Bear Creek Asset Management, LLC (“Bear Creek”, the “Adviser”, the “Company” “we”, “our” and “us”) is a limited liability company formed in 2005, and is 100% owned by Bear Creek Holding Company, LLC (“BC Holding”). BC Holding is privately owned by Joseph (“Jim”) H.M. Roddy and Shawn M. O’Neal. Bear Creek provides discretionary investment advisory services specific to the needs of each client by offering separate account portfolio managed services (“SMA Clients” or collectively, “SMAs”). Bear Creek focuses on supplying fixed income asset management. Bear Creek limits its advice to these types of investments, and it does not consider this to be financial planning. Bear Creek’s focus is on achieving returns relative to the risks taken. Prior to providing discretionary investment advisory services, Bear Creek will ascertain each client’s investment objective(s), risk tolerance, time horizon, together with any other information relating to the client’s overall investment requirements to determine the appropriate investment strategy for each client portfolio and to tailor Bear Creek’s advice and recommendations to the individual needs of each client portfolio. Bear Creek’s SMA Clients include high-net-worth individuals, trusts, foundations, charitable organizations, corporations and other business entities. Bear Creek also provides discretionary investment advice to privately offered pooled investment vehicles sponsored by the Adviser or an affiliate (each, a “Fund Client” and collectively, “Fund Clients”). Each Fund Client’s investment objectives, strategies, characteristics, fees and expenses, risks including, but not limited to, potential for complete loss of principal and liquidity constraints, and material characteristics are disclosed more fully in the Fund Client’s respective offering memorandum, partnership agreement, subscription document, or other governing documents (collectively, “Offering Documents”) distributed to Fund Client investors and qualified prospective investors. Bear Creek seeks to investigate, analyze, structure, and negotiate potential investments for each Fund Client.

Further, Bear Creek advisory services include evaluating, monitoring, and advising as to the disposition of investment opportunities, and taking other appropriate action with respect to investments on behalf of each Fund Client. Bear Creek may recommend, on a non-discretionary basis, that certain SMA Clients and other potential qualified investors consider making an investment in the Fund Clients. Bear Creek will solicit SMA Clients and other potential qualified investors to make investments in the Fund Clients, but SMA Clients and other potential qualified investors make the ultimate decision whether to make an investment in the Fund Client(s). Bear Creek does not have discretionary authority to make investments in the Fund Clients on behalf of SMA Clients or potential qualified investors.. Bear Creek tailors its advisory services to the investment strategy of each Fund Client we advise. Bear Creek does not, however, tailor its management of any Fund Client to the individual investment objectives or financial situation of any investor in a Fund Client. Bear Creek requires clients to enter into and execute an investment advisory agreement, which grants Bear Creek discretionary authority to determine, without obtaining specific client consent for each transaction, the securities to be bought or sold, the amount of securities to be bought or sold, the broker or dealer to be used, and the commission rates to be paid. Clients may impose reasonable restrictions or limitations on investing in certain securities or types of securities. The client, may, at any time impose reasonable restrictions on Bear Creek’s management of their accounts if Bear Creek determines, in its sole discretion, that the conditions would not materially impact the performance of the investment management strategy or prove overly restrictive to Bear Creek’s investment management efforts. Bear Creek does not participate in wrap fee programs. As of December 31, 2023, Bear Creek managed approximately $4,640,676,235 of regulatory assets under management on a discretionary basis. We do not have non-discretionary assets under management.