Russell Investments Tax-Exempt Bond Fund Class M is an open-end municipal bond mutual fund focused on delivering federally tax-exempt income. The fund primarily invests at least 80% of assets in municipal securities whose interest is exempt from federal income tax, with flexibility to allocate a smaller portion to taxable municipal debt when warranted. Positioned in the Muni National Intermediate category, it targets a balanced profile of credit quality and interest-rate sensitivity, reflected in a medium credit quality and moderate duration approach. The portfolio is broadly diversified across thousands of holdings, spanning general obligation, revenue, and essential-service financings that support sectors such as local infrastructure, utilities, transportation, healthcare, and education. Managed within Russell Investments’ multi-manager framework, the strategy emphasizes cost efficiency with a below-average fee profile relative to peers and distributes income on a monthly basis. Its role in the market is to provide investors with a core, tax-advantaged fixed income allocation that seeks consistent income while maintaining intermediate interest-rate exposure and diversified municipal credit risk.
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