31 August 2024

Russell Investments Multi-Asset 90 Fund
Fund Objective
The Fund’s investment objective is to maintain capital value and to generate modest levels of long-term
capital appreciation while maintaining a high level of risk control. We achieve this by intelligently
combining a range of investments in multi-asset classes and actively managing the allocation to achievea consistent returnstream. The fund invests 90% of total value in growth assets (Equities and Real Assets) and theremaining in fixed income and cash based strategies

Identifying The Right Portfolio ToMeet Your Goals
Alain Zeitouni
Portfolio Manager

Identifying the right portfolio is essential toachieving your long term goals. While risk appetite
varies from conservative to aggressive, our funds
have the same common aim: to generate a realtarget return. Because our multi-asset portfolios arehighly diversified, we believe they offer investors
the best opportunity to achieve the returns they are
seeking without taking undue risk.

Russell Investments' Multi-Asset
Strategies Team comprises over 23
experienced professionals,
including portfolio managers,
researchers, portfolio analysts, andstrategists in Russell Investments
offices around the globe. This teamfocuses on total client outcomes,including all major asset classes intheir solutions. They identify areasof the market offering attractive
valuations and growth potential
Fund Updatewith a reasonable level of risk andresearch strategies and managers to The Fund is dynamically managed in alignment with our cycle, valuation, sentiment (CVS) framework to
manage risk and seek opportunities in ever-changing market conditions. We monitor and adjust theexploit these pockets of value.
weighting between our sub asset classes to optimize the portfolios for the market, introducing new sub
asset classes as necessary. Individual managers are also monitored and adjusted to ensure we have ourpick of the best managers, styles and strategies.
Fund facts

Performance Review %Share Class; Dealing ccy

Performance to period end
Returns shown in USD

Class B; USD
Dealing frequency; Cut offDaily; 1:00 pm GMT

Return net of management fee ClassClass B

1
month

3
6
months months

2.4

4.9

8.2

Year toDate

1year

3years

5years10years

Since
inception

10.7

15.7

1.8

8.3

6.3

5.7

All returns greater than 1 year are annualised

Domicile; Category
Ireland; UCITS
Fund size

Rolling 12 Month Performance (%)

USD 191.08m
Fund launch date23 November 2004

Returns shown in USD
Return net of management fee Class Class B

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

12.19

10.39

-15.37

36.92

-1.52

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

3.197.29

17.62

-5.86

3.52

Share class launch date25 January 2005

Management feeReturns shown in USD

1.90%
ISIN; Bloomberg
IE00B05KX834;

Return net of management fee Class Class B
Past performance does not predict future returns.

