Tax-Free Fund of Colorado

TAX-FREE MUNICIPAL BOND FUNDS

EQUITY FUND

CORPORATE BOND FUND

MONEY-MARKET FUNDS

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Fund Facts

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Fund Facts

To download a Fact Sheet for Tax-Free Fund of Colorado, please click here.

(In order to view this overview, you must have Adobe Acrobat Reader. To download this program, free of charge, please visit http://www.adobe.com/products/acrobat/readstep.html.)

Tax-Free Fund of Colorado, one of the Aquila Group of Funds, is a municipal bond mutual fund designed especially for Colorado residents.

	Class A	Class C	Class I	Class Y
Ticker	COTFX	COTCX	COTIX	COTYX
Cusip Number	876933102	876933201	876933409	876933300

INVESTMENT OBJECTIVE	To seek to provide as high a level of current income exempt from Colorado personal and regular Federal income taxes as is consistent with preservation of capital by investing in municipal obligations which pay interest exempt from Colorado State and Federal income taxes. To achieve this objective, the Fund will invest primarily in tax-free municipal obligations - the kind of securities that finance schools, highways, airports, hospitals, and water and sewer facilities in Colorado.
INVESTOR PROFILE	Colorado taxpayers who can benefit from income that is exempt from Federal, state, and local income taxes. The Fund is not appropriate for tax-deferred retirement plans, such as IRAs.
LOCAL PORTFOLIO MANAGEMENT	KIRKPATRICK PETTIS CAPITAL MANAGEMENT, INC., a division of Davidson Fixed Income Management, is the Fund's Investment Sub-Adviser, providing the Fund with experienced local professional management. KPM's Denver office staff is highly experienced in the area of municipal securities and the municipal markets in Colorado. Kirkpatrick Pettis supervises the investment program of the Fund and the composition of its portfolio, subject to control by the Board of Trustees.
INCEPTION DATE	May 21, 1987
NET ASSETS	$299.5 million (August 31, 2010)
MONTHLY INCOME	Your income from the Fund is double tax-free - free of both Federal and State of Colorado income taxes.*
LOW INITIAL INVESTMENT	You may open your account with any amount of $1,000 or more or by opening an Automatic Investment Program (minimum $50 per month). This periodic investment program cannot protect against loss in declining markets and will not insure a profit.
ADDITIONAL INVESTMENTS	Once your account is open, you may add to it at any time and in any amount. There is no minimum on additional investments.
AUTOMATIC INVESTMENTS	A specific amount ($50 minimum per investment) can be invested, automatically each month on the 1st and/or 16th. Your pre-designated checking account will be debited automatically. This periodic investment program cannot protect against loss in declining markets and will not insure a profit.
DIVERSIFICATION	You gain immediate diversification in a high quality portfolio of investment grade bonds through the Fund. As of June 30, 2010, there were 165 municipal bond issues in the portfolio.
LIQUIDITY	You have ready liquidity permitting you to sell any amount of your investment on any business day at the then current share Net Asset Value. Due to market fluctuations, such share value may, of course, be more or less than your share purchase price. There are no redemption charges or penalties when you sell regular Class A Shares. A 1% Contingent Deferred Sales Charge (CDSC) will apply to Class C Shares redeemed within the first 12 months of purchase.
DIVIDENDS	Dividends are declared daily and paid monthly. You have the choice of having any or all of your dividends automatically reinvested for you, without sales charge, in additional shares or paid in cash by either electronic transfer to your personal bank account or a convenient monthly check. If you automatically reinvest your monthly dividends, your income will compound tax-free. Alternatively, you may direct all your distributions to another one of your existing accounts in the Aquila Group of Funds.
MONTHLY STATEMENTS	You receive a monthly statement of your account. Additionally, you receive a statement each time you add to your account or take money out. This allows you to easily keep track of your investment.
YIELD	You may obtain the latest 30-day SEC yield by calling toll-free 1-800-437-1020 between 9:00 A.M. and 5:00 P.M. (Eastern time) on any business day.
HOW TO INVEST	You may invest in Tax-Free Fund of Colorado through your local financial professional. Nearly 500 securities firms have sales agreements to sell shares of the Fund. If yours is not one of these firms, you may invest in Class A or Class C shares by using the Fund's application. Class I and Class Y shares are only available through a financial intermediary or institution.
ALTERNATE PURCHASE PLANS AND SALES CHARGE BREAKPOINTS	The Fund offers both Front-Payment Class Shares (Class A Shares) or Level-Payment Class Shares (Class C Shares). There is a maximum sales charge of 4% on investments in the Class A Shares. Class C Shares do not have a sales charge, but do have a contingent deferred sales charge (CDSC) of 1% if a redemption occurs within the first 12 months of purchase. For additional details, click here. Class I and Class Y shares are available to investors only through a professional financial advisor or a financial institution. Please see the prospectus for details.
6/30/10 PORTFOLIO	Click Here (In order to view the portfolio, you must have Adobe Acrobat Reader. To download this program, free of charge, please visit http://www.adobe.com/products/acrobat/readstep.html.)
LOCAL AQUILA REPRESENTATIVE		Al Stockman, Senior Vice President 1-800-872-2740 astockman@aquilafunds.com
OFFICERS	Diana P. Herrmann, President Alan R. Stockman, Senior Vice Presidentt Robert S. Driessen, Chief Compliance Officer Joseph P. DiMaggio, Chief Financial Officer and Treasurer Edward M.W. Hines, Secretary
TOLL-FREE NUMBERS	General Information: 1-800-437-1020 Account Inquiries: 1-800-437-1000

*For certain investors, some income may be subject to Federal and state taxes, including the Alternative Minimum Tax. Before investing in the Fund, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Fund prospectus. Consideration should be given to the risks of investing including potential loss of value, market risk, interest rate risk, credit risk, and geographic concentration. Insurance on an obligation is intended to mitigate credit risk; it does not insure the market price of the obligation.