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local level. Quarterly reports from the Administrator regarding the AlphaKeys Fund's operations during such period also may be sent to Investors. Classes of Interests in both the Underlying Fund and AlphaKeys Fund, respectively, are Not Separate Legal Entities. Although Investors of the Underlying Fund, including
284 FOR EXISTING INVESTOR USE ONLY fringe benefits, bonuses, fees and performance-based compensation (collectively "Compensation") paid to the Portfolio Managers and other employees of, and consultants to the Master Partnership and its affiliates. Compensation expenses will also generally include management
local level. Quarterly reports from the Administrator regarding the AlphaKeys Fund's operations during such period also may be sent to Investors. Classes of Interests in the Underlying Fund are Not Separate Legal Entities. Although Investors of the Underlying Fund, including the AlphaKeys Fund and certain Other A
ro rata) portion of the expenses, salaries, fringe benefits, bonuses, fees and performance-based compensation (collectively "Compensation") paid to the Portfolio Managers and other employees of, and consultants to the Master Partnership and its affiliates. Compensation expenses may also include management or "base" f
local level. Quarterly reports from the Administrator regarding the AlphaKeys Fund's operations during such period also may be sent to Investors. Classes of Interests in the Underlying Fund are Not Separate Legal Entities. Although Investors of the Underlying Fund, including the AlphaKeys Fund and certain Other A
ro rata) portion of the expenses, salaries, fringe benefits, bonuses, fees and performance-based compensation (collectively "Compensation") paid to the Portfolio Managers and other employees of, and consultants to the Master Partnership and its affiliates. Compensation expenses may also include management or "base" f
Entities connected to both Classes of Interests and the Portfolio Managers

United States
LOCATION
New York
LOCATION
UBS AG
ORGANIZATIONCayman
LOCATIONthe U.S. Investment Company Act
ORGANIZATIONErnst & Young LLP
ORGANIZATION
the Internal Revenue Service
ORGANIZATIONAdministrative Services
ORGANIZATION
Millennium
ORGANIZATIONthe New York Stock Exchange
ORGANIZATION
U.S. Treasury
ORGANIZATIONthe District of Columbia
LOCATIONBank Holding Company Act Considerations
ORGANIZATION
Samantha Power
PERSONthe Investor Application
ORGANIZATIONthe Underlying Fund Management Fee
ORGANIZATION
Ghislaine Maxwell
PERSONNo Assurance of Investment Return
ORGANIZATION
Paul Volcker
PERSON
Federal Reserve
ORGANIZATION