NPORT-EX 2 cbspartf_63020.htm PART F 6.30.20 DOS

COLORADO BONDSHARES

A TAX-EXEMPT FUND

Schedule of Investments

June 30, 2020

 

     Maturity    Coupon     Principal      Value  
Colorado Municipal Bonds 46.1%

 

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        6,366,906  

ANTHOLOGY WEST METROPOLITAN DISTRICT #5, SER A

    12/1/2049      4.88 %      4,630,000        4,344,746  

ANTHOLOGY WEST METROPOLITAN DISTRICT #5, SER B
SUBS (g)

    12/15/2049      7.63 %      698,000        677,332  

BANNING LEWIS RANCH METROPOLITAN DISTRICT #3 - SENIOR 2015A

    12/1/2045      6.13 %      1,775,000        1,793,620  

BANNING LEWIS RANCH REGIONAL METROPOLITAN DISTRICT

    12/1/2048      5.38 %      2,500,000        2,526,200  

BANNING LEWIS RANCH REGIONAL METROPOLITAN DISTRICT, SERIES 2018B (g)

    12/15/2041      7.75 %      625,000        639,875  

BENNETT CROSSING METROPOLITAN DISTRICT NO. 1

    12/1/2049      6.13 %      6,160,000        6,366,114  

BENT GRASS METROPOLITAN DISTRICT

    12/1/2049      5.25 %      1,690,000        1,693,177  

BRAMMING FARM METROPOLITAN DISTRICT #1 (d)

    12/1/2044      6.00 %      1,987,500        2,001,890  

BRENNAN METROPOLITIAN DISTRICT - SENIOR 2016A

    12/1/2046      5.25 %      1,185,000        1,198,414  

BRENNAN METROPOLITAN DISTRICT - SUBORDINATE
2016b (g)

    12/15/2046      7.50 %      516,000        516,666  

BRIGHTON CROSSING METROPOLITAN DISTRICT #4 - SENIOR 2017A

    12/1/2037      5.00 %      525,000        537,721  

BRIGHTON CROSSING METROPOLITAN DISTRICT NO. 4,
SER 2017A

    12/1/2047      5.00 %      2,965,000        2,994,265  

BRIGHTON CROSSING METROPOLITAN DISTRICT #4 - SUBORDINATE 2017B (g)

    12/1/2047      7.00 %      670,000        667,990  

CASTLE OAKS METROPOLITAN DISTRICT #3

    12/1/2044      6.25 %      2,860,000        3,014,526  

CASTLE OAKS METROPOLITAN DISTRICT #3 - SERIES 2016

    12/1/2045      5.50 %      2,345,000        2,460,538  

CASTLE OAKS METROPOLITAN DISTRICT #3 - SERIES 2017

    12/1/2037      5.00 %      3,275,000        3,259,804  

CITY CTR WEST RSDL METROPOLITAN DISTRICT NO. 2

    12/1/2049      5.00 %      1,040,000        1,021,093  

CITY CTR WEST RSDL METROPOLITAN DISTRICT NO. 2, SUBORDINATES (g)

    12/15/2049      7.75 %      1,425,000        1,357,911  

COLLIERS HILL METROPOLITAN DISTRICT #2 - SUBORDINATE 2017B (g)

    12/15/2047      8.50 %      3,501,000        3,427,304  

COLORADO CENTRE METROPOLITAN DISTRICT -
SERIES B (g)(i)(j)

    1/1/2032      0.00 %      6,527,312        3,426,839  

COLORADO CENTRE METROPOLITAN DISTRICT - SERIES 1992 P/O (e)(i)

    1/1/2027      0.00 %      2,049,921        1,881,971  

COLORADO CENTRE METROPOLITAN DISTRICT - SERIES 1992 I/O (f)(i)(j)

    1/1/2027      9.00 %      2,024,362        1,619,490  

COLORADO CROSSING METROPOLITAN DISTRICT #2

    12/1/2047      7.50 %      7,391,000        7,326,994  

CECFA - SWALLOW ACADEMY CHARTER SCHOOL

    11/15/2027      5.35 %      3,420,000        3,445,958  

CECFA-NEW VISION CHARTER SCHOOL

    6/1/2025      5.38 %      23,135,000        23,193,069  

CECFA - GRAND PEAK ACADEMY CHARTER SCHOOL

    7/1/2025      5.60 %      20,975,000        21,023,243  

CECFA GLOBAL VILLAGE ACADEMY CHARTER SCHOOL,
SER A

    7/1/2025      5.35 %      2,540,000        2,540,711  

CECFA ADDENBROOKE CLASSICAL ACADEMY

    6/1/2027      4.50 %      25,285,000        25,901,448  

CECFA IMAGINE CHARTER SCHOOL AT FIRESTONE

    6/1/2027      4.50 %      17,380,000        17,991,081  

CECFA - MONARCH MONTESSORI CHARTER SCHOOL - EXCHANGE

    5/15/2025      4.75 %      8,325,000        8,325,000  

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        4,723,345  

CHFA - CASEY’S POND SENIOR LIVING (l)

