UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05009

COLORADO BONDSHARES —

A TAX-EXEMPT FUND

(Exact name of registrant as specified in its charter)

1200 17TH STREET, SUITE 850

DENVER, COLORADO 80202-5808

(Address of principal executive offices) (Zip code)

FRED R. KELLY, JR.

1200 17TH STREET, SUITE 850

DENVER, COLORADO 80202-5808

(Name and address of agent for service)

Registrant’s telephone number, including area code: 303-572-6990

Date of fiscal year end: 09/30

Date of reporting period: 09/30/2022

Table of Contents

ITEM 1. REPORTS TO STOCKHOLDERS.

November 22, 2022

Dear Shareholders:

Please find attached financial highlights for the period ended September 30, 2022. According to Lipper, a firm that keeps track of such details, we are the best performing fund in our peer group this year. That’s fine for bragging rights at the coffee shop, but it is of little solace to our shareholders who have experienced real pain this year. All such accolades really mean at a time like this is that Colorado BondShares is merely the “cleanest dirty shirt in the laundry.” Another statistic says this was the worst year since 1788 in bond history. I cannot personally vouch for that proclamation and don’t know anyone that can. What I do know is that the last ten years have been particularly punitive to savers because it has been hard to earn a decent return on interest-based investments. For those on a fixed income it has been difficult to get by. At long last the tables have turned, and income is easier to achieve than before. This is the scenario that bondholders dream of, and fortunes will likely be made, as a result.

Colorado BondShares current yield as of 12/31/2021 was only 3.59%, due in large part to the high cash balances we were carrying. Now, in 2022, as we have committed those funds to higher earning instruments, we have been able to capture a yield, which changes daily, as of this writing is approximately 4.80% and hopefully going higher. The offset of course is that bond prices have inversely gone down to reflect the higher interest rate environment and our share price has been hurt as a result. But let’s dig a little deeper into what that statement ultimately means. First and foremost, we have not sold anything out of the portfolio and do not intend to do so. Hence, any paper losses we presently show are not permanent. Second, unlike a stock portfolio, every day that goes by gets us closer to that happy day when we are paid in full on our holdings, no matter how they are valued today. Third, we have been using this time of discounted prices to build for the future and lock in enhanced returns. The fund is now down approximately 10% year-to-date but we are buying bonds down as much as 30% from where they were just a year ago. Does that sound like building value to you? Ask yourself this; would I be willing to sacrifice and show a loss this year (which I’ll likely get back later) to lock in an attractive income stream mostly free of taxation for the years ahead? Most of you have answered yes to that question and we thank you for that.

Barring a miracle in the closing few days of this calendar year, 2022 will go down as our worst. However, we are focused on the long-term nature of the fund and how results tend to average out over time. We are a bet on Colorado, maybe the purest such play out there. The prospects are positive and

have not changed. Just because it hasn’t rained here much lately doesn’t mean it won’t again. Mother Nature has a way of evening things out as do the financial markets and time helps. I’m not smart enough to know when all this market madness is over. I’ve already prematurely predicted its demise. But I do think that when it does end, there could be equity-like returns on selective bond investments like ours.

Based on our early review, there will be a consolation prize for shareholders in the form of a small special dividend of capital gains earned this year amounting to about a penny and a half a share. That’s not much but it may help you buy a couple gallons of gas.

Finally, we wish to thank you so much for the many courtesies extended to us here at the fund during a challenging time for all. Best shareholders EVER!!

Sincerely,

Fred R. Kelly, Jr.

Portfolio Manager

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

The fiscal year ending September 30, 2022 was composed of two starkly different halves. In the first part of the year, the economy continued its strong recovery from the COVID-19 induced slowdown and financial markets reached new highs. While, in the second part of the year, interest rates were increased rapidly to combat inflation, causing the value of financial assets to decline and economic activity to slow. These events injected volatility and uncertainty into the financial markets, causing the price of Colorado BondShares — A Tax Exempt Fund (“Fund”) to decrease. However, the Fund is managed in a conservative manner and with a long-term focus. Those investment principles result in the Fund only acquiring assets underwritten to successfully withstand downside scenarios, which should position it well regardless of how the economy unfolds, and maintaining high cash balances, which allowed it to opportunistically buy high-quality assets at discounted prices during the year.

Inflation increased notably in 2022, driven by the war in Ukraine, the zero-COVID policy in China, and the release of excess demand built up from lockdowns. The Federal Reserve is combating this inflationary surprise by raising interest rates at one of the quickest paces in recent history. Even though the stock and bond markets have declined significantly and some large technology companies have announced layoffs, it will likely take another six to twelve months before the effects of these interest rate hikes are fully reflected into the economy. How the economy reacts to this will play a prominent role in determining the level of future interest rates, which will also play a meaningful part in influencing the price of financial assets, such as the Fund. Given that the growth of many inflation indicators — rent, lumber and iron ore prices, ocean shipping rates, and used car values — recently started decelerating or declining, there is hope that this interest rate shock therapy will not be a long-term phenomenon.

