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TAX-FREE FUND OF COLORADO ANNOUNCES PROPOSED CHANGE IN INVESTMENT ADVISER

 TAX-FREE FUND OF COLORADO ANNOUNCES PROPOSED CHANGE
 IN INVESTMENT ADVISER
 DENVER, July 29 /PRNewswire/ -- After a careful review, the Trustees of Tax-Free Fund of Colorado have recommended a change in the Fund's Investment Adviser.
 Accordingly, the firm of Kirkpatrick, Pettis, Smith, Polian Inc., an affiliate of Mutual of Omaha, has been chosen to become the new Investment Adviser to Tax-Free Fund of Colorado, subject to approval by shareholders of the Fund. It is anticipated that the Denver office of Kirkpatrick Pettis will assume interim portfolio management responsibilities for the Fund as of Oct. 1, 1992.
 Lacy B. Herrmann, chairman of the board of trustees of the Fund commented upon the fine job of portfolio management that had been accomplished by United Bank of Denver and under the current Investment Advisory arrangement. He emphasized that the decision by the board to change to Kirkpatrick Pettis was not a reflection on the capabilities of what is now the Sub-Adviser, Norwest Bank Denver, National Association and the Investment Adviser, Norwest Bank Minnesota, National Association. Rather, the move represented a change to a firm that specializes in Colorado municipal bonds.
 Kirkpatrick Pettis, backed by the strong credit analysis strength of the investment management team of Mutual of Omaha, brings a different perspective to the portfolio management and marketing capabilities of the Fund.
 Christopher Johns, who has been the specific portfolio manager for the Fund at Norwest Bank Denver, will be joining Kirkpatrick Pettis as of Oct. 1, 1992 to ensure a strong continuity in the management of the Fund's portfolio.
 Herrmann, expressing the unanimous sentiments of the board of trustees of Tax-Free Fund of Colorado commented, "We know that shareholders have been well served by the conscientious and high- quality investment management capabilities that United Bank of Denver, now Norwest Bank Denver, brought to the Fund. As we view the future of Colorado and the Fund, we feel that Kirkpatrick Pettis can make an excellent further contribution to the interests of the Fund's shareholders."
 The Fund was formed in 1987 by Aquila Management Corp. which serves as the Fund's sponsor and administrator. Tax-Free Fund of Colorado is one of five such tax-free municipal bond funds organized by Aquila with combined total assets of these five funds now exceeding $1.3 billion. The shares of the Fund are sold by Aquila Distributors Inc. through various brokerage firms throughout the state.
 When Tax-Free Fund of Colorado commenced operations in mid-1987, United Bank of Denver was chosen as the Investment Adviser. United Bank has produced an excellent record in managing fixed-income securities and has been highly knowledgeable in the area of municipal bonds.
 In April 1991, United Banks of Colorado was acquired by Norwest Corp. and merged into that organization. On March 28, 1991, United Bank of Denver was approved by shareholders to become the Sub-Adviser to the Fund and Norwest Bank Minnesota, N.A. became the Investment Adviser.
 Tax-Free Fund of Colorado, under the portfolio management of United Bank of Denver, has become known as a high quality, Colorado- oriented, tax-free municipal bond fund. Its quality and intermediate- term maturity have produced a stable share value for its shareholders together with its double tax-free income return.
 The Fund currently has assets in excess of $160 million with over 4,100 Colorado resident shareholders and is the largest fund in the State devoted to investing in Colorado municipal bonds and providing double tax-free income to its shareholders.
 -0- 7/29/92
 /CONTACT: Scott Brooks or Wayne Brown of Carl Thompson Associates, 303-494-5472, for Tax-Free Fund of Colorado/ CO: Tax-Free Fund of Colorado ST: Colorado IN: FIN SU:


BB -- DV004 -- 4625 07/29/92 12:46 EDT
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Date:Jul 29, 1992
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