| The company is a closed end investment fund. The investment objective of the fund is to provide shareholders with current income exempt from Federal income tax. The Fund also seeks to provide shareholders with the opportunity to own shares the value of which is exempt from Florida intangible personal property tax. The Fund seeks to achieve its investment objective by investing primarily in a portfolio of long-term, investment grade municipal obligations the interest on which, in the opinion of bond counsel to the issuer, is exempt from Federal income tax and which enables shares of the Fund to be exempt from Florida intangible personal property tax ("Florida Municipal Bonds"). The Fund intends to invest in municipal obligations that are rated investment grade or, if unrated, are considered by the Investment Adviser to be of comparable quality. The Fund will seek to achieve its investment objective by seeking to invest substantially all (a minimum of 80%) of its assets in Florida Municipal Bonds, except at times when, in the judgment of the Investment Adviser, Florida Municipal Bonds of sufficient quality and quantity are unavailable for investment at suitable prices by the Fund. At all times, except during interim periods pending investment of the net proceeds of public offerings of the Fund's securities and during temporary defensive periods, the Fund will maintain at least 65% of its assets in Florida Municipal Bonds and at least 80% of its assets in Florida Municipal Bonds and up to 20% of its assets in other long-term municipal obligations paying interest exempt from Federal income tax, but which are not exempt from Florida intangible personal property tax ("Municipal Bonds"). |