Fund Description

Under normal market conditions, the fund will attempt to invest up to 100% and, except for temporary investments, will invest at least 80% of the value of its net assets (plus the amount of any borrowings for investment purposes) in tax-exempt bonds and other tax-exempt securities, including tax-exempt notes and tax-exempt municipal leases of the State of Colorado, its political subdivisions, municipalities and public authorities. Holdings generally are mostly tax-exempt bonds (at least 65% of total assets), with interest exempt from regular federal income taxes and Colorado personal income tax. The fund may invest generally no more than 20% of its investments in securities that may subject you to federal alternative minimum tax. It invests primarily in unrated obligations deemed by the adviser to be at least investment-grade quality, may hold below-investment-grade issues, and is diversified.