Russell Investment Funds NCSRS Certified semi-annual shareholder report (management investment company)


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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05371

Russell Investment Funds

(Exact name of registrant as specified in charter)

1301 2nd Avenue 18^th Floor, Seattle Washington 98101

(Address of principal executive offices) (Zip code)

Mary Beth Rhoden, Secretary and Chief Legal Office

Russell Investment Funds

18^th Floor

Seattle, Washington 98101

206-505-4846

(Name and address of agent for service)

Registrant’s telephone number, including area code: 206-505-7877

Date of fiscal year end: December 31

Date of reporting period: January 1, 2011 – June 30, 2011

Item 1. Reports to Stockholders

LOGO

2011 SEMI-ANNUAL REPORT

Russell

Investment Funds

JUNE 30, 2011

FUND

Multi-Style Equity Fund

Aggressive Equity Fund

Non-U.S. Fund

Core Bond Fund

Global Real Estate Securities Fund (formerly Real Estate Securities Fund)

LOGO

Russell Investment Funds

Russell Investment Funds is a series investment company with ten different investment portfolios referred to as Funds. These financial statements report on five of these Funds.

Russell Investment Funds

Semi-annual Report

June 30, 2011 (Unaudited)

Table of Contents


	Page
Multi-Style Equity Fund		3
Aggressive Equity Fund		10
Non-U.S. Fund		20
Core Bond Fund		31
Global Real Estate Securities Fund		59
Notes to Schedules of Investments		66
Statements of Assets and Liabilities		67
Statements of Operations		69
Statements of Changes in Net Assets		70
Financial Highlights		72
Notes to Financial Highlights		74
Notes to Financial Statements		75
Basis for Approval of Investment Advisory Contracts		92
Shareholder Requests for Additional Information		97
Disclosure of Information about Fund Trustees and Officers		98
Adviser, Money Managers and Service Providers		103

Russell Investment Funds

Russell Investments is a Washington, USA corporation, which operates through subsidiaries worldwide and is a subsidiary of The Northwestern Mutual Life Insurance Company.

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 Financial Services, Inc., member FINRA and part of Russell Investments.

Performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Russell Investment Funds

Multi-Style Equity Fund

Shareholder Expense Example — June 30, 2011 (Unaudited)

Fund Expenses

The following disclosure provides important information regarding each Fund’s Expense Example, which appears on each Fund’s individual page in this Semi-annual Report. Please refer to this information when reviewing the Expense Example for a Fund.

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including advisory fees and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for this Fund is from January 1, 2011 to June 30, 2011.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first column in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical Performance (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading “Hypothetical Performance (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The fee and expenses shown in this section do not reflect any Insurance Company Separate Account or Policy Charges.


	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value
January 1, 2011	$	1,000.00	$	1,000.00
Ending Account Value
June 30, 2011	$	1,052.30	$	1,020.38
Expenses Paid During Period*	$	4.53	$	4.46

Expenses are equal to the Fund’s annualized expense ratio of 0.89% (representing the six month period annualized), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). May reflect amounts waived, reimbursed and/or other credits. Without any waivers, reimbursements and/or other credits, expenses would have been higher.


Multi-Style Equity Fund		3

Russell Investment Funds

Multi-Style Equity Fund

Schedule of Investments — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Common Stocks - 96.0%
Consumer Discretionary - 15.5%
Abercrombie & Fitch Co. Class A		16,400		1,098
Amazon.com, Inc. (Æ)		16,318		3,337
American Eagle Outfitters, Inc.		64,100		817
Apollo Group, Inc. Class A (Æ)		4,200		183
Avon Products, Inc.		34,000		952
Bed Bath & Beyond, Inc. (Æ)		36,371		2,123
BorgWarner, Inc. (Æ)		4,400		355
Carnival Corp.		5,300		199
Chico’s FAS, Inc.		2,800		43
Clear Channel Outdoor Holdings, Inc. Class A (Æ)		2,900		37
Coach, Inc.		27,000		1,726
Comcast Corp. Class A		70,037		1,775
Costco Wholesale Corp.		15,600		1,267
DIRECTV, Inc. Class A (Æ)		8,590		437
Estee Lauder Cos., Inc. (The) Class A		8,789		925
Ford Motor Co. (Æ)(Ñ)		128,527		1,772
Gap, Inc. (The)		49,900		903
Hanesbrands, Inc. (Æ)		24,400		697
Harman International Industries, Inc.		2,900		132
Home Depot, Inc.		70,355		2,549
Hyatt Hotels Corp. Class A (Æ)		4,200		171
JC Penney Co., Inc.		5,665		196
Johnson Controls, Inc.		96,453		4,018
Kohl’s Corp.		15,700		785
Las Vegas Sands Corp. (Æ)		35,105		1,482
Liberty Global, Inc. Class A (Æ)		7,000		315
Limited Brands, Inc.		8,010		308
Lowe’s Cos., Inc.		127,305		2,967
McDonald’s Corp.		41,100		3,466
MGM Resorts International (Æ)		18,800		248
Newell Rubbermaid, Inc.		10,400		164
Nielsen Holdings NV (Æ)		44,073		1,373
Nike, Inc. Class B		18,600		1,674
Omnicom Group, Inc.		20,800		1,002
priceline.com, Inc. (Æ)		2,086		1,068
Royal Caribbean Cruises, Ltd. (Æ)		25,000		941
Stanley Black & Decker, Inc.		17,112		1,233
Staples, Inc.		49,500		782
Starbucks Corp.		80,308		3,171
Starwood Hotels & Resorts Worldwide, Inc. (ö)		6,000		336
Target Corp.		16,900		793
TE Connectivity, Ltd.		16,022		589
Tesla Motors, Inc. (Æ)(Ñ)		6,400		186
Tiffany & Co.		15,100		1,185
Time Warner, Inc.		98,964		3,600
TJX Cos., Inc.		30,692		1,612
Viacom, Inc. Class A		82,443		4,206
Wal-Mart Stores, Inc.		28,400		1,509
Walt Disney Co. (The)		69,418		2,710
Warnaco Group, Inc. (The)(Æ)		18,400		961

				64,378


	Principal Amount ($) or Shares		Market Value $
Consumer Staples - 9.0%
Archer-Daniels-Midland Co.		58,000		1,749
Clorox Co. (Ñ)		9,300		627
Coca-Cola Co. (The)		115,566		7,776
Colgate-Palmolive Co.		14,300		1,250
ConAgra Foods, Inc.		58,673		1,515
Corn Products International, Inc.		1,000		55
Dr Pepper Snapple Group, Inc.		6,600		277
General Mills, Inc.		31,900		1,188
Hansen Natural Corp. (Æ)		1,100		89
Hershey Co. (The)		11,527		655
HJ Heinz Co.		18,000		959
Kellogg Co.		4,500		249
Kimberly-Clark Corp.		9,300		619
Kraft Foods, Inc. Class A		78,267		2,758
Kroger Co. (The)		20,000		496
Mead Johnson Nutrition Co. Class A		7,200		486
PepsiCo, Inc.		115,696		8,148
Philip Morris International, Inc.		7,600		507
Procter & Gamble Co. (The)		73,349		4,663
Safeway, Inc. (Ñ)		28,200		659
Sara Lee Corp.		11,900		226
Walgreen Co.		32,400		1,376
Whole Foods Market, Inc.		16,539		1,049

				37,376


Energy - 10.8%
Alpha Natural Resources, Inc. (Æ)		9,600		436
Anadarko Petroleum Corp.		19,000		1,458
Apache Corp.		20,662		2,549
Arch Coal, Inc.		2,700		72
Cabot Oil & Gas Corp.		12,783		848
Cameron International Corp. (Æ)		14,700		739
Chevron Corp.		40,300		4,144
ConocoPhillips		46,913		3,528
Devon Energy Corp.		31,255		2,463
Diamond Offshore Drilling, Inc. (Ñ)		1,800		127
Dresser-Rand Group, Inc. (Æ)		19,300		1,037
El Paso Corp.		33,727		681
EnCana Corp.		14,600		450
Ensco PLC - ADR		10,090		538
EOG Resources, Inc.		11,648		1,218
Exxon Mobil Corp.		13,600		1,106
Halliburton Co.		71,747		3,660
Marathon Oil Corp.		77,093		4,062
Murphy Oil Corp.		6,900		453
National Oilwell Varco, Inc.		25,524		1,997
Occidental Petroleum Corp.		50,222		5,226
Oceaneering International, Inc.		5,200		211
Patterson-UTI Energy, Inc.		10,800		341
Pioneer Natural Resources Co.		11,008		986
QEP Resources, Inc.		1,500		63
Rosetta Resources, Inc. (Æ)		2,870		148
Rowan Cos., Inc. (Æ)		4,800		186
Royal Dutch Shell PLC - ADR		9,900		704
Schlumberger, Ltd.		34,500		2,980
SM Energy Co.		2,600		191


	4			Multi-Style Equity Fund

Russell Investment Funds

Multi-Style Equity Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Statoil ASA - ADR		33,300		847
Total SA - ADR		9,700		561
Unit Corp. (Æ)		3,600		219
Valero Energy Corp.		10,100		258
Walter Energy, Inc. Class A		520		60
Williams Cos., Inc. (The)		12,200		369

				44,916


Financial Services - 13.6%
ACE, Ltd.		7,900		520
Allied World Assurance Co. Holdings, Ltd.		4,400		253
Allstate Corp. (The)		49,350		1,507
American Express Co.		51,481		2,661
American Financial Group, Inc.		7,500		268
Ameriprise Financial, Inc.		5,100		294
Assurant, Inc.		10,100		366
Assured Guaranty, Ltd.		5,800		95
Axis Capital Holdings, Ltd.		11,800		365
Bank of America Corp.		88,300		968
Bank of New York Mellon Corp. (The)		65,565		1,680
BB&T Corp.		113,718		3,053
BlackRock, Inc. Class A		7,600		1,458
Capital One Financial Corp.		15,794		816
Charles Schwab Corp. (The)		78,250		1,287
Chubb Corp.		7,600		476
Citigroup, Inc.		24,300		1,012
City National Corp.		3,300		179
CNA Financial Corp.		3,500		102
Discover Financial Services		28,187		754
Equifax, Inc.		700		24
Federated Investors, Inc. Class B (Ñ)		19,600		467
Goldman Sachs Group, Inc. (The)		14,550		1,937
Hartford Financial Services Group, Inc.		41,000		1,081
HCC Insurance Holdings, Inc.		8,800		277
Hospitality Properties Trust (ö)		6,300		153
Hudson City Bancorp, Inc.		35,600		292
Huntington Bancshares, Inc.		183,271		1,202
Interactive Brokers Group, Inc. Class A		7,400		116
Jefferies Group, Inc.		20,400		416
JPMorgan Chase & Co.		158,000		6,469
KeyCorp		66,200		551
Liberty Property Trust (ö)		5,100		166
Lincoln National Corp.		37,100		1,057
Mastercard, Inc. Class A		3,368		1,015
Mercury General Corp.		11,600		458
MetLife, Inc.		119,269		5,234
Morgan Stanley		64,900		1,493
Northern Trust Corp.		27,176		1,249
People’s United Financial, Inc.		30,100		405
PNC Financial Services Group, Inc.		19,200		1,144
Progressive Corp. (The)		13,600		291
Protective Life Corp.		3,300		76
Prudential Financial, Inc.		24,500		1,558
Public Storage (ö)		1,900		217
Reinsurance Group of America, Inc. Class A		1,900		116
Selective Insurance Group, Inc.		2,300		37


	Principal Amount ($) or Shares		Market Value $
Sovran Self Storage, Inc. (ö)		1,200		49
SunTrust Banks, Inc.		37,500		968
Symetra Financial Corp.		4,500		60
Transatlantic Holdings, Inc.		2,900		142
Travelers Cos., Inc. (The)		9,100		531
Unum Group		4,000		102
US Bancorp		69,896		1,783
Valley National Bancorp (Ñ)		35,150		478
Visa, Inc. Class A		11,957		1,007
Webster Financial Corp.		1,400		29
Wells Fargo & Co.		174,760		4,903
Weyerhaeuser Co. (ö)		30,579		668

				56,335


Health Care - 11.8%
Abbott Laboratories		49,100		2,584
Aetna, Inc.		10,800		476
Allergan, Inc.		51,115		4,255
AMERIGROUP Corp. Class A (Æ)		3,400		240
AmerisourceBergen Corp. Class A		25,500		1,055
Amgen, Inc. (Æ)		8,700		508
Baxter International, Inc.		13,700		818
Biogen Idec, Inc. (Æ)		4,000		428
Boston Scientific Corp. (Æ)		59,800		413
Cerner Corp. (Æ)(Ñ)		9,800		599
Cigna Corp.		1,900		98
Covance, Inc. (Æ)		8,400		499
Coventry Health Care, Inc. (Æ)		13,000		474
Covidien PLC		42,347		2,254
Cubist Pharmaceuticals, Inc. (Æ)		8,700		313
Dendreon Corp. (Æ)		16,100		635
Eli Lilly & Co. (Ñ)		15,900		597
Express Scripts, Inc. Class A (Æ)		12,000		648
Gilead Sciences, Inc. (Æ)		9,920		411
Hologic, Inc. (Æ)		19,700		397
Hospira, Inc. (Æ)		7,650		433
Humana, Inc.		500		40
Illumina, Inc. (Æ)		8,737		657
Johnson & Johnson		51,750		3,442
Lincare Holdings, Inc.		16,100		471
Medco Health Solutions, Inc. (Æ)		28,200		1,594
Medicis Pharmaceutical Corp. Class A		5,500		210
Medtronic, Inc.		22,216		856
Merck & Co., Inc.		78,341		2,764
Pfizer, Inc.		363,191		7,482
Sanofi-Aventis SA - ADR		67,500		2,711
St. Jude Medical, Inc.		7,920		378
Stryker Corp.		50,929		2,989
Teleflex, Inc.		7,300		446
Teva Pharmaceutical Industries, Ltd. - ADR		11,250		542
Thermo Fisher Scientific, Inc. (Æ)		20,517		1,321
UnitedHealth Group, Inc.		8,490		438
Valeant Pharmaceuticals International, Inc.		4,010		208
Vertex Pharmaceuticals, Inc. (Æ)		21,800		1,134
Warner Chilcott PLC Class A		47,000		1,134
Watson Pharmaceuticals, Inc. Class B (Æ)		18,965		1,304


Multi-Style Equity Fund		5

Russell Investment Funds

Multi-Style Equity Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

WellCare Health Plans, Inc. (Æ)		600		31
WellPoint, Inc.		5,700		449

				48,736


Materials and Processing - 3.9%
Bemis Co., Inc.		16,400		554
Celanese Corp. Class A		14,455		771
Cliffs Natural Resources, Inc.		3,601		333
Dow Chemical Co. (The)		10,210		368
Eastman Chemical Co.		14,902		1,520
EI du Pont de Nemours & Co.		36,710		1,983
Freeport-McMoRan Copper & Gold, Inc.		15,600		825
Huntsman Corp.		35,800		675
MeadWestvaco Corp.		10,200		340
Monsanto Co.		42,110		3,054
Nucor Corp.		18,500		763
Packaging Corp. of America		8,381		235
Potash Corp. of Saskatchewan, Inc.		28,040		1,598
Precision Castparts Corp.		2,900		477
Sealed Air Corp.		42,632		1,015
Steel Dynamics, Inc.		33,300		541
Temple-Inland, Inc.		2,682		80
Textron, Inc.		4,300		102
Vulcan Materials Co. (Ñ)		21,300		821

				16,055


Producer Durables - 11.7%
3M Co.		32,131		3,047
Accenture PLC Class A		68,114		4,117
Agilent Technologies, Inc. (Æ)		17,922		916
AO Smith Corp.		1,900		80
Boeing Co. (The)		23,300		1,723
Caterpillar, Inc.		24,044		2,560
Chicago Bridge & Iron Co. NV		3,100		121
CNH Global NV (Æ)		300		12
Convergys Corp. (Æ)		9,800		134
CSX Corp.		19,200		503
Cummins, Inc.		1,810		187
Danaher Corp.		21,000		1,113
Deere & Co.		12,882		1,062
Delta Air Lines, Inc. (Æ)		87,156		799
Eaton Corp.		2,000		103
Emerson Electric Co.		18,600		1,046
FedEx Corp.		25,736		2,441
Fluor Corp.		35,350		2,286
Gardner Denver, Inc.		1,100		92
General Dynamics Corp.		26,957		2,009
General Electric Co.		129,100		2,435
Harsco Corp.		18,000		587
Honeywell International, Inc.		59,115		3,522
Kansas City Southern (Æ)		1,700		101
KBR, Inc.		10,200		384
Kennametal, Inc.		2,700		114
Kirby Corp. (Æ)		300		17
Lexmark International, Inc. Class A (Æ)		8,300		243
Lockheed Martin Corp.		8,300		672
Manpower, Inc.		17,515		940


	Principal Amount ($) or Shares		Market Value $
Moody’s Corp.		25,530		979
Pentair, Inc.		32,917		1,328
Pitney Bowes, Inc.		36,976		850
Raytheon Co.		9,600		479
Republic Services, Inc. Class A		23,700		731
Rockwell Automation, Inc.		12,010		1,042
Rockwell Collins, Inc.		5,460		337
RR Donnelley & Sons Co. (Ñ)		25,600		502
Ryder System, Inc.		4,200		239
Skywest, Inc.		2,900		44
Synopsys, Inc. (Æ)		13,200		339
Terex Corp. (Æ)		9,800		279
Tidewater, Inc.		9,900		533
Union Pacific Corp.		4,600		480
United Continental Holdings, Inc. (Æ)		54,300		1,229
United Parcel Service, Inc. Class B		60,449		4,408
URS Corp. (Æ)		6,600		295
Waste Management, Inc.		12,700		473
Xerox Corp.		40,000		416

				48,349


Technology - 15.8%
Acme Packet, Inc. (Æ)		4,760		334
Alcatel-Lucent - ADR (Æ)		78,600		454
Altera Corp.		6,300		292
Amdocs, Ltd. (Æ)		13,100		398
Amphenol Corp. Class A		21,189		1,144
Apple, Inc. (Æ)		29,024		9,740
Applied Materials, Inc.		160,711		2,091
Avago Technologies, Ltd.		30,000		1,140
BCE, Inc.		50,900		1,999
Broadcom Corp. Class A		7,600		256
CA, Inc.		6,400		146
Check Point Software Technologies, Ltd. (Æ)(Ñ)		13,800		785
Citrix Systems, Inc. (Æ)		14,600		1,168
Cognizant Technology Solutions Corp. Class A (Æ)		21,444		1,573
Corning, Inc.		25,800		468
Diebold, Inc.		10,900		338
Electronic Arts, Inc. (Æ)		21,000		496
EMC Corp. (Æ)		22,900		631
Google, Inc. Class A (Æ)		8,455		4,281
Harris Corp.		9,200		415
Hewlett-Packard Co.		25,400		925
Intel Corp.		84,300		1,868
International Business Machines Corp.		14,437		2,477
JDS Uniphase Corp. (Æ)		20,989		350
Juniper Networks, Inc. (Æ)		22,612		712
Koninklijke Philips Electronics NV (Ñ)		20,000		514
Linear Technology Corp.		19,400		641
LSI Corp. (Æ)		53,500		381
Maxim Integrated Products, Inc.		35,900		918
Mentor Graphics Corp. (Æ)		5,200		67
Micron Technology, Inc. (Æ)		47,800		358
Microsoft Corp.		154,300		4,011
MKS Instruments, Inc.		4,800		127


	6			Multi-Style Equity Fund

Russell Investment Funds

Multi-Style Equity Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares			Market Value $

Motorola Mobility Holdings, Inc. (Æ)(Ñ)		2,012			44
Motorola Solutions, Inc. (Æ)		10,842			499
NetApp, Inc. (Æ)		29,841			1,575
Oracle Corp.		159,476			5,248
QUALCOMM, Inc.		131,546			7,471
Red Hat, Inc. (Æ)		12,700			583
Riverbed Technology, Inc. (Æ)		6,200			245
Salesforce.com, Inc. (Æ)		9,970			1,486
SanDisk Corp. (Æ)		10,868			451
Texas Instruments, Inc.		84,719			2,781
VeriFone Systems, Inc. (Æ)		6,800			302
VMware, Inc. Class A (Æ)		4,900			491
Vodafone Group PLC - ADR		97,900			2,615

					65,289


Utilities - 3.9%
American Electric Power Co., Inc.		19,200			723
AT&T, Inc.		39,100			1,228
Calpine Corp. (Æ)		56,289			908
DTE Energy Co.		8,800			440
Duke Energy Corp.		25,900			488
Edison International		11,600			450
Energen Corp.		100			6
Entergy Corp.		6,600			451
Exelon Corp.		23,400			1,003
Frontier Communications Corp.		63,200			510
Great Plains Energy, Inc.		21,700			450
Kinder Morgan, Inc.		57,733			1,658
MDU Resources Group, Inc.		22,700			511
MetroPCS Communications, Inc. (Æ)		42,890			738
NextEra Energy, Inc.		33,369			1,917
NII Holdings, Inc. (Æ)		1,500			64
NiSource, Inc. (Ñ)		23,500			476
NV Energy, Inc.		22,600			347
Pepco Holdings, Inc.		21,300			418
PG&E Corp.		11,100			467
PPL Corp.		11,500			320
Public Service Enterprise Group, Inc.		6,200			202
Questar Corp.		9,400			166
Southern Co.		2,600			105
Telephone & Data Systems, Inc.		2,400			75
Veolia Environnement SA - ADR (Ñ)		14,300			405
Verizon Communications, Inc.		43,700			1,626

					16,152


Total Common Stocks (cost $337,953)					397,586


Short-Term Investments - 3.9%
Russell U.S. Cash Management Fund		16,009,854	(¥)		16,010


Total Short-Term Investments (cost $16,010)					16,010


	Principal Amount ($) or Shares			Market Value $
Other Securities - 0.8%
Russell Investment Funds Liquidating Trust (×)		114,347	(¥)		135
Russell U.S. Cash Collateral Fund (×)		3,251,308	(¥)		3,251


Total Other Securities (cost $3,366)					3,386


Total Investments - 100.7% (identified cost $357,329)					416,982

Other Assets and Liabilities, Net - (0.7%)					(2,745	)


Net Assets - 100.0%					414,237

See accompanying notes which are an integral part of the financial statements.


