0001193125-12-283994.txt : 20120626 0001193125-12-283994.hdr.sgml : 20120626 20120626172009 ACCESSION NUMBER: 0001193125-12-283994 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20120626 DATE AS OF CHANGE: 20120626 EFFECTIVENESS DATE: 20120626 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RUSSELL INVESTMENT FUNDS CENTRAL INDEX KEY: 0000824036 IRS NUMBER: 911717303 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-18030 FILM NUMBER: 12927904 BUSINESS ADDRESS: STREET 1: 1301 SECOND AVENUE STREET 2: 18TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98101 BUSINESS PHONE: 800-787-7354 MAIL ADDRESS: STREET 1: 1301 SECOND AVENUE STREET 2: 18TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98101 FORMER COMPANY: FORMER CONFORMED NAME: RUSSELL INSURANCE FUNDS DATE OF NAME CHANGE: 19960918 0000824036 S000006863 Multi-Style Equity Fund C000018545 Multi-Style Equity Fund 0000824036 S000006864 Aggressive Equity Fund C000018546 Aggressive Equity Fund 0000824036 S000006865 Non-U.S.Fund C000018547 Non-U.S.Fund 0000824036 S000006866 Global Real Estate Securities Fund C000018548 Global Real Estate Securities Fund 0000824036 S000006867 Core Bond Fund C000018549 Core Bond Fund 0000824036 S000017036 Conservative Strategy Fund C000047303 Conservative Strategy Fund 0000824036 S000017037 Moderate Strategy Fund C000047304 Moderate Strategy Fund 0000824036 S000017038 Balanced Strategy Fund C000047305 Balanced Strategy Fund 0000824036 S000017039 Growth Strategy Fund C000047306 Growth Strategy Fund 0000824036 S000017040 Equity Growth Strategy Fund C000047307 Equity Growth Strategy Fund 497 1 d353798d497.htm FORM 497 XBRL Form 497 XBRL

June 26, 2012

Via Electronic Transmission

U.S. Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Re:   Russell Investment Funds

        File Nos. 033-18030 and 811-5371

Dear Sir or Madam:

Transmitted herewith on behalf of Russell Investment Funds (the “Trust”) for filing pursuant to Rule 497(e) under the Securities Act of 1933 are exhibits containing interactive data format risk/return summary information relating to ten series of the Trust. The interactive data relates to supplements filed with the Securities and Exchange Commission on behalf of the Trust pursuant to Rule 497(e) on June 12, 2012.

The Prospectuses were filed April 27, 2012 with the Securities and Exchange Commission via electronic transmission as part of Post-Effective Amendment No. 46 to the Trust’s Registration Statement on Form N-1A.

No fees are required in connection with this filing. Please call me at (617) 728-7128 or John V. O’Hanlon at (617) 728-7111 if you have any questions.

 

