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among their number or otherwise, or may authorize the Chairman to appoint a Treasurer and <br /> • a Secretary, one or more Assistant Secretaries and Assistant Treasurers and such other officers <br /> or agents, who shall have such powers, duties and responsibilities as the Trustees may deem to <br /> be advisable and appropriate. Two or more offices, except those of Chairman, Vice Chairman, <br /> Treasurer and Secretary, may be held by the same person. The Treasurer and the Secretary, <br /> if not themselves Trustees, shall attend meetings of the Trustees but shall have no voting power <br /> thereat. <br /> 9.04 Committees. The Trustees may elect from time to time from their own number <br /> committees consisting of one or more persons, the number composing such committees and the <br /> powers conferred upon the same to be determined by vote of the Trustees. <br /> 9.05 Rogrts. The Trustees shall cause to be prepared at least annually (i) a report of <br /> operations containing a statement of assets and liabilities and statements of operations and of <br /> changes in net assets of the 4M Fund prepared in conformity with generally accepted accounting <br /> principles and (ii) an opinion of an independent certified public accountant on such financial <br /> statements based on an examination of the books and records of the 4M fund made in accordance <br /> with generally accepted auditing standards. A signed copy of such report and opinion shall be <br /> 3: filed with the Trustees within ninety (90) days after the close of the period covered thereby. <br /> Copies of such reports shall be mailed to all Participants of record within a reasonable period <br /> preceding the annual election of Trustees. The Trustees shall, in addition, furnish to the <br /> participants, at least quarterly, an interim report containing an unaudited balance sheet of the 4M <br /> Fund as at the end of such quarterly period and statements of operations and changes in net <br /> • assets for the period from the beginning of the then current fiscal year to the end of such <br /> quarterly period. <br /> ARTICLE X <br /> Determination of Net Asset Value and Net Income: Distributions to Participants <br /> 10.01 Net Asset Value. The net asset value of each allocated Share of the 4M Fund shall <br /> be determined once on each business day at such time as the Trustees by resolution may <br /> determine. The method of determining net asset value shall be established by the Trustees and <br /> shall be set forth in the Information Statement as the same may be amended from time to time. <br /> The duty to make the daily calculations may be delegated by the Trustees to the Adviser, the <br /> Administrator, the Custodian or such other Person as the Trustees by resolution may designate. <br /> 10.02 Constant Net Asset Value: Reduction of i}leeated OutstandingSh�are_s. <br /> (a) In furtherance and not in limitation of the provisions of Section 10.01 hereof. <br /> the Trustees may designate that one or more Portfolios shall be governed by the provisions of <br /> this Section 10.02 The Trustees shall have full and complete power to determine the net income <br /> (including unrealized gains and losses on the portfolio assets) of the 4M Fun Portfolio once on <br /> each business day and, upon each such determination such <br /> is net income shall be credited proportionately to the accounts of the Participants in such a manner <br /> and with the result that the net asset value per Share of the 4M Fund Portfolio shall remain at <br /> a constant dollar value. The aeegeg_neral method used for the determination of the net <br /> 29 <br />