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Russell Investment Company V Plc an Umbrella Fund with Segregated Liability Between Sub-Funds

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Russell Investment Company V Plc an Umbrella Fund with Segregated Liability Between Sub-Funds 2018 SEMI ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS Russell Investment Company V plc an umbrella fund with segregated liability between sub-funds 30 September 2018 Russell Investments Multi-Asset 35 Fund Russell Investments Multi-Asset 50 Fund Russell Investments Multi-Asset 70 Fund Russell Investments Multi-Asset 90 Fund Russell Investments Multi-Asset Defensive Fund Russell Investments Global Selective Equity Opportunities Fund Russell Investment Company V plc Contents Administration of the Company .............................................................................................................................. 2 Background to the Company ................................................................................................................................ .. 4 Combined Financial Statements ............................................................................................................................ 5 Russell Investments Multi-Asset 35 Fund .............................................................................................................. 8 Russell Investments Multi-Asset 50 Fund .............................................................................................................. 17 Russell Investments Multi-Asset 70 Fund .............................................................................................................. 26 Russell Investments Multi-Asset 90 Fund .............................................................................................................. 35 Russell Investments Multi-Asset Defensive Fund ................................................................................................ .. 44 Russell Investments Global Selective Equity Opportunities Fund ......................................................................... 51 Notes to the Financial Statements ......................................................................................................................... 71 Contents Russell Investment Company V plc Administration of the Company Board of Directors of the Company* Global Sub-Custodian Mr. James Firn (Chairman) State Street Bank and Trust Company Mr. James Beveridge Copley Place Mr. Peter Gonella 100 Huntington Avenue Mr. Neil Jenkins Boston, MA 02116 Mr. John McMurray United States of America Mr. Tom Murray Mr. William Roberts Company Secretary Mr. David Shubotham MFD Secretaries Limited Mr. Kenneth Willman 32 Molesworth Street Dublin 2 Members of the Manager’s Audit Committee Ireland Mr. David Shubotham (Chairman) Mr. Tom Murray Adviser Mr. William Roberts Russell Investments Limited Rex House Registered Office 10 Regent Street, St James’s 78 Sir John Rogerson’s Quay London SW1Y 4PE Dublin 2 England Ireland Money Manager for Russell Investments Multi-Asset 35 Manager Fund, Russell Investments Multi-Asset 50 Fund, Russell Russell Investments Ireland Limited Investments Multi-Asset 70 Fund, Russell Investments 78 Sir John Rogerson’s Quay Multi-Asset 90 Fund and Russell Investments Multi-Asset Dublin 2 Defensive Fund Ireland Russell Investments Limited Rex House Independent Auditors 10 Regent Street, St James’s PricewaterhouseCoopers London, SW1Y 4PE Chartered Accountants and Statutory Audit Firm England One Spencer Dock North Wall Quay Money Managers for Russell Investments Global Selective Dublin 1 Equity Opportunities Fund Ireland Brandywine Global Investment Management, LLC 1735 Market Street Legal Advisers Suite 1800 Maples and Calder Philadelphia, PA 19103 75 St. Stephen’s Green United States of America Dublin 2 Ireland Fiera Capital Corp 1501 McGill College Avenue Administrator Suite 800 State Street Fund Services (Ireland) Limited Montréal, QC H3A 3M8 78 Sir John Rogerson’s Quay Canada Dublin 2 Ireland Hermes Investment Management 150 Cheapside Depositary London, EC2V 6ET State Street Custodial Services (Ireland) Limited United Kingdom 78 Sir John Rogerson’s Quay Dublin 2 Ireland * As of 30 September 2018. 