VEHICLE PERFORMANCE

CTi valuations are based on the mid-point of the third-party assessment valuation range.

Note: The Fund's results are reported net of fees while the comparative indices are listed on a gross basis. They do not adjust for fees, holding or custodian costs.

returns (+2% QOQ and +2% YOY), while other markets demonstrated greater variability.TheASX/S&P200achieved+2% QOQ growth but contracted -4% YOY. Similarly, the S&P 500 achieved a remarkable +7% QOQ expansion but declined-9%YOY.

Car indices diverged from the broader market:QOQreturnscontractedandYOY returns exhibited strong growth. Hagerty'sQOQreturnsdeclinedby-3%,yetits YOY returns grew by 14%. HAGI's QOQ returns dropped slightly by -1%, but it too boasted14%YOYgrowth.Tomakeamore meaningfulcomparisontotheindices,we analysed how the Fund's gross vehicle values performed during the same period. The Fund's gross car values appreciated by 13%, demonstrating returns that are in line with HAGI and Hagerty. While useful for direct comparison to the indices, this metric excludes all costs such as storage, maintenance, repairs, and fees, and thus fails to provide a comprehensive view of vehicle ownership expenses. Although comparing our results to these indices is needed, we focus on net figures because weareaboutResults-Before-Romance.