COLORADO BONDSHARES
A TAX-EXEMPT FUND
Schedule of Investments
December 31, 2023
| Maturity |
Coupon |
Principal |
Value |
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|
|
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|
Colorado Municipal Bonds 65.9%
|
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| 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 | 1,045,814 | ||||||||||||
| Anthology West MD #5 - Series A - 2049 |
12/1/2049 | 4.88% | 4,630,000 | 3,996,431 | ||||||||||||
| Anthology West MD #5 - Series B - 2049 (g) |
12/15/2049 | 7.63% | 698,000 | 651,011 | ||||||||||||
| Aspen Street MD - Series A - 2050 (g) |
12/1/2050 | 5.13% | 4,300,000 | 3,510,993 | ||||||||||||
| Banning Lewis Ranch Regional MD - Series A - 2048 |
12/1/2048 | 5.38% | 2,500,000 | 2,460,650 | ||||||||||||
| Banning Lewis Ranch Regional MD - Series B - 2041 (g) |
12/15/2041 | 7.75% | 625,000 | 610,206 | ||||||||||||
| Base Village MD #2 - Series B – 2048 (g) |
12/15/2048 | 6.50% | 3,500,000 | 2,301,320 | ||||||||||||
| Belford North MD - Series A - 2050 |
12/1/2050 | 5.50% | 4,000,000 | 3,640,320 | ||||||||||||
| Belford North MD - Series B - 2050 (g) |
12/15/2050 | 8.50% | 3,475,000 | 3,303,613 | ||||||||||||
| Bennett Crossing MD #1 - Series A - 2049 |
12/1/2049 | 6.13% | 6,160,000 | 6,120,022 | ||||||||||||
| Bennett Ranch MD #1 - Series A - 2051 |
12/1/2051 | 5.00% | 3,000,000 | 2,632,500 | ||||||||||||
| Bennett Ranch MD #1 - Series B - 2051 (g) |
12/15/2051 | 7.50% | 1,221,000 | 1,120,707 | ||||||||||||
| Bent Grass MD - Series A - 2049 |
12/1/2049 | 5.25% | 1,690,000 | 1,609,539 | ||||||||||||
| Bradburn MD #2 - Series C - 2051 (g) |
12/15/2051 | 7.50% | 3,271,000 | 2,992,474 | ||||||||||||
| Bramming Farm MD #1 - Series A - 2044 |
12/1/2044 | 6.00% | 1,910,000 | 1,867,636 | ||||||||||||
| Brighton Crossing MD #4 - Series A - 2037 |
12/1/2037 | 5.00% | 1,050,000 | 1,047,659 | ||||||||||||
| Brighton Crossing MD #4 - Series A - 2047 |
12/1/2047 | 5.00% | 4,685,000 | 4,479,141 | ||||||||||||
| Brighton Crossing MD #4 - Series B - 2047 (g) |
12/1/2047 | 7.00% | 670,000 | 630,349 | ||||||||||||
| Brighton Crossing MD #6 - Series A - 2035 |
12/1/2035 | 5.00% | 525,000 | 504,116 | ||||||||||||
| Brighton Crossing MD #6 - Series A - 2040 |
12/1/2040 | 5.00% | 1,545,000 | 1,421,246 | ||||||||||||
| Brighton Crossing MD #6 - Series A - 2050 |
12/1/2050 | 5.00% | 9,020,000 | 7,879,872 | ||||||||||||
| Broomfield Village MD #2 - Series A - 2049 |
12/1/2049 | 5.00% | 1,450,000 | 1,358,027 | ||||||||||||
| Buckley Yard MD #2 - Series A - 2052 |
12/1/2052 | 6.25% | 6,800,000 | 6,745,600 | ||||||||||||
| Buckley Yard MD #2 - Series B - 2052 (g) |
12/15/2052 | 9.25% | 1,569,000 | 1,567,713 | ||||||||||||
| Castleview MD #2 - Series A - 2050 |
12/1/2050 | 5.00% | 3,435,000 | 3,029,327 | ||||||||||||
| Castleview MD #1 - Series A - 2050 (g) |
12/1/2050 | 5.00% | 4,727,000 | 3,871,649 | ||||||||||||
| Cherry Creek South MD #5 - Series A - 2051 (g) |
12/1/2051 | 6.00% | 22,500,000 | 18,627,525 | ||||||||||||
| Cherry Hills City MD - Series A - 2047 (g) |
12/1/2047 | 5.00% | 1,380,000 | 1,236,052 | ||||||||||||
| Cielo MD - Series A - 2050 (g) |
12/1/2050 | 5.25% | 12,442,000 | 10,336,689 | ||||||||||||
| City Center West Residential MD #2 - Series A - 2049 |
12/1/2049 | 5.00% | 2,080,000 | 1,912,789 | ||||||||||||
| City Center West Residential MD #2 - Series B - 2049 (g) |
12/15/2049 | 7.75% | 1,425,000 | 1,332,190 | ||||||||||||
| Cityset MD #2 - Series A - 2030 |
12/1/2030 | 3.50% | 5,150,000 | 4,626,812 | ||||||||||||
| Cityset MD #2 - Series A - 2040 |
12/1/2040 | 4.38% | 8,360,000 | 7,359,893 | ||||||||||||
| Cityset MD #2 - Series A - 2045 |
12/1/2045 | 4.50% | 3,180,000 | 2,733,623 | ||||||||||||
| Clear Creek Transit MD #2 - Series A - 2050 |
12/1/2050 | 5.00% | 2,000,000 | 1,748,900 | ||||||||||||
| Cloverleaf MD - Series A - 2051 |
12/1/2051 | 6.00% | 2,330,000 | 2,342,862 | ||||||||||||
| Cloverleaf MD - Series B - 2051 (g) |
12/15/2051 | 9.25% | 1,034,000 | 1,049,893 | ||||||||||||
| Colliers Hill MD #3 - Series A - 2040 |
12/1/2040 | 5.25% | 8,300,000 | 8,009,168 | ||||||||||||
| Colliers Hill MD #3 - Series A - 2048 |
12/1/2048 | 5.50% | 18,250,000 | 17,482,405 | ||||||||||||
| Colliers Hill MD #3 - Series B - 2043 (g) |
12/15/2043 | 8.50% | 2,213,000 | 2,039,368 | ||||||||||||
| Colorado Centre MD - Series B - 2032 (g)(i) |
1/1/2032 | 0.00% | 6,592,306 | 3,427,999 | ||||||||||||
| Colorado Centre MD - Series A - 2027 (e)(i) |
1/1/2027 | 0.00% | 2,074,674 | 1,860,153 | ||||||||||||
| Colorado Centre MD - Series A - 2027 (f)(i) |
1/1/2027 | 9.00% | 2,131,449 | 1,428,071 | ||||||||||||
| CECFA Swallow Academy - Series A - 2027 (m) |
11/15/2027 | 5.35% | 3,180,000 | 3,058,556 | ||||||||||||
| CECFA Addenbrooke Classical Academy - Series A - 2027 (m) |
6/1/2027 | 4.50% | 24,385,000 | 24,020,932 | ||||||||||||
