Master feeder structures Sample Clauses

Master feeder structures. Under the conditions set forth in Luxembourg laws, circulars and regulations, the Management Company may, at any time it deems appropriate and to the widest extent permitted by applicable Luxembourg laws: a) create any Sub-Fund and/or Class of Units qualifying either as a feeder UCITS or as a master UCITS. b) convert any existing Sub-Fund and/or Class of Units into a feeder UCITS Sub-Fund and/or Class of Units or change the master UCITS of any of its feeder UCITS Sub-Fund and/or Class of Units. By way of derogation from Article 46 of the Law, the Fund or any of its Sub-Funds which acts as a feeder (the “Feeder”) of a master-fund shall invest at least 85% of its assets in another UCITS or in a Sub-Fund of such UCITS (the “Master”). The Feeder may not invest more than 15% of its assets in the following elements: a) Ancillary liquid assets in accordance with Article 41 (2), second sub-paragraph of the Law. b) Financial derivative instruments which may be used only for hedging purposes, in accordance with Article 41 (1), point g) and Article 42 (2) and (3) of the Law. c) Movable and immovable property which is essential for the direct pursuit of the Fund’s business.
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Related to Master feeder structures

  • Master Feeder Structure If permitted by the 1940 Act, the Board of Trustees, by vote of a majority of the Trustees, and without a Shareholder vote, may cause the Trust or any one or more Series to convert to a master feeder structure (a structure in which a feeder fund invests all of its assets in a master fund, rather than making investments in securities directly) and thereby cause existing Series of the Trust to either become feeders in a master fund, or to become master funds in which other funds are feeders.

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