.650%)(Ê)(Þ)

1,216

1,122

Credit

Suisse

Mortgage

Capital

Certificates

Series

2019-ICE4

Class

A

1.165%

due

05/15/36

(USD

1

Month

LIBOR

+

0.980%)(Ê)(Þ)

2,479

2,479

Credit

Suisse

Mortgage

Trust

Series

2019-ICE4

Class

E

2.335%

due

05/15/36

(USD

1

Month

LIBOR

+

2.150%)(Ê)(Þ)

1,279

1,278

CRSO

Trust

Series

2023-BRND

7.121%

due

07/10/28

160

168

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.334%

due

04/10/37

(~)(Ê)(Þ)

985

707

Deutsche

Mortgage

Securities,

Inc.

Re-

REMIC

Trust

Series

2007-WM1

Class

A1

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.658%

due

06/27/37

(~)(Ê)(Þ)

215

184

DK

Trust

Series

2024-SPBX

Class

A

6.850%

due

03/15/34

(CME

Term

SOFR

1

Month

+

1.500%)(Ê)(Þ)

751

752

ELP

Commercial

Mortgage

Trust

Series

2021-ELP

Class

D

1.619%

due

11/15/36

(USD

1

Month

LIBOR

+

1.518%)(Ê)(Þ)

2,547

2,520

Fannie

Mae

2.600%

due

2031

375

328

6.000%

due

2032

7

7

5.000%

due

2033

2

2

5.500%

due

2034

6

6

4.500%

due

2035

150

146

5.500%

due

2037

46

47

5.500%

due

2038

189

193

6.000%

due

2039

16

17

4.000%

due

2040

123

117

5.500%

due

2040

223

224

6.000%

due

2040

50

52

4.000%

due

2041

185

176

6.000%

due

2041

79

83

3.500%

due

2043

412

377

4.000%

due

2044

412

394

3.500%

due

2045

468

428

3.000%

due

2046

71

63

3.500%

due

2046

101

93

4.000%

due

2046

489

463

4.500%

due

2046

167

164

3.000%

due

2047

285

251

3.500%

due

2047

222

203

4.000%

due

2047

40

38

4.500%

due

2048

570

553

5.000%

due

2048

113

112

3.000%

due

2049

3,204

2,805

4.000%

due

2049

550

521

5.000%

due

2049

251

248

2.500%

due

2050

6,076

5,037

3.000%

due

2050

6,160

5,386

2.000%

due

2051

11,609

9,253

2.500%

due

2051

475

398

4.000%

due

2052

5,101

4,731

5.000%

due

2053

3,006

2,937

5.500%

due

2053

4,567

4,557

30

Year

TBA(Ï)

5.000%

6,559

6,399

5.500%

15,500

15,423

6.000%

15,599

15,741

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2023-R08

Class

1M1

6.821%

due

10/25/43

(SOFR

30

Day

Average

+

1.500%)(Ê)(Þ)

145

145

Series

2023-R08

Class

1M2

7.821%

due

10/25/43

(SOFR

30

Day

Average

+

2.500%)(Ê)(Þ)

180

185

Fannie

Mae

REMICS

Series

1999-56

Class

Z

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

52

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.000%

due

12/18/29

2

2

Series

2004-W5

Class

A1

6.000%

due

02/25/47

87

90

Series

2005-24

Class

ZE

5.000%

due

04/25/35

74

73

FIGRE

Trust

Series

2024-HE1

Class

A

6.165%

due

03/25/54

(~)(Ê)(Š)(Þ)

1,500

1,501

Freddie

Mac

5.500%

due

2038

144

147

6.000%

due

2038

38

40

5.000%

due

2040

71

70

4.000%

due

2041

526

502

4.500%

due

2041

71

70

5.500%

due

2041

83

85

3.500%

due

2043

270

249

4.000%

due

2044

184

175

3.500%

due

2045

385

353

4.000%

due

2045

186

176

3.000%

due

2046

1,341

1,184

4.000%

due

2046

90

85

3.000%

due

2047

474

418

3.000%

due

2048

72

64

4.000%

due

2048

523

494

4.500%

due

2048

142

137

3.000%

due

2049

166

145

2.500%

due

2050

1,510

1,269

3.000%

due

2050

2,528

2,206

2.000%

due

2051

1,984

1,580

2.500%

due

2051

70

58

4.000%

due

2052

6,150

5,705

5.500%

due

2053

4,760

4,737

Freddie

Mac

REMICS

Series

2003-2624

Class

QH

5.000%

due

06/15/33

25

25

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

86

89

Series

2010-3632

Class

PK

5.000%

due

02/15/40

36

36

Series

2010-3653

Class

B

4.500%

due

04/15/30

64

63

Series

2012-4010

Class

KM

3.000%

due

01/15/42

30

28

FS

Commercial

Mortgage

Trust

Series

2023-4SZN

Class

B

7.544%

due

11/10/27

(~)(Ê)(Þ)

130

135

Ginnie

Mae

II

2.500%

due

2052

6,560

5,586

6.000%

due

2053

4,551

4,593

30

Year

TBA(Ï)

5.500%

13,340

13,328

6.000%

15,000

15,131

6.500%

13,700

13,928

GS

Mortgage

Securities

Trust

Series

2023-SHIP

Class

A

4.322%

due

09/10/38

(~)(Ê)(Þ)

1,999

1,942

Series

2023-SHIP

Class

B

5.101%

due

09/06/26

(~)(Ê)(Þ)

120

117

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

HMH

Trust

Series

2017-NSS

Class

E

6.292%

due

07/05/31

(Þ)

1,170

184

JPMorgan

Mortgage

Trust

Series

2018-3

Class

A3

3.500%

due

09/25/48

(~)(Ê)(Þ)

80

72

Series

2020-3

Class

A15

3.500%

due

08/25/50

(~)(Ê)(Þ)

134

117

Series

2021-6

Class

A6

2.500%

due

10/25/51

(~)(Ê)(Þ)

3,355

3,040

Series

2021-8

Class

A6

2.500%

due

12/25/51

(~)(Ê)(Þ)

2,857

2,579

Series

2021-12

Class

A4

2.500%

due

02/25/52

(~)(Ê)(Þ)

724

630

Series

2022-1

Class

A4

2.500%

due

07/25/52

(~)(Ê)(Þ)

2,726

2,343

Series

2022-2

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

1,260

1,082

Series

2022-3

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

2,719

2,336

Series

2022-4

Class

A4

3.000%

due

10/25/52

(~)(Ê)(Þ)

1,301

1,144

Series

2023-HE2

Class

A1

7.016%

due

03/25/54

(SOFR

30

Day

Average

+

1.700%)(Ê)(Þ)

1,736

1,749

Series

2024-HE1

Class

A1

6.820%

due

08/25/54

(SOFR

30

Day

Average

+

1.500%)(Ê)(Þ)

1,020

1,020

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

A

0.951%

due

04/15/26

(USD

1

Month

LIBOR

+

0.801%)(Ê)(Þ)

4,196

4,176

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

D

3.865%

due

09/13/39

(~)(Ê)(Þ)

1,500

1,138

Series

2017-237P

Class

XA

Interest

Only

STRIPS

0.468%

due

09/13/39

(~)(Ê)(Þ)

8,761

91

Series

2017-237P

Class

XB

Interest

Only

STRIPS

0.175%

due

09/13/39

(~)(Ê)(Þ)

5,418

15

Onslow

Bay

Financial

LLC

Series

2023-NQM7

Class

A1

6.844%

due

04/25/63

(~)(Ê)(Þ)

186

188

Preston

Ridge

Partners

Mortgage

LLC

Series

2020-6

Class

A1

2.363%

due

11/25/25

(~)(Ê)(Þ)

316

315

Series

2021-3

Class

A1

1.867%

due

04/25/26

(~)(Ê)(Þ)

570

560

Series

2021-7

Class

A1

1.867%

due

08/25/26

(~)(Ê)(Þ)

595

575

Series

2021-9

Class

A1

2.363%

due

10/25/26

(~)(Ê)(Þ)

508

495

Series

2024-1

Class

A1

6.959%

due

02/25/29

(~)(Ê)(Þ)

2,846

2,846

PRKCM

Trust

Series

2024-AFC1

Class

A2

6.636%

due

03/25/59

(~)(Ê)(Þ)

167

168

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

53

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

RCKT

Mortgage

Trust

Series

2023-CES2

Class

A1A

6.808%

due

09/25/43

(~)(Ê)(Þ)

881

892

Sequoia

Mortgage

Trust

Series

2015-1

Class

A1

3.500%

due

01/25/45

(~)(Ê)(Þ)

58

53

Series

2021-4

Class

A10

2.500%

due

06/25/51

(~)(Ê)(Þ)

1,848

1,664

Towd

Point

Mortgage

Trust

Series

2023-CES1

Class

A1A

6.750%

due

07/25/63

(~)(Ê)(Þ)

2,313

2,331

Series

2023-CES2

Class

A1A

7.294%

due

10/25/63

(~)(Ê)(Þ)

1,457

1,484

Washington

Mutual

Mortgage

Pass-

Through

Certificates

Trust

Series

2005-10

Class

3CB1

6.000%

due

11/25/35

339

277

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series

2020-3

Class

A1

3.000%

due

06/25/50

(~)(Ê)(Þ)

883

742

WinWater

Mortgage

Loan

Trust

Series

2014-1

Class

A1

3.847%

due

06/20/44

(~)(Ê)(Þ)

90

84

Woodward

Capital

Management

LLC

Series

2024-CES2

Class

A1A

6.141%

due

04/25/44

(~)(Ê)(Š)(Þ)

1,800

1,810

214,883

Municipal

Bonds

-

0.1%

American

Municipal

Power,

Inc.

Revenue

Bonds

8.084%

due

02/15/50

70

93

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

4.926%

due

10/01/51

110

107

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

Bonds

4.132%

due

05/15/32

140

134

3.006%

due

05/15/50

220

152

State

of

California

General

Obligation

Unlimited

7.300%

due

10/01/39

10

12

Texas

Natural

Gas

Securitization

Finance

Corp.

Revenue

Bonds

5.102%

due

04/01/35

300

302

800

Non-US

Bonds

-

7.3%

Andorra

Government

International

Bond

Series

EMTN

1.250%

due

05/06/31

(Þ)

EUR

3,500

3,215

Banque

Ouest

Africaine

de

Developpement

Series

REGS

2.750%

due

01/22/33

(Þ)

EUR

313

260

Chile

Government

International

Bond

4.125%

due

07/05/34

EUR

1,170

1,262

EMF-UK

PLC

Series

2014-1X

Class

A1A

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.173%

due

03/13/46

(GBP

3

Month

LIBOR

+

0.980%)(Ê)(Þ)

GBP

420

528

Eurosail-UK

PLC

Series

2007-6NCX

Class

A3A

0.795%

due

09/13/45

(GBP

3

Month

LIBOR

+

0.700%)(Ê)(Þ)

GBP

443

555

Indonesia

Government

International

Bond

Series

FR87

6.500%

due

02/15/31

IDR

4,816,000

301

Israel

Government

International

Bond

0.625%

due

01/18/32

(Þ)

EUR

1,130

939

Japan

30

Year

Government

International

Bond

Series

81

1.600%

due

12/20/53

JPY

465,100

2,969

Mexican

Bonos

Series

M

5.500%

due

03/04/27

MXN

172,700

9,335

8.500%

due

03/01/29

MXN

95,800

5,572

Mexican

Bonos

de

Desarrollo

Series

M

8.500%

due

11/18/38

MXN

7,730

432

Mexico

Government

International

Bond

4.000%

due

03/15/15

EUR

1,011

858

New

Zealand

Government

International

Bond

Series

0526

0.500%

due

05/15/26

NZD

5,680

3,115

Newgate

Funding

PLC

Series

2006-3X

Class

A3B

3.732%

due

12/01/50

(3

Month

EURIBOR

+

0.170%)(Ê)(Þ)

EUR

1,849

1,938

Norway

Government

International

Bond

Series

487

3.625%

due

04/13/34

(Þ)

NOK

17,000

1,572

Parkmore

Point

RMBS

PLC

Series

2022-1A

Class

A

5.362%

due

07/25/45

(SONIA

+

1.500%)(Ê)(Þ)

GBP

1,738

2,202

Petroleos

Mexicanos

Series

14-2

7.470%

due

11/12/26

MXN

78,130

4,163

Primrose

Residential

DAC

Series

2021-1

Class

A

4.598%

due

03/24/61

(1

Month

EURIBOR

+

0.750%)(Ê)(Þ)

EUR

1,346

1,452

Republic

of

South

Africa

Government

International

Bond

Series

2035

8.875%

due

02/28/35

ZAR

19,480

820

Series

2037

8.500%

due

01/31/37

ZAR

57,040

2,220

Series

2040

9.000%

due

01/31/40

ZAR

42,474

1,654

Series

2048

8.750%

due

02/28/48

ZAR

22,700

828

RMAC

Securities

No.

