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Glossary

Master fund/Feeder fund

A feeder fund invests all of its assets in securities in the master fund. The feeder fund therefore has the same investment approach as the master fund, which invests directly on the markets. The feeder fund’s performances are lower than those of the master fund due to its own management fees. To be qualified as a master fund, the fund must not itself be a feeder fund and must not hold units or shares in a SICAV (open-ended investment company)/feeder fund. The French Monetary and Financial code also adds another condition for a master UCITS fund: it must have at least one feeder fund UCITS among its unit-holders or shareholders.

(Source: articles L214-22 to 214-22-6 for UCITS, articles L214-24-57 to 214-24-61 for AIF of the French Monetary and Financial Code - www.legifrance.gouv.fr)

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On 3 April 2018, Natixis Asset Management became Ostrum Asset Management.