Schedule 6
(Regulation 37(3))
ANNUAL AND HALF-YEARLY REPORTS
A: Report of the management company
The following matters must be set out in every annual and half-yearly report of the management company:
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1. The names and addresses of the following:
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(a) the company;
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(b) the custodian;
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(c) any investment adviser;
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(d) the registrar;
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(e) the auditor.
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2. The objectives of the scheme.
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3. The company's policy for achieving the objectives of the scheme.
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4. A statement that the scheme is authorised within the meaning of the law.
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5. A statement as to which category of scheme the collective investment scheme belongs; and in the case of an umbrella collective investment scheme, this statement is to be made separately in relation to each constituent part.
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6. A review of the company's investment activities during the period to which the report relates.
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7. Particulars of any significant change in the scheme particulars made since the making of the last report by the company.
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8. A statement of the amount (if any) to be distributed to participants or accumulated in respect of the period in question.
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9. A statement of the total number of the units of each type in existence or deemed to be in existence at the beginning of the period to which the report relates and at the end of that period.
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10. A statement of the mid-market value per unit of the property of the scheme at the beginning of the period to which the report relates and at the end of that period.
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11. A statement of any subdivision or consolidation of units that has been effected during the period to which the report relates.
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12. Any other significant information that would enable participants to make an informed judgement on the development of the activities of the scheme during this period and the results of those activities as at the end of that period.
B: Portfolio statement
The following shall be set out in the portfolio statement included in the report to the company:
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1. The changes in the investments in the property of the scheme since the end of the preceding accounting period showing whether they are new holdings, or changes in existing holdings, and giving a description of each holding and showing the net changes in the number of units in or the nominal value of that holding since the end of the preceding accounting period.
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2. The total cost of purchases of investments since the last portfolio statement.
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3. The total proceeds of sales of investments since the last portfolio statement.
C: Comparative table
The following matters shall be set out in the comparative table included in the report of the company—
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1. A comparative table covering the last three financial years and including, for each financial year, at the end of the financial year the total net asset value; (b) the net asset value per unit.
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2. A performance record over the last ten financial years or, if the scheme has not been in existence during the whole of that period, over the whole period in which it has been in existence, showing the highest issue price and the lowest redemption price of the units during each of those years.
D: Report of the auditor
The report of the auditor to the holders for any annual accounting period shall state—
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(a) whether in the auditor's opinion the accounts prepared for that period have been properly prepared in accordance with generally accepted accounting principles and in accordance with these Regulations and the formation documents;
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(b) without prejudice to the foregoing, whether in the auditor's opinion a true and fair view is given of the financial position of the scheme as at the end of that period;
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(c) if the auditor is of the opinion that proper accounting records have not been kept by the company or that the accounts are not in agreement with the company's accounting records, that fact together with any resulting qualification;
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(d) if the auditor has not been given all the information and explanations which, to the best of his or her knowledge and belief, are necessary for the purposes of his or her audit, that fact together with any resulting qualifications; and
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(e) if the auditor is of the opinion that the information given in the report of the scheme management company for that period is inconsistent with the accounts, that fact together with any resulting qualifications.
E: Report of the custodian
The report of the custodian to the participants for any annual accounting period shall state whether in the custodian's opinion the company has managed the scheme in that period—
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(a) in accordance with the limitations imposed on the investment and borrowing powers of the company and custodian by the formation documents, by the scheme particulars and by these Regulations; and
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(b) otherwise in accordance with the provisions of the formation documents, the scheme particulars and these Regulations; and if the company has not done so, the respects in which it has not done so and the steps which the custodian has taken in respect thereof.