  Very truly yours,
  /s/ Chelsea M. Childs
  Chelsea M. Childs

cc:   John V. O’Hanlon

        Mary Beth Rhoden

EX-101.INS 2 rif-20120612.xml XBRL INSTANCE DOCUMENT 0000824036 2011-05-02 2012-05-01 0000824036 rif:S000006864Member 2011-05-02 2012-05-01 0000824036 rif:S000006865Member 2011-05-02 2012-05-01 0000824036 rif:S000006863Member 2011-05-02 2012-05-01 0000824036 rif:S000006866Member 2011-05-02 2012-05-01 0000824036 rif:S000017036Member 2011-05-02 2012-05-01 0000824036 rif:S000017037Member 2011-05-02 2012-05-01 0000824036 rif:S000017038Member 2011-05-02 2012-05-01 0000824036 rif:S000017039Member 2011-05-02 2012-05-01 0000824036 rif:S000017040Member 2011-05-02 2012-05-01 0000824036 rif:S000006867Member 2011-05-02 2012-05-01 2012-05-01 false Other 2012-06-12 2012-06-12 2011-12-31 RUSSELL INVESTMENT FUNDS 0000824036 <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">Russell Investment Funds Prospectus </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">RUSSELL INVESTMENT FUNDS </font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">Supplement dated June&nbsp;12, 2012 to </font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">PROSPECTUS DATED MAY 1, 2012 </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>PRINCIPAL RISKS</u></b>: The following risk factors are deleted from under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt. </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b> <u>MULTI-STYLE EQUITY FUND RISK/RETURN SUMMARY</u></b>: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(i) <u>PRINCIPAL INVESTMENT STRATEGIES CHANGE</u>: The following replaces the discussion under the subheading &#8220;Principal Investment Strategies of the Fund&#8221; in the &#8220;Risk/Return Summary&#8221; section for the Multi-Style Equity Fund in the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2">The Fund invests principally in common stocks of medium and large capitalization U.S. companies. The Fund may also invest in securities of non-U.S. issuers by purchasing American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;). The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets in equity securities. The Fund employs a multi-style (growth, value and market-oriented) and multi-manager approach whereby portions of the Fund are allocated to different money managers who employ distinct investment styles. Fund assets not allocated to money managers are managed by Russell Investment Management Company (&#8220;RIMCo&#8221;). The Fund usually, but not always, pursues a strategy to be fully invested by exposing its cash reserves to the performance of appropriate markets by purchasing equity securities and/or derivatives, which typically include index futures contracts. Assets not allocated to money managers include the Fund&#8217;s liquidity reserves and assets which may be managed directly by RIMCo to modify the Fund&#8217;s portfolio characteristics as a means to manage the Fund&#8217;s risk factor exposures. Please refer to the &#8220;Investment Objective and Investment Strategies&#8221; section in the Fund&#8217;s Prospectus for further information. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(ii) <u>PRINCIPAL RISKS</u>: The following risk factor replaces the current &#8220;Active Management&#8221; risk factor under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; in the &#8220;Risk/Return Summary&#8221; section for the Multi-Style Equity Fund in the Prospectus listed above: </font></p><br/><table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"><tr><td width="13%"><font size="1">&nbsp;</font></td><td width="0%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">&#149;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><i>Active Management</i>. The securities selected for the portfolio may not perform as the Fund&#8217;s money managers expect. Additionally, securities selected may cause a Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that RIMCo will effectively assess a Fund&#8217;s portfolio risk and it is possible that its judgments regarding a Fund&#8217;s risk profile may prove incorrect which could lead to underperformance or which could result in ineffective adjustments to the Fund&#8217;s portfolio characteristics.</font></td></tr></table><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>GLOBAL REAL ESTATE SECURITIES FUND RISK/RETURN SUMMARY</u></b>: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(i) <u>PERFORMANCE</u>: The following sentence is added at the end of the second paragraph of the &#8220;Performance&#8221; section for the Global Real Estate Securities Fund in the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2">The Russell Developed Index (Net) measures the performance of the investable securities in developed countries globally. </font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(ii) <u>AVERAGE ANNUAL TOTAL RETURNS TABLE</u>: The following replaces the &#8220;Average Annual Total Returns&#8221; table in the &#8220;Risk/Return Summary&#8221; section for the Global Real Estate Securities Fund in the Prospectus listed above:</font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px">&nbsp;</p><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="0" width="100%" align="center"><tr><td width="76%"></td><td valign="bottom" width="6%"></td><td></td><td></td><td valign="bottom" width="6%"></td><td valign="bottom" width="6%"></td><td></td><td></td><td valign="bottom" width="6%"></td><td valign="bottom" width="6%"></td><td></td><td></td><td valign="bottom" width="6%"></td></tr><tr><td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid" height="5">&nbsp;</td><td style="BORDER-TOP: #000000 1px solid" height="5" colspan="4">&nbsp;</td><td style="BORDER-TOP: #000000 1px solid" height="5" colspan="4">&nbsp;</td><td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" height="5" colspan="4">&nbsp;</td></tr><tr><td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px" valign="bottom"><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Average annual total returns</b></font></p><p style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; WIDTH: 139pt; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Times New Roman" size="1"><b>for the periods ended December&nbsp;31, 2011</b></font></p></td><td valign="bottom"><font size="1">&nbsp;</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>1&nbsp;Year</b></font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>5&nbsp;Years</b></font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>10&nbsp;Years</b></font></td><td style="PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom"><font size="1">&nbsp;</font></td></tr><tr bgcolor="#cceeff"><td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px" valign="top"><p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Global Real Estate Securities Fund</font></p></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(7.05</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">)%&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(4.73</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">)%&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8.75</font></td><td style="PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">%&nbsp;</font></td></tr><tr><td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px" valign="top"><p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">FTSE EPRA/NAREIT Developed Real Estate Index (net) (reflects no deduction for fees, expenses or taxes)</font></p></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(6.46</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">)%&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(5.93</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">)%&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">N/A</font></td><td style="PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;&nbsp;</font></td></tr><tr bgcolor="#cceeff"> <td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px" valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Global Real Estate Linked Benchmark (reflects no deduction for fees, expenses or taxes)</font></p></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(6.46</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">)%&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(4.52</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">)%&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8.46</font></td><td style="PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">%&nbsp;</font></td></tr><tr><td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px" valign="top"><p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Russell Developed Index (Net) (reflects no deduction for fees, expenses or taxes)</font></p></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(6.16</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">)%&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(2.16</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">)%&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4.11</font></td><td style="PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">%&nbsp;</font></td></tr><tr style="FONT-SIZE: 1px"><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">&nbsp;</td><td valign="bottom"> <p style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid">&nbsp;</p></td><td valign="bottom"><p style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid">&nbsp;</p></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">&nbsp;</td><td valign="bottom"> <p style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid">&nbsp;</p></td><td valign="bottom"><p style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid">&nbsp;</p></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">&nbsp;</td><td valign="bottom"> <p style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid">&nbsp;</p></td><td valign="bottom"><p style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid">&nbsp;</p></td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom">&nbsp;</td></tr></table><br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">LifePoints Funds, Variable Target Portfolio Series </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">RUSSELL INVESTMENT FUNDS </font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">Supplement dated June&nbsp;12, 2012 to </font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">PROSPECTUS DATED MAY 1, 2012 </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>PRINCIPAL RISKS</u></b>:<b> </b>The following risk factors are deleted from under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt. </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>NEW ASSET ALLOCATION CATEGORIES EFFECTIVE AUGUST 15, 2012</u></b>:<b> </b>Effective August&nbsp;15, 2012, each Fund will add new Underlying Funds to the Underlying Funds in which the Fund invests and change its target asset allocation to the existing Underlying Funds. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(i) <u>ANNUAL FUND OPERATING EXPENSES</u>: The following disclosure is added as the last paragraph of the footnote to the &#8220;Annual Fund Operating Expenses&#8221; table in the &#8220;Risk/Return Summary&#8221; section for each Fund in the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2">As a result of the August&nbsp;15, 2012 changes to the Fund&#8217;s target strategic asset allocation to the Underlying Funds in which the Fund will invest, the Fund&#8217;s Net Annual Fund Operating Expenses will increase.&nbsp;Updated Net Annual Fund Operating Expenses will be included in the Fund&#8217;s Prospectus when the changes to the target strategic asset reallocations are effective on August&nbsp;15, 2012. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(ii) <u>PRINCIPAL INVESTMENT STRATEGIES CHANGES</u>: All references to &#8220;real asset&#8221; in each Fund&#8217;s &#8220;Principal Investment Strategies of the Fund&#8221; sub-section of the &#8220;Risk/Return Summary&#8221; section of the Prospectus listed above are replaced with &#8220;alternative.&#8221; In addition, the following replaces the fifth and sixth sentences of the relevant Fund&#8217;s &#8220;Principal Investment Strategies of the Fund&#8221; sub-section of the &#8220;Risk/Return Summary&#8221; section of the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Conservative Strategy Fund</u>: Effective August&nbsp;15, 2012, the Fund&#8217;s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund&#8217;s approximate target allocation as of August&nbsp;15, 2012 will be 9%-19% to equity Underlying Funds, 73%-83% to fixed income Underlying Funds and 3%-13% to alternative Underlying Funds. However, the actual target strategic allocations on August&nbsp;15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Moderate Strategy Fund</u>: Effective August&nbsp;15, 2012, the Fund&#8217;s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund&#8217;s approximate target allocation as of August&nbsp;15, 2012 will be 25%-35% to equity Underlying Funds, 53%-63% to fixed income Underlying Funds and 7%-17% to alternative Underlying Funds. However, the actual target strategic allocations on August&nbsp;15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Balanced Strategy Fund</u>: Effective August&nbsp;15, 2012, the Fund&#8217;s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund&#8217;s approximate target allocation as of August&nbsp;15, 2012 will be 44%-54% to equity Underlying Funds, 33%-43% to fixed income Underlying Funds and 8%-18% to alternative Underlying Funds. However, the actual target strategic allocations on August&nbsp;15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Growth Strategy Fund</u>: Effective August&nbsp;15, 2012, the Fund&#8217;s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund&#8217;s approximate target allocation as of August&nbsp;15, 2012 will be 58-68%% to equity Underlying Funds, 14%-24% to fixed income Underlying Funds and 13%-23% to alternative Underlying Funds. However, the actual target strategic allocations on August&nbsp;15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Equity Growth Strategy Fund</u>: Effective August&nbsp;15, 2012, the Fund&#8217;s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund&#8217;s approximate target allocation as of August&nbsp;15, 2012 will be 70%-80% to equity Underlying Funds, 0%-10% to fixed income Underlying Funds and 15%-25% to alternative Underlying Funds. However, the actual target strategic allocations on August&nbsp;15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(iii) <u>PRINCIPAL RISKS</u>: The following information is added to the end of the discussion under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; in the &#8220;Risk/Return Summary&#8221; section for each Fund in the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Effective August&nbsp;15, 2012, the following risk factor replaces the &#8220;Equity Securities&#8221; risk factor listed above: </i></font></p><br/><table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"><tr><td width="13%"><font size="1">&nbsp;</font></td><td width="0%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">&#149;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><i>Equity Securities</i>. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting in a decline in price. In rising markets, defensive stocks are likely to underperform growth, value and dynamic stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value.</font></td></tr></table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">Russell Investment Funds Prospectus </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">RUSSELL INVESTMENT FUNDS </font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">Supplement dated June&nbsp;12, 2012 to </font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">PROSPECTUS DATED MAY 1, 2012 </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>PRINCIPAL RISKS</u></b>: The following risk factors are deleted from under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt. </font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">Russell Investment Funds Prospectus </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">RUSSELL INVESTMENT FUNDS </font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">Supplement dated June&nbsp;12, 2012 to </font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">PROSPECTUS DATED MAY 1, 2012 </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>PRINCIPAL RISKS</u></b>: The following risk factors are deleted from under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt. </font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">Russell Investment Funds Prospectus </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">RUSSELL INVESTMENT FUNDS </font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">Supplement dated June&nbsp;12, 2012 to </font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">PROSPECTUS DATED MAY 1, 2012 </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>PRINCIPAL RISKS</u></b>: The following risk factors are deleted from under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt. </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b> <u>MULTI-STYLE EQUITY FUND RISK/RETURN SUMMARY</u></b>: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(i) <u>PRINCIPAL INVESTMENT STRATEGIES CHANGE</u>: The following replaces the discussion under the subheading &#8220;Principal Investment Strategies of the Fund&#8221; in the &#8220;Risk/Return Summary&#8221; section for the Multi-Style Equity Fund in the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2">The Fund invests principally in common stocks of medium and large capitalization U.S. companies. The Fund may also invest in securities of non-U.S. issuers by purchasing American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;). The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets in equity securities. The Fund employs a multi-style (growth, value and market-oriented) and multi-manager approach whereby portions of the Fund are allocated to different money managers who employ distinct investment styles. Fund assets not allocated to money managers are managed by Russell Investment Management Company (&#8220;RIMCo&#8221;). The Fund usually, but not always, pursues a strategy to be fully invested by exposing its cash reserves to the performance of appropriate markets by purchasing equity securities and/or derivatives, which typically include index futures contracts. Assets not allocated to money managers include the Fund&#8217;s liquidity reserves and assets which may be managed directly by RIMCo to modify the Fund&#8217;s portfolio characteristics as a means to manage the Fund&#8217;s risk factor exposures. Please refer to the &#8220;Investment Objective and Investment Strategies&#8221; section in the Fund&#8217;s Prospectus for further information. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(ii) <u>PRINCIPAL RISKS</u>: The following risk factor replaces the current &#8220;Active Management&#8221; risk factor under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; in the &#8220;Risk/Return Summary&#8221; section for the Multi-Style Equity Fund in the Prospectus listed above: </font></p><br/><table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"><tr><td width="13%"><font size="1">&nbsp;</font></td><td width="0%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">&#149;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><i>Active Management</i>. The securities selected for the portfolio may not perform as the Fund&#8217;s money managers expect. Additionally, securities selected may cause a Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that RIMCo will effectively assess a Fund&#8217;s portfolio risk and it is possible that its judgments regarding a Fund&#8217;s risk profile may prove incorrect which could lead to underperformance or which could result in ineffective adjustments to the Fund&#8217;s portfolio characteristics. </font></td></tr></table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">Russell Investment Funds Prospectus </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">RUSSELL INVESTMENT FUNDS </font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">Supplement dated June&nbsp;12, 2012 to </font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">PROSPECTUS DATED MAY 1, 2012 </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>PRINCIPAL RISKS</u></b>: The following risk factors are deleted from under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt. </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>GLOBAL REAL ESTATE SECURITIES FUND RISK/RETURN SUMMARY</u></b>: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(i) <u>PERFORMANCE</u>: The following sentence is added at the end of the second paragraph of the &#8220;Performance&#8221; section for the Global Real Estate Securities Fund in the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2">The Russell Developed Index (Net) measures the performance of the investable securities in developed countries globally. </font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(ii) <u>AVERAGE ANNUAL TOTAL RETURNS TABLE</u>: The following replaces the &#8220;Average Annual Total Returns&#8221; table in the &#8220;Risk/Return Summary&#8221; section for the Global Real Estate Securities Fund in the Prospectus listed above:</font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px">&nbsp;</p><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="0" width="100%" align="center"><tr><td width="76%"></td><td valign="bottom" width="6%"></td><td></td><td></td><td valign="bottom" width="6%"></td><td valign="bottom" width="6%"></td><td></td><td></td><td valign="bottom" width="6%"></td><td valign="bottom" width="6%"></td><td></td><td></td><td valign="bottom" width="6%"></td></tr><tr><td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid" height="5">&nbsp;</td><td style="BORDER-TOP: #000000 1px solid" height="5" colspan="4">&nbsp;</td><td style="BORDER-TOP: #000000 1px solid" height="5" colspan="4">&nbsp;</td><td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" height="5" colspan="4">&nbsp;</td></tr><tr><td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px" valign="bottom"><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Average annual total returns</b></font></p><p style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; WIDTH: 139pt; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Times New Roman" size="1"><b>for the periods ended December&nbsp;31, 2011</b></font></p></td><td valign="bottom"><font size="1">&nbsp;</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>1&nbsp;Year</b></font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>5&nbsp;Years</b></font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>10&nbsp;Years</b></font></td><td style="PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom"><font size="1">&nbsp;</font></td></tr><tr bgcolor="#cceeff"><td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px" valign="top"><p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Global Real Estate Securities Fund</font></p></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(7.05</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">)%&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(4.73</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">)%&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8.75</font></td><td style="PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">%&nbsp;</font></td></tr><tr><td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px" valign="top"><p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">FTSE EPRA/NAREIT Developed Real Estate Index (net) (reflects no deduction for fees, expenses or taxes)</font></p></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(6.46</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">)%&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(5.93</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">)%&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">N/A</font></td><td style="PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;&nbsp;</font></td></tr><tr bgcolor="#cceeff"> <td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px" valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Global Real Estate Linked Benchmark (reflects no deduction for fees, expenses or taxes)</font></p></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(6.46</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">)%&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(4.52</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">)%&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8.46</font></td><td style="PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">%&nbsp;</font></td></tr><tr><td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px" valign="top"><p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Russell Developed Index (Net) (reflects no deduction for fees, expenses or taxes)</font></p></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(6.16</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">)%&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(2.16</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">)%&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4.11</font></td><td style="PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">%&nbsp;</font></td></tr><tr style="FONT-SIZE: 1px"><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">&nbsp;</td><td valign="bottom"> <p style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid">&nbsp;</p></td><td valign="bottom"><p style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid">&nbsp;</p></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">&nbsp;</td><td valign="bottom"> <p style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid">&nbsp;</p></td><td valign="bottom"><p style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid">&nbsp;</p></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">&nbsp;</td><td valign="bottom"> <p style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid">&nbsp;</p></td><td valign="bottom"><p style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid">&nbsp;</p></td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom">&nbsp;</td></tr></table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"> LifePoints Funds, Variable Target Portfolio Series </font></p><p style="margin-top:24px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">RUSSELL INVESTMENT FUNDS </font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">Supplement dated June&nbsp;12, 2012 to </font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">PROSPECTUS DATED MAY 1, 2012 </font></p><p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>PRINCIPAL RISKS</u></b>:<b> </b>The following risk factors are deleted from under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt. </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>NEW ASSET ALLOCATION CATEGORIES EFFECTIVE AUGUST 15, 2012</u></b>:<b> </b>Effective August&nbsp;15, 2012, each Fund will add new Underlying Funds to the Underlying Funds in which the Fund invests and change its target asset allocation to the existing Underlying Funds. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(i) <u>ANNUAL FUND OPERATING EXPENSES</u>: The following disclosure is added as the last paragraph of the footnote to the &#8220;Annual Fund Operating Expenses&#8221; table in the &#8220;Risk/Return Summary&#8221; section for each Fund in the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2">As a result of the August&nbsp;15, 2012 changes to the Fund&#8217;s target strategic asset allocation to the Underlying Funds in which the Fund will invest, the Fund&#8217;s Net Annual Fund Operating Expenses will increase.&nbsp;Updated Net Annual Fund Operating Expenses will be included in the Fund&#8217;s Prospectus when the changes to the target strategic asset reallocations are effective on August&nbsp;15, 2012. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(ii) <u>PRINCIPAL INVESTMENT STRATEGIES CHANGES</u>: All references to &#8220;real asset&#8221; in each Fund&#8217;s &#8220;Principal Investment Strategies of the Fund&#8221; sub-section of the &#8220;Risk/Return Summary&#8221; section of the Prospectus listed above are replaced with &#8220;alternative.&#8221; In addition, the following replaces the fifth and sixth sentences of the relevant Fund&#8217;s &#8220;Principal Investment Strategies of the Fund&#8221; sub-section of the &#8220;Risk/Return Summary&#8221; section of the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Conservative Strategy Fund</u>: Effective August&nbsp;15, 2012, the Fund&#8217;s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund&#8217;s approximate target allocation as of August&nbsp;15, 2012 will be 9%-19% to equity Underlying Funds, 73%-83% to fixed income Underlying Funds and 3%-13% to alternative Underlying Funds. However, the actual target strategic allocations on August&nbsp;15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(iii) <u>PRINCIPAL RISKS</u>: The following information is added to the end of the discussion under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; in the &#8220;Risk/Return Summary&#8221; section for each Fund in the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Effective August&nbsp;15, 2012, the following risk factor replaces the &#8220;Equity Securities&#8221; risk factor listed above: </i></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px">&nbsp;</p><br/><table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"><tr><td width="13%"><font size="1">&nbsp;</font></td><td width="0%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">&#149;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><i>Equity Securities</i>. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting in a decline in price. In rising markets, defensive stocks are likely to underperform growth, value and dynamic stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value.</font></td></tr></table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"> LifePoints Funds, Variable Target Portfolio Series </font></p><p style="margin-top:24px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">RUSSELL INVESTMENT FUNDS </font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">Supplement dated June&nbsp;12, 2012 to </font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">PROSPECTUS DATED MAY 1, 2012 </font></p><p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>PRINCIPAL RISKS</u></b>:<b> </b>The following risk factors are deleted from under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt. </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>NEW ASSET ALLOCATION CATEGORIES EFFECTIVE AUGUST 15, 2012</u></b>:<b> </b>Effective August&nbsp;15, 2012, each Fund will add new Underlying Funds to the Underlying Funds in which the Fund invests and change its target asset allocation to the existing Underlying Funds. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(i) <u>ANNUAL FUND OPERATING EXPENSES</u>: The following disclosure is added as the last paragraph of the footnote to the &#8220;Annual Fund Operating Expenses&#8221; table in the &#8220;Risk/Return Summary&#8221; section for each Fund in the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2">As a result of the August&nbsp;15, 2012 changes to the Fund&#8217;s target strategic asset allocation to the Underlying Funds in which the Fund will invest, the Fund&#8217;s Net Annual Fund Operating Expenses will increase.&nbsp;Updated Net Annual Fund Operating Expenses will be included in the Fund&#8217;s Prospectus when the changes to the target strategic asset reallocations are effective on August&nbsp;15, 2012. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(ii) <u>PRINCIPAL INVESTMENT STRATEGIES CHANGES</u>: All references to &#8220;real asset&#8221; in each Fund&#8217;s &#8220;Principal Investment Strategies of the Fund&#8221; sub-section of the &#8220;Risk/Return Summary&#8221; section of the Prospectus listed above are replaced with &#8220;alternative.&#8221; In addition, the following replaces the fifth and sixth sentences of the relevant Fund&#8217;s &#8220;Principal Investment Strategies of the Fund&#8221; sub-section of the &#8220;Risk/Return Summary&#8221; section of the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Moderate Strategy Fund</u>: Effective August&nbsp;15, 2012, the Fund&#8217;s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund&#8217;s approximate target allocation as of August&nbsp;15, 2012 will be 25%-35% to equity Underlying Funds, 53%-63% to fixed income Underlying Funds and 7%-17% to alternative Underlying Funds. However, the actual target strategic allocations on August&nbsp;15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(iii) <u>PRINCIPAL RISKS</u>: The following information is added to the end of the discussion under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; in the &#8220;Risk/Return Summary&#8221; section for each Fund in the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Effective August&nbsp;15, 2012, the following risk factor replaces the &#8220;Equity Securities&#8221; risk factor listed above: </i></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px">&nbsp;</p><br/><table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"><tr><td width="13%"><font size="1">&nbsp;</font></td><td width="0%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">&#149;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><i>Equity Securities</i>. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting in a decline in price. In rising markets, defensive stocks are likely to underperform growth, value and dynamic stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value.</font></td></tr></table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"> LifePoints Funds, Variable Target Portfolio Series </font></p><p style="margin-top:24px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">RUSSELL INVESTMENT FUNDS </font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">Supplement dated June&nbsp;12, 2012 to </font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">PROSPECTUS DATED MAY 1, 2012 </font></p><p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>PRINCIPAL RISKS</u></b>:<b> </b>The following risk factors are deleted from under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt. </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>NEW ASSET ALLOCATION CATEGORIES EFFECTIVE AUGUST 15, 2012</u></b>:<b> </b>Effective August&nbsp;15, 2012, each Fund will add new Underlying Funds to the Underlying Funds in which the Fund invests and change its target asset allocation to the existing Underlying Funds. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(i) <u>ANNUAL FUND OPERATING EXPENSES</u>: The following disclosure is added as the last paragraph of the footnote to the &#8220;Annual Fund Operating Expenses&#8221; table in the &#8220;Risk/Return Summary&#8221; section for each Fund in the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2">As a result of the August&nbsp;15, 2012 changes to the Fund&#8217;s target strategic asset allocation to the Underlying Funds in which the Fund will invest, the Fund&#8217;s Net Annual Fund Operating Expenses will increase.&nbsp;Updated Net Annual Fund Operating Expenses will be included in the Fund&#8217;s Prospectus when the changes to the target strategic asset reallocations are effective on August&nbsp;15, 2012. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(ii) <u>PRINCIPAL INVESTMENT STRATEGIES CHANGES</u>: All references to &#8220;real asset&#8221; in each Fund&#8217;s &#8220;Principal Investment Strategies of the Fund&#8221; sub-section of the &#8220;Risk/Return Summary&#8221; section of the Prospectus listed above are replaced with &#8220;alternative.&#8221; In addition, the following replaces the fifth and sixth sentences of the relevant Fund&#8217;s &#8220;Principal Investment Strategies of the Fund&#8221; sub-section of the &#8220;Risk/Return Summary&#8221; section of the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Balanced Strategy Fund</u>: Effective August&nbsp;15, 2012, the Fund&#8217;s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund&#8217;s approximate target allocation as of August&nbsp;15, 2012 will be 44%-54% to equity Underlying Funds, 33%-43% to fixed income Underlying Funds and 8%-18% to alternative Underlying Funds. However, the actual target strategic allocations on August&nbsp;15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(iii) <u>PRINCIPAL RISKS</u>: The following information is added to the end of the discussion under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; in the &#8220;Risk/Return Summary&#8221; section for each Fund in the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Effective August&nbsp;15, 2012, the following risk factor replaces the &#8220;Equity Securities&#8221; risk factor listed above: </i></font></p><br/><table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"><tr><td width="13%"><font size="1">&nbsp;</font></td><td width="0%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">&#149;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><i>Equity Securities</i>. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting in a decline in price. In rising markets, defensive stocks are likely to underperform growth, value and dynamic stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value.</font></td></tr></table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"> LifePoints Funds, Variable Target Portfolio Series </font></p><p style="margin-top:24px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">RUSSELL INVESTMENT FUNDS </font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">Supplement dated June&nbsp;12, 2012 to </font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">PROSPECTUS DATED MAY 1, 2012 </font></p><p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>PRINCIPAL RISKS</u></b>:<b> </b>The following risk factors are deleted from under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt. </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>NEW ASSET ALLOCATION CATEGORIES EFFECTIVE AUGUST 15, 2012</u></b>:<b> </b>Effective August&nbsp;15, 2012, each Fund will add new Underlying Funds to the Underlying Funds in which the Fund invests and change its target asset allocation to the existing Underlying Funds. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(i) <u>ANNUAL FUND OPERATING EXPENSES</u>: The following disclosure is added as the last paragraph of the footnote to the &#8220;Annual Fund Operating Expenses&#8221; table in the &#8220;Risk/Return Summary&#8221; section for each Fund in the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2">As a result of the August&nbsp;15, 2012 changes to the Fund&#8217;s target strategic asset allocation to the Underlying Funds in which the Fund will invest, the Fund&#8217;s Net Annual Fund Operating Expenses will increase.&nbsp;Updated Net Annual Fund Operating Expenses will be included in the Fund&#8217;s Prospectus when the changes to the target strategic asset reallocations are effective on August&nbsp;15, 2012. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(ii) <u>PRINCIPAL INVESTMENT STRATEGIES CHANGES</u>: All references to &#8220;real asset&#8221; in each Fund&#8217;s &#8220;Principal Investment Strategies of the Fund&#8221; sub-section of the &#8220;Risk/Return Summary&#8221; section of the Prospectus listed above are replaced with &#8220;alternative.&#8221; In addition, the following replaces the fifth and sixth sentences of the relevant Fund&#8217;s &#8220;Principal Investment Strategies of the Fund&#8221; sub-section of the &#8220;Risk/Return Summary&#8221; section of the Prospectus listed above: </font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Growth Strategy Fund</u>: Effective August&nbsp;15, 2012, the Fund&#8217;s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund&#8217;s approximate target allocation as of August&nbsp;15, 2012 will be 58-68%% to equity Underlying Funds, 14%-24% to fixed income Underlying Funds and 13%-23% to alternative Underlying Funds. However, the actual target strategic allocations on August&nbsp;15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(iii) <u>PRINCIPAL RISKS</u>: The following information is added to the end of the discussion under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; in the &#8220;Risk/Return Summary&#8221; section for each Fund in the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Effective August&nbsp;15, 2012, the following risk factor replaces the &#8220;Equity Securities&#8221; risk factor listed above: </i></font></p><br/><table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"><tr><td width="13%"><font size="1">&nbsp;</font></td><td width="0%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">&#149;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><i>Equity Securities</i>. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting in a decline in price. In rising markets, defensive stocks are likely to underperform growth, value and dynamic stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value.</font></td></tr></table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"> LifePoints Funds, Variable Target Portfolio Series </font></p><p style="margin-top:24px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">RUSSELL INVESTMENT FUNDS </font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">Supplement dated June&nbsp;12, 2012 to </font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">PROSPECTUS DATED MAY 1, 2012 </font></p><p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>PRINCIPAL RISKS</u></b>:<b> </b>The following risk factors are deleted from under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt. </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>NEW ASSET ALLOCATION CATEGORIES EFFECTIVE AUGUST 15, 2012</u></b>:<b> </b>Effective August&nbsp;15, 2012, each Fund will add new Underlying Funds to the Underlying Funds in which the Fund invests and change its target asset allocation to the existing Underlying Funds. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(i) <u>ANNUAL FUND OPERATING EXPENSES</u>: The following disclosure is added as the last paragraph of the footnote to the &#8220;Annual Fund Operating Expenses&#8221; table in the &#8220;Risk/Return Summary&#8221; section for each Fund in the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2">As a result of the August&nbsp;15, 2012 changes to the Fund&#8217;s target strategic asset allocation to the Underlying Funds in which the Fund will invest, the Fund&#8217;s Net Annual Fund Operating Expenses will increase.&nbsp;Updated Net Annual Fund Operating Expenses will be included in the Fund&#8217;s Prospectus when the changes to the target strategic asset reallocations are effective on August&nbsp;15, 2012. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(ii) <u>PRINCIPAL INVESTMENT STRATEGIES CHANGES</u>: All references to &#8220;real asset&#8221; in each Fund&#8217;s &#8220;Principal Investment Strategies of the Fund&#8221; sub-section of the &#8220;Risk/Return Summary&#8221; section of the Prospectus listed above are replaced with &#8220;alternative.&#8221; In addition, the following replaces the fifth and sixth sentences of the relevant Fund&#8217;s &#8220;Principal Investment Strategies of the Fund&#8221; sub-section of the &#8220;Risk/Return Summary&#8221; section of the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Equity Growth Strategy Fund</u>: Effective August&nbsp;15, 2012, the Fund&#8217;s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund&#8217;s approximate target allocation as of August&nbsp;15, 2012 will be 70%-80% to equity Underlying Funds, 0%-10% to fixed income Underlying Funds and 15%-25% to alternative Underlying Funds. However, the actual target strategic allocations on August&nbsp;15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments. </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"><font style="FONT-FAMILY: Times New Roman" size="2">(iii) <u>PRINCIPAL RISKS</u>: The following information is added to the end of the discussion under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; in the &#8220;Risk/Return Summary&#8221; section for each Fund in the Prospectus listed above: </font></p><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Effective August&nbsp;15, 2012, the following risk factor replaces the &#8220;Equity Securities&#8221; risk factor listed above: </i></font></p><br/><table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"><tr><td width="13%"><font size="1">&nbsp;</font></td><td width="0%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">&#149;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><i>Equity Securities</i>. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting in a decline in price. In rising markets, defensive stocks are likely to underperform growth, value and dynamic stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value.</font></td></tr></table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">Russell Investment Funds Prospectus </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">RUSSELL INVESTMENT FUNDS </font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">Supplement dated June&nbsp;12, 2012 to </font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">PROSPECTUS DATED MAY 1, 2012 </font></p><p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>PRINCIPAL RISKS</u></b>: The following risk factors are deleted from under the sub-heading &#8220;Principal Risks of Investing in the Fund&#8221; 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Russell Investment Funds Prospectus