2 Administration of the Company Russell Investment Company V plc Administration of the Company - continued Kopernik Global Investors LLC Pzena Investment Management Two Harbour Place 320 Park Avenue 302 Knights Run Avenue 8th Floor Suite 1225 New York, NY 10022 Tampa, FL 33602 United States of America United States of America Russell Investments Limited Maple-Brown Abbott Limited Rex House Level 31 10 Regent Street, St James’s 259 George Street London SW1Y 4PE Sydney, NSW 2000 England Australia Paying Agent in Switzerland* Mar Vista Investment Partners LLC Banque Cantonale de Genève 11150 Santa Monica 17, quai de l’Ile Boulevard 1204 Geneva Suite 320 Switzerland Los Angeles, CA 90025 United States of America Representative in Switzerland* Carnegie Fund Services S.A. Morgan Stanley Investment Management Limited 11, rue du Général-Dufour 25 Cabot Square 1204 Geneva Canary Wharf Switzerland London E14 4QA United Kingdom NWQ Investment Management Company, LLC 2049 Century Park East Suite 1600 Los Angeles, CA 90067 United States of America * The Company’s Memorandum and Articles of Association, the Prospectus, the Key Investor Information Documents, the unaudited semi- annual reports, as well as the audited annual reports can be obtained free of charge from the representative in Switzerland. Subscription and redemption prices of the shares of each Fund of the Company are published jointly and daily in Switzerland on “www.fundinfo.com” for information purposes only and do not constitute an invitation to subscribe for or repurchase the Company’s shares at those prices. Each time performance data is published, it should be noted that the past performance is no indication of current or future performance, and that it does not take account of the commissions and costs incurred on the issue and redemption of shares. The list of the purchases and sales and further information can be obtained free of charge from the representative in Switzerland. For the shares of the Fund distributed to non-qualified investors in and from Switzerland and for the shares of the Fund distributed to qualified investors in Switzerland, the place of jurisdiction is Geneva. Administration of the Company 3 Russell Investment Company V plc Background to the Company Russell Investment Company V plc (the “Company”), was incorporated in Ireland as a public limited company on 15 August 2002. The Company operates pursuant to Irish company law under the Companies Act, 2014 (the "Companies Act") and is authorised by the Central Bank of Ireland (the “Central Bank”) under registration number 360216. The Company is an open-ended investment company with variable capital and is authorised by the Central Bank under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”) and under the Central Bank (Supervision & Enforcement) Act 2013 (Section 48(1) (Undertakings for Collective Investment in Transferable Securities)) Regulations 2015, as amended (the “Central Bank UCITS Regulations”). The Company is organised in the form of an umbrella fund with segregated liability between sub-funds and as at 30 September 2018 had fourteen constituent funds available for investment (each a “Fund” collectively the “Funds”). Russell Investments Controlled Growth Fund, Russell Investments Multi-Asset Growth Strategy USD Fund, Fund Russell Investments Multi-Asset Strategy GBP Defensive, Russell Investments Multi-Asset Strategy GBP Balanced, Russell Investments Multi-Asset Strategy GBP Dynamic, Russell Investments Multi-Asset Strategy EUR Defensive, Russell Investments Multi-Asset Strategy EUR Balanced and Russell Investments Multi-Asset Strategy EUR Dynamic remained unfunded as at 30 September 2018. The Adviser, the Manager and their affiliated group companies are referred to collectively as “Russell Investments” in these financial statements. The net assets under management for the Funds as at 30 September 2018 amounted to USD 1,384,699,671 (as at 31 March 2018: USD 1,429,059,395) and are broken down as follows: Net Assets Net Assets Net Assets Funded during Functional 30 September 2018 31 March 2018 30 September 2017 Fund the year ended Currency ‘000 ‘000 ‘000 Russell Investments Multi-Asset 35 Fund 31 March 2005 USD 81,802 89,852 91,186 Russell Investments Multi-Asset 50 Fund 31 March 2005 USD 158,337 149,771 138,427 Russell Investments Multi-Asset 70 Fund 31 March 2005 USD 145,129 147,449 137,431 Russell Investments Multi-Asset 90 Fund 31 March 2005 USD 141,632 143,588 128,874 Russell Investments Multi-Asset Defensive Fund 31 March 2007 USD 134,352 138,071 134,187 Russell Investments Global Selective Equity Opportunities Fund 31 March 2017 USD 812,198 760,328 713,429 All share classes are Accumulation Class Shares unless otherwise indicated in the name of the share class. All references to “net assets” throughout this document refer to net assets attributable to holders of redeemable participating shares unless otherwise stated. Fund Performance and Market Commentary For information regarding six months Fund performance and market commentary please contact the client executive. Alternatively please email [email protected] Investment Objectives Please refer to the Company's prospectus for full details of the Fund's Investment Objectives and Investment Policies. There were no changes in the Funds Investment Objectives during the six months to 30 September 2018. U.K. Reporting Fund Status The Company conducts its affairs so as to enable
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