1. Corporate credit, pursuant to Illinois law, cannot exceed 10% of the issuing corporation's outstanding obligations. Such obligations must be rated, at the time of purchase, no less than A-1/P-1, by at least two Nationally Recognized Statistical Rating Organizations (NRSROs).
2. Municipal obligations, at the time of purchase, will be rated within the four highest general classifications (without regard to any refinement or gradation of rating category by numerical modifier or otherwise) established by an NRSRO.
3. Mortgage pass-through securities must be issued by an agency of the United States government and must have a liquid market with a readily determinable market value. Securities issued by only the Government National Mortgage Association ("Ginnie Mae"), the Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal National Mortgage Association ("Fannie Mae") are permitted. Privately structured and issued mortgage pass-through securities or collateralized mortgage obligations are not permitted investments.

1. U.S. Treasury, agency and agency mortgage pass-through securities may be used without limitation. Under normal market conditions, such obligations, along with money market mutual funds that are permitted investments under the Investment Act, will constitute at least 50% of the portfolio;
2. At no time may the portfolio own more than 5% of the outstanding amount of any one fixed income issue (other than securities of the U.S. Government or its agencies), or have more than 7% of its total assets invested in the securities (including cash equivalents) of any permissible fixed income issuer (other than the U.S. Government or its agencies) without prior notification and approval of the Trustees.

1. All fixed income securities (other than obligations of the U.S., treasury, agencies, instrumentalities, repurchase agreements, or obligations of any county, township, city, village, incorporated town, municipal corporation, or school district, of the State of Illinois or any other state, or of any political subdivision or agency of the State of Illinois or of any other state) at the time of purchase shall be rated at the highest rating classification established by at least

   2 nationally recognized statistical ratings organizations ("NRSROs) (without regard to any refinement or gradation of rating category by numerical modifier or otherwise). However, issues

   that are reclassified after purchase so that they are no longer at the highest classifications established by at least 2 NRSROs may be sold by the Trustees after the date of the security's reclassification or held to maturity, in either case based on the Trustees' discretion.

2. All interest bearing bonds of any county, township, city, village, incorporated town, municipal corporation, or school district, of the State of Illinois, or any other state, or of any political subdivision or agency of the State of Illinois or of any other state, whether the interest earned thereon is taxable or tax-exempt under federal law at the time of purchase shall be rated within the 4 highest general classifications by an NRSRO (without regard to any refinement or gradation of rating category by numerical modifier or otherwise).

3. Mortgage pass-through securities must be issued by an agency of the U.S. government and must have a liquid market with a readily determinable market value. There are 3 major types of such agency pass-throughs, guaranteed by three organizations: Government National Mortgage Association ("Ginnie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac"), and Federal National Mortgage Association ("Fannie Mae"). Pass-through securities or collateralized mortgage obligations of Fannie Mae are not permitted investments under Illinois law. In addition, privately structured and issued mortgage pass-through securities or collateralized mortgage obligations are not permitted investments.

4. All investments are required to be made in compliance with the Investment Act, including, without limitation, the definition of "agency" contained therein.

Collateralization of Bank Deposits

The obligations of financial institutions with respect to the Convenience Funds' bank deposits which exceed the sum of the Federal Deposit Insurance Corporation's ("FDIC") insurance limitation (the "Overage Amounts") are to be collateralized by such financial institutions in an amount equal to at least 105% of such Overage Amount.

Collateral used by financial institutions for such purposes shall be in a form and amount deemed acceptable by the Trustees, including, but not limited to, government securities, Federal Home Loan Bank letters of credit, guaranteed loan pools, and municipal securities. The financial institution will monitor the collateral on at least a daily basis, and make adjustments as necessary. Because the value of FHLB Letters of Credit does not fluctuate, collateralization by such Letters of Credit will be in an amount of at least 100 % of the value of the bank deposits it supports.

Letters of credit will be received by IMET directly from the Federal Home Loan Bank issuing the letter of credit.

