Russell Investments Tax-Exempt Bond Fund Class S is an actively managed municipal bond mutual fund designed to provide federal tax‑exempt current income while emphasizing capital preservation. The fund invests primarily in investment‑grade debt issued by state and local governments and related agencies, diversifying across many issuers, sectors, and geographies typical of the muni national intermediate category. Its portfolio construction targets an intermediate interest‑rate profile, with an effective duration around five years and an average maturity near ten years, positioning it between short and long municipal strategies. The strategy employs a multi‑manager approach under Russell Investments’ oversight, blending specialist managers to balance credit quality, liquidity, and yield considerations. In the market ecosystem, the fund serves tax‑sensitive investors seeking consistent tax‑exempt income and broad municipal exposure, with characteristics and risk anchored to mainstream municipal benchmarks. The vehicle’s scale, large number of holdings, and ongoing portfolio turnover support broad diversification and manager flexibility in navigating credit cycles and rate environments.
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