Table of Contents
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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) |
909 A Street, Tacoma Washington | 98402 | |
(Address of principal executive offices) | (Zip code) |
Gregory J. Lyons, Assistant Secretary
Russell Investment Funds
909 A Street
Tacoma, Washington 98402
253-439-2406
(Name and address of agent for service) |
Registrant’s telephone number, including area code: 253-572-9500
Date of fiscal year end: December 31
Date of reporting period: January 1, 2009 – June 30, 2009
Table of Contents
Item 1. | Reports to Stockholders |
Table of Contents
2009 SEMIANNUAL REPORT
Russell Investment Funds
JUNE 30, 2009
FUND
Multi-Style Equity Fund
Aggressive Equity Fund
Non-U.S. Fund
Core Bond Fund
Real Estate Securities Fund
Table of Contents
Russell Investment Funds
Russell Investment Funds is a series investment company with nine different investment portfolios referred to as Funds. These financial statements report on five of these Funds.
Table of Contents
Russell Investment Funds
Semiannual Report
June 30, 2009 (Unaudited)
Table of Contents
Russell Investment Funds
Copyright © Russell Investments 2009. All rights reserved.
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 products and services offered through Russell Financial Services, Inc., member FINRA, 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.
Table of Contents
Russell Investment Funds
Shareholder Expense Example — June 30, 2009 (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 Semiannual 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 management 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, 2009 to June 30, 2009.
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, 2009 | $ | 1,000.00 | $ | 1,000.00 | ||
Ending Account Value | ||||||
June 30, 2009 | $ | 1,062.30 | $ | 1,020.53 | ||
Expenses Paid During Period* | $ | 4.40 | $ | 4.31 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.86% (representing the one-half year period annualized), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Reflects amounts waived and/or reimbursed. Without the waiver and/or reimbursement, expenses would have been higher. |
Multi-Style Equity Fund | 3 |
Table of Contents
Russell Investment Funds
Multi-Style Equity Fund
Schedule of Investments — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Common Stocks - 92.9% | ||||
Consumer Discretionary - 11.5% | ||||
Amazon.com, Inc. (Æ) | 23,190 | 1,940 | ||
American Eagle Outfitters, Inc. | 42,100 | 597 | ||
Apollo Group, Inc. Class A (Æ) | 6,558 | 466 | ||
AutoZone, Inc. (Æ)(Ñ) | 4,926 | 744 | ||
Avon Products, Inc. | 39,760 | 1,025 | ||
Bed Bath & Beyond, Inc. (Æ) | 15,760 | 485 | ||
Best Buy Co., Inc. (Ñ) | 29,109 | 975 | ||
BJ’s Wholesale Club, Inc. (Æ)(Ñ) | 4,300 | 139 | ||
CBS Corp. Class B | 82,400 | 570 | ||
Clear Channel Outdoor Holdings, Inc. Class A (Æ) | 5,724 | 30 | ||
Coach, Inc. | 8,400 | 226 | ||
Costco Wholesale Corp. | 22,000 | 1,005 | ||
DISH Network Corp. Class A (Æ) | 16,300 | 264 | ||
Dollar Tree, Inc. (Æ) | 8,466 | 356 | ||
DR Horton, Inc. | 12,800 | 120 | ||
eBay, Inc. (Æ) | 61,100 | 1,047 | ||
Estee Lauder Cos., Inc. (The) Class A | 10,479 | 342 | ||
Foot Locker, Inc. | 13,700 | 143 | ||
Ford Motor Co. (Æ)(Ñ) | 75,882 | 461 | ||
Fortune Brands, Inc. | 9,200 | 320 | ||
Garmin, Ltd. (Ñ) | 30,300 | 722 | ||
Goodyear Tire & Rubber Co. (The) (Æ) | 22,980 | 259 | ||
Guess?, Inc. | 9,040 | 233 | ||
Home Depot, Inc. | 23,341 | 552 | ||
JC Penney Co., Inc. | 24,300 | 698 | ||
Johnson Controls, Inc. (Ñ) | 42,000 | 912 | ||
Jones Apparel Group, Inc. | 11,400 | 122 | ||
Kohl’s Corp. (Æ) | 26,104 | 1,116 | ||
Limited Brands, Inc. | 50,800 | 608 | ||
Lowe’s Cos., Inc. (Ñ) | 124,659 | 2,420 | ||
Macy’s, Inc. | 48,400 | 569 | ||
McDonald’s Corp. | 57,529 | 3,307 | ||
McGraw-Hill Cos., Inc. (The) | 21,300 | 641 | ||
Meritage Homes Corp. (Æ)(Ñ) | 1,300 | 25 | ||
Newell Rubbermaid, Inc. | 34,600 | 360 | ||
Nike, Inc. Class B (Ñ) | 34,409 | 1,782 | ||
NVR, Inc. (Æ)(Ñ) | 1,020 | 512 | ||
priceline.com, Inc. (Æ)(Ñ) | 4,866 | 543 | ||
Pulte Homes, Inc. (Ñ) | 39,390 | 348 | ||
Rent-A-Center, Inc. Class A (Æ) | 8,100 | 144 | ||
Starbucks Corp. (Æ) | 26,925 | 374 | ||
Starwood Hotels & Resorts Worldwide, Inc. (Ñ)(ö) | 32,370 | 719 | ||
Target Corp. | 15,900 | 628 | ||
Tiffany & Co. (Ñ) | 12,500 | 317 | ||
Timberland Co. Class A (Æ) | 3,100 | 41 | ||
Time Warner Cable, Inc. | 7,100 | 225 | ||
TRW Automotive Holdings Corp. (Æ)(Ñ) | 10,300 | 116 | ||
Viacom, Inc. Class B (Æ) | 66,800 | 1,516 | ||
Wal-Mart Stores, Inc. | 54,450 | 2,638 | ||
Walt Disney Co. (The) | 32,800 | 765 | ||
WESCO International, Inc. (Æ) | 7,700 | 193 | ||
Williams-Sonoma, Inc. | 45,100 | 535 | ||
Wynn Resorts, Ltd. (Æ)(Ñ) | 7,280 | 257 | ||
35,452 | ||||
Principal Amount ($) or Shares | Market Value $ | |||
Consumer Staples - 7.4% | ||||
Casey’s General Stores, Inc. | 2,500 | 64 | ||
Coca-Cola Co. (The) | 83,244 | 3,995 | ||
Colgate-Palmolive Co. | 20,060 | 1,419 | ||
CVS Caremark Corp. | 113,335 | 3,612 | ||
Hansen Natural Corp. (Æ)(Ñ) | 23,185 | 715 | ||
Hershey Co. (The) (Ñ) | 9,600 | 346 | ||
Hormel Foods Corp. | 4,600 | 159 | ||
JM Smucker Co. (The) | 424 | 21 | ||
Kimberly-Clark Corp. | 15,500 | 813 | ||
Kroger Co. (The) | 12,700 | 280 | ||
Lorillard, Inc. | 6,600 | 447 | ||
Molson Coors Brewing Co. Class B | 13,100 | 554 | ||
Pepsi Bottling Group, Inc. | 6,700 | 227 | ||
PepsiCo, Inc. | 104,949 | 5,768 | ||
Procter & Gamble Co. (The) | 36,540 | 1,867 | ||
Ralcorp Holdings, Inc. (Æ) | 2,300 | 140 | ||
Safeway, Inc. | 15,100 | 308 | ||
SUPERVALU, Inc. | 18,800 | 243 | ||
Sysco Corp. | 10,340 | 232 | ||
Tyson Foods, Inc. Class A | 16,800 | 212 | ||
Walgreen Co. | 25,800 | 758 | ||
Whole Foods Market, Inc. (Ñ) | 27,151 | 515 | ||
22,695 | ||||
Energy - 9.6% | ||||
Anadarko Petroleum Corp. | 17,200 | 781 | ||
Apache Corp. | 2,500 | 180 | ||
Arch Coal, Inc. (Ñ) | 44,500 | 684 | ||
Baker Hughes, Inc. | 46,950 | 1,711 | ||
Berry Petroleum Co. Class A (Ñ) | 3,600 | 67 | ||
Cameron International Corp. (Æ) | 45,990 | 1,302 | ||
Chesapeake Energy Corp. | 38,156 | 757 | ||
Chevron Corp. | 29,500 | 1,954 | ||
ConocoPhillips | 32,200 | 1,354 | ||
Devon Energy Corp. | 22,300 | 1,215 | ||
ENSCO International, Inc. | 7,100 | 248 | ||
Exxon Mobil Corp. | 43,240 | 3,023 | ||
First Solar, Inc. (Æ)(Ñ) | 4,751 | 770 | ||
Halliburton Co. | 17,900 | 371 | ||
Hess Corp. | 2,979 | 160 | ||
Key Energy Services, Inc. (Æ) | 15,500 | 89 | ||
Marathon Oil Corp. | 97,245 | 2,930 | ||
Occidental Petroleum Corp. | 56,165 | 3,696 | ||
Oil States International, Inc. (Æ) | 6,000 | 145 | ||
Patterson-UTI Energy, Inc. (Ñ) | 10,300 | 133 | ||
Rowan Cos., Inc. | 9,400 | 182 | ||
Schlumberger, Ltd. | 26,100 | 1,412 | ||
Southwestern Energy Co. (Æ) | 7,290 | 283 | ||
Sunoco, Inc. (Ñ) | 22,300 | 517 | ||
Tesoro Corp. (Ñ) | 10,600 | 135 | ||
Total SA - ADR | 21,300 | 1,155 | ||
Transocean, Ltd. (Æ) | 20,972 | 1,558 | ||
Valero Energy Corp. | 16,900 | 286 | ||
Weatherford International, Ltd. (Æ) | 18,730 | 366 | ||
Western Refining, Inc. (Æ) | 8,900 | 63 | ||
Williams Cos., Inc. (The) | 49,100 | 767 | ||
XTO Energy, Inc. | 29,583 | 1,128 | ||
29,422 | ||||
4 | Multi-Style Equity Fund |
Table of Contents
Russell Investment Funds
Multi-Style Equity Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Financial Services - 16.0% | ||||
ACE, Ltd. | 28,800 | 1,274 | ||
Allied World Assurance Co. Holdings, Ltd. | 2,400 | 98 | ||
Allstate Corp. (The) | 11,700 | 285 | ||
American Express Co. | 34,337 | 798 | ||
American Financial Group, Inc. | 11,400 | 246 | ||
Annaly Capital Management, Inc. (ö) | 48,600 | 736 | ||
Anworth Mortgage Asset Corp. (ö) | 10,100 | 73 | ||
Apollo Investment Corp. | 1,000 | 6 | ||
Arch Capital Group, Ltd. (Æ) | 2,200 | 129 | ||
Arthur J Gallagher & Co. | 7,100 | 152 | ||
Bank of America Corp. | 90,000 | 1,188 | ||
Bank of New York Mellon Corp. (The) | 99,841 | 2,926 | ||
BB&T Corp. | 30,550 | 671 | ||
BioMed Realty Trust, Inc. (ö) | 7,200 | 74 | ||
Brandywine Realty Trust (ö) | 14,400 | 107 | ||
Brown & Brown, Inc. | 1,000 | 20 | ||
Camden Property Trust (ö) | 5,900 | 163 | ||
Capital One Financial Corp. (Ñ) | 46,950 | 1,027 | ||
Capstead Mortgage Corp. (ö) | 8,000 | 102 | ||
Cash America International, Inc. | 4,800 | 112 | ||
CBL & Associates Properties, Inc. (ö)(Ñ) | 12,900 | 70 | ||
Charles Schwab Corp. (The) | 106,000 | 1,859 | ||
Chubb Corp. | 19,800 | 790 | ||
Commerce Bancshares, Inc. | 3,360 | 107 | ||
DCT Industrial Trust, Inc. (ö)(Ñ) | 22,900 | 93 | ||
Discover Financial Services | 28,900 | 297 | ||
Extra Space Storage, Inc. (ö)(Ñ) | 9,900 | 83 | ||
Fidelity National Financial, Inc. Class A | 7,700 | 104 | ||
Fifth Third Bancorp | 22,700 | 161 | ||
Fulton Financial Corp. (Ñ) | 12,700 | 66 | ||
Goldman Sachs Group, Inc. (The) | 28,173 | 4,154 | ||
Hartford Financial Services Group, Inc. | 2,500 | 30 | ||
Hospitality Properties Trust (ö)(Ñ) | 14,400 | 171 | ||
Hudson City Bancorp, Inc. | 17,700 | 235 | ||
JPMorgan Chase & Co. | 199,179 | 6,794 | ||
Keycorp | 85,400 | 447 | ||
Liberty Property Trust (ö) | 7,000 | 161 | ||
Lincoln National Corp. | 15,100 | 260 | ||
Mack-Cali Realty Corp. (ö) | 7,600 | 173 | ||
Marsh & McLennan Cos., Inc. | 36,900 | 743 | ||
Mastercard, Inc. Class A | 5,685 | 951 | ||
Mercury General Corp. (Ñ) | 18,700 | 625 | ||
MetLife, Inc. | 29,333 | 880 | ||
MFA Financial, Inc. (ö) | 7,600 | 53 | ||
Morgan Stanley | 125,519 | 3,579 | ||
MSCI, Inc. Class A (Æ) | 9,100 | 222 | ||
Nasdaq OMX Group, Inc. (The) (Æ) | 11,300 | 241 | ||
Navigators Group, Inc. (Æ) | 1,000 | 44 | ||
New York Community Bancorp, Inc. (Ñ) | 52,700 | 563 | ||
PartnerRe, Ltd. - ADR (Ñ) | 4,100 | 266 | ||
PNC Financial Services Group, Inc. | 54,885 | 2,130 | ||
Prologis (ö)(Ñ) | 33,000 | 266 | ||
Prudential Financial, Inc. | 21,200 | 789 | ||
Regions Financial Corp. (Ñ) | 54,361 | 220 | ||
StanCorp Financial Group, Inc. | 3,100 | 89 | ||
State Street Corp. | 2,000 | 94 |
Principal Amount ($) or Shares | Market Value $ | |||
SunTrust Banks, Inc. | 62,900 | 1,035 | ||
Susquehanna Bancshares, Inc. (Ñ) | 12,100 | 59 | ||
Synovus Financial Corp. (Ñ) | 58,500 | 175 | ||
T Rowe Price Group, Inc. (Ñ) | 17,230 | 718 | ||
Travelers Cos., Inc. (The) | 28,500 | 1,170 | ||
UDR, Inc. (ö)(Ñ) | 23,772 | 246 | ||
Universal American Corp. (Æ) | 4,400 | 38 | ||
Visa, Inc. | 53,314 | 3,319 | ||
Wells Fargo & Co. | 163,678 | 3,971 | ||
Wilmington Trust Corp. (Ñ) | 24,500 | 335 | ||
WR Berkley Corp. | 10,200 | 219 | ||
XL Capital, Ltd. Class A | 9,300 | 107 | ||
49,389 | ||||
Health Care - 12.1% | ||||
Abbott Laboratories | 77,350 | 3,639 | ||
Alexion Pharmaceuticals, Inc. (Æ) | 12,720 | 523 | ||
Allergan, Inc. | 18,800 | 895 | ||
Amgen, Inc. (Æ) | 31,075 | 1,645 | ||
Boston Scientific Corp. (Æ) | 77,082 | 782 | ||
Bristol-Myers Squibb Co. | 17,400 | 353 | ||
Cardinal Health, Inc. | 3,800 | 116 | ||
Centene Corp. (Æ) | 4,500 | 90 | ||
Coventry Health Care, Inc. (Æ) | 12,100 | 226 | ||
Covidien PLC | 29,500 | 1,105 | ||
Eli Lilly & Co. | 7,800 | 270 | ||
Express Scripts, Inc. Class A (Æ) | 11,330 | 779 | ||
Forest Laboratories, Inc. (Æ) | 13,400 | 337 | ||
Gilead Sciences, Inc. (Æ) | 65,000 | 3,045 | ||
Health Net, Inc. (Æ) | 4,200 | 65 | ||
Healthspring, Inc. (Æ) | 5,200 | 56 | ||
Henry Schein, Inc. (Æ) | 6,260 | 300 | ||
Humana, Inc. (Æ) | 8,600 | 277 | ||
Illumina, Inc. (Æ)(Ñ) | 3,880 | 151 | ||
Intuitive Surgical, Inc. (Æ)(Ñ) | 4,027 | 659 | ||
Johnson & Johnson | 22,400 | 1,272 | ||
King Pharmaceuticals, Inc. (Æ) | 27,200 | 262 | ||
Laboratory Corp. of America Holdings (Æ) | 12,000 | 814 | ||
Magellan Health Services, Inc. (Æ) | 3,900 | 128 | ||
Merck & Co., Inc. | 9,300 | 260 | ||
Mylan, Inc. (Æ)(Ñ) | 43,304 | 565 | ||
Myriad Genetics, Inc. (Æ) | 16,391 | 584 | ||
Myriad Pharmaceuticals, Inc. (Æ) | 4,097 | 19 | ||
Novartis AG - ADR | 48,700 | 1,986 | ||
Pfizer, Inc. | 183,935 | 2,759 | ||
Schering-Plough Corp. | 173,922 | 4,369 | ||
St. Jude Medical, Inc. (Æ) | 49,602 | 2,039 | ||
Stryker Corp. | 14,300 | 568 | ||
Teva Pharmaceutical Industries, | 6,440 | 318 | ||
Thermo Fisher Scientific, Inc. (Æ) | 42,333 | 1,726 | ||
WellPoint, Inc. (Æ) | 12,406 | 631 | ||
Wyeth | 81,924 | 3,719 | ||
37,332 | ||||
Materials and Processing - 5.5% | ||||
Air Products & Chemicals, Inc. | 11,200 | 723 | ||
Alcoa, Inc. (Ñ) | 40,710 | 420 | ||
Archer-Daniels-Midland Co. | 18,220 | 488 |
Multi-Style Equity Fund | 5 |
Table of Contents
Russell Investment Funds
Multi-Style Equity Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Ball Corp. | 16,000 | 723 | ||
Barrick Gold Corp. | 31,725 | 1,064 | ||
Bunge, Ltd. | 4,200 | 253 | ||
Cabot Corp. | 29,300 | 369 | ||
Celanese Corp. Class A | 35,500 | 843 | ||
Cliffs Natural Resources, Inc. | 7,700 | 188 | ||
Cytec Industries, Inc. | 5,300 | 99 | ||
Domtar Corp. (Æ)(Ñ) | 3,250 | 54 | ||
Dow Chemical Co. (The) | 40,300 | 650 | ||
EI Du Pont de Nemours & Co. | 48,950 | 1,254 | ||
Freeport-McMoRan Copper & Gold, Inc. Class B | 16,220 | �� | 813 | |
Masco Corp. (Ñ) | 36,000 | 345 | ||
Monsanto Co. | 30,478 | 2,266 | ||
Newmont Mining Corp. | 68,414 | 2,796 | ||
OM Group, Inc. (Æ)(Ñ) | 4,000 | 116 | ||
Packaging Corp. of America | 13,574 | 220 | ||
Pactiv Corp. (Æ) | 3,900 | 85 | ||
Potash Corp. of Saskatchewan, Inc. | 2,680 | 249 | ||
PPG Industries, Inc. | 13,600 | 597 | ||
RPM International, Inc. | 27,150 | 381 | ||
Silgan Holdings, Inc. | 4,600 | 226 | ||
Timken Co. | 32,500 | 555 | ||
United States Steel Corp. (Ñ) | 13,840 | 495 | ||
Vulcan Materials Co. | 16,900 | 728 | ||
17,000 | ||||
Producer Durables - 9.8% | ||||
3M Co. | 25,100 | 1,509 | ||
Accenture, Ltd. Class A | 19,900 | 666 | ||
AGCO Corp. (Æ) | 600 | 17 | ||
Alaska Air Group, Inc. (Æ) | 5,900 | 108 | ||
Alcatel-Lucent - ADR (Æ) | 98,380 | 244 | ||
AO Smith Corp. | 2,500 | 81 | ||
ASML Holding NV (Ñ) | 12,700 | 275 | ||
Avery Dennison Corp. | 21,100 | 542 | ||
Bucyrus International, Inc. Class A | 7,200 | 206 | ||
Burlington Northern Santa Fe Corp. | 4,700 | 346 | ||
Caterpillar, Inc. (Ñ) | 19,650 | 649 | ||
CH Robinson Worldwide, Inc. (Ñ) | 5,340 | 279 | ||
Continental Airlines, Inc. Class B (Æ) | 40,902 | 362 | ||
Convergys Corp. (Æ) | 3,900 | 36 | ||
CSX Corp. | 108,180 | 3,746 | ||
Cummins, Inc. | 30,780 | 1,084 | ||
Deere & Co. | 8,900 | 356 | ||
Deluxe Corp. | 5,300 | 68 | ||
Emerson Electric Co. | 16,000 | 518 | ||
Fluor Corp. (Ñ) | 18,000 | 923 | ||
Gardner Denver, Inc. (Æ) | 1,000 | 25 | ||
General Dynamics Corp. | 14,617 | 810 | ||
General Electric Co. | 86,200 | 1,010 | ||
Honeywell International, Inc. | 82,798 | 2,600 | ||
JetBlue Airways Corp. (Æ)(Ñ) | 11,800 | 50 | ||
Joy Global, Inc. | 4,540 | 162 | ||
KBR, Inc. | 6,400 | 118 | ||
L-3 Communications Holdings, Inc. | 3,300 | 229 | ||
Lexmark International, Inc. Class A (Æ) | 14,500 | 230 | ||
Lockheed Martin Corp. | 34,734 | 2,801 |
Principal Amount ($) or Shares | Market Value $ | |||
Manitowoc Co., Inc. (The) (Ñ) | 20,200 | 106 | ||
Manpower, Inc. | 6,600 | 279 | ||
Nokia OYJ - ADR (Ñ) | 60,900 | 888 | ||
Northrop Grumman Corp. | 14,700 | 672 | ||
Pall Corp. | 16,400 | 436 | ||
Pitney Bowes, Inc. | 30,500 | 669 | ||
Republic Services, Inc. Class A | 24,000 | 586 | ||
Robert Half International, Inc. (Ñ) | 11,720 | 277 | ||
Rockwell Automation, Inc. | 12,300 | 395 | ||
RR Donnelley & Sons Co. | 37,600 | 437 | ||
Ryder System, Inc. | 8,600 | 240 | ||
SPX Corp. | 8,000 | 392 | ||
Steelcase, Inc. Class A (Ñ) | 1,600 | 9 | ||
Sunpower Corp. (Æ)(Ñ) | 24,061 | 576 | ||
Teleflex, Inc. | 13,200 | 592 | ||
Tutor Perini Corp. (Æ)(Ñ) | 6,800 | 118 | ||
Tyco International, Ltd. | 21,500 | 559 | ||
Union Pacific Corp. | 8,574 | 446 | ||
United Parcel Service, Inc. Class B | 15,300 | 765 | ||
United Technologies Corp. | 19,600 | 1,018 | ||
Watson Wyatt Worldwide, Inc. Class A | 1,600 | 60 | ||
Xerox Corp. | 99,300 | 643 | ||
30,213 | ||||
Technology - 18.4% | ||||
Activision Blizzard, Inc. (Æ) | 76,920 | 971 | ||
Adobe Systems, Inc. (Æ) | 9,840 | 278 | ||
Amphenol Corp. Class A | 47,776 | 1,512 | ||
Apple, Inc. (Æ) | 44,231 | 6,300 | ||
Applied Materials, Inc. | 120,880 | 1,326 | ||
Arris Group, Inc. (Æ) | 15,200 | 185 | ||
Avnet, Inc. (Æ) | 11,300 | 238 | ||
Broadcom Corp. Class A (Æ)(Ñ) | 64,069 | 1,588 | ||
Cisco Systems, Inc. (Æ) | 178,616 | 3,329 | ||
Computer Sciences Corp. (Æ) | 3,000 | 133 | ||
Corning, Inc. | 38,480 | 618 | ||
Data Domain, Inc. (Æ) | 4,189 | 140 | ||
Dell, Inc. (Æ) | 63,400 | 870 | ||
F5 Networks, Inc. (Æ)(Ñ) | 10,510 | 364 | ||
Google, Inc. Class A (Æ)(Ñ) | 13,242 | 5,583 | ||
Hewlett-Packard Co. | 138,247 | 5,343 | ||
Ingram Micro, Inc. Class A (Æ) | 8,900 | 156 | ||
Intel Corp. | 198,420 | 3,284 | ||
International Business Machines Corp. | 25,231 | 2,635 | ||
International Game Technology (Ñ) | 10,810 | 172 | ||
Jabil Circuit, Inc. | 80,700 | 599 | ||
Juniper Networks, Inc. (Æ)(Ñ) | 99,336 | 2,344 | ||
Lam Research Corp. (Æ)(Ñ) | 18,650 | 485 | ||
Marvell Technology Group, Ltd. (Æ) | 55,232 | 643 | ||
Maxim Integrated Products, Inc. | 59,400 | 932 | ||
McAfee, Inc. (Æ) | 6,080 | 256 | ||
Microsoft Corp. | 113,250 | 2,692 | ||
Motorola, Inc. | 48,700 | 323 | ||
Oracle Corp. | 27,900 | 598 | ||
QUALCOMM, Inc. | 151,126 | 6,831 | ||
Research In Motion, Ltd. (Æ) | 37,641 | 2,674 | ||
SAIC, Inc. (Æ) | 12,700 | 236 |
6 | Multi-Style Equity Fund |
Table of Contents
Russell Investment Funds
Multi-Style Equity Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Salesforce.com, Inc. (Æ)(Ñ) | 5,820 | 222 | ||
Seagate Technology, Inc. (Æ)(ß) | 2,300 | — | ||
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 55,300 | 520 | ||
Tellabs, Inc. (Æ) | 41,100 | 235 | ||
Texas Instruments, Inc. | 65,300 | 1,391 | ||
Xilinx, Inc. (Ñ) | 24,820 | 508 | ||
56,514 | ||||
Utilities - 2.6% | ||||
Ameren Corp. (Ñ) | 10,400 | 259 | ||
American Electric Power Co., Inc. | 12,300 | 355 | ||
American Water Works Co., Inc. | 21,500 | 411 | ||
AT&T, Inc. | 31,900 | 792 | ||
Atmos Energy Corp. | 5,700 | 143 | ||
Avista Corp. | 2,500 | 45 | ||
BCE, Inc. | 32,050 | 662 | ||
China Mobile, Ltd. - ADR | 5,700 | 286 | ||
Clearwire Corp. (Æ)(Ñ) | 2,400 | 13 | ||
DTE Energy Co. | 9,600 | 307 | ||
Duke Energy Corp. | 21,700 | 317 | ||
Embarq Corp. | 6,600 | 278 | ||
Frontier Communications Corp. | 65,500 | 468 | ||
Millicom International Cellular SA (Æ)(Ñ) | 2,930 | 165 | ||
Mirant Corp. (Æ) | 11,400 | 179 | ||
NiSource, Inc. | 23,500 | 274 | ||
NRG Energy, Inc. (Æ) | 22,731 | 590 | ||
Pepco Holdings, Inc. | 14,000 | 188 | ||
Pinnacle West Capital Corp. | 9,600 | 289 | ||
Progress Energy, Inc. - CVO (ß)(Æ) | 1,300 | — | ||
Qwest Communications International, Inc. (Ñ) | 20,000 | 83 | ||
Southwest Gas Corp. | 2,900 | 64 |
Principal Amount ($) or Shares | Market Value $ | ||||
Sprint Nextel Corp. (Æ) | 96,863 | 466 | |||
US Cellular Corp. (Æ) | 900 | 35 | |||
Veolia Environnement - ADR | 14,400 | 425 | |||
Verizon Communications, Inc. | 2,700 | 83 | |||
Vodafone Group PLC - ADR (Ñ) | 46,850 | 913 | |||
8,090 | |||||
Total Common Stocks (cost $294,240) | 286,107 | ||||
Short-Term Investments - 6.5% | |||||
Russell Investment Company | 15,775,000 | 15,775 | |||
State Street Euro Commercial Paper (ç)(ž) | 4,400 | 4,400 | |||
Total Short-Term Investments (cost $20,175) | 20,175 | ||||
Other Securities - 8.0% | |||||
State Street Securities Lending Quality Trust (×) | 25,154,968 | 24,603 | |||
Total Other Securities (cost $25,155) | 24,603 | ||||
Total Investments - 107.4% (identified cost $339,570) | 330,885 | ||||
Other Assets and Liabilities, Net - (7.4%) | (22,927 | ) | |||
Net Assets - 100.0% | 307,958 | ||||
A portion of the portfolio has been fair valued as period end.
See accompanying notes which are an integral part of the financial statements.
Multi-Style Equity Fund | 7 |
Table of Contents
Russell Investment Funds
Multi-Style Equity Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except contracts)
Futures Contracts | Number of Contracts | Notional Amount | Expiration Date | Unrealized Appreciation (Depreciation) $ | ||||||
Long Positions | ||||||||||
Russell 1000 Mini Index | 34 | USD | 1,701 | 09/09 | (39) | |||||
S&P 500 E-Mini Index (CME) | 300 | USD | 13,733 | 09/09 | (317) | |||||
S&P 500 Index (CME) | 20 | USD | 4,578 | 09/09 | (106) | |||||
S&P Midcap 400 E-Mini Index (CME) | 30 | USD | 1,730 | 09/09 | (56) | |||||
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts | (518) | |||||||||
See accompanying notes which are an integral part of the financial statements.
8 | Multi-Style Equity Fund |
Table of Contents
Russell Investment Funds
Multi-Style Equity Fund
Presentation of Portfolio Holdings — June 30, 2009 (Unaudited)
Portfolio Summary | Market Value $ Level 1 | Market Value $ Level 2 | Market Value $ Level 3 | Total | % of Net Assets | ||||||||||||
Consumer Discretionary | $ | 35,451,863 | $ | — | $ | — | $ | 35,451,863 | 11.5 | ||||||||
Consumer Staples | 22,695,537 | — | — | 22,695,537 | 7.4 | ||||||||||||
Energy | 29,421,498 | — | — | 29,421,498 | 9.6 | ||||||||||||
Financial Services | 49,389,309 | — | — | 49,389,309 | 16.0 | ||||||||||||
Health Care | 37,331,966 | — | — | 37,331,966 | 12.1 | ||||||||||||
Materials and Processing | 17,000,283 | — | — | 17,000,283 | 5.5 | ||||||||||||
Producer Durables | 30,213,174 | — | — | 30,213,174 | 9.8 | ||||||||||||
Technology | 56,513,763 | — | — | 56,513,763 | 18.4 | ||||||||||||
Utilities | 8,090,030 | — | — | 8,090,030 | 2.6 | ||||||||||||
Short Term Investments | 15,775,000 | 4,400,000 | — | 20,175,000 | 6.5 | ||||||||||||
Other Securities | — | 24,602,903 | — | 24,602,903 | 8.0 | ||||||||||||
Total Investments | 301,882,423 | 29,002,903 | — | 330,885,326 | 107.4 | ||||||||||||
Other Assets and Liabilities, Net | (7.4 | ) | |||||||||||||||
100.0 | |||||||||||||||||
Futures Contracts | (518,246 | ) | — | — | (518,246 | ) | (0.2 | ) | |||||||||
Total Other Financial Instruments** | (518,246 | ) | — | — | (518,246 | ) | |||||||||||
Total | $ | 301,364,177 | $ | 29,002,903 | $ | — | $ | 330,367,080 | |||||||||
** | Other financial instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instruments. |
See accompanying notes which are an integral part of the financial statements.
