COLORADO BONDSHARES
A TAX-EXEMPT FUND
Schedule of Investments
December 31, 2021
| Maturity | Coupon | Principal | Value | |||||||||||
| Colorado Municipal Bonds 53.3% |
| |||||||||||||
| Colorado 100.0% |
| |||||||||||||
| ABERDEEN METROPOLITAN DISTRICT #1 |
12/1/2035 | 7.50 | % | $ | 1,600,000 | $ | 476,000 | |||||||
| ANTHOLOGY WEST METROPOLITAN DISTRICT #5, SER A |
12/1/2049 | 4.88 | % | 4,630,000 | 4,925,579 | |||||||||
| ANTHOLOGY WEST METROPOLITAN DISTRICT #5, SER B SUBS (g) |
12/15/2049 | 7.63 | % | 698,000 | 724,412 | |||||||||
| ASPEN STREET METROPOLITAN DISTRICT (g) |
12/1/2050 | 5.13 | % | 1,075,000 | 1,113,528 | |||||||||
| BANNING LEWIS RANCH REGIONAL METROPOLITAN DISTRICT |
12/1/2048 | 5.38 | % | 2,500,000 | 2,671,300 | |||||||||
| BANNING LEWIS RANCH REGIONAL METROPOLITAN DISTRICT, SERIES 2018B (g) |
12/15/2041 | 7.75 | % | 625,000 | 658,775 | |||||||||
| BASE VILLAGE METROPOLITAN DISTRICT NO. 2 (g) |
12/15/2048 | 6.50 | % | 3,500,000 | 2,987,985 | |||||||||
| BELFORD NORTH METROPOLITAN DISTRICT, SER 2020 A SENIORS |
12/1/2050 | 5.50 | % | 4,000,000 | 4,358,000 | |||||||||
| BELFORD NORTH METROPOLITAN DISTRICT, SER 2020 B SUBORDINATES (g) |
12/15/2050 | 8.50 | % | 3,475,000 | 3,599,892 | |||||||||
| BENNETT CROSSING METROPOLITAN DISTRICT NO. 1 |
12/1/2049 | 6.13 | % | 6,160,000 | 6,700,232 | |||||||||
| BENNETT RANCH METROPOLITAN DISTRICT NO. 1, SUBs (g) |
12/15/2051 | 7.50 | % | 1,221,000 | 1,231,818 | |||||||||
| BENT GRASS METROPOLITAN DISTRICT |
12/1/2049 | 5.25 | % | 1,690,000 | 1,836,692 | |||||||||
| BRADBURN METROPOLITAN DISTRICT NO. 2 JUNIOR LIEN |
12/15/2051 | 7.50 | % | 3,271,000 | 3,296,939 | |||||||||
| BRAMMING FARM METROPOLITAN DISTRICT #1 (d) |
12/1/2044 | 6.00 | % | 1,940,000 | 2,025,399 | |||||||||
| BRIGHTON CROSSING METROPOLITAN DISTRICT #4 - SENIOR 2017A |
12/1/2037 | 5.00 | % | 525,000 | 550,872 | |||||||||
| BRIGHTON CROSSING METROPOLITAN DISTRICT NO. 4, |
12/1/2047 | 5.00 | % | 2,965,000 | 3,103,110 | |||||||||
| BRIGHTON CROSSING METROPOLITAN DISTRICT #4 - |
12/1/2047 | 7.00 | % | 670,000 | 694,891 | |||||||||
| CASTLEVIEW METROPOLITAN DISTRICT NO. 2 |
12/1/2050 | 5.00 | % | 3,435,000 | 3,708,666 | |||||||||
| CHERRY CREEK SOUTH METROPOLITAN DISTRICT NO. 5 (g) |
12/1/2051 | 6.00 | % | 20,000,000 | 20,171,400 | |||||||||
| CHERRY HILLS CITY METROPOLITAN DISTRICT (g) |
12/1/2047 | 5.00 | % | 1,380,000 | 1,484,231 | |||||||||
| CIELO METROPOLITAN DISTRICT (g) |
12/1/2050 | 5.25 | % | 2,500,000 | 2,618,425 | |||||||||
| CITY CTR WEST RSDL METROPOLITAN DISTRICT NO. 2 |
12/1/2049 | 5.00 | % | 1,040,000 | 1,116,430 | |||||||||
| CITY CTR WEST RSDL METROPOLITAN DISTRICT NO. 2, |
12/15/2049 | 7.75 | % | 1,425,000 | 1,480,162 | |||||||||
| CITYSET METROPOLITAN DISTRICT #2 |
12/1/2030 | 3.50 | % | 6,075,000 | 6,480,324 | |||||||||
| CITYSET METROPOLITAN DISTRICT #2 |
12/1/2040 | 4.38 | % | 8,360,000 | 8,985,328 | |||||||||
| CITYSET METROPOLITAN DISTRICT #2 |
12/1/2045 | 4.50 | % | 3,180,000 | 3,413,476 | |||||||||
| COLLIERS HILL METROPOLITAN DISTRICT #2 - SUBORDINATE |
12/15/2047 | 8.50 | % | 3,501,000 | 3,583,834 | |||||||||
| COLLIERS HILL METROPOLITAN DISTRICT NO. 3, SER A |
12/1/2040 | 5.25 | % | 8,300,000 | 9,055,549 | |||||||||
| COLLIERS HILL METROPOLITAN DISTRICT NO. 3, SER A |
12/1/2048 | 5.50 | % | 18,250,000 | 19,895,785 | |||||||||
| COLLIERS HILL METROPOLITAN DISTRICT NO. 3 SUB SER B (g) |
12/15/2043 | 8.50 | % | 2,213,000 | 2,217,537 | |||||||||
| COLORADO CENTRE METROPOLITAN DISTRICT - |
1/1/2032 | 0.00 | % | 6,571,179 | 3,417,013 | |||||||||
| COLORADO CENTRE METROPOLITAN DISTRICT - SERIES |
1/1/2027 | 0.00 | % | 2,071,119 | 1,910,773 | |||||||||
| COLORADO CENTRE METROPOLITAN DISTRICT - SERIES |
1/1/2027 | 9.00 | % | 2,069,093 | 1,489,747 | |||||||||
| CECFA - SWALLOW ACADEMY CHARTER SCHOOL (m) |
11/15/2027 | 5.35 | % | 3,305,000 | 3,359,995 | |||||||||
| CECFA-NEW VISION CHARTER SCHOOL (m) |
6/1/2025 | 5.38 | % | 23,135,000 | 23,172,710 | |||||||||
| CECFA ADDENBROOKE CLASSICAL ACADEMY (m) |
6/1/2027 | 4.50 | % | 25,285,000 | 25,743,923 | |||||||||
| CECFA IMAGINE CHARTER SCHOOL AT FIRESTONE (m) |
6/1/2027 | 4.50 | % | 17,380,000 | 18,181,044 | |||||||||
| CECFA - MONARCH MONTESSORI CHARTER SCHOOL - |
5/15/2025 | 4.75 | % | 8,325,000 | 8,357,801 | |||||||||
| CECFA - ACADEMY OF ADVANCED LEARNING (m) |
6/1/2027 | 4.38 | % | 8,420,000 | 8,546,047 | |||||||||
| CECFA CHAVEZ/HUERTA PREP ACADEMY (m) |
7/1/2027 | 4.38 | % | 36,525,000 | 37,161,631 | |||||||||
| CECFA SWALLOWS CHARTER ACADEMY (m) |
11/15/2027 | 4.38 | % | 6,560,000 | 6,613,464 | |||||||||
| CECFA VANGUARD CLASSICAL SCHOOL, SER A (m) |
7/1/2027 | 4.38 | % | 24,465,000 | 24,626,469 | |||||||||
| CECFA COPERNI 2 PROJ (m) |
7/1/2029 | 4.25 | % | 5,645,000 | 5,645,000 | |||||||||
| CECFA GRAND PEAK ACAD SER A-1 (m) |
7/1/2031 | 4.00 | % | 2,150,000 | 2,150,000 | |||||||||
| CECFA GRAND PEAK ACAD SER A-1 (m) |
7/1/2041 | 4.25 | % | 5,040,000 | 5,040,000 | |||||||||
