ership generally. Such entities could also lead to potential conflicts of interests. (See "Related-Party Transactions and Other Accounts; Conflicts; Portfolio Manager Investment in Own Strategies" in Part Two of this Confidential Memorandum.) While Millennium Management believes that in substantially all situations these ki

m devote to the Fund so much of their time as, in their respective judgments, is necessary or appropriate in connection with the Fund's activities. Portfolio Manager Investment in Own Strategies As indicated above, certain Portfolio Managers, including those that are Relying Advisers, and related personnel, have invested a