Multi-Style Equity Fund | 9 |
Table of Contents
Russell Investment Funds
Shareholder Expense Example — June 30, 2009 (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 Semiannual 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 management 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, 2009 to June 30, 2009.
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, 2009 | $ | 1,000.00 | $ | 1,000.00 | ||
Ending Account Value | ||||||
June 30, 2009 | $ | 1,044.00 | $ | 1,019.64 | ||
Expenses Paid During Period* | $ | 5.27 | $ | 5.21 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.04% (representing the one-half year period annualized), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Reflects amounts waived and/or reimbursed. Without the waiver and/or reimbursement, expenses would have been higher. |
10 | Aggressive Equity Fund |
Table of Contents
Russell Investment Funds
Aggressive Equity Fund
Schedule of Investments — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Common Stocks - 92.4% | ||||
Consumer Discretionary - 14.4% | ||||
99 Cents Only Stores (Æ)(Ñ) | 27,738 | 377 | ||
Aaron’s, Inc. (Ñ) | 9,700 | 289 | ||
Advance Auto Parts, Inc. (Ñ) | 13,727 | 570 | ||
Aeropostale, Inc. (Æ)(Ñ) | 4,800 | 165 | ||
American Eagle Outfitters, Inc. (Ñ) | 21,282 | 302 | ||
American Woodmark Corp. (Ñ) | 800 | 19 | ||
Arctic Cat, Inc. (Ñ) | 1,800 | 7 | ||
Asbury Automotive Group, Inc. (Ñ) | 7,300 | 75 | ||
ATC Technology Corp. (Æ)(Ñ) | 1,400 | 20 | ||
Bally Technologies, Inc. (Æ)(Ñ) | 5,984 | 179 | ||
Bebe Stores, Inc. (Ñ) | 35,800 | 246 | ||
Bed Bath & Beyond, Inc. (Æ)(Ñ) | 8,360 | 257 | ||
BJ’s Restaurants, Inc. (Æ)(Ñ) | 7,400 | 125 | ||
BJ’s Wholesale Club, Inc. (Æ)(Ñ) | 6,700 | 216 | ||
Black & Decker Corp. (Ñ) | 4,200 | 120 | ||
Blyth, Inc. | 1,500 | 49 | ||
Borders Group, Inc. (Æ)(Ñ) | 7,300 | 27 | ||
Brightpoint, Inc. (Æ) | 5,200 | 33 | ||
Brinker International, Inc. (Ñ) | 18,100 | 308 | ||
Brunswick Corp. (Ñ) | 23,000 | 99 | ||
Build-A-Bear Workshop, Inc. Class A (Æ)(Ñ) | 3,900 | 17 | ||
Cabela’s, Inc. (Æ)(Ñ) | 23,300 | 287 | ||
Callaway Golf Co. (Ñ) | 300 | 2 | ||
Carter’s, Inc. (Æ) | 17,100 | 421 | ||
Charlotte Russe Holding, Inc. (Æ) | 14,000 | 180 | ||
Chico’s FAS, Inc. (Æ)(Ñ) | 27,900 | 271 | ||
Childrens Place Retail Stores, Inc. (The) (Æ)(Ñ) | 2,900 | 77 | ||
Chipotle Mexican Grill, Inc. | 1,184 | 95 | ||
Chipotle Mexican Grill, Inc. | 1,314 | 92 | ||
Christopher & Banks Corp. (Ñ) | 34,572 | 232 | ||
Churchill Downs, Inc. (Ñ) | 3,595 | 121 | ||
CKE Restaurants, Inc. (Ñ) | 24,000 | 204 | ||
Columbia Sportswear Co. (Ñ) | 9,818 | 304 | ||
Core-Mark Holding Co., Inc. (Æ) | 900 | 23 | ||
Corinthian Colleges, Inc. (Æ)(Ñ) | 7,600 | 129 | ||
CSS Industries, Inc. | 300 | 6 | ||
DeVry, Inc. (Ñ) | 8,643 | 433 | ||
DG FastChannel, Inc. (Æ)(Ñ) | 12,910 | 236 | ||
Dick’s Sporting Goods, Inc. (Æ)(Ñ) | 12,289 | 211 | ||
Dillard’s, Inc. Class A (Ñ) | 27,700 | 255 | ||
Dollar Tree, Inc. (Æ)(Ñ) | 20,000 | 842 | ||
DR Horton, Inc. (Ñ) | 37,700 | 353 | ||
Dress Barn, Inc. (Æ)(Ñ) | 11,500 | 164 | ||
DSW, Inc. Class A (Æ)(Ñ) | 4,600 | 45 | ||
Elizabeth Arden, Inc. (Æ)(Ñ) | 2,000 | 17 | ||
Ethan Allen Interiors, Inc. (Ñ) | 14,500 | 150 | ||
Family Dollar Stores, Inc. (Ñ) | 9,700 | 275 | ||
Fastenal Co. (Ñ) | 6,871 | 228 | ||
Finish Line, Inc. (The) Class A (Ñ) | 7,400 | 55 | ||
Foot Locker, Inc. | 8,900 | 93 | ||
Fred’s, Inc. Class A (Ñ) | 6,900 | 87 | ||
Furniture Brands International, Inc. (Ñ) | 7,300 | 22 | ||
Gannett Co., Inc. (Ñ) | 50,100 | 179 |
Principal Amount ($) or Shares | Market Value $ | |||
Gap, Inc. (The) (Ñ) | 11,250 | 185 | ||
Group 1 Automotive, Inc. (Ñ) | 19,197 | 500 | ||
Gymboree Corp. (Æ)(Ñ) | 7,550 | 268 | ||
Haverty Furniture Cos., Inc. (Æ)(Ñ) | 1,700 | 16 | ||
hhgregg, Inc. (Æ)(Ñ) | 11,700 | 177 | ||
Hooker Furniture Corp. (Ñ) | 900 | 10 | ||
HOT Topic, Inc. (Æ)(Ñ) | 6,000 | 44 | ||
Insight Enterprises, Inc. (Æ) | 4,600 | 44 | ||
Intersections, Inc. (Æ)(Å) | 26,666 | 124 | ||
Isle of Capri Casinos, Inc. (Æ)(Ñ) | 17,134 | 228 | ||
ITT Educational Services, Inc. (Æ)(Ñ) | 3,599 | 362 | ||
Jarden Corp. (Æ)(Ñ) | 10,400 | 195 | ||
Jones Apparel Group, Inc. (Ñ) | 22,900 | 246 | ||
Journal Communications, Inc. | 8,000 | 8 | ||
Kenneth Cole Productions, Inc. | 22,286 | 157 | ||
Leapfrog Enterprises, Inc. Class A (Æ) | 2,500 | 6 | ||
Lennar Corp. Class A (Ñ) | 41,100 | 398 | ||
Liz Claiborne, Inc. (Ñ) | 9,800 | 28 | ||
LKQ Corp. (Æ)(Ñ) | 14,283 | 235 | ||
Maidenform Brands, Inc. (Æ) | 1,700 | 20 | ||
Meritage Homes Corp. (Æ)(Ñ) | 7,400 | 140 | ||
New York & Co., Inc. (Æ)(Ñ) | 4,000 | 12 | ||
O’Reilly Automotive, Inc. (Æ)(Ñ) | 5,674 | 216 | ||
Pacific Sunwear of California, Inc. (Æ) | 16,900 | 57 | ||
Papa John’s International, Inc. (Æ)(Ñ) | 12,200 | 302 | ||
PC Connection, Inc. (Æ)(Ñ) | 2,000 | 11 | ||
Penn National Gaming, Inc. (Æ) | 8,134 | 237 | ||
Perceptron, Inc. (Æ)(Å) | 45,969 | 158 | ||
Perry Ellis International, Inc. (Æ)(Ñ) | 1,900 | 14 | ||
Polaris Industries, Inc. (Ñ) | 7,700 | 247 | ||
Pool Corp. (Ñ) | 150 | 3 | ||
Pulte Homes, Inc. (Ñ) | 8,200 | 72 | ||
Quiksilver, Inc. (Æ) | 18,300 | 34 | ||
RadioShack Corp. (Ñ) | 22,800 | 318 | ||
Red Lion Hotels Corp. (Æ) | 24,355 | 117 | ||
Rent-A-Center, Inc. Class A (Æ)(Ñ) | 28,900 | 515 | ||
Ruby Tuesday, Inc. (Æ)(Ñ) | 29,700 | 198 | ||
Scholastic Corp. | 3,300 | 65 | ||
Shoe Carnival, Inc. (Æ) | 1,400 | 17 | ||
Sina Corp. (Æ) | 1,395 | 41 | ||
Skechers U.S.A., Inc. Class A (Æ)(Ñ) | 2,100 | 21 | ||
Snap-On, Inc. (Ñ) | 7,600 | 218 | ||
Stage Stores, Inc. (Ñ) | 13,100 | 145 | ||
Starbucks Corp. (Æ)(Ñ) | 12,750 | 177 | ||
Steven Madden, Ltd. (Æ) | 6,640 | 169 | ||
Stewart Enterprises, Inc. Class A (Ñ) | 60,100 | 290 | ||
Superior Industries International, | 17,640 | 249 | ||
Tenneco, Inc. (Æ)(Ñ) | 6,800 | 72 | ||
Texas Roadhouse, Inc. Class A (Æ)(Ñ) | 25,250 | 275 | ||
Timberland Co. Class A (Æ) | 3,800 | 50 | ||
TRW Automotive Holdings | 10,200 | 115 | ||
Tuesday Morning Corp. (Æ)(Ñ) | 19,200 | 65 | ||
Tween Brands, Inc. (Æ)(Ñ) | 1,400 | 9 | ||
United Stationers, Inc. (Æ)(Ñ) | 4,500 | 157 | ||
Valassis Communications, Inc. (Æ) | 6,200 | 38 | ||
Wabash National Corp. (Ñ) | 2,800 | 2 | ||
Wendy’s/Arby’s Group, Inc. (Ñ) | 50,000 | 200 |
Aggressive Equity Fund | 11 |
Table of Contents
Russell Investment Funds
Aggressive Equity Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
WESCO International, Inc. (Æ) | 4,400 | 110 | ||
Williams-Sonoma, Inc. (Ñ) | 25,887 | 307 | ||
18,283 | ||||
Consumer Staples - 3.5% | ||||
Alberto-Culver Co. Class B (Ñ) | 8,541 | 217 | ||
Alliance One International, Inc. (Æ)(Ñ) | 91,200 | 347 | ||
Andersons, Inc. (The) (Ñ) | 7,600 | 228 | ||
Casey’s General Stores, Inc. (Ñ) | 4,400 | 113 | ||
Chiquita Brands International, | 11,300 | 116 | ||
Church & Dwight Co., Inc. (Ñ) | 9,138 | 496 | ||
Constellation Brands, Inc. Class A (Æ) | 3,700 | 47 | ||
Corn Products International, Inc. (Ñ) | 10,900 | 292 | ||
Dean Foods Co. (Æ)(Ñ) | 16,300 | 313 | ||
Del Monte Foods Co. | 83,900 | 787 | ||
Energizer Holdings, Inc. (Æ)(Ñ) | 4,801 | 251 | ||
Fresh Del Monte Produce, Inc. (Æ) | 15,000 | 244 | ||
Great Atlantic & Pacific Tea Co. (Æ)(Ñ) | 7,200 | 31 | ||
Imperial Sugar Co. (Ñ) | 2,400 | 29 | ||
J&J Snack Foods Corp. (Ñ) | 1,900 | 68 | ||
Lancaster Colony Corp. (Ñ) | 7,600 | 335 | ||
Nash Finch Co. (Ñ) | 3,300 | 89 | ||
Omega Protein Corp. (Æ) | 500 | 2 | ||
Pantry, Inc. (The) (Æ) | 4,400 | 73 | ||
Sanderson Farms, Inc. | 1,500 | 67 | ||
Spartan Stores, Inc. (Ñ) | 3,500 | 43 | ||
TreeHouse Foods, Inc. (Æ)(Ñ) | 6,325 | 182 | ||
Weis Markets, Inc. (Ñ) | 3,300 | 111 | ||
Winn-Dixie Stores, Inc. (Æ)(Ñ) | 1,000 | 12 | ||
4,493 | ||||
Energy - 5.4% | ||||
Alon USA Energy, Inc. (Ñ) | 2,800 | 29 | ||
Alpha Natural Resources, Inc. (Æ)(Ñ) | 9,053 | 238 | ||
Arena Resources, Inc. (Æ)(Ñ) | 12,900 | 411 | ||
ATP Oil & Gas Corp. (Æ)(Ñ) | 3,200 | 22 | ||
Atwood Oceanics, Inc. (Æ)(Ñ) | 6,123 | 152 | ||
Basic Energy Services, Inc. (Æ)(Ñ) | 4,500 | 31 | ||
Berry Petroleum Co. Class A (Ñ) | 9,700 | 180 | ||
BJ Services Co. (Ñ) | 8,807 | 120 | ||
CARBO Ceramics, Inc. (Ñ) | 8,300 | 284 | ||
Cimarex Energy Co. (Ñ) | 4,790 | 136 | ||
Clayton Williams Energy, Inc. (Æ) | 1,400 | 26 | ||
Complete Production Services, Inc. (Æ) | 2,600 | 17 | ||
Continental Resources, Inc. (Æ)(Ñ) | 6,380 | 177 | ||
Core Laboratories NV (Ñ) | 4,597 | 401 | ||
Dawson Geophysical Co. (Æ)(Ñ) | 5,426 | 162 | ||
Delek US Holdings, Inc. (Ñ) | 4,400 | 37 | ||
EXCO Resources, Inc. (Æ)(Ñ) | 30,513 | 394 | ||
Exterran Holdings, Inc. (Æ) | 8,400 | 135 | ||
FMC Technologies, Inc. (Æ)(Ñ) | 4,573 | 172 | ||
Geokinetics, Inc. (Æ)(Ñ) | 12,496 | 171 | ||
GMX Resources, Inc. (Æ)(Ñ) | 1,700 | 18 | ||
Goodrich Petroleum Corp. (Æ)(Ñ) | 13,130 | 323 | ||
Gulf Island Fabrication, Inc. | 2,200 | 35 | ||
Key Energy Services, Inc. (Æ) | 5,000 | 29 | ||
Noble Corp. | 6,060 | 183 |
Principal Amount ($) or Shares | Market Value $ | |||
Oceaneering International, Inc. (Æ) | 9,535 | 431 | ||
Oil States International, Inc. (Æ)(Ñ) | 7,100 | 172 | ||
Parker Drilling Co. (Æ)(Ñ) | 2,300 | 10 | ||
Patterson-UTI Energy, Inc. (Ñ) | 38,155 | 491 | ||
Penn Virginia Corp. | 21,200 | 347 | ||
Petroleum Development Corp. (Æ) | 4,000 | 63 | ||
Petroquest Energy, Inc. (Æ)(Ñ) | 6,300 | 23 | ||
Rosetta Resources, Inc. (Æ) | 4,500 | 39 | ||
Rowan Cos., Inc. (Ñ) | 7,550 | 146 | ||
RPC, Inc. (Ñ) | 13,700 | 114 | ||
SandRidge Energy, Inc. (Æ)(Ñ) | 5,700 | 49 | ||
Superior Energy Services, Inc. (Æ) | 22,120 | 382 | ||
T-3 Energy Services, Inc. (Æ) | 3,300 | 39 | ||
Tesoro Corp. (Ñ) | 14,500 | 185 | ||
Union Drilling, Inc. (Æ)(Ñ) | 1,300 | 9 | ||
Unit Corp. (Æ)(Ñ) | 1,400 | 39 | ||
W&T Offshore, Inc. (Ñ) | 17,200 | 167 | ||
Western Refining, Inc. (Æ)(Ñ) | 9,700 | 68 | ||
Whiting Petroleum Corp. (Æ)(Ñ) | 5,300 | 186 | ||
6,843 | ||||
Financial Services - 15.6% | ||||
Advance America Cash Advance Centers, Inc. | 36,200 | 160 | ||
Affiliated Managers Group, Inc. (Æ)(Ñ) | 15,293 | 890 | ||
Allied Capital Corp. (Ñ) | 31,900 | 111 | ||
Allied World Assurance Co. Holdings, Ltd. | 5,400 | 220 | ||
American Capital Agency Corp. (ö)(Ñ) | 2,100 | 48 | ||
American Equity Investment Life Holding Co. (Ñ) | 32,900 | 184 | ||
American Financial Group, Inc. | 9,800 | 211 | ||
Ameriprise Financial, Inc. | 8,064 | 196 | ||
Annaly Capital Management, Inc. (ö)(Ñ) | 14,267 | 216 | ||
Anworth Mortgage Asset Corp. (ö) | 57,800 | 417 | ||
Apartment Investment & Management Co. Class A (ö)(Ñ) | 1 | — | ||
Apollo Investment Corp. (Ñ) | 26,100 | 157 | ||
Arch Capital Group, Ltd. (Æ)(Ñ) | 3,900 | 228 | ||
Ares Capital Corp. (Ñ) | 50,179 | 404 | ||
Argo Group International Holdings, Ltd. (Æ) | 3,800 | 107 | ||
Arthur J Gallagher & Co. (Ñ) | 9,300 | 198 | ||
Aspen Insurance Holdings, Ltd. | 6,200 | 138 | ||
Asset Acceptance Capital Corp. (Æ)(Ñ) | 200 | 2 | ||
Bancfirst Corp. (Ñ) | 1,000 | 35 | ||
Banco Latinoamericano de Exportaciones SA Class E | 4,800 | 60 | ||
Bancorpsouth, Inc. (Ñ) | 4,200 | 86 | ||
Bank of Hawaii Corp. (Ñ) | 700 | 25 | ||
BioMed Realty Trust, Inc. (ö) | 5,000 | 51 | ||
BOK Financial Corp. (Ñ) | 13,625 | 513 | ||
Brandywine Realty Trust (ö)(Ñ) | 28,200 | 210 | ||
Brookline Bancorp, Inc. (Ñ) | 14,800 | 138 | ||
Calamos Asset Management, Inc. Class A (Ñ) | 20,800 | 293 | ||
CapLease, Inc. (ö)(Ñ) | 4,100 | 11 | ||
Capstead Mortgage Corp. (ö)(Ñ) | 26,700 | 339 |
12 | Aggressive Equity Fund |
Table of Contents
Russell Investment Funds
Aggressive Equity Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Cash America International, Inc. (Ñ) | 7,100 | 166 | ||
CBL & Associates Properties, Inc. (ö)(Ñ) | 19,500 | 105 | ||
Cedar Shopping Centers, Inc. (ö) | 2,600 | 12 | ||
Central Pacific Financial Corp. (Ñ) | 6,500 | 24 | ||
Cigna Corp. (Ñ) | 11,101 | 267 | ||
Citizens Republic Bancorp, Inc. (Æ)(Ñ) | 20,200 | 14 | ||
City Holding Co. (Ñ) | 900 | 27 | ||
Cogdell Spencer, Inc. (ö) | 400 | 2 | ||
Cohen & Steers, Inc. | 18,700 | 280 | ||
Colonial Properties Trust (ö)(Ñ) | 13,900 | 103 | ||
Community Trust Bancorp, Inc. (Ñ) | 1,000 | 27 | ||
Crawford & Co. Class B (Æ)(Ñ) | 1,600 | 8 | ||
Cullen/Frost Bankers, Inc. (Ñ) | 6,860 | 316 | ||
Cybersource Corp. (Æ)(Ñ) | 13,893 | 213 | ||
Delphi Financial Group, Inc. Class A | 17,035 | 331 | ||
Developers Diversified Realty | 8,000 | 39 | ||
DiamondRock Hospitality Co. (ö)(Ñ) | 18,154 | 114 | ||
Dime Community Bancshares (Ñ) | 2,700 | 25 | ||
Duff & Phelps Corp. Class A | 3,300 | 59 | ||
Duke Realty Corp. (ö)(Ñ) | 23,000 | 202 | ||
DuPont Fabros Technology, Inc. (ö)(Ñ) | 32,533 | 306 | ||
EMC Insurance Group, Inc. (Ñ) | 900 | 19 | ||
Employers Holdings, Inc. (Ñ) | 10,400 | 141 | ||
Endurance Specialty Holdings, Ltd. | 5,900 | 173 | ||
Evercore Partners, Inc. Class A (Ñ) | 6,200 | 122 | ||
FBL Financial Group, Inc. Class A (Ñ) | 1,800 | 15 | ||
FelCor Lodging Trust, Inc. (ö)(Ñ) | 11,200 | 28 | ||
Fidelity National Financial, Inc. Class A | 14,100 | 191 | ||
First American Corp. | 6,100 | 158 | ||
First Community Bancshares, Inc. (Ñ) | 400 | 5 | ||
First Financial Bancorp | 3,100 | 23 | ||
First Industrial Realty Trust, Inc. (ö)(Ñ) | 6,300 | 27 | ||
First Niagara Financial Group, Inc. | 29,000 | 331 | ||
First Potomac Realty Trust (ö) | 4,400 | 43 | ||
Flushing Financial Corp. (Ñ) | 8,200 | 77 | ||
Franklin Street Properties Corp. (ö)(Ñ) | 20,208 | 268 | ||
Fulton Financial Corp. (Ñ) | 14,500 | 76 | ||
Genworth Financial, Inc. Class A | 15,400 | 108 | ||
Global Payments, Inc. | 7,874 | 295 | ||
Green Bankshares, Inc. (Ñ) | 2,018 | 9 | ||
Hanover Insurance Group, Inc. | 3,200 | 122 | ||
Harleysville National Corp. | 3,300 | 15 | ||
Hatteras Financial Corp. (ö)(Ñ) | 3,600 | 103 | ||
Hercules Technology Growth Capital, Inc. | 3,900 | 33 | ||
Hersha Hospitality Trust (ö)(Ñ) | 4,400 | 11 | ||
Horace Mann Educators Corp. | 20,900 | 208 | ||
Hospitality Properties Trust (ö) | 17,700 | 210 | ||
HRPT Properties Trust (ö)(Ñ) | 39,400 | 160 | ||
IBERIABANK Corp. (Ñ) | 5,100 | 201 | ||
Independent Bank Corp. (Ñ) | 3,500 | 69 | ||
Inland Real Estate Corp. (ö)(Ñ) | 3,500 | 24 | ||
Invesco, Ltd. | 17,718 | 316 | ||
IPC Holdings, Ltd. | 4,100 | 112 | ||
iStar Financial, Inc. (ö)(Ñ) | 25,000 | 71 | ||
JER Investors Trust, Inc. (Æ)(þ) | 1,771 | 1 | ||
Kite Realty Group Trust (ö)(Ñ) | 6,700 | 20 | ||
Knight Capital Group, Inc. | 17,008 | 290 |
Principal Amount ($) or Shares | Market Value $ | |||
LaSalle Hotel Properties (ö)(Ñ) | 11,900 | 147 | ||
Lazard, Ltd. Class A (Ñ) | 9,410 | 253 | ||
Lexington Realty Trust (ö)(Ñ) | 21,817 | 74 | ||
Life Partners Holdings, Inc. (Ñ) | 300 | 4 | ||
LTC Properties, Inc. (ö)(Ñ) | 900 | 18 | ||
Maguire Properties, Inc. (Æ)(ö)(Ñ) | 10,500 | 9 | ||
MainSource Financial Group, Inc. (Ñ) | 1,100 | 8 | ||
MarketAxess Holdings, Inc. (Æ) | 23,417 | 223 | ||
Marshall & Ilsley Corp. (Ñ) | 14,000 | 67 | ||
Meadowbrook Insurance Group, Inc. | 5,485 | 36 | ||
Medical Properties Trust, Inc. (ö)(Ñ) | 9,800 | 59 | ||
Montpelier Re Holdings, Ltd. (Ñ) | 3,200 | 42 | ||
Moody’s Corp. (Ñ) | 8,516 | 224 | ||
National Financial Partners Corp. (Ñ) | 7,400 | 54 | ||
National Penn Bancshares, Inc. | 1,800 | 8 | ||
National Retail Properties, Inc. (ö)(Ñ) | 100 | 2 | ||
Nelnet, Inc. Class A (Æ)(Ñ) | 9,700 | 132 | ||
NewAlliance Bancshares, Inc. (Ñ) | 13,100 | 151 | ||
Old National Bancorp (Ñ) | 21,400 | 210 | ||
Old Republic International Corp. (Ñ) | 15,700 | 155 | ||
OneBeacon Insurance Group, Ltd. Class A | 2,800 | 33 | ||
Oriental Financial Group, Inc. (Ñ) | 27,607 | 268 | ||
PacWest Bancorp (Ñ) | 4,300 | 57 | ||
Parkway Properties, Inc. (ö)(Ñ) | 3,400 | 44 | ||
PartnerRe, Ltd. - ADR | 3,500 | 227 | ||
PennantPark Investment Corp. | 52,680 | 374 | ||
Piper Jaffray Cos. (Æ)(Ñ) | 8,987 | 392 | ||
Platinum Underwriters Holdings, Ltd. | 6,300 | 180 | ||
PMA Capital Corp. Class A (Æ) | 1,700 | 8 | ||
Prosperity Bancshares, Inc. (Ñ) | 4,400 | 131 | ||
Provident Financial Services, Inc. (Ñ) | 22,300 | 203 | ||
PS Business Parks, Inc. (ö)(Ñ) | 2,724 | 132 | ||
RAIT Financial Trust (ö) | 8,900 | 12 | ||
Raymond James Financial, Inc. (Ñ) | 12,997 | 224 | ||
RenaissanceRe Holdings, Ltd. | 500 | 23 | ||
S1 Corp. (Æ) | 18,500 | 128 | ||
Sandy Spring Bancorp, Inc. (Ñ) | 1,700 | 25 | ||
Santander BanCorp (Æ)(Ñ) | 1,900 | 13 | ||
Senior Housing Properties Trust (ö)(Ñ) | 6,536 | 107 | ||
StanCorp Financial Group, Inc. | 4,800 | 138 | ||
StellarOne Corp. (Ñ) | 12,642 | 164 | ||
Sterling Bancorp Ñ) | 3,100 | 26 | ||
Sterling Bancshares, Inc. (Ñ) | 14,400 | 91 | ||
Sun Bancorp, Inc. (Æ)(Ñ) | 1,653 | 9 | ||
Sunstone Hotel Investors, Inc. (ö) | 11,499 | 61 | ||
SVB Financial Group (Æ)(Ñ) | 12,505 | 340 | ||
SWS Group, Inc. | 4,700 | 66 | ||
SY Bancorp, Inc. (Ñ) | 900 | 22 | ||
Synovus Financial Corp. (Ñ) | 53,200 | 159 | ||
TCF Financial Corp. (Ñ) | 11,500 | 154 | ||
Texas Capital Bancshares, Inc. (Æ)(Ñ) | 19,042 | 295 | ||
Tower Group, Inc. | 14,523 | 360 | ||
U-Store-It Trust (ö)(Ñ) | 8,600 | 42 | ||
United America Indemnity, Ltd. Class A (Æ) | 3,802 | 18 | ||
United Western Bancorp, Inc. | 5,300 | 50 | ||
Universal American Corp. (Æ)(Ñ) | 7,500 | 65 |
Aggressive Equity Fund | 13 |
Table of Contents
Russell Investment Funds
Aggressive Equity Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
ViewPoint Financial Group (Ñ) | 8,400 | 128 | ||
Waddell & Reed Financial, Inc. Class A (Ñ) | 6,800 | 179 | ||
Washington Federal, Inc. (Ñ) | 12,700 | 165 | ||
WesBanco, Inc. (Ñ) | 2,200 | 32 | ||
Western Alliance Bancorp (Æ) | 1,000 | 7 | ||
Whitney Holding Corp. (Ñ) | 16,670 | 153 | ||
Wintrust Financial Corp. (Ñ) | 1,000 | 16 | ||
WSFS Financial Corp. (Ñ) | 500 | 14 | ||
Zenith National Insurance Corp. (Ñ) | 10,850 | 236 | ||
19,810 | ||||
Health Care - 10.0% | ||||
Allscripts-Misys Healthcare Solutions, Inc. (Ñ) | 10,049 | 159 | ||
Analogic Corp. (Ñ) | 4,726 | 175 | ||
Angiodynamics, Inc. (Æ) | 1,800 | 24 | ||
athenahealth, Inc. (Æ)(Ñ) | 10,940 | 405 | ||
Centene Corp. (Æ) | 9,900 | 198 | ||
Cephalon, Inc. (Æ)(Ñ) | 3,400 | 193 | ||
Coventry Health Care, Inc. (Æ) | 3,400 | 64 | ||
Cynosure, Inc. Class A (Æ)(Ñ) | 24,981 | 191 | ||
DaVita, Inc. (Æ)(Ñ) | 3,466 | 171 | ||
Dentsply International, Inc. (Ñ) | 7,712 | 235 | ||
Edwards Lifesciences Corp. (Æ)(Ñ) | 3,157 | 215 | ||
Endo Pharmaceuticals Holdings, | 7,000 | 126 | ||
eResearchTechnology, Inc. (Æ) | 30,641 | 190 | ||
Gen-Probe, Inc. (Æ)(Ñ) | 9,282 | 399 | ||
Gentiva Health Services, Inc. (Æ)(Ñ) | 20,717 | 341 | ||
Harvard Bioscience, Inc. (Æ)(Ñ) | 49,156 | 194 | ||
Health Net, Inc. (Æ) | 7,300 | 114 | ||
Healthspring, Inc. (Æ)(Ñ) | 27,100 | 294 | ||