| CECFA Imagine Charter School at Firestone - Series A - 2027 (m) |
6/1/2027 | 4.50% | 17,380,000 | 17,120,517 | ||||||||||||
| CECFA Monarch Montessori - Series A - 2025 (m) |
5/15/2025 | 4.75% | 8,325,000 | 8,184,474 | ||||||||||||
| CECFA Academy Of Advanced Learning - Series A - 2027 (m) |
6/1/2027 | 4.38% | 8,420,000 | 7,982,076 | ||||||||||||
| CECFA Chavez/Huerta Preparatory - Series A - 2027 (m) |
7/1/2027 | 4.38% | 36,520,000 | 34,106,758 | ||||||||||||
| CECFA Swallows Charter Academy - Series A - 2027 (m) |
11/15/2027 | 4.38% | 6,560,000 | 6,099,160 | ||||||||||||
| CECFA Vanguard Classical School - Series A - 2027 (m) |
7/1/2027 | 4.38% | 24,045,000 | 22,509,486 | ||||||||||||
| CECFA Third Future School - Series A - 2029 (m) |
7/1/2029 | 4.25% | 5,645,000 | 5,020,268 | ||||||||||||
| CECFA Grand Peak Academy - Series A - 2031 (m) |
7/1/2031 | 4.00% | 2,150,000 | 1,852,376 | ||||||||||||
| CECFA Grand Peak Academy - Series A - 2041 (m) |
7/1/2041 | 4.25% | 5,040,000 | 3,795,926 | ||||||||||||
| CECFA Grand Peak Academy - Series A - 2051 (m) |
7/1/2051 | 4.50% | 13,070,000 | 9,240,229 | ||||||||||||
| CECFA Doral Academy - Series A - 2028 (m) |
7/15/2028 | 4.50% | 19,405,000 | 18,074,593 | ||||||||||||
| CECFA Civica Career & Collegiate Academy - Series A - 2029 (m) |
7/15/2029 | 4.75% | 7,790,000 | 7,295,179 | ||||||||||||
| CECFA Chavez/Huerta Academy - Series A - 2027 (m) |
7/1/2027 | 4.50% | 8,220,000 | 7,708,469 | ||||||||||||
| CECFA Mountain Sage Community School - Series A - 2029 (m) |
7/1/2029 | 4.75% | 8,760,000 | 8,496,412 | ||||||||||||
| CECFA Mountain Song Community School - Series A - 2029 (m) |
7/1/2029 | 4.75% | 5,810,000 | 5,640,522 | ||||||||||||
| CECFA CEC / Aurora Charter School - Series A - 2032 (m) |
7/1/2032 | 5.00% | 80,470,000 | 78,513,774 | ||||||||||||
| CECFA CEC / CSEC BC Project - Series A - 2032 (m) |
1/1/2032 | 4.88% | 4,060,000 | 3,965,483 | ||||||||||||
| CECFA CEC / CSEC BC Project - Series A - 2037 (m) |
1/1/2037 | 5.00% | 3,595,000 | 3,474,963 | ||||
| CECFA CEC / CSEC BC Project - Series A - 2042 (m) |
1/1/2042 | 5.13% | 40,335,000 | 38,687,315 | ||||
| CECFA Global Village Academy - Senior Bonds - 2029 (m) |
6/15/2029 | 5.85% | 11,630,000 | 11,664,774 | ||||
| CECFA Fort Collins Montessori School - Series A - 2029 (m) |
7/1/2029 | 6.13% | 17,790,000 | 17,905,635 | ||||
| CECFA Colorado Skies Academy - Series A - 2030 (m) |
7/1/2030 | 7.00% | 10,595,000 | 10,774,691 | ||||
| Colorado Crossing MD #2 - Series A - 2047 |
12/1/2047 | 5.00% | 4,000,000 | 3,341,840 | ||||
| Colorado Crossing MD #2 - Series A - 2050 |
12/1/2050 | 5.00% | 4,000,000 | 3,309,280 | ||||
| 700 Kalamath LLC - Series A - 2013 (a)(j) |
12/1/2013 | 0.00% | 3,755,000 | 4,000,000 | ||||
| CHFA / Casey's Pond Living - Series A - 2032 (l) |
6/1/2032 | 0.00% | 8,110,000 | 3,649,500 | ||||
| CHFA / Casey's Pond Living - Series A - 2042 (l) |
6/1/2042 | 0.00% | 10,665,000 | 4,799,250 | ||||
| CHFA / Casey's Pond Living - Series A - 2047 (l) |
6/1/2047 | 0.00% | 8,600,000 | 3,870,000 | ||||
| Hudson Asphalt Terminal Project - Series A - 2034 (m) |
10/1/2034 | 7.25% | 10,000,000 | 10,304,000 | ||||
| Hudson Asphalt Terminal Project - Series B - 2034 (m) |
10/1/2031 | 9.75% | 10,000,000 | 10,351,300 | ||||
| Colorado International Center MD #3 - Series A - 2031 |
12/1/2031 | 4.63% | 564,000 | 540,295 | ||||
| Conestoga MD #2 - Series A - 2051 (g) |
12/1/2051 | 5.25% | 1,625,000 | 1,463,020 | ||||
| Conifer MD - Series A - 2030 (j) |
12/1/2030 | 0.00% | 10,000,000 | 4,163,367 | ||||
| Conifer MD - Series A - 2032 (j) |
12/1/2032 | 0.00% | 1,450,000 | 603,688 | ||||
| Conifer MD - Series A - 2033 (j) |
12/1/2033 | 0.00% | 1,550,000 | 645,322 | ||||
| Constitution Heights MD - Series A - 2049 |
12/1/2049 | 5.00% | 1,765,000 | 1,650,716 | ||||
| Copperleaf MD #9 - Series A - 2051 (g) |
12/1/2051 | 4.88% | 8,175,000 | 6,545,314 | ||||
| Country Club Highlands MD - Series A - 2037 |
12/1/2037 | 7.25% | 1,030,000 | 947,600 | ||||
| Dakota Ridge MD - Series A - 2052 (g) |
12/1/2052 | 6.00% | 2,339,000 | 2,159,505 | ||||
| Deer Creek Villas MD - Series A - 2055 |
12/1/2055 | 5.00% | 6,085,000 | 5,271,253 | ||||
| Denver Intl Business Center MD #1 - Series B - 2048 (g) |
12/1/2048 | 6.00% | 4,585,000 | 4,610,034 | ||||
| Denver West Promenade MD - Series A - 2031 |
12/1/2031 | 5.13% | 500,000 | 500,005 | ||||
| Denver West Promenade MD - Series B - 2046 (g) |
12/15/2046 | 6.00% | 413,000 | 403,484 | ||||
| E86 MD - Series A - 2051 (g) |
12/1/2051 | 5.13% | 4,060,000 | 3,409,385 | ||||
| Eagle Brook MD - Series A - 2051 (g) |
12/1/2051 | 5.00% | 1,600,000 | 1,405,216 | ||||
| Erie Highlands MD #2 - Series A - 2048 |
12/1/2048 | 5.25% | 6,000,000 | 5,727,180 | ||||
| Erie Highlands MD #2 - Series B - 2048 (g) |
12/15/2048 | 7.63% | 1,819,000 | 1,712,679 | ||||
| Fitzsimons Village MD #1 - Series A - 2049 |
12/1/2049 | 5.00% | 1,040,000 | 931,549 | ||||
