# EDGAR Filing Document

**Accession Number:** 0000810744
**File Stem:** 0001193125-25-134642
**Filing Date:** 2025-6
**Character Count:** 105621
**Document Hash:** e7dd7a2fc984c1497b5a0e334f08320b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-134642.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0001193125-25-134642

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250604

**DATE AS OF CHANGE**: 20250604

**EFFECTIVENESS DATE**: 20250604

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05009
- **FILM NUMBER:** 251022390

**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: <u>811-05009</u>

## 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>03/31/2025</u>

------

Item 1. Reports to Stockholders.

------

---

| | |
|:---|:---|
| <br>COLORADO BONDSHARES A TAX-EXEMPT FUND | ![LOGO](g28589art_02ar.jpg) |
| TICKER: HICOX<br>| ![LOGO](g28589art_02ar.jpg) |

---

Semi-Annual Shareholder Report (March 31, 2025)

This semi-annual shareholder report contains important information about the Colorado BondShares A Tax-Exempt Fund ("Fund") for the period of October 1, 2024 to March 31, 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 six months?

(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 | $28 | 0.56% |

---

\*Annualized for period less than one year.

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 | $1845973147 |
| &nbsp;&nbsp;&nbsp;Total number of portfolio holdings | 315 |
| &nbsp;&nbsp;&nbsp;Total advisory fees paid | $4571786 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | 4.54% |

---

------

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 March 31, 2025)

![](g28589g26h83.jpg)

Portfolio Breakdown by Type of Investment

(As of March 31, 2025)

![](g28589g00s02.jpg)

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.

2 COLORADO BONDSHARES

------

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

Not applicable for this reporting period.

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

Not applicable for this reporting period.

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

Not applicable for this reporting period.

**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](g28589art_02ar.jpg)

COLORADO BONDSHARES — A TAX-EXEMPT FUND

(HICOX)

