31 March 2024

Russell Investments Global Listed Infrastructure
Fund Objective
The Fund aims to achieve long term capital growth by investing at least 80% of its assets worldwide inthe equities of companies that are engaged in infrastructure projects. The Fund is actively managedwith reference to the S&P Global Infrastructure 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

Patrick Nikodem
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.

Listed infrastructure managed modest gains. Energy infrastructure, data centres, and waste wereamong the best performing sectors, while the more interest rate-sensitive utilities and cellular tower
segments were weaker. Within this environment, the Fund finished ahead of the benchmark. Stockselection within transports was beneficial. The underweight to Chinese seaports operators was a notable
contributor. Out-of-index exposure to the waste sector was additive. The sector advanced during thequarter, supported by strong earnings results. Unfavourable security selection within the electricutilities sector had a negative impact. An underweight to Constellation Energy was the primarydetractor from performance, which rallied on better-than-expected earnings and guidance. Offbenchmark allocation to cellular towers further detracted as higher interest rates remain a headwind forthe sector.

Performance Review %Performance to period end
Returns shown in EUR
Return net of management fee Class P
S&P Global Infrastructure Index - Net
Return USD

1month3
6months months

Year toDate

1year

3years

5years10years

Since
inception

4.3

3.4

9.8

3.4

3.7

7.9

5.2

7.4

10.1

4.7

3.4

9.7

3.4

3.7

7.6

4.8

6.8

9.4

All returns greater than 1 year are annualised

Rolling 12 Month Performance (%)
Fund facts

31/03/23
31/03/24

31/03/22
31/03/23

31/03/21
31/03/22

31/03/20
31/03/2131/03/19
31/03/20

Return net of management fee Class P

3.67

-1.40

22.85

22.72

-16.33

S&P Global Infrastructure Index - Net ReturnUSD

3.74

-1.95

22.39

26.96

-20.0931/03/18
31/03/19

31/03/17
31/03/18

31/03/16
31/03/17

31/03/15
31/03/16

31/03/14
31/03/15

Returns shown in EUR
Share Class; Dealing ccy
P; EUR
Dealing frequency; Cut off
Daily; 2:00 pm GMT
Domicile; Category
Ireland; UCITS
Fund size

Returns shown in EUR

USD 233.23m

Return net of management fee Class P

19.27-10.09

16.46

-6.03

34.56

Fund launch date

S&P Global Infrastructure Index - Net Return
USD

18.50

-9.38

17.93

-9.35

33.37

01 April 2009
Share class launch date

Past performance does not predict future returns.

01 April 2009

The current benchmark is S&P Global Infrastructure Index (USD) - Net Returns

Management fee
0.70%
ISIN; Bloomberg
IE00B3FNDQ16; RUGLINP ID
Share class NAV
EUR 14.79m

1

31 March 2024

Russell Investments Global Listed Infrastructure
Portfolio Statistics

Fund
Number of equity holdings

Benchmark3 years

FundBenchmark

075

Volatility

15.6

15.6

Price/Earnings

23.723.5

Tracking error

1.7

1.7

Dividend Yield

3.9

3.9

Sharpe ratio

0.3

0.3

Price to Book

2.3

1.9

Information ratio

0.6

0.6

EPS Growth (1 Year)

7.5

10.4

3 year return (net)

8.8%

7.6%

3 year excess return (net)

1.2%-Ten largest holdings by weight
IssuerFundBenchmark

Aena SME SA

5.1%

5.0%

Transurban Group

4.7%

5.0%

NextEra Energy Inc

4.4%

5.1%

Cheniere Energy Inc

3.7%

Getlink SE

Sector weights
Fund

BenchmarkUtilities

38.9%

40.0%

Industrials

38.8%

40.1%

2.1%Energy

16.9%

19.8%

2.7%

2.6%

Real Estate

3.7%

0.0%

Grupo Aeroportuario del Pacifico SAB de CV

2.6%

3.0%

Communication Services

0.9%

0.0%

Enbridge Inc

2.5%

4.2%

Financials

0.3%

0.0%

Grupo Aeroportuario del Sureste SAB de CV

2.4%

2.8%

Consumer Discretionary

0.2%

0.0%

Southern Co/The

2.4%

3.2%

Information Technology

0.1%

0.0%

Atlas Arteria Ltd

2.2%

1.9%

Materials

0.1%

0.0%

Health Care

0.1%

0.0%

Consumer Staples

0.1%

0.0%

Fund

BenchmarkRegional weights
Fund

Benchmark

United States

44.5%

40.6%Europe ex UK

22.7%

21.5%

Australia/New Zealand

10.8%

12.0%

ESG Score

20.1

20.6

Emerging Markets

9.4%

12.5%

Carbon Footprint

550.0

688.1

Canada7.5%

8.2%

United Kingdom

2.8%

2.0%

Japan

2.1%

1.7%

Asia ex Japan

0.3%

1.4%

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 areavailable at https://www.sustainalytics.com/esg-data. Carbon footprint is the weightedaverage carbon intensity of the Scope 1 and 2 carbon emission intensity of companies inthe portfolio. It is measured in tonnes of CO2e divided by revenue (USD $M).

ESG Data231 March 2024

Russell Investments Global Listed Infrastructure
Fund structureManager/Strategy

Strategy

TargetActualCohen & Steers Capital Management, Inc.

Public Market Equity

14.5%

15.2%

First Sentier Investors (Australia) IM Ltd

Public Market Equity

36.9%

37.8%

Nuveen Asset Management, LLC

Public Market Equity

35.9%

35.7%

Russell Investments

Positioning Strategies

12.7%

11.4%

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 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.
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