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w (or revised) laws or regulations may be imposed by the U.S. Commodity Futures Trading Commission (the "CFTC"), the SEC, the Board of Governors of the Federal Reserve System (the "Federal Reserve") or other banking regulators, other U.S. or non-U.S. governmental regulatory authorities or self-regulatory organizations, in
of interests (e.g., currency hedges). As an investor in the Underlying Fund, the AlphaKeys Fund may be subject to these same risks with respect to the Underlying Fund Interests. Similarly, although Investors may hold separate classes, sub-classes or series of Interests, the AlphaKeys Fund is a single legal entity and its c
w (or revised) laws or regulations may be imposed by the U.S. Commodity Futures Trading Commission (the "CFTC"), the SEC, the Board of Governors of the Federal Reserve System (the "Federal Reserve") or other banking regulators, other U.S. or non-U.S. governmental regulatory authorities or self-regulatory organizations, i
ies of shares (e.g., currency hedges). As an investor in the Underlying Fund, the AlphaKeys Fund may be subject to these same risks with respect to the Underlying Fund Interests. Idle Funds. The AlphaKeys Fund may retain a portion of the subscription proceeds that will not be invested in the Underlying Fund, to meet certain
w (or revised) laws or regulations may be imposed by the U.S. Commodity Futures Trading Commission (the "CFTC"), the SEC, the Board of Governors of the Federal Reserve System (the "Federal Reserve") or other banking regulators, other U.S. or non-U.S. governmental regulatory authorities or self-regulatory organizations, i
ies of shares (e.g., currency hedges). As an investor in the Underlying Fund, the AlphaKeys Fund may be subject to these same risks with respect to the Underlying Fund Interests. Idle Funds. The AlphaKeys Fund may retain a portion of the subscription proceeds that will not be invested in the Underlying Fund, to meet certain
Entities connected to both the Federal Reserve System and the Underlying Fund Interests

United States
LOCATION
the Internal Revenue Service
ORGANIZATION
U.S. Treasury
ORGANIZATION
Federal Reserve
ORGANIZATION
New York
LOCATIONthe District of Columbia
LOCATIONErnst & Young LLP
ORGANIZATIONthe U.S. Department of Labor
ORGANIZATIONCayman
LOCATION
UBS AG
ORGANIZATIONUBS Institutional Consulting
ORGANIZATIONThis Confidential Memorandum
ORGANIZATION
Paul Volcker
PERSONthe New York Stock Exchange
ORGANIZATIONCustodian
ORGANIZATION
Millennium
ORGANIZATIONNon-U.S. Investments
ORGANIZATIONKeogh
ORGANIZATIONClasses of Interests
ORGANIZATIONthe U.S. Investment Company Act
ORGANIZATION