A Fund Manager of a Feeder Fund must ensure that the Fund's Prospectus discloses:
(a) the investment objectives of the Master Fund;
(b) if applicable, a prominent risk warning to alert prospective Unitholders to the fact that they will be subject to higher fees arising from the layered investment structure;
(c) the fees arising at the level of:
(i) the Feeder Fund itself;
(ii) if applicable, the Master Fund of the Feeder Fund; and
(iii) if applicable, any underlying Funds into which the Master Fund invests, to the extent known, and
that it has made available to prospective Unitholders in the Feeder Fund copies of the Prospectus and the last audited annual reports and accounts of the Master Fund.