Answer: either the same issuer or different issuers within the same industry.

## Explanation Fixed-income arbitrage strategies aim to profit from temporary pricing discrepancies in the bond market. When expecting mean reversion in the yield curve, a fund can employ various approaches: - **Same issuer**: Taking long and short positions in different bonds from the same issuer (e.g., different maturities) to exploit yield curve anomalies - **Different issuers within same industry**: Taking positions in bonds from different companies within the same industry to capitalize on relative value opportunities **Why Option C is correct**: - Fixed-income arbitrage funds can use both approaches to profit from mean reversion - Same issuer positions help capture yield curve normalization - Different issuer positions help capture credit spread normalization - The flexibility to use either approach allows the fund to pursue the most attractive opportunities **Why other options are incorrect**: - Option A is too restrictive by excluding different issuers - Option B is too restrictive by excluding the same issuer - Both approaches are valid in fixed-income arbitrage strategies

Author: LeetQuiz Editorial Team