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(B) Computation of the Net Asset Value of any Investment Fund may be delegated by the Trustees to the Investment Advisor, the Administrator, the Custodian or such other person as the Trustees may designate by resolution or agreement. SECTION 9.03. COMPUTATION OF SHARE VALDE. (A) At the inception of any Investment Fund, the Share Value shall be deemed to be ten dollars ($10.00), unless the Trustees shall, in the records of the Trust, specify a different value therefor. The Share Value on any date of valuation shall be computed by dividing the Net Asset Value of the Investment Fund by the number of Shares into which the Investment Fund is then divided; provided however, that'fractions of a cent per Share may be omitted. (B) Computation of the Share Value of any Investment Fund may be delegated by the Trustees to the Investment Advisor, the Administrator, the Custodian or such other person as the Trustees may designate by resolution or agreement. SECTION 9.04. EXPENSES, RETAINED EARNINGS AND RESERVES. The Trustees shall retain first from earnings and profits of the each Investment Fund and, to the extent those funds are not sufficient, from the assets of each Investment Fund, such amount as they may deem necessary (A) to pay any debts of the Trust properly allocable to such Investment Fund and (B) to pay that portion of the Operating Expenses of the Trust properly allocable to such Investment Fund. In addition, the Trustees shall retain for the payment of Development Expenses and Education Expenses an amount equal to .6666 basis points per month of the daily average for each Investment Fund during such month of (1) the value of investments, determined in the manner required by Section 9.01, (2) any cash or cash equivalents, adjusted as required by Section 9.01(A)(5) and (3) any other amounts properly allocable to the Investment Fund. The Trustees shall also have the power to establish from earnings and profits such reasonable reserves as they believe may be required to protect the Trust and the Participants against contingent liabilities. 33