Common use of Fund Reports by Custodian Clause in Contracts

Fund Reports by Custodian. The Custodian shall furnish the Company with a daily activity statement by Fund and a summary of all transfers to or from the Custody Account on the day following such transfers. At least monthly and from time to time, the Custodian shall furnish the Company with a detailed statement, by Fund, of the Securities and moneys held for the Company under this Agreement. Express or tacit approval of such statement or report implies acceptance of the various entries listed therein and approval of any reservations made by the Custodian. Thereafter, the Company assumes the responsibility to correct any and all errors.