Fund Description

The fund invests at least 80% of net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax, and under normal market conditions invests at least 80% of total assets in securities paying interest free from Arizona personal income taxes, if any. Up to 20% of net assets may be in securities with interest subject to the federal alternative minimum tax or other federal or state taxes. It buys municipal securities rated in the top four categories (or comparable unrated/short-term). It may invest up to 35% in municipal securities issued by U.S. territories and may at times concentrate in similar project types. Securities are selected for risk/return balance with a long-term income focus.