NPORT-EX 2 cbspartf_6302021.htm PART F 6.30.2021 DOS

COLORADO BONDSHARES

A TAX-EXEMPT FUND

Schedule of Investments

June 30, 2021

 

     Maturity      Coupon     Principal      Value  
Colorado Municipal Bonds 52.0%

 

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        6,639,125  

ANTHOLOGY WEST METROPOLITAN DISTRICT #5, SER A

      12/1/2049        4.88 %      4,630,000        4,962,156  

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

      12/15/2049        7.63 %      698,000        729,598  

ASPEN STREET METROPOLITAN DISTRICT (g)

      12/1/2050        5.13 %      1,075,000        1,116,667  

BANNING LEWIS RANCH REGIONAL METROPOLITAN DISTRICT

      12/1/2048        5.38 %      2,500,000        2,700,175  

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

      12/15/2041        7.75 %      625,000        663,875  

BASE VILLAGE METROPOLITAN DISTRICT NO. 2 (g)

      12/15/2048        6.50 %      3,500,000        3,023,685  

BELFORD NORTH METROPOLITAN DISTRICT, SER 2020 A SENIORS

      12/1/2050        5.50 %      4,000,000        4,398,440  

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

      12/15/2050        8.50 %      3,475,000        3,624,599  

BENNETT CROSSING METROPOLITAN DISTRICT NO. 1

      12/1/2049        6.13 %      6,160,000        6,772,489  

BENNETT RANCH METROPOLITAN DISTRICT NO. 1,
SUBs (g)

      12/15/2051        7.50 %      1,221,000        1,239,181  

BENT GRASS METROPOLITAN DISTRICT

      12/1/2049        5.25 %      1,690,000        1,854,623  

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

      12/15/2051        7.50 %      3,271,000        3,279,243  

BRAMMING FARM METROPOLITAN DISTRICT #1 (d)

      12/1/2044        6.00 %      1,965,000        2,071,837  

BRENNAN METROPOLITIAN DISTRICT - SENIOR 2016A

      12/1/2046        5.25 %      1,177,000        1,222,032  

BRENNAN METROPOLITAN DISTRICT - SUBORDINATE
2016b (g)

      12/15/2046        7.50 %      516,000        533,549  

BRIGHTON CROSSING METROPOLITAN DISTRICT #4 - SENIOR 2017A

      12/1/2037        5.00 %      525,000        556,936  

BRIGHTON CROSSING METROPOLITAN DISTRICT NO. 4, SER 2017A

      12/1/2047        5.00 %      2,965,000        3,132,908  

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

      12/1/2047        7.00 %      670,000        698,140  

CASTLEVIEW METROPOLITAN DISTRICT NO. 2

      12/1/2050        5.00 %      3,435,000        3,740,509  

CHERRY HILLS CITY METROPOLITAN DISTRICT (g)

      12/1/2047        5.00 %      1,380,000        1,508,423  

CIELO METROPOLITAN DISTRICT (g)

      12/1/2050        5.25 %      2,500,000        2,637,550  

CITY CTR WEST RSDL METROPOLITAN DISTRICT NO. 2

      12/1/2049        5.00 %      1,040,000        1,126,351  

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

      12/15/2049        7.75 %      1,425,000        1,490,636  

CITYSET METROPOLITAN DISTRICT #2

      12/1/2030        3.50 %      6,075,000        6,543,686  

CITYSET METROPOLITAN DISTRICT #2

      12/1/2040        4.38 %      8,360,000        9,056,054  

CITYSET METROPOLITAN DISTRICT #2

      12/1/2045        4.50 %      3,180,000        3,439,774  

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

      12/15/2047        8.50 %      3,501,000        3,620,594  

COLLIERS HILL METROPOLITAN DISTRICT NO. 3, SER A

      12/1/2040        5.25 %      8,300,000        9,141,620  

COLLIERS HILL METROPOLITAN DISTRICT NO. 3, SER A

      12/1/2048        5.50 %      18,250,000        20,082,118  

COLLIERS HILL METROPOLITAN DISTRICT NO. 3 SUB SER B (g)

      12/15/2043        8.50 %      2,213,000        2,222,538  

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

      1/1/2032        0.00 %      6,568,890        3,415,823  

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

      1/1/2027        0.00 %      2,059,269        1,884,478  

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

      1/1/2027        9.00 %      2,040,631        1,469,254  

CECFA - SWALLOW ACADEMY CHARTER SCHOOL (m)

