Common use of Records and Reports Clause in Contracts

Records and Reports. 5.1 The Local Manager will keep accurate and detailed records with respect to all receipts, investments, sales, disbursements and other transactions carried out by the Local Manager for the Investment Adviser or with a Portfolio. 5.2 All records held pursuant to this clause by the Local Manager shall be open to inspection by the Investment Adviser or each Portfolio and the Local Manager will provide the Investment Adviser and each Portfolio with such access as it itself has to records held by any relevant third party, in each case at reasonable times during business hours and upon the giving of reasonable notice by the Investment Adviser or a Portfolio. 5.3 The Local Manager shall, not later than 10 working days following the end of each calendar month, furnish to the Investment Adviser a statement showing all transactions that have occurred in each Portfolio and a monthly listing of all investments and cash balances held as of the end of such month. 5.4 The monthly statement will show the cost or amount realised (in the case of any relevant new purchase or sale) and, where available, the current value (where applicable) of each investment held in each Portfolio and any income arising on each Portfolio’s account during the relevant calendar month, and will also include a statement showing the measure of the performance of the assets of each Portfolio. The basis of all valuations will be as stated in the first monthly statement, unless otherwise agreed. 5.5 The Local Manager will not provide the Investment Adviser with an individual trade confirmation of each portfolio transaction unless the Investment Adviser has specifically requested the Local Manager to do so.

Records and Reports. 5.1 The Local Manager will keep accurate and detailed records with respect to all receipts, investments, sales, disbursements and other transactions carried out by the Local Manager for the Investment Adviser or with a PortfolioFund. 5.2 All records held pursuant to this clause by the Local Manager shall be open to inspection by the Investment Adviser or each Portfolio Fund and the Local Manager will provide the Investment Adviser and each Portfolio Fund with such access as it itself has to records held by any relevant third party, in each case at reasonable times during business hours and upon the giving of reasonable notice by the Investment Adviser or a PortfolioFund. 5.3 The Local Manager shall, not later than 10 working days following the end of each calendar month, furnish to the Investment Adviser a statement showing all transactions that have occurred in each Portfolio Fund and a monthly listing of all investments and cash balances held as of the end of such month. 5.4 The monthly statement will show the cost or amount realised (in the case of any relevant new purchase or sale) and, where available, the current value (where applicable) of each investment held in each Portfolio Fund and any income arising on each PortfolioFund’s account during the relevant calendar month, and will also include a statement showing the measure of the performance of the assets of each PortfolioFund. The basis of all valuations will be as stated in the first monthly statement, unless otherwise agreed. 5.5 The Local Manager will not provide the Investment Adviser with an individual trade confirmation of each portfolio transaction unless the Investment Adviser has specifically requested the Local Manager to do so.

Records and Reports. 5.1 The Local Manager will keep accurate and detailed records with respect to all receipts, investments, sales, disbursements and other transactions carried out by the Local Manager for the Investment Adviser or with a PortfolioFund. 5.2 All records held pursuant to this clause by the Local Manager shall be open to inspection by the Investment Adviser or each Portfolio Fund and the Local Manager will provide the Investment Adviser and each Portfolio Fund with such access as it itself has to records held by any relevant third party, in each case at reasonable times during business hours and upon the giving of reasonable notice by the Investment Adviser or a PortfolioFund. 5.3 The Local Manager shall, not later than 10 working days following the end of each calendar month, furnish to the Investment Adviser a statement showing all transactions that have occurred in each Portfolio Fund and a monthly listing of all investments and cash balances held as of the end of such month. 5.4 The monthly statement will show the cost or amount realised (in the case of any relevant new purchase or sale) and, where available, the current value (where applicable) of each investment held in each Portfolio Fund and any income arising on each PortfolioFund’s account during the relevant calendar month, and will also include a statement showing the measure of the performance of the assets of each PortfolioFund. The basis of all valuations will be as stated in the first monthly statement, unless otherwise agreed. 5.5 The Local Manager will not provide the Investment Adviser with an individual trade confirmation of each portfolio transaction unless the Investment Adviser has specifically requested the Local Manager to do so.