    6/1/2042      0.00 %      10,665,000        5,969,307  

CHFA - CASEY’S POND SENIOR LIVING (l)

    6/1/2047      0.00 %      8,600,000        4,792,608  

COLORADO INTERNATIONAL CENTER METROPOLITAN DISTRICT #3

    12/1/2031      4.63 %      635,000        636,105  

COLORADO SPRINGS URBAN RENEWAL AUTHORITY

    12/15/2030      6.75 %      713,000        689,799  

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  

CONSTITUTION HEIGHTS METROPOLITAN DISTRICT

    12/1/2049      5.00 %      1,765,000        1,792,587  

COPPERLEAF METROPOLITAN DISTRICT #3

    12/1/2037      5.00 %      1,000,000        1,010,820  

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        2,068,392  

DENVER INTL BUSINESS CTR METROPOLITAN DISTRICT NO. 1 - SERIES 2019B SUB (g)

    12/1/2048      6.00 %      4,585,000        4,640,203  

DENVER WEST PROMENADE METROPOLITAN DISTRICT

    12/1/2031      5.13 %      500,000        504,620  

DENVER WEST PROMENADE METROPOLITAN DISTRICT

    12/15/2046      6.00 %      500,000        502,415  

UNITED W & S - EAST CHERRY CREEK (c)

    11/15/2023      5.00 %      3,493,000        3,501,348  

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        2,016,640  

ERIE HIGHLANDS METROPOLITAN DISTRICT #1 - SENIOR 2015A

    12/1/2045      5.75 %      2,620,000        2,650,209  

ERIE HIGHLANDS METROPOLITAN DISTRICT #1 - SUBORDINATE 2015B (g)

    12/15/2045      7.75 %      708,000        712,510  

ERIE HIGHLANDS METROPOLITAN DISTRICT NO2, SER 2018A

    12/1/2048      5.25 %      6,000,000        5,982,120  

ERIE HIGHLANDS METROPOLITAN DISTRICT NO 2, SER 2018B SUBORDINATES (g)

    12/15/2048      7.63 %      1,819,000        1,822,711  

FITZSIMONS VILLAGE METROPOLITAN DISTRICT NO. 1, SER B SUBS (g)

    12/15/2049      7.00 %      611,000        563,287  

FLATIRON MEADOWS METROPOLITAN DISTRICT

    12/1/2046      5.13 %      2,000,000        2,004,220  

FLYING HORSE METROPOLITAN DISTRICT NO 3

    12/1/2049      6.00 %      2,965,000        2,935,587  

FOREST TRACE METROPOLITAN DISTRICT #3 - SUBORDINATE 2016B (g)

    12/15/2046      7.25 %      683,000        770,766  

FORT LUPTON GOLF COURSE (a)

    12/15/2037      0.00 %      620,000        6,200  

GODDING HOLLOW METROPOLITAN DISTRICT

    12/1/2034      6.50 %      925,000        933,584  

GREAT WESTERN PARK METROPOLITAN DISTRICT #2 - SENIOR 2016A

    12/1/2026      4.00 %      585,000        582,368  

GREAT WESTERN PARK METROPOLITAN DISTRICT #2 - SUBORDINATE 2016B (g)

    12/15/2046      7.25 %      775,000        770,087  

GREEN GABLES METROPOLITAN DISTRICT #1 - SENIOR 2016A

    12/1/2046      5.30 %      1,250,000        1,323,338  

GREEN GABLES METROPOLITAN DISTRICT #1 - SUBORDINATE 2016B (g)

    12/15/2046      7.75 %      740,000        836,237  

GREEN GABLES METROPOLITAN DISTRICT NO. 2 SERIES 2018B SUBORDINATE (g)

    12/15/2048      8.25 %      1,689,000        1,706,667  

HIGHLANDS METROPOLITAN DISTRICT #2 - SENIOR 2016A

    12/1/2046      5.13 %      1,960,000        1,979,933  

HIGHLANDS METROPOLITAN DISTRICT #2 - SUBORDINATE
2016B (g)

    12/15/2046      7.50 %      1,269,000        1,273,886  

HUNTER’S OVERLOOK METROPOLITAN DISTRICT NO. 5, SUBS (g)