Multi-Style Equity Fund		7

Russell Investment Funds

Multi-Style Equity Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except contract amounts)


Futures Contracts	Number of Contracts		Notional Amount			Expiration Date	Unrealized Appreciation (Depreciation) $


Long Positions
Russell 1000 Mini Index Futures		27		USD	1,976	09/11		76
S&P 500 E Mini Index Futures (CME)		173		USD	11,379	09/11		361
S&P 500 Index Futures (CME)		7		USD	2,302	09/11		75
S&P Midcap 400 E Mini Index Futures (CME)		14		USD	1,367	09/11		57

Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)								569

Presentation of Portfolio Holdings — June 30, 2011 (Unaudited)

Amounts in thousands


	Market Value								% of Net Assets
Portfolio Summary	Level 1		Level 2		Level 3		Total		% of Net Assets

Common Stocks
Consumer Discretionary	$	64,378	$	—	$	—	$	64,378		15.5
Consumer Staples		37,376		—		—		37,376		9.0
Energy		44,916		—		—		44,916		10.8
Financial Services		56,335		—		—		56,335		13.6
Health Care		48,736		—		—		48,736		11.8
Materials and Processing		16,055		—		—		16,055		3.9
Producer Durables		48,349		—		—		48,349		11.7
Technology		65,289		—		—		65,289		15.8
Utilities		16,152		—		—		16,152		3.9
Short-Term Investments		—		16,010		—		16,010		3.9
Other Securities		—		3,386		—		3,386		0.8

Total Investments		397,586		19,396		—		416,982		100.7

Other Assets and Liabilities, Net										(0.7	)


										100.0

Other Financial Instruments
Futures Contracts		569		—		—		569		0.1

Total Other Financial Instruments^*	$	569	$	—	$	—	$	569

*	Other financial instruments reflected in the Schedule of Investments, such as futures, forwards, and swap contracts which are valued at the unrealized appreciation/depreciation on the instruments.

For a description of the levels see note 2 in the Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.


	8			Multi-Style Equity Fund

Russell Investment Funds

Multi-Style Equity Fund

Fair Value of Derivative Instruments — June 30, 2011 (Unaudited)

Amounts in thousands


Derivatives not accounted for as hedging instruments	Equity Contracts

Location: Statement of Assets and Liabilities - Assets
Daily variation margin on futures contracts*	$	569


Derivatives not accounted for as hedging instruments	Equity Contracts
Location: Statement of Operations - Net realized gain (loss)
Futures contracts	$	238

Location: Statement of Operations - Net change in unrealized appreciation (depreciation)
Futures contracts	$	395

*	Includes cumulative appreciation/depreciation of futures contracts as reported in Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities

For further disclosure on derivatives see note 2 in Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.


Multi-Style Equity Fund		9

Russell Investment Funds

Aggressive Equity Fund

Shareholder Expense Example — June 30, 2011 (Unaudited)

Fund Expenses

Example

Actual Expenses

Hypothetical Example for Comparison Purposes

of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.


	Actual Performance		Hypothetical Performance (5% return before expenses)

Beginning Account Value
January 1, 2011	$	1,000.00	$	1,000.00
Ending Account Value
June 30, 2011	$	1,065.20	$	1,019.64
Expenses Paid During Period*	$	5 .33	$	5 .21

Expenses are equal to the Fund's annualized expense ratio of 1.04% (representing the six month period annualized), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). May reflect amounts waived, reimbursed and/or other credits. Without any waivers, reimbursements and/or other credits, expenses would have been higher.


	10			Aggressive Equity Fund

Russell Investment Funds

Aggressive Equity Fund

Schedule of Investments — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Common Stocks - 96.6%
Consumer Discretionary - 11.1%
1-800-Flowers.com, Inc. Class A (Æ)		1,000		3
Abercrombie & Fitch Co. Class A		3,500		234
Acacia Research - Acacia Technologies (Æ)		23,541		865
Amerco, Inc. (Æ)		5,493		528
Arctic Cat, Inc. (Æ)		3,300		44
Ascena Retail Group, Inc. (Æ)		8,780		299
Bebe Stores, Inc.		49,700		303
Big 5 Sporting Goods Corp.		700		6
BJ’s Wholesale Club, Inc. (Æ)		7,800		392
Callaway Golf Co.		39,050		243
Charming Shoppes, Inc. (Æ)		28,000		116
Chico’s FAS, Inc.		6,200		94
Choice Hotels International, Inc.		3,700		123
Christopher & Banks Corp.		52,862		304
Clear Channel Outdoor Holdings, Inc. Class A (Æ)		6,015		76
CROCS, Inc. (Æ)		26,357		680
Daktronics, Inc.		4,600		50
Dick’s Sporting Goods, Inc. (Æ)		12,112		466
Dollar Tree, Inc. (Æ)		13,300		887
Elizabeth Arden, Inc. (Æ)		3,900		113
Federal-Mogul Corp. (Æ)		3,884		89
Finish Line, Inc. (The) Class A		14,904		319
Flextronics International, Ltd. (Æ)		18,570		119
Foot Locker, Inc.		26,060		620
Fossil, Inc. (Æ)		6,600		778
Fred’s, Inc. Class A		21,340		308
Gentex Corp.		29,418		889
Harman International Industries, Inc.		10,800		492
Hillenbrand, Inc.		18,070		427
HOT Topic, Inc.		8,800		65
Hyatt Hotels Corp. Class A (Æ)		2,800		114
Interpublic Group of Cos., Inc. (The)		18,000		225
Jones Group, Inc. (The)		50,320		546
Kenneth Cole Productions, Inc. Class A (Æ)		20,664		258
Leapfrog Enterprises, Inc. Class A (Æ)		2,200		9
Lear Corp.		2,800		150
Liberty Global, Inc. Class A (Æ)		1,100		50
LKQ Corp. (Æ)		36,342		949
Marchex, Inc. Class A		1,200		11
MDC Holdings, Inc.		15,360		378
Meredith Corp. (Ñ)		14,600		454
Movado Group, Inc.		2,700		46
Multimedia Games Holding Co., Inc. (Æ)		2,400		11
New York & Co., Inc. (Æ)		3,300		16
Newell Rubbermaid, Inc.		2,000		32
Oxford Industries, Inc.		9,990		337
Panera Bread Co. Class A (Æ)		4,852		609
Papa John’s International, Inc. (Æ)		7,800		259
PC Mall, Inc. (Æ)		300		2
Perry Ellis International, Inc. (Æ)		1,600		40
Pool Corp.		17,111		510
Quiksilver, Inc. (Æ)		13,900		65
RadioShack Corp. (Ñ)		26,460		352


	Principal Amount ($) or Shares		Market Value $
RealD, Inc. (Æ)(Ñ)		6,198		145
Regis Corp.		3,160		48
Rick’s Cabaret International, Inc. (Æ)		900		8
Ross Stores, Inc.		8,580		688
Ruby Tuesday, Inc. (Æ)		16,696		180
Sinclair Broadcast Group, Inc. Class A		12,300		135
Sotheby’s Class A		1,657		72
Standard Motor Products, Inc.		22,000		335
Steven Madden, Ltd. (Æ)		25,412		954
Stewart Enterprises, Inc. Class A		23,100		169
Superior Industries International, Inc.		17,703		391
Tempur-Pedic International, Inc. (Æ)		4,818		327
Texas Roadhouse, Inc. Class A		27,520		483
TRW Automotive Holdings Corp. (Æ)		6,800		401
Wendy’s/Arby’s Group, Inc. Class A		124,960		633
Wet Seal, Inc. (The) Class A (Æ)		19,900		89
Williams-Sonoma, Inc.		20,250		739
WMS Industries, Inc. (Æ)		8,908		274
Wolverine World Wide, Inc.		17,594		734
Wyndham Worldwide Corp.		6,600		222
XO Group, Inc. (Æ)		1,600		16

				22,398


Consumer Staples - 2.1%
Andersons, Inc. (The)		4,263		180
Church & Dwight Co., Inc.		7,200		292
Constellation Brands, Inc. Class A (Æ)		20,400		425
Corn Products International, Inc.		26,000		1,437
Dean Foods Co. (Æ)		8,900		109
Fresh Del Monte Produce, Inc.		6,100		163
Hansen Natural Corp. (Æ)		1,300		105
Imperial Sugar Co.		200		4
Nash Finch Co.		1,800		64
Omega Protein Corp. (Æ)(Ñ)		2,100		29
Pantry, Inc. (The)(Æ)		2,800		53
Sanderson Farms, Inc. (Ñ)		8,010		383
Smart Balance, Inc. (Æ)		9,300		48
Spartan Stores, Inc.		4,600		90
Susser Holdings Corp. (Æ)		900		14
TreeHouse Foods, Inc. (Æ)(Ñ)		15,930		870

				4,266


Energy - 6.5%
Alon USA Energy, Inc.		1,200		14
Alpha Natural Resources, Inc. (Æ)		8,599		391
Arch Coal, Inc.		5,900		157
Berry Petroleum Co. Class A		5,800		308
Cabot Oil & Gas Corp.		700		46
Cloud Peak Energy, Inc. (Æ)		13,900		296
Complete Production Services, Inc. (Æ)		19,014		634
Comstock Resources, Inc. (Æ)(Ñ)		8,299		239
Core Laboratories NV		5,704		636
Dresser-Rand Group, Inc. (Æ)		3,700		199
Exterran Holdings, Inc. (Æ)		9,876		196
Frontier Oil Corp.		13,700		443
Global Geophysical Services, Inc. (Æ)		1,000		18
Global Industries, Ltd. (Æ)		40,664		223


Aggressive Equity Fund		11

Russell Investment Funds

Aggressive Equity Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Gulf Island Fabrication, Inc.		1,800		58
Helmerich & Payne, Inc.		16,119		1,066
Mitcham Industries, Inc. (Æ)		3,000		52
Newfield Exploration Co. (Æ)		6,220		423
Newpark Resources, Inc. (Æ)		13,657		124
Oceaneering International, Inc.		13,400		543
Oil States International, Inc. (Æ)		3,100		248
Patterson-UTI Energy, Inc.		36,743		1,161
Penn Virginia Corp.		40,300		532
Precision Drilling Corp. (Æ)		20,544		295
Rosetta Resources, Inc. (Æ)		16,600		855
Rowan Cos., Inc. (Æ)		11,281		438
SEACOR Holdings, Inc.		4,300		430
SM Energy Co.		3,700		272
Sunoco, Inc.		6,687		279
Superior Energy Services, Inc. (Æ)		17,460		648
Tesoro Corp. (Æ)		10,700		245
Tetra Technologies, Inc. (Æ)		14,096		179
Thompson Creek Metals Co., Inc. - ADR (Æ)		22,600		226
Unit Corp. (Æ)		10,281		626
Walter Energy, Inc. Class A		3,909		453
Western Refining, Inc. (Æ)(Ñ)		7,800		141

				13,094


Financial Services - 17.7%
Advance America Cash Advance Centers, Inc.		8,100		56
Affiliated Managers Group, Inc. (Æ)		8,279		840
Allied World Assurance Co. Holdings, Ltd.		4,000		230
American Assets Trust, Inc. (ö)		17,000		382
American Capital Agency Corp. (ö)		23,900		696
American Financial Group, Inc.		11,400		407
Ameriprise Financial, Inc.		3,253		188
Anworth Mortgage Asset Corp. (ö)		24,360		183
Apartment Investment & Management Co. Class A (ö)		7,000		179
Apollo Commercial Real Estate Finance, Inc. (ö)		4,000		64
Arch Capital Group, Ltd. (Æ)		2,900		93
Ares Capital Corp.		25,180		405
Argo Group International Holdings, Ltd.		1,500		45
Arthur J Gallagher & Co.		3,400		97
Artio Global Investors, Inc. Class A		4,800		54
Ashford Hospitality Trust, Inc. (ö)		3,410		42
Assurant, Inc.		10,700		388
Astoria Financial Corp.		23,480		300
Axis Capital Holdings, Ltd.		13,300		412
Banco Latinoamericano de Comercio Exterior SA Class E		3,300		57
Bank of Hawaii Corp.		2,800		130
BioMed Realty Trust, Inc. (ö)		22,050		424
BOK Financial Corp.		1,400		77
Boston Private Financial Holdings, Inc. (Ñ)		47,121		310
Brandywine Realty Trust (ö)		27,200		315
Brookline Bancorp, Inc.		30,900		286
Brown & Brown, Inc.		4,100		105
Bryn Mawr Bank Corp.		300		6


	��	Principal Amount ($) or Shares		Market Value $
Camden Property Trust (ö)			4,700		299
Capitol Federal Financial, Inc.			34,191		402
CapLease, Inc. (ö)			10,900		54
Cardinal Financial Corp.			1,000		11
Center Financial Corp. (Æ)			3,100		20
Chemical Financial Corp.			700		13
Chesapeake Lodging Trust (ö)			33,000		563
City National Corp.			6,700		363
Cogdell Spencer, Inc. (ö)			6,000		36
Colonial Properties Trust (ö)			15,962		326
CommonWealth REIT (ö)			6,800		176
Community Bank System, Inc.			5,462		135
Community Trust Bancorp, Inc.			1,000		28
Cousins Properties, Inc. (ö)			13,769		118
Delphi Financial Group, Inc. Class A			5,300		155
DiamondRock Hospitality Co. (ö)			50,269		539
Dime Community Bancshares, Inc.			11,000		160
Dollar Financial Corp. (Æ)			5,938		129
Duff & Phelps Corp. Class A			25,000		321
Dynex Capital, Inc. (ö)			45,264		438
East West Bancorp, Inc.			39,910		807
Education Realty Trust, Inc. (ö)			12,800		110
Endurance Specialty Holdings, Ltd.			7,200		298
Evercore Partners, Inc. Class A			500		17
Everest Re Group, Ltd.			2,000		164
Excel Trust, Inc. (ö)			6,390		70
Extra Space Storage, Inc. (ö)			6,400		137
Ezcorp, Inc. Class A (Æ)			21,074		750
Fair Isaac Corp.			4,500		136
FBL Financial Group, Inc. Class A			1,400		45
First Financial Bankshares, Inc. (Ñ)			2,850		98
First Interstate Bancsystem, Inc. Class A			1,100		16
Flagstone Reinsurance Holdings SA			65,890		555
Flushing Financial Corp.			1,500		20
Forestar Group, Inc. (Æ)			16,243		267
Franklin Street Properties Corp. (ö)			22,243		287
Fulton Financial Corp. (Ñ)			30,900		331
Glacier Bancorp, Inc.			8,800		119
Gladstone Capital Corp.			2,700		25
Government Properties Income Trust (ö)			5,600		151
Green Dot Corp. Class A (Æ)(Ñ)			100		3
Greenhill & Co., Inc. (Ñ)			8,665		466
Hanmi Financial Corp. (Æ)(Ñ)			33,100		35
Hanover Insurance Group, Inc. (The)			6,400		241
Hatteras Financial Corp. (ö)			8,800		248
HCC Insurance Holdings, Inc.			12,400		391
Healthcare Realty Trust, Inc. (ö)			19,000		392
Hercules Technology Growth Capital, Inc.			26,600		280
Home Bancshares, Inc.			2,750		65
Horace Mann Educators Corp.			7,600		119
Hospitality Properties Trust (ö)			29,829		723
Hudson Pacific Properties, Inc. (ö)			1,600		25
Hudson Valley Holding Corp.			778		15
Iberiabank Corp.			6,800		392
Inland Real Estate Corp. (ö)			13,000		115
Interactive Brokers Group, Inc. Class A			8,000		125


	12			Aggressive Equity Fund

Russell Investment Funds

Aggressive Equity Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Invesco Mortgage Capital, Inc. (ö)		27,000		571
Investment Technology Group, Inc. (Æ)		1,900		27
JER Investors Trust, Inc. (Æ)(Þ)		1,771		—
Jones Lang LaSalle, Inc.		3,700		349
KeyCorp		23,238		194
Kite Realty Group Trust (ö)		3,100		15
Knight Capital Group, Inc. Class A (Æ)		22,154		244
Kohlberg Capital Corp. (Ñ)		2,800		22
Lakeland Financial Corp.		300		7
LaSalle Hotel Properties (ö)		23,935		630
Lazard, Ltd. Class A		14,230		528
Liberty Property Trust (ö)		12,700		414
LTC Properties, Inc. (ö)		5,300		147
Mack-Cali Realty Corp. (ö)		10,200		336
MCG Capital Corp.		12,800		78
Meadowbrook Insurance Group, Inc.		7,785		77
Medical Properties Trust, Inc. (ö)		21,100		243
MFA Financial, Inc. (ö)		44,600		359
Mission West Properties, Inc. (ö)		800		7
Montpelier Re Holdings, Ltd.		15,800		284
NBT Bancorp, Inc.		2,000		44
Nelnet, Inc. Class A		11,400		251
OceanFirst Financial Corp.		1,700		22
Old National Bancorp		10,900		118
OneBeacon Insurance Group, Ltd. Class A		1,200		16
Oritani Financial Corp.		13,890		178
Parkway Properties, Inc. (ö)		2,700		46
PennantPark Investment Corp. (Ñ)		27,758		311
PennyMac Mortgage Investment Trust (ö)		11,300		187
Piedmont Office Realty Trust, Inc. Class A (Ñ)(ö)		8,900		181
Pinnacle Financial Partners, Inc. (Æ)		30,180		470
Piper Jaffray Cos. (Æ)		8,509		245
Post Properties, Inc. (ö)		7,800		318
PrivateBancorp, Inc. Class A		56,670		782
Prosperity Bancshares, Inc.		17,256		756
Protective Life Corp.		11,600		268
PS Business Parks, Inc. (ö)		2,300		127
Raymond James Financial, Inc.		16,163		519
Realty Income Corp. (ö)		2,300		77
Reinsurance Group of America, Inc. Class A		4,000		243
Renasant Corp.		1,900		28
Republic Bancorp, Inc. Class A		1,200		24
Resource Capital Corp. (Ñ)(ö)		44,713		283
Safety Insurance Group, Inc.		1,300		55
Sandy Spring Bancorp, Inc.		1,200		22
Selective Insurance Group, Inc.		23,400		381
Signature Bank NY (Æ)		11,190		640
Simmons First National Corp. Class A		200		5
SL Green Realty Corp. (ö)		6,000		497
Sovran Self Storage, Inc. (ö)		3,800		156
StellarOne Corp.		19,587		237
Sterling Bancorp Class N		27,120		257
Stifel Financial Corp. (Æ)		1,400		50
Susquehanna Bancshares, Inc.		22,100		177
SVB Financial Group (Æ)		6,810		407
Symetra Financial Corp.		34,470		463


	Principal Amount ($) or Shares		Market Value $
Texas Capital Bancshares, Inc. (Æ)		9,730		251
TICC Capital Corp. (Ñ)		9,100		87
Transatlantic Holdings, Inc.		7,600		372
Trustmark Corp. (Ñ)		10,200		239
Two Harbors Investment Corp. (ö)		43,400		467
UMB Financial Corp.		8,400		352
Umpqua Holdings Corp.		24,200		280
Union First Market Bankshares Corp.		600		7
United Financial Bancorp, Inc.		1,500		23
Unitrin, Inc.		1,900		56
Universal Health Realty Income Trust (ö)		600		24
Urstadt Biddle Properties, Inc. Class A (ö)		2,600		47
Washington Federal, Inc.		45,570		748
Webster Financial Corp.		12,100		254
WesBanco, Inc.		600		12

