# EDGAR Filing Document

**Accession Number:** 0000810744
**File Stem:** 0001193125-25-307700
**Filing Date:** 2025-12
**Character Count:** 126468
**Document Hash:** 9ad6d6ea9bec044ade629cb90a2edb80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-307700.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001193125-25-307700

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**EFFECTIVENESS DATE**: 20251204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COLORADO BONDSHARES A TAX EXEMPT FUND
- **CENTRAL INDEX KEY:** 0000810744

**ORGANIZATION NAME:**
- **EIN:** 846206949
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05009
- **FILM NUMBER:** 251548674

**BUSINESS ADDRESS:**
- **STREET 1:** 1200 17TH STREET
- **STREET 2:** SUITE 1000
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202-5835
- **BUSINESS PHONE:** 3035726990

**MAIL ADDRESS:**
- **STREET 1:** 1200 17TH STREET
- **STREET 2:** SUITE 1000
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202-5835

## Series and Classes Contracts Data

### COLORADO BONDSHARES A TAX EXEMPT FUND (Series ID: S000012064)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000032818 | COLORADO BONDSHARES A TAX EXEMPT FUND | HICOX           |

?xml version='1.0' encoding='ASCII'? COLORADO BONDSHARES A TAX EXEMPT FUND

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-05009

## COLORADO BONDSHARES —

## A TAX-EXEMPT FUND

#### (Exact name of registrant as specified in its charter)

#### 1200 17TH STREET, SUITE 850

#### DENVER, COLORADO 80202-5808

#### (Address of principal executive offices) (Zip code)

#### FRED R. KELLY, JR.

#### 1200 17TH STREET, SUITE 850

#### DENVER, COLORADO 80202-5808

#### (Name and address of agent for service)
Registrant's telephone number, including area code: <u>303-572-6990</u>

Date of fiscal year end: <u>09/30</u>

Date of reporting period: <u>09/30/2025</u>

------

Item 1. Reports to Stockholders.

------

---

| | |
|:---|:---|
| <br>COLORADO BONDSHARES A TAX-EXEMPT FUND | ![LOGO](g72914art_02ar.jpg) |
| TICKER: HICOX<br>| ![LOGO](g72914art_02ar.jpg) |

---

Annual Shareholder Report (September 30, 2025)

This annual shareholder report contains important information about the Colorado BondShares A Tax-Exempt Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.coloradobondshares.com. You can also request this information by contacting us at 1-800-572-0069.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund (Class) | **Costs of a $10,000**<br>**investment** | **Costs paid as a percentage of a**<br>**$10,000 investment** |
| &nbsp;&nbsp;&nbsp;Colorado BondShares | $60 | 0.59% |

---

How did the Fund perform last year and what affected its performance?

• For the period ended September 30, 2025, the Fund produced a total return of 3.83%. The return was entirely driven by dividend as the share price modestly declined during the period.

• During the period, although yields at the short-end of the US Treasury curve declined due to rate cuts from the Federal Reserve, yields at the long-end of the curve moderately increased due to continued government spending at unsustainable levels. Given that bond yields and bond prices have an inverse relationship, the rise in interest rates resulted in a modest decline of bond prices.

• The Fund's overweight position to Colorado Municipal Bonds performed well during the period, outpacing the returns of most of the Fund's other sectors.

• A handful of the Fund's bonds were called during the period, which positively contributed to the Fund's return as they were trading at a discount to par value before the call. A bond redemption typically occurs when the underlying credit profile of the bond notably improves, which permits the issuer to refinance the outstanding bonds with newly issued bonds that have a lower coupon. The Fund's subordinate bonds performed strongly over the period as well as the underlying cash flows of the issuers generally improved.

• The Fund outperformed the Bloomberg Municipal Bond Index during the period. Non-rated securities, to which the Fund has a large allocation, outperformed rated securities, which compose a large percentage of that index.

------

How has the fund historically performed?

Total Return Based on a $10,000 Investment

![LOGO](g72914g66b44.jpg)

Average annual total return values:

---

| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;Colorado BondShares with maximum sales charge | -1.11% | 3.11% | 3.98% |
| &nbsp;&nbsp;&nbsp;Colorado BondShares without sales charge | 3.83% | 4.12% | 4.49% |
| &nbsp;&nbsp;&nbsp;Bloomberg Municipal Bond Index | 1.39% | .86% | 2.34% |

---

#### The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

2 COLORADO BONDSHARES

------

What are the Key Fund statistics you should know?

The following table outlines key fund statistic that you should pay attention to:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund's net assets | $1898834143 |
| &nbsp;&nbsp;&nbsp;Total number of portfolio holdings | 321 |
| &nbsp;&nbsp;&nbsp;Total advisory fees paid | $9223152 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | 13.82% |

---

What is the fund invested in?

The tables and charts below show the investment makeup of the fund, representing percentage of total net asset of the fund.

Portfolio Breakdown by Credit Rating

(As of September 30, 2025)

![LOGO](g72914g22m01.jpg)

Portfolio Breakdown by Type of Investment

(As of September 30, 2025)

![LOGO](g72914g22m02.jpg)

3 COLORADO BONDSHARES

------

How can you get additional information about the fund?

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.coloradobondshares.com. You can also request this information by contacting us at 1-800-572-0069.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-572-0069 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

4 COLORADO BONDSHARES

------

**Item 2.** **Code of Ethics.** <br>

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics (as defined in Item 2 of Form N-CSR), that applies to its President (Principal Executive Officer) and Treasurer (Principal Financial Officer).

(c) There have been no amendments to the code of ethics during the period covered by this report.

(d) The registrant has not granted, during the period covered by this report, any waivers, including an implicit waiver, from the code of ethics.

(e) Not applicable.

(f) (3) A copy of the registrant's code of ethics is available upon request and without charge by calling or writing the registrant at 1200 Seventeenth Street, Suite 850, Denver, Colorado 80202, telephone (303) 572-6990 or (800) 572-0069 (outside Denver).

**Item 3.** **Audit Committee Financial Expert.** <br>

The registrant's Board of Trustees, all of whom concurrently serve as the audit committee, has determined that Joseph M. Press, an "independent" Trustee, is an "audit committee financial expert." Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or the liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

**Item 4.** **Principal Accountant Fees and Services.** <br>

The following table shows the amount of fees and reimbursable expenses that Plante & Moran, PLLC, the registrant's independent registered public accounting firm, billed to the registrant during the registrant's last two fiscal years. For the reporting periods, the audit committee approved in advance all services that Plante & Moran, PLLC provided to the registrant.

The aggregate fees billed by the registrant's independent registered public accounting firm, for professional services in the registrant's fiscal years ended September 30, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| *(a) Audit Fees* | $142000 | $138000 |
| *(b) Audit-Related Fees* | $— | $— |
| *(c) Tax Fees* | $— | $— |
| *(d) All Other Fees* | $— | $— |

---

The above "Audit Fees" were billed for amounts related to the audit of the registrant's financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

------

(e) (1) The board of trustees serves as the audit committee and pre-approves all audit and non-audit services to be provided by the registrant's independent registered public accounting firm.

(e) (2) Not applicable.

(f) Not applicable.

(g) No non-audit fees were billed by the registrant's independent registered public accounting firm for services rendered to the registrant and the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended September 30, 2025 and 2024.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable.

**Item 6.** **Investments.** <br>

(a) Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
![LOGO](g72914art_02ar.jpg)

COLORADO BONDSHARES — A TAX-EXEMPT FUND

(HICOX)

