Tax-Exempt Bond Fund - Class S

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.

Notice:

Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.

Overview

Class Ticker CUSIP
A RTEAX 782494314
C RTECX 782493324
E RTBEX 782493316
M RBCUX 78250H667
S RLVSX 782493837

Investment strategy

  • Invests primarily in high-quality securities of state and local government entities that provide interest income exempt of federal taxes.
  • Targets intermediate-term maturities.

Fund highlights

  • Provides a diversified portfolio of high-quality tax-exempt bonds to help manage an investor's tax burden and preserve capital.
  • Adds stability to a diversified portfolio because bonds historically have been less volatile than equities.

Growth of hypothetical $10,000 (since inception)

As of 08/31/2017
9/5/1985 12:00:00 AM 10000
9/30/1985 12:00:00 AM 10028.488
10/31/1985 12:00:00 AM 10111.009
11/30/1985 12:00:00 AM 10205.265
12/31/1985 12:00:00 AM 10198.134
1/31/1986 12:00:00 AM 10391.824
2/28/1986 12:00:00 AM 10519.209
3/31/1986 12:00:00 AM 10580.715
4/30/1986 12:00:00 AM 10632.063
5/31/1986 12:00:00 AM 10652.697
6/30/1986 12:00:00 AM 10709.684
7/31/1986 12:00:00 AM 10714.823
8/31/1986 12:00:00 AM 10871.197
9/30/1986 12:00:00 AM 10949.648
10/31/1986 12:00:00 AM 11107.252
11/30/1986 12:00:00 AM 11154.739
12/31/1986 12:00:00 AM 11149.46
1/31/1987 12:00:00 AM 11309.168
2/28/1987 12:00:00 AM 11367.991
3/31/1987 12:00:00 AM 11341.021
4/30/1987 12:00:00 AM 11109.154
5/31/1987 12:00:00 AM 11136.26
6/30/1987 12:00:00 AM 11326.573
7/31/1987 12:00:00 AM 11375.701
8/31/1987 12:00:00 AM 11397.651
9/30/1987 12:00:00 AM 11199.461
10/31/1987 12:00:00 AM 11253.405
11/30/1987 12:00:00 AM 11365.934
12/31/1987 12:00:00 AM 11465.77
1/31/1988 12:00:00 AM 11678.722
2/29/1988 12:00:00 AM 11761.957
3/31/1988 12:00:00 AM 11752.049
4/30/1988 12:00:00 AM 11818.082
5/31/1988 12:00:00 AM 11780.007
6/30/1988 12:00:00 AM 11850.928
7/31/1988 12:00:00 AM 11883.989
8/31/1988 12:00:00 AM 11853.713
9/30/1988 12:00:00 AM 11961.87
10/31/1988 12:00:00 AM 12049.584
11/30/1988 12:00:00 AM 12019.43
12/31/1988 12:00:00 AM 12064.996
1/31/1989 12:00:00 AM 12147.754
2/28/1989 12:00:00 AM 12123.934
3/31/1989 12:00:00 AM 12107.043
4/30/1989 12:00:00 AM 12236.361
5/31/1989 12:00:00 AM 12388.498
6/30/1989 12:00:00 AM 12502.693
7/31/1989 12:00:00 AM 12622.148
8/31/1989 12:00:00 AM 12623.578
9/30/1989 12:00:00 AM 12644.097
10/31/1989 12:00:00 AM 12725.932
11/30/1989 12:00:00 AM 12814.698
12/31/1989 12:00:00 AM 12903.81
1/31/1990 12:00:00 AM 12935.268
2/28/1990 12:00:00 AM 13016.446
3/31/1990 12:00:00 AM 13018.627
4/30/1990 12:00:00 AM 13020.946
