PORTFOLIO COMPOSITION

AswefocusontheFund'sresultsoverthis latest period, a few trends emerged. Our lack of acquisition returns was a notable miss for the quarter, as emphasized in previous sections of this report. The significance of acquisition returns is underscoredinthecurrentmarketcycle.

In today's environment, a split is emerging between top-tier cars and the rest of the market. Demand for topquality automobiles is still strong. The knowledgeablebiddersatMarch'sAmelia auctionseemedwillingtopayapremium this year for the best of the best. At this end, the story remains the same: People arewillingtospendtopdollarforthevery best.Thatiswhywewanttoshiftmoreof thefleettothisendofthespectrum.

In contrast, more run-of-the-mill vehicles that bidders are likely to see more examples of had trouble earning top dollar.

Mid-tier vehicles - not million-dollar cars, but still rare and elusive - will be able to sustainvalueoverthisperiod.

The Fund's results were in line with these market observations, sustaining value over the period with modest returns. Whereasnewerandmoreelusivecarslike the Fund's Ultimae continue to demand top-dollar and generate significant growth.

The key takeaway is that we believe the Fund's success is sustainable, and even hasthepotentialtobeturbochargedwith morecapitalandmoretop-tiervehicles.

Fundsundermanagement

FUM grew by +6% QoQ. The Fund's unit priceat31Mar'22was$1.19687,or$1.17422 pro forma for performance fees. The 31 Mar '23 unit price of $1.27182 represents a +2% QoQ and 8% YoY increase, pro forma forfees.