The investment seeks current income exempt from federal income tax and the Florida intangibles tax. The fund typically invests at least 80% of assets in Florida municipal securities. At least 50% of the municipal securities held by the fund are rated A or better; it may invest no more than 5% of assets in securities rated below investment grade. The fund may invest no more than 20% of assets in taxable obligations or in securities subject to the Alternative Minimum Tax.