NPORT-EX 2 cbspartf_6302022v3.htm PART F HTML

COLORADO BONDSHARES

A TAX-EXEMPT FUND

Schedule of Investments

June 30, 2022 (unaudited)

 

     Maturity    Coupon     Principal      Value  
Colorado Municipal Bonds 59.0%

 

Colorado 100.0%

 

ABERDEEN METROPOLITAN DISTRICT #1

    12/1/2035      7.50 %    $ 1,600,000      $ 476,000  

ANTHOLOGY WEST METROPOLITAN DISTRICT NO. 4 (g)

    12/15/2041      6.25 %      1,100,000        1,000,296  

ANTHOLOGY WEST METROPOLITAN DISTRICT #5, SER A

    12/1/2049      4.88 %      4,630,000        4,026,480  

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

    12/15/2049      7.63 %      698,000        624,480  

ASPEN STREET METROPOLITAN DISTRICT (g)

    12/1/2050      5.13 %      1,075,000        898,410  

BANNING LEWIS RANCH REGIONAL METROPOLITAN DISTRICT

    12/1/2048      5.38 %      2,500,000        2,435,800  

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

    12/15/2041      7.75 %      625,000        589,194  

BASE VILLAGE METROPOLITAN DISTRICT NO. 2 (g)

    12/15/2048      6.50 %      3,500,000        2,459,765  

BELFORD NORTH METROPOLITAN DISTRICT, SER 2020 A SENIORS

    12/1/2050      5.50 %      4,000,000        3,479,720  

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

    12/15/2050      8.50 %      3,475,000        3,135,805  

BENNETT CROSSING METROPOLITAN DISTRICT NO. 1

    12/1/2049      6.13 %      6,160,000        5,922,778  

BENNETT RANCH METROPOLITAN DISTRICT NO. 1 SER A

    12/1/2051      5.00 %      2,000,000        1,740,740  

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

    12/15/2051      7.50 %      1,221,000        1,069,535  

BENT GRASS METROPOLITAN DISTRICT

    12/1/2049      5.25 %      1,690,000        1,589,530  

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

    12/15/2051      7.50 %      3,271,000        2,865,232  

BRAMMING FARM METROPOLITAN DISTRICT #1 (d)

    12/1/2044      6.00 %      1,940,000        1,819,720  

BRIGHTON CROSSING METROPOLITAN DISTRICT #4 - SENIOR 2017A

    12/1/2037      5.00 %      525,000        518,868  

BRIGHTON CROSSING METROPOLITAN DISTRICT NO. 4, SER 2017A

    12/1/2047      5.00 %      2,965,000        2,830,300  

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

    12/1/2047      7.00 %      670,000        604,260  

BRIGHTON CROSSING METROPOLITAN DISTRICT NO. 6

    12/1/2040      5.00 %      1,545,000        1,471,860  

BROOMFIELD VLG METROPOLITAN DISTRICT NO. 2

    12/1/2049      5.00 %      1,480,000        1,318,384  

CASTLEVIEW METROPOLITAN DISTRICT NO. 2

    12/1/2050      5.00 %      3,435,000        3,016,067  

CHERRY CREEK SOUTH METROPOLITAN DISTRICT NO. 5 (g)

    12/1/2051      6.00 %      20,500,000        17,428,075  

CHERRY HILLS CITY METROPOLITAN DISTRICT (g)

    12/1/2047      5.00 %      1,380,000        1,227,413  

CIELO METROPOLITAN DISTRICT (g)

    12/1/2050      5.25 %      4,500,000        3,812,760  

CITY CTR WEST RSDL METROPOLITAN DISTRICT NO. 2

    12/1/2049      5.00 %      2,080,000        1,887,018  

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

    12/15/2049      7.75 %      1,425,000        1,278,482  

CITYSET METROPOLITAN DISTRICT #2

    12/1/2030      3.50 %      6,075,000        5,378,744  

CITYSET METROPOLITAN DISTRICT #2

    12/1/2040      4.38 %      8,360,000        7,378,787  

CITYSET METROPOLITAN DISTRICT #2

    12/1/2045      4.50 %      3,180,000        2,748,347  

CLEAR CREEK TRANSIT METROPOLITAN DISTRICT #2

    12/1/2050      5.00 %      2,000,000        1,732,740  

CLOVERLEAF METROPOLITAN DISTRICT

    12/1/2051      6.00 %      2,330,000        2,338,714  

CLOVERLEAF METROPOLITAN DISTRICT SUB CASH FLOW (g)

    12/15/2051      9.25 %      1,034,000        1,038,632  

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

    12/15/2047      8.50 %      3,501,000        3,708,889  

COLLIERS HILL METROPOLITAN DISTRICT NO. 3, SER A

    12/1/2040      5.25 %      8,300,000        7,857,195  

COLLIERS HILL METROPOLITAN DISTRICT NO. 3, SER A

    12/1/2048      5.50 %      18,250,000        17,158,650  

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

    12/15/2043      8.50 %      2,213,000        1,942,372  

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

    1/1/2032      0.00 %      6,576,283        3,419,667  

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

    1/1/2027      0.00 %      2,071,119        1,793,071  

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        3,197,224  

CECFA ADDENBROOKE CLASSICAL ACADEMY (m)

    6/1/2027      4.50 %      24,845,000        24,757,546  

CECFA IMAGINE CHARTER SCHOOL AT FIRESTONE (m)

    6/1/2027      4.50 %      17,380,000        17,243,567  

CECFA - MONARCH MONTESSORI CHARTER SCHOOL - EXCHANGE (m)

    5/15/2025      4.75 %      8,325,000        8,111,963  

CECFA - ACADEMY OF ADVANCED LEARNING (m)

    6/1/2027      4.38 %      8,420,000        7,953,111  

CECFA CHAVEZ/HUERTA PREP ACADEMY (m)

    7/1/2027      4.38 %      36,525,000        35,496,456  

CECFA SWALLOWS CHARTER ACADEMY (m)

    11/15/2027      4.38 %      6,560,000        6,064,261  

CECFA VANGUARD CLASSICAL SCHOOL, SER A (m)