| Fitzsimons Village MD #1 - Series B - 2049 (g) |
12/15/2049 | 7.00% | 611,000 | 557,806 | ||||
| Fitzsimons Village MD #3 - Series A - 2026 |
12/1/2026 | 4.00% | 1,640,000 | 1,565,610 | ||||
| Fitzsimons Village MD #3 - Series A - 2031 |
12/1/2031 | 4.00% | 500,000 | 444,590 | ||||
| Fitzsimons Village MD #3 - Series A - 2041 |
12/1/2041 | 4.00% | 4,445,000 | 3,401,536 | ||||
| Fitzsimons Village MD #3 - Series A - 2055 |
12/1/2055 | 4.25% | 9,660,000 | 6,899,558 | ||||
| Flying Horse MD #2 - Series B - 2050 (g)(m) |
12/15/2050 | 7.25% | 15,405,000 | 14,330,809 | ||||
| Flying Horse MD #3 - Series A - 2049 (g) |
12/1/2049 | 6.00% | 2,965,000 | 2,874,983 | ||||
| Golden Eagle Acres MD #2 - Series A - 2051 (g) |
12/1/2051 | 4.50% | 3,325,000 | 2,561,480 | ||||
| Green Gables MD #3 - Series B – 2053 (g) |
12/15/2053 | 8.25% | 2,984,000 | 3,115,087 | ||||
| Green Valley Ranch East MD #6 - Series A - 2050 |
12/1/2050 | 5.88% | 3,325,000 | 3,318,550 | ||||
| Greenspire MD #1 - Series A - 2051 |
12/1/2051 | 5.13% | 1,925,000 | 1,740,142 | ||||
| Greenways MD #1 - Series A - 2051 (g) |
12/1/2051 | 4.63% | 6,845,000 | 4,936,956 | ||||
| Hess Ranch MD #6 - Series A - 2049 |
12/1/2049 | 5.00% | 5,000,000 | 4,509,500 | ||||
| Hidden Creek MD - Series A - 2045 (g) |
12/1/2045 | 4.63% | 3,430,000 | 2,765,986 | ||||
| Highlands Mead MD - Series A - 2050 |
12/1/2050 | 5.13% | 1,395,000 | 1,263,298 | ||||
| Hogback MD - Series A - 2041 |
12/1/2041 | 5.00% | 725,000 | 675,258 | ||||
| Hogback MD - Series A - 2051 |
12/1/2051 | 5.00% | 1,550,000 | 1,371,595 | ||||
| Horizon MD #2 - Series A - 2051 (g) |
12/1/2051 | 4.50% | 11,657,000 | 8,323,215 | ||||
| Hunter's Overlook MD #5 - Series B - 2049 (g) |
12/15/2049 | 8.50% | 1,827,000 | 1,736,034 | ||||
| Hunter's Overlook MD #7 - Series A - 2051 (g) |
12/1/2051 | 5.50% | 3,525,000 | 3,228,477 | ||||
| Hyland Village MD - Series A - 2027 |
12/1/2027 | 10.00% | 4,770,000 | 2,623,500 | ||||
| Indy Oak Tod MD - Series A - 2050 |
12/1/2050 | 5.50% | 1,070,000 | 1,101,255 | ||||
| Indy Oak Tod MD - Series B - 2050 (g) |
12/15/2050 | 8.00% | 736,000 | 797,250 | ||||
| Inspiration MD - Series B - 2036 (g) |
12/15/2036 | 5.00% | 761,000 | 688,089 | ||||
| Jay Grove MD - Series A - 2051 (g) |
12/1/2051 | 4.25% | 2,450,000 | 1,867,635 | ||||
| Jefferson Center MD #1 - Series B - 2050 (g) |
12/15/2050 | 5.75% | 14,414,000 | 14,212,060 | ||||
| Karl's Farm MD #2 - Series A - 2040 |
12/1/2040 | 5.38% | 1,155,000 | 1,107,645 | ||||
| Karl's Farm MD #2 - Series A - 2050 |
12/1/2050 | 5.63% | 3,030,000 | 2,863,289 | ||||
| The Lakes MD #4 - Series A - 2061 (g) |
12/1/2061 | 5.50% | 20,080,000 | 16,741,298 | ||||
| Lanterns MD #2 - Series A - 2050 (g) |
12/1/2050 | 4.50% | 12,492,000 | 9,263,692 | ||||
| Legato Community Authority - Series A - 2036 |
12/1/2036 | 4.00% | 2,130,000 | 1,798,657 | ||||
| Legato Community Authority - Series A - 2046 |
12/1/2046 | 5.00% | 1,000,000 | 875,060 | ||||
| Legato Community Authority - Series A - 2051 |
12/1/2051 | 5.00% | 2,500,000 | 2,138,950 | ||||
| Lincoln Meadows MD - Series A - 2031 |
12/1/2031 | 8.00% | 6,565,000 | 7,039,124 | ||||
| Loretto Heights Community Authority - Series A - 2051 (g) |
12/1/2051 | 4.88% | 12,750,000 | 10,110,623 | ||||
| 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% | 1,189,000 | 1,184,410 | ||||
| Mayfield MD - Series B - 2050 (g) |
12/15/2050 | 8.25% | 622,000 | 605,635 | ||||
| Mayfield MD - Series C - 2050 |
12/15/2050 | 3.00% | 766,000 | 288,935 | ||||
| Meadows MD #1 - Series A - 2029 (k) |
6/1/2029 | 8.00% | 30,730,000 | 30,308,077 | ||||
| Meadows MD #2 - Series A - 2029 (k) |
6/1/2029 | 8.00% | 23,830,000 | 23,502,814 | ||||
| Meadows MD #7 - Series A - 2029 (k) |
6/1/2029 | 8.00% | 15,440,000 | 15,228,009 | ||||
| Meadowlark MD - Series A - 2040 |
12/1/2040 | 4.88% | 1,045,000 | 941,660 | ||||
| Meadowlark MD - Series A - 2050 |
12/1/2050 | 5.13% | 1,505,000 | 1,363,575 | ||||
| Mirabelle MD #2 - Series A - 2049 |
12/1/2049 | 5.00% | 1,250,000 | 1,150,175 | ||||
| Mirabelle MD #2 - Series B - 2049 (g) |
12/15/2049 | 7.38% | 1,473,000 | 1,365,854 | ||||
| Monument Junction MD #1 - Series A - 2051 (g) |
12/1/2051 | 5.75% | 12,258,000 | 10,788,511 | ||||
| Mount Carbon MD - Series C - 2043 |
6/1/2043 | 0.00% | 521,078 | 521,078 | ||||
| Mountain Brook MD - Series A - 2051 |
12/1/2051 | 4.75% | 7,740,000 | 6,043,392 | ||||
| Mountain Brook MD - Series A - 2041 |
12/1/2041 | 4.50% | 1,000,000 | 821,380 | ||||
| Mountain Shadows MD - Series A - 2035 |
12/1/2035 | 5.00% | 500,000 | 495,105 | ||||
| Mountain Shadows MD - Series B - 2046 (g) |
12/15/2046 | 7.50% | 1,650,000 | 1,572,516 | ||||
| Mountain Shadows MD - Series C - 2040 (g) |
12/15/2040 | 10.00% | 1,994,000 | 1,932,804 | ||||
| Muegge Farms MD #1 - Series A - 2051 (g) |
12/1/2051 | 5.00% | 6,300,000 | 5,324,004 | ||||
| Muegge Farms MD #3 - Series A - 2051 (g) |
12/1/2051 | 5.50% | 10,431,000 | 9,113,460 | ||||
