2015 SEMI ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS ... 2015 SEMI ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS ... 2 Background to the ... Legal Adviser UniCredit Bank Austria

2015 SEMI ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

31 December 2015

Russell Investment Company IV plcan umbrella fund with segregated liability between sub-funds

Russell Absolute Return Equity Fund*

Russell Alpha Fund

Russell Multi Strategy Volatility Fund

Russell Global Regional Equity Fund

* The fund ceased trading on 7 August 2015.

Russell Investment Company IV plc

Contents

Contents

Administration of the Company .................................................................................................................................... 2 Background to the Company ....................................................................................................................................... 3 Combined Statements ................................................................................................................................................. 4 Russell Absolute Return Equity Fund ......................................................................................................................... 7 Russell Alpha Fund ..................................................................................................................................................... 11 Russell Multi Strategy Volatility Fund .......................................................................................................................... 29 Russell Global Regional Equity Fund .......................................................................................................................... 41 Notes to the Financial Statements .............................................................................................................................. 57


Administration of the Company

2 Administration of the Company

Board of Directors of the Company* Custodian and Trustee

Mr. James Firn (Chairman) State Street Custodial Services (Ireland) Limited

Mr. James Beveridge 78 Sir John Rogerson’s Quay

Mr. Peter Gonella Dublin 2

Mr. Neil Jenkins Ireland

Mr. John McMurray

Mr. Tom Murray Global Sub-Custodian

Mr. William Roberts State Street Bank and Trust Company

Mr. David Shubotham Copley Place

Mr. Kenneth Willman 100 Huntington Avenue

Boston, MA 02116

Members of the Manager’s Audit Committee United States of America

Mr. David Shubotham (Chairman)

Mr. Tom Murray Promoter

Mr. William Roberts Frank Russell Company

1301 Second Avenue

Registered Office 18th Floor

78 Sir John Rogerson’s Quay Seattle, WA 98101

Dublin 2 United States of America

Ireland

Company Secretary

Manager MFD Secretaries Limited

Russell Investments Ireland Limited 2nd Floor, Beaux Lane House

78 Sir John Rogerson’s Quay Mercer Street Lower

Dublin 2 Dublin 2

Ireland Ireland

Independent Auditors Adviser, Distributor and UK Facilities Agent

PricewaterhouseCoopers Russell Investments Limited

Chartered Accountants and Statutory Audit Firm Rex House

One Spencer Dock 10 Regent Street, St James’

North Wall Quay London SW1Y 4PE

Dublin 1 England

Ireland

Paying and Information Agent in Austria

Legal Adviser UniCredit Bank Austria AG

Maples and Calder Schottengasse 6-8

75 St. Stephen’s Green 1010 Vienna

Dublin 2 Austria

Ireland

Paying and Information Agent in Germany**

Administrator Marcard, Stein & Co. AG

State Street Fund Services (Ireland) Limited Ballindamm 36

78 Sir John Rogerson’s Quay 20095 Hamburg

Dublin 2 Germany

Ireland

* As of 31 December 2015.

** 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 office of the paying and information agent via

regular mail or per e-mail. The net asset value of each of the Funds and the subscription and redemption prices of the shares of the Funds are

published jointly and daily 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.

There have been no changes to Money Managers during the period.


Background to the Company

Background to the Company 3

Russell Investment Company IV plc (the “Company”) was incorporated in Ireland as a public limited company on 10 November

2004. The Company operates under the Companies Act 2014 and has been authorised since 2 March 2005 by the Central Bank of

Ireland (the “Central Bank”).

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) and

under the Central Bank (Supervision & Enforcement) Act 2013 (Section 48(1) (Undertakings for Collective Investment in

Transferable Securities) Regulations 2015) (together the “Regulations”).

The Company is organised in the form of an umbrella fund and as of 31 December 2015 has three funds available for investment

(each a “Fund”, collectively the “Funds”).

The Adviser, the Manager and their affiliated group companies are referred to collectively as Russell Investments in these

financial statements.

Net assets under management for the Funds as at 31 December 2015 amounted to USD 918,553,199 (as at 30 June 2015: USD

1,129,980,608 as at 31 December 2014: USD 938,938,931) broken down as follows:

Fund Funded during

the year ended Functional

Currency

Net Assets

31 December 2015

‘000

Net Assets

30 June 2015

‘000

Net Assets

31 December 2014

‘000

Russell Absolute Return Equity Fund* 30 June 2009 GBP - 425,639 432,994

Russell Alpha Fund 30 June 2005 USD 278,342 226,253 263,757

Russell Multi Strategy Volatility Fund 30 June 2015 USD 284,075 234,274 -

Russell Global Regional Equity Fund 30 June 2016 EUR 327,859 - -

* The Fund ceased trading on 7 August 2015

All share classes listed throughout this report 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.

Notice to the Shareholders: Removal of Manager reports in Semi Annual financial statements

The Manager reports are no longer included in the semi annual financial statements. For information regarding six months Fund

performance and market commentary please contact your client executive. Alternatively please email

[email protected]

During the period, there has been no change to the Fund’s investment objectives as stated within the Prospectus.


Combined Balance Sheet

As at 31 December 2015

The accompanying notes are an integral part of the financial statements.

4 Combined Balance Sheet

31 December 2015 (Unaudited)

USD ‘000

30 June 2015* (Audited)

USD ‘000

Assets

Financial assets at fair value through profit or loss ................................................................... 852,029 1,049,961

Cash at bank .............................................................................................................................. 61,798 64,693

Cash held with brokers and counterparties for open financial derivative instruments .............. 34,073 47,060

Debtors:

Receivable for investments sold ............................................................................................. 596 3,255

Receivable on fund shares issued ........................................................................................... - 564

Dividends and other receivables ............................................................................................. 483 1,451

Interest receivable ................................................................................................................... 33 124

949,012 1,167,108

Liabilities

Financial liabilities at fair value through profit or loss ..................................................... (26,768) (21,116)

Creditors – amounts falling due within one year:

Payable for investments purchased ......................................................................................... (711) (10,621)

Payable on fund shares redeemed ........................................................................................... (1,166) (475)

Distributions payable on income share classes ....................................................................... - (3,742)

Management fees payable ....................................................................................................... (890) (862)

Performance fees payable ....................................................................................................... (210) (50)

Custodian and Trustee fees payable ....................................................................................... (23) (15)

Sub-custodian fees payable ..................................................................................................... (125) (104)

Administration fees payable ................................................................................................... (38) (46)

Audit fees payable .................................................................................................................. (60) (74)

Professional fees payable ........................................................................................................ (326) -

Other fees payable .................................................................................................................. (142) (22)

(30,459) (37,127)

Net asset value attributable to redeemable participating shareholders .............................. 918,553 1,129,981

* The Combined Balance Sheet and the Balance Sheet of the individual Funds as at 30 June 2015 have been restated due to a change in the

accounting policy for valuation of investments. See note 2 to the financial statements for details of change to the Company's accounting policies

during the year under review.


Combined Profit and Loss Account

For the six months ended 31 December 2015


Combined Profit and Loss Account 5

Six months ended

31 December 2015

(Unaudited)

USD ‘000

Six months ended

31 December 2014*

(Unaudited)

USD ‘000

Income

Dividends ................................................................................................................................ 4,224 6,903

Interest income ....................................................................................................................... 213 91

4,437 6,994

Net gain (loss) on investment activities .................................................................................. (50,254) (51,295)

Total investment income (expense) ..................................................................................... (45,817) (44,301)

Expenses

Management fees .................................................................................................................... (4,992) (3,703)

Performance fees .................................................................................................................... (213) 8

Custodian and Trustee fees ..................................................................................................... (48) (42)

Sub-custodian fees .................................................................................................................. (319) (248)

Administration and transfer agency fees ................................................................................. (191) (190)

Audit fees ................................................................................................................................ (61) (33)

Professional fees ..................................................................................................................... (379) (85)

Other fees ................................................................................................................................ (41) (38)

Total operating expenses ...................................................................................................... (6,244) (4,331)

Profit (loss) for the financial period before taxation ......................................................... (52,061) (48,632)

Taxation

Withholding tax ...................................................................................................................... (1,057) (1,053)

Net increase (decrease) in net assets attributable to redeemable participating

shareholders resulting from operations .............................................................................. (53,118) (49,685)

All amounts arose solely from continuing operations with the exception of Russell Absolute Return Equity Fund which was fully redeemed

during the period and therefore the financial statements are prepared on a discontinued basis. There are no recognised gains or losses other than

those dealt with in the Profit and Loss Account.

*The Combined Profit and Loss Account and the Profit and Loss Account of the individual Funds for the six months ended 31 December 2014

have been restated due to a change in the accounting policy for valuation of investments. See note 2 to the financial statements for details of

changes to the Company's accounting policies.


Combined Statement of Changes in Net Assets Attributable to Redeemable Participating

Shareholders



6 Combined Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders

Six months ended

31 December 2015

(Unaudited)

USD ‘000

Six months ended

31 December 2014

(Unaudited)

USD ‘000


shareholders resulting from operations .........................................................................

(53,118) (49,685)

Share transactions

Net increase (decrease) in net assets resulting from redeemable participating share

transactions ............................................................................................................................. (132,941) 33,037

Total net increase (decrease) in net assets attributable to redeemable

participating shareholders .............................................................................................. (186,059) (16,648)

Currency translation (Note 1) ................................................................................................. (25,369) (64,107)

Net assets attributable to redeemable participating shareholders

Beginning of period ................................................................................................................ 1,129,981 1,019,694

End of period ........................................................................................................................... 918,553 938,939


Russell Absolute Return Equity Fund

Balance Sheet



Russell Absolute Return Equity Fund 7

31 December 2015*

(Unaudited)

GBP ‘000

30 June 2015

(Audited)

GBP ‘000

Assets

Financial assets at fair value through profit or loss (Note 2) ................................................................................... - 402,738

Cash at bank (Note 4) .............................................................................................................................................. 497 11,526

Cash held with brokers and counterparties for open financial derivative instruments

(Note 4) .................................................................................................................................................................... - 19,141

Debtors:

Receivable for investments sold .................................................................................................................... - 1,250

Receivable on fund shares issued .................................................................................................................. - 294

Dividends receivable ..................................................................................................................................... - 749

497 435,698

Liabilities

Financial liabilities at fair value through profit or loss (Note 2) ....................................... (679)

Creditors – amounts falling due within one year:**

Payable for investments purchased ............................................................................................................... - (6,369)

Payable on fund shares redeemed ................................................................................................................. (105) (302)

Distributions payable on income share classes .............................................................................................. - (2,379)

Management fees payable ............................................................................................................................. (72) (225)

Performance fees payable .............................................................................................................................. - (15)

Custodian and Trustee fees payable .............................................................................................................. (3) (6)

Sub-custodian fees payable ........................................................................................................................... 14 (38)

Administration fees payable .......................................................................................................................... (1) (18)

Audit fees payable ......................................................................................................................................... (16) (16)

Professional fees payable .............................................................................................................................. (221) -

Other fees payable ......................................................................................................................................... (93) (12)

(497) (10,059)

Net asset value attributable to redeemable participating shareholders ................................................................... - 425,639

* The Fund ceased trading on 7 August 2015.

** Inclusive of future estimated costs of termination.



Profit and Loss Account



8 Russell Absolute Return Equity Fund

Six months ended

31 December 2015*

(Unaudited)

GBP ‘000

Six months ended

31 December 2014

(Unaudited)

GBP ‘000

Income

Dividends ..................................................................................................................................................... 59 3,038

Interest income ............................................................................................................................................. 4 56

63 3,094

Net gain (loss) on investment activities ............................................................................................................................. (1,923) (11,221)

Total investment income (expense) ................................................................................................................................ (1,860) (8,127)

Expenses**

Management fees (Note 5) ........................................................................................................................... (276) (1,469)

Performance fees (Note 5) ............................................................................................................................ - (6)

Custodian and Trustee fees (Note 6) ............................................................................................................ (7) (18)

Sub-custodian fees (Note 6) ......................................................................................................................... (16) (94)

Administration and transfer agency fees (Note 6) ........................................................................................ (18) (81)

Audit fees ..................................................................................................................................................... (16) (10)

Professional fees ........................................................................................................................................... (221) (35)

Other fees ..................................................................................................................................................... (9) (10)

Total operating expenses .......................................................................................................................................... (563) (1,723)

Net income (expense) ................................................................................................................................................ (2,423) (9,850)

Taxation

Withholding tax (Note 9) ............................................................................................................................. (215) (413)


shareholders resulting from operations ........................................................................................................ (2,638) (10,263)

All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss

Account.


** Inclusive of future estimated costs of termination.



Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders



Russell Absolute Return Equity Fund 9

Six months ended

31 December 2015*

(Unaudited)

GBP ‘000

Six months ended

31 December 2014

(Unaudited)

GBP ‘000


shareholders resulting from operations ........................................................................................................ (2,638) (10,263)

Share transactions


shareholders resulting from share transactions (Note 10) ............................................................................ (423,001) 29,010


participating shareholders .................................................................................................................................. (425,639) 18,747


Beginning of period ...................................................................................................................................... 425,639 414,247

End of period ................................................................................................................................................ - 432,994




Schedule of Changes in Composition of Portfolio

Listed below are the 20 largest cumulative investment purchases and sales during the period from 1 July 2015 to 7 August 2015,

the date the Fund ceased trading.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s

Administrator or from the paying agent or paying and information agents in each country of distribution

10 Russell Absolute Return Equity Fund

Portfolio Securities

Acquisition Cost

GBP ‘000 Portfolio Securities

Disposal Proceeds

GBP ‘000

U.K. Government of U.K. Government of

4.750% due 07/09/2015 25,002 4.750% due 07/09/2015 (24,997)

U.K. Treasury Bill 2.000% due 22/01/2016 (8,386)

Zero Coupon due 03/08/2015 23,498 Mitsubishi UFJ Financial Group Inc (3,922)

Zero Coupon due 27/07/2015 15,999 Valeo SA (3,286)

U.K. Government of Nidec Corp (3,236)

2.000% due 22/01/2016 8,388 U.K. Government of

U.K. Treasury Bill 1.750% due 22/01/2017 (3,049)

Zero Coupon due 20/07/2015 6,919 Jafco Co Ltd (3,037)

U.K. Government of Industria de Diseno Textil SA (2,989)

1.750% due 22/01/2017 3,050 Mizuho Financial Group Inc (2,964)

5.000% due 07/03/2018 2,501 Dai-ichi Life Insurance Co Ltd (2,899)

U.K. Treasury Bill Western Digital Corp (2,746)

Zero Coupon due 13/07/2015 2,039 Mitsubishi Corp (2,704)

Zero Coupon due 06/07/2015 1,400 Renault SA (2,676)

U.K. Government of Legrand SA (2,630)

4.750% due 07/03/2020 550 Bayer AG (2,595)

Tokyo Electron Ltd 533 Seagate Technology Plc (2,585)

Glaukos Corp 403 Sumitomo Mitsui Trust Holdings Inc (2,563)

Micron Technology Inc 398 Nomura Holdings Inc (2,503)

Q2 Holdings Inc 395 U.K. Government of

ACE Ltd 374 5.000% due 07/03/2018 (2,501)

Shire Plc 365 U.K. Treasury Bill

Pandora A/S 293 Zero Coupon due 03/08/2015 (2,500)

Ryanair Holdings Plc 280

Wolseley Plc 260

Caltex Australia Ltd 253


Russell Alpha Fund

Balance Sheet



Russell Alpha Fund 11

31 December 2015

(Unaudited)

USD ‘000

30 June 2015

(Audited)

USD ‘000

Assets

Financial assets at fair value through profit or loss (Note 2) ................................................ 255,594 205,099

Cash at bank (Note 4) ........................................................................................................... 17,627 11,684


(Note 4) ................................................................................................................................. 12,949 11,149

Debtors:

Receivable for investments sold .......................................................................................... 389 445

Dividends receivable and other receivables ......................................................................... 179 273

286,738 228,650

Liabilities

Financial liabilities at fair value through profit or loss (Note 2) ...................................... (6,491) (1,525)


Payable for investments purchased ..................................................................................... (550) (604)

Payable on fund shares redeemed ....................................................................................... (1,011) -

Management fees payable ................................................................................................... (212) (164)

Performance fees payable .................................................................................................... (32) (26)

Custodian and Trustee fees payable .................................................................................... (6) (3)

Sub-custodian fees payable ................................................................................................. (70) (38)

Administration fees payable ................................................................................................ (10) (8)

Audit fees payable ............................................................................................................... (12) (25)

Other fees payable ............................................................................................................... (2) (4)

(8,396) (2,397)

Net asset value attributable to redeemable participating shareholders ......................... 278,342 226,253


Russell Alpha Fund




12 Russell Alpha Fund

Six months ended

31 December 2015

(Unaudited)

USD ‘000

Six months ended

31 December 2014

(Unaudited)

USD ‘000

Income

Dividends ............................................................................................................................ 1,651 1,933

Net gain (loss) on investment activities ................................................................................ (14,420) (33,187)

Total investment income (expense) ................................................................................... (12,769) (31,254)

Expenses

Management fees (Note 5) .................................................................................................. (1,242) (1,299)

Performance fees (Note 5) ................................................................................................... (32) 18

Custodian and Trustee fees (Note 6) ................................................................................... (12) (13)

Sub-custodian fees (Note 6) ................................................................................................ (135) (93)

Administration and transfer agency fees (Note 6) ............................................................... (54) (57)

Audit fees ............................................................................................................................ (12) (16)

Professional fees .................................................................................................................. (16) (29)

Other fees ............................................................................................................................ (3) (24)

Total operating expenses .................................................................................................... (1,506) (1,513)

Net income (expense) .......................................................................................................... (14,275) (32,767)

Taxation

Withholding tax (Note 9) ..................................................................................................... (263) (377)


shareholders resulting from operations ............................................................................ (14,538) (33,144)


Account.


Russell Alpha Fund





Six months ended

31 December 2015

(Unaudited)

USD ‘000

Six months ended

31 December 2014

(Unaudited)

USD ‘000


shareholders resulting from operations .................................................................................... (14,538) (33,144)

Share transactions

Net increase (decrease) in net assets resulting from redeemable participating share

transactions (Note 10) ......................................................................................................... 66,627 (14,435)


participating shareholders ......................................................................................................... 52,089 (47,579)


Beginning of period ............................................................................................................. 226,253 311,336

End of period ....................................................................................................................... 278,342 263,757


Russell Alpha Fund

Schedule of Investments

31 December 2015



Number

of Shares

Fair Value

USD ‘000

Fund

%

Transferable Securities (80.33%)

Common Stock (78.29%)

Australia (0.24%)

Metals and Mining

69,491 Newcrest Mining Ltd .......... 656 0.24

Austria (0.02%)

Real Estate

29,720 Immofinanz AG .................. 68 0.02

Belgium (0.25%)

Pharmaceuticals

7,587 UCB SA .............................. 686 0.25

Bermuda (0.94%)

Banks

6,597 Credicorp Ltd ...................... 642 0.23

Chemicals

875,181

Huabao International

Holdings Ltd ....................... 320 0.11

Diversified Financials

7,000 Guoco Group Ltd ................ 77 0.03

Food Products

931,000

China Yurun Food Group

Ltd ....................................... 198 0.07

Gas Utilities

278,470

China Resources Gas Group

Ltd ....................................... 830 0.30

Insurance

31,600 Maiden Holdings Ltd .......... 471 0.17

Transport

11,471

Tsakos Energy Navigation

Ltd ....................................... 91 0.03

2,629 0.94

Brazil (0.42%)

Agriculture

26,300 SLC Agricola SA ................ 109 0.04

Commercial Services and Supplies

65,079 Cielo SA .............................. 553 0.20

Electric Utilities

27,400

Centrais Eletricas Brasileiras

SA ....................................... 40 0.01

Insurance

75,546

BB Seguridade Participacoes

SA ....................................... 465 0.17

1,167 0.42

Canada (2.27%)

Advertising

30,220 MDC Partners Inc ............... 656 0.24

Beverages

67,641 Cott Corp ............................. 743 0.27

Number

of Shares

Fair Value

USD ‘000

Fund

%


21,100 Dundee Corp ....................... 69 0.03

280,814 Sprott Inc ............................ 481 0.17

Metals and Mining

59,346 Barrick Gold Corp .............. 438 0.16

54,028 Cameco Corp ...................... 666 0.24

83,300

Dundee Precious Metals

Inc ....................................... 77 0.03

16,577 Goldcorp Inc ....................... 192 0.07

310,700 Ivanhoe Mines Ltd .............. 136 0.05

256,164 Kinross Gold Corp .............. 466 0.17

37,184 New Gold Inc ...................... 86 0.03

66,998 Novagold Resources Inc ..... 282 0.10

35,319

Silver Standard Resources

Inc ....................................... 183 0.06

11,740 Silver Wheaton Corp .......... 146 0.05

18,071 Tahoe Resources Inc ........... 156 0.05

84,262

Turquoise Hill Resources

Ltd ...................................... 214 0.08

Oil and Gas

20,769 MEG Energy Corp .............. 120 0.04

Other Finance

93,898

Uranium Participation

Corp .................................... 347 0.12

Transport

15,425

Canadian National Railway

Co ....................................... 862 0.31

6,320 2.27

Cayman Islands (0.48%)

Real Estate

76,762

China Overseas Property

Holdings Ltd ....................... 12 0.01

Semiconductor Equipment and Products

95,467

ASM Pacific Technology

Ltd ...................................... 751 0.27

Software

3,116 NetEase Inc (ADR) ............. 565 0.20

1,328 0.48

Chile (0.24%)

