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002 A000000 380 MADISON AVENUE, SUITE 2300
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008 A000001 KPM INVESTMENT MANAGEMENT INC.
008 B000001 S
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008 D020001 CO
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008 A000002 AQUILA MANAGEMENT CORP.
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011 B000001 8-13173
<PAGE> PAGE 2
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10017
012 A000001 PFPC, INC.
012 B000001 85-11196
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<PAGE> PAGE 3
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022 B000006 84-1305681
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022 B000007 36-2214610
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<PAGE> PAGE 9
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SIGNATURE ROBERT ANDERSON
TITLE COMPLIANCE OFFICER
[DESCRIPTION] PROXY RESULTS
TAX-FREE FUND OF COLORADO
Shareholder Meeting Results
The Annual Meeting of Shareholders of Tax-Free Fund
of Colorado (the "Fund") was held on June 16, 1999.
The holders of shares representing 69% of the total net
asset value of the shares entitled to vote were present
in person or by proxy. At the meeting, the following matters
were voted upon and approved by the shareholders (the resulting
votes for each matter are presented below).
1. To elect Trustees.
Number of Votes:
Trustee For Withheld
Lacy B. Herrmann 148,125,608.12 1,241,975.62
Tucker Hart Adams 149,041,793.08 1,170,613.52
Arthur K. Carlson 149,039,655.92 1,172,750.68
William M. Cole 149,121,820.20 1,090,586.40
Anne J. Mills 149,215,717.70 996,688.90
J. William Weeks 149,235,385.92 977,020.68
John G. Welles 149,235,385.92 976,385.88
2. To ratify the selection of KPMG LLP as the Fund's independent auditors.
Number of Votes:
For Against Abstain
148,057,874.24 439,281.60 1,715,250.76
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