The investment seeks to provide high current income exempt from Federal and Arizona state personal income tax. The fund normally invests at least 80% of the net assets in debt instruments that pay interest which is exempt from regular federal income tax. It invests at least 80% of net assets in instruments that pay income which is exempt from Arizona state personal income tax. It may also invest to a limited extent in obligations that are rated below investment-grade ("junk bonds"). The fund is nondiversified.