Based upon the representations made in your correspondence, we understand the pertinent facts to be as follows.
V is a Delaware limited liability company.
U 's main business office is currently located in Chicago, Illinois. 4 All administrative services for X , including maintenance of X s books and records, are performed by Y , at Y s main business office in Dublin, Ireland. Prior to making a determination as to where you intended to permanently reside, and prior to the relocation of U s offices from Niagra Falls to Chicago, you decided to select a permanent location for the administration of V 5 Having already established a relationship with Y for the administration of X , you concluded that it would be efficient to have the same administrator maintain the books and records for both U funds, X and V . Upon the relocation of U s office to Chicago, then, the books and records for V were transferred to Y s office in Ireland so that both V and X would be administered by the same organization. This letter is based upon the representations you have made to us, is subject to compliance with the conditions stated above, and is applicable to U solely in connection with its service as the CPO and CTA of V .