Ariz. Rev. Stat. § 32-2194.30
Endowed-care funds shall not be used for any purpose other than to provide for the care of burial spaces as prescribed in section 32-2194.27. In investing these funds, the trustee shall exercise the judgment and care of a prudent investor under the circumstances then prevailing, not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable income or unitrust amount as well as the probable safety of their capital. Within the limitations of the foregoing standard, and subject to any express provisions or limitations contained in any particular trust instrument, a trustee is authorized to acquire every kind of property, real, personal or mixed, and every kind of investment, specifically including corporate obligations of every kind and stocks, preferred or common, that prudent investors acquire for their own account.
A.R.S. § 32-2194.30