| CECFA GRAND PEAK ACAD SER A-1 (m) |
7/1/2051 | 4.50 | % | 13,070,000 | 13,070,000 | |||||||||
| 700 KALAMATH LLC (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 |
12/1/2031 | 4.63 | % | 607,000 | 625,957 | |||||||||
| CONESTOGA METRO DISTRICT #2 (g) |
12/1/2051 | 5.25 | % | 1,625,000 | 1,687,465 | |||||||||
| 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 | 1,910,683 | |||||||||
| COPPERLEAF METROPOLITAN DISTRICT #3 |
12/1/2037 | 5.00 | % | 1,000,000 | 1,073,240 | |||||||||
| COPPERLEAF METRO DISTRICT #9 (g) |
12/1/2051 | 4.88 | % | 4,075,000 | 4,106,785 | |||||||||
| COUNTRY CLUB HIGHLANDS METROPOLITAN DISTRICT |
12/1/2037 | 7.25 | % | 1,030,000 | 947,600 | |||||||||
| DACONO URBAN RENEWAL AUTHORITY (g) |
12/1/2039 | 6.25 | % | 4,013,000 | 4,283,235 | |||||||||
| DENVER INTL BUSINESS CTR METROPOLITAN DISTRICT NO. 1 - SERIES 2019B SUB (g) |
12/1/2048 | 6.00 | % | 4,585,000 | 4,951,938 | |||||||||
| DENVER WEST PROMENADE METROPOLITAN DISTRICT |
12/1/2031 | 5.13 | % | 500,000 | 516,000 | |||||||||
| DENVER WEST PROMENADE METROPOLITAN DISTRICT |
12/15/2046 | 6.00 | % | 500,000 | 510,745 | |||||||||
| E-86 METROPOLITAN DISTRICT (g) |
12/1/2051 | 5.13 | % | 1,015,000 | 1,045,064 | |||||||||
| EAGLE BROOK METROPOLITAN DISTRICT (g) |
12/1/2051 | 5.00 | % | 1,600,000 | 1,672,576 | |||||||||
| UNITED W & S - EAST CHERRY CREEK (c) |
11/15/2023 | 5.00 | % | 1,152,000 | 1,154,776 | |||||||||
| ERIE HIGHLANDS METROPOLITAN DISTRICT NO2, SER 2018A |
12/1/2048 | 5.25 | % | 6,000,000 | 6,376,620 | |||||||||
| ERIE HIGHLANDS METROPOLITAN DISTRICT NO 2, SER 2018B SUBORDINATES (g) |
12/15/2048 | 7.63 | % | 1,819,000 | 1,899,200 | |||||||||
| FITZSIMONS VILLAGE METROPOLITAN DISTRICT NO. 1, SER B SUBS (g) |
12/15/2049 | 7.00 | % | 611,000 | 617,403 | |||||||||
| FITZSIMONS VILLAGE METROPOLITAN DISTRICT NO. 3 |
12/1/2041 | 4.00 | % | 1,500,000 | 1,485,720 | |||||||||
| FITZSIMONS VILLAGE METROPOLITAN DISTRICT NO. 3 |
12/1/2055 | 4.25 | % | 4,830,000 | 4,829,855 | |||||||||
| FLATIRON MEADOWS METROPOLITAN DISTRICT |
12/1/2046 | 5.13 | % | 2,000,000 | 2,062,540 | |||||||||
| FLYING HORSE METROPOLITAN DISTRICT NO. 2 SER 2020 SUBS (g)(m) |
12/15/2050 | 7.25 | % | 15,405,000 | 15,989,312 | |||||||||
| FLYING HORSE METROPOLITAN DISTRICT NO 3 (g) |
12/1/2049 | 6.00 | % | 2,965,000 | 3,142,426 | |||||||||
| FORT LUPTON GOLF COURSE (a) |
12/15/2037 | 0.00 | % | 620,000 | 6,200 | |||||||||
| GOLDEN EAGLE ACRES METROPOLITAN DISTRICT NO. 2 (g) |
12/1/2051 | 4.50 | % | 3,981,000 | 3,967,743 | |||||||||
| GREEN GABLES METROPOLITAN DISTRICT NO. 2 SERIES 2018B SUBORDINATE (g) |
12/15/2048 | 8.25 | % | 1,689,000 | 1,767,302 | |||||||||
| GREEN VALLEY RANCH EAST METROPOLITAN DISTRICT NO. 6 |
12/1/2050 | 5.88 | % | 3,325,000 | 3,659,761 | |||||||||
| GREENWAYS METROPOLITAN DISTRICT NO. 1 (g) |
12/1/2051 | 4.63 | % | 3,685,000 | 3,671,734 | |||||||||
| HIDDEN CREEK METROPOLITAN DISTRICT (g) |
12/1/2045 | 4.63 | % | 1,145,000 | 1,143,271 | |||||||||
| HIGHLANDS-MEAD METROPOLITAN DISTRICT |
12/1/2050 | 5.13 | % | 1,395,000 | 1,512,096 | |||||||||
| HOGBACK METROPOLITAN DISTRICT SER A |
12/1/2041 | 5.00 | % | 725,000 | 766,912 | |||||||||
| HOGBACK METROPOLITAN DISTRICT SER A |
12/1/2051 | 5.00 | % | 1,550,000 | 1,613,070 | |||||||||
| HORIZON METROPOLITAN DISTRICT NO. 2 (g) |
12/1/2051 | 0.00 | % | 1,700,000 | 1,718,292 | |||||||||
| HUNTER’S OVERLOOK METROPOLITAN DISTRICT NO. 5, SUBS (g) |
12/15/2049 | 8.50 | % | 1,827,000 | 1,894,946 | |||||||||
| 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 | 1,181,672 | |||||||||
| INDY OAK TOD METROPOLITAN DISTRICT SER B (g) |
12/15/2050 | 8.00 | % | 736,000 | 782,942 | |||||||||
| INSPIRATION METROPOLITAN DISTRICT SUB SER 2021B |
12/15/2036 | 5.00 | % | 812,000 | 811,107 | |||||||||
| IRON WORKS VILLAGE METROPOLITAN DISTRICT |
12/1/2048 | 5.88 | % | 1,500,000 | 1,649,745 | |||||||||
| JAY GROVE METROPOLITAN DISTRICT (g) |
12/1/2051 | 4.25 | % | 1,225,000 | 1,218,777 | |||||||||
| JEFFERSON CENTER METROPOLITAN DISTRICT NO. 1 SUB SER B (g) |
12/15/2050 | 5.75 | % | 7,500,000 | 7,981,875 | |||||||||
| KARL’S FARM METROPOLITAN DISTRICT NO. 2, SER A |
12/1/2040 | 5.38 | % | 515,000 | 564,059 | |||||||||
| KARL’S FARM METROPOLITAN DISTRICT NO. 2, SER A |
12/1/2050 | 5.63 | % | 1,415,000 | 1,547,444 | |||||||||
| LAKES METROPOLITAN DISTRICT NO 4 (g) |
12/1/2061 | 5.50 | % | 20,080,000 | 20,077,590 | |||||||||
| LANTERNS METROPOLITAN DISTRICT No. 2 (g) |
12/1/2050 | 4.50 | % | 3,672,000 | 3,567,532 | |||||||||
| LEGATO COMMUNITY AUTHORITY |
12/1/2036 | 4.00 | % | 2,130,000 | 2,227,000 | |||||||||
| LINCOLN MEADOWS METROPOLITAN DISTRICT |
12/1/2031 | 8.00 | % | 7,086,000 | 7,444,764 | |||||||||
| LITTLETON VILLAGE METROPOLITAN DISTRICT #2 |
12/1/2045 | 5.38 | % | 1,650,000 | 1,685,475 | |||||||||
| LITTLETON VILLAGE METROPOLITAN DISTRICT NO 2, SERIES 2018B SUBORDINATES (g) |
12/15/2028 | 7.63 | % | 1,140,000 | 1,204,570 | |||||||||
| LORETTO HEIGHTS COMNTY AUTHORITY (g) |
