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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 /> Investments from and to each Fund. <br /> TECHNICAL ADVISORY BOARD <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 /> LEGAL COUNSEL <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 /> EXPENSES <br /> Administrative and Investment Advisory Expenses <br /> Under its Administrative and Investment Advisory Agreement with Insight, each Fund has agreed <br /> ilto pay Insight a fee at an annual rate equal to 0.26% of the Fund's average daily net assets. This fee is <br /> l computed daily and paid monthly. Of the amount so received, Insight has agreed to pay to the League of <br /> Minnesota 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 /> 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 /> Custodial Expenses <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 /> Average Daily Net Assets Annual Fee <br /> First$50 million .15% <br /> Next$50 million .12% <br /> Over$100 million .10% <br /> In addition, the Liquid Asset Fund pays the Custodian a flat fee of $300 per month for the <br /> "'provision of various cash management services. For its fees, in addition to its role as custodian of the <br /> Liquid Asset Fund's assets, the Custodian provides check-writing, lock-box and certain other services to <br /> Liquid Asset Fund Participants. <br /> -8- <br />