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001 A000000 COLORADO BONDSHARES - A TAX-EXEMPT FUND
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022 A000001 B. T. SECURITIES
022 B000001 13-3311934
022 C000001 1200
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022 A000002 BIGELOW & COMPANY
022 B000002 84-1305681
<PAGE> PAGE 2
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022 B000003 43-1661917
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SIGNATURE FRED R. KELLY, JR.
TITLE PORTFOLIO MANAGER
EXHIBIT 99
ATTACHMENT 77G
For the period ending: 03/31/98
File number: 811-05009
DEFAULTS & ARREARS ON SENIOR SECURITIES
<TABLE>
<S> <C>
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: $ 488,691
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
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
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810744
<NAME> COLORADO BONDSHARES A TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 67,108,650
<INVESTMENTS-AT-VALUE> 67,881,130
<RECEIVABLES> 1,313,482
<ASSETS-OTHER> 124,433
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 69,319,045
<PAYABLE-FOR-SECURITIES> 1,025,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 252,845
<TOTAL-LIABILITIES> 252,845
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 66,903,287
<SHARES-COMMON-STOCK> 7,050,096
<SHARES-COMMON-PRIOR> 7,019,571
<ACCUMULATED-NII-CURRENT> 542,054
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (176,620)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 772,479
<NET-ASSETS> 68,041,200
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,842,468
<OTHER-INCOME> 0
<EXPENSES-NET> 226,258
<NET-INVESTMENT-INCOME> 2,616,210
<REALIZED-GAINS-CURRENT> 125,147
<APPREC-INCREASE-CURRENT> (142,040)
<NET-CHANGE-FROM-OPS> 2,599,317
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,095,574
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 3,191,445
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<PER-SHARE-NAV-BEGIN> 9.58
<PER-SHARE-NII> .37
<PER-SHARE-GAIN-APPREC> (.01)
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
