31 August 2024

Russell Investments US Equity Fund
Fund Objective
The Fund aims to achieve long term growth by investing at least 70% of its assets in the equities andinvestments similar to equities of U.S. companies. The Fund is actively managed with reference to theRussell 1000 Index (USD) Net Returns of Withholding Tax 30% (the Index) which it seeks tooutperform by 1.25% over the medium to long term. Russell Investments/ Money Managers have full
discretion to select investments for the Fund.

Fund Update

Megan Roach, CFA
Portfolio Manager

Russell Investments' Global Equity
Team comprises over 23
experienced professionals,
including portfolio managers,
researchers, portfolio analysts, andstrategists in Russell Investments
offices around the globe.
The team manages a wide range ofU.S., non-U.S developed, emerging
market, frontier market, and global
equity mandates.

The Fund continues to be dynamically managed in alignment with Russell Investments’ cycle, valuation,
sentiment framework as well as to take advantage of tactical opportunities within each manager’s
excess return cycle. The Fund maintains exposure to both value and growth, as well as a tilt towards
small cap, low volatility, and quality. In alignment with Russell Investments’ strategic equity beliefs,
stock selection of the underlying active managers, based on their long-term assessment of eachindividual company, continues to be the primary driver of the Fund’s expected risk and return.

Performance Review %Performance to period end
Returns shown in EUR
Return net of management fee Class R
Roll-Up
Russell 1000 Index (USD) Net Returnsof Withholding Tax 30% (EUR)

1month3
6months months

Year toDate

1year

3years5years

10years

Since
inception

-0.5

4.1

7.0

16.2

22.3

8.0

12.7

11.6

8.4

0.0

5.1

8.3

18.1

23.6

10.2

14.9

14.0

10.3

All returns greater than 1 year are annualised

Rolling 12 Month Performance (%)
30/06/23
30/06/24

30/06/22
30/06/23

30/06/21
30/06/22

30/06/20
30/06/21

30/06/19
30/06/20

Return net of management fee Class R Roll-Up

25.15

11.64

-6.43

34.47

6.23

Russell 1000 Index (USD) Net Returns ofWithholding Tax 30% (EUR)

25.55

13.82

-1.76

34.91

8.36

30/06/18
30/06/19

30/06/1730/06/18

30/06/16
30/06/17

30/06/15
30/06/16

30/06/14
30/06/15

Return net of management fee Class R Roll-Up

7.17

7.35

15.55

-2.28

31.18

Russell 1000 Index (USD) Net Returns ofWithholding Tax 30% (EUR)

12.15

11.27

14.29

2.60

31.18

Returns shown in EUR

Fund facts
Share Class; Dealing ccy
R Roll-Up; EUR
Dealing frequency; Cut off
Daily; 2:00 pm GMT
Domicile; Category
Ireland; UCITS
Fund size

Returns shown in EUR

USD 215.09m
Fund launch date
02 January 1998

Past performance does not predict future returns.
The current benchmark is the Russell 1000 Index (USD) Net Returns of Withholding Tax 30% converted to Euro.

Share class launch date
07 April 2006

Management fee
1.25%
ISIN; Bloomberg
IE00B11YH067; FRUSEQR ID
Share class NAV
EUR 10.37m

131 August 2024

Russell Investments US Equity Fund
Portfolio Statistics

Fund

Benchmark3 years

Fund

BenchmarkNumber of equity holdings

3851010Volatility

17.3

17.3

Price/Earnings

31.0

33.9

Tracking error

2.0

2.0

Dividend Yield

1.3

1.3

Sharpe ratio--Price to Book

3.4

3.8

Information ratio-0.4-0.4EPS Growth (1 Year)

20.8

19.7

3 year return (net)

8.1%

10.2%

3 year excess return (net)-2.1%-Ten largest holdings by weight
IssuerFundBenchmarkMicrosoft Corp

6.5%

6.0%

Apple Inc

6.2%

6.4%

NVIDIA Corp

4.9%

5.5%

Alphabet Inc

3.7%

Amazon.com Inc

Sector weights
Fund

BenchmarkInformation Technology

30.0%

29.6%

Financials

13.5%

13.8%

3.4%

Health Care

13.0%

12.0%

3.5%

3.2%

Consumer Discretionary

10.7%

9.9%

Mastercard Inc

1.8%

0.8%

Industrials

9.4%

9.3%

UnitedHealth Group Inc

1.5%

1.0%

Communication Services

8.0%

8.5%

Meta Platforms Inc

1.4%

2.2%

Consumer Staples

4.9%

5.8%

Intuit Inc

1.1%

0.3%

Energy3.5%

3.6%

General Motors Co

0.7%

0.1%

Materials

3.1%

2.5%

Utilities

2.6%

2.3%

Real Estate

1.4%

2.6%

Other

0.0%

0.0%

ESG Data
Fund

BenchmarkESG Score

20.3

20.6

Carbon Footprint

74.4

97.1

Source: The portfolio-level ESG Risk Rating is the weighted average of the
Sustainalytics' Risk Rating for securities in the portfolio. The Sustainalytics Risk Rating
details are available at https://www.sustainalytics.com/esg-data. Carbon footprint is theweighted average carbon intensity of the Scope 1 and 2 carbon emission intensity ofcompanies in the portfolio. It is measured in tonnes of CO2e divided by revenue (USD$M).

231 August 2024

Russell Investments US Equity Fund
Fund structureManager/Strategy

Strategy

TargetActualBrandywine Global Investment Management, LLC

Value

16.5%

15.7%

Jacobs Levy Equity Management, Inc.

Market-Oriented

21.0%

19.1%

J.P. Morgan Investment Management Inc.

Market-Oriented

18.5%

20.4%

William Blair Investment Management, LLC

Growth

21.0%

21.3%

Russell Investments

Positioning Strategies

20.0%

23.6%

Russell Investments may trade a portion of the Fund's assets based on a model portfolio provided by the investment advisor. By employing this emulated portfolio approach, theFund leverages off the implementation capabilities of Russell Investments in order to manage the funds in an efficient manner. 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.
The net assets of the fund are likely to have high volatility.
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
PaR-00709 (EXP Dec 2024)
U-03016-2024-09-19

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