Maturities

The Convenience Series portfolio is restricted to a maximum dollar weighted-average maturity of one year or less.

Individual securities may have remaining maturities of greater than one year, but not greater than five years from the date of purchase by the Convenience Series. No more than 50 percent of the portfolio may be invested beyond 12 months. The remaining life of any agency mortgage pass-through security will be determined based on the weighted-average life of the security.

Performance Standards

The Convenience Fund's investment strategy is designed so that the Convenience Fund will maintain a stable $1.00 per CVF Share price, although there is no guarantee that it will do so. The investment portfolio will be managed in accordance with the parameters specified within its policy. The portfolio shall be designed with the objective of regularly meeting or exceeding the selected performance benchmark of Federal Funds prior to payment of Convenience Fund fees.

Section 15  Characteristics of Fixed Income Securities of the Convenience Fund

Fixed income securities in the Convenience Fund will have the following characteristics:

Section 16  How the Convenience Fund is Managed

Board of Trustees

The Trustees are responsible for the general investment policy and program of the Fund and for the general supervision and administration of the business and affairs of the Fund conducted by the officers, agents, employees, administrators, consultants, distributors, or independent contractors of the Fund. There are currently eight authorized Trustee seats. The Trustees are divided into the following two classes:

Four Class A Trustees will be elected at-large from the eligible Participants. All Class B Trustees will be appointed from one of the following COGs: DuPage Mayors and Managers Conference, Northwest Municipal Conference, South Suburban Mayors and Managers Association, and Will County Governmental League. The appointment of the Trustees from the respective COGs is ratified by the Participants at the Annual Meeting. A Trustee representing one of the COGs will be an official of an Eligible Member that is a Participant with a fund balance in its account and that is a member of the respective COG from which the Trustee is to serve. As a further qualification for office for those Trustees representing one of the four COGs, those officials will present evidence in writing of the granting of an authorization by the respective COG with which such official is affiliated.

At-large Trustees shall be officials from any Eligible Member that are Participants without regard to any COG affiliations, and have had a funded account with the Fund for a minimum of one (1) year as of October 1st of the year of nomination to the Board of Trustees.

The Trustees serve without compensation, but they are reimbursed by the Fund for reasonable travel and other out-of-pocket expenses incurred in connection with their duties as Trustees. The Trustees are not required to devote their entire time to the affairs of the Fund.

Broker-Dealers

Using a rigorous due diligence process, the Board selects broker-dealers to provide portfolio recommendations to and to transact with the Convenience Fund consistent with the Investment Act and the Convenience Fund Investment Policy. The Board of Trustees is responsible for the selection of the investments for the Convenience Fund portfolio.

Administrator

Mutual Funds Service Co. d/b/a Public Funds Administrators, a corporation organized and existing under the laws of the State of Ohio and a wholly-owned subsidiary of Meeder Investment Management, Inc. (the "Administrator") has been appointed as the Administrator of the Core Fund pursuant to an Agreement dated as of February 25, 2020. The Administrator assists in supervising all of the Convenience Fund's operations other than the Convenience Fund's investment operations, the marketing of the Convenience Fund's Shares and those operations that are to be managed by the Custodian of the Convenience Fund's assets. Among other activities, the Administrator services all Participant accounts in the Convenience Fund; allocates income of the Convenience Fund; calculates the stable NAV; provides certain written confirmations of the investment and withdrawal of monies by Participants; provides administrative personnel and office facilities to the Convenience Fund; bears certain expenses for the Convenience Fund in discharging its responsibilities; and performs all related accounting and administrative services for the Convenience Fund.

The Administration Agreement between the Fund and the Administrator continues from year to year after an initial three-year term if so annually approved by the Fund. The Administration Agreement is not assignable without the prior written consent of each party thereto and may be terminated without penalty on 90 days' written notice at the option of the Fund or the Administrator.