    12/15/2049      8.50 %      1,827,000        1,788,889  

HYLAND VILLAGE METROPOLITAN DISTRICT

    12/1/2027      8.00 %      4,770,000        2,385,000  

INDY OAK TOD METROPOLITAN DISTRICT SER A

    12/1/2050      5.50 %      1,075,000        1,110,432  

INDY OAK TOD METROPOLITAN DISTRICT SER B (g)

    12/15/2050      8.00 %      736,000        757,653  

IRON WORKS VILLAGE METROPOLITAN DISTRICT

    12/1/2048      5.88 %      1,500,000        1,548,765  

JEFFERSON CENTER METROPOLITAN DISTRICT #1

    12/1/2026      4.75 %      1,728,000        1,811,549  

LEWIS POINTE METROPOLITAN DISTRICT - SENIOR 2015A

    12/1/2044      6.00 %      2,590,000        2,597,278  

LEWIS POINTE METROPOLITAN DISTRICT - JUNIOR LIEN 2017C (g)

    12/15/2047      9.00 %      536,000        316,497  

LEYDEN ROCK METROPOLITAN DISTRICT - SENIOR 2016A

    12/1/2025      4.00 %      500,000        508,445  

LEYDEN ROCK METROPOLITAN DISTRICT - SENIOR 2016A

    12/1/2033      4.38 %      2,905,000        2,934,980  

LEYDEN ROCK METROPOLITAN DISTRICT - SENIOR 2016A

    12/1/2045      5.00 %      1,525,000        1,547,311  

LEYDEN ROCK METROPOLITAN DISTRICT - SUBORDINATE
2016B (g)

    12/15/2045      7.25 %      1,195,000        1,211,300  

LEYDEN ROCK METROPOLITAN DISTRICT #10 - JUNIOR LIEN
2017C (g)

    12/15/2049      10.75 %      1,025,000        1,012,495  

LINCOLN MEADOWS METROPOLITAN DISTRICT

    12/1/2031      8.00 %      7,315,000        7,249,677  

LITTLETON VILLAGE METROPOLITAN DISTRICT #2

    12/1/2045      5.38 %      1,689,000        1,706,988  

LITTLETON VILLAGE METROPOLITAN DISTRICT NO 2, SERIES 2018B SUBORDINATES (g)

    12/15/2028      7.63 %      1,140,000        1,162,412  

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        1,421,790  

MAYFIELD METROPOLITAN DISTRICT, SERIES 2020 A

    12/1/2050      5.75 %      1,190,000        1,226,509  

MAYFIELD METROPOLITAN DISTRICT, SERIES 2020 B SUBS (g)

    12/15/2050      8.25 %      622,000        639,024  

MEADOWS METROPOLITAN DISTRICT #1 (k)

    6/1/2029      8.00 %      30,730,000        31,259,171  

MEADOWS METROPOLITAN DISTRICT #2 (k)

    6/1/2029      8.00 %      23,830,000        24,240,353  

MEADOWS METROPOLITAN DISTRICT #7 (k)

    6/1/2029      8.00 %      15,440,000        15,705,877  

MIDCITIES METROPOLITAN DISTRICT #2 - SUBORDINATE 2016B (g)

    12/15/2046      7.75 %      1,919,000        1,930,322  

MIRABELLE METROPOLITAN DISTRICT NO. 2 SER 2020A SENIORS

    12/1/2049      5.00 %      1,250,000        1,216,163  

MIRABELLE METROPOLITAN DISTRICT NO. 2, SER B SUBS (g)

    12/15/2049      7.38 %      1,473,000        1,390,880  

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 %      1,410,000        1,410,000  

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        1,807,434  

MOUNTAIN SHADOWS METROPOLITAN DISTRICT - SUBORDINATE 2018C-1 (g)

    12/15/2040      10.00 %      1,994,000        1,988,217  

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        5,426,053  

NORTH PINE VISTAS METROPOLITAN DISTRICT #2 - SUBORDINATE 2016B (g)

    12/15/2046      8.50 %      1,810,000        1,505,250  

NORTH PINE VISTAS METROPOLITAN DISTRICT #3 - SENIOR 2016A

    12/1/2036      6.00 %      3,393,000        3,416,276  

NORTH PINE VISTAS METROPOLITAN DISTRICT #3 - SUBORDINATE 2016B (g)

    12/15/2046      8.25 %      1,188,000        1,199,132  

OVERLOOK METROPOLITAN DISTRICT - SENIOR 2016A

    12/1/2046      5.50 %      1,500,000        1,504,575  

PAINTED PRAIRIE PUBLIC IMPROVEMENT AUTHORITY

    12/1/2029      4.00 %      1,000,000        1,002,520  

PALISADE METROPOLITAN DISTRICT #2

    12/1/2031      4.38 %      3,105,000        3,074,975  

PALISADE PARK NORTH METROPOLITAN DISTRICT #1 - SENIOR 2016A

    12/1/2046      5.88 %      2,075,000        2,093,696  

PALISADE PARK NORTH METROPOLITAN DISTRICT #1 - SUBORDINATE 2016B (g)