      11/15/2027        5.35 %      3,365,000        3,447,072  

CECFA-NEW VISION CHARTER SCHOOL (m)

      6/1/2025        5.38 %      23,135,000        23,177,568  

CECFA - GRAND PEAK ACADEMY CHARTER SCHOOL (m)

      7/1/2025        5.60 %      20,975,000        20,997,234  

CECFA ADDENBROOKE CLASSICAL ACADEMY (m)

      6/1/2027        4.50 %      25,285,000        26,015,989  

CECFA IMAGINE CHARTER SCHOOL AT FIRESTONE (m)

      6/1/2027        4.50 %      17,380,000        18,366,836  

CECFA - MONARCH MONTESSORI CHARTER SCHOOL - EXCHANGE

      5/15/2025        4.75 %      8,325,000        8,410,914  

CECFA - ACADEMY OF ADVANCED LEARNING (m)

      6/1/2027        4.38 %      8,420,000        8,593,789  

CECFA CHAVEZ/HUERTA PREP ACADEMY (m)

      7/1/2027        4.38 %      36,525,000        37,366,901  

CECFA SWALLOWS CHARTER ACADEMY (m)

      11/15/2027        4.38 %      6,560,000        6,637,670  

CECFA VANGUARD CLASSICAL SCHOOL, SER A (m)

      7/1/2027        4.38 %      24,500,000        24,752,105  

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        649,293  

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        1,941,147  

COPPERLEAF METROPOLITAN DISTRICT #3

      12/1/2037        5.00 %      1,000,000        1,057,660  

COUNTRY CLUB HIGHLANDS METROPOLITAN DISTRICT

      12/1/2037        7.25 %      1,030,000        947,600  

CUCHARES RANCH METROPOLITAN DISTRICT

      12/1/2045        5.00 %      2,039,000        2,115,197  

DACONO URBAN RENEWAL AUTHORITY (g)

      12/1/2039        6.25 %      4,013,000        4,316,142  

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

      12/1/2048        6.00 %      4,585,000        4,986,646  

DENVER WEST PROMENADE METROPOLITAN DISTRICT

      12/1/2031        5.13 %      500,000        522,265  

DENVER WEST PROMENADE METROPOLITAN DISTRICT

      12/15/2046        6.00 %      500,000        515,530  

E-86 METROPOLITAN DISTRICT (g)

      12/1/2051        5.13 %      1,015,000        1,053,661  

UNITED W & S - EAST CHERRY CREEK (c)

      11/15/2023        5.00 %      2,269,000        2,275,013  

ERIE FARM METROPOLITAN DISTRICT - SERIES 2016A

      12/1/2045        5.50 %      2,000,000        2,077,420  

ERIE HIGHLANDS METROPOLITAN DISTRICT NO2, SER 2018A

      12/1/2048        5.25 %      6,000,000        6,436,920  

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

      12/15/2048        7.63 %      1,819,000        1,911,842  

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

      12/15/2049        7.00 %      611,000        620,941  

FLATIRON MEADOWS METROPOLITAN DISTRICT

      12/1/2046        5.13 %      2,000,000        2,074,960  

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

      12/15/2050        7.25 %      15,405,000        16,116,557  

FLYING HORSE METROPOLITAN DISTRICT NO 3 (g)

      12/1/2049        6.00 %      2,965,000        3,167,628  

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

      12/15/2046        7.25 %      683,000        725,264  

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        576,972  

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

      12/15/2046        7.25 %      775,000        800,172  

GREEN GABLES METROPOLITAN DISTRICT #1 - SENIOR 2016A

      12/1/2046        5.30 %      1,241,000        1,302,740  

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

      12/15/2046        7.75 %      740,000        786,169  

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

      12/15/2048        8.25 %      1,689,000        1,776,879  

GREEN VALLEY RANCH EAST METROPOLITAN DISTRICT NO. 6

      12/1/2050        5.88 %      3,325,000        3,699,462  

HIGHLANDS METROPOLITAN DISTRICT #2 - SENIOR 2016A

      12/1/2046        5.13 %      1,960,000        2,034,617  

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

      12/15/2046        7.50 %      1,269,000        1,312,565  

HIGHLANDS-MEAD METROPOLITAN DISTRICT

      12/1/2050        5.13 %      1,395,000        1,525,795  

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

      12/15/2049        8.50 %      1,827,000        1,911,133  

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        1,195,002  

INDY OAK TOD METROPOLITAN DISTRICT SER B (g)

      12/15/2050        8.00 %      736,000        789,169  

INSPIRATION METROPOLITAN DISTRICT, SER D (m)

