NPORT-EX 2 cbspartf_123120.htm PART F HTML

COLORADO BONDSHARES

A TAX-EXEMPT FUND

Schedule of Investments

December 31, 2020

 

     Maturity      Coupon     Principal      Value  
Colorado Municipal Bonds 54.9%

 

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        6,579,297  

ANTHOLOGY WEST METROPOLITAN DISTRICT #5, SER A

      12/1/2049        4.88 %      4,630,000        4,753,899  

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

      12/15/2049        7.63 %      698,000        721,069  

BANNING LEWIS RANCH REGIONAL METROPOLITAN DISTRICT

      12/1/2048        5.38 %      2,500,000        2,653,650  

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

      12/15/2041        7.75 %      625,000        662,688  

BASE VILLAGE METROPOLITAN DISTRICT NO. 2 (g)

      12/15/2048        6.50 %      3,500,000        2,887,640  

BELFORD NORTH METROPOLITAN DISTRICT, SER 2020 A SENIORS

      12/1/2050        5.50 %      4,000,000        4,149,200  

BELFORD NORTH METROPOLITAN DISTRICT, SER 2020 B
SUBORDINATES (g)

      12/15/2050        8.50 %      3,475,000        3,594,818  

BENNETT CROSSING METROPOLITAN DISTRICT NO. 1

      12/1/2049        6.13 %      6,160,000        6,639,248  

BENT GRASS METROPOLITAN DISTRICT

      12/1/2049        5.25 %      1,690,000        1,783,153  

BRADBURN METROPOLITAN DISTRICT NO. 2 JUNIOR LIEN SER C (g)

      12/15/2051        7.50 %      3,271,000        3,096,754  

BRAMMING FARM METROPOLITAN DISTRICT #1 (d)

      12/1/2044        6.00 %      1,965,000        2,035,937  

BRENNAN METROPOLITIAN DISTRICT - SENIOR 2016A

      12/1/2046        5.25 %      1,177,000        1,222,691  

BRENNAN METROPOLITAN DISTRICT - SUBORDINATE
2016b (g)

      12/15/2046        7.50 %      516,000        531,439  

BRIGHTON CROSSING METROPOLITAN DISTRICT #4 - SENIOR 2017A

      12/1/2037        5.00 %      525,000        552,815  

BRIGHTON CROSSING METROPOLITAN DISTRICT NO. 4,
SER 2017A

      12/1/2047        5.00 %      2,965,000        3,102,487  

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

      12/1/2047        7.00 %      670,000        696,586  

CASTLEVIEW METROPOLITAN DISTRICT NO. 2

      12/1/2050        5.00 %      3,435,000        3,549,763  

CHERRY HILLS CITY METROPOLITAN DISTRICT (g)

