How does the asset custody and administration report differ from the management report?

The asset custody and administration report is prepared and delivered to investors not by the asset manager but by the trust company that holds the fund assets.

It covers major changes to the collective investment rules, changes in investment management personnel, resolutions of the general meeting of investors and any correction demands made to the asset manager, and it must be delivered within 2 months from the date of an event prescribed by law, such as the end of an accounting period. It differs from the management report in that the information is presented from the perspective of the trust company that oversees management.