The Administrator will also act as the transfer and servicing agent to the Convenience Fund and provide such services as maintaining and servicing Participant account records. The Administrator will maintain portfolio and general accounting records for the Convenience Fund.

Custodian

The Bank deposits will be held by the bank with which the assets are on deposit and collateral for these deposits will be held by a third party either through a tri-party collateral agreement or by a Federal Reserve Bank.

U.S. Bank N.A. has been appointed to serve as Custodian of the Covenience Fund pursuant to a Custodian Agreement dated as of December 13, 2018. The Custodian acts as a safekeeping agent for the Convenience Fund's investment instruments.

Section 17  Fees and Expenses of the Convenience Fund

The total budgeted fees are not expected to exceed 0.10% (10 basis points) of the average daily net assets of the Convenience Fund, although there is no guarantee that the overall expenses of the Convenience Fund will not exceed 10 basis points. Fees of the Convenience Fund are broken down as follows:

Administrator

The Convenience Fund pays fund accounting and transfer agent fees to Mutual Funds Service Co. d/b/a Public Funds Administrators, a corporation organized and existing under the laws of the State of Ohio and a wholly-owned subsidiary of Meeder Investment Management, Inc. for its services. The fees are calculated each day and paid monthly based upon the average daily net combined assets of the Convenience Fund and the Core Fund (see Summary of the Terms of the Core Fund). The fees are paid to the Administrator pursuant to the administration agreement as follows:

• 0.06% (6 basis points) on combined balances of $0 to $500,000,000
• 0.03% (3 basis points) on combined balances over $500,000,000 to $1,000,000,000
• 0.02% (2 basis points) on combined balances exceeding $1,000,000,000

Custodian

The Convenience Fund pays custodial fees to the Custodian for its services. This fee is calculated each day and paid monthly at an annual percentage rate of 0.01% (1 basis point) based upon the average daily net assets held in safekeeping for the Convenience Fund.

Other Expenses - IMET

The Fund also pays a fee to IMET for among other items: the salaries and expenses of the Executive Director and the IMET staff as well as the office expenses, legal services, audit costs, required execution costs, fund insurance and other professional services as required. Currently, the fee IMET charges is 0.05% (5 basis points). The Trustees annually review the other expenses. The Trustees may establish a reserve to pay other expenses.

Section 18  Principal Risk Factors of the Convenience Fund

All investments involve risk and investing in the Convenience Fund is no exception. Set forth below are some of the principal risk factors of the Convenience Fund:

U.S. Government Obligations Risk. U.S. government obligations may be adversely impacted by changes in interest rates. For U.S. government obligations that are not backed by the full faith and credit of the U.S. government, there can be no assurance that the U.S. government will provide financial support when it is not obligated to do so.

Credit Risk. The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Convenience Fund's returns.

Issuer Risk. The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.

Interest Rate Risk. Rising interest rates could cause the value of the Convenience Fund's investments — and therefore its Share price as well — to decline. Conversely, any decline in interest rates may cause the Convenience Fund's yield to decline, and during periods of unusually low interest rates, the Convenience Fund's yield may approach zero.

Lack of Governmental Insurance or Guarantee. An investment in the Convenience Fund is not a bank deposit. An investment in the Convenience Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Market Risk. The market price of securities owned by the Convenience Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.

Regulatory Risk. Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.

Management Risk. The Convenience Fund is subject to management risk, which is the risk that poor security selection could cause the Convenience Fund to underperform relevant benchmarks or other funds with similar investment objectives. There is no guarantee that the Convenience Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.

Concentration Risk. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting banks or financial institutions, may have a significant impact on the Convenience Fund's performance.

Financial Sector Risk. The Convenience Fund's assets will, from time to time, be concentrated in the financial sector, which means that the Convenience Fund will be more affected by the performance of the financial sector, including banks, than a fund that is more diversified. Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector.

Fraud or Misconduct Risk. Although the Convenience Fund invests in high quality instruments permitted under the Investment Act, there can be no assurance that the Convenience Fund will not be the subject of fraud or other misconduct in relation to its investments.

