Russell Investments Tax-Exempt High Yield Bond Fund Class S is an open-end municipal bond fund designed to deliver a high level of federally tax-exempt income, with total return as a secondary objective. The portfolio primarily invests in lower-rated and non-rated municipal securities, seeking incremental income from credit risk across states and sectors such as healthcare, housing, transportation, and essential services. The strategy employs a multi-manager approach overseen by Russell Investment Management, allocating assets to specialist subadvisors that apply bottom-up credit research and relative-value positioning in the high yield muni market. The fund typically maintains diversified exposure across thousands of holdings and pays income distributions monthly, reflecting its income-oriented profile. Benchmarked to a blend of high yield and broad municipal indexes, the fund emphasizes rigorous credit selection and active sector rotation to navigate spread cycles and liquidity conditions in municipal markets. This structure positions the fund as a targeted solution for tax-sensitive investors seeking enhanced tax-exempt income within fixed income allocations.
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