February 24, 2022

To our Shareholders,

The magnitude of geopolitical developments has rattled global financial markets.  Fear of the unknown has exacerbated volatility and has pushed up investor anxiety. If the Russian invasion of Ukraine is limited to Ukraine then markets should settle down.  The unknown is whether or not that would be the end of the Russian engagement in Europe.  Expansion of Russia’s desire to reconstitute the USSR would create a whole new paradigm with which we would have to deal.  An increase in inflation seems inevitable with fewer tools available to the world’s central banks.

We have been through major geopolitical and economic conflicts in the past and through patience and careful reflection of the facts have managed to move ahead.  We believe the same strategy will provide positive outcomes over the intermediate future.

The Board of Managers met in the morning of February 24, 2022 and concluded that the equity reduction implemented in mid-January was helpful for what has transpired and that further sale of equities at this time is not appropriate.  The Board also concluded that high vigilance must be maintained and the Board should resume weekly meetings and be prepared to take action should circumstance warrant further portfolio action. We will keep you appraised of developments as they occur.

Your fund has a very high degree of liquidity to meet normal and even extreme shareholder transactions.  All of our holdings are immediately marketable.  Normal monthly distributions are made on the 10^th of each month and will continue at that pace as long as requested by shareholders.

We also reviewed our cybersecurity.  Most of our assets are held in custody at Fidelity Investments where we have a high degree of confidence that their cybersecurity is at the highest level. In addition, the primary repository of our shareholder records is Mutual Shareholder Service, our transfer agent, with redundant files maintained by them.  The Board office also maintains files of the shares held in each shareholder account.

Please let us know if you need further information. As always, we continue to monitor markets closely and to make adjustments as necessary.

Thanks,

Chris Maxwell

Chris Maxwell

Vice Chair, Board of Managers  

410-810-0851