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10.3. Responsibilities of the Administration

The administrative functions carried out by the Administrator are those been delegated pursuant to an Administration Agreement subsisting in each Investment Compartment and details of which are specified in the relevant Supplement. The functions not delegated by each Administration Agreement shall be carried out by the Manager.

Unless otherwise provided in the relevant Supplement and the corresponding Administration Agreement the Administrator shall carry out all the administration duties and tasks in relation to the Fund or each Investment Compartment as follows:

1.  legal and accounting fund management services; 

2.  customer inquiries;

3.  valuation and pricing, including tax returns; 

4.  regulatory compliance monitoring; 

5.  maintenance of unit/shareholder register;

6.  distribution of income of the Fund; 

7.  unit/shares issues and redemptions;

8.  contract settlements, including certificate dispatch; 

9.  record keeping.