For the purpose of determining the net gain or net loss of each investment fund as of any valuation date for the period since the next preceding valuation date, as soon as may be conveniently done, but in no event more than 90 days after such valuation date, the Trustees shall cause a valuation to be made of the assets of such investment fund as of such valuation date based on the then fair market values of the assets therein which shall give effect to gains, earnings, losses and other items of income and expense (including accrued interest on bonds and other debt obligations and dividends which have become corporate obligations) as of such valuation date. The net gain or net loss of each investment fund for such period shall be the amount by which the total net fair market value of all such assets determined as of such valuation date, reduced by the total of any salary deferral contributions attributable thereto since the next preceding valuation date shall exceed or fall short of the total balances of all salary deferral contribution accounts invested therein as of such next preceding valuation date reduced by the total of any withdrawals and distributions therefrom since said next preceding valuation date.
(Ord. MET 86-13, passed 5-30-1986)