0000811239-10-000016 Sample Contracts

TAX-FREE FUND OF COLORADO ADVISORY AND ADMINISTRATION AGREEMENT
Advisory and Administration Agreement • April 30th, 2010 • Tax-Free Fund of Colorado
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TAX-FREE FUND OF COLORADO SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • April 30th, 2010 • Tax-Free Fund of Colorado

THIS AGREEMENT, made as of November 10, 2009 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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