
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.
在与投资管理人协商后,如果出于税务、监管或其他董事认为适当的原因而使下列行动显得必要,则本基金或任何独立投资组合可以采取以下行动:
(a)通过本基金的一个或多个全资子公司或上述独立投资组合进行投资;或(b)通过可以有效用作母基金的工具进行投资,其中一类或多类参与股份或其他投资工具可投资于该母基金。此类子公司或母基金可由投资管理人或其关联方进行管理,并可分别向其支付费用。此类子公司或母基金可能会产生运营和行政成本和费用,包括但不限于公司设立费用、行政费用和地方监管费用。这些费用和开支将从相关独立投资组合的资产中支付。各股东均承认,任何重组为母子基金结构的重组均不会在任何重大方面对其产生不利影响,因此,无需经过股东任何形式的同意。为此目的,“本基金和投资者的权利”一节下的“发售条款的变更”小节将不适用于重组为母子基金结构的任何重组。来源:译问 https://www.qidulp.com/了解更多