| 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 | 2,631,907 | ||||
| Nine Mile MD - Series A - 2030 |
12/1/2030 | 4.63% | 1,125,000 | 1,084,005 | ||||
| Nine Mile MD - Series A - 2040 |
12/1/2040 | 5.13% | 2,500,000 | 2,394,825 | ||||
| North Range MD #3 - Series A - 2040 |
12/1/2040 | 5.00% | 2,000,000 | 1,906,880 | ||||
| Painted Prairie Improvement Authority - Series A - 2029 |
12/1/2029 | 4.00% | 1,000,000 | 946,390 | ||||
| Palisade Park North MD #2 - Series A - 2047 |
12/1/2047 | 5.63% | 1,723,000 | 1,723,465 | ||||
| Parkdale Community Authority - Series A - 2040 |
12/1/2040 | 5.00% | 3,140,000 | 2,988,338 | ||||
| Parkdale Community Authority - Series A - 2050 |
12/1/2050 | 5.25% | 5,620,000 | 5,144,155 | ||||
| Parkdale Community Authority - Series B - 2050 (g) |
12/15/2050 | 7.75% | 2,424,000 | 2,262,246 | ||||
| Parker Automotive MD - Series A - 2045 |
12/1/2045 | 5.00% | 1,864,000 | 1,971,199 | ||||
| Pioneer Community Authority - Series B - 2050 (g) |
12/15/2050 | 6.75% | 24,592,000 | 22,851,624 | ||||
| The Plaza MD #1 - Series A - 2040 (m) |
12/1/2040 | 5.00% | 7,850,000 | 7,604,923 | ||||
| Powhaton Community Authority - Series A - 2051 (g) |
12/1/2051 | 5.00% | 7,450,000 | 6,417,281 | ||||
| Pronghorn Valley MD - Series A - 2041 |
12/1/2041 | 3.75% | 515,000 | 410,661 | ||||
| Pronghorn Valley MD - Series A - 2051 |
12/1/2051 | 4.00% | 4,400,000 | 3,365,956 | ||||
| PFA / Monument Academy - Series A - 2026 (m) |
6/1/2026 | 5.00% | 28,570,000 | 27,967,173 | ||||
| Reata Ridge Village MD #2 - Series A - 2049 |
12/1/2049 | 5.00% | 1,784,000 | 1,670,127 | ||||
| Rendezvous MD #4 - Series B - 2048 (g) |
10/15/2048 | 8.00% | 1,189,000 | 1,119,895 | ||||
| Remuda Ridge MD - Series A - 2051 (g) |
12/1/2051 | 5.63% | 5,520,000 | 4,865,990 | ||||
| Reserve MD #2 - Series A - 2045 |
12/1/2045 | 5.00% | 500,000 | 470,790 | ||||
| Ritoro MD - Series B - 2049 (g) |
12/15/2049 | 8.50% | 2,190,000 | 2,251,232 | ||||
| Riverdale Peaks II MD - Series A - 2025 |
12/1/2025 | 6.40% | 930,000 | 762,600 | ||||
| Riverdale Peaks II MD - Series A - 2035 |
12/1/2035 | 6.50% | 1,135,000 | 930,700 | ||||
| Riverview MD - Series A - 2041 |
12/1/2041 | 5.00% | 1,105,000 | 1,008,412 | ||||
| Riverview MD - Series A - 2051 |
12/1/2051 | 5.00% | 2,075,000 | 1,816,476 | ||||
| Rock Creek MD - Series A - 2041 |
12/1/2041 | 4.50% | 2,230,000 | 1,840,999 | ||||
| Rock Creek MD - Series A - 2050 |
12/1/2050 | 4.75% | 3,880,000 | 3,042,424 | ||||
| Rock Creek MD - Series A - 2031 (g) |
12/1/2031 | 4.00% | 3,432,000 | 3,082,348 | ||||
| Rose Hill Acres MD - Series A - 2050 |
12/1/2050 | 5.00% | 2,965,000 | 2,662,214 | ||||
| Rose Hill Acres MD - Series B - 2050 (g) |
12/15/2050 | 8.75% | 910,000 | 866,038 | ||||
| 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 | 4,831,088 | ||||
| Sabell MD - Series A - 2050 (g) |
12/1/2050 | 5.00% | 1,055,000 | 949,869 | ||||
| Sabell MD - Series B - 2050 (g) |
12/15/2050 | 8.25% | 605,000 | 571,574 | ||||
| Silver Peaks East MD - Series A - 2051 (g) |
12/1/2051 | 5.00% | 5,410,000 | 4,576,373 | ||||
| 64th Avenue ARI Authority - Series A - 2043 (g) |
12/1/2043 | 6.50% | 5,000,000 | 4,868,100 | ||||
| Solitude MD - Series A - 2026 (j) |
12/1/2026 | 7.00% | 3,520,000 | 2,486,263 | ||||
| Southglenn MD - Series A - 2030 |
12/1/2030 | 5.00% | 2,285,000 | 2,283,309 | ||||
| Southglenn MD - Series A - 2046 |
12/1/2046 | 5.00% | 2,075,000 | 1,954,277 | ||||
| Southlands MD #1 - Series A - 2037 |
12/1/2037 | 5.00% | 500,000 | 499,995 | ||||
| Southlands MD #1 - Series A - 2047 |
12/1/2047 | 5.00% | 3,000,000 | 2,874,750 | ||||
| Southshore MD #2 - Series B - 2041 (g) |
12/15/2041 | 4.13% | 9,690,000 | 9,828,373 | ||||
| Spring Hill MD #3 - Series A - 2052 |
12/1/2052 | 6.75% | 10,305,000 | 10,514,604 | ||||
| Spring Valley MD #4 - Series A - 2040 |
12/1/2040 | 5.00% | 1,410,000 | 1,309,495 | ||||
| Spring Valley MD #4 - Series A - 2050 |
12/1/2050 | 5.12% | 1,775,000 | 1,562,355 | ||||
| Spring Valley MD #4 - Series B - 2050 (g) |
12/15/2050 | 7.63% | 2,811,000 | 2,580,301 | ||||
| St Vrain Lakes MD #2 - Series A - 2037 |
12/1/2037 | 5.00% | 4,000,000 | 3,995,840 | ||||
| St Vrain Lakes MD #2 - Series A - 2047 |
12/1/2047 | 5.13% | 3,050,000 | 2,965,881 | ||||
| St Vrain Lakes MD #2 - Series B - 2047 (g) |
12/15/2047 | 7.63% | 1,083,000 | 1,085,848 | ||||
| STC MD #2 - Series A - 2025 |
12/1/2025 | 3.00% | 555,000 | 525,813 | ||||
| STC MD #2 - Series A - 2029 |
12/1/2029 | 4.00% | 1,615,000 | 1,510,364 | ||||
| STC MD #2 - Series A - 2038 |
12/1/2038 | 5.00% | 15,160,000 | 14,362,129 | ||||
| STC MD #2 - Series B - 2049 (g) |
12/15/2049 | 8.00% | 3,954,000 | 3,733,169 | ||||
| Sterling Ranch MD #2 - Series A - 2032 |
12/1/2032 | 5.25% | 1,340,000 | 1,336,208 | ||||
| Sterling Ranch MD #2 - Series A - 2042 |
12/1/2042 | 5.50% | 5,645,000 | 5,547,567 | ||||||||||||
| Sterling Ranch MD #2 - Series A - 2051 |
