Colorado BondShares A Tax Exempt Fund
COLORADO BONDSHARES A TAX EXEMPT FUND · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Expense ratio |
|---|---|
| HICOX | 0.59% |
Portfolio turnover 13.82% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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%.
Latest quarter
What changed since the fund's previous filing
Largest new: FLANDREAU SANTEE SIOUX TRIBE SOUTH DAKOTA ×4, COLORADO EDL & CULTURAL FACS AUTH, SCHMER FARM MET DIST COLO, PRAIRIE RIDGE MET DIST NO 1 COLO, FLETCHER REGL IMPT AUTH
Largest exited: PUBLIC FIN AUTH WIS, COLORADO EDL & CULTURAL FACS AUTH, JEFFERSON CTR MET DIST NO 1 COLO, MULTNOMAH CNTY ORE HOSP FACS AUTH, FLANDREAU SANTEE SIOUX TRIBE SOUTH DAKOTA ×2, BRADBURN MET DIST NO 2 COLO, RIVERDALE PEAKS II MET DIST COLO
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | FLANDREAU SANTEE SIOUX TRIBE SOUTH DAKOTA7.13% · 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 DAKOTA8.00% · 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 DAKOTA7.38% · due 2045-09-15 | 1.43% | $28.86M | — |
| — | ROSEBUD SIOUX TRIBE OF ROSEBUD INDIAN RESERVATION SOUTH DAKOTA7.50% · 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 COLO6.75% · due 2050-12-15 | 1.22% | $24.64M | — |
Top 10 positions are 21.03% of net assets, top 25 33.04%, across 190 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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