30 September 2024

The Eurozone Equity Fund
Fund Objective
The Fund aims to achieve long term growth by investing in the equities of a relatively small number ofcompanies in European Union member states which have adopted the Euro as their currency(Eurozone). The Fund is actively managed with reference to the MSCI EMU Index (EUR) - Net Returns(the Index) which it seeks to outperform by 2% over the medium to long term. Russell Investments has
full discretion 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.

Fund Update
Patrick Egan
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.

The Fund finished behind the benchmark in the third quarter. Stock selection within industrials andhealth care detracted. Other detractors included underweights to utilities firm Iberdrola and consumer
discretionary firm Prosus. However, an underweight to and effective selection within technology,
particularly the underweight to ASML, limited further underperformance.

Performance Review %Performance to period end
Returns shown in EUR
Return net of management fee ClassRCNP Roll-up
MSCI EMU Index (EUR) - Net Returns

1
month

3
6
months months

Year toDate

1year

3years

5years10years

Since
inception0.52.7

0.5

6.5

13.4

4.9

--

4.9

1.0

3.1

1.3

11.7

20.3

7.0

8.1

7.1

6.5

All returns greater than 1 year are annualised

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 RCNP Rollup

13.43

22.54

-16.99--MSCI EMU Index (EUR) - Net Returns

20.31

24.25

-17.9630.35-30/09/18
30/09/19

30/09/17
30/09/18

30/09/16
30/09/17

30/09/15
30/09/16

30/09/14
30/09/15

Return net of management fee Class RCNP Rollup-----

MSCI EMU Index (EUR) - Net Returns-----Returns shown in EUR

Fund facts
Share Class; Dealing ccy
RCNP Roll-up; EUR
Dealing frequency; Cut offDaily; 2:00 pm GMT
Domicile; Category
Ireland; UCITS
Fund sizeReturns shown in EUR

EUR 172.65m

Past performance does not predict future returns.

Fund launch date

The current benchmark is the MSCI EMU Index (EUR) - Net Returns. Prior to 1st January 2018 the benchmark was the Russell Dev
Euro Zone Large Index NR. Prior to 1st April 2011 the benchmark was MSCI EMU NR. Prior to 1st January 2009, the benchmark wasgross of withholding tax, total return

19 July 2005
Share class launch date
01 June 2021

Management fee
0.55%
ISIN; Bloomberg
IE00BFNS6523; MSTEERE ID
Share class NAV
EUR 7.84m

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30 September 2024

The Eurozone Equity Fund
Portfolio Statistics

Fund

Benchmark3 years

Fund

BenchmarkNumber of equity holdings

182

221

Volatility

14.5

14.5

Price/Earnings

21.0

20.6

Tracking error

2.2

2.2

Dividend Yield

3.3

3.3

Sharpe ratio--

Price to Book1.9

1.9

Information ratio

-0.6

-0.6

EPS Growth (1 Year)

13.1

29.4

3 year return (net)

5.0%

7.0%

3 year excess return (net)-2.1%-Ten largest holdings by weight
IssuerFundBenchmark

SAP SE

3.3%

4.0%

ASML Holding NV

3.1%

5.7%

Sanofi SA

2.8%

2.2%

TotalEnergies SE

2.2%

Hermes International SCA

Sector weights
Fund

BenchmarkFinancials

19.6%

20.0%

Industrials

19.1%

17.6%

2.4%

Consumer Discretionary

13.9%

14.0%

1.9%

1.3%

Information Technology

11.9%

13.1%

LVMH Moet Hennessy Louis Vuitton SE1.8%

3.6%

Health Care

10.0%

7.6%

Siemens AG

1.7%

2.6%

Materials

6.6%

5.2%

Industria de Diseno Textil SA

1.7%

1.1%

Communication Services

5.4%

4.6%

Allianz SE

1.6%

2.2%

Consumer Staples

5.1%

7.1%

Enel SpA

1.6%

1.1%

Utilities

4.3%

5.9%

Energy4.1%

3.8%

Real Estate

0.0%

1.1%

Other

0.0%

0.0%

Fund

BenchmarkCountry weight
Fund

BenchmarkFrance

33.8%

33.8%

Germany

26.1%

26.9%

Netherlands

10.6%

15.4%

Italy

9.9%

7.9%

ESG Score

16.5

16.5

Spain

7.0%

8.4%Carbon Footprint

70.4

90.8

Finland

4.9%

2.5%

Switzerland

2.0%

0.0%

Belgium

1.9%

2.5%

Ireland

1.2%

0.9%

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

Austria

0.9%

0.6%

ESG Data2

30 September 2024

The Eurozone Equity Fund
Fund structureManager/Strategy

Strategy

TargetActual

INVESCO Asset Management Limited

Market-Oriented

20.0%

20.5%

Joh. Berenberg, Gossler & Co. KG

Growth

20.0%

17.7%

Liontrust Investment Partners LLP

Market-Oriented

20.0%

16.4%

Pzena Investment Management, LLC

Value

20.0%

15.1%

Russell Investments

Positioning Strategies

20.0%

30.4%

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's
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