Henry Schein, Inc. (Æ) | 1,641 | 79 | ||
HMS Holdings Corp. (Æ)(Ñ) | 10,550 | 430 | ||
Humana, Inc. (Æ) | 3,500 | 113 | ||
Icon PLC - ADR (Æ) | 7,931 | 171 | ||
Idexx Laboratories, Inc. (Æ)(Ñ) | 6,567 | 303 | ||
Illumina, Inc. (Æ)(Ñ) | 21,435 | 835 | ||
Invacare Corp. | 3,800 | 67 | ||
Kindred Healthcare, Inc. (Æ)(Ñ) | 17,234 | 213 | ||
King Pharmaceuticals, Inc. (Æ)(Ñ) | 73,525 | 708 | ||
Laboratory Corp. of America Holdings (Æ)(Ñ) | 4,018 | 272 | ||
Life Technologies Corp. (Æ)(Ñ) | 5,998 | 250 | ||
Lincare Holdings, Inc. (Æ)(Ñ) | 14,900 | 351 | ||
Magellan Health Services, Inc. (Æ) | 5,200 | 171 | ||
MDS, Inc. (Æ) | 8,552 | 46 | ||
Medcath Corp. (Æ) | 600 | 7 | ||
Mednax, Inc. (Æ)(Ñ) | 6,364 | 268 | ||
Molina Healthcare, Inc. (Æ)(Ñ) | 5,200 | 124 | ||
Myriad Pharmaceuticals, Inc. (Æ) | 376 | 2 | ||
NuVasive, Inc. (Æ)(Ñ) | 5,278 | 235 | ||
Odyssey HealthCare, Inc. (Æ) | 14,500 | 149 | ||
Omnicare, Inc. (Ñ) | 22,700 | 585 | ||
OSI Systems, Inc. (Æ)(Ñ) | 16,887 | 352 | ||
Owens & Minor, Inc. (Ñ) | 700 | 31 | ||
Par Pharmaceutical Cos., Inc. (Æ)(Ñ) | 15,934 | 241 |
Principal Amount ($) or Shares | Market Value $ | |||
Parexel International Corp. (Æ) | 8,589 | 124 | ||
Patterson Cos., Inc. (Æ)(Ñ) | 7,986 | 173 | ||
PerkinElmer, Inc. (Ñ) | 16,626 | 289 | ||
PharMerica Corp. (Æ)(Ñ) | 5,000 | 98 | ||
Prestige Brands Holdings, Inc. (Æ)(Ñ) | 2,800 | 17 | ||
ResMed, Inc. (Æ)(Ñ) | 10,568 | 431 | ||
STERIS Corp. (Ñ) | 16,181 | 422 | ||
Sun Healthcare Group, Inc. (Æ) | 7,600 | 64 | ||
SXC Health Solutions Corp. (Æ) | 14,250 | 362 | ||
Universal Health Services, Inc. Class B (Ñ) | 3,100 | 152 | ||
Valeant Pharmaceuticals | 11,400 | 293 | ||
VCA Antech, Inc. (Æ)(Ñ) | 9,168 | 245 | ||
Watson Pharmaceuticals, Inc. | 11,700 | 394 | ||
12,755 | ||||
Materials and Processing - 6.4% | ||||
Airgas, Inc. (Ñ) | 9,363 | 380 | ||
Albemarle Corp. (Ñ) | 10,533 | 269 | ||
Allegheny Technologies, Inc. (Ñ) | 3,395 | 119 | ||
Ashland, Inc. | 6,000 | 168 | ||
Buckeye Technologies, Inc. (Æ) | 8,200 | 37 | ||
Bway Holding Co. (Æ) | 8,999 | 158 | ||
Carpenter Technology Corp. | 5,500 | 114 | ||
Clearwater Paper Corp. (Æ)(Ñ) | 2,900 | 73 | ||
Comfort Systems USA, Inc. | 9,800 | 100 | ||
Commercial Metals Co. (Ñ) | 15,550 | 249 | ||
Crown Holdings, Inc. (Æ)(Ñ) | 2,900 | 70 | ||
Cytec Industries, Inc. | 4,800 | 89 | ||
Domtar Corp. (Æ)(Ñ) | 4,191 | 70 | ||
Ecolab, Inc. (Ñ) | 8,103 | 316 | ||
Encore Wire Corp. (Ñ) | 4,600 | 98 | ||
Foster Wheeler AG (Æ) | 15,237 | 362 | ||
General Cable Corp. (Æ) | 843 | 32 | ||
Gibraltar Industries, Inc. (Ñ) | 6,000 | 41 | ||
Glatfelter | 4,000 | 36 | ||
Greif, Inc. Class A | 3,300 | 146 | ||
Griffon Corp. (Æ) | 5,000 | 42 | ||
HB Fuller Co. (Ñ) | 3,300 | 62 | ||
IAMGOLD Corp. | 13,155 | 133 | ||
Innophos Holdings, Inc. | 2,700 | 46 | ||
Intrepid Potash, Inc. (Æ)(Ñ) | 6,840 | 192 | ||
Kaydon Corp. (Ñ) | 2,500 | 81 | ||
LB Foster Co. Class A (Æ)(Ñ) | 1,100 | 33 | ||
Lubrizol Corp. | 5,399 | 255 | ||
Mueller Water Products, Inc. Class A (Ñ) | 36,000 | 135 | ||
Olin Corp. (Ñ) | 11,600 | 138 | ||
OM Group, Inc. (Æ)(Ñ) | 12,281 | 356 | ||
Owens-Illinois, Inc. (Æ) | 7,900 | 221 | ||
Pactiv Corp. (Æ)(Ñ) | 17,400 | 378 | ||
Pan American Silver Corp. (Æ) | 3,051 | 56 | ||
PolyOne Corp. (Æ)(Ñ) | 3,100 | 8 | ||
Quaker Chemical Corp. | 1,000 | 13 | ||
Quanex Building Products Corp. | 13,600 | 153 | ||
Rock-Tenn Co. Class A | 9,600 | 366 | ||
RPM International, Inc. | 16,500 | 232 |
14 | Aggressive Equity Fund |
Table of Contents
Russell Investment Funds
Aggressive Equity Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Schnitzer Steel Industries, Inc. Class A (Ñ) | 5,830 | 308 | ||
Schulman A, Inc. | 12,900 | 195 | ||
Schweitzer-Mauduit International, Inc. (Ñ) | 2,700 | 74 | ||
Silgan Holdings, Inc. | 4,100 | 201 | ||
Sims Metal Management, Ltd. - ADR | 12,815 | 264 | ||
Sonoco Products Co. | 7,700 | 184 | ||
Spartech Corp. | 2,400 | 22 | ||
Steel Dynamics, Inc. (Ñ) | 32,796 | 483 | ||
Symyx Technologies (Æ) | 2,500 | 15 | ||
Thompson Creek Metals Co., | 15,952 | 163 | ||
Timken Co. | 12,400 | 212 | ||
Titanium Metals Corp. (Ñ) | 16,464 | 151 | ||
Universal Forest Products, Inc. (Ñ) | 3,100 | 103 | ||
US Concrete, Inc. (Æ)(Ñ) | 4,200 | 8 | ||
Wausau Paper Corp. | 1,600 | 11 | ||
8,221 | ||||
Producer Durables - 14.6% | ||||
Administaff, Inc. (Ñ) | 4,700 | 109 | ||
AGCO Corp. (Æ)(Ñ) | 8,800 | 256 | ||
Alaska Air Group, Inc. (Æ)(Ñ) | 2,800 | 51 | ||
Albany International Corp. Class A (Ñ) | 4,200 | 48 | ||
Alexander & Baldwin, Inc. (Ñ) | 16,115 | 378 | ||
AM Castle & Co. (Ñ) | 1,308 | 16 | ||
American Commercial Lines, | 1,300 | 20 | ||
American Railcar Industries, Inc. (Ñ) | 1,900 | 16 | ||
AO Smith Corp. (Ñ) | 4,400 | 143 | ||
APAC Customer Services, Inc. (Æ)(Ñ) | 18,431 | 95 | ||
Argon ST, Inc. (Æ) | 4,300 | 88 | ||
Arkansas Best Corp. (Ñ) | 15,113 | 398 | ||
Astec Industries, Inc. (Æ)(Ñ) | 4,011 | 119 | ||
Atlas Air Worldwide Holdings, Inc. (Æ) | 2,500 | 58 | ||
Baldor Electric Co. (Ñ) | 12,500 | 297 | ||
BE Aerospace, Inc. (Æ)(Ñ) | 26,834 | 385 | ||
Bucyrus International, Inc. Class A | 19,760 | 564 | ||
Celadon Group, Inc. (Æ) | 1,000 | 8 | ||
Columbus McKinnon Corp. (Æ) | 2,600 | 33 | ||
Copart, Inc. (Æ)(Ñ) | 15,616 | 541 | ||
Corporate Executive Board Co. (The) (Ñ) | 9,700 | 201 | ||
Crane Co. | 2,800 | 63 | ||
Cubic Corp. | 7,800 | 279 | ||
Curtiss-Wright Corp. (Ñ) | 8,800 | 262 | ||
Deluxe Corp. | 15,900 | 204 | ||
Ducommun, Inc. (Ñ) | 1,900 | 36 | ||
DXP Enterprises, Inc. (Æ)(Ñ) | 1,000 | 12 | ||
Eagle Bulk Shipping, Inc. (Ñ) | 13,700 | 64 | ||
Electro Rent Corp. | 30,427 | 289 | ||
EMCOR Group, Inc. (Æ) | 5,300 | 107 | ||
EnerSys (Æ)(Ñ) | 14,940 | 272 | ||
Ennis, Inc. (Ñ) | 600 | 8 | ||
EnPro Industries, Inc. (Æ)(Ñ) | 3,000 | 54 | ||
Flowserve Corp. | 3,700 | 258 | ||
Forward Air Corp. (Ñ) | 12,600 | 269 | ||
Franklin Electric Co., Inc. (Ñ) | 7,200 | 187 | ||
FreightCar America, Inc. (Ñ) | 2,000 | 34 | ||
FTI Consulting, Inc. (Æ)(Ñ) | 7,637 | 387 | ||
Gardner Denver, Inc. (Æ) | 8,200 | 206 |
Principal Amount ($) or Shares | Market Value $ | |||
Genesee & Wyoming, Inc. Class A | 6,307 | 167 | ||
Geo Group, Inc. (The) (Æ) | 12,718 | 236 | ||
Global Sources, Ltd. (Æ)(Ñ) | 1,300 | 9 | ||
Goodrich Corp. | 3,267 | 163 | ||
Gulfmark Offshore, Inc. (Æ) | 900 | 25 | ||
H&E Equipment Services, Inc. (Æ)(Ñ) | 3,200 | 30 | ||
Heidrick & Struggles International, Inc. (Ñ) | 2,300 | 42 | ||
Herman Miller, Inc. | 1,100 | 17 | ||
Hewitt Associates, Inc. Class A (Æ)(Ñ) | 14,200 | 423 | ||
IDEX Corp. | 7,200 | 177 | ||
Insituform Technologies, Inc. Class A (Æ)(Ñ) | 12,712 | 216 | ||
Jacobs Engineering Group, Inc. (Æ) | 8,184 | 344 | ||
Joy Global, Inc. (Ñ) | 3,339 | 119 | ||
Kaman Corp. Class A (Ñ) | 13,200 | 220 | ||
KBR, Inc. (Ñ) | 20,874 | 385 | ||
Kennametal, Inc. (Ñ) | 7,200 | 138 | ||
Kforce, Inc. (Æ) | 3,300 | 27 | ||
Kimball International, Inc. Class B (Ñ) | 16,492 | 103 | ||
Kirby Corp. (Æ)(Ñ) | 5,548 | 176 | ||
Knight Transportation, Inc. (Ñ) | 13,570 | 225 | ||
Layne Christensen Co. (Æ)(Ñ) | 8,139 | 166 | ||
Lexmark International, Inc. Class A | 13,400 | 212 | ||
LTX-Credence Corp. (Æ)(Ñ) | 1,732 | 1 | ||
Manitowoc Co., Inc. (The) (Ñ) | 16,800 | 88 | ||
McDermott International, Inc. (Æ) | 27,270 | 554 | ||
MPS Group, Inc. (Æ) | 2,800 | 21 | ||
MTS Systems Corp. | 100 | 2 | ||
NACCO Industries, Inc. Class A (Ñ) | 3,329 | 96 | ||
Nalco Holding Co. | 10,447 | 176 | ||
National Instruments Corp. (Ñ) | 8,100 | 183 | ||
Navios Maritime Holdings, Inc. (Ñ) | 43,000 | 182 | ||
Navistar International Corp. (Æ) | 9,000 | 392 | ||
Nice Systems, Ltd. - ADR (Æ) | 19,922 | 460 | ||
Old Dominion Freight Line, Inc. (Æ) | 4,557 | 153 | ||
Pacer International, Inc. | 5,400 | 12 | ||
PHH Corp. (Æ)(Ñ) | 19,462 | 354 | ||
PHI, Inc. (Æ)(Ñ) | 14,921 | 256 | ||
Quanta Services, Inc. (Æ)(Ñ) | 7,790 | 180 | ||
Republic Airways Holdings, Inc. (Æ) | 2,000 | 13 | ||
Republic Services, Inc. Class A | 10,054 | 245 | ||
Robbins & Myers, Inc. (Ñ) | 14,567 | 280 | ||
RR Donnelley & Sons Co. | 6,500 | 76 | ||
Ryder System, Inc. (Ñ) | 10,600 | 296 | ||
Sauer-Danfoss, Inc. | 4,700 | 29 | ||
Shaw Group, Inc. (The) (Æ) | 6,600 | 181 | ||
Skywest, Inc. | 8,200 | 84 | ||
Southwest Airlines Co. (Ñ) | 15,738 | 106 | ||
Spherion Corp. (Æ) | 3,900 | 16 | ||
Standard Register Co. (The) (Ñ) | 2,100 | 7 | ||
Steelcase, Inc. Class A (Ñ) | 9,100 | 53 | ||
Stericycle, Inc. (Æ)(Ñ) | 9,589 | 494 | ||
Teekay Corp. (Ñ) | 11,600 | 244 | ||
Teleflex, Inc. | 6,740 | 302 | ||
Trinity Industries, Inc. (Ñ) | 14,600 | 199 | ||
Triumph Group, Inc. (Ñ) | 8,370 | 335 | ||
Tutor Perini Corp. (Æ)(Ñ) | 8,600 | 149 |
Aggressive Equity Fund | 15 |
Table of Contents
Russell Investment Funds
Aggressive Equity Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
URS Corp. (Æ) | 22,241 | 1,101 | ||
Viad Corp. | 1,900 | 33 | ||
Wabtec Corp. (Ñ) | 9,611 | 309 | ||
Waste Connections, Inc. (Æ)(Ñ) | 13,344 | 346 | ||
Werner Enterprises, Inc. (Ñ) | 4,500 | 82 | ||
YRC Worldwide, Inc. (Æ)(Ñ) | 11,800 | 20 | ||
18,545 | ||||
Technology - 18.0% | ||||
3Com Corp. (Æ) | 125,500 | 591 | ||
ACI Worldwide, Inc. (Æ)(Ñ) | 12,500 | 174 | ||
Acxiom Corp. | 16,522 | 146 | ||
Adaptec, Inc. (Æ) | 117,064 | 310 | ||
Advanced Analogic Technologies, Inc. (Æ) | 31,900 | 146 | ||
Affiliated Computer Services, Inc. Class A (Æ) | 14,646 | 651 | ||
Akamai Technologies, Inc. (Æ)(Ñ) | 8,200 | 157 | ||
Amkor Technology, Inc. (Æ)(Ñ) | 21,300 | 101 | ||
Amphenol Corp. Class A | 17,513 | 554 | ||
Ansys, Inc. (Æ)(Ñ) | 14,088 | 439 | ||
Ariba, Inc. (Æ)(Ñ) | 26,580 | 262 | ||
Arris Group, Inc. (Æ) | 7,000 | 85 | ||
Art Technology Group, Inc. (Æ) | 53,408 | 203 | ||
Atmel Corp. (Æ)(Ñ) | 28,500 | 106 | ||
Avnet, Inc. (Æ) | 6,500 | 137 | ||
AVX Corp. (Ñ) | 22,800 | 226 | ||
Benchmark Electronics, Inc. (Æ) | 14,151 | 204 | ||
Broadcom Corp. Class A (Æ)(Ñ) | 17,617 | 437 | ||
Brocade Communications Systems, Inc. (Æ) | 23,785 | 186 | ||
Brooks Automation, Inc. (Æ) | 3,000 | 13 | ||
Celestica, Inc. (Æ)(Ñ) | 21,150 | 144 | ||
Ciber, Inc. (Æ)(Ñ) | 43,800 | 136 | ||
Cognex Corp. | 21,600 | 305 | ||
Cogo Group, Inc. (Æ)(Ñ) | 14,600 | 87 | ||
Cohu, Inc. (Ñ) | 17,050 | 153 | ||
CommScope, Inc. (Æ)(Ñ) | 6,877 | 181 | ||
Compuware Corp. (Æ) | 34,700 | 238 | ||
COMSYS IT Partners, Inc. (Æ) | 100 | 1 | ||
Concur Technologies, Inc. (Æ)(Ñ) | 14,840 | 461 | ||
Cray, Inc. (Æ) | 1,400 | 11 | ||
CTS Corp. | 4,700 | 31 | ||
Digital River, Inc. (Æ)(Ñ) | 8,897 | 323 | ||
DSP Group, Inc. (Æ)(Ñ) | 1,700 | 11 | ||
Earthlink, Inc. (Æ)(Ñ) | 53,600 | 397 | ||
Electro Scientific Industries, Inc. (Æ)(Ñ) | 39,170 | 438 | ||
Electronic Arts, Inc. (Æ) | 14,595 | 317 | ||
Equinix, Inc. (Æ)(Ñ) | 11,424 | 831 | ||
Exar Corp. (Æ)(Ñ) | 1,800 | 13 | ||
Fairchild Semiconductor International, Inc. Class A (Æ) | 3,200 | 22 | ||
Flextronics International, Ltd. (Æ)(Ñ) | 81,875 | 336 | ||
Harris Stratex Networks, Inc. Class A (Æ) | 6,000 | 39 | ||
Hittite Microwave Corp. (Æ)(Ñ) | 8,326 | 289 | ||
Imation Corp. | 4,000 | 30 | ||
Informatica Corp. (Æ)(Ñ) | 10,820 | 186 | ||
Infospace, Inc. (Æ) | 3,700 | 25 | ||
Ingram Micro, Inc. Class A (Æ) | 21,200 | 371 | ||
Integrated Device Technology, Inc. (Æ) | 14,647 | 88 |
Principal Amount ($) or Shares | Market Value $ | |||
Internap Network Services Corp. (Æ)(Ñ) | 3,600 | 13 | ||
International Rectifier Corp. (Æ)(Ñ) | 22,333 | 331 | ||
Intersil Corp. Class A (Ñ) | 20,273 | 255 | ||
Jabil Circuit, Inc. | 48,200 | 358 | ||
Lam Research Corp. (Æ)(Ñ) | 11,329 | 295 | ||
Macrovision Solutions Corp. (Æ)(Ñ) | 24,780 | 540 | ||
MasTec, Inc. (Æ)(Ñ) | 8,600 | 101 | ||
Micrel, Inc. (Ñ) | 21,190 | 155 | ||
Microchip Technology, Inc. (Ñ) | 12,947 | 292 | ||
Micros Systems, Inc. (Æ)(Ñ) | 15,398 | 390 | ||
Monolithic Power Systems, Inc. (Æ)(Ñ) | 20,729 | 465 | ||
Ness Technologies, Inc. (Æ) | 2,700 | 11 | ||
Netlogic Microsystems, Inc. (Æ) | 7,467 | 272 | ||
Netscout Systems, Inc. (Æ) | 15,647 | 147 | ||
Newport Corp. (Æ)(Ñ) | 2,300 | 13 | ||
Novatel Wireless, Inc. (Æ)(Ñ) | 4,500 | 41 | ||
Novell, Inc. (Æ) | 35,900 | 163 | ||
Nuance Communications, Inc. (Æ)(Ñ) | 13,588 | 164 | ||
Nvidia Corp. (Æ)(Ñ) | 57,925 | 654 | ||
Omnivision Technologies, Inc. (Æ)(Ñ) | 5,400 | 56 | ||
Oplink Communications, Inc. (Æ) | 12,297 | 140 | ||
Pegasystems, Inc. (Ñ) | 17,751 | 468 | ||
Perot Systems Corp. Class A (Æ)(Ñ) | 3,700 | 53 | ||
Photronics, Inc. (Æ) | 33,400 | 135 | ||
QLogic Corp. (Æ) | 10,413 | 132 | ||
Red Hat, Inc. (Æ) | 6,800 | 137 | ||
SAIC, Inc. (Æ) | 16,717 | 310 | ||
Salesforce.com, Inc. (Æ)(Ñ) | 4,510 | 172 | ||
Sanmina-SCI Corp. (Æ) | 90,700 | 40 | ||
SBA Communications Corp. | 9,009 | 221 | ||
Seagate Technology | 22,337 | 234 | ||
Silicon Image, Inc. (Æ) | 8,300 | 19 | ||
Siliconware Precision Industries Co. - ADR (Ñ) | 26,265 | 163 | ||
Skyworks Solutions, Inc. (Æ)(Ñ) | 40,800 | 399 | ||
Solera Holdings, Inc. (Æ) | 10,920 | 277 | ||
Starent Networks Corp. (Æ)(Ñ) | 12,520 | 306 | ||
Sybase, Inc. (Æ)(Ñ) | 10,600 | 332 | ||
Syniverse Holdings, Inc. (Æ)(Ñ) | 13,530 | 217 | ||
SYNNEX Corp. (Æ)(Ñ) | 13,600 | 340 | ||
Synopsys, Inc. (Æ) | 8,000 | 156 | ||
Technitrol, Inc. | 6,400 | 41 | ||
Tellabs, Inc. (Æ) | 42,800 | 245 | ||
TIBCO Software, Inc. (Æ) | 39,700 | 285 | ||
Tier Technologies, Inc. Class B (Æ)(Å) | 50,456 | 387 | ||
Trimble Navigation, Ltd. (Æ)(Ñ) | 5,649 | 111 | ||
TTM Technologies, Inc. (Æ)(Ñ) | 5,100 | 41 | ||
United Online, Inc. | 24,200 | 158 | ||
Varian Semiconductor Equipment Associates, Inc. (Æ)(Ñ) | 13,222 | 317 | ||
Verint Systems, Inc. (Æ) | 5,209 | 54 | ||
Vishay Intertechnology, Inc. (Æ)(Ñ) | 91,237 | 619 | ||
Western Digital Corp. (Æ) | 9,200 | 244 | ||
White Electronic Designs Corp. (Æ)(Å) | 91,502 | 424 | ||
Zoran Corp. (Æ) | 35,200 | 384 | ||
22,869 | ||||
16 | Aggressive Equity Fund |
Table of Contents
Russell Investment Funds
Aggressive Equity Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Utilities - 4.5% | ||||
AGL Resources, Inc. | 5,800 | 184 | ||
Alliant Energy Corp. | 5,700 | 149 | ||
Atmos Energy Corp. | 23,800 | 596 | ||
Avista Corp. (Ñ) | 12,236 | 218 | ||
Black Hills Corp. (Ñ) | 9,600 | 221 | ||
California Water Service Group (Ñ) | 3,900 | 144 | ||
CenturyTel, Inc. (Ñ) | 8,700 | 267 | ||
El Paso Electric Co. (Æ) | 3,800 | 53 | ||
Hawaiian Electric Industries, Inc. (Ñ) | 2,400 | 46 | ||
Idacorp, Inc. (Ñ) | 7,902 | 207 | ||
Integrys Energy Group, Inc. (Ñ) | 3,700 | 111 | ||
j2 Global Communications, Inc. (Æ)(Ñ) | 8,261 | 186 | ||
Laclede Group, Inc. (The) | 6,000 | 199 | ||
Leap Wireless International, Inc. (Æ)(Ñ) | 4,842 | 159 | ||
Millicom International Cellular SA (Æ)(Ñ) | 3,721 | 209 | ||
Mirant Corp. (Æ)(Ñ) | 16,100 | 253 | ||
New Jersey Resources Corp. (Ñ) | 11,950 | 443 | ||
Nicor, Inc. (Ñ) | 4,400 | 152 | ||
Northwest Natural Gas Co. (Ñ) | 800 | 36 | ||
NorthWestern Corp. | 5,400 | 123 | ||
Pepco Holdings, Inc. | 2,500 | 34 | ||
Pinnacle West Capital Corp. | 3,100 | 94 | ||
Portland General Electric Co. (Ñ) | 8,800 | 171 | ||
RRI Energy, Inc. (Æ)(Ñ) | 4,000 | 20 | ||
Southwest Gas Corp. | 15,627 | 347 | ||
Southwest Water Co. | 1,300 | 7 | ||
TECO Energy, Inc. (Ñ) | 7,600 | 91 | ||
UGI Corp. | 32,700 | 834 | ||
UIL Holdings Corp. | 1,700 | 38 | ||
US Cellular Corp. (Æ) | 2,300 | 88 | ||
USA Mobility, Inc. (Ñ) | 3,400 | 43 | ||
5,723 | ||||
Total Common Stocks (cost $117,947) | 117,542 | |||
Principal Amount ($) or Shares | Market Value $ | ||||
Short-Term Investments - 8.0% | |||||
Russell Investment Company Russell | 8,357,000 | 8,357 | |||
State Street Euro Commercial Paper (ç)(ž) | 1,800 | 1,800 | |||
Total Short-Term Investments (cost $10,157) | 10,157 | ||||
Other Securities - 42.3% | |||||
State Street Securities Lending Quality Trust (×) | 54,937,562 | 53,732 | |||
Total Other Securities (cost $54,938) | 53,732 | ||||
Total Investments - 142.7% (identified cost $183,042) | 181,431 | ||||
Other Assets and Liabilities, Net - (42.7%) | (54,303 | ) | |||
Net Assets - 100.0% | 127,128 | ||||
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 |
Table of Contents
Russell Investment Funds
Aggressive Equity Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except contracts)
Futures Contracts | Number of Contracts | Notional Amount | Expiration Date | Unrealized Appreciation (Depreciation) $ | ||||||
Long Positions | ||||||||||
Russell 2000 Mini Index (CME) | 190 | USD | 9,637 | 09/09 | (274) | |||||
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts | (274) | |||||||||
18 | Aggressive Equity Fund |
See accompanying notes which are an integral part of the financial statements.
Table of Contents
Russell Investment Funds
Aggressive Equity Fund
Presentation of Portfolio Holdings — June 30, 2009 (Unaudited)
Portfolio Summary | Market Value $ Level 1 | Market Value $ Level 2 | Market Value $ Level 3 | Total | % of Net Assets | ||||||||||||
Consumer Discretionary | $ | 18,282,709 | $ | — | $ | — | $ | 18,282,709 | 14.4 | ||||||||
Consumer Staples | 4,493,206 | — | — | 4,493,206 | 3.5 | ||||||||||||
Energy | 6,842,600 | — | — | 6,842,600 | 5.4 | ||||||||||||
Financial Services | 19,810,361 | — | 620 | 19,810,981 | 15.6 | ||||||||||||
Health Care | 12,753,809 | — | — | 12,753,809 | 10.0 | ||||||||||||
Materials and Processing | 8,221,148 | — | — | 8,221,148 | 6.4 | ||||||||||||
Producer Durables | 18,545,608 | — | — | 18,545,608 | 14.6 | ||||||||||||
Technology | 22,869,093 | — | — | 22,869,093 | 18.0 | ||||||||||||
Utilities | 5,722,664 | — | — | 5,722,664 | 4.5 | ||||||||||||
Short Term Investments | 8,357,000 | 1,800,000 | — | 10,157,000 | 8.0 | ||||||||||||
Other Securities | — | 53,731,872 | — | 53,731,872 | 42.3 | ||||||||||||
Total Investments | 125,898,198 | 55,531,872 | 620 | 181,430,690 | 142.7 | ||||||||||||
Other Assets and Liabilities, Net | (42.7 | ) | |||||||||||||||
100.0 | |||||||||||||||||
Futures Contracts | (274,374 | ) | — | — | (274,374 | ) | (0.2 | ) | |||||||||
Total Other Financial Instruments** | (274,374 | ) | — | — | (274,374 | ) | |||||||||||
Total | $ | 125,623,824 | $ | 55,531,872 | $ | 620 | $ | 181,156,316 | |||||||||
** | Other financial instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instruments. |
See accompanying notes which are an integral part of the financial statements.
Aggressive Equity Fund | 19 |
Table of Contents
Russell Investment Funds
Shareholder Expense Example — June 30, 2009 (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 Semiannual 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 management 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, 2009 to June 30, 2009.