      12/15/2051        7.50 %      2,487,000        2,486,304  

IRON WORKS VILLAGE METROPOLITAN DISTRICT

      12/1/2048        5.88 %      1,500,000        1,630,815  

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

      12/15/2050        5.75 %      7,500,000        8,100,450  

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

      12/1/2040        5.38 %      515,000        569,884  

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

      12/1/2050        5.63 %      1,415,000        1,563,066  

LEGATO COMMUNITY AUTHORITY

      12/1/2036        4.00 %      2,130,000        2,234,327  

LEYDEN ROCK METROPOLITAN DISTRICT - SENIOR 2016A

      12/1/2025        4.00 %      500,000        519,805  

LEYDEN ROCK METROPOLITAN DISTRICT - SENIOR 2016A

      12/1/2033        4.38 %      2,905,000        3,014,983  

LEYDEN ROCK METROPOLITAN DISTRICT - SENIOR 2016A

      12/1/2045        5.00 %      1,525,000        1,583,179  

LEYDEN ROCK METROPOLITAN DISTRICT - SUBORDINATE 2016B (g)

      12/15/2045        7.25 %      1,195,000        1,236,431  

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

      12/15/2049        10.75 %      1,025,000        1,056,960  

LINCOLN MEADOWS METROPOLITAN DISTRICT

      12/1/2031        8.00 %      7,150,000        7,557,336  

LITTLETON VILLAGE METROPOLITAN DISTRICT #2

      12/1/2045        5.38 %      1,670,000        1,722,839  

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

      12/15/2028        7.63 %      1,140,000        1,214,385  

LORETTO HEIGHTS COMNTY AUTHORITY (g)

      12/1/2051        4.88 %      5,000,000        5,062,750  

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        1,461,605  

MAYFIELD METROPOLITAN DISTRICT, SERIES 2020 A

      12/1/2050        5.75 %      1,190,000        1,326,445  

MAYFIELD METROPOLITAN DISTRICT, SERIES 2020 B SUBS (g)

      12/15/2050        8.25 %      622,000        666,622  

MEADOWS METROPOLITAN DISTRICT #1 (k)

      6/1/2029        8.00 %      30,730,000        33,668,710  

MEADOWS METROPOLITAN DISTRICT #2 (k)

      6/1/2029        8.00 %      23,830,000        26,108,863  

MEADOWS METROPOLITAN DISTRICT #7 (k)

      6/1/2029        8.00 %      15,440,000        16,916,527  

MEADOWLARK METROPOLITAN DISTRICT SER A

      12/1/2040        4.88 %      520,000        565,781  

MEADOWLARK METROPOLITAN DISTRICT SER A

      12/1/2050        5.13 %      750,000        820,320  

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

      12/15/2046        7.75 %      1,919,000        1,983,881  

MIRABELLE METROPOLITAN DISTRICT NO. 2 SER 2020A SENIORS

      12/1/2049        5.00 %      1,250,000        1,356,888  

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

      12/15/2049        7.38 %      1,473,000        1,530,624  

MOUNT CARBON METROPOLITAN DISTRICT - SERIES 2004A (g)

      6/1/2043        7.00 %      197,916        197,972  

MOUNT CARBON METROPOLITAN DISTRICT - SERIES 2004B (g)

      6/1/2043        7.00 %      1,410,000        1,410,395  

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        1,860,390  

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

      12/15/2040        10.00 %      1,994,000        2,057,868  

MUEGGE FARMS METROPOLITAN DISTRICT #1 (g)

