Fund Description

The fund focuses primarily on investment-grade municipal bonds rated in one of the three highest investment-grade categories at purchase by nationally recognized rating agencies. Under normal circumstances, it invests at least 80% of net assets plus borrowings in securities whose income is exempt from both federal and Colorado state income tax, and at least 80% of the portfolio is investment-grade at purchase. It may invest up to 20% in below-investment-grade municipal bonds and may buy unrated bonds deemed comparable quality by the management team. The team researches issuers' financial condition, seeks broad Colorado diversification, aims for low turnover to minimize capital gain distributions, generally avoids AMT bonds, integrates ESG considerations, and sells based on changed conditions, valuation targets, opportunities, and potential realized gains.