				35,687


Health Care - 12.2%
Affymetrix, Inc. (Æ)		15,000		119
Albany Molecular Research, Inc. (Æ)		24,017		116
Amedisys, Inc. (Æ)		6,968		186
AMERIGROUP Corp. Class A (Æ)		13,340		940
Analogic Corp.		4,130		217
Angiodynamics, Inc. (Æ)		2,700		38
Array Biopharma, Inc. (Æ)		4,800		11
Assisted Living Concepts, Inc. Class A		1,200		20
Brookdale Senior Living, Inc. Class A (Æ)		15,636		379
CardioNet, Inc. (Æ)		3,500		19
Catalyst Health Solutions, Inc.(Æ)		14,730		822
Cerner Corp. (Æ)(Ñ)		5,820		356
Chemed Corp.		3,900		256
Computer Programs & Systems, Inc.		8,500		540
Conmed Corp. (Æ)		8,966		255
Cooper Cos., Inc. (The)		12,353		979
Coventry Health Care, Inc. (Æ)		26,900		981
Cross Country Healthcare, Inc. (Æ)		1,300		10
Cynosure, Inc. Class A (Æ)		15,920		192
Cytokinetics, Inc. (Æ)		18,800		24
Endo Pharmaceuticals Holdings, Inc. (Æ)		11,200		450
Ensign Group, Inc. (The)		3,800		115
Five Star Quality Care, Inc. (Æ)		62,997		366
Forest Laboratories, Inc. (Æ)		3,400		134
Gentiva Health Services, Inc. (Æ)		9,418		196
Greatbatch, Inc. (Æ)		10,536		283
Harvard Bioscience, Inc. (Æ)		39,716		212
Health Management Associates, Inc. Class A (Æ)		69,386		748
Health Net, Inc. (Æ)		30,350		974
Healthsouth Corp. (Æ)		20,914		549
Healthspring, Inc. (Æ)		11,455		528
Henry Schein, Inc. (Æ)		6,264		448
HMS Holdings Corp. (Æ)		7,450		573
Hologic, Inc. (Æ)		27,614		557
Humana, Inc.		6,900		556
IDEXX Laboratories, Inc. (Æ)		5,614		435
Illumina, Inc. (Æ)		6,197		466


Aggressive Equity Fund		13

Russell Investment Funds

Aggressive Equity Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Impax Laboratories, Inc. (Æ)		13,833		301
Kindred Healthcare, Inc. (Æ)		15,825		340
LifePoint Hospitals, Inc. (Æ)		6,616		259
Medicines Co. (The)(Æ)		10,300		170
Medicis Pharmaceutical Corp. Class A		11,881		453
Mednax, Inc. (Æ)		9,931		716
Molina Healthcare, Inc. (Æ)		16,650		452
Omnicell, Inc. (Æ)		1,100		17
Palomar Medical Technologies, Inc. (Æ)		2,300		26
Par Pharmaceutical Cos., Inc. (Æ)		16,800		554
PerkinElmer, Inc.		27,568		742
Perrigo Co.		7,150		627
Progenics Pharmaceuticals, Inc. (Æ)		4,100		29
Quality Systems, Inc.		3,800		332
RTI Biologics, Inc. (Æ)		2,900		8
STERIS Corp.		11,600		406
SuperGen, Inc. (Æ)		9,500		28
SurModics, Inc. (Æ)		2,700		30
SXC Health Solutions Corp. (Æ)		20,320		1,196
Symmetry Medical, Inc. (Æ)		25,947		233
Triple-S Management Corp. Class B (Æ)		2,400		52
Universal Health Services, Inc. Class B		10,819		558
Varian Medical Systems, Inc. (Æ)		4,141		290
Viropharma, Inc. (Æ)		22,400		414
Warner Chilcott PLC Class A		22,400		541
Watson Pharmaceuticals, Inc. Class B (Æ)		8,000		550
WebMD Health Corp. Class A (Æ)		9,218		420
WellCare Health Plans, Inc. (Æ)		5,200		267
Wright Medical Group, Inc. (Æ)		7,900		119
Zoll Medical Corp. (Æ)		6,910		392

				24,572


Materials and Processing - 9.1%
A Schulman, Inc.		19,850		500
Airgas, Inc.		8,294		581
Albemarle Corp.		13,065		904
Ameron International Corp.		3,531		232
Apogee Enterprises, Inc.		28,300		362
Aptargroup, Inc.		6,900		361
Arch Chemicals, Inc.		10,920		376
Ashland, Inc.		8,200		530
Ball Corp.		21,600		831
Buckeye Technologies, Inc.		20,387		550
Cabot Corp.		7,210		287
Clarcor, Inc.		8,829		417
Comfort Systems USA, Inc.		9,800		104
Commercial Metals Co.		26,400		379
Crown Holdings, Inc. (Æ)		14,300		555
Domtar Corp.		7,300		691
Eastman Chemical Co.		5,200		531
Fastenal Co.		10,193		367
Georgia Gulf Corp. (Æ)		2,800		68
Gibraltar Industries, Inc. (Æ)		2,600		29
HB Fuller Co.		19,976		488
Horsehead Holding Corp. (Æ)		22,579		301
Insteel Industries, Inc.		2,800		35
Interline Brands, Inc. (Æ)		15,300		281


	Principal Amount ($) or Shares		Market Value $
KapStone Paper and Packaging Corp. (Æ)		21,500		357
Kaydon Corp.		15,230		568
Kraton Performance Polymers, Inc. (Æ)		16,350		640
MeadWestvaco Corp.		4,000		133
Mercer International, Inc. (Æ)(Ñ)		16,501		166
Minerals Technologies, Inc.		3,900		259
NCI Buildings Systems, Inc. (Æ)		2,400		27
Neenah Paper, Inc.		1,800		38
Noranda Aluminum Holding Corp. (Æ)		10,200		154
OM Group, Inc. (Æ)		11,090		451
Owens & Minor, Inc.		9,680		334
Packaging Corp. of America		13,900		389
PolyOne Corp.		12,800		198
Polypore International, Inc. (Æ)		5,057		343
Quaker Chemical Corp.		500		22
Quanex Building Products Corp.		7,200		118
Reliance Steel & Aluminum Co.		5,500		273
RTI International Metals, Inc. (Æ)		7,955		305
Schnitzer Steel Industries, Inc. Class A		5,955		343
Schweitzer-Mauduit International, Inc.		5,700		320
Scotts Miracle-Gro Co. (The) Class A		4,786		246
Timken Co.		16,600		838
Titanium Metals Corp.		15,488		284
TPC Group, Inc. (Æ)		21,980		862
Universal Forest Products, Inc.		8,950		214
Valspar Corp.		3,600		130
WR Grace & Co. (Æ)		10,948		500

				18,272


Producer Durables - 19.5%
AAR Corp.		4,100		111
ABM Industries, Inc.		22,080		515
Actuant Corp. Class A		9,873		265
Aecom Technology Corp. (Æ)		9,008		246
AGCO Corp. (Æ)		10,839		535
Aircastle, Ltd.		13,800		176
Alaska Air Group, Inc. (Æ)		8,600		589
Albany International Corp. Class A		4,200		111
Alexander & Baldwin, Inc.		6,833		329
Ametek, Inc.		6,350		285
AO Smith Corp.		8,400		355
Applied Industrial Technologies, Inc.		12,600		449
Astec Industries, Inc. (Æ)		6,703		248
Atlas Air Worldwide Holdings, Inc. (Æ)		10,463		623
Avery Dennison Corp.		2,100		81
BE Aerospace, Inc. (Æ)		29,466		1,202
Brady Corp. Class A		10,800		346
Briggs & Stratton Corp.		19,790		393
Bristow Group, Inc.		2,140		109
CAI International, Inc. (Æ)		12,054		249
Cascade Corp.		1,500		71
Celadon Group, Inc. (Æ)		1,900		27
Ceradyne, Inc. (Æ)		6,624		258
Chart Industries, Inc. (Æ)		5,837		315
Chicago Bridge & Iron Co. NV		16,415		639
Consolidated Graphics, Inc. (Æ)		2,380		131
Convergys Corp. (Æ)		14,800		202


	14			Aggressive Equity Fund

Russell Investment Funds

Aggressive Equity Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Con-way, Inc.		700		27
Corrections Corp. of America (Æ)		4,700		102
Crane Co.		5,300		262
Cubic Corp.		6,400		326
Curtiss-Wright Corp.		7,900		256
DHT Holdings, Inc.		14,000		54
Diana Shipping, Inc. (Æ)		28,485		312
Douglas Dynamics, Inc.		4,100		65
Dycom Industries, Inc. (Æ)		2,500		41
Electro Rent Corp.		5,474		94
Electronics for Imaging, Inc. (Æ)		8,152		140
EMCOR Group, Inc. (Æ)		8,400		246
EnerSys (Æ)		16,770		577
EnPro Industries, Inc. (Æ)		8,186		394
Esterline Technologies Corp. (Æ)		8,800		671
Flir Systems, Inc.		8,211		277
Forward Air Corp.		170		6
G&K Services, Inc. Class A		5,580		189
General Cable Corp. (Æ)		6,842		291
Genesee & Wyoming, Inc. Class A (Æ)		6,888		404
Granite Construction, Inc.		4,600		113
Great Lakes Dredge & Dock Corp.		12,800		71
Group 1 Automotive, Inc.		13,020		536
H&R Block, Inc.		6,900		111
Harsco Corp.		9,100		297
Heidrick & Struggles International, Inc.		700		16
HUB Group, Inc. Class A (Æ)		12,260		462
IHS, Inc. Class A (Æ)		6,482		541
Insituform Technologies, Inc. Class A (Æ)		6,542		137
JB Hunt Transport Services, Inc.		5,300		250
Joy Global, Inc.		8,780		836
Kadant, Inc. (Æ)		2,000		63
Kansas City Southern (Æ)		4,900		291
KBR, Inc.		47,199		1,777
Kelly Services, Inc. Class A (Æ)		4,900		81
Kennametal, Inc.		14,700		620
Kirby Corp. (Æ)		11,890		673
Knight Transportation, Inc.		38,650		656
Layne Christensen Co. (Æ)		13,787		419
LB Foster Co. Class A		300		10
Lexmark International, Inc. Class A (Æ)		10,500		307
Lincoln Electric Holdings, Inc.		4,720		169
Littelfuse, Inc.		3,200		188
Manitowoc Co., Inc. (The)		22,771		383
Manpower, Inc.		800		43
MAXIMUS, Inc.		8,500		702
McDermott International, Inc. (Æ)		41,048		813
McGrath Rentcorp		13,656		384
Middleby Corp. (Æ)		2,259		212
Moog, Inc. Class A (Æ)		4,200		183
MSC Industrial Direct Co. Class A		6,780		450
MYR Group, Inc. (Æ)		2,800		66
NACCO Industries, Inc. Class A		800		77
National Instruments Corp.		15,541		461
Navistar International Corp. (Æ)		12,684		716
On Assignment, Inc. (Æ)		3,500		34
OSI Systems, Inc. (Æ)		7,132		307
Primoris Services Corp.		2,000		26


	Principal Amount ($) or Shares		Market Value $
Quality Distribution, Inc. (Æ)		1,200		16
RailAmerica, Inc. (Æ)		4,900		74
Resources Connection, Inc.		45,020		542
Roper Industries, Inc.		5,353		446
RSC Holdings, Inc. (Æ)		25,913		310
Ryder System, Inc.		10,800		614
Saia, Inc. (Æ)		1,100		19
SeaCube Container Leasing, Ltd.		3,200		55
Sensata Technologies Holding NV (Æ)		10,117		381
SFN Group, Inc. (Æ)		2,400		22
Skywest, Inc.		23,700		357
Snyders-Lance, Inc.		2,170		47
Southwest Airlines Co.		23,724		271
Steelcase, Inc. Class A		16,100		183
Stericycle, Inc. (Æ)		4,159		371
Sterling Construction Co., Inc. (Æ)		1,400		19
SYKES Enterprises, Inc. (Æ)		16,700		360
Synopsys, Inc. (Æ)		14,800		381
TAL International Group, Inc.		13,300		460
Teledyne Technologies, Inc. (Æ)		15,455		778
Tetra Tech, Inc. (Æ)		6,600		149
Textainer Group Holdings, Ltd.		14,073		433
Titan International, Inc.		9,082		220
Toro Co. (The)		4,300		260
Towers Watson & Co. Class A		6,100		401
TransDigm Group, Inc. (Æ)		4,517		412
Trimble Navigation, Ltd. (Æ)		14,478		574
Triumph Group, Inc.		9,420		937
TrueBlue, Inc. (Æ)		3,500		51
Tsakos Energy Navigation, Ltd.		31,200		312
Tutor Perini Corp.		11,724		225
Unifirst Corp.		1,500		84
URS Corp. (Æ)		15,483		692
Wabtec Corp.		9,230		607
Waste Connections, Inc.		11,953		379
Waters Corp. (Æ)		4,500		431
Watts Water Technologies, Inc. Class A		4,800		170
Werner Enterprises, Inc.		10,000		251

				39,369


Technology - 13.0%
Actuate Corp. (Æ)		4,800		28
ADTRAN, Inc.		13,606		527
Amdocs, Ltd. (Æ)		3,700		112
American Reprographics Co. (Æ)		2,300		16
Amkor Technology, Inc. (Æ)		13,900		86
Amphenol Corp. Class A		11,208		605
Ansys, Inc. (Æ)		15,051		824
AOL, Inc. (Æ)		11,700		232
Arris Group, Inc. (Æ)		5,900		68
Aruba Networks, Inc. (Æ)		24,997		739
Atmel Corp. (Æ)		22,662		319
Avago Technologies, Ltd.		16,219		616
Aviat Networks, Inc. (Æ)		11,400		45
Avnet, Inc. (Æ)		3,200		102
AVX Corp.		7,100		108
Brightpoint, Inc. (Æ)		6,000		49


Aggressive Equity Fund		15

Russell Investment Funds

Aggressive Equity Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Brocade Communications Systems, Inc. (Æ)		7,900		51
Ceva, Inc. (Æ)		12,163		370
Ciber, Inc. (Æ)		15,500		86
Coherent, Inc. (Æ)		7,033		389
Cohu, Inc.		23,840		313
Comtech Telecommunications Corp.		3,400		95
Concur Technologies, Inc. (Æ)		3,696		185
Cray, Inc. (Æ)		5,800		37
CSG Systems International, Inc. (Æ)		14,737		272
Cypress Semiconductor Corp.		12,474		264
Electro Scientific Industries, Inc. (Æ)		38,752		748
Emulex Corp. (Æ)		48,623		419
Equinix, Inc. (Æ)		8,010		810
Exar Corp. (Æ)		4,500		28
F5 Networks, Inc. (Æ)		4,245		468
FEI Co. (Æ)		11,200		428
Fortinet, Inc. (Æ)		8,598		235
Hittite Microwave Corp. (Æ)		8,351		517
HomeAway, Inc. (Æ)		397		15
Hurco Cos., Inc. (Æ)		800		26
Hutchinson Technology, Inc. (Æ)(Ñ)		1,100		2
IAC/InterActiveCorp (Æ)		18,862		720
Informatica Corp. (Æ)		10,200		596
Infospace, Inc. (Æ)		1,500		14
Inphi Corp. (Æ)		9,240		161
Integrated Device Technology, Inc. (Æ)		48,800		384
Intermec, Inc. (Æ)		9,900		109
International Rectifier Corp. (Æ)		17,668		495
Intersil Corp. Class A		37,000		475
Intevac, Inc. (Æ)		1,000		10
JDS Uniphase Corp. (Æ)		34,529		576
Kemet Corp. (Æ)		45,400		650
Keynote Systems, Inc.		3,800		82
KLA-Tencor Corp.		2,300		93
Knology, Inc. (Æ)		2,600		39
Kulicke & Soffa Industries, Inc. (Æ)		14,100		157
Lam Research Corp. (Æ)		13,100		580
LSI Corp. (Æ)		62,500		445
LTX-Credence Corp. (Æ)		22,700		203
Mentor Graphics Corp. (Æ)		36,500		467
Methode Electronics, Inc.		22,900		266
Micrel, Inc.		41,510		439
MICROS Systems, Inc. (Æ)		13,020		647
Microsemi Corp. (Æ)		13,899		285
Mindspeed Technologies, Inc. (Æ)		3,300		26
MKS Instruments, Inc.		5,500		145
Molex, Inc. (Ñ)		13,900		358
Multi-Fineline Electronix, Inc. (Æ)		10,192		220
Netlogic Microsystems, Inc. (Æ)		7,085		286
Newport Corp. (Æ)		6,700		122
NICE Systems, Ltd. - ADR (Æ)		17,416		633
Novellus Systems, Inc. (Æ)		7,400		267
Opnet Technologies, Inc.		8,600		352
Opnext, Inc. (Æ)		17,500		40
PMC - Sierra, Inc. (Æ)		53,421		404
Polycom, Inc. (Æ)		4,904		315
Radisys Corp. (Æ)		1,900		14


	Principal Amount ($) or Shares		Market Value $
RealNetworks, Inc. (Æ)		15,100		51
RightNow Technologies, Inc. (Æ)		9,800		318
Rovi Corp. (Æ)		14,940		858
Rudolph Technologies, Inc. (Æ)		2,000		21
SBA Communications Corp. Class A (Æ)(Ñ)		10,775		411
Seachange International, Inc. (Æ)		4,400		47
Silicon Graphics International Corp. (Æ)(Ñ)		6,100		105
Silicon Image, Inc. (Æ)		26,900		174
Silicon Laboratories, Inc. (Æ)		1,900		78
Sourcefire, Inc. (Æ)		23,612		703
Standard Microsystems Corp. (Æ)		5,400		146
SuccessFactors, Inc. (Æ)		11,566		340
Symmetricom, Inc. (Æ)		2,400		14
Synchronoss Technologies, Inc. (Æ)		8,790		279
Tekelec (Æ)		12,300		112
TeleCommunication Systems, Inc. Class A (Æ)		6,500		31
THQ, Inc. (Æ)		19,900		72
Tier Technologies, Inc. Class B (Æ)		21,377		107
Trident Microsystems, Inc. (Æ)		14,400		10
Ultratech, Inc. (Æ)		3,500		106
United Online, Inc.		40,726		245
VeriFone Systems, Inc. (Æ)		10,126		449
Vishay Intertechnology, Inc. (Æ)		11,193		168

				26,154


Utilities - 5.4%
Allete, Inc.		10,490		431
Alliant Energy Corp.		14,000		570
Approach Resources, Inc. (Æ)		32,650		739
Atmos Energy Corp.		9,700		323
Black Hills Corp.		21,202		638
California Water Service Group		24,640		461
Chesapeake Utilities Corp.		1,200		48
El Paso Electric Co.		31,700		1,023
Energen Corp.		4,500		254
Great Plains Energy, Inc.		10,100		209
Idacorp, Inc.		2,400		95
Integrys Energy Group, Inc.		3,700		192
Laclede Group, Inc. (The)		1,100		42
MetroPCS Communications, Inc. (Æ)		17,200		296
NII Holdings, Inc. (Æ)		10,986		466
NiSource, Inc. (Ñ)		10,300		209
Northwest Natural Gas Co.		7,380		333
NorthWestern Corp.		18,695		619
NTELOS Holdings Corp.		9,480		194
NV Energy, Inc.		33,100		508
OGE Energy Corp.		10,200		513
Otter Tail Corp.		12,150		256
Pinnacle West Capital Corp.		8,400		374
PNM Resources, Inc.		16,100		270
Portland General Electric Co.		16,130		408
Premiere Global Services, Inc. (Æ)		4,200		34
Questar Corp.		3,200		57
Southwest Gas Corp.		6,200		239
Stone Energy Corp. (Æ)		4,900		149
SureWest Communications		800		13


	16			Aggressive Equity Fund

Russell Investment Funds

Aggressive Equity Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares			Market Value $

Telephone & Data Systems, Inc.		5,800			180
UGI Corp.		12,100			386
UIL Holdings Corp.		8,450			273

					10,802


Total Common Stocks (cost $161,094)					194,614


Short-Term Investments - 3.2%
Russell U.S. Cash Management Fund		6,374,037	(¥)		6,374


Total Short-Term Investments (cost $6,374)					6,374


Other Securities - 2.4%
Russell Investment Funds Liquidating Trust(X)		253,519	(¥)		257
Russell U.S. Cash Collateral Fund(X)		4,594,792	(¥)		4,595


Total Other Securities (cost $4,848)					4,852

Total Investments - 102.2% (identified cost $172,316)					205,840

Other Assets and Liabilities, Net - (2.2%)					(4,405	)


Net Assets - 100.0%					201,435

A portion of the portfolio has been fair valued as of period end.

See accompanying notes which are an integral part of the financial statements.