RUSSELL INVESTMENT FUNDS

Supplement dated June 12, 2012 to

PROSPECTUS DATED MAY 1, 2012

PRINCIPAL RISKS: The following risk factors are deleted from under the sub-heading “Principal Risks of Investing in the Fund” in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt.

MULTI-STYLE EQUITY FUND RISK/RETURN SUMMARY:

(i) PRINCIPAL INVESTMENT STRATEGIES CHANGE: The following replaces the discussion under the subheading “Principal Investment Strategies of the Fund” in the “Risk/Return Summary” section for the Multi-Style Equity Fund in the Prospectus listed above:

The Fund invests principally in common stocks of medium and large capitalization U.S. companies. The Fund may also invest in securities of non-U.S. issuers by purchasing American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”). The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets in equity securities. The Fund employs a multi-style (growth, value and market-oriented) and multi-manager approach whereby portions of the Fund are allocated to different money managers who employ distinct investment styles. Fund assets not allocated to money managers are managed by Russell Investment Management Company (“RIMCo”). The Fund usually, but not always, pursues a strategy to be fully invested by exposing its cash reserves to the performance of appropriate markets by purchasing equity securities and/or derivatives, which typically include index futures contracts. Assets not allocated to money managers include the Fund’s liquidity reserves and assets which may be managed directly by RIMCo to modify the Fund’s portfolio characteristics as a means to manage the Fund’s risk factor exposures. Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further information.

(ii) PRINCIPAL RISKS: The following risk factor replaces the current “Active Management” risk factor under the sub-heading “Principal Risks of Investing in the Fund” in the “Risk/Return Summary” section for the Multi-Style Equity Fund in the Prospectus listed above:


  Active Management. The securities selected for the portfolio may not perform as the Fund’s money managers expect. Additionally, securities selected may cause a Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that RIMCo will effectively assess a Fund’s portfolio risk and it is possible that its judgments regarding a Fund’s risk profile may prove incorrect which could lead to underperformance or which could result in ineffective adjustments to the Fund’s portfolio characteristics.

GLOBAL REAL ESTATE SECURITIES FUND RISK/RETURN SUMMARY:

(i) PERFORMANCE: The following sentence is added at the end of the second paragraph of the “Performance” section for the Global Real Estate Securities Fund in the Prospectus listed above:

The Russell Developed Index (Net) measures the performance of the investable securities in developed countries globally.

(ii) AVERAGE ANNUAL TOTAL RETURNS TABLE: The following replaces the “Average Annual Total Returns” table in the “Risk/Return Summary” section for the Global Real Estate Securities Fund in the Prospectus listed above:

 


    

Average annual total returns

for the periods ended December 31, 2011

 1 Year  5 Years  10 Years 

Global Real Estate Securities Fund

  (7.05)%   (4.73)%   8.75

FTSE EPRA/NAREIT Developed Real Estate Index (net) (reflects no deduction for fees, expenses or taxes)

  (6.46)%   (5.93)%   N/A  

Global Real Estate Linked Benchmark (reflects no deduction for fees, expenses or taxes)

   (6.46)%   (4.52)%   8.46

Russell Developed Index (Net) (reflects no deduction for fees, expenses or taxes)

  (6.16)%   (2.16)%   4.11
  

 

 

  

 

 

  

 

 

 

LifePoints Funds, Variable Target Portfolio Series

RUSSELL INVESTMENT FUNDS

Supplement dated June 12, 2012 to

PROSPECTUS DATED MAY 1, 2012

PRINCIPAL RISKS: The following risk factors are deleted from under the sub-heading “Principal Risks of Investing in the Fund” in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt.

NEW ASSET ALLOCATION CATEGORIES EFFECTIVE AUGUST 15, 2012: Effective August 15, 2012, each Fund will add new Underlying Funds to the Underlying Funds in which the Fund invests and change its target asset allocation to the existing Underlying Funds.

(i) ANNUAL FUND OPERATING EXPENSES: The following disclosure is added as the last paragraph of the footnote to the “Annual Fund Operating Expenses” table in the “Risk/Return Summary” section for each Fund in the Prospectus listed above:

As a result of the August 15, 2012 changes to the Fund’s target strategic asset allocation to the Underlying Funds in which the Fund will invest, the Fund’s Net Annual Fund Operating Expenses will increase. Updated Net Annual Fund Operating Expenses will be included in the Fund’s Prospectus when the changes to the target strategic asset reallocations are effective on August 15, 2012.

(ii) PRINCIPAL INVESTMENT STRATEGIES CHANGES: All references to “real asset” in each Fund’s “Principal Investment Strategies of the Fund” sub-section of the “Risk/Return Summary” section of the Prospectus listed above are replaced with “alternative.” In addition, the following replaces the fifth and sixth sentences of the relevant Fund’s “Principal Investment Strategies of the Fund” sub-section of the “Risk/Return Summary” section of the Prospectus listed above:

Conservative Strategy Fund: Effective August 15, 2012, the Fund’s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund’s approximate target allocation as of August 15, 2012 will be 9%-19% to equity Underlying Funds, 73%-83% to fixed income Underlying Funds and 3%-13% to alternative Underlying Funds. However, the actual target strategic allocations on August 15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments.

Moderate Strategy Fund: Effective August 15, 2012, the Fund’s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund’s approximate target allocation as of August 15, 2012 will be 25%-35% to equity Underlying Funds, 53%-63% to fixed income Underlying Funds and 7%-17% to alternative Underlying Funds. However, the actual target strategic allocations on August 15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments.

Balanced Strategy Fund: Effective August 15, 2012, the Fund’s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund’s approximate target allocation as of August 15, 2012 will be 44%-54% to equity Underlying Funds, 33%-43% to fixed income Underlying Funds and 8%-18% to alternative Underlying Funds. However, the actual target strategic allocations on August 15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments.

