Common use of Master Feeder Structure Clause in Contracts

Master Feeder Structure. If permitted by the 1940 Act, the Board of Trustees, by vote of a majority of the Trustees, 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; provided however, the Trust obtains the approval of Shareholders holding at least a majority of the Trust's Shares present at a meeting of Shareholders at which a quorum is present.

Master Feeder Structure. If permitted by the 1940 Act, the Board of Trustees, by vote of a majority of the Trustees, 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; provided however, the Trust obtains the approval of Shareholders holding at least a majority of the Trust's ’s Shares present at a meeting of Shareholders at which a quorum is present.