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Quarterly Bulletin Q2 - 2021

Even though we faced some adversity in implementing our yield curve arbitrage strategy, the fund performed well overall in the second quarter. And we are confident that, going forward, we can build on this momentum, despite a striking dichotomy between the state of the economy and financial asset valuations, the impact of having a new Democratic administration in the U.S., and the uncertainties surrounding the timing of changes to the Federal Reserve’s (the Fed’s) monetary policy. Let’s see how all of this relates to our key strategies.