    12/15/2046      8.00 %      525,000        528,266  

PALISADE PARK NORTH METROPOLITAN DISTRICT #2 - SENIOR 2018A

    12/1/2047      5.63 %      1,745,000        1,761,246  

PARKER AUTOMOTIVE METROPOLITAN DISTRICT

    12/1/2045      5.00 %      2,021,000        2,040,786  

PARKER AUTOMOTIVE METROPOLITAN DISTRICT SUB SERIES 2018B (g)

    12/15/2032      8.00 %      3,785,000        3,823,493  

PIONEER METROPOLITAN DISTRICT #3 (g)

    12/1/2046      6.50 %      3,781,000        3,696,797  

THE PLAZA METROPOLITAN DISTRICT #1

    12/1/2022      5.00 %      500,000        518,845  

THE PLAZA METROPOLITAN DISTRICT #1

    12/1/2040      5.00 %      7,850,000        7,917,275  

POTOMAC FARMS METROPOLITAN DISTRICT - SERIES 2007A

    12/1/2037      7.25 %      2,340,000        2,101,718  

POTOMAC FARMS METROPOLITAN DISTRICT - SERIES 2007B

    12/1/2023      7.63 %      229,000        223,999  

PROMENADE AT CASTLE ROCK METROPOLITAN DISTRICT #1 - SERIES A

    12/1/2025      5.13 %      500,000        518,135  

PROMENADE AT CASTLE ROCK METROPOLITAN DISTRICT NO. 1

    12/1/2039      5.75 %      7,100,000        7,345,447  

PUBLIC FINANCE AUTH CHARTER SCHOOL-COLORADO SPRINGS

    7/1/2029      4.95 %      6,720,000        6,638,419  

PUBLIC FINANCE AUTH CHARTER SCHOOL-FT COLLINS, A

    7/1/2029      4.95 %      21,650,000        21,387,169  

PUBLIC FINANCE AUTH CHARTER SCHOOL-DOUGLAS CNTY

    7/1/2029      4.95 %      14,620,000        14,442,513  

PUBLIC FINANCE AUTH CHARTER SCHOOL-DOUGLAS CNTY TXBL

    7/1/2026      4.95 %      3,310,000        3,190,542  

PUBLIC FINANCE AUTH CHARTER SCHOOL-FT COLLINS

    7/1/2029      4.95 %      10,720,000        10,589,859  

PUBLIC FINANCE AUTH CHARTER SCHOOL-AURORA

    7/1/2029      4.95 %      5,200,000        5,020,600  

PUBLIC FINANCE AUTH CHARTER SCHOOL-WINDSOR

    7/1/2029      4.95 %      13,210,000        13,049,631  

PFA AURORA CHARTER SCHOOL BC PROJ, SER B - FED EXEMPT/STATE TAXABLE

    7/1/2029      4.75 %      18,365,000        17,472,828  

PUBLIC FINANCE AUTHORITY - COLORADO SKIES ACADEMY CHARTER SCHOOL, SER A

    7/1/2025      5.63 %      10,290,000        10,263,452  

PFA DOUGLAS COUNTY CHARTER SCHOOL BC, SER 2020A

    7/1/2029      4.65 %      30,830,000        29,199,093  

PUBLIC FINANCE AUTHORITY - MONUMENT ACADEMY SER. 2019A

    6/1/2026      5.00 %      28,725,000        28,319,690  

RAVENNA METROPOLITAN DISTRICT CONV CABS - SUBORDINATE SERIES 2017B (d)

    12/15/2026      7.50 %      8,000,000        7,916,000  

REATA RIDGE VILLAGE METROPOLITAN DISTRICT NO. 2

    12/1/2049      5.00 %      900,000        900,513  

RENDEZVOUS METROPOLITAN DISTRICT NO 4 - SUBORDINATE, SERIES 2018B (g)

    10/15/2048      8.00 %      1,189,000        1,184,137  

REX RANCH METROPOLITAN DISTRICT - SUBORDINATE 2018B (g)

    12/15/2047      7.88 %      445,000        450,077  

RICHARDS FARM METROPOLITAN DISTRICT #2 - SENIOR SERIES 2015A

    12/1/2045      5.75 %      1,400,000        1,471,652  

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        173,183  

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  

SABELL METROPOLITAN DISTRICT, SER 2020 B3 SUBS (g)