12/1/2051 | 4.88 | % | 5,000,000 | 5,098,850 | |||||||||
| MARIN METROPOLITAN DISTRICT (a)(j) |
12/1/2028 | 0.00 | % | 17,485,000 | 1,573,650 | |||||||||
| MAYFIELD METROPOLITAN DISTRICT, SERIES 2020 A |
12/1/2050 | 5.75 | % | 1,190,000 | 1,311,285 | |||||||||
| MAYFIELD METROPOLITAN DISTRICT, SERIES 2020 B SUBS (g) |
12/15/2050 | 8.25 | % | 622,000 | 661,397 | |||||||||
| MEADOWS METROPOLITAN DISTRICT #1 (k) |
6/1/2029 | 8.00 | % | 30,730,000 | 33,314,700 | |||||||||
| MEADOWS METROPOLITAN DISTRICT #2 (k) |
6/1/2029 | 8.00 | % | 23,830,000 | 25,834,341 | |||||||||
| MEADOWS METROPOLITAN DISTRICT #7 (k) |
6/1/2029 | 8.00 | % | 15,440,000 | 16,738,658 | |||||||||
| MEADOWLARK METROPOLITAN DISTRICT SER A |
12/1/2040 | 4.88 | % | 520,000 | 561,007 | |||||||||
| MEADOWLARK METROPOLITAN DISTRICT SER A |
12/1/2050 | 5.13 | % | 750,000 | 812,955 | |||||||||
| MIDCITIES METROPOLITAN DISTRICT #2 - SUBORDINATE 2016B (g) |
12/15/2046 | 7.75 | % | 1,919,000 | 1,977,376 | |||||||||
| MIRABELLE METROPOLITAN DISTRICT NO. 2 SER 2020A SENIORS |
12/1/2049 | 5.00 | % | 1,250,000 | 1,337,600 | |||||||||
| MIRABELLE METROPOLITAN DISTRICT NO. 2, SER B SUBS (g) |
12/15/2049 | 7.38 | % | 1,473,000 | 1,517,426 | |||||||||
| MONUMENT JUNCTION METROPOLITAN DISTRICT NO. 1 (g) |
12/1/2051 | 5.75 | % | 12,258,000 | 12,239,123 | |||||||||
| MOUNT CARBON METROPOLITAN DISTRICT - SERIES 2004A (g) |
6/1/2043 | 7.00 | % | 197,916 | 197,952 | |||||||||
| MOUNT CARBON METROPOLITAN DISTRICT - SERIES 2004B (g) |
6/1/2043 | 7.00 | % | 1,340,000 | 1,340,241 | |||||||||
| MOUNT CARBON METROPOLITAN DISTRICT - SERIES 2004C (e)(g) |
6/1/2043 | 0.00 | % | 565,000 | 124,300 | |||||||||
| MOUNTAIN BROOK METROPOLITAN DISTRICT |
12/1/2051 | 4.75 | % | 2,915,000 | 2,914,883 | |||||||||
| MOUNTAIN BROOK METROPOLITAN DISTRICT |
12/1/2041 | 4.50 | % | 1,000,000 | 999,950 | |||||||||
| MOUNTAIN SHADOWS METROPOLITAN DISTRICT - SUBORDINATE 2016B (g) |
12/15/2046 | 7.50 | % | 1,800,000 | 1,853,892 | |||||||||
| MOUNTAIN SHADOWS METROPOLITAN DISTRICT - SUBORDINATE 2018C-1 (g) |
12/15/2040 | 10.00 | % | 1,994,000 | 2,048,855 | |||||||||
| MUEGGE FARMS METROPOLITAN DISTRICT #1 (g) |
12/1/2051 | 5.00 | % | 3,000,000 | 2,999,130 | |||||||||
| MUEGGE FARMS METROPOLITAN DISTRICT NO. 3 (g) |
12/1/2051 | 5.50 | % | 10,431,000 | 10,502,035 |
| 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 | 1,236,566 | |||||||||
| NINE MILE METROPOLITAN DISTRICT |
12/1/2040 | 5.13 | % | 2,500,000 | 2,761,250 | |||||||||
| NORTH PINE VISTAS METROPOLITAN DISTRICT #2 - SENIOR 2016A |
12/1/2046 | 6.75 | % | 6,680,000 | 5,765,909 | |||||||||
| NORTH PINE VISTAS METROPOLITAN DISTRICT #2 - SUBORDINATE 2016B (g) |
12/15/2046 | 8.50 | % | 1,810,000 | 1,596,836 | |||||||||
| NORTH RANGE METROPOLITAN DISTRICT NO. 3, SER A |
12/1/2040 | 5.00 | % | 2,000,000 | 2,203,680 | |||||||||
| PAINTED PRAIRIE PUBLIC IMPROVEMENT AUTHORITY |
12/1/2029 | 4.00 | % | 1,000,000 | 1,077,060 | |||||||||
| PALISADE PARK NORTH METROPOLITAN DISTRICT #2 - SENIOR 2018A |
12/1/2047 | 5.63 | % | 1,745,000 | 1,865,946 | |||||||||
| PARKDALE COMMUNITY AUTHORITY SER A |
12/1/2040 | 5.00 | % | 2,140,000 | 2,325,945 | |||||||||
| PARKDALE COMMUNITY AUTHORITY SER A |
12/1/2050 | 5.25 | % | 3,335,000 | 3,622,144 | |||||||||
| PARKDALE COMMUNITY AUTHORITY SUB SER B (g) |
12/15/2050 | 7.75 | % | 2,424,000 | 2,528,402 | |||||||||
| PARKER AUTOMOTIVE METROPOLITAN DISTRICT |
12/1/2045 | 5.00 | % | 1,946,000 | 2,114,952 | |||||||||
| PARKER AUTOMOTIVE METROPOLITAN DISTRICT SUB SERIES 2018B (g) |
12/15/2032 | 8.00 | % | 3,785,000 | 3,977,278 | |||||||||
| PIONEER CMNTY AUTH BRD |
12/15/2050 | 6.75 | % | 24,592,000 | 25,909,393 | |||||||||
| PIONEER METROPOLITAN DISTRICT #3 (g) |
12/1/2046 | 6.50 | % | 2,866,000 | 2,954,158 | |||||||||
| THE PLAZA METROPOLITAN DISTRICT #1 (m) |
12/1/2040 | 5.00 | % | 7,850,000 | 7,995,853 | |||||||||
| POWHATON COMMUNITY AUTHORITY DISTRICT NO. 3 (g) |
12/1/2051 | 5.00 | % | 5,950,000 | 6,026,220 | |||||||||
| PRONGHORN VALLEY METROPOLITAN DISTRICT, SER A |
12/1/2041 | 3.75 | % | 515,000 | 523,564 | |||||||||
| PRONGHORN VALLEY METROPOLITAN DISTRICT, SER A |
12/1/2051 | 4.00 | % | 650,000 | 661,570 | |||||||||
| PUBLIC FINANCE AUTH CHARTER SCHOOL-COLORADO SPRINGS (m) |
7/1/2029 | 4.95 | % | 6,515,000 | 6,608,425 | |||||||||
| PUBLIC FINANCE AUTH CHARTER SCHOOL-FT COLLINS, A (m) |
7/1/2029 | 4.95 | % | 20,975,000 | 21,275,782 | |||||||||
| PUBLIC FINANCE AUTH CHARTER SCHOOL-DOUGLAS CNTY (m) |
7/1/2029 | 4.95 | % | 14,620,000 | 14,829,651 | |||||||||
| PUBLIC FINANCE AUTH CHARTER SCHOOL-DOUGLAS CNTY TXBL (m) |
7/1/2026 | 4.95 | % | 3,310,000 | 3,361,338 | |||||||||
| PUBLIC FINANCE AUTH CHARTER SCHOOL-FT COLLINS (m) |
7/1/2029 | 4.95 | % | 10,720,000 | 10,873,725 | |||||||||
| PUBLIC FINANCE AUTH CHARTER SCHOOL-WINDSOR (m) |
7/1/2029 | 4.95 | % | 13,210,000 | 13,399,431 | |||||||||
| PFA AURORA CHARTER SCHOOL BC PROJ, SER B - FED EXEMPT/STATE TAXABLE (m) |