Semi-Annual Financial Statements

March 31, 2025

(303) 572-6990

www.coloradobondshares.com

------

#### COLORADO BONDSHARES

#### A TAX-EXEMPT FUND

#### Schedule of Investments

#### March 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity** | **Coupon** | **Principal** | **Value** |
|  **Colorado Municipal Bonds 60.5%** | **Colorado Municipal Bonds 60.5%** | **Colorado Municipal Bonds 60.5%** | **Colorado Municipal Bonds 60.5%** | **Colorado Municipal Bonds 60.5%** |
|  **Colorado 100.0%** | **Colorado 100.0%** | **Colorado 100.0%** | **Colorado 100.0%** | **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 | 3958473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anthology West MD #5 - Series B - 2049 (g) | 12/15/2049 | 7.63% | 698000 | 657621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aspen Street MD - Series A - 2050 (g) | 12/1/2050 | 5.13% | 4300000 | 3533697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banning Lewis Ranch Regional MD - Series A - 2048 | 12/1/2048 | 5.38% | 2500000 | 2436600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banning Lewis Ranch Regional MD - Series B - 2041 (g) | 12/15/2041 | 7.75% | 625000 | 611750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Base Village MD #2 - Series B – 2048 (g) | 12/15/2048 | 6.50% | 3500000 | 2729020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belford North MD - Series A - 2050 | 12/1/2050 | 5.50% | 4000000 | 3499720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belford North MD - Series B - 2050 (g) | 12/15/2050 | 8.50% | 3475000 | 3340587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bennett Crossing MD #1 - Series A - 2049 | 12/1/2049 | 6.13% | 6160000 | 6108934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bennett Ranch MD #1 - Series A - 2051 | 12/1/2051 | 5.00% | 3000000 | 2631720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bennett Ranch MD #1 - Series B - 2051 (g) | 12/15/2051 | 7.50% | 1221000 | 1131025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bent Grass MD - Series A - 2049 | 12/1/2049 | 5.25% | 1690000 | 1606920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradburn MD #2 - Series C - 2051 (g) | 12/15/2051 | 7.50% | 3271000 | 3026656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bramming Farm MD #1 - Series A - 2044 | 12/1/2044 | 6.00% | 1845000 | 1815978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighton Crossing MD #6 - Series A - 2035 | 12/1/2035 | 5.00% | 525000 | 527704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighton Crossing MD #6 - Series A - 2040 | 12/1/2040 | 5.00% | 1545000 | 1521562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighton Crossing MD #6 - Series A - 2050 | 12/1/2050 | 5.00% | 9020000 | 8619963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broomfield Village MD #2 - Series A - 2049 | 12/1/2049 | 5.00% | 1417000 | 1327276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckley Yard MD #2 - Series A - 2052 | 12/1/2052 | 6.25% | 6800000 | 6723976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckley Yard MD #2 - Series B - 2052 (g) | 12/15/2052 | 9.25% | 1569000 | 1570946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP MD 3 - Series A - 2053 | 12/1/2053 | 5.00% | 1200000 | 1169880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canyons MD 5 - Series B - 2054 | 12/1/2054 | 6.50% | 2064000 | 2106333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castleview MD #2 - Series A - 2050 | 12/1/2050 | 5.00% | 3435000 | 3033414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castleview MD #1 - Series A - 2050 (g) | 12/1/2050 | 5.00% | 4727000 | 3882332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cherry Creek South MD #5 - Series A - 2051 (g) | 12/1/2051 | 6.00% | &nbsp;&nbsp;&nbsp;&nbsp;22500000 | &nbsp;&nbsp;&nbsp;&nbsp;18820575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cherry Hills City MD - Series A - 2047 (g) | 12/1/2047 | 5.00% | 1375000 | 1308794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cielo MD - Series A - 2050 (g) | 12/1/2050 | 5.25% | 12442000 | 10897948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Center West Residential MD #2 - Series A - 2049 | 12/1/2049 | 5.00% | 2080000 | 1913995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Center West Residential MD #2 - Series B - 2049 (g) | 12/15/2049 | 7.75% | 1425000 | 1345499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cityset MD #2 - Series A - 2030 | 12/1/2030 | 3.50% | 4570000 | 4170079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cityset MD #2 - Series A - 2040 | 12/1/2040 | 4.38% | 8360000 | 7347019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cityset MD #2 - Series A - 2045 | 12/1/2045 | 4.50% | 3180000 | 2745135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Creek Transit MD #2 - Series A - 2041 | 12/1/2041 | 5.00% | 1886000 | 1495164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Creek Transit MD #2 - Series A - 2050 | 12/1/2050 | 5.00% | 4100000 | 3047612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloverleaf MD - Series A - 2051 | 12/1/2051 | 6.00% | 2330000 | 2339390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloverleaf MD - Series B - 2051 (g) | 12/15/2051 | 9.25% | 1034000 | 1046956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colliers Hill MD #2 - Series B – 2047 (g) | 12/15/2047 | 5.75% | 2250000 | 2188530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colliers Hill MD #3 - Series A - 2040 | 12/1/2040 | 5.25% | 8300000 | 7980948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colliers Hill MD #3 - Series A - 2048 | 12/1/2048 | 5.50% | 18250000 | 17461418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colliers Hill MD #3 - Series B - 2043 (g) | 12/15/2043 | 8.50% | 2213000 | 2056452 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Centre MD - Series B - 2032 (g)(i) | 1/1/2032 | 0.0% | 6592306 | 2966538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Centre MD - Series A (PO) - 2027 (e)(i) | 1/1/2027 | 0.0% | 2074674 | 1935878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Centre MD - Series A (IO) - 2027 (f)(i) | 1/1/2027 | 9.0% | 2131449 | 1278869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Swallow Academy - Series A - 2027 (m) | 11/15/2027 | 5.35% | 3110000 | 3047738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Addenbrooke Classical Academy - Series A - 2027 (m) | 6/1/2027 | 4.5% | 23905000 | 23830655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Imagine Charter School at Firestone - Series A - 2027 (m) | 6/1/2027 | 4.5% | 17345000 | 17291057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Academy Of Advanced Learning - Series A - 2027 (m) | 6/1/2027 | 4.38% | 8370000 | 8138151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Chavez/Huerta Preparatory - Series A - 2027 (m) | 7/1/2027 | 4.38% | 35975000 | 34101062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Swallows Charter Academy - Series A - 2027 (m) | 11/15/2027 | 4.38% | 6525000 | 6242598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Vanguard Classical School - Series A - 2027 (m) | 7/1/2027 | 4.38% | 23685000 | 22832103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Third Future School - Series A - 2029 (m) | 7/1/2029 | 4.25% | 5645000 | 5189166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Grand Peak Academy - Series A - 2031 (m) | 7/1/2031 | 4.0% | 2150000 | 1947363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Grand Peak Academy - Series A - 2041 (m) | 7/1/2041 | 4.25% | 5040000 | 4033058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Grand Peak Academy - Series A - 2051 (m) | 7/1/2051 | 4.5% | 13070000 | 9950191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Doral Academy - Series A - 2028 (m) | 7/15/2028 | 4.5% | &nbsp;&nbsp;&nbsp;&nbsp;19405000 | &nbsp;&nbsp;&nbsp;&nbsp;17911979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Civica Career & Collegiate Academy - Series A - 2029 (m) | 7/15/2029 | 4.75% | 7790000 | 7464222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Chavez/Huerta Academy - Series A - 2027 (m) | 7/1/2027 | 4.5% | 8220000 | 7812863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Mountain Sage Community School - Series A - 2029 (m) | 7/1/2029 | 4.75% | 3945000 | 3885075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Mountain Song Community School - Series A - 2029 (m) | 7/1/2029 | 4.75% | 5810000 | 5730461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA CEC / Aurora Charter School - Series A - 2032 (m) | 7/1/2032 | 5.0% | 76170000 | 75542359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA CEC / CSEC BC Project - Series A - 2032 (m) | 1/1/2032 | 4.88% | 3785000 | 3756537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA CEC / CSEC BC Project - Series A - 2037 (m) | 1/1/2037 | 5.0% | 3595000 | 3529966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA CEC / CSEC BC Project - Series A - 2042 (m) | 1/1/2042 | 5.13% | 40335000 | 39436740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Global Village Academy - Senior Bonds - 2029 (m) | 6/15/2029 | 5.85% | 11630000 | 11638490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Fort Collins Montessori School - Series A - 2029 (m) | 7/1/2029 | 6.13% | 17790000 | 17816863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Colorado Skies Academy - Series A - 2030 (m) | 7/1/2030 | 7.0% | 10595000 | 