Common use of APPROVED INVESTMENTS Clause in Contracts

APPROVED INVESTMENTS. Each of the sub-funds may invest the assets on the account of its Investors exclusively in one or more of the following assets: Securities and money market instruments: a) that are listed or traded on a regulated market within the meaning of Art. 4 Para. 1 Fig. 21 of the Directive 2014/65/EU; b) that are traded on another regulated market of an EEA member state that is recognised, open to the public and whose procedures are proper; c) that are officially listed on a securities exchange of a third-party state or that are traded on another market of a European, American, Asian, African or Oceanic country that is recognised, open to the public and whose procedures are proper. Securities from new issues, insofar as: a) the issue conditions contain the obligation to obtain an official listing or to trade at one of the securities ex- changes mentioned under Fig. 7.1.1. a) to c) or at one of the regulated markets mentioned there, and b) this approval is achieved at the latest before one year has passed since the issue Units in a UCITS and other undertakings for collective investment within the meaning of Art. 3 Para. 1 Xxx. 00 XXXXXX, insofar as these are permitted pursuant to their constituting documents to invest no more than 10 % of their assets in units in another UCITS or comparable undertaking for collective investment; Sight deposits or terminable deposits with a maximum maturity of twelve months at financial institutions whose registered domicile is located in an EEA member state or in a third-party state whose supervisory law is compa- rable to that of EEA law; Derivatives whose underlying securities constitute investment instruments within the meaning of Art. 51 UCITSG or financial indices, interest rates, exchange rates or currencies. In the event of transactions with OTC derivatives, the counterparties must be supervised financial institutions in an FMA-approved category and the OTC derivatives must be subject to a reliable and verifiable valuation on a daily basis and must at all times be capable at the initiative of the UCITS of being alienated, liquidated or closed out by a counter transaction; Money market instruments that are not traded on a regulated market, insofar as the issue or the issuer of these instruments is subject to regulations concerning investment and Investor protection, provided that they are: a) issued or guaranteed by a central state, regional or local corporation or by the central bank of an EEA member state, the European Central Bank, the European Union or the European Investment Bank, a third- party state or, insofar as this is a federal state, a member state of the federation or an international institu- tion of a public-law character that at least belongs to an EEA member state; b) by a company whose securities are traded on the regulated markets listed under Fig. 7.1.1 Letter a); c) issued or guaranteed by an institution that is subject to supervision pursuant to the criteria set out under EEA law by an institution whose supervisory law is comparable to EEA law, and that complies with this law; or d) issued by an issuer that belongs to a category approved by the FMA, insofar as the same Investor protec- tion regulations apply to investments in these instruments of the letters a) to c) and the issuer is either a company with equity capital of at least EUR 10 million and that draws up and publishes its annual financial statements in accordance with the provisions of Directive 78/660/EEC, in Liechtenstein implemented through the PGR, or is a legal entity that is part of a group with responsibility for the financing of the corpo- rate group with at least one listed company, or is a legal entity that is intended to finance the securities underlying its liabilities by using a credit line extended by a bank. The Management Company may additionally hold liquid assets.

