COLORADO BONDSHARES

A TAX-EXEMPT FUND

Schedule of Investments (unaudited)

December 31, 2022

	Maturity		Coupon		Principal		Value
Colorado Municipal Bonds 64.8%
Colorado 100.0%
Aberdeen MD #1 - Series A - 2035		12/1/2035		7.50%		$1,600,000		$476,000
Anthology West MD #4 - Series A - 2041 (g)		12/15/2041		6.25%		1,100,000		998,833
Anthology West MD #5 - Series A - 2049		12/1/2049		4.88%		4,630,000		3,803,915
Anthology West MD #5 - Series B - 2049 (g)		12/15/2049		7.63%		698,000		620,683
Aspen Street MD - Series A - 2050 (g)		12/1/2050		5.13%		4,300,000		3,318,052
Banning Lewis Ranch Regional MD - Series A - 2048		12/1/2048		5.38%		2,500,000		2,345,200
Banning Lewis Ranch Regional MD - Series B - 2041 (g)		12/15/2041		7.75%		625,000		584,525
Base Village MD #2 - Series A - 2048 (g)		12/15/2048		6.50%		3,500,000		2,352,035
Belford North MD - Series A - 2050		12/1/2050		5.50%		4,000,000		3,462,120
Belford North MD - Series B - 2050 (g)		12/15/2050		8.50%		3,475,000		3,158,393
Bennett Crossing MD #1 - Series A - 2049		12/1/2049		6.13%		6,160,000		5,797,114
Bennett Ranch MD #1 - Series A - 2051		12/1/2051		5.00%		3,000,000		2,535,180
Bennett Ranch MD #1 - Series B - 2051 (g)		12/15/2051		7.50%		1,221,000		1,066,312
Bent Grass MD - Series A - 2049		12/1/2049		5.25%		1,690,000		1,532,120
Bradburn MD #2 - Series C - 2051 (g)		12/15/2051		7.50%		3,271,000		2,850,480
Bramming Farm MD #1 - Series A - 2044 (d)		12/1/2044		6.00%		1,910,000		1,775,994
Brighton Crossing MD #4 - Series A - 2037		12/1/2037		5.00%		525,000		506,263
Brighton Crossing MD #4 - Series A - 2047		12/1/2047		5.00%		2,965,000		2,709,625
Brighton Crossing MD #4 - Series B - 2047 (g)		12/1/2047		7.00%		670,000		599,751
Brighton Crossing MD #6 - Series A - 2040		12/1/2040		5.00%		1,545,000		1,377,383
Brighton Crossing MD #6 - Series A - 2050		12/1/2050		4.75%		6,340,000		5,226,506
Broomfield Village MD #2 - Series A - 2049		12/1/2049		5.00%		1,480,000		1,281,680
Buckley Yard MD #2 - Series A - 2052		12/1/2052		6.25%		6,800,000		6,381,460
Buckley Yard MD #2 - Series B - 2052 (g)		12/15/2052		9.25%		1,569,000		1,513,520
Castleview MD #2 - Series A - 2050		12/1/2050		5.00%		3,435,000		2,863,725
Castleview MD #1 - Series A - 2050 (g)		12/1/2050		5.00%		4,727,000		3,655,389
Cherry Creek South MD #5 - Series A - 2051 (g)		12/1/2051		6.00%		20,500,000		17,386,255
Cherry Hills City MD - Series A - 2047 (g)		12/1/2047		5.00%		1,380,000		1,172,365
Cielo MD - Series A - 2050 (g)		12/1/2050		5.25%		12,442,000		9,774,560
City Center West Residential MD #2 - Series A - 2049		12/1/2049		5.00%		2,080,000		1,818,690
City Center West Residential MD #2 - Series B - 2049 (g)		12/15/2049		7.75%		1,425,000		1,270,801
Cityset MD #2 - Series A - 2030		12/1/2030		3.50%		5,625,000		4,871,756
Cityset MD #2 - Series A - 2040		12/1/2040		4.38%		8,360,000		7,037,030
Cityset MD #2 - Series A - 2045		12/1/2045		4.50%		3,180,000		2,603,116
Clear Creek Transit MD #2 - Series A - 2050		12/1/2050		5.00%		2,000,000		1,671,500
Cloverleaf MD - Series A - 2051		12/1/2051		6.00%		2,330,000		2,256,349
Cloverleaf MD - Series B - 2051 (g)		12/15/2051		9.25%		1,034,000		1,030,702
Colliers Hill MD #3 - Series A - 2040		12/1/2040		5.25%		8,300,000		7,645,794
Colliers Hill MD #3 - Series A - 2048		12/1/2048		5.50%		18,250,000		16,608,595
Colliers Hill MD #3 - Series B - 2043 (g)		12/15/2043		8.50%		2,213,000		1,956,580
Colorado Centre MD - Series B - 2032 (g)(i)		1/1/2032		0.00%		6,588,491		3,426,015
Colorado Centre MD - Series A - 2027 (e)(i)		1/1/2027		0.00%		2,074,674		1,782,000
Colorado Centre MD - Series A - 2027 (f)(i)		1/1/2027		9.00%		2,076,440		1,495,037
CECFA Swallow Academy - Series A - 2027 (m)		11/15/2027		5.35%		3,245,000		3,082,166
CECFA Addenbrooke Classical Academy - Series A - 2027 (m)		6/1/2027		4.50%		24,845,000		24,281,267
CECFA Imagine Charter School at Firestone - Series A - 2027 (m)		6/1/2027		4.50%		17,380,000		16,918,735
CECFA Monarch Montessori - Series A - 2025 (m)		5/15/2025		4.75%		8,325,000		8,057,435
CECFA Academy Of Advanced Learning - Series A - 2027 (m)		6/1/2027		4.38%		8,420,000		7,839,273

