Part (a) and (b) can be populated with Zero in the XML. (100 in each for XML generation)

Q. 46.1: Does the guidance provided by the staff regarding borrowings for Question 12 and 43 above also apply to how borrowings should be interpreted for Questions 46 and 47?

A. 46.1: Yes. See Question 12 above. (Posted August 8, 2013)

Q. 46.2: Question 46(a) requires an adviser to provide, for each qualifying hedge fund, the aggregate dollar amount of borrowings by and cash financing available to the reporting fund (including all drawn and undrawn, committed and uncommitted, lines of credit as well as any term financing). Question 43 requires that the qualifying hedge fund provide the value of the fund’s secured and unsecured borrowings. Should my response to Question 46(a) include the borrowings I reported in Question 43?

A. 46.2: Yes. Question 46(a) asks for current borrowings plus available cash financing. Generally, the response in Question 46(a) should be greater than or equal to the sum of the responses in Question 43 because Question 46(a) requests an amount that includes cash financing (e.g., lines of credit and term financing) available to the fund and the amount borrowed by the fund that is reported in Question 43. (Posted February 12, 2014)