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<br />Fund. The Custodian does not participate in either Fund's investment decision-making process. Each <br />Fund may invest in obligations of the Custodian, and the Custodian may buy and sell Permitted <br />.vestments from and to each Fund. <br /> <br />TECHNICAL ADVISORY BOARD <br /> <br />The Trustees have appointed a Technical Advisory Board to assist and advise the Board of <br />Trustees in developing policies and overseeing and reviewing the activities of the Trust and each Fund. <br />The Technical Advisory Board consists of individuals skilled in the area of municipal finance and <br />investments. <br /> <br />LEGAL COUNSEL <br /> <br />Legal counsel of the League of Minnesota Cities serves as General Counsel to the Trust pursuant <br />to the direction of the Board of Trustees. <br /> <br />EXPENSES <br /> <br />Administrative and Investment Advisory Expenses <br /> <br />Under its Administrative and Investment Advisory Agreement with Insight, each Fund has agreed <br />to pay Insight a fee at an annual rate equal to 0.26% of the Fund's average daily net assets. This fee is <br />.mputed daily and paid monthly. Of the amount so received, Insight has agreed to pay to the League of <br />innesota Cities for its sponsorship and administrative services an amount equal to 0.04% of the Fund's <br />average daily net assets. This fee likewise will be calculated daily and paid monthly. The Sub- <br />Administrator is compensated by the Administrator. <br /> <br />The Administrator or the Sub-Administrator is responsible for administrative costs of serving as <br />Administrator or Sub-Administrator (as applicable) of the Fund, such as postage, telephone charges and <br />computer time. Additionally, the Administrator is responsible for paying all costs associated with <br />marketing the Fund. <br /> <br />Custodial Expenses <br /> <br />Under its agreement with the Custodian, the Liquid Asset Fund compensates the Custodian based <br />on the following schedule (calculated daily and paid monthly): <br /> <br />A vera~e Dailv Net Assets <br /> <br />Annual Fee <br /> <br />First $50 million <br />Next $50 million <br />Over $ I 00 million <br /> <br />.15% <br />.12% <br />.10% <br /> <br />In addition. the Liquid Asset Fund pays the Custodian a flat fee of $300 per month for the <br />tiovision of various cash management services. For its fees, in addition to its role as custodian of the <br />'quid Asset Fund's assets, the Custodian provides check-writing, lock-box and cenain other services to <br />quid Asset Fund Participants. <br /> <br />-8- <br />