Records and Reports. 5.1 The Local Manager will keep accurate and detailed records with respect to all receipts, investments, sales, disbursements and other transactions carried out by the Local Manager for the Investment Adviser Manager or with a Portfoliothe Fund. 5.2 All records held pursuant to this clause by the Local Manager shall be open to inspection by the Investment Adviser Manager or each Portfolio the Fund and the Local Manager will provide the Investment Adviser Manager and each Portfolio the Fund with such access as it itself has to records held by any relevant third party, in each case at reasonable times during business hours and upon the giving of reasonable notice by the Investment Adviser Manager or a Portfoliothe Fund. 5.3 The Local Manager shall, not later than 10 working days following the end of each calendar month, furnish to the Investment Adviser Manager a statement showing all transactions that have occurred in each Portfolio the Fund and a monthly listing of all investments and cash balances held as of the end of such month. 5.4 The monthly statement will show the cost or amount realised (in the case of any relevant new purchase or sale) and, where available, the current value (where applicable) of each investment held in each Portfolio the Fund and any income arising on each Portfoliothe Fund’s account during the relevant calendar month, and will also include a statement showing the measure of the performance of the assets of each Portfoliothe Fund. The basis of all valuations will be as stated in the first monthly statement, unless otherwise agreed. 5.5 The Local Manager will not provide the Investment Adviser Manager with an individual trade confirmation of each portfolio transaction unless the Investment Adviser Manager has specifically requested the Local Manager to do so.

Records and Reports. 5.1 The Local Manager will keep accurate and detailed records with respect to all receipts, investments, sales, disbursements and other transactions carried out by the Local Manager for the Investment Adviser or with a Portfoliothe Fund. 5.2 All records held pursuant to this clause by the Local Manager shall be open to inspection by the Investment Adviser or each Portfolio the Fund and the Local Manager will provide the Investment Adviser and each Portfolio the Fund with such access as it itself has to records held by any relevant third party, in each case at reasonable times during business hours and upon the giving of reasonable notice by the Investment Adviser or a Portfoliothe Fund. 5.3 The Local Manager shall, not later than 10 working days following the end of each calendar month, furnish to the Investment Adviser a statement showing all transactions that have occurred in each Portfolio the Fund and a monthly listing of all investments and cash balances held as of the end of such month. 5.4 The monthly statement will show the cost or amount realised (in the case of any relevant new purchase or sale) and, where available, the current value (where applicable) of each investment held in each Portfolio the Fund and any income arising on each Portfolio’s the Fund's account during the relevant calendar month, and will also include a statement showing the measure of the performance of the assets of each Portfoliothe Fund. The basis of all valuations will be as stated in the first monthly statement, unless otherwise agreed. 5.5 The Local Manager will not provide the Investment Adviser with an individual trade confirmation of each portfolio transaction unless the Investment Adviser has specifically requested the Local Manager to do so.

Records and Reports. 5.1 The Local Manager will keep accurate and detailed records with respect to all receipts, investments, sales, disbursements and other transactions carried out by the Local Manager for the Investment Adviser or with a Portfoliothe Fund. 5.2 All records held pursuant to this clause by the Local Manager shall be open to inspection by the Investment Adviser or each Portfolio the Fund and the Local Manager will provide the Investment Adviser and each Portfolio the Fund with such access as it itself has to records held by any relevant third party, in each case at reasonable times during business hours and upon the giving of reasonable notice by the Investment Adviser or a Portfoliothe Fund. 5.3 The Local Manager shall, not later than 10 working days following the end of each calendar month, furnish to the Investment Adviser a statement showing all transactions that have occurred in each Portfolio the Fund and a monthly listing of all investments and cash balances held as of the end of such month. 5.4 The monthly statement will show the cost or amount realised (in the case of any relevant new purchase or sale) and, where available, the current value (where applicable) of each investment held in each Portfolio the Fund and any income arising on each Portfoliothe Fund’s account during the relevant calendar month, and will also include a statement showing the measure of the performance of the assets of each Portfoliothe Fund. The basis of all valuations will be as stated in the first monthly statement, unless otherwise agreed. 5.5 The Local Manager will not provide the Investment Adviser with an individual trade confirmation of each portfolio transaction unless the Investment Adviser has specifically requested the Local Manager to do so.

