31 July 2024

Russell Investments Euro Fixed Income Fund
Fund Objective
The Fund aims to achieve income and growth by investing at least 70% of its assets in Eurodenominated bonds. The Fund is broadly diversified across European countries (as well as non-E.U.),
across industry sectors and maturities. The Fund is actively managed with reference to the FTSE EuroBroad Investment-Grade Bond Index which it seeks to outperform by 0.5% over the medium to longterm. Russell Investments/ Money Managers have full discretion to select investments for the Fund.

Fund Update

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.

The Fund is dynamically managed in alignment with our cycle, valuation, sentiment (CVS) framework.
The Fund holds an overweight to duration. The Fund is also overweight investment grade and high yieldfinancials, industrials and utilities. We believe bonds with credit risk will generate higher returns thanthose of comparable high-quality government securities over a market cycle. Both sets of Russell
Investments positioning strategies continue to play a key role in diversifying the Fund’s return profile.

Performance Review %Performance to period end
Returns shown in EUR
Return net of management fee ClassClass FFTSE EuroBig Index

1month3
6months months

Year toDate

1year

3years

5years10years

Sinceinception

2.1

3.0

1.1

0.7

6.1

-4.8

-2.2

-0.2

1.7

2.1

2.4

1.1

0.8

5.5

-4.3

-2.1

0.5

3.1

All returns greater than 1 year are annualised

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 Class F

4.69

-3.59

-14.891.46

1.81

FTSE EuroBig Index

3.55

-3.59

-12.610.46

1.82

Returns shown in EUR

30/06/18
30/06/19

30/06/17
30/06/18

30/06/16
30/06/17

30/06/15
30/06/1630/06/14
30/06/15

Return net of management fee Class Class F

4.36

-0.67

-2.77

5.82

2.07

FTSE EuroBig Index

5.57

1.49-2.22

7.31

3.58

Returns shown in EUR

Fund facts
Share Class; Dealing ccy
Class F; EUR
Dealing frequency; Cut offDaily; 2:00 pm GMT
Domicile; Category
Ireland; UCITS

Past performance does not predict future returns.

Fund size

The current benchmark is the FTSE Euro Broad Investment-Grade Bond Index

EUR 85.16m
Fund launch date
22 June 2001
Share class launch date25 June 2002

Management fee
1.60%
ISIN; BloombergIE0031181930;
Share class NAV
EUR 0.03m

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31 July 2024

Russell Investments Euro Fixed Income Fund
Portfolio Statistics

Fund

3 years

FundBenchmark

7.1

Volatility

8.7

8.7

Average maturity

11.3

Tracking error

2.3

2.3

Average credit rating

AA

Sharpe ratio

Effective duration

Yield to worst

3.3

Ten largest holdings by weight
Security

Fund

Benchmark

NETHERLANDS GOVERNMENT BONDS 144A REGS
07/32 0.5

10.8%

0.1%

BUNDESSCHATZANWEISUNGEN BONDS REGS 06/25
2.8

9.6%

-BUNDESREPUB. DEUTSCHLAND BONDS REGS 08/332.66.3%

BUNDESOBLIGATION BONDS REGS 10/28 2.4--Information ratio

0.5

0.5

3 year return (net)

-4.7%

-4.3%

3 year excess return (net)-0.4%-Sector weights
FundBenchmark

Corporate - Investment Grade

47.7%

19.6%

Treasuries

33.0%

54.7%

0.2%

Other

12.4%

6.9%

3.5%

0.2%

Government Related

3.7%

16.6%

ASR NEDERLAND NV SUBORDINATED REGS 12/43 VAR

3.2%

0.0%

Corporate - High Yield

3.1%

0.4%

PROLOGIS INTL FUND II COMPANY GUAR REGS 06/31
3.125

2.4%

0.0%

Emerging Markets - Hard Currency

0.0%

1.8%

Securitized

0.0%

0.0%

VOLKSWAGEN INTL FIN NV COMPANY GUAR REGS
12/99 VAR

2.3%

0.0%

CRH SMW FINANCE DAC COMPANY GUAR REGS 07/35
4.25

1.9%

0.0%

NATWEST GROUP PLC SUBORDINATED REGS 02/34
VAR

1.7%

0.0%

BP CAPITAL MARKETS BV COMPANY GUAR REGS
05/35 4.323

1.7%

0.0%

Credit Quality Weights
FundBenchmark

45.4%

25.0%

AA

1.7%

29.7%

A

19.7%

15.6%

BBB

29.7%

29.3%

BB

3.5%

0.5%

B

0.0%

0.0%

CCC & Below

0.0%

0.0%

Unrated

0.0%0.0%AAA2

31 July 2024

Russell Investments Euro Fixed Income FundESG Data
Fund

BenchmarkESG Score

22.0

16.8

Carbon Footprint

172.8

96.1

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

Strategy

TargetActualFIL Pensions ManagementCore

95.0%

96.8%

Russell Investments

Positioning Strategies

5.0%

3.2%

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
PaR-00709 (EXP Dec 2024)
M-01564-2024-08-15

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