Our experience over the past 20 years in alternative investing has led us to refine our process to generate more alpha over time. Highland blends a top-down risk management framework with the foundation of robust bottoms up research across the portfolio. The CIO and Portfolio Manager are responsible for setting the top down risk positioning and portfolio risk targets. There exists strong two way dialogue between the research professionals and the CIO and Portfolio Manager, based on active and frequent communication. Our time-tested investment process is rooted in our ability to identify mispricing through robust fundamental analysis, proactive diligence, monitoring and very nimble trading capabilities. The Investments team is comprised of industry focused research professionals with an average of approximately 11 years of investment experience. These professionals are responsible for reviewing existing investments, evaluating opportunities across issuer capital structures and monitoring trends within those industries. The constant information flow and intentional processes around risk management drive our proactive investment strategy. We maintain investment thesis and sell-discipline, as well as strive for alpha by avoidance. Finally, our active and focused portfolio management process drive our bold decision making and has been a key driver of creating alpha in the strategy over time.