Stable NAV Risk. Although the Convenience Fund seeks to maintain the value of a Participant's investment at $1.00 per CVF Share, the CVF Share price is not guaranteed, and if it falls below $1.00 a Participant may lose money. The Share price could fall below $1.00 as a result of the actions of one or more investors in the Convenience Fund. The default of a single holding could cause the Convenience Fund's Share price to fall below $1.00, as could periods of high redemption pressures and/or illiquid markets. Please see "How to Purchase and Redeem Shares of the Convenience Fund" for more information on the steps the Trustees may take if the Share price falls below $1.00 per share. It is also important to note that neither the principal value of the Convenience Fund nor its yield are guaranteed by the U.S. Government, the State of Illinois, or its affiliates, any municipality of the State of Illinois, any Participant, or IMET.

Temporary Suspension of Redemptions and Postponement of Redemption Proceeds. Under certain circumstances described in "How to Purchase and Redeem Shares of the Convenience Fund," redemptions from the Convenience Fund may be temporarily suspended and redemption proceeds may be temporarily delayed.

Rate Guarantee Risk. To the extent the Convenience Fund offers a rate guarantee, there can be no assurance that the rate will be achieved and that the default of a portfolio investment will not result in the loss of the rate guarantee.

Section 19  Distributions and Tax Issues of the Convenience Fund

Distributions

Total earnings on an investment in the Convenience Fund include two components: income and price appreciation or depreciation. All investment income and realized capital gains on the Convenience Fund are reinvested therein.

Dividends of the Convenience Fund are declared daily and paid monthly. Investments received by 3:00 p.m. (CST) are credited to Participants' accounts on the same day and earn interest up to the day of exchange or redemption.

Tax Issues

The Convenience Fund is not subject to Federal or Illinois income tax on income it realizes, nor are distributions of such income to any investor taxable if the investor is a municipality or political subdivision of the State of Illinois for Federal income tax purposes.

Section 20  How to Purchase and Redeem Shares of the Convenience Fund

How to Purchase Shares

To open an account, participants call IMET at 888-288-IMET (4638) or visit IMET New Account.

Investment purchases can be transacted by

1. telephone at 888-288-IMET (4638)
2. emailing IMETRequests@imetfunds.com, or
3. on-line at www.investIMET.com.

The Convenience Fund seeks to maintain a stable NAV of $1.00 per CVF share.

Valuation of Securities  

For financial statement reporting purposes, portfolio securities are recorded at fair value and nonparticipating interest-earning investment contracts are recorded at cost. In addition, debt securities with a remaining maturity of ninety days or less are recorded at cost. Accounting records by which purchases and redemptions are processed are kept on a cost basis in order to enable the Convenience Fund to maintain a stable $1.00 NAV per CVF share. Management evaluates the portfolio for indicators of impairment, such as credit worthiness of issuer or other factors and makes adjustments as needed. The Trustees may discontinue or amend the practice of attempting to maintain the NAV per CVF Share at a constant dollar amount at any time and such modification shall be evidenced by appropriate changes in this Circular as the same may be amended from time to time or in the Certificate of Designation.

If for any reason the Convenience Fund realizes a loss on securities transactions on any day, the accrued net income for the month may be reduced in the amount that it takes to maintain a NAV of $1.00 per CVF share. To the extent that accrued net income for the month is insufficient, (i) outstanding shares may be cancelled in the amount required to maintain the $1.00 NAV per CVF share, with each investor contributing its pro rata portion of the total number of shares to be canceled or (ii) outstanding shares may be redeemed for a proportionate interest in a liquidating trust established for the benefit of existing Participants. By investing in the Convenience Fund, each investor is deemed to agree to this contribution or redemption.

The Convenience Fund is open to accept purchases and redemptions on each business day except: those holidays which the New York Stock Exchange or its bank affiliates observe (currently New Year's Day, Dr. Martin Luther King, Jr., Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth Day, Independence Day, Labor Day, Columbus Day, Veterans' Day, Thanksgiving Day and Christmas Day).