APPROVED INVESTMENTS. Each of the sub-funds may invest the assets on the account of its Investors investors exclusively in one or more of the following assets: : 7.1.1 Securities and money market instruments: a) that which are listed or traded on a regulated market within the meaning of Art. 4 Para. 1 Fig. 21 14 of the Directive 2014/65Di- rective 2004/39/EUEC; b) that which are traded on another regulated market of an EEA member state that state, which is recognised, open to the public and whose procedures are proper; c) that which are officially listed on a securities exchange of a third-party state or that which are traded on another market of a European, American, Asian, African or Oceanic country that which is recognised, open to the public pub- lic and whose procedures are proper. . 7.1.2 Securities from new issues, insofar as: a) the issue conditions contain the obligation to obtain achieve an official listing or to trade trading at one of the securities ex- changes exchanges mentioned under Fig. 7.1.1. 7.1.1 a) to c) or at one of the regulated markets mentioned there, and b) this approval is achieved at the latest before one year has passed since the issue issue 7.1.3 Units in a UCITS and other undertakings for collective investment within the meaning of Art. 3 Para. 1 Xxx. 00 XXXXXXwhich are comparable with a UCITS, insofar as these the undertakings for collective investment are permitted pursuant to their prospectus or their constituting documents to invest no more than 10 % of their assets in units in another UCITS or comparable undertaking for collective investment; ; 7.1.4 Sight deposits or terminable deposits with a maximum maturity of twelve months at financial institutions whose registered domicile is located in an EEA member state or in a third-party state whose supervisory law is compa- rable comparable to that of EEA law; ; 7.1.5 Derivatives whose underlying securities instrument constitute investment instruments within the meaning of Art. 51 UCITSG or financial indices, interest rates, exchange rates or currencies. In the event of transactions with OTC derivatives, the counterparties must be supervised financial institutions in an FMA-approved category and the OTC derivatives must be subject to a reliable and verifiable valuation on a daily basis and must at all times be capable at the initiative of the UCITS of being alienated, liquidated or closed out by a counter transaction; ; 7.1.6 Money market instruments that which are not traded on a regulated market, insofar as the issue or the issuer issue of these instruments is subject to regulations concerning investment and Investor investor protection, provided that they are: a) issued or guaranteed by a central state, regional or local corporation or by the central bank of an EEA member state, the European Central Bank, the European Union or of the European Investment Bank, a third- party state or, insofar as this is a federal state, a member state of the federation or an international institu- tion of a public-law character that which at least belongs to an EEA member state; b) by a company whose securities are traded on the regulated markets listed under Fig. 7.1.1 Letter letter a); c) issued or guaranteed by an institution that which is subject to supervision pursuant to the criteria set out under EEA law or issued or guaranteed by an institution whose supervisory law is comparable to EEA law, and that which complies with this law; or d) is issued by an issuer that which belongs to a category approved by the FMA, insofar as the same Investor protec- tion investor pro- tection regulations apply to investments in these instruments of the letters a) to c) and the issuer is either a company with equity capital of at least EUR 10 million and that which draws up and publishes its annual financial xxxxx- cial statements in accordance with the provisions of Directive 78/660/EEC, in Liechtenstein implemented through the PGR, or is a legal entity that which is part of a group with responsibility for the financing of the corpo- rate cor- porate group with at least one listed company, or is a legal entity that which is intended to finance the securities underlying its liabilities by using a credit line extended by a bank. . 7.1.7 The Management Company may additionally hold liquid assets.

APPROVED INVESTMENTS. Each of the sub-funds may invest the assets on the account of its Investors investors exclusively in one or more of the following assets: : 1. Securities and money market instruments: a) that which are listed or traded on a regulated market within the meaning of Art. 4 Para. 1 Fig. 21 14 of the Directive 2014/65Di- rective 2004/39/EUEC; b) that which are traded on another regulated market of an EEA member state that state, which is recognised, open to the public and whose procedures are proper; c) that which are officially listed on a securities exchange of a third-party state or that which are traded on another global market of a European, American, Asian, African or Oceanic country that which is recognised, open to the public and whose procedures are proper. 2. Securities from new issues, insofar as: a) the issue conditions contain the obligation to obtain achieve an official listing or to trade trading at one of the securities ex- changes exchanges mentioned under Fig. 7.1.1. 1 a) to c) or at one of the regulated markets mentioned there, and b) this approval is achieved at the latest before one year has passed since the issue issue 3. Units in a UCITS and other undertakings for collective investment within the meaning of Art. 3 Para. 1 Xxx. 00 XXXXXXwhich are comparable with a UCITS, insofar as these the undertakings for collective investment are permitted pursuant to their constituting documents prospectus to invest no more than 10 % of their assets in units in another UCITS or comparable undertaking for collective investment; ; 4. Sight deposits or terminable deposits with a maximum maturity of twelve months at financial institutions whose registered domicile is located in an EEA member state or in a third-party state whose supervisory law is compa- rable comparable to that of EEA law; ; 5. Derivatives whose underlying securities constitute investment instruments instrument within the meaning of Art. 51 UCITSG this article constitute investment instruments or financial