Common use of Description of Accounting Services on a Continuous Basis Clause in Contracts

Description of Accounting Services on a Continuous Basis. PFPC will perform the following accounting services with respect to each portfolio: (a) Journalize investment, capital, and income and expense activities; (b) Verify investment instructions are properly authorized before directing cash flows, and confirm receipt of money at investment funds in accordance with PFPC's written procedures; (c) Maintain individual ledgers for investment securities; (d) Maintain historical tax lots for each security; (e) Record and reconcile corporate action activity and all other capital changes; (f) Reconcile cash and investment balances of the Fund with the Fund's custodian(s), and provide the Administrator with the beginning cash balance available for investment purposes and with online access to cash account of the Fund and regular updates on the escrow account; (g) Calculate contractual expenses, including management fees and incentive allocation, as applicable, in accordance with the Fund's confidential memorandum; (h) Post to and prepare the Statement of Assets and Liabilities and the Statement of Operations in U.S. dollar terms; (i) Monitor expense accruals and notify an officer of the Fund or an Authorized Person of any proposed adjustments; (j) Control all disbursements and authorize such disbursements from the Fund's account with the custodian(s) upon Written Instructions; (k) Calculate capital gains and losses; (l) Determine net investment income; (m) Obtain security market quotes and currency exchange rates from independent pricing services approved by the Fund or the Fund's investment adviser, or if such quotes are unavailable, then obtain the net asset values, or if the net asset value is not available then the net rate of return, directly from the underlying fund's adviser or general partner, or its delegee, and in either case calculate the market value of the Fund's investments in accordance with the applicable valuation policies or guidelines provided by the Fund to PFPC; (n) Obtain the weekly estimated net asset values, or if the estimated net asset value is not available then the net rate of return, directly from the underlying fund's adviser or general partner, or its delegee, and in either case calculate the estimated market value of the Fund's investments in accordance with the applicable valuation policies or guidelines provided by the Administrator or the Fund to PFPC; (o) Transmit or mail a copy of the monthly portfolio valuation to the Fund or the Fund's investment adviser; (p) Transmit or mail a copy of the monthly various portfolio management reports, including: (i) Estimated/final valuation variance analysis; (ii) Style drift analysis; and (iii) Any other such portfolio management report as may be reasonably requested by the Fund and agreed to by PFPC. (q) Compute by the 9th business day of each month the net asset value in accordance with GAAP and the provisions of the Fund's Operating Agreement and Prospectus; (r) As appropriate, compute yields, total return, expense ratios, portfolio turnover rate, and, if required, portfolio average dollar-weighted maturity; (s) Prepares annual reports and send to Fund's auditor; (t) Interact with custodian; (u) Maintain annual expense budget for the Fund; (v) Interact with custodian/prime broker to ensure timely collection of tax reclaim; and (w) Prepare monthly financial statements, which will include the following items: Schedule of Investments Statement of Assets and Liabilities Statement of Operations Statement of Changes in Net Assets

Description of Accounting Services on a Continuous Basis. PFPC will perform the following accounting services with respect to each portfolioPortfolio: (a) Journalize investment, capital, capital share and income and expense activities; (b) Verify Record investment instructions are properly authorized before directing cash flows, and confirm receipt of money at buy/sell trade tickets when received from the investment funds in accordance with PFPC's written proceduresadvisor or sub-advisor (the "Advisor") for a Portfolio; (c) Maintain individual ledgers for investment securities; (d) Maintain book historical tax lots for each security; (e) Record and reconcile corporate action activity and all other capital changes; (f) Reconcile cash and investment balances of the Fund with the Fund's custodian(s)Custodian, and provide the Administrator Advisor with the beginning cash balance available for investment purposes and with online access to cash account of the Fund and regular updates on the escrow accountpurposes; (g) Calculate contractual expenses, including management fees and incentive allocation, as applicable, in accordance with the Fund's confidential memorandum; (hf) Post to and prepare the Statement of Assets and Liabilities and the Statement of Operations in U.S. dollar termsOperations; (ig) Calculate various contractual expenses (e.g., advisory and custody fees); (h) Monitor the expense accruals and notify an officer of the Fund or an Authorized Person of any proposed adjustments; (ji) Control all disbursements and authorize such disbursements upon Written Instructions from the Fund's account with the custodian(s) upon Written Instructions; (kj) Calculate capital gains and losses; (lk) Determine net investment income; (ml) Obtain security market quotes and currency exchange rates from independent pricing services approved by the Fund or Advisor and as authorized by the Fund's investment adviserBoard of Directors, or if such quotes are unavailable, then obtain the net asset values, or if the net asset value is not available then the net rate of return, directly such prices from the underlying fund's adviser or general partner, or its delegeeAdvisor, and in either case calculate the market value of the Fundeach Portfolio's investments Investments in accordance with the applicable valuation policies or guidelines provided by procedures of the Fund that have been provided to PFPC; (m) Provide the daily portfolio valuation to the Advisor via PFPC DataPath access; (n) Obtain the weekly estimated net asset values, or if the estimated Compute net asset value is not available then the net rate of return, directly from the underlying fund's adviser or general partner, or its delegee, and in either case calculate the estimated market value of the Fund's investments per share in accordance with the applicable valuation policies or guidelines provided by the Administrator or the Fund to PFPC; (o) Transmit or mail a copy of the monthly portfolio valuation to the Fund or the Fund's investment adviser; (p) Transmit or mail a copy of the monthly various portfolio management reports, including: (i) Estimated/final registration statement and valuation variance analysis; (ii) Style drift analysisprocedures; and (iii) Any other such portfolio management report as may be reasonably requested by the Fund and agreed to by PFPC. (q) Compute by the 9th business day of each month the net asset value in accordance with GAAP and the provisions of the Fund's Operating Agreement and Prospectus; (ro) As appropriate, compute yields, total return, expense ratios, portfolio turnover rate, and, if required, portfolio average dollar-weighted maturity; (s) Prepares annual reports and send to Fund's auditor; (t) Interact with custodian; (u) Maintain annual expense budget for the Fund; (v) Interact with custodian/prime broker to ensure timely collection of tax reclaim; and (w) Prepare monthly financial statements, which will include the following items: Schedule of Investments Statement of Assets and Liabilities Statement of Operations Statement of Changes in Net Assets.