5/31/1990 12:00:00 AM 13153.581
6/30/1990 12:00:00 AM 13242.058
7/31/1990 12:00:00 AM 13348.786
8/31/1990 12:00:00 AM 13359.623
9/30/1990 12:00:00 AM 13396.485
10/31/1990 12:00:00 AM 13512.801
11/30/1990 12:00:00 AM 13625.443
12/31/1990 12:00:00 AM 13693.663
1/31/1991 12:00:00 AM 13820.642
2/28/1991 12:00:00 AM 13924.033
3/31/1991 12:00:00 AM 13934.749
4/30/1991 12:00:00 AM 14045.337
5/31/1991 12:00:00 AM 14114.745
6/30/1991 12:00:00 AM 14131.316
7/31/1991 12:00:00 AM 14128.474
8/31/1991 12:00:00 AM 14232.215
9/30/1991 12:00:00 AM 14339.507
10/31/1991 12:00:00 AM 14420.598
11/30/1991 12:00:00 AM 14476.573
12/31/1991 12:00:00 AM 14739.935
1/31/1992 12:00:00 AM 14775.283
2/29/1992 12:00:00 AM 14778.451
3/31/1992 12:00:00 AM 14736.396
4/30/1992 12:00:00 AM 14810.624
5/31/1992 12:00:00 AM 14938.449
6/30/1992 12:00:00 AM 15102.161
7/31/1992 12:00:00 AM 15425.053
8/31/1992 12:00:00 AM 15310.063
9/30/1992 12:00:00 AM 15405.861
10/31/1992 12:00:00 AM 15355.537
11/30/1992 12:00:00 AM 15496.719
12/31/1992 12:00:00 AM 15601.979
1/31/1993 12:00:00 AM 15728.1
2/28/1993 12:00:00 AM 16042.237
3/31/1993 12:00:00 AM 15894.278
4/30/1993 12:00:00 AM 15987.322
5/31/1993 12:00:00 AM 16027.266
6/30/1993 12:00:00 AM 16185.284
7/31/1993 12:00:00 AM 16128.741
8/31/1993 12:00:00 AM 16325.451
9/30/1993 12:00:00 AM 16455.619
10/31/1993 12:00:00 AM 16478.442
11/30/1993 12:00:00 AM 16451.529
12/31/1993 12:00:00 AM 16628.087
1/31/1994 12:00:00 AM 16744.367
2/28/1994 12:00:00 AM 16513.702
3/31/1994 12:00:00 AM 16364.124
4/30/1994 12:00:00 AM 16420.228
5/31/1994 12:00:00 AM 16483.343
6/30/1994 12:00:00 AM 16469.406
7/31/1994 12:00:00 AM 16582.188
8/31/1994 12:00:00 AM 16605.684
9/30/1994 12:00:00 AM 16592.079
10/31/1994 12:00:00 AM 16571.232
11/30/1994 12:00:00 AM 16525.851
12/31/1994 12:00:00 AM 16538.936
1/31/1995 12:00:00 AM 16651.995
2/28/1995 12:00:00 AM 16839.319
3/31/1995 12:00:00 AM 16950.833
4/30/1995 12:00:00 AM 17021.857
5/31/1995 12:00:00 AM 17231.793
6/30/1995 12:00:00 AM 17295.48
7/31/1995 12:00:00 AM 17393.182
8/31/1995 12:00:00 AM 17491.59
9/30/1995 12:00:00 AM 17514.89
10/31/1995 12:00:00 AM 17605.652
11/30/1995 12:00:00 AM 17745.128
12/31/1995 12:00:00 AM 17831.326
1/31/1996 12:00:00 AM 17974.044
2/29/1996 12:00:00 AM 17976.169
3/31/1996 12:00:00 AM 17862.255
4/30/1996 12:00:00 AM 17865.636
5/31/1996 12:00:00 AM 17885.07
6/30/1996 12:00:00 AM 17918.808
7/31/1996 12:00:00 AM 18020.124
8/31/1996 12:00:00 AM 18043.52
9/30/1996 12:00:00 AM 18122.728
10/31/1996 12:00:00 AM 18236.568
11/30/1996 12:00:00 AM 18366.684
12/31/1996 12:00:00 AM 18378.156
1/31/1997 12:00:00 AM 18430.615
2/28/1997 12:00:00 AM 18527.754
