|
Annual
Report
|
December 31, 2010
|
TAX-FREE FUND
OF
COLORADO
A tax-free income investment
|
Serving Colorado Investors For More Than Two Decades
Tax-Free Fund of Colorado
“Getting All the Pieces to Fit”
|
Lacy B. Herrmann
Founder and Chairman Emeritus |
Diana P. Herrmann
President |
Serving Colorado Investors For More Than Two Decades
Tax-Free Fund of Colorado
ANNUAL REPORT
Management Discussion
|
Average Annual Total Return
|
||||||||||||||||
for periods ended December 31, 2010
|
||||||||||||||||
Since
|
||||||||||||||||
Class and Inception Date
|
1 Year
|
5 Years
|
10 Years
|
Inception
|
||||||||||||
Class A (commenced operations on 5/21/87)
|
||||||||||||||||
With Maximum Sales Charge
|
(2.64 | )% | 2.66 | % | 3.55 | % | 5.24 | % | ||||||||
Without Sales Charge
|
1.38 | 3.49 | 3.97 | 5.42 | ||||||||||||
Class C (commenced operations on 4/30/96)
|
||||||||||||||||
With CDSC
|
(0.58 | ) | 2.51 | 2.98 | 3.33 | |||||||||||
Without CDSC
|
0.42 | 2.51 | 2.98 | 3.33 | ||||||||||||
Class Y (commenced operations on 4/30/96)
|
||||||||||||||||
No Sales Charge
|
1.44 | 3.55 | 4.02 | 4.50 | ||||||||||||
Barclays Capital Index
|
3.21 | 4.73 | 4.76 | 5.80 |
(Class A)
|
|||||||||||
5.04 |
(Class C&Y)
|
TAX-FREE FUND OF COLORADO
|
|||||||||
SCHEDULE OF INVESTMENTS
|
|||||||||
DECEMBER 31, 2010
|
|||||||||
Rating
|
|||||||||
Moody’s, S&P
|
|||||||||
Principal
|
and Fitch
|
||||||||
Amount
|
General Obligation Bonds (23.3%)
|
(unaudited)
|
Value
|
||||||
Metropolitan District (6.2%)
|
|||||||||
Arapahoe, Colorado Park & Recreation District
|
|||||||||
$ | 1,070,000 |
5.000%, 12/01/17 NPFG Insured
|
A1/NR/NR
|
$ | 1,098,109 | ||||
Denver, Colorado International Business Center
|
|||||||||
Metropolitan District No.1, Refunding
|
|||||||||
2,090,000 |
5.125%, 12/01/25
|
NR/BBB+/NR
|
2,000,611 | ||||||
Eagle - Vail, Colorado Metropolitan District
|
|||||||||
525,000 |
5.000%, 12/01/29
|
NR/A+/NR
|
526,848 | ||||||
Foothills, Colorado Park & Recreational District
|
|||||||||
1,325,000 |
5.000%, 12/01/13 AGMC Insured Pre-Refunded
|
Aa2/NR/NR
|
1,379,789 | ||||||
Fraser Valley, Colorado Metropolitan Recreational
|
|||||||||
District
|
|||||||||
1,875,000 |
5.000%, 12/01/25
|
NR/A/NR
|
1,912,200 | ||||||
Heather Gardens, Colorado Metropolitan District
|
|||||||||
1,000,000 |
4.750%, 12/01/26
|
A3/NR/NR
|
941,600 | ||||||
Hyland Hills Metro Park & Recreation District,
|
|||||||||
Colorado Special Revenue Refunding &
|
|||||||||
Improvement
|
|||||||||
875,000 |
4.375%, 12/15/26 ACA Insured
|
NR/NR/NR*
|
719,346 | ||||||
Lincoln Park, Colorado Metropolitan District,
|
|||||||||
Refunding & Improvement
|
|||||||||
1,535,000 |
5.625%, 12/01/20
|
NR/BBB-/NR
|
1,529,720 | ||||||
Poudre Tech Metropolitan District, Colorado
|
|||||||||
Unlimited Property Tax Supported Revenue
|
|||||||||
Refunding & Improvement, Series B
|
|||||||||
1,990,000 |
5.000%, 12/01/28 AGMC Insured
|
NR/AA+/NR
|
1,980,587 | ||||||
Stonegate Village Metropolitan District, Colorado
|
|||||||||
Refunding & Improvement
|
|||||||||
500,000 |
5.000%, 12/01/23 NPFG Insured
|
Baa1/A-/NR
|
505,580 | ||||||
900,000 |
5.000%, 12/01/24 NPFG Insured
|
Baa1/A-/NR
|
910,044 | ||||||
North Metro Fire Rescue District, Colorado
|
|||||||||
1,200,000 |
4.625%, 12/01/20 AMBAC Insured
|
NR/AA/NR
|
1,264,224 | ||||||
Park Creek Metropolitan District, Colorado
|
|||||||||
Revenue Refunding & Improvement -Senior
|
|||||||||
Property Tax Support
|
|||||||||
2,000,000 |
5.500%, 12/01/21 AGMC Insured
|
NR/AA+/BBB+
|
2,136,240 | ||||||
Total Metropolitan District
|
16,904,898 |
TAX-FREE FUND OF COLORADO
|
|||||||||
SCHEDULE OF INVESTMENTS (continued)
|
|||||||||
DECEMBER 31, 2010
|
|||||||||
Rating
|
|||||||||
Moody’s, S&P
|
|||||||||
Principal
|
and Fitch
|
||||||||
Amount
|
General Obligation Bonds (continued)
|
(unaudited)
|
Value
|
||||||
School Districts (17.1%)
|
|||||||||
Adams & Arapahoe Counties, Colorado Joint School
|
|||||||||
District #28J
|
|||||||||
$ | 2,500,000 |
5.500%, 12/01/23
|
Aa2/AA-/NR
|
$ | 2,748,375 | ||||
Adams & Weld Counties, Colorado School District #27J
|
|||||||||
1,000,000 |
5.375%, 12/01/26 NPFG Insured
|
Aa2/AA-/NR
|
1,064,080 | ||||||
Adams County, Colorado School District #12 (Adams
|
|||||||||
12 Five Star Schools)
|
|||||||||
1,170,000 |
5.000%, 12/15/12 NPFG Insured
|
Aa2/NR/NR
|
1,215,571 | ||||||
830,000 |
5.000%, 12/15/12 NPFG Insured Pre-Refunded
|
Aa3/AAA/AAA
|
865,790 | ||||||
Arapahoe County, Colorado School District #006
|
|||||||||
Littleton
|
|||||||||
1,000,000 |
5.250%, 12/01/21 NPFG Insured Pre-Refunded
|
Aa1/AA/NR
|
1,085,570 | ||||||
Boulder Larimer & Weld Counties, Colorado
|
|||||||||
1,260,000 |
5.000%, 12/15/26 AGMC Insured
|
Aa2/AA+/NR
|
1,311,836 | ||||||
1,500,000 |
5.000%, 12/15/28
|
Aa2/AA-/NR
|
1,568,970 | ||||||
Clear Creek, Colorado School District
|
|||||||||
1,000,000 |
5.000%, 12/01/16 AGMC Insured
|
Aa3/AA+/NR
|
1,066,670 | ||||||
Denver, Colorado City & County School District No. 1
|
|||||||||
3,000,000 |
5.250%, 12/01/27
|
Aa2/AA-/NR
|
3,212,250 | ||||||
1,000,000 |
5.000%, 12/01/28 Series A
|
Aa2/AA-/NR
|
1,046,750 | ||||||
Denver, Colorado City & County School District No. 1
|
|||||||||
3,000,000 |
3.000%, 12/01/23 Series C
|
Aa2/AA-/NR
|
2,708,190 | ||||||
Douglas County, Colorado School District No. RE-1
|
|||||||||
Douglas & Elbert Counties
|
|||||||||
1,320,000 |
3.500%, 12/15/23
|
Aa2/NR/AA
|
1,257,247 | ||||||
El Paso County, Colorado School District #20
|
|||||||||
1,500,000 |
5.000%, 12/15/14 NPFG Insured Pre-Refunded
|
Aa2/NR/NR
|
1,623,735 | ||||||
1,085,000 |
5.500%, 12/15/23 NPFG Insured Pre-Refunded
|
Aa2/NR/NR
|
1,224,954 | ||||||
El Paso County, Colorado School District #20
|
|||||||||
3,000,000 |
4.500%, 12/15/25 AGMC Insured
|
Aa2/NR/NR
|
3,023,070 | ||||||
El Paso County, Colorado School District #20 Refunding
|
|||||||||
1,945,000 |
4.375%, 12/15/23
|
Aa2/NR/NR
|
2,003,875 | ||||||
El Paso County, Colorado School District #49
|
|||||||||
1,000,000 |
5.250%, 12/01/14 NPFG Insured Pre-Refunded
|
Aa2/AA-/NR
|
1,043,610 |
TAX-FREE FUND OF COLORADO
|
|||||||||
SCHEDULE OF INVESTMENTS (continued)
|
|||||||||
DECEMBER 31, 2010
|
|||||||||
Rating
|
|||||||||
Moody’s, S&P
|
|||||||||
Principal
|
and Fitch
|
||||||||
Amount
|
General Obligation Bonds (continued)
|
(unaudited)
|
Value
|
||||||
School Districts (continued)
|
|||||||||
Garfield County, Colorado School District
|
|||||||||
$ | 1,250,000 |
5.000%, 12/01/17 AGMC Insured Pre-Refunded
|
Aa2/NR/NR
|
$ | 1,351,062 | ||||
Gunnison Watershed, Colorado School District
|
|||||||||
1,025,000 |
5.250%, 12/01/26
|
Aa2/AA-/NR
|
1,097,437 | ||||||
Jefferson County, Colorado School District #R-001
|
|||||||||
3,000,000 |
5.250%, 12/15/25 AGMC Insured
|
Aa2/AA+/NR
|
3,201,480 | ||||||
La Plata County, Colorado School District #9
|
|||||||||
1,500,000 |
5.000%, 11/01/18 NPFG Insured Pre-Refunded
|
NR/NR/NR*
|
1,615,710 | ||||||
Pueblo County, Colorado School District #70
|
|||||||||
1,000,000 |
5.000%, 12/01/15 NPFG Insured
