(1) The responsible person shall in the annual report of the UCITS -
(a) in addition to the requirements of the UCITS Regulations, include the information that is prescribed in Schedule 7;
(b) document all material changes that have occurred in the disposition of the assets of the UCITS.
(2) For the purposes of paragraph (1)(b) -
(a) a material change is defined as aggregate purchases of a security exceeding 1 per cent of the total value of purchases for the period or aggregate disposals greater than 1 per cent of the total value of sales,
(b) if there were fewer than 20 purchases that met the material changes definition, the UCITS shall disclose those purchases and such number of the next largest purchases so that at least 20 purchases are disclosed, and
(c) if there were fewer than 20 sales that met the material changes definition, the UCITS shall disclose those sales and such number of the next largest sales so that at least 20 sales are disclosed.
(3) If a sub-fund within an umbrel
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