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Russell Tax Exempt Bond Fund
Offering tax-sensitive diversification

How to invest with Russell Fund objective
Seeks to provide federal tax-exempt current income consistent with the preservation of capital. The fund will invest, under normal circumstances, at least 80% of the value
of its assets in investments, the income from which is exempt from federal income tax.


Sector weightings
As of 12/31/2011
Updated monthly

    % of total
market value
General Obligation
Utility Revenue
Industrial Revenue
Education Revenue
Other Revenue
Health Care Revenue
Cash Equivalents
Pollution Control Revenue
Housing Revenue
Leasing Revenue
Refunded and Special Obligations
  18.6
17.6
16.0
15.6
11.4
8.3
7.3
2.0
1.8
1.2
0.2
Due to rounding totals may not equal 100%.

Due to rounding totals may not equal 100%.

Quality rating
As of 12/31/2011
Updated monthly

    % of
market value
A
AA
AAA
BB
BBB
Unrated
  24
43
19
1
12
1

The sum of the debt instrument quality ratings are based upon the Barclays Capital index methodology, which reflects the ratings of three nationally recognized statistical rating organizations in such a way that if three different ratings exist for the same instrument, the median rating is used: if two different ratings exist, the lower of the two is used and if only one rating exists, then that rating is used. If the debt instrument has not been rated by any of the three rating agencies, the security is classified as "Unrated."

Top 10 holdings
As of 12/31/2011
Updated monthly

    % of fund
New Jersey Transportation Trust Fund Authority Rev
State of New Mexico Revenue Bonds
State of Minnesota General Obligation Unlimited
Pennsylvania Higher Educational Facilties Authorit
State of North Carolina General Obligation Unlimit
California State Department of Water Resources Rev
City of New York New York General Obligation Unlim
California State Department of Water Resources Rev
San Francisco City & County Public Utilities Commi
City of Dallas Texas Revenue Bonds
  0.7
0.7
0.6
0.6
0.6
0.6
0.5
0.5
0.5
0.5
    5.9

The top ten holdings list does not reflect the investment of cash reserves and cash collateral received in securities lending transactions in one or more of Russell Investment Company's money market funds.

More holdings: Month end holdings
As of 12/31/2011



Fund objectives, risks, charges and expenses should be carefully considered before investing. For a prospectus containing this and other important information call Russell at 1-866-676-7680 or go to the prospectus and reports page to download one. Please read the prospectus carefully before investing.

not FDIC insured






Diversification and strategic asset allocation do not assure profit or protect against loss in declining markets.
For more information on Russell Funds, contact your investment professional or plan administrator for assistance.
Russell Investment Group is a Washington, USA corporation, which operates through subsidiaries worldwide, including Russell Investments, and is a subsidiary of The Northwestern Mutual Life Insurance Company.
The Russell logo is a trademark and service mark of Russell Investments.


Securities products and services offered through Russell Financial Services, Inc., member FINRA, part of Russell Investments.
For information on the Financial Industry Regulatory Authority, go to www.finra.org.


Copyright © Russell Investments 2007-2011. All rights reserved.
First used April 2009.
RFS-1900


Nothing contained in this material is intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional.

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