A continuously offered, diversified closed-end interval fund seeking high current income exempt from federal income tax, with capital appreciation secondary. A fundamental policy commits at least 80% of net assets plus borrowings to federally tax-exempt municipal securities. The approach is flexible and multi-sector across states and municipal revenue sectors, with unlimited authority in both investment grade and below investment grade municipals and no target duration. Beyond conventional bonds the Fund may originate municipal whole loans, participations, senior and second lien, mezzanine and bridge loans tied to municipal projects, plus taxable municipals and tender option bond residuals. Leverage is principally RVMTP Preferred Shares.