Investments made on behalf of the Participants are subject to the overall direction of the program’s Board of Trustees which consists of up to 13 Trustees serving on behalf of the Participants for staggered terms. The Board of Trustees approves the program’s investment parameters which must fall within the investment stipulations mandated under Michigan statute for the investment of surplus funds of the Participants. The Board of Trustees has entered into an investment advisory agreement with Public Trust Advisors, LLC, whose responsibilities include all program investment and administrative activities and services provided on behalf of the Participants.