COLORADO BONDSHARES
A TAX-EXEMPT FUND
Schedule of Investments
December 31, 2019
| Maturity | Coupon | Principal | Value | |||||||||||
| Colorado Municipal Bonds 41.3% |
| |||||||||||||
| Colorado 100.0% |
| |||||||||||||
| ABERDEEN METROPOLITAN DISTRICT #1 |
12/1/2035 | 7.50 | % | $ | 1,600,000 | $ | 476,000 | |||||||
| ANTHOLOGY WEST METROPOLITAN DISTRICT #4 (g) |
12/15/2037 | 6.00 | % | 6,440,000 | 6,554,052 | |||||||||
| ANTHOLOGY WEST METROPOLITAN DISTRICT #5, SER A |
12/1/2049 | 4.88 | % | 4,630,000 | 4,635,834 | |||||||||
| ANTHOLOGY WEST METROPOLITAN DISTRICT #5, SER B SUBS (g) |
12/15/2049 | 7.63 | % | 698,000 | 697,846 | |||||||||
| BANNING LEWIS RANCH METROPOLITAN DISTRICT #3 - SENIOR 2015A |
12/1/2045 | 6.13 | % | 1,775,000 | 1,827,664 | |||||||||
| BANNING LEWIS RANCH REGIONAL METROPOLITAN DISTRICT |
12/1/2048 | 5.38 | % | 2,500,000 | 2,646,850 | |||||||||
| BANNING LEWIS RANCH REGIONAL METROPOLITAN DISTRICT, SERIES 2018B (g) |
12/15/2041 | 7.75 | % | 625,000 | 657,419 | |||||||||
| BRAMMING FARM METROPOLITAN DISTRICT #1 (d) |
12/1/2044 | 6.00 | % | 1,987,500 | 2,072,605 | |||||||||
| BRENNAN METROPOLITIAN DISTRICT - SENIOR 2016A |
12/1/2046 | 5.25 | % | 1,185,000 | 1,247,390 | |||||||||
| BRENNAN METROPOLITAN DISTRICT - SUBORDINATE 2016b (g) |
12/15/2046 | 7.50 | % | 516,000 | 528,121 | |||||||||
| BRIGHTON CROSSING METROPOLITAN DISTRICT #4 - SENIOR 2017A |
12/1/2037 | 5.00 | % | 525,000 | 556,458 | |||||||||
| BRIGHTON CROSSING METROPOLITAN DISTRICT #4 - SUBORDINATE 2017B (g) |
12/1/2047 | 7.00 | % | 670,000 | 690,716 | |||||||||
| CASTLE OAKS METROPOLITAN DISTRICT #3 |
12/1/2044 | 6.25 | % | 2,860,000 | 3,073,671 | |||||||||
| CASTLE OAKS METROPOLITAN DISTRICT #3 - SERIES 2016 |
12/1/2045 | 5.50 | % | 2,345,000 | 2,504,530 | |||||||||
| CASTLE OAKS METROPOLITAN DISTRICT #3 - SERIES 2017 |
12/1/2037 | 5.00 | % | 3,275,000 | 3,362,541 | |||||||||
| CITY CTR WEST RSDL METROPOLITAN DISTRICT NO. 2 |
12/1/2049 | 5.00 | % | 1,040,000 | 1,091,189 | |||||||||
| CITY CTR WEST RSDL METROPOLITAN DISTRICT NO. 2, SUBORDINATES (g) |
12/15/2049 | 7.75 | % | 1,425,000 | 1,423,162 | |||||||||
| COLLIERS HILL METROPOLITAN DISTRICT #2 - SUBORDINATE 2017B (g) |
12/15/2047 | 8.50 | % | 3,501,000 | 3,546,128 | |||||||||
| COLORADO CENTRE METROPOLITAN DISTRICT - SERIES B (g)(i)(j) |
1/1/2032 | 0.00 | % | 6,494,752 | 3,409,745 | |||||||||
| COLORADO CENTRE METROPOLITAN DISTRICT - SERIES 1992 |
1/1/2027 | 0.00 | % | 2,017,460 | 1,760,173 | |||||||||
| COLORADO CENTRE METROPOLITAN DISTRICT - SERIES |
1/1/2027 | 9.00 | % | 2,022,940 | 1,618,352 | |||||||||
| COLORADO CROSSING METROPOLITAN DISTRICT #2 |
12/1/2047 | 7.50 | % | 7,391,000 | 7,636,677 | |||||||||
| CECFA - THOMAS MACLAREN CHARTER SCHOOL |
6/1/2024 | 5.00 | % | 15,350,000 | 15,373,486 | |||||||||
| CECFA - APEX CMNTY CHARTER SCHOOL |
7/1/2022 | 5.25 | % | 11,635,000 | 11,650,126 | |||||||||
| CECFA - SWALLOW ACADEMY CHARTER SCHOOL |
11/15/2027 | 5.35 | % | 3,420,000 | 3,508,510 | |||||||||
| CECFA-NEW VISION CHARTER SCHOOL |
6/1/2025 | 5.38 | % | 23,135,000 | 23,327,483 | |||||||||
| CECFA - GRAND PEAK ACADEMY CHARTER SCHOOL |
7/1/2025 | 5.60 | % | 20,975,000 | 21,144,898 | |||||||||
| CECFA GLOBAL VILLAGE ACADEMY CHARTER SCHOOL, SER A |
7/1/2025 | 5.35 | % | 2,540,000 | 2,541,346 | |||||||||
| CECFA - AMERICAN ACADEMY CHARTER SCHOOL |
12/1/2026 | 4.05 | % | 27,025,000 | 26,449,908 | |||||||||
| COLORADO HOUSING & FINANCE AUTHORITY (a)(j) |
12/1/2013 | 0.00 | % | 3,755,000 | 3,755,000 | |||||||||
| CHFA - CASEY’S POND SENIOR LIVING (l) |
6/1/2032 | 0.00 | % | 8,110,000 | 5,336,867 | |||||||||
| CHFA - CASEY’S POND SENIOR LIVING (l) |
6/1/2042 | 0.00 | % | 10,665,000 | 6,977,256 | |||||||||
| CHFA - CASEY’S POND SENIOR LIVING (l) |
6/1/2047 | 0.00 | % | 8,600,000 | 5,621,046 | |||||||||
| COLORADO INTERNATIONAL CENTER METROPOLITAN DISTRICT #3 |
12/1/2031 | 4.63 | % | 635,000 | 651,377 | |||||||||
| COLORADO SPRINGS URBAN RENEWAL AUTHORITY |
12/15/2030 | 6.75 | % | 713,000 | 699,075 | |||||||||
| CONIFER METROPOLITAN DISTRICT |
12/1/2030 | 0.00 | % | 10,000,000 | 4,000,000 | |||||||||
| CONIFER METROPOLITAN DISTRICT |
12/1/2032 | 0.00 | % | 1,450,000 | 580,000 | |||||||||
| CONIFER METROPOLITAN DISTRICT |
12/1/2033 | 0.00 | % | 1,550,000 | 620,000 | |||||||||
| COPPERLEAF METROPOLITAN DISTRICT #3 |
12/1/2037 | 5.00 | % | 1,000,000 | 1,050,000 | |||||||||
| COUNTRY CLUB HIGHLANDS METROPOLITAN DISTRICT |
12/1/2037 | 7.25 | % | 1,030,000 | 875,500 | |||||||||
| CUCHARES RANCH METROPOLITAN DISTRICT |
12/1/2045 | 5.00 | % | 2,062,000 | 2,120,623 | |||||||||
| DENVER INTL BUSINESS CTR METROPOLITAN DISTRICT NO. 1 - SERIES 2019B SUB (g) |
12/1/2048 | 6.00 | % | 2,295,000 | 2,406,881 | |||||||||
| DENVER WEST PROMENADE METROPOLITAN DISTRICT |
12/1/2031 | 5.13 | % | 500,000 | 514,055 | |||||||||
| DENVER WEST PROMENADE METROPOLITAN DISTRICT |
12/15/2046 | 6.00 | % | 500,000 | 511,805 | |||||||||
| UNITED W & S - EAST CHERRY CREEK (c) |
11/15/2023 | 5.00 | % | 3,493,000 | 3,498,449 | |||||||||
| ELBERT & HWY 86 COML METROPOLITAN DISTRICT |
12/1/2032 | 7.50 | % | 4,500,000 | 3,375,000 | |||||||||
| ERIE FARM METROPOLITAN DISTRICT - SERIES 2016A |
12/1/2045 | 5.50 | % | 2,000,000 | 2,093,000 | |||||||||
| ERIE HIGHLANDS METROPOLITAN DISTRICT #1 - SENIOR 2015A |
12/1/2045 | 5.75 | % | 2,620,000 | 2,720,346 | |||||||||
| ERIE HIGHLANDS METROPOLITAN DISTRICT #1 - SUBORDINATE 2015B (g) |
12/15/2045 | 7.75 | % | 708,000 | 725,459 | |||||||||
