Agenda Packets - 1997/10/06 - Laserfiche WebLink

Home Browse Search

portfolio maturity of more than ninety days, available cash will be invested in such a manner as to reduce such average portfolio maturity to ninety days or less as soon as reasonably practicable. • PORTFOLIO TRANSACTIONS Subject to the general supervision of the Board of Trustees, the Investment Adviser is responsible for the investment decisions and the placing of the orders for portfolio transactions for each Fund. Each Fund's portfolio transactions occur primarily with major dealers in money market instruments acting as principals. Such transactions are normally on a net basis which do not involve payment of brokerage commissions. Transactions with dealers normally reflect the spread between bid and asked prices. The Investment Adviser places order for all purchases and sales of portfolio securities. Although neither Fund ordinarily seeks profits from short-term trading, the Investment Adviser may, on behalf of a Fund, dispose of any portfolio investment prior to its maturity if it believes such disposition is advisable. The Investment Adviser seeks to obtain the best net price and most favorable execution of orders for the purchase and sale of portfolio securities. Where price and execution offered by more than one dealer are comparable, the Investment Adviser may, in its discretion, purchase and sell investments through dealers which provide research, statistical and other information to the Investment Adviser or to the Trust. Such supplemental information received from a dealer is in addition to the services required to be performed by the Investment Adviser under its agreement with each Fund, and the expenses of the Investment Adviser will not necessarily be reduced as a result of the receipt of such information. Fund investments will not be purchased from or sold to the Investment Adviser or the Administrator or any • affiliate of the Investment Adviser or the Administrator. REPORTS TO PARTICIPANTS Participants in each Fund receive transaction advise subsequent to all investments and wire withdrawals that they make. Each Participant receives annual reports providing financial information regarding each applicable Fund (including a statement of net income) as well as a monthly statement of the Participant's account. The annual report includes audited financial statements of the Funds. Each Fund's fiscal year ends on December 31 of each year. Potential Participants are advised to review the financial reports of the Funds that are made available to them. The Trust answers inquiries at any time during business hours (8:00 a.m. through 4:00 p.m., Minneapolis time) from a Participant concerning the status of its account (number of shares, etc.) and the current yield available through the Fund's investment program. Such inquiries can be made by telephoning(800) 373-1525. TAXES In the opinion of Counsel to the Trust, neither Fund is subject to federal or Minnesota income tax upon the income realized by it, and the Participants are not subject to tax upon distributions to them of such income. Counsel to the Trust is further of the opinion that the Participants are not subject to taxation as a result of their investment of municipal monies in either Fund. S -11-