Ordinance
on Collective Investment Schemes
(Collective Investment Schemes Ordinance, CISO)

(Art. 54 para. 1 and 2 CISA)

¹ The fol­low­ing in­vest­ments are per­mit­ted:

a.

se­cur­it­ies in ac­cord­ance with Art­icle 71;

b.

de­riv­at­ive fin­an­cial in­stru­ments in ac­cord­ance with Art­icle 72;

c.

units in col­lect­ive in­vest­ment schemes which com­ply with the re­quire­ments spe­cified in Art­icle 73;

d.

money mar­ket in­stru­ments as spe­cified in Art­icle 74;

e.

sight or time de­pos­its with a term to ma­tur­ity not ex­ceed­ing twelve months held with banks dom­i­ciled in Switzer­land or in a mem­ber state of the European Uni­on or in an­oth­er coun­try provided that the bank is sub­ject to su­per­vi­sion in that coun­try which is equi­val­ent to the stand­ard of su­per­vi­sion in Switzer­land.

² The fol­low­ing are not per­mit­ted:

a.

in­vest­ments in pre­cious metals or pre­cious metals cer­ti­fic­ates, com­mod­it­ies or com­mod­ity cer­ti­fic­ates;

b.

short-selling of in­vest­ments in ac­cord­ance with para­graph 1 let­ters a, b, c and d.

³ In­vest­ments in as­sets oth­er than those named in para­graph 1 may not ex­ceed 10 per cent of the fund's total as­sets.

⁴ ...¹⁵³