1

PLC

Series

2006-NS1X

Class

A2A

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

54

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.050%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

281

347

Series

2006-NS3X

Class

A2A

0.245%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

335

411

Series

2006-NS4X

Class

A3A

3.853%

due

06/12/44

(SONIA

+

0.289%)(Ê)(Þ)

GBP

603

739

Romania

Government

International

Bond

5.500%

due

09/18/28

(Þ)

EUR

1,100

1,222

5.625%

due

02/22/36

(Þ)

EUR

708

761

Series

REGS

2.750%

due

02/26/26

(Þ)

EUR

1,718

1,814

5.000%

due

09/27/26

(Þ)

EUR

1,268

1,400

2.875%

due

05/26/28

(Þ)

EUR

318

323

2.500%

due

02/08/30

(Þ)

EUR

80

76

3.624%

due

05/26/30

(Þ)

EUR

52

52

1.750%

due

07/13/30

(Þ)

EUR

2,638

2,334

2.124%

due

07/16/31

(Þ)

EUR

1,424

1,253

3.875%

due

10/29/35

(Þ)

EUR

166

154

3.375%

due

02/08/38

(Þ)

EUR

137

117

2.625%

due

12/02/40

(Þ)

EUR

1,845

1,356

2.750%

due

04/14/41

(Þ)

EUR

1,124

826

2.875%

due

04/13/42

(Þ)

EUR

1,166

859

4.625%

due

04/03/49

(Þ)

EUR

424

396

3.375%

due

01/28/50

(Þ)

EUR

1,324

1,003

Taurus

UK

Designated

Activity

Co.

Series

2021-UK1A

Class

B

6.517%

due

05/17/31

(3

Month

SONIA

Deposit

Rate

+

1.300%)(Ê)

(Þ)

GBP

496

620

Towd

Point

Mortgage

Funding

Series

2019-A13X

Class

B

7.022%

due

07/20/45

(SONIA

+

1.800%)(Ê)(Þ)

GBP

885

1,117

63,370

United

States

Government

Treasuries

-

7.6%

United

States

Treasury

Notes

0.375%

due

04/30/25

605

576

2.125%

due

05/15/25

1,868

1,810

0.250%

due

06/30/25

1,150

1,086

2.000%

due

08/15/25

1,227

1,181

0.250%

due

09/30/25

1,301

1,216

3.000%

due

10/31/25

771

750

2.250%

due

11/15/25

1,727

1,659

1.625%

due

02/15/26

1,998

1,889

2.250%

due

03/31/26

2,237

2,136

1.625%

due

05/15/26

1,918

1,803

1.500%

due

08/15/26

2,677

2,495

1.625%

due

09/30/26

2,330

2,173

4.250%

due

03/15/27

40

40

2.375%

due

05/15/27

1,490

1,402

0.500%

due

05/31/27

1,673

1,482

0.375%

due

07/31/27

1,597

1,401

0.500%

due

08/31/27

1,215

1,067

4.125%

due

09/30/27

1,814

1,800

0.750%

due

01/31/28

1,272

1,113

2.750%

due

02/15/28

2,074

1,958

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.250%

due

03/31/28

1,267

1,126

2.875%

due

05/15/28

1,298

1,228

2.875%

due

08/15/28

1,398

1,320

3.125%

due

11/15/28

2,030

1,933

5.250%

due

11/15/28

1,538

1,601

4.250%

due

02/28/29

210

210

2.375%

due

05/15/29

1,950

1,784

4.000%

due

10/31/29

1,071

1,058

1.750%

due

11/15/29

1,963

1,728

0.625%

due

08/15/30

2,294

1,837

0.875%

due

11/15/30

2,764

2,237

1.250%

due

08/15/31

925

753

5.380%

due

02/15/32

2,411

2,036

2.750%

due

08/15/32

1,815

1,628

3.375%

due

05/15/33

1,724

1,615

4.500%

due

11/15/33

1,385

1,416

4.000%

due

02/15/34

350

344

1.125%

due

08/15/40

1,166

722

1.375%

due

11/15/40

1,156

743

2.750%

due

11/15/42

780

611

3.125%

due

02/15/43

538

446

2.875%

due

05/15/43

764

607

3.625%

due

02/15/44

660

586

3.125%

due

08/15/44

773

633

2.875%

due

08/15/45

779

606

3.000%

due

05/15/47

848

666

2.750%

due

11/15/47

919

687

3.000%

due

02/15/48

952

745

3.125%

due

05/15/48

593

474

3.375%

due

11/15/48

549

459

2.875%

due

05/15/49

1,054

802

1.250%

due

05/15/50

1,626

832

2.375%

due

05/15/51

925

628

2.000%

due

08/15/51

1,322

819

1.875%

due

11/15/51

1,145

686

4.000%

due

11/15/52

780

733

4.250%

due

02/15/54

120

118

65,494

Total

Long-Term

Investments

(cost

$713,836)

684,865

Preferred

Stocks

-

0.0%

Financial

Services

-

0.0%

KeyCorp

6.200%

due

12/15/27(¢)

3,917

90

Prudential

Financial,

Inc.

5.950%

due

09/01/62

275

7

97

Total

Preferred

Stocks

(cost

$105)

97

Short-Term

Investments

-

26.8%

Africa

Finance

Corp.

Series

REGS

3.875%

due

04/13/24

(Þ)

900

898

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

55

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Agence

Francaise

de

Developpement

EPIC

Series

EMTN

6.355%

due

11/19/24

(SOFR

+

1.000%)(Ê)(Þ)

1,200

1,206

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

Series

2017-1B

Class

B

4.950%

due

02/15/25

118

116

Aviation

Capital

Group

LLC

5.500%

due

12/15/24

(Þ)

140

140

Avolon

Holdings

Funding,

Ltd.

3.950%

due

07/01/24

(Þ)

20

20

2.875%

due

02/15/25

(Þ)

100

97

Citizens

Financial

Group,

Inc.

4.023%

due

10/01/24

200

196

CPPIB

Capital,

Inc.

4.125%

due

10/21/24

(Þ)

950

944

DAE

Funding

LLC

1.550%

due

08/01/24

(Þ)

220

217

DISH

DBS

Corp.

Series

WI

5.875%

due

11/15/24

80

77

Equities

Corp.

6.125%

due

02/01/25

79

79

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2014-C03

Class

1M2

3.168%

due

07/25/24

(USD

1

Month

LIBOR

+

3.000%)(Ê)

87

87

Ford

Motor

Credit

Co.

LLC

3.664%

due

09/08/24

200

198

Inter-American

Development

Bank

Series

GMTN

5.602%

due

02/04/25

(SOFR

+

0.250%)(Ê)

1,230

1,231

Intesa

Sanpaolo

SpA

5.017%

due

06/26/24

(Þ)

510

508

National

General

Holdings

Corp.

Series

0000

6.750%

due

05/15/24

(Þ)

610

610

NCL

Corp.,

Ltd.

3.625%

due

12/15/24

(Þ)

250

246

Newell

Brands,

Inc.

4.000%

due

12/01/24

170

167

Occidental

Petroleum

Corp.

6.950%

due

07/01/24

5

5

Petroleos

Mexicanos

Series

REGS

7.190%

due

09/12/24

(Þ)

MXN

70,822

4,133

Spirit

Airlines

Pass

Through

Trust

Series

2015-1

Class

B

4.450%

due

04/01/24

56

56

Sprint

LLC

Series

WI

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.125%

due

06/15/24

100

100

TD

SYNNEX

Corp.

Series

WI

1.250%

due

08/09/24

350

344

U.S.

Cash

Management

Fund(@)

111,461,342(∞)

111,428

United

States

Treasury

Bills

2.706%

due

04/02/24

(ç)(ž)

2,904

2,903

4.027%

due

04/04/24

(ž)

700

700

5.259%

due

04/23/24

(ç)(ž)

2,731

2,722

5.393%

05/28/24

(ž)

24,540

24,336

5.366%

due

07/18/24

(ž)

35,600

35,048

United

States

Treasury

Notes

2.000%

due

04/30/24

27,700

27,625

2.500%

due

04/30/24

9,000

8,979

2.000%

due

02/15/25

2,275

2,215

0.500%

due

03/31/25

1,445

1,382

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

3.750%

due

09/17/24

(Þ)

600

592

Western

Midstream

Operating,

LP

3.100%

due

02/01/25

280

274

Wynn

Macau,

Ltd.

4.875%

due

10/01/24

(Þ)

390

386

Total

Short-Term

Investments

(cost

$229,732)

230,265

Other

Securities

-

0.1%

U.S.

Cash

Collateral

Fund(@)(×)

853,935

854

Total

Other

Securities

(cost

$854)

854

Total

Investments

-

106.5%

(identified

cost

$944,527)

916,081

Other

Assets

and

Liabilities,

Net

-

(6.5)%

(55,725)

Net

Assets

-

100.0%

860,356

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

56

Strategic

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

30.6%

2023-MIC

Trust

(The)

03/06/24

160,000

107.52

172

173

ABN

AMRO

Bank

NV

02/04/22

1,040,000

101.15

1,052

1,024

ACWA

Power

Management

and

Investments

One,

Ltd.

01/11/24

255,652

97.02

248

248

AES

Panama

Generation

Holdings

SRL

08/03/23

832,816

87.65

730

722

Africa

Finance

Corp.

11/02/21

393,000

102.17

402

379

Africa

Finance

Corp.

09/13/22

800,000

97.72

782

768

Africa

Finance

Corp.

09/13/22

900,000

99.95

899

898

African

Export-Import

Bank

(The)

05/10/21

200,000

100.00

200

187

Agence

Francaise

de

Developpement

EPIC

09/13/22

1,200,000

100.49

1,206

1,206

Air

Canada

Pass

Through

Trust

10/17/23

31,383

95.36

30

31

Aircastle,

Ltd.

08/03/22

1,007,000

87.77

884

904

Aircastle,

Ltd.

08/03/23

585,000

98.32

575

580

Alaska

Airlines

Pass-Through

Trust

04/05/23

72,564

97.01

70

71

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

09/20/23

160,000

97.20

155

158

Alcon

Finance

Corp.

12/11/23

280,000

93.60

262

264

Alimentation

Couche-Tard,

Inc.

09/19/17

1,128,000

94.68

1,068

1,077

American

Airlines

Group,

Inc.

04/12/21

120,000

100.52

121

119

American

Airlines

Group,

Inc.

02/08/23

250,000

99.76

249

254

American

Airlines

Group,

Inc.

11/17/23

70,000

100.02

70

74

American

Tower

Trust

#1

06/21/23

1,408,000

100.55

1,416

1,420

American

Transmission

Systems,

Inc.

11/29/21

50,000

99.78

50

41

Americo

Life,

Inc.

04/12/21

70,000

99.80

70

55

AmFam

Holdings,

Inc.

04/09/21

80,000

103.24

83

48

AmFam

Holdings,

Inc.

04/12/21

100,000

100.11

100

76

Amur

Equipment

Finance

Receivables

X

LLC

10/25/23

886,849

96.75

858

866

Amur

Equipment

Finance

Receivables

XI

LLC

09/14/22

1,258,174

100.00

1,258

1,255

Amur

Equipment

Finance

Receivables

XII

LLC

06/22/23

1,631,029

99.99

1,631

1,641

Andorra

Government

International

Bond

04/28/21

EUR

3,500,000

115.61

4,046

3,215

Antero

Midstream

Partners,

LP

/

Antero

Midstream

Finance

Corp.

01/26/23

160,000

102.09

163

163

Antero

Midstream

Partners,

LP

/

Antero

Midstream

Finance

Corp.

01/11/24

220,000

100.00

220

221

Apidos

CLO

XXVI

08/01/23

250,000

99.28

248

249

Arbor

Realty

CLO,

Ltd.

05/26/21

822,980

100.00

823

820

Arbor

Realty

CLO,

Ltd.

01/26/22

3,050,000

100.00

3,050

3,026

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

09/20/21

463,000

100.00

463

458

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

05/05/22

2,638,000

100.00

2,638

2,632

Aviation

Capital

Group

LLC

04/13/21

140,000

102.51

143

140

Aviation

Capital

Group

LLC

12/11/23

554,000

89.96

498

506

Avolon

Holdings

Funding,

Ltd.

04/12/21

100,000

100.22

100

97

Avolon

Holdings

Funding,

Ltd.

04/12/21

20,000

100.41

20

20

Banque

Ouest

Africaine

de

Developpement

07/21/22

EUR

313,000

78.67

246

260

Barclays

PLC

03/26/24

686,999

96.60

664

653

Bayer

US

Finance

II

LLC

12/07/23

1,015,000

97.07

985

990

Bayer

US

Finance

II

LLC

03/06/24

1,134,000

102.70

1,165

1,166

BDS,

Ltd.

04/04/22

3,822,000

100.00

3,822

3,803

Bellemeade

Re,

Ltd.

09/23/21

2,380,000

100.00

2,380

2,380

Bellemeade

Re,

Ltd.

01/12/22

749,919

100.38

753

751

Bellemeade

Re,

Ltd.

10/18/23

1,426,000

100.00

1,426

1,433

Benin

Government

International

Bond

02/06/24

200,000

96.77

194

194

Berry

Global,

Inc.

03/06/23

825,000

97.31

803

809

Berry

Petroleum

Corp.

04/13/21

210,000

99.01

208

207

Bharti

Airtel,

Ltd.

09/13/21

708,000

102.82

728

696

Blackstone

Holdings

Finance

Co.

LLC

10/31/22

190,000

99.85

190

200

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

01/24/23

230,000

100.79

232

231

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

02/07/23

60,000

98.79

59

60

BNP

Paribas

SA

06/10/20

847,000

104.23

883

826

BNP

Paribas

SA

08/08/22

360,000

100.00

360

369

BNP

Paribas

SA

11/09/22

200,000

100.00

200

215

BNP

Paribas

SA

08/03/23

799,000

94.99

759

768

BNP

Paribas

SA

08/07/23

200,000

100.00

200

209

BNP

Paribas

SA

09/12/23

124,000

90.45

112

118

BNP

Paribas

SA

11/28/23

260,000

100.00

260

272

BRAVO

Residential

Funding

Trust

08/03/23

156,112

100.00

156

157

BRAVO

Residential

Funding

Trust

08/03/23

101,014

99.99

101

102

Bristol

Park

CLO,

Ltd.