| ERIE HIGHLANDS METROPOLITAN DISTRICT NO2, SER 2018A |
12/1/2048 | 5.25 | % | 6,000,000 | 6,286,260 | |||||||||
| ERIE HIGHLANDS METROPOLITAN DISTRICT NO 2, SER 2018B SUBORDINATES (g) |
12/15/2048 | 7.63 | % | 1,819,000 | 1,895,744 | |||||||||
| FLATIRON MEADOWS METROPOLITAN DISTRICT |
12/1/2046 | 5.13 | % | 2,000,000 | 2,061,240 | |||||||||
| FLYING HORSE METROPOLITAN DISTRICT NO 3 |
12/1/2049 | 6.00 | % | 2,965,000 | 3,010,631 | |||||||||
| FOREST TRACE METROPOLITAN DISTRICT #3 - SUBORDINATE 2016B (g) |
12/15/2046 | 7.25 | % | 683,000 | 772,931 | |||||||||
| Maturity | Coupon | Principal | Value | |||||||||||
| FORT LUPTON GOLF COURSE (a)(j) |
12/15/2037 | 0.00 | % | $ | 620,000 | $ | 6,200 | |||||||
| GODDING HOLLOW METROPOLITAN DISTRICT |
12/1/2034 | 6.50 | % | 925,000 | 972,110 | |||||||||
| GREAT WESTERN PARK METROPOLITAN DISTRICT #2 - SENIOR 2016A |
12/1/2026 | 4.00 | % | 585,000 | 590,973 | |||||||||
| GREAT WESTERN PARK METROPOLITAN DISTRICT #2 - SUBORDINATE 2016B (g) |
12/15/2046 | 7.25 | % | 775,000 | 784,695 | |||||||||
| GREEN GABLES METROPOLITAN DISTRICT #1 - SENIOR 2016A |
12/1/2046 | 5.30 | % | 1,250,000 | 1,338,275 | |||||||||
| GREEN GABLES METROPOLITAN DISTRICT #1 - SUBORDINATE 2016B (g) |
12/15/2046 | 7.75 | % | 740,000 | 849,616 | |||||||||
| GREEN GABLES METROPOLITAN DISTRICT NO. 2 SERIES 2018B SUBORDINATE (g) |
12/15/2048 | 8.25 | % | 1,689,000 | 1,768,332 | |||||||||
| HIGHLANDS METROPOLITAN DISTRICT #2 - SENIOR 2016A |
12/1/2046 | 5.13 | % | 1,960,000 | 2,040,066 | |||||||||
| HIGHLANDS METROPOLITAN DISTRICT #2 - SUBORDINATE 2016B (g) |
12/15/2046 | 7.50 | % | 1,269,000 | 1,307,882 | |||||||||
| HUNTER’S OVERLOOK METROPOLITAN DISTRICT NO. 5, SUBS (g) |
12/15/2049 | 8.50 | % | 1,827,000 | 1,829,594 | |||||||||
| HYLAND VILLAGE METROPOLITAN DISTRICT |
12/1/2027 | 8.00 | % | 4,293,000 | 2,146,500 | |||||||||
| IRON WORKS VILLAGE METROPOLITAN DISTRICT |
12/1/2048 | 5.88 | % | 1,500,000 | 1,582,545 | |||||||||
| JEFFCO BUSINESS CENTER METROPOLITAN DISTRICT #1 (j) |
5/1/2021 | 8.00 | % | 1,006,000 | 1,006,000 | |||||||||
| JEFFERSON CENTER METROPOLITAN DISTRICT #1 |
12/1/2026 | 4.75 | % | 1,728,000 | 1,769,939 | |||||||||
| LEWIS POINTE METROPOLITAN DISTRICT - SENIOR 2015A |
12/1/2044 | 6.00 | % | 2,590,000 | 2,612,429 | |||||||||
| LEWIS POINTE METROPOLITAN DISTRICT - JUNIOR LIEN 2017C (g) |
12/15/2047 | 9.00 | % | 536,000 | 349,086 | |||||||||
| LEYDEN ROCK METROPOLITAN DISTRICT - SENIOR 2016A |
12/1/2025 | 4.00 | % | 500,000 | 520,505 | |||||||||
| LEYDEN ROCK METROPOLITAN DISTRICT - SENIOR 2016A |
12/1/2033 | 4.38 | % | 905,000 | 950,440 | |||||||||
| LEYDEN ROCK METROPOLITAN DISTRICT - SENIOR 2016A |
12/1/2045 | 5.00 | % | 1,525,000 | 1,598,368 | |||||||||
| LEYDEN ROCK METROPOLITAN DISTRICT - SUBORDINATE 2016B (g) |
12/15/2045 | 7.25 | % | 1,195,000 | 1,237,148 | |||||||||
| LEYDEN ROCK METROPOLITAN DISTRICT #10 - JUNIOR LIEN 2017C (g) |
12/15/2049 | 10.75 | % | 1,025,000 | 1,045,357 | |||||||||
| LINCOLN MEADOWS METROPOLITAN DISTRICT |
12/1/2031 | 8.00 | % | 7,387,000 | 7,496,401 | |||||||||
| LITTLETON VILLAGE METROPOLITAN DISTRICT #2 |
12/1/2045 | 5.38 | % | 1,689,000 | 1,754,364 | |||||||||
| LITTLETON VILLAGE METROPOLITAN DISTRICT NO 2, SERIES 2018B SUBORDINATES (g) |
12/15/2028 | 7.63 | % | 1,140,000 | 1,182,431 | |||||||||
| MARIN METROPOLITAN DISTRICT (a)(j) |
12/1/2028 | 0.00 | % | 17,485,000 | 1,573,650 | |||||||||
| MARVELLA METROPOLITAN DISTRICT - SENIOR 2016A |
12/1/2046 | 5.13 | % | 1,405,000 | 1,474,969 | |||||||||
| MEADOWS METROPOLITAN DISTRICT #1 (k) |
6/1/2029 | 8.00 | % | 30,730,000 | 32,178,305 | |||||||||
| MEADOWS METROPOLITAN DISTRICT #2 (k) |
6/1/2029 | 8.00 | % | 23,830,000 | 24,953,108 | |||||||||
| MEADOWS METROPOLITAN DISTRICT #7 (k) |
6/1/2029 | 8.00 | % | 15,440,000 | 16,167,687 | |||||||||
| MIDCITIES METROPOLITAN DISTRICT #2 - SUBORDINATE 2016B (g) |
12/15/2046 | 7.75 | % | 1,919,000 | 1,970,448 | |||||||||
| MOUNT CARBON METROPOLITAN DISTRICT - SERIES 2004A (g) |
6/1/2043 | 7.00 | % | 197,916 | 197,916 | |||||||||
| MOUNT CARBON METROPOLITAN DISTRICT - SERIES 2004B (g) |
6/1/2043 | 7.00 | % | 1,480,000 | 1,480,000 | |||||||||
| MOUNT CARBON METROPOLITAN DISTRICT - SERIES 2004C (g) |
6/1/2043 | 0.00 | % | 565,000 | 124,300 | |||||||||
| MOUNTAIN SHADOWS METROPOLITAN DISTRICT - SUBORDINATE 2016B (g) |
12/15/2046 | 7.50 | % | 1,800,000 | 1,852,794 | |||||||||
| MOUNTAIN SHADOWS METROPOLITAN DISTRICT - SUBORDINATE 2018C-1 (g) |
12/15/2040 | 10.00 | % | 1,994,000 | 2,043,152 | |||||||||
| MURPHY CREEK METROPOLITAN DISTRICT #3 |
12/1/2026 | 6.00 | % | 2,540,000 | 2,540,000 | |||||||||
| MURPHY CREEK METROPOLITAN DISTRICT #3 |
12/1/2035 | 6.13 | % | 1,880,000 | 1,880,000 | |||||||||
| NORTH PINE VISTAS METROPOLITAN DISTRICT #2 - SENIOR 2016A |
12/1/2046 | 6.75 | % | 6,735,000 | 6,840,942 | |||||||||
| NORTH PINE VISTAS METROPOLITAN DISTRICT #2 - SUBORDINATE 2016B (g) |
12/15/2046 | 8.50 | % | 1,810,000 | 1,833,259 | |||||||||
| NORTH PINE VISTAS METROPOLITAN DISTRICT #3 - SENIOR 2016A |
12/1/2036 | 6.00 | % | 3,393,000 | 3,513,587 | |||||||||
| NORTH PINE VISTAS METROPOLITAN DISTRICT #3 - SUBORDINATE 2016B (g) |
12/15/2046 | 8.25 | % | 1,188,000 | 1,234,962 | |||||||||
| OVERLOOK METROPOLITAN DISTRICT - SENIOR 2016A |
12/1/2046 | 5.50 | % | 1,500,000 | 1,531,575 | |||||||||
| PAINTED PRAIRIE PUBLIC IMPROVEMENT AUTHORITY |
12/1/2029 | 4.00 | % | 1,000,000 | 999,950 | |||||||||