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, 2009 | $ | 1,000.00 | $ | 1,000.00 | ||
Ending Account Value | ||||||
June 30, 2009 | $ | 1,048.80 | $ | 1,019.44 | ||
Expenses Paid During Period* | $ | 5.49 | $ | 5.41 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.08% (representing the one-half year period annualized), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Reflects amounts waived and/or reimbursed. Without the waiver and/or reimbursement, expenses would have been higher. |
20 | Non-U.S. Fund |
Table of Contents
Russell Investment Funds
Non-U.S. Fund
Schedule of Investments — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Common Stocks - 88.8% | ||||
Australia - 1.1% | ||||
ABC Learning Centres, Ltd. (Æ) | 5,058 | 2 | ||
Allco Finance Group, Ltd. (Æ) | 99,445 | 12 | ||
CSL, Ltd. | 59,552 | 1,539 | ||
National Australia Bank, Ltd. | 21,089 | 380 | ||
Newcrest Mining, Ltd. | 34,490 | 845 | ||
QBE Insurance Group, Ltd. (Ñ) | 14,489 | 231 | ||
Transpacific Industries Group, Ltd. | 10,659 | 15 | ||
3,024 | ||||
Austria - 0.1% | ||||
Erste Group Bank AG | 12,382 | 336 | ||
Belgium - 0.8% | ||||
Anheuser-Busch InBev NV | 57,663 | 2,088 | ||
Bermuda - 1.1% | ||||
Esprit Holdings, Ltd. | 122,800 | 684 | ||
Jardine Matheson Holdings, Ltd. | 62,100 | 1,699 | ||
Li & Fung, Ltd. | 240,000 | 641 | ||
3,024 | ||||
Brazil - 1.6% | ||||
Gafisa SA | 64,900 | 543 | ||
Itau Unibanco Holding SA - ADR | 75,900 | 1,202 | ||
Petroleo Brasileiro SA - ADR | 41,000 | 1,680 | ||
Vale SA Class B | 51,000 | 899 | ||
4,324 | ||||
Canada - 2.0% | ||||
Canadian National Railway Co. | 31,190 | 1,340 | ||
EnCana Corp. | 13,017 | 645 | ||
Inmet Mining Corp. | 18,800 | 690 | ||
Potash Corp. of Saskatchewan, Inc. | 14,519 | 1,351 | ||
Suncor Energy, Inc. | 23,629 | 719 | ||
Yamana Gold, Inc. (Ñ) | 58,080 | 513 | ||
5,258 | ||||
China - 0.4% | ||||
Industrial & Commercial Bank of China | 1,545,000 | 1,073 | ||
Czech Republic - 0.1% | ||||
Komercni Banka AS | 2,564 | 354 | ||
Denmark - 1.0% | ||||
Vestas Wind Systems A/S (Æ) | 37,510 | 2,697 | ||
Finland - 0.8% | ||||
Nokia OYJ | 73,053 | 1,066 | ||
Pohjola Bank PLC Class A | 124,000 | 992 | ||
2,058 | ||||
France - 10.9% | ||||
Accor SA | 13,809 | 549 | ||
Air France-KLM | 46,400 | 595 |
Principal Amount ($) or Shares | Market Value $ | |||
Air Liquide SA (Ñ) | 12,167 | 1,114 | ||
Alstom SA | 13,459 | 797 | ||
AXA SA (Ñ) | 72,918 | 1,379 | ||
BNP Paribas | 21,515 | 1,396 | ||
Carrefour SA | 35,470 | 1,517 | ||
Danone | 12,868 | 636 | ||
GDF Suez | 38,599 | 1,442 | ||
L’Oreal SA | 9,657 | 723 | ||
Legrand SA | 39,689 | 867 | ||
LVMH Moet Hennessy Louis Vuitton SA | 28,372 | 2,172 | ||
Pernod-Ricard SA (Ñ) | 15,494 | 978 | ||
Rallye SA | 37,900 | 1,005 | ||
Sanofi-Aventis SA | 48,424 | 2,848 | ||
Schneider Electric SA | 24,532 | 1,876 | ||
SCOR SE | 34,200 | 702 | ||
Thales SA | 23,551 | 1,054 | ||
Total SA | 48,923 | 2,650 | ||
UBISOFT Entertainment (Æ) | 80,100 | 1,958 | ||
Vivendi (Ñ) | 118,305 | 2,834 | ||
29,092 | ||||
Germany - 6.9% | ||||
Adidas AG | 21,780 | 830 | ||
Allianz SE | 7,361 | 681 | ||
BASF SE (Ñ) | 6,674 | 266 | ||
Bayer AG | 26,004 | 1,396 | ||
Bayerische Motoren Werke AG | 15,198 | 574 | ||
Beiersdorf AG (Ñ) | 6,960 | 328 | ||
Daimler AG | 19,905 | 720 | ||
Deutsche Boerse AG (Ñ) | 8,130 | 632 | ||
Deutsche Telekom AG | 80,100 | 947 | ||
E.ON AG | 49,324 | 1,751 | ||
Hochtief AG | 6,192 | 313 | ||
Linde AG | 23,730 | 1,951 | ||
MAN SE | 14,100 | 867 | ||
Merck KGaA | 12,630 | 1,288 | ||
Metro AG | 11,087 | 530 | ||
MTU Aero Engines Holding AG | 32,100 | 1,172 | ||
Muenchener Rueckversicherungs AG | 4,100 | 555 | ||
SAP AG | 38,600 | 1,556 | ||
Siemens AG | 12,499 | 865 | ||
Symrise AG (Ñ) | 78,667 | 1,164 | ||
18,386 | ||||
Hong Kong - 2.0% | ||||
Cheung Kong Holdings, Ltd. | 159,310 | 1,826 | ||
CNOOC, Ltd. | 900,000 | 1,108 | ||
Denway Motors, Ltd. | 2,190,000 | 872 | ||
Hang Lung Properties, Ltd. - ADR | 86,000 | 284 | ||
Industrial & Commercial Bank of China Asia, Ltd. | 710,000 | 1,281 | ||
5,371 | ||||
India - 0.7% | ||||
ICICI Bank, Ltd. - ADR | 29,915 | 882 | ||
Infosys Technologies, Ltd. - ADR (Ñ) | 25,740 | 947 | ||
1,829 | ||||
Non-U.S. Fund | 21 |
Table of Contents
Russell Investment Funds
Non-U.S. Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Indonesia - 0.0% | ||||
Telekomunikasi Indonesia Tbk PT - ADR | 1,750 | 52 | ||
Ireland - 0.4% | ||||
Covidien PLC | 17,060 | 639 | ||
CRH PLC | 14,865 | 341 | ||
980 | ||||
Israel - 0.6% | ||||
Teva Pharmaceutical Industries, | 30,666 | 1,513 | ||
Italy - 4.0% | ||||
Ansaldo STS SpA (Ñ) | 18,758 | 346 | ||
ENI SpA | 90,139 | 2,138 | ||
Finmeccanica SpA (Ñ) | 84,200 | 1,188 | ||
Intesa Sanpaolo SpA (Æ) | 136,285 | 442 | ||
Lottomatica SpA | 55,500 | 1,072 | ||
Parmalat SpA | 633,400 | 1,531 | ||
Snam Rete Gas SpA | 259,700 | 1,142 | ||
Telecom Italia SpA | 410,900 | 569 | ||
UniCredit SpA (Æ) | 546,400 | 1,400 | ||
Unione di Banche Italiane SCPA | 69,800 | 911 | ||
10,739 | ||||
Japan - 13.9% | ||||
Aeon Credit Service Co., Ltd. | 35,900 | 467 | ||
Amada Co., Ltd. | 123,000 | 760 | ||
Bank of Yokohama, Ltd. (The) | 149,776 | 798 | ||
Canon, Inc. | 101,830 | 3,314 | ||
Daikin Industries, Ltd. | 19,400 | 620 | ||
Daiwa Securities Group, Inc. | 226,750 | 1,340 | ||
Fanuc, Ltd. | 17,780 | 1,419 | ||
Hirose Electric Co., Ltd. (Ñ) | 3,900 | 415 | ||
Honda Motor Co., Ltd. | 19,500 | 534 | ||
Hoya Corp. | 60,300 | 1,207 | ||
Inpex Holdings, Inc. | 156 | 1,243 | ||
Joyo Bank, Ltd. (The) | 167,980 | 854 | ||
Kao Corp. | 45,000 | 981 | ||
Keyence Corp. | 3,516 | 716 | ||
Konica Minolta Holdings, Inc. | 20,500 | 213 | ||
Kose Corp. (Ñ) | 52,750 | 1,112 | ||
Lawson, Inc. | 7,200 | 316 | ||
Marubeni Corp. | 280,000 | 1,237 | ||
MID Reit, Inc. Class A (ö)(Ñ) | 160 | 357 | ||
Mitsubishi Chemical Holdings Corp. | 201,500 | 850 | ||
Mitsubishi Corp. | 19,639 | 361 | ||
Mitsubishi UFJ Financial Group, Inc. | 48,152 | 296 | ||
Mitsui Sumitomo Insurance Group Holdings, Inc. | 24,730 | 645 | ||
Mizuho Financial Group, Inc. | 592,800 | 1,379 | ||
Mori Seiki Co., Ltd. | 62,400 | 646 | ||
Nintendo Co., Ltd. | 2,600 | 715 | ||
Nippon Telegraph & Telephone Corp. | 23,200 | 944 | ||
Nipponkoa Insurance Co., Ltd. | 202,260 | 1,173 | ||
Nomura Holdings, Inc. (Ñ) | 115,728 | 970 | ||
Nomura Research Institute, Ltd. | 62,645 | 1,390 | ||
Secom Co., Ltd. | 9,800 | 397 |
Principal Amount ($) or Shares | Market Value $ | |||
Seven & I Holdings Co., Ltd. | 40,100 | 941 | ||
Shin-Etsu Chemical Co., Ltd. | 11,700 | 540 | ||
SMC Corp. | 6,758 | 724 | ||
Sugi Holdings Co., Ltd. - GDR (Ñ) | 39,759 | 818 | ||
Sumitomo Metal Mining Co., Ltd. | 49,950 | 702 | ||
Sumitomo Realty & Development Co., Ltd. | 33,000 | 600 | ||
Sumitomo Trust & Banking Co., Ltd. (The) | 105,093 | 566 | ||
Suzuki Motor Corp. | 51,749 | 1,157 | ||
Takeda Pharmaceutical Co., Ltd. | 37,600 | 1,461 | ||
THK Co., Ltd. | 26,010 | 388 | ||
Tokyo Electron, Ltd. | 6,000 | 288 | ||
Toshiba TEC Corp. (Ñ) | 273,779 | 1,109 | ||
United Urban Investment Corp. (ö) | 70 | 300 | ||
37,263 | ||||
Luxembourg - 0.4% | ||||
ArcelorMittal | 29,200 | 959 | ||
Malaysia - 0.2% | ||||
Sime Darby Berhad | 266,956 | 526 | ||
Mexico - 0.9% | ||||
America Movil SAB de CV Series L (Ñ) | 12,860 | 498 | ||
Cemex SAB de CV - ADR (Æ) | 193,908 | 1,811 | ||
Grupo Modelo SAB de CV (Æ)(Ñ) | 65,000 | 231 | ||
2,540 | ||||
Netherlands - 3.0% | ||||
ASML Holding NV | 57,188 | 1,240 | ||
Heineken NV (Ñ) | 103,848 | 3,858 | ||
Nutreco Holding NV | 23,500 | 917 | ||
TNT NV | 51,210 | 998 | ||
Wolters Kluwer NV (Ñ) | 59,540 | 1,042 | ||
8,055 | ||||
Norway - 1.7% | ||||
Cermaq ASA (Æ) | 101,000 | 809 | ||
DNB NOR ASA (Æ) | 105,500 | 808 | ||
StatoilHydro ASA | 150,062 | 2,964 | ||
4,581 | ||||
Portugal - 0.2% | ||||
Energias de Portugal SA | 134,542 | 528 | ||
Singapore - 2.4% | ||||
CapitaLand, Ltd. | 464,000 | 1,179 | ||
DBS Group Holdings, Ltd. | 175,980 | 1,428 | ||
Jardine Cycle & Carriage, Ltd. | 119,000 | 1,575 | ||
Singapore Airlines, Ltd. | 36,000 | 330 | ||
Singapore Telecommunications, Ltd. (Ñ) | 427,000 | 881 | ||
United Overseas Bank, Ltd. (Ñ) | 99,000 | 1,000 | ||
6,393 | ||||
South Africa - 0.3% | ||||
Gold Fields, Ltd. - ADR (Ñ) | 35,020 | 422 | ||
MTN Group, Ltd. | 31,370 | 482 | ||
904 | ||||
22 | Non-U.S. Fund |
Table of Contents
Russell Investment Funds
Non-U.S. Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
South Korea - 0.7% | ||||
Hyundai Motor Co. | 5,365 | 311 | ||
KB Financial Group, Inc. - ADR | 7,428 | 248 | ||
Samsung Electronics Co., Ltd. | 3,028 | 1,402 | ||
1,961 | ||||
Spain - 2.3% | ||||
Banco Bilbao Vizcaya Argentaria SA | 76,334 | 962 | ||
Banco Santander SA | 156,900 | 1,893 | ||
Gamesa Corp. Tecnologica SA | 68,463 | 1,300 | ||
Telefonica SA | 86,764 | 1,967 | ||
6,122 | ||||
Sweden - 1.1% | ||||
Hennes & Mauritz AB Series B Class B | 6,052 | 302 | ||
Telefonaktiebolaget LM Ericsson Class B | 281,516 | 2,754 | ||
3,056 | ||||
Switzerland - 8.9% | ||||
ABB, Ltd. (Æ) | 38,200 | 601 | ||
Actelion, Ltd. (Æ) | 20,229 | 1,061 | ||
Compagnie Financiere Richemont SA Class A (Ñ) | 44,653 | 930 | ||
Credit Suisse Group AG | 54,615 | 2,493 | ||
Georg Fischer AG (Æ) | 3,000 | 514 | ||
Givaudan SA | 1,926 | 1,180 | ||
Helvetia Holding AG | 4,100 | 1,088 | ||
Julius Baer Holding AG | 43,526 | 1,697 | ||
Lonza Group AG | 15,210 | 1,511 | ||
Nestle SA | 148,691 | 5,612 | ||
Novartis AG | 11,575 | 470 | ||
Roche Holding AG | 20,192 | 2,747 | ||
Sonova Holding AG | 6,138 | 500 | ||
Swiss Reinsurance | 10,869 | 360 | ||
Transocean, Ltd. (Æ) | 27,530 | 2,045 | ||
UBS AG (Æ) | 25,567 | 313 | ||
Zurich Financial Services AG | 4,600 | 814 | ||
23,936 | ||||
Taiwan - 1.5% | ||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 434,870 | 722 | ||
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR (Ñ) | 348,357 | 3,278 | ||
4,000 | ||||
Thailand - 0.2% | ||||
Bangkok Bank PCL | 153,979 | 502 | ||
United Kingdom - 15.1% | ||||
Anglo American PLC | 64,140 | 1,872 | ||
Antofagasta PLC (Ñ) | 89,520 | 869 | ||
BAE Systems PLC | 66,579 | 372 | ||
BG Group PLC | 30,818 | 518 | ||
BHP Billiton PLC | 16,093 | 363 | ||
BP PLC | 226,937 | 1,796 |
Principal Amount ($) or Shares | Market Value $ | |||
BP PLC - ADR (Ñ) | 29,270 | 1,395 | ||
Brit Insurance Holdings PLC | 216,400 | 675 | ||
Burberry Group PLC | 74,740 | 522 | ||
Cadbury PLC | 128,981 | 1,102 | ||
Dairy Crest Group PLC | 138,600 | 733 | ||
Diageo PLC | 194,060 | 2,787 | ||
Experian PLC | 182,535 | 1,368 | ||
GlaxoSmithKline PLC | 111,566 | 1,965 | ||
HSBC Holdings PLC | 340,195 | 2,824 | ||
Imperial Tobacco Group PLC | 63,300 | 1,646 | ||
Ladbrokes PLC | 122,525 | 373 | ||
Lloyds Banking Group PLC | 512 | 1 | ||
Reckitt Benckiser Group PLC | 67,257 | 3,065 | ||
Royal Dutch Shell PLC Class A | 101,585 | 2,539 | ||
Sage Group PLC (The) | 406,600 | 1,194 | ||
Scottish & Southern Energy PLC | 43,229 | 812 | ||
Smiths Group PLC | 54,675 | 633 | ||
Spectris PLC | 85,400 | 776 | ||
Standard Chartered PLC (Ñ) | 71,389 | 1,344 | ||
Tesco PLC | 195,389 | 1,139 | ||
Vodafone Group PLC | 1,782,696 | 3,446 | ||
Vodafone Group PLC - ADR (Ñ) | 76,350 | 1,488 | ||
William Hill PLC (Ñ) | 195,297 | 636 | ||
WPP PLC (Ñ) | 319,600 | 2,126 | ||
40,379 | ||||
United States - 1.5% | ||||
NII Holdings, Inc. (Æ)(Ñ) | 14,600 | 279 | ||
Philip Morris International, Inc. | 61,490 | 2,682 | ||
Synthes, Inc. (Æ) | 11,466 | 1,110 | ||
4,071 | ||||
Total Common Stocks (cost $269,349) | 237,974 | |||
Preferred Stocks - 0.4% | ||||
Germany - 0.4% | ||||
Henkel AG & Co. KGaA | 37,917 | 1,185 | ||
Total Preferred Stocks (cost $1,902) | 1,185 | |||
Warrants & Rights - 0.0% | ||||
Australia - 0.0% | ||||
Mirvac Group (Æ) | 6 | — | ||
Belgium - 0.0% | ||||
Fortis (Æ) | 10 | — | ||
Italy - 0.0% | ||||
Unione di Banche Italiane SCPA (Æ) | 70 | 5 | ||
Total Warrants & Rights (cost $—) | 5 | |||
Non-U.S. Fund | 23 |
Table of Contents
Russell Investment Funds
Non-U.S. Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | ||||
Short-Term Investments - 9.3% | |||||
United States - 9.3% | |||||
Russell Investment Company | 20,801,000 | 20,801 | |||
State Street Euro Commercial Paper (ç)(ž) | |||||
0.010% due 07/01/09 | 4,200 | 4,200 | |||
Total Short-Term Investments (cost $25,001) | 25,001 | ||||
Other Securities - 6.6% | |||||
State Street Securities Lending Quality Trust (×) | 18,013,672 | 17,618 | |||
Total Other Securities (cost $18,014) | 17,618 | ||||
Total Investments - 105.1% (identified cost $314,266) | 281,783 | ||||
Other Assets and Liabilities, Net - (5.1%) | (13,823 | ) | |||
Net Assets - 100.0% | 267,960 | ||||
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 |
Table of Contents
Russell Investment Funds
Non-U.S. Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except contracts)
Futures Contracts | Number of Contracts | Notional Amount | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||
Long Positions | ||||||||||
CAC-40 Index (France) | 80 | EUR | 2,585 | 07/09 | (106) | |||||
DAX Index (Germany) | 14 | EUR | 1,718 | 09/09 | (43) | |||||
EUR STOXX 50 Index (EMU) | 186 | EUR | 4,545 | 09/09 | (117) | |||||
FTSE-100 Index (UK) | 82 | GBP | 3,546 | 09/09 | (140) | |||||
TOPIX Index (Japan) | 102 | JPY | 937,308 | 09/09 | 54 | |||||
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts | (352) | |||||||||
Non-U.S. Fund | 25 |
See accompanying notes which are an integral part of the financial statements.
Table of Contents
Russell Investment Funds
Non-U.S. Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands
Foreign Currency Exchange Contracts | |||||||||||
Amount Sold | Amount Bought | Settlement Date | Unrealized Appreciation (Depreciation) $ | ||||||||
USD | 21 | CHF | 23 | 07/01/09 | — | ||||||
USD | 24 | CHF | 26 | 07/02/09 | — | ||||||
USD | 55 | EUR | 39 | 07/01/09 | — | ||||||
USD | 143 | EUR | 101 | 07/01/09 | (1 | ) | |||||
USD | 35 | EUR | 25 | 07/02/09 | — | ||||||
USD | 131 | EUR | 93 | 07/02/09 | — | ||||||
USD | 134 | EUR | 96 | 07/03/09 | — | ||||||
USD | 2,025 | EUR | 1,445 | 09/16/09 | 2 | ||||||
USD | 2,025 | EUR | 1,445 | 09/16/09 | 2 | ||||||
USD | 2,025 | EUR | 1,445 | 09/16/09 | 2 | ||||||
USD | 2,025 | EUR | 1,445 | 09/16/09 | 1 | ||||||
USD | 2,025 | EUR | 1,445 | 09/16/09 | 2 | ||||||
USD | 2,025 | EUR | 1,445 | 09/16/09 | 2 | ||||||
USD | 3,196 | EUR | 2,300 | 09/16/09 | 31 | ||||||
USD | 321 | GBP | 200 | 09/16/09 | 8 | ||||||
USD | 1,041 | GBP | 633 | 09/16/09 | (1 | ) | |||||
USD | 1,041 | GBP | 633 | 09/16/09 | — | ||||||
USD | 1,041 | GBP | 633 | 09/16/09 | (1 | ) | |||||
USD | 1,041 | GBP | 633 | 09/16/09 | — | ||||||
USD | 1,041 | GBP | 633 | 09/16/09 | — | ||||||
USD | 1,041 | GBP | 633 | 09/16/09 | — | ||||||
USD | 1,205 | GBP | 750 | 09/16/09 | 29 | ||||||
USD | 36 | HKD | 278 | 07/02/09 | — | ||||||
USD | 48 | HKD | 371 | 07/02/09 | — | ||||||
USD | 18 | JPY | 1,703 | 07/01/09 | — |
Foreign Currency Exchange Contracts | |||||||||||
Amount Sold | Amount Bought | Settlement Date | Unrealized Appreciation (Depreciation) $ | ||||||||
USD | 18 | JPY | 1,732 | 07/02/09 | — | ||||||
USD | 1,571 | JPY | 154,167 | 09/16/09 | 30 | ||||||
USD | 1,571 | JPY | 154,167 | 09/16/09 | 30 | ||||||
USD | 1,571 | JPY | 154,167 | 09/16/09 | 30 | ||||||
USD | 1,572 | JPY | 154,167 | 09/16/09 | 30 | ||||||
USD | 1,572 | JPY | 154,167 | 09/16/09 | 30 | ||||||
USD | 1,572 | JPY | 154,167 | 09/16/09 | 30 | ||||||
USD | 2,236 | JPY | 220,000 | 09/16/09 | 49 | ||||||
USD | 58 | SGD | 84 | 07/02/09 | — | ||||||
USD | 72 | SGD | 104 | 07/02/09 | — | ||||||
CHF | 50 | USD | 46 | 07/01/09 | — | ||||||
EUR | 100 | USD | 141 | 09/16/09 | — | ||||||
EUR | 300 | USD | 425 | 09/16/09 | 4 | ||||||
EUR | 700 | USD | 979 | 09/16/09 | (3 | ) | |||||
EUR | 1,700 | USD | 2,377 | 09/16/09 | (8 | ) | |||||
GBP | 100 | USD | 164 | 09/16/09 | — | ||||||
GBP | 150 | USD | 243 | 09/16/09 | (4 | ) | |||||
GBP | 200 | USD | 328 | 09/16/09 | (1 | ) | |||||
GBP | 700 | USD | 1,150 | 09/16/09 | (1 | ) | |||||
JPY | 15,000 | USD | 156 | 09/16/09 | — | ||||||
JPY | 30,000 | USD | 313 | 09/16/09 | 1 | ||||||
JPY | 40,000 | USD | 420 | 09/16/09 | 4 | ||||||
JPY | 200,000 | USD | 2,035 | 09/16/09 | (43 | ) | |||||
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts | 254 | ||||||||||
Amounts unrounded | |||||||||||||||||
Industry Diversification | Market Value $ Level 1 | Market Value $ Level 2 | Market Value $ Level 3 | Total | % of Net Assets | ||||||||||||
Consumer Discretionary | $ | — | $ | 29,085,242 | $ | 2,201 | $ | 29,087,443 | 10.9 | ||||||||
Consumer Staples | 2,912,809 | 30,950,987 | — | 33,863,796 | 12.6 | ||||||||||||
Energy | 7,929,307 | 13,512,266 | — | 21,441,573 | 8.0 | ||||||||||||
Financial Services | 23,132,416 | 45,857,086 | 11,219 | 69,000,721 | 18.0 | ||||||||||||
Health Care | 2,151,787 | 13,448,751 | 14,977 | 15,615,515 | 5.8 | ||||||||||||
Materials and Processing | 5,686,317 | 22,886,910 | — | 28,573,227 | 10.6 | ||||||||||||
Producer Durables | 1,882,771 | 29,663,981 | — | 31,546,752 | 11.8 | ||||||||||||
Technology | 4,224,757 | 9,378,586 | — | 13,603,343 | 5.1 | ||||||||||||
Utilities | 2,316,888 | 14,910,743 | — | 17,227,631 | 6.4 | ||||||||||||
Warrents & Rights | 4,769 | — | — | 4,769 | — | * | |||||||||||
Short Term Investments | — | 4,200,000 | — | 4,200,000 | 9.3 | ||||||||||||
Other Securities | — | 17,618,334 | — | 17,618,334 | 6.6 | ||||||||||||
Total Investments | 50,241,821 | 231,512,886 | 28,397 | 281,783,104 | 105.1 | ||||||||||||
Other Assets and Liabilities, Net | (5.1 | ) | |||||||||||||||
100.0 | |||||||||||||||||
Foreign Currency | (1,547 | ) | 255,661 | — | 254,114 | 0.1 | |||||||||||
Futures Contracts | (352,121 | ) | — | — | (352,121 | ) | (0.1 | ) | |||||||||
Total Other Financial Instruments** | (353,668 | ) | 255,661 | — | (98,007 | ) | |||||||||||
Total | $ | 49,888,153 | $ | 231,768,547 | $ | 28,397 | $ | 281,685,097 | |||||||||
* | Less than .05% of net assets. |
** | Other financial instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instruments. |
See accompanying notes which are an integral part of the financial statements.
26 | Non-U.S. Fund |
Table of Contents
Russell Investment Funds
Non-U.S. Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands
Geographic Diversification | % of Net Assets | Market Value $ | ||||
Africa | 0.3 | 904 | ||||
Asia | 9.2 | 24,731 | ||||
Europe | 43.0 | 115,157 | ||||
Japan | 13.9 | 37,263 | ||||
Latin America | 3.6 | 9,888 | ||||
Middle East | 0.6 | 1,513 | ||||
Other Regions | 12.8 | 34,330 | ||||
United Kingdom | 15.1 | 40,379 | ||||
Other Securities | 6.6 | 17,618 | ||||
Total Investments | 105.1 | 281,783 | ||||
Other Assets and Liabilities, Net | (5.1 | ) | (13,823 | ) | ||
Net Assets | 100.0 | 267,960 | ||||
Presentation of Portfolio Holdings — June 30, 2009 (Unaudited)
Categories | % of Net Assets | ||
Australia | 1.1 | ||
Austria | 0.1 | ||
Belgium | 0.8 | ||
Bermuda | 1.1 | ||
Brazil | 1.6 | ||
Canada | 2.0 | ||
China | 0.4 | ||
Czech Republic | 0.1 | ||
Denmark | 1.0 | ||
Finland | 0.8 | ||
France | 10.9 | ||
Germany | 6.9 | ||
Hong Kong | 2.0 | ||
India | 0.7 | ||
Indonesia | — | * | |
Ireland | 0.4 | ||
Israel | 0.6 | ||
Italy | 4.0 | ||
Japan | 13.9 | ||
Luxembourg | 0.4 | ||
Malaysia | 0.2 | ||
Mexico | 0.9 | ||
Netherlands | 3.0 | ||
Norway | 1.7 |
Categories | % of Net Assets | ||
Portugal | 0.2 | ||
Singapore | 2.4 | ||
South Africa | 0.3 | ||
South Korea | 0.7 | ||
Spain | 2.3 | ||
Sweden | 1.1 | ||
Switzerland | 8.9 | ||
Taiwan | 1.5 | ||
Thailand | 0.2 | ||
United Kingdom | 15.1 | ||
United States | 1.5 | ||
Preferred Stocks | 0.4 | ||
Warrants & Rights | — | * | |
Short-Term Investments | 9.3 | ||
Other Securities | 6.6 | ||
Total Investments | 105.1 | ||
Other Assets and Liabilities, Net | (5.1 | ) | |
100.0 | |||
Futures Contracts | (0.1 | ) | |
Foreign Currency Exchange Contracts | 0.1 |
* | Less than .05% of net assets. |
See accompanying notes which are an integral part of the financial statements.
Non-U.S. Fund | 27 |
Table of Contents
Russell Investment Funds
Shareholder Expense Example — June 30, 2009 (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 Semiannual 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 management 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, 2009 to June 30, 2009.