06/08/23

250,000

98.30

246

250

British

Airways

Pass-Through

Trust

08/01/23

70,532

89.13

63

65

Broadcom,

Inc.

04/12/21

190,000

99.90

190

151

BX

Commercial

Mortgage

Trust

12/02/21

2,674,000

99.88

2,671

2,637

BX

Trust

01/24/24

5,702,000

99.75

5,688

5,700

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

57

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

CAMB

Commercial

Mortgage

Trust

01/25/19

987,000

100.11

988

980

CAMB

Commercial

Mortgage

Trust

10/22/21

3,322,000

102.73

3,413

2,723

Cameron

LNG

LLC

04/09/21

30,000

106.99

32

25

Celulosa

Arauco

y

Constitucion

SA

01/11/24

220,000

92.27

203

205

Cencosud

SA

09/12/23

1,651,000

93.80

1,549

1,586

CF

Industries,

Inc.

12/07/23

1,324,000

97.47

1,290

1,291

Chesapeake

Energy

Corp.

01/27/23

270,000

98.42

266

268

Chesapeake

Energy

Corp.

08/17/23

230,000

98.86

227

232

Chord

Energy

Corp.

02/01/23

80,000

99.09

79

80

Citigroup

Commercial

Mortgage

Trust

02/12/19

1,418,000

0.99

1,405

1,290

Columbia

Pipelines

Holding

Co.

LLC

08/02/23

100,000

100.00

100

102

Columbia

Pipelines

Holding

Co.

LLC

08/02/23

30,000

100.00

30

30

Columbia

Pipelines

Operating

Co.

LLC

08/02/23

130,000

99.97

130

135

Columbia

Pipelines

Operating

Co.

LLC

09/12/23

122,000

100.65

123

134

Columbia

Pipelines

Operating

Co.

LLC

09/12/23

241,000

99.51

240

259

Comision

Federal

de

Electricidad

04/12/21

200,000

97.61

195

167

Continental

Resources,

Inc.

11/09/21

140,000

96.59

135

129

Continental

Resources,

Inc.

11/09/21

60,000

99.94

60

49

CORE

Mortgage

Trust

03/01/19

1,216,000

100.00

1,216

1,122

CPPIB

Capital,

Inc.

09/14/22

950,000

99.98

950

944

Credit

Agricole

SA

03/03/22

977,000

98.30

960

934

Credit

Agricole

SA

06/13/22

600,000

100.68

604

612

Credit

Agricole

SA

06/27/23

250,000

100.00

250

256

Credit

Agricole

SA

06/27/23

250,000

100.07

250

252

Credit

Agricole

SA

03/06/24

1,659,000

92.99

1,543

1,548

Credit

Suisse

Mortgage

Capital

Certificates

10/05/22

2,478,833

98.90

2,452

2,479

Credit

Suisse

Mortgage

Trust

05/28/19

1,278,818

100.00

1,279

1,278

CSL

UK

Holdings,

Ltd.

04/20/22

70,000

99.70

70

67

CSL

UK

Holdings,

Ltd.

04/20/22

30,000

99.84

30

29

CSL

UK

Holdings,

Ltd.

04/20/22

40,000

99.94

40

39

DAE

Funding

LLC

06/15/21

220,000

99.94

220

217

Daimler

Truck

Finance

North

America

LLC

01/10/24

190,000

99.83

190

191

Danske

Bank

A/S

09/07/21

200,000

100.00

200

182

Danske

Bank

A/S

01/04/23

230,000

100.00

230

231

Danske

Bank

A/S

03/29/23

270,000

95.77

259

264

Danske

Bank

A/S

08/03/23

1,469,000

92.55

1,359

1,383

Danske

Bank

A/S

01/11/24

135,000

101.65

137

136

Danske

Bank

A/S

02/26/24

280,000

100.00

280

281

DBGS

Mortgage

Trust

04/03/19

985,000

101.07

995

707

DCP

Midstream

Operating,

LP

12/11/19

50,000

106.85

53

52

DCP

Midstream

Operating,

LP

11/06/23

202,000

101.12

204

220

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

09/16/20

145,833

100.12

146

144

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

09/16/20

90,000

100.16

90

88

Deutsche

Mortgage

Securities,

Inc.

Re-REMIC

Trust

01/04/17

215,406

100.43

216

184

DK

Trust

03/01/24

751,000

100.00

751

752

DLLAA

LLC

07/25/23

1,676,000

100.00

1,676

1,700

DNB

Bank

ASA

12/07/23

1,139,000

93.00

1,059

1,068

Eagle

RE,

Ltd.

10/29/21

1,097,434

100.00

1,097

1,099

Eagle

RE,

Ltd.

04/13/23

2,000,957

101.96

2,040

2,047

Eagle

RE,

Ltd.

11/15/23

1,060,000

103.90

1,101

1,095

Eagle

RE,

Ltd.

01/11/24

1,650,000

103.93

1,715

1,701

Element

Fleet

Management

Corp.

08/07/23

1,415,000

100.41

1,421

1,432

Element

Fleet

Management

Corp.

03/04/24

210,000

100.00

210

211

ELP

Commercial

Mortgage

Trust

11/01/21

2,547,035

98.41

2,506

2,520

EMF-UK

PLC

06/24/22

GBP

420,170

120.99

508

528

Endeavor

Energy

Resources,

LP

/

EER

Finance,

Inc.

01/24/23

40,000

98.81

40

40

Enel

Finance

International

NV

08/07/23

623,000

101.65

633

635

Enel

Finance

International

NV

08/07/23

779,000

104.45

814

824

Enel

Finance

International

NV

12/07/23

157,000

91.37

143

144

Energy

Transfer

Operating,

LP

12/05/23

20,000

103.40

21

21

Energy

Transfer,

LP

11/07/23

790,000

98.36

777

797

EQM

Midstream

Partners,

LP

05/31/22

40,000

100.00

40

41

EQT

Corp.

05/10/21

30,000

100.00

30

26

EQT

Corp.

05/17/22

937,000

94.88

881

888

Esab

Corp.

03/25/24

60,000

100.00

60

60

Eurosail

PLC

02/27/23

675,837

97.79

661

670

Eurosail-UK

PLC

01/21/21

GBP

442,748

135.68

601

555

Fannie

Mae

Connecticut

Avenue

Securities

Trust

11/16/23

144,725

100.00

145

145

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

58

Strategic

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Fannie

Mae

Connecticut

Avenue

Securities

Trust

11/16/23

180,000

100.00

180

185

FIGRE

Trust

03/19/24

1,500,000

100.00

1,500

1,501

Florida

Gas

Transmission

Co.

LLC

09/15/21

320,000

99.94

320

259

Freeport

Indonesia

PT

09/12/23

427,000

87.81

375

424

Fresenius

Medical

Care

AG

&

Co.

KGaA

02/06/23

1,184,000

90.33

1,070

1,071

Fresnillo

PLC

04/09/21

260,000

98.49

256

196

FS

Commercial

Mortgage

Trust

10/19/23

130,000

100.00

130

135

Full

House

Resorts

11/16/23

30,000

90.87

27

29

Gartner,

Inc.

12/07/23

842,000

94.90

799

802

Genting

New

York

LLC

04/13/21

400,000

96.73

387

384

Glencore

Funding

LLC

01/16/19

100,000

96.68

97

95

Glencore

Funding

LLC

04/13/21

90,000

100.16

90

85

Glencore

Funding

LLC

05/02/23

130,000

99.97

130

131

Global

Atlantic

Fin

Co.

03/12/24

90,000

100.00

90

92

Global

Auto

Holdings,

Ltd.

/

AAG

FH

UK,

Ltd.

01/11/24

280,000

100.00

280

271

Gray

Oak

Pipeline

LLC

01/11/24

1,612,000

95.87

1,545

1,537

Greystone

Commercial

Real

Estate

Notes

03/04/24

110,000

99.78

110

110

GS

Mortgage

Securities

Trust

08/04/23

120,000

95.90

115

117

GS

Mortgage

Securities

Trust

08/04/23

1,999,000

95.91

1,917

1,942

Gulfstream

Natural

Gas

System

LLC

01/11/24

911,000

98.84

900

896

HGI

CRE

CLO,

Ltd.

09/17/21

1,362,824

100.00

1,363

1,351

Highlands

Holdings

Bond

Issuer,

Ltd.

/

Highlands

Holdings

Bond

Co.-Issuer,

Inc.

04/12/21

502,143

101.78

511

496

Hilton

Domestic

Operating

Co.,

Inc.

03/22/24

60,000

100.08

60

60

Hilton

Grand

Vacations

Trust

08/01/23

81,752

99.98

82

83

HMH

Trust

06/09/17

1,170,000

99.97

1,170

184

Hudbay

Minerals,

Inc.

02/23/24

250,000

96.62

242

242

Hyundai

Capital

America

01/03/24

140,000

99.65

139

141

ILFC

E-Capital

Trust

I

01/30/23

200,000

65.04

130

156

ILFC

E-Capital

Trust

II

08/12/22

350,000

69.50

243

279

Imperial

Brands

Finance

PLC

08/07/23

1,410,000

95.45

1,346

1,345

Infraestructura

Energetica

Nova

SAPI

de

CV

07/06/22

892,000

93.86

837

839

ING

Groep

NV

12/07/23

145,000

94.15

136

138

InRetail

Consumer

02/06/24

553,000

89.80

497

497

International

Flavors

&

Fragrances,

Inc.

06/02/22

919,000

96.03

882

860

International

Flavors

&

Fragrances,

Inc.

10/03/23

1,032,000

56.37

582

688

Intesa

Sanpaolo

SpA

10/17/22

510,000

99.04

505

508

Intesa

Sanpaolo

SpA

11/14/22

1,035,000

100.71

1,048

1,054

Intesa

Sanpaolo

SpA

11/20/23

350,000

99.90

350

377

Intesa

Sanpaolo

SpA

12/11/23

86,000

103.97

89

98

Israel

Government

International

Bond

11/07/23

EUR

1,130,000

76.87

869

939

Ivory

Coast

Government

International

Bond

01/24/24

200,000

98.88

198

198

J.G.

Wentworth

XXXIX

LLC

01/02/24

42,927

88.77

38

39

Jackson

National

Life

Global

Funding

12/11/23

1,146,000

93.88

1,076

1,082

JDE

Peet's

NV

09/12/23

1,767,000

88.81

1,569

1,589

Jersey

Central

Power

&

Light

Co.

08/07/23

988,000

97.91

967

965

Jordan

Government

International

Bond

06/14/22

310,000

97.10

301

300

JPMorgan

Mortgage

Trust

06/05/20

80,306

102.86

83

72

JPMorgan

Mortgage

Trust

03/30/21

134,465

101.98

137

117

JPMorgan

Mortgage

Trust

04/26/21

3,355,064

102.12

3,426

3,040

JPMorgan

Mortgage

Trust

06/24/21

2,856,582

102.40

2,925

2,579

JPMorgan

Mortgage

Trust

01/26/22

2,726,245

99.14

2,703

2,343

JPMorgan

Mortgage

Trust

02/24/22

1,259,824

97.61

1,230

1,082

JPMorgan

Mortgage

Trust

03/23/22

2,719,263

96.23

2,617

2,336

JPMorgan

Mortgage

Trust

04/27/22

1,300,726

95.76

1,246

1,144

JPMorgan

Mortgage

Trust

04/20/23

724,446

88.56

642

630

JPMorgan

Mortgage

Trust

09/27/23

1,735,624

100.00

1,736

1,749

JPMorgan

Mortgage

Trust

02/27/24

1,020,239

100.00

1,020

1,020

KBC

Groep

NV

02/06/24

534,000

101.27

541

539

KKR

Group

Finance

Co.

II

LLC

02/20/15

10,000

108.61

11

10

Kookmin

Bank

08/05/21

714,000

106.07

757

708

Kubota

Credit

Owner

Trust

02/14/24

1,716,000

99.98

1,716

1,718

Lamar

Funding,

Ltd.

07/26/22

200,000

98.08

196

195

LCM

XXIII,

Ltd.

01/29/20

407,889

100.00

408

408

Lithia

Motors,

Inc.

06/04/21

50,000

102.20

51

45

Lithia

Motors,

Inc.

06/07/21

20,000

103.36

21

19

LPL

Holdings,

Inc.

12/11/23

811,000

95.00

770

778

Lunar

Structured

Aircraft

Portfolio

Notes

12/11/23

198,497

86.46

172

176

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

59

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Magnetite

XVII,

Ltd.

09/20/23

250,000

99.57

249

250

Magnetite

XXIX,

Ltd.

10/19/23

250,000

98.28

246

250

Mars,

Inc.

04/09/21

160,000

94.16

151

112

Massachusetts

Mutual

Life

Insurance

Co.

04/09/21

50,000

100.35

50

35

Mattel,

Inc.

08/07/23

1,533,000

94.68

1,451

1,466

Medline

Borrower,

LP

03/20/24

160,000

100.00

160

161

Melco

Resorts

Finance,

Ltd.

04/12/21

240,000

104.01

250

219

Metropolitan

Edison

Co.

03/28/23

100,000

99.89

100

100

MF1

LLC

05/13/22

3,993,000

99.11

3,958

3,995

MF1

LLC

09/29/23

4,885,000

99.51

4,861

4,891

MF1

LLC

01/30/24

1,874,000

99.75

1,869

1,873

MHC

Commercial

Mortgage

Trust

04/06/21

4,196,061

99.24

4,164

4,176

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

06/25/20

71,500

99.69

71

72

MISC

Capital

Two

Labuan,

Ltd.

