Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in tax-exempt bonds (securities issued by or on behalf of state or local governments and other public authorities). Many of these are from California, Illinois, and New York. Generally, municipal obligations pay interest that is exempt from federal income tax. The Funds investment in municipal obligations include industrial revenue bonds. The Fund also invests in inverse floating rate obligations (variable rate debt instruments that pay interest at rates that move in the opposite direction of prevailing interest rates), which are generally more volatile than other types of municipal obligations and may involve leverage. The Fund invests in investment-grade securities and, with … Show more… Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in tax-exempt bonds (securities issued by or on behalf of state or local governments and other public authorities). Many of these are from California, Illinois, and New York. Generally, municipal obligations pay interest that is exempt from federal income tax. The Funds investment in municipal obligations include industrial revenue bonds. The Fund also invests in inverse floating rate obligations (variable rate debt instruments that pay interest at rates that move in the opposite direction of prevailing interest rates), which are generally more volatile than other types of municipal obligations and may involve leverage. The Fund invests in investment-grade securities and, with respect to up to 20% of its net assets, in below-investment-grade bonds (sometimes called high yield bonds or junk bonds). Below-investment-grade bonds are rated, at the time of purchase, Ba1 or lower by Moodys Investors Service, Inc. (Moodys) and BB+ or lower by S&P Global Ratings (S&P Global). The Funds total investment in below-investment-grade bonds plus investment-grade bonds rated Baa by Moodys or BBB by S&P Global, at the time of purchase, will not exceed 40% of the Funds net assets. If the bond has been rated by only one of the rating agencies, that rating will determine the bonds rating; if the bond is rated differently by the rating agencies, the highest rating will be used; and if the bond has not been rated by either of the rating agencies, those selecting such investments will determine the bonds quality. Under normal circumstances, the Fund maintains an average portfolio duration that is within 50% of the duration of the Bloomberg Municipal Bond Index, which as of January 31, 2026 was 6.42 years. The Fund is not managed to a particular maturity. Show less