10765580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Crossing MD #2 - Series A - 2047 | 12/1/2047 | 5.0% | 4000000 | 3807400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Crossing MD #2 - Series A - 2050 | 12/1/2050 | 5.0% | 4000000 | 3743000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700 Kalamath LLC - Series A - 2025 (a)(j) | 12/1/2025 | 0.0% | 3755000 | 3500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Asphalt Terminal Project – Series A – 2034 (m) | 10/1/2034 | 7.25% | 10000000 | 10360400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Asphalt Terminal Project – Series B – 2034 (m) | 10/1/2031 | 9.75% | 10000000 | 10339200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado International Center MD #3 - Series A - 2031 | 12/1/2031 | 4.63% | 539000 | 520227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Science & Tech Park MD #1 - Series B - 2039 | 12/15/2039 | 4.13% | 185000 | 180022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Science & Tech Park MD #1 - Series B - 2044 | 12/15/2044 | 4.5% | 215000 | 215226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Science & Tech Park MD #1 - Series B - 2054 | 12/15/2054 | 4.75% | 635000 | 638893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conestoga MD #2 - Series A - 2051 (g) | 12/1/2051 | 5.25% | 1625000 | 1462191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conifer MD - Series A - 2030 (j) | 12/1/2030 | 0.0% | 10000000 | 4514271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conifer MD - Series A - 2032 (j) | 12/1/2032 | 0.0% | 1450000 | 654569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conifer MD - Series A - 2033 (j) | 12/1/2033 | 0.0% | 1550000 | 699712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constitution Heights MD - Series A - 2049 | 12/1/2049 | 5.0% | 1758000 | 1644433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copperleaf MD #9 - Series A - 2051 (g) | 12/1/2051 | 4.88% | 8175000 | 6552508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Country Club Highlands MD - Series A - 2037 | 12/1/2037 | 7.25% | 1030000 | 947600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crowfoot Valley Ranch MD #2 - Series B - 2054 (g) | 12/15/2054 | 6.13% | 2750000 | 2703250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dakota Ridge MD - Series A - 2052 (g) | 12/1/2052 | 6.0% | 2339000 | 2361805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deer Creek Villas MD - Series A - 2055 | 12/1/2055 | 5.0% | 6085000 | 5592237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver Intl Business Center MD #1 - Series B - 2048 (g) | 12/1/2048 | 6.0% | 4578000 | 4657886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E86 MD - Series A - 2051 (g) | 12/1/2051 | 5.13% | 4060000 | 3426762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Brook Meadows MD #3 - Series A – 2051 (g) | 12/1/2051 | 5.0% | 1600000 | 1404368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Erie Highlands MD #2 - Series A - 2048 | 12/1/2048 | 5.25% | 6000000 | 6011040 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Erie Highlands MD #2 - Series B - 2048 (g) | 12/15/2048 | 7.63% | 1819000 | 1759555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fitzsimons Village MD #1 - Series A - 2049 | 12/1/2049 | 5.0% | 1037000 | 995738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fitzsimons Village MD #1 - Series B - 2049 (g) | 12/15/2049 | 7.0% | 611000 | 563947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fitzsimons Village MD #3 - Series A - 2026 | 12/1/2026 | 4.0% | 1640000 | 1639606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fitzsimons Village MD #3 - Series A - 2031 | 12/1/2031 | 4.0% | 500000 | 490235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fitzsimons Village MD #3 - Series A - 2041 | 12/1/2041 | 4.0% | 4445000 | 3943248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fitzsimons Village MD #3 - Series A - 2055 | 12/1/2055 | 4.25% | 9660000 | 7877150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flying Horse MD #2 - Series B - 2050 (g)(m) | 12/15/2050 | 7.25% | 15405000 | 14468530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flying Horse MD #3 - Series A - 2049 (g) | 12/1/2049 | 6.0% | 2965000 | 2973510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Hill North BID - Series A - 2054 (m) | 12/1/2054 | 5.6% | 3600000 | 3498804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden Eagle Acres MD #2 - Series A - 2051 (g) | 12/1/2051 | 4.5% | 2759000 | 2293308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Gables MD #3 - Series B – 2053 (g) | 12/15/2053 | 8.25% | 2984000 | 3096348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Valley Ranch East MD #6 - Series A - 2050 | 12/1/2050 | 5.88% | 3325000 | 3314560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenspire MD #1 - Series A - 2051 | 12/1/2051 | 5.13% | 1925000 | 1739796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenways MD #1 - Series A - 2051 (g) | 12/1/2051 | 4.63% | 6845000 | 4851736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hess Ranch MD #6 - Series A - 2049 | 12/1/2049 | 5.0% | 5000000 | 4514500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hidden Creek MD - Series A - 2045 (g) | 12/1/2045 | 4.63% | 3430000 | 2823713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highlands Mead MD - Series A - 2050 | 12/1/2050 | 5.13% | 1395000 | 1323743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hogback MD - Series A - 2041 | 12/1/2041 | 5.0% | 725000 | 702155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hogback MD - Series A - 2051 | 12/1/2051 | 5.0% | 1550000 | 1456442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon MD #2 - Series A - 2051 (g) | 12/1/2051 | 4.5% | 11657000 | 8380800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hunter's Overlook MD #7 - Series A - 2051 (g) | 12/1/2051 | 5.5% | 3525000 | 3283079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyland Village MD - Series A - 2027 | 12/1/2027 | 10.0% | 4770000 | 4102200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independence MD #3 - Series A - 2054 | 12/1/2054 | 5.38% | 4500000 | 4373595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indy Oak Tod MD - Series A - 2050 | 12/1/2050 | 5.5% | 1060000 | 1096040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indy Oak Tod MD - Series B - 2050 (g) | 12/15/2050 | 8.0% | 736000 | 762437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inspiration MD - Series B - 2036 (g) | 12/15/2036 | 5.0% | 732000 | 663997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jay Grove MD - Series A - 2051 (g) | 12/1/2051 | 4.25% | 2450000 | 1896374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeffco Business Center MD #1 - Series A - 2025 (j) | 5/1/2028 | 8.0% | 1006000 | 1025682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson Center MD #1 - Series B - 2050 (g) | 12/15/2050 | 5.75% | 14414000 | 14496736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Karl's Farm MD #2 - Series A - 2040 | 12/1/2040 | 5.38% | 1155000 | 1200900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Karl's Farm MD #2 - Series A - 2050 | 12/1/2050 | 5.63% | 3030000 | 3153503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Karl's Farm MD # 2 - Series B - 2049 (g) | 12/15/2044 | 6.2% | 567000 | 582230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lafferty Canyon MD - Series A - 2055 | 12/1/2055 | 5.63% | 1500000 | 1474665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lafferty Canyon MD - Series B - 2055 (g) | 12/1/2055 | 8.0% | 835000 | 832378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Lakes MD #4 - Series A - 2061 (g) | 12/1/2061 | 5.5% | 20080000 | 16757362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lanterns MD #2 - Series A - 2050 (g) | 12/1/2050 | 4.5% | 12492000 | 9665435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legato Community Authority - Series A - 2036 | 12/1/2036 | 4.0% | 2130000 | 1795590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legato Community Authority - Series A - 2046 | 12/1/2046 | 5.0% | 1000000 | 873500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legato Community Authority - Series A - 2051 | 12/1/2051 | 5.0% | 2500000 | 2125100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loretto Heights Community Authority - Series A - 2051 (g) | 12/1/2051 | 4.88% | 12750000 | 10111643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marin MD - Series A - 2028 (a)(j) | 12/1/2028 | 0.0% | 17485000 | 1573650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mayfield MD - Series A - 2050 | 12/1/2050 | 5.75% | 1182000 | 1191811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mayfield MD - Series B - 2050 (g) | 12/15/2050 | 8.25% | 622000 | 612539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mayfield MD - Series C - 2050 | 12/15/2050 | 3.0% | 766000 | 329418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meadows MD #1 - Series A - 2029 (k) | 6/1/2029 | 8.0% | &nbsp;&nbsp;&nbsp;&nbsp;30730000 | &nbsp;&nbsp;&nbsp;&nbsp;30380907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meadows MD #2 - Series A - 2029 (k) | 6/1/2029 | 8.0% | 23830000 | 23559291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meadows MD #7 - Series A - 2029 (k) | 6/1/2029 | 8.0% | 15440000 | 15264602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meadowlark MD - Series A - 2040 | 12/1/2040 | 4.88% | 1032000 | 1035292 |

