Colorado BondShares A Tax Exempt Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Colorado BondShares A Tax Exempt Fund held 339 positions with $2.02B in net assets. Its ten largest holdings made up 21.0% of the fund. The HICOX share class costs 0.59% a year. Over the 12 months to May 2026, HICOX returned 7.1%, with dividends reinvested. In 2026 Q2 it added 19 new positions and exited 9.
Colorado BondShares A Tax-Exempt Fund (the Fund) is a diversified, open-end mutual fund whose primary goal is to maximize income that is exempt from both federal and Colorado state income taxes while simultaneously preserving capital. The Fund also seeks opportunities for capital appreciation.
The fund invests at least 80% of assets in Colorado tax-exempt municipal bonds and notes, with at least 65% in bonds specifically. The Investment Adviser relies primarily on its own credit analysis to select unrated securities it judges equivalent to investment-grade quality, rather than depending on ratings agencies; the fund may hold up to 50% in rated obligations and up to 35% in below-investment-grade securities. Because most holdings are unrated, the fund's returns depend substantially on the Investment Adviser's judgment and analysis of credit quality, which introduces risk where that analysis proves incorrect.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
FLANDREAU SANTEE SIOUX TRIBE SOUTH DAKOTA 7.13% · due 2045-09-15 | 4.22% | $85.16M | — |
COLORADO EDUCATIONAL AND CULTURAL FACILITIES AUTHORITY (CO) 5.00% · due 2032-07-01 | 3.15% | $63.44M | — |
FLANDREAU SANTEE SIOUX TRIBE SOUTH DAKOTA 8.00% · due 2055-09-15 | 3.04% | $61.34M | — |
COLORADO EDUCATIONAL AND CULTURAL FACILITIES AUTHORITY (CO) 5.13% · due 2042-01-01 | 2.00% | $40.42M | — |
COLORADO EDUCATIONAL AND CULTURAL FACILITIES AUTHORITY (CO) 4.38% · due 2027-07-01 | 1.68% | $33.96M | — |
MEADOWS METROPOLITAN DISTRICT N.6 (CO) 8.00% · due 2029-06-01 | 1.51% | $30.41M | — |
FLANDREAU SANTEE SIOUX TRIBE SOUTH DAKOTA 7.38% · due 2045-09-15 | 1.43% | $28.86M | — |
ROSEBUD SIOUX TRIBE OF ROSEBUD INDIAN RESERVATION SOUTH DAKOTA 7.50% · due 2050-12-15 | 1.42% | $28.66M | — |
SHERIDAN REDEVELOPMENT AGENCY (CO) 1.60% floating · due 2029-12-01 | 1.35% | $27.20M | — |
PIONEER CMNTY AUTH BRD COLO 6.75% · due 2050-12-15 | 1.22% | $24.64M | — |
The 200 largest of 339 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 77.88% |
These positions come to 77.88% of net assets. Not everything a fund owns is reported as a holding — uninvested cash is collected at fund level instead — so the total is not expected to reach 100%.
How it has done
HICOX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.06%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
Colorado BondShares A Tax Exempt Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.59%· HICOX 0.59%
- Portfolio turnover
- 13.82% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
19 new· the largest 5
9 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 93.8% |
| Floating rate | 5.2% |
| Zero-coupon or unclassified | 0.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.2% |
| 1-3y | 11.4% |
| 3-5y | 4.6% |
| 5-10y | 10.6% |
| 10y+ | 72.2% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 55% |
| Interest rates | 45% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +4.61 yr |
| Investment grade | +0.10 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.29 yr | 8% |
| 5 yr | 0.90 yr | 24% |
| 10 yr | 1.36 yr | 36% |
| 30 yr | 1.23 yr | 33% |
| 3 mo | 0.08 yr | 2% |
| 1 yr | 0.53 yr | 11% |
| 5 yr | 1.43 yr | 30% |
| 10 yr | 1.55 yr | 33% |
| 30 yr | 1.11 yr | 24% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.05 | +0.03 | $10.6k | $5.3k |
| 1 yr | +0.29 | +0.01 | +0.53 | $1.0k | $106.0k |
| 5 yr | +0.90 | +0.03 | +1.40 | $6.8k | $282.4k |
| 10 yr | +1.36 | +0.00 | +1.55 | $169 | $311.9k |
| 30 yr | +1.23 | +0.00 | +1.11 | $739 | $224.0k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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