Epstein Secrets

e from high grade to high yield and distressed debt. I1 EWAGNE\217652.1- 11/29/12 EFTA_R 1 _02136020 EFTA02713631 Mortgage-backed Securities ("MBS'): The Partnership may invest in MBS and associated derivatives. MBS are securities that represent an interest in, or are secured by, mortgage loan

ied as an association taxable as a corporation (as a result of changed interpretations or administrative positions by the Internal Revenue Service (the "Service") or otherwise), the taxable income of the Partnership would be subject to corporate income taxation when recognized by the Partnership, and distri

rest-rate and foreign exchange-rate risks. Mortgage-backed Securities ("Mal) and Asset-backed Securities ("ABS') Some investment characteristics of MBS and ABS differ from traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usu

ium USA and its Partners which should be considered by a Limited Partner. Millennium USA has not sought a ruling from the Internal Revenue Service (the "Service") or any other federal, state or local agency with respect to any of the tax issues affecting Millennium USA, nor has it obtained an opinion of cou

by the Fund include, but are not limited to capital stock; shares of beneficial interest; partnership interests and similar financial instruments; MBS; interests in real estate and real estate related assets; bonds, notes, debentures (whether subordinated, convertible, secured, unsecured or otherwi

eds) made with respect to certain actual and deemed U.S. investments, the Master Partnership has registered with the U.S. Internal Revenue Service (the "Service") and generally will be required to identify, and report information with respect to, certain direct and indirect U.S. account holders (including de

to defaults and foreclosures) occur on loans and other assets ML281817-MAXWELL 11-29 CONFIDENTIAL UBSTERRAMAR00002445 EFTA00238001 underlying MBS and ABS will be affected by a variety of factors including the prevailing level of interest rates as well as economic, demographic, tax, social, leg

ium USA and its Partners which should be considered by a Limited Partner. Millennium USA has not sought a ruling from the Internal Revenue Service (the "Service") or any other federal, state or local agency with respect to any of the tax issues affecting Millennium USA, nor has it obtained an opinion of cou

tions due to defaults and foreclosures) occur on loans and other assets MAXWELL 11-29 CONFIDENTIAL UBSTERRAMAR00001392 EFTA00237038 underlying MBS and ABS will be affected by a variety of factors including the prevailing level of interest rates as well as economic, demographic, tax, social, leg

ium USA and its Partners which should be considered by a Limited Partner. Millennium USA has not sought a ruling from the Internal Revenue Service (the "Service") or any other federal, state or local agency with respect to any of the tax issues affecting Millennium USA, nor has it obtained an opinion of cou