The prospectus states the Fund seeks current income exempt from regular federal income tax. Under normal conditions it invests at least 80% of assets in tax-exempt municipal securities and at least 50% in investment grade municipal bonds, with up to 50% in high yield municipal bonds and up to 20% in taxable securities. MacKay Shields uses a research-driven relative value approach across municipal sectors and states, may hold special situations credits and direct municipal loans, and uses derivatives for hedging and returns. The Fund uses leverage, currently mainly tender option bonds, within 1940 Act limits.