12/1/2051 | 5.75% | 11,750,000 | 11,588,085 | ||||||||||||
| Stetson Ridge MD #3 - Series B - 2042 (g)(m) |
12/15/2042 | 7.50% | 210,000 | 197,398 | ||||||||||||
| Stone Ridge MD #2 - Series A - 2031 |
12/1/2031 | 0.00% | 11,896,000 | 1,903,360 | ||||||||||||
| Third Creek MD #1 - Series A - 2037 |
12/1/2037 | 4.50% | 1,130,000 | 987,790 | ||||||||||||
| Third Creek MD #1 - Series A - 2042 |
12/1/2042 | 4.50% | 3,140,000 | 2,569,839 | ||||||||||||
| Third Creek MD #1 - Series A - 2051 |
12/1/2051 | 4.75% | 7,390,000 | 5,810,314 | ||||||||||||
| Thompson Crossing MD #4 - Series A - 2039 |
12/1/2039 | 5.00% | 1,410,000 | 1,362,920 | ||||||||||||
| Thompson Crossing MD #4 - Series A - 2049 |
12/1/2049 | 5.00% | 1,315,000 | 1,187,195 | ||||||||||||
| Trails At Crowfoot MD #3 - Series B - 2049 (g) |
12/15/2049 | 9.00% | 3,135,000 | 3,037,439 | ||||||||||||
| Valagua MD - Series A - 2037 |
12/1/2037 | 0.00% | 11,500,000 | 2,300,000 | ||||||||||||
| Villages At Murphy Creek MD #1 - Series A - 2051 (g) |
12/1/2051 | 5.50% | 12,358,000 | 10,698,321 | ||||||||||||
| Vincent Village MD - Series A - 2051 |
12/1/2051 | 5.00% | 1,970,000 | 1,697,490 | ||||||||||||
| Waterfall MD #1 - Series A - 2052 |
12/1/2052 | 5.25% | 2,282,000 | 2,137,207 | ||||||||||||
| Westcreek MD #2 - Series A - 2048 |
12/1/2048 | 5.38% | 1,300,000 | 1,256,710 | ||||||||||||
| Westerly MD #4 - Series A - 2031 |
12/1/2031 | 4.13% | 600,000 | 544,032 | ||||||||||||
| Westerly MD #4 - Series A - 2040 |
12/1/2040 | 5.00% | 2,255,000 | 2,105,899 | ||||||||||||
| Westerly MD #4 - Series A - 2050 |
12/1/2050 | 5.00% | 5,250,000 | 4,616,378 | ||||||||||||
| White Buffalo MD #3 - Series A - 2050 |
12/1/2050 | 5.50% | 4,780,000 | 4,522,884 | ||||||||||||
| Wild Plum MD - Series A - 2049 |
12/1/2049 | 5.00% | 595,000 | 623,459 | ||||||||||||
| Willow Springs MD - Series B - 2049 (g) |
12/15/2049 | 7.75% | 650,000 | 604,533 | ||||||||||||
| Woodmen Heights MD #2 - Series B - 2040 (g) |
12/15/2040 | 7.50% | 3,358,000 | 3,146,245 | ||||||||||||
| Wyndham Hill MD #2 - Series B - 2049 (g) | 12/15/2049 | 7.63% | 9,600,000 |
9,088,320 |
||||||||||||
| Colorado (amortized cost $1,219,665,472) | 1,295,147,152 |
1,138,156,644 |
||||||||||||||
|
|
||||||||||||||||
| Colorado Municipal Bonds (amortized cost $1,219,665,472) | $1,295,147,152 | $1,138,156,644 | ||||||||||||||
|
|
||||||||||||||||
| Other Municipal Bonds 5.6% | ||||||||||||||||
| South Dakota 77.2% |
| |||||||||||||||
| Flandreau Santee Sioux Tribe / Healthcare - Series A - 2036 (m) |
1/1/2036 | 5.75% | $6,055,000 | $4,567,347 | ||||||||||||
| Flandreau Santee Sioux Tribe / Healthcare - Series A - 2026 (m) |
1/1/2026 | 5.00% | 1,740,000 | 1,643,065 | ||||||||||||
| Flandreau Santee Sioux Tribe / Healthcare - Series A - 2031 (m) |
1/1/2031 | 5.50% | 3,565,000 | 2,960,126 | ||||||||||||
| Flandreau Santee Sioux Tribe / Gaming - Series B - 2038 (g)(m) |
1/1/2038 | 6.00% | 6,120,000 | 5,168,952 | ||||||||||||
| Flandreau Santee Sioux Tribe / Gaming - Series C - 2038 (m) |
1/1/2038 | 6.00% | 5,450,000 | 4,603,070 | ||||||||||||
| Flandreau Santee Sioux Tribe / Gaming - Series A - 2025 (m) |
1/1/2025 | 8.28% | 1,030,000 | 1,002,623 | ||||||||||||
| Flandreau Santee Sioux Tribe / Gaming - Series A - 2026 (m) |
1/1/2026 | 8.28% | 1,115,000 | 1,072,128 | ||||||||||||
| Flandreau Santee Sioux Tribe / Gaming - Series A - 2027 (m) |
1/1/2027 | 8.28% | 1,205,000 | 1,150,715 | ||||||||||||
| Flandreau Santee Sioux Tribe / Gaming - Series A - 2028 (m) |
1/1/2028 | 8.28% | 1,305,000 | 1,242,504 | ||||||||||||
| Flandreau Santee Sioux Tribe / Gaming - Series A - 2033 (m) |
1/1/2033 | 8.28% | 8,670,000 | 8,123,096 | ||||||||||||
| Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2025 (m) |
7/1/2025 | 5.75% | 740,000 | 715,084 | ||||||||||||
| Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2026 (m) |
7/1/2026 | 5.75% | 785,000 | 745,946 | ||||||||||||
| Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2027 (m) |
7/1/2027 | 5.75% | 830,000 | 774,290 | ||||||||||||
| Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2028 (m) |
7/1/2028 | 5.75% | 875,000 | 803,766 | ||||||||||||
| Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2029 (m) |
7/1/2029 | 5.75% | 930,000 | 840,748 | ||||||||||||
| Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2030 (m) |
7/1/2030 | 5.75% | 980,000 | 872,759 | ||||||||||||
| Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2031 (m) |
7/1/2031 | 5.75% | 1,040,000 | 913,234 | ||||||||||||
| Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2032 (m) |
7/1/2032 | 5.75% | 1,095,000 | 948,303 | ||||||||||||
| Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2033 (m) |
7/1/2033 | 5.75% | 1,160,000 | 992,183 | ||||||||||||
| Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2034 (m) |
7/1/2034 | 5.75% | 1,225,000 | 1,035,652 | ||||||||||||
| Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2035 (m) |
