Division IV Portfolio, distinguishing between:

1. (a)

   transferable securities admitted to official stock exchange listing;

2. (b)

   transferable securities dealt in on another regulated market;

3. (c)

   recently issued transferable securities of the type referred to in Article 50(1)(d);

4. (d)

   other transferable securities of the type referred to in Article 50(2)(a);

and analysed in accordance with the most appropriate criteria in the light of the investment policy of the UCITS (e.g. in accordance with economic, geographical or currency criteria) as a percentage of net assets; for each of the above investments the proportion it represents of the total assets of the UCITS.

Statement of changes in the composition of the portfolio during the reference period.