The investment seeks high current income exempt from Arizona state and regular Federal income taxes as is consistent with preservation of capital.
Under normal circumstances, at least 80% of the fund's net assets will be invested in municipal obligations that pay interest exempt, in the opinion of bond counsel, from Arizona state and regular Federal income taxes, the income paid upon which will not be subject to the Federal alternative minimum tax on individuals. These obligations can be of any maturity, but the fund's average portfolio maturity has traditionally been between 10 and 20 years. The fund is non-diversified.
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