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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
atters Relating to an Investment in Millennium USA" and "Certain Tax Matters Relating to the Master Partnership" in the Underlying Fund Memorandum. Importance of Obtaining Professional Advice The foregoing analysis is not intended as a substitute for careful tax planning. Accordingly, prospective Investors in the AlphaKeys Fund are stron
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
tters Relating to an Investment in Millennium USA" and "Certain Tax Matters Relating to the Master Partnership" in the Underlying Fund Memorandum. Importance of Obtaining Professional Advice The foregoing analysis is not intended as a substitute for careful tax planning. Accordingly, prospective Investors in the AlphaKeys Fund are stron
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
tters Relating to an Investment in Millennium USA" and "Certain Tax Matters Relating to the Master Partnership" in the Underlying Fund Memorandum. Importance of Obtaining Professional Advice The foregoing analysis is not intended as a substitute for careful tax planning. Accordingly, prospective Investors in the AlphaKeys Fund are stron
Entities connected to both Classes of Interests and Importance of Obtaining Professional Advice

United States
LOCATIONthe U.S. Investment Company Act
ORGANIZATION
New York
LOCATIONthe New York Stock Exchange
ORGANIZATIONCayman
LOCATIONErnst & Young LLP
ORGANIZATION
UBS AG
ORGANIZATION
the Internal Revenue Service
ORGANIZATION
U.S. Treasury
ORGANIZATIONthe Underlying Fund Management Fee
ORGANIZATIONBank Holding Company Act Considerations
ORGANIZATION
Paul Volcker
PERSONthe Investor Application
ORGANIZATIONthe District of Columbia
LOCATIONNo Assurance of Investment Return
ORGANIZATIONSchulte Roth & Zabel LLP
ORGANIZATIONAnti-Money Laundering
ORGANIZATIONOrganization, Management
ORGANIZATIONOrganization, Management, Structure and Operations
ORGANIZATIONTrigger Event
ORGANIZATION