The investment seeks income exempt from federal income taxes as well as capital preservation. The fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in securities of municipal issuers within the United States and its territories, the income of which is exempt from U.S. taxation. The Advisor intends to invest primarily in investment-grade municipal securities. The fund may also invest in derivatives, including options, futures, swaps, and inverse floating-rate debt instruments (inverse floaters), for risk management purposes or as part of its investment strategies.