Annual Financial Statements

September 30, 2025

(303) 572-6990

www.coloradobondshares.com

------

#### COLORADO BONDSHARES

#### A TAX-EXEMPT FUND

#### Schedule of Investments

#### September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity** | **Coupon** | **Principal** | **Value** |
| **Colorado Municipal Bonds 56.5%** | **Colorado Municipal Bonds 56.5%** | **Colorado Municipal Bonds 56.5%** | **Colorado Municipal Bonds 56.5%** | **Colorado Municipal Bonds 56.5%** |
|  **Colorado 100.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aberdeen MD #1 - Series A - 2035 | 12/1/2035 | 7.50% | $1600000 | $1600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anthology West MD #5 - Series A - 2049 | 12/1/2049 | 4.88% | 4575000 | 4082227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anthology West MD #5 - Series B - 2049 (g) | 12/15/2049 | 7.63% | 698000 | 700883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aspen Street MD - Series A - 2050 (g) | 12/1/2050 | 5.13% | 4300000 | 3580438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banning Lewis Ranch Regional MD - Series A - 2048 | 12/1/2048 | 5.38% | 2500000 | 2378900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banning Lewis Ranch Regional MD - Series B - 2041 (g) | 12/15/2041 | 7.75% | 625000 | 627106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Base Village MD #2 - Series B – 2048 (g) | 12/15/2048 | 6.50% | 3500000 | 2705815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belford North MD - Series A - 2050 | 12/1/2050 | 5.50% | 4000000 | 3543240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belford North MD - Series B - 2050 (g) | 12/15/2050 | 8.50% | 3475000 | 3495676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bennett Crossing MD #1 - Series A - 2049 | 12/1/2049 | 6.13% | 6160000 | 6217165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bennett Ranch MD #1 - Series A - 2051 | 12/1/2051 | 5.00% | 3000000 | 2526540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bennett Ranch MD #1 - Series B - 2051 (g) | 12/15/2051 | 7.50% | 1221000 | 1225567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bent Grass MD - Series A - 2054 (m) | 12/1/2054 | 5.75% | 7180000 | 7303065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradburn MD #2 - Series C - 2051 (g) | 12/15/2051 | 7.50% | 3271000 | 3182421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighton Crossing MD #6 - Series A - 2035 | 12/1/2035 | 5.00% | 525000 | 528764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighton Crossing MD #6 - Series A - 2040 | 12/1/2040 | 5.00% | 1545000 | 1516927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighton Crossing MD #6 - Series A - 2050 | 12/1/2050 | 5.00% | 9020000 | 8466984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broomfield Village MD #2 - Series A - 2049 | 12/1/2049 | 5.00% | 1417000 | 1297859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckley Yard MD #2 - Series A - 2052 | 12/1/2052 | 6.25% | 6800000 | 6566080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckley Yard MD #2 - Series B - 2052 (g) | 12/15/2052 | 9.25% | 1569000 | 1572624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP MD 3 - Series A - 2053 | 12/1/2053 | 5.00% | 1200000 | 1162608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canyons MD 5 - Series B - 2054 | 12/1/2054 | 6.50% | 4814000 | 4836289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castleview MD #2 - Series A - 2050 | 12/1/2050 | 5.00% | 3435000 | 2963615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castleview MD #1 - Series A - 2050 (g) | 12/1/2050 | 5.00% | 4727000 | 3799657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cherry Creek South MD #5 - Series A - 2051 (g) | 12/1/2051 | 6.00% | 22500000 | 20447325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cherry Hills City MD - Series A - 2047 (g) | 12/1/2047 | 5.00% | 1375000 | 1277526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cielo MD - Series A - 2050 (g) | 12/1/2050 | 5.25% | 12442000 | 10658937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cityset MD #2 - Series A - 2030 | 12/1/2030 | 3.50% | 4570000 | 4258600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cityset MD #2 - Series A - 2040 | 12/1/2040 | 4.38% | 8360000 | 7319180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cityset MD #2 - Series A - 2045 | 12/1/2045 | 4.50% | 3180000 | 2691934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Creek Transit MD #2 - Series A - 2041 | 12/1/2041 | 5.00% | 1886000 | 1485319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Creek Transit MD #2 - Series A - 2050 | 12/1/2050 | 5.00% | 4100000 | 2987096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloverleaf MD - Series A - 2051 | 12/1/2051 | 6.00% | 2330000 | 2347615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloverleaf MD - Series B - 2051 (g) | 12/15/2051 | 9.25% | 1034000 | 1036616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colliers Hill MD #2 - Series B – 2047 (g) | 12/15/2047 | 5.75% | 2243000 | 2163777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colliers Hill MD #3 - Series A - 2040 | 12/1/2040 | 5.25% | 8300000 | 7944843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colliers Hill MD #3 - Series A - 2048 | 12/1/2048 | 5.50% | 18250000 | 18047060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colliers Hill MD #3 - Series B - 2043 (g) | 12/15/2043 | 8.50% | 2213000 | 2225039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Centre MD - Series B - 2032 (g)(i) | 1/1/2032 | 0.00% | 6592306 | 2966538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Centre MD - Series A (PO) - 2027 (e)(i) | 1/1/2027 | 0.00% | 2074674 | 1983160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Centre MD - Series A (IO) - 2027 (f)(i) | 1/1/2027 | 9.00% | 2131449 | 383661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Imagine Charter School at Firestone - Series A - 2027 (m) | 6/1/2027 | 4.50% | 17075000 | 17075341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Academy Of Advanced Learning - Series A - 2027 (m) | 6/1/2027 | 4.38% | 8245000 | 8099558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Chavez/Huerta Preparatory - Series A - 2027 (m) | 7/1/2027 | 4.38% | 35405000 | 33717598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Vanguard Classical School - Series A - 2027 (m) | 7/1/2027 | 4.38% | 23310000 | 22748229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Third Future School - Series A - 2029 (m) | 7/1/2029 | 4.25% | 5645000 | 5305961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Grand Peak Academy - Series A - 2031 (m) | 7/1/2031 | 4.00% | 2150000 | 1992706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Grand Peak Academy - Series A - 2041 (m) | 7/1/2041 | 4.25% | 5040000 | 3962700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Grand Peak Academy - Series A - 2051 (m) | 7/1/2051 | 4.50% | 13070000 | 9514829 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Doral Academy - Series A - 2028 (m) | 7/15/2028 | 4.5% | 19405000.0 | 18282227.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Civica Career & Collegiate Academy - Series A - 2029 (m) | 7/15/2029 | 4.75% | 7790000.0 | 7598522.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Chavez/Huerta Academy - Series A - 2027 (m) | 7/1/2027 | 4.5% | 8220000.0 | 7844839.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Mountain Sage Community School - Series A - 2029 (m) | 7/1/2029 | 4.75% | 3945000.0 | 3943106.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Mountain Song Community School - Series A - 2029 (m) | 7/1/2029 | 4.75% | 5810000.0 | 5809709.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA CEC / Aurora Charter School - Series A - 2032 (m) | 7/1/2032 | 5.0% | 65300000.0 | 65525938.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA CEC / CSEC BC Project - Series A - 2032 (m) | 1/1/2032 | 4.88% | 3785000.0 | 3816188.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA CEC / CSEC BC Project - Series A - 2037 (m) | 1/1/2037 | 5.0% | 3595000.0 | 3525581.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA CEC / CSEC BC Project - Series A - 2042 (m) | 1/1/2042 | 5.13% | 40335000.0 | 38597772.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Global Village Academy - Senior Bonds - 2029 (m) | 6/15/2029 | 5.85% | 11630000.0 | 11633489.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Colorado Skies Academy - Series A - 2030 (m) | 7/1/2030 | 0.0% | 10595000.0 | 3178500.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Global Village Academy - Series A - 2032 (m) | 6/15/2032 | 6.13% | 5175000.0 | 5236479.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Crossing MD #2 - Series A - 2047 | 12/1/2047 | 5.0% | 4000000.0 | 3774760.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Crossing MD #2 - Series A - 2050 | 12/1/2050 | 5.0% | 4000000.0 | 3713440.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700 Kalamath LLC - Series A - 2025 (a)(j) | 12/1/2025 | 0.0% | 3755000.0 | 3100000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Asphalt Terminal Project – Series A – 2034 (m) | 10/1/2034 | 7.25% | 10000000.0 | 10402700.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Asphalt Terminal Project – Series B – 2034 (m) | 10/1/2031 | 9.75% | 10000000.0 | 10372000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado International Center MD #3 - Series A - 2031 | 12/1/2031 | 4.63% | 539000.0 | 527902.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Science & Tech Park MD #1 - Series B - 2039 | 12/15/2039 | 4.13% | 185000.0 | 182256.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Science & Tech Park MD #1 - Series B - 2044 | 12/15/2044 | 4.5% | 215000.0 | 207696.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Science & Tech Park MD #1 - Series B - 2054 | 12/15/2054 | 4.75% | 635000.0 | 620395.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conestoga MD #2 - Series A - 2051 (g) | 12/1/2051 | 5.25% | 1625000.0 | 1427319.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conifer MD - Series A - 2030 (j) | 12/1/2030 | 1.73% | 10000000.0 | 4749604.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conifer MD - Series A - 2032 (j) | 12/1/2032 | 1.73% | 1450000.0 | 688693.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conifer MD - Series A - 2033 (j) | 12/1/2033 | 1.73% | 1550000.0 | 736189.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constitution Heights MD - Series A - 2049 | 12/1/2049 | 5.0% | 1758000.0 | 1629842.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copperleaf MD #5 - Series A - 2055 | 12/1/2055 | 6.5% | 1180000.0 | 1175162.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copperleaf MD #9 - Series A - 2051 (g) | 12/1/2051 | 4.88% | 8175000.0 | 6404622.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Country Club Highlands MD - Series A - 2037 | 12/1/2037 | 7.25% | 1030000.0 | 947600.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crowfoot Valley Ranch MD #2 - Series B - 2054 (g) | 12/15/2054 | 6.13% | 2750000.0 | 2645995.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dakota Ridge MD - Series A - 2052 (g) | 12/1/2052 | 6.0% | 2339000.0 | 2341362.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deer Creek Villas MD - Series A - 2055 | 12/1/2055 | 5.0% | 6085000.0 | 5522685.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver Intl Business Center MD #1 - Series B - 2048 (g) | 12/1/2048 | 6.0% | 4578000.0 | 4602904.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E86 MD - Series A - 2051 (g) | 12/1/2051 | 5.13% | 4060000.0 | 3468864.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Brook Meadows MD #3 - Series A – 2051 (g) | 12/1/2051 | 5.0% | 1600000.0 | 1461408.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern Hills MD #10 - Series A - 2055 | 12/1/2055 | 6.0% | 8755000.0 | 8882735.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern Hills MD #10 - Series B - 2055 (g) | 12/15/2055 | 8.25% | 1802000.0 | 1808649.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elora MD - Series A - 2055 | 12/1/2055 | 6.0% | 5000000.0 | 5082250.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Erie Highlands MD #2 - Series A - 2048 | 12/1/2048 | 5.25% | 6000000.0 | 5947560.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Erie Highlands MD #2 - Series B - 2048 (g) | 12/15/2048 | 7.63% | 1819000.0 | 1824039.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fields MD #1 - Series A - 2055 | 12/1/2055 | 6.25% | 7085000.0 | 7190283.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fields MD #1 - Series B - 2055 (m) | 12/15/2055 | 8.25% | 1207000.0 | 1212154.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fitzsimons Village MD #1 - Series A - 2049 | 12/1/2049 | 5.0% | 1037000.0 | 973204.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fitzsimons Village MD #1 - Series B - 2049 (g) | 12/15/2049 | 7.0% | 611000.0 | 613401.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fitzsimons Village MD #3 - Series A - 2026 | 12/1/2026 | 4.0% | 1640000.0 | 1638934.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fitzsimons Village MD #3 - Series A - 2031 | 12/1/2031 | 4.0% | 500000.0 | 497110.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fitzsimons Village MD #3 - Series A - 2041 | 12/1/2041 | 4.0% | 4445000.0 | 3905466.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fitzsimons Village MD #3 - Series A - 2055 | 12/1/2055 | 4.25% | 9660000.0 | 7964380.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flying Horse MD #2 - Series B - 2050 (g)(m) | 12/15/2050 | 7.25% | 15405000.0 | 15476633.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flying Horse MD #3 - Series A - 2049 (g) | 12/1/2049 | 6.0% | 2965000.0 | 2956490.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Hill North BID - Series A - 2054 (m) | 12/1/2054 | 5.6% | 3600000.0 | 3463812.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden Eagle Acres MD #2 - Series A - 2051 (g) | 12/1/2051 | 4.5% | 2150000.0 | 1743650.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden Overlook MD - Series A - 2054 | 12/1/2054 | 6.13% | 4500000.0 | 4599675.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden Overlook MD - Series B - 2054 (g) | 12/15/2054 | 8.75% | 1347000.0 | 1353816.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granary MD #5 - Series A - 2055 | 12/1/2055 | 6.25% | 5480000.0 | 5589052.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granary MD #5 - Series B - 2055 | 12/15/2055 | 8.75% | 1141000.0 | 1144469.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Gables MD #2 - Series B – 2053 (g) | 12/15/2053 | 8.25% | 2984000.0 | 3007663.0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Valley Ranch East MD #6 - Series A - 2050 | 12/1/2050 | 5.88% | 3325000.0 | 3358882.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenspire MD #1 - Series A - 2051 | 12/1/2051 | 5.13% | 1925000.0 | 1697061.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenways MD #1 - Series A - 2051 (g) | 12/1/2051 | 4.63% | 6845000.0 | 5263394.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hess Ranch MD #6 - Series A - 2049 | 12/1/2049 | 5.0% | 5000000.0 | 4737300.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hidden Creek MD - Series A - 2045 (g) | 12/1/2045 | 4.63% | 3430000.0 | 2868475.