30 June 2024

Multi Asset Income Fund
Fund Objective
This fund aims to deliver a monthly income to investors, while looking to preserve and grow theinvestment to overcome the effects of inflation. The wide range of investments includes bonds andshares in global companies and infrastructure companies e.g. toll roads. Capital invested in the Fund isat risk and there is no guarantee that the investment objective will be met. The Fund may use currency
hedging techniques to reduce exposure to currencies other than Sterling. The fund utilises both active
management and passive strategies in its implementation.

Suggested UseThomas Sollis
Portfolio Manager

Russell Investments' Multi-Asset
Strategies Team comprises over 23
experienced professionals,
including portfolio managers,
researchers, portfolio analysts, andstrategists in Russell Investments
offices around the globe. This teamfocuses on total client outcomes,
including all major asset classes intheir solutions. They identify areasof the market offering attractive
valuations and growth potential
with a reasonable level of risk andresearch strategies and managers toWe've designed this fund to seek to yield more thanbank deposits, while aiming not to deplete capital(as with other, less efficient income strategies). It is
likely to be suitable for income needs where thecapital may need to be put to use at a later date(such as school fees), or for ongoing living
expenses where you'd want the income to increase
with inflation.

Fixed IncomeEquityCash
Real Assets

Fund Update
The Fund was flat in the second quarter. Continued momentum in the artificial intelligence theme drove
broad equity markets to new all-time highs. Inflation also fell in the US and the UK, supporting investor
hopes for rate cuts later this year. Nonetheless, yields moved higher overall due to a sharp move inApril. In this market environment, our exposure to high yield bonds was positive despite credit spreads
widening slightly given the nice overall yield from the asset class and lower interest rate sensitivity. Our
exposure to government bonds and investment grade credit was unhelpful as yields rose due to ratecuts being pushed to later in the year. Within equities, our bias towards high dividend yielding stocks
was unhelpful as defensive and energy stocks struggled. Our small allocation to listed real estate
detracted as higher rates persisted, weighing on the asset class.

Fund facts
Inception date
02 October 2012
SEDOL
B8GKWL4

Performance Review %Performance to period end
Returns shown in GBPReturn net of management fee Class C
Class Share Accumulation GBP

1month3
6months months

0.2

-0.2

0.4

Year toDate

1year

3years

5years10years

Since
inception

0.4

6.7

0.7

1.8

2.4

3.1

All returns greater than 1 year are annualised

Ongoing Charge
1.1% (30/11/23)
Minimum Investment£1,000 initial, £500 subsequent

Rolling 12 Month Performance (%)

Currency
GBP
Distribution date

Returns shown in GBPReturn net of management fee Class C Class
Share Accumulation GBP

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

6.70

1.36

-5.55

15.24

-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

2.94

-1.00

8.22

2.76

2.08

Monthly, last day of month

Returns shown in GBPReturn net of management fee Class C Class
Share Accumulation GBP
Past performance does not predict future returns.

The Fund does not have a benchmark. The absence of a benchmark is because the Fund has a flexible allocation between equity and
fixed income investments driven by the objective of targeting an annualised yield of 4%, meaning that there is no index or sector thatwould be an appropriate comparator. Performance of the Fund can be assessed against the range of asset classes in which it invests,
in proportion to its holdings in these asset classes. Information to facilitate this assessment will be provided to investors on aquarterly basis via the fund’s factsheet. The factsheet will be made available to intermediaries.

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30 June 2024

Multi Asset Income Fund
Portfolio Statistics

Real Asset Top 10 Sub Sectors
FundFund

No of Managers

29

Telecommunication

46.9%

No of Holdings

4939

Industrial

35.6%

Volatility 3 Year

7.4%

Data Centre

15.4%

Volatility 5 Year

10.2%

Health Care

1.8%

Current yield

4.4%

Retail0.1%

Diversified

0.1%

Technology

0.0%

Fund size

GBP 6.95m

Sector weights

Regional weights

Fund

FundUnited States
Europe ex UK

52.2%
23.6%

Emerging Markets

9.5%

Japan

3.6%

United Kingdom

3.1%

Other

2.8%

Canada2.5%

Asia ex Japan

1.6%

Australia/New Zealand

1.0%

Corporate - High Yield

28.5%

Corporate - Investment Grade

24.5%

Treasuries

19.8%

Emerging Markets - Local Currency

14.5%

Emerging Markets - Hard Currency

4.3%

Securitized

3.1%

Other

3.1%

Government Related

2.2%Bank Loan

0.0%230 June 2024

Multi Asset Income Fund
Portfolio Structure
Portion of fund

Allocation
to fundManagers allocated to each portion, and their weight in the total fundportionEquity38.8%

Global Equity

38.8%Fixed Income

49.2%Core Global Fixed Income

9.0%

Investment Grade Credit

14.4%

Emerging Market Debt
High Yield Credit
Real Assets
Real EstateStatestreet Global ETF
19.6%

Schroder 1.6%

Western Asset Management
Russell Investments 3.2%
1.2%

Fidelity 2.4%

Metlife 3.4%

Robeco 4.0%

8.0%
17.8%
5.5%
5.2%

Russell Investments 2.9%
Barings 3.9%
Barings 6.4%

Colchester 4.0%
DDJ 0.3%

Russell Investments 0.0%
Hermes 5.9%

Cohen & Steers 2.2%

RREEF 2.4%

Listed Infrastructure

0.4%

Cohen & Steers 0.1%

First Sentier 0.1%

Russell Investments 0.6%
Nuveem Asset Management
Russell Investments 0.0%
0.1%

Cash & Positioning Strategies
Cash & Positioning Strategies

6.5%
6.5%

Russell Investments 6.5%

-RBC Global AssetManagement 3.0%
iShares UCITS ETF 5.5%

Vanguard All world ETF
19.2%

Western Asset Management
1.7%

Russell Investments 5.2%

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30 June 2024

Multi Asset Income Fund

Important Information
FP Russell Investments ICVC (the "Company") is an investment company with variable capital incorporated in England and Wales under registered number IC000708 and authorisedby the Financial Conduct Authority (the "FCA") with effect from 22 October 2008. FundRock Partners Limited (formerly Fund Partners Limited) is the Authorised Corporate Director(the "ACD") of the FP Russell Investments ICVC and is authorised and regulated by the FCA. Registered office: 52-54 Gracechurch Street, London EC3V 0EH.
Russell Investments Limited has been appointed as the investment manager and distributor in respect of the Company. Applications for shares in the Company are subject to theterms and conditions set out in the Prospectus, Key Investor Information Document (KIID), Supplementary Information Document (SID), Instrument of Incorporation and latest
annual and half-yearly long reports of the Company.
Investors and potential investors must read the KIID and are also advised to read the remaining documents (and in particular the risk warnings) before making an investment in theCompany. Copies are available free of charge on request from the ACD and Russell Investments Limited.
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.
Please note that the value of investment and the income derived from them may go down as well as up and an investor may not receive back the amount originally invested. Any
past performance figures are not a guide to future performance.
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.
Past performance does not predict future returns.
Any reference to specific securities/companies are for illustrative purpose only and should not be taken as arecommendation to buy or sell.
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.
PaR-00709 (EXP Dec 2024)
M-01539 2024-07-124