Common use of Recordkeeping and Reporting Clause in Contracts

Recordkeeping and Reporting. The ownership of the Client's property whether securities, cash and/or other property, and whether held by the Custodian or a sub-custodian or in a Securities System, shall be clearly recorded on the Custodian's books as belonging to the Account and not for the Custodian's own interest. Where certificates are legended or otherwise not fungible with publicly traded certificates (and in other cases where the Custodian and the Client may agree), the Client reserves the right to instruct the Custodian as to the only name in which such securities shall be registered and the Custodian, to the extent reasonably practicable, shall comply with such Authorized Instructions; provided, however if Custodian reasonably determines that compliance with such Authorized Instructions is not reasonably practicable or otherwise may conflict with applicable law, rule or regulation, Custodian shall promptly notify Client and shall comply with reasonable alternatives as to which the Parties may agree and memorialize in revised Authorized Instructions. The Custodian shall keep accurate and detailed accounts of all investments, receipts, disbursements and other transactions for the Account. All accounts, books and records of the Custodian relating thereto shall be open to inspection and audit at all times during normal business hours of the Custodian by any person designated by the Client. All such books records and accounts shall be maintained and preserved in the form reasonably requested by the Client and in accordance with the 1940 Act and the rules and regulations thereunder, including, without limitation, Section 31 thereof and Rules 31a-1 and 31a-2 thereunder. All books, records and accounts pertaining to the Client and the Account, that are in the possession of the Custodian shall be the property of the Client and such materials or (unless the delivery of original materials is required pursuant to applicable law) legible copies thereof in a format reasonably acceptable to the Client, shall be surrendered promptly upon request; provided, however, that the Custodian shall be entitled to retain a copy or the original of any such books, records and accounts as may be required or permitted by applicable law and the Custodian's own policies and procedures. The Custodian will supply to the Client from time to time, at the Client's request, a statement in respect to any and all property in the Account held by the Custodian or by any sub-custodian, including without limitation a listing of all property, a tabulation of securities with certificate numbers, and such other information as the Client may reasonably request. Unless the Client sends to the Custodian a written exception or objection to any statement within 90 days of the Client's receipt of such statement from Custodian, the Client shall be deemed to have approved such statement, except for items that Custodian later discovers and corrects, and except for items that Client discovers after the 90-day period, which items Client or its Investment Manager could not reasonably have been expected to discover within such 90-day period. The Custodian shall take all reasonable action as the Client may request to obtain from year to year favorable opinions from the Client's independent certified public accountants with respect to the Custodian's activities hereunder in connection with the preparation of the Client's Form N-1A and the Client's Form N-SAR or other periodic reports to the SEC and with respect to any other requirements of the SEC. The Custodian shall be entitled to reimbursement of its reasonable expenses in connection with assisting the Client with respect to the preparation of the Client's Forms N-1A and N-SAR and other periodic reports or requirements of the SEC to the extent that the Custodian does not provide such service without cost to other clients of the Custodian generally. At the request of the Client, the Custodian shall deliver to the Client a written report prepared by the Custodian's independent certified public accountants with respect to the services provided by the Custodian under this Agreement, including, without limitation, the Custodian's accounting system, internal accounting control, and procedures for safeguarding cash and securities, futures contracts and options on future contracts, including cash and securities deposited and/or maintained in a Securities System or with a sub-custodian. Such report shall be of sufficient scope and in sufficient detail as may reasonably be required by the Client to provide reasonable assurance that any material inadequacies would be disclosed by such examination, and, if there are no such inadequacies, the report shall so state. The Custodian shall be entitled to reimbursement of its reasonable expenses in connection with the preparation and delivery of such report to the extent that any such report is not ordinarily prepared and delivered without cost to other clients of the Custodian generally.