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hogback MD - Series A - 2041 | 12/1/2041 | 5.0% | 725000.0 | 692295.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hogback MD - Series A - 2051 | 12/1/2051 | 5.0% | 1550000.0 | 1423024.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon MD #2 - Series A - 2051 (g) | 12/1/2051 | 4.5% | 11657000.0 | 8961435.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hunter's Overlook MD #7 - Series A - 2051 (g) | 12/1/2051 | 5.5% | 3525000.0 | 3204648.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyland Village MD - Series A - 2027 | 12/1/2027 | 10.0% | 4770000.0 | 4102200.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independence MD #3 - Series A – 2054 | 12/1/2054 | 5.38% | 4500000.0 | 4417155.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inspiration MD - Series B - 2036 (g) | 12/15/2036 | 5.0% | 732000.0 | 679596.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jay Grove MD - Series A - 2051 (g) | 12/1/2051 | 4.25% | 2450000.0 | 1851538.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeffco Business Center MD #1 - Series A - 2025 (j) | 5/1/2028 | 8.0% | 1006000.0 | 1023296.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson Center MD #1 - Series B - 2050 (g) | 12/15/2050 | 5.75% | 14414000.0 | 14440810.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Karl's Farm MD #2 - Series B - 2049 (g) | 12/15/2044 | 6.2% | 567000.0 | 574927.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lafferty Canyon MD - Series A - 2055 | 12/1/2055 | 5.63% | 1500000.0 | 1473075.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lafferty Canyon MD - Series B - 2055 (g) | 12/1/2055 | 8.0% | 835000.0 | 837547.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Lakes MD #4 - Series A - 2061 (g) | 12/1/2061 | 5.5% | 20080000.0 | 17425223.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lanterns MD #2 - Series A - 2050 (g) | 12/1/2050 | 4.5% | 12492000.0 | 9458568.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legato Community Authority - Series A - 2036 | 12/1/2036 | 4.0% | 2130000.0 | 1808221.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legato Community Authority - Series A - 2046 | 12/1/2046 | 5.0% | 1000000.0 | 877760.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legato Community Authority - Series A - 2051 | 12/1/2051 | 5.0% | 2500000.0 | 2122500.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Littleton Village MD #3 - Series B - 2055 (m) | 12/15/2055 | 6.25% | 2850000.0 | 2893292.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loretto Heights Community Authority - Series A - 2051 (g) | 12/1/2051 | 4.88% | 12750000.0 | 9885458.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marin MD - Series A - 2028 (a)(j) | 12/1/2028 | 0.0% | 17485000.0 | 1573650.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mayfield MD - Series A - 2050 | 12/1/2050 | 5.75% | 1182000.0 | 1185357.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mayfield MD - Series B - 2050 (g) | 12/15/2050 | 8.25% | 622000.0 | 625155.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mayfield MD - Series C - 2050 | 12/15/2050 | 3.0% | 766000.0 | 334145.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meadows MD #1 - Series A - 2029 (k) | 6/1/2029 | 8.0% | 30730000.0 | 30396579.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meadows MD #2 - Series A - 2029 (k) | 6/1/2029 | 8.0% | 23830000.0 | 23571444.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meadows MD #7 - Series A - 2029 (k) | 6/1/2029 | 8.0% | 15440000.0 | 15272476.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meadowlark MD - Series A - 2040 | 12/1/2040 | 4.88% | 1032000.0 | 1033383.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meadowlark MD - Series A - 2050 | 12/1/2050 | 5.13% | 1505000.0 | 1448277.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineral BID - Series A - 2054 (m) | 12/1/2054 | 5.75% | 1750000.0 | 1744470.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirabelle MD #2 - Series B - 2049 (g) | 12/15/2049 | 6.13% | 2000000.0 | 1980320.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monument Junction MD #1 - Series A - 2051 (g) | 12/1/2051 | 5.75% | 12258000.0 | 11256154.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mount Carbon MD - Series C - 2043 | 6/1/2043 | 0.0% | 521078.0 | 521292.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountain Brook MD - Series A - 2051 | 12/1/2051 | 4.75% | 7740000.0 | 6070869.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountain Brook MD - Series A - 2041 | 12/1/2041 | 4.5% | 1000000.0 | 834940.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountain Shadows MD - Series A - 2035 | 12/1/2035 | 5.0% | 488000.0 | 488386.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muegge Farms MD #1 - Series A - 2051 (g) | 12/1/2051 | 5.0% | 6300000.0 | 5275746.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muegge Farms MD #3 - Series A - 2051 (g) | 12/1/2051 | 5.5% | 10431000.0 | 8914228.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Creek MD #5 - Series A - 2052 | 12/1/2052 | 6.0% | 3645000.0 | 3386861.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newlin Crossing MD - Series A - 2054 (m) | 12/1/2054 | 5.38% | 1150000.0 | 1107829.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newlin Crossing MD - Series B - 2054 (g)(m) | 12/1/2054 | 7.75% | 604000.0 | 610517.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nine Mile MD - Series A - 2030 | 12/1/2030 | 4.63% | 1125000.0 | 1139164.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nine Mile MD - Series A - 2040 | 12/1/2040 | 5.13% | 2500000.0 | 2503525.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Range MD #3 - Series A - 2040 | 12/1/2040 | 5.0% | 2000000.0 | 2002540.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Painted Prairie Improvement Authority - Series A - 2029 | 12/1/2029 | 4.0% | 1000000.0 | 921060.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkdale Community Authority MD #2 - Series B - 2053 (g) | 12/15/2053 | 9.0% | 1391000.0 | 1394825.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parker Automotive MD - Series A - 2045 | 12/1/2045 | 5.0% | 1819000.0 | 1862729.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parterre MD #5 - Series A - 2045 | 12/1/2045 | 5.88% | 1500000.0 | 1553610.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parterre MD #5 - Series A - 2055 | 12/1/2055 | 6.13% | 2250000.0 | 2342452.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parterre MD #5 - Series B - 2054 (g) | 12/1/2054 | 8.38% | 1450000.0 | 1456496.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinery Commercial MD 2 - Series A - 2054 | 12/1/2054 | 5.75% | 3200000.0 | 3176480.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Farms MD #1 - Series A - 2055 (m) | 12/1/2055 | 6.5% | 6645000.0 | 6755174.0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pioneer Community Authority - Series B - 2050 (g) | 12/15/2050 | 6.75% | 24592000.0 | 24173690.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Plaza MD #1 - Series A - 2040 (m) | 12/1/2040 | 5.0% | 7850000.0 | 7849921.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powhaton Community Authority - Series A - 2051 (g) | 12/1/2051 | 5.0% | 7450000.0 | 6494984.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pronghorn Valley MD - Series A - 2041 | 12/1/2041 | 3.75% | 515000.0 | 437935.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pronghorn Valley MD - Series A - 2051 | 12/1/2051 | 4.0% | 4400000.0 | 3484932.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quantum 56 MD - Series A - 2055 (m) | 9/1/2055 | 6.25% | 7000000.0 | 7148540.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quantum 56 MD - Series B - 2055 (g)(m) | 9/2/2055 | 8.25% | 1575000.0 | 1590293.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reata Ridge Village MD #2 - Series A - 2049 | 12/1/2049 | 5.0% | 1760000.0 | 1601248.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remuda Ridge MD - Series A - 2051 (g) | 12/1/2051 | 5.63% | 5520000.0 | 4759344.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve MD #2 - Series A - 2045 | 12/1/2045 | 5.0% | 500000.0 | 474380.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ritoro MD - Series B - 2057 (g) | 12/15/2057 | 6.25% | 658000.0 | 660744.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverdale Peaks II MD - Series A - 2035 | 12/1/2035 | 6.5% | 1135000.0 | 1021500.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverpark MD - Series A - 2054 | 12/1/2054 | 6.38% | 1415000.0 | 1425358.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverview MD - Series A - 2041 | 12/1/2041 | 5.0% | 1105000.0 | 1037031.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverview MD - Series A - 2051 | 12/1/2051 | 5.0% | 2075000.0 | 1800270.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rock Creek MD - Series A - 2041 | 12/1/2041 | 4.5% | 2230000.0 | 1830005.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rock Creek MD - Series A - 2050 | 12/1/2050 | 4.75% | 3880000.0 | 2988648.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rock Creek MD - Series A - 2031 (g) | 12/1/2031 | 4.0% | 3432000.0 | 3190730.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rose Farm Acres MD - Series A - 2050 | 12/1/2050 | 5.0% | 2935000.0 | 2658288.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rose Farm Acres MD - Series B - 2050 (g) | 12/15/2050 | 8.75% | 910000.0 | 914714.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RRC MD #2 - Series A - 2051 (g) | 12/1/2051 | 5.25% | 5625000.0 | 4908206.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabell MD - Series A - 2050 (g) | 12/1/2050 | 5.0% | 1053000.0 | 1007879.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabell MD - Series B - 2050 (g) | 12/15/2050 | 8.25% | 605000.0 | 608116.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scott Gulch MD - Series A - 2053 (m) | 12/1/2053 | 6.5% | 3160000.0 | 3126725.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scott Gulch MD - Series B - 2053 (g)(m) | 12/15/2053 | 8.75% | 694000.0 | 696436.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver Peaks East MD - Series A - 2051 (g) | 12/1/2051 | 5.0% | 5410000.0 | 4591251.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64th Avenue ARI Authority - Series A - 2043 (g) | 12/1/2043 | 6.5% | 5000000.0 | 5014350.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sky Dance MD #2 - Series A - 2054 | 12/1/2054 | 6.0% | 2500000.0 | 2522650.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sojourn At Idlewild MD - Series A - 2055 (m) | 12/1/2055 | 6.13% | 2500000.0 | 2550975.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solitude MD - Series A - 2026 | 12/1/2026 | 7.0% | 3520000.0 | 3520000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southlands MD #1 - Series A - 2037 | 12/1/2037 | 5.0% | 500000.0 | 500315.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southlands MD #1 - Series A - 2047 | 12/1/2047 | 5.0% | 3000000.0 | 2853330.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southshore MD #2 - Series B - 2041 (g) | 12/15/2041 | 4.13% | 9690000.0 | 9482634.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spring Hill MD #3 - Series A - 2052 | 12/1/2052 | 6.75% | 1220000.0 | 1228223.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spring Valley MD #4 - Series A - 2040 | 12/1/2040 | 5.0% | 1410000.0 | 1323694.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spring Valley MD #4 - Series A - 2050 | 12/1/2050 | 5.12% | 1775000.0 | 1591376.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spring Valley MD #4 - Series B - 2050 (g) | 12/15/2050 | 7.63% | 2811000.0 | 2827866.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Ranch Community Authority - Series A - 2054 | 12/1/2054 | 6.5% | 1000000.0 | 1027490.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Ranch MD # 4/B - Series A - 2054 | 12/1/2054 | 5.75% | 2305000.0 | 2291285.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Ranch MD #2 - Series A - 2032 | 12/1/2032 | 5.25% | 1340000.0 | 1369011.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Ranch MD #2 - Series A - 2042 | 12/1/2042 | 5.5% | 5645000.0 | 5697386.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Ranch MD #2 - Series A - 2051 | 12/1/2051 | 5.75% | 11750000.0 | 11833190.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Ridge MD #2 - Series A - 2031 | 12/1/2031 | 0.0% | 11896000.0 | 356880.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Creek MD #1 - Series A - 2037 | 12/1/2037 | 4.5% | 1130000.0 | 993462.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Creek MD #1 - Series A - 2042 | 12/1/2042 | 4.5% | 3140000.0 | 2537371.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Creek MD #1 - Series A - 2051 | 12/1/2051 | 4.75% | 7390000.0 | 5689413.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thompson Crossing MD #4 - Series A - 2039 | 12/1/2039 | 5.0% | 1410000.0 | 1411354.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thompson Crossing MD #4 - Series A - 2049 | 12/1/2049 | 5.0% | 1315000.0 | 1235771.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trailside MD #4 - Series B - 2051 (g) | 12/15/2051 | 7.0% | 3249000.0 | 3283342.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trailside MD #6 - Series A - 2053 (g) | 12/1/2053 | 7.75% | 2181000.0 | 2192712.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valagua MD - Series A - 2037 | 12/1/2037 | 0.0% | 11500000.0 | 2300000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vermilion Creek MD #3 - Series A - 2055 | 12/1/2055 | 5.88% | 10000000.0 | 10149700.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vermilion Creek MD #3 - Series B - 2055 (g) | 12/15/2055 | 8.0% | 2185000.0 | 2193237.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Villages At Murphy Creek MD #1 - Series A - 2051 (g) | 12/1/2051 | 5.5% | 12358000.0 | 11103663.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vincent Village MD - Series A - 2051 | 12/1/2051 | 5.0% | 1970000.0 | 1656869.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Valley MD #3 - Series A - 2054 | 12/1/2054 | 5.25% | 600000.0 | 578124.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waterfall MD #1 - Series A - 2052 | 12/1/2052 | 5.25% | 2265000.0 | 2063551.0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weems Neighborhood MD - Series A - 2055 (m) | 12/15/2055 | 5.88% | 1500000 | 1523385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weems Neighborhood MD - Series B - 2055 (g)(m) | 12/15/2055 | 7.88% | 1149000 | 1158904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westcreek MD #2 - Series A - 2048 | 12/1/2048 | 5.38% | 1284000 | 1244145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westerly MD #4 - Series A - 2031 | 12/1/2031 | 4.13% | 600000 | 583680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westerly MD #4 - Series A - 2040 | 12/1/2040 | 5.00% | 2255000 | 2197836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westerly MD #4 - Series A - 2050 | 12/1/2050 | 5.00% | 5250000 | 4914472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Buffalo MD #3 - Series A - 2050 | 12/1/2050 | 5.50% | 4780000 | 4715470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodmen Heights MD #2 - Series C - 2040 (g) | 12/15/2040 | 7.50% | 3358000 | 3377980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hill MD #2 - Series B - 2049 (g) | 12/15/2049 | 7.63% | 9600000 | 9658464 |
