33601/13
母基金一般指基金中的基金，其英文為：Fund of Funds簡稱FOF，或mother fund或master fund，是一種專門投資于其他投資基金的基金。母基金并不直接投資股票或債券，其投資范圍僅限于其他基金，通過持有其他證券投資基金而間接持有股票、債券等證券資產(chǎn)，它是結(jié)合基金產(chǎn)品創(chuàng)新和銷售渠道創(chuàng)新的基金新品種。一方面，母基金將多只基金捆綁在一起，投資母基金等于同時投資多只基金，但比分別投資的成本大大降低了；另一方面，與基金超市和基金捆綁銷售等純銷售計(jì)劃不同的是，母基金完全采用基金的法律形式，按照基金的運(yùn)作模式進(jìn)行操作；母基金中包含對基金市場的長期投資策略，與其他基金一樣，是一種可長期投資的金融工具。作為一種間接投資方式，F(xiàn)OF廣泛存在于共同基金（即國內(nèi)的證券投資基金）、信托基金、對沖基金和私募股權(quán)投資基金等領(lǐng)域。因此，F(xiàn)OF被相應(yīng)的分為共同基金的基金（Fund of Mutual Funds），信托投資基金的基金（Fund of Investment Trust funds）對沖基金的基金（Fund of Hedge Funds，簡稱FOHFs）和私募股權(quán)投資基金的基金（Private Equity Fund of Funds，簡稱PE FOF。）為了更好的理解該詞，以下是其英文釋義：A "fund of funds" (FOF) is an investment strategy of holding a portfolio of other investment funds rather than investing directly in stocks, bonds or other securities. This type of investing is often referred to as multi-manager investment. A fund of funds may be "fettered", meaning that it invests only in funds managed by the same investment company, or "unfettered", meaning that it can invest in external funds run by other managers.
合同雙語例句：
If, following consultation with the Investment Manager, it appears expedient for tax, regulatory or other reasons the Directors consider appropriate, the Fund, or any Segregated Portfolio, may:
(a) invest through one or more wholly-owned subsidiaries of the Fund or such Segregated Portfolio; or(b) channel investments through vehicles that would effectively operate as a master fund in which one or more Classes of Participating Shares or other investment vehicles may invest.Such subsidiaries or master funds may be managed by the Investment Manager or its affiliates and may pay separate fees to those persons.Such subsidiaries or master funds may incur operational and administrative costs and expenses that include, but are not limited to, establishment costs, administration fees and local regulatory fees. These costs and expenses will be paid out of the assets of the relevant Segregated Portfolio.Each Shareholder accepts that any reorganisation into a master-feeder fund structure will not adversely affect it in any material respect and therefore shall not require consent of the Shareholders in any form. For this purpose, the sub-section headed "Variation of offering terms" under the section headed "The rights of the Fund and Investors" will not apply to any such reorganisation into a master-feeder fund structure.
在與投資管理人協(xié)商后，如果出于稅務(wù)、監(jiān)管或其他董事認(rèn)為適當(dāng)?shù)脑蚨瓜铝行袆语@得必要，則本基金或任何獨(dú)立投資組合可以采取以下行動：
（a）通過本基金的一個或多個全資子公司或上述獨(dú)立投資組合進(jìn)行投資；或（b）通過可以有效用作母基金的工具進(jìn)行投資，其中一類或多類參與股份或其他投資工具可投資于該母基金。此類子公司或母基金可由投資管理人或其關(guān)聯(lián)方進(jìn)行管理，并可分別向其支付費(fèi)用。此類子公司或母基金可能會產(chǎn)生運(yùn)營和行政成本和費(fèi)用，包括但不限于公司設(shè)立費(fèi)用、行政費(fèi)用和地方監(jiān)管費(fèi)用。這些費(fèi)用和開支將從相關(guān)獨(dú)立投資組合的資產(chǎn)中支付。各股東均承認(rèn)，任何重組為母子基金結(jié)構(gòu)的重組均不會在任何重大方面對其產(chǎn)生不利影響，因此，無需經(jīng)過股東任何形式的同意。為此目的，“本基金和投資者的權(quán)利”一節(jié)下的“發(fā)售條款的變更”小節(jié)將不適用于重組為母子基金結(jié)構(gòu)的任何重組。來源：譯問 https://www.qidulp.com/了解更多
合同雙語例句：If, following consultation with the Investment Manager, it appears expedient for tax, regulatory or other reasons the Directors consider appropriate, the Fund, or any Segregated Portfolio, may:
(a) invest through one or more wholly-owned subsidiaries of the Fund or such Segregated Portfolio; or(b) channel investments through vehicles that would effectively operate as a master fund in which one or more Classes of Participating Shares or other investment vehicles may invest.Such subsidiaries or master funds may be managed by the Investment Manager or its affiliates and may pay separate fees to those persons.Such subsidiaries or master funds may incur operational and administrative costs and expenses that include, but are not limited to, establishment costs, administration fees and local regulatory fees. These costs and expenses will be paid out of the assets of the relevant Segregated Portfolio.Each Shareholder accepts that any reorganisation into a master-feeder fund structure will not adversely affect it in any material respect and therefore shall not require consent of the Shareholders in any form. For this purpose, the sub-section headed "Variation of offering terms" under the section headed "The rights of the Fund and Investors" will not apply to any such reorganisation into a master-feeder fund structure.
在與投資管理人協(xié)商后，如果出于稅務(wù)、監(jiān)管或其他董事認(rèn)為適當(dāng)?shù)脑蚨瓜铝行袆语@得必要，則本基金或任何獨(dú)立投資組合可以采取以下行動：
（a）通過本基金的一個或多個全資子公司或上述獨(dú)立投資組合進(jìn)行投資；或（b）通過可以有效用作母基金的工具進(jìn)行投資，其中一類或多類參與股份或其他投資工具可投資于該母基金。此類子公司或母基金可由投資管理人或其關(guān)聯(lián)方進(jìn)行管理，并可分別向其支付費(fèi)用。此類子公司或母基金可能會產(chǎn)生運(yùn)營和行政成本和費(fèi)用，包括但不限于公司設(shè)立費(fèi)用、行政費(fèi)用和地方監(jiān)管費(fèi)用。這些費(fèi)用和開支將從相關(guān)獨(dú)立投資組合的資產(chǎn)中支付。各股東均承認(rèn)，任何重組為母子基金結(jié)構(gòu)的重組均不會在任何重大方面對其產(chǎn)生不利影響，因此，無需經(jīng)過股東任何形式的同意。為此目的，“本基金和投資者的權(quán)利”一節(jié)下的“發(fā)售條款的變更”小節(jié)將不適用于重組為母子基金結(jié)構(gòu)的任何重組。來源：譯問 https://www.qidulp.com/了解更多
