TAX-FREE TRUST OF OREGON SUB-ADVISORY AGREEMENTSub-Advisory Agreement • January 28th, 2011 • Cascades Trust
THIS AGREEMENT, made as of December 31, 2010 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 DAVIDSON FIXED INCOME MANAGEMENT, INC. doing business as KIRKPATRICK PETTIS CAPITAL MANAGEMENT (the "Sub-Adviser"), Suite 1100, 1600 Broadway, Denver, Colorado 80202.
