CHAPTER III U.K. MASTER-FEEDER STRUCTURES

SECTION 1 U.K. Agreement and internal conduct of business rules between feeder UCITS and master UCITS

Subsection 1 U.K. Content of the agreement between master UCITS and feeder UCITS

Article 9 U.K. Basis of investment and divestment by the feeder UCITS

Member States shall require that the agreement between the master UCITS and the feeder UCITS referred to in the first subparagraph of Article 60(1) of Directive 2009/65/EC includes the following with regard to the basis of investment and divestment by the feeder UCITS:

(a)

a statement of which share classes of the master UCITS are available for investment by the feeder UCITS;

(b)

the charges and expenses to be borne by the feeder UCITS, and details of any rebate or retrocession of charges or expenses by the master UCITS;

(c)

if applicable, the terms on which any initial or subsequent transfer of assets in kind may be made from the feeder UCITS to the master UCITS.