31 March 2021

Russell Investments Global Fixed Interest Fund

Fund facts Rolling 1 year performance history

Inception date Fund Benchmark 16% 21 December 2011 12% Benchmark Bloomberg Barclays Global 8% Aggregate Index ($NZ 4% Hedged) Currency 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 NZD

Performance review

Period ending 31/03/2021 1 3 1 3 5 Since month months year years years inception % % % %p.a. %p.a. %p.a.

Gross fund performance -0.1 -2.5 6.4 4.9 4.8 6.4 Benchmark return -0.4 -2.5 1.4 4.0 3.6 5.2 Excess return 0.3 0.0 5.0 0.9 1.2 1.3 Past performance is not a reliable indicator of future performance. Performance data shown is gross of fees, charges or taxes and is not in any way an indicator of the net return to you as an investor. Performance is calculated on exit price.

Fund commentary The Russell Investments Global Fund (NZD hedged) performed in line with the benchmark in the March quarter. This was primarily driven by currency and credit positioning. In active currencies, the overweight to the US dollar and underweights to Swiss franc and Swedish krona, generated strong gains. The underweight to the Chinese renminbi was a slight detractor. In credit positioning, overweights to US non-agency CMBS and hard currency debt (Europe, Middle East), added to performance. This was slightly held back by the overweight to Latin American hard currency emerging market debt. In rates positioning, the overweight in Australia slightly offset the gains generated through an underweight in the US and UK. Rates positioning drove Insight's performance, notably through the underweights in the US, Germany, UK and Canada. Active currency positioning was also positive, via the underweights to the Japanese yen and South Korean won, as well as an overweight to the US dollar. An underweight to the detracted. Credit positioning had a negative effect owing to underweights to sovereign Italy, US munis, US securitised (passthrough) and Asian hard currency emerging market debt. Rates positioning drove Colchester's performance, notably owing to the underweights in the US, Germany and UK. Active currency positioning was positive through the underweights to the euro and Japanese yen. The overweight to the Mexican peso mitigated further outperformance. Voya's active currency positioning was positive via the underweights to the euro and Mexican peso. The overweight to the Japanese yen was a slight detractor. Rates positioning also added to gains, notably via the underweights in the US, Germany and UK. The underweight to Chinese rates mitigated this slightly. Credit positioning was negative due to the underweight to US securitised assets (passthrough). BlueBay's Rates positioning was positive over the period, notably through the underweight in the US. In credit positioning, the overweight to Latin American hard currency emerging market debt, offset the gains generated through overweights to Middle Eastern and European hard currency emerging market debt. Active currency positioning was negative due to the overweights to the Japanese yen and Brazilian real. Schroder's performance is attributed to positions within US securitised assets. 31 March 2021

Russell Investments Global Fixed Interest Fund

Sector allocation Credit quality weights Fund Benchmark Fund Benchmark

Treasuries 34.6% 46.8% AAA 37.6% 35.6% Corporates 21.7% 18.0% AA 8.5% 15.2%

Securitized 19.6% 13.3% A 19.8% 30.7% Emerging Markets 12.4% 13.3% BBB 17.1% 17.9% Cash 7.9% - Under BBB 8.7% 0.5% Government Related 1.6% 8.7% Not Rated 8.3% 0.2% Unknown 2.2% - Data as at 28 February 2021 Data as at 28 February 2021 Note: Cash/Cash equivalents are classified as AAA from a credit ratings perspective. Portfolio structure Portfolio statistics

Strategic weight Fund Benchmark Manager Style % BlueBay Country & credit selection 20.0 Modified duration 7.86 7.20

Colchester Rates & currency value 23.0 Yield to 1.92% 1.18%

Insight Macro/sector rotation 20.0 Average to maturity 10.64 9.17 Russell Investments Positioning strategies 15.0 Average credit rating AA AA Schroderschroders Securitised specialist 10.0 Data as at 28 February 2021 Voyaoya Diversified alpha 12.0

Glossary of terms Term Meaning An asset-backed (ABS) is a security collateralised by a pool of assets, such as loans, leases, credit card ABS debt, royalties, or receivables. Collateralised mortgage obligations (CMO) is a type of mortgage-backed security that contains a pool of mortgages bundled CMO together and sold as an investment Commercial Mortgage-Backed Securities (CMBS) is a debt-based security, backed by mortgages on commercial properties CMBS rather than residential real estate. A covered bond is a loan that is backed by assets that are owned by the issuer. Owners of covered bonds can use these assets Covered as collateral, providing an additional layer of security for bondholders. An emerging market debt (EMD) is fixed income debt that is issued by countries with developing economies as well as by EMD corporations within those nations Government related A government related bond represents debt that is issued by a government. High-yield (HY) bonds are corporate debt securities that pay higher interest rates because they have lower credit ratings than HY investment-grade bonds. These bonds have credit ratings below BBB- from S&P, or below Baa3 from Moody’s. An investment grade (IG) bond signifies a fixed income security with a relatively low risk of default. These bonds have credit IG ratings above BBB- from S&P, or above Baa3 from Moody’s. RMBS Residential mortgage-backed securities (RMBS) is a debt-based security, backed by the interest paid on loans for residences. Securitised bonds are fixed interest securities that are backed by pools of underlying financial assets. These pools make up a Securitised bonds new security, which is split up and sold to investors. 31 March 2021

Russell Investments Global Fixed Interest Fund

Investment performance and positions The performance in this fact sheet is gross of fees and tax. Investors should also refer to the quarterly Fund Update, which is available on www.iisolutions.co.nz and www.business.govt.nz/disclose

Important Information This Report/Presentation is provided by Russell Investment Management Ltd (Russell Investments) in good faith and is designed as a summary to accompany the Product Disclosure Statement for the Russell Investment Funds (Funds). The Product Disclosure Statement is available from Russell Investments, or the issuer Implemented Investment Solutions Limited (IIS), and on https://disclose- register.companiesoffice.govt.nz/. The information contained in this Report/Presentation is not an offer of units in the Fund or a proposal or an invitation to make an offer to sell, or a recommendation to subscribe for or purchase, any units in the Fund. If you are making an investment directly then you will be required to complete the application form, which can be obtained from the Manager. The information and any opinions in this Report/Presentation are based on sources that Russell Investments believes are reliable and accurate. Russell Investments, its directors, officers and employees make no representations or warranties of any kind as to the accuracy or completeness of the information contained in this fact sheet and disclaim liability for any loss, damage, cost or expense that may arise from any reliance on the information or any opinions, conclusions or recommendations contained in it, whether that loss or damage is caused by any fault or negligence on the part of Russell Investments, or otherwise, except for any statutory liability which cannot be excluded. All opinions reflect Russell Investments’ judgment on the date of this Report/Presentation and are subject to change without notice. This disclaimer extends to IIS, and any entity that may distribute this publication. The information in this Report/Presentation is not intended to be financial advice for the purposes of the Financial Advisers Act 2008. In particular, in preparing this document, Russell Investments did not take into account the investment objectives, financial situation and particular needs of any particular person. Professional investment advice from an appropriately qualified adviser should be taken before making any investment. Past performance is not necessarily indicative of future performance, unit prices may go down as well as up and an investor in the fund may not recover the full amount the capital that they invest. No part of this document may be reproduced without the permission of Russell Investments or IIS. IIS is the issuer and manager of the Russell Investment Funds. Russell Investments is in the investment manager of the Russell Investment Funds.