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SIGNATURE FRED R. KELLY, JR.
TITLE PORTFOLIO MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810744
<NAME> COLORADO BONDSHARES A TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 73,583,990
<INVESTMENTS-AT-VALUE> 74,262,686
<RECEIVABLES> 1,585,218
<ASSETS-OTHER> 5,591,042
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 81,438,946
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 273,298
<TOTAL-LIABILITIES> 273,298
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 80,390,291
<SHARES-COMMON-STOCK> 8,453,870
<SHARES-COMMON-PRIOR> 7,582,591
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 34,784
<ACCUMULATED-NET-GAINS> 61,877
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 678,696
<NET-ASSETS> 81,165,648
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,546,816
<OTHER-INCOME> 0
<EXPENSES-NET> 247,095
<NET-INVESTMENT-INCOME> 2,299,721
<REALIZED-GAINS-CURRENT> 69,549
<APPREC-INCREASE-CURRENT> (423,328)
<NET-CHANGE-FROM-OPS> 1,945,987
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,270,306
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,044,804
<NUMBER-OF-SHARES-REDEEMED> 3,023,351
<SHARES-REINVESTED> 1,360,916
<NET-CHANGE-IN-ASSETS> 8,058,050
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 190,791
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 283,087
<AVERAGE-NET-ASSETS> 76,674
<PER-SHARE-NAV-BEGIN> 9.64
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> (.05)
<PER-SHARE-DIVIDEND> .24
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
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</TABLE>
EXHIBIT 99
ATTACHMENT 77G
For the period ending: 03/31/99
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: $ 403,438
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>