master UCITS

a UCITS scheme, an EEA UCITS scheme or a sub-fund of such a scheme where:

1. (a) at least one of its Unitholders is a feeder UCITS;
1. (b) it is not itself a feeder UCITS; and
1. (c) it does not hold units of a feeder UCITS.

[Note: article 58(3) of the UCITS Directive]