09/12/23

791,000

94.17

745

755

MMAF

Equipment

Finance

LLC

01/17/24

1,160,000

99.99

1,160

1,160

Monongahela

Power

Co.

09/12/23

350,000

99.83

349

359

Monongahela

Power

Co.

01/11/24

592,000

95.71

567

563

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

5,418,000

0.28

15

15

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

8,761,000

1.04

91

91

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

1,500,000

97.73

1,466

1,138

MVW

LLC

09/13/23

70,919

90.76

64

65

National

General

Holdings

Corp.

11/01/22

610,000

100.04

610

610

NBK

Tier

1

Financing

2,

Ltd.

02/06/23

779,000

94.76

738

750

NCL

Corp.,

Ltd.

01/30/24

250,000

98.42

246

246

Neuberger

Berman

CLO

XV,

Ltd.

08/31/21

1,281,847

100.00

1,282

1,283

Neuberger

Berman

Loan

Advisers

CLO

30,

Ltd.

01/25/24

310,000

99.95

310

309

New

York

Life

Global

Funding

01/24/23

80,000

99.83

80

77

New

York

Life

Insurance

Co.

04/09/21

100,000

107.46

107

77

New

York

State

Electric

&

Gas

Corp.

10/16/23

1,133,000

93.22

1,056

1,064

Newgate

Funding

PLC

05/04/21

EUR

1,848,818

118.15

2,184

1,938

NGPL

PipeCo

LLC

09/26/19

553,000

125.00

691

616

Nippon

Life

Insurance

Co.

04/09/21

250,000

96.37

241

208

Nissan

Motor

Acceptance

Co.

LLC

09/12/23

40,000

88.78

35

36

Nissan

Motor

Acceptance

Corp.

01/31/24

110,000

92.90

102

102

Nissan

Motor

Co.,

Ltd.

01/18/23

200,000

96.85

194

193

NMI

Holdings,

Inc.

01/31/24

70,000

101.10

71

71

Northwestern

Mutual

Life

Insurance

Co.

(The)

04/09/21

160,000

101.58

162

115

Northwestern

Mutual

Life

Insurance

Co.

(The)

04/09/21

80,000

103.90

83

56

Norway

Government

International

Bond

02/06/24

NOK

17,000,000

9.33

1,586

1,572

NRG

Energy,

Inc.

04/12/21

2,263,000

94.98

2,069

2,034

Oaktown

Re

III,

Ltd.

01/26/21

442,990

100.33

444

444

Oaktown

Re

VI,

Ltd.

04/14/21

573,806

100.00

574

575

Oaktown

Re

VII,

Ltd.

10/15/21

407,123

100.00

407

407

Oaktown

Re,

Ltd.

09/28/21

1,475,000

101.58

1,498

1,502

OCP

SA

06/10/21

200,000

99.52

199

170

Ohio

Edison

Co.

09/22/22

90,000

99.81

90

90

Onslow

Bay

Financial

LLC

09/18/23

185,771

100.00

186

188

Open

Text

Corp.

08/07/23

783,000

101.40

794

810

OZLM

Funding

II,

Ltd.

02/02/24

250,000

100.00

250

250

Parkmore

Point

RMBS

PLC

02/07/23

GBP

1,737,765

118.42

2,058

2,202

Parsley

Energy

LLC

/

Parsley

Finance

Corp.

09/25/20

10,000

95.55

10

10

Pennsylvania

Electric

Co.

03/28/23

680,000

99.47

674

674

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

11/06/23

646,000

94.58

611

629

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

12/07/23

398,000

95.89

382

386

Permian

Resources

Corp.

12/07/23

130,000

99.33

129

130

Permian

Resources

Corp.

01/31/24

130,000

98.73

128

128

Petroleos

del

Peru

SA

04/09/21

200,000

105.84

212

134

Petroleos

Mexicanos

02/23/21

MXN

70,821,800

5.01

3,547

4,133

PFS

Financing

Corp.

08/08/23

1,372,000

99.99

1,372

1,384

PFS

Financing

Corp.

01/30/24

120,000

100.00

120

120

PFS

Financing

Corp.

01/30/24

100,000

100.00

100

100

PM

General

Purchaser

LLC

11/30/23

140,000

100.19

140

143

PRA

Health

Sciences,

Inc.

01/11/24

196,000

94.10

184

183

Preston

Ridge

Partners

Mortgage

LLC

12/01/20

316,173

100.00

316

315

Preston

Ridge

Partners

Mortgage

LLC

04/28/21

569,847

100.00

570

560

Preston

Ridge

Partners

Mortgage

LLC

05/18/23

594,583

95.18

566

575

Preston

Ridge

Partners

Mortgage

LLC

05/24/23

508,245

95.47

485

495

Preston

Ridge

Partners

Mortgage

LLC

02/23/24

2,845,806

100.00

2,846

2,846

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

60

Strategic

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Primrose

Residential

DAC

03/03/23

EUR

1,346,097

106.43

1,433

1,452

PRKCM

Trust

02/22/24

167,230

99.99

167

168

Prosus

NV

02/03/21

909,000

100.66

915

579

Provincia

de

Buenos

Aires

08/27/21

466,122

41.77

195

190

Provincia

de

Cordoba

04/12/21

133,336

69.50

93

115

Provincia

de

Cordoba

04/12/21

230,000

75.18

173

177

Radnor

RE,

Ltd.

11/05/21

165,954

100.00

166

166

Radnor

RE,

Ltd.

07/27/23

1,285,000

100.00

1,285

1,303

Radnor

RE,

Ltd.

11/28/23

748,836

100.76

754

755

RCKT

Mortgage

Trust

09/13/23

881,294

99.99

881

892

Regal

Rexnord

Corp.

01/09/23

460,000

100.45

462

462

Regal

Rexnord

Corp.

03/06/24

1,654,000

101.20

1,674

1,677

Reliance

Industries,

Ltd.

02/06/24

633,000

95.38

604

600

Reliance

Standard

Life

Global

Funding

II

09/12/23

310,000

89.11

276

278

Renesas

Electronics

Corp.

12/11/23

913,000

91.10

832

835

Renew

07/31/23

283,772

96.15

273

278

Renew

01/11/24

347,798

100.00

348

346

RMAC

Securities

No.

1

PLC

04/15/21

GBP

335,223

133.61

448

411

RMAC

Securities

No.

1

PLC

04/15/21

GBP

603,229

133.68

806

739

RMAC

Securities

No.

1

PLC

04/15/21

GBP

280,947

134.52

378

347

Roche

Holding

AG

03/04/24

200,000

100.00

200

201

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

09/21/21

100,000

100.00

100

92

Romania

Government

International

Bond

02/23/21

EUR

1,845,000

103.78

1,915

1,356

Romania

Government

International

Bond

07/08/21

EUR

1,166,000

117.59

1,371

859

Romania

Government

International

Bond

08/03/21

EUR

1,124,000

85.57

962

826

Romania

Government

International

Bond

02/24/22

EUR

1,424,000

84.51

1,203

1,253

Romania

Government

International

Bond

02/24/22

EUR

2,638,000

86.87

2,292

2,334

Romania

Government

International

Bond

02/24/22

EUR

137,000

95.95

131

117

Romania

Government

International

Bond

02/24/22

EUR

424,000

99.49

422

396

Romania

Government

International

Bond

02/25/22

EUR

318,000

103.90

330

323

Romania

Government

International

Bond

03/01/22

EUR

166,000

104.68

174

154

Romania

Government

International

Bond

05/04/22

EUR

1,324,000

66.43

880

1,003

Romania

Government

International

Bond

07/20/22

EUR

80,000

84.22

67

76

Romania

Government

International

Bond

07/21/22

EUR

52,000

87.78

46

52

Romania

Government

International

Bond

09/21/22

EUR

1,718,000

95.28

1,637

1,814

Romania

Government

International

Bond

09/11/23

EUR

1,100,000

107.43

1,182

1,222

Romania

Government

International

Bond

01/23/24

870,000

99.49

866

869

Romania

Government

International

Bond

02/15/24

EUR

708,000

106.72

756

761

Romania

Government

International

Bond

02/27/24

EUR

1,268,000

111.31

1,411

1,400

Royal

Caribbean

Cruises,

Ltd.

02/22/24

80,000

100.28

80

81

Saluda

Grade

Alternative

Mortgage

Trust

02/07/24

884,320

102.12

903

902

Santander

UK

Group

Holdings

PLC

03/05/19

701,000

100.67

706

688

Sasol

Financing

USA

LLC

04/26/23

250,000

100.00

250

255

Saudi

Arabian

Oil

Co.

10/03/23

942,000

93.30

879

885

Saudi

Government

International

Bond

01/08/24

210,000

97.80

205

207

Sequoia

Mortgage

Trust

10/21/16

58,453

102.55

60

53

Sequoia

Mortgage

Trust

05/06/21

1,848,162

102.54

1,895

1,664

Sigma

Alimentos

SA

de

CV

01/11/24

1,580,000

97.36

1,538

1,529

SilverBow

Resources,

Inc.

11/21/23

410,000

98.10

402

405

SK

Hynix,

Inc.

01/11/24

1,581,000

93.03

1,471

1,472

Smurfit

Kappa

Treasury

Funding,

Ltd.

03/26/24

210,000

99.88

210

210

Societe

Generale

SA

11/21/22

878,000

97.05

852

861

Societe

Generale

SA

08/03/23

678,000

91.41

620

630

Societe

Generale

SA

02/06/24

174,000

92.36

161

161

Sodexo,

Inc.

09/12/23

1,595,000

92.21

1,471

1,478

SoFi

Professional

Loan

Program

Trust

01/29/24

51,664

87.05

45

44

Solventum

Corp.

02/23/24

100,000

99.58

100

100

Solventum

Corp.

02/23/24

130,000

99.77

130

130

Solventum

Corp.

02/23/24

190,000

99.93

190

191

Spirit

Loyalty

Cayman,

Ltd.

/

Spirit

IP

Cayman,

Ltd.

11/14/22

170,000

96.17

163

129

St.

Marys

Cement,

Inc.

03/27/24

360,000

98.91

356

356

Standard

Chartered

PLC

08/03/23

1,496,000

91.44

1,368

1,388

Standard

Chartered

PLC

09/12/23

189,000

90.66

171

180

SURA

Asset

Management

SA

11/06/23

707,000

92.14

651

683

Suzano

Austria

GmbH

01/11/24

1,309,000

100.62

1,317

1,308

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

496,354

140.62

698

620

Teachers

Insurance

&

Annuity

Association

of

America

06/14/16

140,000

110.97

155

128

Tesco

PLC

09/03/20

623,000

126.07

785

625

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

61

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Texas

Eastern

Transmission,

LP

07/06/22

854,000

96.50

824

804

Towd

Point

Mortgage

Funding

01/20/21

GBP

885,000

136.45

1,208

1,117

Towd

Point

Mortgage

Trust

08/17/20

1,099,930

101.69

1,118

1,049

Towd

Point

Mortgage

Trust

07/21/23

2,313,422

99.84

2,310

2,331

Towd

Point

Mortgage

Trust

10/19/23

1,457,049

100.00

1,457

1,484

UBS

Group

AG

11/09/22

250,000

100.00

250

303

UBS

Group

AG

05/10/23

984,000

91.15

897

911

UBS

Group

AG

08/03/23

576,000

94.37

544

552

UBS

Group

AG

09/18/23

200,000

100.00

200

204

UBS

Group

AG

11/08/23

250,000

100.00

250

282

UniCredit

SpA

09/12/23

1,053,000

89.87

946

972

UniCredit

SpA

12/07/23

117,000

93.98

110

111

United

Airlines,

Inc.

04/14/21

30,000

101.00

30

28

United

Airlines,

Inc.

03/30/22

220,000

98.48

217

213

UPM-Kymmene

OYJ

11/21/22

699,000

104.59

731

735

Var

Energi

ASA

02/06/23

840,000

104.00

874

888

Var

Energi

ASA

08/03/23

268,000

106.41

285

300

Verdant

Receivables

LLC

08/10/23

1,155,448

100.00

1,155

1,157

VICI

Properties,

Inc.

09/12/23

283,000

95.26

270

274

VICI

Properties,

Inc.

01/11/24

100,000

95.67

96

96

Vistra

Operations

Co.

LLC

08/07/23

1,564,000

93.81

1,467

1,486

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

04/09/21

200,000

103.29

207

148

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

05/06/21

600,000

99.35

596

592

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

11/21/22

982,000

89.50

879

898

Weir

Group

PLC

(The)

01/11/24

1,007,000

93.65

943

935

Wells

Fargo

Mortgage

Backed

Securities

Trust

04/23/21

882,936

102.27

903

742

WinWater

Mortgage

Loan

Trust

03/29/17

90,079

102.05

92

84

Wipro

IT

Services

LLC

08/03/23

819,000

91.76

751

754

Woodward

Capital

Management

LLC

02/15/24

1,349,756

100.00

1,350

1,348

Woodward

Capital

Management

LLC

03/19/24

1,800,000

100.00

1,800

1,810

Wynn

Macau,

Ltd.

01/04/23

390,000

98.77

385

386

XPO,

Inc.

12/19/23

1,361,000

101.02

1,375

1,372

Yara

International

ASA

01/06/23

1,441,000

95.90

1,382

1,386

ZF

NA

Capital,

Inc.

