About: To provide high current income exempt form regular Federal income tax and Florida state personal income tax. It will invest 80% of its managed assets in municipal bonds that are of investment grade quality, rated Baa or BBB or better by Moodys, S&P or Fitch or bonds that are unrated but judged to be of comparable quality by the investment advisor. 20% of its managed assets will be in municipal bonds that are rated Ba/BB or B or bonds that are unrated but judged to be of comparable quality by the investment advisor. It intends to invest primarily in long-term bonds and expects bonds in its portfolio to have a dollar weighted average maturity of 15 years. It may enter into Futures contracts, interest rate swap, caps, floors and Option contracts for hedging purposes. The Funds current non-fundamental investment policy requires, under normal market conditions, for the Fund to invest at least 80% of its total assets in Florida municipal bonds. Due to the repeal of the Florida Intangible Personal Property Tax as of January 2007, the Board has approved an amended policy allowing the Fund flexibility to invest in municipal obligations regardless of geographic location.
Tags: Asset Management Financial Services