      12/1/2051        5.00 %      3,000,000        3,003,570  

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        1,250,066  

NINE MILE METROPOLITAN DISTRICT

      12/1/2040        5.13 %      2,500,000        2,791,575  

NORTH PINE VISTAS METROPOLITAN DISTRICT #2 - SENIOR 2016A

      12/1/2046        6.75 %      6,735,000        5,879,251  

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

      12/15/2046        8.50 %      1,810,000        1,611,153  

NORTH PINE VISTAS METROPOLITAN DISTRICT #3 - SENIOR 2016A

      12/1/2036        6.00 %      3,393,000        3,517,455  

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

      12/15/2046        8.25 %      1,188,000        1,227,560  

NORTH RANGE METROPOLITAN DISTRICT NO. 3, SER A

      12/1/2040        5.00 %      2,000,000        2,228,300  

OVERLOOK METROPOLITAN DISTRICT - SENIOR 2016A

      12/1/2046        5.50 %      1,500,000        1,557,510  

PAINTED PRAIRIE PUBLIC IMPROVEMENT AUTHORITY

      12/1/2029        4.00 %      1,000,000        1,087,410  

PALISADE METROPOLITAN DISTRICT #2

      12/1/2031        4.38 %      2,229,000        2,310,559  

PALISADE PARK NORTH METROPOLITAN DISTRICT #1 - SENIOR 2016A

      12/1/2046        5.88 %      2,075,000        2,156,236  

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

      12/15/2046        8.00 %      525,000        542,918  

PALISADE PARK NORTH METROPOLITAN DISTRICT #2 - SENIOR 2018A

      12/1/2047        5.63 %      1,745,000        1,886,397  

PARKDALE COMMUNITY AUTHORITY SER A

      12/1/2040        5.00 %      2,140,000        2,347,858  

PARKDALE COMMUNITY AUTHORITY SER A

      12/1/2050        5.25 %      3,335,000        3,655,794  

PARKDALE COMMUNITY AUTHORITY SUB SER B (g)

      12/15/2050        7.75 %      2,424,000        2,549,030  

PARKER AUTOMOTIVE METROPOLITAN DISTRICT

      12/1/2045        5.00 %      1,983,000        2,178,742  

PARKER AUTOMOTIVE METROPOLITAN DISTRICT SUB SERIES 2018B (g)

      12/15/2032        8.00 %      3,785,000        4,005,060  

PIONEER CMNTY AUTH BRD

      12/15/2050        6.75 %      24,592,000        26,129,000  

PIONEER METROPOLITAN DISTRICT #3 (g)

      12/1/2046        6.50 %      3,183,000        3,294,341  

THE PLAZA METROPOLITAN DISTRICT #1 (m)

      12/1/2022        5.00 %      500,000        524,515  

THE PLAZA METROPOLITAN DISTRICT #1 (m)

      12/1/2040        5.00 %      7,850,000        8,083,302  

PUBLIC FINANCE AUTH CHARTER SCHOOL-COLORADO
SPRINGS (m)

      7/1/2029        4.95 %      6,620,000        6,752,996  

PUBLIC FINANCE AUTH CHARTER SCHOOL-FT COLLINS, A (m)

      7/1/2029        4.95 %      21,320,000        21,748,319  

PUBLIC FINANCE AUTH CHARTER SCHOOL-DOUGLAS CNTY (m)

      7/1/2029        4.95 %      14,620,000        14,913,716  

PUBLIC FINANCE AUTH CHARTER SCHOOL-DOUGLAS CNTY
TXBL (m)

      7/1/2026        4.95 %      3,310,000        3,382,721  

PUBLIC FINANCE AUTH CHARTER SCHOOL-FT COLLINS (m)

      7/1/2029        4.95 %      10,720,000        10,935,365  

PUBLIC FINANCE AUTH CHARTER SCHOOL-WINDSOR (m)

      7/1/2029        4.95 %      13,210,000        13,475,389  

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

      7/1/2029        4.75 %      18,365,000        18,560,036  

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

      7/1/2025        5.63 %      10,290,000        10,298,335  

PFA DOUGLAS COUNTY CHARTER SCHOOL BC, SER 2020A (m)

      7/1/2029        4.65 %      30,830,000        31,122,577  

PUBLIC FINANCE AUTHORITY - MONUMENT ACADEMY SER.
2019A (m)

      6/1/2026        5.00 %      28,725,000        29,232,284  

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

      12/15/2026        7.50 %      8,000,000        8,299,360  

REATA RIDGE VILLAGE METROPOLITAN DISTRICT NO. 2

      12/1/2049        5.00 %      900,000        977,427  

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

      10/15/2048        8.00 %      1,189,000        1,240,068  

REX RANCH METROPOLITAN DISTRICT - SUBORDINATE 2018B (g)

      12/15/2047        7.88 %      445,000        469,644  

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  

ROCK CREEK METROPOLITAN DISTRICT A-1 (g)

      12/1/2041        4.50 %      2,230,000        2,258,076  

ROCK CREEK METROPOLITAN DISTRICT A-1 (g)

      12/1/2050        4.75 %      3,880,000        3,925,784  

ROCK CREEK METROPOLITAN DISTRICT A-2 SUB CASH FLOW (g)