      12/1/2047        5.00 %      1,380,000        1,428,203  

CITY CTR WEST RSDL METROPOLITAN DISTRICT NO. 2

      12/1/2049        5.00 %      1,040,000        1,085,583  

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

      12/15/2049        7.75 %      1,425,000        1,471,826  

CITYSET METROPOLITAN DISTRICT #2

      12/1/2030        3.50 %      6,075,000        6,244,796  

CITYSET METROPOLITAN DISTRICT #2

      12/1/2040        4.38 %      8,360,000        8,630,530  

CITYSET METROPOLITAN DISTRICT #2

      12/1/2045        4.50 %      3,180,000        3,282,396  

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

      12/15/2047        8.50 %      3,501,000        3,605,435  

COLLIERS HILL METROPOLITAN DISTRICT NO. 3, SER A

      12/1/2040        5.25 %      8,300,000        8,619,135  

COLLIERS HILL METROPOLITAN DISTRICT NO. 3, SER A

      12/1/2048        5.50 %      18,250,000        18,949,158  

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

      1/1/2032        0.00 %      6,530,503        3,395,862  

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

      1/1/2027        0.00 %      2,052,765        1,931,426  

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

      1/1/2027        9.00 %      2,025,547        1,377,372  

CECFA - SWALLOW ACADEMY CHARTER SCHOOL

      11/15/2027        5.35 %      3,365,000        3,438,054  

CECFA-NEW VISION CHARTER SCHOOL

      6/1/2025        5.38 %      23,135,000        23,218,749  

CECFA - GRAND PEAK ACADEMY CHARTER SCHOOL

      7/1/2025        5.60 %      20,975,000        21,062,885  

CECFA ADDENBROOKE CLASSICAL ACADEMY

      6/1/2027        4.50 %      25,285,000        26,084,006  

CECFA IMAGINE CHARTER SCHOOL AT FIRESTONE

      6/1/2027        4.50 %      17,380,000        18,307,918  

CECFA - MONARCH MONTESSORI CHARTER SCHOOL - EXCHANGE

      5/15/2025        4.75 %      8,325,000        8,398,843  

CECFA - ACADEMY OF ADVANCED LEARNING

      6/1/2027        4.38 %      8,420,000        8,506,642  

CECFA CHAVEZ/HUERTA PREP ACADEMY

      7/1/2027        4.38 %      36,525,000        37,044,020  

CECFA SWALLOWS CHARTER ACADEMY

      11/15/2027        4.38 %      6,560,000        6,563,214  

CECFA VANGUARD CLASSICAL SCHOOL,
SER A

      7/1/2027        4.38 %      24,500,000        24,511,270  

COLORADO HOUSING & FINANCE AUTHORITY (a)

      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        4,460,500  

CHFA - CASEY'S POND SENIOR LIVING (l)

      6/1/2042        0.00 %      10,665,000        5,865,750  

CHFA - CASEY'S POND SENIOR LIVING (l)

      6/1/2047        0.00 %      8,600,000        4,730,000  

COLORADO INTERNATIONAL CENTER METROPOLITAN DISTRICT #3

      12/1/2031        4.63 %      626,000        646,395  

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        1,884,632  

COPPERLEAF METROPOLITAN DISTRICT #3

      12/1/2037        5.00 %      1,000,000        1,047,850  

COUNTRY CLUB HIGHLANDS METROPOLITAN DISTRICT

      12/1/2037        7.25 %      1,030,000        875,500  

CUCHARES RANCH METROPOLITAN DISTRICT

      12/1/2045        5.00 %      2,039,000        2,106,022  

DACONO URBAN RENEWAL AUTHORITY (g)

    12/1/2039      6.25 %      4,013,000        4,149,803  

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

    12/1/2048      6.00 %      4,585,000        4,920,714  

DENVER WEST PROMENADE METROPOLITAN DISTRICT

    12/1/2031      5.13 %      500,000        514,610  

DENVER WEST PROMENADE METROPOLITAN DISTRICT

    12/15/2046      6.00 %      500,000        511,235  

UNITED W & S - EAST CHERRY CREEK (c)

    11/15/2023      5.00 %      2,269,000        2,274,287  

ELBERT & HWY 86 COML METROPOLITAN DISTRICT

    12/1/2032      7.50 %      4,500,000        4,050,000  

ERIE FARM METROPOLITAN DISTRICT - SERIES 2016A

    12/1/2045      5.50 %      2,000,000        2,077,920  

ERIE HIGHLANDS METROPOLITAN DISTRICT NO2, SER 2018A

    12/1/2048      5.25 %      6,000,000        6,271,980  

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

    12/15/2048      7.63 %      1,819,000        1,896,417  

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

    12/15/2049      7.00 %      611,000        623,306  

FLATIRON MEADOWS METROPOLITAN DISTRICT

    12/1/2046      5.13 %      2,000,000        2,065,200  

FLYING HORSE METROPOLITAN DISTRICT NO. 2 SER 2020
SUBS (g)

    12/15/2050      7.25 %      15,405,000        15,919,373  

FLYING HORSE METROPOLITAN DISTRICT NO 3 (g)

    12/1/2049      6.00 %      2,965,000        3,089,589  

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

    12/15/2046      7.25 %      683,000        748,343  

FORT LUPTON GOLF COURSE (a)

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

GREAT WESTERN PARK METROPOLITAN DISTRICT #2 - SENIOR 2016A

    12/1/2026      4.00 %      556,000        570,995  

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

    12/15/2046      7.25 %      775,000        795,662  

GREEN GABLES METROPOLITAN DISTRICT #1 - SENIOR 2016A

    12/1/2046      5.30 %      1,241,000        1,331,332  

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

    12/15/2046      7.75 %      740,000        811,595  

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

    12/15/2048      8.25 %      1,689,000        1,773,771  

GREEN VALLEY RANCH EAST METROPOLITAN DISTRICT NO. 6

    12/1/2050      5.88 %      3,325,000        3,542,655  

HIGHLANDS METROPOLITAN DISTRICT #2 - SENIOR 2016A

    12/1/2046      5.13 %      1,960,000        2,035,617  

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

    12/15/2046      7.50 %      1,269,000        1,310,001  

HIGHLANDS-MEAD METROPOLITAN DISTRICT

    12/1/2050      5.13 %      1,395,000        1,450,047  

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

    12/15/2049      8.50 %      1,827,000        1,898,710  

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        1,159,302  

INDY OAK TOD METROPOLITAN DISTRICT SER B (g)

