The Funds investment objective is to provide common shareholders with a high level of current income exempt from Federal income taxes consistent with prudent investing. The Fund will invest at least 80% of its total assets in municipal obligations. In addition, up to 20% of the Funds total assets may be invested in debt securities that are, at the time of investment, rated below investment grade (high yield) or, if unrated, of equivalent quality as determined by the manager. The Funds current investment guidelines require the Fund, under normal market conditions, to invest at least two-thirds of its total assets in municipal obligations rated in the three highest categories by an NRSRO at the time of investment. The Fund can use a variety of derivative instruments for investment purposes as well as hedging or risk-management purposes.