b'In the first year of the funds existence, many of the works have already been included in prestigious exhibitions in the United States and Europe. One of our first acquisitions, Fourth Family Hexagon (2013) by Monir Shahroudy Farmanfarmaian (19222019), was lent to a major retrospective at the High Museum of Art in Atlanta. We have lent two works by Wook-kyung Choi to the exhibition Action, Gesture, Paint : Women Artists and Global Abstraction 194070 at Whitechapel Gallery in London, the Fondation Vincent van Gogh Arles, and the Kunsthalle Bielefeld. We have also lent a work to New Yorks Whitney Museum of American Art for their exhibition Jaune Quick-to-See Smith : Memory Map.The investment committees previous experience and network of con-tacts have created fantastic collaborations with galleries in the worlds top tier. It is gratifying that leading galleries around the world appreciate Arte Collectum and have given us the opportunity to buy top works in the primary market. We have hired Sothebys to value each artwork and to provide an overall updated market value of the collection every six months. Valuation dates are December 31 and June 30, and the valuation is presented during the first and third quarters of each year.A warm thank you to all who have invested in our fund and for the pleas-ant reception we received from all the investors we have met. Finally, I would like to give special thanks to the chairman of our in-vestment committee, Lars Nittve, for an exceptionally well-thought-out and well-implemented investment strategy. Lars has made investors, employees, artists, galleries, museums, and the media understand and desire to be part of Arte Collectum and the ongoing recalibration of art history.8'