indices, interest rates, exchange rates or currencies. In the event of transactions with OTC derivatives, the counterparties must be supervised financial institutions in an FMA-approved category and the OTC derivatives must be subject to a reliable and verifiable valuation on a daily basis and must at all times be capable at the initiative initia- tive of the UCITS of being alienated, liquidated or closed out by a counter transaction; ; 6. Money market instruments that which are not traded on a regulated market, insofar as the issue or the issuer of these instruments is subject to regulations concerning investment and Investor investor protection, provided that they are: a) issued or guaranteed by a central state, regional or local corporation or by the central bank of an EEA member state, the European Central Bank, the European Union or of the European Investment Bank, a third- party state or, insofar as this is a federal state, a member state of the federation or an international institu- tion of a public-law character that which at least belongs to an EEA member state; b) by a company whose securities are traded on the regulated markets listed under Fig. 7.1.1 Letter a); c) issued or guaranteed by an institution that which is subject to supervision pursuant to the criteria set out under EEA law or issued or guaranteed by an institution whose supervisory law is comparable to EEA law, and that which complies with this law; or d) is issued by an issuer that which belongs to a category approved by the FMA, insofar as the same Investor protec- tion investor pro- tection regulations apply to investments in these instruments of the letters a) 1 to c) 3 and the issuer is either a company with equity capital of at least EUR 10 million and that which draws up and publishes its annual financial xxxxx- cial statements in accordance with the provisions of Directive 78/660/EEC, in Liechtenstein implemented through the PGR, or is a legal entity that which is part of a group with responsibility for the financing of the corpo- rate cor- porate group with at least one listed company, or is a legal entity that which is intended to finance the securities underlying its liabilities by using a credit line extended by a bank. The Management Company may additionally hold liquid assets.

APPROVED INVESTMENTS. Each of the sub-funds The UCITS may invest the assets on the account of its Investors investors exclusively in one or more of the following assets: : 7.1.1 Securities and money market instruments: a) that are listed or traded on a regulated market within the meaning of Art. 4 Para. 1 Fig. 21 of the Directive 2014/65/EU; b) that are traded on another regulated market of an EEA member state that is recognised, open to the public and whose procedures are proper; c) that are officially listed on a securities exchange of a third-party state or that are traded on another market of a European, American, Asian, African or Oceanic country that is recognised, open to the public and whose procedures are proper. . 7.1.2 Securities from new issues, insofar as: a) the issue conditions contain the obligation to obtain achieve an official listing or to trade trading at one of the securities ex- changes exchanges mentioned under Fig. 7.1.1. 7.1.1 a) to c) or at one of the regulated markets mentioned there, and b) this approval is achieved at the latest before one year has passed since the issue issue. 7.1.3 Units in a UCITS and other comparable undertakings for collective investment within the meaning of Art. 3 Para. 1 XxxFig. 00 XXXXXX17 UCITSG, insofar as these are permitted pursuant to their constituting documents to invest no more than 10 % of their assets in units in another UCITS or comparable undertaking for collective investment; ; 7.1.4 Sight deposits or terminable deposits with a maximum maturity of twelve months at financial institutions whose registered domicile is located in an EEA member state or in a third-party state whose supervisory law is compa- rable to that of EEA law; ; 7.1.5 Derivatives whose underlying securities constitute investment instruments within the meaning of Art. 51 UCITSG or financial indices, interest rates, exchange rates or currencies. In the event of transactions with OTC derivatives, the counterparties must be supervised financial institutions in an FMA-approved category and the OTC derivatives must be subject to a reliable and verifiable valuation on a daily basis and must at all times be capable at the initiative of the UCITS of being alienated, liquidated or closed out by a counter transaction; ; 7.1.6 Money market instruments that are not traded on a regulated market, insofar as the issue or the issuer of these instruments is subject to regulations concerning investment and Investor investor protection, provided that they are: a) issued or guaranteed by a central state, regional or local corporation or by the central bank of an EEA member state, the European Central Bank, the European Union or the European Investment Bank, a third- party state or, insofar as this is a federal state, a member state of the federation or an international institu- tion of a public-law character that at least belongs to an EEA member state; b) traded by a company whose securities are traded on the regulated markets listed under Fig. 7.1.1 Letter a); c) issued or guaranteed by an institution that is subject to supervision pursuant to the criteria set out under EEA law by an institution whose supervisory law is comparable to EEA law, and that complies with this law; or d) issued by an issuer that belongs to a category approved by the FMA, insofar as the same Investor investor protec- tion regulations apply to investments in these instruments of the letters a) to c) and the issuer is either a company with equity capital of at least EUR 10 million and that draws up and publishes its annual financial statements in accordance with the provisions of Directive 78/660/EEC, in Liechtenstein implemented through the PGR, or is a legal entity that is part of a group with responsibility for the financing of the corpo- rate group with at least one listed company, or is a legal entity that is intended to finance the securities underlying its liabilities by using a credit line extended by a bank. . 7.1.7 The Management Company may additionally hold liquid assets.

