Fund Description

The fund invests at least 80% of net assets in Arizona municipal instruments paying income exempt from Arizona state personal income tax. These may include certain securities of issuers located outside the State of Arizona. Except in extraordinary circumstances, at least 80% of net assets are invested in debt instruments paying interest exempt from regular federal income tax, excluding AMT obligations for this test; for AMT shareholders, a limited portion of dividends may be federally taxable. It primarily holds investment grade debt, may invest up to 15% in below-investment grade, uses a relative value approach and may trade actively, targets a 10-30 year dollar-weighted average maturity, is non-diversified, and may invest in structured securities and derivatives for hedging or non-hedging.