    12/15/2050      8.00 %      736,000        788,779  

INSPIRATION METROPOLITAN DISTRICT, SER D

    12/15/2051      7.50 %      2,487,000        2,378,442  

IRON WORKS VILLAGE METROPOLITAN DISTRICT

    12/1/2048      5.88 %      1,500,000        1,600,590  

JEFFERSON CENTER METROPOLITAN DISTRICT NO. 1 SUB
SER B (g)

    12/15/2050      5.75 %      7,500,000        7,850,250  

KARL'S FARM METROPOLITAN DISTRICT NO. 2, SER A

    12/1/2040      5.38 %      515,000        544,144  

KARL'S FARM METROPOLITAN DISTRICT NO. 2, SER A

    12/1/2050      5.63 %      1,415,000        1,488,821  

LEWIS POINTE METROPOLITAN DISTRICT - SENIOR 2015A

    12/1/2044      6.00 %      2,590,000        2,592,694  

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

    12/15/2047      9.00 %      536,000        324,360  

LEYDEN ROCK METROPOLITAN DISTRICT - SENIOR 2016A

    12/1/2025      4.00 %      500,000        521,045  

LEYDEN ROCK METROPOLITAN DISTRICT - SENIOR 2016A

    12/1/2033      4.38 %      2,905,000        3,018,324  

LEYDEN ROCK METROPOLITAN DISTRICT - SENIOR 2016A

    12/1/2045      5.00 %      1,525,000        1,585,466  

LEYDEN ROCK METROPOLITAN DISTRICT - SUBORDINATE
2016B (g)

    12/15/2045      7.25 %      1,195,000        1,241,713  

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

    12/15/2049      10.75 %      1,025,000        1,047,724  

LINCOLN MEADOWS METROPOLITAN DISTRICT

    12/1/2031      8.00 %      7,187,000        7,511,852  

LITTLETON VILLAGE METROPOLITAN DISTRICT #2

    12/1/2045      5.38 %      1,670,000        1,721,269  

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

    12/15/2028      7.63 %      1,140,000        1,210,680  

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 %      1,393,000        1,492,864  

MAYFIELD METROPOLITAN DISTRICT, SERIES 2020 A

    12/1/2050      5.75 %      1,190,000        1,281,118  

MAYFIELD METROPOLITAN DISTRICT, SERIES 2020 B SUBS (g)

    12/15/2050      8.25 %      622,000        665,515  

MEADOWS METROPOLITAN DISTRICT #1 (k)

    6/1/2029      8.00 %      30,730,000        32,942,253  

MEADOWS METROPOLITAN DISTRICT #2 (k)

    6/1/2029      8.00 %      23,830,000        25,545,522  

MEADOWS METROPOLITAN DISTRICT #7 (k)

    6/1/2029      8.00 %      15,440,000        16,551,526  

MEADOWLARK METROPOLITAN DISTRICT SER A

    12/1/2040      4.88 %      520,000        539,131  

MEADOWLARK METROPOLITAN DISTRICT SER A

    12/1/2050      5.13 %      750,000        779,595  

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

    12/15/2046      7.75 %      1,919,000        1,986,626  

MIRABELLE METROPOLITAN DISTRICT NO. 2 SER 2020A SENIORS

    12/1/2049      5.00 %      1,250,000        1,299,425  

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

    12/15/2049      7.38 %      1,473,000        1,511,018  

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 (e)(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        1,858,824  

