According to Regulation 12 CFR 9, how often must a bank administering a Common Trust Fund prepare a financial report?

The requirement outlined in Regulation 12 CFR 9 states that a bank administering a Common Trust Fund must prepare a financial report at least every 12 months. This obligation ensures transparency and accountability in the management of the fund and allows participants to stay informed about the performance and state of the investment. By providing this report annually, the bank can summarize the fund's activities, including income, expenses, and investment performance, helping participants make informed decisions about their investment in the Common Trust Fund. This annual reporting requirement is designed to maintain trust between the bank and the participants, ensuring that participants receive a consistent and reliable overview of their investments.