Observes memos (5)
I believe the answer is:
notes
I believe this is a double definition.
'observes' is the first definition.
('note' can be a synonym of 'observe')
'memos' is the second definition.
(I've seen this before)
(Other definitions for notes that I've seen before include "Marks on a stave" , "Paper money" , "Lines" , "Memos; observes" , "Recorded summaries" .)