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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
s. Advisory Sub-Class Interests will be offered only to Investors who are clients of UBS Financial Services Inc. ("UBSFS") who invested through the UBS Institutional Consulting program or another UBSFS investment advisory program as permitted by the Administrator in its sole discretion (an "Advisors, Program"), pursuant t
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
ts"). Advisory Class Interests will be offered only to Investors who are clients of UBS Financial Services Inc. ("UBSFS") who invested through the UBS Institutional Consulting program or another UBSFS investment advisory program as permitted by the Administrator in its sole discretion (an "Advisory Program") pursuant to
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
ts"). Advisory Class Interests will be offered only to Investors who are clients of UBS Financial Services Inc. ("UBSFS") who invested through the UBS Institutional Consulting program or another UBSFS investment advisory program as permitted by the Administrator in its sole discretion (an "Advisory Program") pursuant to
Entities connected to both Classes of Interests and UBS Institutional Consulting

United States
LOCATIONthe U.S. Investment Company Act
ORGANIZATION
New York
LOCATIONErnst & Young LLP
ORGANIZATIONthe New York Stock Exchange
ORGANIZATION
U.S. Treasury
ORGANIZATION
UBS AG
ORGANIZATION
the Internal Revenue Service
ORGANIZATIONNo Assurance of Investment Return
ORGANIZATIONBank Holding Company Act Considerations
ORGANIZATIONthe Investor Application
ORGANIZATIONCayman
LOCATIONthe District of Columbia
LOCATION
Paul Volcker
PERSONthe Federal Reserve System
ORGANIZATIONthe Underlying Fund Management Fee
ORGANIZATION
Ghislaine Maxwell
PERSONCustodian
ORGANIZATION
Federal Reserve
ORGANIZATION
Millennium
ORGANIZATION