| PALISADE METROPOLITAN DISTRICT #2 |
12/1/2031 | 4.38 | % | 2,605,000 | 2,654,990 | |||||||||
| PALISADE PARK NORTH METROPOLITAN DISTRICT #1 - SENIOR 2016A |
12/1/2046 | 5.88 | % | 2,075,000 | 2,113,325 | |||||||||
| PALISADE PARK NORTH METROPOLITAN DISTRICT #1 - SUBORDINATE 2016B (g) |
12/15/2046 | 8.00 | % | 525,000 | 538,724 | |||||||||
| PALISADE PARK NORTH METROPOLITAN DISTRICT #2 - SENIOR 2018A |
12/1/2047 | 5.63 | % | 1,745,000 | 1,822,495 | |||||||||
| PARKER AUTOMOTIVE METROPOLITAN DISTRICT |
12/1/2045 | 5.00 | % | 2,021,000 | 2,090,866 | |||||||||
| PARKER AUTOMOTIVE METROPOLITAN DISTRICT SUB SERIES 2018B (g) |
12/15/2032 | 8.00 | % | 3,785,000 | 3,922,396 | |||||||||
| PIONEER METROPOLITAN DISTRICT #3 (g) |
12/1/2046 | 6.50 | % | 3,781,000 | 3,827,166 | |||||||||
| THE PLAZA METROPOLITAN DISTRICT #1 |
12/1/2040 | 5.00 | % | 5,350,000 | 5,588,396 | |||||||||
| POTOMAC FARMS METROPOLITAN DISTRICT - SERIES 2007A |
12/1/2037 | 7.25 | % | 2,340,000 | 2,340,913 | |||||||||
| POTOMAC FARMS METROPOLITAN DISTRICT - SERIES 2007B |
12/1/2023 | 7.63 | % | 229,000 | 229,153 | |||||||||
| PROMENADE AT CASTLE ROCK METROPOLITAN DISTRICT #1 - SERIES A |
12/1/2025 | 5.13 | % | 500,000 | 525,255 | |||||||||
| PUBLIC FINANCE AUTH CHARTER SCHOOL-COLORADO SPRINGS |
7/1/2029 | 4.95 | % | 6,720,000 | 6,825,437 | |||||||||
| PUBLIC FINANCE AUTH CHARTER SCHOOL-FT COLLINS, A |
7/1/2029 | 4.95 | % | 21,650,000 | 21,989,689 | |||||||||
| PUBLIC FINANCE AUTH CHARTER SCHOOL-DOUGLAS CNTY |
7/1/2029 | 4.95 | % | 14,620,000 | 14,849,388 | |||||||||
| PUBLIC FINANCE AUTH CHARTER SCHOOL-DOUGLAS CNTY TXBL |
7/1/2026 | 4.95 | % | 3,310,000 | 3,261,608 | |||||||||
| PUBLIC FINANCE AUTH CHARTER SCHOOL-FT COLLINS |
7/1/2029 | 4.95 | % | 10,720,000 | 10,888,197 | |||||||||
| PUBLIC FINANCE AUTH CHARTER SCHOOL-AURORA |
7/1/2029 | 4.95 | % | 5,200,000 | 5,228,132 | |||||||||
| PUBLIC FINANCE AUTH CHARTER SCHOOL-WINDSOR |
7/1/2029 | 4.95 | % | 13,210,000 | 13,417,265 | |||||||||
| PFA AURORA CHARTER SCHOOL BC PROJ, SER B - FED EXEMPT/STATE TAXABLE |
7/1/2029 | 4.75 | % | 18,365,000 | 18,323,311 | |||||||||
| Maturity | Coupon | Principal | Value | |||||||||||
| PUBLIC FINANCE AUTHORITY - COLORADO SKIES ACADEMY CHARTER SCHOOL, SER A |
7/1/2025 | 5.63 | % | $ | 10,290,000 | $ | 10,300,187 | |||||||
| PUBLIC FINANCE AUTHORITY - MONUMENT ACADEMY SER. 2019A |
6/1/2026 | 5.00 | % | 28,725,000 | 28,911,425 | |||||||||
| RAVENNA METROPOLITAN DISTRICT CONV CABS - SUBORDINATE SERIES 2017B (d) |
12/15/2026 | 7.50 | % | 8,000,000 | 8,188,400 | |||||||||
| REATA RIDGE VILLAGE METROPOLITAN DISTRICT NO. 2 |
12/1/2049 | 5.00 | % | 900,000 | 944,298 | |||||||||
| RENDEZVOUS METROPOLITAN DISTRICT NO 4 - SUBORDINATE, SERIES 2018B (g) |
10/15/2048 | 8.00 | % | 1,189,000 | 1,211,900 | |||||||||
| REX RANCH METROPOLITAN DISTRICT - SUBORDINATE 2018B (g) |
12/15/2047 | 7.88 | % | 445,000 | 460,201 | |||||||||
| RICHARDS FARM METROPOLITAN DISTRICT #2 - SENIOR SERIES 2015A |
12/1/2045 | 5.75 | % | 1,400,000 | 1,495,718 | |||||||||
| RIVERDALE PEAKS II METROPOLITAN DISTRICT |
12/1/2025 | 6.40 | % | 930,000 | 465,000 | |||||||||
| RIVERDALE PEAKS II METROPOLITAN DISTRICT |
12/1/2035 | 6.50 | % | 1,135,000 | 567,500 | |||||||||
| ROUTT CNTY LID - SERIES 2004A |
8/1/2024 | 6.50 | % | 173,000 | 174,806 | |||||||||
| ROXBOROUGH VILLAGE METROPOLITAN DISTRICT - SERIES 1993B P/O (e)(i)(j) |
12/31/2021 | 0.00 | % | 76,473 | 44,010 | |||||||||
| ROXBOROUGH VILLAGE METROPOLITAN DISTRICT - SERIES 1993B I/O (f)(i) |
12/31/2042 | 0.00 | % | 242,645 | 26,691 | |||||||||
| SIERRA RIDGE METROPOLITAN DISTRICT #2 - SENIOR SERIES 2016A |
12/1/2031 | 4.50 | % | 1,000,000 | 1,025,650 | |||||||||
| SIERRA RIDGE METROPOLITAN DISTRICT #2 - SUBORDINATE SERIES 2016B (g) |
12/15/2046 | 7.63 | % | 1,500,000 | 1,537,320 | |||||||||
| SOLARIS METROPOLITIAN DISTRICT #3 - SUBORDINATE SERIES 2016B (g) |
12/15/2046 | 7.00 | % | 1,000,000 | 1,025,530 | |||||||||
| SOLITUDE METROPOLITAN DISTRICT (j) |
12/1/2026 | 7.00 | % | 3,520,000 | 2,288,000 | |||||||||
| SORREL RANCH METROPOLITAN DISTRICT |
12/1/2036 | 5.75 | % | 5,906,000 | 5,718,012 | |||||||||
| SOUTHGLENN METROPOLITAN DISTRICT |
12/1/2021 | 3.00 | % | 936,000 | 940,933 | |||||||||
| SOUTHSHORE METROPOLITAN DISTRICT #2 CONV CABS (d) |
12/1/2042 | 6.50 | % | 7,205,000 | 7,211,845 | |||||||||
| SOUTHSHORE METROPOLITAN DISTRICT #2 - SUBORDINATE SERIES 2017 (g) |
12/15/2042 | 7.75 | % | 5,202,000 | 5,166,522 | |||||||||
| ST VRAIN LAKES METROPOLITAN DISTRICT #2 - SENIOR SERIES 2017A |
12/1/2037 | 5.00 | % | 1,500,000 | 1,575,795 | |||||||||
| ST VRAIN LAKES METROPOLITAN DISTRICT #2 - SUBORDINATE SERIES 2017B (g) |
12/15/2047 | 7.63 | % | 1,083,000 | 1,126,071 | |||||||||
| STC METROPOLITAN DISTRICT NO. 2, SER A |
12/1/2029 | 4.00 | % | 1,615,000 | 1,698,867 | |||||||||
| STC METROPOLITAN DISTRICT NO. 2 |
12/1/2038 | 5.00 | % | 4,955,000 | 5,366,612 | |||||||||
| STC METROPOLITAN DISTRICT, SER 2019 SUBS (g) |
12/15/2049 | 8.00 | % | 3,954,000 | 3,957,519 | |||||||||
| STERLING RANCH COMMUNITY AUTHORITY BOARD - SENIOR SERIES 2015A |
12/1/2035 | 5.50 | % | 2,195,000 | 2,290,439 | |||||||||
| STERLING RANCH COMMUNITY AUTHORITY BOARD - SENIOR SERIES 2015A |
12/1/2045 | 5.75 | % | 3,000,000 | 3,127,950 | |||||||||
| STERLING RANCH COMMUNITY AUTHORITY BOARD - SUBORDINATE SERIES 2015B (g) |
12/15/2045 | 7.75 | % | 1,045,000 | 1,089,057 | |||||||||
| STONE RIDGE METROPOLITAN DISTRICT #2 |
