Federal Act
on Collective Investment Schemes
(Collective Investment Schemes Act, CISA)

¹ Real es­tate funds may in­vest their as­sets in:

a.

prop­erty, in­clud­ing fix­tures and fit­tings;

b.

in­vest­ments in and claims on real es­tate com­pan­ies whose sole ob­ject­ive is the pur­chase and sale and/or the rent­al and lease of their own prop­erty, provided that at least two thirds of their cap­it­al and vot­ing rights are in­cor­por­ated in the in­vest­ment fund;

c.

units in oth­er real es­tate in­vest­ment funds and lis­ted real es­tate in­vest­ment com­pan­ies amount­ing to no more than 25% of the fund's total as­sets;

d.

for­eign real es­tate se­cur­it­ies whose value can be ad­equately val­ued.

² Co-own­er­ship of prop­erty is per­mit­ted only if the fund man­age­ment com­pany or the SICAV can ex­ert a dom­in­ant in­flu­ence.