|  **Colorado (amortized cost $1,129,513,335)** |  |  | **1194637507** | **1073145312** |
|  **Colorado Municipal Bonds (amortized cost $1,129,513,335)** |  |  | $**1194637507** | $**1073145312** |
| **Other Municipal Bonds 8.2%** | **Other Municipal Bonds 8.2%** | **Other Municipal Bonds 8.2%** | **Other Municipal Bonds 8.2%** | **Other Municipal Bonds 8.2%** |
|  **South Dakota 61.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare - Series A - 2036 (m) | 1/1/2036 | 5.75% | $6055000 | $4690809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare - Series A - 2031 (m) | 1/1/2031 | 5.50% | 3565000 | 3127717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Gaming - Series B - 2038 (g)(m) | 1/1/2038 | 6.00% | 6120000 | 5267790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Gaming - Series C - 2038 (m) | 1/1/2038 | 6.00% | 5450000 | 4691088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Gaming - Series A - 2027 (m) | 1/1/2027 | 8.28% | 1205000 | 1191323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Gaming - Series A - 2028 (m) | 1/1/2028 | 8.28% | 1305000 | 1283546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Gaming - Series A - 2033 (m) | 1/1/2033 | 8.28% | 8670000 | 8401403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2027 (m) | 7/1/2027 | 5.75% | 830000 | 804046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2028 (m) | 7/1/2028 | 5.75% | 875000 | 835695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2029 (m) | 7/1/2029 | 5.75% | 930000 | 876358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2030 (m) | 7/1/2030 | 5.75% | 980000 | 910381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2031 (m) | 7/1/2031 | 5.75% | 1040000 | 951132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2032 (m) | 7/1/2032 | 5.75% | 1095000 | 983726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2033 (m) | 7/1/2033 | 5.75% | 1160000 | 1025069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2034 (m) | 7/1/2034 | 5.75% | 1225000 | 1064488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2035 (m) | 7/1/2035 | 5.75% | 1300000 | 1110161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2040 (m) | 7/1/2040 | 6.00% | 7730000 | 6169236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2045 (m) | 7/1/2045 | 6.25% | 10395000 | 7940325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oglala Sioux Tribe / Healthcare - Series A - 2028 (m) | 7/1/2028 | 5.50% | 1300000 | 1254175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oglala Sioux Tribe / Healthcare - Series A - 2037 (m) | 7/1/2037 | 6.00% | 9270000 | 7657947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oglala Sioux Tribe / Healthcare - Series B - 2041 (m) | 9/1/2041 | 6.50% | 5505000 | 4493952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oglala Sioux Tribe - Series C - 2026 (m) | 10/1/2026 | 8.00% | 800000 | 801232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oglala Sioux Tribe - Series A - 2027 (m) | 10/1/2027 | 4.50% | 2370000 | 2270342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rosebud Sioux Tride / Health Care - Series A - 2050 (m) | 12/15/2050 | 7.50% | 28460000 | 27671089 |
|  **South Dakota (amortized cost $106,846,089)** |  |  | **107635000** | **95473030** |
|  **Utah 30.8%** | **Utah 30.8%** | **Utah 30.8%** | **Utah 30.8%** | **Utah 30.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Springs PID - Series A - 2054 (m) | 12/1/2054 | 5.63% | 3200000 | 3196576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper Rim IFD - Series A - 2054 (m) | 12/1/2054 | 6.13% | 2190000 | 2234282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coral Canyon IFD - Series A - 2053 (m) | 12/1/2053 | 5.50% | 13545000 | 13181452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fields Estate PID - Series A - 2055 (m) | 12/1/2053 | 6.13% | 825000 | 825363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fields Estate PID - Series B - 2053 (m) | 3/15/2055 | 8.75% | 504000 | 510648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fields Estate PID - Series A2 - 2053 (g)(m) | 12/1/2053 | 5.25% | 2750000 | 2632300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jordanelle Ridge PID - Series B - 2055 (g)(m) | 3/15/2055 | 7.88% | 4000000 | 4048120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Strategic Mining - Series A - 2034 (m) | 12/15/2034 | 10.00% | 10000000 | 9357500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pointe West PID - Series A - 2053 (m) | 12/15/2053 | 5.50% | 3090000 | 3028324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soleil Hills PID - Series A - 2055 (m) | 3/1/2055 | 5.88% | 2425000 | 2384381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Range IFD - Series A - 2053 (m) | 12/1/2053 | 5.50% | 6515000 | 6331277 |
|  **Utah (amortized cost $48,091,619)** |  |  | **49044000** | **47730223** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Puerto Rico 6.3%** | **Puerto Rico 6.3%** | **Puerto Rico 6.3%** | **Puerto Rico 6.3%** | **Puerto Rico 6.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2027 | 7/1/2027 | 5.63% | 102175 | 105764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2029 | 7/1/2029 | 5.63% | 100517 | 107529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2031 | 7/1/2031 | 5.75% | 97632 | 108192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2033 | 7/1/2033 | 4.00% | 92580 | 91539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2035 | 7/1/2035 | 4.00% | 83217 | 81159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2037 | 7/1/2037 | 4.00% | 71422 | 67779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2041 | 7/1/2041 | 4.00% | 97107 | 86956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2046 | 7/1/2046 | 4.00% | 100990 | 87166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2033 | 7/1/2033 | 4.64% | 119142 | 85093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2043 | 7/1/2043 | 3.00% | 383020 | 253272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2034 | 7/1/2034 | 4.50% | 277000 | 277086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2040 | 7/1/2040 | 4.55% | 140000 | 136770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2053 | 7/1/2053 | 4.75% | 1028000 | 966073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2058 | 7/1/2058 | 5.00% | 2600000 | 2509182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2027 | 7/1/2027 | 4.41% | 191000 | 180583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2029 | 7/1/2029 | 4.69% | 260000 | 230009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2031 | 7/1/2031 | 4.96% | 336000 | 274848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2033 | 7/1/2033 | 5.20% | 378000 | 283882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2046 | 7/1/2046 | 5.97% | 3597000 | 1221973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2051 | 7/1/2051 | 6.02% | 2930000 | 733232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2040 | 7/1/2040 | 4.33% | 1424000 | 1362455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2053 | 7/1/2053 | 4.54% | 43000 | 38768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2058 | 7/1/2058 | 4.78% | 571000 | 530122 |
|  **Puerto Rico (amortized cost $8,998,059)** |  |  | **15022802** | **9819432** |
|  **Washington 1.1%** | **Washington 1.1%** | **Washington 1.1%** | **Washington 1.1%** | **Washington 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tacoma / Local Improvement District #65 - Series A - 2043 | 4/1/2043 | 5.75% | 1695000 | 1673202 |
|  **Washington (amortized cost $1,587,130)** |  |  | **1695000** | **1673202** |
|  **California 0.2%** | **California 0.2%** | **California 0.2%** | **California 0.2%** | **California 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac – 2035 (g)(j) | 8/15/2035 | 6.50% | 238989 | 247273 |
|  **California (amortized cost $238,989)** |  |  | **238989** | **247273** |
|  **Other Municipal Bonds (amortized cost $165,761,886)** |  |  | $**173635791** | $**154943160** |
| **Short-Term Municipal Bonds 3.9%** | **Short-Term Municipal Bonds 3.9%** | **Short-Term Municipal Bonds 3.9%** | **Short-Term Municipal Bonds 3.9%** | **Short-Term Municipal Bonds 3.9%** |
|  **Colorado 88.2%** | **Colorado 88.2%** | **Colorado 88.2%** | **Colorado 88.2%** | **Colorado 88.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boulder College of Massage - Series A - 2031 (a)(j) | 10/15/2031 | 0.00% | $4315000 | $1128562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHFA / Ready Foods - Series A - 2032 (LOC 1) | 1/1/2032 | 2.75% | 3475000 | 3475000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Springs Utilities - Series A - 2041 (LOC 1) | 11/1/2041 | 2.70% | 1100000 | 1100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PFA / Monument Academy - Series A - 2026 (m) | 6/1/2026 | 5.00% | 27740000 | 27649013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverdale Peaks II MD - Series A - 2025 | 12/1/2025 | 6.40% | 930000 | 837000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sheridan Redevelopment Agency / Santa Fe - Series A - 2029 (LOC 3) | 12/1/2029 | 2.75% | 31660000 | 31660000 |
|  **Colorado (amortized cost $69,220,000)** |  |  | **69220000** | **65849575** |
|  **Oregon 7.8%** | **Oregon 7.8%** | **Oregon 7.8%** | **Oregon 7.8%** | **Oregon 7.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multnomah County Hospital - Series A - 2023(j) (m) | 10/1/2026 | 5.45% | 5815000 | 5815000 |
|  **Oregon (amortized cost $5,815,000)** |  |  | **5815000** | **5815000** |
|  **South Dakota 3.3%** | **South Dakota 3.3%** | **South Dakota 3.3%** | **South Dakota 3.3%** | **South Dakota 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare - Series A - 2026 (m) | 1/1/2026 | 5.00% | 610000 | 605333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Gaming - Series A - 2026 (m) | 1/1/2026 | 8.28% | 1115000 | 1111098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2026 (m) | 7/1/2026 | 5.75% | 785000 | 773374 |
|  **South Dakota (amortized cost $2,510,000)** |  |  | **2510000** | **2489805** |
|  **Utah 0.7%** | **Utah 0.7%** | **Utah 0.7%** | **Utah 0.7%** | **Utah 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Strategic Mining / Taxable - Series A - 2025 (m) | 12/15/2025 | 12.00% | 500000 | 494535 |
|  **Utah (amortized cost $452,381)** |  |  | **500000** | **494535** |
|  **Short-Term Municipal Bonds (amortized cost $77,997,381)** |  |  | $**78045000** | $**74648915** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Colorado Capital Appreciation and Zero Coupon Bonds 2.4%** | **Colorado Capital Appreciation and Zero Coupon Bonds 2.4%** | **Colorado Capital Appreciation and Zero Coupon Bonds 2.4%** | **Colorado Capital Appreciation and Zero Coupon Bonds 2.4%** | **Colorado Capital Appreciation and Zero Coupon Bonds 2.4%** |
|  **Colorado 100.0%** | **Colorado 100.0%** | **Colorado 100.0%** | **Colorado 100.0%** | **Colorado 100.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bella Mesa MD - Series A CABs - 2049 (m) | 12/1/2049 | 6.75% | $7565000 | $7698371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado International Center MD #7 - Series A CABs - 2027 | 12/1/2027 | 5.25% | 21285000 | 17253834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conifer MD - Series B - 2031 (a)(j) | 12/1/2031 | 0.00% | 7470000 | 2399762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granary MD #5 - Series A CABs - 2034 | 12/1/2034 | 6.75% | 9455000 | 5235706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lanterns MD #3 - Series A CABs - 2053 | 12/1/2053 | 8.00% | 2250000 | 1833368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PV ERU Holding Trust - Series A CABs - 2039 (a)(j)(m) | 2/14/2039 | 0.00% | 710000 | 64667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PV ERU Holding Trust - Series A CABs - 2039 (a)(j)(m) | 2/14/2039 | 0.00% | 3122000 | 284352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PV ERU Holding Trust - Series A CABs - 2039 (a)(j)(m) | 2/14/2039 | 0.00% | 13168000 | 1199341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PV ERU Holding Trust - Series A CABs – 2039 (a)(j)(m) | 12/15/2037 | 0.00% | 14000000 | 1275119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkdale Community Authority MD #2 - Series A CABs – 2053 | 12/1/2027 | 7.75% | 5670000 | 4770284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Creek MD #1 - Series A CABs - 2026 | 12/1/2026 | 5.25% | 2285000 | 1672414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westerly MD #4 - Series A CABs - 2050 | 12/1/2026 | 5.20% | 2000000 | 1869300 |
|  **Colorado (amortized cost $53,636,300)** |  |  | **88980000** | **45556518** |
|  **Colorado Capital Appreciation and Zero Coupon Bonds (amortized cost $53,636,300)** |  |  | $**88980000** | $**45556518** |
| **Colorado Taxable Certificates/Notes/Bonds 0.3%** | **Colorado Taxable Certificates/Notes/Bonds 0.3%** | **Colorado Taxable Certificates/Notes/Bonds 0.3%** | **Colorado Taxable Certificates/Notes/Bonds 0.3%** | **Colorado Taxable Certificates/Notes/Bonds 0.3%** |
|  **Colorado 100.0%** | **Colorado 100.0%** | **Colorado 100.0%** | **Colorado 100.0%** | **Colorado 100.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Colorado Skies Academy / Taxable - Series A2 – 2030 (j)(m) | 7/1/2030 | 0.00% | $935000 | $280500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA CEC / Aurora Charter School / Taxable - Series B – 2029 (m) | 7/1/2029 | 6.00% | 1605000 | 1600699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA CEC / Aurora Charter School / Taxable - Series A - 2031 (m) | 7/1/2031 | 6.13% | 1960000 | 1942223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Colorado Skies Academy / Taxable - Series A1 – 2030 (m) | 7/1/2030 | 0.00% | 500000 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Global Village Academy - Series B - 2031 (m) | 6/15/2031 | 7.50% | 270000 | 272174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodmen Heights MD #2 / Taxable - Series B - 2040 (g) | 12/15/2040 | 6.25% | 1733000 | 1712116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tabernash Pole Creek Note – 2025 (a)(j) | 12/31/2025 | 0.00% | 227347 | 189000 |
|  **Colorado (amortized cost $7,230,347)** |  |  | **7230347** | **6146712** |
|  **Colorado Taxable Certificates/Notes/Bonds (amortized cost $7,230,347)** |  |  | $**7230347** | $**6146712** |
| **Other Assets 0.1%** | **Other Assets 0.1%** | **Other Assets 0.1%** | **Other Assets 0.1%** | **Other Assets 0.1%** |
|  **Utah 100.0%** | **Utah 100.0%** | **Utah 100.0%** | **Utah 100.0%** | **Utah 100.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Strategic Mining - Equity | 12/15/2034 | 0.00% | $6780500 | $1573076 |
|  **Utah (amortized cost $1,000,000)** |  |  | **6780500** | **1573076** |
|  **Other Assets (amortized cost $1,000,000)** |  |  | $**6780500** | $**1573076** |
|  Total investments, at value (amortized cost $1,435,139,249) | 71.4% |  |  | $1356013693 |
|  Other assets net of liabilities | 28.6% |  |  | 542820450 |
|  Net Assets | 100.0% |  |  | $1898834143 |