---

------

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meadowlark MD - Series A - 2050 | 12/1/2050 | 5.13% | 1505000 | 1485179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineral BID - Series A - 2054 (m) | 12/1/2054 | 5.75% | 1750000 | 1767220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirabelle MD #2 - Series B - 2049 (g) | 12/15/2049 | 6.13% | 2000000 | 2001420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monument Junction MD #1 - Series A - 2051 (g) | 12/1/2051 | 5.75% | 12258000 | 10836072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mount Carbon MD - Series C - 2043 | 6/1/2043 | 0.0% | 521078 | 521349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountain Brook MD - Series A - 2051 | 12/1/2051 | 4.75% | 7740000 | 6215762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountain Brook MD - Series A - 2041 | 12/1/2041 | 4.5% | 1000000 | 841750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountain Shadows MD - Series A - 2035 | 12/1/2035 | 5.0% | 488000 | 489513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muegge Farms MD #1 - Series A - 2051 (g) | 12/1/2051 | 5.0% | 6300000 | 5403006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muegge Farms MD #3 - Series A - 2051 (g) | 12/1/2051 | 5.5% | 10431000 | 9120866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Creek MD #5 - Series A - 2052 | 12/1/2052 | 6.0% | 2645000 | 2625189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newlin Crossing MD - Series A - 2054 (m) | 12/1/2054 | 5.38% | 1150000 | 1135798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newlin Crossing MD - Series B - 2054 (g)(m) | 12/1/2054 | 7.75% | 604000 | 602297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nine Mile MD - Series A - 2030 | 12/1/2030 | 4.63% | 1125000 | 1131131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nine Mile MD - Series A - 2040 | 12/1/2040 | 5.13% | 2500000 | 2508400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Range MD #3 - Series A - 2040 | 12/1/2040 | 5.0% | 2000000 | 1988800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Painted Prairie Improvement Authority - Series A - 2029 | 12/1/2029 | 4.0% | 1000000 | 962570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkdale Community Authority - Series A - 2040 | 12/1/2040 | 5.0% | 3140000 | 2979012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkdale Community Authority - Series A - 2050 | 12/1/2050 | 5.25% | 5620000 | 5147751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkdale Community Authority - Series B - 2050 (g) | 12/15/2050 | 7.75% | 2424000 | 2458009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkdale Community Authority MD #2 - Series B - 2053 (g) | 12/15/2053 | 9.0% | 1391000 | 1407469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parker Automotive MD - Series A - 2045 | 12/1/2045 | 5.0% | 1819000 | 1871587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinery Commercial MD 2 - Series A - 2054 | 12/1/2054 | 5.75% | 3200000 | 3204064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pioneer Community Authority - Series B - 2050 (g) | 12/15/2050 | 6.75% | &nbsp;&nbsp;&nbsp;&nbsp;24592000 | &nbsp;&nbsp;&nbsp;&nbsp;23031638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Plaza MD #1 - Series A - 2040 (m) | 12/1/2040 | 5.0% | 7850000 | 7697867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powhaton Community Authority - Series A - 2051 (g) | 12/1/2051 | 5.0% | 7450000 | 6441568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pronghorn Valley MD - Series A - 2041 | 12/1/2041 | 3.75% | 515000 | 441906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pronghorn Valley MD - Series A - 2051 | 12/1/2051 | 4.0% | 4400000 | 3631320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PFA / Monument Academy - Series A - 2026 (m) | 6/1/2026 | 5.0% | 28165000 | 27967000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reata Ridge Village MD #2 - Series A - 2049 | 12/1/2049 | 5.0% | 1760000 | 1637310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remuda Ridge MD - Series A - 2051 (g) | 12/1/2051 | 5.63% | 5520000 | 4868971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve MD #2 - Series A - 2045 | 12/1/2045 | 5.0% | 500000 | 484490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ritoro MD - Series B - 2057 (g) | 12/15/2057 | 6.25% | 658000 | 647683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverdale Peaks II MD - Series A - 2035 | 12/1/2035 | 6.5% | 1135000 | 1021500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverpark MD - Series A - 2054 | 12/1/2054 | 6.38% | 1415000 | 1432886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverview MD - Series A - 2041 | 12/1/2041 | 5.0% | 1105000 | 1047883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverview MD - Series A - 2051 | 12/1/2051 | 5.0% | 2075000 | 1845650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rock Creek MD - Series A - 2041 | 12/1/2041 | 4.5% | 2230000 | 1844232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rock Creek MD - Series A - 2050 | 12/1/2050 | 4.75% | 3880000 | 3054220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rock Creek MD - Series A - 2031 (g) | 12/1/2031 | 4.0% | 3432000 | 3132558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rose Farm Acres MD - Series A - 2050 | 12/1/2050 | 5.0% | 2935000 | 2723533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rose Farm Acres MD - Series B - 2050 (g) | 12/15/2050 | 8.75% | 910000 | 902957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RRC MD #2 - Series A - 2051 (g) | 12/1/2051 | 5.25% | 5625000 | 4849706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabell MD - Series A - 2050 (g) | 12/1/2050 | 5.0% | 1053000 | 1022084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabell MD - Series B - 2050 (g) | 12/15/2050 | 8.25% | 605000 | 605012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scott Gulch MD - Series A - 2053 (m) | 12/1/2053 | 6.5% | 3160000 | 3177886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scott Gulch MD - Series B - 2053 (g)(m) | 12/15/2053 | 8.75% | 694000 | 698004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver Peaks East MD - Series A - 2051 (g) | 12/1/2051 | 5.0% | 5410000 | 4703292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64th Avenue ARI Authority - Series A - 2043 (g) | 12/1/2043 | 6.5% | 5000000 | 4944700 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sky Dance MD #2 - Series A - 2054 | 12/1/2054 | 6.00% | 2500000 | 2459275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solitude MD - Series A - 2026 (j) | 12/1/2026 | 7.00% | 3520000 | 3218283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southlands MD #1 - Series A - 2037 | 12/1/2037 | 5.00% | 500000 | 500465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southlands MD #1 - Series A - 2047 | 12/1/2047 | 5.00% | 3000000 | 2924640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southshore MD #2 - Series B - 2041 (g) | 12/15/2041 | 4.13% | 9690000 | 9352885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spring Hill MD #3 - Series A - 2052 | 12/1/2052 | 6.75% | 1220000 | 1239581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spring Valley MD #4 - Series A - 2040 | 12/1/2040 | 5.00% | 1410000 | 1306929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spring Valley MD #4 - Series A - 2050 | 12/1/2050 | 5.12% | 1775000 | 1564716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spring Valley MD #4 - Series B - 2050 (g) | 12/15/2050 | 7.63% | 2811000 | 2604673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STC MD #2 - Series A - 2029 | 12/1/2029 | 4.00% | 1615000 | 1588223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STC MD #2 - Series A - 2038 | 12/1/2038 | 5.00% | 15160000 | 14793583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STC MD #2 - Series B - 2049 (g) | 12/15/2049 | 8.00% | 3954000 | 3812012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Ranch Community Authority - Series A - 2054 | 12/1/2054 | 6.50% | 1000000 | 1026390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Ranch MD # 4/B - Series A - 2054 | 12/1/2054 | 5.75% | 2305000 | 2298615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Ranch MD #2 - Series A - 2032 | 12/1/2032 | 5.25% | 1340000 | 1338982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Ranch