(1) In order to provide the Unitholders^G with relevant and up-to-date information about the performance and management of a Fund^G , a Fund Manager^G must, subject to (2), produce one interim report and one annual report in respect of each Fund^G it operates in accordance with the Rules^G in this section.

(2) The Fund Manager^G of a Qualified Investor Fund^G is not required to comply with the requirements in (1) relating to the production of an interim report for that Fund^G unless there has been a material change relating to the Fund during the relevant period.

(3) For the purposes of (2), the relevant period in relation to a Qualified Investor Fund^G is the 6 month period referred to in Rule 9.4.2(4).