    12/15/2050      8.25 %      605,000        560,629  

SIERRA RIDGE METROPOLITAN DISTRICT #2 - SENIOR SERIES 2016A

    12/1/2031      4.50 %      1,000,000        1,004,730  

SIERRA RIDGE METROPOLITAN DISTRICT #2 - SUBORDINATE SERIES 2016B (g)

    12/15/2046      7.63 %      1,500,000        1,518,330  

SOLARIS METROPOLITIAN DISTRICT #3 - SUBORDINATE SERIES 2016B (g)

    12/15/2046      7.00 %      1,000,000        990,550  

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        4,761,476  

SOUTHGLENN METROPOLITAN DISTRICT

    12/1/2021      3.00 %      936,000        927,707  

SOUTHSHORE METROPOLITAN DISTRICT #2 CONV CABS (d)

    12/1/2042      6.50 %      7,205,000        7,598,537  

SOUTHSHORE METROPOLITAN DISTRICT #2 - SUBORDINATE SERIES 2017 (g)

    12/15/2042      7.75 %      5,202,000        5,511,831  

ST VRAIN LAKES METROPOLITAN DISTRICT #2 - SENIOR SERIES 2017A

    12/1/2037      5.00 %      1,500,000        1,512,735  

ST VRAIN LAKES METROPOLITAN DISTRICT #2 - SUBORDINATE SERIES 2017B (g)

    12/15/2047      7.63 %      1,083,000        1,096,516  

STC METROPOLITAN DISTRICT NO. 2, SER A

    12/1/2029      4.00 %      1,615,000        1,582,635  

STC METROPOLITAN DISTRICT NO. 2

    12/1/2038      5.00 %      8,160,000        8,194,762  

STC METROPOLITAN DISTRICT, SER 2019 SUBS (g)

    12/15/2049      8.00 %      3,954,000        3,745,387  

STERLING RANCH COMMUNITY AUTHORITY BOARD - SENIOR SERIES 2015A

    12/1/2035      5.50 %      2,195,000        2,265,064  

STERLING RANCH COMMUNITY AUTHORITY BOARD - SENIOR SERIES 2015A

    12/1/2045      5.75 %      3,000,000        3,101,550  

STERLING RANCH COMMUNITY AUTHORITY BOARD - SUBORDINATE SERIES 2015B (g)

    12/15/2045      7.75 %      1,045,000        1,073,111  

STETSON RIDGE METROPOLITAN DISTRICT NO. 3, SUBS (g)

    12/15/2042      7.50 %      482,000        482,000  

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        1,624,918  

TABLE MOUNTAIN METROPOLITAN DISTRICT - SUBORDINATE SERIES 2016B (g)

    12/15/2045      7.75 %      570,000        579,644  

TALLYN’S REACH METROPOLITAN DISTRICT #3

    11/1/2038      5.13 %      2,070,000        2,091,507  

TALLYN’S REACH METROPOLITIAN DISTRICT #3 - SUBORDINATE SERIES 2016A (g)

    11/1/2038      6.75 %      715,000        721,664  

THOMPSON CROSSING METROPOLITAN DISTRICT NO #4

    12/1/2039      5.00 %      1,410,000        1,452,681  

THOMPSON CROSSING METROPOLITAN DISTRICT NO. 4

    12/1/2049      5.00 %      1,315,000        1,316,473  

TRAILS AT CROWFOOT METROPOLITAN DISTRICT NO 3 (g)

    12/15/2049      9.00 %      3,135,000        3,074,745  

UNITED WATER & SAN DISTRICT ELBERT COUNTY (g)

    12/1/2023      6.00 %      1,989,000        1,991,427  

VDW METROPOLITAN DISTRICT #2 - SUBORDINATE SERIES
2016B (g)

    12/15/2045      7.25 %      1,934,000        1,997,532  

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        356,438  

WESTCREEK METROPOLITAN DISTRICT NO 2

    12/1/2048      5.38 %      1,300,000        1,310,751  

WESTOWN METROPOLITAN DISTRICT - SENIOR SERIES 2017A

    12/1/2047      5.00 %      1,400,000        1,403,234  

WHISPERING PINES METROPOLITAN DISTRICT #1 - SENIOR SERIES 2017A

    12/1/2037      5.00 %      2,000,000        2,031,460  

WHITE BUFFALO METROPOLITAN DISTRICT, NO. 3

    12/1/2050      5.50 %      2,780,000        2,804,686  

WILD PLUM METROPOLITAN DISTRICT, SER A

    12/1/2049      5.00 %      595,000        617,354  

WILLOW SPRINGS METROPOLITAN DISTRICT, SER 2019B SUBORDINATES (g)

    12/15/2049      7.75 %      650,000        626,360  

WYNDHAM HILL METROPOLITAN DISTRICT NO. 2
2020B SUBS (g)