Chemicals

3,610

Sociedad Quimica y Minera

de Chile SA (ADR) ............. 69 0.03

Electric Utilities

2,449,188 Enersis SA .......................... 591 0.21

660 0.24

China (0.22%)

Building Products

153,106

Anhui Conch Cement Co

Ltd ...................................... 412 0.15

Transport

420,000

Guangshen Railway Co

Ltd ...................................... 210 0.07

622 0.22


Russell Alpha Fund

Schedule of Investments - continued

31 December 2015



Number

of Shares

Fair Value

USD ‘000

Fund

%

Denmark (0.84%)

Beverages

277 Carlsberg A/S ...................... 25 0.01

Health Care Equipment and Supplies

7,883 Coloplast A/S ...................... 639 0.23

Pharmaceuticals

16,251 Novo Nordisk A/S ............... 946 0.34

Retail Trade

5,665 Pandora A/S ........................ 719 0.26

2,329 0.84

Egypt (0.29%)

Banks

168,532

Commercial International

Bank Egypt SAE ................. 818 0.29

Finland (0.29%)

Telecommunications

113,595 Nokia OYJ ........................... 814 0.29

France (5.18%)

Aerospace and Defence

4,621 Thales SA ............................ 347 0.12

Auto Components

4,112 Faurecia ............................... 165 0.06

16,016 Valeo SA ............................. 2,480 0.89

Automobiles

95,497 Peugeot SA .......................... 1,681 0.61

19,173 Renault SA .......................... 1,929 0.69

Biotechnology

863 Genfit .................................. 31 0.01


2,649 Edenred ............................... 50 0.02

9,647 Elis SA ................................ 160 0.06

Computers and Peripherals

4,540 Cap Gemini SA ................... 422 0.15

Construction and Engineering

11,198 Eiffage SA ........................... 724 0.26

Electric Utilities

31,663 Electricite de France SA ...... 467 0.17

Electrical Equipment

36,019 Legrand SA ......................... 2,042 0.73

Food Products

19,769 Carrefour SA ....................... 572 0.20

13,457 Danone SA .......................... 910 0.33

5,687 Sodexo SA ........................... 557 0.20

Machinery

2,936 Alstom SA ........................... 90 0.03

23,899 Areva SA ............................. 141 0.05

Real Estate Investment Trust

395 Gecina SA ........................... 48 0.02

Number

of Shares

Fair Value

USD ‘000

Fund

%

Textile and Apparel

5,787

LVMH Moet Hennessy

Louis Vuitton SE ................ 911 0.33

Water Utilities

28,920 Veolia Environnement SA .. 687 0.25

14,414 5.18

Germany (2.78%)

Auto Components

294 Rheinmetall AG .................. 20 0.01

Chemicals

6,781 Linde AG ............................ 986 0.35


40,204 Wirecard AG ....................... 2,031 0.73


8,837 Deutsche Boerse AG ........... 781 0.28

Health Care Providers and Services

11,212 Fresenius SE & Co KGaA .. 803 0.29

Media

8,229 ProSiebenSat.1 Media SE ... 418 0.15

Pharmaceuticals

11,984 Bayer AG ............................ 1,508 0.54


7,440 Infineon Technologies AG .. 109 0.04

Telecommunications

6,139 Drillisch AG ....................... 261 0.09

Textile and Apparel

8,486 Adidas AG .......................... 829 0.30

7,746 2.78

Guernsey, Channel Islands (0.03%)

Real Estate

54,070 Etalon Group Ltd (GDR) .... 97 0.03

Hong Kong (1.42%)

Banks

229,898

BOC Hong Kong Holdings

Ltd ...................................... 702 0.25


641,578 Lenovo Group Ltd .............. 651 0.23

Holding Companies - Diversified Operations

87,239 Wharf Holdings Ltd ............ 486 0.17

Insurance

154,143 AIA Group Ltd ................... 927 0.33

Oil and Gas

333,494 Cnooc Ltd ........................... 347 0.13

Real Estate

230,288

China Overseas Land &

Investment Ltd .................... 805 0.29


48,000

Hua Hong Semiconductor

Ltd ...................................... 47 0.02

3,965 1.42


Russell Alpha Fund


31 December 2015



Number

of Shares

Fair Value

USD ‘000

Fund

%

India (0.51%)

Banks

20,184 Axis Bank Ltd ..................... 137 0.05

Oil and Gas

29,696

Reliance Industries Ltd

(GDR) ................................. 909 0.33

Software

28,029 HCL Technologies Ltd ........ 364 0.13

1,410 0.51

Indonesia (0.82%)

Banks

1,081,791

Bank Mandiri Persero Tbk

PT ........................................ 726 0.26

Gas Utilities

3,105,687

Perusahaan Gas Negara

Persero Tbk PT .................... 618 0.22

Telecommunications

4,156,027

Telekomunikasi Indonesia

Persero Tbk PT .................... 936 0.34

2,280 0.82

Ireland (2.58%)

Airlines

115,958 Ryanair Holdings Plc .......... 1,891 0.68

Building Products

5,078 Kingspan Group Plc ............ 134 0.05


12,816 Accenture Plc ...................... 1,339 0.48

22,083 Seagate Technology Plc ...... 810 0.29

Food Products

15,081 Glanbia Plc .......................... 278 0.10

6,586 Kerry Group Plc .................. 546 0.19


15,353 Medtronic Plc ...................... 1,181 0.43

38,500 Trinity Biotech Plc (ADR) .. 453 0.16

Miscellaneous Manufacturers

10,588 Eaton Corp Plc .................... 551 0.20

7,183 2.58

Israel (0.05%)


26,400 SuperCom Ltd ..................... 138 0.05

Italy (0.44%)

Banks

293,124

Banca Monte dei Paschi di

Siena SpA ............................ 392 0.14

101,843 UniCredit SpA ..................... 568 0.20

Electric Utilities

7,449 ERG SpA ............................. 101 0.04

Internet Software and Services

4,434

Yoox Net-A-Porter Group

SpA ..................................... 166 0.06

1,227 0.44

Number

of Shares

Fair Value

USD ‘000

Fund

%

Japan (10.71%)

Banks

203,100

Mitsubishi UFJ Financial

Group Inc ............................ 1,278 0.46

833,600

Mizuho Financial Group

Inc ....................................... 1,687 0.60

332,000

Sumitomo Mitsui Trust

Holdings Inc ....................... 1,272 0.46

Building Products

45,400 LIXIL Group Corp .............. 1,019 0.37

Chemicals

125,000 Asahi Kasei Corp ................ 855 0.31


6,300

Japan Digital Laboratory Co

Ltd ...................................... 86 0.03

Distributors

68,800 Mitsubishi Corp .................. 1,160 0.42

40,800 Mitsui & Co Ltd .................. 490 0.17


212,400 Nomura Holdings Inc ......... 1,199 0.43

94,500 ORIX Corp ......................... 1,348 0.49

Electric Utilities

56,700

Kansai Electric Power Co

Inc ....................................... 688 0.25


20,500 Nidec Corp .......................... 1,506 0.54

Environmental Control

11,300

Kurita Water Industries

Ltd ...................................... 239 0.09

Hand and Machine Tools

18,100 Makita Corp ........................ 1,058 0.38


12,800 Miraca Holdings Inc ........... 569 0.20

Home Builders

27,400

Daiwa House Industry Co

Ltd ...................................... 798 0.29

Insurance

87,700

Dai-ichi Life Insurance Co

Ltd ...................................... 1,484 0.53

Iron and Steel

133,000 Japan Steel Works Ltd ........ 472 0.17

46,600

Nippon Steel & Sumitomo

Metal Corp .......................... 936 0.34

Machinery

52,300 Amada Holdings Co Ltd ..... 506 0.18

5,000 Fanuc Corp ......................... 876 0.32

161,000 Hitachi Ltd .......................... 925 0.33

56,700 Komatsu Ltd ....................... 939 0.34

Office Electronics

20,100 Canon Inc ............................ 614 0.22

61,600 Ricoh Co Ltd ...................... 641 0.23

Other Finance

37,100 Jafco Co Ltd ........................ 1,468 0.53


Russell Alpha Fund


31 December 2015



Number

of Shares

Fair Value

USD ‘000

Fund

%

Real Estate

37,800 Hulic Co Ltd ........................ 336 0.12

140,500

Tokyu Fudosan Holdings

Corp ..................................... 890 0.32

Retail Trade

8,900 Izumi Co Ltd ....................... 348 0.13

52,500 Marui Group Co Ltd ............ 863 0.31

93,000 Takashimaya Co Ltd ........... 846 0.30


14,800 Tokyo Electron Ltd ............. 901 0.32

Toys, Games and Hobbies

4,900 Nintendo Co Ltd .................. 682 0.24

Transport

8,000 Kamigumi Co Ltd ............... 70 0.02

260,000 Nippon Yusen KK ............... 638 0.23

1,600

West Japan Railway

Co ........................................ 112 0.04

29,799 10.71

Jersey, Channel Islands (0.37%)

Metals and Mining

12,105 Randgold Resources Ltd ..... 739 0.27

Pharmaceuticals

4,157 Shire Plc .............................. 288 0.10

1,027 0.37

Korea, Republic of (1.43%)

Auto Components

19,696 Hankook Tire Co Ltd .......... 790 0.29

22,217 Hanon Systems .................... 983 0.35

Automobiles

1,407 Hyundai Motor Co .............. 179 0.06


47,516 BNK Financial Group Inc ... 341 0.12

Home Furnishings

6,792 Coway Co Ltd ..................... 487 0.18


769

Samsung Electronics Co

Ltd ....................................... 826 0.30

Telecommunications

2,613 KT Corp .............................. 63 0.02

25,600 KT Corp (ADR) .................. 305 0.11

3,974 1.43

Lebanon (0.01%)

Real Estate

3,180 Solidere (GDR) ................... 33 0.01

Luxembourg (0.83%)

Agriculture

8,398 Kernel Holding SA .............. 102 0.04

1,404

MHP SA GDR (Germany

listed) ................................... 13 0.00

36,983 MHP SA GDR (US listed) .. 344 0.12

Number

of Shares

Fair Value

USD ‘000

Fund

%

Household Products

234,695 Samsonite International SA 707 0.25

Metals and Mining

22,026 Tenaris SA (ADR) .............. 524 0.19

Real Estate

6,597 Grand City Properties SA ... 153 0.06

Retail Trade

111,474

B&M European Value Retail

SA ....................................... 468 0.17

2,311 0.83

Marshall Islands (0.44%)

Transport

13,000 Ardmore Shipping Corp ...... 165 0.06

25,600 Diana Shipping Inc ............. 111 0.04

13,900 Navigator Holdings Ltd ...... 190 0.07

23,158 Safe Bulkers Inc .................. 19 0.01

7,824 Scorpio Bulkers Inc ............ 77 0.02

70,000 Scorpio Tankers Inc ............ 561 0.20

33,364 StealthGas Inc ..................... 114 0.04

1,237 0.44

Mauritius (0.10%)

Agriculture

8,499 Golden Agri-Resources Ltd 287 0.10

Mexico (0.86%)

Beverages

8,499

Fomento Economico

Mexicano SAB de CV

(ADR) ................................. 785 0.28

Household Products

379,811

Kimberly-Clark de Mexico

SAB de CV ......................... 884 0.32

Retail Trade

288,545

Wal-Mart de Mexico SAB

de CV .................................. 727 0.26

2,396 0.86

Netherlands (1.14%)

Banks

66,838 ING Groep NV ................... 904 0.33

Beverages

8,015 Heineken NV ...................... 686 0.25

Chemicals

8,404 Akzo Nobel NV .................. 563 0.20

Insurance

38,118 Delta Lloyd NV .................. 225 0.08


11,904 Yandex NV ......................... 187 0.07


6,634 ASML Holding NV ............ 595 0.21

3,160 1.14


Russell Alpha Fund


31 December 2015



Number

of Shares

Fair Value

USD ‘000

Fund

%

Norway (0.29%)

Banks

40,042 DNB ASA ........................... 497 0.18

Oil and Gas

22,935 Statoil ASA ......................... 321 0.11

818 0.29

Philippines (0.26%)

Real Estate

983,284 Ayala Land Inc .................... 720 0.26

Poland (0.18%)

Banks

72,329

Powszechna Kasa

Oszczednosci Bank Polski

SA ....................................... 501 0.18

Puerto Rico (0.15%)

Banks

15,200 Popular Inc .......................... 431 0.15

Russia (0.89%)

Banks

78,747

Sberbank of Russia ADR

(UK Listed) ......................... 463 0.17

58,327


(US Listed) .......................... 338 0.12


58,860

Moscow Exchange MICEX-

RTS PJSC ............................ 74 0.03

Electric Utilities

350,770,000

Federal Grid Co Unified

Energy System PJSC ........... 285 0.10

499,028 RusHydro PJSC (ADR) ....... 477 0.17

Oil and Gas

45,089 Gazprom PAO ..................... 84 0.03

146,350 Gazprom PAO (ADR) ......... 537 0.19

2,483 Lukoil PJSC (ADR) ............ 80 0.03

Retail Trade

60,723 Protek OJSC ........................ 51 0.02

Telecommunications

32,795 Mobile TeleSystems PJSC .. 94 0.03

2,483 0.89

South Africa (0.64%)

Food Products

18,433 Bidvest Group Ltd ............... 390 0.14


94,288 AVI Ltd ............................... 471 0.17

Metals and Mining

151,686

Impala Platinum Holdings

Ltd ....................................... 245 0.09

Retail Trade

44,121 Massmart Holdings Ltd ....... 285 0.10

Number

of Shares

Fair Value

USD ‘000

Fund

%

Telecommunications

45,463 MTN Group Ltd .................. 390 0.14

1,781 0.64

Spain (1.78%)

Banks

141,497 Bankia SA ........................... 165 0.06


4,072 Aena SA .............................. 466 0.17

22,273 Ferrovial SA ....................... 505 0.18


63,886

Gamesa Corp Tecnologica

SA ....................................... 1,098 0.39

Gas Utilities

10,679 Enagas SA .......................... 302 0.11


6,358

Axiare Patrimonio SOCIMI

SA ....................................... 91 0.03

Retail Trade

43,533

Industria de Diseno Textil

SA ....................................... 1,499 0.54

Software

18,990 Amadeus IT Holding SA .... 839 0.30

4,965 1.78

Sweden (0.49%)

Banks

25,569 Swedbank AB ..................... 567 0.21

Other Finance

9,181 Investment AB Kinnevik .... 285 0.10

Retail Trade

13,941 Hennes & Mauritz AB ........ 500 0.18

1,352 0.49

Switzerland (1.77%)

Banks

38,763 UBS Group AG .................. 756 0.27

Food Products

13,388 Nestle SA ............................ 997 0.36

Insurance

4,212 ACE Ltd .............................. 492 0.18

Pharmaceuticals

4,869 Roche Holding AG ............. 1,344 0.48

Retail Trade

7,460

Cie Financiere Richemont

SA ....................................... 537 0.19

2,249 Dufry AG ............................ 270 0.10

Software

10,142 Temenos Group AG ............ 526 0.19

4,922 1.77

Taiwan (0.77%)

Metals and Mining

51,010

Catcher Technology Co

Ltd ...................................... 429 0.16


Russell Alpha Fund


31 December 2015



Number

of Shares

Fair Value

USD ‘000

Fund

%


7,794 Largan Precision Co Ltd ...... 539 0.19


267,506

Taiwan Semiconductor

Manufacturing Co Ltd ......... 1,165 0.42

2,133 0.77

Thailand (0.91%)

Banks

140,976 Kasikornbank Pcl (NVDR) . 590 0.21

Food Products

1,716,707 Thai Union Group PCL ....... 821 0.30


60,073 Siam Cement Pcl (NVDR) .. 768 0.28

Oil and Gas

217,597

PTT Exploration &

Production PCL ................... 346 0.12

2,525 0.91

Turkey (0.89%)


363,747 Enka Insaat ve Sanayi AS ... 563 0.20

80,323

TAV Havalimanlari Holding

AS ....................................... 501 0.18

Metals and Mining

64,503 Koza Altin Isletmeleri AS ... 271 0.10

Oil and Gas

21,943

Tupras Turkiye Petrol

Rafinerileri AS .................... 523 0.19

Real Estate

681,436

Emlak Konut Gayrimenkul

Yatirim Ortakligi AS ........... 607 0.22

2,465 0.89

United Kingdom (4.45%)


3,262 BAE Systems Plc ................ 24 0.01

Agriculture

3,427

British American Tobacco

Plc ....................................... 190 0.07

Banks

17,451 Shawbrook Group Plc ......... 90 0.03

Beverages

30,842 Diageo Plc ........................... 844 0.31

12,211 SABMiller Plc ..................... 732 0.26


10,365 Provident Financial Plc ....... 514 0.18

13,794 Schroders Plc ....................... 605 0.22

105,895 Worldpay Group Plc ............ 480 0.17

Entertainment

42,428 Merlin Entertainments Plc ... 285 0.10

Home Builders

88,733 Barratt Developments Plc .... 819 0.30

20,492 Persimmon Plc .................... 612 0.22

113,157 Taylor Wimpey Plc ............. 339 0.12

Number

of Shares

Fair Value

USD ‘000

Fund

%

Home Furnishings

33,786

Howden Joinery Group

Plc ....................................... 262 0.09

Household Products

17,371

Reckitt Benckiser Group

Plc ....................................... 1,608 0.58


40,937 Just Eat Plc .......................... 298 0.11

Media

442

Liberty Global Plc (Non-

Voting Rights) .................... 18 0.01

14,660

Liberty Global Plc (Voting

Rights) ................................ 621 0.22

Oil and Gas

36,307 BG Group Plc ..................... 527 0.19

Pharmaceuticals

45,226 GlaxoSmithKline Plc .......... 915 0.33


4,184 Great Portland Estates Plc ... 51 0.02

Retail Trade

83,298

Sports Direct International

Plc ....................................... 708 0.25


44,054 ARM Holdings Plc ............. 675 0.24

Telecommunications

127,809

TalkTalk Telecom Group

Plc ....................................... 410 0.15

228,961 Vodafone Group Plc ........... 746 0.27

12,373 4.45

United States (28.62%)