Despite the uncertain national landscape, the economy in Colorado continued to expand this year, although at a slower pace than in previous years. The foundation that has supported Colorado’s population and job growth — an active lifestyle, a pro-business climate, and a deep pool of talented workers — remains in place, motivating new companies to relocate to Colorado and existing companies to expand. Virta Health and ViewRay Technologies, two healthcare companies, separately announced their intention to relocate their headquarters to Denver. Many firms within Colorado’s established clusters (technology, finance, health care, energy, defense, and space) expanded as well, including Ball Corporation and Boom Supersonic. The growth that these firms produce will support the local economy and its property values, on which many of the Fund’s investments rely.

A large portion of the Fund’s investments are secured by property taxes connected to residential real estate. As a result of the rapid increase in mortgage rates, Colorado’s residential housing market has shifted from a frenzied seller’s market, highlighted by bidding wars and rapidly increasing prices, to a balanced market, where houses take longer than a handful of days to sell. High mortgage rates have impacted the market. Annual sales are down meaningfully this year as the cost of buying a home has increased dramatically. This has also caused the number of homes for sale to rise. Although this inventory has risen by a sizable amount year-over-year, it still has not recovered to its pre-pandemic level, a time when many argued that the market was undersupplied. Additionally, new listings have actually declined as sellers wait for the market to recover and are not forced to sell into an unfavorable climate. When thinking about the potential magnitude of this slowdown, it is helpful to consider the ways in which it is different from the housing correction of 2008. At that time, a sizable amount of the housing stock was financed with adjustable-rate mortgages, which forced owners to sell after teaser rates reset, and there was an oversupply of homes. Additionally, many builders used aggressive amounts of debt, which undercut their

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ability to successfully navigate the recession. This combination of factors created distressed sellers, which caused home prices to decline notably. Today’s market is very different. Most of the inventory is financed with 30-year fixed rate mortgages and the market has an undersupply problem. Furthermore, most of the homebuilders are conservatively financed, highlighted by the lowly levered publicly traded companies, which should prevent forced selling. Interest rates are influential but so are other factors, and home prices will be determined by the interaction of all these variables instead of just one.

Many of the Fund’s investments are secured by property taxes connected to commercial real estate, including office, apartment, retail, and industrial buildings. Interest rates impact the valuation of this asset class as well. However, to date, asset values have not been notably affected as fundamentals have been robust for certain sectors and owners are not entertaining discounted offers to buy their assets. The industrial market continues to benefit from a growing amount of retail sales occurring online, thereby increasing the demand for warehouse space, which is pushing up rents and supporting property values. Rents for apartment buildings along the Front Range surged over the summer as supply could not keep pace with demand, which offset any value destruction caused by a rise in discount rates. The office market is struggling as it deals with high vacancy rates caused by firms adjusting their footprint to the work-from-home trend. However, within that market, rents at class A buildings are increasing as the market experiences a flight to quality. Finally, the retail market has almost recovered from the pandemic, but tenant consolidation to the best locations continues in reaction to the rapid growth of e-commerce. During the year, the Fund acquired investments backed by industrial and apartment assets but stayed away from bonds secured by cash flows connected to retail and office assets.

The Fund also has a notable allocation to bonds secured by charter schools. This sector has many favorable characteristics. Charter schools receive funding on a per pupil basis. In order to boost/maintain funding, the school’s administrators need to increase/sustain enrollment, which is often correlated to their students achieving high test scores. This creates accountability with the teachers and school administrators, which drives them to excel at teaching while being mindful of costs. Additionally, these bonds are typically collateralized by real estate, providing another layer of downside protection. The administrators of the charter schools backing the Fund’s investments showed their talents over the last two years as they were able to maintain enrollment levels despite the turbulent environment, thereby supporting the credit of the underlying bonds.

Yields in the municipal bond market increased during the year, driven by the rise in rates of US Treasuries. The increase in Treasury rates adversely impacted other parts of the bond market too. Many indices that track investment grade bonds, high yield bonds, and mortgage-backed securities declined by 15% or more during the year. Within these individual markets, some parts underperformed other parts, such as risky assets typically declined by more than less risky assets, holding other things equal. However, for the most part, the price of all fixed income instruments, including municipal bonds, was negatively impacted by the rise in interest rates during the year.