Growth Strategy Fund: Effective August 15, 2012, the Fund’s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund’s approximate target allocation as of August 15, 2012 will be 58-68%% to equity Underlying Funds, 14%-24% to fixed income Underlying Funds and 13%-23% to alternative Underlying Funds. However, the actual target strategic allocations on August 15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments.

Equity Growth Strategy Fund: Effective August 15, 2012, the Fund’s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund’s approximate target allocation as of August 15, 2012 will be 70%-80% to equity Underlying Funds, 0%-10% to fixed income Underlying Funds and 15%-25% to alternative Underlying Funds. However, the actual target strategic allocations on August 15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments.

(iii) PRINCIPAL RISKS: The following information is added to the end of the discussion under the sub-heading “Principal Risks of Investing in the Fund” in the “Risk/Return Summary” section for each Fund in the Prospectus listed above:

Effective August 15, 2012, the following risk factor replaces the “Equity Securities” risk factor listed above:


  Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting in a decline in price. In rising markets, defensive stocks are likely to underperform growth, value and dynamic stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value.
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XML 13 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName RUSSELL INVESTMENT FUNDS
Prospectus Date rr_ProspectusDate May 01, 2012
Supplement Text Block rif_SupplementTextBlock

Russell Investment Funds Prospectus

RUSSELL INVESTMENT FUNDS

Supplement dated June 12, 2012 to

PROSPECTUS DATED MAY 1, 2012

PRINCIPAL RISKS: The following risk factors are deleted from under the sub-heading “Principal Risks of Investing in the Fund” in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt.

MULTI-STYLE EQUITY FUND RISK/RETURN SUMMARY:

(i) PRINCIPAL INVESTMENT STRATEGIES CHANGE: The following replaces the discussion under the subheading “Principal Investment Strategies of the Fund” in the “Risk/Return Summary” section for the Multi-Style Equity Fund in the Prospectus listed above:

The Fund invests principally in common stocks of medium and large capitalization U.S. companies. The Fund may also invest in securities of non-U.S. issuers by purchasing American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”). The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets in equity securities. The Fund employs a multi-style (growth, value and market-oriented) and multi-manager approach whereby portions of the Fund are allocated to different money managers who employ distinct investment styles. Fund assets not allocated to money managers are managed by Russell Investment Management Company (“RIMCo”). The Fund usually, but not always, pursues a strategy to be fully invested by exposing its cash reserves to the performance of appropriate markets by purchasing equity securities and/or derivatives, which typically include index futures contracts. Assets not allocated to money managers include the Fund’s liquidity reserves and assets which may be managed directly by RIMCo to modify the Fund’s portfolio characteristics as a means to manage the Fund’s risk factor exposures. Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further information.

(ii) PRINCIPAL RISKS: The following risk factor replaces the current “Active Management” risk factor under the sub-heading “Principal Risks of Investing in the Fund” in the “Risk/Return Summary” section for the Multi-Style Equity Fund in the Prospectus listed above:


  Active Management. The securities selected for the portfolio may not perform as the Fund’s money managers expect. Additionally, securities selected may cause a Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that RIMCo will effectively assess a Fund’s portfolio risk and it is possible that its judgments regarding a Fund’s risk profile may prove incorrect which could lead to underperformance or which could result in ineffective adjustments to the Fund’s portfolio characteristics.

GLOBAL REAL ESTATE SECURITIES FUND RISK/RETURN SUMMARY:

(i) PERFORMANCE: The following sentence is added at the end of the second paragraph of the “Performance” section for the Global Real Estate Securities Fund in the Prospectus listed above:

The Russell Developed Index (Net) measures the performance of the investable securities in developed countries globally.

(ii) AVERAGE ANNUAL TOTAL RETURNS TABLE: The following replaces the “Average Annual Total Returns” table in the “Risk/Return Summary” section for the Global Real Estate Securities Fund in the Prospectus listed above:

 


    

Average annual total returns

for the periods ended December 31, 2011

 1 Year  5 Years  10 Years 

Global Real Estate Securities Fund

  (7.05)%   (4.73)%   8.75

FTSE EPRA/NAREIT Developed Real Estate Index (net) (reflects no deduction for fees, expenses or taxes)

  (6.46)%   (5.93)%   N/A  

Global Real Estate Linked Benchmark (reflects no deduction for fees, expenses or taxes)

   (6.46)%   (4.52)%   8.46

Russell Developed Index (Net) (reflects no deduction for fees, expenses or taxes)

  (6.16)%   (2.16)%   4.11
  

 

 

  

 

 

  

 

 

 

LifePoints Funds, Variable Target Portfolio Series

RUSSELL INVESTMENT FUNDS

Supplement dated June 12, 2012 to

PROSPECTUS DATED MAY 1, 2012

PRINCIPAL RISKS: The following risk factors are deleted from under the sub-heading “Principal Risks of Investing in the Fund” in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt.

NEW ASSET ALLOCATION CATEGORIES EFFECTIVE AUGUST 15, 2012: Effective August 15, 2012, each Fund will add new Underlying Funds to the Underlying Funds in which the Fund invests and change its target asset allocation to the existing Underlying Funds.

(i) ANNUAL FUND OPERATING EXPENSES: The following disclosure is added as the last paragraph of the footnote to the “Annual Fund Operating Expenses” table in the “Risk/Return Summary” section for each Fund in the Prospectus listed above:

As a result of the August 15, 2012 changes to the Fund’s target strategic asset allocation to the Underlying Funds in which the Fund will invest, the Fund’s Net Annual Fund Operating Expenses will increase. Updated Net Annual Fund Operating Expenses will be included in the Fund’s Prospectus when the changes to the target strategic asset reallocations are effective on August 15, 2012.

(ii) PRINCIPAL INVESTMENT STRATEGIES CHANGES: All references to “real asset” in each Fund’s “Principal Investment Strategies of the Fund” sub-section of the “Risk/Return Summary” section of the Prospectus listed above are replaced with “alternative.” In addition, the following replaces the fifth and sixth sentences of the relevant Fund’s “Principal Investment Strategies of the Fund” sub-section of the “Risk/Return Summary” section of the Prospectus listed above:

Conservative Strategy Fund: Effective August 15, 2012, the Fund’s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund’s approximate target allocation as of August 15, 2012 will be 9%-19% to equity Underlying Funds, 73%-83% to fixed income Underlying Funds and 3%-13% to alternative Underlying Funds. However, the actual target strategic allocations on August 15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments.

Moderate Strategy Fund: Effective August 15, 2012, the Fund’s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund’s approximate target allocation as of August 15, 2012 will be 25%-35% to equity Underlying Funds, 53%-63% to fixed income Underlying Funds and 7%-17% to alternative Underlying Funds. However, the actual target strategic allocations on August 15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments.

Balanced Strategy Fund: Effective August 15, 2012, the Fund’s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund’s approximate target allocation as of August 15, 2012 will be 44%-54% to equity Underlying Funds, 33%-43% to fixed income Underlying Funds and 8%-18% to alternative Underlying Funds. However, the actual target strategic allocations on August 15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments.

Growth Strategy Fund: Effective August 15, 2012, the Fund’s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund’s approximate target allocation as of August 15, 2012 will be 58-68%% to equity Underlying Funds, 14%-24% to fixed income Underlying Funds and 13%-23% to alternative Underlying Funds. However, the actual target strategic allocations on August 15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments.

Equity Growth Strategy Fund: Effective August 15, 2012, the Fund’s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund’s approximate target allocation as of August 15, 2012 will be 70%-80% to equity Underlying Funds, 0%-10% to fixed income Underlying Funds and 15%-25% to alternative Underlying Funds. However, the actual target strategic allocations on August 15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments.

(iii) PRINCIPAL RISKS: The following information is added to the end of the discussion under the sub-heading “Principal Risks of Investing in the Fund” in the “Risk/Return Summary” section for each Fund in the Prospectus listed above:

Effective August 15, 2012, the following risk factor replaces the “Equity Securities” risk factor listed above:


  Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting in a decline in price. In rising markets, defensive stocks are likely to underperform growth, value and dynamic stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value.
Multi-Style Equity Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement Text Block rif_SupplementTextBlock

Russell Investment Funds Prospectus

RUSSELL INVESTMENT FUNDS

Supplement dated June 12, 2012 to

PROSPECTUS DATED MAY 1, 2012

PRINCIPAL RISKS: The following risk factors are deleted from under the sub-heading “Principal Risks of Investing in the Fund” in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt.