    7/1/2027      4.38 %      24,465,000        22,727,496  

CECFA COPERNI 2 PROJ (m)

    7/1/2029      4.25 %      5,645,000        4,987,075  

CECFA GRAND PEAK ACAD SER A-1 (m)

    7/1/2031      4.00 %      2,150,000        1,841,088  

CECFA GRAND PEAK ACAD SER A-1 (m)

    7/1/2041      4.25 %    5,040,000      3,863,311  

CECFA GRAND PEAK ACAD SER A-1 (m)

    7/1/2051      4.50 %      13,070,000        9,491,695  

CECFA DORAL ACADEMY (m)

    7/15/2028      4.50 %      19,405,000        18,052,666  

CECFA CIVICA CAREER & COLLEGIATE ACADEMY (m)

    7/15/2029      4.75 %      7,790,000        7,336,077  

CECFA CHAVEZ HUERTA ACADEMY (m)

    7/1/2027      4.50 %      8,220,000        8,033,324  

CECFA MOUNTAIN SAGE CMNT SCH (m)

    7/1/2029      4.75 %      8,760,000        8,611,868  

CECFA - MOUNTAIN SONG CMNTY SCHOOL (m)

    7/1/2029      4.75 %      5,810,000        5,718,434  

CECFA CED AURORA CHTR SCH BC (m)

    7/1/2032      5.00 %      80,470,000        80,032,243  

CECFA CEC AURORA CHRT SCH BC PROJECT SER B FED TAXABLE, STATE TE (m)

    7/1/2029      6.00 %      2,600,000        2,563,002  

CECFA CEC PROJ SER A (m)

    1/1/2032      4.88 %      4,060,000        4,038,644  

CECFA CEC PROJ SER A (m)

    1/1/2037      5.00 %      3,595,000        3,562,106  

CECFA CEC PROJ SER A (m)

    1/1/2042      5.13 %      40,335,000        39,893,735  

CECFA CEC AURORA CHARTER SCHL BC SER B - TAXABLE FEDERALLY, STATE TE (m)

    7/1/2031      6.13 %      1,960,000        1,929,816  

700 KALAMATH LLC (a)(j)

    12/1/2013      0.00 %      3,755,000        3,755,000  

CHFA - CASEY’S POND SENIOR LIVING (l)

    6/1/2032      0.00 %      8,110,000        4,298,300  

CHFA - CASEY’S POND SENIOR LIVING (l)

    6/1/2042      0.00 %      10,665,000        5,652,450  

CHFA - CASEY’S POND SENIOR LIVING (l)

    6/1/2047      0.00 %      8,600,000        4,558,000  

COLORADO INTERNATIONAL CENTER METROPOLITAN DISTRICT #3

    12/1/2031      4.63 %      607,000        579,479  

CONESTOGA METRO DISTRICT #2 (g)

    12/1/2051      5.25 %      1,625,000        1,403,659  

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        1,631,354  

COPPERLEAF METROPOLITAN DISTRICT #3

    12/1/2037      5.00 %      1,000,000        1,044,170  

COOPERLEAF METRO DISTRICT #9 (g)

    12/1/2051      4.88 %      8,175,000        6,476,644  

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        3,702,153  

DAKOTA RIDGE METROPOLITAN DISTRICT (g)

    12/1/2052      6.00 %      2,339,000        2,049,034  

DEER CREEK VILLAS METROPOLITAN DISTRICT

    12/1/2055      5.00 %      2,900,000        2,411,553  

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

    12/1/2048      6.00 %      4,585,000        4,588,118  

DENVER WEST PROMENADE METROPOLITAN DISTRICT

    12/1/2031      5.13 %      500,000        500,040  

DENVER WEST PROMENADE METROPOLITAN DISTRICT

    12/15/2046      6.00 %      500,000        467,830  

E-86 METROPOLITAN DISTRICT (g)

    12/1/2051      5.13 %      1,015,000        838,268  

EAGLE BROOK METROPOLITAN DISTRICT (g)

    12/1/2051      5.00 %      1,600,000        1,346,496  

UNITED W & S - EAST CHERRY CREEK (c)

    11/15/2023      5.00 %      1,152,000        1,153,221  

ERIE HIGHLANDS METROPOLITAN DISTRICT NO 2, SER 2018A

    12/1/2048      5.25 %      6,000,000        5,656,740  

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

    12/15/2048      7.63 %      1,819,000        1,643,285  

FITZSIMONS VLG METROPOLITAN DISTRICT NO. 1

   12/1/2049      5.00 %      1,043,000        908,276  

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

    12/15/2049      7.00 %      611,000        533,226  

FITZSIMONS VILLAGE METROPOLITAN DISTRICT NO. 3

    12/1/2026      4.00 %      1,640,000        1,540,321  

FITZSIMONS VILLAGE METROPOLITAN DISTRICT NO. 3 REF SER A-1

    12/1/2031      4.00 %      500,000        437,355  

FITZSIMONS VILLAGE METROPOLITAN DISTRICT NO. 3

    12/1/2041      4.00 %      4,445,000        3,442,119  

FITZSIMONS VILLAGE METROPOLITAN DISTRICT NO. 3

    12/1/2055      4.25 %      9,660,000        7,222,009  

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

    12/15/2050      7.25 %      15,405,000        13,707,369  

FLYING HORSE METROPOLITAN DISTRICT NO 3 (g)

    12/1/2049      6.00 %      2,965,000        2,675,616  

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        3,083,046  

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

    12/15/2048      8.25 %      1,689,000        1,542,395  

GREEN VALLEY RANCH EAST METROPOLITAN DISTRICT NO. 6

    12/1/2050      5.88 %      3,325,000        3,211,352  

GREENSPIRE METROPOLITAN DISTRICT NO. 1

    12/1/2051      5.13 %      1,925,000        1,711,652  

GREENWAYS METROPOLITAN DISTRICT NO. 1 (g)

    12/1/2051      4.63 %      3,685,000        2,867,741  

HESS RANCH METROPOLITAN DISTRICT NO. 6 SER A-1

    12/1/2049      5.00 %      5,000,000        4,608,550  

HIDDEN CREEK METROPOLITAN DISTRICT (g)