|
Aa2/AA-/NR
|
1,025,950 | ||||||
3,440,000 |
5.000%, 12/01/16 NPFG Insured
|
Aa2/AA-/NR
|
3,520,496 | ||||||
Teller County, Colorado School District #2 Woodland
|
|||||||||
Park
|
|||||||||
1,265,000 |
5.000%, 12/01/17 NPFG Insured
|
Aa2/AA-/NR
|
1,374,081 | ||||||
Weld County, Colorado School District #2
|
|||||||||
1,315,000 |
5.000%, 12/01/15 AGMC Insured
|
Aa2/AA+/NR
|
1,384,577 | ||||||
Weld County, Colorado School District #6
|
|||||||||
1,195,000 |
5.000%, 12/01/15 AGMC Insured Pre-Refunded
|
Aa2/AA+/NR
|
1,244,413 | ||||||
Weld County, Colorado School District #8
|
|||||||||
1,115,000 |
5.000%, 12/01/15 AGMC Insured Pre-Refunded
|
Aa2/AA+/NR
|
1,206,252 | ||||||
1,385,000 |
5.250%, 12/01/17 AGMC Insured Pre-Refunded
|
Aa2/AA+/NR
|
1,504,899 | ||||||
Total School Districts
|
46,596,900 | ||||||||
Total General Obligation Bonds
|
63,501,798 | ||||||||
Revenue Bonds (76.0%)
|
|||||||||
Airport (3.5%)
|
|||||||||
Denver, Colorado City & County Airport Revenue
|
|||||||||
System, Series A
|
|||||||||
1,210,000 |
5.250%, 11/15/28
|
A1/A+/A+
|
1,228,767 | ||||||
3,000,000 |
5.250%, 11/15/29
|
A1/A+/A+
|
3,025,170 | ||||||
Denver, Colorado City & County Airport Revenue
|
|||||||||
System, Series A Refunding
|
|||||||||
4,340,000 |
5.000%, 11/15/24
|
A1/A+/A+
|
4,424,370 |
TAX-FREE FUND OF COLORADO
|
|||||||||
SCHEDULE OF INVESTMENTS (continued)
|
|||||||||
DECEMBER 31, 2010
|
|||||||||
Rating
|
|||||||||
|
Moody’s, S&P
|
||||||||
Principal
|
and Fitch
|
||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
||||||
Airport (continued)
|
|||||||||
Walker Field, Colorado Public Airport Authority
|
|||||||||
Airport Revenue
|
|||||||||
$ | 1,000,000 |
5.000%, 12/01/22
|
Baa2/NR/NR
|
$ | 961,760 | ||||
Total Airport
|
9,640,067 | ||||||||
Electric (3.4%)
|
|||||||||
Colorado Springs, Colorado Utilities Revenue
|
|||||||||
1,660,000 |
5.000%, 11/15/17 Pre-Refunded
|
Aa2/AA/NR
|
1,792,385 | ||||||
Colorado Springs, Colorado Utilities Revenue,
|
|||||||||
Refunding Series A
|
|||||||||
2,000,000 |
4.750%, 11/15/27
|
Aa2/AA/AA
|
2,047,860 | ||||||
Colorado Springs, Colorado Utilities Revenue,
|
|||||||||
Refunding Series A-1
|
|||||||||
2,000,000 |
4.000%, 11/15/26
|
Aa2/AA/AA
|
1,900,520 | ||||||
1,000,000 |
4.000%, 11/15/27
|
Aa2/AA/AA
|
935,020 | ||||||
Colorado Springs, Colorado Utilities Revenue
|
|||||||||
Refunding Series B
|
|||||||||
1,285,000 |
5.250%, 11/15/23
|
Aa2/AA/AA
|
1,400,509 | ||||||
Colorado Springs, Colorado Utilities Revenue
|
|||||||||
Subordinated Lien Improvement Series B
|
|||||||||
1,160,000 |
5.000%, 11/15/23
|
Aa2/AA/AA
|
1,192,700 | ||||||
Total Electric
|
9,268,994 | ||||||||
Higher Education (22.3%)
|
|||||||||
Adams State College, Colorado Auxiliary
|
|||||||||
Facilities Revenue Improvement Series A
|
|||||||||
1,000,000 |
5.200%, 05/15/27
|
Aa2/AA-/NR
|
1,030,690 | ||||||
Adams State College, Colorado Auxiliary
|
|||||||||
Facilities Revenue Refunding, Series B
|
|||||||||
3,275,000 |
4.500%, 05/15/29
|
Aa2/AA-/NR
|
3,073,358 | ||||||
Boulder, Colorado Development Revenue UCAR
|
|||||||||
1,880,000 |
5.000%, 09/01/27 NPFG Insured
|
A2/A+/NR
|
1,882,839 | ||||||
Colorado Educational & Cultural Facility
|
|||||||||
Authority, Johnson & Wales
|
|||||||||
860,000 |
5.000%, 04/01/18 Syncora Guarantee, Inc. Insured
|
NR/NR/NR*
|
881,526 |
TAX-FREE FUND OF COLORADO
|
|||||||||
SCHEDULE OF INVESTMENTS (continued)
|
|||||||||
DECEMBER 31, 2010
|
|||||||||
Rating
|
|||||||||
|
Moody’s, S&P
|
||||||||
Principal
|
and Fitch
|
||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
||||||
Higher Education (continued)
|
|||||||||
Colorado Educational & Cultural Facility Authority,
|
|||||||||
Regis University Project
|
|||||||||
$ | 1,695,000 |
5.000%, 06/01/24 Radian Insured
|
NR/BBB/NR
|
$ | 1,638,658 | ||||
Colorado Educational & Cultural Facility Authority,
|
|||||||||
Student Housing - Campus Village Apartments
|
|||||||||
Refunding
|
|||||||||
2,935,000 |
5.375%, 06/01/28
|
NR/A/NR
|
2,913,545 | ||||||
Colorado Educational & Cultural Facility Authority,
|
|||||||||
University Corp. Atmosphere Project, Refunding
|
|||||||||
1,700,000 |
5.000%, 09/01/22
|
A2/A+/NR
|
1,772,641 | ||||||
1,635,000 |
5.000%, 09/01/28
|
A2/A+/NR
|
1,641,115 | ||||||
Colorado Educational & Cultural Facility
|
|||||||||
Authority, University of Colorado Foundation Project
|
|||||||||
2,110,000 |
5.000%, 07/01/17 AMBAC Insured Pre-Refunded
|
NR/NR/NR*
|
2,238,309 | ||||||
1,865,000 |
5.375%, 07/01/18 AMBAC Insured Pre-Refunded
|
NR/NR/NR*
|
1,988,724 | ||||||
Colorado Educational & Cultural Facility Authority
|
|||||||||
Revenue Refunding, University of Denver Project
|
|||||||||
1,000,000 |
5.250%, 03/01/26 NPFG Insured
|
A1/A+/NR
|
1,053,520 | ||||||
Colorado Educational & Cultural Facility Authority
|
|||||||||
Revenue Refunding, University of Denver Project,
|
|||||||||
Series B
|
|||||||||
3,085,000 |
5.000%, 03/01/22 NPFG-FGIC Insured
|
A1/A+/NR
|
3,192,389 | ||||||
Colorado Educational & Cultural Facility Authority,
|
|||||||||
University of Denver Project, Series B Refunding
|
|||||||||
3,620,000 |
5.250%, 03/01/23 NPFG Insured
|
A1/A+/AA
|
3,760,347 | ||||||
Colorado Mountain Jr. College District Student
|
|||||||||
Housing Facilities Enterprise Revenue
|
|||||||||
1,000,000 |
4.500%, 06/01/18 NPFG Insured
|
Baa1/BBB/NR
|
1,016,610 | ||||||
1,825,000 |
5.000%, 06/01/23 NPFG Insured
|
Baa1/BBB/NR
|
1,824,909 | ||||||
Colorado School of Mines Enterprise Revenue
|
|||||||||
Refunding & Improvement
|
|||||||||
1,455,000 |
5.000%, 12/01/24
|
Aa2/AA-/NR
|
1,508,762 | ||||||
Colorado School of Mines Enterprise Revenue
|
|||||||||
Refunding, Institutional, Series C
|
|||||||||
2,000,000 |
4.600%, 12/01/29
|
Aa2/AA-/NR
|
1,928,880 |
TAX-FREE FUND OF COLORADO
|
|||||||||
SCHEDULE OF INVESTMENTS (continued)
|
|||||||||
DECEMBER 31, 2010
|
|||||||||
Rating
|
|||||||||
|
Moody’s, S&P
|
||||||||
Principal
|
and Fitch
|
||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
||||||
Higher Education (continued)
|
|||||||||
Colorado State Board of Governors University
|
|||||||||
Enterprise System, Series A, Refunding and
|
|||||||||
Improvement
|
|||||||||
$ | 425,000 |
5.000%, 03/01/17 Pre-Refunded
|
Aa3/NR/NR
|
$ | 463,258 | ||||
Colorado State Board of Governors University
|
|||||||||
Enterprise System, Series A, Refunding and
|
|||||||||
Improvement
|
|||||||||
1,105,000 |
5.000%, 03/01/17 AMBAC Insured
|
Aa3/NR/NR
|
1,163,775 | ||||||
Colorado State Board of Governors University
|
|||||||||
Enterprise System, Series A
|
|||||||||
930,000 |
5.000%, 03/01/28 AGMC Insured
|
Aa3/AA+/NR
|
952,404 | ||||||
Colorado State COP University of Colorado at Denver
|
|||||||||
Health Sciences Center Fitzsimons Academic
|
|||||||||
Projects Series B
|
|||||||||
3,135,000 |
5.250%, 11/01/25 NPFG Pre-Refunded
|
Baa1/AA-/NR
|
3,651,272 | ||||||
Mesa State College, Colorado Auxiliary Facilities
|
|||||||||
Enterprise
|
|||||||||
1,000,000 |
5.000%, 05/15/20 Syncora Guarantee, Inc.
