Ownership of assets of each fund

(a) Each participant in each combined investment fund shall have an undivided interest in all the assets of such combined fund. Such interest shall be represented by the number of units owned by the individual participant. The percentage of ownership of each participant in each fund shall be determined by the number of units owned by the participant divided by the total number of units outstanding for the fund. All units shall be equal in value without priority or preference. (b) Formal certificates of participation will not be issued to the participants but accurate evidence of ownership will be maintained by the Treasurer and will be reported at least quarterly to all participants.