e leverage obtained at the Master Fund level. Although the Levered Fund has no pre-determined limitations on the amount of leverage it may utilize, the Levered Fund's target leverage is l.5x-2x net asset value ("NAV'). The Levered Fund may use more or less leverage without notice to the shareholders. Leverage is

or the total collateral posted by an Underlying Fund on its own behalf and on behalf of the Levered Feeder Fund. To that effect, in connection with the Levered Fund's retention of leverage, the Levered Fund has pledged all of its assets, including its interests in the Intermediate Fund, to the Lender and the Inter