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Investors should consult their tax advisors regarding the application of the "straddle" rules to their investment in Millennium USA. Limitation on Deductibility of Interest and Short Sale Expenses. For noncorporate taxpayers, Section 163(d) of the Code limits the deduction for "investment interest" (i.e., interest or
the Service so as to relieve the Limited Partners of these reporting obligations. Regulations also generally impose a reporting requirement on any U.S. Limited Partner which, at any time during the taxable year of the Master Partnership, owns (indirectly or by attribution) more than 50% of the capital or p
Investors should consult their tax advisors regarding the application of the "straddle" rules to their investment in Millennium USA. Limitation on Deductibility of Interest and Short Sale Expenses. For noncorporate taxpayers, Section 163(d) of the Code limits the deduction for "investment interest" (i.e., interest or
the Service so as to relieve the Limited Partners of these reporting obligations. Regulations also generally impose a reporting requirement on any U.S. Limited Partner which, at any time during the taxable year of the Master Partnership, owns (indirectly or by attribution) more than 50% of the capital or p
Investors should consult their tax advisors regarding the application of the "straddle" rules to their investment in Millennium USA. Limitation on Deductibility of Interest and Short Sale Expenses. For noncorporate taxpayers, Section 163(d) of the Code limits the deduction for "investment interest" (i.e., interest or
the Service so as to relieve the Limited Partners of these reporting obligations. Regulations also generally impose a reporting requirement on any U.S. Limited Partner which, at any time during the taxable year of the Master Partnership, owns (indirectly or by attribution) more than 50% of the capital or p
Entities connected to both Deductibility of Interest and U.S. Limited

the Cayman Islands
LOCATIONCayman
LOCATIONDistributions of Property
ORGANIZATIONReliance
ORGANIZATIONthe U.S. Investment Advisers Act
ORGANIZATIONIndividual Limited Partners
ORGANIZATIONthe Mutual Funds Law
ORGANIZATIONKeogh
ORGANIZATIONthe Cayman Islands Monetary Authority
ORGANIZATION
New York
LOCATION
Occidental College
ORGANIZATION
U.S. Treasury
ORGANIZATION
the University of Michigan
ORGANIZATION
Millennium
ORGANIZATION
Luxembourg
LOCATIONErnst & Young LLP
ORGANIZATION
Wilbur Ross
PERSONthe Delaware
ORGANIZATIONMillennium USA's
LOCATIONthe U.S. Investment Company Act
ORGANIZATION