3/31/1997 12:00:00 AM 18429.829
4/30/1997 12:00:00 AM 18480.931
5/31/1997 12:00:00 AM 18601.707
6/30/1997 12:00:00 AM 18743.938
7/31/1997 12:00:00 AM 18944.575
8/31/1997 12:00:00 AM 18902.593
9/30/1997 12:00:00 AM 19020.651
10/31/1997 12:00:00 AM 19100.091
11/30/1997 12:00:00 AM 19152.668
12/31/1997 12:00:00 AM 19283.285
1/31/1998 12:00:00 AM 19401.587
2/28/1998 12:00:00 AM 19444.501
3/31/1998 12:00:00 AM 19463.516
4/30/1998 12:00:00 AM 19404.45
5/31/1998 12:00:00 AM 19601.152
6/30/1998 12:00:00 AM 19654.749
7/31/1998 12:00:00 AM 19707.284
8/31/1998 12:00:00 AM 19928.941
9/30/1998 12:00:00 AM 20075.134
10/31/1998 12:00:00 AM 20126.408
11/30/1998 12:00:00 AM 20143.595
12/31/1998 12:00:00 AM 20212.917
1/31/1999 12:00:00 AM 20401.911
2/28/1999 12:00:00 AM 20334.573
3/31/1999 12:00:00 AM 20332.388
4/30/1999 12:00:00 AM 20385.695
5/31/1999 12:00:00 AM 20287.865
6/30/1999 12:00:00 AM 20025.243
7/31/1999 12:00:00 AM 20151.296
8/31/1999 12:00:00 AM 20108.563
9/30/1999 12:00:00 AM 20132.771
10/31/1999 12:00:00 AM 20039.432
11/30/1999 12:00:00 AM 20192.144
12/31/1999 12:00:00 AM 20107.228
1/31/2000 12:00:00 AM 20038.3
2/29/2000 12:00:00 AM 20163.052
3/31/2000 12:00:00 AM 20359.176
4/30/2000 12:00:00 AM 20323.063
5/31/2000 12:00:00 AM 20285.407
6/30/2000 12:00:00 AM 20661.96
7/31/2000 12:00:00 AM 20875.675
8/31/2000 12:00:00 AM 21094.163
9/30/2000 12:00:00 AM 21047.463
10/31/2000 12:00:00 AM 21186.14
11/30/2000 12:00:00 AM 21284.786
12/31/2000 12:00:00 AM 21668.591
1/31/2001 12:00:00 AM 21905.126
2/28/2001 12:00:00 AM 21985.992
3/31/2001 12:00:00 AM 22143.683
4/30/2001 12:00:00 AM 21984.048
5/31/2001 12:00:00 AM 22198.849
6/30/2001 12:00:00 AM 22329.374
7/31/2001 12:00:00 AM 22566.78
8/31/2001 12:00:00 AM 22882.134
9/30/2001 12:00:00 AM 22907.882
10/31/2001 12:00:00 AM 23111.98
11/30/2001 12:00:00 AM 22880.576
12/31/2001 12:00:00 AM 22756.963
1/31/2002 12:00:00 AM 23056.96
2/28/2002 12:00:00 AM 23313.501
3/31/2002 12:00:00 AM 22879.518
4/30/2002 12:00:00 AM 23325.611
5/31/2002 12:00:00 AM 23433.991
6/30/2002 12:00:00 AM 23668.4
7/31/2002 12:00:00 AM 23940.179
8/31/2002 12:00:00 AM 24168.292
9/30/2002 12:00:00 AM 24531.7
10/31/2002 12:00:00 AM 24213.788
11/30/2002 12:00:00 AM 24127.547
12/31/2002 12:00:00 AM 24585.493
1/31/2003 12:00:00 AM 24507.514
2/28/2003 12:00:00 AM 24810.372
3/31/2003 12:00:00 AM 24775.455
4/30/2003 12:00:00 AM 24906.49
5/31/2003 12:00:00 AM 25375.39
6/30/2003 12:00:00 AM 25258.452
7/31/2003 12:00:00 AM 24553.578
8/31/2003 12:00:00 AM 24730.022
9/30/2003 12:00:00 AM 25328.858
10/31/2003 12:00:00 AM 25185.807
11/30/2003 12:00:00 AM 25338.827
12/31/2003 12:00:00 AM 25472.526
