Registered interval fund seeking a high level of current income exempt from regular federal income tax, with capital appreciation as a secondary objective. Invests at least 80% of assets in tax-exempt municipal securities and at least 75% of net assets in securities rated BBB/Baa or lower or unrated, with up to 25% of Managed Assets in special situations municipal securities, including defaulted or distressed issuers and negotiated work-outs. Uses the interval structure to hold less liquid, largely unrated bonds and uses preferred share and TOB leverage to enhance income.