CECFA Chavez/Huerta Preparatory - Series A - 2027 (m)	7/1/2027	4.38%	36,525,000	34,881,010
CECFA Swallows Charter Academy - Series A - 2027 (m)	11/15/2027	4.38%	6,560,000	5,974,651
CECFA Vanguard Classical School - Series A - 2027 (m)	7/1/2027	4.38%	24,315,000	22,289,804
CECFA Third Future School - Series A - 2029 (m)	7/1/2029	4.25%	5,645,000	4,904,884
CECFA Grand Peak Academy - Series A - 2031 (m)	7/1/2031	4.00%	2,150,000	1,809,677
CECFA Grand Peak Academy - Series A - 2041 (m)	7/1/2041	4.25%	5,040,000	3,681,770
CECFA Grand Peak Academy - Series A - 2051 (m)	7/1/2051	4.50%	13,070,000	8,963,145
CECFA Doral Academy - Series A - 2028 (m)	7/15/2028	4.50%	19,405,000	17,743,738
CECFA Civica Career & Collegiate Academy - Series A - 2029 (m)	7/15/2029	4.75%	7,790,000	7,186,820
CECFA Chavez/Huerta Academy - Series A - 2027 (m)	7/1/2027	4.50%	8,220,000	7,890,378
CECFA Mountain Sage Community School - Series A - 2029 (m)	7/1/2029	4.75%	8,760,000	8,414,593
CECFA Mountain Song Community School - Series A - 2029 (m)	7/1/2029	4.75%	5,810,000	5,587,012
CECFA CEC / Aurora Charter School - Series A - 2032 (m)	7/1/2032	5.00%	80,470,000	77,813,685
CECFA CEC / Aurora Charter School - Series A - 2029 (m)	7/1/2029	6.00%	2,540,000	2,427,351
CECFA CEC / CSEC BC Project - Series A - 2032 (m)	1/1/2032	4.88%	4,060,000	3,930,770
CECFA CEC / CSEC BC Project - Series A - 2037 (m)	1/1/2037	5.00%	3,595,000	3,407,701
CECFA CEC / CSEC BC Project - Series A - 2042 (m)	1/1/2042	5.13%	40,335,000	37,820,919
CECFA Global Village Academy - Senior Bonds - 2029 (m)	6/15/2029	5.85%	11,630,000	11,663,611
CECFA Fort Collins Montessori School - Series A - 2029 (m)	7/1/2029	6.13%	17,790,000	17,940,681
700 Kalamath LLC - Series A - 2013 (a)(j)	12/1/2013	0.00%	3,755,000	3,755,000
CHFA / Casey’s Pond Living - Series A - 2032 (l)	6/1/2032	0.00%	8,110,000	4,055,000
CHFA / Casey’s Pond Living - Series A - 2042 (l)	6/1/2042	0.00%	10,665,000	5,332,500
CHFA / Casey’s Pond Living - Series A - 2047 (l)	6/1/2047	0.00%	8,600,000	4,300,000
Colorado International Center MD #3 - Series A - 2031	12/1/2031	4.63%	586,000	544,722
Conestoga MD #2 - Series A - 2051 (g)	12/1/2051	5.25%	1,625,000	1,384,565
Conifer MD - Series A - 2030	12/1/2030	0.00%	10,000,000	4,000,000
Conifer MD - Series A - 2032	12/1/2032	0.00%	1,450,000	580,000
Conifer MD - Series A - 2033	12/1/2033	0.00%	1,550,000	620,000
Constitution Heights MD - Series A - 2049	12/1/2049	5.00%	1,765,000	1,569,350
Copperleaf MD #9 - Series A - 2051 (g)	12/1/2051	4.88%	8,175,000	6,214,472
Country Club Highlands MD - Series A - 2037	12/1/2037	7.25%	1,030,000	947,600
Dacono Urban Renewal Authority - Series A - 2039 (g)	12/1/2039	6.25%	2,969,000	2,735,340
Dakota Ridge MD - Series A - 2052 (g)	12/1/2052	6.00%	2,339,000	2,043,421
Deer Creek Villas MD - Series A - 2055	12/1/2055	5.00%	6,085,000	4,971,323
Denver Intl Business Center MD #1 - Series B - 2048	12/1/2048	6.00%	4,585,000	4,450,430
Denver West Promenade MD - Series A - 2031	12/1/2031	5.13%	500,000	491,740
Denver West Promenade MD - Series B - 2046 (g)	12/15/2046	6.00%	500,000	463,775
E86 MD - Series A - 2051 (g)	12/1/2051	5.13%	4,060,000	3,227,375
Eagle Brook MD - Series A - 2051 (g)	12/1/2051	5.00%	1,600,000	1,328,096
ECCV Water & Sanitation District - Series A - 2023 (c)	11/15/2023	5.00%	1,011,000	1,011,263
Erie Highlands MD #2 - Series A - 2048	12/1/2048	5.25%	6,000,000	5,455,620
Erie Highlands MD #2 - Series B - 2048 (g)	12/15/2048	7.63%	1,819,000	1,633,316
Fitzsimons Village MD #1 - Series A - 2049	12/1/2049	5.00%	1,042,000	882,616
Fitzsimons Village MD #1 - Series B - 2049 (g)	12/15/2049	7.00%	611,000	529,273
Fitzsimons Village MD #3 - Series A - 2026	12/1/2026	4.00%	1,640,000	1,527,053
Fitzsimons Village MD #3 - Series A - 2031	12/1/2031	4.00%	500,000	429,140
Fitzsimons Village MD #3 - Series A - 2041	12/1/2041	4.00%	4,445,000	3,242,894
Fitzsimons Village MD #3 - Series A - 2055	12/1/2055	4.25%	9,660,000	6,631,783
Flying Horse MD #2 - Series B - 2050 (g)(m)	12/15/2050	7.25%	15,405,000	13,633,887
Flying Horse MD #3 - Series A - 2049 (g)	12/1/2049	6.00%	2,965,000	2,723,175
Fort Lupton Golf Course - Series A - 2037 (a)	12/15/2037	0.00%	620,000	6,200
Golden Eagle Acres MD #2 - Series A - 2051 (g)	12/1/2051	4.50%	3,325,000	2,433,401
Green Gables MD #2 - Series B - 2048 (g)	12/15/2048	8.25%	1,689,000	1,559,859
Green Valley Ranch East MD #6 - Series A - 2050	12/1/2050	5.88%	3,325,000	3,094,145
Greenspire MD #1 - Series A - 2051	12/1/2051	5.13%	1,925,000	1,656,289
Greenways MD #1 - Series A - 2051 (g)	12/1/2051	4.63%	6,845,000	4,686,498