12/1/2031 | 0.00 | % | 11,896,000 | 1,903,360 | |||||||||
| TABLE MOUNTAIN METROPOLITAN DISTRICT - SENIOR SERIES 2016A |
12/1/2045 | 5.25 | % | 1,605,000 | 1,690,338 | |||||||||
| TABLE MOUNTAIN METROPOLITAN DISTRICT - SUBORDINATE SERIES 2016B (g) |
12/15/2045 | 7.75 | % | 570,000 | 598,323 | |||||||||
| TALLYN’S REACH METROPOLITAN DISTRICT #3 |
11/1/2038 | 5.13 | % | 2,070,000 | 2,202,791 | |||||||||
| TALLYN’S REACH METROPOLITIAN DISTRICT #3 - SUBORDINATE SERIES 2016A (g) |
11/1/2038 | 6.75 | % | 715,000 | 736,328 | |||||||||
| TRAILS AT CROWFOOT METROPOLITAN DISTRICT NO 3 |
12/15/2049 | 9.00 | % | 2,090,000 | 2,119,992 | |||||||||
| UNITED WATER & SAN DISTRICT LUPTON LAKES |
3/1/2021 | 6.00 | % | 4,595,000 | 4,599,365 | |||||||||
| UNITED WATER & SAN DISTRICT ELBERT COUNTY (g) |
12/1/2023 | 6.00 | % | 1,989,000 | 1,990,213 | |||||||||
| VDW METROPOLITAN DISTRICT #2 - SUBORDINATE SERIES 2016B (g) |
12/15/2045 | 7.25 | % | 1,934,000 | 1,979,352 | |||||||||
| VALAGUA METROPOLITAN DISTRICT |
12/1/2037 | 0.00 | % | 11,500,000 | 2,196,500 | |||||||||
| VILLAS EASTLAKE RESERVOIR METROPOLITAN DISTRICT - SUBORDINATE SERIES 2016B (g) |
12/15/2046 | 8.00 | % | 355,000 | 370,237 | |||||||||
| WESTCREEK METROPOLITAN DISTRICT NO 2 |
12/1/2048 | 5.38 | % | 1,300,000 | 1,344,863 | |||||||||
| WESTOWN METROPOLITAN DISTRICT - SENIOR SERIES 2017A |
12/1/2047 | 5.00 | % | 1,400,000 | 1,448,426 | |||||||||
| WHISPERING PINES METROPOLITAN DISTRICT #1 - SENIOR SERIES 2017A |
12/1/2037 | 5.00 | % | 2,000,000 | 2,130,360 | |||||||||
| WILD PLUM METROPOLITAN DISTRICT, SER A |
12/1/2049 | 5.00 | % | 595,000 | 618,169 | |||||||||
| WILLOW SPRINGS METROPOLITAN DISTRICT, SER 2019B SUBORDINATES (g) |
12/15/2049 | 7.75 | % | 650,000 | 648,414 | |||||||||
|
|
|
|
|
|||||||||||
| Colorado (amortized cost $605,945,578) |
657,944,686 | 604,251,278 | ||||||||||||
|
|
|
|
|
|||||||||||
| Colorado Municipal Bonds (amortized cost $605,945,578) |
$ | 657,944,686 | $ | 604,251,278 | ||||||||||
|
|
|
|
|
|||||||||||
| Short-Term Municipal Bonds 16.7% |
| |||||||||||||
| Colorado 63.4% |
| |||||||||||||
| BOULDER CO HSG AUTH MF BROADWAY EAST APTS (LOC 3) |
9/1/2037 | 1.34 | % | $ | 1,665,000 | $ | 1,665,000 | |||||||
| BOULDER COUNTY - BOULDER COLLEGE OF MASSAGE (a)(j) |
10/15/2031 | 0.00 | % | 4,315,000 | 4,315,000 | |||||||||
| BROOMFIELD URBAN RENEWAL AUTHORITY (LOC 1) |
12/1/2030 | 1.65 | % | 8,720,000 | 8,720,000 | |||||||||
| CECFA - PROSPECT RIDGE ACADEMY CHARTER SCHOOL |
3/15/2023 | 5.00 | % | 13,285,000 | 13,290,447 | |||||||||
| CECFA - AMERICAN ACADEMY CHARTER SCHOOL |
12/1/2025 | 4.20 | % | 35,875,000 | 35,577,596 | |||||||||
| CECFA - MONARCH MONTESSORI CHARTER SCHOOL |
5/15/2020 | 5.50 | % | 8,565,000 | 8,567,826 | |||||||||
| CECFA - PROSPECT RIDGE ACADEMY CHARTER SCHOOL |
3/15/2023 | 4.85 | % | 20,995,000 | 21,000,249 | |||||||||
| CECFA - ABILITIES CONNECTION CHARTER SCHOOL |
10/1/2020 | 5.85 | % | 30,825,000 | 30,054,375 | |||||||||
| CECFA - ADDENBROOKE CLASSICAL ACADEMY CHARTER SCHOOL |
6/1/2021 | 4.50 | % | 17,710,000 | 17,713,365 | |||||||||
| COLORADO HEALTH FACILITIES AUTHORITY (b)(d) |
7/15/2020 | 0.00 | % | 520,000 | 516,610 | |||||||||
| COLORADO HOUSING & FINANCE AUTHORITY - SERIES 2007A (LOC 3) |
1/1/2032 | 1.34 | % | 6,430,000 | 6,430,000 | |||||||||
| COLORADO SPRINGS UTILITIES (LOC 3) |
11/1/2041 | 1.68 | % | 1,300,000 | 1,300,000 | |||||||||
| SHERIDAN REDEVLOPMENT AGENCY - SERIES 2011A-1 (LOC 5) |
12/1/2029 | 1.70 | % | 5,600,000 | 5,600,000 | |||||||||
|
|
|
|
|
|||||||||||
| Colorado (amortized cost $155,786,225) |
155,805,000 | 154,750,468 | ||||||||||||
|
|
|
|
|
|||||||||||
| Maturity | Coupon | Principal | Value | |||||||||||||
| Multi-State 34.2% |
| |||||||||||||||
| FREDDIE MAC VR AMT TAX (LOC 6) |
5/15/2046 | 1.33 | % | $ | 13,475,000 | $ | 13,475,000 | |||||||||
| FREDDIE MAC AMT (LOC 6) |
11/15/2036 | 1.32 | % | 24,672,000 | 24,672,000 | |||||||||||
| FREDDIE MAC VR AMT (LOC 6) |
6/15/2036 | 1.32 | % | 22,615,000 | 22,615,000 | |||||||||||
| FREDDIE MAC VR (LOC 6) |
12/15/2045 | 1.64 | % | 19,310,000 | 19,310,000 | |||||||||||
| SUNAMERICA TRUST CLASS A - SERIES 2001-2 AMT TAX (LOC 6) |
7/1/2041 | 1.33 | % | 3,395,000 | 3,395,000 | |||||||||||
|
|
|
|
|
|||||||||||||
| Multi-State (amortized cost $83,467,000) |
83,467,000 | 83,467,000 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Oregon 2.4% |
| |||||||||||||||
| MULTNOMAH CITY HOSPITAL FACILITY ODD FELLOWS |
10/1/2020 | 5.45 | % | 5,815,000 | 5,812,907 | |||||||||||
|
|
|
|
|
|||||||||||||
| Oregon (amortized cost $5,815,000) |
5,815,000 | 5,812,907 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Short-Term Municipal Bonds (amortized cost $245,068,225) |
$ | 245,087,000 | $ | 244,030,374 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Other Municipal Bonds 6.7% |
| |||||||||||||||
| South Dakota 69.2% |
| |||||||||||||||
| FLANDREAU SANTEE SIOUX TRIBE |
1/1/2036 | 5.75 | % | $ | 6,055,000 | $ | 5,804,444 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE |
1/1/2026 | 5.00 | % | 3,695,000 | 3,590,505 | |||||||||||
| FLANDREAU SANTEE SIOUX TRIBE |
1/1/2031 | 5.50 | % | 3,565,000 | 3,422,828 | |||||||||||
| FLANDREAU SANTEE SIOUX TRIBE TE SERIES 2018B |
1/1/2038 | 6.00 | % | 6,120,000 | 6,311,801 | |||||||||||
| FLANDREAU SANTEE SIOUX TRIBE TE SERIES 2018C |
1/1/2038 | 6.00 | % | 5,450,000 | 5,620,803 | |||||||||||
| FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A |