3,749

United Technologies

Corp .................................... 360 0.13

Agriculture

15,400 Cadiz Inc ............................. 81 0.03

Airlines

13,923 SkyWest Inc ........................ 265 0.10

Auto Components

14,102

Metaldyne Performance

Group Inc ............................ 259 0.09

Banks

17,900

Central Pacific Financial

Corp .................................... 394 0.14

15,038 Citigroup Inc ....................... 778 0.28

22,900 Customers Bancorp Inc ....... 623 0.23

5,170 First Foundation Inc ............ 122 0.04

25,500 Fulton Financial Corp ......... 332 0.12

11,700 Kearny Financial Corp ........ 148 0.05

26,300

State Bank Financial

Corp .................................... 553 0.20

15,215 State Street Corp ................. 1,010 0.36

18,200

United Community Banks

Inc/GA ................................ 355 0.13

14,000 Yadkin Financial Corp ........ 352 0.13


Russell Alpha Fund


31 December 2015



Number

of Shares

Fair Value

USD ‘000

Fund

%

Biotechnology

3,348 Bio-Rad Laboratories Inc .... 464 0.17

Building Products

5,521 Apogee Enterprises Inc ....... 240 0.09

4,369 Trex Co Inc ......................... 166 0.06

Chemicals

15,440 Dow Chemical Co ............... 795 0.28

32,850 Landec Corp ........................ 389 0.14

5,398 Praxair Inc ........................... 553 0.20

14,061 Univar Inc ........................... 239 0.09


15,512

AMN Healthcare Services

Inc ....................................... 482 0.17

45,600

ARC Document Solutions

Inc ....................................... 202 0.07

3,442 CoStar Group Inc ................ 711 0.26

23,743

Cross Country Healthcare

Inc ....................................... 389 0.14

149,900

Great Lakes Dredge & Dock

Corp ..................................... 594 0.21

24,032 HealthEquity Inc ................. 602 0.22

19,178 ICF International Inc ........... 682 0.25

3,800 Landauer Inc ....................... 125 0.04

8,200

Matthews International

Corp ..................................... 438 0.16

17,212 Paylocity Holding Corp ....... 698 0.25


1,930 Apple Inc ............................. 203 0.07

69,700 Ciber Inc .............................. 245 0.09

10,300

Computer Task Group

Inc ....................................... 68 0.02

40,302 EMC Corp ........................... 1,035 0.37

5,300 Engility Holdings Inc .......... 172 0.06

11,373 EPAM Systems Inc ............. 894 0.32

13,115 Fortinet Inc .......................... 409 0.15

30,100 KEYW Holding Corp .......... 181 0.07

10,573

Manhattan Associates

Inc ....................................... 700 0.25

6,000 Mercury Systems Inc ........... 110 0.04

18,033 Virtusa Corp ........................ 745 0.27

17,842 Western Digital Corp .......... 1,071 0.39


14,782 KBR Inc .............................. 250 0.09

56,000 Orion Marine Group Inc ...... 234 0.09

10,127 Primoris Services Corp ........ 223 0.08

18,700 Tutor Perini Corp ................ 313 0.11

Distributors

25,700 Libbey Inc ........................... 548 0.20

20,000 Titan Machinery Inc ............ 219 0.08


11,734

Discover Financial

Services ............................... 629 0.22

10,557 Ellie Mae Inc ....................... 636 0.23

Number

of Shares

Fair Value

USD ‘000

Fund

%

15,100 FBR & Co ........................... 300 0.11

19,000 FNFV Group ....................... 213 0.08

7,862

MarketAxess Holdings

Inc ....................................... 877 0.31

7,331 PRA Group Inc ................... 254 0.09

9,370 Synchrony Financial ........... 285 0.10

17,489 Visa Inc ............................... 1,356 0.49

Electric Utilities

3,700 Allete Inc ............................ 188 0.07

4,900

Empire District Electric

Co ....................................... 138 0.05

5,300 PNM Resources Inc ............ 162 0.06

6,200

Portland General Electric

Co ....................................... 225 0.08


56,525 Corning Inc ......................... 1,033 0.37

6,000 Generac Holdings Inc ......... 179 0.07

11,818

Honeywell International

Inc ....................................... 1,224 0.44

5,852 Waters Corp ........................ 788 0.28

Energy Equipment and Services

59,250 Pacific Ethanol Inc .............. 283 0.10

Entertainment

21,840 Carmike Cinemas Inc ......... 501 0.18

Environmental Control

10,200 Covanta Holding Corp ........ 158 0.06

Food Products

14,003

Amplify Snack Brands

Inc ....................................... 161 0.06

5,950 Pilgrim's Pride Corp ............ 131 0.05

17,920 Pinnacle Foods Inc .............. 761 0.27

3,350 Tyson Foods Inc ................. 179 0.06

Gas Utilities

5,059

Chesapeake Utilities

Corp .................................... 287 0.10


12,046 Milacron Holdings Corp ..... 151 0.05


9,015 ABIOMED Inc ................... 814 0.29

104,000 Accuray Inc ......................... 702 0.25

20,863 Affymetrix Inc .................... 211 0.08

2,200 Alere Inc ............................. 86 0.03

29,564 AtriCure Inc ........................ 663 0.24

25,977 Glaukos Corp ...................... 641 0.23

9,380 Inogen Inc ........................... 376 0.14

23,007 K2M Group Holdings Inc ... 454 0.16

9,968

Thermo Fisher Scientific

Inc ....................................... 1,414 0.51

6,219 VWR Corp .......................... 176 0.06

13,533

Zimmer Biomet Holdings

Inc ....................................... 1,388 0.50


7,361

Acadia Healthcare Co

Inc ....................................... 460 0.16


Russell Alpha Fund


31 December 2015



Number

of Shares

Fair Value

USD ‘000

Fund

%

5,397 Adeptus Health Inc .............. 294 0.11

8,363 Molina Healthcare Inc ......... 503 0.18


16,100

National Bank Holdings

Corp ..................................... 344 0.12

Home Builders

20,939 LGI Homes Inc .................... 509 0.18

Hotels, Restaurants and Leisure

20,300 Callaway Golf Co ................ 191 0.07

Insurance

22,120

CNO Financial Group

Inc ....................................... 422 0.15

17,800

Employers Holdings

Inc ....................................... 486 0.17

1,700 Fidelity & Guaranty Life ..... 43 0.02

2,100

Hanover Insurance Group

Inc ....................................... 171 0.06

16,900 Kemper Corp ....................... 630 0.23


25,304 8x8 Inc ................................ 290 0.10

99,950 Boingo Wireless Inc ............ 662 0.24

15,876 Pandora Media Inc .............. 213 0.08

22,613 Q2 Holdings Inc .................. 596 0.21

Iron and Steel

11,700

Allegheny Technologies

Inc ....................................... 132 0.05

5,000

Carpenter Technology

Corp ..................................... 151 0.05

Media

16,008 Time Warner Inc ................. 1,035 0.37

11,736 Tribune Publishing Co ........ 108 0.04

11,540 Walt Disney Co ................... 1,213 0.44

Metals and Mining

20,679 CONSOL Energy Inc .......... 163 0.06

2,659 Newmont Mining Corp ....... 48 0.02

8,773 Peabody Energy Corp .......... 67 0.02

5,313 Royal Gold Inc .................... 194 0.07

30,198 Westmoreland Coal Co ....... 178 0.06


4,965 3M Co ................................. 748 0.27

21,400 FreightCar America Inc ....... 416 0.15

Office Electronics

13,700 Pitney Bowes Inc ................. 283 0.10

Oil and Gas

6,531

Anadarko Petroleum

Corp ..................................... 317 0.11

106,518 Approach Resources Inc ...... 196 0.07

107,700 Bill Barrett Corp .................. 423 0.15

10,600 Gulfport Energy Corp .......... 260 0.09

8,035

Occidental Petroleum

Corp ..................................... 543 0.20

Oil and Gas Services

8,200 Matrix Service Co ............... 168 0.06

Number

of Shares

Fair Value

USD ‘000

Fund

%

23,100 TETRA Technologies Inc ... 174 0.06

Other Finance

51,993 Gramercy Property Trust .... 401 0.14

10,700 THL Credit Inc ................... 114 0.04

Personal Products

2,417 Procter & Gamble Co ......... 192 0.07

Pharmaceuticals

9,469 AbbVie Inc ......................... 561 0.20

6,137 Akorn Inc ............................ 229 0.08

5,997

Anacor Pharmaceuticals

Inc ....................................... 677 0.25

16,976 Diplomat Pharmacy Inc ...... 581 0.21

10,982 Insys Therapeutics Inc ........ 314 0.11

34,560 Pfizer Inc ............................ 1,116 0.40

Pipelines

5,193 Williams Cos Inc ................ 133 0.05

Real Estate

11,966

Forest City Enterprises

Inc ....................................... 262 0.09

18,317 HFF Inc ............................... 569 0.20

17,900

Kennedy-Wilson Holdings

Inc ....................................... 431 0.16


39,500

CatchMark Timber Trust

Inc ....................................... 447 0.16

59,800 Cedar Realty Trust Inc ........ 423 0.15

18,200 Equity Commonwealth ....... 505 0.18

32,500 FelCor Lodging Trust Inc ... 237 0.09

27,236 GEO Group Inc ................... 787 0.28

5,000 Hatteras Financial Corp ...... 66 0.02

19,200 Rouse Properties Inc ........... 280 0.10

7,500

Seritage Growth

Properties ............................ 302 0.11

14,300

Starwood Waypoint

Residential Trust ................. 324 0.12

16,200

Two Harbors Investment

Corp .................................... 131 0.05

Retail Trade

15,600 Ascena Retail Group Inc ..... 154 0.06

700

Bravo Brio Restaurant

Group Inc ............................ 6 0.00

13,700 Destination XL Group Inc .. 76 0.03

5,882

Fiesta Restaurant Group

Inc ....................................... 198 0.07

4,700 Freshpet Inc ........................ 40 0.01

29,754 Habit Restaurants Inc .......... 686 0.25

53,191 Kona Grill Inc ..................... 844 0.30

5,537 Macy's Inc ........................... 194 0.07

4,219 McDonald's Corp ................ 498 0.18

2,200 Shoe Carnival Inc ............... 51 0.02

45,519

Sportsman's Warehouse

Holdings Inc ....................... 587 0.21

5,853 Target Corp ......................... 425 0.15

16,613 Zoe's Kitchen Inc ................ 465 0.17


Russell Alpha Fund


31 December 2015



Number

of Shares

Fair Value

USD ‘000

Fund

%

Savings and Loans

38,300 Investors Bancorp Inc .......... 476 0.17

32,800 Meridian Bancorp Inc .......... 462 0.17

31,600 Northfield Bancorp Inc ........ 503 0.18


29,431 Applied Materials Inc .......... 549 0.20

28,700

Applied Micro Circuits

Corp ..................................... 183 0.07

93,300 Exar Corp ............................ 572 0.20

28,384 Inphi Corp ........................... 767 0.27

49,307 Micron Technology Inc ....... 699 0.25

16,500 Ultratech Inc ........................ 327 0.12

32,800 Xcerra Corp ......................... 198 0.07

Software

6,836 2U Inc .................................. 191 0.07

11,546 Benefitfocus Inc .................. 420 0.15

16,300 Digi International Inc .......... 185 0.07

13,403 Guidewire Software Inc ...... 807 0.29

6,077 HubSpot Inc ........................ 342 0.12

4,397 Imperva Inc ......................... 278 0.10

100 Instructure Inc ..................... 2 0.00

19,727 Oracle Corp ......................... 721 0.26

11,390 Proofpoint Inc ...................... 741 0.26

10,500 QAD Inc .............................. 215 0.08

8,638 SPS Commerce Inc .............. 607 0.22

2,406 Tyler Technologies Inc ........ 419 0.15

3,291

Ultimate Software Group

Inc ....................................... 644 0.23

Telecommunications

7,600 Finisar Corp ......................... 111 0.04

13,885 Infinera Corp ....................... 252 0.09

18,500

Iridium Communications

Inc ....................................... 156 0.05

2,800 Plantronics Inc ..................... 133 0.05

Textile and Apparel

12,600 Crocs Inc ............................. 129 0.05

10,056

G-III Apparel Group

Ltd ....................................... 445 0.16

77,836

Sequential Brands Group

Inc ....................................... 617 0.22

Transport

15,460

Air Transport Services

Group Inc ............................ 156 0.06

5,700 Celadon Group Inc .............. 56 0.02

26,624

Knight Transportation

Inc ....................................... 646 0.23

10,041

Old Dominion Freight Line

Inc ....................................... 594 0.21

21,800 Rand Logistics Inc ............... 35 0.01

9,709 United Parcel Service Inc .... 934 0.34

5,200 Werner Enterprises Inc ........ 123 0.04

79,677 28.62

Total Common Stock ........ 217,927 78.29

Number

of Shares

Fair Value

USD ‘000

Fund

%

Preferred Stock (1.11%)

Brazil (0.88%)

Banks

78,806 Banco Bradesco SA ............ 384 0.14

Electric Utilities

167,200

Centrais Eletricas Brasileiras

SA ....................................... 441 0.16

Iron and Steel

103,523 Gerdau SA .......................... 122 0.05

65,868 Vale SA .............................. 171 0.06

Oil and Gas

342,184 Petroleo Brasileiro SA ........ 579 0.21

Retail Trade

150,469 Lojas Americanas SA ......... 738 0.26

2,435 0.88

Italy (0.23%)

Telecommunications

620,517 Telecom Italia SpA ............ 641 0.23

Total Preferred Stock ....... 3,076 1.11

Warrants (0.93%)

Netherlands (0.87%)

21,183 HCL Technologies Ltd ....... 275 0.10

134,570

Oil & Natural Gas Corp

Ltd ...................................... 488 0.18

24,352

Tata Consultancy Services

Ltd ...................................... 894 0.32

142,381 Titan Co Ltd ........................ 751 0.27

2,408 0.87

France (0.06%)

47,824 Peugeot SA ......................... 179 0.06

Total Warrants .................. 2,587 0.93

Rights (0.00%)

Brazil (0.00%)

2,581 Banco Bradesco SA ............ 1 0.00

Korea, Republic of (0.00%)

10,397

BNK Financial Group

Inc ....................................... 12 0.00

Total Rights ....................... 13 0.00

Total Transferable

Securities ........................... 223,603 80.33

Investment Funds (9.71%)

Ireland (5.83%)

15,019,395

BNY Mellon Absolute

Return Equity Fund ............. 16,008 5.76

25,755

iShares Gold Producers

UCITS ETF ......................... 147 0.07

16,155 5.83


Russell Alpha Fund


31 December 2015



Number

of Shares

Fair Value

USD ‘000

Fund

%

Luxembourg (3.88%)

121,920

Fulcrum UCITS SICAV –

Fulcrum Alternative Beta

Plus Daily Fund ................. 10,776 3.88

Total Investment Funds .... 26,931 9.71

Total Investments

excluding Financial

Derivative Instruments ..... 250,534 90.04

Financial Derivative Instruments ((0.54)%)

Open Futures Contracts ((0.34)%)

Notional

Amount

USD ‘000

Average

Cost Price

USD

Unrealised

Gain (Loss)

USD ‘000

Fund

%

(1,310)

(467.68)

14 of Amsterdam Index Futures

Short Futures Contracts

Expiring January 2016 ........................................................................................ (34)

(0.01)

(4,177)

(4,972.31)

84 of CAC 40 Index Futures


Expiring January 2016 ........................................................................................ (56) (0.02)

(3,935)

(11,243.75)

14 of DAX Index Futures


Expiring March 2016 ......................................................................................... (160)

(0.06)

(18,198)

(3,486.24)

522 of Euro Stoxx 50 Index Futures


Expiring March 2016 ......................................................................................... (412)

(0.15)

(17,603)

(8,757.86)

201 of FTSE 100 Index Futures


Expiring March 2016 ......................................................................................... (759)

(0.27)

(1,152)

(23,034.99)

10 of FTSE MIB Index Futures


Expiring March 2016 ......................................................................................... (13)

0.00

(427)

(2,846.14)

3 of Hang Seng Index Futures


Expiring January 2016 3

0.00

(1,559)

(10,393.72)

15 of IBEX 35 Index Futures


Expiring January 2016 ........................................................................................ 7

0.00

(41,612)

(782.91)

1,063 of Mini MSCI Emerging Markets Index

Futures


Expiring March 2016 ......................................................................................... (244)

(0.09)

(2,272)

(167.04)

136 of OMSX 30 Index Futures


Expiring January 2016 ........................................................................................ (64)

(0.02)

(60,394)

(1,139.52)

530 of Russell 2000 Mini Index Futures


Expiring March 2016 ......................................................................................... 425

0.15

(970)

(539.15)

9 of S&P TSX 60 Index Futures


Expiring March 2016 ......................................................................................... (16)

(0.01)

(30,510)

(2,040.80)

299 of S&P 500 E Mini Index Futures


Expiring March 2016 ......................................................................................... 81

0.03


Russell Alpha Fund


31 December 2015



Notional

Amount

USD ‘000

Average

Cost Price

USD

Unrealised

Gain (Loss)

USD ‘000

Fund

%

(711)

(3,556.26)

8 of SPI 200 Index Futures


Expiring March 2016 ......................................................................................... (54)

(0.02)

(8,724)

(8,469.53)

103 of Swiss Market Index Futures


Expiring March 2016 ......................................................................................... (276) (0.10)

(32,026)

(13.13)

244 of TOPIX Index Futures


Expiring March 2016 ......................................................................................... 637 0.23

Unrealised gain on open futures contracts ......................................................................... 1,153 0.41

Unrealised loss on open futures contracts .......................................................................... (2,088) (0.75)

Net unrealised gain (loss) on open futures contracts ..................................................... (935) (0.34)

Open Forward Foreign Currency Exchange Contracts ((0.20)%)

Settlement

Date

Amount

Bought ‘000

Amount

Sold ‘000

Unrealised

Gain (Loss)

USD ‘000

Fund

%

12/01/2016 AUD 130 USD 94 - 0.00

12/01/2016 CAD 170 USD 127 (5) 0.00

12/01/2016 CHF 170 USD 170 - 0.00

12/01/2016 CHF 560 USD 550 10 0.00

12/01/2016 EUR 510 USD 554 1 0.00

12/01/2016 EUR 30,712 USD 32,537 832 0.30

12/01/2016 EUR 30,717 USD 32,537 838 0.30

12/01/2016 EUR 30,726 USD 32,537 847 0.30

12/01/2016 EUR 1,710 USD 1,816 42 0.02

12/01/2016 EUR 30,706 USD 32,537 825 0.30

12/01/2016 GBP 120 USD 181 (4) 0.00

12/01/2016 GBP 21,316 USD 32,038 (619) (0.22)

12/01/2016 GBP 21,352 USD 32,038 (567) (0.20)

12/01/2016 GBP 21,355 USD 32,038 (563) (0.20)

12/01/2016 GBP 21,315 USD 32,038 (621) (0.22)

12/01/2016 GBP 1,020 USD 1,524 (21) (0.01)

12/01/2016 JPY 63,550 USD 516 12 0.00

12/01/2016 SEK 1,740 USD 201 6 0.00

12/01/2016 USD 202 AUD 281 (2) 0.00

12/01/2016 USD 202 AUD 281 (2) 0.00

12/01/2016 USD 202 AUD 281 (2) 0.00

12/01/2016 USD 202 AUD 281 (2) 0.00

12/01/2016 USD 297 CAD 397 11 0.00

12/01/2016 USD 297 CAD 397 11 0.00

12/01/2016 USD 297 CAD 397 11 0.00

12/01/2016 USD 297 CAD 397 11 0.00

12/01/2016 USD 2,481 CHF 2,549 (66) (0.02)

12/01/2016 USD 2,481 CHF 2,549 (66) (0.02)

12/01/2016 USD 2,481 CHF 2,549 (66) (0.02)

12/01/2016 USD 2,481 CHF 2,549 (66) (0.02)

12/01/2016 USD 4,850 EUR 4,587 (133) (0.05)

12/01/2016 USD 1,617 EUR 1,490 (2) 0.00

12/01/2016 USD 2,152 EUR 1,969 13 0.00


Russell Alpha Fund


31 December 2015



Settlement

Date

Amount

Bought ‘000

Amount

Sold ‘000

Unrealised

Gain (Loss)

USD ‘000

Fund

%

12/01/2016 USD 7,870 EUR 7,426 (198) (0.07)

12/01/2016 USD 7,869 EUR 7,426 (199) (0.07)

12/01/2016 USD 7,868 EUR 7,426 (200) (0.07)

12/01/2016 USD 7,868 EUR 7,426 (199) (0.07)

12/01/2016 USD 2,545 GBP 1,690 54 0.02

12/01/2016 USD 5,010 GBP 3,334 96 0.03

12/01/2016 USD 5,011 GBP 3,334 97 0.03

12/01/2016 USD 5,007 GBP 3,334 93 0.03

12/01/2016 USD 5,012 GBP 3,334 97 0.03

12/01/2016 USD 102 HKD 793 - 0.00

12/01/2016 USD 102 HKD 793 - 0.00

12/01/2016 USD 102 HKD 793 - 0.00

12/01/2016 USD 102 HKD 793 - 0.00

12/01/2016 USD 2,049 JPY 252,310 (49) (0.02)

12/01/2016 USD 7,694 JPY 945,542 (167) (0.06)

12/01/2016 USD 7,693 JPY 945,542 (169) (0.06)

12/01/2016 USD 7,693 JPY 945,542 (170 ) (0.06)

12/01/2016 USD 7,693 JPY 945,542 (169) (0.06)

12/01/2016 USD 630 SEK 5,470 (19) (0.01)

12/01/2016 USD 630 SEK 5,470 (19) (0.01)

12/01/2016 USD 630 SEK 5,470 (19) (0.01)

12/01/2016 USD 630 SEK 5,470 (19) (0.01)

Unrealised gain on open forward foreign currency exchange contracts ................................ 3,907 1.36

Unrealised loss on open forward foreign currency exchange contracts ................................ (4,403) (1.56)

Net unrealised gain (loss) on open forward foreign currency exchange contracts ............................. (496) (0.20)

Total Financial Derivative Instruments ................................................................................................. (1,431) (0.54)

Fair Value

USD ‘000

Fund

%

Total Financial Assets at Fair Value through Profit or Loss

(91.81%) ............................................................................................................................... 255,594 91.81

Total Financial Liabilities at Fair Value through Profit or

Loss ((2.31)%) ...................................................................................................................... (6,491) (2.31)

Net Financial Assets at Fair Value through Profit or Loss

(89.50%) .................................................................................................................................................... 249,103 89.50

Other Net Assets (10.50%) ....................................................................................................................... 29,239 10.50

Net Assets .................................................................................................................................................. 278,342 100.00

Abbreviation used: ADR – American Depository Receipt

GDR – Global Depository Receipt

NVDR - Non-Voting Depository Receipt


Russell Alpha Fund


31 December 2015



Analysis of gross assets

% of

gross assets

Transferable securities admitted to an official stock exchange listing ..................................................................... 77.99

Investment Funds (UCITS) ...................................................................................................................................... 9.39

Exchange trades financial derivative instruments .................................................................................................... 0.40

Over the counter financial derivative instruments .................................................................................................... 1.36

Other assets .............................................................................................................................................................. 10.86

100.00

The broker for the open futures contracts is Morgan Stanley.

The counterparties for the open forward foreign currency exchange contracts are:

Bank of America

Bank of Montreal

BNP Paribas

Citibank

Commonwealth Bank Of Australia

HSBC

JP Morgan

Standard Chartered Bank

State Street Bank and Trust


Russell Alpha Fund


31 December 2015



Fair Value Hierarchy (Note 3)

The following tables analyse within the fair value hierarchy the Fund’s financial assets and liabilities (by investment type)

measured at fair value at 31 December 2015 and 30 June 2015.


Level C

Level A

USD ‘000

Level B

USD ‘000

Level C1*

USD ‘000

Level C2**

USD ‘000

Total

USD ‘000

Assets

Financial assets at fair value through profit or loss:

Investments at fair value:

Transferable securities ............................................................... 221,195 2,408 - - 223,603

Investment funds ........................................................................ 147 26,784 - - 26,931

Unrealised gain on open futures contracts ............................................. 1,153 - - - 1,153

Unrealised gain on forward foreign currency

exchange contracts ........................................................................ - - 3,907 - 3,907

Total assets ...................................................................................... 222,495 29,192 3,907 - 255,594

Liabilities

Financial liabilities at fair value through profit or

loss:

Unrealised loss on open futures contracts ............................................. (2,088) - - - (2,088)

Unrealised loss on forward foreign currency

exchange contracts ................................................................................ - - (4,403) - (4,403)

Total liabilities ................................................................................ (2,088) - (4,403) - (6,491)

As at 30 June 2015

Level C

Level A

USD ‘000

Level B

USD ‘000

Level C1*

USD ‘000

Level C2**

USD ‘000

Total

USD ‘000

Assets



Transferable securities ............................................................... 176,506 - 1,960 - 178,466

Investment Funds ....................................................................... 154 - 19,740 - 19,894

Unrealised gain on open futures contracts ............................................. 2,370 - - - 2,370



Total assets ...................................................................................... 179,030 - 26,069 - 205,099

Liabilities


loss:

Unrealised loss on open futures contracts ............................................. (103) - - - (103)


exchange contracts ................................................................................ - - (1,422) - (1,422)

Total liabilities ................................................................................ (103) - (1,422) - (1,525)

* Level C1 is valuation technique using market inputs.