Hess Ranch MD #6 - Series A - 2049	12/1/2049	5.00%	5,000,000	4,288,250
Hidden Creek MD - Series A - 2045 (g)	12/1/2045	4.63%	3,430,000	2,632,868
Highlands Mead MD - Series A - 2050	12/1/2050	5.13%	1,395,000	1,194,831
Hogback MD - Series A - 2041	12/1/2041	5.00%	725,000	643,981
Hogback MD - Series A - 2051	12/1/2051	5.00%	1,550,000	1,296,947
Horizon MD #2 - Series A - 2051 (g)	12/1/2051	4.50%	11,657,000	7,894,470
Hunter’s Overlook MD #5 - Series B - 2049 (g)	12/15/2049	8.50%	1,827,000	1,660,725
Hunter’s Overlook MD #7 - Series A - 2051 (g)	12/1/2051	5.50%	3,525,000	3,059,418
Hyland Village MD - Series A - 2027	12/1/2027	8.00%	4,770,000	2,623,500
Indy Oak Tod MD - Series A - 2050	12/1/2050	5.50%	1,075,000	985,754
Indy Oak Tod MD - Series B - 2050 (g)	12/15/2050	8.00%	736,000	677,422
Inspiration MD - Series B - 2036	12/15/2036	5.00%	788,000	681,644
Iron Works Village MD - Series A - 2048	12/1/2048	5.88%	1,500,000	1,581,525
Jay Grove MD - Series A - 2051 (g)	12/1/2051	4.25%	2,450,000	1,771,154
Jefferson Center MD #1 - Series B - 2050	12/15/2050	5.75%	14,414,000	13,482,279
Karl’s Farm MD #2 - Series A - 2040	12/1/2040	5.38%	1,155,000	1,057,749
Karl’s Farm MD #2 - Series A - 2050	12/1/2050	5.63%	3,030,000	2,715,001
The Lakes MD #4 - Series A - 2061 (g)	12/1/2061	5.50%	20,080,000	15,887,095
Lanterns MD #2 - Series A - 2050 (g)	12/1/2050	4.50%	12,492,000	8,784,125
Legato Community Authority - Series A - 2036	12/1/2036	4.00%	2,130,000	1,717,994
Legato Community Authority - Series A - 2046	12/1/2046	5.00%	1,000,000	828,530
Legato Community Authority - Series A - 2051	12/1/2051	5.00%	2,500,000	2,021,700
Lincoln Meadows MD - Series A - 2031	12/1/2031	8.00%	6,775,000	7,345,726
Littleton Village MD #2 - Series A - 2045	12/1/2045	5.38%	1,624,000	1,550,595
Littleton Village MD #2 - Series B - 2028 (g)	12/15/2028	7.63%	1,140,000	1,113,096
Loretto Heights Community Authority - Series A - 2051 (g)	12/1/2051	4.88%	12,750,000	9,600,878
Marin MD - Series A - 2028 (a)(j)	12/1/2028	0.00%	17,485,000	1,573,650
Mayfield MD - Series A - 2050	12/1/2050	5.75%	1,190,000	1,131,654
Mayfield MD - Series B - 2050 (g)	12/15/2050	8.25%	622,000	578,273
Meadows MD #1 - Series A - 2029 (k)	6/1/2029	8.00%	30,730,000	29,704,540
Meadows MD #2 - Series A - 2029 (k)	6/1/2029	8.00%	23,830,000	23,034,793
Meadows MD #7 - Series A - 2029 (k)	6/1/2029	8.00%	15,440,000	14,924,767
Meadowlark MD - Series A - 2040	12/1/2040	4.88%	1,045,000	884,613
Meadowlark MD - Series A - 2050	12/1/2050	5.13%	1,505,000	1,271,499
Mirabelle MD #2 - Series A - 2049	12/1/2049	5.00%	1,250,000	1,086,413
Mirabelle MD #2 - Series B - 2049 (g)	12/15/2049	7.38%	1,473,000	1,298,950
Monument Junction MD #1 - Series A - 2051 (g)	12/1/2051	5.75%	12,258,000	10,220,230
Mount Carbon MD - Series C - 2043 (e)(g)	6/1/2043	0.00%	521,078	521,078
Mountain Brook MD - Series A - 2051	12/1/2051	4.75%	7,740,000	5,733,173
Mountain Brook MD - Series A - 2041	12/1/2041	4.50%	1,000,000	783,140
Mountain Shadows MD - Series A - 2035	12/1/2035	5.00%	500,000	477,075
Mountain Shadows MD - Series B - 2046 (g)	12/15/2046	7.50%	1,800,000	1,636,524
Mountain Shadows MD - Series C - 2040 (g)	12/15/2040	10.00%	1,994,000	1,872,286
Muegge Farms MD #1 - Series A - 2051 (g)	12/1/2051	5.00%	6,300,000	5,034,834
Muegge Farms MD #3 - Series A - 2051 (g)	12/1/2051	5.50%	10,431,000	8,620,491
Murphy Creek MD #3 - Series A - 2026	12/1/2026	6.00%	2,540,000	2,540,000
Murphy Creek MD #3 - Series A - 2035	12/1/2035	6.13%	1,880,000	1,880,000
Murphy Creek MD #5 - Series A - 2052	12/1/2052	6.00%	2,645,000	2,477,968
Nine Mile MD - Series A - 2030	12/1/2030	4.63%	1,125,000	1,048,815
Nine Mile MD - Series A - 2040	12/1/2040	5.13%	2,500,000	2,289,875
North Range MD #3 - Series A - 2040	12/1/2040	5.00%	2,000,000	1,738,060
Painted Prairie Improvement Authority - Series A - 2029	12/1/2029	4.00%	1,000,000	929,210
Palisade Park North MD #2 - Series A - 2047	12/1/2047	5.63%	1,740,000	1,664,171
Parkdale Community Authority - Series A - 2040	12/1/2040	5.00%	3,140,000	2,862,298
Parkdale Community Authority - Series A - 2050	12/1/2050	5.25%	5,620,000	4,868,606
Parkdale Community Authority - Series B - 2050 (g)	12/15/2050	7.75%	2,424,000	2,157,239

