我们将看到大多数对冲基金的结构复杂是源于需要少受监管和／或满足特殊税务或免税的投资者的需求。

As we will see, most of the complexities of hedge fund structures result from the need to benefit from regulatory exemptions and/or to cater to the needs of specific taxable or nontaxable investors.

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然而，在2004年曾对最新的这种免税期的进行过一项调查，结果表明免税期对就业和投资的作用微乎其微，因为大部分的盈利都分给了股东。

However, a study of the most recent such tax holiday, in 2004, suggested it had little effect on employment and investment, with most of the benefits going to shareholders.

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那是因为市政债券的利息一般是免税地，所以相较于收税的国债，投资者愿意接受收益率更低的市政债券(原译：投资者承认相较于收税的国债，市政债券的投资收益更低)。

That is because interest on municipal bonds is generally tax-exempt. Investors accept a lower yield on a muni-bond than on a comparable Treasury bond on which they pay tax.

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