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income of the 4M Fund Portfoli and the crediting thereof proportionately to the respective . <br /> accounts of the Participants shall be determined by the Trustees and shall be set forth in the <br /> Information Statement as the same may be amended from time to time or in the applicable <br /> Certificate of Designation._ The duty to make the daily calculations may be delegated by the <br /> Trustees to the Adviser, the Administrator, the Custodian or such other Person as the Trustees <br /> by resolution may designate. Unless the Trustees determine otherwise, fluctuations in value will <br /> be reflected in the number of allocated and outstanding Shares e4loeated to eaeh Paflieipffitt in <br /> each Participant's account. If there is a net loss, the Trustees shall first offset such amount <br /> against income accrued to each Participant. To the extent that such a net loss exceeds such <br /> accrued income, the Trustees shall reduce the aggr-egate number of the 4M Fund's <br /> Portfolio's issued and outstanding Shares in an amount equal to the amountmquir-ed in order. <br /> Slimes by which the net loss exceeds accrued income by having each Participant contribute to <br /> the Portfolio's opital its pro rata portion of the total number of Shares required to be cancelled <br /> in order to permit the net asset value per Share of the Portfolio to be maintained at a constant <br /> dollar value. Each Participant will be deemed to have agreed to such r-eduetien contribution in <br /> such circumstances by its investment in the 4M Fund and the Portfolio and its adoption of this <br /> Declaration of Trust. The purpose of the foregoing procedure is to permit the net asset value <br /> per Share of the 4M Fund Portfolio to be maintained at a constant dollar value per Share. <br /> (b) The Trustees may discontinue or amend the practice of attempting to maintain <br /> the net asset value per Share at a constant dollar amount at any time and such modification shall <br /> be evidenced by appropriate changes in the Information Statement as the same may be amended • <br /> from time to time or in the applicable Certificate of Desi ng ation. <br /> 10.03 Supplementary Distributions to Participants. In addition to withdrawals made at the <br /> request of individual Participants pursuant to Section 6.05 hereof, the Trustees may from time <br /> to time also declare and make to the Participants, in proportion to their respective allocation of <br /> Shares, out of the earnings, profits or assets in the hands of the Trustees, such supplementary <br /> distributions and the determination of earnings, profits, and other funds and assets available for <br /> supplemental distributions and other purposes shall lie wholly in the discretion of the Trustees <br /> and may be made at such time and in such manner as the Trustees may in their sole discretion <br /> from time to time determine. Any or all such supplementary distributions may be made among <br /> the Participants of record at the time of declaring a distribution or among the Participants of <br /> record at such other date as the Trustees shall determine. <br /> 10.04 Retained Reserves. The Trustees may retain from the gross income of the 4M Fund <br /> such amount as they may deem necessary to pay the debts and expenses of the 4M Fund and to <br /> meet other obligations of the 4M Fund, and the Trustees shall also have the power to establish <br /> such reasonable reserves as they believe may be required. <br /> • <br /> 30 <br />