7/1/2029 | 4.75 | % | 18,365,000 | 18,490,984 | |||||||||
| PUBLIC FINANCE AUTHORITY - COLORADO SKIES ACADEMY CHARTER SCHOOL, SER A (m) |
7/1/2025 | 5.63 | % | 10,290,000 | 10,296,997 | |||||||||
| PFA DOUGLAS COUNTY CHARTER SCHOOL BC, SER 2020A (m) |
7/1/2029 | 4.65 | % | 30,830,000 | 31,015,288 | |||||||||
| PUBLIC FINANCE AUTHORITY - MONUMENT ACADEMY SER. 2019A (m) |
6/1/2026 | 5.00 | % | 28,725,000 | 29,066,253 | |||||||||
| RAVENNA METROPOLITAN DISTRICT CONV CABS - SUBORDINATE SERIES 2017B (d) |
12/15/2026 | 7.50 | % | 8,000,000 | 8,245,040 | |||||||||
| REATA RIDGE VILLAGE METROPOLITAN DISTRICT NO. 2 |
12/1/2049 | 5.00 | % | 900,000 | 968,454 | |||||||||
| RENDEZVOUS METROPOLITAN DISTRICT NO 4 - SUBORDINATE, SERIES 2018B (g) |
10/15/2048 | 8.00 | % | 1,189,000 | 1,231,721 | |||||||||
| REMUDA RIDGE METROPOLITAN DISTRICT, SER 2021A (g) |
12/1/2051 | 5.63 | % | 5,520,000 | 5,529,660 | |||||||||
| REX RANCH METROPOLITAN DISTRICT - SUBORDINATE 2018B (g) |
12/15/2047 | 7.88 | % | 445,000 | 466,796 | |||||||||
| 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 | 2,262,781 | |||||||||
| ROCK CREEK METROPOLITAN DISTRICT A-1 (g) |
12/1/2050 | 4.75 | % | 3,880,000 | 3,937,928 | |||||||||
| ROCK CREEK METROPOLITAN DISTRICT A-2 SUB CASH FLOW (g) |
12/1/2031 | 4.00 | % | 3,432,000 | 3,480,700 | |||||||||
| ROSE HILL ACRES METROPOLITAN DISTRICT, SER A |
12/1/2050 | 5.00 | % | 2,990,000 | 3,247,618 | |||||||||
| ROSE HILL ACRES METROPOLITAN DISTRICT, SER B SUB (g) |
12/15/2050 | 8.75 | % | 910,000 | 945,581 | |||||||||
| ROXBOROUGH VILLAGE METROPOLITAN DISTRICT - SERIES |
12/31/2042 | 0.00 | % | 242,645 | 26,691 | |||||||||
| RRC METROPOLITAN DISTRICT NO. 2 (g) |
12/1/2051 | 5.25 | % | 5,625,000 | 5,616,000 | |||||||||
| SABELL METROPOLITAN DISTRICT, SER 2020 B3 SUBS (g) |
12/15/2050 | 8.25 | % | 605,000 | 639,346 | |||||||||
| SIERRA RIDGE METROPOLITAN DISTRICT #2 - SENIOR SERIES 2016A |
12/1/2031 | 4.50 | % | 1,000,000 | 1,031,300 | |||||||||
| SIERRA RIDGE METROPOLITAN DISTRICT #2 - SUBORDINATE SERIES 2016B (g) |
12/15/2046 | 7.63 | % | 1,500,000 | 1,545,795 | |||||||||
| SILVER PEAKS EAST METROPOLITAN DISTRICT (g) |
12/1/2051 | 5.00 | % | 5,410,000 | 5,401,182 | |||||||||
| 64TH AVENUE ARI AUTHORITY (g) |
12/1/2043 | 6.50 | % | 5,000,000 | 5,384,800 | |||||||||
| SOLARIS METROPOLITIAN DISTRICT #3 - SUBORDINATE SERIES 2016B (g) |
12/15/2046 | 7.00 | % | 1,000,000 | 1,030,800 | |||||||||
| 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 | 1,509,602 | |||||||||
| SPRING VALLEY METROPOLITAN DISTRICT NO. 4 |
12/1/2050 | 5.12 | % | 1,775,000 | 1,892,079 | |||||||||
| SPRING VALLEY METROPOLITAN DISTRICT NO. 4 SUB (g) |
12/15/2050 | 7.63 | % | 2,811,000 | 2,894,459 | |||||||||
| ST VRAIN LAKES METROPOLITAN DISTRICT #2 - SENIOR SERIES 2017A |
12/1/2037 | 5.00 | % | 1,500,000 | 1,577,850 | |||||||||
| ST VRAIN LAKES METROPOLITAN DISTRICT #2 - SUBORDINATE SERIES 2017B (g) |
12/15/2047 | 7.63 | % | 1,083,000 | 1,132,482 | |||||||||
| STC METROPOLITAN DISTRICT NO. 2, SER A |
12/1/2029 | 4.00 | % | 1,615,000 | 1,745,282 | |||||||||
| STC METROPOLITAN DISTRICT NO. 2 |
12/1/2038 | 5.00 | % | 8,160,000 | 8,900,520 | |||||||||
| STC METROPOLITAN DISTRICT, SER 2019 SUBS (g) |
12/15/2049 | 8.00 | % | 3,954,000 | 4,129,676 | |||||||||
| STETSON RIDGE METROPOLITAN DISTRICT NO. 3, SUBs (g)(m) |
12/15/2042 | 7.50 | % | 345,000 | 360,066 | |||||||||
| STONE RIDGE METROPOLITAN DISTRICT #2 |
12/1/2031 | 0.00 | % | 11,896,000 | 1,903,360 | |||||||||
| TALLYN’S REACH METROPOLITAN DISTRICT #3 |
11/1/2038 | 5.13 | % | 2,070,000 | 2,244,232 | |||||||||
| THOMPSON CROSSING METROPOLITAN DISTRICT NO #4 |
12/1/2039 | 5.00 | % | 1,410,000 | 1,528,172 | |||||||||
| THOMPSON CROSSING METROPOLITAN DISTRICT NO. 4 |
12/1/2049 | 5.00 | % | 1,315,000 | 1,410,364 | |||||||||
| TRAILS AT CROWFOOT METROPOLITAN DISTRICT NO 3 (g) |
12/15/2049 | 9.00 | % | 3,135,000 | 3,260,275 |
| VDW METROPOLITAN DISTRICT #2 - SUBORDINATE SERIES |
12/15/2045 | 7.25 | % | 1,388,000 | 1,431,555 | |||||||||
| VALAGUA METROPOLITAN DISTRICT |
12/1/2037 | 0.00 | % | 11,500,000 | 2,196,500 | |||||||||
| VILGS AT MURPHY CREEK METROPOLITAN DISTRICT NO. 1 (g) |
12/1/2051 | 5.50 | % | 12,358,000 | 12,338,598 | |||||||||
| WESTCREEK METROPOLITAN DISTRICT NO 2 |
12/1/2048 | 5.38 | % | 1,300,000 | 1,396,122 | |||||||||
| WESTOWN METROPOLITAN DISTRICT - SENIOR SERIES 2017A |
12/1/2047 | 5.00 | % | 1,369,000 | 1,467,294 | |||||||||
| WHISPERING PINES METROPOLITAN DISTRICT #1 - SENIOR SERIES 2017A |
12/1/2037 | 5.00 | % | 2,000,000 | 2,096,020 | |||||||||
| WHITE BUFFALO METROPOLITAN DISTRICT, NO. 3 |
12/1/2050 | 5.50 | % | 2,780,000 | 3,034,954 | |||||||||
| WILD PLUM METROPOLITAN DISTRICT, SER A |
12/1/2049 | 5.00 | % | 595,000 | 643,653 | |||||||||
| WILLOW SPRINGS METROPOLITAN DISTRICT, SER 2019B SUBORDINATES (g) |
12/15/2049 | 7.75 | % | 650,000 | 675,006 | |||||||||
| WOODMEN HEIGHTS METROPOLITAN DISTRICT NO. 2 SER B-2 |
12/15/2040 | 7.50 | % | 3,358,000 | 3,491,850 | |||||||||