    12/1/2045      4.63 %      3,430,000        2,693,099  

HIGHLANDS-MEAD METROPOLITAN DISTRICT

    12/1/2050      5.13 %      1,395,000        1,232,259  

HOGBACK METROPOLITAN DISTRICT SER A

    12/1/2041      5.00 %      725,000        659,076  

HOGBACK METROPOLITAN DISTRICT SER A

    12/1/2051      5.00 %      1,550,000        1,338,177  

HORIZON METROPOLITAN DISTRICT NO. 2 (g)

    12/1/2051      4.50 %      7,765,000        5,424,085  

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

    12/15/2049      8.50 %      1,827,000        1,652,120  

HUNTER’S OVERLOOK METROPOLITAN DISTRICT NO. 7 (g)

    12/1/2051      5.50 %    3,525,000      3,088,640  

HYLAND VILLAGE METROPOLITAN DISTRICT

    12/1/2027      8.00 %      4,770,000        2,623,500  

INDY OAK TOD METROPOLITAN DISTRICT SER A

    12/1/2050      5.50 %      1,075,000        1,018,294  

INDY OAK TOD METROPOLITAN DISTRICT SER B (g)

    12/15/2050      8.00 %      736,000        677,392  

INSPIRATION METROPOLITAN DISTRICT SUB SER 2021B

    12/15/2036      5.00 %      812,000        703,151  

IRON WORKS VILLAGE METROPOLITAN DISTRICT

    12/1/2048      5.88 %      1,500,000        1,578,510  

JAY GROVE METROPOLITAN DISTRICT (g)

    12/1/2051      4.25 %      2,450,000        1,858,203  

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

    12/15/2050      5.75 %      7,500,000        7,234,125  

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

    12/1/2040      5.38 %      515,000        495,332  

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

    12/1/2050      5.63 %      1,415,000        1,329,308  

LAKES METROPOLITAN DISTRICT NO 4 (g)

    12/1/2061      5.50 %      20,080,000        16,089,301  

LANTERNS METROPOLITAN DISTRICT No. 2 (g)

    12/1/2050      4.50 %      7,332,000        5,485,289  

LEGATO COMMUNITY AUTHORITY

    12/1/2036      4.00 %      2,130,000        1,822,172  

LEGATO COMMUNITY AUTHORITY

    12/1/2046      5.00 %      1,000,000        887,240  

LEGATO COMMUNITY AUTHORITY

    12/1/2051      5.00 %      2,500,000        2,158,900  

LINCOLN MEADOWS METROPOLITAN DISTRICT

    12/1/2031      8.00 %      6,970,000        7,798,245  

LITTLETON VILLAGE METROPOLITAN DISTRICT #2

    12/1/2045      5.38 %      1,650,000        1,625,778  

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

    12/15/2028      7.63 %      1,140,000        1,116,071  

LORETTO HEIGHTS COMNTY AUTHORITY (g)

    12/1/2051      4.88 %      12,750,000        10,127,325  

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        1,152,027  

MAYFIELD METROPOLITAN DISTRICT, SERIES 2020 B SUBS (g)

    12/15/2050      8.25 %      622,000        573,496  

MEADOWS METROPOLITAN DISTRICT #1 (k)

    6/1/2029      8.00 %      30,730,000        29,738,343  

MEADOWS METROPOLITAN DISTRICT #2 (k)

    6/1/2029      8.00 %      23,830,000        23,061,006  

MEADOWS METROPOLITAN DISTRICT #7 (k)

    6/1/2029      8.00 %      15,440,000        14,941,751  

MEADOWLARK METROPOLITAN DISTRICT SER A

    12/1/2040      4.88 %      520,000        467,990  

MEADOWLARK METROPOLITAN DISTRICT SER A

    12/1/2050      5.13 %      750,000        662,505  

MIRABELLE METROPOLITAN DISTRICT NO. 2 SER 2020A SENIORS

    12/1/2049      5.00 %      1,250,000        1,122,950  

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

    12/15/2049      7.38 %      1,473,000        1,307,037  

MONUMENT JUNCTION METROPOLITAN DISTRICT NO. 1 (g)

    12/1/2051      5.75 %      12,258,000        10,283,481  

MOUNT CARBON METROPOLITAN DISTRICT - SERIES 2004A (g)

    6/1/2043      7.00 %      169,822        147,176  

MOUNT CARBON METROPOLITAN DISTRICT - SERIES 2004B (g)

    6/1/2043      7.00 %      1,270,000        1,100,252  

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        2,271,660  

MOUNTAIN BROOK METROPOLITAN DISTRICT

    12/1/2041      4.50 %      1,000,000        813,490  

MOUNTAIN SHADOWS METROPOLITAN DISTRICT

    12/1/2035      5.00 %      500,000        488,040  

MOUNTAIN SHADOWS METROPOLITAN DISTRICT - SUBORDINATE 2016B (g)

    12/15/2046      7.50 %      1,800,000        1,646,406  

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

    12/15/2040      10.00 %      1,994,000        1,864,550  

MUEGGE FARMS METROPOLITAN DISTRICT #1 (g)

    12/1/2051      5.00 %      6,300,000        5,066,397  

MUEGGE FARMS METROPOLITAN DISTRICT #3 (g)

    12/1/2051      5.50 %      10,431,000        8,652,306  

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        1,082,959  

NINE MILE METROPOLITAN DISTRICT

    12/1/2040      5.13 %      2,500,000        2,426,025  

NORTH PINE VISTAS METROPOLITAN DISTRICT #2 - SENIOR 2016A

    12/1/2046      6.75 %      6,680,000        4,783,815  

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

    12/15/2046      8.50 %      1,810,000        1,359,165  

NORTH RANGE METROPOLITAN DISTRICT NO. 3, SER A

    12/1/2040      5.00 %      2,000,000        1,927,380  

PAINTED PRAIRIE PUBLIC IMPROVEMENT AUTHORITY

    12/1/2029      4.00 %      1,000,000        953,000  

PALISADE PARK NORTH METROPOLITAN DISTRICT #2 - SENIOR 2018A

    12/1/2047      5.63 %      1,745,000        1,721,094  

PARKDALE COMMUNITY AUTHORITY SER A

    12/1/2040      5.00 %      2,140,000        2,012,285  

PARKDALE COMMUNITY AUTHORITY SER A

    12/1/2050      5.25 %      3,335,000        3,002,567  

PARKDALE COMMUNITY AUTHORITY SUB SER B (g)