Description of Accounting Services on a Continuous Basis. PFPC will perform the following accounting services with respect to each portfolio: (ai) Journalize investment, capital, capital and income and expense activities; (bii) Verify investment instructions are properly authorized before directing cash flows, and confirm receipt of money at buy/sell trade tickets when received from the investment funds in accordance with PFPC's written proceduresadviser for the portfolio (the "Adviser"); (ciii) Maintain individual ledgers for investment securities; (div) Maintain historical tax lots for each security; (ev) Record and reconcile corporate action activity and all other capital changes; (fvi) Reconcile cash and investment balances of the Fund with the Fund's custodian(s), and provide the Administrator Adviser with the beginning cash balance available for investment purposes and with online access to cash account of the Fund and regular updates on the escrow account;purposes. (gvii) Calculate contractual expenses, including management fees and incentive allocation, as applicable, in accordance with the Fund's confidential memorandum; (hix) Post to and prepare the Statement of Assets and Liabilities and the Statement of Operations in U.S. dollar terms; (ix) Monitor the expense accruals and notify an officer of the Fund or an Authorized Person of any proposed adjustments; (jxi) Control all disbursements and authorize such disbursements from the Fund's account with the custodian(s) upon Written Instructions; (kxii) Calculate capital gains and losses; (lxiii) Determine net investment income; (mxiv) Determine applicable foreign exchange gains and losses on payables and receivables; (xv) Obtain daily security market quotes and currency exchange rates from independent pricing services approved by the Fund or the Fund's investment adviserAdviser, or if such quotes are unavailable, then obtain the net asset values, or if the net asset value is not available then the net rate of return, directly such prices from the underlying fund's adviser or general partner, or its delegeeAdviser, and in either case calculate the market value of the Fund's investments in accordance with the applicable valuation policies or guidelines provided by the Fund to PFPC, provided that PFPC does not inform the Fund that it is either unable or unwilling to comply with such policies or procedures; (n) Obtain the weekly estimated net asset values, or if the estimated net asset value is not available then the net rate of return, directly from the underlying fund's adviser or general partner, or its delegee, and in either case calculate the estimated market value of the Fund's investments in accordance with the applicable valuation policies or guidelines provided by the Administrator or the Fund to PFPC; (oxvi) Transmit or mail a copy of the monthly daily portfolio valuation to the Fund or the Fund's investment adviserAdviser; (pxvii) Transmit or mail a copy Arrange for the computation of the monthly various portfolio management reports, including: (i) Estimated/final valuation variance analysis; (ii) Style drift analysis; and (iii) Any other such portfolio management report as may be reasonably requested by the Fund and agreed to by PFPC. (q) Compute by the 9th business day of each month the net asset value in accordance with GAAP and the provisions of the Fund's Operating Agreement Organizational Documents and Prospectus;confidential memorandum; and (rxviii) As appropriate, compute yields, total return, expense ratios, portfolio turnover rate, and, if required, portfolio average dollar-weighted maturity; (s) Prepares annual reports maturity as well as compute and send to Fund's auditor; (t) Interact with custodian; (u) Maintain annual expense budget for the Fund; (v) Interact with custodian/prime broker to ensure timely collection of tax reclaim; and (w) Prepare monthly financial statements, which will include the following items: Schedule of Investments Statement of Assets and Liabilities Statement of Operations Statement of Changes in Net Assetsmonitor dividend payments.