FUND & MANAGED ACCOUNT ADMINISTRATION

Generally includes Accounting, Registrar & Transfer Agency, Anti-Money Laundering Treasury and Audit Liaison services.

Accounting Services
Maintaining the books of record (general and subsidiary accounting ledgers); reconciling cash and investment positions with the custodians; processing corporate actions; maintaining security master files; independently valuing the portfolio; calculating the Net Asset Value; calculating management and performance fees (including Equalization accounting: Series and Consolidation methods); preparing the financial statements periodically including: balance sheet; statement of profit or loss; statement of changes in equity or capital; and statement of net asset value of each share class and series of shares.

Registrar & Transfer Agency
Accepting subscriptions of new shareholders; processing redemption requests of the shares; communicating with the fund's shareholders; maintaining the Register of Shareholders in the fund; monitoring shareholder investment restrictions; recording all original issues or allotments of shares or interests, transfers and redemptions of such shares; issuing confirmations; calculating the net asset value of each class and series of shares (and the redemption price); preparing and publishing shareholder account statements, including the details of the changes, and ending value for such shareholder; payment of redemptions; and monitoring ERISA.

Anti-Money Laundering Services
Performing for, and on behalf of, the Fund according to regulations including: United States/Cayman Islands Anti-Money Laundering Regulations; anti-money laundering procedures in relation to identification and verification of the investors in the fund; record keeping in relation to the verification of identity of investors and transactions effected; and internal controls and communication for the ongoing monitoring of investors in the fund.

Treasury
Participation in the processing of wire payments on behalf of certain client funds. KRFS' involvement is limited exclusively to client bank accounts (no authority whatsoever of brokerage or securities custody accounts). Authority is structured whereby KRFS and the client fund, usually represented by the investment manager, have co-authority over the bank account. The result is that neither party (KRFS or the client) can instruct payments without the other party.

Audit Liaison
Coordinating and liaising with the Fund's independent auditors.