Ordinance of the Swiss Financial Market Supervisory Authority on Collective Investment Schemes

(Art. 89 para. 1 let. a CISA)

¹The ap­pro­pri­ation of net in­come has the fol­low­ing min­im­um struc­ture:

a.

net in­come for the ac­count­ing year;

b.

cap­it­al gains gen­er­ated dur­ing the ac­count­ing year in­ten­ded for dis­tri­bu­tion;

c.

cap­it­al gains from pre­vi­ous ac­count­ing years ear­marked for dis­tri­bu­tion;

d.

bal­ance brought for­ward from the pre­vi­ous year;

e.

net in­come avail­able for dis­tri­bu­tion;

f.

net in­come ear­marked for dis­tri­bu­tion to in­vestors;

g.

net in­come re­tained for re­in­vest­ment;

h.

bal­ance brought for­ward to new ac­count.

²No re­serves may be cre­ated.