| WYNDHAM HILL METROPOLITAN DISTRICT NO. 2 2020B SUBS (g) |
12/15/2049 | 7.63 | % | 9,600,000 | 10,221,696 | |||||||||
|
|
|
|
|
|||||||||||
| Colorado (amortized cost $953,240,812) |
1,005,338,952 | 967,142,022 | ||||||||||||
|
|
|
|
|
|||||||||||
| Colorado Municipal Bonds (amortized cost $953,240,812) |
$ | 1,005,338,952 | $ | 967,142,022 | ||||||||||
|
|
|
|
|
|||||||||||
| Other Municipal Bonds 6.8% |
| |||||||||||||
| South Dakota 76.7% |
| |||||||||||||
| FLANDREAU SANTEE SIOUX TRIBE (m) |
1/1/2036 | 5.75 | % | $ | 6,055,000 | $ | 5,547,954 | |||||||
| FLANDREAU SANTEE SIOUX TRIBE (m) |
1/1/2026 | 5.00 | % | 2,765,000 | 2,711,083 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE (m) |
1/1/2031 | 5.50 | % | 3,565,000 | 3,366,643 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE TE SERIES 2018B (m) |
1/1/2038 | 6.00 | % | 6,120,000 | 6,318,288 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE TE SERIES 2018C (m) |
1/1/2038 | 6.00 | % | 5,450,000 | 5,626,580 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m) |
1/1/2023 | 8.28 | % | 875,000 | 882,849 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m) |
1/1/2024 | 8.28 | % | 950,000 | 964,982 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m) |
1/1/2025 | 8.28 | % | 1,030,000 | 1,051,002 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m) |
1/1/2026 | 8.28 | % | 1,115,000 | 1,148,260 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m) |
1/1/2027 | 8.28 | % | 1,205,000 | 1,252,152 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m) |
1/1/2028 | 8.28 | % | 1,305,000 | 1,365,957 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m) |
1/1/2033 | 8.28 | % | 8,670,000 | 9,123,094 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m) |
7/1/2025 | 5.75 | % | 740,000 | 746,734 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m) |
7/1/2026 | 5.75 | % | 785,000 | 793,957 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m) |
7/1/2027 | 5.75 | % | 830,000 | 841,288 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m) |
7/1/2028 | 5.75 | % | 875,000 | 888,711 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m) |
7/1/2029 | 5.75 | % | 930,000 | 946,396 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m) |
7/1/2030 | 5.75 | % | 980,000 | 999,100 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m) |
7/1/2031 | 5.75 | % | 1,040,000 | 1,060,270 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m) |
7/1/2032 | 5.75 | % | 1,095,000 | 1,116,342 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m) |
7/1/2033 | 5.75 | % | 1,160,000 | 1,182,608 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m) |
7/1/2034 | 5.75 | % | 1,225,000 | 1,248,875 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m) |
7/1/2035 | 5.75 | % | 1,300,000 | 1,325,337 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m) |
7/1/2040 | 6.00 | % | 7,730,000 | 7,879,112 | |||||||||
| FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m) |
7/1/2045 | 6.25 | % | 10,395,000 | 10,593,545 | |||||||||
| LOWER BRULE SIOUX TRIBE (m) |
3/1/2025 | 5.88 | % | 1,160,000 | 1,121,917 | |||||||||
| OGLALA SIOUX TRIBE, SERIES 2018 (m) |
7/1/2028 | 5.50 | % | 3,000,000 | 3,072,240 | |||||||||
| OGLALA SIOUX TRIBE, SERIES 2018 (m) |
7/1/2037 | 6.00 | % | 9,270,000 | 9,274,820 | |||||||||
| OGLALA SIOUX TRIBE, SERIES 2018B (m) |
9/1/2041 | 6.50 | % | 6,210,000 | 6,330,039 | |||||||||
| OGLALA SIOUX TRIBE OF PINE RIDGE (m) |
10/1/2024 | 5.50 | % | 1,985,000 | 1,986,350 | |||||||||
| OGLALA SIOUX TRIBE, SERIES 2018C (m) |
10/1/2026 | 8.00 | % | 800,000 | 869,952 | |||||||||
| OGLALA SIOUX TRIBE, SER 2019A (m) |
10/1/2027 | 4.50 | % | 2,370,000 | 2,359,193 | |||||||||
|
|
|
|
|
|||||||||||
| South Dakota (amortized cost $92,975,142) |
92,985,000 | 93,995,629 | ||||||||||||
|
|
|
|
|
|||||||||||
| Puerto Rico 10.0% |
| |||||||||||||
| COMMONWEALTH OF PUERTO RICO (a) |
7/1/2035 | 8.00 | % | 2,500,000 | 2,190,625 | |||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2034 | 4.50 | % | 277,000 | 302,816 | |||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2040 | 4.55 | % | 140,000 | 159,615 | |||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2053 | 4.75 | % | 1,028,000 | 1,174,572 | |||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2058 | 5.00 | % | 2,600,000 | 3,009,656 | |||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2024 | 0.00 | % | 126,000 | 121,634 | |||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2027 | 0.00 | % | 267,000 | 246,871 | |||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2029 | 0.00 | % | 260,000 | 228,179 | |||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2031 | 0.00 | % | 336,000 | 273,353 | |||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2033 | 0.00 | % | 378,000 | 286,524 | |||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2046 | 0.00 | % | 3,597,000 | 1,222,369 | |||||||||
| PUERTO RICO SALES TAX FINANCING CORP RESTRUCTURED SER 2019 A-1 |