For the year ending September 30, 2022, the Fund produced a total return of negative 5.72%, without considering the sales charge. This is the first time that the Fund produced a negative total return since it was founded in 1987. Like other parts of the bond market, the decline in the Fund’s price was driven by an increase in the rates of US Treasuries, which are used as the basis to value a bond’s stream of expected cash flows. It was not driven by events that adversely impacted the credit of the Fund’s underlying investments. The cash flows supporting those bonds were stable for the most part during the year. Relative to other parts of the fixed income universe, the Fund outperformed, highlighted by being ranked as the

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number one performing municipal bond fund in the US for the year ending September 30, 2022 according to Lipper Inc. This outperformance was driven by a handful of factors, such as creating a diversified portfolio with a sizeable allocation to variable rate securities and cash, not using leverage to augment returns, and diligently underwriting and monitoring all investments to ensure that the Fund only acquires and owns bonds with robust credit profiles. The Fund also used the decline in the market to opportunistically acquire bonds at discounted prices, reducing its cash balance as a percent of NAV by approximately 12% during the year ending September 30, 2022. These acquisitions should boost future returns. Finally, the Fund distributed $0.38 per share in income for the year compared to $0.39 last year. The slight decline in the annual distribution was entirely driven by a reduction in the capital gains distribution during the year.

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PERFORMANCE SUMMARY (Unaudited)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN

COLORADO BONDSHARES⁽¹⁾

THE LIPPER GENERAL MUNICIPAL DEBT FUND INDEX⁽⁴⁾

AND THE BLOOMBERG BARCLAY MUNICIPAL BOND TOTAL RETURN INDEX⁽⁵⁾

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Colorado BondShares — A Tax-Exempt Fund

CREDIT QUALITY (unaudited)

Based on a Percentage of Total Net Assets as of September 30, 2022

Colorado BondShares — A Tax-Exempt Fund

SECTOR BREAKDOWN (unaudited)

Based on a Percentage of Total Net Assets as of September 30, 2022

* Cash & equivalents include cash and receivables less liabilities.

** Short-term investments include securities with a maturity date or redemption feature of one year or less, as identified in the Schedule of Investments.

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Officers and Trustees of the Fund

The following tables list the trustees and officers of the Fund, together with their address, age, positions held with the Fund, the term of each office held and the length of time served in each office, principal business occupations during the past five years and other directorships, if any, held by each trustee and officer. Each trustee and officer has served in that capacity for the Fund continuously since originally elected or appointed. The Board of Trustees supervises the business activities of the Fund. Each trustee serves as a trustee until termination of the Fund unless the trustee dies, resigns, retires, or is removed. The Statement of Additional Information of the Fund includes additional information about Fund trustees and is available, without charge, upon request. Shareholders may call (800) 572-0069 to request the Statement of Additional Information.

*George N. Donnelly is an “interested person” of the Fund as defined in the Investment Company Act of 1940 (the “1940 Act”) by virtue of his position as both an officer and a trustee of the Fund as described in the table above. None of the trustees nor the officers of the Fund have any position with the Investment Adviser, the principal underwriter of the Fund, the distribution agent of the Fund, the service agent of the Fund or the custodian of the Fund, or any affiliates thereof. There is no family relationship between any officers and trustees of the Fund.

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Compensation

The Board met three times during the fiscal year ended September 30, 2022. The following tables show the compensation paid by the Fund to each of the trustees during that year:

No officer or trustee of the Fund received remuneration from the Fund in excess of $60,000 for services to the Fund during the fiscal year ended September 30, 2022. The officers and trustees of the Fund, as a group, received $9,000 in compensation from the Fund for services to the Fund during the 2022 fiscal year.

Other Information

Proxy Voting Record

The Fund does not invest in equity securities. Accordingly, there were no matters relating to a portfolio security considered during the 12 months ended June 30, 2022 with respect to which the Fund was entitled to vote. Applicable regulations require us to inform you that the foregoing proxy voting information is available on the SEC website at http://www.sec.gov or you may call us at 1-800-572-0069.

Quarterly Statement of Investments

The Fund files a complete schedule of investments with the Securities and Exchange Commission for the first and third quarters of each fiscal year. For periods ending prior to March 31, 2019, this information was filed on Form N-Q. For periods ending on or after March 31, 2019, the Fund will file on Form N-PORT. Shareholders may view the filed Form N-Q and N-PORT by visiting the Commission’s website at http://www.sec.gov. The filed form may also be viewed and copied at the Commission’s Public Reference Room in Washington, DC. Information regarding the operations of the Public Reference Room may be obtained by calling 1-800-732-0330 or you may call us at 1-800-572-0069.