|
||||||||
Insured
|
A2/NR/NR
|
1,005,770 | |||||||
Mesa State College, Colorado Auxiliary Facilities
|
|||||||||
Enterprise
|
|||||||||
2,000,000 |
5.700%, 05/15/26 Pre-Refunded
|
Aa3/AA-/NR
|
2,439,200 | ||||||
University of Colorado Enterprise System
|
|||||||||
1,000,000 |
5.000%, 06/01/11
|
Aa2/AA-/NR
|
1,018,450 | ||||||
2,325,000 |
5.000%, 06/01/15 AMBAC Insured Pre-Refunded
|
Aa2/AA-/NR
|
2,465,244 | ||||||
1,735,000 |
5.000%, 06/01/16 Pre-Refunded
|
Aa2/AA-/AAA
|
1,901,716 | ||||||
1,000,000 |
5.250%, 06/01/17 NPFG Insured Pre-Refunded
|
Aa2/AA-/NR
|
1,102,020 | ||||||
2,000,000 |
5.000%, 06/01/27
|
Aa2/AA-/AA+
|
2,062,200 | ||||||
University of Colorado Enterprise System Revenue,
|
|||||||||
Refunding, Series B
|
|||||||||
1,680,000 |
4.000%, 06/01/23
|
Aa2/AA-/AA+
|
1,671,818 | ||||||
University of Colorado Enterprise System Revenue,
|
|||||||||
Refunding & Improvement
|
|||||||||
3,905,000 |
5.000%, 06/01/24 NPFG Insured
|
Aa2/AA-/AA+
|
4,103,023 |
TAX-FREE FUND OF COLORADO
|
|||||||||
SCHEDULE OF INVESTMENTS (continued)
|
|||||||||
DECEMBER 31, 2010
|
|||||||||
Rating
|
|||||||||
|
Moody’s, S&P
|
||||||||
Principal
|
and Fitch
|
||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
||||||
Higher Education (continued)
|
|||||||||
University of Northern Colorado Auxiliary
|
|||||||||
Facilities
|
|||||||||
$ | 1,390,000 |
5.000%, 06/01/15 AMBAC Insured
|
A1/A/NR
|
$ | 1,406,041 | ||||
University of Northern Colorado Revenue Refunding
|
|||||||||
1,000,000 |
5.000%, 06/01/24 AGMC Insured
|
Aa3/AA+/NR
|
1,018,140 | ||||||
Western State College, Colorado Revenue
|
|||||||||
1,020,000 |
5.000%, 05/15/27 State Higher Ed. Intercept Program
|
||||||||
Insured
|
Aa2/AA-/NR
|
1,033,852 | |||||||
Total Higher Education
|
60,805,005 | ||||||||
Hospital (10.7%)
|
|||||||||
Colorado Health Facility Authority Hospital Revenue,
|
|||||||||
Adventist Health/Sunbelt, Refunding
|
|||||||||
2,500,000 |
5.125%, 11/15/29
|
Aa3/AA-/AA-
|
2,442,225 | ||||||
Colorado Health Facility Authority Hospital Revenue,
|
|||||||||
Catholic Health
|
|||||||||
1,000,000 |
4.750%, 09/01/25 AGMC Insured
|
Aa2/AA+/AA
|
1,007,940 | ||||||
Colorado Health Facility Authority Hospital Revenue,
|
|||||||||
Evangelical Lutheran Project Refunding
|
|||||||||
1,575,000 |
5.250%, 06/01/19
|
A3/A-/NR
|
1,617,367 | ||||||
Colorado Health Facility Authority Hospital Revenue,
|
|||||||||
Evangelical Lutheran Project Refunding
|
|||||||||
1,000,000 |
5.250%, 06/01/21
|
A3/A-/NR
|
1,006,960 | ||||||
2,000,000 |
5.250%, 06/01/24
|
A3/A-/NR
|
1,969,660 | ||||||
Colorado Health Facility Authority Hospital Revenue,
|
|||||||||
NCMC, Inc., Project
|
|||||||||
2,000,000 |
5.250%, 05/15/26 Series A AGMC Insured
|
NR/AA+/AA+
|
2,036,440 | ||||||
Colorado Health Facility Authority Hospital Revenue,
|
|||||||||
Poudre Valley Health Care Series F Refunding
|
|||||||||
4,760,000 |
5.000%, 03/01/25
|
A2/A/NR
|
4,674,463 | ||||||
Colorado Health Facility Authority Hospital Revenue
|
|||||||||
Refunding, Catholic Health, Series A
|
|||||||||
2,000,000 |
5.250%, 07/01/24
|
Aa2/AA/AA
|
2,119,340 | ||||||
Colorado Health Facility Authority Hospital Revenue,
|
|||||||||
Valley View Hospital Association, Refunding
|
|||||||||
1,500,000 |
5.500%, 05/15/28
|
NR/BBB/NR
|
1,424,310 |
TAX-FREE FUND OF COLORADO
|
|||||||||
SCHEDULE OF INVESTMENTS (continued)
|
|||||||||
DECEMBER 31, 2010
|
|||||||||
Rating
|
|||||||||
|
Moody’s, S&P
|
||||||||
Principal
|
and Fitch
|
||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
||||||
Hospital (continued)
|
|||||||||
Colorado Health Facility Authority Revenue, Catholic
|
|||||||||
Health Initiatives, Series D
|
|||||||||
$ | 2,000,000 |
5.000%, 10/01/16
|
Aa2/AA/AA
|
$ | 2,249,740 | ||||
1,000,000 |
6.000%, 10/01/23
|
Aa2/AA/AA
|
1,113,610 | ||||||
Colorado Health Facility Authority Revenue, Sisters
|
|||||||||
Leavenworth, Refunding
|
|||||||||
3,000,000 |
5.250%, 01/01/25
|
Aa3/AA/AA-
|
3,058,110 | ||||||
Denver, Colorado Health & Hospital Authority
|
|||||||||
Healthcare, Revenue Series A Refunding
|
|||||||||
2,000,000 |
5.000%, 12/01/18
|
NR/BBB/BBB+
|
1,988,300 | ||||||
1,500,000 |
5.000%, 12/01/19
|
NR/BBB/BBB+
|
1,462,080 | ||||||
Park Hospital District Larimer County, Colorado
|
|||||||||
Limited Tax Revenue
|
|||||||||
1,010,000 |
4.500%, 01/01/21 AGMC Insured
|
Aa3/AA+/NR
|
977,559 | ||||||
Total Hospital
|
29,148,104 | ||||||||
Housing (1.7%)
|
|||||||||
Colorado Housing & Finance Authority
|
|||||||||
190,000 |
6.050%, 10/01/16 Series 1999A3
|
Aa2/NR/NR
|
200,999 | ||||||
5,000 |
6.125%, 11/01/23 Series 1998D3
|
Aa2/NR/NR
|
5,310 | ||||||
Colorado Housing & Finance Authority, Single Family
|
|||||||||
Program Refunding
|
|||||||||
70,000 |
5.000%, 08/01/13 Series 2001 Series B
|
A1/A+/NR
|
69,695 | ||||||
Colorado Housing Finance Authority, Single Family
|
|||||||||
Mortgage
|
|||||||||
10,000 |
5.700%, 10/01/22 Series 2000C3
|
Aa2/AA/NR
|
10,613 | ||||||
Colorado Housing & Finance Authority, Single Family
|
|||||||||
Mortgage Class II
|
|||||||||
850,000 |
5.500%, 11/01/29
|
Aaa/AAA/NR
|
887,374 | ||||||
Colorado Housing Finance Authority, Single Family
|
|||||||||
Mortgage Class III Series A-5
|
|||||||||
2,495,000 |
5.000%, 11/01/34
|
A1/A+/NR
|
2,500,564 | ||||||
Colorado Housing Finance Authority, Single Family
|
|||||||||
Mortgage Subordinated
|
|||||||||
25,000 |
5.400%, 10/01/12 Series 2000D
|
A1/A+/NR
|
25,184 |
TAX-FREE FUND OF COLORADO
|
|||||||||
SCHEDULE OF INVESTMENTS (continued)
|
|||||||||
DECEMBER 31, 2010
|
|||||||||
Rating
|
|||||||||
|
Moody’s, S&P
|
||||||||
Principal
|
and Fitch
|
||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
||||||
Housing (continued)
|
|||||||||
Colorado Housing and Finance Authority, Multi-Family
|
|||||||||
Project C1-II Series A-2
|
|||||||||
$ | 940,000 |
5.400%, 10/01/29
|
Aa2/AA/NR
|
$ | 950,500 | ||||
Total Housing
|
4,650,239 | ||||||||
Lease (18.2%)
|
|||||||||
Adams 12 Five Star Schools, Colorado COP
|
|||||||||
1,770,000 |
4.625%, 12/01/24
|
Aa3/A+/NR
|
1,749,362 | ||||||
500,000 |
5.000%, 12/01/25
|
Aa3/A+/NR
|
504,200 | ||||||
Adams County, Colorado Corrections Facility COP,
|
|||||||||
Series B
|
|||||||||
1,600,000 |
5.000%, 12/01/26
|
Aa2/AA/NR
|
1,624,976 | ||||||
1,200,000 |
5.125%, 12/01/27
|
Aa2/AA/NR
|
1,221,396 | ||||||
Alamosa, Colorado COP Municipal Complex Project
|
|||||||||
1,100,000 |
4.750%, 02/15/25
|
NR/A/NR
|
1,044,637 | ||||||
Aurora, Colorado COP, Refunding
|
|||||||||
1,500,000 |
5.000%, 12/01/26 Series A
|
Aa2/AA-/NR
|
1,533,465 | ||||||
Brighton, Colorado COP Refunding
|
|||||||||
1,865,000 |
5.000%, 12/01/24 Series A AGMC Insured
|
Aa3/AA+/NR
|
1,902,897 | ||||||
Broomfield, Colorado COP
|
|||||||||
2,000,000 |
4.500%, 12/01/28
|
Aa3/NR/NR
|
1,873,080 | ||||||
Colorado Educational & Cultural Facilities Authority
|
|||||||||
Revenue, Aurora Academy Project
|
|||||||||
1,255,000 |
5.250%, 02/15/24 Syncora Guarantee, Inc.