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

    12/15/2040      10.00 %      1,994,000        2,045,704  

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  

NINE MILE METROPOLITAN DISTRICT

    12/1/2030      4.63 %      1,125,000        1,163,520  

NINE MILE METROPOLITAN DISTRICT

    12/1/2040      5.13 %      2,500,000        2,597,450  

NORTH PINE VISTAS METROPOLITAN DISTRICT #2 - SENIOR 2016A

    12/1/2046      6.75 %      6,735,000        5,624,870  

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

    12/15/2046      8.50 %      1,810,000        1,553,233  

NORTH PINE VISTAS METROPOLITAN DISTRICT #3 - SENIOR 2016A

    12/1/2036      6.00 %      3,393,000        3,521,595  

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

    12/15/2046      8.25 %      1,188,000        1,232,764  

NORTH RANGE METROPOLITAN DISTRICT NO. 3, SER A

    12/1/2040      5.00 %      2,000,000        2,092,240  

OVERLOOK METROPOLITAN DISTRICT - SENIOR 2016A

    12/1/2046      5.50 %      1,500,000        1,556,910  

PAINTED PRAIRIE PUBLIC IMPROVEMENT AUTHORITY

    12/1/2029      4.00 %      1,000,000        1,056,180  

PALISADE METROPOLITAN DISTRICT #2

    12/1/2031      4.38 %      2,229,000        2,289,406  

PALISADE PARK NORTH METROPOLITAN DISTRICT #1 - SENIOR 2016A

    12/1/2046      5.88 %      2,075,000        2,156,506  

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

    12/15/2046      8.00 %      525,000        542,971  

PALISADE PARK NORTH METROPOLITAN DISTRICT #2 - SENIOR 2018A

    12/1/2047      5.63 %      1,745,000        1,847,397  

PARKDALE COMMUNITY AUTHORITY SER A

    12/1/2040      5.00 %      2,140,000        2,236,728  

PARKDALE COMMUNITY AUTHORITY SER A

    12/1/2050      5.25 %      3,335,000        3,480,639  

PARKDALE COMMUNITY AUTHORITY SUB SER B (g)

    12/15/2050      7.75 %      2,424,000        2,514,633  

PARKER AUTOMOTIVE METROPOLITAN DISTRICT

    12/1/2045      5.00 %      1,983,000        2,088,456  

PARKER AUTOMOTIVE METROPOLITAN DISTRICT SUB SERIES
2018B (g)

    12/15/2032      8.00 %      3,785,000        3,992,115  

PIONEER CMNTY AUTH BRD

    12/15/2050      6.75 %      24,592,000        25,021,868  

PIONEER METROPOLITAN DISTRICT #3 (g)

    12/1/2046      6.50 %      3,183,000        3,260,761  

THE PLAZA METROPOLITAN DISTRICT #1

    12/1/2022      5.00 %      500,000        524,710  

THE PLAZA METROPOLITAN DISTRICT #1

    12/1/2040      5.00 %      7,850,000        8,053,472  

POTOMAC FARMS METROPOLITAN DISTRICT - SERIES 2007A

    12/1/2037      7.25 %      2,340,000        2,168,431  

POTOMAC FARMS METROPOLITAN DISTRICT - SERIES 2007B

    12/1/2023      7.63 %      179,000        177,044  

PROMENADE AT CASTLE ROCK METROPOLITAN DISTRICT #1 - SERIES A

    12/1/2025      5.13 %      500,000        515,860  

PROMENADE AT CASTLE ROCK METROPOLITAN DISTRICT NO. 1

    12/1/2039      5.75 %      7,100,000        7,322,940  

PUBLIC FINANCE AUTH CHARTER SCHOOL-COLORADO SPRINGS

    7/1/2029      4.95 %      6,620,000        6,706,457  

PUBLIC FINANCE AUTH CHARTER SCHOOL-FT COLLINS, A

    7/1/2029      4.95 %      21,320,000        21,598,439  

PUBLIC FINANCE AUTH CHARTER SCHOOL-DOUGLAS CNTY

    7/1/2029      4.95 %      14,620,000        14,810,937  

PUBLIC FINANCE AUTH CHARTER SCHOOL-DOUGLAS CNTY TXBL

    7/1/2026      4.95 %      3,310,000        3,225,761  

PUBLIC FINANCE AUTH CHARTER SCHOOL-FT COLLINS

    7/1/2029      4.95 %      10,720,000        10,860,003  

PUBLIC FINANCE AUTH CHARTER SCHOOL-WINDSOR

    7/1/2029      4.95 %      13,210,000        13,382,523  

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

    7/1/2029      4.75 %      18,365,000        18,381,896  

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

    7/1/2025      5.63 %      10,290,000        10,318,298  

PFA DOUGLAS COUNTY CHARTER SCHOOL BC, SER 2020A

    7/1/2029      4.65 %      30,830,000        30,787,146  

PUBLIC FINANCE AUTHORITY - MONUMENT ACADEMY SER. 2019A

    6/1/2026      5.00 %      28,725,000        29,002,196  

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

    12/15/2026      7.50 %      8,000,000        8,247,680  

REATA RIDGE VILLAGE METROPOLITAN DISTRICT NO. 2

    12/1/2049      5.00 %      900,000        945,486  

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

    10/15/2048      8.00 %      1,189,000        1,234,123  

REX RANCH METROPOLITAN DISTRICT - SUBORDINATE 2018B (g)

