up to 10% of the investment portfolio . . . may be invested in lower-rated investment grade, below investment grade or unrated securities. As the Master Fund's portfolio is leveraged, such holdings may be equal to a substantial amount of the Master Fund's Net Asset Value. In fact, if the Master Fund employ

l be made available on a periodic basis by way of special communication from the Investment Manager. As at the date of this Supplement, none of the Master Fund's assets are subject to special arrangements arising from their illiquid nature. The total current amount of leverage employed by the Master Fund will

l be made available on a periodic basis by way of special communication from the Investment Manager. As at the date of this Supplement, none of the Master Fund's assets are subject to special arrangements arising from their illiquid nature. The total current amount of leverage employed by the Master Fund will

ip's ability to conduct business and on the Partnership's operations and financial condition, particularly if those events affect the Partnership's, Master Fund's or Investment Manager's computer-based data processing, transmission, storage, and retrieval systems, or if these events destroy data. If a signifi

Feeder Fund will invest solely in the Onshore Feeder Fund. Although the Master Fund Manager follows diversification guidelines with respect to the Master Fund's investments, a significant portion of the Master Fund's aggregate commitments may be invested in a single co-investment in a portfolio company or in

ue of the Master Fund's assets, (3) a breakdown occurs in any of the means normally employed in ascertaining the value of a substantial part of the Master Fund's assets or when for any other reason the value of such assets cannot reasonably be ascertained, or (4) there exist such other extraordinary circumsta

s may recognize ordinary income or loss in connection with a withdrawal from the AlphaKeys Fund as a result of the Underlying Fund's and Underlying Master Fund's mark-to-market election. Investors should consult their own tax advisors about the character of any gain or loss recognized on withdrawal from the A

s may recognize ordinary income or loss in connection with a withdrawal from the AlphaKeys Fund as a result of the Underlying Fund's and Underlying Master Fund's mark-to-market election. Investors should consult their own tax advisors about the character of any gain or loss recognized on withdrawal from the A