|
||||||||
Insured
|
NR/A/NR
|
1,217,902 | |||||||
Colorado Educational & Cultural Facilities Authority
|
|||||||||
Revenue, Ave Maria School Project Refunding
|
|||||||||
1,000,000 |
4.850%, 12/01/25 Radian Insured
|
NR/NR/NR*
|
872,490 | ||||||
Colorado Educational & Cultural Facilities Authority
|
|||||||||
Revenue, Charter School - James, Refunding &
|
|||||||||
Improvement
|
|||||||||
3,000,000 |
5.000%, 08/01/27 CIFG Insured
|
NR/A/NR
|
2,950,110 | ||||||
Colorado Educational & Cultural Facilities Authority
|
|||||||||
Revenue, Peak to Peak Charter School, Refunding
|
|||||||||
1,500,000 |
5.250%, 08/15/24 Syncora Guarantee, Inc. Insured
|
NR/A/NR
|
1,497,030 |
TAX-FREE FUND OF COLORADO
|
|||||||||
SCHEDULE OF INVESTMENTS (continued)
|
|||||||||
DECEMBER 31, 2010
|
|||||||||
Rating
|
|||||||||
|
Moody’s, S&P
|
||||||||
Principal
|
and Fitch
|
||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
||||||
Lease (continued)
|
|||||||||
Colorado State Higher Education Capital Construction
|
|||||||||
Lease
|
|||||||||
$ | 3,000,000 |
5.250%, 11/01/23
|
Aa2/AA-/NR
|
$ | 3,167,040 | ||||
1,690,000 |
5.000%, 11/01/26
|
Aa2/AA-/NR
|
1,699,075 | ||||||
Denver, Colorado City and County COP (Botanical
|
|||||||||
Gardens)
|
|||||||||
2,015,000 |
5.250%, 12/01/22
|
Aa2/AA+/AA+
|
2,168,624 | ||||||
Denver, Colorado City and County COP (Roslyn Fire)
|
|||||||||
1,835,000 |
5.000%, 12/01/15 Pre-Refunded
|
Aa1/AA+/AA
|
1,910,877 | ||||||
Douglas County, Colorado School District No. RE-1
|
|||||||||
Douglas & Elbert Counties COP
|
|||||||||
3,075,000 |
5.000%, 01/15/29
|
Aa2/NR/NR
|
3,042,559 | ||||||
El Paso County, Colorado COP (Pikes Peak Regional
|
|||||||||
Development Authority)
|
|||||||||
1,925,000 |
5.000%, 12/01/18 AMBAC Insured
|
NR/AA-/NR
|
2,017,073 | ||||||
El Paso County, Colorado COP School District #49
|
|||||||||
Falcon, Series A
|
|||||||||
2,560,000 |
5.000%, 12/15/30 NPFG Insured
|
Aa3/A/NR
|
2,441,805 | ||||||
Fort Collins, Colorado Lease COP Series A
|
|||||||||
3,020,000 |
4.750%, 06/01/18 AMBAC Insured
|
Aa1/NR/NR
|
3,164,839 | ||||||
Fremont County, Colorado COP Refunding &
|
|||||||||
Improvement Series A
|
|||||||||
2,075,000 |
5.000%, 12/15/18 NPFG Insured
|
Baa1/BBB/NR
|
2,125,090 | ||||||
Garfield County, Colorado COP Public Library District
|
|||||||||
1,000,000 |
5.375%, 12/01/27
|
NR/A/NR
|
991,730 | ||||||
Gypsum, Colorado COP
|
|||||||||
1,050,000 |
5.000%, 12/01/28
|
NR/A+/NR
|
1,013,806 | ||||||
Northern Colorado Water Conservancy District COP
|
|||||||||
1,000,000 |
5.000%, 10/01/15 NPFG Insured
|
Baa1/AA-/NR
|
1,036,180 | ||||||
Pueblo, Colorado COP (Police Complex Project)
|
|||||||||
2,170,000 |
5.500%, 08/15/22 AGMC Insured
|
Aa3/AA+/NR
|
2,328,670 | ||||||
Rangeview Library District Project, Colorado COP
|
|||||||||
2,210,000 |
5.000%, 12/15/26 AGMC Insured
|
Aa3/AA+/NR
|
2,209,934 | ||||||
1,000,000 |
5.000%, 12/15/28 AGMC Insured
|
Aa3/AA+/NR
|
976,820 |
TAX-FREE FUND OF COLORADO
|
|||||||||
SCHEDULE OF INVESTMENTS (continued)
|
|||||||||
DECEMBER 31, 2010
|
|||||||||
Rating
|
|||||||||
|
Moody’s, S&P
|
||||||||
Principal
|
and Fitch
|
||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
||||||
Lease (continued)
|
|||||||||
Westminster, Colorado COP
|
|||||||||
$ | 1,480,000 |
4.250%, 12/01/22 AGMC Insured
|
Aa3/AA+/NR
|
$ | 1,477,203 | ||||
Total Lease
|
49,762,870 | ||||||||
Sales Tax (5.9%)
|
|||||||||
Boulder, Colorado Open Space Capital Improvement
|
|||||||||
1,630,000 |
5.000%, 07/15/17 NPFG Insured Pre-Refunded
|
Aa1/AA/NR
|
1,736,846 | ||||||
Boulder County, Colorado Open Space Capital
|
|||||||||
Improvement Series A
|
|||||||||
1,500,000 |
5.000%, 01/01/24 AGMC Insured
|
Aa3/AA+/NR
|
1,555,350 | ||||||
Commerce City, Colorado Sales & Use Tax Revenue
|
|||||||||
1,000,000 |
5.000%, 08/01/21 AMBAC Insured
|
NR/A+/NR
|
1,048,970 | ||||||
Golden, Colorado Sales & Use Tax
|
|||||||||
1,265,000 |
5.000%, 12/01/12 AMBAC Insured Pre-Refunded
|
NR/A/NR
|
1,317,308 | ||||||
Gunnison, Colorado Sales & Use Tax Revenue
|
|||||||||
1,215,000 |
4.200%, 12/01/27 Syncora Guarantee, Inc. Insured
|
NR/A-/NR
|
1,085,189 | ||||||
Gypsum County, Colorado Sales Tax & General Fund
|
|||||||||
Revenue
|
|||||||||
1,690,000 |
5.250%, 06/01/30 AGMC Insured
|
NR/AA+/NR
|
1,701,137 | ||||||
Jefferson County, Colorado Open Space Sales Tax
|
|||||||||
1,600,000 |
5.000%, 11/01/13 AMBAC Insured Pre-Refunded
|
Aa2/AA-/AA
|
1,661,024 | ||||||
1,080,000 |
5.000%, 11/01/14 AMBAC Insured Pre-Refunded
|
Aa2/AA-/AA
|
1,121,191 | ||||||
Park Meadows Business Implementation District,
|
|||||||||
Colorado Shared Sales Tax Revenue Bond
|
|||||||||
1,500,000 |
5.300%, 12/01/27
|
NR/NR/NR*
|
1,303,020 | ||||||
Steamboat Springs, Colorado Redevelopment Authority
|
|||||||||
Tax Increment Refunding& Improvement, Base Area
|
|||||||||
Redevelopment Project
|
|||||||||
2,575,000 |
4.500%, 12/01/26
|
A1/NR/NR
|
2,528,985 | ||||||
Thornton, Colorado Sales Tax
|
|||||||||
1,000,000 |
5.000%, 09/01/14 AGMC Insured Pre-Refunded
|
Aa3/AA+/NR
|
1,030,420 | ||||||
Total Sales Tax
|
16,089,440 | ||||||||
Transportation (2.2%)
|
|||||||||
Northwest Parkway, Colorado Public Highway
|
|||||||||
Authority Series A
|
|||||||||
2,515,000 |
5.150%, 06/15/14 AMBAC Insured Pre-Refunded
|
NR/NR/NR*
|
2,614,720 |
TAX-FREE FUND OF COLORADO
|
|||||||||
SCHEDULE OF INVESTMENTS (continued)
|
|||||||||
DECEMBER 31, 2010
|
|||||||||
Rating
|
|||||||||
|
Moody’s, S&P
|
||||||||
Principal
|
and Fitch
|
||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
||||||
Transportation (continued)
|
|||||||||
Regional Transportation District, Colorado COP,
|
|||||||||
Series A
|
|||||||||
$ | 3,500,000 |
5.000%, 06/01/25 AMBAC Insured
|
Aa3/A-/AA-
|
$ | 3,513,545 | ||||
Total Transportation
|
6,128,265 | ||||||||
Water & Sewer (6.0%)
|
|||||||||
Broomfield, Colorado Sewer and Waste Water
|
|||||||||
Revenue
|
|||||||||
1,985,000 |
5.000%, 12/01/15 AMBAC Insured
|
A1/NR/NR
|
2,064,797 | ||||||
Broomfield, Colorado Water Activity Enterprise
|
|||||||||
1,500,000 |
5.300%, 12/01/12 NPFG Insured
|
Aa3/NR/NR
|
1,520,025 | ||||||
1,730,000 |
5.250%, 12/01/13 NPFG Insured
|
Aa3/NR/NR
|
1,752,819 | ||||||
Colorado Water Resource & Power Development
|
|||||||||
Authority
|
|||||||||
2,675,000 |
5.000%, 09/01/16 NPFG Insured
|
Baa1/BBB/NR
|
2,841,653 | ||||||
1,855,000 |
5.000%, 09/01/17 NPFG Insured
|
Baa1/BBB/NR
|
1,947,657 | ||||||
Colorado Water Resource & Power Development
|
|||||||||
Authority Clean Water Revenue Series A
|
|||||||||
1,375,000 |
5.000%, 09/01/12 Pre-Refunded
|
Aaa/AAA/AAA
|
1,417,281 | ||||||
260,000 |
5.000%, 09/01/12 Un-Refunded portion
|
Aaa/AAA/AAA
|
267,488 | ||||||
Denver, Colorado City and County Wastewater
|
|||||||||
Revenue
|
|||||||||
1,560,000 |
5.000%, 11/01/15 NPFG Insured
|
Aa2/AAA/AA+
|
1,669,138 | ||||||
Erie, Colorado Water Enterprise Revenue, Series A
|
|||||||||
1,000,000 |
5.000%, 12/01/25 AGMC Insured
|
Aa3/NR/NR
|
1,040,190 | ||||||
Greeley, Colorado Water Revenue
|
|||||||||
1,920,000 |
4.200%, 08/01/24 NPFG Insured
|
Aa2/AA-/NR
|
1,882,944 | ||||||
Total Water & Sewer
|
16,403,992 | ||||||||
Miscellaneous Revenue (2.1%)
|
|||||||||
Colorado Educational & Cultural Facility Authority,
|
|||||||||
Independent School Revenue Refunding, Kent
|
|||||||||
Denver School Project
|
|||||||||
1,000,000 |
5.000%, 10/01/30
|
NR/A-/NR
|
934,580 |
TAX-FREE FUND OF COLORADO
|
||||||||||||
SCHEDULE OF INVESTMENTS (continued)
|
||||||||||||
DECEMBER 31, 2010
|
||||||||||||
Rating
|
||||||||||||
|
Moody’s, S&P
|
|||||||||||
Principal
|
and Fitch
|
|||||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
|||||||||
Miscellaneous Revenue (continued)
|
||||||||||||
Colorado Educational & Cultural Facility Authority,
|
||||||||||||
Independent School Revenue Refunding, Vail
|
||||||||||||
Mountain School Project
|
||||||||||||
$ | 1,820,000 |
6.000%, 05/01/30
|
NR/BBB-/NR
|
$ | 1,815,687 | |||||||
Colorado Educational & Cultural Facility Authority
|
||||||||||||
Revenue Charter School, Colorado Springs Charter
|
||||||||||||
Academy
|
||||||||||||
3,020,000 |
5.250%, 07/01/28
|
NR/A/NR
|
2,949,090 | |||||||||
Total Miscellaneous Revenue
|
5,699,357 | |||||||||||
Total Revenue Bonds
|
207,596,333 | |||||||||||
Total Investments (cost $269,186,470 – note 4)
|
99.3 | % | 271,098,131 | |||||||||
Other assets less liabilities
|
0.7 | 1,944,835 | ||||||||||
Net Assets
|
100.0 | % | $ | 273,042,966 | ||||||||
* |
Any security not rated (NR) by any of the approved credit rating services has been determined by the Investment Sub-Adviser to have sufficient quality to be ranked in the top four credit ratings if a credit rating were to be assigned by a credit rating service.
