Fund Evaluator:
Russell Inv Tax-Exempt Bond C (RTECX)
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Best Performing in Muni National Interm Over the Last Year
| 8.4% | Sit Tax-Free Income (SNTIX) |
| 5.6% | Putnam Strategic Intermediate Muncpl Y (PAMYX) |
| 5.5% | Goldman Sachs Dynamic Municipal Inc Inv (GUIRX) |
| 5.3% | Victory Tax Exempt Intermediate-Term (USATX) |
| 5.2% | Vanguard Tax-Exempt Bond Index Admiral (VTEAX) |
Fund Details
Russell Inv Tax-Exempt Bond C Overview
Russell Inv Tax-Exempt Bond C (RTECX) is an actively managed Municipal Bond Muni National Interm fund. Russell launched the fund in 1999.
The investment seeks to provide federal tax-exempt current income consistent with the preservation of capital. 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 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.
About Russell Inv Tax-Exempt Bond C (RTECX)
There are 2 members of the management team with an average tenure of 1.53 years: Brian Pringle (2025), Riti Samanta (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Muni 1-15Y Blend(1-17) TR USD index with a weighting of 100%. Russell Inv Tax-Exempt Bond C has 3452 securities in its portfolio. The top 10 holdings constitute 5.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Russell Inv Tax-Exempt Bond C is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Russell Inv Tax-Exempt Bond C has 4.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.2% (94.1% domestic bond, 4.1% foreign bond and 0.0% convertible bond). Russell Inv Tax-Exempt Bond C has 1.8% of the portfolio in cash.
Assets Under Management
The fund has $16 million in total assets, which is below the $1 billion average for the Muni National Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
RTECX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Russell Inv Tax-Exempt Bond C expense ratio is high compared to funds in the Muni National Interm category. Russell Inv Tax-Exempt Bond C has an expense ratio of 1.51%, which is 123% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Russell Inv Tax-Exempt Bond C has a portfolio turnover rate of 45%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 39% for the Muni National Interm category.
Recently, in the month of July 2026, Russell Inv Tax-Exempt Bond C returned -1.5%, which earned it a grade of C, as the Muni National Interm category had an average return of -1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Russell Inv Tax-Exempt Bond C has a trailing yield of 2.58%, which is below the 3.27% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Russell Inv Tax-Exempt Bond C Grades
Year to date, the fund has returned -0.0%, 0.4 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.3% over the past year (grade of F), 2.2% over the past three years (grade of F) and -0.1% per year over the past five years (grade of F) and 1.0% per year over the past 10 years (grade of F).
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RTECX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| RTECX Return (NAV) | -1.5% | -0.7% | 3.3% | 2.2% | -0.1% | 1.0% |
| RTECX Grade | C | D | F | F | F | F |
| +/- Category | 0.0% | -0.2% | -1.3% | -1.0% | -0.7% | -0.7% |
| Muni National Interm Avg | -1.6% | -0.5% | 4.6% | 3.2% | 0.6% | 1.7% |
| RTECX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
RTECX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RTECX Return (NAV) | -0.0% | 3.2% | 0.8% | 5.0% | -8.5% | 1.2% | 3.0% | 6.0% | 0.4% | 3.6% | -0.8% |
| RTECX Grade | D | F | F | F | C | D | F | D | D | F | F |
| +/- Category | -0.4% | -1.0% | -1.2% | -0.7% | -0.3% | -0.5% | -1.3% | -0.7% | -0.3% | -1.1% | -0.7% |
| Muni National Interm Avg | 0.4% | 4.2% | 2.0% | 5.8% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 4.4% |
| Total Risk Index: | 0.35 - Low |
| Category Risk Index: | 0.91 - Below Average |
| Category Risk Grade: | B (26% Rank) |
| Beta: | 0.76 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $7233 Mil |
| Fund Total Assets: | $ 16 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 45% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.5 years | |||
| Average Tenure: 1.5 years | |||
| Managers (Year): Pringle Brian (2025), Samanta Riti (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 3452 |
| % in Top 10 Holdings: | 5.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 94.1% |
| Foreign Bond: | 4.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.8% |
Purchase Information
| Fund Family: | Russell |
| Phone Number: | 800-787-7354 |
| Website: | www.russell.com |
| Status: | Open |
| Inception Date: | March 29, 1999 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.75% |
Expenses and Fees | |
| Expense Ratio (%): | 1.51% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.68% |
| Share Class: | Russell Inv Tax-Exempt Bond S |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