---

------

#### COLORADO BONDSHARES

#### A TAX-EXEMPT FUND

#### Schedule of Investments - (Continued)
(a) Defaulted or non-income producing based upon the financial condition of the issuer (see note 2 in notes to financial statements).

(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 September 30, 2025. 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 September 30, 2025.

(i) Terms of security have been restructured since the original issuance. The total face amount of all such restructured securities approximates $10,798,429 and a value of $5,333,359 or less than 1.0% of net assets, as of September 30, 2025.

(j) Securities valued at fair value (see note 2 in notes to financial statements).

(k) See note 7 in notes to financial statements for further information on purchase accrued interest related to these bonds.

(l) The Fund is not a party to any forbearance agreements as of September 30, 2025.

(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 September 30, 2025, the aggregate value was $558,815,143 representing 29.43% of net assets.

See accompanying notes to financial statements.

------

#### COLORADO BONDSHARES

#### A TAX-EXEMPT FUND

#### Schedule of Investments - (Continued)
(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 note 2 in notes to financial statements). 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.

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

See accompanying notes to financial statements.

------

#### Colorado BondShares

#### Statement of Assets and Liabilities

#### September 30, 2025

---

| | |
|:---|:---|
| **ASSETS** |  |
|  Investments, at value (amortized cost 1,435,139,249) - see accompanying schedule | $1356013693 |
|  Cash | 271584448 |
|  Interest receivable | 184213939 |
|  Purchase accrued interest (note 7) | 92156671 |
|  Bond interest receivable | 365957 |
|  Subaccount balances and other receivables | 7974613 |
|  **TOTAL ASSETS** | 1912309321 |
| **LIABILITIES** |  |
|  Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends payable | 3962135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees payable | 775707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses payable | 762723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subaccount balances and other payables | $7974613 |
|  **TOTAL LIABILITIES** | 13475178 |
|  **NET ASSETS** | $1898834143 |
|  **COMPOSITION OF NET ASSETS** |  |
|  Paid-in capital | $1979081793 |
|  Accumulated net realized loss | (1122094) |
|  Net unrealized depreciation of investments | (79125556) |
|  **NET ASSETS** | $1898834143 |
|  **NET ASSET PRICE AND REDEMPTION PRICE PER SHARE** | $8.90 |
|  **MAXIMUM OFFERING PRICE PER SHARE** (net asset value plus sales charge of 4.75% of offering price) | $9.35 |

---

See accompanying notes to financial statements.

