Legends Fund gained 0.14% in September. There is an important transition occurring in markets. Over the past ten-year period
the U.S. Fed, ECB and other central banks have engaged in substantial quantitative easing monetary policy in the form of low to
zero interest rates and security purchases. The magnitude of asset purchases conducted as a means to stabilize markets and
foster expansion has been unprecedented. Over this past decade central banks have accounted for approximately $12 trillion
in additional liquidity in the means of government bond and other asset purchases. The direction of this liquidity stream is now
transitioning from expansion to contraction and we are starting to observe the impact of this liquidity change.
We expect to see increased dispersion in markets, presenting attractive investment opportunities to our roster of long-short
managers across asset classes.