MULTI-STYLE EQUITY FUND RISK/RETURN SUMMARY:

(i) PRINCIPAL INVESTMENT STRATEGIES CHANGE: The following replaces the discussion under the subheading “Principal Investment Strategies of the Fund” in the “Risk/Return Summary” section for the Multi-Style Equity Fund in the Prospectus listed above:

The Fund invests principally in common stocks of medium and large capitalization U.S. companies. The Fund may also invest in securities of non-U.S. issuers by purchasing American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”). The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets in equity securities. The Fund employs a multi-style (growth, value and market-oriented) and multi-manager approach whereby portions of the Fund are allocated to different money managers who employ distinct investment styles. Fund assets not allocated to money managers are managed by Russell Investment Management Company (“RIMCo”). The Fund usually, but not always, pursues a strategy to be fully invested by exposing its cash reserves to the performance of appropriate markets by purchasing equity securities and/or derivatives, which typically include index futures contracts. Assets not allocated to money managers include the Fund’s liquidity reserves and assets which may be managed directly by RIMCo to modify the Fund’s portfolio characteristics as a means to manage the Fund’s risk factor exposures. Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further information.

(ii) PRINCIPAL RISKS: The following risk factor replaces the current “Active Management” risk factor under the sub-heading “Principal Risks of Investing in the Fund” in the “Risk/Return Summary” section for the Multi-Style Equity Fund in the Prospectus listed above:


  Active Management. The securities selected for the portfolio may not perform as the Fund’s money managers expect. Additionally, securities selected may cause a Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that RIMCo will effectively assess a Fund’s portfolio risk and it is possible that its judgments regarding a Fund’s risk profile may prove incorrect which could lead to underperformance or which could result in ineffective adjustments to the Fund’s portfolio characteristics.
Aggressive Equity Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement Text Block rif_SupplementTextBlock

Russell Investment Funds Prospectus

RUSSELL INVESTMENT FUNDS

Supplement dated June 12, 2012 to

PROSPECTUS DATED MAY 1, 2012

PRINCIPAL RISKS: The following risk factors are deleted from under the sub-heading “Principal Risks of Investing in the Fund” in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt.

Global Real Estate Securities Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement Text Block rif_SupplementTextBlock

Russell Investment Funds Prospectus

RUSSELL INVESTMENT FUNDS

Supplement dated June 12, 2012 to

PROSPECTUS DATED MAY 1, 2012

PRINCIPAL RISKS: The following risk factors are deleted from under the sub-heading “Principal Risks of Investing in the Fund” in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt.

GLOBAL REAL ESTATE SECURITIES FUND RISK/RETURN SUMMARY:

(i) PERFORMANCE: The following sentence is added at the end of the second paragraph of the “Performance” section for the Global Real Estate Securities Fund in the Prospectus listed above:

The Russell Developed Index (Net) measures the performance of the investable securities in developed countries globally.

(ii) AVERAGE ANNUAL TOTAL RETURNS TABLE: The following replaces the “Average Annual Total Returns” table in the “Risk/Return Summary” section for the Global Real Estate Securities Fund in the Prospectus listed above:

 


    

Average annual total returns

for the periods ended December 31, 2011

 1 Year  5 Years  10 Years 

Global Real Estate Securities Fund

  (7.05)%   (4.73)%   8.75

FTSE EPRA/NAREIT Developed Real Estate Index (net) (reflects no deduction for fees, expenses or taxes)

  (6.46)%   (5.93)%   N/A  

Global Real Estate Linked Benchmark (reflects no deduction for fees, expenses or taxes)

   (6.46)%   (4.52)%   8.46

Russell Developed Index (Net) (reflects no deduction for fees, expenses or taxes)

  (6.16)%   (2.16)%   4.11
  

 

 

  

 

 

  

 

 

 
Non-U.S.Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement Text Block rif_SupplementTextBlock

Russell Investment Funds Prospectus

RUSSELL INVESTMENT FUNDS

Supplement dated June 12, 2012 to

PROSPECTUS DATED MAY 1, 2012

PRINCIPAL RISKS: The following risk factors are deleted from under the sub-heading “Principal Risks of Investing in the Fund” in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt.

Core Bond Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement Text Block rif_SupplementTextBlock

Russell Investment Funds Prospectus

RUSSELL INVESTMENT FUNDS

Supplement dated June 12, 2012 to

PROSPECTUS DATED MAY 1, 2012

PRINCIPAL RISKS: The following risk factors are deleted from under the sub-heading “Principal Risks of Investing in the Fund” in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt.

Conservative Strategy Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement Text Block rif_SupplementTextBlock

LifePoints Funds, Variable Target Portfolio Series

RUSSELL INVESTMENT FUNDS

Supplement dated June 12, 2012 to

PROSPECTUS DATED MAY 1, 2012

 

PRINCIPAL RISKS: The following risk factors are deleted from under the sub-heading “Principal Risks of Investing in the Fund” in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt.

NEW ASSET ALLOCATION CATEGORIES EFFECTIVE AUGUST 15, 2012: Effective August 15, 2012, each Fund will add new Underlying Funds to the Underlying Funds in which the Fund invests and change its target asset allocation to the existing Underlying Funds.

(i) ANNUAL FUND OPERATING EXPENSES: The following disclosure is added as the last paragraph of the footnote to the “Annual Fund Operating Expenses” table in the “Risk/Return Summary” section for each Fund in the Prospectus listed above:

As a result of the August 15, 2012 changes to the Fund’s target strategic asset allocation to the Underlying Funds in which the Fund will invest, the Fund’s Net Annual Fund Operating Expenses will increase. Updated Net Annual Fund Operating Expenses will be included in the Fund’s Prospectus when the changes to the target strategic asset reallocations are effective on August 15, 2012.

(ii) PRINCIPAL INVESTMENT STRATEGIES CHANGES: All references to “real asset” in each Fund’s “Principal Investment Strategies of the Fund” sub-section of the “Risk/Return Summary” section of the Prospectus listed above are replaced with “alternative.” In addition, the following replaces the fifth and sixth sentences of the relevant Fund’s “Principal Investment Strategies of the Fund” sub-section of the “Risk/Return Summary” section of the Prospectus listed above:

Conservative Strategy Fund: Effective August 15, 2012, the Fund’s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund’s approximate target allocation as of August 15, 2012 will be 9%-19% to equity Underlying Funds, 73%-83% to fixed income Underlying Funds and 3%-13% to alternative Underlying Funds. However, the actual target strategic allocations on August 15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments.

(iii) PRINCIPAL RISKS: The following information is added to the end of the discussion under the sub-heading “Principal Risks of Investing in the Fund” in the “Risk/Return Summary” section for each Fund in the Prospectus listed above:

Effective August 15, 2012, the following risk factor replaces the “Equity Securities” risk factor listed above:

 


  Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting in a decline in price. In rising markets, defensive stocks are likely to underperform growth, value and dynamic stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value.
Moderate Strategy Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement Text Block rif_SupplementTextBlock

LifePoints Funds, Variable Target Portfolio Series

RUSSELL INVESTMENT FUNDS

Supplement dated June 12, 2012 to

PROSPECTUS DATED MAY 1, 2012

 

PRINCIPAL RISKS: The following risk factors are deleted from under the sub-heading “Principal Risks of Investing in the Fund” in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt.

NEW ASSET ALLOCATION CATEGORIES EFFECTIVE AUGUST 15, 2012: Effective August 15, 2012, each Fund will add new Underlying Funds to the Underlying Funds in which the Fund invests and change its target asset allocation to the existing Underlying Funds.

(i) ANNUAL FUND OPERATING EXPENSES: The following disclosure is added as the last paragraph of the footnote to the “Annual Fund Operating Expenses” table in the “Risk/Return Summary” section for each Fund in the Prospectus listed above:

As a result of the August 15, 2012 changes to the Fund’s target strategic asset allocation to the Underlying Funds in which the Fund will invest, the Fund’s Net Annual Fund Operating Expenses will increase. Updated Net Annual Fund Operating Expenses will be included in the Fund’s Prospectus when the changes to the target strategic asset reallocations are effective on August 15, 2012.