MD #2 - Series A - 2042 | 12/1/2042 | 5.50% | 5645000 | 5514375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Ranch MD #2 - Series A - 2051 | 12/1/2051 | 5.75% | 11750000 | 11559180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Ridge MD #2 - Series A - 2031 | 12/1/2031 | 0.00% | 11896000 | 1903360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Creek MD #1 - Series A - 2037 | 12/1/2037 | 4.50% | 1130000 | 990196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Creek MD #1 - Series A - 2042 | 12/1/2042 | 4.50% | 3140000 | 2571880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Creek MD #1 - Series A - 2051 | 12/1/2051 | 4.75% | 7390000 | 5823098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thompson Crossing MD #4 - Series A - 2039 | 12/1/2039 | 5.00% | 1410000 | 1412778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thompson Crossing MD #4 - Series A - 2049 | 12/1/2049 | 5.00% | 1315000 | 1245344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trailside MD #4 - Series B - 2051 (g) | 12/15/2051 | 7.00% | 3249000 | 3219921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trailside MD #6 - Series A - 2053 (g) | 12/1/2053 | 7.75% | 2181000 | 2191949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valagua MD - Series A - 2037 | 12/1/2037 | 0.00% | 11500000 | 2300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Villages At Murphy Creek MD #1 - Series A - 2051 (g) | 12/1/2051 | 5.50% | 12358000 | 10736260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vincent Village MD - Series A - 2051 | 12/1/2051 | 5.00% | 1970000 | 1697569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Valley MD #3 - Series A - 2054 | 12/1/2054 | 5.25% | 600000 | 597360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waterfall MD #1 - Series A - 2052 | 12/1/2052 | 5.25% | 2265000 | 2116212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westcreek MD #2 - Series A - 2048 | 12/1/2048 | 5.38% | 1284000 | 1264727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westerly MD #4 - Series A - 2031 | 12/1/2031 | 4.13% | 600000 | 576438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westerly MD #4 - Series A - 2040 | 12/1/2040 | 5.00% | 2255000 | 2230353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westerly MD #4 - Series A - 2050 | 12/1/2050 | 5.00% | 5250000 | 5059898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Buffalo MD #3 - Series A - 2050 | 12/1/2050 | 5.50% | 4780000 | 4671542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodmen Heights MD #2 - Series C - 2040 (g) | 12/15/2040 | 7.50% | 3358000 | 3176064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hill MD #2 - Series B - 2049 (g) | 12/15/2049 | 7.63% | 9600000 | 9182208 |
|  **Colorado (amortized cost $1,173,648,360)** |  |  | **1239081507** | **1116907575** |
|  **Colorado Municipal Bonds (amortized cost $1,173,648,360)** |  |  | $**1239081507** | $**1116907575** |
| Other Municipal Bonds 6.6% | Other Municipal Bonds 6.6% | Other Municipal Bonds 6.6% | Other Municipal Bonds 6.6% | Other Municipal Bonds 6.6% |
|  **South Dakota 56.2%** | **South Dakota 56.2%** | **South Dakota 56.2%** | **South Dakota 56.2%** | **South Dakota 56.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare - Series A - 2036 (m) | 1/1/2036 | 5.75% | $6055000 | $4572009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare - Series A - 2031 (m) | 1/1/2031 | 5.50% | 3565000 | 3018842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Gaming - Series B - 2038 (g)(m) | 1/1/2038 | 6.00% | 6120000 | 5191535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Gaming - Series C - 2038 (m) | 1/1/2038 | 6.00% | 5450000 | 4623181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Gaming - Series A - 2027 (m) | 1/1/2027 | 8.28% | 1205000 | 1179201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Gaming - Series A - 2028 (m) | 1/1/2028 | 8.28% | 1305000 | 1268982 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Gaming - Series A - 2033 (m) | 1/1/2033 | 8.28% | 8670000 | 8285919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2026 (m) | 7/1/2026 | 5.75% | 785000 | 764284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2027 (m) | 7/1/2027 | 5.75% | 830000 | 791521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2028 (m) | 7/1/2028 | 5.75% | 875000 | 819341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2029 (m) | 7/1/2029 | 5.75% | 930000 | 854177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2030 (m) | 7/1/2030 | 5.75% | 980000 | 883156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2031 (m) | 7/1/2031 | 5.75% | 1040000 | 920972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2032 (m) | 7/1/2032 | 5.75% | 1095000 | 953329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2033 (m) | 7/1/2033 | 5.75% | 1160000 | 993726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2034 (m) | 7/1/2034 | 5.75% | 1225000 | 1034035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2035 (m) | 7/1/2035 | 5.75% | 1300000 | 1082081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2040 (m) | 7/1/2040 | 6.00% | 7730000 | 6114430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2045 (m) | 7/1/2045 | 6.25% | 10395000 | 8019327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oglala Sioux Tribe / Healthcare - Series A - 2028 (m) | 7/1/2028 | 5.50% | 1800000 | 1704708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oglala Sioux Tribe / Healthcare - Series A - 2037 (m) | 7/1/2037 | 6.00% | 9270000 | 7527240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oglala Sioux Tribe / Healthcare - Series B - 2041 (m) | 9/1/2041 | 6.50% | 5700000 | 4641510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oglala Sioux Tribe - Series C - 2026 (m) | 10/1/2026 | 8.00% | 800000 | 797296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oglala Sioux Tribe - Series A - 2027 (m) | 10/1/2027 | 4.50% | 2370000 | 2227421 |
|  **South Dakota (amortized cost $80,655,000)** |  |  | **80655000** | **68268222** |
|  **Utah 34.0%** | **Utah 34.0%** | **Utah 34.0%** | **Utah 34.0%** | **Utah 34.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Springs PID - Series A - 2054 (m) | 12/1/2054 | 5.63% | 3200000 | 3201056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coral Canyon IFD - Series A - 2053 (m) | 12/1/2053 | 5.50% | 13545000 | 13241321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fields Estate PID - Series A - 2055 (m) | 12/1/2053 | 6.13% | 825000 | 826254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fields Estate PID - Series B - 2053 (m) | 3/15/2055 | 8.75% | 504000 | 500674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fields Estate PID - Series A2 - 2053 (g)(m) | 12/1/2053 | 5.25% | 2750000 | 2644153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Strategic Mining - Series A - 2034 (m) | 12/15/2034 | 10.00% | 10000000 | 9242500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pointe West PID - Series A - 2053 (m) | 12/15/2053 | 5.50% | 3090000 | 2990966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soleil Hills PID - Series A - 2055 (m) | 3/1/2055 | 5.88% | 2425000 | 2389159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Range IFD - Series A - 2053 (m) | 12/1/2053 | 5.50% | 6515000 | 6253097 |
|  **Utah (amortized cost $41,901,619)** |  |  | **42854000** | **41289178** |
