Resolution 5170 - Laserfiche WebLink

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The Trustees are responsible for the general investment policy and program of each Fund and for the general supervision and administration of the business and affairs of the Trust. However, the Trustees are not required personally to conduct all of the business of the Trust and. consistent with their ultimate responsibility, the Trustees have appointed the Administrator and Investment Adviser, a Sub- Administrator, the Custodian, and a Technical Advisory Board. . INVESTMENT ADVISER Insight Investment Management ("Insight" or the "Investment Adviser"), a division of IFG Asset Management Services, Inc. ("AMS"), has been appointed by the Trustees as each Fund's investment adviser. In such capacity, Insight provides investment advice to, and supervises the investment program of, each Fund. The agreement pursuant to which Insight serves as each Fund's investment adviser will remain in effect with respect to each Fund until September 30, 1997, and thereafter from year to year if approved annually by the Board of Trustees or by a majority of the applicable Fund's Participants. The agreement may be terminated without penalty on sixty days' written notice at the option of the Fund or the Investment Adviser. A.vtS is a wholly-owned subsidiary of Inter-Regional Financial Group, Inc. ("IFG.') of Minneapolis, Minnesota. The Fund does not engage in the trading of investment instruments with or through IFG or any of its subsidiaries (which also include Dain Bosworth Incorporated and Rauscher Pierce Refsnes, Inc., each a registered full-service broker-dealer). ADt\1INISTRA TOR . The Trustees also have appointed Insight as each Fund's administrator (the "Administrator"). MBIA Municipal Investors Service Corporation. a wholly-owned subsidiary of MBIA Inc. of Armonk. New York. has been appointed by the Administrator to serve as each Fund's Sub-Administrator. The agreements pursuant to which the Administrator and the Sub-Administrator serve each Fund will remain in effect with respect to each Fund until September 30, 1997, and thereafter from year to year if approved annually by the Board of Trustees or by a majority of the applicable Fund's Participants. Each agreement may be terminated without penalty on sixty days written notice at the option of non- terminating party. The Administrator or the Sub-Administrator services all Participant accounts; determines and allocates income of each Fund; provides certain written confirmation of the investment and withdrawal of monies by Participants; determines the net asset value of each Fund on a daily basis; provides administrative personnel and facilities to the Trust and each Fund; bears certain expenses of the Trust and each Fund; and perfonns other related administrative services for the Trust and each Fund. On a quarterly basis. the Administrator provides the Trustees with a detailed evaluation of the perfonnance of each Fund compared against money market mutual funds and various indices of money market securities. CUSTODIAJ.'f First Bank National Association serves as Custodian for each Fund pursuant to a Custodian Agreement with the Trust. The Custodian acts as a safekeeping agent for each Fund's investment portfolio and serves as the depository in connection with the direct investment and withdrawals of each . -7-