      12/1/2031        4.00 %      3,432,000        3,486,569  

ROSE HILL ACRES METROPOLITAN DISTRICT, SER A

      12/1/2050        5.00 %      2,990,000        3,277,967  

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

      12/15/2050        8.75 %      910,000        952,897  

ROUTT CNTY LID - SERIES 2004A

      8/1/2024        6.50 %      68,000        68,166  

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        627,101  

SIERRA RIDGE METROPOLITAN DISTRICT #2 - SENIOR SERIES 2016A

      12/1/2031        4.50 %      1,000,000        1,037,550  

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

      12/15/2046        7.63 %      1,500,000        1,551,570  

64TH AVENUE ARI AUTHORITY (g)

      12/1/2043        6.50 %      5,000,000        5,432,900  

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

      12/15/2046        7.00 %      1,000,000        1,035,820  

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        1,550,168  

SPRING VALLEY METROPOLITAN DISTRICT NO. 4

      12/1/2050        5.12 %      1,775,000        1,944,246  

SPRING VALLEY METROPOLITAN DISTRICT NO. 4 SUB (g)

      12/15/2050        7.63 %      2,811,000        2,952,478  

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

      12/1/2037        5.00 %      1,500,000        1,601,760  

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

      12/15/2047        7.63 %      1,083,000        1,145,608  

STC METROPOLITAN DISTRICT NO. 2, SER A

      12/1/2029        4.00 %      1,615,000        1,757,863  

STC METROPOLITAN DISTRICT NO. 2

      12/1/2038        5.00 %      8,160,000        8,968,738  

STC METROPOLITAN DISTRICT, SER 2019 SUBS (g)

      12/15/2049        8.00 %      3,954,000        4,123,627  

STETSON RIDGE METROPOLITAN DISTRICT NO. 3, SUBs (g)(m)

      12/15/2042        7.50 %      345,000        363,092  

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        1,649,922  

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

      12/15/2045        7.75 %      570,000        605,562  

TALLYN’S REACH METROPOLITAN DISTRICT #3

      11/1/2038        5.13 %      2,070,000        2,294,119  

THOMPSON CROSSING METROPOLITAN DISTRICT NO #4

      12/1/2039        5.00 %      1,410,000        1,545,163  

THOMPSON CROSSING METROPOLITAN DISTRICT NO. 4

      12/1/2049        5.00 %      1,315,000        1,423,395  

TRAILS AT CROWFOOT METROPOLITAN DISTRICT NO 3 (g)

      12/15/2049        9.00 %      3,135,000        3,285,386  

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

      12/15/2045        7.25 %      1,459,000        1,513,683  

VALAGUA METROPOLITAN DISTRICT

      12/1/2037        0.00 %      11,500,000        2,196,500  

VILLAS EASTLAKE RESERVOIR METROPOLITAN DISTRICT - SUBORDINATE SERIES 2016B (g)(m)

      12/15/2046        8.00 %      355,000        366,534  

WESTCREEK METROPOLITAN DISTRICT NO 2

      12/1/2048        5.38 %      1,300,000        1,410,214  

WESTOWN METROPOLITAN DISTRICT - SENIOR SERIES 2017A

      12/1/2047        5.00 %      1,392,000        1,481,130  

WHISPERING PINES METROPOLITAN DISTRICT #1 - SENIOR SERIES 2017A

      12/1/2037        5.00 %      2,000,000        2,117,700  

WHITE BUFFALO METROPOLITAN DISTRICT, NO. 3

      12/1/2050        5.50 %      2,780,000        3,066,340  

WILD PLUM METROPOLITAN DISTRICT, SER A

      12/1/2049        5.00 %      595,000        650,174  

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

      12/15/2049        7.75 %      650,000        679,842  

WOODMEN HEIGHTS METROPOLITAN DISTRICT NO. 2 SER B-2

      12/15/2040        7.50 %      3,358,000        3,517,572  

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

      12/15/2049        7.63 %      9,600,000        10,297,536  
       

 

 

     

 

 

  

Colorado (amortized cost $859,846,694)

           912,310,351        880,709,049  
       

 

 

     

 

 

  

Colorado Municipal Bonds (amortized cost $859,846,694)

         $ 912,310,351      $ 880,709,049  
       

 

 

     

 

 

  

Other Municipal Bonds 7.3%

 

South Dakota 76.7%

 

FLANDREAU SANTEE SIOUX TRIBE (m)

      1/1/2036        5.75 %    $ 6,055,000      $ 5,595,123  

FLANDREAU SANTEE SIOUX TRIBE (m)

      1/1/2026        5.00 %      2,765,000        2,716,917  

FLANDREAU SANTEE SIOUX TRIBE (m)