06/13/22

520,000

97.64

508

514

262,953

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Canadian

10

Year

Government

Bond

Futures

66

CAD

7,942

06/24

11

Long

Gilt

Futures

185

GBP

18,489

06/24

492

United

States

2

Year

Treasury

Note

Futures

1,226

USD

250,698

06/24

(227)

United

States

5

Year

Treasury

Note

Futures

928

USD

99,310

06/24

146

United

States

10

Year

Treasury

Note

Futures

920

USD

101,933

06/24

497

United

States

10

Year

Treasury

Ultra

Bond

Futures

915

USD

104,868

06/24

712

United

States

Treasury

Long

Bond

Futures

403

USD

48,536

06/24

452

United

States

Treasury

Ultra

Bond

Futures

447

USD

57,663

06/24

606

Short

Positions

Euro-Bobl

Futures

16

EUR

1,892

06/24

(8)

Euro-Bund

Futures

259

EUR

34,545

06/24

(283)

Euro-Buxl

Futures

6

EUR

815

06/24

(18)

Euro-OAT

Futures

46

EUR

5,896

06/24

(4)

Euro-Schatz

Futures

16

EUR

1,691

06/24

—

Japanese

10

Year

Government

Bond

Futures

47

JPY

6,846,490

06/24

23

Japanese

10

Year

Mini

Government

Bond

Futures

4

JPY

58,256

06/24

—

Long

Gilt

Futures

111

GBP

11,093

06/24

(336)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

62

Strategic

Bond

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

United

States

2

Year

Treasury

Note

Futures

224

USD

45,805

06/24

54

United

States

5

Year

Treasury

Note

Futures

214

USD

22,901

06/24

(60)

United

States

10

Year

Treasury

Note

Futures

191

USD

21,162

06/24

(108)

United

States

10

Year

Treasury

Ultra

Bond

Futures

55

USD

6,304

06/24

(24)

United

States

Treasury

Ultra

Bond

Futures

43

USD

5,547

06/24

(82)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

1,843

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

3,196

EUR

2,939

04/18/24

(23)

Bank

of

America

JPY

320,505

USD

2,144

04/18/24

22

Citigroup

USD

860

AUD

1,300

04/17/24

(13)

Citigroup

USD

235

BRL

1,168

05/03/24

(3)

Citigroup

USD

310

BRL

1,542

05/03/24

(3)

Citigroup

USD

588

BRL

2,915

05/03/24

(8)

Citigroup

USD

588

BRL

2,915

05/03/24

(8)

Citigroup

USD

434

CAD

582

04/17/24

(4)

Citigroup

USD

24

CLP

23,038

04/17/24

—

Citigroup

USD

103

CLP

98,698

04/17/24

(2)

Citigroup

USD

103

CLP

99,888

04/17/24

(1)

Citigroup

USD

109

CLP

105,920

04/17/24

(1)

Citigroup

USD

230

CLP

222,809

04/17/24

(3)

Citigroup

USD

273

CLP

263,624

04/17/24

(4)

Citigroup

USD

913

CLP

885,068

04/17/24

(10)

Citigroup

USD

12

CZK

273

04/17/24

—

Citigroup

USD

502

CZK

11,708

04/17/24

(3)

Citigroup

USD

1,173

CZK

27,554

04/17/24

2

Citigroup

USD

109

EUR

100

04/17/24

(1)

Citigroup

USD

198

EUR

180

04/17/24

(4)

Citigroup

USD

519

EUR

475

04/17/24

(6)

Citigroup

USD

765

EUR

700

04/17/24

(9)

Citigroup

USD

1,095

EUR

1,000

04/17/24

(16)

Citigroup

USD

1,841

EUR

1,700

04/17/24

(6)

Citigroup

USD

1,848

EUR

1,700

04/17/24

(13)

Citigroup

USD

1,149

EUR

1,043

04/19/24

(23)

Citigroup

USD

1,683

GBP

1,316

04/10/24

(22)

Citigroup

USD

4,769

GBP

3,703

04/10/24

(95)

Citigroup

USD

334

GBP

261

04/17/24

(5)

Citigroup

USD

53

JPY

8,074

04/17/24

—

Citigroup

USD

94

JPY

13,789

04/17/24

(2)

Citigroup

USD

335

JPY

48,910

04/17/24

(11)

Citigroup

USD

800

JPY

116,505

04/17/24

(29)

Citigroup

USD

1,335

JPY

191,459

04/17/24

(68)

Citigroup

USD

1,710

JPY

243,880

04/17/24

(95)

Citigroup

USD

132

KRW

172,888

04/17/24

(4)

Citigroup

USD

1,552

KRW

2,025,765

04/17/24

(50)

Citigroup

USD

1,735

KRW

2,265,380

04/17/24

(55)

Citigroup

USD

141

MXN

2,372

04/17/24

1

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

63

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

USD

103

NZD

166

04/17/24

(3)

Citigroup

USD

87

ZAR

1,668

04/17/24

1

Citigroup

USD

127

ZAR

2,424

04/17/24

—

Citigroup

USD

132

ZAR

2,499

04/17/24

(1)

Citigroup

CAD

248

USD

183

04/17/24

—

Citigroup

CHF

40

EUR

41

04/17/24

—

Citigroup

CHF

740

EUR

798

04/17/24

79

Citigroup

CHF

748

EUR

800

04/17/24

65

Citigroup

CLP

115,004

USD

119

04/17/24

1

Citigroup

CLP

242,117

USD

249

04/17/24

2

Citigroup

CLP

341,014

USD

356

04/17/24

8

Citigroup

CLP

433,286

USD

452

04/17/24

10

Citigroup

CLP

567,626

USD

594

04/17/24

15

Citigroup

CNY

1,486

USD

205

04/17/24

(4)

Citigroup

CNY

3,680

USD

507

04/17/24

(11)

Citigroup

CNY

7,395

USD

1,018

04/17/24

(21)

Citigroup

COP

372,494

USD

93

04/17/24

(3)

Citigroup

COP

656,046

USD

164

04/17/24

(6)

Citigroup

COP

657,191

USD

164

04/17/24

(6)

Citigroup

COP

1,705,810

USD

430

04/17/24

(10)

Citigroup

COP

1,706,240

USD

430

04/17/24

(10)

Citigroup

COP

3,426,648

USD

850

04/17/24

(34)

Citigroup

COP

5,357,489

USD

1,333

04/17/24

(49)

Citigroup

CZK

4,419

EUR

175

04/17/24

1

Citigroup

CZK

15,887

EUR

630

04/17/24

5

Citigroup

CZK

5,711

USD

251

04/17/24

7

Citigroup

CZK

14,121

USD

618

04/17/24

16

Citigroup

CZK

19,061

USD

835

04/17/24

23

Citigroup

EUR

575

CHF

552

04/17/24

(15)

Citigroup

EUR

1,015

CHF

976

04/17/24

(23)

Citigroup

EUR

67

CZK

1,696

04/17/24

1

Citigroup

EUR

94

CZK

2,393

04/17/24

1

Citigroup

EUR

110

CZK

2,800

04/17/24

2

Citigroup

EUR

166

CZK

4,219

04/17/24

2

Citigroup

EUR

369

CZK

9,416

04/17/24

6

Citigroup

EUR

94

GBP

81

04/17/24

—

Citigroup

EUR

196

HUF

77,588

04/17/24

2

Citigroup

EUR

199

HUF

79,068

04/17/24

3

Citigroup

EUR

403

HUF

154,769

04/17/24

(22)

Citigroup

EUR

28

JPY

4,659

04/17/24

—

Citigroup

EUR

400

JPY

65,368

04/17/24

2

Citigroup

EUR

1,185

JPY

190,945

04/17/24

(30)

Citigroup

EUR

40

NOK

458

04/17/24

(1)

Citigroup

EUR

767

NOK

8,694

04/17/24

(53)

Citigroup

EUR

82

PLN

360

04/17/24

4

Citigroup

EUR

177

PLN

779

04/17/24

9

Citigroup

EUR

532

PLN

2,349

04/17/24

28

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

64

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

EUR

39

USD

43

04/17/24

1

Citigroup

EUR

177

USD

193

04/17/24

2

Citigroup

EUR

204

USD

222

04/17/24

2

Citigroup

EUR

234

USD

253

04/17/24

—

Citigroup

EUR

290

USD

316

04/17/24

4

Citigroup

EUR

1,150

USD

1,246

04/17/24

5

Citigroup

EUR

1,200

USD

1,294

04/17/24

(2)

Citigroup

EUR

2,246

USD

2,410

04/17/24

(14)

Citigroup

EUR

24,514

USD

26,969

04/17/24

507

Citigroup

GBP

978

EUR

1,134

04/17/24

(21)

Citigroup

GBP

99

USD

126

04/17/24

1

Citigroup

GBP

143

USD

180

04/17/24

—

Citigroup

GBP

161

USD

205

04/17/24

2

Citigroup

GBP

183

USD

232

04/17/24

1

Citigroup

HUF

316,354

EUR

826

04/17/24

52

Citigroup

JPY

10,400

USD

70

04/17/24

1

Citigroup

JPY

29,328

USD

204

04/17/24

9

Citigroup

JPY

30,334

USD

208

04/17/24

7

Citigroup

JPY

52,900

USD

362

04/17/24

12

Citigroup

JPY

53,954

USD

369

04/17/24

12

Citigroup

JPY

131,443

USD

910

04/17/24

40

Citigroup

JPY

389,364

USD

2,600

04/17/24

22

Citigroup

JPY

391,184

USD

2,644

04/17/24

54

Citigroup

MXN

1,190

USD

69

04/17/24

(2)

Citigroup

MXN

3,204

USD

184

04/17/24

(8)

Citigroup

MXN

4,572

USD

263

04/17/24

(11)

Citigroup

MXN

5,108

USD

290

04/17/24

(16)

Citigroup

MXN

5,318

USD

307

04/17/24

(13)

Citigroup

MXN

5,923

USD

344

04/17/24

(12)

Citigroup

MXN

21,303

USD

1,229

04/17/24

(49)

Citigroup

MXN

21,520

USD

1,269

04/17/24

(22)

Citigroup

MXN

44,247

USD

2,545

04/17/24

(111)

Citigroup

MXN

44,247

USD

2,542

04/17/24

(113)

Citigroup

MXN

88,494

USD

5,158

04/17/24

(153)

Citigroup

MXN

88,494

USD

5,161

04/17/24

(150)

Citigroup

MXN

88,494

USD

5,158

04/17/24

(153)

Citigroup

NOK

16,888

USD

1,598

04/17/24

41

Citigroup

NZD

73

USD

45

04/17/24

2

Citigroup

NZD

267

USD

166

04/17/24

6

Citigroup

NZD

5,105

USD

3,089

04/17/24

39

Citigroup

PLN

607

EUR

140

04/17/24

(3)

Citigroup

PLN

730

EUR

168

04/17/24

(3)

Citigroup

PLN

750

EUR

172

04/17/24

(4)

Citigroup

PLN

1,436

EUR

330

04/17/24

(6)

Citigroup

SEK

21,882

USD

2,117

04/18/24

72

Citigroup

ZAR

71

USD

4

04/17/24

—

Citigroup

ZAR

1,167

USD

61

04/17/24

—

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

65

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

ZAR

16,344

USD

874

04/17/24

12

Citigroup

ZAR

18,238

USD

952

04/17/24

(10)

Citigroup

ZAR

78,521

USD

4,170

04/17/24

29

Goldman

Sachs

EUR

1,043

USD

1,136

04/19/24

11

HSBC

USD

4,244

NOK

44,721

04/18/24

(123)

JPMorgan

Chase

USD

580

MXN

9,971

04/19/24

18

JPMorgan

Chase

IDR

2,169,764

USD

140

04/19/24

4

Morgan

Stanley

USD

612

BRL

3,024

04/19/24

(10)

Morgan

Stanley

USD

839

JPY

119,729

04/19/24

(46)

Morgan

Stanley

GBP

10,322

USD

13,161

04/10/24

132

Royal

Bank

of

Canada

USD

2,101

NZD

3,444

04/18/24

(43)

State

Street

USD

742

EUR

685

04/18/24

(2)

State

Street

USD

4,612

GBP

3,632

04/18/24

(28)

State

Street

USD

108

NOK

1,162

04/18/24

(1)

State

Street

USD

75

NZD

125

04/18/24

—

State

Street

AUD

52

USD

34

04/18/24

—

State

Street

CHF

157

USD

173

04/18/24

(1)

State

Street

EUR

22

USD

24

05/15/24

—

State

Street

EUR

3,282

USD

3,538

05/15/24

(9)

State

Street

GBP

1,373

USD

1,734

04/18/24

1

State

Street

JPY

3,911

USD

26

04/18/24

—

State

Street

SEK

761

USD

72

04/18/24

1

UBS

USD

126

EUR

116

05/15/24

(1)

UBS

CHF

5,617

USD

6,376

04/18/24

138

Westpac

AUD

6,502

USD

4,247

04/18/24

7

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(477)

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Citigroup

NZD

11,000

5.320%

(3)

3

Month

NZD-BBR-Telerate

(3)

10/19/25

—

31

31

Citigroup

NZD

11,100

5.221%

(3)

3

Month

NZD-BBR-Telerate

(3)

10/19/25

—

21

21

Citigroup

JPY

3,850,000

TONAR

(4)

0.290%

(4)

03/18/26

—

4

4

Citigroup

BRL

8,402

10.030%

(4)

Brazil

CDI

Deposit

Rate

(4)

01/04/27

—

(3)

(3)

Citigroup

BRL

20,669

9.810%

(4)

Brazil

CDI

Deposit

Rate

(4)

01/04/27

—

(26)

(26)

Citigroup

SEK

29,800

3

Month

STIBOR

(2)

