The prospectus states the Fund seeks high current income exempt from regular federal income tax and capital preservation, with capital appreciation a secondary objective. Under a fundamental policy it invests at least 80% of assets in municipal debt whose interest is exempt from regular federal income tax, focusing on high-yield, largely non-rated revenue bonds of smaller issuers ($10 million to $125 million issues) in senior living, charter schools, healthcare, economic development, housing and special taxing districts. The Adviser applies five credit factors and an approved borrower list, targets 25 to 200 fixed-rate positions with long maturities, and may borrow up to 33 1/3% of total assets. It currently uses no leverage or derivatives.