20 Gates Management LLC

Aquila Management Corporation, founded in 1984, is the founder of the Aquila Group of Funds that has a combined asset size of more than $4.5 billion. This ranks the company in the upper 30 percent of all mutual fund complexes in the United States. Aquila specializes in fixed-income investments and consists of 11 funds that are diversified among every type of municipal project such as roads, hospitals, schools and airports. For additional local market orientation, the company has several local trustees for each fund. Aquila Management Corporation has its head office in New York City.