    12/15/2047      7.88 %      445,000        468,162  

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  

ROSE HILL ACRES METROPOLITAN DISTRICT, SER A

    12/1/2050      5.00 %      2,990,000        3,149,068  

ROSE HILL ACRES METROPOLITAN DISTRICT, SER B SUB (g)

    12/15/2050      8.75 %      910,000        937,973  

ROUTT CNTY LID - SERIES 2004A

    8/1/2024      6.50 %      68,000        68,884  

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        622,224  

SIERRA RIDGE METROPOLITAN DISTRICT #2 - SENIOR SERIES 2016A

    12/1/2031      4.50 %      1,000,000        1,035,440  

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

    12/15/2046      7.63 %      1,500,000        1,557,930  

64TH AVENUE ARI AUTHORITY (g)

    12/1/2043      6.50 %      5,000,000        5,280,700  

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

    12/15/2046      7.00 %      1,000,000        1,037,980  

SOLITUDE METROPOLITAN DISTRICT (j)

    12/1/2026      7.00 %      3,520,000        2,288,000  

SPRING VALLEY METROPOLITAN DISTRICT NO. 4

    12/1/2040      5.00 %      1,410,000        1,478,879  

SPRING VALLEY METROPOLITAN DISTRICT NO. 4

    12/1/2050      5.13 %      1,775,000        1,849,568  

SPRING VALLEY METROPOLITAN DISTRICT NO. 4 SUB (g)

    12/15/2050      7.63 %      2,811,000        2,912,308  

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

    12/1/2037      5.00 %      1,500,000        1,586,655  

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

    12/15/2047      7.63 %      1,083,000        1,148,814  

STC METROPOLITAN DISTRICT NO. 2, SER A

    12/1/2029      4.00 %      1,615,000        1,673,948  

STC METROPOLITAN DISTRICT NO. 2

    12/1/2038      5.00 %      8,160,000        8,622,427  

STC METROPOLITAN DISTRICT, SER 2019 SUBS (g)

    12/15/2049      8.00 %      3,954,000        4,054,550  

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

      12/15/2042        7.50 %      345,000        358,289  

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 %      1,589,000        1,651,082  

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

      12/15/2045        7.75 %      570,000        625,148  

TALLYN'S REACH METROPOLITAN DISTRICT #3

      11/1/2038        5.13 %      2,070,000        2,340,032  

THOMPSON CROSSING METROPOLITAN DISTRICT NO #4

      12/1/2039        5.00 %      1,410,000        1,512,084  

THOMPSON CROSSING METROPOLITAN DISTRICT NO. 4

      12/1/2049        5.00 %      1,315,000        1,380,132  

TRAILS AT CROWFOOT METROPOLITAN DISTRICT NO 3 (g)

      12/15/2049        9.00 %      3,135,000        3,239,584  

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

      12/15/2045        7.25 %      1,459,000        1,518,046  

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        366,431  

WESTCREEK METROPOLITAN DISTRICT NO 2

      12/1/2048        5.38 %      1,300,000        1,373,138  

WESTOWN METROPOLITAN DISTRICT - SENIOR SERIES 2017A

      12/1/2047        5.00 %      1,392,000        1,501,857  

WHISPERING PINES METROPOLITAN DISTRICT #1 - SENIOR SERIES 2017A

      12/1/2037        5.00 %      2,000,000        2,099,580  

WHITE BUFFALO METROPOLITAN DISTRICT, NO. 3

      12/1/2050        5.50 %      2,780,000        2,947,940  

WILD PLUM METROPOLITAN DISTRICT, SER A

      12/1/2049        5.00 %      595,000        635,067  

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

      12/15/2049        7.75 %      650,000        671,249  

WOODMEN HEIGHTS METROPOLITAN DISTRICT NO. 2 SER B-2

      12/15/2040        7.50 %      3,358,000        3,463,408  

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

      12/15/2049        7.63 %      9,600,000        10,218,528  
       

 

 

     

 

 

  

Colorado (amortized cost $849,793,647)

           902,336,376        856,180,701  
       

 

 

     

 

 

  

Colorado Municipal Bonds (amortized cost $849,793,647)

         $ 902,336,376      $ 856,180,701  
       

 

 

     

 

 

  
Other Municipal Bonds 8.0%

 

South Dakota 75.3%

 

