Because of the lack of the protection mechanism, the legal benefits of the fund holder is hurt easily by the fund manager.

由于缺乏完善的保护机制，基金持有人的合法利益，很容易受到来自基金管理人等的损害。

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This part is centered around the relationship between the fund manager (ordinary partner) and fund holder (limited partner).

本文以基金管理人(普通合伙人)与基金持有人(有限合伙人)之关系为研究中心。

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On the problem of the fund management fee, there is seriously benefits conflict between the fund administrator and fund holder.

在基金管理费的问题上，基金管理人与基金持有人之间存在严重的利益冲突。

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It also will make for a handsome payday for the International Wine Investment Fund, a little-noticed holder of 13% of BRL's shares.

FORBES: A vintage deal

For example, a security or fund may have an unrealized tax loss that would benefit the holder in a specific tax year.

FORBES: Buy-And-Hold Investing Vs. Market Timing

In his budget, the President proposed slapping taxes on new sales of variable annuities. (People who already own annuities will have a one-time opportunity to switch from one variable contract to another, tax free.) Clinton's levies include taxing income and capital gains if the holder transfers assets from one subaccount (a mutual-fund-type account) to another.

FORBES: Fact and Comment