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 USD
Return net of management fee ClassUSD-H
FTSE EPRA Nareit Developed Index
NET

1
month

3
6
months months

Year toDate

1year

3
years

5years10years

Since
inception

4.9

11.3

12.3

9.7

16.9

-1.3

2.7

-

4.3

5.3

11.9

13.3

9.6

18.0

-0.2

2.6

-

4.6

All returns greater than 1 year are annualised

Fund facts

Rolling 12 Month Performance (%)

Share Class; Dealing ccyUSD-H; USD

Returns shown in USD

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 USD-H

6.40

-3.58

-10.6932.76-12.61

Daily; 2:00 pm GMT

FTSE EPRA Nareit Developed Index NET

7.03

-3.13

-9.10

31.64

-15.0230/06/18
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 USD-H

7.61

6.44

3.03

--31 December 2015

FTSE EPRA Nareit Developed Index NET

9.08

6.35

1.41--Management fee

Past performance does not predict future returns.

0.95%

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 USD

14 December 2005
Share class launch date

ISIN; Bloomberg
IE00B0SY5V90; MSGDHBI ID
Share class NAV
USD 70.09m131 August 2024

The Global Real Estate Securities Fund
Portfolio Statistics

FundBenchmark

3 years

Fund

BenchmarkDeveloper (%)

109Volatility

19.9

19.9

Investor (%)

90

91

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

0.1

0.1

3 year return (net)

-1.3%

-0.2%

3 year excess return (net)-1.0%-Property Sector Weights
Fund

BenchmarkDiversified

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 weight
Fund

Benchmark

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

12.7Singapore

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 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).

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 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 value of a REIT depends on factors including the general economic climate and outlook, overall performance and outlook of the property market and related sectors, market
value of and amount of rental income generated by its underlying properties, the levels of and any changes in interest rates, and the overall depth and liquidity of the real estatemarket and other assets in which the REIT is invested.
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
Quay, 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
PaR-00709 (EXP Dec 2024)
U-03016-2024-09-20

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