    12/15/2050      7.75 %      2,424,000        2,173,916  

PARKER AUTOMOTIVE METROPOLITAN DISTRICT

    12/1/2045      5.00 %      1,946,000        1,850,607  

PARKER AUTOMOTIVE METROPOLITAN DISTRICT SUB SERIES 2018B (g)

    12/15/2032      8.00 %      3,785,000        3,612,518  

PIONEER CMNTY AUTH BRD

    12/15/2050      6.75 %      24,592,000        22,011,070  

PIONEER METROPOLITAN DISTRICT #3 (g)

    12/1/2046      6.50 %      2,866,000        2,606,254  

THE PLAZA METROPOLITAN DISTRICT #1 (m)

    12/1/2040      5.00 %      7,850,000        7,584,749  

POWHATON COMMUNITY AUTHORITY DISTRICT NO. 3 - CASH FLOW BONDS (g)

    12/1/2051      5.00 %      7,450,000        6,149,156  

PRONGHORN VALLEY METROPOLITAN DISTRICT, SER A

    12/1/2041      3.75 %    515,000      401,566  

PRONGHORN VALLEY METROPOLITAN DISTRICT, SER A

    12/1/2051      4.00 %      4,400,000        3,411,408  

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

    7/1/2025      5.63 %      10,290,000        10,001,468  

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

    6/1/2026      5.00 %      28,725,000        27,467,132  

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

    12/15/2026      7.50 %      8,000,000        7,133,520  

REATA RIDGE VILLAGE METROPOLITAN DISTRICT NO. 2

    12/1/2049      5.00 %      1,805,000        1,665,690  

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

    10/15/2048      8.00 %      1,189,000        1,070,492  

REMUDA RIDGE METROPOLITAN DISTRICT, SER 2021A (g)

    12/1/2051      5.63 %      5,520,000        4,634,868  

RESERVE METROPOLITAN DISTRICT NO. 2

    12/1/2045      5.00 %      500,000        466,040  

REX RANCH METROPOLITAN DISTRICT - SUBORDINATE 2018B (g)

    12/15/2047      7.88 %      445,000        408,781  

RITORO METROPOLITAN DISTRICT, SER 2019B SUBORDINATE (g)

    12/15/2049      8.50 %      2,190,000        2,267,263  

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  

RIVERVIEW METROPOLITAN DISTRICT

    12/1/2041      5.00 %      555,000        504,378  

RIVERVIEW METROPOLITAN DISTRICT

    12/1/2051      5.00 %      1,075,000        930,316  

ROCK CREEK METROPOLITAN DISTRICT A-1 (g)

    12/1/2041      4.50 %      2,230,000        1,836,963  

ROCK CREEK METROPOLITAN DISTRICT A-1 (g)

    12/1/2050      4.75 %      3,880,000        3,059,225  

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

    12/1/2031      4.00 %      3,432,000        3,018,719  

ROSE HILL ACRES METROPOLITAN DISTRICT, SER A

    12/1/2050      5.00 %      2,990,000        2,654,911  

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

    12/15/2050      8.75 %      910,000        823,168  

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        4,592,250  

SABELL METROPOLITAN DISTRICT SER A

    12/1/2050      5.00 %      1,055,000        914,601  

SABELL METROPOLITAN DISTRICT, SER 2020 B3 SUBS (g)

    12/15/2050      8.25 %      605,000        538,874  

SILVER PEAKS EAST METROPOLITAN DISTRICT (g)

    12/1/2051      5.00 %      5,410,000        4,367,331  

64TH AVENUE ARI AUTHORITY (g)

    12/1/2043      6.50 %      5,000,000        4,661,550  

SOLITUDE METROPOLITAN DISTRICT (j)

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

SOUTHGLENN METROPOLITAN DISTRICT 2030 TERM

    12/1/2030      5.00 %      2,285,000        2,272,204  

SPRING VALLEY METROPOLITAN DISTRICT NO. 4

    12/1/2040      5.00 %      1,410,000        1,257,988  

SPRING VALLEY METROPOLITAN DISTRICT NO. 4

    12/1/2050      5.12 %      1,775,000        1,512,762  

SPRING VALLEY METROPOLITAN DISTRICT NO. 4 SUB (g)

    12/15/2050      7.63 %      2,811,000        2,472,331  

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

    12/1/2037      5.00 %      2,500,000        2,497,225  

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

    12/15/2047      7.63 %      1,083,000        1,058,503  

STC METROPOLITAN DISTRICT NO. 2, SER A

    12/1/2029      4.00 %      1,615,000        1,532,118  

STC METROPOLITAN DISTRICT NO. 2

    12/1/2038      5.00 %      8,160,000        7,972,402  

STC METROPOLITAN DISTRICT, SER 2019 SUBS (g)

    12/15/2049      8.00 %      3,954,000        3,563,543  

STERLING RANCH METROPOLITAN DISTRICT NO. 2

    12/1/2032      5.25 %      1,340,000        1,316,818  

STERLING RANCH METROPOLITAN DISTRICT NO. 2

    12/1/2042      5.50 %      5,645,000        5,431,055  

STERLING RANCH METROPOLITAN DISTRICT NO. 2

    12/1/2051      5.75 %      11,750,000        11,283,878  

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

    12/15/2042      7.50 %      345,000        311,808  

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        2,155,015  

THIRD CREEK METROPOLITAN DISTRICT NO. 1, SER A-1

    12/1/2037      4.50 %      1,130,000        969,235  

THIRD CREEK METROPOLITAN DISTRICT NO. 1, SER A-1

    12/1/2051      4.75 %      5,115,000        3,999,674  

THOMPSON CROSSING METROPOLITAN DISTRICT NO #4

    12/1/2039      5.00 %      1,410,000        1,384,225  

THOMPSON CROSSING METROPOLITAN DISTRICT NO. 4

    12/1/2049      5.00 %      1,315,000        1,222,411  

TRAILS AT CROWFOOT METROPOLITAN DISTRICT NO 3 (g)

