THE ENDOWMENT MASTER'S PURPOSE AND ACTIVITY IS TO BENEFIT THE CHANCELLOR, MASTERS AND SCHOLARS OF THE UNIVERSITY OF OXFORD (UNIVERSITY OF OXFORD), AN ORGANIZATION RECOGNIZED BY THE IRS AS AN EDUCATIONAL ORGANIZATION DESCRIBED IN IRC SECTION 170(B)(1)(A)(II) THAT IS TAX-EXEMPT UNDER IRC SECTION 501(C)(3). THE UNIVERSITY OF OXFORD HAS ESTABLISHED ENDOWMENT MASTER AS A CRITICAL COMPONENT OF ITS INVESTMENT STRUCTURE. THE INVESTMENT STRUCTURE, AND ENDOWMENT MASTER'S ACTIVITIES, ARE DESIGNED TO OPTIMIZE INVESTMENT RETURNS ON A PORTION OF THE UNIVERSITY OF OXFORD'S ASSETS. ENDOWMENT MASTER ALSO ALLOWS CERTAIN OTHER CHARITIES TO INVEST WITH ENDOWMENT MASTER THROUGH THE OXFORD FUNDS: NON-COLLEGIATE FEEDER, ALLOWING THEM TO MAKE USE OF ENDOWMENT MASTER'S INFRASTRUCTURE AND INVESTMENT SERVICES ALREADY PROVIDED TO THE OXFORD FUNDS: COLLEGIATE FEEDER.