1/31/2004 12:00:00 AM 25576.401
2/29/2004 12:00:00 AM 25915.577
3/31/2004 12:00:00 AM 25766.197
4/30/2004 12:00:00 AM 25256.1
5/31/2004 12:00:00 AM 25199.489
6/30/2004 12:00:00 AM 25260.111
7/31/2004 12:00:00 AM 25496.859
8/31/2004 12:00:00 AM 25897.708
9/30/2004 12:00:00 AM 25970.033
10/31/2004 12:00:00 AM 26103.201
11/30/2004 12:00:00 AM 25902.002
12/31/2004 12:00:00 AM 26123.237
1/31/2005 12:00:00 AM 26206.697
2/28/2005 12:00:00 AM 26075.456
3/31/2005 12:00:00 AM 25908.621
4/30/2005 12:00:00 AM 26244.39
5/31/2005 12:00:00 AM 26343.321
6/30/2005 12:00:00 AM 26477.066
7/31/2005 12:00:00 AM 26321.094
8/31/2005 12:00:00 AM 26508.047
9/30/2005 12:00:00 AM 26394.564
10/31/2005 12:00:00 AM 26247.766
11/30/2005 12:00:00 AM 26333.204
12/31/2005 12:00:00 AM 26491.582
1/31/2006 12:00:00 AM 26553.247
2/28/2006 12:00:00 AM 26679.807
3/31/2006 12:00:00 AM 26552.54
4/30/2006 12:00:00 AM 26545.102
5/31/2006 12:00:00 AM 26641.296
6/30/2006 12:00:00 AM 26555.977
7/31/2006 12:00:00 AM 26799.731
8/31/2006 12:00:00 AM 27138.593
9/30/2006 12:00:00 AM 27308.676
10/31/2006 12:00:00 AM 27436.296
11/30/2006 12:00:00 AM 27627.125
12/31/2006 12:00:00 AM 27526.166
1/31/2007 12:00:00 AM 27474.978
2/28/2007 12:00:00 AM 27756.08
3/31/2007 12:00:00 AM 27730.392
4/30/2007 12:00:00 AM 27792.359
5/31/2007 12:00:00 AM 27694.422
6/30/2007 12:00:00 AM 27575.645
7/31/2007 12:00:00 AM 27734.64
8/31/2007 12:00:00 AM 27669.956
9/30/2007 12:00:00 AM 27966.245
10/31/2007 12:00:00 AM 28056.904
11/30/2007 12:00:00 AM 28214.212
12/31/2007 12:00:00 AM 28275.531
1/31/2008 12:00:00 AM 28806.527
2/29/2008 12:00:00 AM 27951.437
3/31/2008 12:00:00 AM 28480.194
4/30/2008 12:00:00 AM 28561.922
5/31/2008 12:00:00 AM 28666.88
6/30/2008 12:00:00 AM 28427.757
7/31/2008 12:00:00 AM 28647.112
8/31/2008 12:00:00 AM 28952.279
9/30/2008 12:00:00 AM 28175.149
10/31/2008 12:00:00 AM 27992.181
11/30/2008 12:00:00 AM 28301.87
12/31/2008 12:00:00 AM 28598.029
1/31/2009 12:00:00 AM 29547.626
2/28/2009 12:00:00 AM 29371.584
3/31/2009 12:00:00 AM 29392.519
4/30/2009 12:00:00 AM 29811.264
5/31/2009 12:00:00 AM 29992.386
6/30/2009 12:00:00 AM 29811.806
7/31/2009 12:00:00 AM 30265.716
8/31/2009 12:00:00 AM 30596.923
9/30/2009 12:00:00 AM 31417.002
10/31/2009 12:00:00 AM 30926.133
11/30/2009 12:00:00 AM 31228.209
12/31/2009 12:00:00 AM 31270.404
1/31/2010 12:00:00 AM 31469.851
2/28/2010 12:00:00 AM 31733.727
3/31/2010 12:00:00 AM 31582.738
4/30/2010 12:00:00 AM 31858.24
5/31/2010 12:00:00 AM 32070.384
6/30/2010 12:00:00 AM 32122.6
7/31/2010 12:00:00 AM 32518.08
8/31/2010 12:00:00 AM 33085.717
9/30/2010 12:00:00 AM 32988.58
10/31/2010 12:00:00 AM 32926.627
