Overview
Colorado BondShares — A Tax-Exempt Fund (“Fund”) is a mutual fund that focuses on municipal bonds primarily issued in the state of Colorado. The goal of the Fund is to deliver a high current yield that is exempt from federal and state taxes while preserving capital and reducing volatility. The Fund started in 1987 and has been helping investors reach their financial goals since that time.
Distributions
Distribution Schedules
| Dividend Payment Date | 15th of the month. If that day is a weekend or holiday, the following business day. |
| Dividend Frequency | Monthly |
| Capital Gain Distribution | Annually in December |
Historic Distributions 3
| Net Investment Income | Capital Gain | Total | Days in Distribution | |
|---|---|---|---|---|
| July 2024 | 0.0352 | 0.00 | 0.0352 | 28 |
| June 2024 | 0.0400 | 0.00 | 0.0400 | 33 |
| May 2024 | 0.0370 | 0.00 | 0.0370 | 30 |
| April 2024 | 0.0369 | 0.00 | 0.0369 | 31 |
| March 2024 | 0.0341 | 0.00 | 0.0341 | 29 |
| February 2024 | 0.0373 | 0.00 | 0.0373 | 30 |
| January 2024 | 0.0425 | 0.00 | 0.0425 | 32 |
| YTD 2024 | 0.2630 | 0.00 | 0.2630 |
| Net Investment Income | Capital Gain | Total | |
|---|---|---|---|
| 2023 | 0.43 | 0.02 | 0.45 |
| 2022 | 0.37 | 0.01 | 0.38 |
| 2021 | 0.37 | 0.02 | 0.39 |
| 2020 | 0.37 | 0.00 | 0.37 |
| 2019 | 0.37 | 0.05 | 0.42 |
| 2018 | 0.36 | 0.02 | 0.38 |
| 2017 | 0.41 | 0.07 | 0.48 |
| 2016 | 0.39 | 0.02 | 0.41 |
| 2015 | 0.37 | 0.01 | 0.38 |
1 Past performance is no guarantee of future results.
2 Based on a tax rate of 39.63%
3 The characterizations of distributions reflected in this table are as of the date noted above. The actual amounts of income and capital gains for tax purposes are only determined after the Fund’s fiscal year end and may differ from the amounts and characterizations reflected in the chart.
Fees
Front-End Sales Charge
Sales charges are applied to purchases according to the following schedule:
| Amount of Purchase | Sales Charge |
|---|---|
| Less than $100,000 | 4.75% |
| $100,000 to 249,999 | 3.50% |
| $250,000 to 499,000 | 2.50% |
| $500,000 to 999,999 | 2.00% |
| $1,000,000 to 3,999,999 | 1.00% |
| $4,000,000 or more | 0.20% |
The sales charge is not applied to the reinvestment of dividends.
A reduction in the sales charge is possible with a letter of intent or with rights of accumulation. Please see the prospectus or call the office to learn about these options.
Fund’s Net Expense Ratio
(As of September 30, 2024)
| Management Fee | 0.50% |
| Distribution and Service Fee (12b-1) | 0.00% |
| Other Expenses | 0.11% |
| Total | 0.61% |
Performance 4
Colorado BondShares
Price History
Total Returns by Calendar Year 4
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|
| 7.71% | -4.46% | 4.78% | 5.00% | 6.47% | 4.57% | 6.64% | 2.52% | 4.75% | 5.89% |
| 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
| 1.74% | 5.15% | 6.42% | 3.64% | 5.62% | 0.77% | 5.28% | 6.58% | 5.83% | 5.43% |
| 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | 1994 |
| 6.61% | 6.05% | 7.06% | 7.75% | 3.29% | 6.42% | 9.36% | 8.04% | 9.46% | 6.34% |
The return figures do not include a sales charge. The inclusion of this charge would reduce the returns.
