0000707800-10-000011 Sample Contracts

AQUILA THREE PEAKS HIGH INCOME FUND ADVISORY AND ADMINISTRATION AGREEMENT
Advisory and Administration Agreement • April 30th, 2010 • Aquila Three Peaks High Income Fund

THIS AGREEMENT, made as of November 10, 2009 by and between AQUILA THREE PEAKS HIGH INCOME FUND (the "Fund"), a Massachusetts business trust, 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 THREE PEAKS HIGH INCOME FUND SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • April 30th, 2010 • Aquila Three Peaks High Income Fund

THIS AGREEMENT, made as of November 10, 2009 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 THREE PEAKS CAPITAL MANAGEMENT, LLC (the "Sub-Adviser"), a Colorado limited liability company, 3750 Dacoro Lane, Suite 100, Castle Rock, CO 80109.

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