7/1/2051 | 0.00 | % | 2,930,000 | 717,879 | |||||||||
| 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 | 1,604,563 | |||||||||
| 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 | 48,579 | |||||||||
| 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 | 653,572 | |||||||||
|
|
|
|
|
|||||||||||
| Puerto Rico (amortized cost $9,665,433) |
16,477,000 | 12,240,808 | ||||||||||||
|
|
|
|
|
|||||||||||
| 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 | % | 4,915,000 | 5,036,450 | |||||||||
|
|
|
|
|
|||||||||||
| Arizona (amortized cost $4,915,000) |
4,915,000 | 5,036,450 | ||||||||||||
|
|
|
|
|
|||||||||||
| Washington 1.8% |
| |||||||||||||
| TACOMA CONSOLIDATED LID |
4/1/2043 | 5.75 | % | 2,185,000 | 2,190,878 | |||||||||
|
|
|
|
|
|||||||||||
| Washington (amortized cost $2,045,947) |
2,185,000 | 2,190,878 | ||||||||||||
|
|
|
|
|
|||||||||||
| California 1.5% |
| |||||||||||||
| FREDDIE MAC (g)(j) |
1/1/2037 | 0.00 | % | 1,863,488 | 1,863,488 | |||||||||
|
|
|
|
|
|||||||||||
| California (amortized cost $1,863,488) |
1,863,488 | 1,863,488 | ||||||||||||
|
|
|
|
|
|||||||||||
| Missouri 0.8% |
| |||||||||||||
| KANSAS CITY INDL DEV AUTH |
1/1/2028 | 6.75 | % | 180,000 | 180,727 | |||||||||
| ST LOUIS INDL DEV AUTH SR HSG - SENIOR SERIES 2005A |
5/1/2027 | 6.75 | % | 825,000 | 824,167 | |||||||||
|
|
|
|
|
|||||||||||
| Missouri (amortized cost $1,005,000) |
1,005,000 | 1,004,894 | ||||||||||||
|
|
|
|
|
|||||||||||
| Oklahoma 0.4% |
| |||||||||||||
| HASKELL CNTY PUBLIC FAC. |
4/1/2024 | 5.25 | % | 450,000 | 465,237 | |||||||||
|
|
|
|
|
|||||||||||
| Oklahoma (amortized cost $450,000) |
450,000 | 465,237 | ||||||||||||
|
|
|
|
|
|||||||||||
| Other Municipal Bonds (amortized cost $118,735,009) |
$ | 125,695,488 | $ | 122,612,383 | ||||||||||
|
|
|
|
|
|||||||||||
| Colorado Capital Appreciation and Zero Coupon Bonds 4.9% |
| |||||||||||||||
| Colorado 100.0% |
| |||||||||||||||
| BELLA MESA METROPOLITAN DISTRICT CONV CABS SER A (m) |
12/1/2049 | 0.00 | % | $ | 3,780,000 | $ | 3,189,148 | |||||||||
| COLORADO INTERNATIONAL CENTER METROPOLITAN DISTRICT NO. 7 |
12/1/2027 | 0.00 | % | 15,660,000 | 11,669,362 | |||||||||||
| 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 | 282,554 | |||||||||||
| 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 | |||||||||||
| PV-ERU HOLDING TRUST (a)(m) |
12/15/2037 | 0.00 | % | 14,000,000 | 2,940,000 | |||||||||||
| RAVENNA METROPOLITAN DISTRICT CONV CABS - SERIES 2017A (d) |
12/1/2046 | 5.00 | % | 33,685,000 | 35,167,140 | |||||||||||
| RAVENNA METROPOLITAN DISTRICT CONV CABS - SERIES 2017 SUPPLEMENTAL B (d) |
12/1/2023 | 0.00 | % | 325,000 | 305,838 | |||||||||||
| RAVENNA METROPOLITAN DISTRICT CONV CABS - SERIES 2017 SUPPLEMENTAL B (d) |
12/1/2024 | 0.00 | % | 490,000 | 444,038 | |||||||||||
| RAVENNA METROPOLITAN DISTRICT CONV CABS - SERIES 2017 SUPPLEMENTAL B (d) |
12/1/2025 | 0.00 | % | 585,000 | 504,405 | |||||||||||
| ROCKINGHORSE METROPOLITAN DISTRICT NO. 2 CONV CABS REF SER A |
1/1/2024 | 6.00 | % | 3,565,000 | 3,922,391 | |||||||||||
| ROCKINGHORSE METROPOLITAN DISTRICT NO. 2 CONV CABS REF SER B |
1/1/2024 | 6.50 | % | 3,885,000 | 4,313,438 | |||||||||||
| ROCKINGHORSE METROPOLITAN DISTRICT NO. 2 CONV CABS JUNIOR LIEN SER C |
6/1/2024 | 0.00 | % | 1,115,000 | 1,093,503 | |||||||||||
| SOUTHSHORE METROPOLITAN DISTRICT NO. 2 SUB B (g) |
12/15/2041 | 4.13 | % | 9,690,000 | 11,314,722 | |||||||||||
| STC METROPOLITAN DISTRICT NO. 2, SER A |
12/1/2025 | 3.00 | % | 555,000 | 580,907 | |||||||||||
| STERLING RANCH METROPOLITAN DISTRICT #2 CONV CAB (d) |
12/1/2045 | 8.00 | % | 6,685,000 | 6,806,667 | |||||||||||
| WILDWING METROPOLITAN DISTRICT #1 (d) |
12/1/2023 | 0.00 | % | 255,000 | 221,743 | |||||||||||
|
|
|
|
|
|||||||||||||
| Colorado (amortized cost $92,937,847) |
119,511,000 | 89,313,857 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Colorado Capital Appreciation and Zero Coupon Bonds (amortized cost $92,937,847) |
$ | 119,511,000 | $ | 89,313,857 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Short-Term Municipal Bonds 4.0% |
| |||||||||||||||
| Multi-State 61.4% |
| |||||||||||||||
| FREDDIE MAC AMT (LOC 6) |
11/15/2036 | 0.13 | % | $ | 4,586,000 | $ | 4,586,000 | |||||||||
| FREDDIE MAC VR AMT (LOC 6) |
6/15/2036 | 0.13 | % | 21,490,000 | 21,490,000 | |||||||||||
| FREDDIE MAC VR (LOC 6) |
12/15/2045 | 0.13 | % | 18,705,000 | 18,705,000 | |||||||||||
|
|
|
|
|
|||||||||||||
| Multi-State (amortized cost $44,781,000) |
44,781,000 | 44,781,000 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Colorado 37.0% |
| |||||||||||||||
| BOULDER CO HSG AUTH MF BROADWAY EAST APTS (LOC 3) |
9/1/2037 | 0.15 | % | 1,545,000 | 1,545,000 | |||||||||||
| 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 | 0.14 | % | 7,795,000 | 7,795,000 | |||||||||||
| COLORADO HOUSING & FINANCE AUTHORITY - SERIES 2007A (LOC 3) |
1/1/2032 | 0.15 | % | 5,450,000 | 5,450,000 | |||||||||||
