Russell Investments Tax-Exempt High Yield Bond Fund Class M is an open-end municipal bond fund designed to deliver a high level of current income that is exempt from federal income tax, with total return as a secondary objective. The fund primarily invests in lower- and non-investment-grade municipal debt, allocating at least 80% of net assets to tax-exempt fixed income securities, which positions it within the high yield municipal category. It employs a multi-manager approach overseen by Russell Investment Management, allocating mandates to specialist managers such as Goldman Sachs Asset Management and MacKay Shields to exploit inefficiencies across sectors, states, and the municipal yield curve. The portfolio is broadly diversified across thousands of holdings, with the vast majority in bonds and a small liquidity sleeve in cash. Regular monthly distributions support the fund’s income focus, reflecting its role for tax-sensitive investors seeking municipal high yield exposure. Key structural features include professional oversight, benchmark-aware construction against a blended Bloomberg municipal high yield and investment-grade index, and an emphasis on credit research-driven security selection.
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