(ii) PRINCIPAL INVESTMENT STRATEGIES CHANGES: All references to “real asset” in each Fund’s “Principal Investment Strategies of the Fund” sub-section of the “Risk/Return Summary” section of the Prospectus listed above are replaced with “alternative.” In addition, the following replaces the fifth and sixth sentences of the relevant Fund’s “Principal Investment Strategies of the Fund” sub-section of the “Risk/Return Summary” section of the Prospectus listed above:

Moderate Strategy Fund: Effective August 15, 2012, the Fund’s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund’s approximate target allocation as of August 15, 2012 will be 25%-35% to equity Underlying Funds, 53%-63% to fixed income Underlying Funds and 7%-17% to alternative Underlying Funds. However, the actual target strategic allocations on August 15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments.

(iii) PRINCIPAL RISKS: The following information is added to the end of the discussion under the sub-heading “Principal Risks of Investing in the Fund” in the “Risk/Return Summary” section for each Fund in the Prospectus listed above:

Effective August 15, 2012, the following risk factor replaces the “Equity Securities” risk factor listed above:

 


  Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting in a decline in price. In rising markets, defensive stocks are likely to underperform growth, value and dynamic stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value.
Balanced Strategy Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement Text Block rif_SupplementTextBlock

LifePoints Funds, Variable Target Portfolio Series

RUSSELL INVESTMENT FUNDS

Supplement dated June 12, 2012 to

PROSPECTUS DATED MAY 1, 2012

 

PRINCIPAL RISKS: The following risk factors are deleted from under the sub-heading “Principal Risks of Investing in the Fund” in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt.

NEW ASSET ALLOCATION CATEGORIES EFFECTIVE AUGUST 15, 2012: Effective August 15, 2012, each Fund will add new Underlying Funds to the Underlying Funds in which the Fund invests and change its target asset allocation to the existing Underlying Funds.

(i) ANNUAL FUND OPERATING EXPENSES: The following disclosure is added as the last paragraph of the footnote to the “Annual Fund Operating Expenses” table in the “Risk/Return Summary” section for each Fund in the Prospectus listed above:

As a result of the August 15, 2012 changes to the Fund’s target strategic asset allocation to the Underlying Funds in which the Fund will invest, the Fund’s Net Annual Fund Operating Expenses will increase. Updated Net Annual Fund Operating Expenses will be included in the Fund’s Prospectus when the changes to the target strategic asset reallocations are effective on August 15, 2012.

(ii) PRINCIPAL INVESTMENT STRATEGIES CHANGES: All references to “real asset” in each Fund’s “Principal Investment Strategies of the Fund” sub-section of the “Risk/Return Summary” section of the Prospectus listed above are replaced with “alternative.” In addition, the following replaces the fifth and sixth sentences of the relevant Fund’s “Principal Investment Strategies of the Fund” sub-section of the “Risk/Return Summary” section of the Prospectus listed above:

Balanced Strategy Fund: Effective August 15, 2012, the Fund’s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund’s approximate target allocation as of August 15, 2012 will be 44%-54% to equity Underlying Funds, 33%-43% to fixed income Underlying Funds and 8%-18% to alternative Underlying Funds. However, the actual target strategic allocations on August 15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments.

(iii) PRINCIPAL RISKS: The following information is added to the end of the discussion under the sub-heading “Principal Risks of Investing in the Fund” in the “Risk/Return Summary” section for each Fund in the Prospectus listed above:

Effective August 15, 2012, the following risk factor replaces the “Equity Securities” risk factor listed above:


  Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting in a decline in price. In rising markets, defensive stocks are likely to underperform growth, value and dynamic stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value.
Growth Strategy Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement Text Block rif_SupplementTextBlock

LifePoints Funds, Variable Target Portfolio Series

RUSSELL INVESTMENT FUNDS

Supplement dated June 12, 2012 to

PROSPECTUS DATED MAY 1, 2012

 

PRINCIPAL RISKS: The following risk factors are deleted from under the sub-heading “Principal Risks of Investing in the Fund” in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt.

NEW ASSET ALLOCATION CATEGORIES EFFECTIVE AUGUST 15, 2012: Effective August 15, 2012, each Fund will add new Underlying Funds to the Underlying Funds in which the Fund invests and change its target asset allocation to the existing Underlying Funds.

(i) ANNUAL FUND OPERATING EXPENSES: The following disclosure is added as the last paragraph of the footnote to the “Annual Fund Operating Expenses” table in the “Risk/Return Summary” section for each Fund in the Prospectus listed above:

As a result of the August 15, 2012 changes to the Fund’s target strategic asset allocation to the Underlying Funds in which the Fund will invest, the Fund’s Net Annual Fund Operating Expenses will increase. Updated Net Annual Fund Operating Expenses will be included in the Fund’s Prospectus when the changes to the target strategic asset reallocations are effective on August 15, 2012.

(ii) PRINCIPAL INVESTMENT STRATEGIES CHANGES: All references to “real asset” in each Fund’s “Principal Investment Strategies of the Fund” sub-section of the “Risk/Return Summary” section of the Prospectus listed above are replaced with “alternative.” In addition, the following replaces the fifth and sixth sentences of the relevant Fund’s “Principal Investment Strategies of the Fund” sub-section of the “Risk/Return Summary” section of the Prospectus listed above:

Growth Strategy Fund: Effective August 15, 2012, the Fund’s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund’s approximate target allocation as of August 15, 2012 will be 58-68%% to equity Underlying Funds, 14%-24% to fixed income Underlying Funds and 13%-23% to alternative Underlying Funds. However, the actual target strategic allocations on August 15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments.

(iii) PRINCIPAL RISKS: The following information is added to the end of the discussion under the sub-heading “Principal Risks of Investing in the Fund” in the “Risk/Return Summary” section for each Fund in the Prospectus listed above:

Effective August 15, 2012, the following risk factor replaces the “Equity Securities” risk factor listed above:


  Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting in a decline in price. In rising markets, defensive stocks are likely to underperform growth, value and dynamic stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value.
Equity Growth Strategy Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement Text Block rif_SupplementTextBlock

LifePoints Funds, Variable Target Portfolio Series

RUSSELL INVESTMENT FUNDS

Supplement dated June 12, 2012 to

PROSPECTUS DATED MAY 1, 2012

 

PRINCIPAL RISKS: The following risk factors are deleted from under the sub-heading “Principal Risks of Investing in the Fund” in Risk/Return Summary section for each Fund in the Prospectus listed above: Market Volatility, Economic and Market Events Risk, Government Intervention in and Regulation of Financial Markets and Increased Government Debt.

NEW ASSET ALLOCATION CATEGORIES EFFECTIVE AUGUST 15, 2012: Effective August 15, 2012, each Fund will add new Underlying Funds to the Underlying Funds in which the Fund invests and change its target asset allocation to the existing Underlying Funds.

(i) ANNUAL FUND OPERATING EXPENSES: The following disclosure is added as the last paragraph of the footnote to the “Annual Fund Operating Expenses” table in the “Risk/Return Summary” section for each Fund in the Prospectus listed above:

As a result of the August 15, 2012 changes to the Fund’s target strategic asset allocation to the Underlying Funds in which the Fund will invest, the Fund’s Net Annual Fund Operating Expenses will increase. Updated Net Annual Fund Operating Expenses will be included in the Fund’s Prospectus when the changes to the target strategic asset reallocations are effective on August 15, 2012.

(ii) PRINCIPAL INVESTMENT STRATEGIES CHANGES: All references to “real asset” in each Fund’s “Principal Investment Strategies of the Fund” sub-section of the “Risk/Return Summary” section of the Prospectus listed above are replaced with “alternative.” In addition, the following replaces the fifth and sixth sentences of the relevant Fund’s “Principal Investment Strategies of the Fund” sub-section of the “Risk/Return Summary” section of the Prospectus listed above:

Equity Growth Strategy Fund: Effective August 15, 2012, the Fund’s allocation to the Underlying Funds in which it invests will be modified and RIMCo expects that the Fund’s approximate target allocation as of August 15, 2012 will be 70%-80% to equity Underlying Funds, 0%-10% to fixed income Underlying Funds and 15%-25% to alternative Underlying Funds. However, the actual target strategic allocations on August 15, 2012 may vary slightly. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds seek low correlation to equity and/or fixed income investments.

(iii) PRINCIPAL RISKS: The following information is added to the end of the discussion under the sub-heading “Principal Risks of Investing in the Fund” in the “Risk/Return Summary” section for each Fund in the Prospectus listed above:

Effective August 15, 2012, the following risk factor replaces the “Equity Securities” risk factor listed above:


  Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting in a decline in price. In rising markets, defensive stocks are likely to underperform growth, value and dynamic stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value.
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