Aggressive Equity Fund		17

Russell Investment Funds

Aggressive Equity Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except contract amounts)

Futures Contracts

Number of
Contracts

Notional
Amount

Expiration
Date

Unrealized
Appreciation
(Depreciation)
$

Long Positions

S&P Midcap 400 E Mini Index Futures (CME)

USD

6,836

09/11

283

Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)

283

Presentation of Portfolio Holdings — June 30, 2011 (Unaudited)

Amounts in thousands


	Market Value								% of Net Assets
Portfolio Summary	Level 1		Level 2		Level 3		Total		% of Net Assets


Common Stocks
Consumer Discretionary	$	22,398	$	—	$	—	$	22,398		11.1
Consumer Staples		4,266		—		—		4,266		2.1
Energy		13,094		—		—		13,094		6.5
Financial Services		35,687		—		—		35,687		17.7
Health Care		24,572		—		—		24,572		12.2
Materials and Processing		18,272		—		—		18,272		9.1
Producer Durables		39,369		—		—		39,369		19.5
Technology		26,154		—		—		26,154		13.0
Utilities		10,802		—		—		10,802		5.4
Short-Term Investments		—		6,374		—		6,374		3.2
Other Securities		—		4,852		—		4,852		2.4

Total Investments		194,614		11,226		—		205,840		102.2

Other Assets and Liabilities, Net										(2.2	)

										100.0

Other Financial Instruments
Futures Contracts		283		—		—		283		0.1

Total Other Financial Instruments^*	$	283	$	—	$	—	$	283

*	Other financial instruments reflected in the Schedule of Investments, such as futures, forwards, and swap contracts which are valued at the unrealized appreciation/depreciation on the instruments.

For a description of the levels see note 2 in the Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.


	18			Aggressive Equity Fund

Russell Investment Funds

Aggressive Equity Fund

Fair Value of Derivative Instruments — June 30, 2011 (Unaudited)

Amounts in thousands


Derivatives not accounted for as hedging instruments	Equity Contracts

Location: Statement of Assets and Liabilities - Assets
Daily variation margin on futures contracts*	$	283


Derivatives not accounted for as hedging instruments	Equity Contracts
Location: Statement of Operations - Net realized gain (loss)
Futures contracts	$	385

Location: Statement of Operations - Net change in unrealized appreciation (depreciation)
Futures contracts	$	161

*	Includes cumulative appreciation/depreciation of futures contracts as reported in Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets & Liabilities

For further disclosure on derivatives see note 2 in Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.


Aggressive Equity Fund		19

Russell Investment Funds

Non-U.S. Fund

Shareholder Expense Example — June 30, 2011 (Unaudited)

Fund Expenses

Example

Actual Expenses

Hypothetical Example for Comparison Purposes


	Actual Performance			Hypothetical Performance (5% return before expenses)
			��
Beginning Account Value
January 1, 2011	$	1,000.00		$	1,000.00
Ending Account Value
June 30, 2011	$	1,047.20		$	1,019.59
Expenses Paid During Period*	$	5.33		$	5.26

Expenses are equal to the Fund's annualized expense ratio of 1.05% (representing the six month period annualized), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). May reflect amounts waived, reimbursed and/or other credits. Without any waivers, reimbursements and/or other credits, expenses would have been higher.


	20			Non-U.S. Fund

Russell Investment Funds

Non-U.S. Fund

Schedule of Investments — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Common Stocks - 91.0%
Australia - 0.9%
Billabong International, Ltd. (Ñ)		197,100		1,275
QBE Insurance Group, Ltd.		43,656		810
Westpac Banking Corp.		58,670		1,408

				3,493


Austria - 0.2%
Erste Group Bank AG		11,564		606


Belgium - 0.5%
Anheuser-Busch InBev NV Class 2		21,756		1,262
KBC Groep NV (Ñ)		17,798		699

				1,961


Bermuda - 1.1%
Esprit Holdings, Ltd.		163,300		509
Li & Fung, Ltd. (Ñ)		1,368,000		2,751
RenaissanceRe Holdings, Ltd.		13,200		923

				4,183


Brazil - 2.0%
Anhanguera Educacional Participacoes SA		25,300		539
BM&FBovespa SA		79,600		527
BR Malls Participacoes SA		104,200		1,192
Brookfield Incorporacoes SA		448,400		2,186
OGX Petroleo e Gas Participacoes SA (Æ)		364,300		3,405

				7,849


Canada - 1.8%
Canadian National Railway Co. (Þ)		59,648		4,766
Imax Corp. (Æ)(Ñ)		13,670		443
Pacific Rubiales Energy Corp.		67,064		1,798

				7,007


Cayman Islands - 0.7%
Baidu, Inc. - ADR (Æ)(Ñ)		6,513		913
Sina Corp. (Æ)(Ñ)		8,870		923
Youku.com, Inc. - ADR (Æ)(Ñ)		27,746		953

				2,789


Czech Republic - 0.2%
Komercni Banka AS		2,854		696


Denmark - 1.3%
Danske Bank A/S (Æ)		135,251		2,511
Novo Nordisk A/S Class B		15,135		1,898
Novozymes A/S Class B		4,886		795

				5,204


Finland - 0.4%
Pohjola Bank PLC Class A		105,825		1,368


France - 7.6%
Air France-KLM		54,306		834
Air Liquide SA Class A		14,098		2,021


	Principal Amount ($) or Shares		Market Value $
Capital Gemini SA		25,000		1,465
Casino Guichard Perrachon SA (Æ)		2,700		255
CNP Assurances		39,164		854
Credit Agricole SA		80,710		1,214
Danone		22,781		1,700
Dassault Systemes SA		933		79
GDF Suez		33,900		1,241
Lagardere SCA		17,531		741
Legrand SA - ADR		29,715		1,251
LVMH Moet Hennessy Louis Vuitton SA - ADR		14,742		2,653
Natixis		72,658		365
Pernod-Ricard SA(Ñ)		25,236		2,487
Publicis Groupe SA - ADR		16,799		938
Rallye SA		46,885		1,948
Sanofi - ADR		30,082		2,418
Schneider Electric SA		29,759		4,971
SCOR SE - ADR		43,680		1,241
UBISOFT Entertainment (Æ)(Ñ)		98,245		985

				29,661


Germany - 6.8%
Adidas AG		11,247		892
BASF SE		23,056		2,256
Bayer AG		21,622		1,738
Beiersdorf AG (Æ)		22,722		1,474
Commerzbank AG (Æ)		396,970		1,707
Deutsche Boerse AG		13,652		1,036
E.ON AG		37,700		1,070
Henkel AG & Co. KGaA		7,262		416
Linde AG		22,549		3,953
MAN SE (Ñ)		2,646		353
Merck KGaA		10,833		1,177
MTU Aero Engines Holding AG		43,771		3,492
Muenchener Rueckversicherungs AG		5,199		794
SAP AG - ADR		16,890		1,022
Siemens AG		19,320		2,653
ThyssenKrupp AG - ADR		16,960		880
Volkswagen AG		7,906		1,453

				26,366


Hong Kong - 1.8%
AIA Group, Ltd. (Æ)		200,400		697
China Unicom Hong Kong, Ltd. (Ñ)		1,240,000		2,511
CNOOC, Ltd.		634,000		1,490
Hang Lung Properties, Ltd. - ADR		297,000		1,230
Hong Kong Exchanges and Clearing, Ltd. (Ñ)		58,478		1,231

				7,159


India - 1.0%
ICICI Bank, Ltd. - ADR		57,935		2,856
Infosys Technologies, Ltd. - ADR		16,280		1,062

				3,918


Ireland - 0.2%
Accenture PLC Class A		15,200		918


Non-U.S. Fund		21

Russell Investment Funds

Non-U.S. Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Isle of Man - 0.4%
Genting International PLC (Æ)(Ñ)		1,068,000		1,685


Israel - 0.2%
Teva Pharmaceutical Industries, Ltd. - ADR		16,900		815


Italy - 3.4%
Banca Popolare di Milano Scarl (Ñ)		175,200		414
Enel SpA (Ñ)		257,100		1,679
ENI SpA - ADR		134,807		3,196
Finmeccanica SpA		204,247		2,472
Snam Rete Gas SpA		334,525		1,980
Telecom Italia SpA		874,500		1,217
UniCredit SpA		693,941		1,468
Unione di Banche Italiane SCPA (Ñ)		121,136		682

				13,108


Japan - 14.1%
Amada Co., Ltd.		167,700		1,290
Canon, Inc. (Ñ)		154,400		7,364
Dai-ichi Life Insurance Co., Ltd. (The)		500		700
Dena Co., Ltd. (Ñ)		26,100		1,126
Denso Corp.		32,300		1,199
Fanuc, Ltd.		16,000		2,668
Honda Motor Co., Ltd. (Ñ)		92,400		3,562
Hoya Corp.		60,100		1,332
Inpex Corp.		251		1,853
ITOCHU Corp.		233,600		2,430
Japan Tobacco, Inc.		296		1,142
Komatsu, Ltd. (Ñ)		39,900		1,241
Lawson, Inc. (Ñ)		21,500		1,129
Mabuchi Motor Co., Ltd. (Ñ)		32,800		1,657
Marubeni Corp.		231,000		1,535
Mitsubishi UFJ Financial Group, Inc.		186,700		909
Mori Seiki Co., Ltd. (Ñ)		83,100		1,101
MS&AD Insurance Group Holdings		46,400		1,088
Nintendo Co., Ltd.		6,800		1,280
Nissan Motor Co., Ltd.		61,600		647
Nomura Holdings, Inc.		112,300		556
NTT DoCoMo, Inc. - ADR		2,050		37
NTT DoCoMo, Inc.		900		1,606
Omron Corp. (Ñ)		15,700		436
Shin-Etsu Chemical Co., Ltd.		69,400		3,723
Sumitomo Corp.		142,200		1,938
Sumitomo Mitsui Financial Group, Inc.		48,400		1,490
Sumitomo Realty & Development Co., Ltd.		73,000		1,632
Suzuken Co., Ltd.		16,675		385
THK Co., Ltd.		50,500		1,285
Toshiba Corp. (Ñ)		165,000		873
Toshiba TEC Corp.		100,479		439
Toyota Motor Corp.		35,400		1,490
Yamada Denki Co., Ltd. (Ñ)		14,030		1,145
Yokogawa Electric Corp. (Ñ)		240,100		2,059

				54,347


Jersey - 0.4%
Experian PLC		10,948		139
WPP PLC		119,009		1,490

				1,629


	Principal Amount ($) or Shares		Market Value $
Luxembourg - 0.7%
APERAM		1,793		58
ArcelorMittal		35,673		1,241
Millicom International Cellular SA		13,845		1,437

				2,736


Netherlands - 7.2%
Aegon NV		178,657		1,218
Akzo Nobel NV		64,247		4,053
ASML Holding NV Class G		58,502		2,156
European Aeronautic Defence and Space Co. NV (Ñ)		51,690		1,730
Heineken NV		51,981		3,127
ING Groep NV (Æ)		501,855		6,191
Koninklijke Philips Electronics NV (Ñ)		76,429		1,961
LyondellBasell Industries NV Class A		42,865		1,651
Randstad Holding NV (Æ)		26,296		1,215
Reed Elsevier NV		93,400		1,254
Sensata Technologies Holding NV (Æ)		43,114		1,623
Unilever NV		36,450		1,194
Wolters Kluwer NV		27,587		611

				27,984


Norway - 0.9%
DnB NOR ASA		154,500		2,154
Statoil ASA Class N (Ñ)		49,300		1,248

				3,402


Russia - 0.4%
Gazprom OAO - ADR (Æ)		115,940		1,698


Singapore - 1.9%
Jardine Cycle & Carriage, Ltd.		130,100		4,573
Keppel Corp., Ltd. - ADR		35,200		318
Singapore Telecommunications, Ltd.		236,000		608
United Overseas Bank, Ltd.		125,400		2,015

				7,514


South Africa - 0.2%
MTN Group, Ltd.		39,432		840


South Korea - 0.4%
Samsung Electronics Co., Ltd.		1,842		1,432


Spain - 2.1%
Amadeus IT Group SA (Æ)(Ñ)		34,308		714
Banco Santander SA - ADR		288,789		3,331
Criteria Caixacorp SA		134,114		936
Inditex SA		19,313		1,764
Indra Sistemas SA (Ñ)		41,100		850
Red Electrica Corp. SA (Ñ)		6,654		402

				7,997


Sweden - 0.4%
Hennes & Mauritz AB Class B		17,970		619
Skandinaviska Enskilda Banken AB Class A		55,751		456
Svenska Cellulosa AB Class B		27,062		381

				1,456


	22			Non-U.S. Fund

Russell Investment Funds

Non-U.S. Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares			Market Value $

Switzerland - 8.6%
ACE, Ltd.		19,550			1,287
Cie Financiere Richemont SA		13,398			877
Credit Suisse Group AG (Æ)		27,999			1,088
GAM Holding AG		45,001			738
Givaudan SA (Æ)		915			968
Helvetia Holding AG (Æ)		5,215			2,233
Julius Baer Group, Ltd. (Æ)		85,127			3,514
Nestle SA		80,440			5,000
Novartis AG		63,300			3,877
Roche Holding AG		21,700			3,631
Sonova Holding AG (Æ)		5,252	��		492
Swatch Group AG (The) Class B		5,043			2,544
Swiss Reinsurance Co., Ltd. (Æ)		12,364			694
TE Connectivity, Ltd.		45,900			1,687
UBS AG (Æ)		190,938			3,482
Zurich Financial Services AG (Æ)		5,653			1,429

					33,541


Taiwan - 1.8%
Hon Hai Precision Industry Co., Ltd.		425,840			1,469
Hon Hai Precision Industry Co., Ltd. - GDR		70,168			479
Siliconware Precision Industries Co.		239,000			309
Siliconware Precision Industries Co. - ADR		283,200			1,761
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR (Ñ)		247,131			3,117

					7,135


Thailand - 0.3%
Bangkok Bank PCL		234,000			1,208


United Kingdom - 19.2%
Aegis Group PLC		755,902			1,940
Anglo American PLC		49,374			2,447
ARM Holdings PLC		130,207			1,231
Aviva PLC		116,621			821
BAE Systems PLC		279,500			1,429
Barclays PLC		1,311,774			5,399
BG Group PLC		36,495			828
BP PLC		620,999			4,575
BP PLC - ADR		7,300			323
Burberry Group PLC		28,466			662
Cable & Wireless Worldwide PLC		1,473,200			1,088
Carillion PLC		213,025			1,285
Compass Group PLC		134,190			1,294
Dairy Crest Group PLC		183,609			1,090
Diageo PLC		105,452			2,155
GlaxoSmithKline PLC - ADR		19,300			413
Hays PLC		247,512			409
Home Retail Group PLC		227,803			598
HSBC Holdings PLC		781,104			7,750
Imperial Tobacco Group PLC		119,547			3,975
National Grid PLC		229,814			2,262
Reckitt Benckiser Group PLC		47,479			2,621
Reed Elsevier PLC		55,484			505
Rio Tinto PLC		15,750			1,137
Rolls-Royce Holdings PLC (Æ)		104,974			1,087


	Principal Amount ($) or Shares		Market Value $
Royal Bank of Scotland Group PLC - ADR (Æ)		1,267,698		786
Royal Dutch Shell PLC Class A		156,233		5,547
Royal Dutch Shell PLC Class A		42,196		1,504
Sage Group PLC (The)		530,567		2,460
Smith & Nephew PLC		114,460		1,221
Smiths Group PLC		53,305		1,028
Standard Chartered PLC		136,313		3,582
Tesco PLC		242,666		1,567
Travis Perkins PLC		106,950		1,699
Tullow Oil PLC		54,323		1,081
Vodafone Group PLC - ADR		1,827,892		4,858
Xstrata PLC		60,727		1,339

				73,996


United States - 1.7%
Citigroup, Inc.		45,117		1,879
MercadoLibre, Inc.		12,261		973
Philip Morris International, Inc.		50,400		3,365
Synthes, Inc. (Æ)Þ)		3,021		532

				6,749


Virgin Islands, British - 0.2%
Arcos Dorados Holdings, Inc. Class A		30,767		649


Total Common Stocks (cost $308,103)				353,099


Preferred Stocks - 0.4%
Brazil - 0.3%
Usinas Siderurgicas de Minas Gerais SA (Æ)		116,800		1,025


Germany - 0.1%
Porsche Automobil Holding SE		6,600		524


Total Preferred Stocks (cost $1,409)				1,549


Warrants & Rights - 0.0%
Spain - 0.0%
Criteria Caixacorp SA (Æ) 2015 Rights		134,114		10


Total Warrants & Rights (cost $10)				10


Short-Term Investments - 7.4%
United States - 7.4%
Russell U.S. Cash Management Fund		28,509,243(¥)		28,509


Total Short-Term Investments (cost $28,509)				28,509


Non-U.S. Fund		23

Russell Investment Funds

Non-U.S. Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Other Securities - 10.1%
Russell Investment Funds Liquidating Trust ×)		873,312(¥)		898
Russell U.S. Cash Collateral Fund ×)		38,404,531(¥)		38,405


Total Other Securities (cost $39,278)				39,303


Total Investments - 108.9% (identified cost $377,309)				422,470

Other Assets and Liabilities, Net - (8.9%)				(34,697	)


Net Assets - 100.0%				387,773

A portion of the portfolio has been fair valued as of period end.

See accompanying notes which are an integral part of the financial statements.


	24			Non-U.S. Fund

Russell Investment Funds

Non-U.S. Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except contract amounts)


Futures Contracts	Number of Contracts			Notional Amount		Expiration Date		Unrealized Appreciation (Depreciation) $


Long Positions
ASX SPI 200 Index Futures (Australia)		18	AUD		2,070		09/11		20
CAC 40 Index Futures (France)		64	EUR		2,547		07/11		141
DAX Index Futures (Germany)		13	EUR		2,402		09/11		90
EURO STOXX 50 Index Futures (EMU)		164	EUR		4,671		09/11		247
FTSE 100 Index Futures (UK)		56	GBP		3,305		09/11		144
Hang Seng Index Futures (Hong Kong)		7	HKD		7,850		07/11		19
S&P TSE 60 Index Futures (Canada)		21	CAD		3,201		09/11		72
TOPIX Index Futures (Japan)		48	JPY		407,760		09/11		261

Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)									994

See accompanying notes which are an integral part of the financial statements.


Non-U.S. Fund		25

Russell Investment Funds

Non-U.S. Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands


Foreign Currency Exchange Contracts

Counter Party	Amount Sold		Amount Bought		Settlement Date		Unrealized Appreciation (Depreciation) $

Bank of America	USD	105	AUD	100		09/21/11		—
Bank of America	USD	102	CAD	100		09/21/11		1
Bank of America	USD	289	EUR	200		09/21/11		—	��
Bank of America	USD	163	GBP	100		09/21/11		(3	)
Bank of America	USD	64	HKD	500		09/21/11		—
Bank of America	USD	125	JPY	10,000		09/21/11		(1	)
Barclays Bank PLC	USD	57	GBP	36		07/01/11		—
Barclays Bank PLC	USD	79	GBP	49		07/01/11		—
Barclays Bank PLC	USD	86	GBP	53		07/01/11		—
Barclays Bank PLC	USD	325	GBP	203		07/01/11		1
BNP Paribas	USD	382	AUD	364		09/21/11		5
BNP Paribas	USD	510	CAD	499		09/21/11		7
BNP Paribas	USD	173	HKD	1,346		09/21/11		—
Brown Brothers Harriman & Co.	JPY	1,819	USD	22		07/01/11		—
Brown Brothers Harriman & Co.	JPY	1,350	USD	17		07/05/11		—
Brown Brothers Harriman & Co.	JPY	2,457	USD	30		07/05/11		—
Brown Brothers Harriman & Co.	JPY	3,806	USD	47		07/05/11		—
Brown Brothers Harriman & Co.	USD	22	CHF	19		07/01/11		—
Brown Brothers Harriman & Co.	USD	44	CHF	36		07/01/11		—
Brown Brothers Harriman & Co.	USD	54	CHF	46		07/05/11		—
Brown Brothers Harriman & Co.	USD	287	EUR	200		09/21/11		3
Brown Brothers Harriman & Co.	USD	163	GBP	100		09/21/11		(3	)
Brown Brothers Harriman & Co.	USD	125	JPY	10,000		09/21/11		(1	)
Credit Suisse First Boston	CHF	102	USD	123		07/01/11		2
Credit Suisse First Boston	USD	382	AUD	364		09/21/11		4
Credit Suisse First Boston	USD	510	CAD	499		09/21/11		7
Credit Suisse First Boston	USD	84	GBP	53		07/01/11		—
Credit Suisse First Boston	USD	79	GBP	49		07/05/11		—
Credit Suisse First Boston	USD	851	GBP	521		09/21/11		(16	)
Deutsche Bank AG	EUR	1,602	USD	2,310		07/01/11		(13	)
Deutsche Bank AG	JPY	1,517	USD	19		07/01/11		—
Deutsche Bank AG	SEK	325	USD	51		07/05/11		—
Deutsche Bank AG	USD	382	AUD	364		09/21/11		4
Deutsche Bank AG	USD	2,197	EUR	1,507		09/21/11		(17	)
Deutsche Bank AG	USD	428	GBP	266		07/01/11		—
Deutsche Bank AG	USD	851	GBP	521		09/21/11		(16	)
Deutsche Bank AG	USD	173	HKD	1,346		09/21/11		—
Deutsche Bank AG	USD	971	JPY	77,417		09/21/11		(9	)
HSBC Bank PLC	USD	564	EUR	400		09/21/11		15
HSBC Bank PLC	USD	2,197	EUR	1,507		09/21/11		(17	)
HSBC Bank PLC	USD	851	GBP	521		09/21/11		(16	)
HSBC Bank PLC	USD	173	HKD	1,346		09/21/11		—
HSBC Bank PLC	USD	971	JPY	77,417		09/21/11		(9	)
JP Morgan Chase Bank	USD	105	AUD	100		09/21/11		1
JP Morgan Chase Bank	USD	382	AUD	364		09/21/11		4
JP Morgan Chase Bank	USD	102	CAD	100		09/21/11		2
JP Morgan Chase Bank	USD	510	CAD	499		09/21/11		7
JP Morgan Chase Bank	USD	2,197	EUR	1,507		09/21/11		(17	)
JP Morgan Chase Bank	USD	161	GBP	100		09/21/11		(1	)
JP Morgan Chase Bank	USD	851	GBP	521		09/21/11		(16	)
JP Morgan Chase Bank	USD	64	HKD	500		09/21/11		—
JP Morgan Chase Bank	USD	173	HKD	1,346		09/21/11		—
JP Morgan Chase Bank	USD	125	JPY	10,000		09/21/11		(1	)
JP Morgan Chase Bank	USD	971	JPY	77,417		09/21/11		(9	)
Royal Bank of Canada	USD	510	CAD	499		09/21/11		7
Royal Bank of Canada	USD	2,197	EUR	1,507		09/21/11		(17	)
Royal Bank of Canada	USD	851	GBP	521		09/21/11		(16	)

See accompanying notes which are an integral part of the financial statements.