      1/1/2031        5.50 %      3,565,000        3,385,288  

FLANDREAU SANTEE SIOUX TRIBE TE SERIES 2018B (m)

      1/1/2038        6.00 %      6,120,000        6,149,376  

FLANDREAU SANTEE SIOUX TRIBE TE SERIES 2018C (m)

      1/1/2038        6.00 %      5,450,000        5,476,160  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m)

      1/1/2023        8.28 %      875,000        886,165  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m)

      1/1/2024        8.28 %      950,000        969,038  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m)

      1/1/2025        8.28 %      1,030,000        1,054,226  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m)

      1/1/2026        8.28 %      1,115,000        1,148,996  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m)

      1/1/2027        8.28 %      1,205,000        1,249,224  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m)

      1/1/2028        8.28 %      1,305,000        1,356,182  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m)

      1/1/2033        8.28 %      8,670,000        9,121,880  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

      7/1/2025        5.75 %      740,000        750,523  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

      7/1/2026        5.75 %      785,000        798,612  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

      7/1/2027        5.75 %      830,000        846,841  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

      7/1/2028        5.75 %      875,000        895,204  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

      7/1/2029        5.75 %      930,000        953,948  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

      7/1/2030        5.75 %      980,000        1,007,705  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

      7/1/2031        5.75 %      1,040,000        1,069,401  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

      7/1/2032        5.75 %      1,095,000        1,125,956  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

      7/1/2033        5.75 %      1,160,000        1,192,793  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

      7/1/2034        5.75 %      1,225,000        1,259,631  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

      7/1/2035        5.75 %      1,300,000        1,336,751  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

      7/1/2040        6.00 %      7,730,000        7,946,208  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

      7/1/2045        6.25 %      10,395,000        10,682,630  

LOWER BRULE SIOUX TRIBE (m)

      3/1/2025        5.88 %      1,210,000        1,167,287  

OGLALA SIOUX TRIBE OF PINE RIDGE

      10/1/2022        5.00 %      750,000        751,125  

OGLALA SIOUX TRIBE, SERIES 2018 (m)

      7/1/2028        5.50 %      3,300,000        3,406,227  

OGLALA SIOUX TRIBE, SERIES 2018 (m)

      7/1/2037        6.00 %      9,270,000        9,333,036  

OGLALA SIOUX TRIBE, SERIES 2018B (m)

      9/1/2041        6.50 %      6,360,000        6,531,148  

OGLALA SIOUX TRIBE OF PINE RIDGE (m)

      10/1/2024        5.50 %      1,985,000        1,986,648  

OGLALA SIOUX TRIBE, SERIES 2018C (m)

      10/1/2026        8.00 %      800,000        872,512  

OGLALA SIOUX TRIBE, SER 2019A (m)

      10/1/2027        4.50 %      2,370,000        2,372,417  
       

 

 

     

 

 

  

South Dakota (amortized cost $94,223,452)

           94,235,000        95,395,175  
       

 

 

     

 

 

  

Puerto Rico 9.7%

 

COMMONWEALTH OF PUERTO RICO (a)

      7/1/2035        8.00 %      2,500,000        2,068,750  

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

      7/1/2034        4.50 %      277,000        306,816  

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

      7/1/2040        4.55 %      140,000        158,990  

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

      7/1/2053        4.75 %      1,028,000        1,167,849  

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

      7/1/2058        5.00 %      2,600,000        2,996,812  

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

      7/1/2024        0.00 %      140,000        134,466  

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

      7/1/2027        0.00 %      267,000        244,430  

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

      7/1/2029        0.00 %      260,000        226,764  

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

      7/1/2031        0.00 %      336,000        270,873  

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

      7/1/2033        0.00 %      378,000        283,848  

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

      7/1/2046        0.00 %      3,597,000        1,182,909  

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

      7/1/2051        0.00 %      2,930,000        697,926  

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        1,596,033  

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        48,263  

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        650,295  
       

 

 

     

 

 

  

Puerto Rico (amortized cost $9,614,940)

           16,491,000        12,035,025  
       

 

 

     

 

 

  

Oregon 4.7%

 

MULTNOMAH CITY HOSPITAL FACILITY ODD FELLOWS (m)

      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 (m)

      7/1/2027        5.25 %      5,000,000        5,095,850  
       

 

 

     

 

 

  

Arizona (amortized cost $5,000,000)

           5,000,000        5,095,850  
       

 

 

     

 

 

  

California 1.9%

 

FREDDIE MAC (g)(j)

