31 August 2024

Russell Investments Multi-Asset 35 Fund
Fund Objective
The Fund’s investment objective is to maintain capital value and to generate modest levels of long-term
capital appreciation while maintaining a high level of risk control. We achieve this by intelligently
combining a range of investments in multi-asset classes and actively managing the allocation to achievea consistent return stream. The fund invests 35% of total value in growth assets (Equities and RealAssets) and the remaining in fixed income and cash based strategies

Identifying The Right Portfolio ToMeet Your Goals
Alain Zeitouni
Portfolio Manager

Identifying the right portfolio is essential toachieving your long term goals. While risk appetite
varies from conservative to aggressive, our funds
have the same common aim: to generate a realtarget return. Because our multi-asset portfolios arehighly diversified, we believe they offer investors
the best opportunity to achieve the returns they are
seeking without taking undue risk.

Russell Investments' Multi-Asset
Strategies Team comprises over 23
experienced professionals,
including portfolio managers,
researchers, portfolio analysts, andstrategists in Russell Investments
offices around the globe. This teamfocuses on total client outcomes,including all major asset classes intheir solutions. They identify areasof the market offering attractive
Fund Update
valuations and growth potential
The Fund is dynamically managed in alignment with our cycle, valuation, sentiment (CVS) framework towith a reasonable level of risk andresearch strategies and managers to manage risk and seek opportunities in ever-changing market conditions. We monitor and adjust theweighting between our sub asset classes to optimize the portfolios for the market, introducing new sub
exploit these pockets of value.
asset classes as necessary. Individual managers are also monitored and adjusted to ensure we have ourpick of the best managers, styles and strategies.

Performance Review %Fund facts

Performance to period end
Returns shown in USD

Share Class; Dealing ccy

Return net of management fee ClassClass B

Class B; USD
Dealing frequency; Cut off

1
month

3
6
months months

1.5

3.8

4.5

Year toDate

1year

3years

5years10years

Since
inception4.1

8.1

-1.2

1.9

2.1

3.2

All returns greater than 1 year are annualised

Daily; 1:00 pm GMT
Domicile; Category
Ireland; UCITS

Rolling 12 Month Performance (%)

Fund size
USD 26.78m

Returns shown in USD

Fund launch date

Return net of management fee Class Class B

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

5.50

2.46

-12.13

11.14

2.02

30/06/18
30/06/19

30/06/17
30/06/18

30/06/16
30/06/17

30/06/15
30/06/16

30/06/14
30/06/15

4.02

1.03

5.77

-0.652.05

22 October 2004
Share class launch date
06 January 2005

Management feeReturns shown in USD

1.60%

Return net of management fee Class Class B

ISIN; Bloomberg

Past performance does not predict future returns.

IE00B05KX503;
Share class NAV
USD 1.34m

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31 August 2024

Russell Investments Multi-Asset 35 Fund
Regional weights

Asset Allocation

Fund

Security

WeightFixed Income

57.4%

United States

69.5%

Equity17.0%

Europe ex UK

13.5%

Unspecified

14.0%

Other

5.5%

Cash

9.9%

Emerging Markets

4.9%

Real Assets

1.6%

Japan

2.4%

United Kingdom

1.7%

Australia/New Zealand

0.9%Canada

0.9%

Asia ex Japan

0.7%

Ten largest holdings by weight
Security

Ten largest fixed income holdings by weight
FundSecurity

Fund

TREASURY BILL 09/24 0.00000

0.7%Apple Inc

0.5%

FNMA TBA 30 YR 6 SINGLE FAMILY MORTGAGE

0.3%

Microsoft Corp

0.5%

US TREASURY N/B 05/25 2.875

0.3%

NVIDIA Corp

0.4%

FNMA TBA 30 YR 5.5 SINGLE FAMILY MORTGAGE

0.3%

Taiwan Semiconductor Manufacturing Co Ltd

0.3%

MEX BONOS DESARR FIX RT BONDS 03/27 5.5

0.3%

US TREASURY N/B 10/25 50.3%

US TREASURY N/B 04/25 0.375

0.3%Alphabet Inc

0.3%

Amazon.com Inc

0.2%

US TREASURY N/B 03/25 1.75

0.3%

Meta Platforms Inc

0.2%

TREASURY BILL 09/24 0.00000

0.3%

TREASURY BILL 09/24 0.00000

0.2%

SAP SE

0.2%

Moody's Corp

0.2%

Johnson & Johnson

0.2%

Equity Sector Weights

Fixed Income Sector Weights
Fund

Fund

Information Technology

24.5%

Treasuries

27.0%

Financials

16.2%

Corporate - Investment Grade

16.0%

Health Care

11.2%

Corporate - High Yield

15.9%

Industrials

10.5%

Other

13.4%

Consumer Discretionary

10.1%

Securitized12.4%

Communication Services

7.3%

Emerging Markets - Hard Currency

9.5%

Consumer Staples

5.7%

Emerging Markets - Local Currency

3.8%

Materials

5.4%

Government Related

2.0%Real Estate

3.8%

Energy3.5%

Utilities

1.8%

Other0.0%

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31 August 2024

Russell Investments Multi-Asset 35 Fund
Portfolio Structure
Portion of fund

Allocationto fundManagers allocated to each portion, and their weight in the total fundportionEquityGlobal23.8%
21.3%-Russell Investments 7.5%

Global Emerging Markets

Axiom 0.3%
Oaktree 0.3%
Russell Investments 0.4%

Fixed Income

2.4%
53.2%

Core Global Fixed Income

37.5%-Arrowstreet 1.3%
Morgan Stanley 1.2%
Legg Mason 1.1%

PineStone 1.9%
Sompo 0.7%
SW Mitchell 1.0%
StateStreet Global Advisors
UCITS ETF 1.8%
Barrow Hanley 0.2%
Pzena 0.2%

Kopernik 0.7%
Pzena 1.0%
Berenberg 0.9%

Mar Vista 1.7%
Nissay 0.7%

Bin Yuan 0.1%
RWC 0.2%

Numeric 0.5%
Sands 0.2%

RBC Global AssetManagement 5.6%

Schroder 3.2%

Western Asset Management
Colchester 2.8%
2.1%

Russell Investments 4.2%

StateStreet Global Advisors
iShares UCITS ETF 2.3%
UCITS ETF 17.2%

Investment Grade Credit

0.3%

Fidelity 0.1%

Metlife 0.1%

Robeco 0.1%

High Yield Credit
Emerging Market Debt
Real Assets
Real Estate

11.5%
3.9%
1.6%
0.5%

Russell Investments 0.1%
Barings 4.3%
Barings 0.2%

DDJ 0.2%
Colchester 0.2%

Hermes 3.7%
Russell Investments 3.4%

RREEF 0.2%

Russell Investments 0.1%

Commodities

1.2%

Cash & Positioning Strategies
Cash & Positioning Strategies

21.4%
21.4%

Cohen & Steers 0.2%
L&G Long Dated
Commodity ETF 1.2%

Western Asset Management
0.0%
Russell Investments 3.4%

Russell Investments 21.4%

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31 August 2024

Russell Investments Multi-Asset 35 Fund

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.
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
PaR-00709 (EXP Dec 2024)
U-03016-2024-09-19

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