    12/15/2049      9.00 %      3,135,000        2,855,954  

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        10,184,351  

VINCENT VILLAGE METROPOLITAN DISTRICT

    12/1/2051      5.00 %      1,970,000        1,626,708  

WATERFALL METROPOLITAN DISTRICT #1

    12/1/2052      5.25 %      2,355,000        2,183,438  

WESTCREEK METROPOLITAN DISTRICT NO 2

    12/1/2048      5.38 %      1,300,000        1,235,806  

WESTERLY METROPOLITAN DISTRICT #4

    12/1/2040      5.00 %      1,300,000        1,180,621  

WESTERLY METROPOLITAN DISTRICT #4

    12/1/2050      5.00 %      4,750,000        4,090,368  

WESTOWN METROPOLITAN DISTRICT - SENIOR SERIES 2017A

    12/1/2047      5.00 %      1,369,000        1,428,606  

WHISPERING PINES METROPOLITAN DISTRICT #1 - SENIOR SERIES 2017A

    12/1/2037      5.00 %      2,000,000        1,958,340  

WHITE BUFFALO METROPOLITAN DISTRICT, NO. 3

    12/1/2050      5.50 %      2,780,000        2,597,271  

WILD PLUM METROPOLITAN DISTRICT, SER A

    12/1/2049      5.00 %    595,000      647,342  

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

    12/15/2049      7.75 %      650,000        580,190  

WOODMEN HEIGHTS METROPOLITAN DISTRICT NO. 2 SER B-2

    12/15/2040      7.50 %      3,358,000        3,028,177  

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

    12/15/2049      7.63 %      9,600,000        8,721,024  
       

 

 

     

 

 

  

Colorado (amortized cost $1,102,516,038)

           1,161,438,962        1,006,679,769  
       

 

 

     

 

 

  

Colorado Municipal Bonds (amortized cost $1,102,516,038)

         $ 1,161,438,962      $ 1,006,679,769  
       

 

 

     

 

 

  
Other Municipal Bonds 6.2%

 

South Dakota 76.0%

 

FLANDREAU SANTEE SIOUX TRIBE (m)

    1/1/2036      5.75 %    6,055,000      4,737,250  

FLANDREAU SANTEE SIOUX TRIBE (m)

    1/1/2026      5.00 %      2,265,000        2,103,030  

FLANDREAU SANTEE SIOUX TRIBE (m)

    1/1/2031      5.50 %      3,565,000        2,997,915  

FLANDREAU SANTEE SIOUX TRIBE TE SERIES 2018B (m)

    1/1/2038      6.00 %      6,120,000        5,456,470  

FLANDREAU SANTEE SIOUX TRIBE TE SERIES 2018C (m)

    1/1/2038      6.00 %      5,450,000        4,859,111  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m)

    1/1/2024      8.28 %      950,000        933,584  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m)

    1/1/2025      8.28 %      1,030,000        1,002,077  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m)

    1/1/2026      8.28 %      1,115,000        1,078,963  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m)

    1/1/2027      8.28 %      1,205,000        1,161,596  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m)

    1/1/2028      8.28 %      1,305,000        1,252,291  

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m)

    1/1/2033      8.28 %      8,670,000        8,291,034  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

    7/1/2025      5.75 %      740,000        710,252  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

    7/1/2026      5.75 %      785,000        744,306  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

    7/1/2027      5.75 %      830,000        777,984  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

    7/1/2028      5.75 %      875,000        811,335  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

    7/1/2029      5.75 %      930,000        853,591  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

    7/1/2030      5.75 %      980,000        890,908  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

    7/1/2031      5.75 %      1,040,000        936,988  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

    7/1/2032      5.75 %      1,095,000        978,229  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

    7/1/2033      5.75 %      1,160,000        1,028,108  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

    7/1/2034      5.75 %      1,225,000        1,077,669  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

    7/1/2035      5.75 %      1,300,000        1,135,693  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

    7/1/2040      6.00 %      7,730,000        6,581,554  

FLANDREAU SANTEE SIOUX TRIBE - TRIBAL HEALTHCARE (m)

    7/1/2045      6.25 %      10,395,000        8,713,921  

LOWER BRULE SIOUX TRIBE (m)

    3/1/2025      5.88 %      1,110,000        1,032,977  

OGLALA SIOUX TRIBE, SERIES 2018 (m)

    7/1/2028      5.50 %      3,000,000        2,800,920  

OGLALA SIOUX TRIBE, SERIES 2018 (m)

    7/1/2037      6.00 %      9,270,000        7,810,068  

OGLALA SIOUX TRIBE, SERIES 2018B (m)

    9/1/2041      6.50 %      6,210,000        5,330,912  

OGLALA SIOUX TRIBE OF PINE RIDGE (m)

    10/1/2024      5.50 %      1,985,000        1,952,506  

OGLALA SIOUX TRIBE, SERIES 2018C (m)

    10/1/2026      8.00 %      800,000        805,024  

OGLALA SIOUX TRIBE, SER 2019A (m)

    10/1/2027      4.50 %      2,370,000        2,172,010  
       

 

 

     

 

 

  

South Dakota (amortized cost $91,551,851)

           91,560,000        81,018,276  
       

 

 

     

 

 

  

Puerto Rico 9.0%

           

