母基金一般指基金中的基金，其英文为：Fund of Funds简称FOF，或mother fund或master fund，是一种专门投资于其他投资基金的基金。母基金并不直接投资股票或债券，其投资范围仅限于其他基金，通过持有其他证券投资基金而间接持有股票、债券等证券资产，它是结合基金产品创新和销售渠道创新的基金新品种。一方面，母基金将多只基金捆绑在一起，投资母基金等于同时投资多只基金，但比分别投资的成本大大降低了；另一方面，与基金超市和基金捆绑销售等纯销售计划不同的是，母基金完全采用基金的法律形式，按照基金的运作模式进行操作；母基金中包含对基金市场的长期投资策略，与其他基金一样，是一种可长期投资的金融工具。作为一种间接投资方式，FOF广泛存在于共同基金（即国内的证券投资基金）、信托基金、对冲基金和私募股权投资基金等领域。因此，FOF被相应的分为共同基金的基金（Fund of Mutual Funds），信托投资基金的基金（Fund of Investment Trust funds）对冲基金的基金（Fund of Hedge Funds，简称FOHFs）和私募股权投资基金的基金（Private Equity Fund of Funds，简称PE FOF。）为了更好的理解该词，以下是其英文释义：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.

合同双语例句：

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。