3.570%

(2)

10/19/28

—

(93)

(93)

Citigroup

NOK

30,500

4.286%

(4)

6

Month

NIBOR

(4)

10/19/28

—

41

41

Citigroup

NOK

8,100

3.780%

(3)

3

Month

NIBOR

(4)

02/09/29

—

(4)

(4)

Citigroup

SEK

19,400

3

Month

STIBOR

(4)

2.629%

(2)

02/08/34

—

5

5

Citigroup

CAD

4,200

CORRA

(3)

3.498%

(3)

03/26/34

—

(8)

(8)

Citigroup

HUF

613,800

6.460%

(3)

6

Month

BUBOR

(4)

06/19/34

—

(8)

(8)

Citigroup

CAD

3,200

CORRA

(3)

3.416%

(3)

03/26/54

—

(27)

(27)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

66

Strategic

Bond

Fund

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Total

Open

Interest

Rate

Swap

Contracts

(å)

—

(67)

(67)

Credit

Default

Swap

Contracts

Amounts

in

thousands

Credit

Indices

-

Purchase

Protection

Reference

Entity

Counterparty

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

CDX

NA

High

Yield

Index

Bank

of

America

USD

1,871

(5.000%)

(2)

12/20/28

(12)

(126)

(138)

CDX

NA

Investment

Grade

Index

Bank

of

America

USD

1,590

(1.000%)

(2)

12/20/28

(21)

(15)

(36)

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

(33)

(141)

(174)

Total

Open

Credit

Default

Swap

Contracts

(å)

(33)

(141)

(174)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Long-Term

Investments

Asset-Backed

Securities

$

—

$

35,290

$

—

$

—

$

35,290

Corporate

Bonds

and

Notes

—

176,180

—

—

176,180

International

Debt

—

127,275

—

—

127,275

Loan

Agreements

—

1,573

—

—

1,573

Mortgage-Backed

Securities

—

211,572

3,311

—

214,883

Municipal

Bonds

—

800

—

—

800

Non-US

Bonds

—

63,370

—

—

63,370

United

States

Government

Treasuries

—

65,494

—

—

65,494

Preferred

Stocks

97

—

—

—

97

Short-Term

Investments

—

118,837

—

111,428

230,265

Other

Securities

—

—

—

854

854

Total

Investments

97

800,391

3,311

112,282

916,081

Other

Financial

Instruments

Assets

Futures

Contracts

2,993

—

—

—

2,993

Foreign

Currency

Exchange

Contracts

—

1,56

5

—

—

1,56

5

Interest

Rate

Swap

Contracts

—

102

—

—

102

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

67

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Liabilities

Futures

Contracts

(1,15

0

)

—

—

—

(1,15

0

)

Foreign

Currency

Exchange

Contracts

—

(2,04

2

)

—

—

(2,04

2

)

Interest

Rate

Swap

Contracts

—

(169)

—

—

(169)

Credit

Default

Swap

Contracts

—

(174)

—

—

(174)

Total

Other

Financial

Instruments

*

$

1,843

$

(718)

$

—

$

—

$

1,12

5

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

March

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

March

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Andorra

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

3,215

Argentina

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

500

Australia

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

610

Belgium

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

539

Benin

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

194

Bermuda

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

16,154

Brazil

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

3,419

Canada

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

20,565

Cayman

Islands

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

11,188

Chile

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

4,474

China

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

772

Colombia

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

986

Denmark

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

2,477

Finland

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

2,205

France

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

12,353

Germany

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

4,480

Hong

Kong

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

219

India

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

2,050

Indonesia

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

725

Ireland

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

2,930

Israel

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

1,709

Italy

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

6,107

Ivory

Coast

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

198

Japan

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

4,800

Jordan

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

300

Kuwait

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

750

Liberia

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

81

Luxembourg

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

135

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

68

Strategic

Bond

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Macao

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

583

Malaysia

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

755

Mexico

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

29,113

Morocco

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

170

Netherlands

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

2,987

New

Zealand

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

3,115

Norway

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

3,828

Oman

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

195

Panama

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

722

Peru

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

691

Romania

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

14,815

Saudi

Arabia

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

1,340

South

Africa

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

5,777

South

Korea

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

3,340

Spain

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

932

Switzerland

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

2,697

Taiwan

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

171

Togo

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

260

United

Arab

Emirates

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

217

United

Kingdom

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

22,851

United

States

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

717,387

Total

Investments

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

916,081

Transactions

(amounts

in

thousands)

during

the

period

ended

March

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

115,224

$

125,081

$

128,879

$

(2

)

$

4

$

111,428

$

1,436

$

—

U.S.

Cash

Collateral

Fund

1,148

1,734

2,028

—

—

854

11

—

$

116,372

$

126,815

$

130,907

$

(2

)

$

4

$

112,282

$

1,447

$

—

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

69

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

96.2%

Australia

-

4.7%

Charter

Hall

Group

-

ADR(ö)

260,867

2,348

Goodman

Group(ö)

609,474

13,430

GPT

Group

(The)(ö)

2,512,665

7,503

Ingenia

Communities

Group(ö)

934,615

3,193

National

Storage

REIT(ö)

1,288,876

2,021

Region

RE,

Ltd.(ö)

1,106,492

1,724

Scentre

Group(ö)

1,082,878

2,399

Stockland(ö)

2,966,908

9,402

Vicinity

Centres(ö)

1,624,544

2,255

44,275

Belgium

-

0.8%

Aedifica

SA(ö)

55,942

3,433

Cofinimmo

SA(ö)

6,774

443

VGP

NV

14,127

1,618

Warehouses

De

Pauw

CVA(ö)

81,553

2,326

7,820

Canada

-

2.5%

Boardwalk

Real

Estate

Investment

Trust(ö)

250,333

14,430

Chartwell

Retirement

Residences

576,331

5,259

InterRent

Real

Estate

Investment

Trust(ö)

380,357

3,808

23,497

China

-

0.4%

ESR

Cayman,

Ltd.(Þ)

3,572,200

3,826

France

-

1.3%

ARGAN

SA(ö)

11,209

1,014

Covivio(ö)

24,034

1,239

ICADE(Ñ)(ö)

25,336

686

Klepierre

SA

-

GDR(ö)

342,267

8,860

11,799

Germany

-

2.3%

LEG

Immobilien

SE

57,980

4,977

TAG

Immobilien

AG(Æ)

149,564

2,045

Vonovia

SE

507,478

15,009

22,031

Hong

Kong

-

2.9%

CK

Asset

Holdings,

Ltd.

1,324,408

5,456

Link

REIT(ö)

1,599,443

6,890

Sun

Hung

Kai

Properties,

Ltd.

1,177,052

11,342

Wharf

Real

Estate

Investment

Co.,

Ltd.

1,105,247

3,600

27,288

Japan

-

10.3%

Activia

Properties,

Inc.(ö)

319

869

Advance

Residence

Investment

Corp.

(ö)

757

1,678

Daiwa

House

REIT

Investment

Corp.(ö)

1,673

2,861

Daiwa

Office

Investment

Corp.(ö)

435

1,695

GLP

J-REIT(Æ)(ö)

3,061

2,569

Industrial

&

Infrastructure

Fund

Investment

Corp.(ö)

5,555

5,046

Invincible

Investment

Corp.(ö)

8,617

3,873

Japan

Hotel

REIT

Investment

Corp.(ö)

3,961

2,078

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Japan

Retail

Fund

Investment

Corp.(ö)

7,579

4,725

Keihanshin

Building

Co.,

Ltd.

297,900

3,032

Kenedix

Office

Investment

Corp.

Class

A(ö)

7,218

7,683

Mitsubishi

Estate

Co.,

Ltd.

728,192

13,246

Mitsui

Fudosan

Co.,

Ltd.

1,830,033

19,718

Mitsui

Fudosan

Logistics

Park,

Inc.(ö)

922

2,774

MORI

Trust

Sogo

REIT,

Inc.(ö)

9,599

4,628

Nippon

Prologis

REIT,

Inc.(Æ)(ö)

3,535

6,299

Nomura

Real

Estate

Holdings,

Inc.

53,800

1,521

Sumitomo

Realty

&

Development

Co.,

Ltd.

243,300

9,060

United

Urban

Investment

Corp.(ö)

3,245

3,302

96,657

Netherlands

-

1.0%

CTP

NV(Þ)

104,628

1,864

Eurocommercial

Properties

NV(ö)

47,084

1,073

Unibail-Rodamco-Westfield(Æ)(ö)

82,658

6,640

9,577

Singapore

-

2.8%

CapitaLand

Ascendas

REIT(ö)

2,194,700

4,511

CapitaLand

Integrated

Commercial

Trust

Class

A(Æ)(ö)

6,322,300

9,292

Capitaland

Investment,

Ltd.

394,100

784

Digital

Core

REIT

Management

Pte,

Ltd.(ö)

3,477,400

2,087

Frasers

Centrepoint

Trust(ö)

1,882,700

3,056

Keppel

DC

REIT(Æ)(ö)

1,634,200

2,097

Mapletree

Logistics

Trust(ö)

1,158,300

1,253

Parkway

Life

Real

Estate

Investment

Trust(Æ)(ö)

1,055,255

2,739

25,819

Spain

-

0.5%

Arima

Real

Estate

Socimi

SA(Æ)(ö)

69,840

471

Cellnex

Telecom

SA(Þ)

57,655

2,038

Merlin

Properties

Socimi

SA(ö)

232,577

2,501

5,010

Sweden

-

1.6%

Castellum

AB(Æ)

315,571

4,146

Catena

AB

50,748

2,481

Fabege

AB

79,458

743

Fastighets

AB

Balder

Class

B(Æ)

992,770

7,282

14,652

Switzerland

-

0.3%

PSP

Swiss

Property

AG

23,088

3,025

United

Kingdom

-

5.0%

Big

Yellow

Group

PLC(ö)

277,372

3,722

British

Land

Co.

PLC

(The)(ö)

934,112

4,669

Derwent

London

PLC(ö)

63,443

1,736

Grainger

PLC

1,513,257

4,920

Land

Securities

Group

PLC(ö)

407,094

3,378

Life

Science

REIT

PLC(Ñ)(ö)

1,261,525

626

LondonMetric

Property

PLC(ö)

1,055,811

2,712

PRS

REIT

PLC

(The)(ö)

832,870

835

Safestore

Holdings

PLC(ö)

323,498

3,088

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

70

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Segro

PLC(ö)

1,283,467

14,620

Shaftesbury

Capital

PLC(ö)

885,374

1,612

Tritax

EuroBox

PLC(Þ)

1,089,673

741

UNITE

Group

PLC

(The)(ö)

376,092

4,646

47,305

United

States

-

59.8%

Agree

Realty

Corp.(ö)

91,795

5,243

Alexandria

Real

Estate

Equities,

Inc.(ö)

77,799

10,029

American

Healthcare

REIT,

Inc.(ö)

213,311

3,146

American

Homes

4

Rent

Class

A(ö)

386,434

14,213

Americold

Realty

Trust,

Inc.(ö)

191,558

4,774

AvalonBay

Communities,

Inc.(ö)

108,912

20,210

Boyd

Gaming

Corp.

47,942

3,227

Brixmor

Property

Group,

Inc.(ö)

327,160

7,672

Caesars

Entertainment,

Inc.(Æ)

26,863

1,175

Camden

Property

Trust(ö)

41,823

4,115

CareTrust

REIT,

Inc.(ö)

84,054

2,048

Crown

Castle,

Inc.(ö)

33,547

3,550

CubeSmart(ö)

179,304

8,108

Digital

Realty

Trust,

Inc.(ö)

253,732

36,548

EastGroup

Properties,

Inc.(ö)

52,966

9,522

Equinix,

Inc.(ö)

50,697

41,842

Essential

Properties

Realty

Trust,

Inc.

(ö)

335,952

8,957

Essex

Property

Trust,

Inc.(ö)

80,880

19,800

Extra

Space

Storage,

Inc.(ö)

89,640

13,177

First

Industrial

Realty

Trust,

Inc.(ö)

95,401

5,012

Healthcare

Realty

Trust,

Inc.(ö)

385,374

5,453

Highwoods

Properties,

Inc.(ö)

98,268

2,573

Host

Hotels

&

Resorts,

Inc.(ö)

504,793

10,439

Invitation

Homes,

Inc.(ö)

525,066

18,698

Iron

Mountain,

Inc.(ö)

186,936

14,994

Kimco

Realty

Corp.(ö)

321,307

6,301

Macerich

Co.

(The)(ö)

200,550

3,456

Mid-America

Apartment

Communities,

Inc.(ö)

26,611

3,502

NetSTREIT

Corp.(Ñ)(ö)

131,482

2,415

Prologis,

LP(ö)

525,378

68,415

Public

Storage(ö)

85,436

24,782

Realty

Income

Corp.(ö)

328,953

17,796

Regency

Centers

Corp.(ö)

135,173

8,186

Ryman

Hospitality

Properties,

Inc.(ö)

58,059

6,712

Simon

Property

Group,

Inc.(ö)

238,036

37,250

SL

Green

Realty

Corp.(Ñ)(ö)

126,361

6,966

STAG

Industrial,

Inc.(ö)

128,981

4,958

Sun

Communities,

Inc.(ö)

141,599

18,207

UDR,

Inc.(ö)

235,439

8,808

Ventas,

Inc.(ö)

54,715

2,382

VICI

Properties,

Inc.(ö)

390,669

11,638

Vornado

Realty

Trust(ö)

193,093

5,555

Welltower,

Inc.(ö)

489,782

45,765

Weyerhaeuser

Co.(ö)

77,489

2,783

WP

Carey,

Inc.(ö)

14,349

810

561,212

Total

Common

Stocks

(cost

$752,240)

903,793

Short-Term

Investments

-

2.7%

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

United

States

-

2.7%

U.S.