|  **Puerto Rico 8.1%** | **Puerto Rico 8.1%** | **Puerto Rico 8.1%** | **Puerto Rico 8.1%** | **Puerto Rico 8.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2027 | 7/1/2027 | 5.63% | 102175 | 105792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2029 | 7/1/2029 | 5.63% | 100517 | 107675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2031 | 7/1/2031 | 5.75% | 97632 | 107267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2033 | 7/1/2033 | 4.00% | 92580 | 90644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2035 | 7/1/2035 | 4.00% | 83217 | 79496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2037 | 7/1/2037 | 4.00% | 71422 | 67504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2041 | 7/1/2041 | 4.00% | 97107 | 88800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2046 | 7/1/2046 | 4.00% | 100990 | 88038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2033 | 7/1/2033 | 4.64% | 119142 | 81633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2043 | 7/1/2043 | 3.00% | 383020 | 239867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2034 | 7/1/2034 | 4.50% | 277000 | 275216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2040 | 7/1/2040 | 4.55% | 140000 | 138573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2053 | 7/1/2053 | 4.75% | 1028000 | 988371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2058 | 7/1/2058 | 5.00% | 2600000 | 2560376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2027 | 7/1/2027 | 4.41% | 267000 | 244796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2029 | 7/1/2029 | 4.69% | 260000 | 220004 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2031 | 7/1/2031 | 4.96% | 336000 | 262997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2033 | 7/1/2033 | 5.20% | 378000 | 270886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2046 | 7/1/2046 | 5.97% | 3597000 | 1173845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2051 | 7/1/2051 | 6.02% | 2930000 | 707654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2040 | 7/1/2040 | 4.33% | 1424000 | 1387531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2053 | 7/1/2053 | 4.54% | 43000 | 40267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico / Sales Tax - Series A - 2058 | 7/1/2058 | 4.78% | 571000 | 543512 |
|  **Puerto Rico (amortized cost $8,993,865)** |  |  | **15098802** | **9870745** |
|  **Washington 1.4%** | **Washington 1.4%** | **Washington 1.4%** | **Washington 1.4%** | **Washington 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tacoma / Local Improvement District #65 - Series A - 2043 | 4/1/2043 | 5.75% | 1750000 | 1691550 |
|  **Washington (amortized cost $1,638,630)** |  |  | **1750000** | **1691550** |
|  **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% | 244917 | 254123 |
|  **California (amortized cost $244,917)** |  |  | **244917** | **254123** |
|  **Other Municipal Bonds (amortized cost $133,434,030)** |  |  | $**140602719** | $**121373818** |
| Short-Term Municipal Bonds 3.1% | Short-Term Municipal Bonds 3.1% | Short-Term Municipal Bonds 3.1% | Short-Term Municipal Bonds 3.1% | Short-Term Municipal Bonds 3.1% |
|  **Colorado 84.6%** | **Colorado 84.6%** | **Colorado 84.6%** | **Colorado 84.6%** | **Colorado 84.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boulder College of Massage - Series A - 2031 (a)(j) | 10/15/2031 | 0.00% | $4315000 | $2031918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Monarch Montessori - Series A - 2025 (m) | 5/15/2025 | 4.75% | 8175000 | 8163555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHFA / Ready Foods - Series A - 2032 (LOC 1) | 1/1/2032 | 2.92% | 3725000 | 3725000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Springs Utilities - Series A - 2041 (LOC 1) | 11/1/2041 | 2.85% | 1100000 | 1100000 |
| &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 | 2.85% | 31660000 | 31660000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STC MD #2 - Series A - 2025 | 12/1/2025 | 3.00% | 555000 | 551376 |
|  **Colorado (amortized cost $50,457,891)** |  |  | **50460000** | **48068849** |
|  **Oregon 10.2%** | **Oregon 10.2%** | **Oregon 10.2%** | **Oregon 10.2%** | **Oregon 10.2%** |
|  Multnomah County Hospital - Series A - 2023 (m) | 10/1/2025 | 5.45% | 5815000 | 5815000 |
|  **Oregon (amortized cost $5,815,000)** |  |  | **5815000** | **5815000** |
|  **South Dakota 4.3%** | **South Dakota 4.3%** | **South Dakota 4.3%** | **South Dakota 4.3%** | **South Dakota 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare - Series A - 2026 (m) | 1/1/2026 | 5.00% | 610000 | 596379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Gaming - Series A - 2026 (m) | 1/1/2026 | 8.28% | 1115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flandreau Santee Sioux Tribe / Healthcare NH - Series A - 2025 (m) | 7/1/2025 | 5.75% | 740000 | 735279 |
|  **South Dakota (amortized cost $2,465,000)** |  |  | **2465000** | **2433411** |
|  **Utah 0.8%** | **Utah 0.8%** | **Utah 0.8%** | **Utah 0.8%** | **Utah 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Strategic Mining / Taxable - Series A - 2025 (m) | 12/15/2025 | 12.00% | 500000 | 482725 |
|  **Utah (amortized cost $452,381)** |  |  | **500000** | **482725** |
|  **Puerto Rico 0.1%** | **Puerto Rico 0.1%** | **Puerto Rico 0.1%** | **Puerto Rico 0.1%** | **Puerto Rico 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico - Series A - 2025 | 7/1/2025 | 5.38% | 51483 | 51712 |
|  **Puerto Rico (amortized cost $54,995)** |  |  | **51483** | **51712** |
|  **Short-Term Municipal Bonds (amortized cost $59,245,267)** |  |  | $**59291483** | $**56851697** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Colorado Capital Appreciation and Zero Coupon Bonds 2.1%** | **Colorado Capital Appreciation and Zero Coupon Bonds 2.1%** | **Colorado Capital Appreciation and Zero Coupon Bonds 2.1%** | **Colorado Capital Appreciation and Zero Coupon Bonds 2.1%** | **Colorado Capital Appreciation and Zero Coupon Bonds 2.1%** |
|  **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 | $7446532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado International Center MD #7 - Series A CABs - 2027 | 12/1/2027 | 5.25% | 21285000 | 15875630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conifer MD - Series B - 2031 (a)(j) | 12/1/2031 | 0.00% | 7470000 | 2335399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lanterns MD #3 - Series A CABs - 2053 | 12/1/2053 | 8.00% | 2250000 | 1789538 |
| &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 | 101468 |
| &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 | 446174 |
| &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 | 1881875 |
| &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 | 2000778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkdale Community Authority MD #2 - Series A CABs – 2053 | 12/1/2027 | 7.75% | 5670000 | 4583741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Creek MD #1 - Series A CABs - 2026 | 12/1/2026 | 5.25% | 2285000 | 1611908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westerly MD #4 - Series A CABs - 2050 | 12/1/2026 | 5.20% | 1000000 | 909710 |
|  **Colorado (amortized cost $46,808,320)** |  |  | **78525000** | **38982752** |
|  **Colorado Capital Appreciation and Zero Coupon Bonds (amortized cost $46,808,320)** |  |  | $**78525000** | $**38982752** |
| Colorado Taxable Certificates/Notes/Bonds 0.4% | Colorado Taxable Certificates/Notes/Bonds 0.4% | Colorado Taxable Certificates/Notes/Bonds 0.4% | Colorado Taxable Certificates/Notes/Bonds 0.4% | Colorado Taxable Certificates/Notes/Bonds 0.4% |
|  **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) | 7/1/2030 | 8.00% | $935000 | $940722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA CEC / Aurora Charter School / Taxable - Series B – 2029 (m) | 7/1/2029 | 6.00% | 1960000 | 1940165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA CEC / Aurora Charter School / Taxable - Series A - 2031 (m) | 7/1/2031 | 6.13% | 1960000 | 1910471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECFA Colorado Skies Academy / Taxable - Series A1 – 2030 (m) | 7/1/2030 | 7.50% | 500000 | 512825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodmen Heights MD #2 / Taxable - Series B - 2040 (g) | 12/15/2040 | 6.25% | 1733000 | 1698669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tabernash Pole Creek Note – 2025 (a)(j) | 12/31/2025 | 0.00% | 227347 | 190000 |
|  **Colorado (amortized cost $7,315,347)** |  |  | **7315347** | **7192852** |
|  **Colorado Taxable Certificates/Notes/Bonds (amortized cost $7,315,347)** |  |  | $**7315347** | $**7192852** |
| Other Assets 0.0% | Other Assets 0.0% | Other Assets 0.0% | Other Assets 0.0% | Other Assets 0.0% |
|  **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 | $911299 |
|  **Utah (amortized cost $1,000,000)** |  |  | **6780500** | **911299** |
|  **Other Assets (amortized cost $1,000,000)** |  |  | $**6780500** | $**911299** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments, at value (amortized cost $1,421,451,324) | 72.7% |  |  | $1342219993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets net of liabilities | 27.3% |  |  | 503753154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | 100.0% |  |  | $1845973147 |

