Tax-Exempt Bond Fund
Data updated: 2026-09-25
C000004332 — Tax-Exempt Bond Fund. Long Municipal - National Bond · $7.23B AUM · 0.77% expense ratio. Holdings, fees, performance and SEC filings.
C000004332 Fund Overview
Tax-Exempt Bond Fund is a US mutual fund managed by Russell Investment CO, categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Russell Investment CO
- Category: Long Municipal - National Bond
- Assets under management: $7.23B
- SEC CIK: 0000351601
- SEC series ID: S000001599
- Share class ID: C000004332
C000004332 Investment Objective and Strategy
Tax-Exempt Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Russell Investment CO.
Investment objective
The Fund 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.
Principal investment strategy
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 the income from which is exempt from federal income tax. The Fund invests principally in investment-grade municipal debt obligations providing federal tax-exempt interest income. The Fund may invest in municipal debt obligations the interest on which is subject to the alternative minimum tax. Russell Investment Management, LLC (RIM) provides or oversees the provision of all investment advisory and portfolio management services for the Fund. The Funds assets are managed by RIM and multiple money managers unaffiliated with RIM pursuant to a multi-manager approach. RIM manages assets not allocated to money manager strategies and utilizes quantitative and/or rules-based processes and qualitative analysis to assess Fund characteristics and invest in securities and instruments which provide the desired exposures.
RIM may use strategies based on indexes. RIM also manages the Fund's cash balances. The Fund invests in derivative instruments and may use derivatives to take both long and short positions. The Fund may also invest in puts, stand-by commitments and demand notes (including variable rate demand notes). The Fund may invest in municipal debt securities that are rated below investment grade (commonly referred to as high-yield or junk bonds). A portion of the Funds net assets may be illiquid securities. The Fund may invest in commercial paper. The Fund may enter into repurchase agreements. The Fund may seek to limit the effect of holding cash reserves on the Funds exposures by investing in pre-refunded municipal bonds to provide the Fund with longer duration exposure. RIM may choose to invest in pre-refunded municipal bonds to manage Fund exposures.
Please refer to the Investment Objective and Investment Strategies section in the Fund's Prospectus for further information.
C000004332 Holdings
Top 10 holdings of Tax-Exempt Bond Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Connecticut State Health & Educational Facilities Authority | 1.48% |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue | 0.87% |
| Southern California Public Power Authority | 0.80% |
| Industrial Development Authority of the City of Phoenix Arizona/The | 0.80% |
| Bay Area Toll Authority | 0.68% |
| Tarrant County Cultural Education Facilities Finance Corp | 0.65% |
| University of California | 0.59% |
| New Jersey Health Care Facilities Financing Authority | 0.52% |
| Main Street Natural Gas Inc | 0.49% |
| Kentucky Public Energy Authority | 0.49% |
C000004332 Portfolio Allocation
Asset-class allocation of Tax-Exempt Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 100.7% |
C000004332 Costs and Fees
C000004332 costs about $77 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.77%
- Gross expense ratio: 0.83%
- Portfolio turnover: 45%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000004332 Cashflows
Over the 12 months to 2026-04, Tax-Exempt Bond Fund had net inflows of $675.12M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-04 | $74.78M |
| 2026-03 | $81.48M |
| 2026-02 | $89.16M |
| 2026-01 | $66.55M |
| 2025-12 | $59.23M |
| 2025-11 | $38.72M |
C000004332 Debt Constituents
Largest debt holdings of Tax-Exempt Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Connecticut State Health & Educational Facilities Authority | 1.48% |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue | 0.87% |
| Southern California Public Power Authority | 0.80% |
| Industrial Development Authority of the City of Phoenix Arizona/The | 0.80% |
| Bay Area Toll Authority | 0.68% |
| Tarrant County Cultural Education Facilities Finance Corp | 0.65% |
| University of California | 0.59% |
| New Jersey Health Care Facilities Financing Authority | 0.52% |
| Main Street Natural Gas Inc | 0.49% |
| Kentucky Public Energy Authority | 0.49% |
C000004332 Prospectus and SEC Filings
Official Tax-Exempt Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-02-27
- Prospectus (485BPOS) — filed 2025-02-28
- Prospectus (485BPOS) — filed 2024-02-28
- Portfolio holdings (N-PORT) — filed 2026-09-25
- Portfolio holdings (N-PORT) — filed 2026-06-22
- Portfolio holdings (N-PORT) — filed 2026-03-26
- Annual census (N-CEN) — filed 2026-01-09
- Annual census (N-CEN) — filed 2025-01-10
Related Funds
Other Long Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.