      1/1/2037        9.75 %      2,408,276        2,408,276  
       

 

 

     

 

 

  

California (amortized cost $2,408,276)

           2,408,276        2,408,276  
       

 

 

     

 

 

  

Washington 1.8%

 

TACOMA CONSOLIDATED LID

      4/1/2043        5.75 %      2,185,000        2,206,129  
       

 

 

     

 

 

  

Washington (amortized cost $2,045,947)

           2,185,000        2,206,129  
       

 

 

     

 

 

  

Missouri 0.8%

 

KANSAS CITY INDL DEV AUTH

      1/1/2028        6.75 %      185,000        185,829  

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

      5/1/2027        6.75 %      834,000        833,983  
       

 

 

     

 

 

  

Missouri (amortized cost $1,019,000)

           1,019,000        1,019,812  
       

 

 

     

 

 

  

Oklahoma 0.4%

 

HASKELL CNTY PUBLIC FAC.

      4/1/2024        5.25 %      450,000        469,589  
       

 

 

     

 

 

  

Oklahoma (amortized cost $450,000)

           450,000        469,589  
       

 

 

     

 

 

  

Other Municipal Bonds (amortized cost $120,576,615)

         $ 127,603,276      $ 124,444,855  
       

 

 

     

 

 

  
Short-Term Municipal Bonds 4.6%  

Multi-State 62.7%

 

FREDDIE MAC AMT (LOC 6)

      11/15/2036        0.06 %    $ 7,826,000      $ 7,826,000  

FREDDIE MAC VR AMT (LOC 6)

      6/15/2036        0.08 %      21,785,000        21,785,000  

FREDDIE MAC VR (LOC 6)

      12/15/2045        0.06 %      18,870,000        18,870,000  
       

 

 

     

 

 

  

Multi-State (amortized cost $48,481,000)

           48,481,000        48,481,000  
       

 

 

     

 

 

  

Colorado 36.4%

 

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

      9/1/2037       0.08 %      1,575,000        1,575,000  

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       0.07 %      8,270,000        8,270,000  

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

      1/1/2032       0.08 %      5,695,000        5,695,000  

COLORADO SPRINGS UTILITIES (LOC 3)

      11/1/2041       0.03 %      1,300,000        1,300,000  

JEFFCO BUSINESS CENTER METROPOLITAN DISTRICT #1 (j)

      7/1/2022       0.00 %      1,006,000        1,006,000  

MESA COUNTY -ENSTROM CANDIES INC PROJ

      7/1/2022       0.23 %      235,000        235,000  

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

      12/1/2021       0.00 %      15,000        14,810  

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       0.05 %      5,200,000        5,200,000  

SOUTHGLENN METROPOLITAN DISTRICT

      12/1/2021       3.00 %      533,000        535,713  
      

 

 

     

 

 

  

Colorado (amortized cost $27,644,344)

          28,168,707        28,168,760  
      

 

 

     

 

 

  

South Dakota 0.9%

 

OGLALA SIOUX TRIBE, SERIES 2020 (m)

      3/1/2022       4.00 %      700,000        701,792  
      

 

 

     

 

 

  

South Dakota (amortized cost $700,000)

          700,000        701,792  
      

 

 

     

 

 

  

Short-Term Municipal Bonds (amortized cost $76,825,344)

        $ 77,349,707      $ 77,351,552  
      

 

 

     

 

 

  
Colorado Capital Appreciation and Zero Coupon Bonds 4.1%

 

Colorado 100.0%

 

BELLA MESA METROPOLITAN DISTRICT CONV CABS SER A (m)

      12/1/2049       0.00 %    $ 3,780,000      $ 3,130,747  

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        270,720  

PV-ERU HOLDING TRUST (a)(m)

      12/15/2037       0.00 %      14,000,000        2,940,000  

PV-ERU HOLDING TRUST (a)(m)

      2/14/2039       0.00 %      710,000        149,100  

PV-ERU HOLDING TRUST (a)(m)

      2/14/2039       0.00 %      3,122,000        655,620  

PV-ERU HOLDING TRUST (a)(m)

      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        35,457,842  

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

      12/1/2022       0.00 %      170,000        162,756  

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

      12/1/2023       0.00 %      325,000        301,525  

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

      12/1/2024       0.00 %      490,000        437,345  

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

      12/1/2025       0.00 %      585,000        496,700  

SOUTHSHORE METROPOLITAN DISTRICT NO. 2 SUB B (g)

