Investment objective & strategy
As of Feb. 27, 2026 · prospectusObjective. 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.
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 up to 20% of the value of its net assets plus borrowings for investment purposes in municipal debt securities the income on which 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. The Fund is advised by RIM and multiple money managers unaffiliated with … 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 up to 20% of the value of its net assets plus borrowings for investment purposes in municipal debt securities the income on which 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. The Fund is advised by RIM and multiple money managers unaffiliated with RIM pursuant to a multi-manager approach. RIM may change a Fund's asset allocation at any time. The Funds money managers select the individual portfolio instruments for the assets assigned to them. RIM manages the Fund's cash balances. The Fund may invest 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 fixed income securities issued or guaranteed by the U.S. government (including zero coupon securities). 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 investments. The Fund may invest in commercial paper. The Fund may enter into repurchase agreements. Please refer to the Investment Objective and Investment Strategies section in the Fund's Prospectus for further information.
Top holdings
As of April 30, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| RESTRUCTURED-SER A-2 | PRCGEN | $60.58M | 0.92% |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | — | $42.76M | 0.65% |
| MAIN STR NAT GA 0% MT | MAIUTL | $36.65M | 0.56% |
| EXXON MOBIL CORP FRN 08-01-35 | — | $35.98M | 0.55% |
| Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024B | KYSPWR | $35.69M | 0.54% |
| Southeast Energy Authority, Alabama, Revenue Bonds Cooperative District Energy Supply Series 2024C | SEEPWR | $33.79M | 0.51% |
| California Community Choice Financing Authority, Series A-2 | — | $28.63M | 0.44% |
| Energy Southeast Cooperative District, Alabama, Energy Supply Revenue Bonds, Series 2025B | ESDPWR | $28.22M | 0.43% |
| RESTRUCTURED-SER A1 | PRC | $27.81M | 0.42% |
| SOUTHEAST ENERGY AUTH VAR | SEEPWR | $27.31M | 0.42% |
Portfolio moves
Jan 31, 2026 → Apr 30, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| NYLI MacKay Muni Intermediate ETF · MMIT | 22% | 0.30% |
| NYLI MacKay Strategic Muni Allocation Fund · MTFHX, MTFEX, MTFDX, MTFGX, MTFFX, MTFMX, MTFZX | 21% | 0.45% |
| Bridge Builder Municipal Bond Fund · BBMUX | 20% | 0.12% |
Advisers
| Firm | Role |
|---|---|
| Russell Investment Management, LLC | Adviser |
| Goldman Sachs Asset Management, L.P. | Sub-adviser |
| Brown Brothers Harriman & Co. | Sub-adviser |
| MacKay Shields LLC | Sub-adviser |
Footnotes
- Expense ratio as of February 27, 2026, from the fund's prospectus.
- Net assets and holdings count as of April 30, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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