PUERTO RICO COMMONWEALTH DTD 7/1/2021 5.375% Ser A1 7/1/2025

    7/1/2025      5.38 %      103,109        107,056  

PUERTO RICO COMMONWEALTH DTD 7/1/2021 5.625% Ser A1 7/1/2027

    7/1/2027      5.63 %      102,175        108,691  

PUERTO RICO COMMONWEALTH DTD 7/1/2021 5.625% Ser A1 7/1/2029

    7/1/2029      5.63 %      100,517        107,931  

PUERTO RICO COMMONWEALTH DTD 7/1/2021 5.750% Ser A1 7/1/2031

    7/1/2031      5.75 %      97,632        106,620  

PUERTO RICO COMMONWEALTH DTD 7/1/2021 4.000% Ser A1 7/1/2033

    7/1/2033      4.00 %      92,580        84,825  

PUERTO RICO COMMONWEALTH DTD 7/1/2021 4.000% Ser A1 7/1/2035

    7/1/2035      4.00 %      83,217        74,526  

PUERTO RICO COMMONWEALTH DTD 7/1/2021 4.000% Ser A1 7/1/2037

    7/1/2037      4.00 %      71,422        63,190  

PUERTO RICO COMMONWEALTH DTD 7/1/2021 4.000% Ser A1 7/1/2041

    7/1/2041      4.00 %      97,107        83,998  

PUERTO RICO COMMONWEALTH DTD 7/1/2021 4.000% Ser A1 7/1/2046

    7/1/2046      4.00 %      100,990        84,730  

PUERTO RICO COMMONWEALTH DTD 7/1/2021 0.000% Ser A 7/1/2024

    7/1/2024      0.00 %      47,623        43,585  

PUERTO RICO COMMONWEALTH DTD 7/1/2021 0.000% Ser A 7/1/2033

    7/1/2033      0.00 %      119,142        66,920  

PUERTO RICO COMMONWEALTH DTD 3/15/2022 0.000% 11/1/2043

    7/1/2043      0.00 %      462,266        229,977  

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

    7/1/2034      4.50 %      277,000        278,188  

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

    7/1/2040      4.55 %      140,000        134,855  

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

    7/1/2053      4.75 %    1,028,000      987,713  

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

    7/1/2058      5.00 %      2,600,000        2,555,748  

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

    7/1/2024      0.00 %      126,000        117,150  

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

    7/1/2027      0.00 %      267,000        220,996  

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

    7/1/2029      0.00 %      260,000        195,939  

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

    7/1/2031      0.00 %      336,000        227,539  

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

    7/1/2033      0.00 %      378,000        227,325  

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

    7/1/2046      0.00 %      3,597,000        967,377  

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

    7/1/2051      0.00 %      2,930,000        582,631  

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        1,337,236  

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        40,129  

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        545,402  
       

 

 

     

 

 

  

Puerto Rico (amortized cost $8,932,159)

           15,454,780        9,580,275  
       

 

 

     

 

 

  

Oregon 5.5%

 

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 4.6%

 

HERITAGE ACADEMY CHARTER SCHOOL MARICOPA COUNTY (m)

    7/1/2027      5.25 %      4,915,000        4,915,000  
       

 

 

     

 

 

  

Arizona (amortized cost $4,915,000)

           4,915,000        4,915,000  
       

 

 

     

 

 

  

Washington 1.9%

 

TACOMA CONSOLIDATED LID

    4/1/2043      5.75 %      2,185,000        2,033,033  
       

 

 

     

 

 

  

Washington (amortized cost $2,045,947)

           2,185,000        2,033,033  
       

 

 

     

 

 

  

California 1.7%

 

FREDDIE MAC (g)(j)

    1/1/2037      0.00 %      1,858,785        1,858,785  
       

 

 

     

 

 

  

California (amortized cost $1,858,785)

           1,858,785        1,858,785  
       

 

 

     

 

 

  

Missouri 0.9%

 

KANSAS CITY INDL DEV AUTH

    1/1/2028      6.75 %      175,000        175,417  

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

    5/1/2027      6.75 %      815,000        775,701  
       

 

 

     

 

 

  

Missouri (amortized cost $990,000)

           990,000        951,117  
       

 

 

     

 

 

  

Oklahoma 0.4%

 

HASKELL CNTY PUBLIC FAC.

    4/1/2024      5.25 %      450,000        445,775  
       

 

 

     

 

 

  

Oklahoma (amortized cost $450,000)

           450,000        445,775  
       

 

 

     

 

 

  

Other Municipal Bonds (amortized cost $116,558,741)

         $ 123,228,565      $ 106,617,261  
       

 

 

     

 

 

  
Short-Term Municipal Bonds 5.7%

 

Colorado 52.8%

 

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

    9/1/2037      0.96 %    1,515,000      1,515,000  

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      0.94 %      7,795,000        7,795,000  

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

    1/1/2032      0.96 %      5,205,000        5,205,000  

COLORADO SPRINGS UTILITIES (LOC 3)

    11/1/2041      0.88 %      1,200,000        1,200,000  

JEFFCO BUSINESS CENTER METROPOLITAN DISTRICT #1 (j)

    7/1/2023      0.00 %      1,006,000        1,006,000  

MESA COUNTY -ENSTROM CANDIES INC PROJ (LOC 7)

    7/1/2022      1.12 %      195,000        195,000  

THE PLAZA METROPOLITAN DISTRICT #1 (m)

    12/1/2022      5.00 %      500,000        502,480  

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

    12/1/2022      0.00 %      170,000        166,360  

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

    12/31/2022      0.00 %      0.25        0.23  

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

    12/1/2029      0.95 %      29,350,000        29,350,000  
       

 

 

     

 

 

  

Colorado (amortized cost $50,748,942)

           51,251,000        51,249,841  
       

 

 

     

 

 

  

Multi-State 45.1%

 

FREDDIE MAC AMT (LOC 6)

    11/15/2036      0.94 %      4,325,000        4,325,000  

FREDDIE MAC VR AMT (LOC 6)

      6/15/2036       0.94 %    20,885,000      20,885,000  

FREDDIE MAC VR (LOC 6)

      12/15/2045       0.94 %      18,545,000        18,545,000  
      

 

 

     

 

 

  

Multi-State (amortized cost $43,755,000)

          43,755,000        43,755,000  
      

 

 

     

 

 

  

South Dakota 2.1%

 

FLANDREAU SANTEE SIOUX TRIBE TAXABLE SERIES 2018A (m)

      1/1/2023       8.28 %      875,000        868,919  

OGLALA SIOUX TRIBE OF PINE RIDGE (m)

      10/1/2022       5.00 %      435,000        435,044  

OGLALA SIOUX TRIBE - SEVEN YRS SEVEN GEN PROJ (m)