Parker Automotive MD - Series A - 2045	12/1/2045	5.00%	1,906,000	1,743,247
Parker Automotive MD - Series B - 2032 (g)	12/15/2032	8.00%	3,785,000	3,615,318
Pioneer Community Authority - Series B - 2050 (g)	12/15/2050	6.75%	24,592,000	21,959,918
Pioneer MD #3 - Series A - 2046 (g)	12/1/2046	6.50%	2,646,000	2,463,056
The Plaza MD #1 - Series A - 2040 (m)	12/1/2040	5.00%	7,850,000	7,376,253
Powhaton Community Authority - Series A - 2051 (g)	12/1/2051	5.00%	7,450,000	6,066,908
Pronghorn Valley MD - Series A - 2041	12/1/2041	3.75%	515,000	388,763
Pronghorn Valley MD - Series A - 2051	12/1/2051	4.00%	4,400,000	3,184,456
PFA / Colorado Skies Academy - Series A - 2025 (m)	7/1/2025	5.63%	10,290,000	9,931,805
PFA / Monument Academy - Series A - 2026 (m)	6/1/2026	5.00%	28,725,000	27,858,367
Ravenna MD - Series B - 2026 (d)(g)	12/15/2026	7.50%	8,000,000	7,092,800
Reata Ridge Village MD #2 - Series A - 2049	12/1/2049	5.00%	1,803,000	1,604,688
Rendezvous MD #4 - Series B - 2048 (g)	10/15/2048	8.00%	1,189,000	1,069,720
Remuda Ridge MD - Series A - 2051 (g)	12/1/2051	5.63%	5,520,000	4,605,833
Reserve MD #2 - Series A - 2045	12/1/2045	5.00%	500,000	449,035
Rex Ranch MD - Series B - 2047 (g)	12/15/2047	7.88%	445,000	406,361
Ritoro MD - Series B - 2049 (g)	12/15/2049	8.50%	2,190,000	2,239,275
Riverdale Peaks II MD - Series A - 2025	12/1/2025	6.40%	930,000	465,000
Riverdale Peaks II MD - Series A - 2035	12/1/2035	6.50%	1,135,000	567,500
Riverview MD - Series A - 2041	12/1/2041	5.00%	1,105,000	959,593
Riverview MD - Series A - 2051	12/1/2051	5.00%	2,075,000	1,716,316
Rock Creek MD - Series A - 2041 (g)	12/1/2041	4.50%	2,230,000	1,755,434
Rock Creek MD - Series A - 2050 (g)	12/1/2050	4.75%	3,880,000	2,887,186
Rock Creek MD - Series A - 2031 (g)	12/1/2031	4.00%	3,432,000	2,970,568
Rose Hill Acres MD - Series A - 2050	12/1/2050	5.00%	2,990,000	2,554,985
Rose Hill Acres MD - Series B - 2050 (g)	12/15/2050	8.75%	910,000	829,001
Roxborough Village MD - Series A - 2042 (f)(i)	12/31/2042	0.00%	242,645	26,691
RRC MD #2 - Series A - 2051 (g)	12/1/2051	5.25%	5,625,000	4,575,431
Sabell MD - Series A - 2050	12/1/2050	5.00%	1,055,000	886,801
Sabell MD - Series B - 2050 (g)	12/15/2050	8.25%	605,000	542,818
Silver Peaks East MD - Series A - 2051 (g)	12/1/2051	5.00%	5,410,000	4,327,730
64th Avenue ARI Authority - Series A - 2043 (g)	12/1/2043	6.50%	5,000,000	4,643,050
Solitude MD - Series A - 2026 (j)	12/1/2026	7.00%	3,520,000	2,288,000
Southglenn MD - Series A - 2030	12/1/2030	5.00%	2,285,000	2,259,659
Southshore MD #2 - Series B - 2041 (g)	12/15/2041	4.13%	9,690,000	9,810,834
Spring Hill MD #3 - Senior Bonds - 2052	12/1/2052	6.75%	10,305,000	10,322,828
Spring Valley MD #4 - Senior Bonds - 2040	12/1/2040	5.00%	1,410,000	1,247,963
Spring Valley MD #4 - Senior Bonds - 2050	12/1/2050	5.12%	1,775,000	1,478,238
Spring Valley MD #4 - Subordinate Bonds - 2050 (g)	12/15/2050	7.63%	2,811,000	2,459,990
St Vrain Lakes MD #2 - Senior Bonds - 2037	12/1/2037	5.00%	4,000,000	3,829,360
St. Vrains Lakes MD #2 - Series A - 2047	12/1/2047	5.13%	3,050,000	2,795,234
St Vrain Lakes MD #2 - Subordinate Bonds - 2047 (g)	12/15/2047	7.63%	1,083,000	1,045,593
STC MD #2 - Senior Bonds - 2025	12/1/2025	3.00%	555,000	523,232
STC MD #2 - Senior Bonds - 2029	12/1/2029	4.00%	1,615,000	1,494,876
STC MD #2 - Senior Bonds - 2038	12/1/2038	5.00%	8,160,000	7,604,875
STC MD #2 - Subordinate Bonds - 2049 (g)	12/15/2049	8.00%	3,954,000	3,586,634
Sterling Ranch MD #2 - Senior Bonds - 2032	12/1/2032	5.25%	1,340,000	1,299,733
Sterling Ranch MD #2 - Senior Bonds - 2042	12/1/2042	5.50%	5,645,000	5,301,050
Sterling Ranch MD #2 - Senior Bonds - 2051	12/1/2051	5.75%	11,750,000	10,982,255
Stetson Ridge MD #3 - Subordinate Bonds - 2042 (g)(m)	12/15/2042	7.50%	301,000	270,662
Stone Ridge MD #2 - Senior Bonds - 2031	12/1/2031	0.00%	11,896,000	1,903,360
Tallyn’s Reach MD #3 - Senior Bonds - 2038	11/1/2038	5.13%	2,070,000	2,105,501
Third Creek MD #1 - Senior Bonds - 2037	12/1/2037	4.50%	1,130,000	945,754
Third Creek MD #1 - Senior Bonds - 2042	12/1/2042	4.50%	1,500,000	1,171,050
Third Creek MD #1 - Senior Bonds - 2051	12/1/2051	4.75%	5,115,000	3,823,002
Thompson Crossing MD #4 - Senior Bonds - 2039	12/1/2039	5.00%	1,410,000	1,308,466