Cash

Management

Fund(@)

25,397,756

(∞)

25,390

Total

Short-Term

Investments

(cost

$25,390)

25,390

Other

Securities

-

0.9%

U.S.

Cash

Collateral

Fund(@)(×)

8,372,350

(∞)

8,372

Total

Other

Securities

(cost

$8,372)

8,372

Total

Investments

-

99.8%

(identified

cost

$786,002)

937,555

Other

Assets

and

Liabilities,

Net

-

0.2%

1,515

Net

Assets

-

100.0%

939,070

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

71

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

0.9%

Cellnex

Telecom

SA

07/07/23

EUR

57,655

35.89

2,069

2,038

CTP

NV

04/06/21

EUR

104,628

17.07

1,786

1,864

ESR

Cayman,

Ltd.

02/26/24

HKD

3,572,200

1.22

4,372

3,826

Tritax

EuroBox

PLC

03/15/21

EUR

1,089,673

1.45

1,575

741

8,469

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Dow

Jones

U.S.

Real

Estate

Index

Futures

953

USD

33,183

06/24

(173)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(173)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

83

SEK

884

04/02/24

(1)

Bank

of

America

USD

17

SEK

180

04/03/24

—

Bank

of

America

EUR

152

USD

165

04/02/24

1

Bank

of

America

EUR

22

USD

24

04/03/24

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

—

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

44,275

$

—

$

—

$

44,275

Belgium

—

7,820

—

—

7,820

Canada

23,497

—

—

—

23,497

China

—

3,826

—

—

3,826

France

—

11,799

—

—

11,799

Germany

—

22,031

—

—

22,031

Hong

Kong

—

27,288

—

—

27,288

Japan

—

96,657

—

—

96,657

Netherlands

—

9,577

—

—

9,577

Singapore

—

25,819

—

—

25,819

Spain

—

5,010

—

—

5,010

Sweden

—

14,652

—

—

14,652

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

72

Global

Real

Estate

Securities

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Switzerland

—

3,025

—

—

3,025

United

Kingdom

—

47,305

—

—

47,305

United

States

561,212

—

—

—

561,212

Short-Term

Investments

—

—

—

25,390

25,390

Other

Securities

—

—

—

8,372

8,372

Total

Investments

584,709

319,084

—

33,762

937,555

Other

Financial

Instruments

Assets

Foreign

Currency

Exchange

Contracts

1

—

—

—

1

Liabilities

Futures

Contracts

(173)

—

—

—

(173)

Foreign

Currency

Exchange

Contracts

(1)

—

—

—

(1)

Total

Other

Financial

Instruments

*

$

(173)

$

—

$

—

$

—

$

(173)

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

March

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

March

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Property

Sector

Exposure

Fair

Value

$

Data

Centers

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

88,163

Diversified

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

173,974

Healthcare

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

66,792

Industrial

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

153,769

Lodging/Resorts

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

39,142

Office

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

43,877

Regional

Malls

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

3,456

Residential

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

166,545

Retail

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

113,177

Self

Storage

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

54,898

Short-Term

Investments

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

25,390

Other

Securities

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

8,372

Total

Investments

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

937,555

Transactions

(amounts

in

thousands)

during

the

period

ended

March

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

March

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

73

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

32,981

$

45,611

$

53,202

$

(1

)

$

1

$

25,390

$

282

$

—

U.S.

Cash

Collateral

Fund

9,101

24,252

24,981

—

—

8,372

123

—

$

42,082

$

69,863

$

78,183

$

(1

)

$

1

$

33,762

$

405

$

—

Russell

Investment

Funds

Notes

to

Schedules

of

Investments

—

March

31,

2024

(Unaudited)

74

Notes

to

Schedules

of

Investments

Footnotes:

Abbreviations:

(Æ)

Non-income

producing

security.

(Ï)

Forward

commitment.

(Ê)

Variable,

adjustable

or

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(ƒ)

Perpetual

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(ö)

Real

Estate

Investment

Trust

(REIT).

(µ)

Bond

is

insured

by

a

guarantor.

(Ø)

In

default.

(ç)

At

amortized

cost,

which

approximates

fair

value.

(ž

)

Rate

noted

is

yield-to-maturity

from

date

of

acquisition.

(æ)

Pre-refunded:

These

bonds

are

collateralized

by

U.S.

Treasury

securities,

which

are

held

in

escrow

by

a

trustee

and

used

to

pay

principal

and

interest

in

the

tax-exempt

issue

and

to

retire

the

bonds

in

full

at

the

earliest

refunding

date.

(§)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

futures

contracts

purchased

(sold)

or

swap

contracts

entered

into

by

the

Fund.

(x)

The

security

is

purchased

with

the

cash

collateral

from

the

securities

loaned.

(Ñ)

All

or

a

portion

of

the

shares

of

this

security

are

on

loan.

(Þ)

Restricted

security.

Security

may

have

contractual

restrictions

on

resale,

may

have

been

offered

in

a

private

placement

transaction,

and

is

not

registered

under

the

Securities

Act

of

1933,

as

amended

(“the

Act”).

The

most

common

types

of

restricted

securities

are

those

sold

under

Rule

144A

of

the

Act

and

commercial

paper

sold

under

Section

4(2)

of

the

Act.

(Û)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

securities

sold

short.

(ÿ)

Notional

amount

in

thousands.

(∞)

Unrounded

units.

(å)

Currency

balances

were

pledged

in

connection

with

futures

contracts

purchased

(sold),

options

written,

foreign

currency

exchange

contracts,

or

swaps

entered

into

by

the

Fund.

(ì)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

options

written

contracts.

(v)

Loan

agreement

still

pending.

Rate

not

available

at

period

end.

(

Š)

Value

was

determined

using

significant

unobservable

inputs

.

(

~)

Rate

fluctuates

based

on

various

factors

such

as

changes

in

current

rates

and

prepayments

of

the

underlying

assets,

changes

in

the

Consumer

Price

Index

(

CPI

)

or

other

contractual

arrangements

.

(

@)

Affiliate

.

(

Ÿ)

Rate

noted

is

dividend

yield

at

period

end

.

(

¢)

Date

shown

reflects

next

contractual

call

date.

(

Œ

)

Unfunded

loan

agreement.

(

Ð

)

All

or

a

portion

of

the

shares

of

this

security

are

on

loan

through

the

reciprocal

lending

program

with

State

Street.

(0)

Weekly

payment

frequency

.

(1)

Monthly

payment

frequency

.

(2)

Quarterly

payment

frequency

.

(3)

Semi-annual

payment

frequency

.

(4)

Annual

payment

frequency

.

(5)

Payment

at

termination

.

ADR

-

American

Depositary

Receipt

ADS

-

American

Depositary

Share

AONIA

-

Australian

Overnight

Index

Average

BBR

-

Bank

Bill

Rate

BBSW

-

Bank

Bill

Swap

Reference

Rate

BUBOR

–Budapest

Interbank

Offered

Rate

CIBOR

-

Copenhagen

Interbank

Offered

Rate

CME

-

Chicago

Mercantile

Exchange

CMO

-

Collateralized

Mortgage

Obligation

CORRA-

Canadian

Overnight

Repo

Rate

Average

CPI

-

Consumer

Price

Index

CVO

-

Contingent

Value

Obligation

EBITDA

–

Earnings

Before

Interest,

Taxes,

Depreciation,

and

Amortization

EMU

-

European

Economic

and

Monetary

Union

EURIBOR

-

Euro

Interbank

Offered

Bank

EUTA

–

Eurozone

Tobacco

Index

FDIC

-

Federal

Deposit

Insurance

Company

GDR

-

Global

Depositary

Receipt

Russell

Investment

Funds

Notes

to

Schedules

of

Investments,

continued

—

March

31,

2024

(Unaudited)

Notes

to

Schedules

of

Investments

75

Foreign

Currency

Abbreviations:

GDS

-

Global

Depositary

Share

GSCI

–

Goldman

Sachs

Commodity

Index

HIBOR

–

Hong

Kong

Interbank

Offered

Rate

HICP

–

Harmonized

Index

of

Consumer

Prices

JIBAR

-

Johannesburg

Interbank

Agreed

Rate

KSDA

–

Korean

Securities

Dealers

Association

LIBOR

-

London

Interbank

Offered

Rate

MIBOR

-

Mumbai

Interbank

Offered

Rate

NIBOR

-

Norwegian

Interbank

Offered

Rate

NSA

–

Not

Seasonally

Adjusted

NSERO

–

India

National

Stock

Exchange

Offered

Rate

PIK

-

Payment

in

Kind

PRIBOR

–

Prague

Interbank

Offered

Rate

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

SOFR

–

Secured

Overnight

Financing

Rate

SONIA

–

Sterling

Overnight

Index

Average

STIBOR

–

Stockholm

Interbank

Offered

Rate

STRIPS

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

SFE

-

Sydney

Futures

Exchange

TBA

-

To

Be

Announced

Security

TONAR

–

Tokyo

Overnight

Average

Rate

UK

-

United

Kingdom

WTI

–

West

Texas

Intermediate

ARS

-

Argentine

peso

HKD

-

Hong

Kong

dollar

PKR

-

Pakistani

rupee

AUD

-

Australian

dollar

HUF

-

Hungarian

forint

PLN

-

Polish

zloty

BRL

-

Brazilian

real

IDR

-

Indonesian

rupiah

RON

-

Romanian

New

Leu

CAD

-

Canadian

dollar

ILS

-

Israeli

shekel

RUB

-

Russian

ruble

CHF

-

Swiss

franc

INR

-

Indian

rupee

SEK

-

Swedish

krona

CLP

-

Chilean

peso

ISK

-

Icelandic

krona

SGD

-

Singapore

dollar

CNH

-

Chinese

offshore

spot

ITL

-

Italian

lira

SKK

-

Slovakian

koruna

CNY

-

Chinese

renminbi

yuan

JPY

-

Japanese

yen

THB

-

Thai

baht

COP

-

Colombian

peso

KES

-

Kenyan

schilling

TRY

-

Turkish

lira

CRC

-

Costa

Rican

colon

KRW

-

South

Korean

won

TWD

-

Taiwanese

dollar

CZK

-

Czech

koruna

MXN

-

Mexican

peso

USD

-

United

States

dollar

DKK

-

Danish

krone

MYR

-

Malaysian

ringgit

UYU

–

Uruguayan

peso

DOP

-

Dominican

peso

NOK

-

Norwegian

krone

VEB

-

Venezuelan

bolivar

EGP

-

Egyptian

pound

NGN

–

Nigerian

naira

VND

-

Vietnamese

dong

EUR

-

Euro

NZD

-

New

Zealand

dollar

ZAR

-

South

African

rand

GBP

-

British

pound

sterling

PEN

-

Peruvian

nuevo

sol

GHS

-

Ghana

cedi

PHP

-

Philippine

peso

Russell

Investment

Funds

Notes

to

Quarterly

Report

—

March

31,

2024

(Unaudited)

76

Notes

to

Quarterly

Report

1.

Significant

Accounting

Policies

Russell

Investment

Funds

(the

“Investment

Company”

or

“RIF”)

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

funds.

This

Quarterly

Report

reports

on

five

of

these

funds

(each

a

“Fund”

and

collectively

the

“Funds”).

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds

in

the

preparation

of

this

Quarterly

Report.

These

policies

are

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”),

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

Quarterly

Report.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Security

Valuation

The

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures

and

pricing

sources

and

services,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

a

description

of

the

pricing

sources

and

services

used

by

the

Funds.

With

respect

to

a

Fund’s

investments

that

do

not

have

readily

available

market

quotations,

the

Fund’s

Board

of

Trustees

has

designated

Russell

Investment

Management,

LLC

(“RIM”),

the

Funds’

adviser,

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act

of

1940,

as

amended.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

2

and

3

of

the

fair

value

hierarchy

are

defined

as

follows:

Level

1

—

Quoted

prices

(unadjusted)

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

and

inputs

such

as

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

or

other

market

corroborated

inputs.

Level

3

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

RIM

that

are

used

in

determining

the

fair

value

of

investments.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

market

values

of

financial

instruments

categorized

as

Level

1

and

Level

2

of

the

fair

value

hierarchy

are

as

follows:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

ETFs

and

restricted

securities

that

are

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market),

are

stated

at

the

last

reported

sales

price

on

the

day

of

valuation

or

official

closing

price,

as

applicable.

To

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Preferred

stock

and

other

equities

traded

on

inactive

markets

or

valued

by

reference

to

similar

instruments

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Certain

foreign

equity

securities

may

be

fair

valued

using

a

pricing

service

that

considers

the

correlation

of

the

trading

patterns

of

the

foreign

security

to

the

intraday

trading

in

the

U.S.

markets

for

investments

such

as

American

Depositary

Receipts,

financial

futures,

exchange-traded

funds,

and

the

movement

of

certain

indexes

of

securities,

based

on

the

statistical

analysis

of

historical

relationships.

Foreign

equity

securities

prices

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Fixed

income

securities

including

corporate,

convertible,

U.S.

government

agency,

municipal

bonds

and

notes,

U.S.

treasury

obligations,

sovereign

issues,

bank

loans,

bank

notes

and

non-U.S.

bonds

are

normally

valued

by

pricing

service

providers

that

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2024

(Unaudited)

Notes

to

Quarterly

Report

77

use

broker-dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

service

providers’

internal

models

use

inputs

that

are

observable

such

as

issuer

details,

interest

rates,

yield

curves,

prepayment

speeds,

credit

risks/spreads

and

default

rates.