APPROVED INVESTMENTS. Each of the sub-funds may invest the assets on the account of its Investors exclusively in one or more of the following assets: : 1. Securities and money market instruments: a) that are listed or traded on a regulated market within the meaning of Art. 4 Para. 1 Fig. 21 of the Directive 2014/65/EU; b) that are traded on another regulated market of an EEA member state that is recognised, open to the public and whose procedures are proper; c) that which are officially listed on a securities exchange of a third-party state or that are traded on another global market of a European, American, Asian, African or Oceanic country that is recognised, open to the public and whose procedures are proper. 2. Securities from new issues, insofar as: a) the issue conditions contain the obligation to obtain achieve an official listing or to trade trading at one of the securities ex- changes exchanges mentioned under Fig. 7.1.1. 1 a) to c) or at one of the regulated markets mentioned there, and b) this approval is achieved at the latest before one year has passed since the issue issue 3. Units in a UCITS and other undertakings for collective investment comparable to a UCITS within the meaning of Art. 3 Para. 1 Xxx. 00 XXXXXX, insofar as these are permitted pursuant to their constituting documents to invest no more than 10 % of their assets in units in another UCITS or comparable undertaking for collective investment; ; 4. Sight deposits or terminable deposits with a maximum maturity of twelve months at financial institutions whose registered reg- istered domicile is located in an EEA member state or in a third-party state whose supervisory law is compa- rable comparable to that of EEA law; ; 5. Derivatives whose underlying securities constitute investment instruments instrument within the meaning of Art. 51 UCITSG this article constitutes investment instruments or financial indices, interest rates, exchange rates or currencies. In the event of transactions with OTC derivatives, the counterparties must be supervised financial institutions in an FMA-approved category and the OTC derivatives must be subject to a reliable and verifiable valuation on a daily basis and must at all times be capable at the initiative initia- tive of the UCITS of being alienated, liquidated or closed out by a counter transaction; ; 6. Money market instruments that are not traded on a regulated market, insofar as the issue or the issuer of these instruments in- struments is subject to regulations concerning investment and Investor protection, provided that they are: a) issued or guaranteed by a central state, regional or local corporation or by the central bank of an EEA member state, the European Central Bank, the European Union or the European Investment Bank, a third- party state or, insofar as this is a federal state, a member state of the federation or an international institu- tion of a public-law character that at least belongs to an EEA member state; b) issued by a company whose securities are traded on the regulated markets listed under Fig. 7.1.1 . 1 Letter a); c) issued or guaranteed by an institution that is subject to supervision pursuant to the criteria set out under EEA law by an institution whose supervisory law is comparable to EEA law, and that complies with this law; or d) issued by an issuer that belongs to a category approved by the FMA, insofar as the same Investor protec- tion regulations apply to investments in these instruments of the letters a) 1 to c) 3 and the issuer is either a company with equity capital of at least EUR 10 million and that draws up and publishes its annual financial statements in accordance with the provisions of Directive 78/660/EEC, in Liechtenstein implemented and published through the PGR, or is a legal entity that is part of a group with responsibility for the financing of the corpo- rate corporate group with at least one listed company, or is a legal entity that is intended to finance the securities se- curities underlying its liabilities by using a credit line extended by a bank. The Management Company may additionally hold liquid assets.