Thompson Crossing MD #4 - Senior Bonds - 2049	12/1/2049	5.00%	1,315,000	1,138,238
Trails At Crowfoot MD #3 - Subordinate Bonds - 2049 (g)	12/15/2049	9.00%	3,135,000	2,873,165
Valagua MD - Senior Bonds - 2037	12/1/2037	0.00%	11,500,000	2,300,000
Villages At Murphy Creek MD #1 - Senior Bonds - 2051 (g)	12/1/2051	5.50%	12,358,000	10,121,449
Vincent Village MD - Senior Bonds - 2051	12/1/2051	5.00%	1,970,000	1,604,270
Waterfall MD #1 - Senior Bonds - 2052	12/1/2052	5.25%	2,295,000	2,045,327
Westcreek MD #2 - Senior Bonds - 2048	12/1/2048	5.38%	1,300,000	1,197,833
Westerly MD #4 - Senior Bonds - 2031	12/1/2031	4.13%	600,000	523,590
Westerly MD #4 - Senior Bonds - 2040	12/1/2040	5.00%	2,255,000	2,018,766
Westerly MD #4 - Senior Bonds - 2050	12/1/2050	5.00%	5,250,000	4,393,725
Westerly MD #4 - Senior CABs - 2050	12/1/2026	0.00%	1,000,000	632,380
Whispering Pines MD #1 - Senior Bonds - 2037	12/1/2037	5.00%	2,000,000	1,907,340
White Buffalo MD #3 - Senior Bonds - 2050	12/1/2050	5.50%	4,780,000	4,285,413
Wild Plum MD - Senior Bonds - 2049	12/1/2049	5.00%	595,000	625,446
Willow Springs MD - Subordinate Bonds - 2049 (g)	12/15/2049	7.75%	650,000	576,726
Woodmen Heights MD #2 - Subordinate Bonds - 2040 (g)	12/15/2040	7.50%	3,358,000	3,014,544
Wyndham Hill MD #2 - Subordinate Bonds - 2049 (g)	12/15/2049	7.63%	9,600,000	8,660,256
Colorado (amortized cost $1,202,980,585)			1,274,303,328	1,086,743,599
Colorado Municipal Bonds (amortized cost $1,202,980,585)			$1,274,303,328	$1,086,743,599
Other Municipal Bonds 5.7%
South Dakota 81.0%
Flandreau Santee Sioux Tribe / Healthcare - Series A - 2036 (m)	1/1/2036	5.75%	$6,055,000	$4,595,866
Flandreau Santee Sioux Tribe / Healthcare - Series A - 2026 (m)	1/1/2026	5.00%	2,265,000	2,099,179
Flandreau Santee Sioux Tribe / Healthcare - Series A - 2031 (m)	1/1/2031	5.50%	3,565,000	2,942,872
Flandreau Santee Sioux Tribe / Gaming - Series B - 2038 (g)(m)	1/1/2038	6.00%	6,120,000	5,252,918
Flandreau Santee Sioux Tribe / Gaming - Series C - 2038 (m)	1/1/2038	6.00%	5,450,000	4,677,844
Flandreau Santee Sioux Tribe / Gaming - Series A - 2024 (m)	1/1/2024	8.28%	950,000	927,191
Flandreau Santee Sioux Tribe / Gaming - Series A - 2025 (m)	1/1/2025	8.28%	1,030,000	984,495
Flandreau Santee Sioux Tribe / Gaming - Series A - 2026 (m)	1/1/2026	8.28%	1,115,000	1,051,233
Flandreau Santee Sioux Tribe / Gaming - Series A - 2027 (m)	1/1/2027	8.28%	1,205,000	1,125,976
Flandreau Santee Sioux Tribe / Gaming - Series A - 2028 (m)	1/1/2028	8.28%	1,305,000	1,209,605
Flandreau Santee Sioux Tribe / Gaming - Series A - 2033 (m)	1/1/2033	8.28%	8,670,000	8,006,485
Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2025 (m)	7/1/2025	5.75%	740,000	704,650
Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2026 (m)	7/1/2026	5.75%	785,000	738,921
Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2027 (m)	7/1/2027	5.75%	830,000	769,535
Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2028 (m)	7/1/2028	5.75%	875,000	799,776
Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2029 (m)	7/1/2029	5.75%	930,000	838,730
Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2030 (m)	7/1/2030	5.75%	980,000	872,768
Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2031 (m)	7/1/2031	5.75%	1,040,000	915,325
Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2032 (m)	7/1/2032	5.75%	1,095,000	953,121
Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2033 (m)	7/1/2033	5.75%	1,160,000	999,259
Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2034 (m)	7/1/2034	5.75%	1,225,000	1,045,048
Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2035 (m)	7/1/2035	5.75%	1,300,000	1,098,981
Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2040 (m)	7/1/2040	6.00%	7,730,000	6,319,352
Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2045 (m)	7/1/2045	6.25%	10,395,000	8,329,410
Lower Brule Sioux Tribe - Series A - 2025 (m)	3/1/2025	5.88%	1,060,000	985,885
Oglala Sioux Tribe / Healthcare - Series A - 2028 (m)	7/1/2028	5.50%	2,600,000	2,391,428
Oglala Sioux Tribe / Healthcare - Series A - 2037 (m)	7/1/2037	6.00%	9,270,000	7,539,291
Oglala Sioux Tribe / Healthcare - Series B - 2041 (m)	9/1/2041	6.50%	6,050,000	4,985,745
Oglala Sioux Tribe - Series A - 2024 (m)	10/1/2024	5.50%	1,985,000	1,939,285
Oglala Sioux Tribe - Series C - 2026 (m)	10/1/2026	8.00%	800,000	777,304
Oglala Sioux Tribe - Series A - 2027 (m)	10/1/2027	4.50%	2,370,000	2,149,377
South Dakota (amortized cost $90,943,638)			90,950,000	78,026,852

