Fund Description

The fund invests at least 80% of net assets plus borrowings in municipal bonds paying interest exempt from regular federal and Colorado personal income tax, including issues from Colorado and its related entities, certain U.S. territories, or other states with interest exempt from both taxes. Up to 20% may be in municipal bonds exempt from regular federal tax but not Colorado tax when expected to enhance after-tax total return potential. It generally maintains a weighted average maturity over 10 years, focuses mainly on investment grade bonds, and may hold up to 20% below investment grade. It may invest in inverse floaters and other derivatives to manage risks and portfolio maturity/duration.