Automatic Reinvestment of Dividends

Distributions are automatically reinvested in the Convenience Fund.

Reports

A confirmation of each Participant transaction will be sent promptly by email or regular mail indicating the date, amount and type of transaction that was processed. A monthly account statement for each Participant listing all transactions by that Participant for the month and the Convenience Fund's closing net asset value will be sent via email or regular mail after the close of each month, normally within approximately 5 Business Days. Participants also have access to on-line account information through the IMET website.

Participants who wish to receive only monthly statements or require information regarding the current status of any account should call IMET at 888-288-IMET (4638).

An Annual Comprehensive Financial Report of IMET including all funds and accounts of IMET, including the Convenience Fund is provided annually to all Participants in the Convenience Fund.

How to Redeem CVF Shares

Redemptions from the Convenience Fund that are requested by 3:00 p.m. (CST) will be completed on the same day. Redemptions of all or any part of the collected balance in an account may be made as follows:

Participants may redeem any amount of their available balance and have it wired in federal funds to any pre-designated bank account. For protection of the Participants, funds may be wired only to those bank accounts previously designated in the Convenience Fund's files. To designate additional bank accounts, please call IMET at 888-288-IMET (4638), for the necessary instructions. All wire redemption requests received before 3:00 p.m. (CST) will be completed and proceeds will be wired to the Participant's bank the same day. Requests received after 3:00 p.m. will be completed and the proceeds wired to the Participant's bank the following business day.

Participants who wish to bring an account to a zero balance should call IMET at 888-288- IMET (4638) to receive proper instructions.

Note that neither the Convenience Fund nor the Trustees will be responsible for any losses resulting from unauthorized transactions.

As detailed in the Declaration of Trust, the Trustees may suspend the redemption of shares or delay the payment of redemption proceeds during periods of emergency or during any financial emergency situation where disposal of the Convenience Fund's property is not practicable or when it is not reasonably practicable to determine the Convenience Fund's net asset value.

Section 21  Performance and Yield Information of the Convenience Fund

Total Return Calculations

Total returns quoted reflect all aspects of the Convenience Fund’s return, including the effect of reinvestment of interest and/or principal and capital gains distributions, and any change in the Convenience Fund’s net asset value over a stated period. Average annual total returns are calculated by determining the growth or decline in value of a hypothetical historical investment in a fund over a stated period, and then calculating the annually compounded percentage rate that would have produced the same if the rate of growth or decline in value had been constant over the period. While average annual returns are a convenient means of comparing investment alternatives, investors should realize that a fund’s performance is not constant over time, but changes from year to year, and that average annual returns represent average figures as opposed to the actual year-to-year performance of a fund.

Yield

The Convenience Fund rate is benchmarked to the Federal Funds Rate. The Convenience Fund rates are posted on IMET's website each day.

Investment Restrictions and Investment Policy

CVF investments are subject to the restrictions listed below (and as contained in Section 4.2 of the Declaration of Trust). The restrictions apply to both the Core Fund and the Convenience Fund. The restrictions are fundamental policies of IMET, which means that they cannot be changed without the affirmative vote of a majority of IMET investors.

The Convenience Fund:

For the purposes of this section, the phrase “Responsible Person” shall mean a person listed on the U.S. Treasury Department List of Primary Government Securities Dealers or any equivalent successor to such list or a bank organized and existing under the laws of the U.S. of America or any state thereof having assets in excess of $500,000,000.

Section 22  Authority and Organization of IMET

The authority for the creation and continued existence of IMET comes from the Illinois Municipal Code, the Intergovernmental Cooperation Act of the State of Illinois which provides, inter alia, that each official custodian of municipal funds, in addition to municipal treasurers, may jointly invest, with other official custodians of municipal funds, the funds of the respective municipality, intergovernmental risk management entity, self-insurance pool, waste management agency, or other intergovernmental entity composed solely of participating municipalities in accordance with the laws of the State of Illinois, and the Local Government Debt Reform Act which provides that a governing body may authorize and upon such authorization the treasurer of any governmental unit may join with the treasurers of other governmental units for the purpose of jointly investing the funds of which the treasurer has custody.

