1988.02.16 RESO 1988-0012 - Laserfiche WebLink

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lnarterly, an interim report eontaiming an unaudited balance sheet of the 4M Fund ss at the end of web quarterly period and statements of operations and changes in net assets for the period from the beginning of the then current fiscal year to the end of such quarterly period. ARTICLE X Determination of Net Asset Value and Net Income; Distributions to Ptrticinsnte 10.1 Net Asset Value. The net out value of each allocated She of the 4M Fund shall be determined once on each business day at such time as the Trustees by resolution may determine. The method of determining net asset value shall be established by the Trustees and shall be set forth in the Information Statement U the use may be amended from time to time. The duty to make the daily calculations may be delegated by the Trustees to the Adviser, the Admiaistrstor, the Custodian or such otter Person ss the Trustees by resolution may designate. (a) The Trustees shall bave full and complete power to determine the so income (including Unrealized gains and 108:es on die portfolio susets) of the 4M Fund once on each business day as provided in Section 10.1 bersof and, upon each sucb determination such tet income shall be credited proportionately to the accounts of the Participants in such a mrwmmerand with the result, that the met asset value per Share of the 4M Fund shall remain at a constant dollar value. The accounting method Used for the determination of the net income of the 4M Fund and the crediting thereof proportionately to the respective accounts of the Participants shall be determined by the Trustees and shall be set forth in the Information Statement as the same may be amended from time to time. The duty to nuke the daily calculations may be delegated by the Trustees to the Adviser, the Administrator, the Custodian or such other Person as the Trustees by resolution may designate. Fluctuations in value will be reflected in the member of Shares allocated to each Participant. If there is a net loss, the Trustees shall first offset soeb amount against income accrued to sub Participant. To the extent that such a net loss exeseds snob aocrued iseome, the Trustees shad reduce the aggregate number of the 4M Fund's allocated Shares in an aesount equal to the amount required in order tD permit the net asset value per Share of the 4M Fond to be amatntained at a constant dollar value by having each Pa:ticip i at contribute to the 4M Fund its Rim M portion of such number of Shares. Each participant will be deemed to have agreed to such reduction in sub dreunmstaooes by its investment Ja the 4MFund and its adoption of this Declaration of Trust.The purpose of the foregoing procedure is to permit die net asset value per Share of the 4M Fund w be maiataiaed at a constant dollen value per Share. (b) The Trustees may discontinue or amend the p etice of attempting to maintain the net asset value per Share at a constant dollar amount at any time and snob modif"ration shall be evidenced by appropriate changes in the Information Statement as the same may be amended from time to time. 10.3 SunelementM Distributions to brtic OM. Io addition to T*bdmwab mile at the inquest of individual Participant: pursuant to Section 6.5 bereof, the Trustees may from time to time also declare and make to the Pr:ticipants, in proportion to their respective sacation of Shares, out of die earnings, profits or assets in the bands of the Wagon, such supplementary distributions and the determination of earnings, profits, and other funds end assets available for snpplementuli distributions and other purposes shall tie wbolly in the diecirtio-of the Trustees and MY be made at such time and in such manner as the Trustees may in Itiair sok discretion from time to time determine. Any or all such supplementary distributions may be mule among the 28