31 July 2024

The Global Real Estate Securities Fund
Fund Objective
The Fund aims to achieve long term growth and income by investing worldwide in the equities ofproperty-related companies. Each underlying investment strategy has a complementary investment
style, with a focus on property-related companies and trusts. The Fund is actively managed withreference to the FTSE EPRA/NAREIT Developed Real Estate Index (USD) - Net Returns (the Index)
which it seeks to outperform by 1.75% over the medium to long term. Russell Investments has full
discretion to select investments for the Fund.

Fund Update
Bruce Eidelson
Portfolio Manager

Russell Investments' Real AssetTeam comprises over 23
experienced professionals,
including portfolio managers,researchers, portfolio analysts, andstrategists in Russell Investments
offices around the globe. The teammanages a wide range of mandates,
including listed real estate, private
real estate, listed infrastructure, andcommodities.

The global listed property market advanced in July, outperforming the broader equity market. Fallingbond yields and expectations of a Federal Reserve rate cut in September provided a boost. Regionally,
Japan was the best-performing region. North America followed, with strong performance across office,specialty and industrial real estate investment trusts (REITs), which finished near the top of the index.
Real estate securities in Europe and Asia ex Japan lagged slightly, but still managed modest gains. In
this market environment, the Fund outperformed the benchmark during the month. The overweight tospecialty REITs coupled with favourable security selection among the health care and storage sectors
was beneficial. Positive stock selection within Hong Kong further contributed to outperformance. The
underweight to US office REITs modestly detracted.

Performance Review %Performance to period end
Returns shown in USD
Return net of management fee Class A
Roll-UpFTSE EPRA Nareit Developed Index
NET1month

3
6
months months

Year toDate

1
year

3
years

5
years

10years

Since
inception

5.8

10.2

6.6

2.4

6.2

-5.4

0.1

1.8

2.7

6.0

10.0

6.4

2.1

6.8

-4.1

0.4

2.6

3.8

All returns greater than 1 year are annualised

Rolling 12 Month Performance (%)
Fund facts
30/06/23
30/06/24

30/06/22
30/06/23

30/06/2130/06/22

30/06/20
30/06/21

30/06/19
30/06/20

Return net of management fee Class A Roll-Up

3.50

-5.31

-15.3433.99-14.82

FTSE EPRA Nareit Developed Index NET

4.54

-4.56

-13.4433.55-16.2530/06/18
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

Share Class; Dealing ccy

Returns shown in USD

A Roll-Up; USD
Dealing frequency; Cut off
Daily; 2:00 pm GMT
Domicile; Category
Ireland; UCITS
Fund launch date

Returns shown in USD

14 December 2005

Return net of management fee Class A Roll-Up

5.70

5.21

1.17

7.38

-0.80

Share class launch date

FTSE EPRA Nareit Developed Index NET

7.68

5.64

0.21

11.58

-0.36

23 December 2005

Management fee
1.50%
ISIN; Bloomberg

Past performance does not predict future returns.
The current benchmark is the FTSE EPRA/NAREIT Developed Real Estate Index (USD) - Net Returns converted into the currency
displayed in the performance table above where applicable. The benchmark prior to October 2010 was FTSE EPRA/NAREIT RealEstate Index (Dublin Tax).

IE00B0SY5L92; MSGRESA ID
Share class NAV
USD 7.42m1

31 July 2024

The Global Real Estate Securities Fund
Portfolio Statistics

Fund

Benchmark3 years

Fund

BenchmarkDeveloper (%)

99Volatility

19.6

19.6

Investor (%)

91

91

Tracking error

1.3

1.3

Number of holdings

128

358

Sharpe ratio

Ten largest holdings by weight
IssuerFundBenchmark

Prologis Inc

6.1%

6.7%

Welltower Inc

5.5%

3.8%

Digital Realty Trust Inc

4.7%

2.8%

Simon Property Group Inc

3.4%

2.9%

Equinix Inc

2.6%

4.3%

Goodman Group

2.6%

Essex Property Trust Inc--Information ratio

0.2

0.2

3 year return (net)

-5.3%

-4.1%

3 year excess return (net)-1.2%-Property Sector Weights
FundBenchmark

Residential

18.6%

14.5%

Industrial

16.9%

16.6%

2.5%

Retail

13.4%

13.5%

2.6%

1.0%

Self Storage

6.0%

6.0%

Iron Mountain Inc

2.5%

1.7%

Office3.4%

6.3%

Public Storage

2.2%

2.7%

Other Real Estate--

AvalonBay Communities Inc

2.2%

1.7%

Fund

BenchmarkESG Data
Country weight
Fund

BenchmarkESG Score

12.6

12.7

United States

65.0%

64.1%

Carbon Footprint

97.7

80.1

Japan

9.0%

9.3%Australia

5.2%

5.9%

United Kingdom

5.1%

4.3%

Singapore

2.8%

3.2%

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).

Canada2.6%

2.2%

France2.3%

1.5%

Germany

2.3%

2.0%

China/Hong Kong

2.2%

2.1%

Sweden1.7%

1.9%

231 July 2024

The Global Real Estate Securities FundManager/Strategy

Strategy

TargetActualCohen & Steers Capital Management, Inc.

Global Market-Oriented

38.8%

41.1%

RREEF America L.L.C.

Public Market Equity

48.5%

45.7%

Russell Investments

Positioning Strategies

12.7%

13.2%

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 efficient manner.

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 value of a REIT depends on factors including the general economic climate and outlook, overall performance and outlook of the property market and related sectors, market
value of and amount of rental income generated by its underlying properties, the levels of and any changes in interest rates, and the overall depth and liquidity of the real estatemarket and other assets in which the REIT is invested.
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-01562-2024-08-15

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