      3/1/2023       4.50 %      700,000        694,365  
      

 

 

     

 

 

  

South Dakota (amortized cost $2,010,000)

          2,010,000        1,998,327  
      

 

 

     

 

 

  

Puerto Rico 0.1%

 

PUERTO RICO COMMONWEALTH DTD 7/1/2021 5.250% Ser A1 7/1/2023

      7/1/2023       5.25 %      103,399        105,273  
      

 

 

     

 

 

  

Puerto Rico (amortized cost $105,984)

          103,399        105,273  
      

 

 

     

 

 

  

Short-Term Municipal Bonds (amortized cost $96,619,926)

        $ 97,119,399      $ 97,108,440  
      

 

 

     

 

 

  
Colorado Capital Appreciation and Zero Coupon Bonds 4.6%

 

Colorado 100.0%

 

BELLA MESA METROPOLITAN DISTRICT CONV CABS SER A (m)

      12/1/2049       0.00 %    3,780,000      3,040,065  

COLORADO INTERNATIONAL CENTER METROPOLITAN DISTRICT NO. 7

      12/1/2027       0.00 %      20,660,000        12,087,546  

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        257,453  

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        31,011,758  

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

      12/1/2023       0.00 %      325,000        301,467  

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

      12/1/2024       0.00 %      490,000        430,646  

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

      12/1/2025       0.00 %      585,000        486,626  

ROCKINGHORSE METROPOLITAN DISTRICT NO. 2 CONV CABS REF SER A

      1/1/2024       6.00 %      3,565,000        3,770,558  

ROCKINGHORSE METROPOLITAN DISTRICT NO. 2 CONV CABS REF SER B

      1/1/2024       6.50 %      3,885,000        4,134,378  

ROCKINGHORSE METROPOLITAN DISTRICT NO. 2 CONV CABS JUNIOR LIEN SER C

      6/1/2024       0.00 %      1,115,000        1,086,322  

SOUTHSHORE METROPOLITAN DISTRICT NO. 2 SUB B (g)

      12/15/2041       4.13 %      9,690,000        9,928,471  

STC METROPOLITAN DISTRICT NO. 2, SER A

      12/1/2025       3.00 %      555,000        524,941  

THIRD CREEK METROPOLITAN DISTRICT NO. 1, SER A-1

      12/1/2042       4.50 %      1,500,000        1,213,650  

THIRD CREEK METROPOLITAN DISTRICT NO. 1, SER A-2 CONV CABS: 12/01/2026

      12/1/2026       0.00 %      2,285,000        1,378,106  

WILDWING METROPOLITAN DISTRICT #1 (d)

      12/1/2023       0.00 %      25,000        22,543  
      

 

 

     

 

 

  

Colorado (amortized cost $92,469,081)

          121,381,000        79,172,531  
      

 

 

     

 

 

  

Colorado Capital Appreciation and Zero Coupon Bonds (amortized cost $92,469,081)

        $ 121,381,000      $ 79,172,531  
      

 

 

     

 

 

  
Colorado Taxable Certificates/Notes/Bonds 0.2%

 

Colorado 100.0%

 

COLLIERS HILL METROPOLITAN DISTRICT #2 - SUB SER B-1 TAXABLE CONVERTIBLE TO TAX EXEMPT @ T.E. RATE

      12/15/2047       6.00 %    2,250,000      1,926,428  

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

      12/15/2040       6.25 %      1,830,000        1,797,792  

TABERNASH POLE CREEK NOTE (a)(j)

      12/31/2022       0.00 %      227,347        88,199  

Colorado (amortized cost $4,307,347)

          4,307,347        3,812,419  
      

 

 

     

 

 

  

Colorado Taxable Certificates/Notes/Bonds (amortized cost $4,307,347)

        $ 4,307,347      $ 3,812,419  
      

 

 

     

 

 

  

Total investments, at value (amortized cost $1,412,471,134)

      75.8 %         1,293,390,420  

Other assets net of liabilities

      24.2 %           413,639,494  
  

 

 

         

 

 

  

Net Assets

      100.0 %         $ 1,707,029,914  
  

 

 

         

 

 

  

COLORADO BONDSHARES - A TAX-EXEMPT FUND

Schedule of Investments (unaudited) - (Continued)

 

 

(a)

Defaulted or non-income producing based upon the financial condition of the issuer (see “Defaulted or Non-Income Producing Investments” note to Schedule of Investments).

 

(b)

Originally issued as general obligation bonds but are now pre-refunded and are secured by an escrow fund consisting entirely of direct U.S. Government obligations.

 

(c)

Represents securities whose blended characteristics are reflective of a zero coupon bond and a step rate bond. Interest rate shown represents effective yield at acquisition.

 

(d)

Interest rate shown for capital appreciation and zero coupon bonds represents the effective yield at the date of acquisition.

 

(e)

Principal-only certificate represents the right to receive the principal payments on the underlying debt security upon maturity. The price of this security is typically more volatile than that of coupon-bearing bonds of the same maturity.

 

(f)

Interest-only certificate represents the right to receive semi-annual interest payments on the underlying debt security. The principal amount of the underlying security represents the notional amount on which current interest is calculated. The interest rate shown represents the effective yield at the date of acquisition.

 

(g)

Interest rate disclosed for cash flow bond represents the effective yield at June 30, 2022. Income on this security is derived from the cash flow of the issuer.

 

(h)

Represents current interest rate for a step rate bond. No step rate bonds were owned by the Fund at June 30, 2022.

 

(i)

Terms of security have been restructured since the original issuance. The total face amount of all such restructured securities approximates $10,959,140 and a value of $6,729,177 or less than 1.0% of net assets, as of June 30, 2022.

 

(j)

Securities valued at fair value (see “Investment Valuation and Risk” notes to the Schedule of Investments).

 

(k)

See “Purchase Accrued Interest” notes to Schedule of Investments for further information on purchase accrued interest related to these bonds.

 

(l)

The Fund has entered into a forbearance agreement under which it agrees that the issuer may pay a reduced rate of interest in lieu of the contract rate for a period of time (see “Defaulted or Non-Income Producing Investments” notes to Schedule of Investments).