---

------

#### COLORADO BONDSHARES

#### A TAX-EXEMPT FUND

#### Schedule of Investments (unaudited) - (Continued)
(a) Defaulted or non-income producing based upon the financial condition of the issuer (see 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. No pre-refunded bonds were owned by the Fund at March 31, 2025.

(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 March 31, 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 March 31, 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 $6,181,285 or less than 1.0% of net assets, as of March 31, 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 March 31, 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 March 31, 2025 the aggregate value was $566,299,663 representing 30.68% of net assets.

See accompanying notes to financial statements.

------

#### COLORADO BONDSHARES

#### A TAX-EXEMPT FUND

#### Schedule of Investments (unaudited) - (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

#### A Tax-Exempt Fund

#### Statement of Assets and Liabilities

#### March 31, 2025 (unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
|  Investments, at value (amortized cost 1,421,451,324) | $1342219993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - see accompanying schedule |  |
|  Cash | 235347561 |
|  Interest receivable | 180197857 |
|  Purchase accrued interest (note 7) | 92156671 |
|  Bond interest receivable | 365956 |
|  **TOTAL ASSETS** | 1850288038 |
|  **LIABILITIES** |  |
|  Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends payable | 3365000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees payable | 786210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses payable | 163681 |
|  **TOTAL LIABILITIES** | 4314891 |
|  **NET ASSETS** | $1845973147 |
|  **COMPOSITION OF NET ASSETS** |  |
|  Paid-in capital | $1926446918 |
|  Accumulated net realized gain (loss) | (1242440) |
|  Net unrealized depreciation of investments | (79231331) |
|  **NET ASSETS** | $1845973147 |
|  **NET ASSET PRICE AND REDEMPTION PRICE PER SHARE** | $8.91 |
|  (based on 207,303,705 shares of beneficial interest outstanding at March 31, 2025 unlimited number of no par value shares authorized) |  |
|  **MAXIMUM OFFERING PRICE PER SHARE** | $9.35 |
|  (net asset value plus sales charge of 4.75% of offering price) |  |

---

See accompanying notes to financial statements.

------

#### Colorado BondShares

#### A Tax-Exempt Fund

#### Statement of Operations

#### For the Six Months Ended March 31, 2025 (unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $58021640 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees (note 4) | 4571786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees (note 5) | 55082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and auditing fees | 119974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio pricing fees | 33126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 18353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 46774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agency expenses (note 4) | 132967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 6006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 199868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 5183936 |
|  Custody credits (note 5) | (43070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 5140866 |
|  **NET INVESTMENT INCOME** | 52880774 |
|  **REALIZED AND UNREALIZED GAIN ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (3929130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) on investments | (24435341) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | (28364471) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $24516303 |

---

See accompanying notes to financial statements.

------

#### Colorado BondShares

#### A Tax-Exempt Fund

#### Statements of Changes in Net Assets

#### For the Periods Indicated

---

| | | |
|:---|:---|:---|
|  | Six Months<br>Ended March 31,<br>2025 | Year Ended<br>September 30,<br>2024 |
|  **FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $52880774 | $88885149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (3929130) | 2330850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on investments | (24435341) | 123725352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 24516303 | 214941351 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS: (note 2)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends to shareholders from net investment income | (52880774) | (88885149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain to shareholders from investment transactions | (603197) | (885589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (53483971) | (89770738) |
|  **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 68460513 | 132412182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | 36542905 | 62774205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption of shares | (53261420) | (143335236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets derived from beneficial interest transactions** | 51741998 | 51851151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | 22774331 | 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 | $1845973147 | $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** | **3/31/2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(unaudited)** |  |  |  |  |
|  Net asset value, beginning of period | $9.05 | $8.41 | $8.50 | $9.39 | $9.22 |
|  ***Income From Investment Operations*** |  |  |  |  |  |
|  Net investment income (1) | 0.26 | 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 | 0.12 | 1.09 | 0.36 | (0.51) | 0.56 |
|  ***Less Distributions*** |  |  |  |  |  |
|  Dividends to shareholders from net investment income | (0.26) | (0.45) | (0.43) | (0.37) | (0.37) |
|  Distributions from realized capital gains | $— | $— | $(0.02) | $(0.01) | $(0.02) |
|  Total Distributions | (0.26) | (0.45) | (0.45) | (0.38) | (0.39) |
|  Net increase (decrease) in net asset value | (0.14) | 0.64 | (0.09) | (0.89) | 0.17 |
|  Net Asset Value, end of period | $8.91 | $9.05 | $8.41 | $8.50 | $9.39 |
|  **Total Return, at Net Asset Value (2)** | **1.35** | **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 | 5.76 | 5.12% | 4.99% | 4.01% | 3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 0.56 | 0.60% | 0.61% | 0.55% | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 0.56 | 0.59% | 0.61% | 0.55% | 0.61% |
|  Net assets, end of period (000s) | $1845973 | $1823199 | $1646177 | $1675670 | $1768143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (3) | 4.54 | 5.58% | 6.23% | 9.94% | 10.66% |

---

+ not annualized

\* annualized

(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 March 31, 2025 were $61,517,361 and $60,177,410 respectively.

See accompanying notes to financial statements.

------

#### COLORADO BONDSHARES

#### A TAX-EXEMPT FUND

#### Notes to Financial Statements (unaudited)
(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:

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This update is limited to disclosure requirements and does not impact the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The Fund operates as a single operating segment. The Fund's portfolio management team serves as the Chief Operating Decision Maker (CODM). The CODM oversees the Fund's overall performance and is responsible for its long-term asset allocation outlined in the Fund's prospectus based on the investment objective executed by the Fund's portfolio management team. The CODM evaluates performance and makes resource allocation decisions based on financial information including portfolio composition, expected total returns, costs and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions). This information is presented in the fund's financial statements. Segment assets are reported as "total assets" on the Statement of Assets and Liabilities and segment expenses are reported on the Statement of Operations.