Puerto Rico 9.2%
Puerto Rico - Series A - 2025	7/1/2025	5.38%	103,109	103,886
Puerto Rico - Series A - 2027	7/1/2027	5.63%	102,175	104,103
Puerto Rico - Series A - 2029	7/1/2029	5.63%	100,517	102,850
Puerto Rico - Series A - 2031	7/1/2031	5.75%	97,632	100,949
Puerto Rico - Series A - 2033	7/1/2033	4.00%	92,580	80,272
Puerto Rico - Series A - 2035	7/1/2035	4.00%	83,217	70,035
Puerto Rico - Series A - 2037	7/1/2037	4.00%	71,422	58,428
Puerto Rico - Series A - 2041	7/1/2041	4.00%	97,107	76,035
Puerto Rico - Series A - 2046	7/1/2046	4.00%	100,990	75,711
Puerto Rico - Series A - 2024	7/1/2024	0.00%	30,955	28,690
Puerto Rico - Series A - 2033	7/1/2033	0.00%	119,142	64,403
Puerto Rico - Series A - 2043	7/1/2043	0.00%	438,347	191,777
Puerto Rico / Sales Tax - Series A - 2034	7/1/2034	4.50%	277,000	261,313
Puerto Rico / Sales Tax - Series A - 2040	7/1/2040	4.55%	140,000	128,439
Puerto Rico / Sales Tax - Series A - 2053	7/1/2053	4.75%	1,028,000	908,701
Puerto Rico / Sales Tax - Series A - 2058	7/1/2058	5.00%	2,600,000	2,360,618
Puerto Rico / Sales Tax - Series A - 2024	7/1/2024	0.00%	97,000	90,484
Puerto Rico / Sales Tax - Series A - 2027	7/1/2027	0.00%	267,000	216,008
Puerto Rico / Sales Tax - Series A - 2029	7/1/2029	0.00%	260,000	189,472
Puerto Rico / Sales Tax - Series A - 2031	7/1/2031	0.00%	336,000	218,877
Puerto Rico / Sales Tax - Series A - 2033	7/1/2033	0.00%	378,000	219,883
Puerto Rico / Sales Tax - Series A - 2046	7/1/2046	0.00%	3,597,000	886,265
Puerto Rico / Sales Tax - Series A - 2051	7/1/2051	0.00%	2,930,000	527,459
Puerto Rico / Sales Tax - Series A - 2040	7/1/2040	4.33%	1,424,000	1,282,796
Puerto Rico / Sales Tax - Series A - 2053	7/1/2053	4.54%	43,000	36,660
Puerto Rico / Sales Tax - Series A - 2058	7/1/2058	4.78%	571,000	495,394
Puerto Rico (amortized cost $8,943,639)			15,385,193	8,879,508
Oregon 6.0%
Multnomah County Hospital - Series A - 2023 (m)	10/1/2023	5.45%	5,815,000	5,815,000
Oregon (amortized cost $5,815,000)			5,815,000	5,815,000
Washington 2.1%
Tacoma / Local Improvement District #65 - Senior Bonds - 2043	4/1/2043	5.75%	2,185,000	2,045,968
Washington (amortized cost $2,045,947)			2,185,000	2,045,968
Missouri 0.8%
Kansas City IDA - Series A - 2028	1/1/2028	6.75%	34,000	34,070
St Louis IDA - Series A - 2027	5/1/2027	6.75%	805,000	756,974
Missouri (amortized cost $839,000)			839,000	791,044
Oklahoma 0.5%
Haskell County Public Facilities - Series B - 2024 (g)	4/1/2024	5.25%	450,000	445,077
Oklahoma (amortized cost $450,000)			450,000	445,077
California 0.3%
Freddie Mac - 2037 (g)(j)	1/1/2037	0.00%	270,706	270,706
California (amortized cost $270,706)			270,706	270,706
Other Municipal Bonds (amortized cost $109,307,930)			$115,894,899	$96,274,155

