Laserfiche WebLink
and binding upon all persons, Participating Trusts, and the Trust. <br />Notwithstanding the foregoing, the compensation to be received by the <br />I <br />i rustee and the Investment Adviser for their services with respect to a Fund <br />(arid, if applicable, a particular Class of a Fund) may be paid by the individual <br />Participating Trusts pursuant to an arrangement that the Trustee may make <br />with each such Participating Trust independently of this Declaration of Trust. <br />5.06 Books, Records, Accounts, and Audits. The Trustee shall keep such books, <br />records, and accounts as it deems necessary or advisable in its sole discretion <br />to account properly for the operation and administration of the Trust or any <br />Fund thereof, The Trustee shall preserve such records for the periods and in <br />the manner required by applicable law, including records of the beneficial <br />ownership of Units (at the Participating Trust, but not at the individual <br />participant, level) and of all distributions of such Units. At least once during <br />each 12-month period, the Trustee shall cause a suitable audit, conducted by <br />a competent and independent accounting firm, to be made of the Trust and <br />each Fund by auditors responsible only to the Trustee's Board of Directors, <br />who by proper resolution shall formally appoint them for such audit. The <br />reasonable compensation and expenses of the auditors for their services with <br />respect to a Fund shall be charged to the Fund in accordance with Section <br />5.05 above. <br />5.07 Financial Reports. Within nicety (90) days after the close of each fiscal year <br />of the Trust and after the termination of a Fund, the Trustee shall prepare a <br />written financial report, based on the audit referred to in Section 5,06 above, <br />containing such Information as may be required by applicable law and <br />regulations. <br />(a) A copy of the report shall be furnished, or notice given that a copy <br />thereof is available and will be furnished, without charge upon <br />request to each person to whom a regular periodic accounting would <br />ordinarily be rendered with respect to each Participating Trust. In <br />addition, a copy of the report shall be furnished on request to any <br />person, and the Trustee may make a reasonable charge therefore, <br />(b) if no written objections to specific items in the financial report are <br />filed with the Trustee within sixty (60) days after the report is sent by <br />the Trustee, the report shall be deemed, to the fullest extent permitted <br />under applicable law, to have been approved with the same effect as <br />though judicially approved by a court of competent jurisdiction in a <br />proceeding in which all persons interested were made parties and <br />were properly represented before such court, and to the fullest extent <br />DB 1/ 906241859 - 18 - <br />