31 August 2024

Russell Investments Global Bond Fund
Fund Objective
The Fund aims to achieve income and growth by investing at least 70% of its assets worldwide inbonds, and debt instruments, including mortgage and asset backed securities. The Fund is actively
managed with reference to the Bloomberg Global Aggregate Index (USD) - Total Returns (the Index)
which it seeks to outperform by 1% over the medium to long term. Russell Investments/ Money
Managers have full discretion to select investments for the Fund. This product is an Article 8 product, asdefined under EU regulation - it promotes environmental or social characteristics and invests incompanies that follow good governance practices. This product does not have sustainable investment as
its objective.

Gerard Fitzpatrick
Portfolio Manager

Russell Investments' Global Fixed
Income Team comprises over 9
experienced professionals,
including portfolio managers,researchers, portfolio analysts, andstrategists in Russell Investments
offices around the globe.
The team manages cash and multistrategy fixed income portfolios,
which include global, regional,
investment grade, high yield,
emerging market debt and absolute
return mandates.

Fund Update
The Fund was flat versus the benchmark over the month. Rates positioning was positive withcontributions from overweights to US Treasuries, (two, 10- and 15-year issues), and rates in Australia,
Norway and Mexico. An underweight to UK gilts also helped. However, underweight exposure toJapanese rates detracted. Currency allocations were negative due to underweights to the Swiss franc,
euro and New Zealand dollar. However, an underweight to the Mexican peso was effective. Credit
allocations were positive, largely due to overweight exposure to hard currency emerging market debt inEurope.

Performance Review %Performance to period end
Returns shown in EUR
Return net of management fee ClassClass EH-B
Bloomberg Global Aggregate Bond
Index Euro Hedged

1month36months months

Year toDate

1
year

3
years

5years10years

Since
inception

0.9

3.5

2.8

1.5

5.0

-4.2

-2.0

-0.1

2.1

0.9

3.5

3.2

2.1

5.6

-2.9

-1.5

0.4

2.3

All returns greater than 1 year are annualised

Rolling 12 Month Performance (%)
Fund facts
30/06/23
30/06/2430/06/2230/06/23

30/06/21
30/06/22

30/06/20
30/06/21

30/06/19
30/06/20

Return net of management fee Class Class EH-B

1.68-4.18-11.180.47

3.63

Bloomberg Global Aggregate Bond Index EuroHedged

2.36

-2.18

-10.14

-0.84

3.80

30/06/18
30/06/19

30/06/17
30/06/18

30/06/16
30/06/17

30/06/15
30/06/16

30/06/14
30/06/15

Return net of management fee Class Class EH-B

3.00

-0.88

-0.90

4.40

2.84

Bloomberg Global Aggregate Bond Index EuroHedged

4.57

-0.72

-2.17

6.47

2.85

Share Class; Dealing ccy

Returns shown in EUR

Class EH-B; EUR
Dealing frequency; Cut offDaily; 2:00 pm GMT
Domicile; Category
Ireland; UCITS
Fund size
USD 1,424.87mReturns shown in EUR

Fund launch date
29 September 1994
Share class launch date
30 November 2004

Management fee
1.08%

Past performance does not predict future returns.
The current benchmark is the Bloomberg Global Aggregate Index (EUR Hdg) - Total Returns. Effective August 24, 2021, theBloomberg Barclays fixed income indices were rebranded the Bloomberg Indices. The benchmark prior to 24th August 2016 was theBarclays Global Aggregate Bond Index EUR Hdg. The benchmark prior to November 2008 was the Lehman Brothers GlobalAggregate (EURH) Index.

ISIN; Bloomberg
IE00B036K821;
Share class NAV
EUR 88.99m

131 August 2024

Russell Investments Global Bond Fund
Portfolio Statistics

Effective duration
Average maturity
Average credit rating
Yield to worst

Fund

3 years

Fund

Benchmark6.4

Volatility

9.0

9.0

9.8

Tracking error

1.0

1.0

A

Sharpe ratio

3.8

Ten largest holdings by weightSecurity

FundBenchmark

TREASURY BILL 09/24 0.000003.9%-FNMA TBA 30 YR 6 SINGLE FAMILY MORTGAGE

1.8%

-

US TREASURY N/B 05/25 2.875

1.8%-FNMA TBA 30 YR 5.5 SINGLE FAMILY MORTGAGE

1.8%

-

MEX BONOS DESARR FIX RT BONDS 03/27 5.5

1.7%

0.0%

US TREASURY N/B 04/25 0.375

1.7%

-

US TREASURY N/B 03/25 1.75

1.5%

-TREASURY BILL 09/24 0.00000

1.3%

-

US TREASURY N/B 05/26 4.875

1.2%

0.1%

US TREASURY N/B 09/24 0.375

1.2%-Credit Quality Weights--Information ratio-0.1-0.1

3 year return (net)

