31 August 2024

The Global Real Estate Securities Fund
Fund Objective
The Fund aims to achieve long term growth and income by investing worldwide in the equities ofproperty-related companies. Each underlying investment strategy has a complementary investment
style, with a focus on property-related companies and trusts. The Fund is actively managed withreference to the FTSE EPRA/NAREIT Developed Real Estate Index (USD) - Net Returns (the Index)
which it seeks to outperform by 1.75% over the medium to long term. Russell Investments has full
discretion to select investments for the Fund.

Fund Update
Bruce Eidelson
Portfolio Manager

Russell Investments' Real AssetTeam comprises over 23
experienced professionals,
including portfolio managers,researchers, portfolio analysts, andstrategists in Russell Investments
offices around the globe. The teammanages a wide range of mandates,
including listed real estate, private
real estate, listed infrastructure, andcommodities.

The global listed property market, as measured by the FTSE EPRA Nareit Developed Index (Net),
outpaced the broader equity market. Falling bond yields and expectations of a Federal Reserve rate cut
in September provided a boost. Regionally, North America was the best performer, followed byContinental Europe. Asia lagged slightly, however still managed healthy gains. Within North America,
self-storage was the best-performing sector, managing double-digit gains. Residential, specialty, andmall REITs also experienced strength during the month. In this market environment, the Fundunderperformed the benchmark during the month. Unfavourable security selection among US
technology and residential REITs detracted from performance. Security selection among property
securities in Hong Kong also had a negative impact. Positive stock selection within Canada andAustralia marginally benefitted performance.

Performance Review %Performance to period end
Returns shown in GBPReturn net of management fee Class I
Inc
FTSE EPRA Nareit Developed Index
NET1
month

3
6
months months

Year toDate

1year

3
years

5years10years

Since
inception

3.5

9.1

8.8

5.7

12.7

-1.7

0.2

5.5

5.8

3.9

9.5

9.5

5.2

13.2

-1.1

-0.3

5.5

5.9

All returns greater than 1 year are annualised

Fund facts

Rolling 12 Month Performance (%)

Share Class; Dealing ccy
I Inc; GBP

Returns shown in GBP

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

Dealing frequency; Cut off

Return net of management fee Class I Inc

4.97-8.76

-2.86

20.87

-11.55

Daily; 2:00 pm GMT

FTSE EPRA Nareit Developed Index NET

5.14-8.83

-1.53

19.45

-13.7430/06/18
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 I Inc

10.28

4.17

4.78

27.10

8.50

27 September 2013

FTSE EPRA Nareit Developed Index NET

11.70

3.94

3.13

31.27

8.33

Management fee

Past performance does not predict future returns.

0.65%

The current benchmark is the FTSE EPRA/NAREIT Developed Real Estate Index (USD) - Net Returns converted into the currency
displayed in the performance table above where applicable. The benchmark prior to October 2010 was FTSE EPRA/NAREIT Real
Estate Index (Dublin Tax).

Domicile; Category
Ireland; UCITS
Fund launch date

Returns shown in GBP

14 December 2005
Share class launch date

ISIN; Bloomberg
IE00B0SY5Z39; MSMGRII ID
Share class NAV
GBP 46.49m

1

31 August 2024

The Global Real Estate Securities Fund
Portfolio Statistics

FundBenchmark

3 years

Fund

BenchmarkDeveloper (%)

109

Volatility

19.9

19.9

Investor (%)

9091

Tracking error

1.3

1.3

Number of holdings

132359Sharpe ratio

Ten largest holdings by weight
IssuerFundBenchmark

Prologis Inc

5.8%

6.4%

Welltower Inc

5.5%

3.9%

Simon Property Group Inc

3.7%

2.9%

Equinix Inc

3.6%

4.3%

Digital Realty Trust Inc

3.5%

2.7%

Realty Income Corp

2.9%

Public Storage--

Information ratio

0.10.1

3 year return (net)

-1.6%

-1.1%

3 year excess return (net)-0.6%-Property Sector Weights
FundBenchmark

Diversified

19.3%

20.9%

Residential

18.1%

14.9%

2.9%

Industrial

15.7%

15.8%

2.6%

3.0%

Retail

13.0%

13.4%

Iron Mountain Inc

2.4%

1.8%

Health Care

10.5%

9.5%

Goodman Group

2.4%

2.3%

Technology

8.5%

7.1%

Essex Property Trust Inc

2.2%

1.0%

Self Storage

6.5%

6.4%

Office

3.6%

6.1%

Lodging/Resorts

3.3%

5.0%

Other Real Estate

0.2%

0.0%

Fund

BenchmarkCountry weightFundBenchmark

United States

64.1%

64.3%

Japan

9.1%

9.1%

Australia

5.2%

5.7%

United Kingdom

4.9%

4.1%

ESG Score

12.7

12.7

Singapore

2.9%

3.2%

Carbon Footprint

92.8

79.2

Canada2.8%

2.2%

Germany

2.5%

2.1%

France2.4%

1.5%

China/Hong Kong

2.3%

2.2%

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 areavailable 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 inthe portfolio. It is measured in tonnes of CO2e divided by revenue (USD $M).

Sweden1.8%

2.0%

ESG Data231 August 2024

The Global Real Estate Securities FundManager/Strategy

Strategy

TargetActualCohen & Steers Capital Management, Inc.

Global Market-Oriented

38.8%

42.2%

RREEF America L.L.C.

Public Market Equity

48.5%

46.9%

Russell Investments

Positioning Strategies

12.7%

10.9%

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.

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 itbeen 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-03016-2024-09-20

3