DTE Energy 2013 Annual Report Download - page 219

SCHEDULE D-4
NET ASSET VALUE ERROR CORRECTION POLICY &
PROCEDURES
Definitions
Terms defined in the Agreement to which this Schedule D-4 to
Accounting Services Rider is attached shall have the same
meaning herein as in the Trust Agreement.
“Basis Point” or “bps” means 0.0001 or 0.01% of net assets.
“Fund” shall mean those accounts maintained under the Trust
Agreement with respect to which the Customer wishes J.P. Morgan
to provide periodic NAV calculations.
A “Fund Benefit” means a situation where a Fund has either paid
insufficient redemption proceeds as a result of an understatement
of NAV or received excessive purchase proceeds as a result of an
overstatement of NAV. When a Fund Benefit occurs, the unit
holders effecting transactions suffer a corresponding loss.
A “Fund Loss” means a situation where a Fund has either paid
excessive redemption proceeds as a result of an overstatement of
the NAV, or received insufficient purchase proceeds, as a result of
an understatement of the NAV. When a Fund Loss occurs, the unit
holders effecting transactions receive a corresponding benefit (a
“Unitholder Benefit”).
“NAV” shall mean the net value of a Fund’s assets and liabilities.
“NAV Error” means one or more errors in the computation of a
Fund’s NAV which, when considered cumulatively, results in a
difference between the originally computed NAV and the corrected
NAV of at least $0.010 per unit. This computation is based upon the
actual difference and is not based upon rounding of the NAV to the
nearest cent per share. Where a Fund incurs instrument-driven
portfolio liabilities (e.g., short selling) the absolute value of all
instruments in the Fund shall be used for purposes of determining
if the error equals or exceeds 10 Basis Points.
“NAV Error Period” means the period comprising those days
during which an NAV Error existed.
“Net Fund Loss (Benefit) Amount” means an amount equal to
the difference between (i) the aggregate amount of Fund Losses
less (ii) the aggregate amount of Fund Benefits arising out of a
given NAV Error. This amount shall be a “Net Fund Loss Amount”
when a positive number and a “Net Fund Benefit Amount” when a
negative number.
“Per Unit NAV” shall mean the result obtained by dividing a
Fund’s NAV by the number of existing units of the Fund. In
determining unit value, fractions will be taken to two or four
decimal places, as agreed upon with the Customer. Unit value
shall be determined as of each valuation date before taking into
account additions to and withdrawals from the Funds occurring as
of such valuation date.
“Per Unit NAV Error” is the difference between the originally
computed per unit NAV, and the amount that would have been
computed had the errors not occurred.
“Responsible Person” means a person who, by virtue of
negligence, fraud, or willful misconduct, caused or contributed to a
NAV Error.