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, 2009 | $ | 1,000.00 | $ | 1,000.00 | ||
Ending Account Value | ||||||
June 30, 2009 | $ | 1,059.60 | $ | 1,021.42 | ||
Expenses Paid During Period* | $ | 3.47 | $ | 3.41 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.68% (representing the one-half year period annualized), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Reflects amounts waived and/or reimbursed. Without the waiver and/or reimbursement, expenses would have been higher. |
28 | Core Bond Fund |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Long-Term Investments - 112.6% | ||||
Asset-Backed Securities - 4.5% | ||||
Access Group, Inc. (Ê) | 871 | 867 | ||
Accredited Mortgage Loan Trust (Ê) | 34 | 15 | ||
ACE Securities Corp. (Ê) | 29 | 18 | ||
Series 2005-SD3 Class A | 153 | 124 | ||
Aegis Asset Backed Securities Trust (Ê) | 110 | 55 | ||
American Express Credit Account Master Trust (Ê)(Þ) | 32 | 32 | ||
Ameriquest Mortgage Securities, Inc. (Ê) Series 2002-D Class M1 | 90 | 30 | ||
ARES CLO Funds (Ê)(Å) | 730 | 603 | ||
Armstrong Loan Funding, Ltd. (Ê)(Å) | 840 | 736 | ||
Bank of America Credit Card Trust (Ê) | 200 | 198 | ||
Bayview Financial Acquisition Trust | 190 | 80 | ||
Centex Home Equity (Ê) | 700 | 263 | ||
CIT Mortgage Loan Trust (Ê) | 261 | 195 | ||
Series 2007-1 Class 2A2 | 130 | 37 | ||
Series 2007-1 Class 2A3 (Å) | 180 | 49 | ||
Citigroup Mortgage Loan Trust, Inc. (Ê) Series 2006-WFH Class A2 | 563 | 528 | ||
Series 2007-AMC Class A2A | 376 | 302 | ||
Countrywide Asset-Backed Certificates Series 2004-AB2 Class M3 (Ê) | 95 | 4 | ||
Series 2004-BC1 Class M1 (Ê) | 95 | 52 | ||
Series 2006-11 Class 1AF4 | 170 | 58 |
Principal Amount ($) or Shares | Market Value $ | |||
Countrywide Home Equity Loan Trust (Ê) | 467 | 168 | ||
First Franklin Mortgage Loan Asset Backed Certificates (Ê) | 76 | 72 | ||
Series 2007-FF1 Class A2B | 1,000 | 341 | ||
GMAC Mortgage Corp. Loan Trust | 65 | 29 | ||
Series 2007-HE3 Class 2A1 | 72 | 24 | ||
GSAA Trust (Ê) | 320 | 273 | ||
Series 2006-4 Class 1A2 | 207 | 28 | ||
Series 2006-4 Class 3A1 | 1,431 | 757 | ||
GSAMP Trust (Ê) | 61 | 39 | ||
Series 2004-SEA Class A2A | 14 | 14 | ||
HFC Home Equity Loan Asset Backed Certificates (Ê) | 191 | 132 | ||
Series 2006-4 Class A3V | 800 | 474 | ||
Series 2007-1 Class AS | 753 | 404 | ||
Series 2007-3 Class APT | 333 | 218 | ||
HSI Asset Securitization Corp. Trust (Ê) | 27 | 16 | ||
Indymac Residential Asset Backed Trust (Ê) | 292 | 123 | ||
JP Morgan Mortgage Acquisition Corp. (Ê) | 1,000 | 308 | ||
Lehman XS Trust (Ê) | 70 | 39 | ||
Series 2005-5N Class 3A1A | 410 | 175 | ||
Series 2005-7N Class 1A1A | 448 | 210 | ||
Series 2006-16N Class A1A | 86 | 72 | ||
Series 2006-16N Class A4A | 710 | 286 |
Core Bond Fund | 29 |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Series 2006-2N Class 1A2 | 197 | 42 | ||
Long Beach Mortgage Loan Trust (Ê) | 5 | 3 | ||
Series 2006-9 Class 2A1 | 97 | 91 | ||
Master Asset Backed Securities Trust (Ê) | 57 | 17 | ||
Morgan Stanley ABS Capital I (Ê) | 29 | 3 | ||
Series 2006-HE7 Class A2A | 123 | 117 | ||
Series 2007-HE2 Class A2B | 1,043 | 298 | ||
New Century Home Equity Loan Trust (Ê) | 215 | 129 | ||
Novastar Home Equity Loan (Ê) | 334 | 273 | ||
Option One Mortgage Loan Trust (Ê) | 38 | 3 | ||
Series 2003-3 Class M3 | 27 | 4 | ||
Series 2003-4 Class M2 | 25 | 7 | ||
Park Place Securities, Inc. (Ê) | 210 | 89 | ||
Popular ABS Mortgage Pass-Through Trust | 191 | 163 | ||
Renaissance Home Equity Loan Trust | 61 | 18 | ||
Series 2005-2 Class AF4 | 85 | 48 | ||
Series 2006-1 Class AF6 | 173 | 104 | ||
Residential Asset Mortgage Products, Inc. | 146 | 84 | ||
Series 2003-RS9 Class AI6A | 459 | 263 | ||
Series 2006-RZ4 Class A1A (Ê) | 98 | 97 | ||
Residential Asset Securities Corp. | 155 | 65 | ||
Series 2003-KS2 Class MI3 | 59 | 7 | ||
Series 2003-KS4 Class AIIB (Ê) | 40 | 17 |
Principal Amount ($) or Shares | Market Value $ | |||
Series 2006-KS9 Class AI1 (Ê) | 21 | 21 | ||
Series 2007-KS2 Class AI1 (Ê) | 158 | 145 | ||
SBI Heloc Trust (Ê)(Þ) | 40 | 36 | ||
SLM Student Loan Trust (Ê) | 238 | 237 | ||
Series 2008-2 Class A1 | 73 | 73 | ||
Series 2008-7 Class A2 1.592% due 10/25/17 | 2,800 | 2,732 | ||
Small Business Administration Participation Certificates | 758 | 788 | ||
Soundview Home Equity Loan Trust | 256 | 193 | ||
Structured Asset Investment Loan Trust (Ê) | 120 | 23 | ||
Structured Asset Securities Corp. (Ê) | 61 | 56 | ||
Series 2007-BC3 Class 2A2 | 920 | 210 | ||
14,904 | ||||
Corporate Bonds and Notes - 20.5% | ||||
Ace Capital Trust II | 175 | 159 | ||
Allied Waste NA, Inc. | 90 | 90 | ||
Allstate Life Global Funding Trusts | 200 | 207 | ||
Altria Group, Inc. | 150 | 172 | ||
American Airlines Pass Through Trust 2009-1A | 500 | 505 | ||
American Express Bank FSB | 300 | 294 | ||
6.000% due 09/13/17 | 400 | 365 | ||
American Express Centurion Bank | 400 | 365 | ||
American Express Co. | 200 | 194 | ||
American Express Travel Related Services Co., Inc. (Ê) | 100 | 88 |
30 | Core Bond Fund |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
American General Finance Corp. | 400 | 217 | ||
American International Group, Inc. | 20 | 16 | ||
5.850% due 01/16/18 | 900 | 476 | ||
Americo Life, Inc. (Þ) | 75 | 49 | ||
Amgen, Inc. | 1,000 | 1,133 | ||
Anheuser-Busch InBev Worldwide, Inc. (Þ) | 350 | 383 | ||
ANZ Capital Trust (ƒ)(Þ) | 225 | 221 | ||
Appalachian Power Co. | 65 | 69 | ||
Arizona Public Service Co. | 100 | 101 | ||
6.250% due 08/01/16 | 150 | 148 | ||
AT&T, Inc. | 200 | 208 | ||
5.500% due 02/01/18 | 200 | 200 | ||
6.300% due 01/15/38 | 975 | 942 | ||
6.400% due 05/15/38 | 250 | 245 | ||
BAC Capital Trust XV(Ê) | 375 | 185 | ||
Bank of America Corp. | 115 | 104 | ||
6.000% due 09/01/17 | 335 | 305 | ||
5.750% due 12/01/17 | 290 | 258 | ||
5.650% due 05/01/18 | 175 | 155 | ||
7.625% due 06/01/19 | 375 | 377 | ||
Bank of America NA (Ê) | 200 | 149 | ||
BankAmerica Capital III (Ê) | 350 | 179 | ||
Bear Stearns Cos. LLC (The) | 600 | 600 | ||
6.950% due 08/10/12 | 600 | 652 | ||
7.250% due 02/01/18 | 645 | 680 | ||
BellSouth Telecommunications, Inc. | 245 | 214 | ||
BNP Paribas Capital Trust (ƒ)(Å) | 450 | 381 | ||
Boardwalk Pipelines, LP | 225 | 214 | ||
Burlington Northern Santa Fe Corp. | 25 | 25 | ||
6.750% due 03/15/29 | 10 | 10 | ||
Capital One Bank USA NA | 300 | 306 | ||
Capital One Financial Corp. | 448 | 462 | ||
Caterpillar Financial Services Corp. | 100 | 104 |
Principal Amount ($) or Shares | Market Value $ | |||
Catlin Insurance Co., Ltd. (ƒ)(Å) | 100 | 56 | ||
CenterPoint Energy Houston Electric LLC (Ñ) | 110 | 112 | ||
CenterPoint Energy Resources Corp. | 50 | 46 | ||
Series B | 295 | 315 | ||
Chubb Corp. | 175 | 140 | ||
Series 1 | 50 | 54 | ||
Citigroup Capital XXI | 650 | 507 | ||
Citigroup, Inc. | 700 | 703 | ||
5.500% due 08/27/12 | 200 | 194 | ||
5.625% due 08/27/12 | 200 | 187 | ||
5.500% due 04/11/13 | 700 | 656 | ||
5.850% due 07/02/13 | 100 | 95 | ||
6.500% due 08/19/13 | 565 | 549 | ||
4.700% due 05/29/15 | 50 | 41 | ||
5.850% due 08/02/16 | 55 | 49 | ||
6.000% due 08/15/17 | 400 | 349 | ||
6.125% due 11/21/17 | 405 | 355 | ||
8.500% due 05/22/19 | 450 | 458 | ||
6.125% due 08/25/36 | 300 | 223 | ||
5.875% due 05/29/37 | 150 | 117 | ||
6.875% due 03/05/38 | 75 | 66 | ||
CNA Financial Corp. | 125 | 101 | ||
Columbus Southern Power Co. | 10 | 10 | ||
Comcast Cable Communications Holdings, Inc. | 100 | 117 | ||
Comcast Cable Holdings LLC | 180 | 203 | ||
7.875% due 08/01/13 | 245 | 279 | ||
Comcast Corp. | 100 | 104 | ||
Comcast Holdings Corp. | 125 | 146 | ||
Commonwealth Edison Co. | 50 | 51 | ||
5.900% due 03/15/36 | 75 | 72 | ||
Series 105 | 125 | 131 | ||
Community Health Systems, Inc. | 235 | 230 | ||
Continental Airlines, Inc. | 250 | 250 | ||
Series 071A | 150 | 124 |
Core Bond Fund | 31 |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Series 991A | 290 | 268 | ||
Countrywide Financial Corp. | 100 | 101 | ||
Countrywide Home Loans, Inc. | 290 | 286 | ||
COX Communications, Inc. (Þ) | 75 | 74 | ||
8.375% due 03/01/39 | 125 | 139 | ||
Credit Suisse USA, Inc. | 45 | 47 | ||
4.875% due 01/15/15 | 55 | 55 | ||
CSC Holdings, Inc. | 90 | 87 | ||
CSX Corp. | 75 | 76 | ||
DCP Midstream LLC | 20 | 21 | ||
Dell, Inc. | 400 | 412 | ||
Delta Air Lines, Inc. | 205 | 196 | ||
Series 01A2 | 400 | 372 | ||
DISH DBS Corp. (Ñ) | 125 | 117 | ||
Dow Chemical Co. (The) | 250 | 257 | ||
DPL, Inc. | 193 | 203 | ||
El Paso Corp. | 200 | 166 | ||
El Paso Natural Gas Co. | 100 | 99 | ||
Energy Transfer Partners, LP | 300 | 302 | ||
6.700% due 07/01/18 | 175 | 179 | ||
Enterprise Products Operating LLC | 100 | 102 | ||
8.375% due 08/01/66 | 100 | 80 | ||
Equities Corp. | 40 | 43 | ||
Express Scripts, Inc. | 100 | 103 | ||
6.250% due 06/15/14 | 100 | 106 | ||
Federal Express Corp. | 75 | 69 | ||
Fifth Third Bancorp | 1,100 | 842 | ||
FirstEnergy Corp. | 280 | 292 | ||
Series C | 125 | 118 |
Principal Amount ($) or Shares | Market Value $ | |||
Florida Gas Transmission Co. LLC(Þ) | 225 | 247 | ||
Frontier Communications Corp. | 125 | 130 | ||
General Electric Capital Corp. | 1,000 | 1,003 | ||
5.900% due 05/13/14 | 350 | 357 | ||
5.625% due 05/01/18 | 230 | 218 | ||
5.875% due 01/14/38 | 300 | 237 | ||
6.375% due 11/15/67 | 1,900 | 1,268 | ||
Series EMTN (Ê) | 400 | 343 | ||
Series GMTN (Ñ) | 220 | 228 | ||
Series MTNA (Ê) | 300 | 255 | ||
General Electric Co. | 150 | 147 | ||
GMAC LLC | 525 | 451 | ||
7.500% due 12/31/13 (Þ) | 200 | 155 | ||
Goldman Sachs Group, Inc. (The) | 350 | 350 | ||
6.000% due 05/01/14 | 150 | 157 | ||
6.250% due 09/01/17 | 600 | 594 | ||
6.150% due 04/01/18 | 150 | 146 | ||
7.500% due 02/15/19 | 550 | 589 | ||
6.750% due 10/01/37 | 800 | 711 | ||
Series MTNB (Ê) | 100 | 86 | ||
GrafTech Finance, Inc. | 12 | 11 | ||
HBOS PLC (Þ) | 825 | 623 | ||
HCA, Inc. | 300 | 294 | ||
9.125% due 11/15/14 | 125 | 124 | ||
Historic TW, Inc. | 195 | 196 | ||
Inmarsat Finance II PLC | 125 | 129 | ||
Inter-American Development Bank | 900 | 897 | ||
International Finance Corp. | 900 | 880 | ||
International Game Technology (Ñ) | 100 | 101 | ||
International Lease Finance Corp. | 100 | 85 | ||
Jackson National Life Fund LLC (Ê) | 2,800 | 2,516 | ||
Jersey Central Power & Light Co. | 90 | 88 | ||
JP Morgan Chase Capital XIII (Ê) | 480 | 270 |
32 | Core Bond Fund |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
JPMorgan Chase & Co. | 200 | 201 | ||
5.375% due 01/15/14 | 170 | 171 | ||
6.000% due 01/15/18 | 200 | 199 | ||
6.300% due 04/23/19 | 250 | 251 | ||
6.400% due 05/15/38 | 323 | 324 | ||
Series 1 (ƒ) | 840 | 735 | ||
JPMorgan Chase Bank NA | 70 | 67 | ||
6.000% due 10/01/17 | 400 | 389 | ||
KCP&L Greater Missouri Operations Co. | 425 | 470 | ||
Kinder Morgan Energy Partners, LP | 700 | 685 | ||
Kraft Foods, Inc. | 200 | 207 | ||
L-3 Communications Corp. | 125 | 113 | ||
Lehman Brothers Holdings, Inc. | 200 | 30 | ||
6.200% due 09/26/14 | 200 | 29 | ||
1.000% due 04/03/49 | 400 | 59 | ||
1.000% due 12/31/49 (Ø) | 600 | 88 | ||
Manufacturers & Traders Trust Co. | 84 | 65 | ||
MBNA Corp. | 200 | 203 | ||
Merrill Lynch & Co., Inc. | ||||
6.050% due 08/15/12 | 100 | 100 | ||
5.450% due 02/05/13 | 200 | 195 | ||
6.400% due 08/28/17 | 325 | 288 | ||
6.875% due 04/25/18 | 625 | 578 | ||
MetLife, Inc. | 205 | 215 | ||
6.400% due 12/15/66 | 100 | 71 | ||
Series A | 200 | 201 | ||
Metropolitan Life Global Funding I (Þ) | 200 | 198 | ||
Midamerican Energy Holdings Co. | 125 | 130 | ||
Series WI | 125 | 124 | ||
Mirant Mid Atlantic Pass Through Trust A | 294 | 292 | ||
Morgan Stanley | 200 | 207 | ||
1.600% due 03/01/13 (Ê) | 600 | 742 | ||
6.000% due 05/13/14 | 440 | 445 | ||
1.557% due 10/18/16 (Ê) | 435 | 352 | ||
5.450% due 01/09/17 | 225 | 210 | ||
6.250% due 08/28/17 | 100 | 97 | ||
5.950% due 12/28/17 | 125 | 120 | ||
6.625% due 04/01/18 | 450 | 449 | ||
7.300% due 05/13/19 | 100 | 104 |
Principal Amount ($) or Shares | Market Value $ | |||
Series GMTN | 125 | 129 | ||
1.449% due 01/09/14 (Ê) | 425 | 382 | ||
Nevada Power Co. | 100 | 107 | ||
Series L | 100 | 102 | ||
New Cingular Wireless Services, Inc. | 150 | 162 | ||
News America Holdings, Inc. | 90 | 79 | ||
8.250% due 10/17/96 | 20 | 18 | ||
NGPL Pipeco LLC (Þ) | 200 | 210 | ||
Nisource Finance Corp. | 125 | 129 | ||
10.750% due 03/15/16 | 100 | 111 | ||
6.400% due 03/15/18 | 145 | 133 | ||
Norfolk Southern Corp. | 415 | 434 | ||
Ohio Power Co. (Ñ)(Þ) | 20 | 21 | ||
Oncor Electric Delivery Co. | 550 | 588 | ||
Pacific Gas & Electric Co. | 125 | 134 | ||
Panhandle Eastern Pipeline Co., LP | 450 | 485 | ||
Philip Morris International, Inc. | 225 | 236 | ||
6.375% due 05/16/38 | 100 | 106 | ||
Phoenix Life Insurance Co. (Þ) | 150 | 42 | ||
PNC Bank NA | 250 | 247 | ||
Progress Energy, Inc. | 77 | 82 | ||
5.625% due 01/15/16 | 40 | 41 | ||
7.050% due 03/15/19 (Ñ) | 200 | 222 | ||
Prudential Holdings LLC (Þ) | 350 | 335 | ||
Public Service Co. of New Mexico | 260 | 252 | ||
Puget Sound Energy, Inc. | 100 | 71 | ||
Pulte Homes, Inc. | 1,000 | 870 | ||
Qwest Communications International, Inc. | 234 | 227 | ||
Qwest Corp. | 120 | 120 | ||
7.625% due 06/15/15 | 100 | 94 | ||
Reckson Operating Partnership, LP | 92 | 85 |
Core Bond Fund | 33 |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Reinsurance Group of America, Inc. | 75 | 42 | ||
Roche Holdings, Inc. (Þ) | 225 | 240 | ||
Sabine Pass LNG, LP | 500 | 424 | ||
Simon Property Group, LP | 200 | 202 | ||
5.300% due 05/30/13 | 395 | 382 | ||
6.100% due 05/01/16 | 130 | 121 | ||
6.125% due 05/30/18 | 50 | 46 | ||
SLM Corp. | 100 | 90 | ||
5.125% due 08/27/12 | 75 | 64 | ||
8.450% due 06/15/18 | 100 | 86 | ||
Southern Union Co. | 100 | 68 | ||
State Street Capital Trust III | 200 | 169 | ||
Sun Life Financial Global Funding, LP (Ê)(Þ) | 700 | 679 | ||
Swiss Re Capital I, LP (ƒ)(Þ) | 225 | 124 | ||
Symetra Financial Corp. (Å) | 150 | 114 | ||
Target Corp. (Ñ) | 400 | 424 | ||
Tennessee Gas Pipeline Co. | 200 | 209 | ||
7.000% due 10/15/28 (Ñ) | 50 | 48 | ||
TEPPCO Partners, LP | 250 | 254 | ||
Time Warner Cable, Inc. | 300 | 310 | ||
6.550% due 05/01/37 | 75 | 72 | ||
Time Warner, Inc. | 400 | 394 | ||
Union Electric Co. | 205 | 210 | ||
Union Pacific Corp. | 400 | 401 | ||
UnitedHealth Group, Inc. | 95 | 98 | ||
4.875% due 02/15/13 | 200 | 202 | ||
6.000% due 06/15/17 (Ñ) | 35 | 34 | ||
Series WI | 45 | 39 | ||
Valero Energy Corp. | 225 | 192 | ||
Verizon Wireless Capital LLC (Þ) | 400 | 412 | ||
5.250% due 02/01/12 | 700 | 738 | ||
8.500% due 11/15/18 | 175 | 209 | ||
Wachovia Capital Trust III (ƒ) | 50 | 30 | ||
Wachovia Corp. | 450 | 465 |
Principal Amount ($) or Shares | Market Value $ | |||
5.625% due 10/15/16 | 100 | 96 | ||
5.750% due 06/15/17 | 155 | 153 | ||
5.750% due 02/01/18 | 500 | 491 | ||
Series* (Ê) | 200 | 157 | ||
WEA Finance LLC/WT Finance Aust Pty, Ltd. (Þ) | 205 | 203 | ||
Wells Fargo & Co. | 400 | 452 | ||
5.625% due 12/11/17 | 300 | 295 | ||
Series K (ƒ) | 3,585 | 2,976 | ||
Whirlpool Corp. | 25 | 26 | ||
8.600% due 05/01/14 | 75 | 78 | ||
Williams Cos., Inc. | 300 | 296 | ||
8.750% due 01/15/20 (Þ) | 150 | 156 | ||
Williams Cos., Inc. (The) | 150 | 148 | ||
Windstream Corp. | 125 | 120 | ||
XTO Energy, Inc. | 175 | 188 | ||
ZFS Finance USA Trust I (Þ) | 500 | 385 | ||
67,865 | ||||
International Debt - 6.2% | ||||
ANZ National International, Ltd. (Þ) | 600 | 618 | ||
Apidos CDO (Ê)(Å) | 500 | 379 | ||
ArcelorMittal | 300 | 263 | ||
Argentina Bonos | 550 | 274 | ||
AstraZeneca PLC | 100 | 107 | ||
AXA SA (ƒ)(Þ) | 100 | 63 | ||
Ballyrock CDO, Ltd. (Ê)(Þ) | — | — | ||
Barclays Bank PLC | 1,300 | 1,355 | ||
6.050% due 12/04/17 (Þ) | 200 | 173 | ||
Barrick Gold Corp. | 135 | 151 | ||
Barrick Gold Financeco LLC (Ñ) | 270 | 290 | ||
BAT International Finance PLC (Þ) | 150 | 176 |
34 | Core Bond Fund |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Black Diamond CLO, Ltd. (Ê)(Å) | 1,000 | 748 | ||
BNP Paribas (ƒ)(Þ) | 300 | 195 | ||
Canadian Natural Resources, Ltd. | 100 | 102 | ||
5.700% due 05/15/17 | 75 | 76 | ||
6.500% due 02/15/37 | 100 | 100 | ||
Corp. Nacional del Cobre de Chile - CODELCO (Þ) | 200 | 231 | ||
Credit Suisse NY | 330 | 337 | ||
6.000% due 02/15/18 | 450 | 449 | ||
Deutsche Bank AG | 600 | 612 | ||
Electricite De France (Þ) | 200 | 215 | ||
6.500% due 01/26/19 | 200 | 219 | ||
6.950% due 01/26/39 | 200 | 225 | ||
Endurance Specialty Holdings, Ltd. | 100 | 83 | ||
Enel Finance International SA (Þ) | 600 | 626 | ||
European Investment Bank | 1,200 | 1,203 | ||
Export Development Canada | 400 | 402 | ||
HSBC Holdings PLC | 100 | 98 | ||
6.500% due 09/15/37 | 100 | 97 | ||
Korea Electric Power Corp. (Þ) | 60 | 55 | ||
Kreditanstalt fuer Wiederaufbau (Ñ) | 1,200 | 1,243 | ||
LeasePlan Corp. NV(Þ) | 400 | 402 | ||
MUFG Capital Finance 1, Ltd. (ƒ)(Ñ) | 200 | 175 | ||
National Australia Bank, Ltd. (Þ) | 800 | 824 | ||
Petroleos Mexicanos (Þ) | 320 | 347 | ||
Province of Ontario Canada | 600 | 612 | ||
Qtel International Finance, Ltd. (Å) | 120 | 122 | ||
Ras Laffan Liquefied Natural Gas Co., Ltd. III (Þ) | 250 | 210 | ||
Republic of Peru | 180 | 192 | ||
Resona Bank, Ltd. (ƒ)(Þ) | 100 | 76 | ||
Resona Preferred Global Securities Cayman, Ltd. (ƒ)(Þ) | 325 | 237 |
Principal Amount ($) or Shares | Market Value $ | |||
Rogers Communications, Inc. | 200 | 214 | ||
Royal Bank of Scotland Group PLC (ƒ) | 300 | 147 | ||
Series 1 | 700 | 571 | ||
Royal Bank of Scotland PLC (The) (Þ) | 800 | 799 | ||
3.000% due 12/09/11 (Ñ) | 200 | 204 | ||
2.625% due 05/11/12 | 900 | 907 | ||
Santander Perpetual SA Unipersonal (ƒ)(Þ) | 300 | 222 | ||
SMFG Preferred Capital USD 1, Ltd. (ƒ)(Þ) | 100 | 80 | ||
Societe Financement de l’Economie Francaise (Þ) | 700 | 702 | ||
StatoilHydro ASA | 175 | 180 | ||
Sumitomo Mitsui Banking Corp. (ƒ)(Þ) | 300 | 276 | ||
Systems 2001 AT LLC (Þ) | 65 | 65 | ||
Telecom Italia Capital SA | 255 | 264 | ||
7.721% due 06/04/38 | 200 | 204 | ||
Thomson Reuters Corp. (Ñ) | 225 | 234 | ||
TransCapitalInvest, Ltd. for OJSC AK Transneft (Þ) | 100 | 96 | ||
Transocean, Inc. | 150 | 160 | ||
UBS AG | 400 | 373 | ||
5.750% due 04/25/18 | 100 | 91 | ||
UBS Luxembourg SA for OJSC Vimpel Communications | 100 | 84 | ||
WEA Finance LLC / WCI Finance LLC (Þ) | 125 | 120 | ||
Westfield Capital Corp., Ltd./WT Finance Aust Pty Ltd/WEA Finance LLC (Þ) | 125 | 113 | ||
Xstrata Canada Corp. | 50 | 48 | ||
6.000% due 10/15/15 | 45 | 40 | ||
20,556 | ||||
Loan Agreements - 0.8% | ||||
Adam Aircraft Term Loan (Ø)(Å) | 56 | 6 | ||
HCA, Inc. Term Loan A (Ê) | 428 | 388 |
Core Bond Fund | 35 |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Kelson Holdings, Inc. Term Loan | 1,000 | 871 | ||
NRG Energy, Inc. Term Loan B (Ê) | 1,579 | 1,327 | ||
2,592 | ||||
Mortgage-Backed Securities - 73.2% | ||||
ABN Amro Mortgage Corp. | 1,758 | 1,485 | ||
Adjustable Rate Mortgage Trust (Ê) | 72 | 49 | ||
Series 2005-3 Class 8A2 | 105 | 45 | ||
American Home Mortgage Assets (Ê) | 1,060 | 414 | ||
American Home Mortgage Investment Trust (Ê) | 95 | 75 | ||
Banc of America Alternative Loan Trust | 63 | 54 | ||
Series 2003-10 Class 2A2 (Ê) | 166 | 122 | ||
Series 2006-5 Class CB17 | 187 | 131 | ||
Banc of America Commercial Mortgage, Inc. | 22 | 21 | ||
Series 2005-2 Class A4 | 333 | 314 | ||
Series 2005-3 Class A2 | 150 | 147 | ||
Series 2005-5 Class A4 | 500 | 427 | ||
Series 2006-1 Class A4 (Ê) | 280 | 231 | ||
Series 2006-2 Class A4 | 200 | 167 | ||
Banc of America Funding Corp. | 113 | 96 | ||
Series 2006-3 Class 5A8 | 475 | 328 | ||
Series 2006-A Class 3A2 (Ê) | 155 | 72 | ||
Series 2006-A Class 4A1 (Ê) | 405 | 255 | ||
Banc of America Mortgage Securities, Inc. | 228 | 212 | ||
Series 2004-1 Class 5A1 | 10 | 10 |
Principal Amount ($) or Shares | Market Value $ | |||
Series 2004-2 Class 1A9 (Ê) | 137 | 123 | ||
Series 2004-11 Class 2A1 | 336 | 290 | ||
Series 2005-H Class 2A5 (Ê) | 220 | 121 | ||
Series 2005-L Class 3A1 (Ê) | 200 | 170 | ||
Series 2006-2 Class A15 | 182 | 156 | ||
Series 2006-B Class 1A1 (Ê) | 102 | 44 | ||
Bear Stearns Adjustable Rate Mortgage Trust (Ê) | 42 | 38 | ||
Series 2003-8 Class 4A1 | 84 | 64 | ||
Series 2004-1 Class 21A1 | 68 | 58 | ||
Series 2004-9 Class 22A1 | 72 | 60 | ||
Series 2005-2 Class A1 | 1,098 | 949 | ||
Series 2005-3 Class 2A1 | 262 | 166 | ||
Bear Stearns Alt-A Trust (Ê) | 198 | 128 | ||
Series 2005-7 Class 22A1 | 94 | 51 | ||
Series 2006-4 Class 13A1 | 719 | 284 | ||
Bear Stearns Alt-A Trust II (Ê) | 812 | 367 | ||
Bear Stearns Commercial Mortgage Securities | 1,000 | 829 | ||
Bear Stearns Mortgage Funding Trust (Ê) | 780 | 290 | ||
Series 2006-AR2 Class 2A1 | 657 | 245 | ||
Chase Mortgage Finance Corp. | 119 | 116 | ||
Series 2006-S4 Class A3 | 192 | 158 | ||
Series 2006-S4 Class A4 | 107 | 97 | ||
Series 2007-A1 Class 1A3 (Ê) | 489 | 428 | ||
Citigroup Commercial Mortgage Trust (Ê) | 330 | 278 |
36 | Core Bond Fund |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Citigroup Mortgage Loan Trust, Inc. | 68 | 54 | ||
Series 2007-AR8 Class 2A1A | 197 | 121 | ||
Citigroup/Deutsche Bank Commercial Mortgage Trust | 1,340 | 1,188 | ||
Series 2006-CD3 Class A5 | 190 | 155 | ||
Citimortgage Alternative Loan Trust | 121 | 88 | ||
Commercial Mortgage Loan Trust Series 2008-LS1 Class A4B | 425 | 315 | ||
Commercial Mortgage Pass Through Certificates | 200 | 146 | ||
Series 2007-C9 Class A4 (Ê) | 360 | 286 | ||
Countrywide Alternative Loan Trust | 553 | 356 | ||
Series 2005-32T Class A7 (Ê) | 103 | 83 | ||
Series 2005-J8 Class 1A3 | 181 | 125 | ||
Series 2005-J13 Class 2A3 | 117 | 89 | ||
Series 2006-9T1 Class A7 | 90 | 55 | ||
Series 2006-43C Class 1A7 | 218 | 168 | ||
Series 2006-J2 Class A3 | 137 | 87 | ||
Series 2006-OA1 Class 2A1 (Ê) | 551 | 226 | ||
Series 2006-OA1 Class 4A1 (Ê) | 603 | 237 | ||
Series 2006-OA1 Class A1 (Ê) | 742 | 288 | ||
Series 2007-15C Class A5 | 799 | 427 | ||
Series 2007-J2 Class 2A1 | 238 | 130 | ||
Series 2007-OA1 Class A1A (Ê) | 950 | 332 | ||
Countrywide Home Loan Mortgage Pass Through Trust | 124 | 103 | ||
Series 2003-52 Class A1 (Ê) | 150 | 127 | ||
Series 2004-16 Class 1A1 (Ê) | 141 | 61 |
Principal Amount ($) or Shares | Market Value $ | |||
Series 2004-22 Class A3 | 190 | 144 | ||
Series 2004-HYB Class 1A1 (Ê) | 326 | 259 | ||
Series 2005-1 Class 2A1 (Ê) | 1,722 | 765 | ||
Series 2005-3 Class 1A2 (Ê) | 26 | 12 | ||
Series 2005-HYB Class 3A2A | 62 | 42 | ||
Series 2006-OA5 Class 2A1 (Ê) | 687 | 292 | ||
Series 2007-18 Class 2A1 | 210 | 150 | ||
Series 2007-HY1 Class 1A2 (Ê) | 82 | 20 | ||
Credit Suisse First Boston Mortgage Securities Corp. | 400 | 293 | ||
Credit Suisse Mortgage Capital Certificates | 680 | 414 | ||
Series 2006-C2 Class A3 (Ê) | 100 | 71 | ||
Deutsche ALT-A Securities, Inc. Alternate Loan Trust (Ê) | 465 | 246 | ||
Series 2007-OA1 Class A1 | 2,673 | 1,004 | ||
Series 2007-OA2 Class A1 | 1,488 | 569 | ||
DLJ Commercial Mortgage Corp. | 373 | 7 | ||
Fannie Mae | 204 | 216 | ||
6.000% due 2016 | 9 | 10 | ||
3.296% due 2017 (Ê) | 39 | 39 | ||
5.000% due 2017 | 381 | 399 | ||
6.000% due 2017 | 56 | 60 | ||
4.000% due 2018 | 621 | 635 | ||
4.500% due 2018 | 1,786 | 1,854 | ||
5.000% due 2018 | 168 | 176 | ||
5.000% due 2019 | 856 | 894 | ||
6.000% due 2019 | 342 | 364 | ||
4.500% due 2020 | 132 | 137 | ||
5.000% due 2020 | 551 | 574 | ||
5.500% due 2020 | 177 | 186 | ||
6.000% due 2020 | 428 | 456 | ||
5.000% due 2021 | 953 | 991 | ||
5.500% due 2021 | 286 | 299 | ||
5.500% due 2022 | 337 | 353 | ||
5.000% due 2023 | 5,351 | 5,577 | ||
5.500% due 2023 | 359 | 376 | ||
6.000% due 2026 | 788 | 830 |
Core Bond Fund | 37 |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
6.000% due 2027 | 401 | 422 | ||
6.000% due 2028 | 26 | 28 | ||
5.500% due 2029 | 90 | 94 | ||
5.500% due 2032 | 306 | 318 | ||
6.000% due 2032 | 386 | 408 | ||
7.000% due 2032 | 133 | 144 | ||
3.727% due 2033 (Ê) | 152 | 153 | ||
4.390% due 2033 (Ê) | 64 | 65 | ||
5.000% due 2033 | 480 | 491 | ||
5.500% due 2033 | 2,065 | 2,142 | ||
6.000% due 2033 | 155 | 164 | ||
5.000% due 2034 | 2,207 | 2,257 | ||
5.500% due 2034 | 1,418 | 1,471 | ||
5.000% due 2035 | 1,358 | 1,387 | ||
5.500% due 2035 | 1,916 | 1,988 | ||
6.000% due 2035 | 143 | 150 | ||
4.005% due 2036 (Ê) | 348 | 348 | ||
5.000% due 2036 | 2,205 | 2,252 | ||
5.500% due 2036 | 3,617 | 3,745 | ||
6.000% due 2036 | 1,799 | 1,883 | ||
6.500% due 2036 | 96 | 102 | ||
7.000% due 2036 | 20 | 22 | ||
5.000% due 2037 | 4,532 | 4,621 | ||
5.500% due 2037 | 7,542 | 7,813 | ||
5.548% due 2037 (Ê) | 243 | 254 | ||
6.000% due 2037 | 2,901 | 3,040 | ||
6.500% due 2037 | 1,220 | 1,297 | ||
5.500% due 2038 | 14,014 | 14,489 | ||