| COLORADO SPRINGS UTILITIES (LOC 3) |
11/1/2041 | 0.08 | % | 1,200,000 | 1,200,000 | |||||||||||
| JEFFCO BUSINESS CENTER METROPOLITAN DISTRICT #1 (j) |
7/1/2022 | 0.00 | % | 1,006,000 | 1,006,000 | |||||||||||
| MESA COUNTY -ENSTROM CANDIES INC PROJ (LOC 7) |
7/1/2022 | 0.28 | % | 195,000 | 195,000 | |||||||||||
| THE PLAZA METROPOLITAN DISTRICT #1 (m) |
12/1/2022 | 5.00 | % | 500,000 | 515,435 | |||||||||||
| RAVENNA METROPOLITAN DISTRICT CONV CABS - SERIES 2017 SUPPLEMENTAL B (d) |
12/1/2022 | 0.00 | % | 170,000 | 165,192 | |||||||||||
| ROXBOROUGH VILLAGE METROPOLITAN DISTRICT - SERIES |
12/31/2022 | 0.00 | % | 24,707 | 22,237 | |||||||||||
| SHERIDAN REDEVLOPMENT AGENCY - SERIES 2011A-1 (LOC 5) |
12/1/2029 | 0.13 | % | 4,800,000 | 4,800,000 | |||||||||||
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| Colorado (amortized cost $26,476,740) |
27,000,707 | 27,008,864 | ||||||||||||||
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| South Dakota 1.6% |
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| OGLALA SIOUX TRIBE OF PINE RIDGE (m) |
10/1/2022 | 5.00 | % | 435,000 | 435,600 | |||||||||||
| OGLALA SIOUX TRIBE, SERIES 2020 (m) |
3/1/2022 | 4.00 | % | 700,000 | 700,266 | |||||||||||
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| South Dakota (amortized cost $1,135,000) |
1,135,000 | 1,135,866 | ||||||||||||||
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| Short-Term Municipal Bonds (amortized cost $72,392,740) |
$ | 72,916,707 | $ | 72,925,730 | ||||||||||||
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| Colorado Taxable Certificates/Notes/Bonds 0.5% |
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| Colorado 100.0% |
| |||||||||||||||
| PUBLIC FINANCE AUTH CHARTER SCHOOL-COLORADO SPRINGS TXBL (m) |
7/1/2026 | 7.00 | % | $ | 5,885,000 | $ | 5,947,204 | |||||||||
| PFA AURORA CHARTER SCHOOL BC PROJECT SER C - TAXABLE (m) |
7/1/2029 | 7.00 | % | 1,235,000 | 1,237,668 | |||||||||||
| WOODMEN HEIGHTS METROPOLITAN DISTRICT NO. 2 SER B-1 TAXABLE BOTH ST & FED INITIALLY |
12/15/2040 | 6.25 | % | 1,830,000 | 1,975,595 | |||||||||||
| TABERNASH POLE CREEK NOTE (a)(j) |
12/31/2022 | 0.00 | % | 227,347 | 88,199 | |||||||||||
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| Colorado (amortized cost $9,177,347) |
9,177,347 | 9,248,666 | ||||||||||||||
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| Colorado Taxable Certificates/Notes/Bonds (amortized cost $9,177,347) |
$ | 9,177,347 | $ | 9,248,666 | ||||||||||||
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| Total investments, at value (amortized cost $1,246,483,755) |
69.6 | % | $ | 1,261,242,659 | ||||||||||||
| Other assets net of liabilities |
30.4 | % | 551,792,532 | |||||||||||||
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| Net Assets |
100.0 | % | $ | 1,813,035,191 | ||||||||||||
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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. None of these issues were held by the Fund as of December 31, 2021. |
| (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, 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 December 31, 2021. |
| (i) | Terms of security have been restructured since the original issuance. The total face amount of all such restructured securities approximates $10,978,743 and a value of $6,866,460 or less than 1.0% of net assets, as of December 31, 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 December 31, 2021, the aggregate value was $488,613,589, representing 26.95% of net assets. |
COLORADO BONDSHARES - A TAX-EXEMPT FUND
Schedule of Investments - (unaudited) - (Continued)
December 31, 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
December 31, 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 $21,426,674 or 1.18% of net assets, as of December 31, 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 0.83% of net assets, as of December 31, 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 December 31, 2021:
Valuation Inputs Summary
| Colorado Municipal Bonds |
Other Municipal Bonds |
Colorado Capital Appreciation and Zero Coupon Bonds |
Short-Term Municipal Bonds |
Colorado Taxable Certificates/ Notes/Bonds |
Total Securities December 31, 2021 |
|||||||||||||||||||
| Level 1 Securities |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Level 2 Securities |
963,280,372 | 120,748,895 | 86,325,857 | 67,604,730 | 9,160,467 | 1,247,120,321 | ||||||||||||||||||
| Level 3 Securities |
3,861,650 | 1,863,488 | 2,988,000 | 5,321,000 | 88,199 | 14,122,338 | ||||||||||||||||||
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| Totals |
$ | 967,142,022 | $ | 122,612,383 | $ | 89,313,857 | $ | 72,925,730 | $ | 9,248,666 | $ | 1,261,242,659 | ||||||||||||