Such

fixed

income

securities

that

use

pricing

service

internal

models

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Such

fixed

income

securities

that

use

broker-dealer

quotations

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Fixed

income

securities

purchased

on

a

delayed-delivery

basis

and

marked-to-market

daily

until

settlement

at

the

forward

settlement

date

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Mortgage

and

asset-backed

securities

are

usually

issued

as

separate

tranches,

or

classes,

of

securities

within

each

deal.

These

securities

are

also

normally

valued

by

pricing

service

providers

that

use

broker-dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

models

for

these

securities

usually

consider

tranche-level

attributes,

including

estimated

cash

flows

of

each

tranche,

market-based

yield

spreads

for

each

tranche,

and

current

market

data,

as

well

as

incorporate

deal

collateral

performance,

as

available.

Mortgage

and

asset-backed

securities

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

will

be

valued

based

upon

the

net

asset

value

(“NAV”)

of

such

investments.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity’s

measurement

date.

Short-term

investments

having

a

maturity

of

60

days

or

less

are

generally

valued

at

amortized

cost,

which

approximates

fair

market

value.

These

investments

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Derivative

instruments

are

instruments

such

as

foreign

currency

exchange

contracts,

futures

contracts,

options

contracts,

or

swap

agreements

that

derive

their

value

from

underlying

asset

prices,

indices,

reference

rates,

and

other

inputs

or

a

combination

of

these

factors.

Derivatives

may

be

classified

into

two

groups

depending

upon

the

way

that

they

are

traded:

privately

traded

over-the-counter

(“OTC”)

derivatives

that

do

not

go

through

an

exchange

or

intermediary

and

exchange-traded

derivatives

that

are

traded

through

specialized

derivatives

exchanges

or

other

regulated

exchanges.

OTC

derivatives

are

normally

valued

on

the

basis

of

broker-dealer

quotations

or

pricing

service

providers.

Depending

on

the

product

and

the

terms

of

the

transaction,

the

value

of

the

derivative

instrument

can

be

estimated

by

a

pricing

service

provider

using

a

series

of

techniques,

including

simulation

pricing

models.

The

pricing

models

use

inputs

that

are

observed

from

actively

quoted

markets

such

as

issuer

details,

indices,

spreads,

interest

rates,

yield

curves,

dividends

and

exchange

rates.

OTC

derivatives

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy,

with

the

exception

of

foreign

currency

spot

contracts

which

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

OTC

derivatives

that

use

broker-dealer

quotations

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Exchange-traded

derivatives

are

valued

based

on

the

last

reported

sales

price

on

the

day

of

valuation

and

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Centrally

cleared

swaps

listed

or

traded

on

a

multilateral

or

trade

facility

platform,

such

as

a

registered

exchange,

are

valued

at

the

daily

settlement

price

determined

by

the

respective

exchange.

For

centrally

cleared

credit

default

swaps,

the

clearing

facility

requires

its

members

to

provide

actionable

levels

across

complete

term

structures.

These

levels

along

with

external

third-party

prices

are

used

to

produce

daily

settlement

prices.

These

securities

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Centrally

cleared

interest

rate

swaps

are

valued

using

a

pricing

model

that

references

the

underlying

rates

including

the

Overnight

Index

Swap

(“OIS”)

rate

and

Secured

Overnight

Financing

Rate

(“SOFR”)

forward

rate

to

produce

the

daily

settlement

price.

These

securities

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Events

or

circumstances

affecting

the

values

of

Fund

securities

that

occur

between

the

closing

of

the

principal

markets

on

which

they

trade

and

the

time

the

NAV

of

Fund

shares

is

determined

may

be

reflected

in

the

calculation

of

NAV

for

each

applicable

Fund

when

the

Fund

deems

that

the

particular

event

or

circumstance

would

materially

affect

such

Fund’s

NAV.

Funds

that

invest

primarily

in

frequently

traded

exchange-listed

securities

in

U.S.

markets

will

use

fair

value

pricing

in

limited

circumstances

since

reliable

market

quotations

will

often

be

readily

available.

Funds

that

invest

in

foreign

securities

use

fair

value

pricing

daily

as

events

may

occur

between

the

close

of

foreign

markets

and

the

time

of

pricing.

Although

there

are

observable

inputs

assigned

on

a

security

level,

prices

are

derived

from

factors

using

proprietary

models

or

matrix

pricing.

For

this

reason,

fair

value

factors

will

cause

movement

between

Levels

1

and

2.

Examples

of

significant

events

that

generally

trigger

fair

value

pricing

of

one

or

more

securities

are:

any

market

movement

of

the

U.S.

securities

market

(defined

in

the

fair

value

procedures

as

the

movement

of

a

single

major

U.S.

index);

a

company

development

such

as

a

material

business

development;

a

natural

disaster,

a

public

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2024

(Unaudited)

78

Notes

to

Quarterly

Report

health

emergency

affecting

one

or

more

countries

in

the

global

economy

(including

an

emergency

which

results

in

the

closure

of

financial

markets)

or

other

emergency

situation;

or

an

armed

conflict.

The

NAV

of

a

Fund’s

portfolio

that

includes

foreign

securities

may

change

on

days

when

shareholders

will

not

be

able

to

purchase

or

redeem

Fund

shares,

since

foreign

securities

can

trade

on

non-business

days.

For

the

period

ended

March

31,

2024,

there

were

no

transfers

into

or

out

of

Level

3.

Level

3

Fair

Value

Investments

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

of

financial

instruments

classified

as

Level

3

of

the

fair

value

hierarchy

are

as

follows:

Securities

and

other

assets

for

which

market

quotes

are

not

readily

available,

or

are

not

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

by

RIM

and

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Market

quotes

are

considered

not

readily

available

in

circumstances

where

there

is

an

absence

of

current

or

reliable

market-based

data

(e.g.,

trade

information

or

broker

quotes).

When

RIM

applies

fair

valuation

methods

that

use

significant

unobservable

inputs

to

determine

a

Fund’s

NAV,

securities

will

not

be

priced

on

the

basis

of

quotes

from

the

primary

market

in

which

they

are

traded,

but

instead

may

be

priced

by

another

method

that

RIM

believes

accurately

reflects

fair

value

and

will

be

categorized

as

Level

3

of

the

fair

value

hierarchy.

Fair

value

pricing

may

require

subjective

determinations

about

the

value

of

a

security.

While

the

securities

valuation

procedures

are

intended

to

result

in

a

calculation

of

a

Fund’s

NAV

that

fairly

reflects

security

values

as

of

the

time

of

pricing,

the

process

cannot

guarantee

that

fair

values

determined

by

RIM

would

accurately

reflect

the

price

that

a

Fund

could

obtain

for

a

security

if

it

were

to

dispose

of

that

security

as

of

the

time

of

pricing

(for

instance,

in

a

forced

or

distressed

sale).

The

prices

used

by

a

Fund

may

differ

from

the

value

that

would

be

realized

if

the

security

was

sold.

RIM

employs

third-party

pricing

vendors

to

provide

fair

value

measurements.

RIM

oversees

third-party

pricing

service

providers

in

order

to

support

the

valuation

process.

The

significant

unobservable

input

used

in

fair

value

measurement

of

certain

of

the

Funds’

preferred

equity

securities

is

the

redemption

value

calculated

on

a

fully-diluted

basis

if

converted

to

common

stock.

Significant

increases

or

decreases

in

the

redemption

value

would

have

a

direct

and

proportional

impact

to

fair

value.

The

significant

unobservable

inputs

used

in

fair

value

measurement

of

certain

of

the

Funds’

private

equity

securities

include

market

data

of

comparable

public

companies,

discount

rates,

EBITDA

multiples,

and

future

projected

cash

flows

for

the

portfolio

company.

These

inputs

are

utilized

in

valuation

models

that

are

based

on

market

analysis

and

discounted

cash

flow

methodologies.

Increases

(decreases)

in

the

discount

rates

would

result

in

a

lower

(higher)

fair

value

measurement,

while

increases

(decreases)

in

EBITDA

multiples

and

projected

cash

flows

would

result

in

a

higher

(lower)

fair

value

measurement.

The

significant

unobservable

input

used

in

the

fair

value

measurement

of

certain

Funds’

debt

securities

is

the

yield

to

worst

ratio.

Significant

increases

(decreases)

in

the

yield

to

worst

ratio

would

result

in

a

lower

(higher)

fair

value

measurement.

These

significant

unobservable

inputs

are

further

disclosed

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund

as

applicable.

If

third-party

evaluated

vendor

pricing

is

neither

available

nor

deemed

to

be

indicative

of

fair

value,

RIM

may

elect

to

obtain

indicative

market

quotations

(“broker

quotes”)

directly

from

the

broker

or

passed

through

from

a

third-party

vendor.

In

the

event

that

the

source

of

fair

value

is

from

a

single

source

broker

quote,

these

securities

are

classified

as

Level

3

per

the

fair

value

hierarchy.

Broker

quotes

are

typically

received

from

established

market

participants.

Although

independently

received

on

a

daily

basis,

RIM

does

not

have

the

transparency

to

view

the

underlying

inputs

which

support

the

broker

quotes.

Significant

changes

in

the

broker

quote

would

have

direct

and

proportional

changes

in

the

fair

value

of

the

security.

There

is

a

third-party

pricing

exception

to

the

quantitative

disclosure

requirement

when

prices

are

not

determined

by

the

reporting

entity.

RIM

is

exercising

this

exception

and

has

made

a

reasonable

attempt

to

obtain

quantitative

information

from

the

third-party

pricing

vendors

regarding

the

unobservable

inputs

used.

For

fair

valuations

using

significant

unobservable

inputs,

U.S.

GAAP

requires

a

reconciliation

of

the

beginning

to

ending

balances

for

reported

fair

values

that

present

changes

attributable

to

total

realized

and

unrealized

gains

or

losses,

purchases

and

sales,

and

transfers

in/out

of

the

Level

3

category

during

the

period.

Additionally,

U.S.

GAAP

requires

quantitative

information

regarding

the

significant

unobservable

inputs

used

in

the

determination

of

fair

value

of

assets

categorized

as

Level

3

in

the

fair

value

hierarchy.

In

accordance

with

the

requirements

of

U.S.

GAAP,

a

fair

value

hierarchy,

a

Level

3

reconciliation

and

an

additional

disclosure

about

fair

value

measurements,

if

any,

has

been

included

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund.

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2024

(Unaudited)

Notes

to

Quarterly

Report

79

Foreign

Currency

Translations

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

and

transactions

of

the

Funds

are

translated

into

U.S.

dollars

on

the

following

basis:

(a)

Fair

value

of

investment

securities,

other

assets

and

liabilities

at

the

closing

rate

of

exchange

on

the

valuation

date.

(b)

Purchases

and

sales

of

investment

securities

and

income

at

the

closing

rate

of

exchange

prevailing

on

the

respective

trade

dates

of

such

transactions.

Net

realized

gains

or

losses

from

foreign

currency-related

transactions

arise

from:

sales

and

maturities

of

short-term

securities;

sales

of

foreign

currencies;

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions;

the

difference

between

the

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

recorded

on

the

Funds’

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

gains

or

losses

from

foreign

currency-related

transactions

arise

from

changes

in

the

value

of

assets

and

liabilities,

other

than

investments

in

securities,

as

a

result

of

changes

in

the

exchange

rates.

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

of

the

Funds

that

arises

as

a

result

of

changes

in

exchange

rates

from

that

portion

that

arises

from

changes

in

market

prices

of

investments

during

the

period.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments.

However,

for

federal

income

tax

purposes,

the

Funds

do

isolate

the

effects

of

changes

in

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

market

prices

for

realized

gain

(or

loss)

on

debt

obligations.

2.

Related

Party

Transactions

The

Funds

are

permitted

to

invest

their

cash

(i.e.,

cash

awaiting

investment

or

cash

held

to

meet

redemption

requests

or

to

pay

expenses)

in

the

U.S.

Cash

Management

Fund,

an

unregistered

fund

advised

by

RIM.

RIM

has

waived

its

0.05%

advisory

fee

for

the

unregistered

fund.

Russell

Investments

Fund

Services,

LLC

(“RIFUS”),

the

Funds’

administrator

and

transfer

agent,

charges

a

0.05%

administrative

fee

to

the

unregistered

fund.

Each

Fund’s

investment

in

the

U.S.

Cash

Management

Fund

is

disclosed

within

the

Fund’s

Schedule

of

Investments.

In

addition,

all

or

a

portion

of

the

collateral

received

from

the

Investment

Company’s

securities

lending

program

is

invested

in

the

U.S.

Cash

Collateral

Fund,

an

unregistered

fund

advised

by

RIM.

RIM

charges

a

management

fee

of

0.12%

to

this

unregistered

fund.

Out

of

the

management

fee,

RIM

pays

certain

expenses

of

the

unregistered

fund,

including

an

administrative

fee

of

0.025%

to

RIFUS.

RIM

retains

the

balance

of

the

management

fee.

Each

Fund’s

investment

in

the

U.S.

Cash

Collateral

Fund

is

disclosed

within

the

Fund’s

Schedule

of

Investments.

For

additional

information

on

the

Funds’

significant

accounting

policies

and

risks,

please

refer

to

the

Funds’

most

recent

semi-annual

or

annual

shareholder

report

and

prospectus.

Russell

Investment

Funds

1301

Second

Avenue

Seattle,

Washington

98101

800-787-7354

Fax:

206-505-3495