    12/15/2049      7.63 %      9,600,000        9,982,848  
       

 

 

     

 

 

  

Colorado (amortized cost $682,736,806)

           735,424,129        665,896,740  
       

 

 

     

 

 

  

Colorado Municipal Bonds (amortized cost $682,736,806)

         $ 735,424,129      $ 665,896,740  
       

 

 

     

 

 

  
Short-Term Municipal Bonds 9.9%

 

Multi-State 54.3%

 

FREDDIE MAC VR AMT TAX (LOC 6)

    5/15/2046      0.19 %    $ 8,775,000      $ 8,775,000  

FREDDIE MAC AMT (LOC 6)

    11/15/2036      0.17 %      24,197,000        24,197,000  

FREDDIE MAC VR AMT (LOC 6)

    6/15/2036      0.17 %      22,355,000        22,355,000  

FREDDIE MAC VR (LOC 6)

    12/15/2045      0.16 %      19,180,000        19,180,000  

SUNAMERICA TRUST CLASS A - SERIES 2001-2 AMT TAX (LOC 6)

    7/1/2041      0.19 %      2,960,000        2,960,000  
       

 

 

     

 

 

  

Multi-State (amortized cost $77,467,000)

           77,467,000        77,467,000  
       

 

 

     

 

 

  

Colorado 41.6%

 

BOULDER CO HSG AUTH MF BROADWAY EAST APTS (LOC 3)

    9/1/2037      0.17 %      1,635,000        1,635,000  

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      0.21 %      8,720,000        8,720,000  

CECFA - ABILITIES CONNECTION CHARTER SCHOOL

    10/1/2020      5.85 %      30,825,000        30,054,375  

COLORADO HEALTH FACILITIES AUTHORITY (b)(d)

    7/15/2020      0.00 %      520,000        519,922  

COLORADO HOUSING & FINANCE AUTHORITY - SERIES 2007A (LOC 3)

    1/1/2032      0.17 %      6,185,000        6,185,000  

COLORADO SPRINGS UTILITIES (LOC 3)

    11/1/2041      0.12 %      1,300,000        1,300,000  

JEFFCO BUSINESS CENTER METROPOLITAN DISTRICT #1 (j)

    5/1/2021      8.00 %      1,006,000        1,006,000  

SHERIDAN REDEVLOPMENT AGENCY - SERIES 2011A-1 (LOC 5)

    12/1/2029      0.17 %      5,600,000        5,600,000  
       

 

 

     

 

 

  

Colorado (amortized cost $59,598,593)

           60,106,000        59,335,297  
       

 

 

     

 

 

  

Oregon 4.1%

 

MULTNOMAH CITY HOSPITAL FACILITY ODD FELLOWS

    10/1/2020      5.45 %      5,815,000        5,790,693  
       

 

 

     

 

 

  

Oregon (amortized cost $5,815,000)

           5,815,000        5,790,693  
       

 

 

     

 

 

  

Short-Term Municipal Bonds (amortized cost $142,880,593)

         $ 143,388,000      $ 142,592,990  
       

 

 

     

 

 

  

Other Municipal Bonds 6.4%

 

South Dakota 67.8%

 

FLANDREAU SANTEE SIOUX TRIBE

    1/1/2036      5.75 %    $ 6,055,000      $ 5,142,572  

FLANDREAU SANTEE SIOUX TRIBE

    1/1/2026      5.00 %      3,240,000        3,052,404  

FLANDREAU SANTEE SIOUX TRIBE

    1/1/2031      5.50 %      3,565,000        3,162,226  

FLANDREAU SANTEE SIOUX TRIBE TE SERIES 2018B

    1/1/2038      6.00 %      6,120,000        5,658,736  

FLANDREAU SANTEE SIOUX TRIBE TE SERIES 2018C

    1/1/2038      6.00 %      5,450,000        5,039,234  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A

    1/1/2023      8.28 %      875,000        880,723  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A

    1/1/2024      8.28 %      950,000        957,505  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A

    1/1/2025      8.28 %      1,030,000        1,039,291  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A

    1/1/2026      8.28 %      1,115,000        1,122,917  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A

    1/1/2027      8.28 %      1,205,000        1,212,326  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A

    1/1/2028      8.28 %      1,305,000        1,313,091  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A