|
|||||||||||
Percent of
|
||||||||||||
Portfolio Distribution By Quality Rating
|
Portfolio1
|
|||||||||||
Aaa of Moody’s or AAA of S&P or Fitch
|
1.0 | % | ||||||||||
Pre-Refunded Bonds2/Escrowed to maturity bonds
|
16.6 | |||||||||||
Aa of Moody’s or AA of S&P or Fitch
|
50.3 | |||||||||||
A of Moody’s or S&P or Fitch
|
22.4 | |||||||||||
Baa of Moody’s or BBB of S&P or Fitch
|
8.3 | |||||||||||
Not rated*
|
1.4 | |||||||||||
100.0 | % | |||||||||||
1 |
Calculated using the highest rating of the three rating services.
|
|||||||||||
2 |
Pre-refunded bonds are bonds for which U.S. Govenment Obligations have been placed in escrow to retire the bonds at their earliest call date.
|
PORTFOLIO ABBREVIATIONS:
|
||
ACA - American Capital Assurance Financial Guaranty Corp.
|
FGIC - Financial Guaranty Insurance Co.
|
|
AGMC - Assured Guaranty Municipal Corp.
|
NPFG - National Public Finance Guarantee
|
|
AMBAC - American Municipal Bond Assurance Corp.
|
NR - Not Rated
|
|
CIFG - CDC IXIS Financial Guaranty
|
UCAR - University Corporation for Atmospheric Research
|
|
COP - Certificates of Participation
|
||
See accompanying notes to financial statements.
|
TAX-FREE FUND OF COLORADO
|
||||
STATEMENT OF ASSETS AND LIABILITIES
|
||||
DECEMBER 31, 2010
|
||||
ASSETS
|
||||
Investments at value (cost $269,186,470)
|
$ | 271,098,131 | ||
Cash
|
1,901,288 | |||
Interest receivable
|
2,291,810 | |||
Receivable for Fund shares sold
|
776,996 | |||
Other assets
|
13,992 | |||
Total assets
|
276,082,217 | |||
LIABILITIES
|
||||
Payable for Fund shares redeemed
|
2,440,711 | |||
Dividends payable
|
407,161 | |||
Management fee payable
|
118,338 | |||
Distribution and service fees payable
|
1,982 | |||
Accrued expenses
|
71,059 | |||
Total liabilities
|
3,039,251 | |||
NET ASSETS
|
$ | 273,042,966 | ||
Net Assets consist of:
|
||||
Capital Stock - Authorized an unlimited number of shares, par value $0.01 per share .
|
$ | 269,321 | ||
Additional paid-in capital
|
270,883,912 | |||
Net unrealized appreciation on investments (note 4)
|
1,911,661 | |||
Accumulated net realized loss on investments
|
(55,212 | ) | ||
Undistributed net investment income
|
33,284 | |||
$ | 273,042,966 | |||
CLASS A
|
||||
Net Assets
|
$ | 213,099,243 | ||
Capital shares outstanding
|
21,021,920 | |||
Net asset value and redemption price per share
|
$ | 10.14 | ||
Maximum offering price per share (100/96 of $10.14 adjusted to nearest cent)
|
$ | 10.56 | ||
CLASS C
|
||||
Net Assets
|
$ | 25,732,714 | ||
Capital shares outstanding
|
2,543,412 | |||
Net asset value and offering price per share
|
$ | 10.12 | ||
Redemption price per share (*a charge of 1% is imposed on the redemption
|
||||
proceeds of the shares, or on the original price, whichever is lower, if redeemed
|
||||
during the first 12 months after purchase)
|
$ | 10.12 | * | |
CLASS Y
|
||||
Net Assets
|
$ | 34,211,009 | ||
Capital shares outstanding
|
3,366,762 | |||
Net asset value, offering and redemption price per share
|
$ | 10.16 |
TAX-FREE FUND OF COLORADO
|
||||||||
STATEMENT OF OPERATIONS
|
||||||||
YEAR ENDED DECEMBER 31, 2010
|
||||||||
Investment Income:
|
||||||||
Interest income
|
$ | 12,752,267 | ||||||
Expenses:
|
||||||||
Management fee (note 3)
|
$ | 1,407,504 | ||||||
Distribution and service fees (note 3)
|
340,768 | |||||||
Transfer and shareholder servicing agent fees
|
140,546 | |||||||
Trustees’ fees and expenses (note 8)
|
99,951 | |||||||
Legal fees (note 3)
|
82,688 | |||||||
Shareholders’ reports and proxy statements
|
54,845 | |||||||
Auditing and tax fees
|
23,351 | |||||||
Custodian fees (note 6)
|
21,838 | |||||||
Registration fees and dues
|
15,689 | |||||||
Insurance
|
13,469 | |||||||
Chief compliance officer (note 3)
|
4,508 | |||||||
Miscellaneous
|
35,248 | |||||||
Total expenses
|
2,240,405 | |||||||
Expenses paid indirectly (note 6)
|
(411 | ) | ||||||
Net expenses
|
2,239,994 | |||||||
Net investment income
|
10,512,273 | |||||||
Realized and Unrealized Gain (Loss) on Investments:
|
||||||||
Net realized gain (loss) from securities transactions
|
346,685 | |||||||
Change in unrealized appreciation on investments
|
(7,701,088 | ) | ||||||
Net realized and unrealized gain (loss) on investments
|
(7,354,403 | ) | ||||||
Net change in net assets resulting from operations
|
$ | 3,157,870 |
TAX-FREE FUND OF COLORADO
|
||||||||
STATEMENTS OF CHANGES IN NET ASSETS
|
||||||||
Year Ended
|
Year Ended
|
|||||||
December 31, 2010
|
December 31, 2009
|
|||||||
OPERATIONS:
|
||||||||
Net investment income
|
$ | 10,512,273 | $ | 8,837,609 | ||||
Net realized gain (loss) from securities transactions
|
346,685 | 139,213 | ||||||
Change in unrealized appreciation (depreciation) on investments .
|
(7,701,088 | ) | 10,863,375 | |||||
Change in net assets from operations
|
3,157,870 | 19,840,197 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS (note 10):
|
||||||||
Class A Shares:
|
||||||||
Net investment income
|
(8,352,842 | ) | (7,927,795 | ) | ||||
Class C Shares:
|
||||||||
Net investment income
|
(655,304 | ) | (317,179 | ) | ||||
Class Y Shares:
|
||||||||
Net investment income
|
(1,512,329 | ) | (687,039 | ) | ||||
Change in net assets from distributions
|
(10,520,475 | ) | (8,932,013 | ) | ||||
CAPITAL SHARE TRANSACTIONS (note 7):
|
||||||||
Proceeds from shares sold
|
79,757,891 | 56,286,623 | ||||||
Reinvested dividends and distributions
|
6,242,951 | 4,971,808 | ||||||
Cost of shares redeemed
|
(56,440,080 | ) | (23,121,475 | ) | ||||
Change in net assets from capital share transactions
|
29,560,762 | 38,136,956 | ||||||
Change in net assets
|
22,198,157 | 49,045,140 | ||||||
NET ASSETS:
|
||||||||
Beginning of period
|
250,844,809 | 201,799,669 | ||||||
End of period*
|
$ | 273,042,966 | $ | 250,844,809 | ||||
* Includes undistributed net investment income:
|
$ | 33,284 | $ | 35,148 |
a)
|
Portfolio valuation: Municipal securities which have remaining maturities of more than 60 days are valued each business day based upon information provided by a nationally prominent independent pricing service and periodically verified through other pricing services. In the case of securities for which market quotations are readily available, securities are valued by the pricing service at the mean of bid and asked quotations. If a market quotation or a valuation from the pricing service is not readily available, the security is valued at fair value determined in good faith under procedures established by and under the general supervision of the Board of Trustees. Securities which mature in 60 days or less are valued at amortized cost if their term to maturity at purchase is 60 days or less, or by amortizing their unrealized appreciation or depreciation on the 61st day prior to maturity, if their term to maturity at purchase exceeds 60 days.
|
b)
|
Fair Value Measurements: The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund’s investments and are summarized in the following fair value hierarchy:
|
Valuation Inputs
|
Investments in Securities
|
||||
Level 1 – Quoted Prices
|
$ | — | |||
Level 2 – Other Significant Observable Inputs —
|
|||||
Municipal Bonds*
|
271,098,131 | ||||
Level 3 – Significant Unobservable Inputs
|
— | ||||
Total
|
$ | 271,098,131 |
c)
|
Subsequent events: In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date these financial statements were issued.
|
d)
|
Securities transactions and related investment income: Securities transactions are recorded on the trade date. Realized gains and losses from securities transactions are reported on the identified cost basis. Interest income is recorded daily on the accrual basis and is adjusted for amortization of premium and accretion of original issue and market discount.
|
e)
|
Federal income taxes: It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code applicable to certain investment companies. The Fund intends to make distributions of income and securities profits sufficient to relieve it from all, or substantially all, Federal income and excise taxes.
|
f)
|
Multiple class allocations: All income, expenses (other than class-specific expenses), and realized and unrealized gains or losses are allocated daily to each class of shares based on the relative net assets of each class. Class-specific expenses, which include distribution and service fees and any other items that are specifically attributed to a particular class, are also charged directly to such class on a daily basis.
|
g)
|
Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
|
h)
|
Reclassification of capital accounts: Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. On December 31, 2010, the Fund increased undistributed net investment income by $6,338 and decreased additional paid-in capital by $6,338 due primarily to differing book/tax treatment of distributions and bond amortization. These reclassifications had no effect on net assets or net asset value per share.
|
i)
|
Accounting pronouncement: In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update “Improving Disclosures about Fair Value Measurements” (“ASU”). The ASU requires enhanced disclosures about a) transfers into and out of Levels 1 and 2, and b) purchases, sales, issuances, and settlements on a gross basis relating to Level 3 measurements. The first disclosure became effective for the first reporting period beginning after December 15, 2009, and for interim periods within those fiscal years. There were no significant transfers into and out of Levels 1 and 2 during the current period presented.