IMET was established on September 14, 1995 by the adoption of a Declaration of Trust (the "Original Declaration") by seven Illinois Municipal treasurers, as the initial Participants, and seven officials of Illinois municipalities, as the initial Trustees. The Original Declaration was amended and restated by adoption of that certain Fourth Amended and Restated Declaration of Trust dated April 22, 2022, as subsequently amended and attached hereto as Exhibit A (the Original Declaration, as amended by the Amended and Restated Declaration of Trust and subsequent amendments, herein referred to as the "Declaration of Trust"). The Declaration of Trust allows Participants to open accounts and become Participants as described in this Circular.

IMET is governed by Trustees consisting of eight members, selected and with the characteristics described in the Declaration of Trust. The Trustees have full, exclusive and absolute control and authority over the business and affairs of the Fund and the Fund's assets, subject to the rights of the Participants as provided in the DECLARATION OF TRUST.

Each potential Participant is given a copy of the Declaration of Trust before becoming a Participant. Certain portions of the Declaration of Trust are summarized in this Circular. These summaries are qualified in their entirety by reference to the text of the Declaration of Trust which is attached as Exhibit A of this Circular.

Description of Shares

The Declaration of Trust provides that the beneficial interests of the Participants in the assets of the IMET funds and the earnings thereon are, for convenience of reference, divided into shares and to measure the proportionate allocation of beneficial interest among the Participants. The Declaration of Trust authorizes an unlimited number of shares. The shares have no conversion, exchange, or preemptive rights.

The Trustees may authorize the division of the IMET Shares into two or more series, each series relating to a separate portfolio of investments. Each Share of a series represents an equal proportionate interest in the assets, liabilities, income and expenses of the portfolio relating to such series with each other Share of such series. In case of liquidation, subject to the rights of creditors, the Participants of each series being liquidated will be entitled to receive as a series a distribution out of the net assets belonging only to that series. Expenses attributable to any specific series will be borne by that series. Any general expenses of the Fund not readily identifiable as belonging to a particular series are allocated by or under the direction of the Trustees in such manner as the Trustees deem to be fair and equitable. The net asset value of the shares of any series will be computed based only upon the net assets of such series.

Each Participant shall be entitled to one vote as a matter of right with respect to the following matters: (i) amendment of the Declaration of Trust or termination of IMET as provided in Section 4.3 and Section 13.1 thereof; (ii) reorganization of IMET as provided in Section 13.2 thereof; and (iii) election of Trustees as provided in Section 9.3 thereof. The Participant shall have a fund balance in its account 45 days prior to its taking any vote or for any other purpose at any meeting including being considered as a member for the purpose of determining a quorum at the annual meeting. Participants shall not be entitled to vote on a series by series basis, except
(a) when required by the Investment Company Act of 1940, as amended, shares shall be voted by individual series and not in the aggregate; and (b) when the Trustees have determined that the matter affects only the interest of one or more series, then only Participants of such series shall be entitled to vote thereon.

No shares may be transferred to any person other than by IMET itself at the time of withdrawal of monies by a Participant.

Participant Liability

The Declaration of Trust provides that Participants shall not be subject to any individual liability in connection with IMET property or the affairs of IMET and provides that every written instrument creating an obligation of IMET (other than instruments or agreements pertaining to the IMET's investment on behalf of the Core Fund by the Investment Adviser) shall contain a recital to the effect that the obligations thereunder are not binding upon any of the Participants individually. Counsel to IMET is of the opinion that no individual liability will attach to the Participants under any obligation containing such a provision under the laws of the State of Illinois. With respect to contract claims where the provision referred to above is omitted from the undertaking, a Participant may be held individually liable to the extent that claims are not satisfied by IMET. However, upon the payment of any such liability, the Participant will be entitled to reimbursement from the general assets of IMET. The Trustees intend to conduct the operations of IMET, with advice of counsel, in such a way as to avoid ultimate liability of the Participant for liabilities of the IMET.