Share class NAV
USD 12.92m

131 August 2024

Russell Investments Multi-Asset 90 Fund
Regional weights

Asset Allocation

Fund

Security

WeightEquity73.2%

United States

72.9%

Unspecified

20.3%

Europe ex UK

13.6%

Fixed Income

3.6%

Emerging Markets

5.4%

Commodities

2.2%

Japan

4.3%

Real Assets

0.6%

United Kingdom

3.6%

Cash

0.1%

Asia ex Japan

2.4%

Canada1.9%

Australia/New Zealand

1.5%

Other-5.7%

Ten largest holdings by weight
Security

Ten largest fixed income holdings by weight
Fund

Security

Fund

TREASURY BILL 09/24 0.00000

0.1%

Microsoft Corp

1.9%

FNMA TBA 30 YR 6 SINGLE FAMILY MORTGAGE

0.0%

Taiwan Semiconductor Manufacturing Co Ltd

1.7%

US TREASURY N/B 05/25 2.875

0.0%Apple Inc

1.6%

FNMA TBA 30 YR 5.5 SINGLE FAMILY MORTGAGE

0.0%

Alphabet Inc

1.4%

MEX BONOS DESARR FIX RT BONDS 03/27 5.5

0.0%

NVIDIA Corp

1.3%

US TREASURY N/B 04/25 0.375

0.0%

US TREASURY N/B 03/25 1.75

0.0%Meta Platforms Inc

1.0%

TREASURY BILL 09/24 0.00000

0.0%

Amazon.com Inc

0.9%

US TREASURY N/B 05/26 4.875

0.0%

US TREASURY N/B 09/24 0.375

0.0%Samsung Electronics Co Ltd

0.6%

ASML Holding NV

0.5%

Tencent Holdings Ltd

0.5%

Equity Sector Weights

Fixed Income Sector Weights
Fund

Fund

Information Technology

24.4%

Other

85.0%

Financials

15.7%

Treasuries

4.1%

Health Care

12.2%

Corporate - Investment Grade

3.2%

Industrials

10.6%

Corporate - High Yield

2.8%

Consumer Discretionary

10.2%

Securitized

1.9%

Communication Services

8.1%

Emerging Markets - Hard Currency

1.6%

Consumer Staples

6.3%

Emerging Markets - Local Currency

1.1%

Materials

4.4%

Government Related

0.3%

Energy3.6%

Real Estate

2.4%

Utilities

2.0%

Other

0.0%

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31 August 2024

Russell Investments Multi-Asset 90 Fund
Portfolio Structure
Portion of fund
EquityGlobalAllocation
to fundManagers allocated to each portion, and their weight in the total fundportion
84.5%
76.5%-Arrowstreet 1.6%
Morgan Stanley 1.6%
Legg Mason 3.7%Oaktree 2.0%

-Invesco 2.4%
Axiom 1.0%
Oaktree 1.0%
Schroder 0.1%

Fixed Income

7.9%
3.8%

Core Global Fixed Income

2.7%

Global Emerging Markets-RBC Global AssetManagement 0.8%
Russell Investments 0.6%

PineStone 6.0%
Sompo 1.0%
SW Mitchell 1.3%
RWC 1.0%

Kopernik 0.9%
Pzena 1.3%
Berenberg 3.0%
Sanders 6.1%
StateStreet Global Advisors
Russell Investments 21.3%
UCITS ETF 8.7%
Barrow Hanley 0.7%
Bin Yuan 0.5%
Pzena 0.6%
RWC 0.5%
KeyWise Capital 0.2%
Russell Investments 1.4%

Mar Vista 2.1%
Nissay 3.6%
Numeric 5.6%
Wellington 3.3%

Numeric 1.4%
Sands 0.6%

Schroder 0.5%

Western Asset Management
Colchester 0.4%
0.3%

Investment Grade Credit

0.2%

Fidelity 0.0%

Metlife 0.0%

Robeco 0.1%

Western Asset Management
0.0%High Yield Credit
Emerging Market Debt
Real Assets
Real Estate

0.8%
0.2%
2.8%
0.6%

Russell Investments 0.0%
Barings 0.3%
Russell Investments 0.2%

DDJ 0.0%

Hermes 0.2%

Russell Investments 0.2%

RREEF 0.3%

Russell Investments 0.1%

Commodities

2.2%

Cash & Positioning StrategiesCash & Positioning Strategies

8.9%
8.9%

Cohen & Steers 0.2%
L&G Long Dated
Commodity ETF 2.2%
Russell Investments 8.9%

3

31 August 2024

Russell Investments Multi-Asset 90 Fund

Important Information
This material is not intended for distribution to retail clients. This material does not constitute an offer or invitation to anyone in any jurisdiction to invest in any Russell Investments
product or use any Russell Investments services where such offer or invitation is not lawful, or in which the person making such offer or invitation is not qualified to do so, nor has it
been prepared in connection with any such offer or invitation. Unless otherwise specified, Russell Investments is the source of all data. All information contained in this material iscurrent 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 and is subject to change
Any forecast, projection or target is indicative only and not guaranteed in any way. Any past performance figures are not necessarily a guide to future performance. The value ofinvestments and the income from them can fall as well as rise and are not guaranteed. You may not get back the amount originally invested.
For Singapore Investors: The fund is not authorised or recognised by the Monetary Authority of Singapore and Shares are not allowed to be offered to the retail public. This
document is not a prospectus as defined in the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"). Accordingly, statutory liability under the SFA in relation to thecontent of prospectuses would not apply. Prospective investors should consider carefully whether the investment is suitable. This document may not be circulated or distributed, nor
may the Shares in the fund be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any member of thepublic of Singapore other than: (i) to an institutional investor or to a relevant person defined in Section 305(5) of the SFA, or to any person arising from an offer referred to inSection275(1A) or Section305A(3)(i)(B) of the SFA; (ii) to a person who acquires interest in the fund as principal and at a consideration of not less than S$200,000 (or its equivalent
in foreign currency) and in accordance with the conditions specified in Section 305 of the SFA; (iii) to an accredited investor or a person within the meaning of "relevant person"
defined in Section 305 of the SFA, and in accordance with the conditions specified in that section; or (iv) otherwise pursuant to, and in accordance with the conditions of, any otherapplicable provisions of the SFA. Units subscribed for or purchased by any such person in Singapore shall not be transferred unless permitted under Section 305A of the SFA.
PaR-00709 (EXP Dec 2024)
U-03016-2024-09-19

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