31 August 2024

Russell Investments Emerging Market Debt Fund
Fund Objective
The Fund aims to achieve income and growth by investing directly or indirectly (through the use ofspecialist financial instruments known as derivatives) in bonds of issuers located in or with a significant
economic link to emerging markets (developing countries). The Fund is actively managed withreference to the JP Morgan EMBIG (USD) (the Index) which it seeks to outperform by 1% over themedium to long term. Russell Investments Money Managers have full discretion to select investments
for the Fund.

Fund Update
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.

The Fund uses a systematic, factors-based approach that substitutes sovereign exposure with quasisovereign exposure by harvesting known factors in credit and liquidity premiums that could bealternatives to both passive and active Emerging Market Debt mandates. This quasi-sovereign strategy
has benefitted from overweights to sovereign credit in Latin America and Eastern Europe in recent
months. There continues to be opportunities to generate returns from issuer and country selection.

Performance Review %Performance to period end
Returns shown in USD
Return net of management fee ClassClass B Roll-Up
JP Morgan EMBIG (USD)

1
month

3
6
months months

Year toDate

1year

3years

5years10years

Since
inception

2.2

5.27.3

7.1

14.9

-2.3

-0.2

-1.1

2.3

4.9

6.6

6.1

12.7

-1.3

0.8

2.7

3.3

All returns greater than 1 year are annualised

Rolling 12 Month Performance (%)
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 Class B RollUp

10.04

6.22

-22.18

7.90

-8.38

JP Morgan EMBIG (USD)

8.35

6.85

-19.25

6.81

1.52

Returns shown in USD

30/06/18
30/06/19

30/06/17
30/06/18

30/06/16
30/06/17

30/06/15
30/06/16

30/06/1430/06/15

Return net of management fee Class Class B RollUp

3.62

-4.28

9.01

--JP Morgan EMBIG (USD)

11.32

-2.45

5.52

--Returns shown in USD

Fund facts
Share Class; Dealing ccy
Class B Roll-Up; USD
Dealing frequency; Cut offDaily; 2:00 pm GMT
Domicile; Category
Ireland; UCITS
Fund size
USD 55.58m

Past performance does not predict future returns.

Fund launch date

The current benchmark is the MSCI Emerging Markets Index () - Net Returns converted into the currency displayed in theperformance table above where applicable. Prior to 1st January 2018 the benchmark was the Russell Emerging Markets NR Index.
Prior to 1st April 2011 the benchmark was MSCI Emerging Markets Index NR, prior to 1st January 2009, it was gross. Prior to April
1999 it was ING Barings Extended EM Index. Between April 1999 & February 2003 the IFC Investable Index.

03 December 2015
Share class launch date
03 December 2015

Management fee
1.50%
ISIN; Bloomberg
IE00BYSJV369; IDX000040TRH
Share class NAV
USD 55.58m

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31 August 2024

Russell Investments Emerging Market Debt Fund
Portfolio Statistics

Fund

3 yearsFundBenchmark

6.9

Volatility

10.3

10.3

Average maturity

13.9

Tracking error

4.1

4.1

Average credit rating

BB

Sharpe ratio

Effective duration

Yield to worst

7.3

Ten largest holdings by weight
Security

FundBenchmark

PETROLEOS MEXICANOS COMPANY GUAR REGS 12/99
6.625

2.9%

0.0%

EMPRESA NACIONAL DEL PET SR UNSECURED REGS
09/47 4.5

2.5%

0.0%

UZBEKNEFTEGAZ JSC SR UNSECURED REGS 11/28
4.75

2.4%

0.0%

ESKOM HOLDINGS SOC LTD SR UNSECURED REGS
08/28 8.45

2.3%

0.0%

INSTITUTO COSTARRICENSE SR UNSECURED REGS
05/43 6.375

2.2%

0.0%

ECOPETROL SA SR UNSECURED 11/51 5.875

2.2%-EMPRESA DE TRANSMISION SR UNSECURED REGS
05/49 5.125

2.2%

0.0%

PETROBRAS GLOBAL FINANCE COMPANY GUAR 12/99
6.85

2.1%

-BANCO NACIONAL DE PANAMA SR UNSECURED REGS
08/30 2.5

2.1%

0.1%

BANCO DO BRASIL (CAYMAN) JR SUBORDINA REGS
10/49 VAR

2.0%---Information ratio

0.2

0.2

3 year return (net)

-0.7%

-1.3%

3 year excess return (net)

0.7%-Sector weights
FundBenchmark

Emerging Markets - Hard Currency

94.3%

99.7%

Other

3.5%

0.0%

Government Related

2.2%

0.3%

Treasuries

0.0%

0.0%

Fund

Benchmark100.0%

100.0%

0.0%

0.0%

Currency Exposure

US Dollar
EuroCredit Quality Weights
Fund

Benchmark

AAA

3.5%

0.0%

AA

0.0%

9.3%

A

4.4%

20.7%

BBB

26.1%

31.0%

BB

30.2%

17.9%

B

21.1%

11.8%

CCC & Below

12.8%

9.1%

Unrated

1.9%

0.2%

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31 August 2024

Russell Investments Emerging Market Debt FundESG Data
Fund

BenchmarkESG Score

31.038.9

Carbon Footprint

886.9829.1

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

Strategy

TargetActualRussell Investments

Positioning Strategies

100.0%

100.0%

Russell Investments may trade a portion of the Fund's assets based on a model portfolio provided by the investment advisor. By employing thisemulated portfolio approach, the Fund leverages off the implementation capabilities of Russell Investments in order to manage the funds in an efficientmanner.
Cash is equitized using MSCI Emerging Markets Equity Futures contracts.

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)
U-03016-2024-09-19

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