------

#### Colorado BondShares

#### A Tax-Exempt Fund

#### Statement of Operations

#### For the Fiscal Year Ended September 30, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $109172393 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees (note 4) | 9223152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees (note 5) | 110187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and auditing fees | 485254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio pricing fees | 73934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 31780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 93805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agency expenses (note 4) | 306665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 12045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 654397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 10991219 |
|  Custody credits (note 5) | (86097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 10905122 |
|  **NET INVESTMENT INCOME** | 98267271 |
|  **REALIZED AND UNREALIZED GAIN ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (2105895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation on investments | (24329566) |
|  **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | (26435461) |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $71831810 |

---

See accompanying notes to financial statements.

------

#### Colorado BondShares

#### A Tax-Exempt Fund

#### Statements of Changes in Net Assets

#### For the Fiscal Year Ended September 30

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  **FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $98267271 | $88885149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (2105895) | 2330850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on investments | (24329566) | 123725352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 71831810 | 214941351 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS: (note 2)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends to shareholders from net investment income | (98267271) | (88885149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain to shareholders from investment transactions | (2306085) | (885589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (100573356) | (89770738) |
|  **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 159992814 | 132412182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | 68482608 | 62774205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption of shares | (124098549) | (143335236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase in net assets derived from beneficial interest transactions** | 104376873 | 51851151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets** | 75635327 | 177021764 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1823198816 | 1646177052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $1898834143 | $1823198816 |

---

See accompanying notes to financial statements.

------

#### COLORADO BONDSHARES - A TAX-EXEMPT FUND

#### Financial Highlights
The financial highlights table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). Sales charges are not reflected in the total returns.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended September 30** | **For the Fiscal Year Ended September 30** | **For the Fiscal Year Ended September 30** | **For the Fiscal Year Ended September 30** | **For the Fiscal Year Ended September 30** |
| **For a share outstanding throughout the period** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $9.05 | $8.41 | $8.50 | $9.39 | $9.22 |
|  ***Income From Investment Operations*** |  |  |  |  |  |
|  Net investment income (1) | 0.47 | 0.45 | 0.43 | 0.37 | 0.37 |
|  Net gain or (loss) on investments (both realized and unrealized) | (0.14) | 0.64 | (0.07) | (0.88) | 0.19 |
|  Increase (decrease) from investment operations | 0.33 | 1.09 | 0.36 | (0.51) | 0.56 |
|  ***Less Distributions*** |  |  |  |  |  |
|  Dividends to shareholders from net investment income | (0.47) | (0.45) | (0.43) | (0.37) | (0.37) |
|  Distributions from realized capital gains | $(0.01) | $— | $(0.02) | $(0.01) | $(0.02) |
|  Total Distributions | (0.48) | (0.45) | (0.45) | (0.38) | (0.39) |
|  Net increase (decrease) in net asset value | (0.15) | 0.64 | (0.09) | (0.89) | 0.17 |
|  Net Asset Value, end of period | $8.90 | $9.05 | $8.41 | $8.50 | $9.39 |
|  **Total Return, at Net Asset Value (2)** | **3.83%** | **13.24%** | **4.21%** | **-5.72%** | **5.91%** |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 5.32% | 5.12% | 4.99% | 4.01% | 3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 0.59% | 0.60% | 0.61% | 0.55% | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 0.59% | 0.59% | 0.61% | 0.55% | 0.61% |
|  Net assets, end of period (000s) | $1898834 | $1823199 | $1646177 | $1675670 | $1768143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (3) | 13.82% | 5.58% | 6.23% | 9.94% | 10.66% |

---

(1) Net investment income per share was calculated using an average shares method.

(2) Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns.

(3) The portfolio turnover rate is computed by dividing the lesser of purchases or sales of portfolio securities for a period by the monthly average of the value of portfolio securities owned during the period. Sales of securities include the proceeds of securities that have been called or for which payment has been made through redemption or maturity. Securities with a maturity date of one year or less at the time of acquisition are excluded from the calculation. Cost of purchases and proceeds from sales of investment securities (excluding short-term securities) for the period ended September 30, 2025 were $195,690,091 and $182,332,791 respectively.

See accompanying notes to financial statements.

------

#### COLORADO BONDSHARES

#### A TAX-EXEMPT FUND

#### Notes to Financial Statements
(1) Organization

*Colorado BondShares* – A Tax-Exempt Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management company. The Fund's investment objectives are to maximize income exempt from federal income taxes and from personal income taxes of the State of Colorado to the extent consistent with the preservation of capital and to seek opportunities for capital appreciation. The Fund's investment adviser is Freedom Funds Management Company ("Freedom Funds").

(2) Summary of Significant Accounting Policies

These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. This 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 income and expenses during the reporting period. Actual results could differ from those estimates. These financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of financial position and results of operations for the reporting period. The following summarizes the significant accounting policies of the Fund:

*(a) 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 September 30, 2025:

Valuation Inputs Summary

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Colorado Municipal Bonds** | **Other Municipal<br>Bonds** | **Short-Term<br>Municipal Bonds** | **Colorado Capital<br>Appreciation and Zero<br>Coupon Bonds** | **Colorado Taxable<br>Certificates/Notes/Bonds** | **Other Assets** | **Total Securities<br>September 30, 2025** |
|  Level 1 Securities | $— | $— | $— | $— | $— | $1573076 | $1573076 |
|  Level 2 Securities | 1061273880 | 154695887 | 67705353 | 40333278 | 5677212 |  | 1329685610 |
|  Level 3 Securities | 11871432 | 247273 | 6943562 | 5223240 | 469500 |  | 24755007 |
|  Totals | $1073145312 | $154943160 | $74648915 | $45556518 | $6146712 | $1573076 | $1356013693 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Colorado<br>Municipal<br>Bonds** | **Other<br>Municipal<br>Bonds** | **Short-Term<br>Municipal<br>Bonds** | **Colorado Capital<br>Appreciation and Zero<br>Coupon Bonds** | **Colorado Taxable<br>Certificates/Notes/Bonds** | **Other Assets** | **Totals** |
|  Level 3 Beginning Balance September 30, 2024 | $13860446 | $264992 | $3089058 | $6774649 | $190000 | $0 | $24179145 |
|  Unrealized Losses | (433844) | (6061) | (903356) | (1606816) | (655500) |  | (3605577) |
|  Unrealized Gains | 263365 |  |  | 55407 |  |  | 318772 |
|  Realized Losses |  |  |  |  |  |  |  |
|  Realized Gains |  |  |  |  |  |  |  |
|  Purchases |  |  |  |  | 935000 |  | 935000 |
|  Sales |  | (11658) |  |  |  |  | (11658) |
|  Transfers In to Level 3\* | 6872140 |  | 5815000 |  |  |  | 12687140 |
|  Transfers Out of Level 3\* | (8690675) |  | (1057140) |  |  |  | (9747815) |
|  Balance as of September 30, 2025 | $11871432 | $247273 | $6943562 | $5223240 | $469500 | $0 | $24755007 |

---

\* Transfers from Level 2 to Level 3 are because of a lack, or change of observable inputs or reduced market data reliability. Transfers from Level 3 to Level 2 are the result of observable inputs becoming available or increased market data reliability. The Fund's policy is to recognize transfers into and out of Level 3 when management becomes aware of a change to significant observable input or market data reliability. 

During the year ending September 30, 2025, one security, Multnomah County Hospital (CUSIP: 62551PCB1), was moved from a valuation based on a Level 2 pricing input to one based on a Level 3 pricing input. The third-party pricing vendor employed by the Fund stopped pricing the security, requiring it to be valued according to the Fund's pricing policy. Multnomah County Hospital was valued according to a discounted cash flow approach. Also, one security was moved from a valuation based on a Level 3 pricing input to one based on a Level 2 pricing input. The third-party pricing vendor employed by the Fund started pricing Solitude MD (CUSIP: 834257AA5) after the issuer began fully paying the interest owed on its bonds again. Finally, one security, CECFA Colorado Skies Academy (CUSIP: 12674FAA4), was purchased by the Fund that was initially valued based on a Level 3 pricing input. CECFA Colorado Skies Academy was priced inline with two other bonds that share the same claim to the issuer's underlying assets and that are priced by a third-party pricing vendor.

------

#### Significant Unobservable Inputs Quantitative Disclosure

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Level 3 Securities \*** | **Fair Value as of<br>September 30,<br>2025** | **Valuation Technique(s)\*\*** | **Unobservable Inputs** | **Low** | **High** | **Weighted<br>Average** |
|  Colorado Municipal Bonds | $11871432 | discounted cash flow | probability of default | 5.00% | 100.00% | 30.24% |
|  |  | consensus pricing | Bond Dealer #1 | 9.00% | 101.72% | 56.21% |
|  Other Municipal Bonds | 247273 | discounted cash flow | probability of default | 1.00% | 1.00% | 1.00% |
|  |  | consensus pricing | Bond Dealer #1 | 103.45% | 103.45% | 103.45% |
|  Short-Term Municipal Bonds | 6943562 | discounted cash flow | probability of default | 1.00% | 5.00% | 1.65% |
|  |  | consensus pricing | Bond Dealer #1 | 26.00% | 100.00% | 87.97% |
|  Colorado Capital Appreciation and Zero Coupon Bonds | 5223240 | discounted cash flow | probability of default | 5.00% | 100.00% | 98.82% |
|  |  | consensus pricing | Bond Dealer #1 | 9.11% | 32.13% | 19.68% |
|  Colorado Taxable Certificates/Notes/Bonds | 469500 | discounted cash flow | probability of default | 0.00% | 100.00% | 40.26% |
|  |  | consensus pricing | Bond Dealer #1 | 30.00% | 83.10% | 51.38% |
|  Total Level 3 Securities at September 30, 2025 | $24755007 |  |  |  |  |  |

---

The significant unobservable inputs used in the fair value measurement of the Fund's securities are collateral value, probability of default, and loss severity in the event of default. Any changes in unobservable inputs may result in substantial changes to fair value measurements.

\* The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2*(a)*. The appropriateness of fair values for these securities is based on results of back testing, broker due diligence, unchanged price review and consideration of macro or security specific events. 