7/1/2035 | 5.75% | 1,300,000 | 1,087,164 | ||||||||||||
| Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2040 (m) |
7/1/2040 | 6.00% | 7,730,000 | 6,207,577 | ||||||||||||
| Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2045 (m) |
7/1/2045 | 6.25% | 10,395,000 | 8,146,250 | ||||||||||||
| Lower Brule Sioux Tribe - Series A - 2025 (m) |
3/1/2025 | 5.88% | 945,000 | 904,592 | ||||||||||||
| Oglala Sioux Tribe / Healthcare - Series A - 2028 (m) |
7/1/2028 | 5.50% | 2,200,000 | 2,031,634 | ||||||||||||
| Oglala Sioux Tribe / Healthcare - Series A - 2037 (m) |
7/1/2037 | 6.00% | 9,270,000 | 7,443,439 | ||||||||||||
| Oglala Sioux Tribe / Healthcare - Series B - 2041 (m) |
9/1/2041 | 6.50% | 5,880,000 | 4,754,686 | ||||||||||||
| Oglala Sioux Tribe - Series C - 2026 (m) |
10/1/2026 | 8.00% | 800,000 | 786,840 | ||||||||||||
| Oglala Sioux Tribe - Series A - 2027 (m) | 10/1/2027 | 4.50% | 2,370,000 |
2,168,858 |
||||||||||||
| South Dakota (amortized cost $86,805,000) | 86,805,000 |
73,706,630 |
||||||||||||||
|
|
||||||||||||||||
| Puerto Rico 10.5% |
| |||||||||||||||
| Puerto Rico - Series A - 2025 |
7/1/2025 | 5.38% | 103,109 | 105,387 | ||||||||||||
| Puerto Rico - Series A - 2027 |
7/1/2027 | 5.63% | 102,175 | 108,052 | ||||||||||||
| Puerto Rico - Series A - 2029 |
7/1/2029 | 5.63% | 100,517 | 109,018 | ||||||||||||
| Puerto Rico - Series A - 2031 |
7/1/2031 | 5.75% | 97,632 | 108,602 | ||||||||||||
| Puerto Rico - Series A - 2033 |
7/1/2033 | 4.00% | 92,580 | 90,645 | ||||||||||||
| Puerto Rico - Series A - 2035 |
7/1/2035 | 4.00% | 83,217 | 80,458 | ||||||||||||
| Puerto Rico - Series A - 2037 |
7/1/2037 | 4.00% | 71,422 | 68,187 | ||||||||||||
| Puerto Rico - Series A - 2041 |
7/1/2041 | 4.00% | 97,107 | 89,061 | ||||||||||||
| Puerto Rico - Series A - 2046 |
7/1/2046 | 4.00% | 100,990 | 89,949 | ||||||||||||
| Puerto Rico - Series A - 2033 |
7/1/2033 | 4.64% | 119,142 | 74,276 | ||||||||||||
| Puerto Rico - Series A - 2043 |
7/1/2043 | 3.00% | 438,347 | 238,899 | ||||||||||||
| Puerto Rico / Sales Tax - Series A - 2034 |
7/1/2034 | 4.50% | 277,000 | 277,618 | ||||||||||||
| Puerto Rico / Sales Tax - Series A - 2040 |
7/1/2040 | 4.55% | 140,000 | 140,679 | ||||||||||||
| Puerto Rico / Sales Tax - Series A - 2053 |
7/1/2053 | 4.75% | 1,028,000 | 1,017,360 | ||||||||||||
| Puerto Rico / Sales Tax - Series A - 2058 |
7/1/2058 | 5.00% | 2,600,000 | 2,609,074 | ||||||||||||
| Puerto Rico / Sales Tax - Series A - 2027 |
7/1/2027 | 4.41% | 267,000 | 232,397 | ||||||||||||
| Puerto Rico / Sales Tax - Series A - 2029 |
7/1/2029 | 4.69% | 260,000 | 207,919 | ||||||||||||
| Puerto Rico / Sales Tax - Series A - 2031 |
7/1/2031 | 4.96% | 336,000 | 245,912 | ||||||||||||
| Puerto Rico / Sales Tax - Series A - 2033 |
7/1/2033 | 5.20% | 378,000 | 251,771 | ||||||||||||
| Puerto Rico / Sales Tax - Series A - 2046 |
7/1/2046 | 5.97% | 3,597,000 | 1,127,731 | ||||||||||||
| Puerto Rico / Sales Tax - Series A - 2051 |
7/1/2051 | 6.02% | 2,930,000 | 684,184 | ||||||||||||
| Puerto Rico / Sales Tax - Series A - 2040 |
7/1/2040 | 4.33% | 1,424,000 | 1,413,619 | ||||||||||||
| Puerto Rico / Sales Tax - Series A - 2053 |
7/1/2053 | 4.54% | 43,000 | 41,111 | ||||||||||||
| Puerto Rico / Sales Tax - Series A - 2058 | 7/1/2058 | 4.78% | 571,000 |
562,829 |
||||||||||||
| Puerto Rico (amortized cost $8,957,711) | 15,257,238 |
9,974,737 |
||||||||||||||
| Utah 9.9% | ||||||||||||||||
| Ares Strategic Mining - Series A - 2034 (m) |
12/15/2034 | 10.00% | 10,000,000 | 9,077,800 | ||||||||||||
| Ares Strategic Mining / Taxable - Series A - 2025 (m) | 12/15/2025 | 12.00% | 500,000 |
453,570 |
||||||||||||
| Utah (amortized cost $9,500,000) | 10,500,000 |
9,531,370 |
||||||||||||||
| Washington 2.1% | ||||||||||||||||
| Tacoma / Local Improvement District #65 - Series A - 2043 | 4/1/2043 | 5.75% | 2,040,000 |
2,002,444 |
||||||||||||
| Washington (amortized cost $1,910,174) | 2,040,000 |
2,002,444 |
||||||||||||||
|
|
||||||||||||||||
| California 0.3% | ||||||||||||||||
| Freddie Mac – 2035 (g)(j) | 8/15/2035 | 6.50% | 258,884 |
271,114 |
||||||||||||
| California (amortized cost $258,884) | 258,884 |
271,114 |
||||||||||||||
|
|
||||||||||||||||
| Other Municipal Bonds (amortized cost $107,431,769) | $114,861,122 |
$95,486,294 |
||||||||||||||
|
|
||||||||||||||||
|
|
||||||||||||||||
| Short-Term Municipal Bonds 5.00%
|
||||||||||||||||
| Colorado 70.8% | ||||||||||||||||
| Boulder Housing Authority / Broadway East - Series A - 2037 (LOC 1) |
9/1/2037 | 3.92% | $1,425,000 | $1,425,000 | ||||||||||||
| Boulder College of Massage - Series A - 2031 (a)(j) |
10/15/2031 | 0.00% | 4,315,000 | 2,337,500 | ||||||||||||
| Broomfield URA / Event Center - Series A - 2030 (LOC 2) |
12/1/2030 | 3.85% | 6,635,000 | 6,635,000 | ||||||||||||
| CHFA / Ready Foods - Series A - 2032 (LOC 1) |
1/1/2032 | 3.92% | 4,470,000 | 4,470,000 | ||||||||||||