FLANDREAU SANTEE SIOUX TRIBE

      1/1/2036        5.75 %    $ 6,055,000      $ 5,379,625  

FLANDREAU SANTEE SIOUX TRIBE

      1/1/2026        5.00 %      3,240,000        3,124,850  

FLANDREAU SANTEE SIOUX TRIBE

      1/1/2031        5.50 %      3,565,000        3,281,262  

FLANDREAU SANTEE SIOUX TRIBE TE SERIES 2018B

      1/1/2038        6.00 %      6,120,000        5,930,096  

FLANDREAU SANTEE SIOUX TRIBE TE SERIES 2018C

      1/1/2038        6.00 %      5,450,000        5,280,887  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A

      1/1/2023        8.28 %      875,000        881,300  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A

      1/1/2024        8.28 %      950,000        959,890  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A

      1/1/2025        8.28 %      1,030,000        1,043,091  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A

      1/1/2026        8.28 %      1,115,000        1,130,242  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A

      1/1/2027        8.28 %      1,205,000        1,224,919  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A

      1/1/2028        8.28 %      1,305,000        1,327,198  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A

      1/1/2033        8.28 %      8,670,000        8,720,893  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE

      7/1/2025        5.75 %      740,000        740,000  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE

      7/1/2026        5.75 %      785,000        785,000  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE

      7/1/2027        5.75 %      830,000        830,000  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE

      7/1/2028        5.75 %      875,000        875,000  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE

      7/1/2029        5.75 %      930,000        930,000  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE

      7/1/2030        5.75 %      980,000        980,000  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE

      7/1/2031        5.75 %      1,040,000        1,040,000  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE

      7/1/2032        5.75 %      1,095,000        1,095,000  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE

      7/1/2033        5.75 %      1,160,000        1,160,000  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE

      7/1/2034        5.75 %      1,225,000        1,225,000  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE

      7/1/2035        5.75 %      1,300,000        1,300,000  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE

      7/1/2040        6.00 %      7,730,000        7,730,000  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE

      7/1/2045        6.25 %      10,395,000        10,395,000  

LOWER BRULE SIOUX TRIBE

      3/1/2025        5.88 %      1,260,000        1,193,472  

OGLALA SIOUX TRIBE OF PINE RIDGE

      10/1/2022        5.00 %      750,000        750,698  

OGLALA SIOUX TRIBE, SERIES 2018

      7/1/2028        5.50 %      3,300,000        3,332,208  

OGLALA SIOUX TRIBE, SERIES 2018

      7/1/2037        6.00 %      9,270,000        9,014,982  

OGLALA SIOUX TRIBE, SERIES 2018B

      9/1/2041        6.50 %      6,360,000        6,389,701  

OGLALA SIOUX TRIBE OF PINE RIDGE

      10/1/2024        5.50 %      1,985,000        1,985,893  

OGLALA SIOUX TRIBE, SERIES 2018C

      10/1/2026        8.00 %      800,000        859,168  

OGLALA SIOUX TRIBE, SERIES 2020

      3/1/2022        4.00 %      700,000        700,049  

OGLALA SIOUX TRIBE, SER 2019A

      10/1/2027        4.50 %      2,370,000        2,319,969  
       

 

 

     

 

 

  

South Dakota (amortized cost $95,446,765)

           95,460,000        93,915,393  
       

 

 

     

 

 

  

Puerto Rico 9.1%

 

COMMONWEALTH OF PUERTO RICO (a)

      7/1/2035        8.00 %      2,500,000        1,712,500  

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

      7/1/2034        4.50 %      277,000        302,841  

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

      7/1/2040        4.55 %      140,000        153,667  

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

      7/1/2053        4.75 %      1,028,000        1,129,731  

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

      7/1/2058        5.00 %      2,600,000        2,897,440  

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

      7/1/2024        0.00 %      140,000        132,055  

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

      7/1/2027        0.00 %      267,000        237,723  

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

      7/1/2029        0.00 %      260,000        220,808  

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

      7/1/2031        0.00 %      336,000        261,401  

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

      7/1/2033        0.00 %      378,000        270,659  

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

      7/1/2046        0.00 %      3,597,000        1,112,876  

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

      7/1/2051        0.00 %      2,930,000        652,423  

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        1,543,103  

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        46,646  

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        627,780  
       

 

 

     

 

 

  

Puerto Rico (amortized cost $9,551,131)

           16,491,000        11,301,655  
       

 

 

     

 

 

  

Oregon 4.7%

           

MULTNOMAH CITY HOSPITAL FACILITY ODD FELLOWS

      10/1/2023        5.45 %      5,815,000        5,815,000  
       

 

 

     

 

 

  

Oregon (amortized cost $5,815,000)

           5,815,000        5,815,000  
       

 

 

     

 

 

  

Arizona 4.1%

 

