Par-four Investment Management, LLC

Par-Four Investment Management, LLC, founded in August 2003 by Robert B. Burke, is an independent alternative asset manager specializing in providing investment advisory services to institutional investors and private investment funds. The firm's core investment strategy involves investing in leveraged loans on behalf of collateralized debt obligations (CLOs). Par-Four also has experience in investing in debt and equity securities across various capital structures. The firm may use leverage to enhance returns within regulatory limits and contractual constraints. Par-Four offers tailored services based on specific investment objectives and strategies, with a focus on CLOs and separately managed accounts. The firm does not participate in wrap fee programs and had approximately $1,762,957,000 of regulatory assets under management as of December 31, 2022, all on a discretionary basis. Par-Four's investment philosophy combines top-down industry reviews with bottom-up credit-intensive fundamental analysis to identify potential opportunities. The firm may engage in short sales, options trading, and investing in high yield, distressed, and special situation securities. Clients should be aware of the risks associated with investing, including inflation risk, bank loans, prepayment risk, high yield securities, distressed securities, and illiquid investments. Par-Four has a Code of Ethics in place to ensure fair and honest dealings with clients and to prevent the misuse of confidential information. The firm has discretion over client accounts, with the authority to determine securities to be bought and sold, subject to investment guidelines and restrictions. Par-Four may engage in cross transactions between client accounts, with a focus on treating clients fairly in the event of trade errors. The firm also has the authority to vote proxies related to client securities in the best interests of clients. Clients can request information on how Par-Four voted proxies and obtain a copy of the firm's proxy voting policies and procedures.