6.000% due 2038 | 6,990 | 7,314 | ||
5.500% due 2039 | 1,510 | 1,561 | ||
Series 2003-343 Class 6 | 214 | 32 | ||
Series 2003-345 Class 18 | 555 | 52 | ||
Series 2003-345 Class 19 | 616 | 57 | ||
Series 2005-365 Class 12 | 869 | 115 | ||
Series 2006-369 Class 8 | 172 | 26 | ||
30 Year TBA (Ï) | 1,000 | 998 | ||
5.000% | 6,180 | 6,292 | ||
5.500% | 19,500 | 20,128 | ||
6.000% | 25,800 | 26,961 | ||
6.500% | 19,000 | 20,235 | ||
Fannie Mae REMICS | 83 | 90 | ||
Series 2003-32 Class FH (Ê) | 227 | 224 | ||
Series 2003-35 Class FY (Ê) | 299 | 295 |
Principal Amount ($) or Shares | Market Value $ | |||
Series 2003-78 Class FI (Ê) | 228 | 225 | ||
Series 2004-21 Class FL (Ê) | 119 | 117 | ||
Series 2005-79 Class FC (Ê) | 92 | 92 | ||
Series 2006-48 Class LG (Ê) | 55 | 47 | ||
Series 2008-22 Class FD (Ê) | 872 | 866 | ||
Series 2008-56 Class FD (Ê) | 907 | 906 | ||
Fannie Mae Whole Loan | 34 | 36 | ||
Federal Home Loan Mortgage Corp. Structured Pass Through Securities (Ê) | 27 | 26 | ||
First Horizon Alternative Mortgage Securities | 40 | 27 | ||
Series 2006-AA5 Class A2 (Ê) | 124 | 17 | ||
Series 2006-FA3 Class A6 | 162 | 123 | ||
First Horizon Asset Securities, Inc. (Ê) | 32 | 29 | ||
Series 2005-AR5 Class 3A1 | 84 | 67 | ||
Freddie Mac | 18 | 19 | ||
5.000% due 2018 | 483 | 505 | ||
5.000% due 2019 | 538 | 563 | ||
5.000% due 2020 | 989 | 1,031 | ||
5.500% due 2020 | 565 | 595 | ||
4.751% due 2030 (Ê) | 1 | 1 | ||
5.000% due 2033 | 155 | 159 | ||
4.884% due 2034 (Ê) | 66 | 67 | ||
5.000% due 2035 | 1,699 | 1,735 | ||
5.863% due 2036 (Ê) | 89 | 92 | ||
5.920% due 2036 (Ê) | 153 | 160 | ||
5.967% due 2036 (Ê) | 130 | 136 | ||
5.464% due 2037 (Ê) | 111 | 116 | ||
5.500% due 2037 | 2,589 | 2,672 | ||
5.525% due 2037 (Ê) | 384 | 402 | ||
5.687% due 2037 (Ê) | 501 | 524 | ||
5.707% due 2037 (Ê) | 76 | 80 | ||
5.712% due 2037 (Ê) | 199 | 208 | ||
5.736% due 2037 (Ê) | 156 | 163 | ||
5.805% due 2037 (Ê) | 52 | 54 | ||
5.806% due 2037 (Ê) | 163 | 171 | ||
5.888% due 2037 (Ê) | 80 | 84 | ||
6.000% due 2037 | 1,377 | 1,435 | ||
5.500% due 2038 | 8,166 | 8,442 |
38 | Core Bond Fund |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
6.000% due 2038 | 9,423 | 9,845 | ||
5.000% due 2039 | 1,697 | 1,727 | ||
5.500% due 2039 | 56 | 57 | ||
6.000% due 2039 | 123 | 129 | ||
30 Year TBA (Ï) | ||||
5.500% | 1,000 | 1,032 | ||
6.000% | 1,900 | 1,983 | ||
Freddie Mac REMICS | ||||
Series 2000-226 Class F (Ê) | ||||
0.769% due 11/15/30 | 14 | 14 | ||
Series 2003-256 Class FJ (Ê) | ||||
0.719% due 02/15/33 | 107 | 106 | ||
Series 2003-262 Class AB | ||||
2.900% due 11/15/14 | 76 | 77 | ||
Series 2004-281 Class DF (Ê) | ||||
0.769% due 06/15/23 | 87 | 85 | ||
Series 2005-294 Class FA (Ê) | ||||
0.489% due 03/15/20 | 163 | 159 | ||
Series 2005-299 Class KF (Ê)(Å) | ||||
0.719% due 06/15/35 | 42 | 42 | ||
Series 2005-301 Class IM | ||||
Interest Only STRIP | ||||
5.500% due 01/15/31 | 108 | 7 | ||
Series 2006-313 Class FP (Ê) | ||||
Principal Only STRIP (Å) | ||||
Zero coupon due 04/15/36 | 90 | 82 | ||
Series 2006-317 Class XI (Ê) | ||||
Principal Only STRIP (Å) | ||||
Zero coupon due 10/15/35 | 46 | — | ||
Series 2006-323 Class PA | ||||
6.000% due 03/15/26 | 67 | 68 | ||
Series 2007-330 Class GL (Ê) | ||||
23.314% due 04/15/37 | 40 | 40 | ||
Series 2007-333 Class AF (Ê) | ||||
0.469% due 10/15/20 | 965 | 945 | ||
Series 2007-333 Class BF (Ê) | ||||
0.469% due 07/15/19 | 251 | 246 | ||
Series 2007-333 Class FT (Ê) | ||||
0.469% due 08/15/19 | 500 | 490 | ||
Ginnie Mae I | ||||
6.000% due 2029 | 10 | 11 | ||
6.000% due 2038 | 279 | 290 | ||
5.500% due 2039 | 956 | 990 | ||
30 Year TBA (Ï) | ||||
4.500% | 3,525 | 3,518 | ||
5.500% | 410 | 423 | ||
Ginnie Mae II | ||||
5.375% due 2026 | 144 | 149 | ||
4.625% due 2027 | 10 | 10 | ||
3.750% due 2032 | 58 | 59 | ||
GMAC Mortgage Corp. Loan Trust (Ê) | 64 | 51 | ||
Government National Mortgage Association (Ê) | ||||
Series 1999-40 Class FE | ||||
0.868% due 11/16/29 | 85 | 85 | ||
Series 2000-29 Class F | ||||
0.815% due 09/20/30 | 17 | 17 |
Principal Amount ($) or Shares | Market Value $ | |||
Greenwich Capital Commercial Funding Corp. | ||||
Series 2003-C2 Class A2 | ||||
4.022% due 01/05/36 | 55 | 54 | ||
Series 2004-GG1 Class A7 | ||||
5.317% due 06/10/36 | 465 | 430 | ||
Series 2006-GG7 Class A4 (Ê) | ||||
6.115% due 07/10/38 | 690 | 566 | ||
Series 2007-GG9 Class A4 | ||||
5.444% due 03/10/39 | 315 | 251 | ||
GS Mortgage Securities Corp. II | ||||
Series 2006-GG6 Class A4 | ||||
5.553% due 04/10/38 | 320 | 264 | ||
Series 2006-GG8 Class AAB | ||||
5.535% due 11/10/39 | 200 | 180 | ||
GSR Mortgage Loan Trust | 228 | 177 | ||
Harborview Mortgage Loan Trust | ||||
Series 2005-3 Class 2A1A (Ê) | ||||
0.553% due 06/19/35 | 1,563 | 732 | ||
Series 2005-4 Class 3A1 | ||||
5.143% due 07/19/35 | 147 | 85 | ||
Series 2005-14 Class 3A1A | ||||
5.307% due 12/19/35 | 81 | 51 | ||
Series 2005-16 Class 3A1A (Ê) | ||||
0.563% due 01/19/36 | 380 | 158 | ||
Indymac Index Mortgage Loan Trust | ||||
Series 2005-AR1 Class A1 | ||||
5.302% due 09/25/35 | 604 | 374 | ||
Series 2006-AR2 Class A2 (Ê) | ||||
0.394% due 11/25/36 | 63 | 57 | ||
Series 2006-AR3 Class 2A1A (Ê) | ||||
0.484% due 01/25/37 | 686 | 249 | ||
Series 2006-AR9 Class 1A1 | ||||
5.752% due 06/25/36 | 742 | 387 | ||
Series 2007-AR5 Class 1A1 | ||||
5.996% due 05/25/37 | 784 | 344 | ||
JPMorgan Chase Commercial Mortgage Securities Corp. | ||||
Series 2001-CIB Class A2 | ||||
6.244% due 04/15/35 | 43 | 43 | ||
Series 2004-LN2 Class A1 | ||||
4.475% due 07/15/41 | 299 | 298 | ||
Series 2005-LDP Class A3A1 | ||||
4.871% due 10/15/42 | 210 | 192 | ||
Series 2005-LDP Class A4 | ||||
4.918% due 10/15/42 | 325 | 276 | ||
5.344% due 12/15/44 (Ê) | 390 | 330 | ||
Series 2006-CB1 Class A4 | ||||
5.552% due 05/12/45 | 220 | 177 | ||
Series 2006-LDP Class A3B | ||||
5.447% due 05/15/45 | 250 | 207 | ||
Series 2006-LDP Class A4 | ||||
6.065% due 04/15/45 (Ê) | 650 | 552 | ||
5.399% due 05/15/45 | 290 | 230 | ||
Series 2007-CB1 Class A4 | ||||
5.440% due 06/12/47 | 1,200 | 904 | ||
5.935% due 02/12/49 (Ê) | 340 | 257 |
Core Bond Fund | 39 |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Series 2007-LD1 Class A4 | ||||
5.882% due 02/15/51 | 380 | 285 | ||
Series 2007-LDP Class A3 | ||||
5.420% due 01/15/49 | 1,525 | 1,123 | ||
JPMorgan Mortgage Trust | ||||
Series 2005-A1 Class 6T1 (Ê) | ||||
5.012% due 02/25/35 | 106 | 93 | ||
Series 2005-A5 Class TA1 | ||||
5.431% due 08/25/35 | 918 | 763 | ||
Series 2007-A1 Class 2A2 (Ê) | ||||
4.741% due 07/25/35 | 661 | 570 | ||
Series 2007-S3 Class 1A35 | ||||
6.000% due 07/25/37 | 1,104 | 712 | ||
LB-UBS Commercial Mortgage Trust | ||||
Series 2006-C1 Class A4 | ||||
5.156% due 02/15/31 | 1,000 | 833 | ||
Series 2006-C3 Class A4 | ||||
5.661% due 03/15/39 | 210 | 177 | ||
Series 2006-C4 Class A4 (Ê) | ||||
6.080% due 06/15/38 | 105 | 88 | ||
Series 2007-C6 Class A4 | ||||
5.858% due 07/15/40 | 270 | 196 | ||
Lehman Mortgage Trust | ||||
Series 2005-3 Class 1A3 | ||||
5.500% due 01/25/36 | 491 | 352 | ||
Series 2006-8 Class 2A1 (Ê) | ||||
0.734% due 12/25/36 | 783 | 318 | ||
Series 2007-8 Class 3A1 | ||||
7.250% due 09/25/37 | 887 | 475 | ||
Lehman XS Trust (Ê) | 900 | 177 | ||
Mastr Alternative Loans Trust | ||||
Series 2003-4 Class B1 (Ê) | ||||
5.696% due 06/25/33 | 174 | 109 | ||
Series 2004-10 Class 5A6 | ||||
5.750% due 09/25/34 | 170 | 156 | ||
Mastr Asset Securitization Trust (Ê) | ||||
Series 2003-7 Class 4A35 | ||||
0.714% due 09/25/33 | 143 | 131 | ||
Series 2004-4 Class 2A2 | ||||
0.764% due 04/25/34 | 59 | 54 | ||
Mellon Residential Funding Corp. (Ê) | 153 | 127 | ||
Merrill Lynch Floating Trust (Ê)(Þ) | 554 | 388 | ||
Merrill Lynch Mortgage Investors, Inc. (Ê) | 88 | 48 | ||
Merrill Lynch/Countrywide Commercial Mortgage Trust | 100 | 67 | ||
MLCC Mortgage Investors, Inc. (Ê) | ||||
Series 2004-HB1 Class A2 | ||||
1.998% due 04/25/29 | 29 | 15 |
Principal Amount ($) or Shares | Market Value $ | |||
Series 2005-3 Class 5A | ||||
0.564% due 11/25/35 | 55 | 36 | ||
Morgan Stanley Capital I | ||||
Series 2005-HQ6 Class A4A | ||||
4.989% due 08/13/42 | 740 | 632 | ||
Series 2005-IQ1 Class AAB | ||||
5.178% due 09/15/42 | 415 | 401 | ||
Series 2006-HQ1 Class A4 | ||||
5.328% due 11/12/41 | 130 | 105 | ||
Series 2006-HQ8 Class A4 (Ê) | ||||
5.558% due 03/12/44 | 310 | 251 | ||
Series 2006-HQ9 Class A4 | ||||
5.731% due 07/12/44 | 295 | 242 | ||
Series 2007-IQ1 Class A4 | ||||
5.809% due 12/12/49 | 320 | 244 | ||
MortgageIT Trust (Ê) | 419 | 181 | ||
Prime Mortgage Trust (Ê) | 29 | 23 | ||
Residential Accredit Loans, Inc. | ||||
Series 2004-QS5 Class A6 (Ê) | ||||
0.914% due 04/25/34 | 48 | 36 | ||
Series 2004-QS8 Class A4 (Ê) | ||||
0.714% due 06/25/34 | 223 | 186 | ||
Series 2005-QA8 Class NB3 (Ê) | 194 | 130 | ||
Series 2005-QO5 Class A1 (Ê) | 2,062 | 933 | ||
Series 2005-QS1 Class 2A3 | 580 | 401 | ||
Series 2006-QS6 Class 1A13 | 248 | 137 | ||
Series 2007-QH9 Class A1 (Ê) | 942 | 295 | ||
Residential Asset Securitization Trust | 244 | 201 | ||
Series 2007-A5 Class 2A3 | 110 | 69 | ||
Residential Funding Mortgage Securities I | 129 | 128 | ||
Series 2003-S14 Class A5 (Ê) | 146 | 104 | ||
Series 2003-S20 Class 1A7 (Ê) | 25 | 25 | ||
Series 2005-SA4 Class 2A1 | 585 | 433 | ||
Series 2006-SA4 Class 2A1 | 377 | 224 | ||
Sequoia Mortgage Trust (Ê) | 54 | 41 | ||
Small Business Administration | 5 | 5 |
40 | Core Bond Fund |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Structured Adjustable Rate Mortgage Loan Trust | 121 | 97 | ||
Series 2004-12 Class 3A2 (Ê) | 57 | 43 | ||
Series 2004-16 Class 3A1 (Ê) | 213 | 154 | ||
Series 2005-21 Class 7A1 | 1,137 | 717 | ||
Series 2006-12 Class 2A1 (Ê) | 755 | 380 | ||
Structured Asset Mortgage Investments, Inc. (Ê) | 154 | 97 | ||
Series 2006-AR2 Class A1 | 518 | 205 | ||
Series 2006-AR8 Class A1A | 728 | 300 | ||
Series 2007-AR6 Class A1 | 922 | 362 | ||
Structured Asset Securities Corp. | 171 | 166 | ||
Thornburg Mortgage Securities Trust (Ê) | 64 | 52 | ||
Series 2006-5 Class A1 | 607 | 557 | ||
Series 2006-6 Class A1 | 108 | 97 | ||
Wachovia Bank Commercial Mortgage Trust | 1,000 | 905 | ||
Washington Mutual Alternative Mortgage Pass-Through Certificates | 90 | 53 | ||
Series 2007-OA1 Class 2A (Ê) | 689 | 226 | ||
Washington Mutual Mortgage Pass Through Certificates (Ê) | 237 | 233 | ||
Series 2004-AR3 Class A2 | 125 | 110 | ||
Series 2005-AR1 Class 1A1 | 216 | 168 | ||
Series 2005-AR1 Class A1A1 | 33 | 17 | ||
0.574% due 11/25/45 | 819 | 396 | ||
0.584% due 12/25/45 | 398 | 188 | ||
Series 2005-AR6 Class B3 (Å) | 196 | 8 | ||
Series 2006-AR1 Class 3A1A | 703 | 248 |
Principal Amount ($) or Shares | Market Value $ | ||||
Series 2006-AR2 Class 1A1 | 682 | 420 | |||
Series 2007-HY3 Class 4B1 | 124 | 14 | |||
Series 2007-HY4 Class 1A1 | 138 | 82 | |||
Wells Fargo Mortgage Backed Securities Trust | 354 | 317 | |||
Series 2006-AR2 Class 2A1 | 266 | 188 | |||
Series 2007-8 Class 1A16 | 306 | 213 | |||
Series 2007-10 Class 2A5 | 142 | 108 | |||
242,449 | |||||
Municipal Bonds - 1.0% | |||||
Chicago Transit Authority Revenue Bonds | 400 | 428 | |||
Los Angeles Unified School District General Obligation Unlimited (µ) | 400 | 384 | |||
New York City Municipal Water Finance Authority Revenue Bonds | 1,300 | 1,233 | |||
State of California General Obligation Unlimited | 100 | 91 | |||
5.650% due 04/01/39 (Ê) | 100 | 98 | |||
7.550% due 04/01/39 | 600 | 546 | |||
State of Louisiana Revenue Bonds (Ê) | 400 | 397 | |||
Tennessee Valley Authority Revenue Bonds | 200 | 218 | |||
3,395 | |||||
Non-US Bonds - 0.5% | |||||
Brazilian Government International Bond | BRL | 300 | 169 | ||
Federative Republic of Brazil | BRL | 1,400 | 704 | ||
Fortis Bank Nederland Holding NV | EUR | 200 | 283 | ||
Hellas Telecommunications | EUR | 125 | 117 | ||
Impress Holdings BV (Ê) | EUR | 125 | 153 | ||
Societe Financement de l’Economie Francaise | EUR | 100 | 140 | ||
UBS AG (Å) | EUR | 270 | 56 | ||
1,622 | |||||
Core Bond Fund | 41 |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
United States Government Agencies - 2.4% | ||||
Fannie Mae | 900 | 982 | ||
5.000% due 05/11/17 (Ñ) | 600 | 651 | ||
Federal Home Loan Bank (Ñ) | 700 | 772 | ||
Federal Home Loan Mortgage Corp. | ||||
1.625% due 04/26/11 | 800 | 806 | ||
0.926% due 05/04/11 (Ê) | 2,430 | 2,435 | ||
0.937% due 08/05/11 (Ê) | 800 | 800 | ||
3.000% due 07/28/14 (Ñ) | 600 | 601 | ||
5.300% due 12/01/15 | 600 | 665 | ||
5.000% due 12/14/18 | 100 | 95 | ||
Series 1 (Ê) | ||||
0.888% due 02/01/11 | 100 | 100 | ||
Freddie Mac | 100 | 108 | ||
8,015 | ||||
United States Government Treasuries - 3.5% | ||||
United States Treasury Principal | ||||
Principal Only STRIP | ||||
Zero coupon due 05/15/20 | 600 | 380 | ||
Zero coupon due 08/15/20 | 1,400 | 872 | ||
Zero coupon due 05/15/21 | 100 | 60 | ||
Zero coupon due 11/15/21 (Ñ) | 1,938 | 1,124 | ||
Zero coupon due 11/15/26 | 300 | 137 | ||
Zero coupon due 11/15/27 (Ñ) | 1,130 | 495 | ||
United States Treasury Inflation Indexed Bonds | ||||
2.000% due 07/15/14 | 1,135 | 1,161 | ||
1.625% due 01/15/15 | 893 | 889 | ||
2.000% due 01/15/16 (Ñ) | 1,464 | 1,486 | ||
2.500% due 07/15/16 (Ñ) | 422 | 443 | ||
2.625% due 07/15/17 | 309 | 329 | ||
2.000% due 01/15/26 (Ñ) | 430 | 421 | ||
1.750% due 01/15/28 (Ñ) | 3,138 | 2,961 | ||
United States Treasury Notes | ||||
1.750% due 01/31/14 | 425 | 413 | ||
2.750% due 06/30/14 | 190 | 191 | ||
4.250% due 05/15/39 | 200 | 198 | ||
11,560 | ||||
Total Long-Term Investments (cost $398,561) | 372,958 | |||
Preferred Stocks - 0.2% | ||||
Financial Services - 0.2% | ||||
DG Funding Trust (Å)(Æ) | 49 | 422 | ||
General Motors Corp. | 80,000 | 209 | ||
Total Preferred Stocks (cost $766) | 631 | |||
Notional Amount | Market Value $ | ||||
Options Purchased - 0.2% | |||||
(Number of Contracts) | |||||
Mortgage-Backed Securities | |||||
Fannie Mae TBA | USD | 6,000 | — | ||
Swaptions | |||||
(Fund Pays/Fund Receives) | |||||
USD Three Month LIBOR/USD | 2,300 | 93 | |||
USD Three Month LIBOR/USD | 13,900 | 494 | |||
Total Options Purchased (cost $168) | 587 | ||||
Principal | |||||
Short-Term Investments - 11.5% | |||||
American Electric Power Co., Inc. | 35 | 36 | |||
Bank of America Corp. (Ê) | 100 | 100 | |||
Bank of Scotland PLC (Ê)(Ñ)(Þ) | 300 | 300 | |||
Bear Stearns Cos. LLC (The) (Ê) | 1,200 | 1,200 | |||
BNP Paribas Financial, Inc. | |||||
1.000% due 07/07/09 (ç)(ž) | 1,125 | 1,125 | |||
1.000% due 08/05/09 (ç)(ž) | 1,150 | 1,150 | |||
Citigroup Global Markets Deutschland AG for OAO Gazprom | 200 | 205 | |||
Citigroup, Inc. (Ê) | 400 | 396 | |||
Continental Airlines, Inc. | 300 | 297 | |||
Countrywide Home Loans, Inc. | |||||
Series MTNK | |||||
5.625% due 07/15/09 | 175 | 175 | |||
4.125% due 09/15/09 | 335 | 336 | |||
COX Communications, Inc. | 350 | 352 | |||
DnB NOR Bank ASA (Ê)(Þ) | 1,000 | 994 | |||
Enterprise Products Operating LLC | 125 | 127 | |||
Federal Home Loan Bank Discount Notes (ç)(ž) | 1,700 | 1,700 | |||
Federal National Mortgage Association Discount Notes (ç)(ž) | 2,390 | 2,390 |
42 | Core Bond Fund |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | ||||
Ford Motor Credit Co. LLC | 200 | 190 | |||
General Electric Capital Corp. (Ê) | |||||
Series MTN | |||||
1.122% due 10/26/09 | 100 | 100 | |||
1.177% due 01/20/10 (Ê)(Ñ) | 200 | 199 | |||
Goldman Sachs Group, Inc. (The) | 125 | 128 | |||
HSBC Finance Corp. (Ê) | |||||
1.162% due 10/21/09 | 100 | 100 | |||
0.719% due 03/12/10 (Ñ) | 300 | 295 | |||
1.206% due 05/10/10 | 100 | 97 | |||
KeyBank NA (Ê) | 300 | 291 | |||
Korea Development Bank/Republic of Korea (Ê) | 900 | 881 | |||
Lehman Brothers Holdings, Inc. (Ø) | 200 | 30 | |||
Merrill Lynch & Co., Inc. (Ê) | 200 | 200 | |||
Metropolitan Life Global Funding I (Ê)(Þ) | 400 | 397 | |||
Morgan Stanley (Ê) | |||||
Series MTN | |||||
1.221% due 01/15/10 | 300 | 298 | |||
3.006% due 05/14/10 (Ê) | 400 | 399 | |||
Nationwide Life Global Funding I (Ê)(Þ) | 1,300 | 1,205 | |||
Russell Investment Company | 20,784,000 | 20,784 | |||
Sprint Nextel Corp. (Ê) | 350 | 330 | |||
UBS AG/Stamford Branch (Ê) | 700 | 702 | |||
United States Treasury Bills (§) | |||||
0.106% due 07/16/09 (ç)(ž) | 10 | 10 | |||
0.010% due 08/20/09 (ç)(ž) | 165 | 165 | |||
Zero coupon due 09/17/09 | 300 | 300 | |||
Total Short-Term Investments (cost $38,245) | 37,984 | ||||
Other Securities - 3.7% | |||||
State Street Securities Lending Quality Trust (×) | 12,536,951 | 12,262 | |||
Total Other Securities (cost $12,537) | 12,262 | ||||
Total Investments - 128.2% (identified cost $450,277) | 424,422 | ||||
Other Assets and Liabilities, Net - (28.2%) | (93,429 | ) | |||
Net Assets - 100.0% | 330,993 | ||||
Core Bond Fund | 43 |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except contracts)
Futures Contracts | Number of Contracts | Notional Amount | Expiration Date | Unrealized Appreciation (Depreciation) $ | ||||||
Long Positions | ||||||||||
Euribor Futures (Germany) | 3 | EUR | 739 | 12/09 | 3 | |||||
Euribor Futures (Germany) | 6 | EUR | 1,474 | 03/10 | 8 | |||||
Eurodollar Futures (CME) | 53 | USD | 12,864 | 09/09 | 297 | |||||
Eurodollar Futures (CME) | 73 | USD | 17,872 | 12/09 | 213 | |||||
Eurodollar Futures (CME) | 18 | USD | 4,328 | 03/10 | 119 | |||||
Eurodollar Futures (CME) | 20 | USD | 4,911 | 06/10 | 12 | |||||
Eurodollar Futures (CME) | 2 | USD | 484 | 09/10 | 6 | |||||
Eurodollar Futures (CME) | 25 | USD | 6,123 | 12/10 | (17) | |||||
Three Month Short Sterling Interest Rate Futures (UK) | 1 | GBP | 119 | 12/09 | 6 | |||||
Three Month Short Sterling Interest Rate Futures (UK) | 2 | GBP | 245 | 03/10 | — | |||||
Three Month Short Sterling Interest Rate Futures (UK) | 4 | GBP | 489 | 06/10 | — | |||||
Three Month Short Sterling Interest Rate Futures (UK) | 4 | GBP | 488 | 09/10 | (2) | |||||
Three Month Short Sterling Interest Rate Futures (UK) | 4 | GBP | 486 | 12/10 | (3) | |||||
Three Month Short Sterling Interest Rate Futures (UK) | 2 | GBP | 242 | 03/11 | (3) | |||||
United States Treasury 2 Year Notes | 50 | USD | 10,825 | 09/09 | (14) | |||||
United States Treasury 5 Year Notes | 92 | USD | 10,694 | 09/09 | (140) | |||||
United States Treasury 10 Year Notes | 35 | USD | 4,145 | 09/09 | (76) | |||||
United States Treasury 30 Year Bond | 48 | USD | 5,563 | 09/09 | 118 | |||||
Short Positions | ||||||||||
Australian 3 Year Bond (Australia) | 15 | AUD | 1,556 | 09/09 | 3 | |||||
Euro-Bobl Futures (Germany) | 14 | EUR | 1,616 | 09/09 | — | |||||
Long Gilt Bond (UK) | 3 | GBP | 352 | 09/09 | (3) | |||||
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts | 527 | |||||||||
See accompanying notes which are an integral part of the financial statements.
44 | Core Bond Fund |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands
Options Written (Number of Contracts) | Notional Amount $ | Market Value | |||
Swaptions | |||||
(Fund Receives/Fund Pays) | 2,000 | (2 | ) | ||
USD 4.400%/USD Three Month LIBOR | 1,600 | (3 | ) | ||
USD 4.550%/USD Three Month LIBOR | 1,500 | (2 | ) | ||
Total Liability for Options Written | (7 | ) | |||
See accompanying notes which are an integral part of the financial statements.
Core Bond Fund | 45 |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands
Foreign Currency Exchange Contracts | |||||||||||
Amount Sold | Amount Bought | Settlement Date | Unrealized Appreciation (Depreciation) $ | ||||||||
USD | 203 | AUD | 258 | 07/23/09 | 5 | ||||||
USD | 240 | AUD | 297 | 09/16/09 | (2 | ) | |||||
USD | 995 | AUD | 1,244 | 09/16/09 | 1 | ||||||
USD | 201 | BRL | 412 | 08/04/09 | 8 | ||||||
USD | 248 | BRL | 530 | 08/04/09 | 25 | ||||||
USD | 147 | CAD | 161 | 08/04/09 | (9 | ) | |||||
USD | 145 | CAD | 161 | 09/16/09 | (6 | ) | |||||
USD | 193 | CAD | 212 | 09/16/09 | (10 | ) | |||||
USD | 263 | CAD | 301 | 09/16/09 | (4 | ) | |||||
USD | 242 | CHF | 259 | 09/16/09 | (3 | ) | |||||
USD | 24 | GBP | 15 | 07/02/09 | 1 | ||||||
USD | 202 | GBP | 122 | 07/02/09 | (1 | ) | |||||
USD | 283 | GBP | 170 | 07/02/09 | (3 | ) | |||||
USD | 121 | GBP | 74 | 09/16/09 | 1 | ||||||
USD | 126 | GBP | 78 | 09/16/09 | 2 | ||||||
USD | 129 | GBP | 77 | 09/16/09 | (2 | ) | |||||
USD | 188 | GBP | 116 | 09/16/09 | 3 | ||||||
USD | 405 | GBP | 255 | 09/16/09 | 14 | ||||||
USD | 51 | JPY | 4,960 | 07/02/09 | — | ||||||
USD | 107 | JPY | 10,523 | 07/16/09 | 2 | ||||||
USD | 52 | JPY | 4,960 | 08/04/09 | — | ||||||
USD | 244 | JPY | 23,375 | 09/16/09 | (1 | ) | |||||
USD | 461 | JPY | 44,404 | 09/16/09 | — | ||||||
USD | 97 | NOK | 617 | 09/16/09 | (1 | ) | |||||
USD | 412 | NOK | 2,672 | 09/16/09 | 3 | ||||||
USD | 72 | NZD | 116 | 09/16/09 | 3 | ||||||
USD | 181 | NZD | 282 | 09/16/09 | — | ||||||
USD | 208 | NZD | 330 | 09/16/09 | 4 | ||||||
AUD | 370 | CHF | 316 | 09/16/09 | (6 | ) | |||||
AUD | 370 | CHF | 316 | 09/16/09 | 1 | ||||||
AUD | 157 | EUR | 88 | 09/16/09 | (4 | ) | |||||
AUD | 157 | EUR | 88 | 09/16/09 | 1 | ||||||
AUD | 237 | EUR | 137 | 09/16/09 | 2 | ||||||
AUD | 237 | EUR | 137 | 09/16/09 | — | ||||||
AUD | 309 | EUR | 176 | 09/16/09 | (2 | ) | |||||
AUD | 309 | EUR | 176 | 09/16/09 | 1 | ||||||
AUD | 92 | JPY | 7,097 | 09/16/09 | (2 | ) | |||||
AUD | 92 | JPY | 7,097 | 09/16/09 | 2 | ||||||
AUD | 154 | JPY | 11,636 | 09/16/09 | (3 | ) | |||||
AUD | 154 | JPY | 11,636 | 09/16/09 | — | ||||||
AUD | 302 | JPY | 23,312 | 09/16/09 | (5 | ) | |||||
AUD | 302 | JPY | 23,312 | 09/16/09 | 5 | ||||||
AUD | 1 | USD | 1 | 07/01/09 | — | ||||||
AUD | 92 | USD | 72 | 09/16/09 | (1 | ) | |||||
AUD | 96 | USD | 77 | 09/16/09 | — | ||||||
AUD | 209 | USD | 168 | 09/16/09 | — | ||||||
BRL | 82 | USD | 37 | 08/03/09 | (5 | ) | |||||
BRL | 1,181 | USD | 550 | 08/04/09 | (51 | ) | |||||
CAD | 211 | CHF | 201 | 09/16/09 | 3 | ||||||
CAD | 211 | CHF | 201 | 09/16/09 | 1 | ||||||
CAD | 117 | EUR | 74 | 09/16/09 | 2 | ||||||
CAD | 117 | EUR | 74 | 09/16/09 | 1 | ||||||
CAD | 54 | USD | 48 | 09/16/09 | 1 |
Foreign Currency Exchange Contracts | |||||||||||
Amount Sold | Amount Bought | Settlement Date | Unrealized Appreciation (Depreciation) $ | ||||||||
CAD | 130 | USD | 116 | 09/16/09 | 4 | ||||||
CHF | 80 | USD | 73 | 09/16/09 | — | ||||||
CHF | 181 | USD | 169 | 09/16/09 | 3 | ||||||
CHF | 260 | USD | 243 | 09/16/09 | 3 | ||||||
CHF | 264 | USD | 242 | 09/16/09 | (2 | ) | |||||
CHF | 265 | USD | 242 | 09/16/09 | (2 | ) | |||||
EUR | 90 | JPY | 12,131 | 09/16/09 | (1 | ) | |||||
EUR | 90 | JPY | 12,131 | 09/16/09 | — | ||||||
EUR | 42 | USD | 59 | 07/01/09 | — | ||||||
EUR | 18 | USD | 25 | 07/27/09 | — | ||||||
EUR | 841 | USD | 1,173 | 07/27/09 | (6 | ) | |||||
EUR | 80 | USD | 113 | 07/31/09 | — | ||||||
EUR | 126 | USD | 178 | 07/31/09 | — | ||||||
EUR | 510 | USD | 706 | 09/16/09 | (9 | ) | |||||
GBP | 117 | EUR | 138 | 09/16/09 | — | ||||||
GBP | 117 | EUR | 138 | 09/16/09 | — | ||||||
GBP | 77 | JPY | 12,170 | 09/16/09 | — | ||||||
GBP | 77 | JPY | 12,170 | 09/16/09 | (1 | ) | |||||
GBP | 91 | NZD | 232 | 09/16/09 | 2 | ||||||
GBP | 91 | NZD | 232 | 09/16/09 | (3 | ) | |||||
GBP | 2 | USD | 3 | 07/01/09 | — | ||||||
GBP | 10 | USD | 16 | 07/02/09 | — | ||||||
GBP | 127 | USD | 196 | 07/02/09 | (12 | ) | |||||
GBP | 172 | USD | 276 | 07/02/09 | (7 | ) | |||||
GBP | 122 | USD | 202 | 08/06/09 | 1 | ||||||
GBP | 170 | USD | 283 | 08/07/09 | 3 | ||||||
GBP | 35 | USD | 58 | 09/16/09 | — | ||||||
GBP | 75 | USD | 122 | 09/16/09 | (1 | ) | |||||
GBP | 134 | USD | 219 | 09/16/09 | (1 | ) | |||||
JPY | 11,261 | AUD | 147 | 09/16/09 | — | ||||||
JPY | 11,261 | AUD | 147 | 09/16/09 | 1 | ||||||
JPY | 35,432 | CHF | 389 | 09/16/09 | (7 | ) | |||||
JPY | 35,432 | CHF | 389 | 09/16/09 | (3 | ) | |||||
JPY | 12,662 | GBP | 80 | 09/16/09 | — | ||||||
JPY | 12,662 | GBP | 80 | 09/16/09 | — | ||||||
JPY | 4,960 | USD | 51 | 07/02/09 | — | ||||||
JPY | 9,411 | USD | 96 | 07/16/09 | (2 | ) | |||||
JPY | 14,221 | USD | 146 | 09/16/09 | (2 | ) | |||||
JPY | 87,935 | USD | 898 | 09/16/09 | (16 | ) | |||||
NOK | 628 | SEK | 771 | 09/16/09 | — | ||||||
NOK | 628 | SEK | 771 | 09/16/09 | 2 | ||||||
NOK | 1,241 | SEK | 1,530 | 09/16/09 | 3 | ||||||
NOK | 1,241 | SEK | 1,530 | 09/16/09 | 3 | ||||||
NZD | 155 | EUR | 70 | 09/16/09 | (3 | ) | |||||
NZD | 155 | EUR | 70 | 09/16/09 | 1 | ||||||
NZD | 228 | EUR | 103 | 09/16/09 | (1 | ) | |||||
NZD | 228 | EUR | 103 | 09/16/09 | (1 | ) | |||||
NZD | 150 | USD | 96 | 09/16/09 | — | ||||||
SEK | 902 | USD | 115 | 09/16/09 | (2 | ) | |||||
SEK | 927 | USD | 121 | 09/16/09 | 1 | ||||||
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts | (84 | ) | |||||||||
See accompanying notes which are an integral part of the financial statements.