| Colorado Springs Utilities - Series A - 2041 (LOC 1) |
11/1/2041 | 3.75% | 1,100,000 | 1,100,000 | ||||||||||||
| ECCV Water & Sanitation District - Series A - 2023 (c) |
11/15/2030 | 5.00% | 619,000 | 619,000 | ||||||||||||
| Jeffco Business Center MD #1 - Series A - 2023 (j) |
5/1/2024 | 8.00% | 1,006,000 | 1,013,564 | ||||||||||||
| Rockinghorse MD #2 - Series A CABs - 2024 |
1/1/2024 | 6.00% | 3,565,000 | 3,565,000 | ||||||||||||
| Rockinghorse MD #2 - Series B - 2024 |
1/1/2024 | 6.50% | 3,885,000 | 3,885,000 | ||||||||||||
| Inspiration MD - Series C CABs - 2024 (b) |
6/1/2024 | 0.00% | 1,115,000 | 1,115,000 | ||||||||||||
| Sheridan Redevelopment Agency / Santa Fe - Series A - 2029 (LOC 3) |
12/1/2029 | 3.85% | 35,530,000 |
35,530,000 |
||||||||||||
| Colorado (amortized cost $63,155,324) | 63,665,000 |
61,695,064 |
||||||||||||||
|
|
||||||||||||||||
| Multi-State 18.6% | ||||||||||||||||
| Freddie Mac VR - 2045 (LOC 4) | 12/15/2045 | 3.90% | 16,170,000 |
16,170,000 |
||||||||||||
| Multi-State (amortized cost $16,170,000) | 16,170,000 |
16,170,000 |
||||||||||||||
| Oregon 6.7% | ||||||||||||||||
| Multnomah County Hospital - Series A - 2023 (m) | 10/1/2024 | 5.45% | 5,815,000 |
5,815,000 |
||||||||||||
| Oregon (amortized cost $5,815,000) | 5,815,000 |
5,815,000 |
||||||||||||||
| South Dakota 3.3% | ||||||||||||||||
| Flandreau Santee Sioux Tribe / Gaming - Series A - 2024 (m) |
1/1/2024 | 8.28% | 950,000 | 950,000 | ||||||||||||
| Oglala Sioux Tribe - Series A - 2024 (m) | 10/1/2024 | 5.50% | 1,985,000 |
1,960,585 |
||||||||||||
| South Dakota (amortized cost $2,932,181) | 2,935,000 |
2,910,585 |
||||||||||||||
|
|
||||||||||||||||
| Oklahoma 0.5% | ||||||||||||||||
| Haskell County Public Facilities - Series B - 2024 (g) | 4/1/2024 | 5.25% | 450,000 |
449,253 |
||||||||||||
| Oklahoma (amortized cost $450,000) | 450,000 |
449,253 |
||||||||||||||
|
|
||||||||||||||||
| Puerto Rico 0.1% | ||||||||||||||||
| Puerto Rico - Series A - 2024 |
7/1/2024 | 0.00% | 15,095 | 14,799 | ||||||||||||
| Puerto Rico / Sales Tax - Series A - 2024 | 7/1/2024 | 0.00% | 55,000 |
53,919 |
||||||||||||
| Puerto Rico (amortized cost $67,275) | 70,095 |
68,718 |
||||||||||||||
|
|
||||||||||||||||
| Short-Term Municipal Bonds (amortized cost $88,589,780) | $89,105,095 |
$87,108,620 |
||||||||||||||
| Colorado Capital Appreciation and Zero Coupon Bonds 1.8% | ||||||||
| Colorado 100.0% | ||||||||
| Bella Mesa MD - Series A CABs - 2049 (m) |
12/1/2049 | 6.75% | $7,565,000 | $6,678,231 | ||||
| Colorado International Center MD #7 - Series A CABs - 2027 |
12/1/2027 | 5.25% | 21,285,000 | 12,431,291 | ||||
| Conifer MD - Series B - 2031 (a)(j) |
12/1/2031 | 0.00% | 7,470,000 | 2,239,428 | ||||
| Lanterns MD #3 - Series A CABs - 2053 |
12/1/2053 | 8.00% | 2,250,000 | 1,630,665 | ||||
| PV ERU Holding Trust - Series A CABs - 2039 (a)(j)(m) |
2/14/2039 | 0.00% | 710,000 | 149,100 | ||||
| PV ERU Holding Trust - Series A CABs - 2039 (a)(j)(m) |
2/14/2039 | 0.00% | 3,122,000 | 655,620 | ||||
| PV ERU Holding Trust - Series A CABs - 2039 (a)(j)(m) |
2/14/2039 | 0.00% | 13,168,000 | 2,765,280 | ||||
| PV ERU Holding Trust - Series A CABs – 2039 (a)(j)(m) |
12/15/2037 | 0.00% | 14,000,000 | 2,940,000 | ||||
| Third Creek MD #1 - Series A CABs - 2026 |
12/1/2026 | 5.25% | 2,285,000 | 1,549,299 | ||||
| Westerly MD #4 - Series A CABs - 2050 | 12/1/2026 | 5.20% | 1,000,000 |
717,440 | ||||
| Colorado (amortized cost $43,696,897) | 72,855,000 |
31,756,354 | ||||||
|
|
||||||||
| Colorado Capital Appreciation and Zero Coupon Bonds (amortized cost $43,696,897) |
$72,855,000 |
$31,756,354 | ||||||
|
|
||||||||
| Colorado Taxable Certificates/Notes/Bonds 0.5% | ||||||||
| Colorado 100.0% | ||||||||
| Colliers Hill MD #2 / Taxable - Series B - 2047 (g) |
12/15/2047 | 6.00% | $2,250,000 | $2,160,135 | ||||
| CECFA CEC / Aurora Charter School / Taxable - Series B - 2029 (m) |
7/1/2029 | 6.00% | 2,270,000 | 2,213,114 | ||||
| CECFA CEC / Aurora Charter School / Taxable - Series A - 2031 (m) |
7/1/2031 | 6.13% | 1,960,000 | 1,875,152 | ||||
| CECFA Colorado Skies Academy / Taxable - Series B - 2030 |
7/1/2030 | 7.50% | 500,000 | 514,330 | ||||
| Woodmen Heights MD #2 / Taxable - Series B - 2040 (g) |
12/15/2040 | 6.25% | 1,770,000 | 1,721,484 | ||||
| Tabernash Pole Creek Note - 2022 (a)(j) | 12/31/2024 | 0.00% | 227,347 |
200,000 | ||||
| Colorado (amortized cost $8,977,347) | 8,977,347 |
8,684,215 | ||||||
| Colorado Taxable Certificates/Notes/Bonds (amortized cost $8,977,347) |
$8,977,347 |
$8,684,215 | ||||||
|
|
||||||||
| Other Assets 0.1% | ||||||||
| Utah 100.0% | ||||||||
| Ares Strategic Mining - Equity | 12/15/2034 | 0.00% | $6,780,500 |
$973,915 | ||||
| Utah (amortized cost $1,000,000) | 6,780,500 |
973,915 | ||||||
| Other Assets (amortized cost $1,000,000) | $6,780,500 |
$973,915 | ||||||
|
|
||||||||
| Total investments, at value (amortized cost $1,469,361,265) | 78.9% | $1,362,166,041 | ||||||
