The Credit Suisse Real Estate Fund Hospitality (CS REF Hospitality) invests mainly in hospitality properties. Specifically, they include convention centers, residential properties offering hotel-style services, hotels, residential and temporary living facilities, healthcare real estate, and residential real estate throughout Switzerland. By law, the fund is prohibited from holding a stake in operating companies. The fund holds the real estate directly. Holders of unit certificates who are resident in CH are therefore not subject to income/wealth tax on the portion of the income/wealth that comes from direct property holdings. CS REF Hospitality has been listed on the SIX Swiss Exchange since 2012.