    1/1/2033      8.28 %      8,670,000        8,633,066  

LOWER BRULE SIOUX TRIBE

    3/1/2025      5.88 %      1,300,000        1,208,818  

OGLALA SIOUX TRIBE OF PINE RIDGE

    10/1/2022      5.00 %      1,050,000        1,050,987  

OGLALA SIOUX TRIBE, SERIES 2018

    7/1/2028      5.50 %      3,700,000        3,634,399  

OGLALA SIOUX TRIBE, SERIES 2018

    7/1/2037      6.00 %      9,270,000        8,608,586  

OGLALA SIOUX TRIBE, SERIES 2018B

    9/1/2041      6.50 %      6,500,000        6,239,935  

OGLALA SIOUX TRIBE OF PINE RIDGE

    10/1/2024      5.50 %      1,985,000        1,985,377  

OGLALA SIOUX TRIBE, SERIES 2018C

    10/1/2026      8.00 %      800,000        856,040  

OGLALA SIOUX TRIBE, SER 2019A

    10/1/2027      4.50 %      2,370,000        2,256,951  
       

 

 

     

 

 

  

South Dakota (amortized cost $66,540,023)

           66,555,000        63,055,182  
       

 

 

     

 

 

  

Puerto Rico 11.2%

 

COMMONWEALTH OF PUERTO RICO (a)

    7/1/2035      8.00 %      2,500,000        1,500,000  

PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1

    7/1/2034      4.50 %      277,000        288,515  

PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1

    7/1/2040      4.55 %      140,000        142,730  

PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1

    7/1/2053      4.75 %      1,028,000        1,056,434  

PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1

    7/1/2058      5.00 %      2,600,000        2,718,430  

PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1

    7/1/2024      0.00 %      140,000        126,143  

PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1

    7/1/2027      0.00 %      267,000        219,754  

PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1

    7/1/2029      0.00 %      260,000        198,476  

PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1

    7/1/2031      0.00 %      336,000        236,561  

PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1

    7/1/2033      0.00 %      378,000        244,351  

PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1

    7/1/2046      0.00 %      3,597,000        1,014,534  

PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1

    7/1/2051      0.00 %      2,930,000        594,761  

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        1,430,593  

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        43,573  

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        588,730  
       

 

 

     

 

 

  

Puerto Rico (amortized cost $9,490,510)

           16,491,000        10,403,584  
       

 

 

     

 

 

  

South Carolina 6.1%

 

GREEN MIDLANDS CHARTER SCHOOL - SENIOR SERIES 2016A

    12/1/2021      5.25 %      5,655,000        5,656,188  
       

 

 

     

 

 

  

South Carolina (amortized cost $5,655,000)

           5,655,000        5,656,188  
       

 

 

     

 

 

  

Arizona 5.5%

 

HERITAGE ACADEMY CHARTER SCHOOL MARICOPA COUNTY

    7/1/2027      5.25 %      5,000,000        5,072,400  
       

 

 

     

 

 

  

Arizona (amortized cost $5,000,000)

           5,000,000        5,072,400  
       

 

 

     

 

 

  

Multi-State 5.3%

 

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 2.3%

 

TACOMA CONSOLIDATED LID

    4/1/2043      5.75 %      2,185,000        2,178,882  
       

 

 

     

 

 

  

Washington (amortized cost $2,045,947)

           2,185,000        2,178,882  
       

 

 

     

 

 

  

Missouri 1.4%

 

KANSAS CITY INDL DEV AUTH

    1/1/2028      6.75 %      495,000        496,866  

ST LOUIS INDL DEV AUTH SR HSG - SENIOR SERIES 2005A

    5/1/2027      6.75 %      852,000        820,399  
       

 

 

     

 

 

  

Missouri (amortized cost $1,347,000)

           1,347,000        1,317,265  
       

 

 

     

 

 

  

Oklahoma 0.5%

 

HASKELL CNTY PUBLIC FAC.

    4/1/2024      5.25 %      450,000        452,543  
       

 

 

     

 

 

  

Oklahoma (amortized cost $450,000)

           450,000        452,543  
       

 

 

     

 

 

  

Other Municipal Bonds (amortized cost $95,433,395)

         $ 102,587,915      $ 93,040,959  
       

 

 

     

 

 

  

Colorado Capital Appreciation and Zero Coupon Bonds 5.5%

 

Colorado 100.0%

 

BELLA MESA METROPOLITAN DISTRICT CONV CABS SER A

      12/1/2049       0.00 %    $ 3,780,000      $ 2,693,401  

CONIFER METROPOLITAN DISTRICT (a)(d)(j)

      12/1/2031       0.00 %      7,470,000        2,988,000  

COPPERLEAF METROPOLITAN DISTRICT NO 3 SERIES 2019B SUBORDINATES

      12/15/2049       5.00 %      510,000        514,503  

FLYINGHORSE METROPOLITAN DISTRICT #2 (d)

      12/15/2042       8.00 %      15,725,000        14,491,531  

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        32,580,806  

RAVENNA METROPOLITAN DISTRICT CONV CABS - SERIES 2017 SUPPLEMENTAL B (d)