Short-Term Municipal Bonds 4.7%
Colorado 74.6%
Boulder Housing Authority / Broadway East - Series A - 2037 (LOC 1)	9/1/2037	3.78%	$1,485,000	$1,485,000
Boulder College of Massage - Series A - 2031 (a)(j)	10/15/2031	0.00%	4,315,000	4,315,000
Broomfield URA / Event Center - Series A - 2030 (LOC 2)	12/1/2030	3.85%	7,185,000	7,185,000
CHFA / Ready Foods - Series A - 2032 (LOC 1)	1/1/2032	3.78%	4,960,000	4,960,000
Colorado Springs Utilities - Series A - 2041 (LOC 1)	11/1/2041	3.84%	1,100,000	1,100,000
Jeffco Business Center MD #1 - Series A - 2023 (j)	5/1/2023	0.00%	1,006,000	1,006,000
Sheridan Redevelopment Agency / Santa Fe - Series A - 2029                LOC (3)	12/1/2029	3.80%	38,545,000	38,545,000
Colorado (amortized cost $58,090,000)			58,596,000	58,596,000
Multi-State 23.4%
Freddie Mac VR - 2045 (LOC 4)	12/15/2045	3.76%	18,365,000	18,365,000
Multi-State (amortized cost $18,365,000)			18,365,000	18,365,000
South Dakota 2.0%
Flandreau Santee Sioux Tribe / Gaming - Series A - 2023 (m)	1/1/2023	8.28%	875,000	875,000
Oglala Sioux Tribe - Series A - 2023 (m)	3/1/2023	4.50%	700,000	697,823
South Dakota (amortized cost $1,575,000)			1,575,000	1,572,823
Puerto Rico 0.1%
Puerto Rico - Series A - 2023	7/1/2023	5.25%	51,698	51,698
Puerto Rico (amortized cost $52,990)			51,698	51,698
Short-Term Municipal Bonds (amortized cost $78,082,990)			$78,587,698	$78,585,521
Colorado Capital Appreciation and Zero Coupon Bonds 4.1%
Colorado 100.0%
Bella Mesa MD - Series A CABs - 2049 (m)	12/1/2049	0.00%	$7,565,000	$6,209,730
Colorado International Center MD #7 - Series A CABs - 2027	12/1/2027	0.00%	21,285,000	10,939,426
Conifer MD - Series B - 2031 (a)(d)(g)(j)	12/1/2031	0.00%	7,470,000	2,988,000
Mayfield MD - Series C - 2050	12/15/2050	3.00%	766,000	257,882
PV ERU Holding Trust - Series A CABs - 2039 (a)(m)	2/14/2039	0.00%	710,000	149,100
PV ERU Holding Trust - Series A CABs - 2039 (a)(m)	2/14/2039	0.00%	3,122,000	655,620
PV ERU Holding Trust - Series A CABs - 2039 (a)(m)	2/14/2039	0.00%	13,168,000	2,765,280
PV ERU Holding Trust - Series A CABs - 2037 (a)(m)	12/15/2037	0.00%	14,000,000	2,940,000
Ravenna MD - Series A CABs - 2046 (d)	12/1/2046	5.00%	33,685,000	29,942,597
Ravenna MD - Series A CABs - 2023 (d)	12/1/2023	0.00%	325,000	308,497
Ravenna MD - Series A CABs - 2024 (d)	12/1/2024	0.00%	490,000	439,025
Ravenna MD - Series A CABs - 2025 (d)	12/1/2025	0.00%	585,000	494,401
Rockinghorse MD #2 - Series A CABs - 2024	1/1/2024	6.00%	3,565,000	3,666,638
Rockinghorse MD #2 - Series B - 2024	1/1/2024	6.50%	3,885,000	4,012,661
Rockinghorse MD #2 - Series C - 2024	6/1/2024	0.00%	1,115,000	1,087,080
Third Creek MD #1 - Senior CABs - 2026	12/1/2026	0.00%	2,285,000	1,372,714
Colorado (amortized cost $84,531,575)			114,021,000	68,228,650