11/30/2010 12:00:00 AM 32474.612
12/31/2010 12:00:00 AM 32095.67
1/31/2011 12:00:00 AM 31963.226
2/28/2011 12:00:00 AM 32240.275
3/31/2011 12:00:00 AM 32229.031
4/30/2011 12:00:00 AM 32622
5/31/2011 12:00:00 AM 32996.592
6/30/2011 12:00:00 AM 33085.892
7/31/2011 12:00:00 AM 33343.429
8/31/2011 12:00:00 AM 33784.028
9/30/2011 12:00:00 AM 33871.522
10/31/2011 12:00:00 AM 33725.788
11/30/2011 12:00:00 AM 33964.524
12/31/2011 12:00:00 AM 34475.138
1/31/2012 12:00:00 AM 34960.704
2/29/2012 12:00:00 AM 35004.708
3/31/2012 12:00:00 AM 34758.212
4/30/2012 12:00:00 AM 35099.341
5/31/2012 12:00:00 AM 35267.427
6/30/2012 12:00:00 AM 35244.967
7/31/2012 12:00:00 AM 35574.712
8/31/2012 12:00:00 AM 35594.526
9/30/2012 12:00:00 AM 35746.618
10/31/2012 12:00:00 AM 35796.535
11/30/2012 12:00:00 AM 36138.556
12/31/2012 12:00:00 AM 35828.061
1/31/2013 12:00:00 AM 35890.29
2/28/2013 12:00:00 AM 36005.238
3/31/2013 12:00:00 AM 35969.771
4/30/2013 12:00:00 AM 36183.348
5/31/2013 12:00:00 AM 35852.368
6/30/2013 12:00:00 AM 35230.325
7/31/2013 12:00:00 AM 35201.719
8/31/2013 12:00:00 AM 34910.484
9/30/2013 12:00:00 AM 35414.983
10/31/2013 12:00:00 AM 35640.385
11/30/2013 12:00:00 AM 35568.19
12/31/2013 12:00:00 AM 35499.861
1/31/2014 12:00:00 AM 35992.915
2/28/2014 12:00:00 AM 36268.234
3/31/2014 12:00:00 AM 36237.598
4/30/2014 12:00:00 AM 36578.001
5/31/2014 12:00:00 AM 36935.907
6/30/2014 12:00:00 AM 36912.918
7/31/2014 12:00:00 AM 36972.487
8/31/2014 12:00:00 AM 37338.429
9/30/2014 12:00:00 AM 37346.328
10/31/2014 12:00:00 AM 37554.258
11/30/2014 12:00:00 AM 37601.265
12/31/2014 12:00:00 AM 37726.406
1/31/2015 12:00:00 AM 38313.08
2/28/2015 12:00:00 AM 37981.058
3/31/2015 12:00:00 AM 38050.859
4/30/2015 12:00:00 AM 37932.504
5/31/2015 12:00:00 AM 37796.349
6/30/2015 12:00:00 AM 37749.387
7/31/2015 12:00:00 AM 37953.001
8/31/2015 12:00:00 AM 38023.313
9/30/2015 12:00:00 AM 38278.955
10/31/2015 12:00:00 AM 38481.687
11/30/2015 12:00:00 AM 38573.429
12/31/2015 12:00:00 AM 38782.951
1/31/2016 12:00:00 AM 39268.995
2/29/2016 12:00:00 AM 39323.13
3/31/2016 12:00:00 AM 39408.044
4/30/2016 12:00:00 AM 39675.065
5/31/2016 12:00:00 AM 39706.681
6/30/2016 12:00:00 AM 40209.099
7/31/2016 12:00:00 AM 40243.191
8/31/2016 12:00:00 AM 40310.76
9/30/2016 12:00:00 AM 40195.301
10/31/2016 12:00:00 AM 39899.675
11/30/2016 12:00:00 AM 38618.197
12/31/2016 12:00:00 AM 38839.535
1/31/2017 12:00:00 AM 39045.854
2/28/2017 12:00:00 AM 39295.254
3/31/2017 12:00:00 AM 39378.518
4/30/2017 12:00:00 AM 39664.953
5/31/2017 12:00:00 AM 40140.59
6/30/2017 12:00:00 AM 40006.985
7/31/2017 12:00:00 AM 40280.022
8/31/2017 12:00:00 AM 40606.757

