FUNDS 16.4.7

The matters set out in (a) to (g) must be included in any Fund Manager's report:

(a) a restatement of the investment objectives of the Fund;
(b) a restatement of the policy for achieving those objectives;
(c) a review of the investment activities, including in relation to (a) and (b), during the period to which the report relates;
(d) particulars of any fundamental change requiring prior approval by Unitholder meeting made since the date of the last report;
(e) particulars of any significant change requiring pre-event notification since the date of the last report;
(f) any other information which would enable Unitholders to make an informed judgement on the development of the activities of the Fund during this period and the results of those activities as at the end of that period; and
(g) for a Fund which invests a substantial proportion of its assets in other Funds, a statement as to the maximum proportion of management fees charged to the Fund itself and to other Funds in which that Fund invests.