Recordkeeping and Reporting. The ownership of the Client's property whether --------------------------- securities, cash and/or other property, and whether held by the Custodian or a sub-custodian or in a Securities System, shall be clearly recorded on the Custodian's books as belonging to the Account and not for the Custodian's own interest. Where certificates are legended or otherwise not fungible with publicly traded certificates (and in other cases where the Custodian and the Client may agree), the Client reserves the right to instruct the Custodian as to the only name in which such securities shall be registered and the Custodian, to the extent reasonably practicable, shall comply with such Authorized Instructions; provided, however if Custodian reasonably determines that compliance with such Authorized Instructions is not reasonably practicable or otherwise may conflict with applicable law, rule or regulation, Custodian shall promptly notify Client and shall comply with reasonable alternatives as to which the Parties may agree and memorialize in revised Authorized Instructions. The Custodian shall keep accurate and detailed accounts of all investments, receipts, disbursements and other transactions for the Account. All accounts, books and records of the Custodian relating thereto shall be open to inspection and audit at all times during normal business hours of the Custodian by any person designated by the Client. All such books records and accounts shall be maintained and preserved in the form reasonably requested by the Client and in accordance with the 1940 Act and the rules and regulations thereunder, including, without limitation, Section 31 thereof and Rules 31a-1 and 31a-2 thereunder. All books, records and accounts pertaining to the Client and the Account, that are in the possession of the Custodian shall be the property of the Client and such materials or (unless the delivery of original materials is required pursuant to applicable law) legible copies thereof in a format reasonably acceptable to the Client, shall be surrendered promptly upon request; provided, however, that the Custodian shall be entitled to retain a copy or the original of any such books, records and accounts as may be required or permitted by applicable law and the Custodian's own policies and procedures. The Custodian will supply to the Client from time to time, at the Client's request, a statement in respect to any and all property in the Account held by the Custodian or by any sub-custodian, including without limitation a listing of all property, a tabulation of securities with certificate numbers, and such other information as the Client may reasonably request. Unless the Client sends to the Custodian a written exception or objection to any statement within 90 days of the Client's receipt of such statement from Custodian, the Client shall be deemed to have approved such statement, except for items that Custodian later discovers and corrects, and except for items that Client discovers after the 90-day period, which items Client or its Investment Manager could not reasonably have been expected to discover within such 90-day period. The Custodian shall take all reasonable action as the Client may request to obtain from year to year favorable opinions from the Client's independent certified public accountants with respect to the Custodian's activities hereunder in connection with the preparation of the Client's Form N-1A and the Client's Form N-SAR or other periodic reports to the SEC and with respect to any other requirements of the SEC. The Custodian shall be entitled to reimbursement of its reasonable expenses in connection with assisting the Client with respect to the preparation of the Client's Forms N-1A and N-SAR and other periodic reports or requirements of the SEC to the extent that the Custodian does not provide such service without cost to other clients of the Custodian generally. At the request of the Client, the Custodian shall deliver to the Client a written report prepared by the Custodian's independent certified public accountants with respect to the services provided by the Custodian under this Agreement, including, without limitation, the Custodian's accounting system, internal accounting control, and procedures for safeguarding cash and securities, futures contracts and options on future contracts, including cash and securities deposited and/or maintained in a Securities System or with a sub-custodian. Such report shall be of sufficient scope and in sufficient detail as may reasonably be required by the Client to provide reasonable assurance that any material inadequacies would be disclosed by such examination, and, if there are no such inadequacies, the report shall so state. The Custodian shall be entitled to reimbursement of its reasonable expenses in connection with the preparation and delivery of such report to the extent that any such report is not ordinarily prepared and delivered without cost to other clients of the Custodian generally.

Recordkeeping and Reporting. The ownership of the each Client's property whether securities, cash and/or other property, and whether held by the Custodian or a sub-custodian or in a Securities System, shall be clearly recorded on the Custodian's books as belonging to the Account and not for the Custodian's own interest. Where certificates are legended or otherwise not fungible with publicly traded certificates (and in other cases where the Custodian and the Client may agree), the Client reserves the right to instruct the Custodian as to the only name in which such securities shall be registered and the Custodian, to the extent reasonably practicable, shall comply with such Authorized Instructions; provided, however if Custodian reasonably determines that compliance with such Authorized Instructions is not reasonably practicable or otherwise may conflict with applicable law, rule or regulation, Custodian shall promptly notify Client and shall comply with reasonable alternatives as to which the Parties may agree and memorialize in revised Authorized Instructions. The Custodian shall keep accurate and detailed accounts of all investments, receipts, disbursements and other transactions for the Account. All accounts, books and records of the Custodian relating thereto shall be open to inspection and audit at all times during normal business hours of the Custodian by any person designated by the Client. All such books records and accounts shall be maintained and preserved in the form reasonably requested by the Client and in accordance with the 1940 Act and the rules and regulations thereunder, including, without limitation, Section 31 thereof and Rules 31a-1 and 31a-2 thereunder. All books, records and accounts pertaining to the Client and the Account, that are in the possession of the Custodian shall be the property of the Client and such materials or (unless the delivery of original materials is required pursuant to applicable law) legible copies thereof in a format reasonably acceptable to the Client, shall be surrendered promptly upon request; provided, however, that the Custodian shall be entitled to retain a copy or the original of any such books, records and accounts as may be required or permitted by applicable law and the Custodian's own policies and procedures. The Custodian will supply to the each Client from time to time, at the Client's request, a statement in respect to any and all property in the Account held by the Custodian or by any sub-custodian, including without limitation a listing of all property, a tabulation of securities with certificate numbers, and such other information as the Client may reasonably request. Unless the Client sends to the Custodian a written exception or objection to any statement within 90 days of the Client's receipt of such statement from Custodian, the Client shall be deemed to have approved such statement, except for items that Custodian later discovers and corrects, and except for items that Client discovers after the 90-day period, which items Client or its Investment Manager could not reasonably have been expected to discover within such 90-day period. The Custodian shall take all reasonable action as the Client may request to obtain from year to year favorable opinions from the Client's independent certified public accountants with respect to the Custodian's activities hereunder in connection with the preparation of the Client's Form N-1A and the Client's Form N-SAR or other periodic reports to the SEC and with respect to any other requirements of the SEC. The Custodian shall be entitled to reimbursement of its reasonable expenses in connection with assisting the Client with respect to the preparation of the Client's Forms N-1A and N-SAR and other periodic reports or requirements of the SEC to the extent that the Custodian does not provide such service without cost to other clients of the Custodian generally. At the request of the Client, the Custodian shall deliver to the Client a written report prepared by the Custodian's independent certified public accountants with respect to the services provided by the Custodian under this Agreement, including, without limitation, the Custodian's accounting system, internal accounting control, and procedures for safeguarding cash and securities, futures contracts and options on future contracts, including cash and securities deposited and/or maintained in a Securities System or with a sub-custodian. Such report shall be of sufficient scope and in sufficient detail as may reasonably be required by the Client to provide reasonable assurance that any material inadequacies would be disclosed by such examination, and, if there are no such inadequacies, the report shall so state. The Custodian shall be entitled to reimbursement of its reasonable expenses in connection with the preparation and delivery of such report to the extent that any such report is not ordinarily prepared and delivered without cost to other clients of the Custodian generally.