Common use of Master Feeder Structure Clause in Contracts

Master Feeder Structure. The Trust may, at the discretion of the Board of Trustees, as may be permitted by the 1940 Act, and upon the resolution of a majority of the then Trustees, convert to a master-feeder structure ., in which the feeder fund invests all of its assets into a master fund, rather than making investments in securities directly. Existing Series of the Trust may either become feeders into a master fund, or themselves become master funds into which other funds may be feeders.

Master Feeder Structure. The Trust may, at the discretion of ----------------------- the Board of Trustees, as may be permitted by the 1940 Act, and upon the resolution of a majority of the then Trustees, convert to a master-feeder structure ., in which the feeder fund invests all of its assets into a master fund, rather than making investments in securities directly. Existing Series of the Trust may either become feeders into a master fund, or themselves become master funds into which other funds may be feeders.