The Fund seeks to take advantage of unique values in the U.S. Municipal market. The Fund identifies bonds that are, in the opinion of the General Partner, significantly undervalued relative to their creditworthiness and structure. The Fund is micro-oriented: while the relationship between the Municipal asset class as a whole and other fixed income securities affects the Fund's investment decisions, the primary focus is on in-depth analysis of specific bonds. As of June 1, 2010, the Fund is not utilizing any leverage and the estimated weighted average credit rating of its holdings is AA-. However, the General Partner is permitted to invest in securities of any credit quality and has the discretion to use leverage if it deems it advisable in the future.