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• <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 Voyageur, each Fund has <br /> agreed to pay Voyageur a fee at an annual rate equal to 0.28% of the Fund's average daily net assets. <br /> This fee is computed daily and paid monthly. Of the amount so received,Voyageur has agreed to pay to <br /> the League of Minnesota Cities for its sponsorship and administrative services an amount equal to 0.06% <br /> of the Fund's average daily net assets. This fee likewise will be calculated daily and paid monthly. The <br /> Sub-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 Fund compensates the Custodian based on the <br /> • following schedule(calculated daily and paid monthly): <br /> Annual Administration Fee: $7,200.00 <br /> Custodian Fee: <br /> The Fund will pay a fee computed at an annual average rate equal to 0.00333%of the Fund's <br /> monthly market value. The market value of the Fund is determined in accordance with Section <br /> 6.02 as of the close of business of the last Minnesota working day of the month. The fee is <br /> computed and paid monthly. <br /> Transaction Charges: <br /> DTC Book Entry Trade Transaction: $10.00 <br /> Fed Book Entry Trade Transaction: $10.00 <br /> Physical Trade Transaction: $25.00 <br /> Trust Account Overdraft Fee: <br /> The Custodian's fees for Trust Account overdrafts shall be the overdraft amount multiplied by <br /> U.S.Bank's fed funds rate divided by 360. The fees shall be calculated at the time of occurrence. <br /> Other Expenses <br /> In addition, each Fund pays all of its other operating and other expenses not expressly assumed <br /> by the Administrator and the Sub-Administrator, including, without limitation, its legal costs, insurance <br /> 4111 <br /> -8- <br />