Colorado Capital Appreciation and Zero Coupon Bonds (amortized cost $84,531,575)			$114,021,000	$68,228,650
Colorado Taxable Certificates/Notes/Bonds 0.3%
Colorado 100.0%
Colliers Hill MD #2 / Taxable - Series B - 2047	12/15/2047	6.00%	$2,250,000	$1,851,885
CECFA CEC / Aurora Charter School / Taxable - Series A - 2031 (m)	7/1/2031	6.13%	1,960,000	1,833,854
Woodmen Heights MD #2 / Taxable - Subordinate Bonds - 2040 (g)	12/15/2040	6.25%	1,804,000	1,667,383
Tabernash Pole Creek Note - Senior Bonds - 2022 (a)(j)	12/31/2023	0.00%	227,347	88,199
Colorado (amortized cost $6,241,347)			6,241,347	5,441,322
Colorado Taxable Certificates/Notes/Bonds (amortized cost $6,241,347)			$6,241,347	$5,441,322
Total investments, at value (amortized cost $1,481,144,427)	79.6%			$1,335,273,247
Other assets net of liabilities	20.4%			342,185,534
Net Assets	100.0%			$1,677,458,781

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 December 31, 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 December 31, 2022.
(i)	Terms of security have been restructured since the original issuance. The total face amount of all such restructured securities approximates $10,982,250 and a value of $6,729,743 or less than 1.0% of net assets, as of December 31, 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 December 31, 2022, the aggregate value was $503,550,309 representing 30.02% of net assets.

COLORADO BONDSHARES - A TAX-EXEMPT FUND

Schedule of Investments - (unaudited) - (Continued)

December 31, 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.   US Bank, N.A.
	2.   BNP Paribas
	3.   JP Morgan Chase Bank N.A.
	4.   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
	MD-Metropolitan District
	P/O-Principal Only

COLORADO BONDSHARES - A TAX-EXEMPT FUND

Notes to Schedule of Investments

December 31, 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 1.15% of net assets, as of December 31, 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 $13,687,500 or 0.82% of net assets, as December 31, 2022. These securities have been identified in the Schedule of Investments.

Investment Valuation and Risk    

    The fair value of securities for which there is no last sales price is determined either by an independent pricing service or management, considering market transactions and dealer quotes of comparable securities as well as proprietary pricing models.

    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, 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 December 31, 2022
Level 1 Securities	$	-	$	-	$	-	$	-	$	-	$	-
Level 2 Securities		1,078,115,686		80,399,280		90,188,449		64,932,154		5,353,123		1,318,988,692
Level 3 Securities		7,616,650		5,321,000		270,706		2,988,000		88,199		16,284,555
Totals		$1,085,732,336		$85,720,280		$90,459,155		$67,920,154		$5,441,322		$1,335,273,247

From September 30, 2022 to December 31, 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 (98.1% of the December 31, 2022 balance of $92,156,671). Approximately $225,060,887 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 $88,560,287 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, 2022 the interest rates paid on these obligations ranged from 3.76% to 3.85%.

Income Tax Information

    At December 31, 2022 the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

Cost of investments	$	1,481,144,427
Gross unrealized appreciation	$	10,835,886
Gross unrealized (depreciation)		(156,707,066	)
Net unrealized appreciation (depreciation) of investments	$	(145,871,180	)

Litigation

The Fund is periodically involved in various legal proceedings. As of December 31, 2022, the Fund has a litigation payable of -$156,527 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 2022 shareholder report on Form N-CSR filed with the Securities and Exchange Commission on December 5, 2022. The Bonds were issued in 2008 pursuant to a trust indenture (the “Trust Indenture”) between the District, as issuer and UMB Bank, N.A. (“UMB”), as trustee (the “Trustee”). 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 September 30, 2022 was set forth in the schedule of investments included in the Fund’s above referenced 2022 shareholder report.

On about June 24, 2022, the District filed an Amended Complaint for Declaratory and Injunctive Relief (the “Complaint”) against the Fund and the Trustee with the District Court, Arapahoe County, Colorado (the “Court”). The Complaint also names Century at Landmark, LLC, a Colorado limited liability company (“Century”) as an “Interested Party” in the Complaint on the grounds that Century is the owner of the real property remaining in the District. In the Complaint, the District has asserted a single claim for relief for declaratory judgment. In essence, based on the rulings in Landmark Towers Association, Inc. v. UMB Bank, N.A. and Colorado Bondshares (District Court, Arapahoe County, Colorado Case No. 11CV1076) (the “Landmark Litigation”), the District has requested that the Court declare that the Fund and the Trustee cannot compel the District to impose a tax levy on Century’s parcel of real property within the District and that, further, the Court enjoin the Fund and the Trustee from attempting to compel the District to impose a levy on Century’s parcel of real property within the District. In response, the Fund and the Trustee asserted counterclaims for breach of the District’s resolution authorizing public debt in accordance with, and as required by, the Colorado Constitution (the “Bond Resolution”), declaratory judgment for breach of the Bond Resolution, declaratory judgment that the District has violated Colo. Const. art. XI, section 6 and the Bond Resolution, breach of the Trust Indenture, and a Declaratory Judgment that the District has violated the Trust Indenture. The parties to the litigation have recently completed initial case management procedures and discovery has commenced. The initial trial date has been set for July 17, 2023. It is impossible to determine the direction, cost, duration or ultimate outcome of these matters.