| Other assets net of liabilities | 21.1% |
364,684,795 | ||||||
| Net Assets | 100.0% |
$1,726,850,836 | ||||||
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, 2023. 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, 2023. | |
| (i) |
Terms of security have been restructured since the original issuance. The total face amount of all such restructured securities approximates $11,041,074 and a value of $6,742,914 or less than 1.0% of net assets, as of December 31, 2023. | |
| (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, 2023, the aggregate value was $535,188,252 representing 30.99% of net assets. | |
COLORADO BONDSHARES - A TAX-EXEMPT FUND
Schedule of Investments - (unaudited) - (Continued)
December 31, 2023
| (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, 2023 (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 $64,252,347 and such bonds have a value of $16,860,578 or 0.98% of net assets, as of December 31, 2023. 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 $12,318,750 or 0.71% of net assets, as of December 31, 2023. 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 non-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. The Fund concentrates its investments in and the majority of the Fund's shareholders are located within Colorado and, therefore, may be impacted by specific events, issuers or factors affecting Colorado. The Company does not have any significant concentrations within any one shareholder.
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, 2023:
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 |
Other Assets |
Total Securities December 31, 2023 |
||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
| Level 1 Securities |
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
| Level 2 Securities |
1,124,684,355 | 95,215,180 | 83,757,555 | 23,006,926 | 8,484,215 | 973,915 | 1,336,122,146 | |||||||||||||||||||||
| Level 3 Securities |
13,472,289 | 271,114 | 3,351,064 | 8,749,428 | 200,000 | - | 26,043,895 | |||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
| Totals |
$1,138,156,644 | $95,486,294 | $87,108,619 | $31,756,354 | $8,684,215 | $973,915 | $1,362,166,041 | |||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
From September 30, 2023 to December 31, 2023 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, 2023 balance of $92,156,671). Approximately $243,523,190 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 $97,046,120 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, 2023 the interest rates paid on these obligations ranged from 3.75% to 3.92%.
Income Tax Information
At December 31, 2023 the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
| Cost of investments |
$ | 1,469,361,265 | ||
|
|
|
|||
| Gross unrealized appreciation |
$ | 15,594,495 | ||
| Gross unrealized (depreciation) |
(122,789,719 | ) | ||
|
|
|
|||
| Net unrealized appreciation (depreciation) of investments |
$ | (107,195,224 | ) | |
|
|
|
Litigation
The Fund is periodically involved in various legal proceedings. As of December 31, 2023, the Fund has a litigation payable of $160,595 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 2023 shareholder report on Form N-CSR filed with the Securities and Exchange Commission (“SEC”) on December 5, 2023. 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 December 31, 2023, is set forth in the schedule of investments.
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 the Required Mill Levy on Century’s parcel of real property within the District. In response, the Fund and the Trustee filed Amended 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, declaratory judgment that the District has violated the Trust Indenture, promissory estoppel and unjust enrichment (the “Counterclaims”). The Counterclaims seek a judgment in the full amount due and owing on the Bonds with accrued interest along with a declaration that the District is obligated to impose the Required Mill Levy under the terms of the Trust Indenture.
The District filed two motions for summary judgment on the claims in the Complaint and the Counterclaims (“MSJ”). The Fund and UMB opposed the District’s MSJ and filed a cross motion for summary judgment (“Cross MSJ”). The Court denied the District’s MSJ, except it held that the Landmark Litigation was binding on the parties on the issue that the Required Mill Levy approved and imposed by the District was a special assessment and restricted the Fund and UMB from presenting evidence to the contrary at trial. The Court also denied the Cross MSJ.
On October 16 and 17, 2023, the Court held a two-day non-jury trial on all remaining issues presented in the Complaint and the Counterclaims. The Court has not yet issued a decision on the issues and claims. At this point, it is impossible to determine the direction, cost, duration or ultimate outcome of these matters.