	26			Non-U.S. Fund

Russell Investment Funds

Non-U.S. Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands


Foreign Currency Exchange Contracts
Counter Party	Amount Sold		Amount Bought		Settlement Date		Unrealized Appreciation (Depreciation) $

Royal Bank of Canada	USD	173	HKD	1,346		09/21/11		—
Royal Bank of Canada	USD	970	JPY	77,417		09/21/11		(8	)
Royal Bank of Scotland PLC	EUR	26	USD	38		07/01/11		—
Royal Bank of Scotland PLC	EUR	500	USD	713		09/21/11		(10	)
Royal Bank of Scotland PLC	SGD	108	USD	87		07/01/11		(1	)
Royal Bank of Scotland PLC	USD	103	AUD	100		09/21/11		3
Royal Bank of Scotland PLC	USD	101	CAD	100		09/21/11		2
Royal Bank of Scotland PLC	USD	5	EUR	4		07/01/11		—
Royal Bank of Scotland PLC	USD	5	EUR	4		07/01/11		—
Royal Bank of Scotland PLC	USD	20	EUR	14		07/01/11		—
Royal Bank of Scotland PLC	USD	285	EUR	200		09/21/11		4
Royal Bank of Scotland PLC	USD	160	GBP	100		09/21/11		—
Royal Bank of Scotland PLC	USD	64	HKD	500		09/21/11		—
Societe Generale	USD	382	AUD	364		09/21/11		5
Societe Generale	USD	510	CAD	499		09/21/11		7
Societe Generale	USD	2,198	EUR	1,507		09/21/11		(18	)
Societe Generale	USD	971	JPY	77,417		09/21/11		(8	)
State Street Bank & Trust Co.	AUD	100	USD	105		09/21/11		(1	)
State Street Bank & Trust Co.	AUD	200	USD	212		09/21/11		(1	)
State Street Bank & Trust Co.	CAD	300	USD	307		09/21/11		(3	)
State Street Bank & Trust Co.	EUR	33	USD	48		07/05/11		—
State Street Bank & Trust Co.	EUR	100	USD	143		09/21/11		(1	)
State Street Bank & Trust Co.	EUR	650	USD	951		09/21/11		11
State Street Bank & Trust Co.	GBP	30	USD	48		07/05/11		—
State Street Bank & Trust Co.	GBP	100	USD	162		09/21/11		2
State Street Bank & Trust Co.	GBP	300	USD	493		09/21/11		12
State Street Bank & Trust Co.	HKD	500	USD	64		09/21/11		—
State Street Bank & Trust Co.	HKD	800	USD	103		09/21/11		—
State Street Bank & Trust Co.	JPY	302,299	USD	3,543		07/08/11		(213	)
State Street Bank & Trust Co.	JPY	311,886	USD	3,669		07/08/11		(205	)
State Street Bank & Trust Co.	JPY	40,000	USD	499		09/21/11		2
State Street Bank & Trust Co.	SEK	239	USD	37		07/01/11		(1	)
State Street Bank & Trust Co.	SEK	148	USD	23		07/05/11		—
State Street Bank & Trust Co.	SGD	68	USD	55		07/05/11		—
State Street Bank & Trust Co.	SGD	232	USD	189		07/05/11		—
State Street Bank & Trust Co.	USD	10	AUD	10		07/05/11		—
State Street Bank & Trust Co.	USD	19	AUD	17		07/05/11		—
State Street Bank & Trust Co.	USD	—	BRL	—		07/05/11		—
State Street Bank & Trust Co.	USD	7	BRL	12		07/05/11		—
State Street Bank & Trust Co.	USD	7	CHF	6		07/05/11		—
State Street Bank & Trust Co.	USD	9	CHF	7		07/05/11		—
State Street Bank & Trust Co.	USD	22	CHF	18		07/05/11		—
State Street Bank & Trust Co.	USD	24	CHF	20		07/05/11		—
State Street Bank & Trust Co.	USD	41	CHF	35		07/05/11		—
State Street Bank & Trust Co.	USD	9	CZK	156		07/07/11		—
State Street Bank & Trust Co.	USD	1	EUR	1		07/01/11		—
State Street Bank & Trust Co.	USD	4	EUR	3		07/01/11		—
State Street Bank & Trust Co.	USD	5	EUR	3		07/01/11		—
State Street Bank & Trust Co.	USD	13	EUR	9		07/01/11		—
State Street Bank & Trust Co.	USD	13	EUR	9		07/01/11		—
State Street Bank & Trust Co.	USD	16	EUR	11		07/01/11		—
State Street Bank & Trust Co.	USD	19	EUR	13		07/01/11		—
State Street Bank & Trust Co.	USD	5	EUR	3		07/05/11		—
State Street Bank & Trust Co.	USD	7	EUR	5		07/05/11		—
State Street Bank & Trust Co.	USD	7	EUR	5		07/05/11		—
State Street Bank & Trust Co.	USD	8	EUR	5		07/05/11		—

See accompanying notes which are an integral part of the financial statements.


Non-U.S. Fund		27

Russell Investment Funds

Non-U.S. Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands


Foreign Currency Exchange Contracts
Counter Party	Amount Sold		Amount Bought		Settlement Date		Unrealized Appreciation (Depreciation) $

State Street Bank & Trust Co.	USD	9	EUR	7		07/05/11		—
State Street Bank & Trust Co.	USD	12	EUR	8		07/05/11		—
State Street Bank & Trust Co.	USD	16	EUR	11		07/05/11		—
State Street Bank & Trust Co.	USD	17	EUR	12		07/05/11		—
State Street Bank & Trust Co.	USD	20	EUR	14		07/05/11		—
State Street Bank & Trust Co.	USD	21	EUR	14		07/05/11		—
State Street Bank & Trust Co.	USD	23	EUR	16		07/05/11		—
State Street Bank & Trust Co.	USD	25	EUR	17		07/05/11		—
State Street Bank & Trust Co.	USD	27	EUR	19		07/05/11		—
State Street Bank & Trust Co.	USD	35	EUR	24		07/05/11		—
State Street Bank & Trust Co.	USD	36	EUR	25		07/05/11		—
State Street Bank & Trust Co.	USD	42	EUR	29		07/05/11		—
State Street Bank & Trust Co.	USD	6	GBP	4		07/05/11		—
State Street Bank & Trust Co.	USD	7	GBP	4		07/05/11		—
State Street Bank & Trust Co.	USD	11	GBP	7		07/05/11		—
State Street Bank & Trust Co.	USD	13	GBP	8		07/05/11		—
State Street Bank & Trust Co.	USD	15	GBP	9		07/05/11		—
State Street Bank & Trust Co.	USD	18	GBP	11		07/05/11		—
State Street Bank & Trust Co.	USD	19	GBP	12		07/05/11		—
State Street Bank & Trust Co.	USD	19	GBP	12		07/05/11		—
State Street Bank & Trust Co.	USD	21	GBP	13		07/05/11		—
State Street Bank & Trust Co.	USD	24	GBP	15		07/05/11		—
State Street Bank & Trust Co.	USD	36	GBP	22		07/05/11		—
State Street Bank & Trust Co.	USD	36	GBP	22		07/05/11		—
State Street Bank & Trust Co.	USD	7	HKD	52		07/05/11		—
State Street Bank & Trust Co.	USD	7	HKD	54		07/05/11		—
State Street Bank & Trust Co.	USD	8	HKD	63		07/05/11		—
State Street Bank & Trust Co.	USD	10	HKD	75		07/05/11		—
State Street Bank & Trust Co.	USD	8	JPY	639		07/05/11		—
State Street Bank & Trust Co.	USD	15	JPY	1,200		07/05/11		—
State Street Bank & Trust Co.	USD	15	JPY	1,243		07/05/11		—
State Street Bank & Trust Co.	USD	16	JPY	1,267		07/05/11		—
State Street Bank & Trust Co.	USD	18	JPY	1,428		07/05/11		—
State Street Bank & Trust Co.	USD	22	JPY	1,786		07/05/11		—
State Street Bank & Trust Co.	USD	27	JPY	2,131		07/05/11		—
State Street Bank & Trust Co.	USD	658	JPY	53,177		07/08/11		2
State Street Bank & Trust Co.	USD	5	SEK	29		07/05/11		—
State Street Bank & Trust Co.	USD	9	SEK	57		07/05/11		—
State Street Bank & Trust Co.	USD	8	SGD	9		07/05/11		—
UBS AG	USD	105	AUD	100		09/21/11		1
UBS AG	USD	103	CAD	100		09/21/11		1
UBS AG	USD	575	EUR	400		09/21/11		4
UBS AG	USD	160	GBP	100		09/21/11		—
UBS AG	USD	66	JPY	5,316		07/01/11		—
UBS AG	USD	102	JPY	8,206		07/01/11		—
UBS AG	USD	45	JPY	3,599		07/05/11		—
UBS AG	USD	124	JPY	10,000		09/21/11		1
Westpac Banking Corp.	USD	382	AUD	364		09/21/11		5
Westpac Banking Corp.	USD	510	CAD	499		09/21/11		7
Westpac Banking Corp.	USD	14	EUR	9		07/05/11		—
Westpac Banking Corp.	USD	84	EUR	58		07/05/11		—
Westpac Banking Corp.	USD	2,197	EUR	1,507		09/21/11		(17	)
Westpac Banking Corp.	USD	851	GBP	521		09/21/11		(16	)
Westpac Banking Corp.	USD	173	HKD	1,346		09/21/11		—
Westpac Banking Corp.	USD	971	JPY	77,417		09/21/11		(9	)


Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts								(571	)

See accompanying notes which are an integral part of the financial statements.


	28			Non-U.S. Fund

Russell Investment Funds

Non-U.S. Fund

Presentation of Portfolio Holdings — June 30, 2011 (Unaudited)

Amounts in thousands


	Market Value											% of Net Assets
Portfolio Summary	Level 1			Level 2			Level 3		Total			% of Net Assets

Common Stocks
Australia	$	—		$	3,493		$	—	$	3,493			0 .9
Austria		—			606			—		606			0 .2
Belgium		—			1,961			—		1,961			0 .5
Bermuda		923			3,260			—		4,183			1 .1
Brazil		7,849			—			—		7,849			2 .0
Canada		7,007			—			—		7,007			1 .8
Cayman Islands		2,789			—			—		2,789			0 .7
Czech Republic		—			696			—		696			0 .2
Denmark		—			5,204			—		5,204			1 .3
Finland		—			1,368			—		1,368			0 .4
France		—			29,661			—		29,661			7 .6
Germany		—			26,366			—		26,366			6 .8
Hong Kong		—			7,159			—		7,159			1 .8
India		3,918			—			—		3,918			1 .0
Ireland		918			—			—		918			0 .2
Isle of Man		—			1,685			—		1,685			0 .4
Israel		815			—			—		815			0 .2
Italy		—			13,108			—		13,108			3 .4
Japan		37			54,310			—		54,347			14 .1
Jersey		—			1,629			—		1,629			0 .4
Luxembourg		1,437			1,299			—		2,736			0 .7
Netherlands		3,274			24,710			—		27,984			7 .2
Norway		—			3,402			—		3,402			0 .9
Russia		—			1,698			—		1,698			0 .4
Singapore		—			7,514			—		7,514			1 .9
South Africa		—			840			—		840			0 .2
South Korea		—			1,432			—		1,432			0 .4
Spain		—			7,997			—		7,997			2 .1
Sweden		—			1,456			—		1,456			0 .4
Switzerland		3,668			29,873			—		33,541			8 .6
Taiwan		4,878			2,257			—		7,135			1 .8
Thailand		—			1,208			—		1,208			0 .3
United Kingdom		5,870			68,126			—		73,996			19 .2
United States		6,217			532			—		6,749			1 .7
Virgin Islands, British		649			—			—		649			0 .2
Preferred Stocks		1,025			524			—		1,549			0 .4
Warrants & Rights		10			—			—		10			—	*
Short-Term Investments		—			28,509			—		28,509			7 .4
Other Securities		—			39,303			—		39,303			10 .1

Total Investments		51,284			371,186			—		422,470			108 .9

Other Assets and Liabilities, Net													(8 .9	)

													100 .0

Other Financial Instruments
Futures Contracts		994			—			—		994			0 .3
Foreign Currency Exchange Contracts		(13	)		(558	)		—		(571	)		(0 .1	)

Total Other Financial Instruments**	$	981		$	(558	)	$	—	$	423

Less than .05% of net assets.

Other financial instruments reflected in the Schedule of Investments, such as futures, forwards, and swap contracts which are valued at the unrealized appreciation/depreciation on the instruments.

For a description of the levels see note 2 in the Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.


Non-U.S. Fund		29

Russell Investment Funds

Non-U.S. Fund

Fair Value of Derivative Instruments — June 30, 2011 (Unaudited)

Amounts in thousands


Derivatives not accounted for as hedging instruments	Foreign Currency Contracts		Equity Contracts

Location: Statement of Assets and Liabilities - Assets
Unrealized appreciation on foreign currency exchange contracts	$	139	$	—
Daily variation margin on futures contracts*		—		994

Total	$	139	$	994

Location: Statement of Assets and Liabilities - Liabilities
Unrealized depreciation on foreign currency exchange contracts	$	710	$	—
Daily variation margin on futures contracts*		—		—

Total	$	710	$	—


Derivatives not accounted for as hedging instruments	Foreign Currency Contracts			Equity Contracts

Location: Statement of Operations - Net realized gain (loss)
Futures contracts	$	—		$	(368	)
Foreign currency-related transactions		2,020			—

Total	$	2,020		$	(368	)

Location: Statement of Operations - Net change in unrealized appreciation (depreciation)
Futures contracts	$	—		$	983
Foreign currency-related transactions		(811	)		—

Total	$	(811	)	$	983

*	Includes cumulative appreciation/depreciation of futures contracts as reported in Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities

For further disclosure on derivatives see note 2 in Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.


	30			Non-U.S. Fund

Russell Investment Funds

Core Bond Fund

Shareholder Expense Example — June 30, 2011 (Unaudited)

Fund Expenses

Example

Actual Expenses

Hypothetical Example for Comparison Purposes


	Actual Performance		Hypothetical Performance (5% return before expenses)


Beginning Account Value
January 1, 2011	$	1,000 .00	$	1,000 .00
Ending Account Value June 30, 2011	$	1,027 .00	$	1,021 .32
Expenses Paid During Period*	$	3 .52	$	3 .51

Expenses are equal to the Fund's annualized expense ratio of 0.70% (representing the six month period annualized), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). May reflect amounts waived, reimbursed and/or other credits. Without any waivers, reimbursements and/or other credits, expenses would have been higher.


Core Bond Fund		31

Russell Investment Funds

Core Bond Fund

Schedule of Investments — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Long-Term Investments - 84.4%
Asset-Backed Securities - 6.3%
Access Group, Inc. Series 2008-1 Class A 1.574% due 10/27/25 (Ê)		690		697
ACE Securities Corp. Series 2005-SD3 Class A 0.586% due 08/25/45 (Ê)		72		67
Ameriquest Mortgage Securities, Inc. Series 2004-R10 Class A5 0.576% due 11/25/34 (Ê)		—		—
Series 2005-R11 Class A2C 0.416% due 01/25/36 (Ê)		795		789
Asset Backed Securities Corp. Home Equity Series 2005-HE5 Class M3 0.666% due 06/25/35 (Ê)		1,050		742
Bayview Financial Acquisition Trust Series 2006-A Class 1A3 5.865% due 02/28/41		190		148
Black Diamond CLO, Ltd. Series 2007-1A Class AD 0.523% due 04/29/19 (Ê)(Þ)		750		700
Brazos Higher Education Authority Series 2005-3 Class A14 0.357% due 09/25/23 (Ê)		348		345
Series 2010-1 Class A1 1.157% due 05/25/29 (Ê)		283		283
Series 2010-1 Class A2 1.457% due 02/25/35 (Ê)		500		476
Series 2011-1 Class A2 1.057% due 02/25/30 (Ê)		700		700
Series 2011-2 Class A2 1.097% due 07/25/29 (Ê)		800		792
Centex Home Equity Series 2006-A Class AV4 0.436% due 06/25/36 (Ê)		700		417
Chatham Light CLO, Ltd. Series 2005-2A Class A1 0.523% due 08/03/19 (Å)(Ê)		495		481
CIT Education Loan Trust Series 2007-1 Class A 0.337% due 03/25/42 (Ê)(Þ)		547		500
CIT Mortgage Loan Trust Series 2007-1 Class 2A1 1.186% due 10/25/37 (Ê)(Þ)		64		62
Series 2007-1 Class 2A2 1.436% due 10/25/37 (Ê)(Þ)		130		99
Series 2007-1 Class 2A3 1.636% due 10/25/37 (Ê)(Þ)		180		94
Citigroup Mortgage Loan Trust, Inc. Series 2007-WFH1 Class A3 0.336% due 01/25/37 (Ê)		1,045		783
Series 2007-WFH1 Class A4 0.386% due 01/25/37 (Ê)		840		386
Series 2007-WFH4 Class A2B 1.236% due 07/25/37 (Ê)		1,290		696


	Principal Amount ($) or Shares		Market Value $
Conseco Financial Corp. Series 1996-10 Class M1 7.240% due 11/15/28		700		738
Series 1999-2 Class A5 6.680% due 12/01/30		712		714
Countrywide Home Equity Loan Trust Series 2006-HW Class 2A1B 0.369% due 11/15/36 (Ê)		304		234
Educational Funding of the South, Inc. Series 2011-1 Class A2 0.922% due 04/25/35 (Ê)		210		198
EFS Volunteer LLC Series 2010-1 Class A2 1.124% due 10/25/35 (Ê)(Þ)		500		474
First Franklin Mortgage Loan Asset Backed Certificates Series 2006-FF15 Class A3 0.236% due 11/25/36 (Ê)		6		6
Series 2007-FF1 Class A2B 0.276% due 01/25/38 (Ê)		742		523
GMAC Mortgage Corp. Loan Trust Series 2007-HE3 Class 1A1 7.000% due 09/25/37		43		33
Series 2007-HE3 Class 2A1 7.000% due 09/25/37		56		41
Goal Capital Funding Trust Series 2010-1 Class A 0.957% due 08/25/48 (Ê)(Þ)		92		92
GSAA Trust Series 2006-2 Class 2A3 0.456% due 12/25/35 (Ê)		320		283
HSBC Home Equity Loan Trust Series 2005-1 Class A 0.476% due 01/20/34 (Ê)		155		139
Series 2006-4 Class A3V 0.336% due 03/20/36 (Ê)		800		771
Series 2007-1 Class AS 0.386% due 03/20/36 (Ê)		529		470
Series 2007-2 Class M2 0.556% due 07/20/36 (Ê)		1,300		805
Series 2007-3 Class APT 1.386% due 11/20/36 (Ê)		233		208
HSI Asset Securitization Corp. Trust Series 2006-HE2 Class 2A1 0.236% due 12/25/36 (Ê)		1		1
Indymac Residential Asset Backed Trust Series 2006-H2 Class A 0.336% due 06/28/36 (Ê)		216		116
IXIS Real Estate Capital Trust Series 2005-HE1 Class M2 0.921% due 06/25/35 (Ê)		325		300
Jasper CLO, Ltd.
Series 2005-1A Class A 0.543% due 08/01/17 (Ê)(Þ)		1,871		1,759
JPMorgan Mortgage Acquisition Corp.
Series 2006-HE1 Class A4 0.476% due 01/25/36 (Ê)		2,350		935


