31 July 2024

Russell Investments Global Small Cap Equity Fund
Fund Objective
The Fund aims to achieve is to achieve capital appreciation by investing in equity securities worldwide,with a focus on investments in small and medium sized companies. The Fund is actively managed withreference to the MSCI World Small Cap Index (USD) - Net Returns (the Index) which it seeks tooutperform by 2% over the medium to long term. Russell Investments has full discretion to selectinvestments for the Fund.

Fund Update

Megan Roach, CFA
Portfolio Manager

Russell Investments' Global Equity
Team comprises over 23
experienced professionals,
including portfolio managers,
researchers, portfolio analysts, andstrategists in Russell Investments
offices around the globe.
The team manages a wide range ofU.S., non-U.S developed, emerging
market, frontier market, and global
equity mandates.

The Fund is dynamically managed in alignment with our cycle, valuation, sentiment (CVS) framework totake advantage of tactical opportunities within each manager’s excess return cycle. The Fund maintains
exposure to growth and also holds a tilt towards quality and momentum. In alignment with Russell
Investments’ strategic equity beliefs, stock selection of the underlying active managers, based on theirlong-term assessment of each individual company, continues to be the primary driver of the Fund’s
expected risk and return.

Performance Review %Performance to period end
Returns shown in EUR

1monthReturn net of management fee Class CAccRussell 2000 Index (USD) Net Returnsof Withholding Tax 30% (EUR)36months months

Year toDate

1year

3years

5years10years

Since
inception

5.8

8.2

13.6

13.8

13.75.4

9.4

9.4

7.4

5.8

8.2

12.0

10.7

13.3

3.8

8.6

10.3

8.6

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 C Acc

11.66

7.20

-9.87

58.99

-11.39Russell 2000 Index (USD) Net Returns ofWithholding Tax 30% (EUR)

12.37

7.12-15.45

52.96

-5.74

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
30/06/15Return net of management fee Class C Acc

-2.39

13.83

17.74

-11.15

28.22

Russell 2000 Index (USD) Net Returns ofWithholding Tax 30% (EUR)

-1.28

14.41

20.86

-6.88

30.34

Returns shown in EUR

Fund facts
Share Class; Dealing ccy
C Acc; EUR
Dealing frequency; Cut off
Daily; 2:00 pm GMT
Domicile; Category
Ireland; UCITS
Fund size

Returns shown in EUR

USD 37.92m
Fund launch date
13 June 1997

Past performance does not predict future returns.
The current benchmark is the MSCI World Small Cap Index (USD) - Net Returns. Prior to 31st July 2023 the benchmark was theRussell 2000 Net 30%. Prior to 1 October 2012 the benchmark was Russell 2500 Net 30%

Share class launch date
29 January 1999

Management fee
1.50%
ISIN; Bloomberg
IE0002549826; FRUUCCI ID
Share class NAV
EUR 0.15m

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31 July 2024

Russell Investments Global Small Cap Equity Fund
Portfolio Statistics

Fund

Benchmark3 years

Fund

BenchmarkNumber of equity holdings

881

4043

Volatility

19.7

19.7

Price/Earnings

20.0

15.7

Tracking error

2.6

2.6

Dividend Yield

1.8

1.8

Sharpe ratio--

Price to Book2.0

2.0

Information ratio

1.3

1.3

EPS Growth (1 Year)

36.0

36.9

3 year return (net)

5.5%

3.8%

3 year excess return (net)

1.8%-Ten largest holdings by weightIssuer

Fund

BenchmarkBalfour Beatty PLC

0.7%

0.0%

Pandora A/S

0.6%

0.0%

NS Solutions Corp

0.5%

0.0%

4imprint Group PLC

0.5%

Mitsubishi Heavy Industries Ltd

Sector weights
Fund

BenchmarkIndustrials

23.2%

20.1%

Financials

15.6%

15.7%

0.0%

Information Technology

13.2%

10.7%

0.5%

0.0%

Consumer Discretionary

10.9%

13.3%

Bekaert SA0.5%

0.0%

Health Care

10.8%

9.7%

Yurtec Corp

0.5%

0.0%

Materials

7.5%

7.5%

Air Lease Corp

0.5%

0.1%

Communication Services

5.2%

2.9%

Internet Initiative Japan Inc

0.5%

0.0%

Energy5.0%

4.8%

Ringkjoebing Landbobank A/S

0.4%

0.1%

Real Estate

4.6%

8.0%

Consumer Staples

2.9%

4.8%

Utilities

1.2%

2.5%

Other

0.0%

0.0%

Fund

BenchmarkRegional weights
Fund

Benchmark

United States

59.4%

61.1%

Japan

12.3%

12.4%

Europe ex UK

12.0%

12.4%

United Kingdom

6.4%

5.6%

ESG Score

22.6

22.6Canada

4.8%

3.7%

Carbon Footprint

99.2

124.6

Australia/New Zealand

3.4%

3.3%

Asia ex Japan

0.9%

1.2%

Emerging Markets

0.8%

0.3%

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 areavailable 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 of CO2e divided by revenue (USD $M).

ESG Data2

31 July 2024

Russell Investments Global Small Cap Equity Fund
Fund structureManager/Strategy

Strategy

TargetActualAllianceBernstein L.P.
Boston Partners Global Investors, Inc.

Value

9.0%

10.3%

Value

18.0%

18.7%

Calamos Advisors LLC

Growth9.0%

7.1%

Copeland Capital Management, LLC

Small Cap Dividend Growth

14.0%

14.1%

Four Seasons Asia Investment Pte. Ltd.

Market-Oriented

15.0%

14.9%

Joh. Berenberg, Gossler & Co. KG

Growth6.0%

6.6%

Liontrust Investment Partners LLP

Market-Oriented

9.0%

9.4%Russell Investments

Positioning Strategies

20.0%

18.9%

Russell Investments may trade a portion of the Fund's assets based on a model portfolio provided by the investment advisor. By employing this emulated portfolio approach, theFund leverages off the implementation capabilities of Russell Investments in order to manage the funds in an efficientmanner.

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.
The net assets of the fund are likely to have high volatility.
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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