31 July 2024

Russell Investments Global Bond Fund
Fund Objective
The Fund aims to achieve income and growth by investing at least 70% of its assets worldwide inbonds, and debt instruments, including mortgage and asset backed securities. The Fund is actively
managed with reference to the Bloomberg Global Aggregate Index (USD) - Total Returns (the Index)
which it seeks to outperform by 1% over the medium to long term. Russell Investments/ Money
Managers have full discretion to select investments for the Fund. This product is an Article 8 product, asdefined under EU regulation - it promotes environmental or social characteristics and invests incompanies that follow good governance practices. This product does not have sustainable investment as
its objective.

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.

Fund Update
The Fund performed in line with the benchmark. Rates positioning was positive, benefitting fromoverweights to US Treasuries (two and 10-year issues), UK gilts and Mexican rates. An underweight toJapanese rates also helped. Currency allocations were negative due to positioning in the Chinese yuanand underweights to the Swiss franc and euro. However, overweights to the US dollar, Turkish lira and
Mexican peso were effective. Credit allocations were positive, helped by an overweight to European
investment grade financials. In US credit, the positive impact from an underweight to investment gradeindustrials was offset by an overweight to high yield industrials. Allocations to hard currency emerging
market debt were rewarded, mainly due to exposure to Europe. Elsewhere, positioning in sovereign
debt in Italy, France and Spain detracted.

Performance Review %Performance to period end
Returns shown in EUR

1monthReturn net of management fee Class
EH-M Accumulation
Bloomberg Global Aggregate Bond
Index Euro Hedged

3
6months months

Year toDate

1year

3years

5years10yearsSince
inception

1.7

3.6

1.2

0.9

4.1-4.0---1.8

1.8

3.3

1.5

1.1

4.3

-3.3

---1.7

All returns greater than 1 year are annualised

Fund facts
Share Class; Dealing ccy
EH-M Accumulation; EUR

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 EH-M
Accumulation

2.20

-3.71

-10.761.00-

Bloomberg Global Aggregate Bond Index EuroHedged

2.36-2.18-10.14-0.84-30/06/1830/06/19

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 EH-M
Accumulation-----

Management fee

Bloomberg Global Aggregate Bond Index EuroHedged-----

0.55%

Past performance does not predict future returns.

Returns shown in EUR

Dealing frequency; Cut off
Daily; 2:00 pm GMT
Domicile; Category
Ireland; UCITS
Fund size
USD 1,436.60m
Fund launch date

Returns shown in EUR

29 September 1994
Share class launch date
04 October 2019

ISIN; Bloomberg
IE00BKT6RZ25;
Share class NAV

The current benchmark is the Bloomberg Global Aggregate Index (EUR Hdg) - Total Returns. Effective August 24, 2021, theBloomberg Barclays fixed income indices were rebranded the Bloomberg Indices. The benchmark prior to 24th August 2016 was theBarclays Global Aggregate Bond Index EUR Hdg. The benchmark prior to November 2008 was the Lehman Brothers GlobalAggregate (EURH) Index.

EUR 41.94m

131 July 2024

Russell Investments Global Bond Fund
Portfolio Statistics

Fund

3 years

Fund

Benchmark6.8

Volatility

8.88.8Average maturity

10.3

Tracking error

1.01.0

Average credit rating

AASharpe ratio

Effective duration

Yield to worst

3.3

Ten largest holdings by weight
Security

FundBenchmark

TREASURY BILL 09/24 0.00000

3.9%

-

US TREASURY N/B 05/25 2.875

2.1%

-

US TREASURY N/B 09/24 1.5

1.9%

-

US TREASURY N/B 03/25 1.75

1.9%

-

MEX BONOS DESARR FIX RT BONDS 03/27 5.5

1.8%

0.0%

FNMA TBA 30 YR 6 SINGLE FAMILY MORTGAGE

1.8%-TREASURY BILL 09/24 0.00000

1.6%-FNMA TBA 30 YR 5.5 SINGLE FAMILY MORTGAGE

1.5%

-

US TREASURY N/B 04/25 0.375

1.3%

-

US TREASURY N/B 05/26 4.875

1.2%

0.1%

Credit Quality Weights--Information ratio

0.0

0.0

3 year return (net)

-4.0%

-3.3%

3 year excess return (net)-0.7%-Sector weights
Fund

BenchmarkTreasuries

41.8%

44.2%

Corporate - Investment Grade

21.9%

17.6%

Securitized

16.9%

11.7%

Emerging Markets - Local Currency

5.6%

12.8%

Emerging Markets - Hard Currency

4.8%

3.0%

Other

4.6%

2.2%

Corporate - High Yield

3.0%

0.4%

Government Related

1.3%

8.2%

Bank Loan

0.0%

0.0%

FundBenchmark

FundBenchmark

AAA

41.7%

37.6%

AA

4.8%

16.7%

A

17.0%

29.7%

US Dollar

47.0%

45.9%

BBB

27.8%

15.4%

Euro

20.5%

22.3%

BB

4.4%

0.5%

Japanese Yen

9.9%

9.1%

B

0.2%

0.0%

Yuan Renminbi

9.3%

9.5%

CCC & Below

0.3%

0.0%

Pound Sterling

4.0%

4.0%

Unrated

3.8%

0.0%

Canadian Dollar

2.9%

2.8%

Australian Dollar

1.6%

1.4%

South Korean Won

0.9%

1.2%

Brazilian Real0.7%

0.0%Turkish Lira

0.4%

0.0%

Currency Exposure231 July 2024

Russell Investments Global Bond FundESG Data
Fund

BenchmarkESG Score

20.3

19.7Carbon Footprint

104.1

153.4

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

StrategyTarget

Actual

RBC Global Asset Management (UK) LimitedRates/FX

29.0%

33.5%

Schroder Investment Management North America Inc.

Structured Products

13.0%

17.9%

Western Asset Management Company Limited

Investment Grade Corporate

21.0%

13.3%

Russell Investments

Positioning Strategies

37.0%

35.4%

Any reference to specific money managers should not be taken as a recommendation. Money managers are subject to change.

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)
M-01562-2024-08-15

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