Art. 70

(Art. 54 para. 1 and 2 CISA)

1. The following investments are permitted:
   1. securities in accordance with Article 71;
   2. derivative financial instruments in accordance with Article 72;
   3. units in collective investment schemes which comply with the requirements specified in Article 73;
   4. money market instruments as specified in Article 74;
   5. 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:
   1. investments in precious metals or precious metals certificates, commodities or commodity certificates;
   2. 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. .¹