1/1/2023 | 8.28 | % | 875,000 | 892,631 | |||||||||||
| FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A |
1/1/2024 | 8.28 | % | 950,000 | 972,012 | |||||||||||
| FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A |
1/1/2025 | 8.28 | % | 1,030,000 | 1,057,501 | |||||||||||
| FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A |
1/1/2026 | 8.28 | % | 1,115,000 | 1,146,265 | |||||||||||
| FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A |
1/1/2027 | 8.28 | % | 1,205,000 | 1,243,066 | |||||||||||
| FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A |
1/1/2028 | 8.28 | % | 1,305,000 | 1,348,952 | |||||||||||
| FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A |
1/1/2033 | 8.28 | % | 8,670,000 | 8,967,208 | |||||||||||
| LOWER BRULE SIOUX TRIBE |
3/1/2025 | 5.88 | % | 1,300,000 | 1,300,117 | |||||||||||
| OGLALA SIOUX TRIBE OF PINE RIDGE |
10/1/2022 | 5.00 | % | 1,050,000 | 1,051,323 | |||||||||||
| OGLALA SIOUX TRIBE, SERIES 2018 |
7/1/2028 | 5.50 | % | 3,700,000 | 3,831,942 | |||||||||||
| OGLALA SIOUX TRIBE, SERIES 2018 |
7/1/2037 | 6.00 | % | 9,270,000 | 9,587,498 | |||||||||||
| OGLALA SIOUX TRIBE, SERIES 2018B |
9/1/2041 | 6.50 | % | 6,500,000 | 6,878,235 | |||||||||||
| OGLALA SIOUX TRIBE OF PINE RIDGE |
10/1/2024 | 5.50 | % | 1,985,000 | 1,986,092 | |||||||||||
| OGLALA SIOUX TRIBE, SERIES 2018C |
10/1/2026 | 8.00 | % | 800,000 | 825,416 | |||||||||||
| OGLALA SIOUX TRIBE, SER 2019A |
10/1/2027 | 4.50 | % | 2,370,000 | 2,370,000 | |||||||||||
|
|
|
|
|
|||||||||||||
| South Dakota (amortized cost $66,993,570) |
67,010,000 | 68,208,638 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Puerto Rico 10.6% |
| |||||||||||||||
| COMMONWEALTH OF PUERTO RICO (a) |
7/1/2035 | 8.00 | % | 2,500,000 | 1,590,625 | |||||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2034 | 4.50 | % | 277,000 | 295,578 | |||||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2040 | 4.55 | % | 140,000 | 144,945 | |||||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2053 | 4.75 | % | 1,028,000 | 1,073,253 | |||||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2058 | 5.00 | % | 2,600,000 | 2,758,678 | |||||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2024 | 0.00 | % | 140,000 | 122,878 | |||||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2027 | 0.00 | % | 267,000 | 213,197 | |||||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2029 | 0.00 | % | 260,000 | 192,930 | |||||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2031 | 0.00 | % | 336,000 | 230,688 | |||||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2033 | 0.00 | % | 378,000 | 240,476 | |||||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2046 | 0.00 | % | 3,597,000 | 963,672 | |||||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2051 | 0.00 | % | 2,930,000 | 571,848 | |||||||||||
| PUERTO RICO SALES TAX FING CORP TAX REV DTD 8/1/2019 4.329% SER A-2 7/1/2040 |
7/1/2040 | 4.33 | % | 1,424,000 | 1,443,537 | |||||||||||
| PUERTO RICO SALES TAX FING CORP TAX REV DTD 8/1/2019 4.536% SER A-2 7/1/2053 |
7/1/2053 | 4.54 | % | 43,000 | 43,940 | |||||||||||
| PUERTO RICO SALES TAX FING CORP TAX REV DTD 8/1/2019 4.784% SER A-2 7/1/2058 |
7/1/2058 | 4.78 | % | 571,000 | 593,063 | |||||||||||
|
|
|
|
|
|||||||||||||
| Puerto Rico (amortized cost $9,430,343) |
16,491,000 | 10,479,309 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| South Carolina 5.7% |
| |||||||||||||||
| GREEN MIDLANDS CHARTER SCHOOL - SENIOR SERIES 2016A |
12/1/2021 | 5.25 | % | 5,655,000 | 5,657,036 | |||||||||||
|
|
|
|
|
|||||||||||||
| South Carolina (amortized cost $5,655,000) |
5,655,000 | 5,657,036 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Arizona 5.1% |
| |||||||||||||||
| HERITAGE ACADEMY CHARTER SCHOOL MARICOPA COUNTY |
7/1/2027 | 5.25 | % | 5,000,000 | 5,060,750 | |||||||||||
|
|
|
|
|
|||||||||||||
| Arizona (amortized cost $5,000,000) |
5,000,000 | 5,060,750 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity | Coupon | Principal | Value | |||||||||||||
| Multi-State 5.0% |
| |||||||||||||||
| FREDDIE MAC (g)(j) |
1/1/2037 | 9.75 | % | $ | 4,904,915 | $ | 4,904,915 | |||||||||
|
|
|
|
|
|||||||||||||
| Multi-State (amortized cost $4,904,915) |
4,904,915 | 4,904,915 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Washington 2.5% |
| |||||||||||||||
| TACOMA CONSOLIDATED LID |
4/1/2043 | 5.75 | % | 2,475,000 | 2,480,371 | |||||||||||
|
|
|
|
|
|||||||||||||
| Washington (amortized cost $2,317,491) |
2,475,000 | 2,480,371 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Missouri 1.4% |
| |||||||||||||||
| KANSAS CITY INDL DEV AUTH |
1/1/2028 | 6.75 | % | 500,000 | 501,910 | |||||||||||
| ST LOUIS INDL DEV AUTH SR HSG - SENIOR SERIES 2005A |
5/1/2027 | 6.75 | % | 860,000 | 835,765 | |||||||||||
|
|
|
|
|
|||||||||||||
| Missouri (amortized cost $1,360,000) |
1,360,000 | 1,337,675 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Oklahoma 0.5% |
| |||||||||||||||
| HASKELL CNTY PUBLIC FAC. |
4/1/2024 | 5.25 | % | 450,000 | 467,100 | |||||||||||
|
|
|
|
|
|||||||||||||
| Oklahoma (amortized cost $450,000) |
450,000 | 467,100 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Other Municipal Bonds (amortized cost $96,111,319) |
$ | 103,345,915 | $ | 98,595,794 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Colorado Capital Appreciation and Zero Coupon Bonds 4.7% |
| |||||||||||||||
| Colorado 100.0% |
| |||||||||||||||
