30 September 2024

Russell Investments Multi-Asset 90 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 returnstream. The fund invests 90% of total value in growth assets (Equities and Real Assets) and theremaining 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
valuations and growth potential
Fund Updatewith a reasonable level of risk andresearch strategies and managers to The Fund recorded a positive return in a quarter where financial markets ended higher. Active exposure
to global equities was a key driver of performance. Exposure to low volatility stocks and a tilt away fromexploit these pockets of value.
information technology was beneficial. The Fund’s small allocation to emerging market equities waspositive although the asset class lagged global equities despite surging late in the quarter after
accommodative central bank and government efforts to support the economy in China. Fixed income
exposure was positive in a quarter where government bond yields fell across major economies and highFund facts
yield credit spreads narrowed by double digits. Exposure to commodities weighed on furtherperformance.
Share Class; Dealing ccy
Class A; USD

Performance Review %Dealing frequency; Cut off

Performance to period end
Returns shown in USD

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

Return net of management fee ClassClass A

1month3
6months months

2.4

5.4

7.2

Year toDate

1
year

3
years

5
years

10
years

Since
inception

12.9

22.6

3.4

7.8

6.2

5.3

All returns greater than 1 year are annualised

Fund size
USD 194.69m
Fund launch date

Rolling 12 Month Performance (%)

23 November 2004
Share class launch date

Returns shown in USD

23 November 2004

Return net of management fee Class Class A

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

22.64

13.81

-20.75

25.11

5.30

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

-0.42

5.26

17.15

6.14

-3.58

Management fee
2.40%
ISIN; Bloomberg
IE00B02WN829;

Returns shown in USD

Share class NAV

Return net of management fee Class Class A

USD 1.00m

Past performance does not predict future returns.

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30 September 2024

Russell Investments Multi-Asset 90 Fund
Regional weights

Asset Allocation

FundSecurity

WeightEquity72.5%

United States

72.3%

Unspecified

20.8%

Europe ex UK

13.5%

Fixed Income

3.6%

Emerging Markets

5.4%

Commodities

2.3%

Japan

4.2%

Real Assets

0.6%

United Kingdom

3.6%

Cash

0.2%

Asia ex Japan

2.9%

Canada2.0%

Australia/New Zealand

1.6%

Other

-5.4%

Ten largest holdings by weight
Security

Ten largest fixed income holdings by weight
Fund

SecurityFund

TSY INFL IX N/B 04/29 2.125

0.1%

Microsoft Corp

2.0%

TREASURY BILL 10/24 0.00000

0.1%

Taiwan Semiconductor Manufacturing Co Ltd

1.7%

FNMA TBA 30 YR 6 SINGLE FAMILY MORTGAGE

0.0%

Apple Inc

1.7%

FNMA TBA 30 YR 5.5 SINGLE FAMILY MORTGAGE

0.0%

Alphabet Inc

1.4%

TREASURY BILL 11/24 0.00000

0.0%

US TREASURY N/B 04/25 0.375

0.0%

MEX BONOS DESARR FIX RT BONDS 03/27 5.5

0.0%

NVIDIA Corp

1.3%

Meta Platforms Inc

1.1%

US TREASURY N/B 05/25 2.875

0.0%

Amazon.com Inc

0.9%

US TREASURY N/B 03/25 1.75

0.0%

TREASURY BILL 11/24 0.00000

0.0%

Tencent Holdings Ltd

0.6%

UnitedHealth Group Inc

0.6%

Mastercard Inc0.5%

Equity Sector Weights

Fixed Income Sector Weights
FundFundInformation Technology

23.5%

Other

84.0%

Financials

16.1%

Treasuries

4.3%

Health Care

11.7%

Corporate - Investment Grade

3.8%

Industrials

10.7%

Corporate - High Yield

2.9%

Consumer Discretionary

10.6%

Securitized

1.9%

Communication Services

8.3%

Emerging Markets - Hard Currency

1.7%

Consumer Staples

6.3%

Emerging Markets - Local Currency

1.2%

Materials

4.7%

Government Related

0.2%

Energy3.6%

Real Estate

2.4%

Utilities

2.0%

Other

0.0%

230 September 2024

Russell Investments Multi-Asset 90 Fund
Portfolio Structure
Portion of fund
EquityGlobalAllocation
to fundManagers allocated to each portion, and their weight in the total fundportion
85.2%
77.0%-Arrowstreet 1.6%
Morgan Stanley 1.5%
Legg Mason 3.6%
Oaktree 2.2%

-Invesco 2.4%
Axiom 1.0%
Oaktree 1.0%
Schroder 0.2%

Fixed Income

8.2%
3.8%

Core Global Fixed Income

2.6%

Investment Grade Credit
High Yield Credit
Emerging Market Debt
Real Assets
Real Estate

0.2%
0.8%
0.2%
2.8%
0.6%

Commodities

2.3%

Cash & Positioning Strategies
Cash & Positioning Strategies

8.2%
8.2%

Global Emerging Markets

RBC Global AssetManagement 0.9%
Fidelity 0.0%
Barings 0.3%
Russell Investments 0.2%
Cohen & Steers 0.2%
L&G Long Dated
Commodity ETF 2.3%

PineStone 6.1%
Sompo 1.0%
SW Mitchell 1.3%
RWC 1.1%

Kopernik 1.0%
Pzena 1.3%
Berenberg 2.8%
Sanders 6.0%
StateStreet Global Advisors
Russell Investments 22.4%
UCITS ETF 8.7%
Barrow Hanley 0.7%
Bin Yuan 0.6%
Pzena 0.6%
RWC 0.6%
KeyWise Capital 0.2%
Russell Investments 1.3%

Mar Vista 2.2%
Nissay 3.4%
Numeric 5.4%
Wellington 3.0%

Schroder 0.5%

Colchester 0.5%

Russell Investments 0.8%

Metlife 0.0%
DDJ 0.0%

Robeco 0.1%
Hermes 0.2%

Russell Investments 0.0%
Russell Investments 0.2%

RREEF 0.3%

Russell Investments 0.1%

Numeric 1.4%
Sands 0.6%

Russell Investments 8.2%

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30 September 2024

Russell Investments Multi-Asset 90 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'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)
M-01592-2024-10-15

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