Ehlers Investment Partners LLC

ITEM 5: FEES & COMPENSATION

Asset Management Services

For its asset management services, EIP invoices and receives Advisory Fees monthly, in arrears, at
the following annual rates (subject to negotiation, as provided below), applied to the average daily
assets under management, calculated on the market value of said assets, payable monthly.

                   Form ADV Part 2A
                   August 29, 2024

Annual Advisory Fee Rate

                                                         Annual Advisory Fee Rate
                      Less than or equal to $24,999,999.99                 0.50%
                     Next $25,000,000 up to $49,999,999.99                 0.40%
                     Next $50,000,000 up to $99,999,999.99                 0.30%
                         Next $100,000,000 and greater                     0.20%

The Advisory Agreement for asset management services will describe the fees and other terms of
the Client’s relationship with EIP. EIP reserves the right, in its sole discretion, to negotiate all fees,
terms and conditions of the Client’s Advisory Agreement and relationship with EIP. There is no
assurance that fees or terms of our agreements with other Clients reflect the rates shown in the
schedule above or will be the same as charged to Client or other Clients. EIP has and will provide
discounts, fee reductions, and other terms to some Clients that are not offered to all Clients.

Bidding Agent Services

EIP’s fees for bidding agent services are based on the size of the escrow portfolio, are subject to
the cap for qualified administrative costs under IRS regulations and are subject to cost-of-living
adjustments, as announced by the IRS from time to time. As of August 2018, the maximum bidding
agent fee was the lesser of (a) $39,000, or (b) 0.20 percent of the “computational base.”
Computational base for this purpose means the amount of proceeds initially invested in those
investments that make up the aggregate value of the investment portfolio that is successfully
purchased from a qualified bidder and delivered to the relevant escrow account. Such fees shall be
paid at bond sale closing from the bond sale proceeds on the Client’s behalf directly to EIP.

Consulting

EIP charges a flat fee or hourly fee, typically $300 per hour for consulting services. Fees are
payable when invoiced.

Payment of Fees

Fees for asset management or consulting services (but not Investment Agent Service) will be
invoiced to the Client and are due and payable on a monthly basis, according to the Advisory
Agreement executed by the Client. Unless Client instructs EIP in writing on the Schedule of Fees to
the Advisory Agreement for asset management or consulting services that all fee payments will be
made by Client directly to EIP, all Fee payments will be made by deduction from the custodian
account immediately upon presentation of EIP’s Advisory Fee invoice to the custodian. Custodian
is authorized and directed to deduct the Advisory Fees directly from the custodian’s account and
pay the Advisory Fees to EIP when due, according EIP’s instruction, without prior notice to or
further consent form Client.

                    Form ADV Part 2A
                    August 29, 2024

Trading & Other Costs

Clients may incur additional fees and expenses from brokerage-based activities; Clients should be
aware that all custodial and execution fees remain separate and distinct from those fees charged
by EIP for its asset management services. For more information on EIP’s Brokerage Practices,
please refer to Item 12 of this Brochure.

When investing in mutual funds or unit investment trusts (“UITs”), many of the investments EIP
expects to select will be “load-waived” investments; however, it is likely that some investments will
carry sales charges or other transaction-related expenses that Clients will incur in connection with
the purchase, sale, redemption, or exchange of the mutual funds or UITs. With respect to
exchange-traded funds (ETFs), these are always purchased and sold on an exchange (like a stock);
Clients should expect to incur typical brokerage commissions in connection with the purchase or
sale of ETF shares.

Transactions involving mutual funds or UITs and brokerage transactions involving ETFs will
generally be affected through the broker-dealer for the Client’s custodial account, according to the
terms of the Client’s custodial agreement, as described in Item 12.

Allocation of Limited Investment Opportunities

Generally, investment decisions with respect to Client accounts are made as and when (or in
anticipation of when) the account will have cash/cash equivalent available for investment and
based on client direction. This process reduces the potential for conflict between two or more
Clients interested and able to purchase the same investment at the same time.

Where two or more Clients have cash/cash equivalent available for investment and are interested
in a limited investment opportunity, EIP must decide based on client direction which Clients will be
able to participate, and the extent of such participation. In such situations, EIP will:

     determine whether EIP became aware of or was introduced to such opportunity by or on
      behalf of a specific Client; if so, then such opportunity will be offered first to such Client (if
      qualified to invest, with sufficient cash/cash equivalent available for investment, and such
      opportunity would be suitable, according to the terms of the Client's investment policy
      statement); but if not, then,
     after reviewing the Clients with sufficient cash/cash equivalent available for investment and
      for which the opportunity would be suitable, according to the terms of their investment
      policy statements; and,
     considering the factors it deems relevant, as described below, and any prior history of
      equitable allocations involving such Clients, EIP will allocate such opportunity as it
...

ITEM 7: TYPES OF CLIENTS

EIP provides investment advisory, cash forecasting, treasury management consulting and
investment administration services to local government entities, charitable organizations,
corporations, and business entities.

In addition, EIP provides investment advisory services to Holding Company. Conflicts may arise
related to the management of affiliated accounts. Refer to Items 8 and 11 for more information
regarding our management of these conflicts.

EIP does not impose a minimum dollar value of assets for starting or maintaining an account.

ITEM 8: ANALYSIS METHODS, INVESTMENT STRATEGIES & RISK OF LOSS

EIP primarily recommends fixed income or other investments, as permitted by state statutes
governing investments by local governmental entities. In those limited situations where state
statutes permit EIP to invest according to the governmental entity’s written investment policies
and procedures without regard to the usual statutory limitations, EIP’s recommendations will be
consistent with the governmental entity’s written investment policies and procedures; and to the
extent permitted, EIP’s recommendations may include, for example, shares of “index funds” which
may be open-end management investment companies (mutual funds) or unit investment trusts
(“UITs”) whose primary investment objective is to achieve approximately the same return as a
particular market index; or shares of exchange-traded funds (“ETFs”).