Fund Description

The fund has a fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in investments whose income is exempt from federal income tax. It invests principally in investment-grade municipal debt obligations providing federal tax-exempt interest income, and may invest up to 20% in municipal debt securities whose income is subject to federal income tax. Russell Investment Management, LLC (RIM) provides or oversees the provision of all investment advisory and portfolio management services for the fund, and the fund is advised by RIM and multiple money managers unaffiliated with RIM pursuant to a multi-manager approach. RIM may change asset allocation, manages cash, and the fund's money managers select the individual portfolio instruments for the assets assigned to them. The fund may invest in derivatives for long and short positions, puts, stand-by commitments, demand notes, U.S. government fixed income (including zero coupon), below-investment-grade municipals, illiquid investments, commercial paper, and repurchase agreements.