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000 J000000 U
001 A000000 COLORADO BONDSHARES-A TAX EXEMPT FUND
001 B000000 811-5009
001 C000000 3035726990
002 A000000 1200 17TH STREET, SUITE 1150
002 B000000 DENVER
002 C000000 CO
002 D010000 80202
002 D020000 5811
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008 A000001 FREEDOM FUNDS MANAGEMENT COMPANY
008 B000001 A
008 C000001 801-28640
008 D010001 DENVER
008 D020001 CO
008 D030001 80202
008 D040001 5826
011 A000001 SMITH HAYES FINANCIAL SERVICES CORP.
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011 C010001 LINCOLN
011 C020001 NE
011 C030001 68501
012 A000001 FREEDOM FUNDS MANAGEMENT COMPANY
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012 C010001 DENVER
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012 C030001 80202
012 C040001 5826
<PAGE> PAGE 2
013 A000001 KPMG PEAT MARWICK
013 B010001 DENVER
013 B020001 CO
013 B030001 80202
013 B040001 5826
014 A000001 SMITH HAYES FINANCIAL SERVICES CORP.
014 B000001 8-34980
015 A000001 NORWEST INVESTMENTS & TRUST, NORWEST DENVER
015 B000001 C
015 C010001 DENVER
015 C020001 CO
015 C030001 80274
015 E010001 X
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022 A000001 B T SECURTIES
022 B000001 13-3311934
022 C000001 6390
022 D000001 1500
022 A000002 RAF FINANCIAL
022 B000002 84-0678189
022 C000002 2265
022 D000002 0
022 A000003 HANIFEN, IMHOFF, INC.
022 B000003 84-0503513
022 C000003 1792
022 D000003 0
022 A000004 KIRKPATRICK PETTIS
022 B000004 47-0301070
022 C000004 963
022 D000004 0
022 A000005 WILLIAM BLAIR & COMPANY
022 B000005 36-2214610
022 C000005 361
022 D000005 0
022 A000006 BIGELOW & COMPANY
022 B000006 84-1305681
022 C000006 250
022 D000006 0
<PAGE> PAGE 3
022 A000007 KEMPER SECURITIES
022 B000007 34-1542819
022 C000007 22
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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SIGNATURE FRED KELLY
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PURSUANT TO ITEM 601 (C) (2) (i) of Regulations S-K and S-B.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 47,509,246
<INVESTMENTS-AT-VALUE> 46,941,576
<RECEIVABLES> 1,228,818
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 48,170,394
<PAYABLE-FOR-SECURITIES> 539,477
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 158,346
<TOTAL-LIABILITIES> 697,823
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,619,641
<SHARES-COMMON-STOCK> 5,104,564
<SHARES-COMMON-PRIOR> 4,887,331
<ACCUMULATED-NII-CURRENT> 46,094
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 625,494
<ACCUM-APPREC-OR-DEPREC> (567,670)
<NET-ASSETS> 47,472,571
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,674,343
<OTHER-INCOME> 0
<EXPENSES-NET> 162,596
<NET-INVESTMENT-INCOME> 1,511,747
<REALIZED-GAINS-CURRENT> (265,315)
<APPREC-INCREASE-CURRENT> 925,505
<NET-CHANGE-FROM-OPS> 2,171,937
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,465,654
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,910,213
<NUMBER-OF-SHARES-REDEEMED> 1,888,320
<SHARES-REINVESTED> 976,112
<NET-CHANGE-IN-ASSETS> 2,704,288
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 115,937
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 46,460,355
<PER-SHARE-NAV-BEGIN> 9.16
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> .13
<PER-SHARE-DIVIDEND> .29
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.30
<EXPENSE-RATIO> .77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
ATTACHMENT 77G.
For the period ending: 03/31/96
File number: 811-05009
DEFAULTS & ARREARS ON SENIOR SECURITIES
1) Briargate Public Building Authority, Landowner Assessment Lien Series
1985A and 1986A
In default: Interest
Nature of Default: (partial default) District did not make timely
interest payment.
Date of Default: December 15, 1990
Default per $1,000 face: $486,750
2) Town of Castle Rock, Local Improvement District 1988-2
In default: Interest
Nature of Default: (partial default) District did not make timely
interest payment.
Date of Default: December 1, 1993 (50% interest payment)
June 1, 1994 no interest payment
Default per $1,000 face: $530,000
3) El Paso County, Colorado Pheasant Run LID 86-2 Local Improvement
District Bonds
In default: Interest
Nature of Default: District did not make timely interest payment.
Date of Default: March, 1994
Default per $1,000 face: $100,000
4) Mesa County Single Family Mortgage Revenue Series 1982
In default: Interest
Nature of Default: District did not make timely interest payment.
Date of Default: December 1, 1995
Default per $1,000 face: $220,000
5) Northgate Public Building Authority Landowner Assessment Lien Series
1987A
In default: Interest
Nature of Default: District did not make timely interest payment.
Date of Default: July 1, 1991
Default per $1,000 face: $20,000
<PAGE>
ATTACHMENT 77I.
For the period ending: 03/31/96
File number: 811-05009
Terms of new or amended Securities
1) OLD ISSUE
Colorado Springs Spring Creek General Improvement District
Series 1987, Dated 05/01/87
Coupon: 9.375%
Maturity: 12/01/2006
NEW ISSUE
Colorado Springs Spring Creek General Improvement District
Series 1995, Dated 10/16/95
Coupon: 9.00%
Maturity: 12/01/2014