| CONIFER METROPOLITAN DISTRICT (a)(d)(j) |
12/1/2031 | 0.00 | % | $ | 7,470,000 | $ | 2,988,000 | |||||||||
| FLYINGHORSE METROPOLITAN DISTRICT #2 (d) |
12/15/2042 | 8.00 | % | 15,725,000 | 16,068,906 | |||||||||||
| PV-ERU HOLDING TRUST (a) |
12/15/2037 | 0.00 | % | 14,000,000 | 2,940,000 | |||||||||||
| PV-ERU HOLDING TRUST (a) |
2/14/2039 | 0.00 | % | 710,000 | 149,100 | |||||||||||
| PV-ERU HOLDING TRUST (a) |
2/14/2039 | 0.00 | % | 3,122,000 | 655,620 | |||||||||||
| PV-ERU HOLDING TRUST (a) |
2/14/2039 | 0.00 | % | 13,168,000 | 2,765,280 | |||||||||||
| RAVENNA METROPOLITAN DISTRICT CONV CABS - SERIES 2017A (d) |
12/1/2046 | 5.00 | % | 33,685,000 | 34,531,841 | |||||||||||
| RAVENNA METROPOLITAN DISTRICT CONV CABS - SERIES 2017 SUPPLEMENTAL B (d) |
12/1/2021 | 0.00 | % | 15,000 | 13,764 | |||||||||||
| RAVENNA METROPOLITAN DISTRICT CONV CABS - SERIES 2017 SUPPLEMENTAL B (d) |
12/1/2022 | 0.00 | % | 170,000 | 149,046 | |||||||||||
| RAVENNA METROPOLITAN DISTRICT CONV CABS - SERIES 2017 SUPPLEMENTAL B (d) |
12/1/2023 | 0.00 | % | 325,000 | 272,769 | |||||||||||
| RAVENNA METROPOLITAN DISTRICT CONV CABS - SERIES 2017 SUPPLEMENTAL B (d) |
12/1/2024 | 0.00 | % | 490,000 | 392,862 | |||||||||||
| RAVENNA METROPOLITAN DISTRICT CONV CABS - SERIES 2017 SUPPLEMENTAL B (d) |
12/1/2025 | 0.00 | % | 585,000 | 447,355 | |||||||||||
| STC METROPOLITAN DISTRICT NO. 2, SER A (d) |
12/1/2025 | 3.00 | % | 555,000 | 557,264 | |||||||||||
| STERLING RANCH METROPOLITAN DISTRICT #2 CONV CAB (d) |
12/1/2045 | 0.00 | % | 6,685,000 | 6,355,363 | |||||||||||
| WILDWING METROPOLITAN DISTRICT #1 (d) |
12/1/2023 | 0.00 | % | 1,175,000 | 881,814 | |||||||||||
|
|
|
|
|
|||||||||||||
| Colorado (amortized cost $75,681,852) |
97,880,000 | 69,168,985 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Colorado Capital Appreciation and Zero Coupon Bonds |
$ | 97,880,000 | $ | 69,168,985 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Colorado Taxable Certificates/Notes/Bonds 0.5% |
| |||||||||||||||
| Colorado 100.0% |
| |||||||||||||||
| PUBLIC FINANCE AUTH CHARTER SCHOOL-COLORADO SPRINGS TXBL |
7/1/2026 | 7.00 | % | $ | 6,060,000 | $ | 6,142,052 | |||||||||
| PFA AURORA CHARTER SCHOOL BC PROJECT SER C - TAXABLE |
7/1/2029 | 7.00 | % | 1,235,000 | 1,216,710 | |||||||||||
| TABERNASH POLE CREEK NOTE (a)(j) |
12/31/2020 | 0.00 | % | 227,347 | 88,199 | |||||||||||
|
|
|
|
|
|||||||||||||
| Colorado (amortized cost $7,522,347) |
7,522,347 | 7,446,961 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Colorado Taxable Certificates/Notes/Bonds (amortized cost $7,522,347) |
$ | 7,522,347 | $ | 7,446,961 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total investments, at value (amortized cost $1,030,329,322) |
69.9 | % | $ | 1,023,493,392 | ||||||||||||
| Other assets net of liabilities |
30.1 | % | 439,795,261 | |||||||||||||
|
|
|
|
|
|||||||||||||
| Net Assets |
100.0 | % | $ | 1,463,288,653 | ||||||||||||
|
|
|
|
|
|||||||||||||
COLORADO BONDSHARES — A TAX-EXEMPT FUND
Schedule of Investments — (Continued)
| (a) | Defaulted or non-income producing based upon the financial condition of the issuer (see “Defaulted or Non-Income producing Investments” note to Schedule of Investments). |
| (b) | Originally issued as general obligation bonds but are now pre-refunded and are secured by an escrow fund consisting entirely of direct U.S. Government obligations. |
| (c) | Represents securities whose blended characteristics are reflective of a zero coupon bond and a step rate bond. Interest rate shown represents effective yield at acquisition. |
| (d) | Interest rate shown for capital appreciation and zero coupon bonds represents the effective yield at the date of acquisition. |
| (e) | Principal-only certificate represents the right to receive the principal payments on the underlying debt security upon maturity. The price of this security is typically more volatile than that of coupon-bearing bonds of the same maturity. |
| (f) | Interest-only certificate represents the right to receive semi-annual interest payments on the underlying debt security. The principal amount of the underlying security represents the notional amount on which current interest is calculated. The interest rate shown represents the effective yield at the date of acquisition. |
| (g) | Interest rate disclosed for cash flow bond represents the effective yield at December 31, 2019. Income on this security is derived from the cash flow of the issuer. |
| (h) | Represents current interest rate for a step rate bond. No step rate bonds were owned by the Fund at December 31, 2019. |
| (i) | Terms of security have been restructured since the original issuance. The total face amount of all such restructured securities approximates $10,854,270 and a value of $6,858,971 or less than 1.0% of net assets, as of December 31, 2019. |
| (j) | Securities valued at fair value (see “Investment Valuation and Risk” notes to the Schedule of Investments). |
| (k) | See “Purchase Accrued Interest” notes to Schedule of Investments for further information on purchase accrued interest related to these bonds. |
| (l) | The Fund has entered into a forbearance agreement under which it agrees that the issuer may pay a reduced rate of interest in lieu of the contract rate for a period of time (see “Defaulted or Non-Income Producing Investments” notes to Schedule of Investments). |
COLORADO BONDSHARES — A TAX-EXEMPT FUND
