31 August 2024

Russell Investments Global High Yield Fund
Fund Objective
Fund objective The Fund aims to achieve long term income and growth by investing in high yieldcorporate bonds issued by companies in both developed and emerging markets. The Fund invests inbonds issued which pay either a fixed or variable rate of interest. The Fund is actively managed withreference to the ICE BofA Developed Markets HY Constrained Index (EUR) (the Index) which it seeks tooutperform by 0.75% over the medium to long term. Russell Investments/ Money Managers have fulldiscretion to select investments for the Fund. This product is an Article 8 product, as defined under EU
regulation - it promotes environmental or social characteristics and invests in companies 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 underperformed the benchmark in a month when global high yield outperformed investment
grade credit. In US credit, underweight exposure to high yield industrials detracted from returns whilean overweight to investment grade was helpful. In Europe, the positive impact from an overweight tohigh yield industrials was offset by an underweight to high yield financials, which detracted. Exposure
to corporate credit in other markets was beneficial. In hard currency emerging market debt
contributions were limited although overweight exposure to Asia helped

Performance Review %Performance to period end
Returns shown in GBPReturn net of management fee ClassClass A Roll Up
ICE BofA Developed Market HYConstrained Index EUR Hedged

1
month

3
6months months

Year toDate

1year

3years

5years10years

Since
inception

1.1

1.8

2.9

1.4

8.6

-0.9

0.9

3.0

5.6

1.3

2.5

3.3

2.3

9.0

0.2

1.0

3.6

6.5

All returns greater than 1 year are annualisedRolling 12 Month Performance (%)
Fund facts

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 Class A Roll
Up

7.53

4.35

-14.41

10.63

-1.76

ICE BofA Developed Market HY Constrained
Index EUR Hedged

7.86

6.37

-13.78

7.20

-1.53

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 A Roll
Up

5.51

-1.71

18.19

17.92

-13.49ICE BofA Developed Market HY ConstrainedIndex EUR Hedged

6.48

0.36

16.67

20.98

-12.35Returns shown in GBP
Share Class; Dealing ccy
Class A Roll Up; GBP
Dealing frequency; Cut offDaily; 2:00 pm GMT
Domicile; Category
Ireland; UCITS
Fund size
EUR 409.57m
Fund launch date
28 February 2012
Share class launch date

Returns shown in GBP

31 July 1998

Past performance does not predict future returns.

Management fee

The current benchmark is the ICE BofA Developed Markets HY Constrained Index (EUR Hdg) converted into the currency displayedin the performance table above where applicable. Prior to 31st March 2019 the benchmark was BofAml Global High Yield 2%Constrained EH Index. Prior to 3rd December 2015, the composite benchmark was 70% BofAml Global High Yield 2% Constrained
EH, 30% JP Morgan EMBIG EH.

1.00%
ISIN; Bloomberg
IE00B459FF93;
Share class NAV
GBP 33.04m1

31 August 2024

Russell Investments Global High Yield Fund
Portfolio Statistics

Fund

3 years

Fund

Benchmark3.2

Volatility

7.7

7.7

Average maturity

7.2

Tracking error

0.0

0.0

Average credit rating

BBSharpe ratio--

Information ratio--

3 year return (net)

0.2%

0.2%

3 year excess return (net)

0.0%-Effective duration

Yield to worst

5.1

Ten largest holdings by weight
Security

FundBenchmark

US TREASURY N/B 10/25 5

2.6%-TREASURY BILL 09/24 0.00000

1.7%

-

UNITED KINGDOM GILT BONDS REGS 03/25 5

1.4%

-

REAL ALLOY COMMO

1.3%-HIGHLAND HOLDINGS BOND SR SECURED 144A 10/25
7.625

0.7%

-LEVEL 3 FINANCING INC SR SECURED 144A 11/29 11

0.6%

0.1%

TRAVELEX ISSUERCO 2 PLC COMPANY GUAR REGS
08/25 12.5

0.6%-PIKE CORP COMPANY GUAR 144A 09/28 5.5

0.5%

0.0%

REGAL REXNORD CORP COMPANY GUAR 04/33 6.4

0.5%-CELLNEX TELECOM SA SR UNSECURED REGS 11/31
0.75

0.4%

-Sector weights
Fund

BenchmarkCorporate - High Yield

75.2%

95.0%

Corporate - Investment Grade

8.9%

0.8%

Emerging Markets - Hard Currency

7.3%

3.2%

Treasuries

5.8%

0.0%

Government Related

1.7%

0.9%

Other

1.0%

0.0%

Securitized

0.2%

0.0%

Fund

Benchmark

Euro

97.0%

100.0%US Dollar

2.4%

0.0%

Pound Sterling

2.2%

0.0%

Norwegian Krone

1.7%

0.0%

Japanese Yen

1.0%

0.0%

New Zealand Dollar

0.8%

0.0%

Argentine Peso

0.0%

0.0%

Canadian Dollar

0.0%

0.0%

Swedish Krona

-0.8%

0.0%

Australian Dollar

-1.7%

0.0%

Currency Exposure

Credit Quality Weights
Fund

Benchmark

AAA

3.6%

0.0%

AA

1.4%

0.0%

A

0.3%

0.0%

BBB

8.8%

1.1%

BB

51.2%

47.8%

B

24.6%

38.8%

CCC & Below

7.3%

12.3%

Unrated

2.9%

0.0%

2

31 August 2024

Russell Investments Global High Yield FundESG Data
Fund

BenchmarkESG Score

21.1

22.9

Carbon Footprint

196.3

217.0

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

TargetActualBarings LLC

Global High Yield35.0%

37.2%

Hermes Fund Managers Ireland Limited

Global High Yield

34.0%

31.8%

Russell Investments

Positioning Strategies

31.0%

29.7%

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)
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