** Level C2 is valuation techniques using entity-determined inputs.

No significant transfers occurred between the levels during the period and prior year under review.


Russell Alpha Fund


Listed below are the 20 largest cumulative investment purchases and sales during the period ended 31 December 2015


Administrator or from the paying agent or paying and information agents in each country of distribution.



Acquisition Cost

USD ‘000 Portfolio Securities

Disposal Proceeds

USD ‘000

BNY Mellon Absolute Return Equity Fund 11,000 Western Digital Corp (1,830)

Western Digital Corp 1,983 Seagate Technology Plc (1,704)

Seagate Technology Plc 1,662 General Electric Co (1,323)

Micron Technology Inc 1,632 Micron Technology Inc (1,316)

Zimmer Biomet Holdings Inc 1,160 SABMiller Plc (1,141)

Peugeot SA 1,111 Oracle Corp (1,094)

Valeo SA 1,092 Tyson Foods Inc (1,066)

Legrand SA 952 Allstate Corp (1,030)

GEO Group Inc 937 Allergan Plc (1,006)

Reckitt Benckiser Group Plc 935 Industria de Diseno Textil SA (939)

Renault SA 889 Legrand SA (884)

Great Lakes Dredge & Dock Corp 869 Target Corp (881)

Bayer AG 868 Carrefour SA (878)

Industria de Diseno Textil SA 861 McDonald's Corp (866)

Libbey Inc 861 ASML Holding NV (851)

Pfizer Inc 853 LDR Holding Corp (832)

Fanuc Corp 843 United Technologies Corp (771)

Ryanair Holdings Plc 800 Walt Disney Co (765)

Wirecard AG 764 Bharat Heavy Electricals Ltd (752)

Glaukos Corp 760 Valeo SA (743)



Balance Sheet



Russell Multi Strategy Volatility Fund 29

31 December 2015

(Unaudited)

USD ‘000

30 June 2015*

(Audited)

USD ‘000

Assets

Financial assets at fair value through profit or loss (Note 2) ..................................................................... 247,277 211,427

Cash at bank (Note 4) ................................................................................................................................ 41,415 34,881


(Note 4) ......................................................................................................................................................

14,308 5,806

Debtors:

Receivable for investments sold ............................................................................................................. - 844

Receivable on fund shares issued ........................................................................................................... - 102

Interest receivable and other receivables ................................................................................................ 32 124

303,032 253,184

Liabilities

Financial liabilities at fair value through profit or loss (Note 2) ..................................................................... (18,481) (18,523)


Management fees payable ............................................................................................................................ (436) (344)

Custodian and Trustee fees payable .......................................................................................................... (6) (3)

Sub-custodian fees payable .................................................................................................................... (10) (6)

Administration fees payable ........................................................................................................................ (12) (10)

Audit fees payable ..................................................................................................................................... (12) (24)

(18,957) (18,910)

Net asset value attributable to redeemable participating shareholders ..................................................... 284,075 234,274

* The Fund launched on 29 January 2015.






30 Russell Multi Strategy Volatility Fund

Six months ended

31 December 2015*

(Unaudited)

USD ‘000

Income

Interest income .............................................................................................................................................. 207

Net gain (loss) on investment activities ............................................................................................................ (24,003)

Total investment income (expense) .............................................................................................................. (23,796)

Expenses

Management fees (Note 5) ............................................................................................................................. (2,618)

Custodian and Trustee fees (Note 6) ............................................................................................................... (12)

Sub-custodian fees (Note 6) ......................................................................................................................... (22)

Administration and transfer agency fees (Note 6) ...................................................................................... (60)

Audit fees .................................................................................................................................................. (12)

Professional fees ........................................................................................................................................... (7)

Other fees ..................................................................................................................................................... (15)

Total operating expenses ............................................................................................................................... (2,746)

Net increase (decrease) in net assets attributable to redeemable participating shareholders

resulting from operations ................................................................................................................................. (26,542)


Account.

* As the Fund lunched on 29 January 2015 there is no comparable period Profit and Loss Account.







Six months ended

31 December 2015*

(Unaudited)

USD ‘000


resulting from operations .......................................................................................................................... (26,542)

Share transactions

Net increase (decrease) in net assets resulting from redeemable participating share transactions

(Note 10) ................................................................................................................................................... 76,343

Total net increase (decrease) in net assets attributable to redeemable participating

shareholders ............................................................................................................................................. 49,801


Beginning of period ................................................................................................................................. 234,274

End of period ............................................................................................................................................. 284,075

* As the Fund launched on 29 January 2015 there is no comparable period Statement of Changes in Net Assets Attributable to Redeemable

Participating Shareholders.




31 December 2015



Principal

Amount

Fair Value

USD ‘000

Fund

%


Long Term Bonds and Notes (0.69%)


Toyota Motor Credit Corp

USD 2,000,000

0.872% due

12/03/20 ........................... 1,972 0.69

Total Long Term Bonds

and Notes ............................ 1,972 0.69

Short Term Investments (21.14%)

Australia (0.88%)

Commonwealth Bank of

Australia

2,500,000

Zero Coupon due

03/03/16 ........................... 2,500 0.88


Bank of America Corp

3,300,000

1.250% due

11/01/16 ........................... 3,300 1.16

Federal Home Loan Bank

Discount Notes

4,800,000

Zero Coupon due

04/01/16 ........................... 4,800 1.69

30,000,000

Zero Coupon due

05/01/16 ........................... 30,000 10.56

4,550,000

Zero Coupon due

06/01/16 ........................... 4,550 1.60

8,300,000

Zero Coupon due

11/02/16 ........................... 8,298 2.92

Federal National Mortgage

Association

1,800,000

Zero Coupon due

04/01/16 .......................... 1,800 0.64

International Bank for

Reconstruction &

Development

4,000,000

Zero Coupon due

05/01/16 ........................... 4,000 1.41

JPMorgan Chase & Co

800,000

2.600% due

15/01/16 ........................... 800 0.28

57,548 20.26

Total Short Term

Investments ........................ 60,048 21.14

Total Transferable

Securities ............................ 62,020 21.83

Certificates of Deposit (1.05%)

Japan (1.05%)

Sumitomo Mitsui Banking

Corp

3,000,000

0.370% due

12/01/16 ........................... 3,000 1.05

Total Certificates of

Deposit ................................ 3,000 1.05

Principal

Amount

Fair Value

USD ‘000

Fund

%

Commercial Paper (20.98%)

Canada (1.58%)

Ontario Techers Finance

Trust

2,500,000

Zero Coupon due

08/03/16 .......................... 2,498 0.88

Quebec Government

2,000,000

Zero Coupon due

05/01/16 .......................... 2,000 0.70

4,498 1.58

France (1.06%)

Antalis SA

3,000,000

Zero Coupon due

05/01/16 .......................... 3,000 1.06

Ireland (1.41%)

Matchpoint Finance Plc

4,000,000

Zero Coupon due

11/02/16 .......................... 3,998 1.41

Japan (1.06%)

Bank of Tokyo Mitsubishi

UFJ Ltd

3,000,000

Zero Coupon due

12/01/16 .......................... 3,000 1.06


American Express Credit

Corp

4,000,000

Zero Coupon due

19/01/16 .......................... 3,999 1.41

BMW US Capital

LLC

3,000,000

Zero Coupon due

05/01/16 .......................... 2,999 1.05

Concord Minutemen

Capital

2,900,000

Zero Coupon due

04/01/16 .......................... 2,900 1.02

ConocoPhillips Co

3,000,000

Zero Coupon due

15/01/16 .......................... 2,998 1.05

Crown Point Capital Co

LLC

1,000,000

Zero Coupon due

04/01/16 .......................... 1,000 0.35

Eni Finance USA

3,000,000

Zero Coupon due

04/01/16 .......................... 3,000 1.06

Exxon Mobil Corp

3,000,000

Zero Coupon due

13/01/16 .......................... 3,000 1.06

Fairway Finance Company

LLC

3,000,000

Zero Coupon due

11/01/16 .......................... 3,000 1.06




31 December 2015



Principal

Amount

Fair Value

USD ‘000

Fund

%

Gotham Funding

Corporation

3,000,000

Zero Coupon due

12/01/16 ........................... 3,000 1.06

Liberty Street Funding

LLC

3,000,000

Zero Coupon due

15/01/16 ........................... 2,999 1.05

LMA SA

850,000

Zero Coupon due

11/01/16 ........................... 850 0.30

Manhattan Asset Funding

LLC

2,700,000

Zero Coupon due

01/02/16 ........................... 2,699 0.95

Nestle Capital Corp

3,000,000

Zero Coupon due

05/01/16 ........................... 3,000 1.06

PACCAR Financial Corp

2,350,000

Zero Coupon due

11/01/16 ........................... 2,350 0.83

Private Exporting Funding

Corp

500,000

Zero Coupon due

05/01/16 ........................... 500 0.17

Regency Markets No 1

LLC

600,000

Zero Coupon due

13/01/16 ........................... 600 0.21

1,500,000

Zero Coupon due

15/01/16 ........................... 1,500 0.53

700,000

Zero Coupon due

20/01/16 ........................... 700 0.25

Scotiabanc Inc

2,000,000

Zero Coupon due

04/01/16 ........................... 2,000 0.70

Sheffield Receivable Corp

Principal

Amount

Fair Value

USD ‘000

Fund

%

2,000,000

Zero Coupon due

04/01/16 .......................... 2,000 0.70

45,094 15.87

Total Commercial Paper .. 59,590 20.98

Money Market Instruments (27.05%)


U.S. Treasury Bills

5,000,000

Zero Coupon due

07/01/16 .......................... 5,000 1.76

9,300,000

Zero Coupon due

14/01/16 .......................... 9,300 3.27

15,015,000

Zero Coupon due

04/02/16 .......................... 15,014 5.29

25,025,000

Zero Coupon due

03/03/16 .......................... 25,021 8.81

22,515,000

Zero Coupon due

28/04/16 .......................... 22,497 7.92

Total Money Market

Instruments ....................... 76,832 27.05

Number of

Shares


Ireland (7.52%)

Russell Investment Company

III plc -

21,344

The US Dollar Cash Fund

II - Class R Roll-Up

Shares .............................. 21,357 7.52


Total Investments

excluding Financial


Financial Derivative Instruments (2.11%)

Open Futures Contracts (0.73%)

Notional

Amount

USD ‘000

Average

Cost Price

USD

Unrealised

Gain (Loss)

USD ‘000

Fund

%

(8,647)

(19.56)

442 of CBOE Volatility Index Future


Expiring January 2016 .............................................. 459 0.16

5,462

20.61

265 of CBOE Volatility Index Future

Long Futures Contracts

Expiring May 2016 ................................................... (294) (0.10)

(185,083)

(2,056.47)

1,800 of S&P 500 E Mini Index Futures


Expiring March 2016 ................................................ 1,896 0.67

Unrealised gain on open futures contracts ......................................................................... 2,355 0.83

Unrealised loss on open futures contracts .......................................................................... (294) (0.10)

Net unrealised gain (loss) on open futures contracts ..................................................... 2,061 0.73




31 December 2015



Open Forward Foreign Currency Exchange Contracts (0.73%)

Settlement

Date

Amount

Bought ‘000

Amount

Sold ‘000

Unrealised

Gain (Loss)

USD ‘000

Fund

%

12/01/2016 AUD 67,651 USD 48,714 489 0.17

12/01/2016 AUD 67,613 USD 48,714 462 0.16

12/01/2016 AUD 67,706 USD 48,714 530 0.20

12/01/2016 AUD 67,696 USD 48,714 522 0.18

12/01/2016 EUR 4,964 USD 5,256 137 0.05

12/01/2016 EUR 4,962 USD 5,256 135 0.05

12/01/2016 GBP 3,784 USD 5,677 (100) (0.03)

12/01/2016 GBP 3,783 USD 5,677 (100) (0.05)

12/01/2016 USD 896 AUD 1,239 (5) 0.00

12/01/2016 USD 441 EUR 417 (12) 0.00

12/01/2016 USD 504 GBP 335 11 0.00

Unrealised gain on open forward foreign currency exchange contracts ................................ 2,286 0.81

Unrealised loss on open forward foreign currency exchange contracts ................................ (217) (0.08)

Net unrealised gain (loss) on open forward foreign currency exchange contracts ............................. 2,069 0.73

Futures Options Purchased (6.98%)

Notional

Amount

USD ‘000

Fair Value

USD ‘000

Fund

%

United States

1,750

Call at 22 of CBOE Volatility Index

Expiring January 2016 ............................................................... 1,793 0.63

158


Expiring February 2016 ............................................................. 177 0.06

420



490

Put at 19 of CBOE Volatility Index


280


Expiring March 2016 ................................................................. 980 0.34

120

Call at 2200 of S&P 500 Index

Expiring June 2016 .................................................................... 2,075 0.74

1,300


Expiring January 2016 ............................................................... 65 0.02

60

Put at 1970 of S&P 500 Index


420



1,200



60



350


Expiring March 2016 ................................................................. 569 0.20

193



420


Expiring March 2016 ................................................................. 452 0.16

490


Expiring February 2016 ............................................................. 1,261 0.44




31 December 2015



Notional

Amount

USD ‘000

Fair Value

USD ‘000

Fund

%

150


Expiring March 2016 ................................................................. 68 0.02

44



1,450



420


Expiring April 2016 ................................................................... 504 0.18

140


Expiring April 2016 ................................................................... 259 0.09

420


Expiring February 2016 ............................................................. 3,128 1.11

15



84



35



35



1,200



43



43



1,200

Put at 14.5 of CBOE Volatility Index


44



1,200



500



150


Expiring March 2016 ................................................................... 45 0.02

Total futures options purchased at fair value (Premium paid USD 25,594,547) ........... 19,837 6.98

Futures Options Written ((6.33)%)

Notional

Amount

USD ‘000

Fair Value

USD ‘000

Fund

%

United States ((6.33)%)

(50)


Expiring June 2016 ...................................................................... (2,837) (1.00)

(770)


Expiring February 2016 ............................................................... (327) (0.12)

(1,420)


Expiring January 2016 ................................................................. (497) (0.17)

(770)


Expiring March 2016 ................................................................... (385) (0.14)

(490)






31 December 2015



Notional

Amount

USD ‘000

Fair Value

USD ‘000

Fund

%

(1,000)


Expiring January 2016 ................................................................. (2,899) (1.02)

(280)


Expiring March 2016 ................................................................... (154) (0.05)

(420)



(33)



(1,240)



(750)



(560)


Expiring April 2016 ..................................................................... (308) (0.11)

(15)



(38)


Expiring February 2016 ............................................................... (1,217) (0.43)

(1,200)



(41)


Expiring February 2016 ............................................................... (1,112) (0.39)

(30)

Call at 2130 of S&P 500 Index Expiring

February 2016 .............................................................................. (139) (0.05)

(500)



Total futures options written at fair value (Premium received USD 19,862,812) .......... (17,970) (6.33)

Total Financial Derivative Instruments .................................................................................................... 5,997 2.11

Fair Value

USD ‘000

Fund

%


(87.05%) ............................................................................................................................... 247,277 87.05


Loss ((6.51)%) ...................................................................................................................... (18,481) (6.51)


(80.54%) .................................................................................................................................................... 228,796 80.54

Other Net Assets (19.46%) ....................................................................................................................... 55,279 19.46

Net Assets .................................................................................................................................................. 284,075 100.00


% of

gross assets

Transferable securities and money market instruments admitted to an official stock exchange listing ................... 45.82

Investment funds (UCITS) ....................................................................................................................................... 7.05

Certificate of deposits .............................................................................................................................................. 0.99

Commercial paper .................................................................................................................................................... 19.66


Over the counter financial derivative instruments ................................................................................................... 0.75

Other assets .............................................................................................................................................................. 18.41

100.00




31 December 2015



The broker for the open futures contracts is Goldman Sachs.


Bank of America

Bank of Montreal

BNP Paribas

Commonwealth bank of Australia

State Street Bank

The counterparty for the options is Goldman Sachs.


The following table analyse within the fair value hierarchy the Fund’s financial assets and liabilities (by investment type)

measured at fair value at 31 December 2015 and 30 June 2015.


Level C

Level A

USD ‘000

Level B

USD ‘000

Level C1*

USD ‘000

Level C2**

USD ‘000

Total

USD ‘000

Assets



Transferable securities ............................................................... - 62,020 - - 62,020

Investment funds ........................................................................ - 21,357 - - 21,357

Certificates of deposits .............................................................. 3,000 - - 3,000

Commercial paper ...................................................................... - 59,590 - - 59,590

Money market instruments ........................................................ - 76,832 - - 76,832

Unrealised gain on open futures contracts ..................................... 2,355 - - - 2,355



Options purchased at fair value ..................................................... 19,837 - - - 19,837

Total assets ...................................................................................... 22,192 222,799 2,286 247,277

Liabilities


loss:

Unrealised loss on open futures contracts ..................................... (294) - - - (294)


exchange contracts ........................................................................ - - (217) - (217)

Options written at fair value .......................................................... (17,970) - - - (17,970)

Total liabilities ................................................................................ (18,264) - (217) - (18,481)






31 December 2015



As at 30 June 2015

Level C

Level A

USD ‘000

Level B

USD ‘000

Level C1*

USD ‘000

Level C2**

USD ‘000

Total

USD ‘000

Assets



Transferable securities ............................................................... - - 65,967 - 65,967

Certificates of Deposits .............................................................. - - 9,300 - 9,300

Commercial paper ...................................................................... - - 34,201 - 34,201

Money market instruments ........................................................ - - 85,039 - 85,039

Unrealised gain on open futures contracts ..................................... 833 - - - 833



Options purchased at fair value ..................................................... 14,723 - - - 14,723

Total assets ...................................................................................... 15,556 - 195,871 - 211,427

Liabilities


loss:

Unrealised loss on open futures contracts ..................................... (660) - - - (660)


exchange contracts ........................................................................ - - (14) - (14)

Options written at fair value .......................................................... (17,849) - - - (17,849)




No significant transfers occurred between the levels during the period and prior year under review.




Listed below are the cumulative investment purchases in excess of 1% of total investment purchases and total sales during the six

months ended 31 December 2015





Acquisition Cost

USD ‘000 Portfolio Securities

Disposal Proceeds

USD ‘000

U.S. Treasury Bill Federal Home Loan Bank Discount Note

Zero Coupon due 10/12/15 59,998 Zero Coupon due 23/09/15 (33,000)

Federal Home Loan Bank Discount Note U.S. Treasury Bills


U.S. Treasury Bill Zero Coupon due 01/10/15 (20,000)


Russell Investment Company III plc - Zero Coupon due 12/11/15 (19,999)

The US Dollar Cash Fund II - Russell Investment Company III plc -

Class R Roll-Up Shares 38,593 The US Dollar Cash Fund II -

Federal Agricultural Mortgage Corp Class R Roll-Up Shares (17,241)

Zero Coupon due 18/09/15 37,000 U.S. Treasury Bills

Federal Home Loan Bank Discount Notes Zero Coupon due 23/06/16 (15,997)



U.S. Treasury Bill Zero Coupon due 17/09/15 (15,000)

Zero Coupon due 28/04/16 30,986 Federal Home Loan Bank Discount Note


Zero Coupon due 07/10/15 30,000 U.S. Treasury Bills



Federal Agricultural Mortgage Corp Federal Home Loan Bank Discount Notes



Zero Coupon due 18/09/15 28,700 U.S. Treasury Bill


U.S. Treasury Bill Federal Home Loan Bank Discount Note


Federal Home Loan Bank Discount Notes Federal Farm Credit Discount Notes



Zero Coupon due 07/10/15 23,900 Federal Home Loan Bank Discount Note


Federal Agricultural Mortgage Corp

Zero Coupon due 05/10/15 20,219

Federal Home Loan Bank Discount Notes



U.S. Treasury Bills




Federal Agricultural Mortgage Corp



U.S. Treasury Bill


Federal Home Loan Mortgage Corp




Schedule of Changes in Composition of Portfolio - continued





Acquisition Cost

USD ‘000

Federal Home Loan Bank Discount Notes



U.S. Treasury Bill


Federal Home Loan Bank Discount Note




Balance Sheet



Russell Global Regional Equity Fund 41

31 December 2015*

(Unaudited)

EUR ‘000

Assets

Financial assets at fair value through profit or loss (Note 2) ........................................................................ 321,435

Cash at bank (Note 4) ...................................................................................................................................... 1,863

Cash held with brokers and counterparties for open financial derivative instruments (Note 4) ...................... 6,275

Debtors:

Receivable for investments sold ................................................................................................................... 191

Dividends receivable .................................................................................................................................... 280

330,044

Liabilities

Financial liabilities at fair value through profit or loss (Note 2) .................................................................. (1,653)


Payable for investments purchased ........................................................................................................... (148)

Management fees payable ............................................................................................................................ (125)

Performance fees payable ............................................................................................................................. (164)

Custodian and Trustee fees payable ............................................................................................................. (6)

Sub-custodian fees payable .......................................................................................................................... (60)

Administration fees payable ......................................................................................................................... (13)

Audit fees payable ........................................................................................................................................ (11)

Other fees payable ........................................................................................................................................ (5)

(2,185)

Net asset value attributable to redeemable participating shareholders .............................................. 327,859

* The Fund was launched on 7 July 2015.




