30 September 2024

Russell Investments Global Credit Fund
Fund Objective
The Fund aims to achieve income and growth by investing at least 70% of its assets worldwide inbonds, and debt instruments, including mortgage and asset backed securities. The Fund is actively
managed with reference to the Bloomberg Global Aggregate Credit Index (USD) - Total Returns (theIndex) which it seeks to outperform by 0.75% over the medium to long term. Russell Investments/
Money Managers have full discretion to select investments for the Fund. This product is an Article 8product, as defined under EU regulation - it promotes environmental or social characteristics andinvests 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. Credit positioning was neutral with positive contributions
from high yield industrials in Europe offset by positioning in US credit and an underweight to Spanish
sovereign debt, which detracted. In hard currency emerging market debt, an underweight to investment
grade in Europe detracted while an underweight to investment grade in Asia was additive. Currency
positing was positive, helped by overweights to the euro, UK sterling, the New Zealand dollar and anunderweight to the US dollar. Underweights to the Australian dollar and Swiss franc, and allocations tothe Japanese yen were ineffective. Rates positioning was negative, due to positioning in US Treasuries
and underweights to rates in Japan and Canada, although an overweight to German bunds (10-year)
contributed positively.

Performance Review %Performance to period end
Returns shown in EUR

1
month

Return net of management fee ClassClass U
Bloomberg Global Aggregate Credit
Index Hedged (EUR)36months months

Year toDate

1year

3years

5years10years

Since
inception

0.6

1.3

1.6

2.86.9-3.3

-1.5

1.3

2.1

0.9

2.1

2.7

4.1

8.4

-0.5

0.2

3.0

3.6

All returns greater than 1 year are annualised

Fund facts
Share Class; Dealing ccy
Class U; EUR

Rolling 12 Month Performance (%)
30/09/23
30/09/24

30/09/22
30/09/23

30/09/21
30/09/22

30/09/20
30/09/21

30/09/19
30/09/20

Return net of management fee Class Class U

6.91

-5.09

-10.91

2.69

-0.27

Bloomberg Global Aggregate Credit Index
Hedged (EUR)

8.41

-2.08

-7.16

2.39

-0.09

30/09/18
30/09/19

30/09/17
30/09/18

30/09/1630/09/17

30/09/15
30/09/16

30/09/14
30/09/15

Returns shown in EUR

Dealing frequency; Cut offDaily; 2:00 pm GMT
Domicile; Category
Ireland; UCITS
Fund size
USD 844.71m
Fund launch date

Returns shown in EUR

24 March 2010

Return net of management fee Class Class U

13.82

-1.71

-3.21

6.06

7.29

Share class launch date

Bloomberg Global Aggregate Credit Index
Hedged (EUR)

15.45

0.46

-2.33

6.85

9.93

25 June 2010

Management fee

Past performance does not predict future returns.

1.90%

The current benchmark is the Bloomberg Global Aggregate Credit Index (USD) - Total Returns converted in to Euro. Effective August24, 2021, the Bloomberg Barclays fixed income indices were rebranded the Bloomberg Indices. The benchmark prior to 24th August
2016 was the Barclays Global Aggregate Credit Index. From October 2001 to November 2008 the index was the Lehman Brothers
Global Aggregate Credit Index . The benchmark prior to October 2001 was SSB WGBI.

ISIN; Bloomberg
IE00B5ZWM433;
Share class NAV
EUR 0.36m1

30 September 2024

Russell Investments Global Credit Fund
Portfolio StatisticsEffective duration
Average maturity
Average credit rating
Yield to worst

Fund

3 years

FundBenchmark

6.2

Volatility

9.69.6

10.4

Tracking error

1.1

1.1

A

Sharpe ratio

4.0

Ten largest holdings by weight
Security

Fund

Benchmark

BUNDESREPUB. DEUTSCHLAND BONDS REGS 08/33
2.62.5%-

US TREASURY N/B 05/54 4.625

0.7%

-

BUNDESOBLIGATION BONDS REGS 10/28 2.4

0.6%

-

US TREASURY N/B 08/44 4.125

0.5%

-

US TREASURY N/B 08/34 3.875

0.5%-BUNDESSCHATZANWEISUNGEN BONDS REGS 12/242.20.5%-ASR NEDERLAND NV SUBORDINATED REGS 12/43 VAR

0.5%

0.0%

MCDONALD S CORP SR UNSECURED REGS 03/35 4.25

0.5%

0.0%

MAPFRE SA SUBORDINATED REGS 04/30 2.875

0.4%

0.0%

US TREASURY N/B 09/29 3.5

0.4%---0.8-0.8

3 year return (net)

-3.1%

-0.5%

3 year excess return (net)-2.6%-Sector weights
Fund

BenchmarkCorporate - Investment Grade

74.7%

72.3%

Treasuries

7.6%

0.6%

Corporate - High Yield

6.4%

1.5%

Emerging Markets - Hard Currency

5.1%

10.8%

Government Related

3.6%

14.8%

Other

1.7%

0.0%

Securitized

0.9%

0.1%

Emerging Markets - Local Currency

0.0%

0.0%

Fund

BenchmarkCurrency Exposure

Credit Quality Weights

AAA-Information ratio

Fund

Benchmark

11.5%

8.4%

US Dollar

64.0%

64.1%

27.8%

26.8%

AA

3.4%

14.1%

EuroA

23.2%

34.4%

Pound Sterling

5.4%

4.3%

BBB

54.9%

41.5%

Canadian Dollar

2.2%

2.6%

BB

6.5%

1.6%

Japanese Yen

0.9%

0.6%

B

0.2%

0.0%

Norwegian Krone

0.8%

0.0%

0.4%

0.1%

CCC & Below

0.1%

0.0%

New Zealand Dollar

Unrated

0.1%

0.0%

Argentine Peso

0.0%

0.0%

Brazilian Real

0.0%

0.0%

Polish Zloty

0.0%

0.0%

2

30 September 2024

Russell Investments Global Credit FundESG DataFund

BenchmarkESG Score

21.4

20.5

Carbon Footprint

170.8

197.2

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

StrategyTarget

ActualFIL Pensions Management

Investment Grade Corporate

16.0%

17.5%

MetLife Investment Management, LLC

Investment Grade Corporate

30.0%

27.2%

ROBECO INSTITUTIONAL ASSET MANAGEMENT B.V.

Investment Grade Corporate

27.0%

30.9%

Russell Investments

Positioning Strategies

27.0%

24.4%

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)
M-01592-2024-10-15

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