|
Year Ended
|
Year Ended
|
|||||||||||||||
December 31, 2010
|
December 31, 2009
|
|||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||
Class A Shares:
|
||||||||||||||||
Proceeds from shares sold
|
2,627,817 | $ | 27,489,572 | 2,918,696 | $ | 29,871,995 | ||||||||||
Reinvested distributions
|
482,245 | 5,039,165 | 447,120 | 4,590,048 | ||||||||||||
Cost of shares redeemed
|
(2,547,611 | ) | (26,506,999 | ) | (1,391,739 | ) | (14,254,850 | ) | ||||||||
Net change
|
562,451 | 6,021,738 | 1,974,077 | 20,207,193 | ||||||||||||
Class C Shares:
|
||||||||||||||||
Proceeds from shares sold
|
1,655,215 | 17,288,195 | 955,020 | 9,806,830 | ||||||||||||
Reinvested distributions
|
44,886 | 468,241 | 17,698 | 181,587 | ||||||||||||
Cost of shares redeemed
|
(576,250 | ) | (5,963,087 | ) | (383,623 | ) | (3,928,411 | ) | ||||||||
Net change
|
1,123,851 | 11,793,349 | 589,095 | 6,060,006 | ||||||||||||
Class Y Shares:
|
||||||||||||||||
Proceeds from shares sold
|
3,334,401 | 34,980,124 | 1,614,589 | 16,607,798 | ||||||||||||
Reinvested distributions
|
70,116 | 735,545 | 19,407 | 200,173 | ||||||||||||
Cost of shares redeemed
|
(2,301,529 | ) | (23,969,994 | ) | (478,961 | ) | (4,938,214 | ) | ||||||||
Net change
|
1,102,988 | 11,745,675 | 1,155,035 | 11,869,757 | ||||||||||||
Total transactions in Fund shares
|
2,789,290
|
$ |
29,560,762
|
3,718,207
|
$ |
38,136,956
|
Year Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
Net tax-exempt income
|
$ | 10,520,475 | $ | 8,837,255 | ||||
Ordinary income
|
– | 94,758 | ||||||
$ | 10,520,475 | $ | 8,932,013 |
Undistributed tax-exempt income
|
$ | 407,161 | ||
Unrealized appreciation
|
1,944,945 | |||
Other temporary differences
|
(462,373 | ) | ||
$ | 1,889,733 |
TAX-FREE FUND OF COLORADO
|
||||||||||||||||||||
FINANCIAL HIGHLIGHTS
|
||||||||||||||||||||
For a share outstanding throughout each period
|
||||||||||||||||||||
Class A
|
||||||||||||||||||||
Year Ended December 31,
|
||||||||||||||||||||
2010
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||||
Net asset value, beginning of period
|
$ | 10.39 | $ | 9.88 | $ | 10.23 | $ | 10.32 | $ | 10.42 | ||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||
Net investment income
|
0.40 | (1) | 0.40 | (1) | 0.40 | (1) | 0.39 | (1) | 0.39 | (2) | ||||||||||
Net gain (loss) on securities (both realized
|
||||||||||||||||||||
and unrealized)
|
(0.25 | ) | 0.52 | (0.34 | ) | (0.07 | ) | (0.07 | ) | |||||||||||
Total from investment operations
|
0.15 | 0.92 | 0.06 | 0.32 | 0.32 | |||||||||||||||
Less distributions (note 10):
|
||||||||||||||||||||
Dividends from net investment income
|
(0.40 | ) | (0.41 | ) | (0.41 | ) | (0.41 | ) | (0.42 | ) | ||||||||||
Distributions from capital gains
|
– | – | – | – | – | |||||||||||||||
Total distributions
|
(0.40 | ) | (0.41 | ) | (0.41 | ) | (0.41 | ) | (0.42 | ) | ||||||||||
Net asset value, end of period
|
$ | 10.14 | $ | 10.39 | $ | 9.88 | $ | 10.23 | $ | 10.32 | ||||||||||
Total return (not reflecting sales charge)
|
1.38 | % | 9.42 | % | 0.57 | % | 3.21 | % | 3.11 | % | ||||||||||
Ratios/supplemental data
|
||||||||||||||||||||
Net assets, end of period (in millions)
|
$ | 213 | $ | 213 | $ | 183 | $ | 185 | $ | 198 | ||||||||||
Ratio of expenses to average net assets
|
0.73 | % | 0.77 | % | 0.80 | % | 0.80 | % | 0.79 | % | ||||||||||
Ratio of net investment income to average
|
||||||||||||||||||||
net assets
|
3.81 | % | 3.94 | % | 3.90 | % | 3.80 | % | 3.76 | % | ||||||||||
Portfolio turnover rate
|
14.44 | % | 11.73 | % | 24.63 | % | 8.77 | % | 7.48 | % | ||||||||||
The expense ratios after giving effect to the expense offset for uninvested cash balances were:
|
||||||||||||||||||||
Ratio of expenses to average net assets
|
0.73 | % | 0.77 | % | 0.79 | % | 0.79 | % | 0.78 | % |
TAX-FREE FUND OF COLORADO
|
||||||||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS (continued)
|
||||||||||||||||||||||||||||||||||||||||
For a share outstanding throughout each period
|
||||||||||||||||||||||||||||||||||||||||
Class C
|
Class Y
|
|||||||||||||||||||||||||||||||||||||||
Year Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||||||||||
2010
|
2009
|
2008
|
2007
|
2006
|
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 10.37 | $ | 9.86 | $ | 10.21 | $ | 10.30 | $ | 10.40 | $ | 10.41 | $ | 9.90 | $ | 10.25 | $ | 10.35 | $ | 10.44 | ||||||||||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||||||||||||||||||
Net investment income
|
0.30 | (1) | 0.30 | (1) | 0.30 | (1) | 0.29 | (1) | 0.29 | (2) | 0.40 | (1) | 0.41 | (1) | 0.40 | (1) | 0.40 | (1) | 0.40 | (2) | ||||||||||||||||||||
Net gain (loss) on securities (both
|
||||||||||||||||||||||||||||||||||||||||
realized and unrealized)
|
(0.25 | ) | 0.52 | (0.34 | ) | (0.06 | ) | (0.07 | ) | (0.25 | ) | 0.51 | (0.33 | ) | (0.08 | ) | (0.07 | ) | ||||||||||||||||||||||
Total from investment operations
|
0.05 | 0.82 | (0.04 | ) | 0.23 | 0.22 | 0.15 | 0.92 | 0.07 | 0.32 | 0.33 | |||||||||||||||||||||||||||||
Less distributions (note 10):
|
||||||||||||||||||||||||||||||||||||||||
Dividends from net investment income
|
(0.30 | ) | (0.31 | ) | (0.31 | ) | (0.32 | ) | (0.32 | ) | (0.40 | ) | (0.41 | ) | (0.42 | ) | (0.42 | ) | (0.42 | ) | ||||||||||||||||||||
Distributions from capital gains
|
– | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Total distributions
|
(0.30 | ) | (0.31 | ) | (0.31 | ) | (0.32 | ) | (0.32 | ) | (0.40 | ) | (0.41 | ) | (0.42 | ) | (0.42 | ) | (0.42 | ) | ||||||||||||||||||||
Net asset value, end of period
|
$ | 10.12 | $ | 10.37 | $ | 9.86 | $ | 10.21 | $ | 10.30 | $ | 10.16 | $ | 10.41 | $ | 9.90 | $ | 10.25 | $ | 10.35 | ||||||||||||||||||||
Total return
|
0.42 | %(3) | 8.40 | %(3) | (0.39 | )%(3) | 2.24 | %(3) | 2.14 | %(3) | 1.44 | % | 9.47 | % | 0.63 | % | 3.17 | % | 3.26 | % | ||||||||||||||||||||
Ratios/supplemental data
|
||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions)
|
$ | 26 | $ | 14 | $ | 8 | $ | 11 | $ | 12 | $ | 34 | $ | 24 | $ | 11 | $ | 6 | $ | 6 | ||||||||||||||||||||
Ratio of expenses to average net assets
|
1.67 | % | 1.71 | % | 1.75 | % | 1.75 | % | 1.74 | % | 0.67 | % | 0.72 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||||||||||
Ratio of net investment income to
|
||||||||||||||||||||||||||||||||||||||||
average net assets
|
2.83 | % | 2.95 | % | 2.95 | % | 2.85 | % | 2.81 | % | 3.85 | % | 3.97 | % | 3.96 | % | 3.84 | % | 3.82 | % | ||||||||||||||||||||
Portfolio turnover rate
|
14.44 | % | 11.73 | % | 24.63 | % | 8.77 | % | 7.48 | % | 14.44 | % | 11.73 | % | 24.63 | % | 8.77 | % | 7.48 | % | ||||||||||||||||||||
The expense ratios after giving effect to the expense offset for uninvested cash balances were:
|
||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets
|
1.67 | % | 1.71 | % | 1.74 | % | 1.74 | % | 1.73 | % | 0.67 | % | 0.72 | % | 0.74 | % | 0.73 | % | 0.74 | % |
Six months ended December 31, 2010
|
||||
Actual
|
||||
Total Return
|
Beginning
|
Ending
|
Expenses
|
|
Without
|
Account
|
Account
|
Paid During
|
|
Sales Charges(1)
|
Value
|
Value
|
the Period(2)
|
|
Class A
|
(1.10)%
|
$1,000.00
|
$989.00
|
$3.61
|
Class C
|
(1.58)%
|
$1,000.00
|
$984.20
|
$8.30
|
Class Y
|
(1.17)%
|
$1,000.00
|
$988.30
|
$3.36
|
(1)
|
Assumes reinvestment of all dividends and capital gain distributions, if any, at net asset value and does not reflect the deduction of the applicable sales charges with respect to Class A shares or the applicable contingent deferred sales charges (“CDSC”) with respect to Class C shares. Total return is not annualized, as it may not be representative of the total return for the year.
|
(2)
|
Expenses are equal to the annualized expense ratio of 0.72%, 1.66% and 0.67% for the Fund’s Class A, C and Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
|
Six months ended December 31, 2010
|
||||
Hypothetical
|
||||
Annualized
|
Beginning
|
Ending
|
Expenses
|
|
Total
|
Account
|
Account
|
Paid During
|
|
Return
|
Value
|
Value
|
the Period(1)
|
|
Class A
|
5.00%
|
$1,000.00
|
$1,021.68
|
$3.67
|
Class C
|
5.00%
|
$1,000.00
|
$1,016.84
|
$8.44
|
Class Y
|
5.00%
|
$1,000.00
|
$1,021.83
|
$3.41
|
(1)
|
Expenses are equal to the annualized expense ratio of 0.72%, 1.66% and 0.67% for the Fund’s Class A, C and Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
|
Additional Information (unaudited)
|
||||||||
Trustees(1)
|
||||||||
and Officers
|
||||||||
Number of
|
||||||||
Positions
|
Portfolios
|
Other Directorships
|
||||||
Held with
|
in Fund
|
Held by Trustee
|
||||||
Name,
|
Fund and
|
Principal
|
Complex
|
(The position held is
|
||||
Address(2)
|
Length of
|
Occupation(s)
|
Overseen
|
a directorship unless
|
||||
and Date of Birth
|
Service(3)
|
During Past 5 Years
|
by Trustee
|
indicated otherwise.)