	32			Core Bond Fund

Russell Investment Funds

Core Bond Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Knowledgeworks Foundation
Series 2010-1 Class A 1.207% due 02/25/42 (Ê)		283		278
Lehman XS Trust
Series 2006-9 Class A1B 0.346% due 05/25/46 (Ê)		235		129
Series 2006-13 Class 1A2 0.356% due 09/25/36 (Ê)		226		130
Series 2006-19 Class A2 0.356% due 12/25/36 (Ê)		241		136
Long Beach Mortgage Loan Trust Series 2004-4 Class 1A1 0.746% due 10/25/34 (Ê)		5		4
Series 2004-4 Class M1 0.786% due 10/25/34 (Ê)		1,000		773
Mastr Asset Backed Securities Trust Series 2005-WMC1 Class M1 0.606% due 03/25/35 (Ê)		137		136
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1 Class A2B 0.356% due 04/25/37 (Ê)		171		93
Missouri Higher Education Loan Authority Series 2010-1 Class A1 1.207% due 11/26/32 (Ê)		847		849
Monument Park CDO, Ltd. Series 2004-1A Class A1 0.824% due 01/20/16 (Ê)(Þ)		416		410
Morgan Stanley ABS Capital I Series 2006-HE1 Class A4 0.476% due 01/25/36 (Ê)		1,950		1,003
Series 2007-HE2 Class A2B 0.276% due 01/25/37 (Ê)		1,043		553
Series 2007-HE5 Class A2C 0.436% due 03/25/37 (Ê)		800		287
Nelnet Student Loan Trust Series 2010-3A Class A 1.054% due 07/27/48 (Ê)(Þ)		364		366
Series 2011-1A Class A 1.036% due 02/25/43 (Ê)(Þ)		969		972
Popular ABS Mortgage Pass-Through Trust Series 2005-6 Class A3 5.680% due 01/25/36		120		107
Series 2006-D Class A3 0.446% due 11/25/46 (Ê)		1,300		789
Renaissance Home Equity Loan Trust Series 2005-2 Class AF4 4.934% due 08/25/35		85		70
Series 2006-1 Class AF6 5.746% due 05/25/36		166		109
Residential Asset Mortgage Products, Inc. Series 2003-RS9 Class AI6A 6.110% due 10/25/33		381		372
Series 2003-RS11 Class AI6A 5.980% due 12/25/33		116		110


	Principal Amount ($) or Shares		Market Value $
Residential Asset Securities Corp. Series 2003-KS4 Class AIIB 0.766% due 06/25/33 (Ê)		31		16
Series 2007-KS2 Class AI1 0.256% due 02/25/37 (Ê)		11		11
SG Mortgage Securities Trust Series 2006-OPT2 Class A3C 0.336% due 10/25/36 (Ê)		1,500		432
SLM Student Loan Trust Series 2006-5 Class A6B 0.394% due 10/25/40 (Ê)		490		435
Series 2008-2 Class A1
0.574% due 01/25/15 (Ê)		23		23
Series 2008-7 Class A2 0.774% due 10/25/17 (Ê)		2,800		2,802
Small Business Administration Participation Certificates Series 2005-20G Class 1 4.750% due 07/01/25		575		616
Soundview Home Equity Loan Trust Series 2005-OPT3 Class A4 0.486% due 11/25/35 (Ê)		525		496
Structured Asset Securities Corp. Series 2006-BC3 Class A2 0.236% due 10/25/36 (Ê)		3		3
Series 2006-BC6 Class A2 0.266% due 01/25/37 (Ê)		593		583
Washington Mutual Asset-Backed Certificates Series 2006-HE2 Class A3 0.336% due 05/25/36 (Ê)		623		345
WG Horizons CLO Series 2006-1A Class A1 0.515% due 05/24/19 (Ê)(Þ)		800		750

				32,285


Corporate Bonds and Notes - 18.8%
Abbey National Treasury Services PLC 1.573% due 04/25/13 (ž)		300		300
1.602% due 06/10/13 (ž)		2,000		1,999
ACCO Brands Corp. 10.625% due 03/15/15		225		251
Allstate Life Global Funding Trusts 5.375% due 04/30/13		200		216
Ally Financial, Inc. 7.500% due 12/31/13 (Ñ)		1,900		2,030
7.500% due 09/15/20		100		105
Altria Group, Inc. 9.700% due 11/10/18		150		197
American Express Bank FSB Series BKNT 5.500% due 04/16/13		300		321
6.000% due 09/13/17		400		451
American Express Centurion Bank Series BKN1 6.000% due 09/13/17		400		451


Core Bond Fund		33

Russell Investment Funds

Core Bond Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

American Express Co. 7.000% due 03/19/18		200		235
American International Group, Inc. 5.600% due 10/18/16		700		733
5.450% due 05/18/17		1,000		1,044
5.850% due 01/16/18		900		942
Amgen, Inc. 6.900% due 06/01/38		1,000		1,183
Anadarko Petroleum Corp. 6.375% due 09/15/17		250		287
8.700% due 03/15/19 (Ñ)		150		191
Anheuser-Busch InBev Worldwide, Inc. 4.125% due 01/15/15		225		242
Appalachian Power Co. Series O 5.650% due 08/15/12		65		68
Arch Coal, Inc. 7.000% due 06/15/19 (Þ)		350		349
Arizona Public Service Co. 5.800% due 06/30/14		100		111
6.250% due 08/01/16		75		86
Ashtead Capital, Inc. 9.000% due 08/15/16 (Þ)		100		104
AT&T, Inc. 4.950% due 01/15/13		200		212
2.950% due 05/15/16		350		354
5.500% due 02/01/18 (Ñ)		200		223
6.300% due 01/15/38		900		953
6.400% due 05/15/38		175		188
BAC Capital Trust XV 1.054% due 06/01/56 (Ê)		375		261
Bank of America Corp. 0.750% due 09/11/12 (Ê)(Ñ)		700		699
3.625% due 03/17/16 (Ñ)		300		301
5.625% due 10/14/16		115		123
6.000% due 09/01/17		335		360
5.750% due 12/01/17		140		149
5.625% due 07/01/20 (Ñ)		175		181
5.875% due 01/05/21 (Ñ)		225		236
Bank of America NA Series BKNT 0.527% due 06/15/16 (Ê)		600		545
6.100% due 06/15/17		775		830
BankAmerica Capital III Series * 0.848% due 01/15/27 (Ê)		350		283
BB&T Corp. 3.200% due 03/15/16 (Ñ)		325		332
Bear Stearns Cos. LLC (The) 6.950% due 08/10/12		600		641
7.250% due 02/01/18		445		529
Boardwalk Pipelines, LP 5.875% due 11/15/16		225		251
Boston Scientific Corp. 4.500% due 01/15/15		275		290
7.000% due 11/15/35		63		67


	Principal Amount ($) or Shares		Market Value $
Brandywine Operating Partnership, LP 4.950% due 04/15/18		275		279
Burlington Northern Santa Fe LLC 6.875% due 12/01/27		25		29
6.750% due 03/15/29		10		11
Calpine Construction Finance Co., LP and CCFC Finance Corp. 8.000% due 06/01/16 (Ñ)(Þ)		800		864
Capital One Capital III 7.686% due 08/15/36		150		153
Case New Holland, Inc. 7.750% due 09/01/13		125		135
Caterpillar Financial Services Corp. 4.850% due 12/07/12		100		106
Cellco Partnership / Verizon Wireless Capital LLC 8.500% due 11/15/18		175		227
CenterPoint Energy Resources Corp. 6.125% due 11/01/17		50		57
Charter Communications Operating LLC / Charter Communications Operating Capital 10.875% due 09/15/14 (Þ)		125		138
Chase Capital III Series C 0.804% due 03/01/27 (Ê)		295		244
CHS/Community Health Systems, Inc. 8.875% due 07/15/15 (Ñ)		660		680
Chubb Corp. 6.375% due 03/29/67		175		181
Cimarex Energy Co. 7.125% due 05/01/17		50		53
CIT Group, Inc. 7.000% due 05/01/14 (Ñ)		47		48
7.000% due 05/01/15		285		285
7.000% due 05/01/17		198		197
6.625% due 04/01/18 (Ñ)(Þ)		105		109
Series . 7.000% due 05/01/16		141		141
Citigroup Capital XXI 8.300% due 12/21/57		830		848
Citigroup, Inc. 5.500% due 08/27/12		200		210
5.625% due 08/27/12		200		209
5.500% due 04/11/13 (Ñ)		700		743
5.850% due 07/02/13		100		107
2.262% due 08/13/13 (Ê)		100		102
6.375% due 08/12/14		150		166
5.000% due 09/15/14		400		419
4.750% due 05/19/15 (Ñ)		175		185
4.700% due 05/29/15 (Ñ)		50		53
5.850% due 08/02/16 (Ñ)		220		242
6.000% due 08/15/17		850		931
6.125% due 11/21/17		525		580
5.375% due 08/09/20 (Ñ)		120		125
6.125% due 08/25/36		300		288
6.875% due 03/05/38		450		501
8.125% due 07/15/39		150		188


	34			Core Bond Fund

Russell Investment Funds

Core Bond Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Columbus Southern Power Co. Series C 5.500% due 03/01/13		10		11
Comcast Holdings Corp. 10.625% due 07/15/12		125		137
CommScope, Inc. 8.250% due 01/15/19 (Þ)		225		232
Continental Airlines 1999-1 Class A Pass Through Trust Series 991A 6.545% due 02/02/19 (Ñ)		182		191
Continental Airlines 2007-1 Class A Pass Through Trust Series 071A 5.983% due 04/19/22		142		146
Continental Airlines 2009-1 Pass Through Trust Series 09-1 9.000% due 07/08/16		235		269
Credit Suisse USA, Inc. 5.500% due 08/15/13		45		49
CSC Holdings LLC 8.500% due 04/15/14		415		460
8.500% due 06/15/15		365		394
CVS Caremark Corp. 5.750% due 05/15/41		425		418
DCP Midstream LLC 9.750% due 03/15/19 (Þ)		100		131
Dell, Inc. 4.700% due 04/15/13		400		426
Delta Air Lines, Inc. 9.500% due 09/15/14 (Þ)		382		407
Developers Diversified Realty Corp. 9.625% due 03/15/16		85		103
7.500% due 04/01/17		250		283
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. 3.500% due 03/01/16		350		361
6.000% due 08/15/40		100		101
Discover Bank Series BKNT 8.700% due 11/18/19		250		302
DJO Finance LLC 10.875% due 11/15/14		275		293
Dow Chemical Co. (The) 7.600% due 05/15/14		424		492
Duke Realty, LP 6.750% due 03/15/20 (Ñ)		200		224
Dynegy Roseton / Danskammer Pass Through Trust Series B Series B 7.670% due 11/08/16		700		623
Edison Mission Energy 7.000% due 05/15/17		675		547
El Paso Corp. Series GMTN 8.050% due 10/15/30		200		237


	Principal Amount ($) or Shares		Market Value $
El Paso Natural Gas Co. 7.500% due 11/15/26		100		117
El Paso Pipeline Partners Operating Co. LLC 6.500% due 04/01/20 (Ñ)		300		336
Energy Transfer Partners, LP 5.950% due 02/01/15		300		332
Enterprise Products Operating LLC 6.650% due 04/15/18		125		145
Series A 8.375% due 08/01/66		100		108
Farmers Exchange Capital 7.050% due 07/15/28 (Þ)		500		515
7.200% due 07/15/48 (Þ)		300		302
Fifth Third Bancorp 3.625% due 01/25/16		125		126
8.250% due 03/01/38		1,100		1,315
Fifth Third Bank Series BKNT 0.371% due 05/17/13 (Ê)		250		246
First Niagara Financial Group, Inc. 6.750% due 03/19/20		125		138
Ford Motor Credit Co. LLC 7.500% due 08/01/12		1,000		1,046
FPL Energy Wind Funding LLC 6.876% due 06/27/17 (Þ)		184		166
Freeport-McMoRan Copper & Gold, Inc. 8.375% due 04/01/17		300		328
Frontier Communications Corp. 6.250% due 01/15/13 (Ñ)		325		339
GE Capital Trust I 6.375% due 11/15/67		198		203
General Electric Capital Corp. 1.159% due 05/22/13 (Ê)		75		76
5.900% due 05/13/14		350		389
5.625% due 05/01/18		230		252
4.375% due 09/16/20		300		297
5.875% due 01/14/38		300		303
6.375% due 11/15/67		1,900		1,947
Series EMTN 0.595% due 03/20/14 (Ê)		400		391
Series GMTN 6.875% due 01/10/39		200		226
General Electric Co. 5.250% due 12/06/17		150		166
GenOn REMA LLC
Series B
9.237% due 07/02/17		380		407
Goldman Sachs Group, Inc. (The) 6.000% due 05/01/14		150		165
3.625% due 02/07/16		285		288
6.250% due 09/01/17		600		662
6.150% due 04/01/18		400		435
7.500% due 02/15/19		550		640
6.000% due 06/15/20		150		161
6.750% due 10/01/37		800		800


Core Bond Fund		35

Russell Investment Funds

Core Bond Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Series MTNB 0.674% due 07/22/15 (Ê)		100		95
Goodyear Tire & Rubber Co. (The) 10.500% due 05/15/16 (Ñ)		195		219
HCA, Inc. 8.500% due 04/15/19		300		332
7.875% due 02/15/20		475		516
Series WI 9.250% due 11/15/16		250		265
HCP, Inc. 6.000% due 01/30/17		175		193
6.700% due 01/30/18		425		475
5.375% due 02/01/21		125		129
Health Care REIT, Inc. 4.700% due 09/15/17		400		411
4.950% due 01/15/21 (Ñ)		300		292
5.250% due 01/15/22 (Ñ)		200		199
6.500% due 03/15/41		200		196
Healthcare Realty Trust, Inc. 6.500% due 01/17/17		950		1,057
Hewlett-Packard Co. 0.534% due 05/24/13 (Ê)		700		702
Historic TW, Inc. 8.050% due 01/15/16 (Ñ)		195		233
HSBC Bank USA NA 4.875% due 08/24/20		250		246
Indiantown Cogeneration, LP Series A-10 9.770% due 12/15/20		262		279
International Lease Finance Corp. 6.500% due 09/01/14 (Þ)		720		763
6.750% due 09/01/16 (Þ)		100		107
Ipalco Enterprises, Inc. 5.000% due 05/01/18 (Þ)		125		122
iPCS, Inc. 2.398% due 05/01/13 (Ê)		440		430
JPMorgan Chase & Co. 5.375% due 01/15/14		170		185
6.000% due 01/15/18		200		222
4.250% due 10/15/20		300		294
Series 1 7.900% due 04/29/49 (Æ)(ƒ)(Ñ)		300		322
JPMorgan Chase Bank NA Series BKNT 5.875% due 06/13/16		70		77
6.000% due 10/01/17		570		634
JPMorgan Chase Capital XIII Series M 1.196% due 09/30/34 (Ê)		480		410
JPMorgan Chase Capital XX Series T 6.550% due 09/29/36 (Ñ)		200		200
JPMorgan Chase Capital XXI Series U 1.223% due 02/02/37 (Ê)		335		266
JPMorgan Chase Capital XXIII 1.261% due 05/15/47 (Ê)		545		431


	Principal Amount ($) or Shares		Market Value $
KCP&L Greater Missouri Operations Co. 11.875% due 07/01/12		640		705
Kinder Morgan Energy Partners, LP 5.950% due 02/15/18		700		780
Kraft Foods, Inc. 6.125% due 02/01/18		200		230
6.125% due 08/23/18 (Ñ)		125		143
6.500% due 02/09/40 (Ñ)		175		194
L-3 Communications Corp. Series B 6.375% due 10/15/15		225		231
Lehman Brothers Holdings, Inc. 5.625% due 01/24/13 (Ø)		200		53
6.200% due 09/26/14 (Ø)		200		53
Liberty Property, LP 4.750% due 10/01/20		275		276
Manufacturers & Traders Trust Co. 5.585% due 12/28/20		84		83
MarkWest Energy Partners, LP Series B 8.750% due 04/15/18		100		109
MBNA Capital B Series B 1.073% due 02/01/27 (Ê)		985		799
MBNA Corp. 6.125% due 03/01/13		200		214
Merrill Lynch & Co., Inc. 6.050% due 08/15/12		100		105
5.450% due 02/05/13		1,000		1,061
6.050% due 05/16/16		300		315
6.400% due 08/28/17		325		354
6.875% due 04/25/18		500		553
MetLife, Inc. 4.750% due 02/08/21		350		357
6.400% due 12/15/36 (Ñ)		100		98
Metropolitan Life Global Funding I 5.125% due 06/10/14 (Þ)		200		219
Mirant Mid Atlantic Pass Through Trust B Series B 9.125% due 06/30/17		362		389
Morgan Stanley 0.726% due 10/18/16 (Ê)		435		400
5.450% due 01/09/17		225		238
5.550% due 04/27/17		425		451
6.250% due 08/28/17		600		649
5.950% due 12/28/17		125		134
6.625% due 04/01/18		550		606
5.625% due 09/23/19		175		180
Series GMTN 2.761% due 05/14/13 (Ê)		200		205
National City Bank Series BKNT 0.622% due 06/07/17 (Ê)		700		656
Nationwide Financial Services 5.375% due 03/25/21 (Þ)		375		377
NBCUniversal Media LLC 4.375% due 04/01/21 (Þ)		525		520


	36			Core Bond Fund

Russell Investment Funds

Core Bond Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

NCUA Guaranteed Notes Series A4 3.000% due 06/12/19		400		395
Nevada Power Co. Series L 5.875% due 01/15/15		100		112
Newfield Exploration Co. 7.125% due 05/15/18		150		159
News America, Inc. 6.150% due 02/15/41 (Þ)		300		297
8.250% due 10/17/96		20		24
Nextel Communications, Inc. Series C 5.950% due 03/15/14		205		205
Series E 6.875% due 10/31/13		260		262
NGPL PipeCo LLC 6.514% due 12/15/12 (Þ)		200		210
Nielsen Finance LLC 11.500% due 05/01/16		312		365
Nisource Finance Corp. 6.400% due 03/15/18		145		164
6.125% due 03/01/22		335		369
NRG Energy, Inc. 7.375% due 01/15/17 (Ñ)		100		105
7.625% due 01/15/18 (Þ)		90		90
7.875% due 05/15/21 (Þ)		125		125
Oncor Electric Delivery Co. LLC 6.800% due 09/01/18		550		643
Panhandle Eastern Pipeline Co., LP 8.125% due 06/01/19		450		544
Philip Morris International, Inc. 6.375% due 05/16/38		100		113
Plains Exploration & Production Co. 7.625% due 06/01/18		350		368
Plastipak Holdings, Inc. 8.500% due 12/15/15 (Þ)		100		103
PNC Bank NA Series BKNT 6.875% due 04/01/18		175		206
Pokagon Gaming Authority 10.375% due 06/15/14 (Þ)		250		258
Progress Energy, Inc. 5.625% due 01/15/16		40		45
7.050% due 03/15/19		200		240
ProLogis, LP 1.875% due 11/15/37		150		148
Prudential Financial, Inc. 3.875% due 01/14/15		375		391
4.500% due 11/15/20		100		99
Prudential Holdings LLC 8.695% due 12/18/23 (Þ)		550		667
Public Service Co. of New Mexico 7.950% due 05/15/18		260		293
Puget Sound Energy, Inc. Series A 6.974% due 06/01/67 (Ñ)		125		124


