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MIF performance for the month was -2.08%, against the benchmark of 0.10%. MIF has produced +0.68% for the year compared to the benchmark of +1.23%. The cash rate was cut to 0.25% in March, with the RBA responding to the economic impact of the COVID-19 crisis that is gripping the world. This response from the RBA, in conjunction with unprecedented fiscal support from the Government, halted the widening in credit spreads that had accelerated through March. Liquidity in credit markets had improved towards the end of the month. With a yield to maturity of 3.5% for MIF, we expect near term performance to improve.