Schedule of Investments — (unaudited) — (Continued)
December 31, 2019
| (LOC) | These securities are Variable Rate Demand Obligations (“VRDO”) with scheduled principal and interest payments that have a guaranteed liquidity provider in the form of a letter of credit. These obligations bear interest at a rate that resets daily or weekly (see “Investment Transactions” notes to Schedule of Investments). The numbered list below corresponds to the liquidity provider associated with the respective LOC. |
| 1. | BNP Paribas |
| 2. | FHLB Topeka |
| 3. | US Bank, N. A. |
| 4. | Royal Bank of Canada |
| 5. | JPMorgan Chase Bank, N.A. |
| 6. | Freddie Mac |
The following abbreviations are used in the descriptions of securities included in the Schedule of Investments:
CABS-Capital Appreciation Bonds
CONV-Convertible
I/O-Interest Only
L/D-Local Improvement District
P/O-Principal Only
COLORADO BONDSHARES — A TAX-EXEMPT FUND
Notes to Schedule of Investments
December 31, 2019 (unaudited)
Defaulted or Non-income Producing Investments
The Fund discontinues the accrual of interest income on municipal bonds when the securities become delinquent as to payment of principal or interest, or when the Fund’s investment adviser determines that an uncertainty exists as to the realization of all or a portion of the principal balance. The face amount of bonds for which the accrual of interest income has been discontinued approximates $67,372,347 and such bonds have a value of $20,826,674 or 1.42% of net assets, as of December 31, 2019. These securities have been identified in the accompanying Schedule of Investments.
The Fund has entered into forbearance agreements with one district under which it agrees that the issuer may pay a reduced rate of interest in lieu of the contract rate for a period of time. Face amount of the bonds for which the Fund has entered into forbearance agreements total $27,375,000 and have a value of $17,935,169 or 1.23% of net assets, as of December 31, 2019. These securities have been identified in the Schedule of Investments.
Investment Valuation and Risk
Securities for which there is no last sales price are valued by an independent pricing service based on evaluated prices which considers such factors as transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities, or are fair valued by management.
Securities for which market quotations are not readily available (or management considers otherwise are no longer valid or reliable) are valued at fair value determined in accordance with procedures approved by the Board of Trustees. This can occur in the event of, among other things, natural disasters, acts of terrorism, market disruptions, intra-day trading halts, and extreme market volatility. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the prices used by other mutual funds to determine net asset value or the price that may be realized upon the actual sale of the security. Short-term holdings are valued at current market quotations or amortized cost, whichever management believes best approximates fair value.
Fixed-income securities owned by the Fund are subject to interest-rate risk, credit risk, prepayment risk and market risk. The Fund invests in not rated securities which may be subject to a greater degree of credit risk and risk of loss of income and principal and may be more sensitive to economic conditions than lower yielding, higher rated fixed income securities. The Fund concentrates its investments in Colorado and, therefore, may be impacted by specific events, issuers or factors affecting Colorado. The Fund has more credit risk related to the economic conditions of Colorado than a portfolio with a broader geographical diversification.
Accounting Standards Codification (“ASC”) 820 Fair Value Measurements and Disclosures establishes a fair value hierarchy that classifies securities based on valuation techniques used to measure fair value and distinguish between observable inputs (market data obtained from independent sources) and the reporting entities own assumptions, which are not readily observable to market participants. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).
Level 1 Inputs: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
Level 2 Inputs: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability.
Level 3 Inputs: Significant unobservable inputs for the asset or liability including management’s own assumptions. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.
The following table summarizes the valuation of the Fund’s investments as defined by ASC 820 hierarchy levels as of December 31, 2019:
Valuation Inputs Summary
| Colorado Municipal Bonds |
Short-Term Municipal Bonds |
Other Municipal Bonds |
Colorado Capital Appreciation and Zero Coupon Bonds |
Colorado Taxable Certificates/Notes /Bonds |
Total Securities December 31, 2019 |
|||||||||||||||||||
| Level 1 Securities |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Level 2 Securities |
590,550,321 | 239,715,374 | 93,690,879 | 66,180,985 | 7,358,762 | 997,496,320 | ||||||||||||||||||
| Level 3 Securities |
13,700,957 | 4,315,000 | 4,904,915 | 2,988,000 | 88,199 | 25,997,072 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Totals |
$ | 604,251,278 | $ | 244,030,374 | $ | 98,595,794 | $ | 69,168,985 | $ | 7,446,961 | $ | 1,023,493,392 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
From September 30, 2019 to December 31, 2019, there were no Level 1 Securities.
