AQUILA INVESTMENT MANAGEMENT LLC
AQUILA INVESTMENT MANAGEMENT LLC
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April 20, 2021
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Board of Trustees of
000 Xxxx 00xx Xxxxxx
Suite 3600
New York, New York 10036
Re: Aquila
Tax-Free Fund of Colorado -Investment Advisory Xxx Xxxxxx
Ladies and Gentlemen:
Reference is made to that certain Advisory and Administration Agreement, dated as of October 11, 2013 (the “Agreement”) by and between Aquila
Investment Management LLC (the “Manager”) and Aquila Tax-Free Fund of Colorado (the “Fund”), pursuant to which the Manager has agreed to provide certain investment advisory and administrative services to the Fund.
The parties have agreed that the Manager shall waive certain fees otherwise payable to it under the Agreement as provided herein. Accordingly, the
Manager hereby agrees that for the period from the date hereof until the Termination Date (as defined below), the Manager shall waive that portion of the fee to which it is otherwise entitled under the Agreement so that the Manager’s fees shall
be as follows:
The annual rates payable shall be equivalent to 0.48 of 1% of such net asset value on net assets of the Fund up to $400,000,000; 0.46
of 1% of the Fund’s net assets above that amount to $1,000,000,000 and 0.44 of 1% of the Fund’s net assets above $1,000,000,000.
As used herein:
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“Termination Date” means earliest of (1) the termination of the Agreement, (2) the date as of which the Fund ceases to operate, (3) the date as of
which the Sub-Advisory Fee Waiver (as defined below) is eliminated or removed or (4) September 30, 2022; and
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·
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“Sub-Advisory Fee Waiver” means the waiver of sub-advisory fees payable to Davidson Fixed Income Management, Inc., doing business as Xxxxxxxxxxx
Xxxxxx
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-2-
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Capital Management, the sub-adviser to the Fund (the “Sub-Adviser”), reflected in the 2020 letter agreement between the Manager, the Fund and the
Sub-Adviser.
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The arrangement set forth in this letter may be amended only with the written agreement of the parties hereto.
Please sign below to confirm your agreement with the foregoing.
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AQUILA INVESTMENT MANAGEMENT LLC
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By: /s/ Xxxxx X. Xxxxxxxx
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Xxxxx X. Xxxxxxxx
President and Chief Executive Officer
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Accepted and agreed:
AQUILA TAX-FREE FUND OF COLORADO
By: /s/ Xxxxx Xxxxxx
Name: Xxxxx Xxxxxx
Title: Secretary
XXXXXXXXXXX XXXXXX CAPITAL MANAGEMENT
A Division of Davidson Fixed Income Management
Dated as of April 20, 2021
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Board of Trustees of Aquila Municipal Trust
Aquila Investment Management LLC
000 Xxxx 00xx Xxxxxx
Xxxxx 0000
Xxx Xxxx, Xxx Xxxx 00000
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Aquila Investment Management LLC
000 Xxxx 00xx Xxxxxx
Xxxxx 0000
Xxx Xxxx, Xxx X xxx 00000
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Re: Aquila Tax-Free Fund of
Colorado Sub-Advisory Fee Waiver
Ladies and Gentlemen:
Reference is made to that certain Sub-Advisory Agreement, dated as of October 11, 2013 as amended September 24, 2018
(the “Agreement”) by and between Aquila Investment Management LLC (the “Manager”) and Davidson Fixed Income Management, Inc., doing business as Xxxxxxxxxxx Xxxxxx Capital Management (the “Sub-Adviser”), pursuant to which Sub-Adviser has agreed
to provide certain sub-advisory services with respect to Aquila Tax-Free Fund of Colorado (the “Fund”).
The parties have agreed that the Sub-Adviser shall waive certain fees otherwise
payable to it under the Agreement as provided herein. Accordingly, the Sub-Adviser hereby agrees that until the Termination Date (as defined below), the Sub-Adviser shall waive that portion of the fee to which it is otherwise entitled under the
Agreement so that the Sub-Adviser’s fees shall be as follows:
The annual rates payable shall be equivalent to 0.16 of 1% of such net asset value on net assets of the Fund up to $400,000,000;
0.14 of 1% of the Fund’s net assets above that amount to $1,000,000,000 and 0.12 of 1% of the Fund’s net assets above $1,000,000,000.
As
used herein “Termination Date” means earliest of (1) the termination of the Agreement, (2) the date as of which the Fund ceases to operate, or (3) September 30, 2022.
The
arrangement set forth in this letter may be amended only with the written agreement of the parties hereto.
Please sign below to confirm your agreement with the foregoing.
DAVIDSON FIXED INCOME MANAGEMENT,
INC., doing business as Xxxxxxxxxxx Xxxxxx Capital
Management
By:
/s/ Xxxxxxxxxxx X. Xxxxx
By:_____________________________
Name: Xxxxxxxxxxx X. Xxxxx
Title: Managing Director
Senior Vice President - Portfolio Manager -2-
Accepted and agreed:
AQUILA TAX-FREE FUND OF COLORADO
By: /s/ Xxxxx Xxxxxx
Name: Xxxxx Xxxxxx
Title: Secretary
AQUILA INVESTMENT MANAGEMENT LLC
By: /s/ Xxxxx X. Xxxxxxxx
Xxxxx X. Xxxxxxxx
President and Chief Executive Officer