Responsibility of Trustees, Officers, Employees and Agents

No Trustee, officer, employee or agent of IMET designated by the Trustees of IMET is individually liable to IMET, a Participant, an officer, an employee, or an agent of IMET for any action or failure to act unless it is taken or omitted in bad faith or constitutes willful misfeasance, reckless disregard of duty, or negligence. All third parties shall look solely to IMET property for the satisfaction of claims arising to connection with the affairs of IMET. IMET will indemnify each Trustee, officer, employee, or agent of IMET designated by the Trustees to receive such indemnification, to the extent permitted by law, against all claims and liabilities to which they may become subject by reason of serving in such capacities for IMET, except in certain circumstances set forth in the Declaration of Trust.

Termination of the Declaration of Trust

IMET may be terminated by the affirmative vote of a majority of the Participants entitled to vote by an instrument in writing, signed by a majority of the Trustees and consented to by a majority of the Participants entitled to vote. Upon the termination of IMET and after paying or adequately providing for the payment of all IMET liabilities, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining IMET property, cash or in kind, or partly in kind, among the Participants according to their respective proportionate beneficial interests.

Amendments of the Declaration of Trust

The Declaration of Trust may be amended by the affirmative vote of a majority of the Trustees entitled to vote to the extent they deem necessary to conform the Declaration of Trust to the requirements of applicable laws or regulations, or any interpretation thereof by a court or other governmental agency, or as the Trustees may deem appropriate but the Trustees shall not be liable for failing to do so.

The name "Illinois Metropolitan Investment Fund" is the designation of IMET under the Declaration of Trust. The Declaration of Trust is recorded and filed in the Office of the Recorder of Sangamon County, Illinois, and provides that the name of IMET refers to the Trustees collectively in such capacity and not personally or as individuals. All persons dealing with IMET must look solely to IMET property for the enforcement of any claims against IMET as neither the Trustees, officers, employees, agents, nor Participants assume any personal liability for obligations entered into on behalf of IMET.

Section 23  Additional Services

Arbitrage rebate calculation services are available through IMET to all Participants with bond funds invested with IMET. The rebate calculation services are provided by a highly respected third party – Ice Miller.

Cash flow forecast modeling is made available to participants on a no-cost basis though a model created by MuniCast.

IMET offers a powerful software solution to implement GASB 87 and GASB 96 at attractive pricing (for IMET participants) through DebtBook.

IMET offers an Investing Encyclopedia.

Section 24 IMET Service Providers

ADMINISTRATOR
Mutual Fund Services Co. d/b/a Public Funds Administrators
6125 Memorial Drive
Dublin, Ohio 43017

ADSVISER - Core Fund
Meeder Public Funds
6125 Memorial Drive
Dublin, Ohio 43017

ARBITRAGE CALCULATION SERVICES
Ice Miller
One American Square
Suite 2900
Indianapolis, Indiana 46282

CUSTODIAN
U.S. Bank N.A.
190 S. LaSalle
Chicago, IL 60603

INDEPENDENT AUDITOR
Cohen & Company
1350 Euclid Ave., Suite 800
Cleveland, OH 44115

LEGAL COUNSEL
Vedder Price P.C.
222 North LaSalle Street
Chicago, IL 60601-1003

Exhibit A - Declaration of Trust Fourth Amended and Restated Declaration of Trust) dated April 22, 2022

Exhibit B – Investment Policy of IMET Core Fund / Series, December 8, 2022, reviewed December 8, 2023

Exhibit C – Investment Policy of IMET Convenience Fund Series, November 25, 2020, reviewed December 8, 2023

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