Historical NAVs

Historical distributions

Ex-Date Income Dividend Capital Gains - Short Term Capital Gains - Long Term
10/04/2016 0.0468
11/02/2016 0.0511
12/02/2016 0.0494
12/19/2016 0.0593
02/02/2017 0.0448
03/02/2017 0.0481
04/04/2017 0.0556
05/02/2017 0.0443
06/02/2017 0.0532
07/05/2017 0.0468
08/02/2017 0.0572
09/05/2017 0.0496

Performance information is historical and does not guarantee future results. Investment return and principal value will fluctuate so that redeemed shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current to the most recent month-end performance for Russell Investment Company mutual funds is available by visiting: https://russellinvestments.com/us/funds/performance-prices

Holdings, sector weights, and quality ratings (where applicable) are share class agnostic.

Top 10 Holdings

As of 07/31/2017

Updated Monthly

Company Weight
Midlothian Industrial Development Corp. Revenue Bo 1.04%
Cuyahoga County Ohio Certificates of Participation 5% 01-Dec-2027 0.97%
Michigan Strategic Fund Tax Allocation 0.90%
State of Illinois Revenue Bonds 5% 15-Jun-2021 0.82%
New York State Thruway Authority Revenue Bonds 5% 01-May-2019 0.79%
Hudson Yards Infrastructure Corp. Revenue Bonds 0.77%
State of Florida General Obligation Unlimited 5% 01-Jun-2021 0.74%
City of San Antonio Texas Electric & Gas Systems R 0.73%
Black Belt Energy Gas District Revenue Bonds 0.72%
Hudson Yards Infrastructure Corp. Revenue Bonds 0.69%

Sector weightings

As of 07/31/2017

Updated Monthly

Sector Weighting
Other Revenue 18.20%
General Obligation 15.80%
Industrial Revenue 14.40%
Education Revenue 9.70%
Utility Revenue 9.70%
Health Care Revenue 9.00%
Cash Equivalents 5.80%
Leasing Revenue 2.60%
Housing Revenue 2.00%
Refunded and Special Obligations 1.90%
Pollution Control Revenue 0.20%

Quality ratingsƩ

As of 07/31/2017

Updated Monthly

Quality rating % of market value
AAA 7.26%
AA 33.19%
A 36.83%
BBB 13.32%
BB 3.00%
B 0.73%
CCC & Below 2.03%
Unrated 3.64%

The top ten holdings list excludes shares of the investment vehicles in which the Fund invests its cash. The % of Portfolio value is subject to change.

Sector allocations and credit quality exposures may not equal 100 percent as a result of the fund's use of certain financial instruments such as futures, forwards, options, swaps and when issued transactions or forward commitments. Managers utilize these instruments as a substitute for holding securities directly, for hedging purposes, to take a net short position in certain markets or to adjust the interest rate sensitivity and duration of the portfolio. In the event short positions are created, they may be reflected as negative weightings in sector allocations and credit quality exposures.

ƩThe sum of the debt instrument quality ratings is based upon the Barclays index methodology, which reflects the ratings of S&P and Moody's such that if both S&P and Moody's rate an instrument, the lower of the two ratings is used, and if only one rates the instrument, that rating is used. If the debt instrument has not been rated by any of these two ratings agencies, the security is classified as "Unrated."

Fund objectives, risks, charges and expenses should be carefully considered before investing. A summary prospectus, if available, or a prospectus containing this and other important information can be obtained by calling 800-787-7354 or by visiting the prospectus and reports page to download one. Please read the prospectus carefully before investing.

Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns.

Diversification and multi-asset solutions do not assure a profit and do not protect against loss in declining markets.

Not FDIC Insured. May Lose Value. No Bank Guarantee.

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

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