|
||||
Interested Trustee(4)
|
||||||||
Diana P. Herrmann
New York, NY
(02/25/58)
|
Trustee since
2000 and
President
since 1999
|
Vice Chair and Chief Executive Officer of Aquila Management Corporation, Founder of the Aquila Group of Funds(5) and parent of Aquila Investment Management LLC, Manager since 2004, President since 1997, Chief Operating Officer, 1997-2008, a Director since 1984, Secretary since 1986 and previously its Executive Vice President, Senior Vice President or Vice President, 1986-1997; Chief Executive Officer and Vice Chair since 2004, President and Manager since 2003, and Chief Operating Officer (2003-2008), of the Manager; Chair, Vice Chair, President, Executive Vice President and/or Senior Vice President of funds in the Aquila Group of Funds since 1986; Director of the Distributor since 1997; Governor, Investment Company Institute (the trade organization for the U.S. mutual fund industry dedicated to protecting shareholder interests and educating the public about investing) for various periods since 2004, and head of its Small Funds Committee, 2004-2009; active in charitable and volunteer organizations.
|
12
|
ICI Mutual Insurance Company, a Risk Retention Group (2006-2009 and since 2010)
|
||||
Non-interested Trustees
|
||||||||
Anne J. Mills
Castle Rock, CO
(12/23/38)
|
Chair
of the Board
of Trustees
since 2005
and Trustee
since 1987
|
President, Loring Consulting Company since 2001; Vice President for Business Management and CFO, Ottawa University, 1992-2001, 2006-2008; IBM Corporation, 1965-1991; currently active with various charitable, educational and religious organizations.
|
5
|
None
|
Number of
|
||||||||
Positions
|
Portfolios
|
Other Directorships
|
||||||
Held with
|
in Fund
|
Held by Trustee
|
||||||
Name,
|
Fund and
|
Principal
|
Complex
|
(The position held is
|
||||
Address(2)
|
Length of
|
Occupation(s)
|
Overseen
|
a directorship unless
|
||||
and Date of Birth
|
Service(3)
|
During Past 5 Years
|
by Trustee
|
indicated otherwise.)
|
||||
Tucker Hart Adams
Colorado Springs, CO
(01/11/38)
|
Trustee
since 1989
|
Senior Partner, Summit Economics, since 2010; President, The Adams Group, an economic consulting firm, 1989-2010; formerly Chief Economist, United Banks of Colorado; currently or formerly active with numerous professional and community organizations.
|
4
|
Trustee, Colorado Health Facilities Authority; advisory board, Griffis/Blessings, Inc. (commercial property development and management); advisory board, Kachi Partners (middle market buyouts); formerly Director, Touch America and Mortgage Analysis Computer Corp.
|
||||
Ernest Calderón
Phoenix, AZ
(10/24/57)
|
Trustee
since 2009
|
Founder, Calderón Law Offices, since 2004; Equity Partner, Jennings, Strouss & Salmon, PLC, 1992-2004; member, Arizona Board of Regents since 2003 and member of Governor Janice Brewer’s Transition Team since 2009; Past President, Grand Canyon Council of Boy Scouts of America; Past President, State Bar of Arizona, 2003-2004; member, American Law Institute.
|
3
|
None
|
||||
Thomas A. Christopher
Danville, KY
(12/19/47)
|
Trustee
since 2004
|
Vice President of Robinson, Hughes & Christopher, C.P.A.s, P.S.C., since 1977; President, A Good Place for Fun, Inc., a sports facility, since 1987; Director, Sunrise Children’s Services Inc. (2010); currently or formerly active with various professional and community organizations.
|
5
|
None
|
||||
Gary C. Cornia
Orem, UT
(06/24/48)
|
Trustee
since 2000
|
Dean, Marriott School of Management, Brigham Young University, since 2008; Director, Romney Institute of Public Management, Marriott School of Management, 2004-2008; Professor, Marriott School of Management, 1980-present; Past President, National Tax Association; Fellow, Lincoln Institute of Land Policy, 2002-present; Associate Dean, Marriott School of Management, Brigham Young University, 1991-2000; member, Utah Governor's Tax Review Committee, 1993-2009.
|
5
|
Lincoln Institute of Land Policy, Cambridge, MA
|
Number of
|
||||||||
Positions
|
Portfolios
|
Other Directorships
|
||||||
Held with
|
in Fund
|
Held by Trustee
|
||||||
Name,
|
Fund and
|
Principal
|
Complex
|
(The position held is
|
||||
Address(2)
|
Length of
|
Occupation(s)
|
Overseen
|
a directorship unless
|
||||
and Date of Birth
|
Service(3)
|
During Past 5 Years
|
by Trustee
|
indicated otherwise.)
|
||||
Grady Gammage, Jr.
Phoenix, AZ
(10/01/51)
|
Trustee
since 2009
|
Founding partner, Gammage & Burnham, PLC, a law firm, Phoenix, Arizona, since 1983; director, Central Arizona Water Conservation District, 1992-2004; director, Arizona State University Foundation since 1998; Senior Fellow, Morrison Institute for Public Policy; active with Urban Land Institute.
|
4
|
None
|
||||
Lyle W. Hillyard
Logan, UT
(09/25/40)
|
Trustee
since 2006
|
President of the law firm of Hillyard, Anderson & Olsen, Logan, Utah, since 1967; member of Utah Senate, 1985 to present, in the following positions: President, 2000, Senate Majority Leader, 1999-2000, Assistant Majority Whip, 1995-1998; served as Chairman of the following Utah Senate Committees: Tax and Revenue, Senate Judiciary Standing, Joint Executive Appropriations, and Senate Rules; currently serves as Co-Chair, Joint Executive Appropriations.
|
3
|
None
|
||||
John C. Lucking
Phoenix, AZ
(05/20/43)
|
Trustee
since 2000
|
President, Econ-Linc, an economic consulting firm, since 1995; formerly Consulting Economist, Bank One Arizona and Chief Economist, Valley National Bank; member, Arizona’s Joint Legislative Budget Committee Economic Advisory Panel and the Western Blue Chip Economic Forecast Panel; Board member, Northern Arizona University Foundation since 1997; member, various historical, civic and economic associations.
|
3
|
Formerly Director, Sanu Resources
|
Number of
|
||||||||
Positions
|
Portfolios
|
Other Directorships
|
||||||
Held with
|
in Fund
|
Held by Trustee
|
||||||
Name,
|
Fund and
|
Principal
|
Complex
|
(The position held is
|
||||
Address(2)
|
Length of
|
Occupation(s)
|
Overseen
|
a directorship unless
|
||||
and Date of Birth
|
Service(3)
|
During Past 5 Years
|
by Trustee
|
indicated otherwise.)
|
||||
Other Individuals
|
||||||||
Trustees Emeritus(6)
|
||||||||
Lacy B. Herrmann
New York, NY
(05/12/29)
|
Founder and
Chairman
Emeritus
since 2005;
Chairman
of the Board
of Trustees,
1987-2004
|
Founder and Chairman of the Board, Aquila Management Corporation, the sponsoring organization and parent of the Manager or Administrator and/or Adviser to each fund of the Aquila Group of Funds; Chairman of the Manager or Administrator and/or Adviser to each since 2004; Founder and Chairman Emeritus of each fund in the Aquila Group of Funds; previously Chairman and a Trustee of each fund in the Aquila Group of Funds since its establishment until 2004 or 2005; Director of the Distributor since 1981 and formerly Vice President or Secretary, 1981-1998; Director or trustee, Premier VIT, 1994-2009; Oppenheimer Quest Value Funds Group, Oppenheimer Small Cap Value Fund, Oppenheimer Midcap Fund, 1987-2009, and Oppenheimer Rochester Group of Funds, 1995-2009; Trustee Emeritus, Brown University and the Hopkins School; active in university, school and charitable organizations.
|
N/A
|
N/A
|
||||
J. William Weeks
Palm Beach, FL
(06/22/27)
|
Trustee
Emeritus
since 2006
|
Retired; limited partner in real estate partnerships Alex, Brown & Sons No. 1 and 2; formerly Senior Vice President or Vice President of the Aquila Municipal Bond Funds; and Vice President of the Distributor.
|
N/A
|
N/A
|
Number of
|
||||||||
Positions
|
Portfolios
|
Other Directorships
|
||||||
Held with
|
in Fund
|
Held by Trustee
|
||||||
Name,
|
Fund and
|
Principal
|
Complex
|
(The position held is
|
||||
Address(2)
|
Length of
|
Occupation(s)
|
Overseen
|
a directorship unless
|
||||
and Date of Birth
|
Service(3)
|
During Past 5 Years
|
by Trustee
|
indicated otherwise.)
|
||||
Officers
|
||||||||
Charles E. Childs, III
New York, NY
(04/01/57)
|
Executive Vice
President
since 2003
|
Executive Vice President of all funds in the Aquila Group of Funds and the Manager and the Manager’s parent since 2003; Chief Operating Officer of the Manager and the Manager’s parent since 2008; formerly Senior Vice President, corporate development, Vice President, Assistant Vice President and Associate of the Manager’s parent since 1987; Senior Vice President, Vice President or Assistant Vice President of the Aquila Money-Market Funds, 1988-2003.
|
N/A
|
N/A
|
||||
Marie E. Aro
Denver, CO
(02/10/55)
|
Senior Vice
President
since 2010
|
Co-President of the Distributor since 2010, Vice President, 1993-1997; Senior Vice President, Aquila Three Peaks Opportunity Growth Fund since 2004; Senior Vice President, Tax-Free Trust of Arizona since 2010 and Vice President, 2004-2010; Senior Vice President, Aquila Three Peaks High Income Fund since 2006; Senior Vice President, Tax-Free Fund For Utah, Tax-Free Fund of Colorado, Tax-Free Trust of Oregon, Churchill Tax-Free Fund of Kentucky and Narragansett Insured Tax-Free Income Fund since 2010; Vice President, INVESCO Funds Group, 1998-2003.
