COLORADO BONDSHARES

A TAX-EXEMPT FUND

Schedule of Investments

December 31, 2023

	Maturity		Coupon		Principal		Value
Colorado Municipal Bonds 65.9%
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.