Tax-Free Trust of Arizona
Supplement to the Statement of Additional Information
Dated October 31, 2000
The material under the heading "When-Issued and Delayed
Delivery Obligations" is replaced by the following:
When-Issued and Delayed Delivery Obligations
The Trust may buy Arizona Obligations on a when-issued or
delayed delivery basis. The purchase price and the interest rate
payable on the Arizona Obligations are fixed on the transaction
date. At the time the Trust makes the commitment to purchase Arizona
Obligations on a when-issued or delayed delivery basis, it will
record the transaction and thereafter reflect the value each day of
such Arizona Obligations in determining its net asset value. The
Trust will make commitments for such when-issued transactions only
when it has the intention of actually acquiring the Arizona
Obligations.
The date of this Supplement is
January 10, 2001