(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 March 31, 2025:

Valuation Inputs Summary

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Colorado Municipal<br>Bonds** | **Other<br>Municipal<br>Bonds** | **Short-Term Municipal<br>Bonds** | **Colorado Capital<br>Appreciation and Zero<br>Coupon Bonds** | **Colorado Taxable<br>Certificates/<br>Notes/Bonds** | **Other<br>Assets** | **Total Securities<br>March 31, 2025** |
|  Level 1 Securities | $— | $— | $— | $— | $— | $911299 | $911299 |
|  Level 2 Securities | 1101721407 | 121119695 | 54819779 | 32217059 | 6062130 |  | 1315940070 |
|  Level 3 Securities | 15186167 | 254123 | 2031918 | 6765694 | 1130722 |  | 25368624 |
|  Totals | $1116907574 | $121373818 | $56851697 | $38982753 | $7192852 | $911299 | $1342219993 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Colorado Municipal<br>Bonds** | **Other Municipal<br>Bonds** | **Short-Term<br>Municipal Bonds** | **Colorado Capital<br>Appreciation and Zero<br>Coupon Bonds** | **Colorado<br>Taxable<br>Certificates/<br>Notes/Bonds** | **Other<br>Assets** | **Totals** |
|  Level 3 Beginning Balance September 30, 2024 | $13860446 | $264992 | $3089058 | $6774649 | $190000 | $0 | $24179145 |
|  Unrealized Losses | (74026) | (5139) |  | (8955) |  |  | (88120) |
|  Unrealized Gains | 342607 |  |  |  | 5722 |  | 348329 |
|  Realized Losses |  |  |  |  |  |  |  |
|  Realized Gains |  |  |  |  |  |  |  |
|  Purchases |  |  |  |  | 935000 |  | 935000 |
|  Sales |  | (5730) |  |  |  |  | (5730) |
|  Transfers In to Level 3\* | 1057140 |  |  |  |  |  | 1057140 |
|  Transfers Out of Level 3\* |  |  | (1057140) |  |  |  | (1057140) |
|  Balance as of March 31, 2025 | $15186167 | $254123 | $2031918 | $6765694 | $1130722 | $0 | $25368624 |

---

\* 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. 

------

#### Significant Unobservable Inputs Quantitative Disclosure

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Level 3 Securities \*** | **Fair Value as<br>of March 31,<br>2025** | **Valuation Technique(s)\*\*** | **Unobservable Inputs** | **Low** | **High** | **Weighted<br>Average** |
|  Colorado Municipal Bonds | $15186167 | discounted cash flow | probability of default | 5.00% | 100.00% | 27.23% |
|  Other Municipal Bonds | 254123 | discounted cash flow | probability of default | 1.00% | 1.00% | 1.00% |
|  Short-Term Municipal Bonds | 2031918 | discounted cash flow | probability of default | 5.00% | 5.00% | 5.00% |
|  Colorado Capital Appreciation and Zero Coupon Bonds | 6765694 | discounted cash flow | probability of default | 5.00% | 100.00% | 98.58% |
|  Colorado Taxable Certificates/Notes/Bonds | 1130722 | discounted cash flow | probability of default | 0.00% | 100.00% | 16.80% |
|  Other Assets |  | discounted cash flow | probability of default | 0.00% | 0.00% | 0.00% |
|  Total Level 3 Securities at March 31, 2025 | $25368624 |  |  |  |  |  |

---

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 March 31, 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 reviewed the Fund's tax position for all open tax years. As of March 31, 2025, the Fund had a tax liability of $1,702,688 related to undistributed capital gain. This liability represents the Fund's estimated exposure arising from transactions that occurred in the prior fiscal year. 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.

At March 31, 2025 the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Colorado<br>Municipal Bonds** | **Other Municipal<br>Bonds** | **Short-Term<br>Municipal<br>Bonds** | **Colorado<br>Capital<br>Appreciation<br>and Zero<br>Coupon Bonds** | **Colorado<br>Taxable<br>Certificates/<br>Notes/Bonds** | **Other Assets** | **Totals** |
|  Cost of investments | $1173648360 | $133434030 | $59245267 | $46808320 | $7315347 | $1000000 | $1421451324 |
|  Gross unrealized appreciation | $15085614 | $1188088 | $30344 | $2007740 | $18547 |  | $18330333 |
|  Gross unrealized depreciation | 71826399) | 13248301) | 2423913) | 9833308) | 141042) | 88701) | 97561664) |
|  Net unrealized appreciation (depreciation) of investments | 56740785) | 12060213) | 2393569) | 7825568) | 122495) | 88701) | 79231331) |

---

------

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.

*(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 $14,061,261 or 0.76% of net assets, as of March 31, 2025. These securities have been identified in the accompanying Schedule of Investments.

The Fund is not a party to any forbearance agreements as of March 31, 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 $61,517,361 and $60,177,410 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 March 31, 2025, the interest rates paid on these obligations ranged from 2.92% to 2.85%.

*(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 March 31, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2025** | **Six Months Ended**<br>**March 31, 2025** | **Year Ended**<br>**September 30, 2024** | **Year Ended**<br>**September 30, 2024** |
|  | **(unaudited)** | **(unaudited)** | | |
|  | **Shares** | **Amount** |<br>**Shares** |<br>**Amount** |
|  Shares sold | 7648629 | $68460513 | 15100535 | $132412182 |
|  Dividends reinvested | 4076239 | 36542905 | 7150728 | 62772106 |
|  | 11724868 | 105003418 | 22251263 | 195184288 |
|  Shares redeemed | (5955371) | (53261420) | (16440100) | (143333137) |
|  **Net increase (decrease) in shares outstanding** | **5769497** | $**51741998** | **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 March 31, 2025. Transfer agency expenses on the Statement of Operations represent direct expenses charged to the Fund by third parties.

Crest Insurance, an affiliate of the investment adviser, acted as agent for the Fidelity Bond and the Errors and Omissions insurance policy maintained by the Fund and as a result received compensation in the form of commissions. The policies were provided by Traveler's Insurance Company and all the commissions referred to above were paid by Travelers. Crest Insurance received no compensation directly from the assets of the Fund.

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 $43,070 for the period ended March 31, 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 March 31, 2025 balance of $92,156,671). Approximately $272,044,067 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 $107,675,685 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

#### Litigation
The Fund is periodically involved in various legal proceedings. As of March 31, 2025, the Fund has a litigation payable of -$3,928 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 quarterly schedule of portfolio holdings for the period ended December 31, 2024 on Form NPORT-P filed with the Securities and Exchange Commission ("SEC") on February 28, 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 March 31, 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. The Fund filed a Notice of Appeal to the Colorado Court of Appeals on June 18, 2024. The Fund expects oral argument on the appeal to occur in or around May 20, 2025, with a decision in mid-2025. At this point, it is impossible to determine the direction, cost, duration or ultimate outcome of these matters.

------

(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.

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

There were no changes in or disagreements with Plante Moran during the period covered by the report.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

(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.** <br>

Not applicable for this reporting period.

------

**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.

**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](d28589dex99cert.htm)

[(a)(2)(ii) (99.302) Interim Treasurer's (Principal Financial Officer) Section 302 Certification](d28589dex99cert1.htm)

[(b) (99.906) Combined Interim President & Treasurer (Principal Executive Officer and Principal Financial Officer) Section 906 Certification](d28589dex99906cert.htm)

------

#### 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.

---

| |
|:---|
| Colorado BondShares — A Tax-Exempt Fund |
| /s/ George N. Donnelly |
| George N. Donnelly<br> Interim President, Secretary and Treasurer |
| Date: June 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<br> (Principal Executive Officer and |
| Principal Financial Officer) |
| Date: June 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: June 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: June 4, 2025

---

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

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## 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 March 31, 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: June 4, 2025

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

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