|
N/A
|
N/A
|
||||
Paul G. O’Brien
Charlotte, NC
(11/28/59)
|
Senior Vice
President
since 2010
|
Co-President, Aquila Distributors, Inc. since 2010, Managing Director, 2009-2010; Senior Vice President of Aquila Three Peaks Opportunity Growth Fund, Aquila Three Peaks High Income Fund, and each of the Aquila Municipal Bond Funds since 2010; held various positions to Senior Vice President and Chief Administrative Officer of Evergreen Investments Services, Inc., 1997 - 2008; Mergers and Acquisitions Coordinator for Wachovia Corporation, 1994 - 1997.
|
N/A
|
N/A
|
Number of
|
||||||||
Positions
|
Portfolios
|
Other Directorships
|
||||||
Held with
|
in Fund
|
Held by Trustee
|
||||||
Name,
|
Fund and
|
Principal
|
Complex
|
(The position held is
|
||||
Address(2)
|
Length of
|
Occupation(s)
|
Overseen
|
a directorship unless
|
||||
and Date of Birth
|
Service(3)
|
During Past 5 Years
|
by Trustee
|
indicated otherwise.)
|
||||
Alan R. Stockman
Glendale, AZ
(07/31/54)
|
Senior Vice
President
since 2009
|
Senior Vice President, Tax-Free Fund of Colorado, since 2009; Senior Vice President, Tax-Free Trust of Arizona since 2001, Vice President, 1999-2001; Vice President, Aquila Three Peaks Opportunity Growth Fund since 1999; Bank One, Commercial Client Services representative, 1997-1999; Trader and Financial Consultant, National Bank of Arizona (Zions Investment Securities Inc.), Phoenix, Arizona 1996-1997.
|
N/A
|
N/A
|
||||
Robert S. Driessen
New York, NY
(10/12/47)
|
Chief
Compliance
Officer
since 2009
|
Chief Compliance Officer of each fund in the Aquila Group of Funds, the Manager and the Distributor since December 2009; Vice President, Chief Compliance Officer, Curian Capital, LLC, 2004-2008; Vice President, Chief Compliance Officer, Phoenix Investment Partners, Ltd., 1999-2004; Vice President, Risk Liaison, Corporate Compliance, Bank of America, 1996-1999; Vice President, Securities Compliance, Prudential Insurance Company of America, 1993-1996; various positions to Branch Chief, U.S. Securities and Exchange Commission, 1972-1993.
|
N/A
|
N/A
|
||||
Joseph P. DiMaggio
New York, NY
(11/06/56)
|
Chief
Financial
Officer
since 2003
and Treasurer
since 2000
|
Chief Financial Officer of each fund in the Aquila Group of Funds since 2003 and Treasurer since 2000.
|
N/A
|
N/A
|
Number of
|
||||||||
Positions
|
Portfolios
|
Other Directorships
|
||||||
Held with
|
in Fund
|
Held by Trustee
|
||||||
Name,
|
Fund and
|
Principal
|
Complex
|
(The position held is
|
||||
Address(2)
|
Length of
|
Occupation(s)
|
Overseen
|
a directorship unless
|
||||
and Date of Birth
|
Service(3)
|
During Past 5 Years
|
by Trustee
|
indicated otherwise.)
|
||||
Edward M. W. Hines
New York, NY
(12/16/39)
|
Secretary
since 1987
|
Of Counsel to Butzel Long, a professional corporation, counsel to the Trust/Fund, since 2010 and previously Shareholder since 2007; Partner of Hollyer Brady Barrett & Hines LLP, its predecessor as counsel, 1989-2007; Secretary of each fund in the Aquila Group of Funds.
|
N/A
|
N/A
|
||||
John M. Herndon
New York, NY
(12/17/39)
|
Assistant
Secretary
since 1995
|
Assistant Secretary of each fund in the Aquila Group of Funds since 1995 and Vice President of the three Aquila Money-Market Funds since 1990; Vice President of the Manager or its predecessor and current parent since 1990.
|
N/A
|
N/A
|
||||
Yolonda S. Reynolds
New York, NY
(04/23/60)
|
Assistant
Treasurer
since 2010
|
Director of Fund Accounting for the Aquila Group of Funds since 2007; Investment Accountant, TIIA-CREF, 2007; Sr. Fund Accountant, JP Morgan Chase, 2003-2006.
|
N/A
|
N/A
|
||||
Lori A. Vindigni
New York, NY
(11/02/66)
|
Assistant
Treasurer since
2000
|
Assistant Treasurer of each fund in the Aquila Group of Funds since 2000; Assistant Vice President of the Manager or its predecessor and current parent since 1998; Fund Accountant for the Aquila Group of Funds, 1995-1998.
|
N/A
|
N/A
|
Founders
|
Lacy B. Herrmann, Chairman Emeritus
|
Aquila Management Corporation
|
Manager
|
AQUILA INVESTMENT MANAGEMENT LLC
|
380 Madison Avenue, Suite 2300
|
New York, New York 10017
|
Investment Sub-Adviser
|
KIRKPATRICK PETTIS CAPITAL
|
MANAGEMENT
|
1600 Broadway, Suite 1100
|
Denver, Colorado 80202
|
Board of Trustees
|
Anne J. Mills, Chair
|
Tucker Hart Adams
|
Ernest Calderón
|
Thomas A. Christopher
|
Gary C. Cornia
|
Grady Gammage, Jr.
|
Diana P. Herrmann
|
Lyle W. Hillyard
|
John C. Lucking
|
Trustee Emeritus
|
J. William Weeks
|
Officers
|
Diana P. Herrmann, President
|
Marie E. Aro, Senior Vice President
|
Paul G. O’Brien, Senior Vice President
|
Alan R. Stockman, Senior Vice President
|
Robert S. Driessen, Chief Compliance Officer
|
Joseph P. DiMaggio, Chief Financial Officer
|
and Treasurer
|
Edward M.W. Hines, Secretary
|
Distributor
|
AQUILA DISTRIBUTORS, INC.
|
380 Madison Avenue, Suite 2300
|
New York, New York 10017
|
Transfer and Shareholder Servicing Agent
|
BNY MELLON INVESTMENT SERVICING (US) INC.
|
101 Sabin Street
|
Pawtucket, Rhode Island 02860
|
Custodian
|
JPMORGAN CHASE BANK, N.A.
|
1111 Polaris Parkway
|
Columbus, Ohio 43240
|
Independent Registered Public Accounting Firm
|
TAIT, WELLER & BAKER LLP
|
1818 Market Street, Suite 2400
|
Philadelphia, Pennsylvania 19103
|
Further information is contained in the Prospectus,
|
which must precede or accompany this report.
|
ITEM 2.
|
CODE OF ETHICS.
|
ITEM 3.
|
AUDIT COMMITTEE FINANCIAL EXPERT.
|
ITEM 4.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES.
|
ITEM 5.
|
AUDIT COMMITTEE OF LISTED REGISTRANTS.
|
ITEM 6.
|
SCHEDULE OF INVESTMENTS.
|
ITEM 7.
|
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
|
ITEM 8.
|
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
|
ITEM 9.
|
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
|
ITEM 10.
|
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
|
ITEM 11.
|
CONTROLS AND PROCEDURES.
|
ITEM 12.
|
EXHIBITS.
|
By:
|
/s/ Diana P. Herrmann | |
President and Trustee
March 7, 2011
|
||
By:
|
/s/ Joseph P. DiMaggio | |
Chief Financial Officer and Treasurer
March 7, 2011
|
By:
|
/s/ Diana P. Herrmann | |
Diana P. Herrmann
President and Trustee
March 7, 2011
|
||
By:
|
/s/ Joseph P. DiMaggio | |
Joseph P. DiMaggio
Chief Financial Officer and Treasurer
March 7, 2011
|
I.
|
Covered Officers/Purpose of the Code
|
|
·
|
honest and ethical conduct, including the ethical handling of actual;
|
|
·
|
or apparent conflicts of interest between personal and professional relationships;
|
|
·
|
full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Fund;
|
|
·
|
compliance with applicable laws and governmental rules and regulations;
|
|
·
|
the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and
|
|
·
|
accountability for adherence to the Code.
|
II.
|
Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest
|
|
·
|
not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;
|
|
·
|
not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund;
|
|
·
|
service as a director on the board of any public or private company;
|
|
·
|
the receipt of any non-nominal gifts;
|
|
·
|
the receipt of any entertainment from any company with which the Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;
|
|
·
|
any ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;
|
|
·
|
a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.
|
III.
|
Disclosure and Compliance
|
|
·
|
Each Covered Officer should familiarize himself/herself with the disclosure requirements generally applicable to the Fund;
|
|
·
|
each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Trustees and auditors, and to governmental regulators and self-regulatory organizations;
|
|
·
|
each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.
|
IV.
|
Reporting and Accountability
|
|
·
|
upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he/she has received, read, and understands the Code;
|
|
·
|
annually thereafter affirm to the Board that he/she has complied with the requirements of the Code;
|
|
·
|
not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and
|
|
·
|
notify the Chair of the Audit Committee of the Fund promptly if he/she knows of any violation of this Code. Failure to do so is itself a violation of this Code.
|
|
·
|
file at least annually a complete and accurate Funds' Trustees and Officers Questionnaire.
|
|
·
|
the General Counsel will take all appropriate action to investigate any potential violations reported to him;
|
|
·
|
if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action;
|
|
·
|
any matter that the General Counsel believes is a violation will be reported to the Committee;
|
|
·
|
if the Committee concurs that a violation has occurred, it will inform the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;
|
|
·
|
the Committee will be responsible for granting waivers, as appropriate; and
|
|
·
|
any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.
|
V.
|
Other Policies and Procedures
|
VI.
|
Amendments
|
VII.
|
Confidentiality
|
VIII.
|
Internal Use
|
Chairman and/or Chairman Emeritus And Founder
|
Lacy B. Herrmann
|
Chair, Vice Chair and/or Trustee and/or President
|
Diana P. Herrmann
|
Chief Financial Officer and Treasurer
|
Joseph P. DiMaggio
|
1.
|
I have reviewed this report on Form N-CSR of Tax-Free Fund of Colorado;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Diana P. Herrmann | |
Title: President and Trustee
|
1.
|
I have reviewed this report on Form N-CSR of Tax-Free Fund of Colorado;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Joseph P. DiMaggio | |
Title: Chief Financial Officer and Treasurer
|
Dated: March 7, 2011
|
|
/s/ Diana P. Herrmann | |
President and Trustee
Tax-Free Fund of Colorado
|
|||
Dated: March 7, 2011
|
|
/s/ Joseph P. DiMaggio | |
Chief Financial Officer and Treasurer
Tax-Free Fund of Colorado
|
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