\*\* Other unobservable inputs used in the discounted cash flow technique include collateral value and loss severity. These unobservable inputs are specific to the characteristics of each security being valued.

------

(b) Cash

The Fund continually monitors its positions with, and the credit quality of, the financial institutions with which it invests. As of September 30, 2025, and periodically throughout the year, the Fund has maintained balances in various operating accounts in excess of federally insured limits. The Fund's balances are covered up to $250,000 per institution.

(c) Income Tax Information and Distributions to Shareholders

The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code, as amended, applicable to regulated investment companies and to distribute all its net investment income and any net realized gain on investments not offset by capital loss carryforwards to shareholders. The Fund distributes investment income monthly and due to the tax-exempt nature of its investments, the income is generally non-taxable to the shareholders. The Fund distributes net realized capital gains, if any, to its shareholders at least annually. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences are primarily due to the differing treatment of tax allocations.

Management has reviewed the Fund's tax position for all open tax years. As of September 30, 2025, the Fund did not have a liability for any unrecognized tax obligations. The Fund recognizes interest and penalties, if any, related to unrecognized tax obligations as income tax expense in the Statement of Operations. The Fund has no examinations in progress.

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains were as follows during the Fund's tax years ended September 30, 2025 and September 30, 2024:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
|  Undistributed net tax-exempt income | $— | $— |
|  Undistributed net ordinary income\* | 147809 | 559347 |
|  Undistributed net long-term capital loss | (2318977) | 1702688 |

---

\* Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

The tax character of distributions paid during the Fund's tax years ended September 30, 2025 and September 30, 2024 was designated for purposes of the dividends paid deduction as follows:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
|  Distributions from net tax-exempt income\* | $91216109 | $81195982 |
|  Distributions from net ordinary income\*\* | 7654359 | 8118731 |
|  Distributions from net long-term capital gain | 1702888 | 456025 |

---

\* The Fund hereby designates this amount paid during the fiscal year ended September 30, 2025, as Exempt Interest Dividends. 

\*\* Net ordinary income consists of taxable market discount income, taxable interest income and net short-term gains, if any.

At September 30, 2025, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Colorado Municipal Bonds** | **Other Municipal Bonds** | **Short-Term Municipal Bonds** | **Colorado Capital Appreciation<br>and Zero Coupon Bonds** | **Colorado Taxable<br>Certificates/Notes/Bonds** | **Other Assets** | **Totals** |
|  Cost of investments | $1129513335 | $165761886 | $77997381 | $53636300 | $7230347 | $1000000 | $1435139249 |
|  Gross unrealized appreciation | $16600322 | $1377279 | $42154 | $2395147 | $2173 | $573076 | $20990151 |
|  Gross unrealized depreciation | (72968345) | (12196005) | (3390620) | (10474929) | (1085808) | 0 | (100115707) |
|  Net unrealized appreciation (depreciation) of investments | 56368023) | 10818726) | 3348466) | 8079782) | 1083635) | $573076 | 79125556) |

---

------

Tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but closely approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. The tax basis components of distributable earnings and the federal tax cost as of the close of the reporting period were as follows:

---

| | |
|:---|:---|
|  Tax cost of investments | $1435139249 |
|  Net unrealized appreciation | $20990151 |
|  Net unrealized depreciation | (100115707) |
|  Net unrealized appreciation (depreciation) | (79125556) |
|  Undistributed ordinary income | 147809 |
|  Undistributed long-term gains (losses) | (2318977) |
|  Total distributable earnings | (2171168) |
|  Other accumulated losses and other temporary differences |  |
|  Total accumulated loss | $81296724 |

---

For tax purposes, capital losses may be carried over to offset future capital gains, if any. Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Fund in taxable years beginning after December 22, 2010 are not subject to expiration and such losses retain their character as either short-term or long-term, rather than being considered short-term as under previous law. Post-enactment capital losses must be fully utilized prior to utilizing any losses incurred in pre-enactment tax years. At September 30, 2025, the Fund had a capital loss carryforwards balance of $2,318,977.

*(d) 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 $11,214,452 or 0.59% of net assets, as of September 30, 2025. These securities have been identified in the accompanying Schedule of Investments.

The Fund is not a party to any forbearance agreements as of September 30, 2025.

*(e) Investment Transactions and Revenue Recognition* 

Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Purchases and sales of securities, other than short-term securities, aggregated to $195,690,091 and $182,332,791 respectively.

Dividends to shareholders are declared each business day and paid monthly. Distributions to shareholders are recorded on the ex-dividend date. Realized gains and losses from investment transactions are calculated using the identified-cost basis, which is the same basis the Fund uses for federal income tax purposes. Interest income is recorded on the accrual basis.

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 September 30, 2025, the interest rates paid on these obligations ranged from 2.70% to 2.75%.

*(f) Classification of Distributions to Shareholders* 

The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain was recorded by the Fund.

*(g) Securities Purchased on a When-Issued Basis* 

The Fund may purchase securities on a when-issued basis with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and may increase or decrease in value prior to the delivery date. The Fund maintains segregated assets with a value equal to or greater than the amount of its purchase commitments. The Fund did not have any when-issued securities at September 30, 2025.

------

(3) Shares of Beneficial Interest

The Fund has an unlimited number of no par value shares of beneficial interest authorized. Transactions in shares of beneficial interest were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years Ended September 30,** | **Years Ended September 30,** | **Years Ended September 30,** | **Years Ended September 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 18015701 | $160008637 | 15100535 | $132412182 |
|  Dividends reinvested | 7695771 | 68482114 | 7150728 | 62772106 |
|  | 25711472 | 228490751 | 22251263 | 195184288 |
|  Shares redeemed | (13970717) | (124097900) | (16440100) | (143333137) |
|  **Net increase (decrease) in shares outstanding** | **11740755** | $**104392851** | **5811163** | $**51851151** |

---

(4) Management Fees and Other Transactions with Affiliates

Management fees paid to Freedom Funds were in accordance with the investment advisory agreement with the Fund which provides for an annual fee equivalent to 0.5% of the net assets of the Fund. Freedom Funds pays all expense associated with advertising, marketing, and distributing the Fund's shares and serves as the transfer agent, dividend disbursing agent, and registrar for the Fund. Freedom Funds provided certain transfer agency and shareholder services as part of the management fee arrangement for the period ended September 30, 2025. Transfer agency expenses on the Statement of Operations represent direct expenses charged to the Fund by third parties.

The Fund does not have any Trustees who are affiliated with the Adviser or Distributor. The Board of Trustees appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund does not reimburse the Adviser for any compensation or fees associated with the Chief Compliance Officer.

(5) Custody Credits

Expenses paid indirectly by the Fund represent earnings credits on cash balances maintained with the Fund's custodian bank, UMB Bank, N.A. The earnings credits resulted in offsetting custodian fees of $86,097 for the period ended September 30, 2025.

(6) Indemnification

From time to time the Fund may be involved in certain disputes and legal actions arising in the ordinary course of its business. While it is not feasible to predict or determine the outcome of these proceedings, in management's opinion, based on a review with legal counsel, none of these disputes and legal actions is expected to have a material impact on its financial position or results of operations. However, litigation is subject to inherent uncertainties, and an adverse result in these matters may arise from time to time that may harm the Fund's business.

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

(7) 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 September 30, 2025 balance of $92,156,671). Approximately $285,916,204 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 $106,747,321 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.

(8) Litigation

The Fund is periodically involved in various legal proceedings. As of September 30, 2025, the Fund has a litigation payable of $214,305 for all pending litigation matters primarily for the purpose of paying lawyer fees. Possible additional amounts cannot be currently estimated but will be set aside as needed. Although there can be no assurances, based on information available, management believes that it is probable that the ultimate outcome of the action described below and other matters that are pending or threatened will not have a material effect on the Fund's financial condition.

#### Marin Metropolitan District LTD Tax G.O. Series 2008 Bond
The Fund is the beneficial owner of bonds issued in 2008 (the "Bonds") by Marin Metropolitan District (the "District") as described more fully in the Fund's most recent semi-annual report for the period ended March 31, 2025 that was filed with the Securities and Exchange Commission ("SEC") on June 4, 2025. The Bonds were issued in 2008 pursuant to a trust indenture (the "Trust Indenture") between the District, as issuer and UMB Bank, N.A. ("UMB"), as trustee (the "Trustee"). The original principal amount of Bonds was $30,485,000. The current principal amount of the Bonds is $17,485,000. The valuation of these Bonds as of September 30, 2025, 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 (as such term is defined in the Trust Indenture) 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 collectively, 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.

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. On May 2, 2024, the Court issued Findings of Fact and Conclusions of Law and Orders After Trial to Court finding in favor of the District and against the Fund, which precludes the Fund from seeking repayment of the amounts owed. On June 12, 2025, after full briefing, the Court of Appeals affirmed the Trial Court's Findings of Fact and Conclusions of Law and Orders After Trial to the Court. On August 7, 2025, the Fund filed a Petition for Writ of Certiorari to the Colorado Supreme Court. A decision is expected by end of 2025. At this time, we cannot express a judgment as to the likelihood of an unfavorable outcome, nor can we estimate the amount of potential loss.

(9) Subsequent Events

Management has evaluated the possibility of subsequent events in the Fund's financial statements through the date of issuance. Management has determined that there are no material events that would require disclosure in the Fund's financial statements through this date.

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Proxy Voting Record

Information regarding how the Fund voted proxies during the most recent 12-month period ended June 30 as well as a description of the policies and procedures that the Fund used to determine how to vote proxies, is available through the Fund's website at www.coloradobondshares.com, or upon request, by referring to the SEC's website at http://www.sec.gov or by calling 1-800-572-0069.

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| | |
|:---|:---|
| ![LOGO](g72914g93x65.jpg) | **Plante & Moran, PLLC**<br> Suite 600<br> 8181 E. Tufts Avenue<br> Denver, CO 80237<br> Tel: 303.740.9400<br> Fax: 303.740.9009<br> plantemoran.com |

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#### Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees

Colorado BondShares - A Tax-Exempt Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Colorado BondShares - A Tax-Exempt Fund (the "Fund"), including the schedule of investments, as of September 30, 2025; the related statements of operations and cash flows for the year then ended; the statements of changes in net assets for each of the two years in the period then ended; and the related notes (collectively referred to as the "financial statements"), and the financial highlights for each of the five years in the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Colorado BondShares - A Tax-Exempt Fund as of September 30, 2025, and the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements, financial highlights, and schedule of investments are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements, financial highlights, and schedule of investments based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (the "PCAOB") and are required to be independent with respect to the Fund in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and the transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements, financial highlights, and schedule of investments. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g72914g40s30.jpg)

We have served as the Fund's auditor since 2014.

