Multi-Asset Growth Strategy

Seeking equity-like return with lower volatility

Multi-Asset Solutions are designed with your real investment outcome in mind. The Multi-Asset Growth Strategy is an actively managed investment solution which provides diversified exposure to both traditional and non-traditional asset classes including equities, fixed income, real assets and absolute return instruments. Within each of these portfolio segments, the asset allocation is developed based on Russell Investments’ extensive capital markets research and industry experience.

Flexibility of tactical ranges

Asset Class	Neutral Weighting	Range
Equity	59%	Combined range 50%-100%
Real Assets	16%
Fixed Income	20%	Fixed income 10%-40%
Absolute Return	5%	Absolute return 0% - 10%

*As of April 2017. Due to the dynamic nature of the portfolio this allocation will continue to evolve with market conditions. The Multi-Asset Growth Strategy is a dynamic, diversified portfolio designed to capture market opportunities and manage risk. The underlying allocations to various asset classes will shift over time, but the overall strategic allocation will remain 59% equity, 16% real assets, 20% fixed income and 5% absolute return.

Overview
Holdings and Details
Fund Codes

Key Features:

Globally diversified
Outcome oriented
High conviction investment strategies
Tactical asset allocation

Multi-Asset Growth Strategy is a globally diversified portfolio which adopts an active strategy with flexibility in its tactical asset allocation and places an emphasis on targeting a specific outcome. The fund's investment approach is not benchmark driven, but will aim to achieve equity-like returns with ⅔ to ¾ the volatility of global equities.

Characteristics

As of 12/31/2020
Updated monthly

Fund Characteristics
Total Assets (All Series)	$241.44 million
Net Asset Value (Series F)	$18.49

For Prices and Performance, please click here.

Growth of $10,000 (Since Inception) Series F^¹

As of 12/31/2020

07-25-2005	10000.00
07-31-2005	10110.87
08-31-2005	10083.70
09-30-2005	10251.30
10-31-2005	9930.08
11-30-2005	10228.53
12-31-2005	10548.14
01-31-2006	11005.37
02-28-2006	10862.23
03-31-2006	11348.90
04-30-2006	11333.78
05-31-2006	10770.75
06-30-2006	10803.78
07-31-2006	10999.76
08-31-2006	11129.19
09-30-2006	11183.34
10-31-2006	11636.37
11-30-2006	12148.86
12-31-2006	12491.06
01-31-2007	12772.90
02-28-2007	12653.61
03-31-2007	12716.92
04-30-2007	12804.50
05-31-2007	12946.40
06-30-2007	12805.43
07-31-2007	12641.74
08-31-2007	12486.41
09-30-2007	12500.46
10-31-2007	12522.25
11-30-2007	12311.98
12-31-2007	12160.39
01-31-2008	11375.75
02-29-2008	11228.26
03-31-2008	11389.08
04-30-2008	11797.46
05-31-2008	12022.30
06-30-2008	11385.91
07-31-2008	11022.10
08-31-2008	11245.41
09-30-2008	9688.15
10-31-2008	8703.04
11-30-2008	8199.06
12-31-2008	8331.91
01-31-2009	7770.80
02-28-2009	7234.16
03-31-2009	7756.49
04-30-2009	8209.00
05-31-2009	8525.07
06-30-2009	8829.88
07-31-2009	9012.32
08-31-2009	9375.47
09-30-2009	9669.03
10-31-2009	9465.93
11-30-2009	9808.44
12-31-2009	10057.31
01-31-2010	9636.91
02-28-2010	9848.75
03-31-2010	10283.90
04-30-2010	10293.84
05-31-2010	9585.45
06-30-2010	9275.18
07-31-2010	9829.96
08-31-2010	9677.33
09-30-2010	10326.83
10-31-2010	10667.91
11-30-2010	10648.03
12-31-2010	11223.67
01-31-2011	11442.94
02-28-2011	11674.55
03-31-2011	11602.44
04-30-2011	11679.90
05-31-2011	11633.14
06-30-2011	11308.01
07-31-2011	11004.08
08-31-2011	10465.58
09-30-2011	9829.85
10-31-2011	10488.20
11-30-2011	10436.08
12-31-2011	10364.09
01-31-2012	10800.32
02-29-2012	11130.48
03-31-2012	11277.10
04-30-2012	11044.28
05-31-2012	10384.19
06-30-2012	10587.39
07-31-2012	10555.06
08-31-2012	10740.89
09-30-2012	11048.54
10-31-2012	11142.50
11-30-2012	11178.01
12-31-2012	11442.17
01-31-2013	11960.68
02-28-2013	12203.00
03-31-2013	12291.93
04-30-2013	12365.56
05-31-2013	12634.54
06-30-2013	12455.91
07-31-2013	12770.34
08-31-2013	12816.99
09-30-2013	13131.52
10-31-2013	13772.82
11-30-2013	14086.70
12-31-2013	14389.06
01-31-2014	14498.22
02-28-2014	15105.29
03-31-2014	15146.79
04-30-2014	15289.07
05-31-2014	15408.16
06-30-2014	15582.33
07-31-2014	15648.56
08-31-2014	15930.24
09-30-2014	15631.34
10-31-2014	15725.71
11-30-2014	16095.25
12-31-2014	16046.96
01-31-2015	16897.46
02-28-2015	17521.93
03-31-2015	17438.47
04-30-2015	17311.04
05-31-2015	17622.89
06-30-2015	17202.46
07-31-2015	17783.29
08-31-2015	17021.41
09-30-2015	16501.71
10-31-2015	17210.31
11-30-2015	17334.04
12-31-2015	17457.77
01-31-2016	16790.00
02-29-2016	16303.62
03-31-2016	16692.07
04-30-2016	16584.95
05-31-2016	16971.94
06-30-2016	16908.90
07-31-2016	17347.72
08-31-2016	17457.65
09-30-2016	17533.48
10-31-2016	17527.88
11-30-2016	17458.44
12-31-2016	17683.24
01-31-2017	17653.73
02-28-2017	18155.60
03-31-2017	18331.26
04-30-2017	18844.12
05-31-2017	18954.83
06-30-2017	18521.39
07-31-2017	18419.20
08-31-2017	18459.48
09-30-2017	18627.29
10-31-2017	19297.41
11-30-2017	19473.30
12-31-2017	19249.85
01-31-2018	19522.25
02-28-2018	19468.98
03-31-2018	19454.58
04-30-2018	19549.00
05-31-2018	19635.19
06-30-2018	19699.89
07-31-2018	19813.18
08-31-2018	19800.83
09-30-2018	19661.94
10-31-2018	18988.42
11-30-2018	19174.52
12-31-2018	18699.94
01-31-2019	19295.32
02-28-2019	19615.99
03-31-2019	19963.61
04-30-2019	20320.10
05-31-2019	19767.34
06-30-2019	20022.93
07-31-2019	20018.55
08-31-2019	19847.97
09-30-2019	20125.33
10-31-2019	20382.65
11-30-2019	20679.13
12-31-2019	20861.46
01-31-2020	20917.60
02-29-2020	20041.02
03-31-2020	17913.98
04-30-2020	18948.15
05-31-2020	19446.07
06-30-2020	19689.97
07-31-2020	20244.73
08-31-2020	20469.76
09-30-2020	20353.29
10-31-2020	20156.68
11-30-2020	21491.58
12-31-2020	22043.96