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From September 30, 2021 to December 31, 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 (The total purchase accrued on the Fund’s balance sheet as of December 31, 2021 was $92,740,878). Approximately $203,504,606 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 $80,966,888 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, 2021 the interest rates paid on these obligations ranged from 0.08% to 0.28%.
Income Tax Information
At December 31, 2021 the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
| Cost of investments |
$ | 1,246,483,755 | ||
|
|
|
|||
| Gross unrealized appreciation |
$ | 47,930,466 | ||
| Gross unrealized (depreciation) |
(33,171,563 | ) | ||
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|
|
|||
| Net unrealized appreciation (depreciation) of investments |
$ | 14,758,903 | ||
|
|
|
Litigation
The Fund is periodically involved in various legal proceedings. As of December 31, 2021, the Fund has a litigation payable of $81,994 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 2021 shareholder report on Form N-CSR filed with the Securities and Exchange Commission on December 1, 2021. The Bonds were issued in 2008 pursuant to a trust indenture between the District, as issuer and UMB Bank, N.A. (“UMB”), as trustee (the “Trust Indenture”). 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, 2021 is set forth in the schedule of investments.
On June 4, 2021 Century at Landmark, LLC (“Century”), which owns one of two parcels of taxable property within the District, filed a Complaint for Declaratory and Injunctive Relief in Arapahoe County District Court (the “Court”) against the Fund, UMB, and the District, Case No. 2021CV30989 (the “Century Claim”) asserting declaratory judgment causes of action seeking declarations that (1) the Century property cannot be taxed by the District for the Bonds because the District tax has been deemed an unconstitutional “special assessment,” (2) the Century property cannot be taxed for the Bonds even if the District’s tax is deemed a tax and not a special assessment, (3) the Fund lacks a legally enforceable contract right to compel the District to impose a mill levy on the District’s property on the grounds that the Trust Indenture and related documents would violate the Colorado Uniform Taxation Clause and the Due Process Clause of the United States Constitution, and (4) the Bonds are not legally enforceable debt obligations as they materially deviated from the Service Plan under Title 32, the Trust Indenture has become impossible to perform and its essential purpose has become frustrated, and because the Trust Indenture was the subject of fraud. On September 24, 2021 the Court dismissed this action without prejudice for lack of subject matter jurisdiction because the claims were not ripe.
Separately, on or about August 23, 2021, the City of Greenwood Village, Colorado (the “City”) filed a Petition for Exclusion with the Court to exclude the other parcel of taxable property within the District – the Landmark Towers property that was the subject of Landmark Towers Ass’n v. UMB Bank, et al. (District Court, Arapahoe County Case No. 2011CV1076) (described in the Fund’s 2020 shareholder report (and earlier reports of the Fund)). In response to the City’s filing, the Court issued an Order of Exclusion dated January 3, 2022 that, pursuant to Section 32-1-502 of the Colorado Revied Statutes (“C.R.S.”), excluded the Landmark Towers property (such property as more fully and specifically described therein, the “Landmark Towers”) without an election under Section 32-1-502(7)(a) of the C.R.S. (collectively, the “Exclusion Order”). In the proceedings leading up to the Exclusion Order, Century filed a “Motion for Findings Prior to Exclusion” with the Court, in which Century argued that it did not oppose the exclusion of the Landmark Towers from the District “so long as the exclusion process resolves the District’s outstanding debt, as required by law, and finds that no property owner in the District, including Century, has responsibility for the District’s debt.” The District’s outstanding debt consists of the Bonds. On November 22, 2021, the Court denied this Motion by Century on the grounds that the Colorado exclusion statutes do not provide any basis for the relief requested by Century. After Century renewed this Motion at an evidentiary hearing on December 27, 2021, in an Order dated December 27, 2021 (the “December 2021 Order”), the Court held that it “declines to enter prospective orders regarding Century’s request for the renewal of its Motion for Findings Prior to Exclusion.” Further, in the December 2021 Order, the Court held that “[t]hese proceedings are governed under C.R.S. section 32-1-502,” which “does not require an order in the form of relief requested by Century.”
In light of the dismissal of the Century Claim and the December 2021 Order, the Fund has not taken any further action. However, the Fund intends to continue to vigorously defend its position with respect to this matter. It is impossible to determine the direction, cost, duration or ultimate outcome of these matters.