For the period from 7 July 2015, launch date of the Fund, to 31 December 2015


42 Russell Global Regional Equity Fund

Six months ended

31 December 2015*

(Unaudited)

EUR ‘000

Income

Dividends .............................................................................................................................................. 2,254

Net gain (loss) on investment activities ........................................................................................................... (8,077)

Total investment income (expense) ........................................................................................................... (5,823)

Expenses

Management fees (Note 5) ........................................................................................................................ (645)

Performance fees (Note 5) ......................................................................................................................... (164)

Custodian and Trustee fees (Note 6) ......................................................................................................... (12)

Sub-custodian fees (Note 6) ...................................................................................................................... (125)

Administration and transfer agency fees (Note 6) ..................................................................................... (45)

Audit fees .................................................................................................................................................. (11)

Professional fees ........................................................................................................................................ (17)

Other fees .................................................................................................................................................. (9)

Total operating expenses ........................................................................................................................ (1,028)

Net income (expense) .................................................................................................................................. (6,851)

Taxation

Withholding tax (Note 9) ........................................................................................................................ (415)


resulting from operations .............................................................................................................................. (7,266)


Account.





For the period from 7 July 2015, launch date of the Fund, to 31 December 2015



Period ended

31 December 2015*

(Unaudited)

EUR ‘000


resulting from operations ........................................................................................................................ (7,266)

Share transactions

Net increase (decrease) in net assets resulting from redeemable participating share transactions

(Note 10) ................................................................................................................................................... 335,125

Total net increase (decrease) in net assets attributable to redeemable participating

shareholders ............................................................................................................................................. 327,859


Beginning of period ................................................................................................................................ -

End of period .......................................................................................................................................... 327,859





31 December 2015



Number

of Shares

Fair Value

EUR ‘000

Fund

%


Common Stock (94.16%)

Belgium (0.93%)

Banks

9,686 KBC Groep NV ................... 559 0.17

Beverages

2,925

Anheuser-Busch InBev NV

(ADR) ................................. 337 0.10

Distributors

15,345 D'ieteren NV ....................... 528 0.16


10,716 AGFA-Gevaert NV ............. 56 0.02

Pharmaceuticals

15,627 UCB SA .............................. 1,301 0.40

Telecommunications

8,760 Proximus SADP .................. 263 0.08

3,044 0.93

Bermuda (0.29%)

Agriculture

3,800 Bunge Ltd ............................ 239 0.07


4,800

Norwegian Cruise Line

Holdings Ltd ....................... 259 0.08

Insurance

4,600 Arch Capital Group Ltd ....... 295 0.09


17,600

Marvell Technology Group

Ltd ....................................... 143 0.05

936 0.29

Curacao (0.56%)


28,717 Schlumberger Ltd ................ 1,843 0.56

Czech Republic (0.18%)

Electric Utilities

35,043 CEZ AS ............................... 576 0.18

Denmark (0.98%)

Banks

21,622 Danske Bank A/S ................ 537 0.16

12,262 Spar Nord Bank A/S ............ 100 0.03


191 PER Aarsleff A/S ................ 54 0.01

Energy Equipment and Services

1,850

Vestas Wind Systems

A/S ...................................... 120 0.04


1,153 Schouw & Co ...................... 60 0.02

Pharmaceuticals

10,887 H Lundbeck A/S .................. 343 0.10

21,242 Novo Nordisk A/S ............... 1,138 0.35

Number

of Shares

Fair Value

EUR ‘000

Fund

%

Transport

422 Dfds A/S ............................. 15 0.01

23,622 DSV A/S ............................. 860 0.26

3,227 0.98

Faroe Islands (0.02%)

Food Products

2,681 Bakkafrost P/F .................... 73 0.02

Finland (0.72%)

Insurance

9,292 Sampo OYJ ......................... 437 0.14

Machinery

22,663 Kone OYJ ........................... 888 0.27

Telecommunications

154,994 Nokia OYJ .......................... 1,022 0.31

2,347 0.72

France (5.83%)

Advertising

13,825 Publicis Groupe SA ............ 849 0.26


11,942 Safran SA ............................ 757 0.23

Auto Components

2,420

Cie Generale des

Etablissements Michelin ..... 213 0.07

19,009 Faurecia .............................. 704 0.21

4,985 Valeo SA ............................ 711 0.22

Automobiles

27,549 Peugeot SA ......................... 446 0.14

10,275 Renault SA .......................... 952 0.29

Banks

22,213 BNP Paribas SA .................. 1,160 0.36

42,786 Credit Agricole SA ............. 466 0.14

15,313 Societe Generale SA ........... 652 0.20

Beverages

6,675 Pernod Ricard SA ............... 702 0.21


3,762 Elior .................................... 73 0.02


2,223 Atos SE ............................... 172 0.05

5,270 Cap Gemini SA ................... 451 0.14


22,016 Bouygues SA ...................... 805 0.24

1,543

Gaztransport Et Technigaz

SA ....................................... 60 0.02

4,300 Vinci SA ............................. 254 0.08


29,962 Legrand SA ......................... 1,564 0.47

16,662 Schneider Electric SE ......... 876 0.27

Food Products

7,756 Sodexo SA .......................... 699 0.21




31 December 2015



Number

of Shares

Fair Value

EUR ‘000

Fund

%


1,826 BioMerieux ......................... 201 0.06

Household Products

1,374 Societe BIC SA ................... 208 0.06

Insurance

3,420 AXA SA .............................. 86 0.03

Metals and Mining

31,677 Vallourec SA ....................... 272 0.08

Oil and Gas

32,035 Total SA .............................. 1,322 0.40

Other Finance

350 Eurazeo SA ......................... 22 0.01

Personal Products

3,548 L'Oreal SA ........................... 551 0.17

Pharmaceuticals

2,153 Ipsen SA .............................. 131 0.04

16,736 Sanofi .................................. 1,315 0.40

Telecommunications

14,720 Orange SA ........................... 228 0.07

Textile and Apparel

4,248 Christian Dior SE ................ 666 0.20

3,379

LVMH Moet Hennessy

Louis Vuitton SE ................. 490 0.15

36,750

LVMH Moet Hennessy

Louis Vuitton SE (ADR) ..... 1,065 0.33

19,123 5.83

Germany (5.43%)

Auto Components

3,094 Continental AG ................... 695 0.21

3,081 Norma Group SE ................. 158 0.05

Beverages

2,890 Royal Unibrew A/S ............. 108 0.03

Chemicals

13,248 Evonik Industries AG .......... 406 0.12

7,160 Lanxess AG ......................... 306 0.09

4,072 Linde AG ............................. 545 0.17


16,852 Wirecard AG ....................... 784 0.24


260 Hochtief AG ........................ 22 0.01

Containers and Packaging

5,336 Gerresheimer AG ................ 385 0.12


19,773 Deutsche Boerse AG ........... 1,609 0.49


6,180 OSRAM Licht AG .............. 240 0.07

Food Products

1,050 Metro AG ............................ 31 0.01


20,529

Fresenius SE & Co

KGaA .................................. 1,354 0.41

Number

of Shares

Fair Value

EUR ‘000

Fund

%

Insurance

4,854 Allianz SE ........................... 794 0.24

5,806

Muenchener

Rueckversicherungs-

Gesellschaft AG in

Muenchen ........................... 1,071 0.33


8,054 United Internet AG ............. 410 0.13

Iron and Steel

62,677 Salzgitter AG ...................... 1,424 0.43

Media

20,184 ProSiebenSat.1 Media SE ... 944 0.29

Metals and Mining

7,587 Aurubis AG ......................... 356 0.11

Personal Products

3,269 Beiersdorf AG ..................... 275 0.08

Pharmaceuticals

20,429 Bayer AG ............................ 2,366 0.72

4,704 Merck KGaA ...................... 421 0.13


39,341

Infineon Technologies

AG ...................................... 531 0.16

Software

2,520 SAP SE ............................... 185 0.06

Telecommunications

44,993 Deutsche Telekom AG ........ 751 0.23

Textile and Apparel

18,220 Adidas AG .......................... 1,638 0.50

17,809 5.43

Hungary (0.15%)

Banks

25,610 OTP Bank Plc ..................... 486 0.15

Ireland (1.24%)


6,220 Accenture Plc ...................... 598 0.18

Food Products

8,879 Kerry Group Plc .................. 678 0.21

Insurance

11,375 Willis Group Holdings Plc .. 509 0.15

Pharmaceuticals

5,425 Allergan Plc ........................ 1,561 0.48

Retail Trade

72,403 Grafton Group Plc ............... 727 0.22

4,073 1.24

Italy (2.00%)

Banks

9,307 Banca Generali SpA ........... 272 0.08

131,834 UniCredit SpA .................... 677 0.21


2,690 ASTM SpA ......................... 31 0.01




31 December 2015



Number

of Shares

Fair Value

EUR ‘000

Fund

%

Electric Utilities

318,076 Enel SpA ............................. 1,238 0.38

8,530 ERG SpA ............................. 106 0.03


41,204 Prysmian SpA ...................... 835 0.26


5,725 DiaSorin SpA ...................... 277 0.08

Machinery

39,219

Danieli & C Officine

Meccaniche SpA ................. 516 0.16

Oil and Gas

77,568 Eni SpA ............................... 1,070 0.33

Retail Trade

37,458 OVS ..................................... 240 0.07

13,209

Salvatore Ferragamo

SpA ..................................... 287 0.09

Telecommunications

268,257 Telecom Italia SpA .............. 315 0.09

715,440

Telecom Italia SpA

(CPS) ................................... 680 0.21

6,544 2.00

Japan (9.46%)

Banks

243,700

Mitsubishi UFJ Financial

Group Inc ............................ 1,412 0.43

1,000,200

Mizuho Financial Group

Inc ....................................... 1,864 0.57

398,000

Sumitomo Mitsui Trust

Holdings Inc ........................ 1,404 0.43

Building Products

54,400 LIXIL Group Corp .............. 1,124 0.34

Chemicals

150,000 Asahi Kasei Corp ................ 945 0.29

Distributors

67,100 Mitsubishi Corp ................... 1,041 0.32


254,900 Nomura Holdings Inc .......... 1,325 0.40

113,400 ORIX Corp .......................... 1,489 0.46

Electric Utilities

68,000

Kansai Electric Power Co

Inc ....................................... 759 0.23


24,500 Nidec Corp .......................... 1,657 0.51


21,800 Makita Corp ........................ 1,173 0.36


15,300 Miraca Holdings Inc ............ 626 0.19

Home Builders

32,900

Daiwa House Industry Co

Ltd ....................................... 882 0.27

Insurance

105,200

Dai-ichi Life Insurance Co

Ltd ....................................... 1,638 0.50

Number

of Shares

Fair Value

EUR ‘000

Fund

%

Iron and Steel

55,900

Nippon Steel & Sumitomo

Metal Corp .......................... 1,034 0.32

Machinery

62,800

Amada Holdings Co

Ltd ...................................... 559 0.17

6,000 FANUC Corp ...................... 968 0.29

193,000 Hitachi Ltd .......................... 1,021 0.31

68,000 Komatsu Ltd ....................... 1,037 0.32

Office Electronics

24,100 Canon Inc ............................ 678 0.21

73,900 Ricoh Co Ltd ...................... 707 0.21

Other Finance

44,500 Jafco Co Ltd ........................ 1,621 0.49

Real Estate

45,400 Hulic Co Ltd ....................... 371 0.11

168,600

Tokyu Fudosan Holdings

Corp .................................... 983 0.30

Retail Trade

10,700 Izumi Co Ltd ....................... 386 0.12

63,000 Marui Group Co Ltd ........... 954 0.29

111,000 Takashimaya Co Ltd ........... 929 0.28


17,700 Tokyo Electron Ltd ............. 992 0.30

Toys, Games and Hobbies

5,800 Nintendo Co Ltd ................. 744 0.23

Transport

312,000 Nippon Yusen KK .............. 704 0.21

31,027 9.46

Jersey, Channel Islands (0.46%)

Advertising

37,569 WPP Plc .............................. 797 0.24

Distributors

3,369 Wolseley Plc ....................... 169 0.05

Metals and Mining

18,700 Glencore Plc ....................... 23 0.01

Pharmaceuticals

7,932 Shire Plc .............................. 506 0.15

Real Estate

3,900 Regus Plc ............................ 18 0.01

1,513 0.46

Luxembourg (0.02%)


11,000 Subsea 7 SA ........................ 72 0.02

Netherlands (3.85%)

Automobiles

21,320

Fiat Chrysler Automobiles

NV ...................................... 275 0.08

Banks

132,438 ING Groep NV ................... 1,649 0.50




31 December 2015



Number

of Shares

Fair Value

EUR ‘000

Fund

%

Beverages

3,040 Heineken Holding NV ......... 216 0.07

19,658 Heineken NV ....................... 1,548 0.47

Chemicals

3,360 Akzo Nobel NV ................... 207 0.06


31,556 Koninklijke Philips NV ....... 743 0.23

16,709

Sensata Technologies

Holding NV ......................... 708 0.21

Food Products

49,782 Koninklijke Ahold NV ........ 970 0.30

Insurance

49,935 Delta Lloyd NV ................... 272 0.09

45,526 NN Group NV ..................... 1,482 0.45


9,348

Core Laboratories

NV ....................................... 936 0.29

Personal Products

22,177 Unilever NV ........................ 884 0.27


12,293 ASML Holding NV ............. 1,015 0.31

127,542

STMicroelectronics

NV ....................................... 788 0.24

Telecommunications

265,631 Koninklijke KPN NV .......... 928 0.28

12,621 3.85

Norway (1.02%)

Banks

85,600 DNB ASA ........................... 978 0.30

Chemicals

11,675

Yara International

ASA ..................................... 465 0.14

Food Products

13,349

Austevoll Seafood

ASA ..................................... 75 0.03

Metals and Mining

11,200 Norsk Hydro ASA ............... 39 0.01

Oil and Gas

74,086 Statoil ASA ......................... 953 0.29

Telecommunications

53,413 Telenor ASA ....................... 824 0.25

3,334 1.02

Panama (0.16%)


10,400 Carnival Corp ...................... 522 0.16

Russia (0.29%)

Banks

15,381


(UK Listed) ......................... 83 0.03

63,641


(US Listed) .......................... 339 0.10

Number

of Shares

Fair Value

EUR ‘000

Fund

%

Oil and Gas

150,275

Gazprom PAO ADR (UK

Listed) ................................. 511 0.16

933 0.29

Spain (1.78%)


48,258 Indra Sistemas SA ............... 418 0.13


730 Acciona SA ......................... 58 0.02

9,180

ACS Actividades de

Construccion y Servicios

SA ....................................... 248 0.07

4,861 Aena SA .............................. 512 0.16

Electric Utilities

27,284 Endesa SA .......................... 505 0.15

89,123 Iberdrola SA ....................... 584 0.18


60,782

Gamesa Corp Tecnologica

SA ....................................... 962 0.30

Food Products

2,513 Viscofan SA ........................ 140 0.04

Media

16,774

Mediaset Espana

Comunicacion SA ............... 168 0.05

Retail Trade

33,254

Industria de Diseno Textil

SA ....................................... 1,054 0.32

Software

29,138 Amadeus IT Holding SA .... 1,185 0.36

5,834 1.78

Sweden (1.88%)

Banks

62,826 Nordea Bank AB ................. 640 0.19

9,463

Skandinaviska Enskilda

Banken AB ......................... 92 0.03

33,012 Swedbank AB ..................... 674 0.21


620 Intrum Justitia AB ............... 20 0.01

Food Products

28,295 Cloetta AB .......................... 87 0.03

Home Furnishings

18,190 Electrolux AB ..................... 408 0.12

7,646 Nobia AB ............................ 88 0.03

Machinery

41,248 Atlas Copco AB .................. 939 0.29

Metals and Mining

38,174 Assa Abloy AB ................... 742 0.22

29,080 Boliden AB ......................... 454 0.14


28,911 Trelleborg AB ..................... 520 0.16

Other Finance

12,315 Investment AB Kinnevik .... 352 0.11




31 December 2015



Number

of Shares

Fair Value

EUR ‘000

Fund

%

Paper and Forest Products

10,941 BillerudKorsnas AB ............ 188 0.06

Personal Products

9,190

Svenska Cellulosa AB

SCA ..................................... 247 0.07

Retail Trade

2,100 Byggmax Group AB ............ 20 0.01

17,891 Hennes & Mauritz AB ......... 590 0.17

Telecommunications

24,000 TeliaSonera AB ................... 111 0.03

6,172 1.88

Switzerland (5.13%)

Banks

37,460

Credit Suisse Group

AG ....................................... 747 0.23

154,001 UBS Group AG ................... 2,764 0.84

411 Valiant Holding AG ............ 45 0.01

Building Products

70 Belimo Holding AG ............ 158 0.05

2,084 Geberit AG .......................... 652 0.20

Chemicals

111 Givaudan SA ....................... 186 0.06

1,626 Lonza Group AG ................. 244 0.07


30,999 GAM Holding AG ............... 476 0.15

19,203 Julius Baer Group Ltd ......... 859 0.26


829 Daetwyler Holding AG ....... 109 0.03

126 LEM Holding SA ................ 87 0.03

Food Products

26

Chocoladefabriken Lindt &

Spruengli AG ...................... 150 0.05

13,911 Nestle SA ............................ 954 0.29

15,750 Nestle SA (ADR) ................ 1,079 0.33


2,443 Schindler Holding AG ......... 377 0.11


2,013 Tecan Group AG ................. 302 0.09

Insurance

6,297 ACE Ltd .............................. 677 0.21

742

Swiss Life Holding

AG ....................................... 185 0.06

9,924 Swiss Re AG ....................... 896 0.27

Machinery

416 Inficon Holding AG ............ 123 0.04

Oil and Gas

40,470 Transocean Ltd .................... 465 0.14

Pharmaceuticals

5,826 Actelion Ltd ........................ 748 0.23

2,634 Novartis AG ........................ 210 0.06

10,869

Roche Holding

AG ....................................... 2,762 0.84

Number

of Shares

Fair Value

EUR ‘000

Fund

%

Retail Trade

12,203

Cie Financiere Richemont

SA ....................................... 809 0.25

2,915 Dufry AG ............................ 322 0.10

Telecommunications

317 Ascom Holding AG ............ 5 0.00

Transport

3,457

Kuehne & Nagel

International AG ................. 438 0.13

16,829 5.13

United Kingdom (10.78%)


