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and Millennium USA has been structured, among other reasons, to give U.S. taxpayers an opportunity to invest in the Master Partnership indirectly. Capital Structure Millennium USA and Millennium International and other existing feeder funds have, and feeder funds that may be formed in the future may have, a var
r own tax advisors with respect to the application of the business interest expense limitation to their particular tax situations. Deductibility of Millennium USA Investment Expenditures and Certain Other Expenditures. Investment expenses (e.g., investment advisory fees) of an individual, trust or estate are not deductible. For taxa
ct or indirect subsidiaries that may trade in their own names and are generally consolidated into the financial reports of the Master Partnership. Capital Structure The equity ownership of the Master Partnership is divided into general partner interests and limited partner interests. The interests differ in the
their own tax advisors with respect to the application of the investment interest limitation in their particular tax situations. Deductibility of Millennium USA Investment Expenditures and Certain Other Expenditures. Investment expenses (e.g., investment advisory fees) of an individual, trust or estate are deductible only to the e
ct or indirect subsidiaries that may trade in their own names and are generally consolidated into the financial reports of the Master Partnership. Capital Structure The equity ownership of the Master Partnership is divided into general partner interests and limited partner interests. The interests differ in the
their own tax advisors with respect to the application of the investment interest limitation in their particular tax situations. Deductibility of Millennium USA Investment Expenditures and Certain Other Expenditures. Investment expenses (e.g., investment advisory fees) of an individual, trust or estate are deductible only to the e
Entities connected to both Capital Structure and Millennium USA Investment Expenditures

Millennium
ORGANIZATIONMaster-Feeder Relationship
ORGANIZATIONthe U.S. Investment Company Act
ORGANIZATIONThe Master Partnership's Organization
ORGANIZATIONErnst & Young LLP
ORGANIZATION
U.S. Treasury
ORGANIZATIONManagement of Millennium USA
ORGANIZATION
New York
LOCATIONMillennium Partners
ORGANIZATIONKeogh
ORGANIZATIONMillennium USA's
LOCATIONMillennium International, Ltd.
ORGANIZATIONTrigger Event
ORGANIZATIONIndependent Public Accountants
ORGANIZATIONCayman
LOCATION
Ghislaine Maxwell
PERSON
United Kingdom
LOCATION
Wilbur Ross
PERSONAccounting Period
ORGANIZATION
United States
LOCATION