06-20-07 FPAC Minutes - Laserfiche WebLink

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INVESTMENT ADVISOR • Voyageur Asset Management("Voyageur"or the"Investment Advisor"),a division of RBC Damn Rauscher("RBC Damn"),has been appointed by the Trustees as each Fund's investment Advisor. In such capacity, Voyageur provides investment advice to, and supervises the investment program of, each Fund. The agreement pursuant to which Voyageur serves as each Fund's investment Advisor 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 Advisor. The Fund does not engage in the trading of investment instruments with or through RBC Dain Rauscher,a registered full-service broker-dealer. ADMINISTRATOR The Trustees also have appointed Voyageur as each Fund's administrator (the "Administrator"). PMA Financial Network,Inc. of Warrenville,Illinois 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 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 performs 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 performance of each Fund compared against money market mutual funds and various indices of money market securities. CUSTODIAN US Bank 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 Fund. The Custodian does not participate in either Fund's investment decision-making process. Each Fund may invest in obligations of the Custodian,and the Custodian may buy and sell Permitted Investments from and to each Fund. TECHNICAL ADVISORY BOARD The Trustees have appointed a Technical Advisory Board to assist and advise the Board of Trustees in developing policies and overseeing and reviewing the activities of the Trust and each Fund. The Technical Advisory Board consists of individuals skilled in the area of municipal finance and investments. LEGAL COUNSEL -7-