      12/15/2041       4.13 %      9,690,000        11,375,091  

STC METROPOLITAN DISTRICT NO. 2, SER A

      12/1/2025       3.00 %      555,000        583,999  

STERLING RANCH METROPOLITAN DISTRICT #2 CONV CAB (d)

      12/1/2045       8.00 %      6,685,000        6,845,707  

WILDWING METROPOLITAN DISTRICT #1 (d)

      12/1/2023       0.00 %      725,000        607,507  
      

 

 

     

 

 

  

Colorado (amortized cost $72,587,046)

          95,926,000        69,167,938  
      

 

 

     

 

 

  

Colorado Capital Appreciation and Zero Coupon Bonds (amortized cost $72,587,046)

        $ 95,926,000      $ 69,167,938  
      

 

 

     

 

 

  
Colorado Taxable Certificates/Notes/Bonds 0.6%

 

Colorado 100.0%

 

PUBLIC FINANCE AUTH CHARTER SCHOOL-COLORADO SPRINGS TXBL (m)

      7/1/2026       7.00 %    $ 5,975,000      $ 6,050,046  

PFA AURORA CHARTER SCHOOL BC PROJECT SER C - TAXABLE (m)

      7/1/2029       7.00 %      1,235,000        1,230,678  

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

      12/15/2040       6.25 %      1,830,000        1,975,979  

TABERNASH POLE CREEK NOTE (a)(j)

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

 

 

     

 

 

  

Colorado (amortized cost $9,267,347)

          9,267,347        9,344,902  
      

 

 

     

 

 

  

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

        $ 9,267,347      $ 9,344,902  
      

 

 

     

 

 

  

Total investments, at value (amortized cost $1,139,103,046)

      68.5 %         $ 1,161,018,296  

Other assets net of liabilities

      31.5 %           532,665,749  
  

 

 

         

 

 

  

Net Assets

      100.0 %         $ 1,693,684,045  
  

 

 

         

 

 

  

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, 2021. 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, 2021.

 

(i)

Terms of security have been restructured since the original issuance. The total face amount of all such restructured securities approximates $10,936,142 and a value of $6,818,483 or less than 1.0% of net assets, as of June 30, 2021.

 

(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).

 

(m)

Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, the aggregate value was $480,895,372, representing 28.39% of net assets.

COLORADO BONDSHARES—A TAX-EXEMPT FUND

Schedule of Investments — (unaudited) — (Continued)

June 30, 2021

 

(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, 2021 (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 $21,304,799 or 1.26% of net assets, as of June 30, 2021. 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 0.89% of net assets, as of June 30, 2021. 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, 2021:

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
June 30, 2021		  

Level 1 Securities

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

Level 2 Securities

      877,853,399        122,036,579        71,024,552        66,179,938        9,256,703        1,146,351,171  

Level 3 Securities

      3,861,650        2,408,276        5,321,000        2,988,000        88,199        14,667,125  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Totals

    $ 881,715,049      $ 124,444,855      $ 76,345,552      $ 69,167,938      $ 9,344,902      $ 1,161,018,296  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

From September 30, 2020 to June 30, 2021 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 June 30, 2021 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 $76,843,245 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, 2021 the interest rates paid on these obligations ranged from 0.03% to 0.23%.

Income Tax Information

At June 30, 2021 the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

 

Cost of investments

    $  1,139,103,046  
  

 

 

  

Gross unrealized appreciation

    $ 54,765,050  

Gross unrealized (depreciation)

      (32,849,800 ) 
  

 

 

  

Net unrealized appreciation (depreciation) of investments

    $ 21,915,250  
  

 

 

  

Litigation

The Fund is periodically involved in various legal proceedings. At June 30, 2021, the Fund has a litigation accrual of $209,797 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, 2021 that was filed with the Securities and Exchange Commission (“SEC”) on June 7, 2021. 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, 2021 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 was a hearing held on June 18, 2020 in Arapahoe County Court for the parties to present their arguments regarding amount and responsibility for legal fees. The amount of reimburseable legal fees was set at $348,490.74 to be paid by the district from funds on hand. Colorado BondShares was not found to be responsible for any of the fees although the funds on hand by the district might otherwise have gone to pay debt service to Colorado BondShares. On July 16, 2021 the owner of the unimproved parcel petitioned the court to avoid responsibility for payment of property taxes, relying in large part on the prior decisions of the courts relating to the Landmark property. Colorado BondShares has filed a motion to dismiss the claims on several grounds, including that the owner’s claims are beyond the statute of limitations.

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.