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

(Arts. 88 and 89 para. 2 CISA)

¹In­vest­ments are val­ued at mar­ket value (Art. 88 CISA).

²In the notes to the state­ment of net as­sets, or bal­ance sheet and profit and loss ac­count (Arts. 94 and 95), the in­vest­ments are to be sum­mar­ised in a table ac­cord­ing to the fol­low­ing three valu­ation cat­egor­ies:

a.

trad­ing of in­vest­ments lis­ted in a stock ex­change or in an­oth­er reg­u­lated mar­ket open to the pub­lic and val­ued ac­cord­ing to the prices in the primary mar­ket (Art. 88 para 1 CISA);

b.

in­vest­ments that are not priced ac­cord­ing to let. a whose value is based on mar­ket-ob­served para­met­ers;

c.

in­vest­ments whose value can­not be based on mar­ket-ob­served para­met­ers and are val­ued with suit­able valu­ation mod­els tak­ing ac­count of the cur­rent mar­ket cir­cum­stances.