      12/1/2021       0.00 %      15,000        13,999  

RAVENNA METROPOLITAN DISTRICT CONV CABS - SERIES 2017 SUPPLEMENTAL B (d)

      12/1/2022       0.00 %      170,000        151,060  

RAVENNA METROPOLITAN DISTRICT CONV CABS - SERIES 2017 SUPPLEMENTAL B (d)

      12/1/2023       0.00 %      325,000        274,758  

RAVENNA METROPOLITAN DISTRICT CONV CABS - SERIES 2017 SUPPLEMENTAL B (d)

      12/1/2024       0.00 %      490,000        393,691  

RAVENNA METROPOLITAN DISTRICT CONV CABS - SERIES 2017 SUPPLEMENTAL B (d)

      12/1/2025       0.00 %      585,000        446,337  

SOUTHSHORE METROPOLITAN DISTRICT NO. 2 SUB B

      12/15/2041       4.13 %      9,690,000        10,343,300  

STC METROPOLITAN DISTRICT NO. 2, SER A

      12/1/2025       3.00 %      555,000        531,096  

STERLING RANCH METROPOLITAN DISTRICT #2 CONV CAB (d)

      12/1/2045       0.00 %      6,685,000        6,273,672  

WILDWING METROPOLITAN DISTRICT #1 (d)

      12/1/2023       0.00 %      950,000        739,499  
      

 

 

     

 

 

  

Colorado (amortized cost $88,382,612)

          111,635,000        78,945,654  
      

 

 

     

 

 

  

Colorado Capital Appreciation and Zero Coupon Bonds
(amortized cost $88,382,612)

        $ 111,635,000      $ 78,945,654  
      

 

 

     

 

 

  
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      $ 6,056,243  

PFA AURORA CHARTER SCHOOL BC PROJECT SER C - TAXABLE

      7/1/2029       7.00 %      1,235,000        1,177,486  

TABERNASH POLE CREEK NOTE (a)(j)

      12/31/2020       0.00 %      227,347        88,199  
      

 

 

     

 

 

  

Colorado (amortized cost $7,522,347)

          7,522,347        7,321,928  
      

 

 

     

 

 

  

Colorado Taxable Certificates/Notes/Bonds
(amortized cost $7,522,347)

        $ 7,522,347      $ 7,321,928  
      

 

 

     

 

 

  

Total investments, at value (amortized cost $1,016,955,753)

      68.4 %         $ 987,798,271  

Other assets net of liabilities

      31.6 %           457,235,808  
  

 

 

         

 

 

  

Net Assets

      100.0 %         $ 1,445,034,080  
  

 

 

         

 

 

  

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 June 30, 2020. 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 June 30, 2020.

 

(i)

Terms of security have been restructured since the original issuance. The total face amount of all such restructured securities approximates $10,920,713 and a value of $6,999,001 or less than 1.0% of net assets, as of June 30, 2020.

 

(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)

June 30, 2020

 

(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

June 30, 2020 (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 $20,736,049 or 1.43% of net assets, as of June 30, 2020. 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 $15,485,260 or 1.07% of net assets, as of June 30, 2020. 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 June 30, 2020:

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
June 30, 2020		  

Level 1 Securities

    $ —        $ —        $ —        $ —        $ —        $ —    

Level 2 Securities

      652,183,751        138,277,990        88,136,044        75,957,654        7,233,729        961,789,168  

Level 3 Securities

      13,712,989        4,315,000        4,904,915        2,988,000        88,199        26,009,103  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Totals

    $ 665,896,740      $ 142,592,990      $ 93,040,959      $ 78,945,654      $ 7,321,928      $ 987,798,271  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

From September 30, 2019 to June 30, 2020, 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 of $90,436,317 (99.9% of the June 30, 2020 balance of $90,496,386). Approximately $166,544,705 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 $68,272,970 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 June 30, 2020 the interest rates paid on these obligations ranged from 0.12% to 0.21%.

Income Tax Information

At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

 

Cost of investments

    $ 1,016,955,753  
  

 

 

  

Gross unrealized appreciation

    $ 17,798,754  

Gross unrealized (depreciation)

      (46,956,236 ) 
  

 

 

  

Net unrealized (depreciation) of investments

    $ (29,157,482 ) 
  

 

 

  

Litigation

The Fund is periodically involved in various legal proceedings. At June 30, 2020, the Fund has a litigation accrual of $357,830 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 most recent semi-annual report for the period ended March 31, 2020 that was filed with the Securities and Exchange Commission (“SEC”) on June 8, 2020. 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 June 30, 2020 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.

There is currently a hearing scheduled on June 18, 2020 in Arapahoe County Court for the parties to present their arguments regarding amount and responsibility for legal fees.

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.