Sec.3-31b-7. Distribution of income

(a) Except for the Liquidity Fund, net income received by the combined investment funds during the preceding valuation month shall be distributed ratably as dividends to Participants in accordance with their unit holdings as follows:

(1) Dividends, the amount and frequency to be determined by the Treasurer, shall be declared and paid by the Treasurer to Participants on or about the 10th business day of any month following valuation.

(2) The dividends shall consist of income received net of expenses by the combined investment funds during the preceding month or such other time period determined by the Treasurer.

(b) For the Liquidity Fund, net income earned shall be credited to Participants daily and distributed to Participants monthly in accordance with their unit holdings.

(Effective April 19, 1991; Amended September 30, 1998; Amended September 13, 2016)