Russell Tax Exempt Bond Fund Offering tax-sensitive diversification
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.
For this fund, Russell selects managers who we believe are experts in municipal bonds. Using our in-depth knowledge of the strengths and weaknesses in each manager's investment process, we strive to create an optimal mix that can help generate stable returns under various market conditions.
– Mike Ruff, CFA
Allocation of fund assets As of 09/10/2009
% Allocated
Year assigned
Portfolio manager
Fully discretionary
Delaware Management Company (a series of Delaware Management Business Trust)
50%
2005
Joe Baxter
Standish Mellon Asset Management Company, LLC
50%
1988
Steve Harvey
Managing money differently The Russell approach has been trusted for decades by many of the world's largest investors; our mutual funds allow you to employ that same approach. We identify investment managers we believe have exceptional capabilities, blend them to help manage risk through diversification, and constantly monitor them. Regardless of market conditions, Russell's investment approach remains constant.
Money managers listed are current as of 09/30/2009. Subject to the fund's board approval, Russell has the right to engage or terminate a money manager at any time and without a shareholder vote, based on an exemptive order from the Securities and Exchange Commission.
In general, when interest rates rise, the value of bonds held in the fund will decline. Bond investors should carefully consider risks such as interest rate, credit, repurchase and reverse repurchase transaction risks. Greater risk, such as increased volatility, limited liquidity, prepayment, non-payment and increased default risk, is inherent in portfolios that invest in high yield ("junk") bonds or mortgage backed securities, especially mortgage backed securities with exposure to sub-prime mortgages.
Income from funds managed for tax efficiency may be subject to an alternative minimum tax and/or any applicable state and local taxes.
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.
On September 2, 2008, the name of the Tax Exempt Bond Fund changed to the Russell Tax Exempt Bond Fund.
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.
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For this fund, Russell selects managers who we believe are experts in municipal bonds. Using our in-depth knowledge of the strengths and weaknesses in each manager's investment process, we strive to create an optimal mix that can help generate stable returns under various market conditions.