3,700 Meggitt Plc ......................... 19 0.01

8,737

Ultra Electronic Holdings

Plc ....................................... 234 0.07

Agriculture

24,143

British American Tobacco

Plc ....................................... 1,235 0.38

41,208

Imperial Tobacco Group

Plc ....................................... 2,005 0.61

Airlines

18,030 Dart Group Plc .................... 144 0.04

Banks

210,273 Barclays Plc ........................ 625 0.19

252,828 HSBC Holdings Plc ............ 1,839 0.56

133,673

Royal Bank of Scotland

Group Plc ............................ 548 0.17

13,042

Virgin Money Holdings UK

Plc ....................................... 67 0.02

Beverages

10,475 Diageo Plc (ADR) ............... 1,052 0.32

16,213 SABMiller Plc .................... 895 0.27

Chemicals

23,648 Filtrona Plc ......................... 266 0.08

6,322 Victrex Plc .......................... 155 0.05


16,103 Berendsen Plc ..................... 236 0.07

Distributors

6,848 Diploma Plc ........................ 71 0.02

24,513 Inchcape Plc ........................ 261 0.08

261,501 SIG Plc ................................ 510 0.16


16,938 Schroders Plc ...................... 684 0.21

187,846 Worldpay Group Plc ........... 783 0.24


20,073 Halma Plc ........................... 236 0.07

19,074 Spectris Plc ......................... 466 0.14

Entertainment

54,997

Merlin Entertainments

Plc ....................................... 340 0.10

Food Products

219,659 Booker Group Plc ............... 541 0.17

44,710 Compass Group Plc ............ 713 0.22




31 December 2015



Number

of Shares

Fair Value

EUR ‘000

Fund

%

36,513 SSP Group Plc ..................... 161 0.05

24,532

WM Morrison Supermarkets

Plc ....................................... 49 0.01


51,334 Smith & Nephew Plc ........... 841 0.26

Home Builders

13,714

Berkeley Group Holdings

Plc ....................................... 686 0.21

5,811 Persimmon Plc .................... 160 0.05


5,680 Carnival Plc ......................... 298 0.09

Household Products

20,033

Reckitt Benckiser Group

Plc ....................................... 1,707 0.52

Insurance

9,029 Aon Plc ................................ 766 0.23

92,526 Aviva Plc ............................. 648 0.20

8,400

Direct Line Insurance Group

Plc ....................................... 46 0.01

17,176

Jardine Lloyd Thompson

Group Plc ............................ 216 0.07

36,933 Prudential Plc ...................... 767 0.23

106,806

RSA Insurance Group

Plc ....................................... 618 0.19

97,726 Saga Plc ............................... 267 0.08


98,046 Auto Trader Group Plc ........ 591 0.18

Iron and Steel

48,136 Evraz Plc ............................. 48 0.01

Machinery

9,038

Spirax-Sarco Engineering

Plc ....................................... 403 0.12

Media

16,533 Liberty Global Plc ............... 621 0.19

Metals and Mining

2,200 BHP Billiton Plc .................. 23 0.01

Oil and Gas

46,000 BG Group Plc ...................... 615 0.19

113,207 BP Plc .................................. 544 0.17

77,972 Royal Dutch Shell Plc ......... 1,645 0.50


37,913 Amec Plc ............................. 221 0.07

Other Finance

117,724 3i Group Plc ........................ 769 0.24

16,001 SVG Capital Plc .................. 107 0.03

Paper and Forest Products

5,600 DS Smith Plc ....................... 30 0.01

10,890 Mondi Plc ............................ 197 0.06

Pharmaceuticals

56,531 GlaxoSmithKline Plc ........... 1,053 0.32

8,349

Hikma Pharmaceuticals

Plc ....................................... 261 0.08

95,609 Indivior Plc .......................... 244 0.08

Number

of Shares

Fair Value

EUR ‘000

Fund

%

Real Estate

22,300

ST Modwen Properties

Plc ....................................... 126 0.04


7,068 Derwent London Plc ........... 352 0.10

41,535 Great Portland Estates Plc ... 467 0.14

51,748 Hammerson Plc ................... 421 0.13

22,091 Land Securities Group Plc .. 353 0.11

15,690 Segro Plc ............................. 91 0.03

Retail Trade

42,615

Sports Direct International

Plc ....................................... 334 0.10

8,368 SuperGroup Plc ................... 187 0.06

29,053 Travis Perkins Plc ............... 778 0.24

14,137 WH Smith Plc ..................... 339 0.10


57,566 ARM Holdings Plc ............. 812 0.25

1,676 Dialog Semiconductor Plc .. 52 0.01

Software

7,013 EMIS Group Plc ................. 108 0.03

Telecommunications

42,016 BT Group Plc ...................... 269 0.08

606,211 Vodafone Group Plc ........... 1,818 0.56

Transport

50,578 Royal Mail Plc .................... 305 0.09

35,339 10.78



15,701 BE Aerospace Inc ............... 612 0.18

7,589 TransDigm Group Inc ......... 1,596 0.49

Agriculture

12,000 Altria Group Inc .................. 643 0.20

12,400 Reynolds American Inc ...... 527 0.16

Airlines

10,700 Delta Air Lines Inc ............. 499 0.15

4,400

United Continental Holdings

Inc ....................................... 232 0.07

Auto Components

22,072 Johnson Controls Inc .......... 802 0.25

1,000 Lear Corp ............................ 113 0.03

Automobiles

32,000 Ford Motor Co .................... 415 0.13

17,800 General Motors Co ............. 557 0.17

Banks

14,100

Bank of New York Mellon

Corp .................................... 535 0.16

16,333 Citigroup Inc ....................... 778 0.24

15,800

Citizens Financial Group

Inc ....................................... 381 0.12

8,500 Comerica Inc ....................... 327 0.10

17,233 JPMorgan Chase & Co ....... 1,047 0.32

34,072 Morgan Stanley ................... 998 0.30




31 December 2015



Number

of Shares

Fair Value

EUR ‘000

Fund

%

5,300 Northern Trust Corp ............ 352 0.11

5,400

PNC Financial Services

Group Inc ............................ 474 0.14

2,140 Signature Bank .................... 302 0.09

12,300 SunTrust Banks Inc ............. 485 0.15

560 SVB Financial Group .......... 61 0.02

57,113 US Bancorp ......................... 2,242 0.68

50,143 Wells Fargo & Co ............... 2,508 0.77

1,300 Western Alliance Bancorp ... 43 0.01

Beverages

5,400 Coca-Cola Co ...................... 214 0.07

23,910 PepsiCo Inc ......................... 2,198 0.67

Biotechnology

5,070 Amgen Inc ........................... 758 0.23

500 Celgene Corp ....................... 55 0.02

8,670 Gilead Sciences Inc ............. 808 0.25

Chemicals

1,500 Chemtura Corp .................... 38 0.01

10,841 Dow Chemical Co ............... 514 0.16

12,846 Ecolab Inc ........................... 1,353 0.41

5,250 PPG Industries Inc ............... 478 0.14

6,121 Praxair Inc ........................... 577 0.18

1,370 Sherwin-Williams Co .......... 327 0.10


5,700

Automatic Data Processing

Inc ....................................... 445 0.14

2,200 Gartner Inc .......................... 184 0.06

6,800 Global Payments Inc ........... 404 0.12

3,800

McGraw Hill Financial

Inc ....................................... 345 0.10


44,736 Apple Inc ............................. 4,335 1.32

16,300

Cadence Design Systems

Inc ....................................... 312 0.10

7,400

Cognizant Technology

Solutions Corp ..................... 409 0.13

24,653 EMC Corp ........................... 583 0.18

2,200 Lexmark International Inc ... 66 0.02

7,100 NetApp Inc .......................... 173 0.05

9,500 Synopsys Inc ....................... 399 0.12

5,400 Western Digital Corp .......... 299 0.09


4,000 KBR Inc .............................. 62 0.02

Containers and Packaging

8,100 Crown Holdings Inc ............ 378 0.11

9,211 WestRock Co ...................... 387 0.12

Distributors

3,200 HD Supply Holdings Inc ..... 88 0.03

5,800 Ingram Micro Inc ................ 162 0.05

2,500 Pool Corp ............................ 186 0.05


8,000 Ally Financial Inc ................ 137 0.04

Number

of Shares

Fair Value

EUR ‘000

Fund

%

16,120 American Express Co ......... 1,032 0.31

7,405 Ameriprise Financial Inc .... 725 0.22

4,218 BlackRock Inc .................... 1,322 0.40

7,200

Discover Financial

Services ............................... 355 0.11

4,200 E*Trade Financial Corp ...... 115 0.04

17,934 Franklin Resources Inc ....... 608 0.19

2,110

Intercontinental Exchange

Inc ....................................... 498 0.15

7,600 MasterCard Inc ................... 681 0.21

3,200

Raymond James Financial

Inc ....................................... 171 0.05

10,200 Synchrony Financial ........... 286 0.09

3,400

TD Ameritrade Holding

Corp .................................... 109 0.03

33,054 Visa Inc ............................... 2,359 0.72

Electric Utilities

4,000

American Electric Power Co

Inc ....................................... 215 0.07

11,588 Exelon Corp ........................ 296 0.09

9,050 NextEra Energy Inc ............ 866 0.26


17,047 Agilent Technologies Inc .... 656 0.20

1,000 Arrow Electronics Inc ......... 50 0.02

4,943

Mettler-Toledo International

Inc ....................................... 1,543 0.47

1,700 Waters Corp ........................ 211 0.06

Food Products

16,650 General Mills Inc ................ 884 0.27

3,200 Hormel Foods Corp ............ 233 0.07

12,200 Kroger Co ........................... 470 0.14

26,579

Mondelez International

Inc ....................................... 1,097 0.34


2,300 Bruker Corp ........................ 51 0.01

1,480 CR Bard Inc ........................ 258 0.08

4,840

Edwards Lifesciences

Corp .................................... 352 0.11

600 Henry Schein Inc ................ 87 0.03

12,082 St Jude Medical Inc ............ 687 0.21

5,860 Stryker Corp ....................... 501 0.15


910 Aetna Inc ............................ 91 0.03

9,697 Cigna Corp .......................... 1,306 0.40

2,310 UnitedHealth Group Inc ...... 250 0.07

Home Builders

158 NVR Inc .............................. 239 0.07

18,220 PulteGroup Inc .................... 299 0.09


1,700 Brunswick Corp .................. 79 0.02

Insurance

8,500 Aflac Inc ............................. 469 0.14

20,850 Allstate Corp ....................... 1,192 0.36




31 December 2015



Number

of Shares

Fair Value

EUR ‘000

Fund

%

13,783 Berkshire Hathaway Inc ...... 1,675 0.51

4,300 Lincoln National Corp ......... 199 0.06

2,009 Markel Corp ........................ 1,634 0.50

16,579 MetLife Inc ......................... 736 0.23

4,600

Principal Financial Group

Inc ....................................... 190 0.06

8,300 Progressive Corp ................. 243 0.07

5,200

Prudential Financial

Inc ....................................... 390 0.12

5,000 Travelers Cos Inc ................ 519 0.16

4,900 Unum Group ....................... 150 0.05

9,000 Voya Financial Inc .............. 306 0.09


6,174 Alphabet Inc ........................ 4,313 1.32

2,599 Amazon.com Inc ................. 1,617 0.49

2,800 GoDaddy Inc ....................... 83 0.03

1,233 Priceline Group Inc ............. 1,447 0.44

15,700 Symantec Corp .................... 304 0.09

24,400 Twitter Inc ........................... 520 0.16

Lodging

7,900

Hilton Worldwide Holdings

Inc ....................................... 156 0.05

Machinery

8,223 Caterpillar Inc ...................... 514 0.16

1,800 Wabtec Corp ....................... 118 0.03

Media

15,500 AMC Networks Inc ............. 1,066 0.33

1,900 CBS Corp ............................ 82 0.02

49,980 Comcast Corp ...................... 2,595 0.79

21,600 News Corp ........................... 266 0.08

28,125 Time Warner Inc ................. 1,673 0.51

15,400

Twenty-First Century Fox

Inc ....................................... 385 0.12

18,905 Walt Disney Co ................... 1,829 0.56

Metals and Mining

2,770 Precision Castparts Corp ..... 592 0.18


28,508 General Electric Co ............. 817 0.25

Oil and Gas

23,450 ConocoPhillips .................... 1,008 0.31

14,369 EOG Resources Inc ............. 936 0.29

29,067 Exxon Mobil Corp ............... 2,086 0.64

17,357 Hess Corp ............................ 775 0.24

3,700 HollyFrontier Corp .............. 136 0.04

7,900 Marathon Petroleum Corp ... 377 0.11

20,503 Noble Energy Inc ................ 622 0.19

1,700 PBF Energy Inc ................... 58 0.02

5,400 Phillips 66 ........................... 407 0.12

1,100 Tesoro Corp ......................... 107 0.03

7,800 Valero Energy Corp ............ 508 0.15

Personal Products

16,685 Procter & Gamble Co .......... 1,220 0.37

Number

of Shares

Fair Value

EUR ‘000

Fund

%

Pharmaceuticals

12,100 AbbVie Inc ......................... 660 0.20

5,400 AmerisourceBergen Corp ... 516 0.16

19,239 Baxalta Inc .......................... 691 0.21

4,500

Bristol-Myers Squibb

Co ....................................... 285 0.09

6,300 Cardinal Health Inc ............. 518 0.16

6,700 Eli Lilly & Co ..................... 520 0.16

23,013 Johnson & Johnson ............. 2,175 0.66

3,160 McKesson Corp .................. 574 0.17

23,431 Merck & Co Inc .................. 1,139 0.35

70,130 Pfizer Inc ............................ 2,084 0.63

3,500

Quintiles Transnational

Holdings Inc ....................... 221 0.07

Real Estate

1,200

Four Corners Property Trust

Inc ....................................... 27 0.01


26,221 American Tower Corp ........ 2,340 0.71

6,536

Crown Castle International

Corp .................................... 520 0.16

Retail Trade

3,706 Advance Auto Parts Inc ...... 513 0.16

450 AutoZone Inc ...................... 307 0.09

18,925 Cheesecake Factory Inc ...... 803 0.24

7,410 Home Depot Inc .................. 902 0.27

7,800 Lowe's Cos Inc .................... 546 0.17

21,275 Lululemon Athletica Inc ..... 1,028 0.31

9,830 Macy's Inc ........................... 317 0.10

19,950 McDonald's Corp ................ 2,170 0.66

2,089

O'Reilly Automotive

Inc ....................................... 487 0.15

5,500 Ross Stores Inc ................... 272 0.08

26,027 Starbucks Corp ................... 1,438 0.44

9,125 Tiffany & Co ...................... 641 0.20

21,205 TJX Cos Inc ........................ 1,384 0.42

41,095 Wal-Mart Stores Inc ........... 2,319 0.71

20,525 Williams-Sonoma Inc ......... 1,104 0.34


26,055 Applied Materials Inc ......... 448 0.14

43,847 Intel Corp ............................ 1,391 0.42

10,409

Maxim Integrated Products

Inc ....................................... 364 0.11

13,604 Texas Instruments Inc ......... 686 0.21

Software

8,287 Adobe Systems Inc ............. 717 0.22

3,700

Allscripts Healthcare

Solutions Inc ....................... 52 0.02

2,100 Aspen Technology Inc ........ 73 0.02

10,389 Intuit Inc ............................. 923 0.28

61,289 Microsoft Corp ................... 3,129 0.95

80,536 Oracle Corp ......................... 2,707 0.83

1,700 Red Hat Inc ......................... 130 0.04




31 December 2015



Number

of Shares

Fair Value

EUR ‘000

Fund

%

5,800 Salesforce.com Inc .............. 419 0.13

2,300 VMware Inc ........................ 120 0.04

33,400 Zynga Inc ............................ 82 0.02

Telecommunications

32,200 AT&T Inc ............................ 1,020 0.31

1,300 Ciena Corp .......................... 25 0.01

56,468 Cisco Systems Inc ............... 1,412 0.43

10,600 Juniper Networks Inc .......... 269 0.08

2,300 NETGEAR Inc .................... 89 0.03

6,200 Polycom Inc ........................ 72 0.02

30,453

Verizon Communications

Inc ....................................... 1,296 0.40

Textile and Apparel

14,720 Nike Inc ............................... 847 0.26

13,921 Ralph Lauren Corp .............. 1,429 0.44

Transport

15,576 CSX Corp ............................ 372 0.11

6,682 FedEx Corp ......................... 916 0.28

9,826 Kansas City Southern .......... 675 0.21

8,100 Union Pacific Corp .............. 583 0.18

13,175 United Parcel Service Inc .... 1,167 0.35

134,419 41.00

Total Common Stock ........ 308,696 94.16

Number

of Shares

Fair Value

EUR ‘000

Fund

%

Preferred Stock (0.23%)

Germany (0.23%)

Auto Components

13,968 Schaeffler AG ..................... 227 0.07

Automobiles

4,015 Volkswagen AG .................. 537 0.16

Total Preferred Stock ....... 764 0.23

Total Transferable

Securities ........................... 309,460 94.39


Ireland (3.19%)

3,540


III plc

The U.S. Dollar Cash Fund II

Class R Roll-Up Shares .... 3,261 0.99

7,223


plc

Russell Euro Liquidity Fund

Class R Roll-Up Shares .... 7,211 2.20


Total Investments

excluding Financial


Financial Derivative Instruments ((0.05)%)

Open Futures Contracts ((0.13)%)

Notional

Amount

EUR ‘000

Average

Cost Price

EUR

Unrealised

Gain (Loss)

EUR ‘000

Fund

%

(13,625)

(8,062.19)

169 of FTSE 100 Index Futures


Expiring March 2016 ................................................ (587) (0.18)

34,860

1,864.16

374 of S&P 500 E Mini Index Futures


Expiring March 2016 ................................................ 178 0.05

(1,060)

(21,205.00)

10 of FTSE MIB Index Futures


Expiring March 2016 ................................................ (12) 0.00

(1,205)

(430.53)

14 of Amsterdam Index Futures


Expiring January 2016 .............................................. (32) (0.01)

(12,131)

(3,209.34)

378 of Euro Stoxx 50 Index Futures


Expiring March 2016 ................................................ (275) (0.08)

(3,881)

(10,350.50)

15 of DAX Index Futures


Expiring March 2016 ................................................ (158) (0.05)

(6,783)

(7,796.68)

87 of Swiss Market Index Futures


Expiring March 2016 ................................................ (214) (0.07)




31 December 2015



Notional

Amount

EUR ‘000

Average

Cost Price

EUR

Unrealised

Gain (Loss)

EUR ‘000

Fund

%

3,798

2,619.64

29 of Hang Seng Index Futures



10,026

496.32

101 of S&P TSX 60 Index Futures


Expiring March 2016 ................................................ 160 0.05

(1,435)

(9,568.00)

15 of IBEX 35 Index Futures



360

12.01

3 of TOPIX Index Futures


Expiring March 2016 ................................................ (5) 0.00

(3,616)

(4,577.42)

79 of CAC 40 Index Futures



8,069

3,260.35

99 of SPI 200 Futures


Expiring March 2016 ................................................ 645 0.20

1,656

209.63

79 of MSCI Singapore Index Futures



(1,953)

(153.76)

127 of OMX 30 Index Futures



Unrealised gain on open futures contracts ......................................................................... 992 0.30

Unrealised loss on open futures contracts .......................................................................... (1,411) (0.43)

Net unrealised gain (loss) on open futures contracts ..................................................... (419) (0.13)

Open Forward Foreign Currency Exchange Contracts (0.08%)

Settlement

Date

Amount

Bought ‘000

Amount

Sold ‘000

Unrealised

Gain (Loss)

EUR ‘000

Fund

%

16/03/2016 AUD 4,507 EUR 2,964 38 0.01

16/03/2016 AUD 4,507 EUR 2,966 36 0.01

16/03/2016 AUD 4,507 EUR 2,960 43 0.01

16/03/2016 CAD 5,631 EUR 3,795 (69) (0.02)

16/03/2016 CAD 5,631 EUR 3,797 (71) (0.02)

16/03/2016 CAD 5,631 EUR 3,792 (66) (0.02)

16/03/2016 EUR 505 AUD 760 (1) 0.00

16/03/2016 EUR 721 CAD 1,060 20 0.01

16/03/2016 EUR 2,220 CHF 2,393 17 0.01

16/03/2016 EUR 2,219 CHF 2,393 16 0.00

16/03/2016 EUR 2,218 CHF 2,393 14 0.00

16/03/2016 EUR 4,823 GBP 3,508 71 0.02

16/03/2016 EUR 4,826 GBP 3,508 73 0.02

16/03/2016 EUR 4,821 GBP 3,508 68 0.02

16/03/2016 EUR 431 HKD 3,630 - 0.00

16/03/2016 EUR 79 JPY 10,570 (2) 0.00

16/03/2016 EUR 682 SEK 6,307 (7) 0.00

16/03/2016 EUR 682 SEK 6,307 (7) 0.00

16/03/2016 EUR 681 SEK 6,307 (8) 0.00

16/03/2016 EUR 209 SGD 320 2 0.00




31 December 2015



Settlement

Date

Amount

Bought ‘000

Amount

Sold ‘000

Unrealised

Gain (Loss)

EUR ‘000

Fund

%

16/03/2016 HKD 35,720 EUR 4,233 5 0.00

16/03/2016 JPY 19,200 EUR 143 3 0.00

16/03/2016 JPY 19,200 EUR 143 3 0.00

16/03/2016 JPY 19,200 EUR 143 4 0.00

16/03/2016 SGD 2,860 EUR 1,859 (11) (0.01)

16/03/2016 USD 7,499 EUR 6,879 12 0.00

16/03/2016 USD 7,499 EUR 6,871 20 0.01

16/03/2016 USD 7,499 EUR 6,871 20 0.01

16/03/2016 USD 7,499 EUR 6,873 18 0.01

16/03/2016 USD 7,499 EUR 6,864 28 0.01

Unrealised gain on open forward foreign currency exchange contracts ................................ 511 0.15

Unrealised loss on open forward foreign currency exchange contracts ................................ (242) (0.07)

Net unrealised gain (loss) on open forward foreign currency exchange contracts ............................. 269 0.08

Total Financial Derivative Instruments ................................................................................................. (150) (0.05)

Fair Value

EUR ‘000

Fund

%


(98.03%) ............................................................................................................................... 321,435 98.03


Loss ((0.50)%) ...................................................................................................................... (1,653) (0.50)


(97.53%) .................................................................................................................................................... 319,782 97.53

Other Net Assets (2.47%) ......................................................................................................................... 8,077 2.47

Net Assets .................................................................................................................................................. 327,859 100.00

Abbreviation used: ADR – American Depository Receipt

CPS – Cumulative participating Shares

GDR – Global Depository Receipt

NVDR - Non-Voting Depository Receipt


% of

gross assets

Transferable securities admitted to an official stock exchange listing ..................................................................... 93.76

Investment Funds (UCITS) ...................................................................................................................................... 3.17


Over the counter financial derivative instruments ................................................................................................... 0.15

Other assets .............................................................................................................................................................. 2.62

100.00

The broker for the open futures contracts is Merrill Lynch.


Bank of America

Bank of New York

Royal Bank of Canada

State Street bank and Trust

UBS AG




31 December 2015




The following tables analyse within the fair value hierarchy the Fund’s financial assets and liabilities (by investment type)

measured at fair value at 31 December 2015.


Level C

Level A

EUR ‘000

Level B

EUR ‘000

Level C1*

EUR ‘000

Level C2**

EUR ‘000

Total

EUR ‘000

Assets



Transferable securities ............................................................... 309,460 - - - 309,460

Investment funds ........................................................................ - 10,472 - - 10,472

Unrealised gain on open futures contracts ............................................. 992 - - - 992


exchange contracts ........................................................................ - - 511 - 511

Total assets ...................................................................................... 310,452 10,472 511 - 321,435

Liabilities


loss:

Unrealised loss on open futures contracts ............................................. (1,411) - - - (1,411)


exchange contracts ................................................................................ - - (242) - (242)







Listed below are the 20 largest cumulative investment purchases and sales during the period from 7 July 2015, launch date of the

Fund to 31 December 2015.