-3.0%

-2.9%

3 year excess return (net)-0.1%-Sector weights
Fund

BenchmarkTreasuries

35.9%

44.8%

Corporate - Investment Grade

22.4%

17.4%

Securitized

17.5%

11.6%

Emerging Markets - Local Currency

10.4%

12.7%

Emerging Markets - Hard Currency

5.0%

3.0%

Other

4.4%

2.2%

Corporate - High Yield

3.0%

0.4%

Government Related

1.4%

8.0%

Fund

BenchmarkCurrency Exposure

Fund

Benchmark

40.2%

37.4%

AA

4.6%

16.7%

US Dollar

45.9%

45.7%

A

15.4%

30.2%

Euro

17.8%

22.1%BBB

31.3%

15.2%

Japanese Yen

11.6%

9.8%

BB

4.2%

0.5%

Yuan Renminbi

7.0%

9.4%

B

0.2%

0.0%

Pound Sterling

5.1%

4.0%

CCC & Below

0.3%

0.0%

Canadian Dollar

3.4%

2.7%

Unrated

3.7%

0.0%

Chinese R Yuan HK

2.4%

0.0%

Swedish Krona

1.7%

0.4%

Norwegian Krone

1.7%

0.1%

South Korean Won

1.6%

1.1%

AAA2

31 August 2024

Russell Investments Global Bond FundESG Data
Fund

BenchmarkESG Score

20.1

19.7

Carbon Footprint

104.8

152.6

Source: The portfolio-level ESG Risk Rating is the weighted average of theSustainalytics' Risk Rating for securities in the portfolio. The Sustainalytics Risk
Rating details are available at https://www.sustainalytics.com/esg-data. Carbon
footprint is the weighted average carbon intensity of the Scope 1 and 2 carbon
emission intensity of companies in the portfolio. It is measured in tonnes ofCO2e divided by revenue (USD $M).

Fund StructureManager/Strategy

Strategy

TargetActualColchester Global Investors Limited

Global Sovereign

15.0%

15.4%

RBC Global Asset Management (UK) LimitedRates/FX

33.0%

31.2%

Schroder Investment Management North America Inc.

Structured Products

17.0%

17.9%

Western Asset Management Company Limited

Investment Grade Corporate

12.0%

11.9%

Russell Investments

Positioning Strategies

23.0%

23.5%

Any reference to specific money managers should not be taken as a recommendation. Money managers are subject to change.

Important Information
This material does not constitute an offer or invitation to anyone in any jurisdiction in which such distribution is not authorised.
Unless otherwise specified, Russell Investments is the source of all data. All information contained in this material is current at the time of issue and, to the best of our knowledge,accurate. Any opinion expressed is that of Russell Investments, is not a statement of fact, is subject to change and does not constitute investment advice.
The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested.
Past performance does not predict future returns.
Some investments/bonds may not be liquid and therefore may not be sold instantly. If these investments must be sold on short notice, you might suffer a loss.
Potential investors in Emerging markets should be aware that investment in these markets can involve a higher degree of risk.
Any reference to returns linked to currencies may increase or decrease as a result of currency fluctuations. Tax treatments depend on the circumstances of the individual
client and may be subject to change in the future.
This is a marketing communication. Please refer to the prospectus of the UCITS and to the KIID/KID before making any final investment decisions.
In the UK this marketing document has been issued by Russell Investments Limited. Company No. 02086230. Registered in England and Wales with registered office at: Rex House,
10 Regent Street, London SW1Y 4PE. Telephone +44 (0)20 7024 6000. Authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN.In theEU this marketing document has been issued by Russell Investments Ireland Limited. Company No. 213659. Registered in Ireland with registered office at: 78 Sir John Rogerson'sQuay, Dublin 2, Ireland. Authorised and regulated by the Central Bank of Ireland. In the Middle East this marketing document has been issued by Russell Investments Limited aDubai International Financial Centre company which is regulated by the Dubai Financial Services Authority at: Office 4, Level 1, Gate Village Building 3, DIFC, PO Box 506591,Dubai UAE. Telephone +971 4 578 7097.This material should only be marketed towards Professional Clients as defined by the DFSA.
KvK number 67296386© 1995-2024 Russell Investments Group, LLC. All rights reserved.
PaR-00709 (EXP Dec 2024)
U-03016-2024-09-19

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