30 June 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 outperformed the benchmark in the second quarter. In factors, the tilt towards growth andmomentum stocks was favourable. In sectors, stock selection within industrials (overweight FTAIAviation) was rewarded. Other key contributors included overweights to Meiko Electronics within
information technology and ADMA Biologics within health care. An underweight to and selection within
consumer discretionary was also additive. However, selection within financials (overweight Super MicroComputer) detracted.

Performance Review %Performance to period end
Returns shown in USD

1monthReturn net of management fee Class A
Acc
Russell 2000 Index (USD) Net Returnsof Withholding Tax 30%

36months months

Year toDate

1
year

3
years

5
years

10years

Since
inception

-1.7

-2.1

4.7

4.7

10.4

-0.2

8.1

6.5

7.7

-1.9

-2.8

1.5

1.5

10.4-2.7

6.7

6.6

8.1

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 A Acc

10.38

12.54

-20.0668.82-12.06

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

10.38

11.79

-25.46

61.50

-7.04

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
30/06/15

Return net of management fee Class A Acc

-4.21

17.19

21.61

-10.854.91

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

-3.72

17.12

24.08

-7.15

6.07

Returns shown in USD

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

Returns shown in USD

USD 38.18m
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 date16 June 1997

Management fee
0.90%
ISIN; Bloomberg
IE0003512708; FRUSSCA ID
Share class NAV
USD 24.72m

130 June 2024

Russell Investments Global Small Cap Equity Fund
Portfolio Statistics

Fund

BenchmarkNumber of equity holdings

8844056

Price/Earnings

18.5

14.9

Dividend Yield

1.9

1.9

Price to Book

1.9

1.9

EPS Growth (1 Year)

65.1

60.6

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Sector weights
Ten largest holdings by weight

Fund

BenchmarkIndustrials

23.9%

20.0%

IssuerFundBenchmarkPandora A/S

0.6%

0.0%

Information Technology

15.2%

11.3%

Balfour Beatty PLC

0.6%

0.0%

Financials

14.5%

15.1%

10.5%

9.7%

Bekaert SA

0.5%

0.0%

Health Care

Nishi-Nippon Financial Holdings Inc

0.5%

0.0%

Consumer Discretionary

10.0%

13.3%

7.4%

7.5%

Tenet Healthcare Corp

0.5%

0.2%

Materials

Kyushu Financial Group Inc

0.5%

0.0%

Energy

5.3%

5.1%

0.0%

Communication Services

4.7%

2.9%

4.1%

7.9%

4imprint Group PLC

0.5%

Meiko Electronics Co Ltd

0.5%

0.0%

Real Estate

Bankinter SA

0.4%

0.1%

Consumer Staples

3.1%

4.8%

0.1%

Utilities

1.2%

2.5%

Other

0.0%

0.0%

Fund

Benchmark

Ringkjoebing Landbobank A/S

0.4%

Regional weights
FundBenchmark

United States

60.0%

60.6%

Europe ex UK

13.2%

12.8%

Japan

11.2%

12.2%

United Kingdom

6.3%

5.5%

Canada4.7%

3.8%

Australia/New Zealand

2.8%

3.6%

Asia ex Japan

1.0%

1.3%

Emerging Markets

0.9%

0.3%

ESG Data

ESG Score

23.1

23.2

Carbon Footprint

99.2

128.2

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).

230 June 2024

Russell Investments Global Small Cap Equity Fund
Fund structureManager/Strategy

Strategy

TargetActualAllianceBernstein L.P.

Value

9.0%

10.3%

Boston Partners Global Investors, Inc.

Value

9.0%

6.7%

Boston Partners Global Investors, Inc.

Value

9.0%

11.1%

Calamos Advisors LLC

Growth9.0%

7.1%

Copeland Capital Management, LLC

Small Cap Dividend Growth

14.0%

13.5%

Four Seasons Asia Investment Pte. Ltd.

Market-Oriented

15.0%

14.4%

Joh. Berenberg, Gossler & Co. KG

Growth6.0%

6.5%

Liontrust Investment Partners LLP

Market-Oriented

9.0%

9.2%

Russell Investments

Positioning Strategies

20.0%

21.2%

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 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'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-01540 2024-07-17

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