ListView Control SubItems Ignore Specified BackColor, ForeColor, and Font

Selecting a ListView's 'Items' property in the control's PropertyGrid brings up a ListViewItem Collection Editor dialog and then  a ListViewSubItem Collection Editor where you can supposedly specify the background color (like RED), foreground color (like WHITE) and font (like Ariel) for each specific inserted SubItem.    But  after the project is built and run, the ListView displays the specified SubItem in just black text on white background in an unchanged font, totally ignoring the specific characteristics defined in the ListViewSubItem Collection Editor dialog.

How can I make the ListView honor the specified SubItem characterics?
ListView-Color-Test.ZIP