31 July 2024

Russell Investments Global Credit 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 Credit Index (USD) - Total Returns (theIndex) which it seeks to outperform by 0.75% over the medium to long term. Russell Investments/
Money Managers have full discretion to select investments for the Fund. This product is an Article 8product, as defined under EU regulation - it promotes environmental or social characteristics andinvests in companies 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 underperformed the benchmark return over the month. Credit positioning was positive,
helped by an overweight to investment grade financials in Europe. In US credit, an underweight toinvestment grade contributed positively while an overweight to high yield industrials detracted.
Underweight exposure to investment grade hard currency emerging market debt was beneficial,
particularly in the Middle East. Elsewhere, in sovereign debt an underweight to Spain was ineffective. In
currencies, underweights to the Swiss franc and Japanese yen detracted while overweights to the US
dollar and New Zealand dollar were positive. Rates allocations were modestly helpful, largely due to an
overweight to German bunds. However, positioning in US Treasuries was unrewarded, albeit
overweights to two and 10-year issues were effective.

Performance Review %Performance to period end
Returns shown in EUR

1monthReturn net of management fee Class
EH-C Acc
Bloomberg Global Aggregate Credit
Index Hedged (EUR)

36months months

Year toDate

1year

3years

5years10years

Sinceinception

1.6

3.5

1.2

0.9

4.4

-6.1

-2.1

-0.4

-0.1

1.9

3.8

1.6

1.4

5.4

-3.9

-1.0

0.8

1.1

All returns greater than 1 year are annualised

Fund facts
Share Class; Dealing ccy
EH-C Acc; 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-C Acc

2.98

-3.39

-17.043.22

4.16

Bloomberg Global Aggregate Credit Index
Hedged (EUR)

3.84

-1.51

-14.042.06

4.5630/06/18
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

Returns shown in EUR

Dealing frequency; Cut offDaily; 2:00 pm GMT
Domicile; Category
Ireland; UCITS
Fund size
USD 818.65m
Fund launch date

Returns shown in EUR

24 March 2010

Return net of management fee Class EH-C Acc

4.82

-2.85

0.63

4.00

0.19

Share class launch date

Bloomberg Global Aggregate Credit Index
Hedged (EUR)

6.11

-1.59

0.51

5.75

1.68

24 January 2013

Management fee

Past performance does not predict future returns.

1.40%

The current benchmark is the Bloomberg Global Aggregate Credit 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 Credit Index EUR Hdg.

ISIN; Bloomberg
IE00B97N5650;
Share class NAV
EUR 27.83m1

31 July 2024

Russell Investments Global Credit Fund
Portfolio Statistics

Effective duration
Average maturity
Average credit rating
Yield to worstFund

3 years

FundBenchmark

6.2Volatility

9.5

9.5

10.6

Tracking error

1.1

1.1A

Sharpe ratio

4.7

Volatility 3 Year

9.5%

Volatility 5 Year

9.1%--Information ratio

-0.7

-0.7

3 year return (net)

-4.7%

-3.9%

3 year excess return (net)-0.7%-Sector weights
Ten largest holdings by weight
Security

Fund

BenchmarkFundBenchmarkCorporate - Investment Grade

65.6%

72.0%

Other

10.1%

0.1%
0.5%

BUNDESREPUB. DEUTSCHLAND BONDS REGS 08/33
2.6

1.9%

-US TREASURY N/B 02/54 4.25

1.2%

-Treasuries

7.9%

US TREASURY N/B 05/44 4.625

0.6%-Corporate - High Yield

6.8%

1.6%

BUNDESOBLIGATION BONDS REGS 10/28 2.4

0.5%-Government Related

4.3%

14.9%

ASR NEDERLAND NV SUBORDINATED REGS 12/43 VAR

0.5%

0.0%

BUNDESSCHATZANWEISUNGEN BONDS REGS 12/24
2.2

Emerging Markets - Hard Currency

4.3%

10.8%

0.5%

-Securitized

0.9%

0.1%

MCDONALD S CORP SR UNSECURED REGS 03/35 4.25

0.5%

0.0%

Emerging Markets - Local Currency

0.0%

0.0%

MAPFRE SA SUBORDINATED REGS 04/30 2.875

0.4%

0.0%

SELP FINANCE SARL COMPANY GUAR REGS 05/29
0.875

0.4%

0.0%

TELEFONICA EUROPE BV COMPANY GUAR REGS 12/99
VAR

0.4%

-Fund

Benchmark

US Dollar

64.6%

64.6%

Euro

27.7%

26.4%

Pound Sterling

5.4%

4.3%

Canadian Dollar

2.3%

2.6%

Norwegian Krone

0.8%

0.0%

New Zealand Dollar

0.5%

0.1%

Japanese Yen

0.4%

0.5%

Argentine Peso

0.0%

0.0%

Brazilian Real

0.0%

0.0%

Polish Zloty

0.0%

0.0%

Credit Quality Weights
Fund

Benchmark

AAA

19.6%

8.5%

AA

3.7%

14.1%

A

23.0%

34.1%

BBB46.1%

41.6%

BB

7.3%

1.7%

B

0.2%

0.0%

CCC & Below

0.0%

0.0%

Unrated

0.1%

0.0%

Currency Exposure2

31 July 2024

Russell Investments Global Credit FundESG DataFund

BenchmarkESG Score

21.2

20.6

Carbon Footprint

152.2

195.4

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 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

StrategyTargetActual

FIL Pensions Management

Investment Grade Corporate

14.0%

17.3%

MetLife Investment Management, LLC

Investment Grade Corporate

27.0%

22.7%

ROBECO INSTITUTIONAL ASSET MANAGEMENT B.V.

Investment Grade Corporate

24.0%

27.9%

Western Asset Management Company Limited

Investment Grade Corporate

15.0%

11.8%

Russell Investments

Positioning Strategies

20.0%

20.3%

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'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© 1995-2024 Russell Investments Group, LLC. All rights reserved.
PaR-00709 (EXP Dec 2024)
M-01562-2024-08-15

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