The Napier Park Event Driven Strategies is a liquid, global equity event-driven strategy that seeks absolute returns with low downside volatility and low correlation to the markets. The Fund opportunistically invests in corporate situations involving both hard and soft catalysts, including but not limited to announced mergers, spinoffs, restructurings, regulatory change, companies exploring strategic alternatives, litigation, IPOs, and other capital raising events. The Fund's strategy is intended to generate positive absolute returns independent of market direction. The Portfolio Managers' objective is to invest in situations where they believe the Fund is adequately compensated for the risks the Fund is taking. In order to do so, the Portfolio Managers try to understand and estimate the risks and rewards, i.e., the possible range of outcomes, their likelihoods, and their economic impacts. This assessment compared to the current price of the relevant corporate or other securities helps the Portfolio Managers determine whether the situation is attractive or not. Positions are sized based on a variety of factors, including but not limited to the Portfolio Managers' view of the attractiveness of the situation relative to the risks, the Portfolio Managers' conviction level, liquidity concerns, the ability to hedge the position, and the risks correlated with other positions in the portfolio. The Fund invests primarily in listed global public equities, with a current focus on developed markets. As the Portfolio Managers deems appropriate in pursuing the strategy, the Fund may also invest in other instruments, including but not limited to debt and equity securities and ownership interests of all types and offered in any market, notes, bonds, debentures, loans and other any other evidence of indebtedness or liability of any person, persons, entity or entities denominated in any currency; swaps, swaptions, puts, calls, caps and floors, forward contracts, option contracts, and contracts relating thereto; repurchase and reverse repurchase agreements, and in general any other type of financial instrument, whether in existence now or developed in the future, offered by any counterparty or in any market, and in cash and cash equivalents.