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Trustees Approve Advisory Agreement

The Board of Trustees (the “Trustees”) of Colorado BondShares — A Tax-Exempt Fund unanimously approved the continuance of the Fund’s Investment Advisory and Service Agreement with Freedom Funds Management Company (“Freedom Funds”) at a meeting held on September 23, 2022. In approving the Advisory Agreement, the Trustees, including the disinterested trustees, considered the reasonableness of the advisory fee in light of the extent and quality of the advisory services provided and any additional benefits received by Freedom Funds or its affiliates in connection with providing services to the Fund, compared the fees charged by Freedom Funds to those paid by similar funds, and analyzed the expenses incurred by Freedom Funds with respect to the Fund. The Trustees also considered the Fund’s performance relative to a selected peer group, the expense ratio of the Fund in comparison to other funds of comparable size, and other factors. The Trustees determined that the Fund’s advisory fee structure was fair and reasonable in relation to the services provided and that approving the agreement was in the best interests of the Fund and its shareholders. Matters considered by the Trustees in connection with its consideration of the Advisory Agreement included, among other things, the following:

1. Investment Adviser Services

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

2. Investment Performance

The Trustees reviewed the performance of the Fund compared to other similar funds, and reported that the current (as of September 22, 2022) net asset value was $8.588 per share and the current distribution yield (based on net asset value) was 4.50% (also as of September 22, 2022). Since the overall structure of the portfolio was satisfactory and the performance of the Fund, measured in terms of distribution yield and total return, was comparable amongst its peer group, no changes to either the type of assets or manner of operations were recommended.

3. Expense Ratios

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

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4. Management Fees and Expenses

The Trustees reviewed the investment advisory fee rates payable by the Fund to Freedom Funds. As part of its review, the Trustees considered the estimated advisory fees and the Fund’s estimated total expense ratio for the one-year period as of September 2022 as compared to other municipal bonds in its peer group identified by Freedom Funds. After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by Freedom Funds, the Trustees concluded that the advisory fees charged by Freedom Funds for the advisory and related services to the Fund and the Fund’s total expense ratio are reasonable. The management fee is one half of one percent of total net assets managed. Such fee is payable to Freedom Funds on a monthly basis. This fee is comparable to other municipal bond funds identified by Freedom Funds and is consistent with national funds many times the Fund’s size.

5. Profitability

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

6. Economies of Scale

In reviewing advisory fees and profitability, the Trustees also considered the extent to which Freedom Funds and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Trustees acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds, particularly in an environment where costs are rising due to changing regulations. The Trustees reviewed data summarizing the increases and decreases in the assets of the Fund over various time periods, and evaluated the extent to which the total expense ratio of the Fund and Freedom Fund’s profitability may have been affected by such increases or decreases. Between October 2021 and September 22, 2022, total net assets of the Fund under management by Freedom Funds decreased from $1,768.1 billion to $1,698.9 billion. The number of shares of the Fund that have been redeemed has been less than the number of new shares issued by the Fund, and as a result the Fund continues to grow at what the Trustees determined was a healthy level.

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

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

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

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

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FUND EXPENSES (unaudited)

The following examples are intended to help you understand the ongoing costs (in dollars) of investing in the Fund and compare these costs with those of other mutual funds. The examples (actual and hypothetical 5% return) are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

As a shareholder of Colorado BondShares — A Tax-Exempt Fund (the “Fund’) you can incur two types of costs:

Actual Fund Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing cost of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Six Months Ended September 30, 2022

Please note that expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if transactional costs were included, your costs would have been higher. You can find more information about the Fund’s expenses in the Financial Statements section of this report. For additional information on operating costs please see the Fund’s prospectus.

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

Colorado BondShares — A Tax-Exempt Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Colorado BondShares — A Tax-Exempt Fund (the “Fund”) as of September 30, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years ended September 30, 2022 and 2021, and the financial highlights for each of the five years ended September 30, 2022, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Colorado BondShares — A Tax-Exempt Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in net assets for each of the two years ended September 30, 2022 and 2021, and the financial highlights for each of the five years ended September 30, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

The Fund’s management is responsible for these financial statements. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our

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procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian and the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

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

Denver, Colorado

November 22, 2022

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Colorado BondShares

A Tax-Exempt Fund

Schedule of Investments

September 30, 2022

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Colorado BondShares

A Tax-Exempt Fund

Schedule of Investments — (Continued)

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Colorado BondShares

A Tax-Exempt Fund

Schedule of Investments — (Continued)

17

Colorado BondShares

A Tax-Exempt Fund

Schedule of Investments — (Continued)

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Colorado BondShares

A Tax-Exempt Fund

Schedule of Investments — (Continued)

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Colorado BondShares

A Tax-Exempt Fund

Schedule of Investments — (Continued)

20

Colorado BondShares

A Tax-Exempt Fund

Schedule of Investments — (Continued)

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Colorado BondShares

A Tax-Exempt Fund

Schedule of Investments — (Continued)

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Colorado BondShares

A Tax-Exempt Fund

Schedule of Investments — (Continued)

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Colorado BondShares

A Tax-Exempt Fund

Schedule of Investments — (Continued)