(m)

Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2022, the aggregate value was $488,378,383, representing 28.61% of net assets.

COLORADO BONDSHARES - A TAX-EXEMPT FUND

Schedule of Investments - (unaudited) - (Continued)

June 30, 2022

 

(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

  7.

Wells Fargo Bank, N.A.

The following abbreviations are used in the descriptions of securities included in the Schedule of Investments:

CABS-Capital Appreciation Bonds

CONV-Convertible

I/O-Interest Only

L/D-Local Improvement District

P/O-Principal Only

COLORADO BONDSHARES - A TAX-EXEMPT FUND

Notes to Schedule of Investments

June 30, 2022 (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 $64,872,347 and such bonds have a value of $19,236,049 or 1.13% of net assets, as of June 30, 2022. 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 $14,508,750 or 0.85% of net assets, as of June 30, 2022. These securities have been identified in the Schedule of Investments.

Investment Valuation and Risk

Securities for which there is no last sales price are valued by an independent pricing service based on evaluated prices which considers such factors as transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities, or are fair valued by management.

Securities for which market quotations are not readily available (or management considers otherwise are no longer valid or reliable) are valued at fair value determined in accordance with procedures approved by the Board of Trustees. This can occur in the event of, among other things, natural disasters, acts of terrorism, market disruptions, intra-day trading halts, and extreme market volatility. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the prices used by other mutual funds to determine net asset value or the price that may be realized upon the actual sale of the security. Short-term holdings are valued at current market quotations or amortized cost, whichever management believes best approximates fair value.

Fixed-income securities owned by the Fund are subject to interest-rate risk, credit risk, prepayment risk and market risk. The Fund invests in not rated securities which may be subject to a greater degree of credit risk and risk of loss of income and principal and may be more sensitive to economic conditions than lower yielding, higher rated fixed income securities. The Fund concentrates its investments in Colorado and, therefore, may be impacted by specific events, issuers or factors affecting Colorado. The Fund has more credit risk related to the economic conditions of Colorado than a portfolio with a broader geographical diversification.

Accounting Standards Codification (“ASC”) 820 Fair Value Measurements and Disclosures establishes a fair value hierarchy that classifies securities based on valuation techniques used to measure fair value and distinguish between observable inputs (market data obtained from independent sources) and the reporting entities own assumptions, which are not readily observable to market participants. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

Level 1 Inputs: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 Inputs: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 Inputs: Significant unobservable inputs for the asset or liability including management’s own assumptions. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.

The following table summarizes the valuation of the Fund’s investments as defined by ASC 820 hierarchy levels as of June 30, 2022:

Valuation Inputs Summary

 

     Colorado
Municipal
Bonds		      Other
Municipal
Bonds		      Short-Term
Municipal
Bonds		      Colorado
Capital
Appreciation
and Zero
Coupon
Bonds		      Colorado
Taxable
Certificates/
Notes/Bonds		      Total Securities
June 30, 2022		  

Level 1 Securities

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

Level 2 Securities

      1,000,069,119        104,863,748        90,676,168        76,184,531        3,724,220        1,275,517,786  

Level 3 Securities

      7,616,650        1,858,785        5,321,000        2,988,000        88,199        17,872,634  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Totals

    $ 1,007,685,769      $ 106,722,533      $ 95,997,168      $ 79,172,531      $ 3,812,419      $ 1,293,390,420  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

From September 30, 2021 to June 30, 2022 there were no Level 1 Securities.

Purchase Accrued Interest

Purchase accrued interest is typically a component of a municipal bond purchase and is paid on settlement date. The accrual period begins on the last interest payment date (or original issue date) and runs through the day immediately preceding the settlement date. The Fund has purchased three bonds from the Meadows Metropolitan Districts No. 1, 2 and 7 with an aggregate balance of purchase accrued of $90,436,317 (97.5% of the June 30, 2022 balance of $92,740,878). Approximately $212,094,400 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 $85,513,677 and is included in other assets net of liabilities in the Schedule of Investments. This amount bears interest at the rate of 7.999% and will be received over an uncertain period of years. The value of the Meadows bonds is contained within three separate line items of the financial statements which all relate to a single set of bonds that cannot be sold separately.

Investment Transactions

Variable Rate Demand Obligations (“VRDO”) purchased by the Fund are floating rate obligations that have a nominal long-term maturity but have a coupon rate that is reset periodically (e.g., daily or weekly). The investor has the option to put the issue back to the trustee or tender agent at any time with specified (e.g., seven days) notice; accordingly, the Fund treats these obligations as short-term holdings. On June 30, 2022 the interest rates paid on these obligations ranged from 0.88% to 1.12%.

Income Tax Information

At June 30, 2022 the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

 

Cost of investments

    $ 1,412,471,134  
  

 

 

  

Gross unrealized appreciation

    $ 11,533,589  

Gross unrealized (depreciation)

      (130,614,303 ) 
  

 

 

  

Net unrealized appreciation (depreciation) of investments

    $ (119,080,714 ) 
  

 

 

  

Litigation

The Fund is periodically involved in various legal proceedings. As of June 30, 2022, the Fund has a litigation payable of $139,514 for all pending litigation matters primarily for the purpose of paying lawyer fees. Possible additional amounts cannot be currently estimated but will be set aside as needed. Although there can be no assurances, based on information available, management believes that it is probable that the ultimate outcome of the action described below and other matters that are pending or threatened will not have a material effect on the Fund’s financial condition.

Marin Metropolitan District LTD Tax G.O. Series 2008 Bond

The Fund is the beneficial owner of bonds issued in 2008 (the “Bonds”) by Marin Metropolitan District (the “District”) as described more fully in the Fund’s most recent semi-annual report for the period ended March 31, 2022 that was filed with the Securities and Exchange Commission (“SEC”) on June 8, 2022. 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 June 30, 2022 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.”

On May 13, 2022, Marin Metropolitan District filed a complaint in Arapahoe County District Court against Colorado BondShares asking the Court to order that BondShares, as the bondholder be enjoined from compelling the District to impose a mill levy on the Century property. BondShares believes the action is without merit. No hearing date has been set. 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.