	Principal Amount ($) or Shares		Market Value $
Pulte Group, Inc. 5.250% due 01/15/14		1,000		1,020
Qwest Communications International, Inc. 8.000% due 10/01/15		548		596
Qwest Corp. 7.625% due 06/15/15 (Ñ)		100		113
8.375% due 05/01/16		175		207
Range Resources Corp. 7.500% due 10/01/17		50		53
7.250% due 05/01/18		100		106
Reinsurance Group of America, Inc. 6.750% due 12/15/65		275		263
Rensselaer Polytechnic Institute 5.600% due 09/01/20		325		347
Rock-Tenn Co. 5.625% due 03/15/13		25		26
RSC Holdings, Inc. 10.000% due 07/15/17 (Þ)		325		362
Sabine Pass LNG, LP 7.250% due 11/30/13		780		800
7.500% due 11/30/16		65		67
Series 144a 7.500% due 11/30/16 (Þ)		380		390
Santander Holdings USA, Inc. 4.625% due 04/19/16		130		131
SGS International, Inc. 12.000% due 12/15/13		35		36
Simon Property Group, LP 6.100% due 05/01/16		130		149
5.650% due 02/01/20		275		297
4.375% due 03/01/21 (Ñ)		100		98
SLM Corp. 6.250% due 01/25/16		250		259
Series MTNA 5.000% due 04/15/15 (Ñ)		1,800		1,809
Southern Union Co. 7.200% due 11/01/66 (Ñ)		740		688
Springleaf Finance Corp. 6.900% due 12/15/17		300		275
Series MTNI 4.875% due 07/15/12 (Ñ)		275		274
State Street Capital Trust III 5.237% due 01/29/49 (Ê)(ƒ)		200		200
Steel Dynamics, Inc. 7.750% due 04/15/16		275		289
SunTrust Banks, Inc. 3.600% due 04/15/16		200		202
Symetra Financial Corp. 6.125% due 04/01/16 (Å)		150		158
Target Corp. 5.125% due 01/15/13		400		426
Tennessee Gas Pipeline Co. 8.000% due 02/01/16		200		242
7.500% due 04/01/17		75		91
8.375% due 06/15/32		100		126
Time Warner, Inc. 5.875% due 11/15/16		400		457


Core Bond Fund		37

Russell Investment Funds

Core Bond Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Transatlantic Holdings, Inc. 8.000% due 11/30/39		150		164
UAL 2009-1 Pass Through Trust Series 09-1 10.400% due 11/01/16		91		103
Union Electric Co. 6.400% due 06/15/17		205		238
Union Pacific Corp. 4.163% due 07/15/22 (Å)		349		345
UnitedHealth Group, Inc. 4.875% due 02/15/13		200		211
6.000% due 06/15/17		3		3
6.500% due 06/15/37 (Ñ)		45		49
Wachovia Corp. 5.625% due 10/15/16		100		109
5.750% due 02/01/18		500		553
WCI Finance LLC / WEA Finance LLC 5.400% due 10/01/12 (Þ)		75		79
WEA Finance LLC / WT Finance Aust Pty, Ltd. 7.500% due 06/02/14 (Þ)		205		236
6.750% due 09/02/19 (Þ)		95		108
Wells Fargo & Co. 5.625% due 12/11/17		300		331
Series K 7.980% due 03/29/49(ƒ)		3,300		3,563
Williams Cos., Inc. (The) 7.875% due 09/01/21 (Ñ)		261		323
8.750% due 03/15/32		175		223
Windstream Corp. Series WI 8.625% due 08/01/16		175		182
ZFS Finance USA Trust II 6.450% due 12/15/65 (Ñ)(Þ)		300		305

				96,787

International Debt - 10.1%
Abbey National Treasury Services PLC 3.875% due 11/10/14 (Þ)		870		886
4.000% due 04/27/16		275		273
Achmea Hypotheekbank NV 3.200% due 11/03/14 (Þ)		900		945
AK Transneft OJSC Via TransCapitalInvest, Ltd. 8.700% due 08/07/18 (Þ)		100		123
Anglo American Capital PLC 9.375% due 04/08/19 (Þ)		100		132
ANZ National International, Ltd. 6.200% due 07/19/13 (Þ)		600		654
ArcelorMittal 6.125% due 06/01/18 (Ñ)		175		187
ARES CLO Funds Series 2003-7A Class A1B 0.818% due 05/08/15 (Å)(Ê)		221		220
Series 2005-10A Class A3 0.487% due 09/18/17 (Å)(Ê)		343		336


	Principal Amount ($) or Shares		Market Value $
AstraZeneca PLC 5.900% due 09/15/17		100		117
Australia & New Zealand Banking Group, Ltd. 1.118% due 05/08/13 (Ê)		300		301
AWAS Aviation Capital, Ltd. 7.000% due 10/15/16 (Þ)		347		357
Banco Santander Brazil SA 2.347% due 03/18/14 (Ê)(Þ)		200		201
Bank of Montreal 2.850% due 06/09/15 (Þ)		100		104
Bank of New York Mellon SA Institucion de Banca Multiple 9.625% due 05/02/21 (Þ)		200		204
Bank of Scotland PLC 5.250% due 02/21/17 (Þ)		200		214
Barclays Bank PLC 5.450% due 09/12/12 (Ñ)		1,300		1,370
6.050% due 12/04/17 (Þ)		200		212
BBVA Bancomer SA 7.250% due 04/22/20 (Ñ)(Þ)		300		315
6.500% due 03/10/21 (Þ)		200		204
BM&FBovespa SA 5.500% due 07/16/20 (Þ)		100		104
BNP Paribas SA 0.693% due 04/08/13 (Ê)(Ñ)		680		675
5.186% due 06/29/49 (ƒ)(Þ)		300		276
BP Capital Markets PLC 3.200% due 03/11/16 (Ñ)		200		203
4.500% due 10/01/20		300		306
Braskem Finance, Ltd. 5.750% due 04/15/21 (Þ)		300		302
BRFkredit AS 2.050% due 04/15/13 (Þ)		1,400		1,429
Canadian Imperial Bank of Commerce 2.750% due 01/27/16 (Ñ)(Þ)		200		205
Canadian Natural Resources, Ltd. 5.150% due 02/01/13		100		106
Cemex SAB de CV 5.246% due 09/30/15 (Ê)(Þ)		280		270
Cie de Financement Foncier 2.125% due 04/22/13 (Þ)		1,400		1,420
Corp. Nacional del Cobre de Chile 7.500% due 01/15/19 (Þ)		200		241
Covidien International Finance SA 4.200% due 06/15/20		175		178
Credit Suisse NY 6.000% due 02/15/18		770		831
CSN Islands XI Corp. 6.875% due 09/21/19 (Ñ)(Þ)		200		218
Deutsche Bank AG 6.000% due 09/01/17 (Ñ)		600		669
Dexia Credit Local SA 0.753% due 04/29/14 (Ê)(Þ)		500		498
DnB NOR Boligkreditt 2.100% due 10/14/15 (Þ)		1,200		1,186
2.900% due 03/29/16 (Þ)		1,100		1,120
Dolphin Energy, Ltd. 5.888% due 06/15/19 (Ñ)(Þ)		115		124


	38			Core Bond Fund

Russell Investment Funds

Core Bond Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Electricite De France 5.500% due 01/26/14 (Þ)		200		220
6.500% due 01/26/19 (Þ)		200		234
6.950% due 01/26/39 (Þ)		200		234
Endurance Specialty Holdings, Ltd. 6.150% due 10/15/15		100		107
Enel Finance International NV 6.250% due 09/15/17 (Þ)		300		331
Export-Import Bank of Korea 5.875% due 01/14/15		700		768
FIH Erhvervsbank A/S 2.450% due 08/17/12 (Þ)		500		511
Gazprom International SA for Gazprom Series regs 7.201% due 02/01/20		52		57
Gazprom OAO Via Gaz Capital SA Series REGS 9.250% due 04/23/19		110		137
HBOS PLC Series GMTN 6.750% due 05/21/18 (Þ)		825		794
HSBC Bank PLC 3.100% due 05/24/16 (Þ)		800		795
HSBC Bank USA NA Series CLN Zero coupon due 08/15/40		590		791
HSBC Finance Corp. 1.797% due 04/05/13 (Ê)		300		430
HSBC Holdings PLC 6.500% due 05/02/36		100		103
6.500% due 09/15/37		100		103
Indian Oil Corp., Ltd. 4.750% due 01/22/15		400		416
ING Bank NV 1.297% due 03/15/13 (Ê)(Ñ)(Þ)		600		601
1.652% due 06/09/14 (Å)(Ê)		300		301
2.375% due 06/09/14 (Ñ)(Þ)		375		373
2.500% due 01/14/16 (Þ)		800		786
Intelsat Jackson Holdings SA 9.500% due 06/15/16		580		608
7.250% due 04/01/19 (Þ)		375		372
Intesa Sanpaolo SpA 2.658% due 02/24/14 (Ê)(Þ)		200		200
Israel Government AID Bond 5.500% due 09/18/33		400		447
Korea Electric Power Corp. 5.125% due 04/23/34 (Þ)		60		63
Lloyds TSB Bank PLC 6.500% due 09/14/20 (Ñ)(Þ)		100		94
Majapahit Holding BV Series REGS 7.750% due 10/17/16		100		116
Mexico Government International Bond 6.050% due 01/11/40		260		276
Morgan Stanley Bank AG for OAO Gazprom Series REGS 9.625% due 03/01/13		900		1,006


	Principal Amount ($) or Shares		Market Value $
MUFG Capital Finance 1, Ltd. 6.346% due 07/29/49 (ƒ)		200		203
National Australia Bank, Ltd. 5.350% due 06/12/13 (Þ)		800		858
Nexen, Inc. 7.500% due 07/30/39		150		168
Noble Group, Ltd. 6.750% due 01/29/20 (Þ)		100		105
Nordea Eiendomskreditt AS 1.875% due 04/07/14 (Þ)		700		707
North American Development Bank 4.375% due 02/11/20		400		417
PE Paper Escrow GmbH 12.000% due 08/01/14 (Þ)		200		226
Permanent Master Issuer PLC Series 2011-1A Class 1A3 2.617% due 07/15/42 (Ê)(Þ)		700		1,014
Petrobras International Finance Co.—Pifco 3.875% due 01/27/16		400		407
7.875% due 03/15/19		800		969
5.375% due 01/27/21		130		133
Petroleos Mexicanos 8.000% due 05/03/19 (Ñ)		320		395
PPL WEM Holdings PLC 5.375% due 05/01/21 (Þ)		300		311
Province of Ontario Canada 1.375% due 01/27/14		200		201
PTTEP Canada International Finance, Ltd. 5.692% due 04/05/21 (Þ)		210		209
Qatar Government International Bond 5.250% due 01/20/20 (Þ)		520		554
QBE Gap Funding II, LP 7.250% due 05/24/41 (Þ)		250		251
Ras Laffan Liquefied Natural Gas Co., Ltd. III 5.838% due 09/30/27 (Þ)		250		252
Series REGS 6.750% due 09/30/19 (Å)		300		345
Resona Bank, Ltd. 5.850% due 09/29/49 (ƒ)(Þ)		100		100
Royal Bank of Scotland Group PLC 6.990% due 10/29/49 (ƒ)(Ñ)(Þ)		300		270
Series 1 9.118% due 03/31/49 (ƒ)		300		304
Royal Bank of Scotland PLC (The) 3.250% due 01/11/14		500		507
4.875% due 08/25/14 (Þ)		1,000		1,041
5.625% due 08/24/20		200		200
Russia Government International Bond Series REGS 7.500% due 03/31/30		104		122
RZD Capital, Ltd. 5.739% due 04/03/17		500		531
Santander US Debt SA Unipersonal 2.991% due 10/07/13 (Þ)		400		399
SLM Corp. 1.044% due 06/17/13 (Ê)		150		208


Core Bond Fund		39

Russell Investment Funds

Core Bond Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Sparebank 1 Boligkreditt AS 1.250% due 10/25/13 (Þ)		1,100		1,099
2.625% due 05/27/16 (Þ)		1,100		1,101
Stadshypotek AB 1.450% due 09/30/13 (Þ)		300		302
State of Qatar 5.150% due 04/09/14		100		109
Swedbank AB 2.900% due 01/14/13 (Þ)		800		828
Swedbank Hypotek AB 0.696% due 03/28/14 (Ê)(Þ)		300		302
Teck Resources, Ltd. 10.750% due 05/15/19		200		253
Telecom Italia Capital SA 7.200% due 07/18/36		225		212
Telemar Norte Leste SA 5.500% due 10/23/20 (Þ)		125		123
TNK-BP Finance SA Series REGS 7.500% due 07/18/16		120		135
TransCanada PipeLines, Ltd. 6.350% due 05/15/67		225		226
Transnet, Ltd. 4.500% due 02/10/16 (Þ)		350		361
Transocean, Inc. 6.000% due 03/15/18 (Ñ)		100		111
6.500% due 11/15/20		200		224
Turkiye Garanti Bankasi AS 2.774% due 04/20/16 (Å)(Ê)		200		199
UBS AG 5.850% due 12/31/17 (Å)		270		136
Series BKNT 5.875% due 12/20/17 (Å)		400		439
5.750% due 04/25/18		100		108
UPCB Finance III, Ltd. 6.625% due 07/01/20 (Ñ)(Þ)		200		198
Vale Overseas, Ltd. 5.625% due 09/15/19 (Ñ)		400		427
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC 7.748% due 02/02/21 (Þ)		200		206
VIP Finance Ireland, Ltd. for OJSC Vimpel Communications Series REGS 9.125% due 04/30/18		100		113
Virgin Media Finance PLC 9.125% due 08/15/16		250		263
Series 1 9.500% due 08/15/16		125		141
Vivendi SA 5.750% due 04/04/13 (Þ)		400		429
Weatherford International, Ltd. 9.625% due 03/01/19		225		291
Wells Fargo & Co. 0.933% due 03/23/16		400		567
Westchester CLO, Ltd. Zero coupon due 08/01/22		1,319		1,238


	Principal Amount ($) or Shares		Market Value $
Westpac Banking Corp. 3.585% due 08/14/14 (Þ)		700		745
White Nights Gazprom 10.500% due 03/08/14		200		238
10.500% due 03/25/14		300		357

				51,878


Loan Agreements - 0.3%
Caesars Entertainment Operating Co., Inc., Term Loan 3.250% due 01/28/15		500		450
CIT Group, Inc. Term Loan 3 6.250% due 08/11/15		500		503
HCA, Inc., Term Loan A 3.496% due 05/01/18		507		499

				1,452


Mortgage-Backed Securities - 38.2%
ABN Amro Mortgage Corp. Series 2003-13 Class A3 5.500% due 01/25/34		1,868		1,883
Adjustable Rate Mortgage Trust Series 2004-5 Class 2A1 2.801% due 04/25/35		48		45
Series 2007-1 Class 1A1 3.010% due 03/25/37		1,053		533
American Home Mortgage Assets Series 2007-4 Class A2 0.376% due 08/25/37 (Ê)		883		633
American Home Mortgage Investment Trust Series 2004-4 Class 4A 2.403% due 02/25/45 (Ê)		69		61
Arkle Master Issuer PLC Series 2010-2A Class 1A1 1.661% due 05/17/60 (Ê)(Þ)		600		602
Banc of America Commercial Mortgage, Inc. Series 2002-PB2 Class A4 6.186% due 06/11/35		457		463
Series 2005-2 Class A4 4.783% due 07/10/43		315		322
Series 2005-2 Class A5 4.857% due 07/10/43		745		801
Series 2006-1 Class A4 5.372% due 09/10/45		280		303
Series 2006-2 Class A4 5.924% due 05/10/45		200		221
Series 2006-4 Class A4 5.634% due 07/10/46		500		547
Banc of America Funding Corp. Series 2005-D Class A1 2.783% due 05/25/35 (Ê)		78		75
Series 2006-3 Class 5A8 5.500% due 03/25/36		475		444
Series 2006-A Class 4A1 5.472% due 02/20/36 (Ê)		341		272
Series 2006-I Class 5A1 6.041% due 10/20/46 (Ê)		1,192		1,012


	40			Core Bond Fund

Russell Investment Funds

Core Bond Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Series 2007-4 Class 3A1 0.556% due 06/25/37 (Ê)		1,221		685
Banc of America Large Loan, Inc. Series 2010-HLTN Class HLTN 1.937% due 11/15/15 (Ê)(Þ)		98		90
Banc of America Mortgage Securities, Inc. Series 2004-1 Class 5A1 6.500% due 09/25/33		6		6
Series 2004-11 Class 2A1 5.750% due 01/25/35		189		194
Series 2005-H Class 2A5 3.199% due 09/25/35 (Ê)		220		163
Series 2006-B Class 1A1 3.202% due 10/20/46 (Ê)		66		34
Banc of America Re-Remic Trust Series 2011-STRP Class A1 1.274% due 01/17/49 (Þ)		953		944
Bear Stearns Adjustable Rate Mortgage Trust Series 2003-1 Class 6A1 2.727% due 04/25/33		23		22
Series 2003-8 Class 4A1 3.070% due 01/25/34		71		68
Series 2004-9 Class 22A1 3.582% due 11/25/34 (Ê)		45		43
Series 2005-2 Class A1 2.710% due 03/25/35 (Ê)		709		663
Series 2007-3 Class 1A1 5.230% due 05/25/47		261		188
Bear Stearns Alt-A Trust Series 2005-4 Class 23A1 2.652% due 05/25/35		159		124
Series 2005-7 Class 22A1 2.916% due 09/25/35		383		278
Series 2005-10 Class 24A1 2.649% due 01/25/36		368		195
Series 2006-1 Class 21A2 2.790% due 02/25/36		467		196
Bear Stearns Commercial Mortgage Securities Series 2002-PBW1 Class A2 4.720% due 11/11/35		765		786
Series 2005-T20 Class A4A 5.296% due 10/12/42		890		975
Series 2006-PW14 Class A4 5.201% due 12/11/38		1,600		1,722
Series 2006-T22 Class A4 5.707% due 04/12/38		505		559
Breidenbach Capital Consulting, LLC 11.047% due 04/26/37		594		185
Citigroup Mortgage Loan Trust, Inc. Series 2005-11 Class A2A 2.670% due 12/25/35 (Ê)		46		42
Series 2006-AR7 Class 1A4A 5.329% due 11/25/36		556		392
Series 2007-10 Class 2A3A 5.889% due 09/25/37		504		317


	Principal Amount ($) or Shares		Market Value $
Series 2007-10 Class 2A4A 6.063% due 09/25/37 (Ê)		308		216
Series 2007-AR8 Class 2A1A 5.673% due 07/25/37		746		523
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-CD1 Class A4 5.394% due 07/15/44		340		370
Commercial Mortgage Pass Through Certificates Series 2006-C8 Class A4 5.306% due 12/10/46		200		214
Countrywide Alternative Loan Trust Series 2005-32T1 Class A7 0.436% due 08/25/35 (Ê)		21		20
Series 2005-48T1 Class A6 5.500% due 11/25/35		897		628
Series 2006-36T2 Class 1A9 1.086% due 12/25/36 (Ê)		275		131
Series 2006-45T1 Class 2A2 6.000% due 02/25/37		1,098		750
Series 2006-OA16 Class A2 0.376% due 10/25/46 (Ê)		1,527		927
Series 2006-OA19 Class A1 0.366% due 02/20/47 (Ê)		660		343
Series 2007-15CB Class A5 5.750% due 07/25/37		651		492
Series 2007-OA11 Class A1A 1.558% due 11/25/47 (Ê)		876		477
Countrywide Home Loan Mortgage Pass Through Trust Series 2003-52 Class A1 2.831% due 02/19/34		105		95
Series 2004-22 Class A3 3.094% due 11/25/34		146		122
Series 2004-HYB9 Class 1A1 2.789% due 02/20/35		239		196
Series 2005-1 Class 2A1 0.476% due 03/25/35 (Ê)		1,427		827
Series 2005-3 Class 1A2 0.476% due 04/25/35 (Ê)		22		14
Series 2005-HYB9 Class 3A2A 3.017% due 02/20/36 (Ê)		46		36
Series 2007-1 Class A1 6.000% due 03/25/37		1,285		1,089
Series 2007-2 Class A2 6.000% due 03/25/37		2,100		1,742
Series 2007-4 Class 1A10 6.000% due 05/25/37		2,000		1,553
Series 2007-HY1 Class 1A2 5.415% due 04/25/37		47		5
Credit Suisse First Boston Mortgage Securities Corp. Series 2005-9 Class 2A1 5.500% due 10/25/35		316		297
Credit Suisse Mortgage Capital Certificates Series 2006-8 Class 4A1 6.500% due 10/25/21		401		309


Core Bond Fund		41

Russell Investment Funds

Core Bond Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Series 2006-C2 Class A3 5.850% due 03/15/39		100		109
Series 2007-2 Class 3A4 5.500% due 03/25/37		1,000		880
DBUBS Mortgage Trust Series 2011-LC2A Class A2 3.386% due 06/10/16 (Þ)		900		902
Deutsche ALT-A Securities, Inc. Alternate Loan Trust Series 2005-AR1 Class 2A3 1.946% due 08/25/35		465		256
Series 2007-AR3 Class 2A4 0.536% due 06/25/37 (Ê)		500		129
Series 2007-OA1 Class A1 0.336% due 02/25/47 (Ê)		2,121		1,124
Series 2007-OA2 Class A1 1.050% due 04/25/47 (Ê)		1,185		759
Fannie Mae 2.707% due 2017 (Ê)		25		25
6.000% due 2017		23		25
3.740% due 2018		899		927
3.840% due 2018		210		217
4.500% due 2018		101		109
4.506% due 2019 (Ê)		700		742
3.375% due 2020 (Ê)		299		292
3.416% due 2020 (Ê)		199		196
3.584% due 2020 (Ê)		597		593
3.632% due 2020 (Ê)		200		198
3.665% due 2020 (Ê)		816		814
3.763% due 2020 (Ê)		1,587		1,593
4.250% due 2020		785		819
5.500% due 2020		85		92
4.301% due 2021		498		517
5.500% due 2021		120		130
5.500% due 2022		235		255
5.500% due 2023		190		207
4.500% due 2025		1,203		1,285
3.500% due 2026		4,138		4,220
6.000% due 2026		382		418
6.000% due 2027		213		234
6.000% due 2028		16		18
6.000% due 2032		222		246
5.000% due 2033		83		89
5.500% due 2033		15		16
6.000% due 2033		11		12
5.000% due 2034		678		724
5.500% due 2034		579		632
5.000% due 2035		2,054		2,197
5.500% due 2035		5		6
3.727% due 2036 (Ê)		250		251
5.500% due 2037		1,792		1,951
6.000% due 2037		110		122
5.500% due 2038		1,709		1,865
6.000% due 2038		1,273		1,405
4.500% due 2039		1,487		1,550
4.000% due 2040		2,093		2,102
4.500% due 2040		362		377