Acquisition Cost

EUR ‘000 Portfolio Securities

Disposal Proceeds

EUR ‘000

Russell Investment Company Plc Russell Investment Company Plc

Russell Euro Liquidity Fund Russell Euro Liquidity Fund

Class R Roll-Up Shares 10,491 Class R Roll-Up Shares (3,279)

Apple Inc 5,606 Alphabet Inc (1,952)

Alphabet Inc 5,140 Scripps Networks Interactive Inc (1,342)

UBS Group AG 3,925 Chevron Corp (1,192)

Russell Investment Company III Sysco Corp (1,112)

The U.S. Dollar Cash Fund II UBS Group AG (1,070)

Class R Roll-Up Shares 3,748 Nielsen Holdings Plc (900)

Oracle Corp 3,428 Procter & Gamble Co (894)

Comcast Corp 3,080 Unilever NV (812)

Wal-Mart Stores Inc 3,040 Amazon.com Inc (801)

Microsoft Corp 2,825 Whole Foods Market Inc (765)

Exxon Mobil Corp 2,798 SanDisk Corp (759)

Bayer AG 2,759 Royal Dutch Shell Plc (727)

Roche Holding AG 2,745 EMC Corp (718)

American Tower Corp 2,692 Priceline Group Inc (714)

Visa Inc 2,636 Edison International (711)

Royal Dutch Shell Plc 2,603 Precision Castparts Corp (703)

Wells Fargo & Co 2,535 Anheuser-Busch InBev SA (682)

Pfizer Inc 2,489 Sanofi SA (681)

Walt Disney Co 2,374 WPP Plc (668)

US Bancorp 2,276

Vodafone Group Plc 2,188


Notes to the Financial Statements

31 December 2015

Notes to the Financial Statements 57

1. Basis of preparation

The condensed semi-annual unaudited financial statements (the “Financial Statements”) have been prepared for the six

months ended 31 December 2015.

Statement of compliance

The Financial Statements are prepared in accordance with accounting standards generally accepted in Ireland (“Irish GAAP”)

for preparation of interim financial statements, namely Financial Reporting Standard (“FRS”) 104: Interim Financial

Reporting (“FRS 104”) (for the first time), the financial reporting standard applicable to in the UK and Republic of Ireland

and the provisions of the Regulations.

Accounting standards generally accepted in Ireland in preparing financial statements which present a true and fair view are

those promulgated by the Institute of Chartered Accountants in Ireland (the “Institute”) and issued by the Financial Reporting

Council (“FRC”).

These condensed unaudited interim financial statements should be read in conjunction with the Company’s annual audited

Financial Statements for the year ended 30 June 2015.

Transition to FRS 102 & FRS 104

In 2012, 2013 and 2014 the Financial Reporting Council (FRC) revised FRSs in the UK and Republic of Ireland. The

revisions fundamentally reformed financial reporting, replacing the extant standards with a number of new FRSs. The new

standards relevant to the Company are FRS 102: the Financial Reporting Standard applicable in the UK and Republic of

Ireland (“FRS 102”) and FRS 104. FRS 102 and FRS 104 are effective for accounting periods beginning on or after 1

January 2015 with early adoption permitted.

The Directors resolved, on the recommendation of the Manager’s audit committee, to adopt and prepare the Company’s

financial Statements in accordance with FRS 102 and FRS 104.

The date of transition to the new accounting framework is 1 July 2014 and accordingly the comparative amounts presented

for the six months ended 31 December 2014 and year ended 30 June 2015 are based on the Company’s financial statements

for that year after adjustment for the transition to FRS 104.

The transition to FRS 102 & FRS 104 has not resulted in any change to the financial position, financial performance or profit

and loss amounts of the Company to that previously reported and presented in the financial statements as at 31 December

2014 and 30 June 2015. The measurement basis to determine the Company's financial position and performance in the

current period is the same as that reported under the previous financial reporting framework at and for the six months ended

31 December 2014 and year ended 30 June 2015. There is no difference in the profit or loss determined in accordance with

the previous financial reporting framework for the latest period in the Company’s/Fund’s most recent annual financial

statements to its profit or loss determined in accordance with FRS 104 for the same period.

The accounting policies applied in preparing these financial statements under FRS 104 are consistent with the accounting

policies applied, except where noted in note 2 to the Financial Statements, in preparing the Company’s prior interim and

annual financial statements under the previous accounting framework.

Basis of measurement & presentation

The financial statements are prepared under the historical cost convention as modified by the revaluation of financial assets

and financial liabilities held at fair value through profit or loss. The Company will continue as a going concern and all Funds

trading at 30 June 2015 have been prepared on a going concern basis with the exception of Russell Absolute Return Equity

Fund which was fully redeemed during the period and therefore the financial statements are prepared on a discontinued basis.

The Company has availed of the exemption available to open ended investment funds that hold a substantial proportion of

highly liquid and fair valued investments under Section 7 of FRS 102 and is not presenting cash flow statements.

The information required by FRS 102 to be included in a statement of comprehensive income, is, in the opinion of the

Directors, contained in the Profit and Loss Account of the Company and each Fund.

The financial statements of the individual Funds are prepared in the functional currency of the respective Fund. The

functional currency of each Fund is that disclosed on the primary statements of the respective Fund.


Notes to the Financial Statements - continued

31 December 2015

58 Notes to the Financial Statements

1. Basis of preparation - continued

The combined financial statements of the Company are measured using U.S. Dollars, being the functional currency of the

primary economic environment in which it operates. The Company has also adopted U.S. Dollars as the presentation

currency. The accounts of the individual Funds are translated into U.S. Dollars and accumulated for preparation of the

combined financial statements.

For the purpose of producing the Combined Balance Sheet, respective financial period end exchange rates are used. For the

purpose of producing the Combined Profit and Loss Account and the Combined Statement of Changes in Net Assets

Attributable to Redeemable Participating Shareholders, the average exchange rates for the period are used. The currency gain

or loss on re-translation of the opening net assets and the average rate difference arising on the translation of the Combined

Profit and Loss Account and the Combined Statement of Changes in Net Assets Attributable to Redeemable Participating

Shareholders is included in the Combined Statement of Changes in Net Assets Attributable to Redeemable Participating

Shareholders. This translation adjustment does not impact the net asset value per share of any of the individual Funds.

Estimates and Judgements

The estimates and judgements applied in preparing the Financial Statements are consistent with those applied and disclosed

in the Company’s annual audited financial statements as at and for the year ended 30 June 2015.

Fair Value Hierarchy

FRS 102 Section 11.27 on “Fair Value: Disclosure” requires disclosure relating to the fair value hierarchy in which fair value

measurements are categorised for assets and liabilities. The disclosures are based on a three-level fair value hierarchy for the

inputs used in valuation techniques to measure fair value.

The hierarchy of levels as defined under FRS 102 are different to the hierarchy definitions as set out in the prior annual

Financial Statements and are discussed in note 2 to the Financial Statements. The prior annual fair value hierarchy tables

have been restated and presented under the new hierarchy definitions as set out under FRS 102.

2. Accounting Policies

Changes to the Company’s accounting policies have been made as required, in accordance with the transitional provisions in

FRS 102 and FRS 104. In effect, with the exception of where noted below, the accounting policies applied in preparing these

Financial Statements under FRS 104 are consistent with the accounting policies applied in preparing the Company’s prior

condensed interim Financial Statements under previous accounting framework, namely, the FRC’s: “Half Yearly Financial

Reports” and the Company’s prior annual audited Financial Statements prepared under the previous accounting framework

issued by the FRC.

Changes to the Company’s Accounting Policies

Changes in the Company’s accounting policies have been made as required in accordance with the transitional provisions in

the respective FRS.

i) Valuation of Financial Instruments at Fair Value through Profit or Loss

The transition to the new accounting framework has resulted in Financial Instruments at Fair Value through Profit or

Loss being accounted for differently.

On initial application of FRS 102 and FRS 104, in accounting for its financial instruments a reporting entity is required

to apply either:

a) the full provisions of section 11 “Basis Financial Instruments” and section 12 “Other Financial Instruments” of FRS

102, or

b) the recognition and measurement provisions of IAS 39 Financial Instruments: Recognition and Measurement and

only the disclosure requirements of Sections 11 and 12 of FRS 102; or

c) the recognition and measurement provisions of IFRS 9 Financial Instruments and/or IAS 39 (as amended following

the publication of IFRS 9) and only the disclosure requirements of Sections 11 and 12 of FRS 102.

The Company has chosen to implement option b), the recognition and measurement provisions of IAS 39 and only the

disclosure requirements of Sections 11 and 12 of FRS 102.



31 December 2015


2. Accounting Policies - continued

As a result the Company changed its fair valuation input to utilise last traded market price for both financial assets and

liabilities. Where the last traded price is not within the bid ask spread, management will determine the point within the bid

ask spread which is most representative of fair value. Under Previous Irish GAAP the accrued market price used for

financial assets held by the Company was the current bid price, the quoted market price for financial liabilities was the

current ask price. The Company’s prior year end Balance Sheet, as at 30 June 2015, has been restated within these Financial

Statements to recognise the fair value of the Company’s financial assets at fair value through profit or loss using last traded

market prices. The Company’s Profit and Loss Account for the six months ended 31 December 2014 has also been restated

to reflect the use of last traded market prices.

The following tables summaries the respective restatements reflected on the Balance Sheet as of 30 June 2015 and the Profit

and Loss Account six months ended 31 December 2014.

Balance Sheet as at 30 June 2015

Combined

USD ’000

Russell Absolute

Return Equity

Fund

GBP ’000

Russell Alpha

Fund

USD ’000

Russell Multi

Strategy

Volatility Fund

USD ’000

Financial assets at fair value through profit or loss (at bid market

prices) ................................................................................................................................ …………. 1,049,337 402,424 204,988 211,408

Adjustment from bid market prices to last traded market prices ...................................... ……….…. 624 314 111 19

Financial assets at fair value through profit or loss (at last traded

market prices) .................................................................................................................... 1,049,961 402,738 205,099 211,427

Profit and Loss Account for the six months ended 31 December 2014

Combined

USD ’000

Russell Absolute

Return Equity

Fund

GBP ’000

Russell Alpha

Fund

USD ’000

Net gain (loss) on investment activities (at bid market prices) ........................................ …………. (51,571) (11,185) (33,267)

Movement in adjustment from bid market prices to last traded

market prices ..................................................................................................................... ………. 276 (36) 80

Net gain (loss) on investment activities (at last traded market

prices) ................................................................................................................................ ………….. (51,295) (11,221) (33,187)

ii) Change in Presentation

Under the FRC’s “Half Yearly Financial Reports” the comparative information required to be disclosed for each primary

statement was the prior annual audited primary statement and the prior interim unaudited primary statement and their

respective notes to the financial statements. Under FRS 104 the comparative information required to be disclosed is the

prior annual audited primary statement for the Balance Sheet and the prior interim unaudited primary statement for the

Profit and Loss Account and Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders

3. Fair Value Hierarchy

FRS 102 Section 11.27 on “Fair Value: Disclosure” requires disclosure relating to the fair value hierarchy in which fair value

measurements are categorised for assets and liabilities. The disclosures are based on a three-level fair value hierarchy for the

inputs used in valuation techniques to measure fair value.

The hierarchy of levels as defined under FRS 102 are different to the hierarchy definitions as set out in the prior annual

Financial Statements and are discussed separately below. The prior annual hierarchy tables have been restated and presented

under the new hierarchy definitions as set out under FRS 102 and are disclosed at the base of the Schedule of Investments.



31 December 2015


3. Fair Value Hierarchy - continued

The fair value hierarchy as required under FRS 102 and FRS 104 is based on the valuation inputs used to fair value the

financial assets and liabilities and consideration of the market activity for each individual financial asset and liability. The

definition for levels A, B and C are set out below.

Level A: The best evidence of fair value is a quoted price for an identical asset in an active market. Quoted in an active

market in this context means quoted prices are readily and regularly available and those prices represent actual and regularly

occurring market transactions on an arm’s length basis. The quoted price is usually the current bid price.

Level B: When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair

value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the

transaction took place. If the entity can demonstrate that the last transaction price is not a good estimate of fair value (e.g.

because it reflects the amount that an entity would receive or pay in a forced transaction, involuntary liquidation or distress

sale), that price is adjusted.

Level C: If the market for the asset is not active and recent transactions of an identical asset on their own are not a good

estimate of fair value, an entity estimates the fair value by using a valuation technique. The objective of using a valuation

technique is to estimate what the transaction price would have been on the measurement date in an arm’s length exchange

motivated by normal business considerations.

Please refer to the base of the Schedule of Investments for details of the Fund's fair value hierarchy as at 31 December 2015

and 30 June 2015.

4. Cash at Bank and Cash Held with Brokers and Counterparties

a) Cash at Bank

Cash at bank balances are comprised of cash balances held within State Street Bank and Trust Company’s (“State Street”)

custodian network*, unrestricted margin accounts held by brokers for exchange traded derivative instruments held by the

Funds and net unrealised gains and losses on open spot foreign currency exchange contracts. The names of brokers used by

each individual Fund can be found at the base of each relevant Fund’s Schedule of Investments.

Cash held in U.S. Dollar bank accounts with State Street automatically transfer into the demand deposit account at State

Street Bank and Trust New York in the name of State Street Bank and Trust Company - London.

b) Cash held with brokers and counterparties for open financial derivative instruments

Cash is also deposited by or on behalf of the Funds for initial margin purposes with brokers for options and futures contracts

and as collateral with counterparties in respect of OTC FDIs held on the Funds. As this amount is the minimum deemed by

the brokers and counterparties for collateral requirements the cash is as such restricted and is reported separately to the

unrestricted cash on the Funds’ Balance Sheets.

* Certain cash balances may be held by sub-custodians, as approved and appointed by State Street, in markets where State Street does not operate as a

custodian.



31 December 2015


5. Transactions with Related Parties

a) Related Parties

The Company identified related parties under Section 33 of FRS 102. The parties listed below are currently engaged in

related party transactions with the Company.

Relation to the Company Name of entity

Details

disclosed in

section of this note

Manager ............................................................................................................................. Russell Investments Ireland Limited ................................................................................ b), i)

Adviser and Distributor (the “Adviser”) ........................................................................... Russell Investments Limited ............................................................................................ b), ii)

Promoter ............................................................................................................................ Frank Russell Company .................................................................................................... b), iii)

Affiliated Money Manager ................................................................................................ Russell Implementation Services Inc. .............................................................................. b), iv)

Affiliated Broker ............................................................................................................... Russell Implementation Services Inc. .............................................................................. b), iv)

Currency Implementation .................................................................................................. Russell Implementation Services Inc. .............................................................................. b), iv)

Directors of the Company ................................................................................................. As listed in the Administration of the Company page ..................................................... b), v)

Related Party Investors and Investees ............................................................................... Affiliated Russell entities and Russell Managed Funds ................................................... b), vi)

b) Related Party Transactions

i) Manager, Management Fee and Performance Fee

Russell Investments Ireland Limited, a wholly owned subsidiary of Frank Russell Company, which in turn is a 100 per

cent owned subsidiary of The London Stock Exchange Group (the “LSEG”), is the Manager of the Company. The

Manager is engaged in the business of providing investment management and administrative services to investment

funds. The Manager has: (a) appointed the Adviser to advise it on the Funds’ investments; (b) delegated the

administration of the Company to the Administrator; and (c) appointed the Adviser to market and promote the shares of

the Funds.

a) Management Fee

For services rendered under the management agreement, the Company pays the Manager a fee, accrued daily and

paid monthly in arrears, at the following annual rates based on the respective average daily net asset values of each

class of shares.

Russell Absolute Return Equity Fund Russell Alpha Fund Russell Multi Strategy Volatility Fund

A Euro Hedged Roll-Up Class 0.50% A Euro Hedged Roll-Up Class 0.50% A AUD Hedged Class 1.80%

A GBP Class 0.60% GBP Hedged Class 0.60% A US Dollar Roll-Up Class 1.75%

A GBP Income Class 0.60% U.S. Dollar Roll-Up Class 0.50% A Euro Hedged Roll-Up Class 1.80%

Q GBP Income Class 0.23% Yen Hedged Roll-Up Class 0.40% A GBP Hedged Roll-Up Class 1.80%


A Euro Class 0.45%

Rates for classes of shares not yet funded as at 31 December 2015 are not listed.

The management fee for each class of shares paid to the Manager shall comprise two elements: the fixed management

fee for each class of shares as set out in the tables above plus the Weighted Average Money Manager fees.

Weighted Average Money Manager fees are calculated by the Manager once every month in advance using the most

recently available information on the fees payable to each Money Manager and the target weight. Weighted Average

Money Manager fees shall not in any event exceed 1.0 per cent per annum of the net asset value of each Fund. The

management fee for each class of shares may differ each month and the management fee for the same class of shares

may differ between months.

The total management fee paid to the Manager per annum shall not in any event exceed 2.0 per cent of the net asset

value of the relevant class. Fees of the Money Managers are paid out of the management fees.

b) Performance Fee

A performance fee (the “Performance Fee”) is payable to the Manager in respect of certain Funds on an annual basis

who in turn pays the Performance Fee to the Money Manager of each Fund that is entitled to a performance fee as

described in full in the Prospectus.



31 December 2015


5. Transactions with Related Parties - continued

For the six months ended 31 December 2015, there was a performance fee of USD 2,379,965. For the six months

ended 31 December 2014, there was a performance total fee adjustment of USD 7,872 recognised in the Profit and

Loss Account.

ii) Adviser

The Manager discharges all fees payable to the Adviser out of its management fee.

iii) Promoter

Frank Russell Company acts as Promoter to the Company (the “Promoter”). The Promoter is not entitled to a fee in its

capacity as Promoter to the Company.

iv) Affiliated Money Managers, Affiliated Broker and Currency Implementation

Russell Implementation Services Inc. and Russell Implementation Services Limited (collectively called “RIS”) are

affiliated group companies to the Manager and the Adviser. The Adviser and Russell Implementation Services Inc. can

be appointed as Money Manager to the Funds. The appointment of Russell Group Companies as Money Manager to the Funds is subject to the same procedures as

appointing an external Money Manager and an intercompany agreement and investment guidelines are applied. The Funds effect certain transactions through RIS and its global network of unaffiliated correspondent brokers. Trades

placed through RIS and its correspondents are made (i) to manage trading associated with changes in Money Managers,

rebalancing across existing Money Managers, cash flows and other portfolio transitions or (ii) to execute portfolio

securities transactions for each Fund’s assets where RIS has been appointed as Money Manager. RIS may also be engaged by the Adviser to carry out foreign currency implementation trading for which a fee of 0.02 per

cent per trade is included in individual transactions. For the six months ended 31 December 2015, the total commission earned by RIS, encompassing the range of services

provided, amounted to USD 391,028 (six months ended 31 December 2014: USD 34,984).

v) Directors and Directors’ Fees

The Articles of Association provide that the Directors shall be entitled to a fee by way of remuneration at a rate to be

determined from time to time by the Directors. Directors’ fees are paid to non-executive Directors not employed by

Russell group companies. Directors’ fees shall not exceed the limits contained in the Prospectus and the Directors are

entitled to certain additional expenses as listed in the Prospectus. Directors’ fees charged during the six months ended 31

December 2015 were USD 6,678 (six months ended 31 December 2014: USD 5,630) these amounts are included in other

fees in the Combined Profit and Loss Account. All of the Directors of the Company are also directors of the Russell Funds discussed in section v) of this note below. All of the Directors of the Company are also directors of the Manager. The following Directors of the Company are

employed by Russell group companies: Mr. James Beveridge, Mr. Peter Gonella, Mr. Neil Jenkins, Mr. John McMurray

and Mr. Kenneth Willman. Mr. James Firn is a former employee of Russell Investments who retired in June 2014. He continues to act as a Director

of Russell Investments Ireland Limited and the Funds managed by Russell Investments Ireland Limited.

The Adviser operates a defined contribution pension plan for its employees which invests in Russell managed funds

including the Funds. The pension fund is subject to a management fee rebate. The Directors who are employed by

Russell group companies may be indirectly exposed to the Company through the pension scheme.



31 December 2015


5. Transactions with Related Parties - continued

vi) Related Party Investors and Investees

a) Investment in other Russell Funds

The Funds may invest in the sub-funds of other investment companies managed by the Manager as listed in the table

below. Details of the Fund’s investments in these sub-funds can be found in the Schedule of Investments of each

relevant Fund.

Fund Structure Name

Type of Fund

Structure

Management

Fee Rate

Russell Investment Company plc ............................................................................................................................................................................. UCITS Umbrella 0.05% - 2.80%

Russell Investment Company III plc ........................................................................................................................................................................ UCITS Umbrella 0.05%

b) Related Party Shareholders of the Company

During the six months ended 31 December 2015 and the year ended 30 June 2015 certain sub-funds of open-ended

investment funds also managed by the Manager and administered by the Administrator were invested in the Funds. In

accordance with Section 33 of FRS 102 these entities are deemed related party shareholders to the Company.

The table below discloses the value of shares held by related party shareholders in the Company and the percentage of

this value against the Company’s combined net asset value as at the respective balance sheet dates.

Related Party Shareholder

31 December

2015

USD ‘000

Company

%

30 June 2015

USD ‘000

Company

%

Russell Institutional Funds plc ................................................................................................................................ 157,892 17.19% 136,682 12.10%

Russell Investment Company plc ........................................................................................................................... 23,275 2.53% 38,337 3.39%

Russell Investment Company V plc ....................................................................................................................... 31,999 3.48% 14,587 1.29%

vii) Connected Party Transactions

Regulation 41 of the Regulations “Restrictions of transactions with connected persons” states that “A responsible person

shall ensure that any transaction between a UCITS and a connected person conducted a) at arm’s length; and b) in the

best interest of the unit-holders of the UCITS”.

As required under Regulation 78.4, the Directors, as responsible persons are satisfied that there are in place

arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 41(1) are

applied to all transactions with a connected party; and all transactions with a connected parties that were entered into

during the period to which the report relates complied with the obligations that are prescribed by Regulation 41(1).

6. Significant Agreements

i) Custodian and Trustee

State Street Custodial Services (Ireland) Limited is the Company’s Custodian and Trustee. The Custodian and Trustee has

appointed its parent State Street as its global sub-custodian who in turn has appointed a network of local sub-custodial agents.