46 | Core Bond Fund |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands
Interest Rate Swaps Contracts | |||||||||||||
Counter Party | Notional Amount | Fund Receives | Fund Pays | Termination Date | Market Value $ | ||||||||
Bank of America | USD | 700 | Three Month LIBOR | 3.750% | 12/16/24 | 34 | |||||||
Bank of America | USD | 100 | Three Month LIBOR | 4.000% | 12/17/29 | 3 | |||||||
Bank of America | USD | 800 | Three Month LIBOR | 4.000% | 12/17/29 | 24 | |||||||
Bank of America | USD | 400 | 4.000% | Three Month LIBOR | 12/16/19 | 2 | |||||||
Bank of America | USD | 1,500 | 5.628% | Three Month LIBOR | 06/16/36 | 369 | |||||||
Barclays Bank PLC | BRL | 100 | 11.360% | Brazil Interbank Deposit Rate | 01/04/10 | — | |||||||
Barclays Bank PLC | USD | 146 | Three Month LIBOR | 4.420% | 11/15/21 | (5 | ) | ||||||
Barclays Bank PLC | USD | 144 | Three Month LIBOR | 4.524% | 11/15/21 | (9 | ) | ||||||
Barclays Bank PLC | USD | 530 | Three Month LIBOR | 4.633% | 11/15/21 | (40 | ) | ||||||
Barclays Bank PLC | USD | 266 | Three Month LIBOR | 4.540% | 11/15/21 | (14 | ) | ||||||
BNP Paribas | EUR | 500 | 2.090% | Consumer Price Index (France) | 10/15/10 | 24 | |||||||
BNP Paribas | EUR | 300 | 4.500% | Six Month EURIBOR | 03/18/14 | 34 | |||||||
Deutsche Bank | EUR | 1,350 | Six Month EURIBOR | 3.000% | 12/16/14 | 11 | |||||||
Deutsche Bank | KRW | 416,000 | 2.820% | Korean Interbank Offer Rate | 01/28/11 | (6 | ) | ||||||
Deutsche Bank | KRW | 200,000 | 3.870% | Korean Interbank Offer Rate | 06/12/11 | 1 | |||||||
Deutsche Bank | KRW | 1,120,000 | 3.693% | Korean Interbank Offer Rate | 06/26/11 | 3 | |||||||
Deutsche Bank | USD | 5,700 | 2.250% | Three Month LIBOR | 12/17/12 | (69 | ) | ||||||
Deutsche Bank | USD | 400 | Three Month LIBOR | 3.000% | 12/16/14 | 6 | |||||||
Deutsche Bank | USD | 300 | Three Month LIBOR | 3.750% | 12/16/24 | 14 | |||||||
Deutsche Bank | USD | 200 | Three Month LIBOR | 4.000% | 12/17/29 | 6 | |||||||
Deutsche Bank | USD | 200 | 4.000% | Three Month LIBOR | 12/17/29 | (6 | ) | ||||||
Deutsche Bank | AUD | 200 | 4.500% | Three Month BBSW | 06/15/11 | — | |||||||
Deutsche Bank | GBP | 100 | 5.000% | Six Month LIBOR | 03/18/14 | 11 | |||||||
Goldman Sachs | GBP | 100 | 5.250% | Six Month LIBOR | 03/18/14 | 13 | |||||||
HSBC | GBP | 300 | 5.000% | Six Month LIBOR | 09/17/13 | 33 | |||||||
JP Morgan | EUR | 1,350 | 3.000% | Six Month LIBOR | 12/16/14 | (11 | ) | ||||||
JP Morgan | KRW | 405,000 | 2.830% | Korean Interbank Offer Rate | 01/28/11 | (6 | ) | ||||||
JP Morgan | KRW | 350,000 | 3.900% | Korean Interbank Offer Rate | 06/15/11 | 2 | |||||||
JP Morgan | KRW | 1,100,000 | 3.720% | Korean Interbank Offer Rate | 06/22/11 | 3 | |||||||
JP Morgan | USD | 600 | Three Month LIBOR | 3.500% | 12/16/19 | 23 | |||||||
JP Morgan | USD | 600 | Three Month LIBOR | 3.750% | 12/16/24 | 29 | |||||||
JP Morgan | USD | 400 | Three Month LIBOR | 3.750% | 12/16/24 | 19 | |||||||
JP Morgan | USD | 300 | Three Month LIBOR | 4.000% | 12/17/29 | 9 | |||||||
JP Morgan | USD | 200 | 4.000% | Three Month LIBOR | 12/17/29 | (6 | ) | ||||||
JP Morgan | USD | 500 | 4.000% | Three Month LIBOR | 12/17/29 | (15 | ) | ||||||
Merrill Lynch | BRL | 100 | 14.765% | Brazil Interbank Deposit Rate | 01/02/12 | 4 | |||||||
Merrill Lynch | USD | 1,500 | 4.000% | Three Month LIBOR | 06/17/11 | 74 | |||||||
Merrill Lynch | BRL | 200 | 12.948% | Brazil Interbank Deposit Rate | 01/04/10 | 4 | |||||||
Merrill Lynch | BRL | 700 | 11.980% | Brazil Interbank Deposit Rate | 01/02/12 | 6 | |||||||
Merrill Lynch | BRL | 800 | 12.540% | Brazil Interbank Deposit Rate | 01/02/12 | 12 | |||||||
Morgan Stanley | USD | 1,500 | 4.000% | Three Month LIBOR | 12/16/19 | 6 | |||||||
Morgan Stanley | BRL | 400 | 12.670% | Brazil Interbank Deposit Rate | 01/04/10 | 4 | |||||||
Royal Bank of Scotland | EUR | 100 | 1.955% | Consumer Price Index (France) | 03/28/12 | 7 | |||||||
Royal Bank of Scotland | GBP | 200 | 5.250% | Six Month LIBOR | 03/18/14 | 26 | |||||||
Royal Bank of Scotland | USD | 1,100 | 4.000% | Three Month LIBOR | 06/17/11 | 55 | |||||||
UBS | AUD | 2,900 | 4.500% | Three Month LIBOR | 06/15/11 | (6 | ) | ||||||
UBS | AUD | 1,600 | 4.250% | Six Month BBSW | 09/15/11 | (4 | ) | ||||||
UBS | BRL | 400 | 12.410% | Brazil Interbank Deposit Rate | 01/04/10 | 5 | |||||||
UBS | BRL | 800 | 10.575% | Brazil Interbank Deposit Rate | 01/02/12 | (4 | ) | ||||||
Total Market Value of Open Interest Rate Swap Contracts Premiums Paid (Received) - $172 | 675 | ||||||||||||
See accompanying notes which are an integral part of the financial statements.
Core Bond Fund | 47 |
Table of Contents
Russell Investment Funds
Core Bond Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Credit Default Swap Contracts | ||||||||||||||||
Corporate Issues | ||||||||||||||||
Reference | Counter | Implied Credit Spread | Notional | Fund (Pays)/ Receives Fixed Rate | Termination Date | Market Value $ | ||||||||||
Arrow Electronics, Inc. | Citigroupglobal Markets, Inc. | 0.087% | USD | 135 | (0.820% | ) | 03/20/14 | — | ||||||||
Centex Corporation | JP Morgan | 0.163% | USD | 325 | (4.400% | ) | 12/20/13 | (37 | ) | |||||||
Citigroup, Inc. | Barclays Bank PLC | 1.763% | USD | 600 | 5.650% | 03/20/13 | (158 | ) | ||||||||
Citigroup, Inc. | JP Morgan | 1.763% | USD | 200 | 5.170% | 03/20/13 | (55 | ) | ||||||||
Darden Restaurants, Inc. | Deutsche Bank | 0.129% | USD | 400 | (2.250% | ) | 03/20/14 | (17 | ) | |||||||
Ford Motor Credit Co. | Barclays Bank PLC | 0.929% | USD | 1,000 | 6.150% | 09/20/12 | (81 | ) | ||||||||
Ford Motor Credit Co. | Goldman Sachs | 0.929% | USD | 600 | 5.850% | 09/20/12 | (53 | ) | ||||||||
Ford Motor Credit Co. | Merrill Lynch | 2.128% | USD | 200 | 5.000% | 12/20/09 | (15 | ) | ||||||||
Gaz Capital for Gazprom | Barclays Bank PLC | 0.495% | USD | 300 | 1.600% | 12/20/12 | (30 | ) | ||||||||
Gaz Capital for Gazprom | Morgan Stanely | 0.493% | USD | 100 | 2.180% | 02/20/13 | (8 | ) | ||||||||
Gaz Capital for Gazprom | Morgan Stanely | 0.493% | USD | 1,000 | 2.480% | 02/20/13 | (69 | ) | ||||||||
GE Capital Corp. | Banque National De Paris | 0.372% | USD | 400 | 1.100% | 12/20/09 | (5 | ) | ||||||||
GE Capital Corp. | Citibank | 0.417% | USD | 200 | 4.000% | 12/20/13 | (1 | ) | ||||||||
GE Capital Corp. | Deutsche Bank | 0.417% | USD | 100 | (4.900% | ) | 12/20/13 | 3 | ||||||||
General Motors Acceptance Corp. | Merrill Lynch | 1.191% | USD | 1,000 | 1.850% | 09/20/09 | (22 | ) | ||||||||
Hewelett-Packard Co. | Citigroupglobal Markets, Inc. | 0.051% | USD | 135 | (0.720% | ) | 03/20/14 | (1 | ) | |||||||
Lowe’s Companies, Inc. | Citigroupglobal Markets, Inc. | 0.074% | USD | 340 | (1.450% | ) | 03/20/14 | (11 | ) | |||||||
Mexico Government International Bond | Morgan Stanely | 0.161% | USD | 100 | 0.750% | 01/20/12 | (2 | ) | ||||||||
Nordstrom, Inc. | Deutsche Bank | 0.221% | USD | 425 | (2.100% | ) | 03/20/14 | 2 | ||||||||
Pulte Homes, Inc. | JP Morgan | 0.241% | USD | 725 | (2.550% | ) | 12/20/13 | (5 | ) | |||||||
Pulte Homes, Inc. | JP Morgan | 0.238% | USD | 1,000 | (3.870% | ) | 03/20/14 | (63 | ) | |||||||
SLM Corp. | Citibank | 0.787% | USD | 200 | 4.850% | 03/20/13 | (17 | ) | ||||||||
The Home Depot, Inc. | Citigroupglobal Markets, Inc. | 0.094% | USD | 340 | (3.250% | ) | 03/20/14 | (34 | ) | |||||||
Total Market Value of Open Corporate Issue Credit Default Swap Contracts Premiums Paid (Received) - ($70) |
| (679 | ) | |||||||||||||
Credit Indices | |||||||||||||
Reference | Counter | Notional | Fund (Pays)/ | Termination Date | Market Value $ | ||||||||
ABX - HE Index for Sub-Prime Home Equity Sector | Barclays Bank PLC | USD | 1,300 | 0.760% | 01/25/38 | (945 | ) | ||||||
ABX - HE Index for Sub-Prime Home Equity Sector | Citibank | USD | 650 | 0.170% | 05/25/46 | (601 | ) | ||||||
ABX - HE Index for Sub-Prime Home Equity Sector | Credit Suisse First Boston | USD | 2,050 | 0.840% | 10/12/52 | 951 | |||||||
ABX - HE Index for Sub-Prime Home Equity Sector | JP Morgan | USD | 1,300 | 0.090% | 08/25/37 | (965 | ) | ||||||
CMBX AJ Index | Bank of America | USD | 100 | 0.840% | 10/12/52 | 46 | |||||||
CMBX AJ Index | Barclays Bank PLC | USD | 340 | (0.840%) | 10/12/52 | 157 | |||||||
CMBX AJ Index | Barclays Bank PLC | USD | 360 | (0.840%) | 10/12/52 | 167 | |||||||
CMBX AJ Index | Deutsche Bank | USD | 2,000 | (1.500%) | 12/20/13 | 21 | |||||||
CMBX AJ Index | Deutsche Bank | USD | 3,000 | (1.500%) | 12/20/13 | 16 | |||||||
CMBX AJ Index | Deutsche Bank | USD | 3,000 | (1.500%) | 12/20/13 | 21 | |||||||
Dow Jones CDX Index | Deutsche Bank | USD | 778 | 0.708% | 12/20/12 | 9 | |||||||
Dow Jones CDX Index | JP Morgan | USD | 389 | 0.553% | 12/20/17 | (21 | ) | ||||||
Dow Jones CDX Index | Pershing LLC 1st Republic P.B. CNS | USD | 194 | 0.548% | 12/20/17 | (11 | ) | ||||||
Total Market Value of Open Credit Index Credit Default Swap Contracts Premiums Paid (Received) - ($649) | (1,155 | ) | |||||||||||
Total Market Value of Open Credit Default Swap Contracts Premiums Paid (Received) - ($719) | (1,834 | ) | |||||||||||
See accompanying notes which are an integral part of the financial statements.
48 | Core Bond Fund |
Table of Contents
Russell Investment Funds
Core Bond Fund
Presentation of Portfolio Holdings — June 30, 2009 (Unaudited)
Portfolio Summary | Market Value $ Level 1 | Market Value $ Level 2 | Market Value $ Level 3 | Total | % of Net Assets | |||||||||||||
Asset-Backed Securities | $ | — | $ | 14,623,624 | $ | 280,704 | $ | 14,904,328 | 4.5 | |||||||||
Corporate Bonds and Notes | — | 67,864,847 | — | 67,864,847 | 20.5 | |||||||||||||
International Debt | — | 20,556,678 | — | 20,556,678 | 6.2 | |||||||||||||
Loan Agreements | — | 2,586,299 | 6,144 | 2,592,443 | 0.8 | |||||||||||||
Mortgage-Backed Securities | — | 242,448,682 | — | 242,448,682 | 73.2 | |||||||||||||
Municipal Bonds | — | 3,394,883 | — | 3,394,883 | 1.0 | |||||||||||||
Non-US Bonds | — | 1,565,895 | 55,902 | 1,621,797 | 0.5 | |||||||||||||
United States Government Agencies | — | 8,015,331 | — | 8,015,331 | 2.4 | |||||||||||||
United States Government Treasuries | — | 11,559,838 | — | 11,559,838 | 3.5 | |||||||||||||
Preferred Stocks | 632,625 | — | — | 632,625 | 0.2 | |||||||||||||
Options Purchased | — | 587,315 | — | 587,315 | 0.2 | |||||||||||||
Short-Term Investments | 20,784,000 | 17,197,372 | — | 37,981,372 | 11.5 | |||||||||||||
Other Securities | — | 12,261,809 | — | 12,261,809 | 3.7 | |||||||||||||
Total Investments | 21,416,625 | 402,662,573 | 342,750 | 424,421,948 | 128.2 | |||||||||||||
Other Assets and Liabilities, Net | (28.2 | ) | ||||||||||||||||
100.0 | ||||||||||||||||||
Futures Contracts | 527,472 | — | — | 527,472 | 0.2 | |||||||||||||
Options Written | — | (6,854 | ) | — | (6,854 | ) | (— | )* | ||||||||||
Foreign Currency Exchange Contracts | (3,089 | ) | (80,600 | ) | — | (83,689 | ) | (— | )* | |||||||||
Interest Rate Swap Contracts | — | 447,762 | 55,686 | 503,448 | 0.2 | |||||||||||||
Credit Default Swap Contracts | — | (1,115,420 | ) | — | (1,115,420 | ) | (0.3 | ) | ||||||||||
Total Other Financial Instruments** | 524,383 | (755,112 | ) | 55,686 | (175,043 | ) | ||||||||||||
Total | $ | 21,941,008 | $ | 401,907,461 | $ | 398,436 | $ | 424,246,905 | ||||||||||
* | Less than .05% of net assets. |
** | Other financial instruments not reflected in the Schedule of Investments, such as futures, forwards, and swap contracts which are valued at the unrealized appreciation/depreciation on the instruments. |
See accompanying notes which are an integral part of the financial statements.
Core Bond Fund | 49 |
Table of Contents
Russell Investment Funds
Shareholder Expense Example — June 30, 2009 (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 Semiannual 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 management 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, 2009 to June 30, 2009.
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, 2009 | $ | 1,000.00 | $ | 1,000.00 | ||
Ending Account Value | ||||||
June 30, 2009 | $ | 911.10 | $ | 1,019.84 | ||
Expenses Paid During Period* | $ | 4.74 | $ | 5.01 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.00% (representing the one-half year period annualized), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
50 | Real Estate Securities Fund |
Table of Contents
Russell Investment Funds
Real Estate Securities Fund
Schedule of Investments — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Common Stocks - 96.1% | ||||
Diversified - 8.9% | ||||
Agile Property Holdings, Ltd. | 78,400 | 111 | ||
Allgreen Properties, Ltd. | 228,000 | 157 | ||
British Land Co. PLC (ö) | 107,703 | 679 | ||
Canadian Real Estate Investment Trust (ö) | 20,506 | 434 | ||
CapitaLand, Ltd. | 186,500 | 474 | ||
Castellum AB | 11,825 | 75 | ||
Dexus Property Group (ö) | 640,841 | 384 | ||
Gecina SA (ö) | 1,885 | 117 | ||
GPT Group (ö) | 729,027 | 284 | ||
Hang Lung Properties, Ltd. - ADR | 117,000 | 386 | ||
Henderson Land Development Co., Ltd. | 80,336 | 460 | ||
Hysan Development Co., Ltd. | 163,470 | 419 | ||
ICADE (ö) | 2,708 | 223 | ||
Keppel Land, Ltd. | 181,500 | 275 | ||
Kerry Properties, Ltd. | 61,500 | 273 | ||
Mirvac Group (ö) | 211,339 | 182 | ||
Mitsubishi Estate Co., Ltd. | 66,000 | 1,093 | ||
Mitsui Fudosan Co., Ltd. | 54,100 | 937 | ||
New World Development, Ltd. | 387,000 | 699 | ||
Shui On Land, Ltd. | 225,200 | 153 | ||
Sino Land Co. | 82,000 | 135 | ||
Sponda OYJ (Æ) | 27,500 | 78 | ||
Stockland (ö) | 154,524 | 396 | ||
Sun Hung Kai Properties, Ltd. | 144,606 | 1,800 | ||
Suntec Real Estate Investment Trust (Æ)(ö) | 115,000 | 68 | ||
Tokyo Tatemono Co., Ltd. | 41,000 | 227 | ||
Tokyu Land Corp. | 34,000 | 154 | ||
Unibail-Rodamco SE (ö) | 6,341 | 947 | ||
Vornado Realty Trust (ö)(Ñ) | 266,858 | 12,017 | ||
Washington Real Estate Investment Trust (ö)(Ñ) | 96,198 | 2,152 | ||
Wharf Holdings, Ltd. | 38,000 | 161 | ||
25,950 | ||||
Free Standing Retail - 1.0% | ||||
National Retail Properties, Inc. (ö)(Ñ) | 136,100 | 2,361 | ||
Realty Income Corp. (ö)(Ñ) | 25,900 | 568 | ||
2,929 | ||||
Health Care - 13.8% | ||||
Brookdale Senior Living, Inc. | 20,372 | 198 | ||
Cogdell Spencer, Inc. (ö) | 90,100 | 387 | ||
HCP, Inc. (ö)(Ñ) | 425,368 | 9,014 | ||
Health Care REIT, Inc. (ö) | 158,977 | 5,421 | ||
LTC Properties, Inc. (ö) | 14,050 | 287 | ||
Medical Properties Trust, Inc. (ö)(Ñ) | 117,904 | 716 | ||
Nationwide Health Properties, Inc. (ö) | 323,362 | 8,323 | ||
Omega Healthcare Investors, Inc. (ö) | 232,826 | 3,613 | ||
Senior Housing Properties Trust (ö) | 289,080 | 4,718 | ||
Ventas, Inc. (ö) | 254,437 | 7,598 | ||
40,275 | ||||
Principal Amount ($) or Shares | Market Value $ | |||
Industrial - 5.5% | ||||
AMB Property Corp. (ö)(Ñ) | 266,337 | 5,010 | ||
DCT Industrial Trust, Inc. (ö) | 738,799 | 3,014 | ||
EastGroup Properties, Inc. (ö) | 60,200 | 1,988 | ||
First Potomac Realty Trust (ö) | 76,200 | 743 | ||
Goodman Group (ö) | 257,232 | 75 | ||
ProLogis (ö)(Ñ) | 605,255 | 4,878 | ||
ProLogis European Properties | 55,519 | 212 | ||
Segro PLC (ö) | 301,316 | 121 | ||
16,041 | ||||
Lodging/Resorts - 3.5% | ||||
DiamondRock Hospitality Co. (ö) | 72,100 | 451 | ||
Host Hotels & Resorts, Inc. (ö)(Ñ) | 725,900 | 6,090 | ||
LaSalle Hotel Properties (ö)(Ñ) | 141,450 | 1,746 | ||
Orient-Express Hotels, Ltd. Class A | 12,563 | 107 | ||
Shangri-La Asia, Ltd. | 124,000 | 185 | ||
Starwood Hotels & Resorts Worldwide, Inc. (Ñ)(ö) | 60,646 | 1,346 | ||
Sunstone Hotel Investors, Inc. (ö) | 76,400 | 409 | ||
10,334 | ||||
Mixed Industrial/Office - 3.0% | ||||
Duke Realty Corp. (ö) | 144,650 | 1,269 | ||
Liberty Property Trust (ö) | 220,701 | 5,085 | ||
PS Business Parks, Inc. (ö) | 47,672 | 2,309 | ||
8,663 | ||||
Office - 11.7% | ||||
Alexandria Real Estate Equities, Inc. (ö)(Ñ) | 40,600 | 1,453 | ||
Beni Stabili SpA | 93,795 | 73 | ||
BioMed Realty Trust, Inc. (ö) | 231,076 | 2,364 | ||
Boston Properties, Inc. (ö)(Ñ) | 290,092 | 13,837 | ||
Brandywine Realty Trust (ö) | 87,518 | 652 | ||
Brookfield Properties Corp. | 45,829 | 365 | ||
CapitaCommercial Trust (Æ)(ö) | 234,000 | 131 | ||
Commonwealth Property Office Fund (ö) | 222,611 | 148 | ||
Corporate Office Properties Trust SBI MD (ö)(Ñ) | 86,800 | 2,546 | ||
Derwent London PLC (ö) | 14,730 | 227 | ||
Government Properties Income Trust (Æ)(ö) | 15,650 | 321 | ||
Great Portland Estates PLC (ö) | 110,520 | 401 | ||
Highwoods Properties, Inc. (ö) | 73,600 | 1,646 | ||
Hongkong Land Holdings, Ltd. | 139,300 | 492 | ||
HRPT Properties Trust (ö) | 154,800 | 628 | ||
ING Office Fund (ö) | 134,865 | 50 | ||
ING Office Fund | 55,464 | 21 | ||
Japan Prime Realty Investment Corp. | 41 | 89 | ||
Kenedix Realty Investment Corp. Class A (ö) | 19 | 66 | ||
Kilroy Realty Corp. (ö)(Ñ) | 199,298 | 4,094 | ||
Mack-Cali Realty Corp. (ö) | 84,281 | 1,922 |
Real Estate Securities Fund | 51 |
Table of Contents
Russell Investment Funds
Real Estate Securities Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands (except share amounts)
Principal Amount ($) or Shares | Market Value $ | |||
Macquarie Office Trust (ö) | 485,346 | 81 | ||
Nippon Building Fund, Inc. Class A (ö) | 8 | 68 | ||
Nomura Real Estate Office Fund, Inc. | 13 | 83 | ||
NTT Urban Development Corp. | 165 | 159 | ||
SL Green Realty Corp. (ö)(Ñ) | 95,798 | 2,198 | ||
34,115 | ||||
Regional Malls - 11.9% | ||||
Aeon Mall Co., Ltd. | 12,100 | 229 | ||
CBL & Associates Properties, Inc. (ö) | 51,186 | 276 | ||
Macerich Co. (The) (ö)(Ñ) | 193,501 | 3,408 | ||
Simon Property Group, Inc. (ö) | 554,605 | 28,523 | ||
Taubman Centers, Inc. (ö)(Ñ) | 33,800 | 908 | ||
Westfield Group (ö) | 149,336 | 1,360 | ||
34,704 | ||||
Residential - 15.0% | ||||
American Campus Communities, Inc. (ö)(Ñ) | 220,723 | 4,896 | ||
Apartment Investment & Management Co. Class A (ö)(Ñ) | 81,471 | 721 | ||
AvalonBay Communities, Inc. (ö)(Ñ) | 179,318 | 10,031 | ||
Boardwalk Real Estate Investment Trust (ö) | 5,543 | 156 | ||
Camden Property Trust (ö) | 175,926 | 4,856 | ||
China Overseas Land & Investment, Ltd. | 342,200 | 792 | ||
China Resources Land, Ltd. | 144,000 | 317 | ||
Country Garden Holdings Co. | 345,000 | 160 | ||
Equity Lifestyle Properties, Inc. (ö)(Ñ) | 61,281 | 2,279 | ||
Equity Residential (ö) | 521,378 | 11,590 | ||
Essex Property Trust, Inc. (ö)(Ñ) | 91,000 | 5,663 | ||
Mid-America Apartment Communities, Inc. (ö) | 24,719 | 907 | ||
MRV Engenharia e Participacoes SA | 6,192 | 86 | ||
PDG Realty SA Empreendimentos e Participacoes | 7,500 | 81 | ||
Post Properties, Inc. (ö) | 57,700 | 775 | ||
Shimao Property Holdings, Ltd. | 227,500 | 440 | ||
43,750 | ||||
Self Storage - 6.3% | ||||
Extra Space Storage, Inc. (ö)(Ñ) | 204,200 | 1,705 | ||
Public Storage (ö) | 256,166 | 16,774 | ||
18,479 | ||||
Shopping Centers - 8.6% | ||||
Acadia Realty Trust (ö) | 58,424 | 762 | ||
Corio NV (ö) | 9,044 | 441 | ||
Federal Realty Investment Trust (ö)(Ñ) | 149,330 | 7,694 |
A portion of the portfolio has been fair valued as of period end.
Principal Amount ($) or Shares | Market Value $ | ||||
Hammerson PLC (ö) | 61,178 | 310 | |||
Kimco Realty Corp. (ö) | 482,451 | 4,849 | |||
Kite Realty Group Trust (ö) | 239,800 | 700 | |||
Link REIT (The) (ö) | 28,128 | 60 | |||
Mercialys SA (ö) | 4,766 | 147 |
| ||
Primaris Retail Real Estate Investment Trust (ö) | 20,344 | 207 | |||
Regency Centers Corp. (ö)(Ñ) | 241,999 | 8,448 | |||
Tanger Factory Outlet Centers (ö) | 36,800 | 1,193 | |||
Weingarten Realty Investors (ö) | 22,726 | 330 | |||
25,141 | |||||
Specialty - 6.9% | |||||
Digital Realty Trust, Inc. (ö)(Ñ) | 270,716 | 9,705 | |||
DuPont Fabros Technology, Inc. (ö) | 115,586 | 1,089 | |||
Entertainment Properties Trust (ö)(Ñ) | 29,200 | 602 | |||
Plum Creek Timber Co., Inc. (ö)(Ñ) | 195,804 | 5,831 | |||
Rayonier, Inc. (ö) | 75,550 | 2,746 | |||
19,973 | |||||
Total Common Stocks (cost $298,766) | 280,354 | ||||
Short-Term Investments - 4.4% | |||||
Russell Investment Company | 12,923,000 | 12,923 | |||
Total Short-Term Investments (cost $12,923) | 12,923 | ||||
Other Securities - 23.1% | |||||
State Street Securities Lending Quality Trust (×) | 68,752,224 | 67,243 | |||
Total Other Securities (cost $68,752) | 67,243 | ||||
Total Investments - 123.6% (identified cost $380,441) | 360,520 | ||||
Other Assets and Liabilities, Net - (23.6%) | (68,792 | ) | |||
Net Assets - 100.0% | 291,728 | ||||
See accompanying notes which are an integral part of the financial statements.
