NPORT-EX 2 cbspartf_12312021.htm PART F 12/31/2021 HTML

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
SER C (g)

    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,
SER 2017A

    12/1/2047      5.00 %      2,965,000        3,103,110  

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

    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,
SUBORDINATES (g)

    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
2017B (g)

    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 -
SERIES B (g)(i)

    1/1/2032      0.00 %      6,571,179        3,417,013  

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

    1/1/2027      0.00 %      2,071,119        1,910,773  

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

    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 -
EXCHANGE (m)

    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
DISTRICT #3

    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
1993B I/O (f)(i)

    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
2016B (g)

    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
1993B P/O (e)(i)

      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  
      

 

 

     

 

 

  

Colorado (amortized cost $26,476,740)

          27,000,707        27,008,864  
      

 

 

     

 

 

  

South Dakota 1.6%

 

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  
      

 

 

     

 

 

  

South Dakota (amortized cost $1,135,000)

          1,135,000        1,135,866  
      

 

 

     

 

 

  

Short-Term Municipal Bonds (amortized cost $72,392,740)

        $ 72,916,707      $ 72,925,730  
      

 

 

     

 

 

  
Colorado Taxable Certificates/Notes/Bonds 0.5%

 

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  
      

 

 

     

 

 

  

Colorado (amortized cost $9,177,347)

          9,177,347        9,248,666  
      

 

 

     

 

 

  

Colorado Taxable Certificates/Notes/Bonds (amortized cost $9,177,347)

        $ 9,177,347      $ 9,248,666  
      

 

 

     

 

 

  

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  
  

 

 

         

 

 

  

Net Assets

      100.0 %         $ 1,813,035,191  
  

 

 

         

 

 

  

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  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Totals

    $ 967,142,022      $ 122,612,383      $ 89,313,857      $ 72,925,730      $ 9,248,666      $ 1,261,242,659  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

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 ) 
  

 

 

  

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.