0000784056-14-000012 Sample Contracts

AQUILA CHURCHILL TAX-FREE FUND OF KENTUCKY ADVISORY AND ADMINISTRATION AGREEMENT
Advisory and Administration Agreement • May 29th, 2014 • Aquila Municipal Trust

THIS AGREEMENT, made as of October 11, 2013 by and between AQUILA MUNICIPAL TRUST (the “Trust”), a Massachusetts business trust, on behalf of its series AQUILA CHURCHILL TAX-FREE FUND OF KENTUCKY (the "Fund"), 380 Madison Avenue, Suite 2300, New York, New York 10017 and AQUILA INVESTMENT MANAGEMENT LLC (the "Manager"), a Delaware limited liability company, 380 Madison Avenue, Suite 2300, New York, New York 10017.

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AQUILA NARRAGANSETT TAX-FREE INCOME FUND SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • May 29th, 2014 • Aquila Municipal Trust

THIS AGREEMENT, made as of October __, 2013 by and between AQUILA INVESTMENT MANAGEMENT LLC, a Delaware limited liability company (the "Manager"), 380 Madison Avenue, Suite 2300, New York, New York 10017 and CITIZENS INVESTMENT ADVISORS, (the "Sub-Adviser"), a department of RBS Citizens, N.A., One Citizens Plaza, Providence, Rhode Island 02903-1339.

Agreement And Plan Of Reorganization
Reorganization Agreement • May 29th, 2014 • Aquila Municipal Trust • Massachusetts

This Agreement And Plan Of Reorganization (the “Agreement”) is made as of the 11th day of October, 2013, by and between Aquila Municipal Trust, a Massachusetts business trust (the “Successor Trust”), on behalf of its series Aquila Tax-Free Fund of Colorado (the “Successor Fund”), with its principal place of business at 380 Madison Avenue, Suite 2300, New York, New York 10017, and Tax-Free Fund of Colorado, a Massachusetts business trust (the “Current Trust”), on behalf of its sole series Tax-Free Fund of Colorado (the “Current Fund”), with its principal place of business at 380 Madison Avenue, Suite 2300, New York, New York 10017. The Successor Fund and the Current Fund are sometimes referred to collectively herein as the “Funds” and individually as a “Fund.”

Agreement And Plan Of Reorganization
Agreement and Plan of Reorganization • May 29th, 2014 • Aquila Municipal Trust • Massachusetts

This Agreement And Plan Of Reorganization (the “Agreement”) is made as of the 11th day of October, 2013, by and between Aquila Municipal Trust, a Massachusetts business trust (the “Successor Trust”), on behalf of its series Aquila Churchill Tax-Free Fund of Kentucky (the “Successor Fund”), with its principal place of business at 380 Madison Avenue, Suite 2300, New York, New York 10017, and Churchill Tax-Free Trust, a Massachusetts business trust (the “Current Trust”), on behalf of its sole series Churchill Tax-Free Fund of Kentucky (the “Current Fund”), with its principal place of business at 380 Madison Avenue, Suite 2300, New York, New York 10017. The Successor Fund and the Current Fund are sometimes referred to collectively herein as the “Funds” and individually as a “Fund.”

AQUILA TAX-FREE FUND OF COLORADO SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • May 29th, 2014 • Aquila Municipal Trust

THIS AGREEMENT, made as of October __, 2013 by and between AQUILA INVESTMENT MANAGEMENT LLC (the "Manager"), 380 Madison Avenue, Suite 2300, New York, New York 10017, and DAVIDSON FIXED INCOME MANAGEMENT, INC. doing business as KIRKPATRICK PETTIS CAPITAL MANAGEMENT (the "Sub-Adviser"), 1600 Broadway, Denver, Colorado 80202.

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