	Principal Amount ($) or Shares		Market Value $
3.500% due 2041		10,971		10,505
4.000% due 2041		1,518		1,522
15 Year TBA(Ï) 3.500%		6,000		6,109
30 Year TBA(Ï) 4.000%		4,500		4,940
4.500%		4,000		4,138
5.000%		1,000		1,063
6.000%		5,235		5,750
6.500%		—		—
Series 2003-343 Class 6 Interest Only STRIP 5.000% due 10/01/33		133		27
Series 2003-345 Class 18 Interest Only STRIP 4.500% due 12/01/18		302		30
Series 2003-345 Class 19 Interest Only STRIP 4.500% due 01/01/19		334		32
Series 2005-365 Class 12 Interest Only STRIP 5.500% due 12/01/35		506		84
Series 2006-369 Class 8 Interest Only STRIP 5.500% due 04/01/36		92		18
Fannie Mae REMICS Series 1999-56 Class Z 7.000% due 12/18/29		58		66
Series 2003-32 Class FH 0.586% due 11/25/22 (Ê)		98		98
Series 2003-35 Class FY 0.586% due 05/25/18 (Ê)		168		168
Series 2006-27 Class SH Interest Only STRIP 6.514% due 04/25/36 (Ê)		2,783		409
Series 2006-48 Class LG Zero coupon due 06/25/36		2		2
Series 2007-30 Class AF 0.496% due 04/25/37 (Ê)		96		96
Series 2010-95 Class S Interest Only STRIP 6.414% due 09/25/40 (Ê)		2,871		529
Series 2010-112 Class PI Interest Only STRIP 6.000% due 10/25/40		3,047		587
Fannie Mae Whole Loan Series 2003-W1 Class 1A1 6.351% due 12/25/42		28		32
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates Series 2011-K011 Class A2 4.084% due 11/25/20		200		207
Federal Home Loan Mortgage Corp. Structured Pass Through Securities Series 2005-63 Class 1A1 1.495% due 02/25/45 (Ê)		22		21


	42			Core Bond Fund

Russell Investment Funds

Core Bond Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

First Horizon Asset Securities, Inc. Series 2005-AR4 Class 2A1 2.876% due 10/25/35 (Ê)		936		787
Fosse Master Issuer PLC Series 2011-1A Class A2 1.619% due 10/18/54 (Ê)(Þ)		650		649
Freddie Mac 6.000% due 2016		9		10
5.000% due 2018		144		156
5.000% due 2019		279		301
5.000% due 2020		261		282
3.500% due 2025		1,442		1,471
2.767% due 2030 (Ê)		1		1
5.000% due 2035		910		971
5.196% due 2037 (Ê)		218		231
5.500% due 2037		872		937
6.000% due 2037		230		255
5.500% due 2038		3,671		4,010
6.000% due 2038		1,295		1,435
4.500% due 2039		2,817		2,934
6.000% due 2039		86		96
4.000% due 2040		693		696
5.500% due 2040		790		856
4.000% due 2041		5,198		5,219
4.500% due 2041		5,745		5,981
15 Year TBA(Ï)
3.500%		6,480		6,597
30 Year TBA(Ï)
4.500%		1,000		1,030
5.000%		—		—
Freddie Mac REMICS Series 2000-2266 Class F 0.637% due 11/15/30 (Ê)		9		9
Series 2005-3019 Class IM Interest Only STRIP 5.500% due 01/15/31		38		1
Series 2007-3335 Class BF 0.337% due 07/15/19 (Ê)		123		122
Series 2007-3335 Class FT 0.337% due 08/15/19 (Ê)		260		259
GE Capital Commercial Mortgage Corp. Series 2002-1A Class A3 6.269% due 12/10/35		702		717
Series 2002-2A Class A3 5.349% due 08/11/36		760		783
Ginnie Mae I 3.950% due 2025		97		100
4.500% due 2039		1,753		1,858
5.500% due 2039		147		162
30 Year TBA(Ï)
3.500%		—		—
4.000%		1,255		1,278
4.500%		2,000		2,111
5.000%		2,000		2,166
Ginnie Mae II 3.375% due 2026 (Ê)		111		116
2.625% due 2027 (Ê)		8		8


	Principal Amount ($) or Shares		Market Value $
1.750% due 2032 (Ê)		39		40
30 Year TBA(Ï) 5.000%		1,000		1,085
Government National Mortgage Association Series 2000-29 Class F 0.686% due 09/20/30 (Ê)		12		12
Series 2007-26 Class SD Interest Only STRIP 6.615% due 05/16/37 (Ê)		2,620		407
Series 2010-116 Class MP 3.500% due 09/16/40		2,009		2,106
Greenwich Capital Commercial Funding Corp. Series 2002-C1 Class A4 4.948% due 01/11/35		685		707
Series 2004-GG1 Class A7 5.317% due 06/10/36		880		946
Series 2006-GG7 Class A4 6.078% due 07/10/38		1,105		1,227
Series 2007-GG9 Class A4 5.444% due 03/10/39		315		338
GS Mortgage Securities Corp. II Series 2006-GG6 Class A4 5.553% due 04/10/38		320		348
GSR Mortgage Loan Trust Series 2005-AR7 Class 6A1 5.163% due 11/25/35		139		132
Series 2006-2F Class 3A3 6.000% due 02/25/36		832		647
Series 2006-3F Class 2A3 5.750% due 03/25/36		327		313
Series 2006-8F Class 4A17 6.000% due 09/25/36		504		434
Series 2007-AR1 Class 1A1 2.983% due 03/25/37		1,583		969
Series 2007-AR2 Class 2A1 2.879% due 05/25/47		910		643
Harborview Mortgage Loan Trust Series 2005-3 Class 2A1A 0.426% due 06/19/35 (Ê)		1,353		887
Series 2005-4 Class 3A1 2.775% due 07/19/35		117		88
Holmes Master Issuer PLC Series 2010-1A Class A2 1.678% due 10/15/54 (Ê)(Þ)		300		301
Indymac Index Mortgage Loan Trust Series 2005-AR31 Class 1A1 2.501% due 01/25/36		563		343
Series 2006-AR35 Class 2A1A 0.356% due 01/25/37 (Ê)		496		247
Series 2006-AR41 Class A3 0.366% due 02/25/37 (Ê)		1,397		641
Series 2007-AR5 Class 1A1 4.967% due 05/25/37		574		262
JPMorgan Alternative Loan Trust Series 2006-A2 Class 3A1 2.739% due 05/25/36		1,010		587


Core Bond Fund		43

Russell Investment Funds

Core Bond Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares			Market Value $

JPMorgan Chase Commercial Mortgage Securities Corp. Series 2001-CIB3 Class A3 6.465% due 11/15/35		312			314
Series 2005-LDP5 Class A4 5.371% due 12/15/44		390			426
Series 2006-CB16 Class A4 5.552% due 05/12/45		220	��		240
Series 2006-LDP7 Class A4 6.067% due 04/15/45		650			721
Series 2006-LDP8 Class A3B 5.447% due 05/15/45		250			261
Series 2006-LDP8 Class A4 5.399% due 05/15/45		290			313
Series 2007-CB18 Class A4 5.440% due 06/12/47		1,200			1,283
Series 2007-LD12 Class A4 5.882% due 02/15/51		100			109
Series 2007-LDPX Class A3 5.420% due 01/15/49		700			751
JPMorgan Mortgage Trust Series 2005-A1 Class 6T1 5.015% due 02/25/35 (Ê)		50			50
Series 2005-A5 Class TA1 5.430% due 08/25/35		434			422
Series 2005-S3 Class 1A2 5.750% due 01/25/36		84			78
Series 2007-A1 Class 2A2 3.078% due 07/25/35 (Ê)		356			324
Series 2007-A4 Class 3A1 5.823% due 06/25/37		1,791			1,650
Series 2007-S3 Class 1A8 6.000% due 08/25/37		1,277			1,100
LB-UBS Commercial Mortgage Trust Series 2006-C1 Class A4 5.156% due 02/15/31		1,500			1,623
Series 2007-C1 Class A4 5.424% due 02/15/40		1,500			1,617
Lehman Mortgage Trust Series 2005-3 Class 1A3 5.500% due 01/25/36		203			155
Series 2006-8 Class 2A1 0.606% due 12/25/36 (Ê)		595			292
Series 2007-8 Class 3A1 7.250% due 09/25/37		791			419
Lehman XS Trust Series 2007-7N Class 1A2 0.426% due 06/25/47 (Ê)		743			377
Master Adjustable Rate Mortgages Trust Series 2007-HF2 Class A1 0.496% due 09/25/37 Ê)		838			598
MASTR Alternative Loans Trust Series 2003-4 Class B1 5.759% due 06/25/33		139			96
Series 2004-10 Class 5A6 5.750% due 09/25/34		138			140


	Principal Amount ($) or Shares		Market Value $
Mellon Residential Funding Corp. Series 2000-TBC2 Class A1 0.667% due 06/15/30 (Ê)		96		92
Merrill Lynch Floating Trust Series 2006-1 Class A1 0.257% due 06/15/22 (Ê)(Þ)		100		99
Merrill Lynch Mortgage Investors, Inc. 0.396% due 02/25/36 (Ê)		80		58
Series 2006-A1 Class 1A1 2.835% due 03/25/36		761		452
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2007-6 Class A4 5.485% due 03/12/51		100		106
MLCC Mortgage Investors, Inc. Series 2005-3 Class 5A 0.436% due 11/25/35 (Ê)		49		42
Morgan Stanley Capital I Series 2005-T19 Class A4A 4.890% due 06/12/47		750		809
Series 2006-HQ9 Class A4 5.731% due 07/12/44		515		568
Series 2006-T23 Class A4 5.989% due 08/12/41		490		548
Series 2007-T27 Class A4 5.789% due 06/11/42		675		747
NCUA Guaranteed Notes Series 2010-C1 Class APT 2.650% due 10/29/20		491		490
Series 2010-R1 Class 1A 0.640% due 10/07/20 (Ê)		1,446		1,449
Series 2010-R2 Class 1A 0.560% due 11/06/17 (Ê)		1,431		1,431
Series 2010-R2 Class 2A 0.660% due 11/05/20 (Ê)		779		777
Series 2011-R2 Class 1A 0.590% due 02/06/20 (Ê)		1,070		1,071
Prime Mortgage Trust Series 2004-CL1 Class 1A2 0.586% due 02/25/34 (Ê)		16		15
Residential Accredit Loans, Inc. Series 2005-QO5 Class A1 1.278% due 01/25/46 (Ê)		1,635		961
Series 2005-QS13 Class 2A3 5.750% due 09/25/35		317		249
Series 2007-QO4 Class A1 0.386% due 05/25/47 (Ê)		1,299		773
Residential Asset Securitization Trust Series 2003-A15 Class 1A2 0.636% due 02/25/34 (Ê)		139		130
Series 2005-A10 Class A3 5.500% due 09/25/35		273		228
Series 2006-A9CB Class A6 6.000% due 09/25/36		245		136
Residential Funding Mortgage Securities I Series 2005-SA4 Class 2A1 3.176% due 09/25/35		420		297


	44			Core Bond Fund

Russell Investment Funds

Core Bond Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Series 2006-SA4 Class 2A1 6.058% due 11/25/36		250		176
Sequoia Mortgage Trust Series 2001-5 Class A 0.536% due 10/19/26 (Ê)		41		37
Silverstone Master Issuer PLC Series 2010-1A Class A1 1.674% due 01/21/55 (Ê)(Þ)		500		500
Structured Adjustable Rate Mortgage Loan Trust Series 2004-12 Class 3A2 2.561% due 09/25/34		46		40
Series 2005-23 Class 1A3 2.626% due 01/25/36		286		232
Series 2006-12 Class 2A1 5.381% due 01/25/37		586		426
Structured Asset Mortgage Investments, Inc. Series 2005-AR5 Class A3 0.436% due 07/19/35 (Ê)		135		124
Series 2007-AR6 Class A1 1.778% due 08/25/47 (Ê)		1,191		634
Structured Asset Securities Corp. Series 2003-34A Class 5A4 2.546% due 11/25/33 (Ê)		710		683
Suntrust Adjustable Rate Mortgage Loan Trust Series 2007-2 Class 3A3 5.539% due 04/25/37 (Ê)		2,592		2,011
Thornburg Mortgage Securities Trust Series 2006-5 Class A1 0.306% due 10/25/46 (Ê)		642		637
Series 2006-6 Class A1 0.296% due 11/25/46 (Ê)		68		67
Wachovia Bank Commercial Mortgage Trust Series 2005-C16 Class A4 4.847% due 10/15/41		725		778
Series 2005-C20 Class A7 5.118% due 07/15/42		800		869
Series 2005-C21 Class A4 5.380% due 10/15/44		1,000		1,090
Series 2006-C27 Class A3 5.765% due 07/15/45		700		767
Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2006-AR7 Class A1A 1.198% due 09/25/46 (Ê)		1,312		604
Series 2006-AR9 Class 2A 1.118% due 11/25/46 (Ê)		1,669		756
Series 2007-HY2 Class 2A3 5.159% due 04/25/37		1,222		735
Series 2007-OA1 Class 2A 0.998% due 12/25/46 (Ê)		562		271
Series 2007-OA5 Class A1A 1.118% due 05/25/47 (Ê)		1,154		707
Washington Mutual Mortgage Pass Through Certificates Series 2005-AR6 Class B3 0.846% due 04/25/45 (Å)(Ê)		186		8


	Principal Amount ($) or Shares		Market Value $
Series 2005-AR13 Class A1A1 0.476% due 10/25/45 (Ê)		26		21
Series 2006-AR2 Class 1A1 2.567% due 03/25/36		449		348
Series 2007-HY3 Class 4B1 2.725% due 03/25/37		123		6
Wells Fargo Mortgage Backed Securities Trust Series 2006-2 Class 2A3 5.500% due 03/25/36		216		213
Series 2006-6 Class 1A22 6.000% due 05/25/36 (Ê)		1,286		1,154
Series 2006-AR2 Class 2A1 2.756% due 03/25/36		191		170
Series 2006-AR10 Class 4A1 2.748% due 07/25/36 (Ê)		53		42
Series 2006-AR14 Class 1A7 5.693% due 10/25/36		1,700		1,401
Series 2006-AR17 Class A1
5.041% due 10/25/36 (Ê)		987		774
Series 2007-8 Class 1A16 6.000% due 07/25/37		201		195
Series 2007-AR8 Class A1 6.088% due 11/25/37		342		278

				196,473

Municipal Bonds - 2.8%
American Municipal Power, Inc. Revenue Bonds 6.270% due 02/15/50		250		250
Chicago Transit Authority Revenue Bonds 6.899% due 12/01/40		400		426
City of New York New York General Obligation Unlimited 6.246% due 06/01/35		1,100		1,130
County of Clark Nevada Revenue Bonds 6.820% due 07/01/45		100		109
Dallas Area Rapid Transit Revenue Bonds 5.250% due 12/01/48		100		103
Illinois Municipal Electric Agency Revenue Bonds 6.832% due 02/01/35		100		108
Irvine Ranch Water District Revenue Bonds 6.622% due 05/01/40		1,000		1,181
Los Angeles Unified School District General Obligation Unlimited 4.500% due 07/01/22 (µ)		400		413
New Jersey State Turnpike Authority Revenue Bonds 7.102% due 01/01/41		1,000		1,163
New York City Municipal Water Finance Authority Revenue Bonds 5.375% due 06/15/43		525		555
New York State Dormitory Authority Revenue Bonds 5.000% due 07/01/40		225		233
North Carolina Turnkpike Authority Revenue Bonds 6.700% due 01/01/39		100		106


Core Bond Fund		45

Russell Investment Funds

Core Bond Fund

Schedule of Investments, continued — June 30, 2011 (Unaudited)

Amounts in thousands (except share amounts)


	Principal Amount ($) or Shares		Market Value $

Northern California Power Agency Revenue Bonds 7.311% due 06/01/40		1,000		1,040
Northstar Education Finance, Inc. Series 2004-1 Class A4 0.463% due 04/29/19 (Ê)		1,000		991
Series 2007-1 Class A1 0.373% due 04/28/30 (Ê)		475		423
Series 2007-1 Class A3 0.333% due 01/29/46 (Ê)		500		447
Public Power Generation Agency Revenue Bonds 7.242% due 01/01/41		100		103
San Diego County Regional Airport Authority Revenue Bonds 6.628% due 07/01/40		100		100
State of California General Obligation Unlimited 6.650% due 03/01/22		250		281
7.500% due 04/01/34		425		481
7.950% due 03/01/36		110		120
5.650% due 04/01/39 (Ê)		100		106
7.550% due 04/01/39		405		463
7.625% due 03/01/40		400		460
7.600% due 11/01/40		325		375
State of Illinois General Obligation Unlimited 4.071% due 01/01/14		100		103
5.665% due 03/01/18		750		778
3.100% due 10/01/33 (Ê)		700		700
7.350% due 07/01/35		550		585
State of Louisiana Revenue Bonds 3.000% due 05/01/43 (Ê)		400		406
University of California Revenue Bonds 6.270% due 05/15/31		400		406

				14,145


Non-US Bonds - 2.0%
Argentina Government International Bond 6.500% due 12/15/35		EUR 1,730		357
Bundesrepublik Deutschland 3.250% due 07/04/21		EUR 300		443
Canada Housing Trust No. 1 4.550% due 12/15/12 (Þ)		CAD 100		108
Canadian Government Bond 1.500% due 12/01/12		CAD 200		208
1.750% due 03/01/13		CAD 300		312
2.000% due 08/01/13		CAD 300		314
2.500% due 09/01/13		CAD 400		422
2.250% due 08/01/14		CAD 100		105
2.000% due 12/01/14		CAD 1,000		1,038
FCE Bank plc 7.125% due 01/15/13		EUR 600		901
Federative Republic of Brazil 12.500% due 01/05/22		BRL 300		240
10.250% due 01/10/28		BRL 1,400		978


	Principal Amount ($) or Shares		Market Value $
Italy Buoni Poliennali Del Tesoro Series CPI 2.100% due 09/15/21		EUR 1,042		1,413
Mexican Bonos Series M 20 10.000% due 12/05/24		MXN 3,707		390
7.500% due 06/03/27		MXN 723		61
Morgan Stanley 1.029% due 03/01/13 (Ê)		EUR 600		859
Province of Ontario Canada 4.700% due 06/02/37		CAD 400		436
4.600% due 06/02/39		CAD 100		108
South Africa Government Bond Series R186 10.500% due 12/21/26		ZAR 4,140		708
Series R208 6.750% due 03/31/21		ZAR 3,170		415
Spain Government Bond 4.650% due 07/30/25		EUR 300		390

				10,206


United States Government Agencies - 1.7%
Federal Home Loan Banks 5.375% due 05/15/19		500		577
4.500% due 09/13/19		1,100		1,199
Federal Home Loan Mortgage Corp. 0.210% due 10/12/12 (Ê)		2,970		2,971
Federal National Mortgage Association 0.206% due 08/23/12 (Ê)		855		856
0.300% due 09/13/12 (Ê)		1,455		1,457
0.216% due 10/18/12 (Ê)		1,485		1,486
Tennessee Valley Authority 4.625% due 09/15/60		100		94

				8,640


United States Government Treasuries - 4.1%
United States Treasury Principal Principal Only STRIP Zero coupon due 11/15/21		1,938		1,346
United States Treasury Inflation
Indexed Bonds
2.375% due 01/15/27 (Æ)		2,342		2,670
1.750% due 01/15/28 (Æ)		107		112
3.375% due 04/15/32		887		1,173
2.125% due 02/15/41 (Æ)		806		876
United States Treasury Notes
0.750% due 06/15/14		400		400
1.750% due 05/31/16		520		521
1.500% due 06/30/16		315		311
2.375% due 05/31/18		3,000		2,984
2.625% due 11/15/20		2,330		2,244

Russell Investment Funds N-CSRSCertified semi-annual shareholder report (management investment company)