HERITAGE ACADEMY CHARTER SCHOOL MARICOPA COUNTY

      7/1/2027        5.25 %      5,000,000        5,103,950  
       

 

 

     

 

 

  

Arizona (amortized cost $5,000,000)

           5,000,000        5,103,950  
       

 

 

     

 

 

  

California 3.9%

           

FREDDIE MAC (g)(j)

      1/1/2037        9.75 %      4,904,915        4,904,915  
       

 

 

     

 

 

  

California (amortized cost $4,904,915)

           4,904,915        4,904,915  
       

 

 

     

 

 

  

Washington 1.8%

           

TACOMA CONSOLIDATED LID

      4/1/2043        5.75 %      2,185,000        2,187,731  
       

 

 

     

 

 

  

Washington (amortized cost $2,045,947)

           2,185,000        2,187,731  
       

 

 

     

 

 

  

Missouri 0.8%

           

KANSAS CITY INDL DEV AUTH

      1/1/2028        6.75 %      190,000        190,720  

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

      5/1/2027        6.75 %      843,000        836,071  
       

 

 

     

 

 

  

Missouri (amortized cost $1,033,000)

           1,033,000        1,026,791  
       

 

 

     

 

 

  

Oklahoma 0.4%

           

HASKELL CNTY PUBLIC FAC.

      4/1/2024        5.25 %      450,000        462,767  
       

 

 

     

 

 

  

Oklahoma (amortized cost $450,000)

           450,000        462,767  
       

 

 

     

 

 

  

Other Municipal Bonds (amortized cost $124,246,758)

         $ 131,338,915.21      $ 124,718,201.46  
       

 

 

     

 

 

  
Short-Term Municipal Bonds 5.8%

 

Multi-State 68.5%

           

FREDDIE MAC VR AMT TAX (LOC 6)

      5/15/2046        0.15 %    $ 9,345,000      $ 9,345,000  

FREDDIE MAC AMT (LOC 6)

      11/15/2036        0.12 %      11,537,000        11,537,000  

FREDDIE MAC VR AMT (LOC 6)

      6/15/2036        0.12 %      22,080,000        22,080,000  

FREDDIE MAC VR (LOC 6)

      12/15/2045        0.12 %      19,020,000        19,020,000  
       

 

 

     

 

 

  

Multi-State (amortized cost $61,982,000)

           61,982,000        61,982,000  
       

 

 

     

 

 

  

Colorado 31.5%

           

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

      9/1/2037        0.13 %      1,605,000        1,605,000  

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        0.18 %      8,270,000        8,270,000  

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

      1/1/2032        0.13 %      5,940,000        5,940,000  

COLORADO SPRINGS UTILITIES (LOC 3)

      11/1/2041        0.09 %      1,300,000        1,300,000  

JEFFCO BUSINESS CENTER METROPOLITAN DISTRICT #1 (j)

      5/1/2021        0.00 %      1,006,000        1,006,000  

MESA COUNTY-ENSTROM CANDIES INC PROJ

      7/1/2022       0.30 %      235,000        235,000  

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

      12/1/2021       0.00 %      15,000        14,465  

ROXBOROUGH VILLAGE METROPOLITAN DISTRICT - SERIES 1993B P/O (e)(i)

      12/31/2021       0.00 %      24,707        22,237  

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

      12/1/2029       0.11 %      5,200,000        5,200,000  

SOUTHGLENN METROPOLITAN DISTRICT

      12/1/2021       3.00 %      533,000        534,045  
      

 

 

     

 

 

  

Colorado (amortized cost $27,918,778)

          28,443,707        28,441,746  
      

 

 

     

 

 

  

Short-Term Municipal Bonds (amortized cost $89,900,778)

        $ 90,425,707      $ 90,423,746  
      

 

 

     

 

 

  
Colorado Capital Appreciation and Zero Coupon Bonds 4.4%

 

Colorado 100.0%

          

BELLA MESA METROPOLITAN DISTRICT CONV CABS SER A

      12/1/2049       0.00 %    $ 3,780,000      $ 2,922,016  

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

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

MAYFIELD METROPOLITAN DISTRICT, SER 2020C

      12/15/2050       3.00 %      766,000        241,359  

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        34,686,455  

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

      12/1/2022       0.00 %      170,000        157,456  

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

      12/1/2023       0.00 %      325,000        288,932  

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

      12/1/2024       0.00 %      490,000        417,696  

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

      12/1/2025       0.00 %      585,000        477,781  

SOUTHSHORE METROPOLITAN DISTRICT NO. 2 SUB B (g)

