Feeder fund

A feeder fund is an investment fund which does almost all of its investments through a master fund via a master-feeder relationship.

It is a situation similar to a fund of funds, except that the master fund performs all the investments.

Structure and purpose

In a master-feeder structure, a feeder fund does not generally invest directly in individual securities. Instead, it invests substantially all of its assets in a master fund, which then makes the underlying portfolio investments.[1]

SEC materials describing master-feeder arrangements state that this structure allows the assets of multiple feeder funds to be pooled in a single master fund, which may create economies of scale and portfolio-management efficiencies compared with having each feeder fund invest separately.[2]

Sources

References

  1. ^ "MML Series Investment Fund". U.S. Securities and Exchange Commission. Retrieved 7 May 2026.
  2. ^ "0000950124-97-005468.txt". U.S. Securities and Exchange Commission. Retrieved 7 May 2026.
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