The Fund’s primary objective is current income exempt from both regular federal income taxes and Arizona individual income taxes, and its secondary objective is the enhancement of portfolio value relative to the Arizona municipal bond market through investments in taxexempt Arizona Municipal Obligations that, in the opinion of the Fund’s investment adviser, are underrated or undervalued or that represent municipal market sectors that are undervalued. As a fundamental policy, under normal circumstances, the Fund will invest at least 80% of its Assets in municipal securities the income from which is exempt from regular federal and Arizona income taxes.