What it says:
Except as may be set forth in an applicable Schedule, Publication shall own and retain all right, title and interest in and to all Work and all other reports, documents, materials, ideas, concepts, know-how, specifications, plans, notes, drawings, designs, pictures, images, text, audiovisual works, data, information and other items, expressions, works of authorship or work product of any kind that are authored, produced, created, conceived, collected, developed, discovered or made by Author in connection with the Work or which relate in any manner to the Work or which result from any Work produced by Author for Publication, including any and all intellectual property rights therein (collectively the Work Product). To the extent applicable, Publication shall be deemed to be the author of all Work Product, and all such Work Product will constitute "works made for hire" under the U.S. Copyright Act (17 U.S.C. 101 et seq.), and any other applicable copyright law. To the extent that any Work Product does not constitute a work made for hire, Author hereby assigns to Publication all right, title and interest that Author may have or may hereafter acquire in all Work Product, including all intellectual property rights therein.