a statement (including a quantitative analysis) explaining how it has invested its assets with a view to spreading investment risk in accordance with its published investment policy;
a statement, set out in a prominent position, as to whether in the opinion of the directors, the continuing appointment of the investment manager on the terms agreed is in the interests of its shareholders as a whole, together with a statement of the reasons for this view;
the names of the fund's investment managers and 1a summary of the principal contents of any agreements between the closed-ended investment fund and each of the investment managers, including but not limited to:11
the full text of its current published investment policy1; and1
a comprehensive and meaningful analysis of its portfolio.
A valuation required by LR 15.6.3 R must:
be made in accordance with the Appraisal and Valuation Standards (5th edition) issued by the Royal Institution of Chartered Surveyors; or
where the valuation does not comply in all applicable respects with the Appraisal and Valuation Standards (5th edition) issued by the Royal Institution of Chartered Surveyors, include a statement which sets out a full explanation of such non-compliance; and
be carried out by an external valuer as defined in the Appraisal and Valuation Standards (5th edition) issued by the Royal Institution of Chartered Surveyors.
The summary described in LR 15.6.3 R must include:
A closed-ended investment fund's statement required by LR 9.8.6R (6) need not include details about the following principles and provisions of the UK Corporate Governance Code3 except to the extent that those principles or provisions relate specifically to non-executive directors:3
In addition to the requirements in LR 9 (Continuing obligations), half-yearly reports and, if applicable, preliminary statements of annual results must include information showing the split between:
A closed-ended investment fund must notify to 1a RIS within five business days of the end of each quarter a list of all investments in other listed closed-ended investment funds, as at the last business day of that quarter, which themselves do not have stated investment policies to invest no more than 15% of their total assets in other listed closed-ended investment funds.11