¹Compound growth calculations are used only for the purpose of illustrating the effects of compound growth and are not intended to reflect future value of any mutual fund or returns on investment in any mutual fund.

Series F is a wrap or fee-for-service program and as such, the performance shown does not include the advisory fee paid by the investor to the dealer that would have reduced returns. Other series of units of the fund are subject to higher management fees and/or expenses which result in lower returns for those series than cited above. Annual returns are calendar year returns for the last ten years or since inception if the Fund has less than ten years of history. Performance is annualized except for periods of less than one year.

Top 10 Holdings^*

As of 11/30/2020

Updated monthly

Company	Weight
Russell Investments Focused Global Equity Pool Series O	13.07%
Russell Investments Overseas Equity Pool Series O	12.10%
Russell Investments Global Credit Pool Series O	10.34%
Russell Investments Focused US Equity Pool Series O	8.08%
Russell Investments Emerging Markets Equity Pool Series O	7.04%
PH&N BlueBay Global Convertible Bond Fund	6.51%
Russell Investments Fixed Income Pool Series O	6.14%
Russell Investments Global Real Estate Pool Series O	6.07%
Russell Investments Global Smaller Companies Pool Series O	5.08%
Russell Investments Global Unconstrained Bond Pool Series O	5.02%
*If the fund has less than 10 holdings, all holdings are shown.

Portfolio

Name	Allocation %	color	Style
Name	Allocation %	color	Style	Focused Global Equity Pool	17	#66aadd
Overseas Equity Pool	13	#5c5c5c
Focused US Equity Pool	12	#005596
Global Credit Pool	10	#dd6600
Emerging Markets Equity Pool	7	#9e9e9e
Global Smaller Companies Pool	6	#ccccbb
Global Infrastructure Pool	6	#000000
Global Real Estate Pool	6	#d9d6c6
Fixed Income Pool	5	#996633
Global Unconstrained Bond Pool	5	#0068a6
BlueBay Global Convertible Bond Fund (Canada)	5	#7c3a00
Invesco DB Commodity Index Tracking Fund	4	#c24825
Focused Canadian Equity Pool	2	#856885
Positioning Strategies	2	#f0c162

Sector weightings

As of 10/31/2020