Average Annual Total Returns 4
(As of June 30, 2024)
| 1 Year | 5 Year | 10 Year |
|---|---|---|
| 7.59% | 3.72% | 4.34% |
Morningstar Rating
(As of June 30, 2024)
Category: Muni Single-State Intermediate
Number of Funds in Category: 110
Lipper Rating
(As of June 30, 2024)
| 1-Year | 3-Year | 5-Year | 10-Year | |
|---|---|---|---|---|
| Absolute Rank | 1 | 1 | 1 | 1 |
| Percentile Rank | Top 2% | Top 2% | Top 2% | Top 2% |
| Number of Funds in Category | 71 | 71 | 70 | 70 |
Lipper Category: Other State Municipal Debt Funds
4 Performance data quoted represent past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original costs. Results are shown on a “total return” basis and include reinvestment of all dividends and capital gain distributions. Current performance may be lower or higher than the performance data quoted.
Portfolio
Overview
(As of June 30, 2024)
Size
$1.77 Billion
Number of Positions
323
Portfolio Breakdown by Credit Rating
(As of June 30, 2024) 5
| Ratings | Amount | % of Total |
|---|---|---|
| AAA / Aaa | 0 | 0.0% |
| AA / Aa | $59,752,720 | 3.4% |
| A / A | $5,636,259 | 0.3% |
| BBB / Baa | 0 | 0.0% |
| BB / Ba | $3,472,643 | 0.2% |
| B / B | 0 | 0.0% |
| Not Rated | $1,558,948,494 | 88.1% |
| Cash & Other Assets / Liabilities | $140,962,982 | 8% |
| Total | $1,768,773,098 | 100% |
Portfolio Breakdown by Type of Investment
(As of June 30, 2024) 6
| Sector | Amount | % of Total |
|---|---|---|
| Charter Schools | $399,793,995 | 22.6% |
| CO Metro District | $1,013,276,456 | 57.3% |
| Housing | $12,584,670 | 0.7% |
| Indian Tribe | $78,258,017 | 4.4% |
| Other | $48,250,571 | 2.7% |
| Puerto Rico | $10,258,150 | 0.6% |
| Short-term | $65,388,256 | 3.7% |
| Cash & Other Assets / Liabilities | $140,962,982 | 8.0% |
| Total | $1,768,773,098 | 100% |
Annual Turnover
| 2023 | 2022 | 2021 | 2020 | 2021 |
|---|---|---|---|---|
| 6.23% | 9.94% | 10.66% | 22.54% | 9.62% |
5 Credit quality ratings on the underlying securities of the Fund reflect the long-term rating from S&P, Moody’s, or Fitch. S&P rates securities in descending order as AAA, AA, A, BBB, BB, B, CCC, CC, C and D. Unrated securities do not necessarily indicate low quality. Below-investment-grade is represented by a rating of BB and below. Quality ratings are subject to change.
6 Holdings are subject to change and should not be considered purchase recommendations.
Documents
Account Application
Account Maintenance
- Account Name Change Form
- ACH Authorization Form
- Automatic Investment Form
- Bank Instruction Update Form
- Beneficial Ownership Form
- Broker Dealer Change Form
- Cost Basis Election Form
- DVD & Capital Gain Distribution
- Interested Party Information Form
- POA Certification Form
- Scheduled Withdrawal Form
- Telephone Redemption Privileges
- Transfer on Death Beneficiary Form
How To Invest
Shares of the Fund are continuously offered through securities dealers who are members of the Financial Industry Regulatory Authority and who have a dealer agreement with the Fund’s underwriter, Colorado Financial Service Corporation. Purchase orders for shares in the Fund can also be submitted directly to Freedom Fund Management Company, the investment manager and transfer agent of the Fund. Please see the prospectus for details.
| Ticker | HICOX |
| CUSIP | 196332100 |
| Blue Sky Compliant States | The Fund can only be purchased by residents of Arizona, California, Colorado, Michigan, Nebraska, New Mexico, North Dakota, Texas, Utah, Virginia, and Wyoming |
| Minimum Investment | $500 |
| Restrictions | Wrap accounts or a similar program under which you pay advisory or management fees to a broker-dealer or financial institution for managing your account are not accepted. |
| Share Classes | “A” Shares Only (Front-end load) |
Chairman Letters
2023 / Annual Report
2023 / Semi-Annual Report
2022 / Annual Report
2022 / Semi-Annual Report
2021 / Annual Report
2021 / Semi-Annual Report
2020 / Annual Report
2020 / Semi-Annual Report
2019 / Annual Report
2019 / Semi-Annual Report
2018 / Annual Report
2018 / Semi-Annual Report