The sub-custodian fees are paid at annual rates based on the total assets held in each individual country in which the Funds

invest plus applicable transaction charges. Custodian and Trustee fees accrue daily and are paid monthly in arrears. Included within the Custodian agreement is a right of set off fees owing to and monies lent by the Custodian and Trustee.

ii) Administrator and Transfer Agency

State Street Fund Services (Ireland) Limited is the Company’s Administrator. The Administrator is responsible for the daily

determination of net asset value, maintaining the books and records of the Funds in respect of the Company and other

administrative services. The Manager has also appointed the Administrator as the Company’s Transfer Agent.

Such fees accrue daily and are paid monthly in arrears. The Manager shall discharge reasonable out of pocket expenses

payable to the Administrator out of the Funds’ assets.

The Administrator is also entitled to shareholder services fees as disclosed in the administration agreement and reporting

services fees of USD 7,000 per Fund per annum.



31 December 2015


6. Significant Agreements - continued

Transfer agency fees are charged based on the number of Funds in the umbrella structure, the number of shareholders,

number of statements issued, number of share classes and volume of trading in a period and are subject to adequate minimum

thresholds. Transfer agency fees are accrued and paid on a daily basis and are recognised within Administration and Transfer

Agency Fees in the Profit and Loss Account for each Fund.

The aggregate Administration fee and Custodian and Trustee fee per fund will not exceed 0.30 percent of the net asset value

of any Fund.

7. Soft Commissions and Commission Recapture Programme

The Adviser retains the right to request that the Money Managers participate in Russell’s soft commission and commission

recapture programme (the “Programme”) by executing a portion of their securities transactions through certain brokers (the

“Correspondent Broker Network”). Money Manager participation in the Programme is not mandatory and the appropriate

participation percentage target is determined on a Money Manager by Money Manager basis, based upon asset class,

investment mandate, trading habits, and tolerance for participation and is always subject to a Money Manager’s ability to

obtain best execution.

The Programme, including the Correspondent Broker Network, is administered by Recapture Services, a division of BNY

ConvergEx Execution Solutions LLC (“BNY”) and State Street Global Markets (“SSGM”).

A portion of the commission earned by the Correspondent Broker Network as a result of this trading activity will be set aside

in the Programme as “credits”. These credits are then earmarked for purchase of third party research (“Soft Commission

Credits”) or commission recapture (“Commission Credits”).

i) Soft Commission Credits

All soft commission use is overseen by Russell’s soft commission committee (the “Committee”) which is made up of

senior level investment personnel. The Committee, with the guidance of Russell’s investment strategy committee,

establishes an annual soft commission research budget for the use of the Soft Commission Credits.

Soft Commission Credits are used by the Adviser to purchase third party research that will aid Russell in its investment

decision-making process. Research purchased through the Programme is obtained from unaffiliated third parties at market

rates.

ii) Commission Credits

Once the soft commission research budget has been met the Committee will instruct BNY and SSGM to recapture the

Commission Credits which are then rebated directly back to the relevant Fund from which the commission was generated.

Commission Credits are recognised within other income in the relevant Fund’s Profit and Loss Account.

8. Distributions

a) Distribution Policy

The Company conducts its affairs so as to enable U.K. reporting fund status to be obtained under the United Kingdom

Income and Corporation Taxes Act, 1988 for the purposes of U.K. taxation for each applicable Fund.

Three Classes of Shares may be issued by the Funds, namely Income Class Shares, Accumulation Class Shares and Roll-Up

Class Shares. Income Class Shares distribute net income from time to time subject to Directors’ discretion. Accumulation

Class Shares are shares that declare a distribution but whose net income is then reinvested in the capital of the relevant Fund.

Roll-Up Class Shares do not declare or distribute net income and their net asset value reflects net income. Distributions

declared by Income Class Shares are paid in cash unless the shareholder chooses to reinvest part or all of the amount in the

capital of the relevant Share Class. Net income includes all interest, dividends and other amounts deemed by the Manager to

be in the nature of income less the estimated expenses of that Fund applicable to that dividend year.

b) Distributing Frequency

Distributions are calculated and declared on a calendar annual basis (i.e. annual period ended 30 June).



31 December 2015


9. Taxation

Under current law and practice the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes

Consolidation Act, 1997, as amended (the “TCA”). On that basis, it is not chargeable to Irish tax on its income or gains.

However, Irish tax may arise on the occurrence of a “chargeable event”. A chargeable event includes any distribution

payments to shareholders or any encashment, redemption, transfer or cancellation of shares and any deemed disposal of

shares for Irish tax purposes arising as a result of holding shares in the Company for a period of eight years or more.

No Irish tax will arise in respect of chargeable events in respect of a shareholder who is an Exempt Irish Investor (as defined

in Section 739D of the TCA) or who is neither Irish resident nor ordinarily resident in Ireland for tax purposes at the time of

the chargeable event, provided, in each case, that an appropriate valid declaration in accordance with Schedule 2B of the

TCA is held by the Company or where the Company has been authorised by Irish Revenue to make gross payments in

absence of appropriate declarations.

Distributions, interest and capital gains (if any) received on investments made by the Company may be subject to

withholding taxes imposed by the country of origin and such taxes may not be recoverable by the Company or its

shareholders.

10. Number of Shares in Issue and Net Assets Attributable to Redeemable Participating Shareholders

a) Authorised Share Capital The authorised share capital of the Company is not less than EUR 2.00 represented by two subscriber shares of no par value

and the maximum issued share capital shall be not more than 500 billion participating shares of no par value. 39,000

subscriber shares have been issued but do not form part of the net asset value of the Company. They are disclosed in the

financial statements by way of this note only. Holders of subscriber shares are not entitled to dividends or any surplus of assets over liabilities upon the winding-up of the

Company. The subscriber shares are held by the Promoter and the Adviser.

b) Redeemable Participating Shares

Each of the shares entitles the holder to participate equally on a pro rata basis in the profits and dividends of the relevant

Fund attributable to such shares and to attend and vote at meetings of the Company and of the relevant Fund represented by

those shares. No class of shares confers on the holder thereof any preferential or pre-emptive rights or any rights to

participate in the profits and dividends of any other class of shares or any voting rights in relation to matters relating solely to

any other class of shares.

Each share represents an individual beneficial interest in the Company. The shares are not debt obligations or guaranteed by

the Company. The return on an investment in the Company will depend solely upon the investment performance of the assets

or the relevant Fund and the increase or decrease (as the case may be) in the net asset value of the shares. The amount

payable to a shareholder in respect of each share upon liquidation of the Company or a Fund will equal the net asset value per

share. However, in a relatively illiquid market, a Fund may not be able to dispose of its investments quickly and as such a

Fund may experience adverse price movements upon liquidation of its investments. Settlement of transactions may be subject

to delay and administrative uncertainties and the price repaid to the shareholders in such circumstances will not equal the

final published net asset value per share. Net assets attributable to shareholders represent a liability on the Balance Sheet, carried at the redemption amount that would

be payable at the balance sheet date if the shareholder exercised the right to redeem the shares in the Company.



31 December 2015


10. Number of Shares in Issue and Net Assets Attributable to Redeemable Participating Shareholders - continued

Participating Share Transactions

All cash amounts are in the functional currency of the Fund not the currency of the class. Russell Absolute Return Equity Fund

Number of Shares in issue

Six months ended 31 December 2014 Six months ended 31 December 2015

Share Class

Beginning

of period

Shares

Issued

Shares

Redeemed

End

of period

Beginning

of period

Shares

Issued

Shares

Redeemed

End

of period

A Euro

Hedged Roll-

Up Class ........................................................................... - 3,008,612 (201,939) 2,806,673 4,223,170 120,517 (4,343,687) -

A GBP Class .................................................................... 12,722,024 753,010 (34,200) 13,440,834 12,285,272 30,233 (12,315,505) -

A GBP

Income Class .................................................................... 23,001,120 946 (22,989,021) 13,045 10,562 - (10,562) -

Q GBP

Income Class .................................................................... 6,731,808 23,694,648 (1,576,637) 28,849,819 28,045,149 81,645 (28,126,794) -

Value of Share Transactions


Share Class

Subscriptions

GBP ‘000

Redemptions

GBP ‘000

Subscriptions

GBP ‘000

Redemptions

GBP ‘000

A Euro

Hedged Roll-

Up Class ............................................................................ 23,655 (1,588) 846 (30,103)

A GBP Class .................................................................... 7,430 (335) 300 (120,390)

A GBP Income

Class ................................................................................. 9 (217,373) - (98)

Q GBP Income

Class ................................................................................. 232,576 (15,364) 797 (274,353)

Russell Alpha Fund



Share Class

Beginning

of period

Shares

Issued

Shares

Redeemed

End

of period

Beginning

of period

Shares

Issued

Shares

Redeemed

End

of period

A Euro-

Hedged Roll-

Up Class ........................................................................... 7,291 1,220 (1,711) 6,800 7,470 4,204 (663) 11,011

GBP Hedged

Class ................................................................................. 9,409 2,096 (2,237) 9,268 6,394 3,324 (1,250) 8,468

U.S. Dollar

Roll-Up Class ................................................................... 2,555 201 (3) 2,753 3,148 264 (920) 2,492

Yen Hedged

Roll-Up Class ................................................................... 120,152 - (120,152) - - - - -



31 December 2015





Share Class

Subscriptions

USD ‘000

Redemptions

USD ‘000

Subscriptions

USD ‘000

Redemptions

USD ‘000

A Euro-

Hedged Roll-

Up Class ........................................................................... 17,211 (24,239) 49,684 (7,830)

GBP Hedged

Class ................................................................................. 35,046 (35,526) 52,026 (19,588)

U.S. Dollar

Roll-Up Class ................................................................... 2,320 (36) 3,050 (10,715)

Yen Hedged

Roll-Up Class ................................................................... - (9,211) - -



Six months ended 31 December 2015

Share Class

Beginning

of period

Shares

Issued

Shares

Redeemed

End

of period

A AUD

Hedged

Class ................................................................................. 191,260 429,954 (373,400) 247,814

A Euro

Hedged Roll-

Up Class ........................................................................... 16,646 13,305 (20,986) 8,965

A GBP

Hedged Roll-

Up Class ........................................................................... - 7,437 - 7,437

U.S. Dollar

Roll-Up Class ................................................................... 44,974 40,163 (5,046) 80,091



Share Class

Subscriptions

USD ‘000

Redemptions

USD ‘000

A AUD

Hedged

Class ................................................................................. 343,095 (305,514)

A Euro

Hedged Roll-

Up Class ........................................................................... 16,117 (26,925)

A GBP

Hedged Roll-

Up Class ........................................................................... 11,557 -

U.S. Dollar

Roll-Up Class ................................................................... 43,569 (5,556)




Share Class

Beginning

of period

Shares

Issued

Shares

Redeemed

End

of period

Class A Euro ..................................................................... - 335,223 - 335,223



Share Class

Subscriptions

EUR ‘000

Redemptions

EUR ‘000

Class A Euro .................................................................... 335,125 -



31 December 2015



c) Swing Pricing/Dilution Adjustments

The swing pricing (also known as dilution adjustment) is applied to a Fund once net subscriptions or redemptions for a Fund

relating to a Fund’s net asset value for a given dealing day is determined by the Administrator to exceed certain

predetermined percentage thresholds. In calculating the swing pricing, the net asset value of a Fund is swung by a “swing

factor”.

The range of swing factors applied is disclosed in the table below.

Swing Factor Rate Swing Factor Rate

As at 31 December 2015 As at 30 June 2015

Fund Name

On

Subscriptions

On

Redemptions

On

Subscriptions

On

Redemptions

Russell Absolute Return Equity Fund ...................................................................................................................................................................... - - 0.25% 0.20%

Russell Alpha Fund ................................................................................................................................................................................................... 0.20% 0.20% 0.20% 0.15%

Russell Multi Strategy Volatility Fund ............................................................................... 0.20% 0.20% 0.00% 0.00%

Russell Global Regional Equity Fund ................................................................................. 0.00% 0.00% - -

d) Significant Shareholders

The following table details the number of shareholders with significant holdings of at least 20 per cent of the relevant Fund’s

net asset value and the aggregate monetary value and percentage (of that Fund’s net asset value) of that holding as at 31

December 2015.

Fund

Number of

Significant

Shareholders

Value

of Holding

‘000

Aggregate

Shareholding as

a % of the Fund

Russell Alpha Fund ............................................................................................................. 1 USD 93,076 33.44%

Russell Multi Strategy Volatility Fund ............................................................................... 1 USD 64,815 22.87%

Russell Global Regional Equity Fund ................................................................................ 1 EUR 327,859 100.00%

The following table details the number of shareholders with significant holdings of at least 20 per cent of the relevant Fund’s

net asset value and the aggregate monetary value and percentage (of that Fund’s net asset value) of that holding as at 30 June

2015.

Fund

Number of

Significant

Shareholders

Value

of Holding ‘000

Aggregate

Shareholding as

a % of the Fund

Russell Absolute Return Equity Fund ................................................................................ 2 GBP 272,559 64.04%

Russell Alpha Fund ............................................................................................................. 1 USD 100,413 44.38%

11. Efficient Portfolio Management

The Company may enter into securities lending arrangements and repurchase agreements (together “Efficient Portfolio

Management Techniques”) and may invest in OTC FDIs, subject to the restrictions set forth the Prospectus and to the extent

consistent with the Fund’s investment objective and policies.

The use of techniques and instruments relating to transferable securities, money market instruments and/or other financial

instruments in which the Funds invest for efficient portfolio management purposes will generally be made for one or more of

the following reasons:

i) the reduction of risk;

ii) the reduction of cost; or

iii) the generation of additional capital or income for the relevant Fund with an appropriate level of risk, taking into account

the risk profile of the Fund and the risk diversification rules set out in the UCITS Regulations issued by the Central

Bank.



31 December 2015


11. Efficient Portfolio Management - continued

All the revenues arising from Efficient Portfolio Management Techniques employed shall be returned to the relevant Fund

following the deduction of any direct and indirect operational costs and fees arising. Such direct and indirect operational

costs and fees, (which are all fully transparent) which shall not include hidden revenue, shall include fees and expenses

payable to repurchase/reverse repurchase agreements counterparties and/or securities lending agents engaged by the

Company from time to time. Such fees and expenses of any repurchase/reverse repurchase agreements counterparties and/or

stocklending agents engaged by the Company, which will be at normal commercial rates together with VAT, if any, thereon,

will be borne by the Company or the Fund in respect of which the relevant party has been engaged. None of the Funds

entered into securities lending arrangements or repurchase agreements during the financial period under review or prior

financial year.

Money Manager(s) on behalf of a Fund may employ techniques and instruments relating to transferable securities, money

market instruments and/or other financial instruments in which they invest for efficient portfolio management purposes. At

any time a Fund may hold a combination of derivative instruments such as futures, forward contracts, options, swaps and

swaptions, forward foreign exchange contracts, caps, floors and credit derivatives, any of which may be listed or over-the-

counter.

12. Financial Risks

The activities of the Funds expose them to various financial risks such as market risk (including market price risk, interest

rate risk, and currency risk), credit risk and liquidity risk. The overall risk management process for the Funds focuses on the

unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance for the

Funds. The Funds combine Money Managers with varied investment styles to achieve returns in a broad range of market

conditions and to manage exposure to risk through diversification.

The Company’s financial risk management objectives and policies are consistent with those disclosed in the Company’s

audited financial statements as at and for the year ended 30 June 2015.

13. Exchange Rates

Where applicable, the Administrator used the exchange rates listed below to translate foreign currency amounts, fair value of

investments and other assets and liabilities into U.S. Dollars at the following rates for each USD 1.

31 December 2015 31 December 2015 31 December 2015

Australian Dollar AUD 1.3745 Hong Kong Dollar HKD 7.7502 South African Rand ZAR 15.4955

Brazilian Real BRL 3.9563 Indian Rupee INR 66.1563 Singapore Dollar SGD 1.4187

British Pound GBP 0.6785 Indonesian Rupiah IDR 13,785.0000 South Korean Won KRW 1,172.5500

Canadian Dollar CAD 1.3891 Japanese Yen JPY 20.2950 Swedish Krona SEK 8.4306

Chilean Peso CLP 708.6000 Norwegian Krone NOK 8.8514 Swiss Franc CHF 1.0010

Danish Krone DKK 6.8698 Mexican Peso MXN 17.2712 Taiwan Dollar TWD 32.8470

Egyptian Pound EGP 7.8301 Polish Zloty PLN 3.9490 Thai Baht THB 35.9850

Euro EUR 0.9206 Phillipene Peso PHP 47.0550 Turkish Lira TRY 2.9189

30 June 2015 30 June 2015 30 June 2015

Australian Dollar AUD 1.3011 Hong Kong Dollar HKD 7.7526 South African Rand ZAR 12.1378

Brazilian Real BRL 3.1064 Indian Rupee INR 63.6800 Singapore Dollar SGD 1.3465

British Pound GBP 0.6358 Indonesian Rupiah IDR 13,332.5000 South Korean Won KRW 1,115.4500

Canadian Dollar CAD 1.2485 Japanese Yen JPY 122.3650 Swedish Krona SEK 8.2975

Chilean Peso CLP 639.5300 Norwegian Krone NOK 7.8675 Swiss Franc CHF 0.9346

Danish Krone DKK 6.6953 Mexican Peso MXN 15.6907 Taiwan Dollar TWD 30.8545

Egytian Pound EGP 7.6301 Polish Zloty PLN 3.7609 Turkish Lira TRY 2.679

Euro EUR 0.8975 Phillipene Peso PHP 45.0900 Thai Baht THB 33.7755

The Administrator used the average exchange rates for each reporting period as listed below to translate into U.S. Dollars the

Profit and Loss Account and Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders of

those Funds not prepared in U.S. Dollars in preparing the Company’s Combined Profit and Loss Account and the Combined

Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders at the following rates for each

USD 1.


British Pound GBP 0.6557 British Pound GBP 0.6111

Euro EUR 0.9077



31 December 2015


14. Comparative Dealing Net Assets


A GBP

Class

GBP ‘000

A GBP Income

Class

GBP ‘000

A EUR Hedged

Roll-up Class

EUR ‘000

Q GBP Income

Class

GBP ‘000

Total net asset value

31 December 2015 ...................................... - - - -

30 June 2015 ............................................... 121,903 100 41,882 273,964

A GBP

Class

GBP

A GBP Income

Class

GBP

A EUR Hedged

Roll-up Class

EUR

Q GBP Income

Class

GBP

Net asset value per share

31 December 2015 ...................................... - - - -

30 June 2015 ............................................... 9.92 9.45 9.92 9.77

Russell Alpha Fund

A Euro Hedged

Roll-Up

Class

EUR ‘000

GBP Hedged

Class

GBP ‘000

U.S. Dollar

Roll-Up

Class

USD ‘000


31 December 2015 ...................................... 116,470 83,642 28,540

30 June 2015 ............................................... 80,211 63,856 36,456

A Euro Hedged

Roll-Up

Class

EUR

GBP Hedged

Class

GBP

U.S. Dollar

Roll-Up

Class

USD


31 December 2015 ...................................... 10,577.25 9,877.76 11,454.34

30 June 2015 ............................................... 10,737.39 9,986.95 11,581.20


A Euro Hedged

Roll-Up

Class

EUR ‘000

GBP Hedged

Roll-Up

Class

GBP ‘000

AUD Hedged

Class

AUD ‘000

U.S. Dollar

Roll-Up

Class

USD ‘000


31 December 2015 ...................................... 8,953 6,781 252,891 80,364

30 June 2015 ............................................... 18,392 - 213,381 49,776

A Euro Hedged

Roll-Up

Class

EUR

GBP Hedged

Class

GBP ‘000

AUD Hedged

Class

AUD

U.S. Dollar

Roll-Up

Class

USD


31 December 2015 ...................................... 998.73 911.70 1,020.49 1,003.42

30 June 2015 ............................................... 1,104.93 - 1,115.66 1,106.78


A Euro Class

EUR’000


31 December 2015 ...................................... 327,859

A Euro Class

EUR


31 December 2015 ...................................... 978.03



31 December 2015


15. Segregated Liability

Each Fund will be responsible for paying its fees and expenses regardless of the level of its profitability. The Company has

availed of the segregated liability provisions of the Companies Act 2014. The adoption of segregated liability ensures that

liability incurred on behalf of a Fund will generally be discharged solely out of the assets of that Fund and there can generally

be no recourse to other Funds to satisfy these liabilities. Notwithstanding the foregoing there can be no guarantee that should

an action be brought against the Company in the court of another jurisdiction that the segregated nature of the Funds would

necessarily be upheld.

16. Significant Events During the Period

a) Revised Prospectus A revised prospectus was issued on 4 August 2015 to reflect amendments to trade cut-off, dealing frequency and settlement

dates in relation to Russell Alpha Fund.

b) Amendments to Memorandum and Articles of Association

On 11 December 2015 the Memorandum and Articles of Association of the Company was amended by special resolution of

the Board. The most significant amendment was in accordance with Directive 2014/91/EU of the European Parliament and of

the Council of 23 July 2014 amending Directive 2009/65/EC.

c) Fund Launches and Closures

Russell Global Regional Equity Fund was launched on 7 July 2015.

Russell Absolute Return Equity Fund ceased trading on 7 August 2015.

d) Frank Russell Company

LSEG announced on 8 October 2015 that it has agreed the proposed sale of the investment management and solutions

business of Russell Investments to TA Associates, subject to customary closing adjustments and regulatory and other

required approvals. Reverence Capital Partners, partnered with TA Associates and will make a significant minority

investment.

17. Significant Events Since the Period End

There have been no significant events affecting the Company since the period end.

18. Approval of the Financial Statements

The financial statements were approved by the Directors on 12 February 2016.

Russell Investments Rex House10 Regent Street, St James’London, SW1Y 4PE

tel +44 (0) 20 7024 6000fax +44 (0) 20 7024 6001www.russell.com