Agenda Packets - 1997/10/06 - Laserfiche WebLink

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Under its agreement with the Custodian, the PLUS Fund compensates the Custodian in the annual amount of.03% of the Fund's average daily net assets (calculated daily and paid monthly). The Custodian only provides custodial services for the PLUS Fund and its Participants. Other Expenses In addition, each Fund pays all of its other operating and other expenses not expressly assumed by the Administrator and the Sub-Administrator, including, without limitation, its legal costs, insurance costs and the cost of promotional material including Information Statements, Application Forms, brochures and meeting materials for Participants. DAILY INCOME ALLOCATIONS Each Fund's net income is determined as of the close of business on each Minnesota banking day (and at such other times as the Trustees may determine) and is credited immediately thereafter pro rata to each Participant's account. Such accrued income is reinvested in additional Fund shares at their net asset value (generally, $1.00 per share). Although daily income accruals are not automatically transmitted in cash,Participants may obtain cash by withdrawing shares at their net asset value without charge. Each Fund's net income for each income period consists of (1) all accrued interest income on Fund assets, (2) plus or minus all realized gains or losses on Fund assets and any amortized purchase discount or premium, and(3) less the Fund's accrued expenses applicable to that income period. •Each Fund expects to have net income each day. If for any reason there is a net loss on any day, the applicable Fund will reduce the number of its outstanding shares by having each Participant contribute its pro rata portion of the total number of shares required to be canceled in order to maintain the net asset value per share at a constant value of$1.00. Each Participant will be deemed to have agreed to such a contribution in these circumstances by its adoption of the Declaration of Trust and its investment of monies into the Fund. COMPUTATION OF YIELD The "daily rate" and "annual yield" of each Fund may, from time to time, be quoted in reports, literature and information published by the Trust. The daily rate of each Fund is computed by taking daily investment income, plus or minus any purchased discount or premium less all accrued expenses, including realized capital gains or losses, and dividing by the total shares in the Fund, multiplied by 365. Each Fund will also report an "annual yield" calculated by compounding the daily rate as follows: by adding 1 to the daily rate, raising the sum to the power of 365, and subtracting 1 from the result. Each Fund may also quote a 7-day average yield and a 30-day average yield which is an average of the preceding 7-and 30-day daily annual yields, respectively. Each Fund's yield may vary over time, and, therefore, the yields quoted from time to time should not be considered an indication of future investment results. Actual yields will depend not only on the type, quality, and maturities of the investments held by each Fund and changes in interest rates on such investments, but also on changes in the Fund's expenses during the period. i -9-