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9 .4 Fund Investments : Subject to the limitations of <br /> applicable law and such further limitations as the Board may <br /> establish, each investment portfolio of the Fund may hold any <br /> form of investment that is consistent with its investment <br /> objectives . Without limiting the generality of the foregoing, <br /> the investment portfolios may hold equity or debt securities <br /> (other than securities issued by any Employer) , fixed or variable <br /> annuity contracts (including deposit administration contracts) <br /> issued by life insurance companies, certificates of deposit or <br /> fixed rate investment contracts issued y bank or similar <br /> institution, and such short-term instruments or deposits as the <br /> Board deems necessary to satisfy the liquidity needs of the Fund. <br /> In addition, each investment portfolio may hold shares, units, or <br /> participating interests in regulated investment companies, common <br /> or collective trust funds maintained by banks or similar <br /> institutions, investment partnerships, or other pooled investment <br /> funds or trusts that may issue participating interests to <br /> Eligible Deferred Compensation Plans . <br /> 9 . 5 Valuation and Accounting: Each investment <br /> portfolio of the Fund shall be valued at least monthly, and the <br /> value of each Participant ' s Account shall be determined by <br /> reference to the portion of the Participant ' s Account allocable <br /> to each investment portfolio. The valuation of each investment <br /> portfolio shall reflect income received and accrued, realized and <br /> unrealized gains and losses, and allocable Fund expenses . The <br /> value of each Participant ' s interest in an investment portfolio <br /> may be measured in units, shares, or dollars . In addition, the <br /> Board shall maintain records showing the value of the Fund <br /> investments allocable to all Participants (and deceased <br /> Participants) whose entitlement to benefits under the Plan is <br /> attributable to employment with each participating Employer. <br />