Purchase Accrued Interest
Purchase accrued interest is typically a component of a municipal bond purchase and is paid on settlement date. The accrual period begins on the last interest payment date (or original issue date) and runs through the day immediately preceding the settlement date. The Fund has purchased three bonds from the Meadows Metropolitan Districts No. 1, 2 and 7 with an aggregate balance of purchase accrued interest of $90,436,317 (99.9% of the December 31, 2019 balance of $90,496,386). Approximately $168,893,656 of additional interest has accrued on the purchase accrued interest since its purchase in 2007. This additional accrued interest has been fair valued in accordance with ASC 820 at approximately $65,508,414 and is included in other assets net of liabilities in the Schedule of Investments. This amount bears interest at the rate of 7.999% and will be received over an uncertain period of years. The value of the Meadows bonds is contained within three separate line items of the financial statements which all relate to a single set of bonds that cannot be sold separately.
Investment Transactions
Variable Rate Demand Obligations (“VRDO”) purchased by the Fund are floating rate obligations that have a nominal long-term maturity but have a coupon rate that is reset periodically (e.g., daily or weekly). The investor has the option to put the issue back to the trustee or tender agent at any time with specified (e.g., seven days) notice; accordingly, the Fund treats these obligations as short-term holdings. On December 31, 2019 the interest rates paid on these obligations ranged from 1.32% to 1.70%.
Income Tax Information
At December 31, 2019, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis , were as follows:
| Cost of investments |
$ | 1,030,329,322 | ||
|
|
|
|||
| Gross unrealized appreciation |
$ | 25,147,419 | ||
| Gross unrealized (depreciation) |
(31,983,348 | ) | ||
|
|
|
|||
| Net unrealized (depreciation) of investments |
$ | (6,835,929 | ) | |
|
|
|
Litigation
The Fund is periodically involved in various legal proceedings. At December 31, 2019, the Fund has a litigation accrual of $277,082 for all pending litigation matters primarily for the purpose of paying lawyer fees. Possible additional amounts cannot be currently estimated but will be set aside as needed. Although there can be no assurances, based on information available, management believes that it is probable that the ultimate outcome of the action described below and other matters that are pending or threatened will not have a material effect on the Fund’s financial condition.
Marin Metropolitan District LTD Tax G.O. Series 2008 Bond
The Fund is the beneficial owner of bonds issued in 2008 (the “Bonds”) by Marin Metropolitan District (the “District”) as described more fully in the Fund’s 2019 shareholder report on Form N-CSR filed with the Securities and Exchange Commission on December 6, 2019. The original principal amount of Bonds was $30,485,000. The current principal amount of the Bonds is $17,485,000. The valuation of these Bonds as of December 31, 2019 is set forth in the Schedule of Investments.
On June 1, 2011, Landmark Towers Association, Inc. (“Landmark”), a homeowners association, filed an action on behalf of its members entitled Landmark Towers Ass’n, et al. v. UMB Bank, et al., Case Number 2011-CV-1076 in Arapahoe County District Court, Colorado (“Landmark Litigation”). The complaint filed in the Landmark Litigation sought a temporary restraining order, declaratory relief and permanent injunction against the District, the Fund, and UMB Bank (“UMB”), the trustee, alleging that the taxes imposed by the District pledged to pay the Bonds violated TABOR.
In August 2011, Landmark sought to freeze approximately $13,000,000 in original proceeds from the sale of the Bonds to the Fund, which moneys were held by UMB as trustee. The District Court denied Landmark’s efforts to freeze the $13,000,000 and allowed those moneys to be paid to the Fund, which reduced the principal amount of the Bonds to the current level.
In July and August of 2013, the District Court held a bench trial regarding Landmark’s claims for declaratory relief and permanent injunction. On September 6, 2013, the District Court issued an order (“Sept. 6 Order”) that the District was properly formed and that the election approving the taxes was proper, but nonetheless held that there were violations of TABOR relating to the property taxes. In particular, the District Court held that (1) bond proceeds were used to pay improper charges of the developer; (2) the taxes exceeded the maximum mill levy for debt service; and (3) the taxes did not benefit the Landmark taxpayers. After holding that the taxes did not provide a benefit to the Landmark taxpayers, the Court enjoined the District from imposing its taxes on the Landmark members for purposes of paying the Bonds (the “Injunction”). The Fund, the District, and UMB filed a motion for reconsideration of the Sept. 6 Order, which the District Court denied in an order dated October 31, 2013 (“Oct. 31 Order”).
While the Fund was not found to be responsible for damages based on the asserted TABOR violations, the District Court on March 10, 2014, entered an order allowing Landmark to pursue claims for fraudulent transfer and constructive trust that could result in the Fund being ordered to pay some or all of the tax refund obligations of the District.
In August 2014, the District Court held a four-day trial on the newly asserted claims against the Fund, and on September 10, 2014, the District Court issued an order (the “Sept. 10 Order”) denying each of the new claims asserted against the Fund. Landmark, however, filed a post-trial motion for reconsideration of the Sept. 10 Order, which motion was denied on November 12, 2014.
The Fund filed a Notice of Appeal of the Sept. 6 Order and the Oct. 31 Order, including the Injunction.
On April 21, 2016, the Colorado Court of Appeals issued an Opinion (the “April 2016 Opinion”), in which it concluded that the TABOR election held for approving the Bonds and the District’s ad valorem property taxes was invalid because eligible electors were denied the right to vote in the election and that ineligible electors voted in the election. Based on those decisions, the Court of Appeals upheld the injunction against the District, prohibiting it from levying taxes for payment of the Bonds.
The April 2016 Opinion created uncertainty in the Colorado public finance market in that it calls into question the process that is routinely used to qualify electors for special district elections in Colorado. Emergency legislation was introduced in the Colorado legislature to remove the uncertainty and any impact the April 2016 Opinion may have on other special district financings. The Colorado General Assembly unanimously passed the legislation, and it was signed by the Governor on May 18, 2016.
In a further effort to reduce any impact the April 2016 Opinion may have on the Colorado public finance market, the Fund filed a Petition for Rehearing with the Court of Appeals, asking it to withdraw a portion of its April 2016 Opinion as unnecessary. That Petition was filed on May 5, 2016, and was denied on May 12, 2016.
The Fund filed a petition with the Colorado Supreme Court to review the April 2016 Opinion on various grounds. On November 7, 2016, the Supreme Court granted the petition for review. On December 11, 2017, the Supreme Court reversed the April 2016 Opinion on the grounds that all claims challenging the election held by the District in 2007 were barred under C.R.S. § 1-11-213(4) (which requires an election contest to be filed no later than 10 days after the certification of the results of an election). The Supreme Court, however, remanded the case back to the Court of Appeals to decide issues that were not decided in the April 2016 Opinion.
On January 8, 2018, Landmark filed a Petition for Rehearing asking the Supreme Court to reconsider its decision to reverse the April 2016 Opinion. On January 22, 2018, the Supreme Court denied the Petition for Rehearing.
On May 5, 2018, the Court of Appeals issued an opinion on remanded issues (the “May 2018 Opinion”), concluding that the due process rights of the District taxpayers were violated and upholding the injunction that prevents the District from collecting taxes for repayment of the Bonds.
The Fund filed a petition with the Colorado Supreme Court to review the May 2018 Opinion on various grounds. The petition to the Colorado Supreme Court was fully briefed on August 31, 2018. The Colorado Supreme Court denied the petition for review on March 25, 2019.
Because the May 2018 Opinion was based on federal due process, on August 21, 2019, the Fund filed a Petition for Writ of Certiorari with the U.S. Supreme Court seeking review and reversal of the May 2018 Opinion. The U.S. Supreme Court denied the Petition for Writ of Certiorari on November 25, 2019.
As a result of the foregoing, the tax revenues originally pledged to pay the Bonds have been reduced, and such reduction may have adverse effects on dividend distributions and net asset values of the Fund.