52 | Real Estate Securities Fund |
Table of Contents
Russell Investment Funds
Real Estate Securities Fund
Schedule of Investments, continued — June 30, 2009 (Unaudited)
Amounts in thousands
Foreign Currency Exchange Contracts | |||||||||||
Amount Sold | Amount Bought | Settlement Date | Unrealized Appreciation (Depreciation) $ | ||||||||
USD | 7 | AUD | 9 | 7/1/2009 | — | ||||||
USD | 7 | AUD | 9 | 7/1/2009 | — | ||||||
USD | 35 | AUD | 43 | 7/1/2009 | — | ||||||
USD | 1 | AUD | 1 | 7/2/2009 | — | ||||||
USD | 1 | AUD | 1 | 7/2/2009 | — | ||||||
USD | 7 | AUD | 9 | 7/2/2009 | — | ||||||
USD | 7 | AUD | 9 | 7/2/2009 | — | ||||||
USD | 15 | AUD | 18 | 7/2/2009 | — | ||||||
USD | 20 | AUD | 25 | 7/6/2009 | — | ||||||
USD | 9 | BRL | 18 | 7/1/2009 | — | ||||||
USD | 9 | EUR | 7 | 7/1/2009 | — | ||||||
USD | 9 | EUR | 6 | 7/1/2009 | — | ||||||
USD | 35 | EUR | 25 | 7/1/2009 | — | ||||||
USD | 13 | EUR | 9 | 7/2/2009 | — | ||||||
USD | 244 | EUR | 5 | 7/2/2009 | — | ||||||
USD | 12 | GBP | 7 | 7/1/2009 | — | ||||||
USD | 13 | GBP | 8 | 7/2/2009 | — | ||||||
USD | 3 | JPY | 333 | 7/1/2009 | — | ||||||
USD | 164 | JPY | 15,647 | 7/1/2009 | (2 | ) | |||||
USD | 10 | JPY | 1,005 | 7/2/2009 | — | ||||||
USD | 17 | SGD | 25 | 7/1/2009 | — | ||||||
EUR | 1 | USD | 1 | 7/1/2009 | — | ||||||
EUR | 3 | USD | 4 | 7/2/2009 | — | ||||||
EUR | 6 | USD | 9 | 7/2/2009 | — | ||||||
HKD | 70 | USD | 9 | 7/2/2009 | — | ||||||
HKD | 244 | USD | 31 | 7/2/2009 | — | ||||||
JPY | 3,141 | USD | 33 | 7/1/2009 | — | ||||||
JPY | 7,618 | USD | 80 | 7/1/2009 | 1 | ||||||
SGD | 41 | USD | 28 | 7/1/2009 | — | ||||||
SGD | 89 | USD | 61 | 7/2/2009 | — | ||||||
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts | (1 | ) | |||||||||
See accompanying notes which are an integral part of the financial statements.
Real Estate Securities Fund | 53 |
Table of Contents
Russell Investment Funds
Real Estate Securities Fund
Presentation of Portfolio Holdings — June 30, 2009 (Unaudited)
Portfolio Summary | Market Value Level 1 | Market Value Level 2 | Market Value Level 3 | Total | % of Net Assets | ||||||||||||
Diversified | $ | 14,602,256 | $ | 11,348,139 | $ | — | $ | 25,950,395 | 8.9 | ||||||||
Free Standing Retail | 2,929,063 | — | — | 2,929,063 | 1.0 | ||||||||||||
Health Care | 40,274,688 | — | — | 40,274,688 | 13.8 | ||||||||||||
Industrial | 15,633,208 | 408,122 | — | 16,041,330 | 5.5 | ||||||||||||
Lodging/Resorts | 10,148,881 | 185,431 | — | 10,334,312 | 3.5 | ||||||||||||
Mixed Industrial/Office | 8,662,763 | — | — | 8,662,763 | 3.0 | ||||||||||||
Office | 32,047,047 | 2,068,208 | — | 34,115,255 | 11.7 | ||||||||||||
Regional Malls | 33,114,648 | 1,589,176 | — | 34,703,824 | 11.9 | ||||||||||||
Residential | 42,040,887 | 1,708,599 | — | 43,749,486 | 15.0 | ||||||||||||
Self Storage | 18,478,820 | — | — | 18,478,820 | 6.3 | ||||||||||||
Shopping Centers | 24,183,213 | 958,031 | — | 25,141,244 | 8.6 | ||||||||||||
Specialty | 19,972,794 | — | — | 19,972,794 | 6.9 | ||||||||||||
Short-Term Investments | 12,923,000 | — | — | 12,923,000 | 4.4 | ||||||||||||
Other Securities | — | 67,243,350 | — | 67,243,350 | 23.1 | ||||||||||||
Total Investments | 275,011,268 | 85,509,056 | — | 360,520,324 | 123.6 | ||||||||||||
Other Assets and Liabilities, Net | (23.6 | ) | |||||||||||||||
100.0 | |||||||||||||||||
Foreign Currency | (558 | ) | — | — | (558 | ) | (— | )* | |||||||||
Total Other Financial Instruments** | (558 | ) | — | — | (558 | ) | |||||||||||
Total | $ | 275,010,711 | $ | 85,509,056 | $ | — | $ | 360,519,767 | |||||||||
* | Less than .05% of net assets. |
** | Other financial instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instruments. |
See accompanying notes which are an integral part of the financial statements.
54 | Real Estate Securities Fund |
Table of Contents
Russell Investment Funds
Notes to Schedules of Investments — June 30, 2009 (Unaudited)
Footnotes:
(Æ) | Nonincome-producing security. |
(ö) | Real Estate Investment Trust (REIT). |
(§) | All or a portion of the shares of this security are held as collateral in connection with futures contracts purchased (sold), options written, or swaps entered into by the Fund. |
(ž) | Rate noted is yield-to-maturity from date of acquisition. |
(ç) | At amortized cost, which approximates market. |
(Ê) | Adjustable or floating rate security. Rate shown reflects rate in effect at period end. |
(Ï) | Forward commitment. |
(ƒ) | Perpetual floating rate security. Rate shown reflects rate in effect at period end. |
(µ) | Bond is insured by a guarantor. |
(æ) | Pre-refunded: These bonds are collateralized by US Treasury securities, which are held in escrow by a trustee and used to pay principal and interest in the tax-exempt issue and to retire the bonds in full at the earliest refunding date. The rate noted is for descriptive purposes; effective yield may vary. |
(Ø) | In default. |
(ß) | Illiquid security. |
(×) | The security is purchased with the cash collateral from the securities loaned. |
(Ñ) | All or a portion of the shares of this security are on loan. |
(Þ) | Restricted security. Security may have contractual restrictions on resale, may have been offered in a private placement transaction, and may not be registered under the Securities Act of 1933. |
(Å) | Illiquid and restricted security. |
(å) | Currency balances were held in connection with futures contracts purchased (sold), options written, or swaps entered into by the Fund. See Note 2. |
(£) | A portion of this asset has been segregated to cover the liability caused by the valuation of the State Street Securities Lending Quality Trust Fund. |
Abbreviations:
144A - Represents private placement security for qualified buyers according to rule 144A of the Securities Act of 1933.
ADR - American Depositary Receipt
ADS - American Depositary Share
BBSW - Australian Bank Bill Short Term Rate
CIBOR - Copenhagen Interbank Offered Rate
CME - Chicago Mercantile Exchange
CMO - Collateralized Mortgage Obligation
CVO - Contingent Value Obligation
EMU - European Economic and Monetary Union
EURIBOR - Euro Interbank Offered Rate
FDIC - Federal Deposit Insurance Company
GDR - Global Depositary Receipt
GDS - Global Depositary Share
LIBOR - London Interbank Offered Rate
NIBOR - Norwegian Interbank Offered Rate
PIK - Payment in Kind
REMIC - Real Estate Mortgage Investment Conduit
STRIP - Separate Trading of Registered Interest and Principal of Securities
TBA - To Be Announced Security
Foreign Currency Abbreviations:
ARS - Argentine peso | HKD - Hong Kong dollar | PLN - Polish zloty | ||
AUD - Australian dollar | HUF - Hungarian forint | RUB - Russian ruble | ||
BRL - Brazilian real | IDR - Indonesian rupiah | SEK - Swedish krona | ||
CAD - Canadian dollar | ILS - Israeli shekel | SGD - Singapore dollar | ||
CHF - Swiss franc | INR - Indian rupee | SKK - Slovakian koruna | ||
CLP - Chilean peso | JPY - Japanese yen | THB - Thai baht | ||
CNY - Chinese renminbi yuan | KES - Kenyan schilling | TRY - Turkish lira | ||
COP - Colombian peso | KRW - South Korean won | TWD - Taiwanese dollar | ||
CRC - Costa Rica colon | MXN - Mexican peso | USD - United States dollar | ||
CZK - Czech koruna | MYR - Malaysian ringgit | VEB - Venezuelan bolivar | ||
DKK - Danish krone | NOK - Norweigian Krone | VND - Vietnamese dong | ||
EGP - Egyptian pound | NZD - New Zealand dollar | ZAR - South African rand | ||
EUR - Euro | PEN - Peruvian nouveau sol | |||
GBP - British pound sterling | PHP - Philippine peso |
Notes to Schedules of Investments | 55 |
Table of Contents
Russell Investment Funds
Statements of Assets and Liabilities — June 30, 2009 (Unaudited)
Amounts in thousands | Multi-Style Equity Fund | Aggressive Equity Fund | Non-U.S. Fund | Core Bond Fund | Real Estate Securities Fund | ||||||||||
Assets | |||||||||||||||
Investments, at identified cost | $ | 339,570 | $ | 183,042 | $ | 314,266 | $ | 450,277 | $ | 380,441 | |||||
Investments, at market*** | 330,885 | 181,431 | 281,783 | 424,422 | 360,520 | ||||||||||
Cash | — | — | — | 117 | — | ||||||||||
Cash (restricted) | 2,500 | 1,200 | 2,800 | 1,651 | — | ||||||||||
Foreign currency holdings* | — | — | 1,551 | 287 | 150 | ||||||||||
Unrealized appreciation on foreign currency exchange contracts | — | — | 317 | 119 | 1 | ||||||||||
Receivables: | |||||||||||||||
Dividends and interest | 320 | 137 | 658 | 2,421 | 1,269 | ||||||||||
Dividends from affiliated RIC Russell Money Market Fund | 3 | 2 | 4 | 3 | 2 | ||||||||||
Investments sold | 2,869 | 1,405 | 77 | 54,126 | 687 | ||||||||||
Fund shares sold | 30 | 152 | 92 | 63 | 67 | ||||||||||
Foreign taxes recoverable | — | — | 170 | — | — | ||||||||||
Daily variation margin on futures contracts | — | — | 69 | 472 | — | ||||||||||
Prepaid expenses | 1 | — | 1 | 7 | 1 | ||||||||||
Interest rate swap contracts, at market value**** | — | — | — | 876 | — | ||||||||||
Credit default swap contracts, at market value***** | — | — | — | 1,393 | — | ||||||||||
Total assets | 336,608 | 184,327 | 287,522 | 485,957 | 362,697 | ||||||||||
Liabilities | |||||||||||||||
Payables: | |||||||||||||||
Due to Custodian or Broker | — | — | 6 | 1,112 | — | ||||||||||
Investments purchased | 3,001 | 2,064 | 880 | 135,467 | 1,907 | ||||||||||
Fund shares redeemed | 108 | 37 | 45 | 131 | 13 | ||||||||||
Accrued fees to affiliates | 202 | 89 | 194 | 140 | 211 | ||||||||||
Other accrued expenses | 51 | 57 | 120 | 69 | 84 | ||||||||||
Daily variation margin on futures contracts | 133 | 14 | 236 | 156 | — | ||||||||||
Deferred tax liability | — | — | 4 | — | — | ||||||||||
Other payable | — | — | — | 1,714 | — | ||||||||||
Unrealized depreciation on foreign currency exchange contracts | — | — | 63 | 203 | | 2 | |||||||||
Options written, at market value** | — | — | — | 7 | — | ||||||||||
Payable upon return of securities loaned | 25,155 | 54,938 | 18,014 | 12,537 | 68,752 | ||||||||||
Interest rate swap contracts, at market value**** | — | — | — | 201 | — | ||||||||||
Credit default swap contracts, at market value***** | — | — | — | 3,227 | — | ||||||||||
Total liabilities | 28,650 | 57,199 | 19,562 | 154,964 | 70,969 | ||||||||||
Net Assets | $ | 307,958 | $ | 127,128 | $ | 267,960 | $ | 330,993 | $ | 291,728 | |||||
See accompanying notes which are an integral part of the financial statements.
56 | Statement of Assets and Liabilities |
Table of Contents
Russell Investment Funds
Statements of Assets and Liabilities, continued — June 30, 2009 (Unaudited)
Amounts in thousands | Multi-Style Equity Fund | Aggressive Equity Fund | Non-U.S. Fund | Core Bond Fund | Real Estate Securities Fund | |||||||||||||||
Net Assets Consist of: | ||||||||||||||||||||
Undistributed (overdistributed) net investment income | $ | 831 | $ | 144 | $ | 1,920 | $ | 5,684 | $ | 2,376 | ||||||||||
Accumulated net realized gain (loss) | (136,464 | ) | (83,602 | ) | (101,446 | ) | (1,362 | ) | (133,326 | ) | ||||||||||
Unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investments | (8,685 | ) | (1,611 | ) | (32,487 | ) | (25,855 | ) | (19,921 | ) | ||||||||||
Futures contracts | (518 | ) | (274 | ) | (352 | ) | 527 | — | ||||||||||||
Options written | — | — | — | 14 | — | |||||||||||||||
Credit default swap contracts | — | — | — | (1,115 | ) | — | ||||||||||||||
Interest rate swap contracts | — | — | — | 503 | — | |||||||||||||||
Foreign currency-related transactions | — | — | 268 | (78 | ) | (1 | ) | |||||||||||||
Shares of beneficial interest | 322 | 166 | 344 | 342 | 349 | |||||||||||||||
Additional paid-in capital | 452,472 | 212,305 | 399,713 | 352,333 | 442,251 | |||||||||||||||
Net Assets | $ | 307,958 | $ | 127,128 | $ | 267,960 | $ | 330,993 | $ | 291,728 | ||||||||||
Net Asset Value, offering and redemption price per share: | ||||||||||||||||||||
Net asset value per share****** | $ | 9.56 | $ | 7.64 | $ | 7.78 | $ | 9.68 | $ | 8.37 | ||||||||||
Net assets | $ | 307,958,330 | $ | 127,128,121 | $ | 267,959,540 | $ | 330,993,177 | $ | 291,728,211 | ||||||||||
Shares outstanding ($.01 par value) | 32,215,588 | 16,640,498 | 34,445,864 | 34,202,408 | 34,851,934 | |||||||||||||||
Amounts in thousands | ||||||||||||||||||||
* Foreign currency holdings - cost | $ | — | $ | — | $ | 1,551 | $ | 287 | $ | 150 | ||||||||||
** Premiums received on options written | $ | — | $ | — | $ | — | $ | 21 | $ | — | ||||||||||
*** Securities on loan included in investments | $ | 24,507 | $ | 53,143 | $ | 17,804 | $ | 12,306 | $ | 67,383 | ||||||||||
**** Interest rate swap contracts - premiums paid (received) | $ | — | $ | — | $ | — | $ | 172 | $ | — | ||||||||||
***** Credit default swap contracts - premiums paid (received) | $ | — | $ | — | $ | — | $ | (719 | ) | $ | — | |||||||||
****** Net asset value per share equals net assets divided by shares of beneficial interest outstanding. |
See accompanying notes which are an integral part of the financial statements.
Statement of Assets and Liabilities | 57 |
Table of Contents
Russell Investment Funds
Statements of Operations — For the Period Ended June 30, 2009 (Unaudited)
Amounts in thousands | Multi-Style Equity Fund | Aggressive Equity Fund | Non-U.S. Fund | Core Bond Fund | Real Estate Securities Fund | |||||||||||||||
Investment Income | ||||||||||||||||||||
Dividends | $ | 2,917 | $ | 854 | $ | 5,202 | $ | — | $ | 6,152 | ||||||||||
Dividends from affiliated money market funds | 46 | 2 | 49 | 61 | 28 | |||||||||||||||
Interest | — | — | — | 8,652 | — | |||||||||||||||
Securities lending income | 204 | 227 | 195 | 69 | 397 | |||||||||||||||
Less foreign taxes withheld | — | — | (529 | ) | — | — | ||||||||||||||
Total investment income | 3,167 | 1,083 | 4,917 | 8,782 | 6,577 | |||||||||||||||
Expenses | ||||||||||||||||||||
Advisory fees | 1,037 | 520 | 1,077 | 858 | 1,053 | |||||||||||||||
Administrative fees | 71 | 29 | 60 | 78 | 66 | |||||||||||||||
Custodian fees | 87 | 121 | 260 | 174 | 150 | |||||||||||||||
Transfer agent fees | 6 | 3 | 5 | 7 | 6 | |||||||||||||||
Professional fees | 36 | 22 | 34 | 39 | 35 | |||||||||||||||
Trustees’ fees | 4 | 2 | 4 | 5 | 4 | |||||||||||||||
Printing fees | 3 | 1 | 2 | 4 | 3 | |||||||||||||||
Miscellaneous | 8 | 4 | 2 | 7 | 5 | |||||||||||||||
Expenses before reductions | 1,252 | 702 | 1,444 | 1,172 | 1,322 | |||||||||||||||
Expense reductions | (34 | ) | (102 | ) | (153 | ) | (107 | ) | — | |||||||||||
Net expenses | 1,218 | 600 | 1,291 | 1,065 | 1,322 | |||||||||||||||
Net investment income (loss) | 1,949 | 483 | 3,626 | 7,717 | 5,255 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) | ||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Investments | (52,053 | ) | (27,228 | ) | (20,990 | ) | (116 | ) | (51,866 | ) | ||||||||||
Futures contracts | 770 | 840 | 2,070 | 1,635 | — | |||||||||||||||
Options written | — | — | — | (1,005 | ) | — | ||||||||||||||
Credit default swap contracts | — | — | — | (2,018 | ) | — | ||||||||||||||
Interest rate swap contracts | — | — | — | 2,384 | — | |||||||||||||||
Foreign currency-related transactions | — | — | 2,312 | (153 | ) | 8 | ||||||||||||||
Net realized gain (loss) | (51,283 | ) | (26,388 | ) | (16,608 | ) | 727 | (51,858 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investments | 70,017 | 34,373 | 28,778 | 9,739 | 27,259 | |||||||||||||||
Futures contracts | (972 | ) | (917 | ) | (865 | ) | (1,821 | ) | — | |||||||||||
Options written | — | — | — | 1,456 | — | |||||||||||||||
Credit default swap contracts | — | — | — | 606 | — | |||||||||||||||
Interest rate swap contracts | — | — | — | 450 | — | |||||||||||||||
Foreign currency-related transactions | — | — | (1,243 | ) | 108 | 3 | ||||||||||||||
Net change in unrealized appreciation (depreciation) | 69,045 | 33,456 | 26,670 | 10,538 | 27,262 | |||||||||||||||
Net realized and unrealized gain (loss) | 17,762 | 7,068 | 10,062 | 11,265 | (24,596 | ) | ||||||||||||||
Net Increase (Decrease) in Net Assets from Operations | $ | 19,711 | $ | 7,551 | $ | 13,688 | $ | 18,982 | $ | (19,341 | ) | |||||||||
See accompanying notes which are an integral part of the financial statements.
58 | Statements of Operations |
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Table of Contents
Russell Investment Funds
Statements of Changes in Net Assets
Multi-Style Equity Fund | Aggressive Equity Fund | |||||||||||||||
Amounts in thousands | Period Ended June 30, 2009 (Unaudited) | Fiscal Year Ended December 31, 2008 | Period Ended June 30, 2009 (Unaudited) | Fiscal Year Ended December 31, 2008 | ||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 1,949 | $ | 6,074 | $ | 483 | $ | 1,551 | ||||||||
Net realized gain (loss) | (51,283 | ) | (81,223 | ) | (26,388 | ) | (55,173 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 69,045 | (125,100 | ) | 33,456 | (45,658 | ) | ||||||||||
Net increase (decrease) in net assets from operations | 19,711 | (200,249 | ) | 7,551 | (99,280 | ) | ||||||||||
Distributions | ||||||||||||||||
From net investment income | (2,808 | ) | (5,806 | ) | (339 | ) | (1,578 | ) | ||||||||
From net realized gain | — | (3,972 | ) | — | (44 | ) | ||||||||||
Net decrease in net assets from distributions | (2,808 | ) | (9,778 | ) | (339 | ) | (1,622 | ) | ||||||||
Share Transactions | ||||||||||||||||
Net increase (decrease) in net assets from share transactions | (7,156 | ) | 28,316 | (3,172 | ) | (4,937 | ) | |||||||||
Total Net Increase (Decrease) in Net Assets | 9,747 | (181,711 | ) | 4,040 | (105,839 | ) | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 298,211 | 479,922 | 123,088 | 228,927 | ||||||||||||
End of period | $ | 307,958 | $ | 298,211 | $ | 127,128 | $ | 123,088 | ||||||||
Undistributed (overdistributed) net investment income included in net assets | $ | 831 | $ | 1,690 | $ | 144 | $ | — |
See accompanying notes which are an integral part of the financial statements.
60 | Statements of Changes in Net Assets |
Table of Contents
Non-U.S. Fund | Core Bond Fund | Real Estate Securities Fund | ||||||||||||||||||||
Period Ended June 30, 2009 (Unaudited) | Fiscal Year Ended December 31, 2008 | Period Ended June 30, 2009 (Unaudited) | Fiscal Year Ended December 31, 2008 | Period Ended June 30, 2009 (Unaudited) | Fiscal Year Ended December 31, 2008 | |||||||||||||||||
$ | 3,626 | $ | 7,095 | $ | 7,717 | $ | 16,634 | $ | 5,255 | $ | 11,970 | |||||||||||
(16,608 | ) | (87,637 | ) | 727 | 8,473 | (51,858 | ) | (72,571 | ) | |||||||||||||
26,670 | (106,389 | ) | 10,538 | (40,513 | ) | 27,262 | (115,578 | ) | ||||||||||||||
13,688 | (186,931 | ) | 18,982 | (15,406 | ) | (19,341 | ) | (176,179 | ) | |||||||||||||
(3,432 | ) | — | (4,871 | ) | (14,176 | ) | (6,892 | ) | (8,443 | ) | ||||||||||||
— | (3,345 | ) | (2,610 | ) | (6,979 | ) | — | — | ||||||||||||||
(3,432 | ) | (3,345 | ) | (7,481 | ) | (21,155 | ) | (6,892 | ) | (8,443 | ) | |||||||||||
1,954 | 14,340 | 383 | 9,603 | 14,545 | (771 | ) | ||||||||||||||||
12,210 | (175,936 | ) | 11,884 | (26,958 | ) | (11,688 | ) | (185,393 | ) | |||||||||||||
255,750 | 431,686 | 319,109 | 346,067 | 303,416 | 488,809 | |||||||||||||||||
$ | 267,960 | $ | 255,750 | $ | 330,993 | $ | 319,109 | $ | 291,728 | $ | 303,416 | |||||||||||
$ | 1,920 | $ | 1,726 | $ | 5,684 | $ | 2,838 | $ | 2,376 | $ | 4,013 |
See accompanying notes which are an integral part of the financial statements.
Statements of Changes in Net Assets | 61 |
Table of Contents
Russell Investment Funds
Financial Highlights — For the Periods Ended
For a Share Outstanding Throughout Each Period.
$ Net Asset Value, Beginning of Period | $ Net Investment Income (Loss)(a) | $ Net Realized and Unrealized Gain (Loss) | $ Total Income (Loss) from Operations | $ Distributions from Net Investment Income | $ Distributions from Net Realized Gain | $ Total Distributions | |||||||||||||
Multi-Style Equity Fund | |||||||||||||||||||
June 30, 2009* | 9.00 | .06 | .59 | .65 | (.09 | ) | — | (.09 | ) | ||||||||||
December 31, 2008 | 15.65 | .19 | (6.52 | ) | (6.33 | ) | (.19 | ) | (.13 | ) | (.32 | ) | |||||||
December 31, 2007 | 14.93 | .16 | 1.37 | 1.53 | (.16 | ) | (.65 | ) | (.81 | ) | |||||||||
December 31, 2006 | 13.37 | .14 | 1.55 | 1.69 | (.13 | ) | — | (.13 | ) | ||||||||||
December 31, 2005 | 12.60 | .12 | .79 | .91 | (.14 | ) | — | (.14 | ) | ||||||||||
December 31, 2004 | 11.56 | .11 | 1.02 | 1.13 | (.09 | ) | — | (.09 | ) | ||||||||||
Aggressive Equity Fund | |||||||||||||||||||
June 30, 2009* | 7.18 | .05 | .43 | .48 | (.02 | ) | — | (.02 | ) | ||||||||||
December 31, 2008 | 12.99 | .09 | (5.81 | ) | (5.72 | ) | (.09 | ) | — | (d) | (.09 | ) | |||||||
December 31, 2007 | 14.45 | .06 | .40 | .46 | (.05 | ) | (1.87 | ) | (1.92 | ) | |||||||||
December 31, 2006 | 14.40 | .03 | 2.10 | 2.13 | (.03 | ) | (2.05 | ) | (2.08 | ) | |||||||||
December 31, 2005 | 14.90 | .03 | .90 | .93 | (.03 | ) | (1.40 | ) | (1.43 | ) | |||||||||
December 31, 2004 | 13.47 | .02 | 1.95 | 1.97 | (.02 | ) | (.52 | ) | (.54 | ) | |||||||||
Non-U.S. Fund | |||||||||||||||||||
June 30, 2009* | 7.48 | .11 | .29 | .40 | (.10 | ) | — | (.10 | ) | ||||||||||
December 31, 2008 | 13.20 | .21 | (5.83 | ) | (5.62 | ) | — | (.10 | ) | (.10 | ) | ||||||||
December 31, 2007 | 15.01 | .25 | 1.14 | 1.39 | (.38 | ) | (2.82 | ) | (3.20 | ) | |||||||||
December 31, 2006 | 12.68 | .23 | 2.75 | 2.98 | (.35 | ) | (.30 | ) | (.65 | ) | |||||||||
December 31, 2005 | 11.33 | .16 | 1.38 | 1.54 | (.19 | ) | — | (.19 | ) | ||||||||||
December 31, 2004 | 9.76 | .11 | 1.66 | 1.77 | (.20 | ) | — | (.20 | ) | ||||||||||
Core Bond Fund | |||||||||||||||||||
June 30, 2009* | 9.33 | .23 | .34 | .57 | (.15 | ) | (.07 | ) | (.22 | ) | |||||||||
December 31, 2008 | 10.32 | .47 | (.86 | ) | (.39 | ) | (.39 | ) | (.21 | ) | (.60 | ) | |||||||
December 31, 2007 | 10.14 | .51 | .20 | .71 | (.53 | ) | — | (.53 | ) | ||||||||||
December 31, 2006 | 10.23 | .45 | (.08 | ) | .37 | (.46 | ) | — | (.46 | ) | |||||||||
December 31, 2005 | 10.50 | .38 | (.17 | ) | .21 | (.37 | ) | (.11 | ) | (.48 | ) | ||||||||
December 31, 2004 | 10.47 | .24 | .24 | .48 | (.26 | ) | (.19 | ) | (.45 | ) | |||||||||
Real Estate Securities Fund | |||||||||||||||||||
June 30, 2009* | 9.30 | .15 | (.88 | ) | (.73 | ) | (.20 | ) | — | (.20 | ) | ||||||||
December 31, 2008 | 15.22 | .38 | (6.03 | ) | (5.65 | ) | (.27 | ) | — | (.27 | ) | ||||||||
December 31, 2007 | 21.34 | .35 | (3.68 | ) | (3.33 | ) | (.47 | ) | (2.32 | ) | (2.79 | ) | |||||||
December 31, 2006 | 17.28 | .37 | 5.72 | 6.09 | (.39 | ) | (1.64 | ) | (2.03 | ) | |||||||||
December 31, 2005 | 17.09 | .32 | 1.82 | 2.14 | (.37 | ) | (1.58 | ) | (1.95 | ) | |||||||||
December 31, 2004 | 13.71 | .36 | 4.33 | 4.69 | (.36 | ) | (.95 | ) | (1.31 | ) |
See accompanying notes which are an integral part of the financial statements.
62 | Financial Highlights |
Table of Contents
$ Net Asset Value, End of Period | % Total Return(b) | $ Net Assets, End of Period (000) | % Ratio of Expenses to Average Net Assets, Net(c)(e) | % Ratio of Expenses to Average Net Assets, Gross(c) | % Ratio of Net Investment Income to Average Net Assets(c)(e) | % Portfolio Turnover Rate(b) | |||||||
9.56 | 6.23 | 307,958 | .86 | .88 | 1.37 | 69 | |||||||
9.00 | (41.15 | ) | 298,211 | .87 | .89 | 1.50 | 135 | ||||||
15.65 | 10.36 | 479,922 | .87 | .87 | 1.04 | 136 | |||||||
14.93 | 12.75 | 417,507 | .87 | .87 | 1.03 | 128 | |||||||
13.37 | 7.27 | 349,659 | .83 | .87 | .94 | 130 | |||||||
12.60 | 9.81 | 332,759 | .87 | .88 | .96 | 123 | |||||||
7.64 | 4.40 | 127,128 | 1.04 | 1.21 | 1.47 | 106 | |||||||
7.18 | (44.16 | ) | 123,088 | 1.05 | 1.18 | .84 | 161 | ||||||
12.99 | 3.42 | 228,927 | 1.05 | 1.13 | .39 | 180 | |||||||
14.45 | 14.79 | 223,646 | 1.05 | 1.12 | .16 | 184 | |||||||
14.40 | 6.36 | 204,292 | .99 | 1.13 | .21 | 130 | |||||||
14.90 | 14.73 | 195,583 | 1.05 | 1.17 | .17 | 150 | |||||||
7.78 | 4.88 | 267,960 | 1.08 | 1.21 | 3.03 | 91 | |||||||
7.48 | (42.79 | ) | 255,750 | 1.15 | 1.21 | 2.01 | 123 | ||||||
13.20 | 10.12 | 431,686 | 1.15 | 1.18 | 1.70 | 106 | |||||||
15.01 | 23.64 | 369,884 | 1.15 | 1.21 | 1.64 | 111 | |||||||
12.68 | 13.69 | 302,261 | 1.12 | 1.26 | 1.41 | 88 | |||||||
11.33 | 18.30 | 258,766 | 1.15 | 1.28 | 1.11 | 73 | |||||||
9.68 | 5.96 | 330,993 | .68 | .75 | 4.94 | 60 | |||||||
9.33 | (3.87 | ) | 319,109 | .70 | .77 | 4.70 | 164 | ||||||
10.32 | 7.24 | 346,067 | .70 | .78 | 5.04 | 965 | |||||||
10.14 | 3.72 | 265,783 | .70 | .73 | 4.40 | 453 | |||||||
10.23 | 2.01 | 216,774 | .70 | .72 | 3.70 | 193 | |||||||
10.50 | 4.66 | 175,851 | .70 | .73 | 2.41 | 216 | |||||||
8.37 | (8.89 |