Denver, Colorado

November 25, 2025

![LOGO](g72914g65d22.jpg)

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Federal Income Tax Information

(unaudited)

The Fund hereby designates the following amount for the Fund's fiscal year ended September 30, 2025:

Exempt interest dividends: 90.70%

In early 2026, shareholders will receive information regarding all dividends and distributions paid to them by the Fund during calendar year 2025. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service.

Individual shareholders should refer to their Form 1099s or other tax information to determine the calendar year amounts to be included on their 2025 tax returns. Shareholders should consult their tax advisers.

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#### Item 8. Changes in and Disagreements with Accountants
None.

#### Item 9. Proxy Disclosures
None.

#### Item 10. Renumeration Paid to Directors, Officers, and Others
(1) Aggregate renumeration paid to Trustees is included in the Statement of Operations under the line item "Trustee Fees" filed under Item 7 of this Form N-CSR.

(2) None.

(3) None.

(4) None.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

#### Trustees Approve Advisory Agreement
The Board of Trustees (the "Trustees") of Colorado BondShares—A Tax-Exempt Fund unanimously approved the continuance of the Fund's Investment Advisory and Service Agreement with Freedom Funds Management Company ("Freedom Funds") at a meeting held on September 30, 2025. In approving the Advisory Agreement, the Trustees, including the disinterested trustees, considered the reasonableness of the advisory fee in light of the extent and quality of the advisory services provided and any additional benefits received by Freedom Funds or its affiliates in connection with providing services to the Fund, compared the fees charged by Freedom Funds to those paid by similar funds, and analyzed the expenses incurred by Freedom Funds with respect to the Fund. The Trustees also considered the Fund's performance relative to a selected peer group, the expense ratio of the Fund in comparison to other funds of comparable size, and other factors. The Trustees determined that the Fund's advisory fee structure was fair and reasonable in relation to the services provided and that approving the agreement was in the best interests of the Fund and its shareholders. Matters considered by the Trustees in connection with its consideration of the Advisory Agreement included, among other things, the following:

------

*1. Investment Adviser Services* 

Freedom Funds manages the assets of the Fund, including making purchases and sales of portfolio securities consistent with the Fund's investment objectives and policies. In addition, Freedom Funds administers the Fund's daily business affairs such as providing accurate accounting records, computing accrued income and expenses of the Fund, computing the daily net asset value of the Fund, assuring proper dividend disbursements, proper financial information to investors, and notices of all shareholders' meetings, and providing sufficient office space, storage, telephone services, and personnel to accomplish these responsibilities. In considering the nature, extent and quality of the services provided by Freedom Funds, the Trustees believe that the services provided by Freedom Funds have provided the Fund with superior results. At the same time, Freedom Fund's fee structure is equal to or lower than the comparable funds. The Trustees noted the Fund's focus is inherently more labor intensive. Under the circumstances, the Trustees found the fee structure to be justified.

*2. Investment Performance* 

The Trustees reviewed the performance of the Fund compared to other similar funds, and reported that the current (as of September 29, 2025) net asset value was $8.902 per share and the current distribution yield (based on net asset value) was 4.87% (also as of September 29, 2025). Since the overall structure of the portfolio was satisfactory and the performance of the Fund, measured in terms of distribution yield and total return, was comparable amongst its peer group, no changes to either the type of assets or manner of operations were recommended.

*3. Expense Ratios* 

The Trustees reviewed the performance (measured by distribution yield), fees and expense ratios of all municipal bond funds in our peer group. The Trustees considered the fact that the Fund's unique focus on non-rated bonds, while geared toward producing superior investment results, often required additional expenses. While expenses can vary with non-rated bonds (principally as a result of litigation with respect to defaulted issues and higher monitoring costs occasioned by less readily available information), the Trustees noted the Fund's performance for the current year.

------

*4. Management Fees and Expenses* 

The Trustees reviewed the investment advisory fee rates payable by the Fund to Freedom Funds. As part of its review, the Trustees considered the estimated advisory fees and the Fund's estimated total expense ratio for the one-year period as of September 2025 as compared to other municipal bonds in its peer group identified by Freedom Funds. After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by Freedom Funds, the Trustees concluded that the advisory fees charged by Freedom Funds for the advisory and related services to the Fund and the Fund's total expense ratio are reasonable. The management fee is one half of one percent of total net assets managed. Such fee is payable to Freedom Funds on a monthly basis. This fee is comparable to other municipal bond funds identified by Freedom Funds and is consistent with national funds many times the Fund's size.

*5. Profitability* 

The Trustees reviewed the level of profits realized by Freedom Funds and relevant affiliates thereof in providing investment and administrative services to the Fund. The Trustees considered the level of profits realized without regard to revenue sharing or other payments by Freedom Funds and its affiliates to third parties in respect to distribution of the Fund's securities. The Trustees also considered other direct or indirect benefits received by Freedom Funds and its affiliates in connection with its relationship with the Fund and found that there were none. The Trustees concluded that, in light of the foregoing factors and the nature, extent and quality of the services provided by Freedom Funds, the profits realized by Freedom Funds are reasonable.

------

*6. Economies of Scale* 

In reviewing advisory fees and profitability, the Trustees also considered the extent to which Freedom Funds and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Trustees acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds, particularly in an environment where costs are rising due to changing regulations. The Trustees reviewed data summarizing the increases and decreases in the assets of the Fund over various time periods, and evaluated the extent to which the total expense ratio of the Fund and Freedom Fund's profitability may have been affected by such increases or decreases. Between October 2024 and September 29, 2025, total net assets of the Fund under management by Freedom Funds increased from $1,823.2 billion to $1.897.9 billion. The number of shares of the Fund that have been redeemed has been less than the number of new shares issued by the Fund, and as a result the Fund continues to grow at what the Trustees determined was a healthy level.

Based upon the foregoing, the Trustees concluded that the benefits from the economies of scale are currently being shared equitably by Freedom Funds and the Fund. The Trustees also concluded that the structure of the advisory fee can be expected to cause Freedom Funds, its affiliates and the Fund to continue to share such benefits equitably and that breakpoints need not be instituted at this time.

After requesting and reviewing these and other factors that they deemed relevant, the Trustees concluded that the continuation of the Advisory Agreement was in the best interest of the Fund and its shareholders.

Freedom Funds also serves as the transfer agent, shareholder servicing agent and dividend disbursing agent for the Fund, pursuant to a Transfer Agency and Service Agreement (the "Service Agreement").

Freedom Funds' duties under the Service Agreement include processing purchase and redemption transactions, establishing and maintaining shareholder accounts and records, disbursing dividends declared by the Fund and all other customary services of a transfer agent, shareholder servicing agent and dividend disbursing agent. As compensation for these services, the Fund may pay Freedom Funds at a rate intended to represent Freedom Funds' cost of providing such services. This fee would be in addition to the investment advisory fee payable to Freedom Funds under the Advisory Agreement.

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**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.

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**Item 16.** **Controls and Procedures.** <br>

(a) The registrant has adopted and maintained disclosure controls and procedures (as such term is defined in Rules 30a-3(c) under the Investment Company Act of 1940, as amended (the "Act")) that are designed to ensure that information required to be disclosed in the registrant's reports under the Act, is recorded, processed, summarized and reported within the time periods required under the SEC's rules and forms and that the information is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer to allow for timely decisions regarding required disclosure.

As required by Rule 30a-3(b) of the Act, the registrant carried out an evaluation under the supervision and with the participation of its management, including its principal executive officer and principal financial officer, of the effectiveness of the design and operation of the registrant's disclosure controls and procedures within the 90-day period prior to the filing date of this report. Based on the foregoing, the registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures were effective, as of that date.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during 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.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

**Item 19.** **Exhibits.** <br>

(a)(1) Not applicable (See Item 2(f)(3) of this report).

[(a)(2)(i) (99.302) Interim President's (Principal Executive Officer) Section 302 Certification](d72914dex99cert.htm)

[(a)(2)(ii) (99.302) Interim Treasurer's (Principal Financial Officer) Section 302 Certification](d72914dex99cert1.htm)

[(b) (99.906) Combined Interim President & Treasurer (Principal Executive Officer and Principal Financial Officer) Section 906 Certification](d72914dex99906cert.htm)

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

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#### Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| |
|:---|
| Colorado BondShares — A Tax-Exempt Fund |
| /s/ George N. Donnelly |
| George N. Donnelly<br> Interim President, Secretary and Treasurer |
| Date: December 4, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| |
|:---|
| /s/ George N. Donnelly |
| George N. Donnelly |
| Interim President, Secretary and Treasurer |
| (Principal Executive Officer and |
| Principal Financial Officer) |
| Date: December 4, 2025 |

---

## Ex-99.Cert

EXHIBIT (a)(2)(i) 99.302 CERT

I, George N. Donnelly, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Colorado BondShares — A Tax-Exempt Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

Date: December 4, 2025

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| |
|:---|
| /s/ George N. Donnelly |
| George N. Donnelly |
| Interim President |
| (Principal Executive Officer) |

---

## Ex-99.Cert

EXHIBIT (a)(2)(ii) 99.302 CERT

I, George N. Donnelly, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Colorado BondShares — A Tax-Exempt Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

Date: December 4, 2025

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| |
|:---|
| /s/ George N. Donnelly |
| George N. Donnelly |
| Interim Treasurer |
| (Principal Financial Officer) |

---

## Exhibit 99.906

EXHIBIT (b) 99.906 CERT

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

The undersigned hereby certifies in his capacity as Treasurer and President, respectively, of COLORADO BONDSHARES — A TAX-EXEMPT FUND (the "Fund"), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Form N-CSR of the Fund for the period ended September 30, 2025
(the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the information contained in the Report fairly presents, in all material respects, the financial condition and
the results of operations of the Fund.

SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906 HAS BEEN PROVIDED TO COLORADO BONDSHARES — A TAX-EXEMPT FUND AND WILL BE RETAINED BY THE TRUST AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.

**Colorado BondShares — A Tax-Exempt Fund** 

Date: December 4, 2025

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| |
|:---|
| /s/ George N. Donnelly |
| George N. Donnelly |
| Interim President and Treasurer |
| (Principal Executive Officer and Principal Financial Officer) |

---