31 August 2024

Russell Investments Global Listed Infrastructure
Fund Objective
The Fund aims to achieve long term capital growth by investing at least 80% of its assets worldwide inthe equities of companies that are engaged in infrastructure projects. The Fund is actively managedwith reference to the S&P Global Infrastructure Index (USD) - Net Returns (the Index) which it seeks tooutperform by 2% over the medium to long term. Russell Investments has full discretion to selectinvestments for the Fund.

Fund Update

Patrick Nikodem
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.

Listed infrastructure posted healthy gains in August, outpacing global equities. Strength was broadbased, with most sectors ending in positive territory. Waste was the best-performing sector, followed byenergy infrastructure. Utilities and transports also showed strength during the month while
communications lagged. In this market environment, the Fund underperformed the benchmark. The
underweight and negative stock selection among energy infrastructure detracted from performance. theoverweight to gas utilities and off-benchmark allocations to freight rail detracted from performance.
Within transports, the allocation to toll roads and underweight to seaports was beneficial while negative
stock selection among airports detracted from performance. Off-index exposure to waste furthercontributed.

Performance Review %Performance to period end
Returns shown in GBPReturn net of management fee Class I
GBP Acc
S&P Global Infrastructure Index (USD) Net Returns (GBP)

1month36months months

Year toDate

1year

3years

5years10years

Since
inception

1.6

2.2

9.8

7.6

12.8

7.6

3.8

7.5

8.4

2.2

2.5

12.3

9.5

14.8

8.4

4.0

7.1

7.7

All returns greater than 1 year are annualised

Rolling 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 I GBP Acc

4.58

-0.05

17.387.58-9.25

S&P Global Infrastructure Index (USD) - Net
Returns (GBP)

6.58

-1.37

19.18

9.32

-12.9030/06/18
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

Returns shown in GBP
Share Class; Dealing ccy
I GBP Acc; GBP
Dealing frequency; Cut off
Daily; 2:00 pm GMT
Domicile; Category
Ireland; UCITS

Returns shown in GBP

Fund size
USD 237.88m

Return net of management fee Class I GBP Acc

16.06

-0.12

11.45

25.57

5.63

Fund launch date

S&P Global Infrastructure Index (USD) - NetReturns (GBP)

15.18

-0.76

14.99

20.94

2.34

01 April 2009
Share class launch date

Past performance does not predict future returns.

21 September 2010

The current benchmark is S&P Global Infrastructure Index (USD) - Net Returns

Management fee
0.65%
ISIN; Bloomberg
IE00B3T1L784; ROWGLIG ID
Share class NAV
GBP 1.36m1

31 August 2024

Russell Investments Global Listed Infrastructure
Portfolio Statistics

Fund

Benchmark3 years

Fund

BenchmarkNumber of equity holdings

126

74

Volatility

16.0

16.0

Price/Earnings

20.0

18.8

Tracking error1.7

1.7

Dividend Yield

3.7

3.7

Sharpe ratio--

Price to Book

2.4

2.1

Information ratio

0.0

0.0

EPS Growth (1 Year)

10.9

11.5

3 year return (net)

8.6%

8.4%

3 year excess return (net)

0.2%

-

Ten largest holdings by weight
IssuerFundBenchmark

NextEra Energy Inc

6.0%

5.9%

Transurban Group

4.5%

4.9%

Aena SME SA

3.6%

4.7%

Cheniere Energy Inc

3.5%

National Grid PLC

Sector weights
Fund

BenchmarkUtilities

43.3%

42.0%

Industrials

34.2%

37.4%

2.2%

Energy

16.2%

20.6%

2.9%2.0%

Real Estate

3.7%

0.0%

Getlink SE

2.9%

2.5%

Communication Services

1.1%

0.0%

Grupo Aeroportuario del Pacifico SAB de CV

2.7%

3.0%

Financials

0.6%

0.0%

Enbridge Inc

2.4%

4.3%

Consumer Discretionary

0.2%

0.0%

Grupo Aeroportuario del Sureste SAB de CV

2.4%

2.1%

Information Technology

0.2%

0.0%

Iberdrola SA

2.3%

3.1%

Materials

0.1%

0.0%

Health Care

0.1%

0.0%

Consumer Staples

0.1%

0.0%

Other

0.0%

0.0%

Fund

BenchmarkRegional weights
Fund

Benchmark

United States

46.1%

43.2%

Europe ex UK20.4%

20.6%

Australia/New Zealand

9.6%

11.5%

Emerging Markets

9.4%

11.3%

ESG Score

19.2

19.7

Canada6.9%

8.4%

Carbon Footprint

576.5

737.3

United Kingdom

4.9%

2.0%

Japan

2.6%

1.4%

Asia ex Japan

0.2%

1.7%

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 weightedaverage 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).

ESG Data2

31 August 2024

Russell Investments Global Listed Infrastructure
Fund structureManager/Strategy

Strategy

TargetActualCohen & Steers Capital Management, Inc.

Global Market-Oriented

14.5%

16.4%

First Sentier Investors (Australia) IM Ltd

Global Market-Oriented

36.9%

38.7%

Nuveen Asset Management, LLC

Global Market-Oriented

35.9%

32.3%

Russell Investments

Positioning Strategies

12.7%

12.6%

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.

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© 1995-2024 Russell Investments Group, LLC. All rights reserved.
PaR-00709 (EXP Dec 2024)
U-03016-2024-09-19

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