      12/15/2041       4.13 %      9,690,000        11,392,727  

STC METROPOLITAN DISTRICT NO. 2, SER A

      12/1/2025       3.00 %      555,000        554,223  

STERLING RANCH METROPOLITAN DISTRICT #2 CONV CAB (d)

      12/1/2045       8.00 %      6,685,000        6,820,438  

WILDWING METROPOLITAN DISTRICT #1 (d)

      12/1/2023       0.00 %      725,000        585,793  
      

 

 

     

 

 

  

Colorado (amortized cost $72,509,509)

          95,926,000        68,042,874  
      

 

 

     

 

 

  

Colorado Capital Appreciation and Zero Coupon Bonds (amortized cost $72,509,509)

        $ 95,926,000      $ 68,042,874  
      

 

 

     

 

 

  
Colorado Taxable Certificates/Notes/Bonds 0.6%

 

Colorado 100.0%

          

PUBLIC FINANCE AUTH CHARTER SCHOOL-COLORADO SPRINGS TXBL

      7/1/2026       7.00 %    $ 5,975,000      $ 5,997,167  

PFA AURORA CHARTER SCHOOL BC PROJECT SER C - TAXABLE

      7/1/2029       7.00 %      1,235,000        1,190,034  

WOODMEN HEIGHTS METROPOLITAN DISTRICT NO. 2 SER B-1 TAXABLE BOTH ST & FED INITIALLY

      12/15/2040       6.25 %      1,830,000        1,873,353  

TABERNASH POLE CREEK NOTE (a)(j)

      12/31/2021       0.00 %      227,347        88,199  
      

 

 

     

 

 

  

Colorado (amortized cost $9,267,347)

          9,267,347        9,148,753  
      

 

 

     

 

 

  

Colorado Taxable Certificates/Notes/Bonds (amortized cost $9,267,347)

        $ 9,267,347      $ 9,148,753  
      

 

 

     

 

 

  

Total investments, at value (amortized cost $1,145,718,040)

      73.7 %         $ 1,148,514,275  

Other assets net of liabilities

      26.3 %           409,876,737  
  

 

 

         

 

 

  

Net Assets

      100.0 %         $ 1,558,391,012  
  

 

 

         

 

 

  

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, 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 December 31, 2020.

 

(i)

Terms of security have been restructured since the original issuance. The total face amount of all such restructured securities approximates $10,876,167 and a value of $6,753,587 or less than 1.0% of net assets, as of December 31, 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)

December 31, 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

December 31, 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 $20,948,549 or 1.34% of net assets, as of December 31, 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 $15,056,250 or 0.97% of net assets, as of December 31, 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 December 31, 2020:

Valuation Inputs Summary

 

     Colorado
Municipal
Bonds		      Other
Municipal
Bonds		      Short-Term
Municipal
Bonds		      Colorado
Capital
Appreciation
and Zero
Coupon
Bonds		      Colorado
Taxable
Certificates/
Notes/Bonds		      Total Securities
December 31,
2020		  

Level 1 Securities

    $        $        $        $        $        $    

Level 2 Securities

      852,319,051        119,813,286        85,102,746        65,054,874        9,060,554        1,131,350,511  

Level 3 Securities

      3,861,650        4,904,915        5,321,000        2,988,000        88,199        17,163,764  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Totals

    $ 856,180,701      $ 124,718,201      $ 90,423,746      $ 68,042,874      $ 9,148,753      $ 1,148,514,275  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

From September 30, 2020 to December 31, 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 (97.5% of the December 31, 2020 balance of $92,740,878). Approximately $184,183,988 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 $73,057,848 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, 2020 the interest rates paid on these obligations ranged from 0.09% to 0.30%.

Income Tax Information

At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

 

Cost of investments

    $  1,145,718,040  
  

 

 

  

Gross unrealized appreciation

    $ 38,352,785  

Gross unrealized (depreciation)

      (35,556,549 ) 
  

 

 

  

Net unrealized appreciation (depreciation) of investments

    $ 2,796,236  
  

 

 

  

Litigation

The Fund is periodically involved in various legal proceedings. At December 31, 2020, the Fund has a litigation accrual of $216,562 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 2020 shareholder report on Form N-CSR filed with the Securities and Exchange Commission on December 4, 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 December 31, 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.

A final order and judgment was entered in the Landmark Litigation on September 3, 2020. That litigation is now complete. The judgment was entered against the District, not the Fund. However, the judgment prevents the District from imposing a mill levy on Landmark property owners for purposes of debt service.

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.