Records and Reports. 5.1 The Local Manager will keep accurate and detailed records with respect to all receipts, investments, sales, disbursements and other transactions carried out by the Local Manager for the Investment Adviser or with a Portfolio. 5.2 All records held pursuant to this clause by the Local Manager shall be open to inspection by the Investment Adviser or each Portfolio and the Local Manager will provide the Investment Adviser and each Portfolio with such access as it itself has to records held by any relevant third party, in each case at reasonable times during business hours and upon the giving of reasonable notice by the Investment Adviser or a Portfolio. 5.3 The Local Manager shall, not later than 10 working days following the end of each calendar month, furnish to the Investment Adviser a statement showing all transactions that have occurred in each Portfolio and a monthly listing of all investments and cash balances held as of the end of such month. 5.4 The monthly statement will show the cost or amount realised (in the case of any relevant new purchase or sale) and, where available, the current value (where applicable) of each investment held in each Portfolio and any income arising on each Portfolio’s 's account during the relevant calendar month, and will also include a statement showing the measure of the performance of the assets of each Portfolio. The basis of all valuations will be as stated in the first monthly statement, unless otherwise agreed. 5.5 The Local Manager will not provide the Investment Adviser with an individual trade confirmation of each portfolio transaction unless the Investment Adviser has specifically requested the Local Manager to do so.

Records and Reports. 5.1 The Local Manager will keep accurate and detailed records with respect to all receipts, investments, sales, disbursements and other transactions carried out by the Local Manager for the Investment Adviser Manager or with a Portfoliothe Fund. 5.2 All records held pursuant to this clause by the Local Manager shall be open to inspection by the Investment Adviser Manager or each Portfolio the Fund and the Local Manager will provide the Investment Adviser Manager and each Portfolio the Fund with such access as it itself has to records held by any relevant third party, in each case at reasonable times during business hours and upon the giving of reasonable notice by the Investment Adviser Manager or a Portfoliothe Fund. 5.3 The Local Manager shall, not later than 10 working days following the end of each calendar month, furnish to the Investment Adviser Manager a statement showing all transactions that have occurred in each Portfolio the Fund and a monthly listing of all investments and cash balances held as of the end of such month. 5.4 The monthly statement will show the cost or amount realised (in the case of any relevant new purchase or sale) and, where available, the current value (where applicable) of each investment held in each Portfolio the Fund and any income arising on each Portfolio’s the Fund's account during the relevant calendar month, and will also include a statement showing the measure of the performance of the assets of each Portfoliothe Fund. The basis of all valuations will be as stated in the first monthly statement, unless otherwise agreed. 5.5 The Local Manager will not provide the Investment Adviser Manager with an individual trade confirmation of each portfolio transaction unless the Investment Adviser Manager has specifically requested the Local Manager to do so.

Records and Reports. 5.1 The Local Manager will keep accurate and detailed records with respect to all receipts, investments, sales, disbursements and other transactions carried out by the Local Manager for the Investment Adviser or with a PortfolioFund. 5.2 All records held pursuant to this clause by the Local Manager shall be open to inspection by the Investment Adviser or each Portfolio Fund and the Local Manager will provide the Investment Adviser and each Portfolio Fund with such access as it itself has to records held by any relevant third party, in each case at reasonable times during business hours and upon the giving of reasonable notice by the Investment Adviser or a PortfolioFund. 5.3 The Local Manager shall, not later than 10 working days following the end of each calendar month, furnish to the Investment Adviser a statement showing all transactions that have occurred in each Portfolio Fund and a monthly listing of all investments and cash balances held as of the end of such month. 5.4 The monthly statement will show the cost or amount realised (in the case of any relevant new purchase or sale) and, where available, the current value (where applicable) of each investment held in each Portfolio Fund and any income arising on each Portfolio’s Fund's account during the relevant calendar month, and will also include a statement showing the measure of the performance of the assets of each PortfolioFund. The basis of all valuations will be as stated in the first monthly statement, unless otherwise agreed. 5.5 The Local Manager will not provide the Investment Adviser with an individual trade confirmation of each portfolio transaction unless the Investment Adviser has specifically requested the Local Manager to do so.